Hi Vince, I talked to Tom Gros today and metioned our desire to estabilish a 
strategic relationship with Nick Bambos and his research effort.  Tom is very 
excited about the idea and was willing to cut the check.  I suggested that we 
have more of a strategic relationship in mine (Enron / Stanford) and he 
agreed to that as well.  Tom mentioned that Greg Whalley was interested in 
estabilishing such a relationship.  Vince, could you follow this up and 
ground this? If you need any help in doing the leg work, I'll happy to do 
that.  

Tom is excited about EBS research's role to support all of EBS including 
bandwidth trading. He seems very interested in being our sponsor on the EBS 
side. That would be very beneficial to us since he is involved in all senior 
management decision through Kevin Hannon.  Vince, I would suggest that you 
try to setup a meeting with Kevin Hannon and Tom to discuss this further.  
Tom is also very interested in the New Product development effort that Larry 
and I have been kicking around for some time.  He wanted us to sit back and 
think of structured products with better margins that Blend & Extend that 
they are selling. He wanted to know now much more resource that we need in 
that front.  For this, I would like to get someone like Meera Natarajan. She 
is an originator currently working in EES and have talked to Zimin and 
Stinson. She is sufficiently analytical with commercial mind set to help with 
new product ideas and to ground them.

Regards,

Ravi.