Brigham

Great job guys - keep it coming!

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 11/02/2000
02:18 PM ---------------------------

Richard Lydecker@ENRON
11/02/2000 10:07 AM
To: David W Delainey/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT
cc: Jesse Neyman/HOU/ECT@ECT, Brandi Morris/HOU/ECT@ECT
Subject: Brigham

We have completed the sale of our Brigham investment for $20.0 million
(JEDI/ENA). ENA's net share of the proceeds for $12.5 million. The
transaction has been closed and funded and at the book/raptor value.

My metaphor for pulling together liquidation transactions of severely
distressed assets like Brigham is trying to shield a pencil balanced on its
point in the midst of a hurricane. In the case of the Brigham deal the
hurricane was a Force Five.

Jempy Neyman, who led the transaction, and Brandi Morris, a senior specialist
in Special Assets, did an outstanding job getting this tough deal done.

The next "balanced pencil" is closing the Basic Energy (Sierra Well Service)
sale by mid-November. We're on track: so far, the hurricane has not blown
the pencil away.