there was excess credit. By using collateral to pay these bills are we not keeping required levels available? Sara, Attached below is Davis Thames' presentation regarding the proposed Project Bruin. I will forward the draft Bear Stearns term sheet separately. Paul Team, sorry for the delay on getting this around. Please advise when you can meet to discuss issues related to your area. Thanks - Davis Clint: I spoke with Mike Collins [203-719-8385 (phone) and 203-719-7031 (fax)] who conrfirmed to me that the cap included the remaining 2.5+million remaining shares. Please return an executed copy of confirm to me. Thanks. sara My assistant Joanne Rozycki has cell, car numbers to reach me. I'll be back on Monday. Sara Shackleton Enron Wholesale Services 1400 Smith Street, EB3801a Houston, TX