Re:

----- Forwarded by Sara Shackleton/HOU/ECT on 09/21/2000 11:55 AM -----

Barton Clark
09/18/2000 03:13 PM

To: Brian Schwertner/NA/Enron@ENRON
cc: Lisa Mellencamp/HOU/ECT@ECT, Stuart Zisman/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT
Subject: Re:

Attached are the revised Proposal Sheets and Exhibit A thereto that I have
initialled and given today to Lisa Mellencamp. Also included are copies
marked to show changes to the versions you forwarded me this am. Re your
voice mail this afternoon, I understood the 6% dividend rate in the memo
asset description was calculated by someone in your group from data in the
Stock Purchase Agreement ( I did not independently make the calculation), and
that you may want to delete the reference in any case. I went ahead and
returned the attached to Lisa Mellencamp without waiting for your response as
they are trying to get these all in today, but if the 6% should come out, I
can rerun the Proposal Sheet to delete it, or if it is correct or otherwise
is immaterial, we can leave the Proposals alone on that point. Let me and
Lisa Mellencamp know if you have any other questions or comments on the
copies of the Proposal Sheets and Exhibit A thereto delivered to Lisa earlier
today.

Brian Schwertner@ENRON
09/17/2000 11:50 PM

To: Barton Clark/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Mary
Cook/HOU/ECT@ECT
cc: Brenda Whitehead/HOU/ECT@ECT, Andrea V Reed/HOU/ECT@ECT, Hope
Vargas/HOU/ECT@ECT, Michael S Galvan/HOU/ECT@ECT
Subject: Re:

Due to options outstanding for Catalytica that have a separate value from the
preferred shares that we already carry, we have created two Raptor proposal
sheets for the assets. One for the Catalytica options and one for the
preferred shares.

Please review the following documents and let me know if you have any
questions.

Brenda Whitehead@ECT
09/15/2000 02:25 PM
To: Brian Schwertner/NA/Enron@ENRON
cc: Hope Vargas/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Mary
Cook/HOU/ECT@ECT, Michael S Galvan/HOU/ECT@ECT

Subject:

per the request of Bart Clark, please see these attachments: