Message-ID: <30708943.1075845565016.JavaMail.evans@thyme>
Date: Tue, 23 May 2000 04:52:00 -0700 (PDT)
From: mark.tawney@enron.com
To: john.lavorato@enron.com, jere.overdyke@enron.com
Subject: Palladium Funds
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X-From: Mark Tawney
X-To: John J Lavorato, Jere C Overdyke
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B of A paid on our LC draw last Friday in the amount of $16,104,205.00.  The 
amounts have been applied as follows:

*  $9,707,500  clears the exisitng receivable (trades which settled March 31, 
2000).

*  Accrued interest in the amount of $41,705 was booked to the G/L.  (DR A/R  
CR Interest Income).

*  The remaining $6,395,000 represents the termination value of the current 
trades.  That amount has been handled as follows:

Currently on Schedule C -  $4,297,058 
Unpaid Premium -              ($1,205,000)
Net Schedule C -                  $3,092,058

Termination Value -             $6,395,000
Net Schedule C -                 -$3,092,058
Total P&L      $3,302,942

Realized P&L -                    $2,302,942
Schedule C Retention -      $1,000,000

We can realize the additional income on Schedule C at anytime.   

If you have any questions, please give me a call.  I am in London on the 
Weather Desk (Cell: 44-788-134-1771) until Friday