Subject: Clickpaper.com Confirming Entity
From: [email-masked]
To: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Fri, 30 Jun 2000 10:57:00 -0700 (PDT)

Discussions over the last several days with legal and tax have resulted in a 
change to the legal entity we'll use for the "trading" portion of 
Clickpaper.com activity.
   As long as our business model is a one to many model the decision is......
a. For Click Match activity Clickpaper.com can still be used as planned.  
Simply, we'll only be invoicing for transaction fees.
b. For Click Trade activity the following will happen.
 1.  Physical trading that occurs at any North American Hub developed by 
Clickpaper.com, Enron North America, Corp. (ENA) will be the        
confirming entity.  I  have asked legal to develop a simple recital statement 
for the physical confirmation to indicate that the transaction originated as 
a         "Clickpaper.com on-line transaction".   
 2.  Physical trading that occurs at any Hub developed for the U.K., Latin 
America, or Asia, has not yet been finalized for legal entity purposes.  My 
desire is       that we follow the legal entity structure used by EOL on-line 
trading for Hubs in similar countries.  We'll work that out soon.

Strictly from an operational point of view the benefits are many but the most 
significant is a much simplified mid/back-office effort in order to support 
Clickpaper on-line business.  We no longer need to be concerned about setting 
up more portfolio/book i.d.'s for risk books as on-line deals can go into the 
same risk books used today for pulp and paper.  Intercompany transactions 
between Clickpaper.com and ENA are now eliminated for on-line trades which 
simplifies the confirmation support as well as the downstream financial 
reporting/reconcilation activity that would be required by using 
Clickpaper.com as the entity.  

If our one to many model is successful, we move to a many to many model.  At 
that point, all of this changes.  So for now, ENJOY!

For now,

Jeff Harbert