Subject: Talon/Raptor K&E Swap Comments
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked], [email-masked]
Date: Thu, 21 Sep 2000 08:50:00 -0700 (PDT)

I have left you each a voice mail, but wanted to be sure to try to catch the 
issue with you by email as well. We received a fax today at 3 with some 
comments from K&E on the swaps.  Please note that we have processed most all 
of the swaps and are now working on Merlin and Catalytica which are more 
complex.  Julia Chin and I have reviewed the comments and feel that they are 
not substantive and only reflect different wording styles.  At this juncture 
we would request that you assess whether or not our time is well spent 
reprocessing all of the swaps on the basis of the K&E comments.  Please 
consider these matters as soon as you can obtain a copy of their mark-ups and 
advise me.  In order that I be most productive I intend to continue my work 
on the Merlin Credit Derivative while awaiting your direction on these other 
nonsubstantive changes.  Therefore, the subject swaps will not now be 
reprocessed.  Thank you.  Mary

Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
[email-masked]