I would like more detail about how much margin my open positions require and how the muni's are treated with regard to margin.  The call's I am short are way out of the money.  The only positions that are changing very much in value are the Enron shares I am long and the Enron puts I am short.  I would consider closing those positions.  I would like to put the maximum possible into Muni's.

Please forward this email to Steve.

Phillip

 -----Original Message-----
From: 	"Sandoval, Julieta" <julieta.sandoval@ubspainewebber.com>@ENRON  
Sent:	Tuesday, November 13, 2001 8:25 AM
To:	Allen, Phillip K.
Subject:	Muni Bond Ladder

Phillip:

Steve and I are inquiring on the email you sent him.  We wanted come up with
a Muni proposal for 1M and take it from there. At this point, we have about
1.3M available but using this full amount would not give us any cushion in
regards to margin.  Let us know if the 1M is OK with you; assuming we can
always go in and invest more into the bond ladder.

Julieta Sandoval
Registered Client Service Associate
UBS PaineWebber
1111 Bagby Street, Suite 5100
Houston, Texas 77002
713-654-0275

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