Attached is a final version of the Australian legal advice. You mentioned 
that you may want to pass on the settled advice on to Sullivan and Cromwell. 
The only on outstanding issues are;
Final tax signoff on the revised GTCs that would allow trading with a 
non-resident counterparty.
We are investigating certain regulatory issues in respect weather derivatives 
before we can give those the all clear to be added to EnronOnline.
Registration of "EnronOnline" as a trade mark.
There is also that issue I raised a couple of days ago in respect of an Enron 
counterparty that is incorporated after a Password Agreement and ETA is 
signed. How could such an entity seek damages under a contract that was made 
before it existed? Although of no immediate relevance to Australia it may 
have significance for Japan where I understand we are incorporating a new set 
of companies. Any thoughts?     
  
l

 - 0437047.pdf