Mark, it seems I am seeing an increased amount of requests from our trading
desks to review assignments of existing swaps and other financial trades into
Enron.

Often, we are presented with an assignment document by a third party and
asked to sign it on short notice; invariably, of course, because the trade is
a pre-existing one, the confirmation document has been drafted by someone
else. More often than not, the documentation needs to be re-drafted or
revised.

It seems like the following policy would save time for everyone -- anytime a
third party asks us to take assignment of a trade, the trader should simply
write up a deal ticket for the remaining portion of the trade that we want to
assume, and we send the confirm out on our form (if we are "getting in
between" two parties, the trader would write up two deal tickets
simultaneously). It would be up to the other parties to terminate their own
trade. The trader should tell the counterparty that this would get them where
they want to be faster, which is true (especially if ISDAs are in place; if
they're not in place, we have to go through credit, omnibus process anyway).

If you think this would be a good idea, I could draft for your review a
trader-friendly one-page memo encouraging this policy (I'm not naive enough
to think that traders would read memos from the legal department, but we
could give it a try) -- let me know what you think -- Bob

Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com