re: Raptor I Share Settled Swap

FYI

----- Forwarded by Joel Ephross/Corp/Enron on 10/26/2000 09:07 AM -----

Ryan Siurek
10/26/2000 09:03 AM

To: Joel Ephross/Corp/Enron@ENRON
cc: Brent Vasconcellos/Corp/Enron@ENRON, AnnMarie Tiller/Corp/Enron@ENRON
Subject: re: Raptor I Share Settled Swap

Here is the document we discussed this morning. Please advise me of you
comments/questions. We may potentially want to execute by end of business
today.

Ryan
----- Forwarded by Ryan Siurek/Corp/Enron on 10/26/2000 09:01 AM -----

Ryan Siurek
10/26/2000 07:32 AM

To: Jordan Mintz/HOU/ECT@ECT
cc: Rodney Faldyn/Corp/Enron@Enron
Subject: re: Raptor I Share Settled Swap

Jordon,

Rick, Rodney and I have been exchanging voice mails regarding the issue of
locking in the value of the Enron Corp. stock within the Raptor I vehicle.
There has been some new accounting literature that has come out recently,
EITF 00-19, that we are currently working through in order to execute a share
settled agreement between Enron Corp and Talon I. I have drafted a proposed
"high-level" binding letter between Enron and Talon in order to facilitate
this transaction by the end of business today (assuming Rick and Andy decide
that they want this effective today). Can you please have an attorney
working on reviewing this document and making changes as appropriate to
ensure that it will be binding between the parties.

Please call me if you have any questions.

Ryan