We have a great deal of work underway with our continuing operations, bankruptcy related issues, managing asset sales transitions and major operating environment issues.  While I have great confidence in our ability to overcome challenges, we will need to simultaneously direct our attention on a number of key areas to be successful.

In light of the above, I have asked Danny McCarty to take on a new role as managing director of special projects for Enron Global Services (EGS).  Danny's responsibilities will include a number of complex bankruptcy related activities, the workout of certain troubled assets and optimizing the value of selected businesses.

Until the question of our right to repurchase Northern Natural Gas is resolved, it is better to minimize organizational changes.  Consequently, I do not plan to replace Danny as managing director and chief commercial officer of Enron Transportation Services (ETS) at this time.  Steve Harris, Bob Hayes, Rob Kilmer, Shelley Corman and the business development efforts will report directly to me.

I truly appreciate Danny's willingness to take on this responsibility.  His involvement should ensure that we dedicate the necessary attention to key business issues, while allowing Jim Hughes and me to focus on the priorities of a reorganization plan and our day-to-day operations.

As always, thank you for your continued dedication and support.

Stan