IN: Sara, I sent you an invitiation to a meeting earlier today and noticed that I scheduled it for last Saturday; my apologies. Anyway, Louis and I are trying to get together with you and Alan Aronowitz to get up to speed on the status of Live CP's that were sent Demand Letters and to begin determining a process for moving ahead with terminated CP's. We are able to meet in your building at whatever time works best for yours and Alan's schedules. Mike Bridges

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OUT: Live and Terminated CP status update

IN: Attached is the legal risk memo for the proposed sale by certain Enron entities of their interest in UtiliQuest LLC. This transaction has been given a legal risk ranking of 2.0 (on a scale of 1.0 to 5.0, with 1.0 indicating minimal legal risk), primarily due to potential post-closing indemnification obligations. The legal risks discussed in this memo were also set forth in the DASH; however, please note the following correction to the DASH: while the Enron entities' pro rata share of the maximum potential liability under the seller indemnity is $20.7 million, Enron and the other sellers have joint and several liability for indemnification obligations which are capped at $30 million, and Enron will be liable for the entire $30 million if the non-Enron sellers cannot satisfy their pro rata share of the liability under the seller indemnity (note that Enron is not guaranteeing or backstopping the other sellers' share of this liability in any way; however, the purchaser may choose to hold Enron liable for the entire liability, and leave Enron to pursue the other sellers for their share). Please contact me if you have any questions.

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OUT: Legal Risk Memo -- sale of Enron interest in UtiliQuest

IN: Mark, Sara and Mary: Jim would like to talk to someone about problems he is having with his customers concerning the ISDA and CSA forms. Apparently, most of his customers feel that it is too complicated and Jim would like to see if any alternatives exist. Could someone please contact him? Thanks.

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OUT: Pulp/Paper

IN: Attached is the updated status of the steel trades/transactions that have potential LOC/cashflow impact in the next few months. According to Kent, who had a direct conversation with Bowen late yesterday, all new steel trades/structured transactions not yet agreed to will require Bowen approval prior to being reviewed by RAC. In summary, the commitment status for the Kibar and EDZK trades is yet to be determined, upon reviewing the taped conversation between the traders and the counterparties. Duferco payments for the final 100,000 ton slab purchase and the $40,000 option are up for restructuring next week with the company. Please let me know if you have any questions/concerns. Thanks.

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OUT:
EIM steel transactions pipeline update