Re: Auction Procedures

Here are my comments (together with my voice mail comment to Dave regarding
an earlier deletion).

Justin Boyd
02/15/2000 03:26 AM
To: David Forster/LON/ECT@ECT, Mark Taylor/HOU/ECT@ECT
cc:
Subject: Re: Auction Procedures

here are my minor comments as marked. I would regard a "bid" in the context
of an auction as a legal offer.

justin

David Forster
14/02/2000 21:34
To: Mark Taylor/HOU/ECT@ECT
cc: Justin Boyd/LON/ECT@ECT

Subject: Re: Auction Procedures

Mark,

I have suggested a few changes on the attached, redlined version.

Please let me know if you think these are appropriate.

Thanks,

Dave

From: Mark Taylor 02/14/2000 05:42 PM

To: Justin Boyd/LON/ECT@ECT
cc: David Forster/LON/ECT@ECT

Subject: Auction Procedures

Unless you object, we have decided to structure the auction site with the
"auction procedures" set out on the bid page, immediately above the "submit"
button. As soon as the bid is submitted, the system will check to see if the
counterparty has already accepted the GTC's or has a master in place. Here
is S&C's first draft of the procedures for an auction without a reserve
price, with no commitment to sell (or buy) and no disclosure of bids to other
parties. It is my impression that this is the way the EnBank auctions will
be conducted. Is that correct? Any suggestions/comments?

Mark

---------------------- Forwarded by Mark Taylor/HOU/ECT on 02/14/2000 11:39
AM ---------------------------

GILBERGD@sullcrom.com on 02/14/2000 08:20:25 AM
To: Mark Taylor/HOU/ECT@ECT
cc: RAISLERK@sullcrom.com
Subject: Auction Procedures

Attached is a draft of the Auction Procedures we discussed. Because I don't
know how the auction page will be configured, it is likely that conforming
changes will be necessary. Also, I have left the references to "Enron" in
brackets; I am not sure if a specific entity will be referenced or if all
entities will be defined collectively as "Enron". Please call or e-mail with
any questions or comments. Best regards.

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- Auction.wpd