Re:

I was long 4000 X @ 4902, then I switched it from X to F at the same price.
I switched it at 5000, but it puts me into the F at a price basis of 4902.
Sorry for the confusion.

Enron North America Corp.

From: Kevin M Presto 10/05/2000 10:12 AM

To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:

My book indicates you have 4000F (Jan 01) at $5.00.
---------------------- Forwarded by Kevin M Presto/HOU/ECT on 10/05/2000
09:41 AM ---------------------------

Enron North America Corp.

From: Jenny Latham 10/05/2000 09:23 AM

To: Kevin M Presto/HOU/ECT@ECT
cc:
Subject: Re:

He has 4000F (Jan01) in your book at 5000.

Enron North America Corp.

From: Kevin M Presto 10/05/2000 08:30 AM

To: Stacey W White/HOU/ECT@ECT, Jenny Latham/HOU/ECT@ECT
cc:
Subject:

Please confirm Arnold's position by sending me an e-mail.
---------------------- Forwarded by Kevin M Presto/HOU/ECT on 10/05/2000
08:13 AM ---------------------------

John Arnold
10/04/2000 04:01 PM
To: Kevin M Presto/HOU/ECT@ECT
cc:
Subject:

Hey:
I just want to confirm the trades I have in your book.
Trade #1. I sell 4000 X @ 4652

Trade #2. I buy 4000 X @ 4652
I sell 4000 X @ 4902

Trade #3 I buy 4000 X @ 5000
I sell 4000 F @ 5000

Net result: I have 4000 F in your book @ 4902.
Thanks,
John