-----Original Message-----
From: 	Kaminski, Vince J  
Sent:	Tuesday, May 22, 2001 6:00 PM
To:	Baker, Ron
Cc:	Bharati, Rakesh; Kaminski, Vince J
Subject:	Pricing of restriction on Enron stock

Ron,

Rakesh mentioned that there is an additional conditionality that will result
in an adjustment of our valuation of the restrictions imposed on the forwards going
into the Raptor vehicles.

We were not aware of this conditionality at the time the project. 
We can, however, easily, incorporate it in our valuation model.
This omission makes our valuation more conservative
form the Enron's point of view.


Please, let us know if this is required.

Vince