Recent Bankruptcy

Lisa and Richard,

I wanted to give you both a heads up on the two latest bankruptcies: Arcadia
Energy Corp and Armstrong World Industries. EES is the only Enron entity
with exposure to Arcadia (approx $4MM); ECC and EES have limited exposure
(<100K) to Armstrong and its Canadian subsidiary. If you have any questions,
please give Tanya, Bill, or myself a call.

Thanks,
Veronica