This is the content of an email: Please read the following email from EOL. I have asked them to assist the West desk in mailing out an ad to all of our customers (utilities, producers, industrials, and some IPPs) notifying them of our plan to reduce the minimum volume accepted on all of our EOL products. Start thinking of which customers should be on the list and try to think of a creative way to present this to our customers. EOL has asked us to provide them with the text of our message. Also, let's go ahead and reduce the min volume on our products (primarily all phys and gas dailies) this week. We are attempting to capture all of the odd lot flow in the market. I would see this service as a clear advantage over the other web platforms. Let's get together on Friday afternoon at Ninfa's to discuss our ideas. Thanks,

Subject: customer mailout

This is the content of an email: FYI. Just got a call from Jan Smutney-Jones. Apparently, word is on the street that Peace intends to begin targeting Enron as an example of the "misconduct" that Peace alleges has occured in California's markets. Smutney thinks Peace may be keying off the comments of the "unnamed" trader in the Dow article claiming that Enron's been buying power and holding on to it. Apparently Peace's other angle is/will be: "The same people who colluded in the design of this market are now colluding to profit unfairly from it." No idea of when and how Peace might launch any attacks. Two immediate thoughts: Apart from the bad reporting in the Dow article, that article shows that Enron got beat by, among others, two federal (Canada and the US), one state (SRP) and one municipal (LADWP) government. David Freeman, who now heads up LADWP, was appointed "Czar" by the State of California and charged with the task of implementing Steve Peace's brain child (AB 1890). Freeman set up the ISO and PX market structures. He also set up the Governing Boards.

Subject: Peace Targetting Market Players

This is the content of an email: Joe, part of this deal is repayment of the sub debt at par and a series of cashflows that we would probably like to monetize. Have you looked at this? Jeff, I would like to get your view on the economics - basically they are giving us 89% of our carry value in cash and 11% of our carry value in a contingent payment payable at restructuring or sale of their partnership. Lets discuss ASAP. Regards

Subject: El Paso/ECP

This is the content of an email: Please respond to Sivy on Stocks SIVY ON STOCKS from money.com April 25, 2001 Construction project The need for aggressive oil exploration and new electrical power plants should be a bonanza for firms like Fluor that can manage such projects on a global basis. By Michael Sivy It may seem hard to believe today, but back in the 1970s, one of the hottest stock groups was Construction and Engineering. These C&E firms managed mega-projects, including oil refineries and pipelines in the Middle East, and were minting money because of the oil shortage. But during the past decade, the energy crisis seemed like only a distant memory. And even the best C&E firms, such as Fluor [FLR], ran into trouble. For most of the late 1990s, Fluor's earnings were stagnant. The company over-expanded in 1994 and subsequently began missing its growth targets. As the problems got worse, the stock fell from a high of $75 a share in 1997 to less than $23 early last year. To fix these problems, Fluor decided it would be smart to split the company in half, separating its C&E businesses from its coal-mining operations, which now trade as Massey Energy [MEE]. Since the split late last year, Flour has been doing well and appears poised for even better times to come. But this improved performance has gone unnoticed by many investors because the division of the company and the shift of its reporting schedule from a fiscal to a calendar year have made earnings comparisons difficult. In fact, some research sources have stopped following the stock altogether. That's a pity because the outlook for energy is better than it's been in a decade. The scare of higher crude prices should greatly improve prospects for oil projects, while electricity shortages in California -- and possibly
Subject: Sivy on Stocks: Construction project