This is an FYI. Thought you should see what they are pursuing along the same 
lines as our GRM activities. Meeting with Inho for lunch on Friday. Per
---------------------- Forwarded by Per Sekse/NY/ECT on 03/14/2001 10:04 PM 
---------------------------
   
	Enron Capital & Trade Resources Corp.
	
	From:  "Choi, Inho" <ichoi@lehman.com>                           03/12/2001 
04:11 PM
	

To: "'psekse@ect.enron.com'" <psekse@ect.enron.com>
cc:  
Subject: Opportunities


Per,

I have over the past few weeks been involved in different transactions that
have led me to seek you to try and develop opportunities for Lehman and
Enron to work together.  Generally, my group here at Lehman (the Insurance
Products Group - "IPG") has become more involved with our investment bankers
in trying to find insurance/alternative solutions to assist clients (e.g.,
balance sheet cleansing, earnings smoothing, specific contingency insurance,
weather, etc.).  As a result of this dialogue, we have received very
positive responses from bankers/clients - specifically, two opportunities I
would like to discuss with you are 1) hedging of commodity risk for earnings
smoothing (e.g., OCC, ONP, etc.) and 2) purchasing claims against insolvent
insurance companies.  The third opportunity that I would like to discuss
with you relates to a recent insurance placement that my group did for a
hydrocarbon royalty securitization.  Although the insurance was limited to
currrency inconvertibility risk, I have spoken to a number of insurers that
were very interested in providing credit enhancement on these type of future
flow/asset transactions.  I understand that you are heading this effort as
well within Enron.

I apologize if this email if verbose, but I think there are good
opporunities here for us both.  Please give me a call at 212-526-9525 at
your earliest convenience.  Thanks.

Regards,

Inho


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