Message-ID: <9542199.1075857576710.JavaMail.evans@thyme>
Date: Fri, 25 Aug 2000 04:11:00 -0700 (PDT)
From: john.arnold@enron.com
To: w.duran@enron.com
Subject: 
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Dave:
I was thinking about our conversation yesterday.   If El Paso, absent this 
power deal, were to give us physical gas for 8 years discounted at their WACC 
in exchange for an upfront cash payment from ENE, is that transaction a 
mark-to-market gain for us?  If not, what's the difference in paying them 
with an asset rather than cash.  If it is a mark-to-market gain, isn't this a 
way to generate false P&L?
John