Message-ID: <6757257.1075844490330.JavaMail.evans@thyme>
Date: Mon, 18 Sep 2000 09:38:00 -0700 (PDT)
From: jnaughto@cwt.com
To: sara.shackleton@enron.com
Subject: Enron Swap Project Raptor
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: "Jeanne Naughton-Carr" <jnaughto@cwt.com>
X-To: sara.shackleton@enron.com
X-cc: 
X-bcc: 
X-Folder: \Sara_Shackleton_Dec2000_June2001_1\Notes Folders\Notes inbox
X-Origin: SHACKLETON-S
X-FileName: sshackle.nsf

Attached please find a draft confirm for the Income Participation
Certificates.  Upon review, these instruments appeared to be most similar
to preferred stock and therefore I used the equity template as a starting
point.  Please let me know if you have any questions.  I will now turn to
commenting on the debt template forwarded to me by Sarah earlier today.
Best regards.

(See attached file: #504870 v1 - Enron Income Participation Certificate
Swap.doc)
 - #504870 v1 - Enron Income Participation Certificate Swap.doc