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Sean: I have been looking at the -$141K P&L hit in "Other Changes" on 8/13/01 you were inquiring about. The biggest "contributor" of this hit is the restructured Modesto deal # 520328.3, which alone caused -$130K in Other Changes (a.k.a. 2nd Order in financial terms). I believe what happened is that Matt re-marked the daily volatility curves down by a significant magnitude on 8/13/01 (* please see curve managers for the change). Usually when volatilities changed drastically they would disrupt financial evaluation models and more likely to cause a change in deal value by factors which cannot be explained (i.e. Second Order). This doesn't necessarily mean that the evaluation is incorrect but just that there will be some value change for which the models cannot pinpoint the reasons. Anyway, for this basis option deal you lost $94K on 8/13, and this -$94K can be broken down into Curve Shift (-$19K), Gamma ($1.5K), Vega (70K), Theta (-16K), and Second Order/Other Changes (-$130K). I looked at the curve change and interest rate change between 8/10 and 8/13 and they are relatively insignificant, but the drastic volatility mark down makes me feel that your losing money in this deal is somewhat consistent w/ what we should expect. I am still working with IT to see if we can nail this down to give you a more specific explanation. In the mean time, if you have any thoughts or concerns, please feel free to let me know. Thanks,

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OUT: -$141,000 P&L hit on 8/13/01
QUESTION: Dear Sirs: In the next few days you will be receiving an envelope from Tozzini, Freire, Teixeira e Silva Advogados containing a CD-Rom prepared on occasion of the firm's 25th anniversary. We are sending you this message due to the threat of Anthrax in correspondences received by mail and consequent fear spread throughout the world. Please do not hesitate to contact us should you need further information or any clarification. Yours very truly, Tozzini, Freire, Teixeira e Silva Advogados Sao Paulo - Brazil
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ANS: Tozzini, Freire, Teixeira e Silva s 25th anniversary.
Steve, I've recommended below the Enron officers and directors who should participate in this year's survey. Please add/delete as needed. Please advise if okay. P.S. -- New this year: Fortune is combining America's and the World's lists into one.
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answer: Fortune's Most Admired Survey
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Here is an email: Gerald, Attached is the most recent version of the Crestone term sheet. As Chris mentioned in the conference call with you earlier today, he would like to put some binding language into the term sheet. Please let me know when I can come up and discuss this with you. Thanks for your help.
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A: Crestone Term Sheet
QUESTION: For Saturday: STWBOM will be long 20 mw HE 2-5 @ PV due to a parking deal with PNM. Day-ahead price is $15.50. Make real time sales to take care of this length under the STWHOURLY book. Enter an inter-desk purchase from STWBOM under the STWHOURLY book. For Saturday and Monday: STWBOM will be short 50 mw on peak @ SP15. Day-ahead price is $27.60. Make real time purchases to cover the short under the STWHOURLY book. Enter an inter-desk sale from STWHOURLY to STWBOM. Then make a sale under the STWBOM book to the Cal-Imbalance to complete the deal. For Saturday and Sunday: STNW will be short 44 mw off peak @ PGE System due to a lending deal with PGE. Day-ahead deals are at the Mid-C Index. Make real time purchases and any transmission necessary to cover the short under the STWHOURLY book. Enter an inter-desk sale from STWHOURLY to STNW. Link real time purchases to STNW deal 828626.
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Positions for the weekend - READ THIS