Cheryl:

Gordon Heaney tells me that you have received information about non-terminated, defaulting P&P counterparties (on the financial side).  We are developing a strategy for handling these types of entities and I want to ensure that ENA responds/acts consistently.  Many of the P&P parties misinterpret the ISDA documents and I observe that many are in the money to ENA, have not terminated and may be in default for failures to pay or post collateral.  Can you let me know if you actively pursued these parties for Bob Crane?

Thanks.  Sara

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490