Re: Conn Fuel Cell

Response re my inquiries re accounting treatment.
----- Forwarded by Barton Clark/HOU/ECT on 09/12/2000 09:55 AM -----

Scott Healy
09/07/2000 12:26 PM

To: Barton Clark/HOU/ECT@ECT
cc: Jeffery Ader/HOU/ECT@ECT, Sheila Tweed/HOU/ECT@ECT, Heather
Kroll/HOU/ECT@ECT
Subject: Re: Conn Fuel Cell

Because ENA is getting a full prepayment of the turn-key construction amount,
I don't think that there will be a material balance sheet issue. Worst case,
it is easy to do off-balance sheet financing when you have cash equal to the
total obligation. Obviously, this will have to be vetted before the
transaction is executed.