I have Harvard's agreement to proceed subject to docs being signed and using 
long form confirms on an interim basis. Please let me know ASAP if you have 
any problem with this. I'll be quoting the crack call options this morning.
---------------------- Forwarded by Per Sekse/NY/ECT on 09/13/2000 09:22 AM 
---------------------------
   
	Enron Capital & Trade Resources Corp.
	
	From:  "Hotra, Jason" <hotraj@hmc.harvard.edu>                           
09/13/2000 08:38 AM
	

To: "Per Sekse (E-mail)" <per.sekse@enron.com>
cc:  
Subject: update


Per,

the following is from a message i received from kim noble last night:

"All points in Master Agreement have been verbally agreed. <outside counsel>
is back from vacation and doing a redraft reflecting the last rounds of
conversations. Tim had promised me that he'd be able to complete this draft
by the end of this week. Assuming a bit more discussion with ENRON, we
should be signed up by the end of September.

<risk officer> and I agreed that in light of how close we are, you could buy
some options from Enron to cover his heat "crack" spread position and do so
on a long form confirm. This is an exception to the normal requirement that
a master be in place first."

Sounds good to me.

Let me know when your traders come up with the heat crack option levels.

Thanks,

Jason