Re: Transfer of bond business from ENAC to ECI

Richard:

Your deadlines for the securities loan agreement for and related guaranties
are impossible to meet (2/16/01 was last Friday). The same agreement with
ENA has yet to be completed due to protracted negotiations.

Please advise as to who in credit approved the USD25million Enron Corp.
guaranty on behalf of ECI. Also, FYI, Bear will not provide a reciprocal
guaranty for ENA.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

Richard Sage
02/18/2001 09:07 PM

To: Sheila Glover/HOU/ECT@ECT, Tom Doukas/NA/Enron@ENRON, David A Wall/Risk
Mgmt/LON/ECT@ECT, Ian Sloman/LON/ECT@ECT, Sara Shackleton/HOU/ECT@ECT,
Richard Kerr/Corp/Enron@ENRON, Stephanie Panus/NA/Enron@Enron, Teresa
Callahan/Enron@EnronXGate, Sue Kelly/LON/ECT@ECT, Stephen Bell/LON/ECT@ECT
cc: Denis O'Connell/LON/ECT@ECT
Subject: Transfer of bond business from ENAC to ECI

All,
So that everyone can see what everone else is doing, below is the list of
steps of which I am aware.
I think quite a few of these were completed in Houston on Friday.
Please shout if:
- I have missed anything
- Any deadlines are unrealistic
- Anybody else should be copied in
etc

Thanks,
Richard