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I regret to report that I just ended a very unproductive phone conversation with Mr. Hertzberg. He thanked us for all our cooperation but politely declined to give me any information on what authority he was relying on to conclude that there is a jurisdictional problem. However, it sounded to me like whatever authority he does have is shaky at best. He also sounded interested in the possibility of our making some sort of anonymous inquiry at FERC (if such a thing is possible) on the issue. Obviously they are very leery of making that phone call themselves and risking revealing their identity. He said he would discuss it with Ed Meaders. Also, he mentioned that after tomorrow he will be on vacation for a month, and another attorney will be taking over in his absence. That could be good, or it could be bad. Maybe Lorraine can sweet talk Meaders into at least citing us some cases from Hertzberg's memo. At the very least, I hope he will show it to the Kinder Morgan lawyers.

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OUT: Red Cedar

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As we move forward in the planning stages for NETCO we need to identify all systems which need to be moved or copied into the entity. We have identified the great majority of the systems to be moved but we may not be able to identify particular tools used by your group or you individually. This would include spreadsheets etc. Please send lists of systems and software required to Anne Koehler by close of business today. To be clear we can (subject to the negotiation) move/copy systems and some data however, we CANNOT move either transaction data if counterparty specific or data obtained from a counterparty under a confidentiality agreement. For Houston traders, Geof Storey is compiling your lists. Thanks

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OUT: NETCO

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Please note the following addition to the credit reserve: Counterpary: El Paso Merchant Energy, L.P. Enron Entity: EPMI Deal#: 750378 Deal Date: 8/27/01 Term: 1/1/11 to 12/31/12 Deal Type: 25MW/h, on-peak, EPMI sale Marketer: Matt Motley Reserve Amount: $20,000.00 RAC - Confirmed under Master Power Purchase and Sale Agreement dated 3/1/01. Please let me know if you should have any questions on the above. Rgds,

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OUT:
Credit Reserve - El Paso Merchant Energy, L.P.