Per our meeting today, I spoke with Sherrie about  lines of credit at 
(PaineWebber) PW.? We have about another $5 million  available with a little 
bit of cushion.? I also spoke with Rocky about how  they arrive at their loan 
to value calculations and he is going to have me talk  with the person in 
that department to walk me through it.? Regardless of  how much that number 
moves, I told Sherrie that you would like to know where it  stands at the 
time she provides the information for all of the other  lines.? I told her 
that we should have that updated once a  week.
?
I also?thought it would be good?within  the?partnership to borrow against the 
PW accounts, which include Fayez,  Cypress, Eagle, and Harris Bretall for 
some of these private investments.?  The combined gross value is at $2.5 
million so that would allow for an  additional $1.25 million to be borrowed 
at 50% loan to value.? It may be a  higher number, but with a small cushion 
that is probably a good estimate.?  I talked to Rocky about this and he said 
it would be no problem and he would  give us the same rate 70 basis points.
?
With regards to rates and the PW/UBS merger, Rocky  said that he thinks that 
he can get our borrowing rate down from 70 basis points  plus LIBOR to 20 
basis points plus LIBOR come this November when the merger is  completed.
?
I have Rocky working on much better reports, like  that which was provided to 
be by Mueller/O'Shaughnessy at MSDW.? I told him  that they needed to work on 
what they have?been providing to me.? I  have not been impressed with the 
last couple of reports he has produced so that  is why you haven't seen 
them.? Rocky informed me that?he has sense  gone out and purchased a better 
system for that purpose.
?
I also told him that I would like an update on the  performance reports that 
are run on managers, specifically ours.?  Also,?I am having him include 
managers that invest in Latin America.?  I though it would be good, since 
Robert Day of TCW has been positive about  that?geographic area.
?
With regards to any future selling of personal  Enron stock, Rocky recommends 
selling within your?retirment plan since the  taxes are deferred and 
diversify within it.? Maybe set-up some of the  managed accounts here.? I 
inquired about the Enron 401(k) plan?with  regards to any additional choices 
to be offered.? He said that he?was  in talks with the people at Enron who 
handle it, but nothing would probably  happen anytime soon.? I don't know if 
that meant he was implying a need for  a push from?Enron's upper management?
to  make it happen.
?
I know that Sherrie is working her tail off to try  and get you the July 
Financials before your trip.? I know she is planning  on staying late to get 
it completed.? I told her that you want them before  you depart on your trip 
tomorrow.
?
I think that that is all for now.
?
- Beau