What is the deal? 



From: David Rosenberg on 12/12/2000 11:04 AM
To: Rod Hayslett/FGT/Enron@ENRON
cc: Robert Hayes/FGT/Enron@ENRON, Jack Boatman/FGT/Enron@ENRON, James 
Saunders/FGT/Enron@ENRON 

Subject: Possible Mark-to-Market Situation We Discussed - A Question

Hayes suggested I run by you what the possible MTM situation looks like, 
particularly since I'm
not sure I know what I am doing as regards the discount factors allowed and 
how to or whether to
account for the factor that the cash moneys don't start flowing in until 2nd 
quarter of 2002.

Here is my take: