Subject: RE: ownership
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked]
Date: Tue, 13 Nov 2001 10:52:08 -0800 (PST)

We need your help ASAP.

 -----Original Message-----
From: 	Chandler, Bob  
Sent:	Tuesday, November 13, 2001 12:47 PM
To:	Fossum, Drew
Cc:	Hayslett, Rod; Saunders, James
Subject:	FW: ownership
Importance:	High

We need your help ASAP.  ENBT Delaware and Potomac Capital are shown in Secretariat as being owners of preferred stock in Organizational Partner, Inc. a wholly owned sub of Enron.  Mike Moran had previously advised us that these entities were third parties and that they had 25% of the voting interest in Organizational Partner, Inc.  After sifting through the layers of subs between NNG/TW and Enron Corp. we calculated that if we ascribe 25% "ownership" in Organizational partner to third parties, then Enron owns 99.5% of NNG and TW.  On this foundation Mike Moran had advised us to refer to NNG and TW as majority-owned subs of Enron in our GAAP financial statements (notes) and FERC Form 2 filings.

As per the note below, Andersen is trying to verify that the two preferred stock owners are indeed third parties, and not subs of Enron.  Can you have some appropriate individual confirm this for us.  Heather needs the info for Andersen's review letter associated with the Revolvers.

 -----Original Message-----
From: 	[email-masked]@ENRON <mailto:[email-masked]@ENRON>  
Sent:	Tuesday, November 13, 2001 12:15 PM
To:	Fossum, Drew
Cc:	Chandler, Bob
Subject:	ownership

Drew -

Bob Chandler said you were looking into the ownership structure questions.
If ENBT Delaware and Potomac Capital are truly third parties and not Enron
entities, I just want to make sure Enron does not control these entities,
because if Enron does, then we should probably say "wholly" owned in our
opinion rather than "majority" owned.

Thanks for your assistance!

Heather
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