Louise,

Yesterday afternoon I spoke with Walt Madro, Sr. Vice President of Global Gas and LNG, regarding Marathon's decision not to pursue a marketing/trading relationship with Enron.  Walt further clarified Marathon's poisition :

Marathon is in final negotiations to acquire a firm with both Upstream assets and a small, niche marketing arm.
Steve Lowden told Walt to hold off on the negotiations with Enron because of the acquisition of this firm and the potential duplication of marketing compentencies. (??)
I asserted that this firm, even if acquired, does not have the premier gas and power franchise like Enron and Walt agreed.
As such, Walt will contact me when the deal is completed - expected date is before the end of the year.

I will stay in contact with Walt and try to identify the firm being acquired.  

Ultimately, I do not like how this "smells."  I would like to have a conversation with Lowden because the opportunity cost of not having a marketing/trading relationship with Enron versus acquiring this small firm (albeit receiving strategic Upstream assets), I can not compute intellectually.  Do you agree?

Mrha