RE:

so - here's the synopsis - everything is business as usual - we have alot of cash and almost all of our counterparties are supporting us 100% - we are about to get more credit lines within a few hours - it's going to be rough but everything being done right now is to protect the gas and power trading businesses and we will be the best compensated people in the company.

-----Original Message-----
From: Kuykendall, Patrick M. [mailto:PKuykendall@wm.com]
Sent: Tuesday, October 30, 2001 10:54 AM
To: Kuykendall, Tori
Subject: FW:
Importance: High

Here are Jake's thoughts on the situation. Chris said he would be willing
to take you to lunch - completely under the radar if you can break away
sometime. He said you can also just call him at home to discuss how the
environment is (team vs. individuals focused on bonuses). He also indicated
the package for your level is in the six figures. I have all his
information if you need it. By the way, he reports up through Randy right
now...

On another topic. Rick Riley thinks we are about to see capitulation in
Enron. He thinks we should through out a number we are comfortable with and
when the stock comes down hard, it will take the number out (10K shares a $9
is what he recommends). He also believes it will be a short-lived hard
drop. Then the stock will spring back up very quickly (I suppose he means to
above book value) and underperform the market for six months. He thinks
Enron employees who stay on board will be rewarded handsomely..

-----Original Message-----
From: Jake Hadix [mailto:jhadix@calpine.com]
Sent: Tuesday, October 30, 2001 10:33 AM
To: Kuykendall, Patrick M.
Subject: RE:

I have heard that a couple of companies have stopped trading with them, but
I don't know which ones. I don't think the banks will let the company
totally go down, but I do think they are in for a rough ride over the next
year or so. The problem is that Enron is such a huge player in the energy
markets that the market is fairly illiquid and inefficient without them.
Therefore, it is in everyone's best interest (including the banks and
counterparties) for Enron to make it out of this.

-----Original Message-----
From: Kuykendall, Patrick M. [mailto:PKuykendall@wm.com]
Sent: Tuesday, October 30, 2001 10:02 AM
To: 'Jake Hadix'
Subject: RE:

Beginning to get real nervous about the big E. It's below book value now
and there is no bounce in sight. I can't imagine what kind of interest rate
a
bank would slap on Enron right now in their dire situation for money.

-----Original Message-----
From: Jake Hadix [mailto:jhadix@calpine.com]
Sent: Tuesday, October 30, 2001 8:11 AM
To: Blaine Stribling (E-mail); Kyle Richardson (E-mail); Lou Fernandez
(E-mail); Mitch Cornette (E-mail); Kuykendall, Patrick M.; Rick Medford
(E-mail); Susan Hadix (E-mail); Tony Massoth (E-mail); Tori Kuykendahl
(E-mail); Vernon Jones (E-mail)
Subject: FW:

-----Original Message-----
From: Matthew Berend
Sent: Tuesday, October 30, 2001 8:03 AM
To: Tiffany Elliott; Jake Hadix; David Raphael; Jack Yao
Subject:

note - don't open if it is not warranted or welcomed