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Thanks for the update. I will be out due to the holidays through monday, but
call me on my cell at 713 854 4952. Where do you see the spv reporting, and clearly between you, me, gary, and mike, we can think this through. Jeff Paul Quilkey@ENRON_DEVELOPMENT 11/19/2000 04:11 PM To: Jeffrey A Shankman@ECT cc: Subject: Project X Jeff Below please see response from Chris Talbot regarding portability of system. To clarify my discussion with you last week, while Gary's oversight is a key part of the deal I am uncomfortable with Gary's comments to Chris that I have simply introduced the deal and that Gary will make the sole decision on this deal. Jeff, these guys have been introduced to me on a personal basis and the discussions are based on a large element of trust. I see the strongest potential for this project working under the SPV structure outlined in our discussions. More importantly, I see a unique opportunity to develop the trading technology in a setting removed from the typical structure (but not from controls). To this end, I do not see the SPV reporting directly to Gary nor do I see viability of this project residing solely with Gary. I will call you Monday to discuss the way forward including the final due diligence required to move forward or kill this project. Paul To: quilks@yahoo.com Subject: Re: Update Date: Fri, 17 Nov 2000 21:00:46 GMT Add Addresses Hi Paul, First, it is good news that the deal is not dead. I have already asked (as part of my own due diligence) if CSFB would cooperate (without mentioning names) and the answer was a clear yes. We have a new file server and some software fixes in place and the system platform makes the one you saw look like horse and buggy speed - it is very fast now. Pity Gary did not see it - it would have completely knocked his socks off. Hope the Texas pow-wow was enjoyable. I look forward to talking on Monday. Electricity got more expensive last week! Chris
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