Here is an email: ENA received a letter 10/30/01 stating that Man would begin margining on a risk-weighted basis rather than using the NYMEX SPAN calculation. This is prohibited under our futures agreement. Man has not formally called for additional margin (which they have the right to do) but rather is withholding about $25M based upon a misunderstanding between traders about moving option positions (I'm not entirely clear about the circumstances). Man has never claimed that the $25M was "additional margin". ENA faxed a letter this morning to Man demanding the return of margin in excess of the SPAN calculation, basically a response to the letter. ENA acounting does not have the software to execute SPAN calculations. A recommendation to purchase the software was made by Sarah Wesner (who then reported to Joe Deffner) to accounting last year. I understand that John Arnold intends to move most positions (including options) from Man to Paribas. However, this information changes frequently. Joe Deffner signed the letter and a copy was delivered to Louise Kitchen. Let me know if you need further information.
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A: Man Financial: margin calculation
Q: Louie/Ed I know you guys are busy, but because of the emphasis Enron places on ensuring that action items from consolidated audits are completed prior to the action item completion date, I really need to know how Scott and I are to proceed on the subsurface drilling activities for potential contamination at the Bakersfield Fractionator. The scheduled completion date for six of the items is 6/30. I understand the there is an issue concerning Koch's individual and shared responsibility for some of the issues identified during the audit. Rich Jolly has contacted me asking me when the drilling will begin, as he does not want to see us exceed the 6/30 date and have the items show up as deliquent in his region. Whatever you can do to assist us in either initiating the investigations or placing a hold on the drilling would be greatly appreciated.
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A: Bakersfield Environmental Action Items
IN: Here is the final purposed clean assignments with Williams and Dynegy. The NET result will be and elimination of $35.1 MM Williams risk, ONLY if Williams will accept 35.1 MM of Dynegy Risk. - Susan & Tracy

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OUT: Final . . . Williams and Dynegy clean assignments
IN: This is an email
Here are materials I recieved from EEI in anticipation of the EEI product description meeting on Wed. I would guess that the bulk of the meeting will be spent on the "Into" definition, which draft was prepared by David and myself, but we will also need to provide requested alterations to the other product definitions (unit firm and system firm). If you have any questions/thoughts about the Into definiton, please call either David or me.

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OUT: EEI Meeting on Dec. 15 Meeting - Product Definitions
QUESTION: Ken and Kevin, Attached, for your information, is a copy of a general presentation that I prepared to illustrate and describe EGM's businesses. This is a presentation that will become a "living" document to communicate our businesses and growth. I will be making numerous changes as we move closer to the analyst meeting in January but I wanted to give everyone a copy of this version. With all of your history on these businesses, I thought you might be interested in our approach and description. Please don't hesitate to call me if you have any questions or comments. Mike
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ANS: EGM business presentation
IN: Attached is latest version - due to quick turnaround, there may be a few typo's. Julie, Gerald and I will be present. Talk to you then....

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OUT:
Doc's for conference call