Subject: "Heel out on "Hoegh Galleon" delivery June 9, 2001".

Body: Wayne- I have run the economics on whether to heel out the cargo and attached the model below. The current NYMEX price for gas in January (which the best price we can get today) is $4.60. Today's cash price for prompt delivery is about $3.80-$3.90. The incentive is about $71,000 at the high end (Jan) and about break even at the low end (prompt). Even at the high end, there isn't much incentive when you take into account the extra day of cooling down you would need. I talked to Jonathan Whitehead about this and he agreed that it probably isn't worth doing on this trip. We will keep an eye on prices and look at locking something in for future trips if the price spikes. Otherwise we will revisit on a trip by trip basis. Dan

Subject: "Deal Correction Report - Please Read".

Body: Thank you all for being so patient with me while I am under Carla's wise tutelage. Hopefully I'll be up to speed in the next few days, but if you notice me doing anything insanely wrong, don't hesitate to yell. One thing that has lagged slightly, but will be making a comeback tomorrow, is the Deal Correction Report. Every afternoon I'll check up on discrepancies noted by Houston and determine the source of the error. If the source of the error is you, me, the broker, or the computer gods, it will be noted in the error report and given to Risk Management to assist them in their daily calculation. Thanks again,

Subject: "Engineered Carbons/Ameripol Synpol".

Body: Here is another incident stemming from the A-S 30 inch pipeline rupture of December 4, 2000. Although the facts are still being developed, this customer was also being supplied off of the A-S line and when it went down, HPL had to activate another pipeline to serve this customer from a different source or direction. This line may have had some liquids settled in the line or other sediments which became dislodged and ultimately may have caused a failure at Ameripol's boiler. This resulted in a fire which they claim caused equipment and product damages. Liquids are not identified in the quality specifications for the gas to be delivered to Ameripol, only not more than 20 grains of sulfur or 7 pounds of water vapor. Additionally, the contract does contain a waiver of consequential damages. Gary indicated to me that they told him that about $130,000 of the loss was a result of lost sales due to the inability to produce product. They have faxed us a written demand or notification which I will forward as soon as I receive it.

Subject: "FYI 11/2001 TW Rate Matrix - same rates, different format".

Body:
Here is another matrix of TW "Current Shipper" rates & surcharges. This one is not posted on the web. I don't know whether anyone needs/uses it, anymore, but I have been keeping it up. There is a new tab for each change in Current Shipper Rates. The latest is "200111" Elizabeth - I forgot to send this to you this morning. Jeanette - I don't recall whether I sent this along with the other TW files.