Attached is the latest Cadwalader draft memo addressing additional risks 
posed by newer, illiquid products (specifically paper and pulp) and 
minimization of the risks.  My goal is for  the paper and pulp group to adopt 
the recommendations.  Please take a look at the memo and give me your 
comments.  I would like to respond to Cadwalader by the middle of next week.  
Please let me know if you have any questions.  Thanks.  Sara
 --------------------- Forwarded by Sara Shackleton/HOU/ECT on 04/14/2000 
06:14 PM ---------------------------


"Scott Eckas" <SECKAS@cwt.com> on 04/14/2000 03:03:51 PM
To: Sara.Shackleton@enron.com
cc: "David Mitchell" <DMITCHEL@cwt.com> 
Subject: Revised Memorandum regarding pulp and paper transactions




Attached is a revised version of our memorandum regarding pulp and paper
transactions.  The memorandum incorporates your comments and our further
thoughts relating to certain issues we discussed during our conference call
yesterday.  Also attached is a revised attachment to the memorandum.

You can reach David at 212-504-6285 and Scott at 212-504-6968.

Have a good weekend.

Scott Eckas

(See attached file: 0463515.03)          (See attached file: 0464504.01)




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 - 0463515.03
 - 0464504.01