Thank you very much.

Do we know if they intend to apply the guaranty to the account same day or 
will that take some time?

Since the guaranty is on ECI, and we are doing the assignment and assumption 
is it fair to assume the account might have to renamed/positions transfered 
to some new account before they will give us relief?

Sheila,

Are we going to flip out the Morgan account straight to the ECI entity?  Will 
this delay the split?

Thanks,

Tom



03/28/2001 02:50 PM
Cheryl Nelson
Cheryl Nelson
Cheryl Nelson
03/28/2001 02:50 PM
03/28/2001 02:50 PM
Sent by: Cheryl Nelson
To: Sara Shackleton/HOU/ECT@ECT
cc: Sheila Glover/HOU/ECT@ECT, Tom Doukas/NA/Enron@ENRON 

Subject: Re: BEAR Guarantee letter  

Hello Team, 

I have good news.  Clem Abrams approved the guaranty and will have it 
executed first thing tomorrow.  (None of the requisite officers are in today).

I am still contacting Bear Stearns every couple of hours to get the final 
drafts of the agreements in our hands.  I'll keep you posted.


Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693



	Sara Shackleton@ECT
	03/28/2001 10:21 AM
		
		 To: Cheryl Nelson/NA/ENRON@ENRON
		 cc: 
		 Subject: Re: BEAR Guarantee letter

Sheila and Tom need to know the status.  Please advise them mid-day.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com



	Cheryl Nelson@ENRON
	Sent by: Cheryl Nelson@ENRON
	03/28/2001 10:04 AM
		
		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Sheila Glover/HOU/ECT@ECT
		 Subject: Re: BEAR Guarantee letter

Hi Sara and Sheila, 

By way of update, I was able to get the guaranty to Clem and am working on 
his getting it back to me by the end of the day.  I talked to Bear Stearn's 
lawyer today about whether we could get the other agreements (account and 
assignment) executed today and she represented that (1) she is still waiting 
for her Managing Director's approval of her final draft in order to forward 
it to me (2) but that she is working with me to check in with the MD every 
hour or so for a status update.  


Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693



	Sara Shackleton@ECT
	03/27/2001 06:59 PM
		
		 To: Sheila Glover/HOU/ECT@ECT
		 cc: Cheryl Nelson/NA/Enron@Enron
		 Subject: Re: BEAR Guarantee letter

Wednesday, March 28 is the target execution date for the ECI customer 
agreement and assignment (from ENA) of the Securities Loan Agreement/credit 
book.  I am not certain if Cheryl was able to expedite delivery of the new 
ENE guaranty.  

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com



	Sheila Glover
	03/27/2001 02:10 AM
		
		 To: Tom Doukas/NA/Enron@ENRON, Sara Shackleton/HOU/ECT@ECT
		 cc: Richard Sage/LON/ECT@ECT, Jeff Kinneman/HOU/ECT
		 Subject: Re: BEAR Guarantee letter

Tom,
The day i received this I responded to Sara and cc'd richard that I was okay 
with transferring the Stock Loan Agreement from ENA to ECI.  The ENA was 
executed and the ECI piece is what is in process.  

Sara,
Any update?  How far are we away from exectution?  Do you need anything from 
anyone?

Thanks. Sheila



Tom Doukas@ENRON
03/26/2001 11:59 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Jeff Kinneman/Enron@EnronXGate@ECT, 
Richard Sage/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Cheryl 
Nelson/NA/Enron@Enron 
Subject: Re: BEAR Guarantee letter  

Just wanted to follow up to see if we have a time frame as to when the letter 
will be fully executed.

Thanks,

Tom


From: Sara Shackleton@ECT on 03/22/2001 08:41 AM
To: Tom Doukas/NA/Enron@ENRON
cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Jeff Kinneman/Enron@EnronXGate, 
Richard Sage/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Cheryl 
Nelson/NA/Enron@Enron 

Subject: Re: BEAR Guarantee letter  

Here's a recap for everyone.  
Our original negotiation with Bear (for the Securities Loan Agreement) was in 
the name of ENA, and, ENA had an existing account agreement with Bear.  
However, Bear insisted that the account agreement was "too old" and that we 
negotiate a new agreement.  I agreed on the condition that this not hold up 
execution of the Securities Loan Agreement.  We have one or two final points 
remaining on the new account agreement which we'll execute for both ENA and 
Enron Credit Inc.. ("ECI").  We have the authorized trader list for ECI and 
are waiting for Richard to designate the new officer/director slate but we 
are prepared for execution by the existing officers in London.  The 
assignment instrument will be very short for transferring the ECI book from 
ENA to ECI.  It will take only a few days to replace the existing ENE 
guaranty for the Securities Loan Agreement.

Jeff and Sheila:  Please verify that both ENA and ECI do not  need the 
Securities Loan Agreement.  I believe it is just ECI and we can transfer the 
existing agreement to ECI.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com



	Tom Doukas@ENRON
	03/21/2001 12:28 PM
		 
		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Jeff Kinneman/Enron@EnronXGate, Sheila Glover/HOU/ECT@ECT, Richard 
Sage/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT
		 Subject: BEAR Guarantee letter

Sara,

I just spoke with Russ Miron from Bear Sterans regarding our Guaranty to 
Reduce funding to 20% per side.

I had asked him about when they will be executing the agreement.  He said 
that his lawyers are ready to sign but are under the impression that you have 
one remaining point to resolve and that this point is holding up the 
finalization of the agreement.

Is there an issue from our side?  If not we should be able to get this 
execution taken care of immediately?

Thanks,

Tom
713-853-9074