Vince,

I appologize for shipping another version of the paper so soon after the
last.  However, my wife picked me up for some last minute shopping at noon
and I wasn't sure I would get back to this before leaving tomorrow.  The
only changes in the two documents related to a sentence or two in the intro
plus the addition of "Unused information" at the end of the document.  The
unused stuff is made up of notes I made from Hamel, some news stories,
press releases, and random thoughts.  We probably won't use any of this
stuff but I wanted you to have it just in case it might prove useful.

The challenge we face at this stage (and where I can most use your help) is
in documenting Enron's risk management functions in a meaningful way.  This
may be best done through examples or in some other way.  I think that our
audience would appreciate our including some numerical and detailed
examples (even if they are to be placed in boxes or sidebars that don't
interrupt the flow of the article.  If you'll make a pass at what you feel
is appropriate I'll gladly polish on the words as i try to learn about what
you are doing myself.

Vince, I really am enjoying this learning experience.  You guys make a
wonderful "lab".

Sally and I are driving to Louisiana to pick up her mom tomorrow and then
driving to New Orleans and back to Waco by Saturday.  However, I will check
in my e-mail regularly.

Your friend,

John

 - Enron Transformation Paper12_19_00.doc

John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html