Per discussion with Lance this morning, the "underwriting" aspects of the 
EITF swaps are in the nature of a cash make-whole; therefore, I wonder if it 
is an appropriate concept for EITF equity classification.  I am not going to  
put it into the Talon swap.



Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com