I would like to consider some counterparty-specific agreement to solve this problem. What do you think of a side agreement among both KN entities and Enron which specifies that a user ID and password have been issued to both of KN's legal entities jointly and severally and that transactions for certain products (e.g. all financial products) entered into under that user ID and password will be deemed executed by KN Trading (their financial trading entity) and all others will be deemed executed by KN Marketing (their physical entity)? Do you see any problems here? Issues re: joint & several liability under the ETA but not the Transactions? Let me know if you need further clarification of the problem. I haven't run this by Louise yet - she may raise system or commercial objections. Mark
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