RE: Receipt of Hedge Fund Information

Mike:
Please resend the forms needed although I may have sent the necessary docs
with the courier that delivered the check. Do not believe we've seen the
worst yet.

Will not be looking to put more money to work on the long only side for a
while. Even with the rally today I do not believe we've seen the worst yet.

"Gapinski, Michael" <michael.gapinski@ubspainewebber.com< on 04/17/2001
08:48:53 AM
To: "'John.Arnold@enron.com'" <John.Arnold@enron.com<
cc: "Herrera, Rafael J." <rafael.herrera@painewebber.com<
Subject: RE: Receipt of Hedge Fund Information

John -

Yes, we received your check and forms. The check has been deposited and the
forms have been processed. The actual debits for hedge fund subscriptions
will begin on April 24th.

As for naked options, I believe we sent the paperwork for naked options to
you in February, but I don't believe we got it back. Also, I'm concerned
about the margin requirements for naked options interfering with funds
available for the hedge fund subscriptions on April 24th.

I also have an ACCESS manager portfolio presentation for you to review
concerning the long-stock portion of your portfolio. I'm thinking we could
knock out the paperwork, discuss protecting your liquidity for the hedge
funds vs. naked option margin requirements, and walk you through the ACCESS
manager proposal in about 30-45 minutes if you're available around 5 PM
tonight or tomorrow night. With regards to the marginable equity for naked
options question, are the stocks at Fidelity held in joint name?

Thanks,
Mike

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Monday, April 16, 2001 3:59 PM
To: Gapinski, Michael
Subject: RE: Receipt of Hedge Fund Information

mike:
just want to confirm you received my money and forms.
also, checking to see if i am set up to sell naked calls on ENE. may be
looking to do something this week. probably 100-200 contracts.
john

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