---------------------- Forwarded by Judy Hernandez/HOU/ECT on 10/26/2000
11:40 AM ---------------------------
From: Maria Sandoval on 10/26/2000 09:06 AM
To: Andrea R Guillen/HOU/ECT@ECT, Phenicia Olivier/HOU/ECT@ECT, Bernice
Rodriguez/HOU/ECT@ECT, Melissa Rodriguez/HOU/ECT@ECT, Cassandra S
Dutton/HOU/ECT@ECT, Lorraine Becker/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT,
Chantelle Villanueva/HOU/ECT@ECT, patty.soria@halliburton.com,
elizabeth.gutierrez@eott.com, Judy Hernandez/HOU/ECT@ECT, Elizabeth
Soto/HOU/ECT@ECT, amolina@unifirst.com, Pamela Sonnier/HOU/ECT@ECT, Yolanda
Pena/Corp/Enron@Enron, Claudia Clark/HOU/ECT@ECT, Lisa Shoemake/HOU/ECT@ECT,
Alex Saldana/HOU/ECT@ECT, margiec@networkinterstate.com,
yolanda.sandoval@halliburton.com, Alisha Guerrero/HOU/ECT@ECT, Brenda
Flores-Cuellar/NA/Enron@Enron, Sara Solorio/NA/Enron@ENRON, Brenda
Barreda/HOU/EES@EES, Amber Limas/HOU/EES@EES, "James Soria"
<jsoria@stellarevent.com>, "Richardson, Monica" <Monica.Richardson@sous.com>
cc:
Subject: Fwd: : Why are you crying?]

---------------------- Forwarded by Maria Sandoval/HOU/ECT on 10/26/2000
09:05 AM ---------------------------

	From:  Chantelle Villanueva                           10/26/2000 09:00 AM

To: Elizabeth Soto/HOU/ECT@ECT, Maria Sandoval/HOU/ECT@ECT, Irena D
Hogan/HOU/ECT@ECT, Kim Perez/ET&S/Enron@ENRON, Kimberly Vaughn/HOU/ECT@ECT,
Aimee Lannou/HOU/ECT@ECT, Alisha Guerrero/HOU/ECT@ECT, Brenda
Barreda/HOU/EES@EES, Pamela Sonnier/HOU/ECT@ECT, Melissa
Rodriguez/HOU/ECT@ECT, CassandraH@TEXASENT.COM, Michelle
Vitrella/HOU/ECT@ECT, Heather Choate/HOU/ECT@ECT, Melissa Jones/NA/Enron@ENRON
cc:
Subject: Fwd: : Why are you crying?]

---------------------- Forwarded by Chantelle Villanueva/HOU/ECT on
10/26/2000 09:00 AM ---------------------------
From: Kim Perez@ENRON on 10/26/2000 07:07 AM
To: bbroussard@searchproject.org, Lety.DeLosSantos@wci-ltd.com,
megonzales@duke-energy.com, CassandraH@TEXASENT.COM,
yolanda.m.ramirez@exxon.com, juraju@aol.com, Chantelle
Villanueva/HOU/ECT@ECT, Mercedes Estrada/Enron Communications@Enron
Communications, Marian Salinas/FGT/Enron@ENRON, Maggie
Matheson/ET&S/Enron@ENRON, Audrey Robertson/ET&S/Enron@ENRON
cc:
Subject: Fwd: : Why are you crying?]

THIS IS REALLY BEAUTIFUL.   To all the beautiful moms I know.    -k

>
>"Why are you crying?", a young boy asked his Mom.
>
>"Because I'm a woman", she told him.
>
>"I don't understand", he said.    His Mom just hugged
>him and said, "And you never will, but that's ok".......
>
>Later the little boy asked his father, "Why does Mom
>seem to cry for no reason?"    "All women cry for no
>reason",was all his Dad could say......
>
>The little boy grew up and became a man, still wondering
>why women cry.
>
>Finally he put in a call to God and when God got back
>to him, he asked "God, why do women cry so easily?"
>
>
>GOD answered......"When I made woman, I decided she
>had to be special. I made her shoulders strong enough
>to carry the weight of the world, yet, made her arms
>gentle enough to give comfort...
>
>I gave her the inner strength to endure childbirth and
>the rejection that many times will come even from her
>own children.
>
>I gave her a hardness that allows her to keep going
>and take care of her family and friends, even when
>everyone else gives up, through sickness and fatigue,
>without complaining....
>
>I gave her the sensitivity to love her children under
>any and all circumstances.  Even when her child has
>hurt her badly....
>
>She has the very special power to make a child's
>boo-boo feel better and to quell a teenager's
>anxieties and fears....
>
>I gave her strength to care for her husband, despite
>faults and fashioned her from his rib to protect his
>heart.
>
>I gave her wisdom to know that a good husband never
>hurts his wife, but sometimes tests her strengths and
>her resolve to stand beside him, unfalteringly.
>
>For all of this hard work, I also gave her a tear to
>shed. It is hers to use whenever needed and it is her
>only weakness....
>
>When you see her cry, tell her how much you love her,
>and all she does for everyone, and even though she may
>still cry, you will have made her heart feel good.
>She is special!"
>
>Please send this to women you know, and those with
>mothers, sisters, and special women  in their lives....
>
>
>
>_________________________________________________________________________
>Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com
><http://www.hotmail.com> .
>Share information about yourself, create your own public profile at
>http://profiles.msn.com <http://profiles.msn.com> .
>
>
>

_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

Share information about yourself, create your own public profile at
http://profiles.msn.com.


This is a reminder that all vendors we have on retainer are to be sent a Notice of Termination by November 30, 2001 for a December 31, 2001 final termination date.  Please forward me a copy of all termination letters for the vendor agreement files.

Also, the renewal of any company and personal memberships should not be renewed unless discussed with Rick.

Thanks and please don't hesitate to call if you have any questions.

Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160

 -----Original Message-----
From: 	Dernehl, Ginger   On Behalf Of Shapiro, Richard
Sent:	Wednesday, November 21, 2001 8:58 AM
To:	Alamo, Joseph; Allegretti, Daniel; Allen, Joe; Alvarez, Ray; Ausenhus, Kara; Barnes, Lynnette; Bellas, Kirsten; Bestard, Jose; Binns, Darran; Bolton, Scott; Boston, Roy; Buerger, Rubena; Burns, Stephen; Canovas, Guillermo; Cantrell, Rebecca W.; Comnes, Alan; Connor, Joe; Cooney, Carolyn; Dasovich, Jeff; Decker, Larry; Dernehl, Ginger; Dressler, Jean; Floris, Vinio; Frank, Robert; Fromer, Howard; Fulton, Donna; Gottfredson, Bryan; Guerrero, Janel; Hamilton, Allison; Hardy Jr, John; Hartfield, Rita; Hawkins, Bernadette; Hemstock, Robert; Hetrick, Nancy; Hoatson, Tom; Hueter, Barbara A.; Hunter, Bevin; Huson, Maggy; Ibrahim, Amr; Kaufman, Paul; Kean, Steven J.; Keene, Patrick; Kingerski, Harry; Kishigami, Kikumi; Knight, Laurie; Landwehr, Susan M.; Lassere, Donald; Lawner, Leslie; Lawrence, Linda L.; Leibman, Lara; Leonardo, Samuel; Levy, Alberto; Lindberg, Susan; Linnell, Elizabeth; Long, Chris; Mara, Susan; Maurer, Luiz; McVicker, Maureen; Migden, Janine; Miller, Terri; Montovano, Steve; Moore, Bill; Nersesian, Carin; Neustaedter, Robert; Nicolay, Christi L.; Nord, Sue; Noske, Linda J.; Novosel, Sarah; O'connell, Earlene; Ogenyi, Gloria; Palmer, Germain; Perez, Carmen; Perez, Gus; Perrino, Dave; Petrochko, Mona L.; Pharms, Melinda; Reyna, Margo; Rishe, Frank; Rizzo, Helen; Roan, Michael; Robertson, Linda; Robinson, Marchris; Rodriquez, Andy; Ryall, Jean; Shapiro, Richard; Shelk, John; Shortridge, Pat; Staines, Dan; Steffes, James D.; Stephens, Sharonda; Stransky, Joan; Stroup, Kerry; Stubbings, Randy; Sullivan, Kathleen; Sullivan, Lora; Thome, Jennifer; Tiberi, Fino; Twiggs, Thane; Walton, Steve; Warner, Geriann; Yeung, Charles; Yoho, Lisa
Subject:	Government Affairs Retainer Agreements

Please send out Notices of Termination by November 30, 2001 for all retainer (fixed payments) agreements (lobbying, legal, consulting, etc...)  We need to end all payments as of December 31, 2001.  Thank you very much.

Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160


why?  call me

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 2:55 PM
To:	Nelson, Michelle
Subject:	RE:

i hate you

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 2:55 PM
To:	Maggi, Mike
Subject:	RE:

did i tell you that you sure know how to whine.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 2:54 PM
To:	Nelson, Michelle
Subject:	RE:

whatever

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 2:53 PM
To:	Maggi, Mike
Subject:	RE:

i'm to lazy

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 2:53 PM
To:	Nelson, Michelle
Subject:	RE:

first come up here

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 2:52 PM
To:	Maggi, Mike
Subject:	RE:

can you send some of it down here?  i am frozen!!!  and i am not liking it.  come down here and you can feel the arctic breeze.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 2:48 PM
To:	Nelson, Michelle
Subject:	RE:

no you should feel how much heat comes off these monitors, come up

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 2:45 PM
To:	Maggi, Mike
Subject:	RE:

i think that they call that withdrawal symptoms

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 2:43 PM
To:	Nelson, Michelle
Subject:	RE:

sweating

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 2:42 PM
To:	Maggi, Mike
Subject:	RE:

no, i'm frozen again.  i need a heater.  what are you doing?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 2:41 PM
To:	Nelson, Michelle
Subject:	RE:

are you thawed

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 2:38 PM
To:	Maggi, Mike
Subject:	RE:

i had to go thaw.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 2:33 PM
To:	Nelson, Michelle
Subject:

where did you go


---------------------- Forwarded by Kay Mann/Corp/Enron on 05/08/2001 07:18
AM ---------------------------
From: Zionette Vincent on 05/07/2001 01:50 PM
To: Genia FitzGerald/HOU/ECT@ECT, Tracy Ngo/Enron@EnronXGate, Christian
Yoder/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Rhonda L Denton/HOU/ECT@ECT,
Veronica Gonzalez/Enron@EnronXGate, Janet H Moore/HOU/ECT@ECT, Wendy
Conwell/Enron@EnronXGate, Paul Radous/Enron@EnronXGate, Marcus
Nettelton/NA/Enron@ENRON, Melissa Ann Murphy/HOU/ECT@ECT, Edward
Sacks/Enron@EnronXGate, Kay Mann/Corp/Enron@Enron, Steve J
Hall/ETOL/EU/Enron@ENRON, Carol St Clair/HOU/ECT@ECT, David Portz/HOU/ECT@ECT
cc: Linda J Simmons/HOU/ECT@ECT, Martha Keesler/ENRON@enronXgate, Yolanda
Pena/Enron@EnronXGate

Subject: Legal Credit Meeting

Reminder

Legal Credit Meeting

Wednesday, May 9, 2001
10:00 AM - 11:00 AM
EB38c2

Thanks,
"Z" (Zionette) Vincent
x.54858


----- Original Message -----


Hi Luiz -- Friday I saw an email from SPP about changes to SPP's credit policy.  Unfortunately, I cannot find the email now.  Can you check into this with SPP (maybe on the web page or you may have seen the email) and talk with Mike Carson, in trading, about what commercially would/may be impacted by any proposed changes.  For example, it may only deal with LT transmission, which we don't usually purchase.  If it involves a need for more credit assurance from Enron, please check with Bill Bradford's group (credit) and let Jim and Imr know.

Also, Mike Roan is leaving Enron to go to AEP.  Mike will be in the office this coming week.  Can you talk with Mike and Kerry so you all have the complete download as to what is going on in the Midwest, both in MISO and Alliance (due dates for FERC filings, meetings, committees, etc.)  If Andy is in the office, please include him too.

Thanks for your help Luiz and welcome to our new wholesale group!  Christi


Attached is a summary of the Jan 13 Davis-Summers summit on the California
power situation.  We will be discussing this at the 2:00 call today.


Hey,

How goes it?  I need your brother's phone numbers.  I am staying with him
tomorrow night, but don't have directions.  We have only been communicating
via email.  I hope you get this today.  Thanks.

DG


This will be fine - just let me know when you are going to be gone.

Shirley

Anita DuPont@ENRON
11/29/2000 05:01 PM
To: Shirley Crenshaw/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Update / Event Time Change

Shirley, this is the committee that I discussed with you this morning.  The
below email outlines the time required.  Thanks for your consideration.

Anita
---------------------- Forwarded by Anita DuPont/NA/Enron on 11/29/2000 04:55
PM ---------------------------

11/29/2000 04:46 PM
Charla Reese@ENRON_DEVELOPMENT
Charla Reese@ENRON_DEVELOPMENT
Charla Reese@ENRON_DEVELOPMENT
11/29/2000 04:46 PM
11/29/2000 04:46 PM
To: Daryl Kitchen@Enron Communications, Missy Stevens@ENRON, Misha
Siegel@ECT, Zulie Flores/Corp/Enron@ENRON, Maggie
Valles/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rose
Rivera/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Donnis Traylor/HOU/EES@EES,
Raquel Guerrero@ENRON COMMUNICATIONS, Elsie Lew@ECT, Mary
Ellenberger/Corp/Enron@ENRON, Rebecca Longoria@ENRON, Joy Werner@ENRON, David
Tagliarino@ECT, Janie Bonnard, Sylvia Thomas@ENRON, Lillian Villarreal@ENRON,
Valerie Villareal/HOU/EES@EES, Stephanie Baker/HOU/EES@EES, Dianne
Langeland/ENRON_DEVELOPMENT, Laura Schwartz@Enron, deb Gebhardt@ENRON,
Heather Alon@ECT, Michael Cuccia/Corp/Enron@ENRON, Bert Frazier@ECT, Susan
Rouse@EES, Sandy Lewelling@ENRON COMMUNICATIONS, Sonia Garcia/HOU/EES@EES,
Dolores Escamilla@ECT, Anita DuPont/NA/Enron@ENRON
cc: Elyse Kalmans@Enron, Greg Grissom@ENRON

Subject: Update / Event Time Change

Thanks to everyone for attending the meeting today!

EVENT TIME CHANGE!!!
I just spoke with the Office of the Chairman and have learned that Ken and
Jeff are actually available during the morning of December 19th from 8:00am
until 11:00am.  As a result, our plans have changed just a little and I have
requested whether or not they are willing to pose for Polaroid pictures with
employees - I'll let you know what I find out!  We will still have the jazz
duet and informational poster displays in the lobby throughout the day and
instead of dessert items, we'll order breakfast stuff.

ASSIGNMENTS / BUDGET!!!!
Please note assignments below; for each team, collaborate between now and our
next meeting to determine what purchases need to be made - budgets will be
discussed at that meeting.  Again, it will be on Wednesday, December 6th from
9:30am until 10:30am with the location TBD.

Kwanzaa - Daryl Kitchen* / Liz Taylor
Chinese New Year - Elsie Lew* / Anita Dupont
Las Posadas - Zulie Flores* / Maggie Valles / Lillian Villeral
Christmas - Donnis Traylor* / Missy Stevens / Michael Cuccia
Chanukah - Laura Schwartz* / Heather Alon
Ramadan - Sylvia Thomas* / Janie Bonnard / Dianne Langeland
St. Lucia - Joy Werner* / Stephanie Baker
Devali - Sonia Garcia* / Sophie Patel / Rebecca Longoria
Greeters / Traffic Control / Corsages - Sandy Lewelling
Executive Floor - Deb Gebhardt
Logistics - Charla Reese (Communication, Entertainment, Food, Picture Holders)
Photographer - Laura Schwartz
Houston Children's Choir - Misha Siegel

* indicates Holiday Team Leader

RESPONSIBILITIES
Attend planning committee meetings and work with other volunteers assigned to
your holiday.
Research meaning of holiday and determine appropriate decorations, symbols, &
food items - purchase after budget approval.
Create information sheet for employee hand-out.
Decorate between 7:00am and 8:00am on 12/19.
Be creative!  (play appropriate recorded music, dress up in related clothing,
etc.)
Ensure office is manned during open house (8:00am - 11:00am) - answer any
questions, pass out materials, etc.
Recruit additional volunteers!

ADDITIONAL VOLUNTEERS
Delores Escamilla
Val Villeral
Raquel Guerrero
Bert Frazier
David Tagliarino
Rose Riveria

THANK YOU!

Charla
x35202


_________________________________________________________________

            B R E A K F A S T   W I T H   T H E   F O O L
                      Monday, November 6, 2000

benjamin.rogers@enron.com
_________________________________________________________________

REGISTER TO BECOME A FOOL -- GET FREE STUFF!
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failures early in life." -- Thomas H. Huxley, biologist

CONTINENTAL, NORTHWEST DEAL DURING TRIAL
With their federal court trial at hand, the two major air
carriers do a deal.

By Tom Jacobs

Feeling the heat of the Department of Justice's (DOJ) antitrust
trial against them, defendants Northwest Airlines (Nasdaq: NWAC)
and Continental Airlines (NYSE: CAL) announced today an
agreement intended to end the dispute. The DOJ sued the airlines
in 1998 over a deal giving Northwest 54% voting control over
Continental -- preventing Continental's takeover by Delta Air
Lines (NYSE: DAL). Under the deal, Continental would buy back
Northwest's common stock. The parties will ask the federal judge
to delay the trial, which started last week, while the carriers
work out the details.

A CAREFUL DEAL
The deal has two goals: to address the DOJ's belief that the
Northwest-Continental combination would lead to higher prices
for consumers, and to retain the benefits of the two air powers'
alliance.

The pact extends the alliance through 2025 and changes the
Northwest-Continental relationship. According to the deal,
Northwest will pay $450 million for 6.69 million Continental
Class A shares, and hold on to 2.6 million Class B shares.
Continental will recapitalize, reclassifying each Class A share
into 1.32 shares of Class B common stock. Continental will issue
Northwest a special series of preferred stock, which will give
Northwest blocking rights over certain Continental business
combinations and change of control between Continental and a
third party. Continental can redeem its preferred stock under
certain conditions, such as a change of control at Northwest.

A DELICATE BALANCE
The industry and the government are groping in the
post-deregulation era to weigh the needs of consumers against
cutthroat worldwide airline competition. For example, the DOJ is
separately reviewing United Airlines' (NYSE: UAL) $4.3 billion
purchase of US Airways Group (NYSE: U). All the airlines have
formed alliances similar to Northwest's and Continental's,
involving the now-common practice of code-sharing, which means
putting customers who buy tickets with one airline on the other
airline's flights, and offering reciprocal frequent-flyer
programs and airport lounge rights.

The trial began last week after a week's delay, during which
settlement talks continued. But the trial pressure ultimately
caused a change at Northwest, which rejected earlier this year
Continental's buyback offer. At that time the two agreed to
reduce Northwest's power over Continental's daily operations --
but it apparently didn't satisfy the DOJ.

Pending the judge's decision on the seven-day delay, Continental
and Northwest plan to execute the agreement in one week. They
expect it will take two months to close the deal, which would be
subject to settlement of the litigation with the DOJ.
_________________________________________________________________

NEWS TO GO

The Wall Street Journal reported that tobacco companies
Lorillard Tobacco, owned by Loews Corp. (NYSE: LTR), and Liggett
Group, owned by Miami's Vector Group (NYSE: VGR), will announce
a $8 billion settlement in federal court tobacco litigation in
Brooklyn. The move is said to include a 30-year payment
schedule, with Lorillard paying the bulk -- $7.5 billion. The
Journal reports that the parties hope to insulate themselves
from liability from the Florida state court $144.87 billion
judgment. The two tobacco companies split from their colleagues
after the Florida verdict and have been negotiating with other
plaintiffs' groups seeking a class action before U.S. Judge Jack
Weinstein of Brooklyn, famed for his handling of mass tort
litigation cases such as the Agent Orange and asbestos
class-action lawsuits.

Santa Clara, Calif. computer chip maker Transmeta reportedly
plans to hold its initial public offering this week. Transmeta
makes microprocessors said to use less power and extend battery
life in PC notebooks and Internet appliances. Expected investor
demand led Transmeta last Friday to raise its projected IPO
share price range to $16-$18 from $11-$13. Apparently, interest
remains high despite last week's big news that IBM (NYSE: IBM)
canceled plans to use a Transmeta chip in a new laptop computer.

Computer networking product maker 3Com (Nasdaq: COMS) agreed to
settle shareholder lawsuits related to its 1997 $8.5 billion
merger with U.S. Robotics. The settlement will be for $259
million. Shareholders alleged that 3Com inflated its stock price
by giving rosy financial projections and delaying -- or hiding
-- the news of a huge backlog of unsold U.S. Robotics modems,
while executives of both companies sold 4 million shares with
3Com stock at its peak. Those who bought 3Com stock between
April 23 and November 5, 1997, are eligible to share in the settlement.

After last week's decision by media giant Bertelsmann AG to ally
with Napster and finance its move to a royalty-paying music
service, two top executives of Bertelsmann's BMG Entertainment
unit quit. Chairman Michael Dornemann and President Strauss
Zelnick said they would depart, reportedly unhappy with new
directions at Bertelsmann and BMG's reduced role in television
and the Internet. Under Zelnick, BMG's album market share
increased 50%, from 13% to 20%, and the company grew to own more
than 200 record labels in 54 countries. Zelnick exits with a
sweet severance package estimated at between $20 million and $50
million.

Check out Friday's market wrap-up with one swift click!
http://www.fool.com/m.asp?i=182769
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tips.
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prohibited without the prior written consent of The Motley Fool.

.

MsgId:
msg-13531-2000-11-06_9-24-52-3389247_2_Plain_MessageAddress.msg-09:26:05(11-06
-2000)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: benjamin.rogers@enron.com


Through Gas day 11/21/01


Thought you might be interested in this feedback from a recent conference.

Regards,

Jeff

 -----Original Message-----
From:  Kabel, Jeff
Sent: Thursday, June 21, 2001 1:36 PM
To: Thomas Sfikas/ENRON@enronXgate@ENRON; Steel Distribution
Cc: McMahon, Jeffrey; Bowen Jr., Raymond
Subject: RE: Steel Stradegies Conference - NYC 06/20/01

I am in complete agreement with the below (except I think the applause for
our demise was, unfortunately, rather more aggressive!!). This was my first
exposure to the non-European Steel players and found myself quite amazed at
the few number of "public" advocates that we had at the conference in
consideration of what we are offering.  The one-on-one contact with the
attendees was completely the opposite.  We talked with a broad and numerous
set of people who, coming to the booth as sceptics (they think that were are
in the market just to grab the physical business), left with cards in hand
and future risk management meetings in mind.  Big buyers (eg GE, Emerson) and
consultants (eg Accenture, McK, etc) were particularly receptive and should
be courted as public advocates for what we are doing.

Jeff

 -----Original Message-----
From:  Thomas Sfikas/ENRON@enronXgate@ENRON
[mailto:IMCEANOTES-Thomas+20Sfikas_ENRON+40enronXgate+40ENRON@ENRON.com]
Sent: 21 June 2001 17:05
To: Steel Distribution
Cc: McMahon, Jeffrey; Bowen Jr., Raymond
Subject: Steel Stradegies Conference - NYC 06/20/01

Yesterday, during the Panel V discussion, "Why Have Steel Middlemen Gone From
The Most Threatened To Best Positioned", we got some direct feedback on the
perception of Enron in the marketplace. The participants were, Fred Lamesh
CEO of Trademarked Inc., Michael Siegel, CEO of Olympic Steel, Bud Siegel,
CEO of Russell Metals, and Wilfred von Bulow, CEO of Ferrostaal Inc.; the
moderator was Peter Marcus, Managing Partners of World Steel Dynamics. Each
participant gave a brief speech about their respective companies which was
followed by a Q&A session. The first mention of Enron was during Michael
Siegal's speech in which he mentioned that Olympic Steel had "sold material
to Enron" and that "Enron has recognized that steel is a commodity and for
many countries represents currency."  Michael was clearly proud of his
transactions with Enron and agreed with our view of steel as a commodity.
The real feedback came during the Q&A. Peter Marcus posted the following
question to the panelists. "What about Enron? With their plan of entering the
market with a number of hubs across the country, stocking material, with
large scale distribution on a "spot" basis. Will this business model work? Do
they offer any real value or not?"
Following are the respective responses as best I can reiterate from my notes
( please don't quote me on this):
Fred Lamesh, TradeArbed: "The concept is too new to make a judgment yet on
credibility. Enron has certainly been successful in the past and should not
be discounted. I question their ability to procure material at competitive
enough levels to make this a profitable venture but there may be some value
in their delivery of financial instruments."
Michael Siegal, Olympic Steel: "Enron certainly has the financial means to
withstand a "break even" business to support their financial instruments. At
this point, we view them as just another entity in the market and until we
can evaluate their performance, it is difficult to determine value. I am
concerned though that they will prop up under capitalized distributors and
allow them to operate despite mismanagement. One interesting and unique
concept that they are trying to bring to the industry though is the idea that
a contract is a contract, with liquidated damages for non performance. That
would certainly be change (sporadic laughter among the crowd)."
Bud Siegel, Russell Metals: "I addressed the Enron question last night during
dinner and was told that I was abusive to the young lady from Enron (Tammy, I
later understood that you had a less than cordial conversation with Bud the
previous evening). I am calling Enron the "Hunts of the steel business" with
their idea of buying up the market. The whole concept is like Swiss cheese.
You can not put up depots, buy from steel mills, and expect to sell the same
steel to distributors cheaper than the mills themselves. The logistical
expenses alone guarantee failure. You can not be everything to everyone.
Considering the current state of under financing in this industry, they will
inevitably end up financing bankrupt people and take credit hits. Without
immediate success, Enron has been known to exist markets quickly in the past,
and I believe they will be gone within the year."(some sporadic applause)
Wilfried von Bulow, Ferrostaal: "Right now they are just another additional
player in the market. They will certainly have an impact but it would not be
pragmatic to make a judgment yet on their ability to succeed. Let's watch it
and see if there is any value to what they are trying to bring to the market."
It appears to me that the focus on Enron in the market right now continues to
be more on the physical aspects of what we are doing and not enough emphasis
or credibility is being given to the financial tools we are bringing. It is
obviously very easy to poke holes in a concept of trading large volumes of
physical steel on a "spot" basis through the set up of physical hubs around
the country. In the end, the only way we will be successful will be by
bringing liquidity to our index through financial instruments. We need to
focus more on educating customers about our financial tools, developing our
curve, and bringing players to the market.