FSA Letter

Paul:

Here is the FSA letter with my comments inserted in red. I have tried to
make it a bit stronger by deleting references to our positions being merely
"arguable." The language I deleted in the first part of 3.4 I thought was
unnecessary and just point out doors that may remain open for the SFA. The
language added in 3.5 was an attempt to show how much EEFT does vs.
EnronOnline.

Is there a reason we are referring to Net Works rather than EnronOnline LLC?
It is also a Delaware limited liability company. Are we afraid it may have a

I also wonder if the discussion of EPOL's involvement in 2.2 and 4.2 is
really needed since the ETA is entered into on EEFT's behalf. If this has
not yet been raised by the SFA, it doesn't seem necessary to flag it for
them. My position would be that EEFT is a party to that agreement whenever
it is necessary in connection with an investment.

Mark