Jim -

Attached for your information is an executive summary memo on the background 
and current status of Project Crane - a proposed pulp and paper acquisition.  
I understand the approval for this project is going to the Board tomorrow. 

Please let me know if you should need any further information or 
clarification of any points.  






Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com