Subject: Project 20/20 Status
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Fri, 28 Jul 2000 11:42:00 -0700 (PDT)

Brian, great job - I would really like to get this done for third quarter 
please let me know how I can help.  I have heard that you can request a 
expedited HSR for fairly straight forward deals like this.

Wes, I believe that we don't have any issues recognizing the value from this 
transaction - please confirm.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 07/28/2000 
06:38 PM ---------------------------
Brian Bierbach @ ENRON   07/28/2000 12:16 PM

To: Julie A Gomez/HOU/ECT@ECT, Jean Mrha/NA/Enron@Enron
cc: David W Delainey/HOU/ECT@ECT, Mark Whitt/DEN/ECT@Enron, Shonnie 
Daniel/HOU/ECT@ECT 
Subject: Project 20/20 Status

Julie and Jean,
Pursuant to our telephone conversation this morning, this e-mail is intended 
to update the status of project 20/20.
There are 6 major items that need to be completed prior to closing this 
transaction.  The items and the expected completion dates are outlined below:

Closing Item   Expected Completion Date Status
1. Execution of LOU  August 4   Several issues remain to be negotiated.
        I do not anticipate any problem in reaching mutual agreement on the 
issues.
        Border meets with their audit committee on August 2 and hopes to sign 
August 3.
        Will be in the position to review with you and Dave on August 1 or 2.

2. Employment Issues  August 14   Offers of employment/transfer are in the 
process of being designed and prepared. Primary         issues include a) 
identification and handling of ENA end-of-year bonus compensation 
(Shiela         Knudson is coordinating this and I feel this issue is being 
adequately addressed).
        b) potential disparity between GPG and ENA incentive compensation 
plans. I am working with Bill         Cordes and Ann Vaughn w/ GPG on 
developing a plan that will address this issue.  Based on the         
conference call with Bill and Ann this morning, I am optimistic that this 
issue will be properly         addressed.  The plan is to have employment 
issues identified in a letter and presented to          employees on August 
7th.

3. Reserve Consultants  August 11   Kicked off consultants in a meeting in 
Omaha on July 26th. We are providing information and         assisting in the 
process.

4. Due Diligence  August 25   A detailed schedule of all due diligence 
activity is being updated by Northern Border and I will         forward that 
schedule to you once I receive the update.

5. Hart, Scott Rodino  September 8-15   There is a high probability that a 
Hart, Scott, Rodino filing will have to be made upon execution of         the 
LOU. There is a 30 day review period.  This may be the critical path item.

6. Drafting/Negotiating PSA September 8-15   Shonnie Daniel is coordinating 
the drafting of the Purchase and Sale Agreement. It is expected         that 
this agreement will be agreed upon in early to mid September.

One key date you should be aware of is Northern Border is anticipating making 
a press release after the LOU is executed (release date is expected to be 
August 7).  They will be coordinating press release issues with Eric Thode.

I feel confident that this transaction will be closed in September. 

If you have any questions, please let me know.