Q: Bill, Attached is our reponse to the letter we received from AEC. I made a few changes to Chris's version. Please review and let me know if you have any suggestions. If possible, we would like to send this out today.
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A: Response to AEC letter

Q: I was just speaking to Ed Sacks, and he asked if we could add a new Credit person to our distribution lists, Wendy Conwell, who will be working with Ed on the power counterparties. Her ext. is 30699.
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A: New Credit Person

Q: Hi Vince, Well I am speaking at Risk 2001 (which is the combination of Risk 2000 and the Australian Energy Risk 2000)on the 20th, 21st and 22nd of August in Sydney Australia. I was hoping to see you again but you are not speaking this year. Well I left iEnergy as a Risk Analyst (www.ienergyglobal.com) to Intelligent Energy Systems as a Market Analyst (www.iesys.com) ~ who have a licence in Enron Sydney for Prophet (Price Forecaster). After my probabation they offered me a good salary and permanent position (this was an awesome job) but I was offered an Associate Lecture in the School of Banking, Finance and Accounting at Griffith University in Brisbane, Queensland, Australia. Maybe I am following your starting career in Academia. I had an interview with Enron Sydney with Raymond Yeow (but did not make the grade) ~ pricing interruptible options. Well my other friend Quentin Kerr who sent over his papers with (Professor Burrage and Professor Gray from the University of Queensland) to you had an interview with your Houston office (but he did not make the grade) also.By the way how were the papers? Still I am determined to write more papers in this huge market and maybe I will catch up with you on the American or European Conference Circuit. Kind Regards
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A: Hi Vince from Australia

Q: Mr. Lay- I am a long-term Enron employee and have shared your vision of building Enron for over 10 years. It has been exciting being a part of building the World's Largest Energy Company. I am concerned about the short term turn of events at Enron but still feel loyal and committed to Enron and your vision. Unfortunately, my passion to follow your vision has led me to keep the many stock options I have accumulated over the years instead of "cashing out". I am now faced with options that not only are "under water" but also some will expire as soon as January 2002. I know it is not possible to reset the option price. However, is it possible to extend the option expiration date on these options a few years? I believe Enron will eventually rebound and I still believe in your vision but I also believe it will be a while before we can recapture the confidence of the markets. Thanks and keep the faith.
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A:
Option Expiration