>  -----Original Message-----
> From: 	Perelberg, Eugene
> Sent:	Friday, November 02, 2001 8:57 AM
> Subject:	Two cow theory
>
> Enron Venture Capitalism
> You have two cows.
> You sell three of them to your publicly listed company, using letters of
> credit opened by your brother-in-law at the bank, then execute a debt/
> equity swap with an associated general offer so that you get all four cows
> back, with a tax exemption for five cows.  The milk rights of the six cows
> are transferred via an intermediary to a Cayman Island company secretly
> owned by the majority shareholder who sells the rights to all seven cows
> back to your listed company.  The annual report says the company owns
> eight cows, with an option on one more.
>