RE:

Any word on this? I still think that if Stoneville is preparing a confirm
(even with the forward sale) it would make sense for us to. Let me know and
thanks for the help.

Mike

-----Original Message-----
From: Griffith, John
Sent: Sunday, January 14, 2001 1:42 PM
To: Ruffer, Mary Lynne
Cc: Michael Garberding/HOU/ECT@ENRON
Subject: FW:

Mary Lynne,

Do you know if a confirm was prepared in house related to the previous
Mahonia prepay? Thanks.

John

---------------------- Forwarded by John Griffith/Corp/Enron on 01/14/2001
01:34 PM ---------------------------
From: Michael Garberding/ENRON@enronXgate on 01/12/2001 01:58 PM
To: John Griffith/Corp/Enron@Enron
cc:

Subject: FW:

John,

Looks like no confirm since only physical (which seems odd that Stoneville
sent us a confirm). I think we should probably be consistent with Mahonia.
Let me know your thoughts. Thanks again for all your help.

Mike

-----Original Message-----
From: Thames, Davis
Sent: Friday, January 12, 2001 1:41 PM
To: Garberding, Michael
Subject: Re:

Mike, there really isn't a confirm with Mahonia, the FSA (forward sale
agreement) defines our delivery obligation. When John books that, it should
then go to the physical desk to be booked into Sitara. If you have trouble,
call Brad McKay and he'll give you a contact to book the delivery
obligation. Remind him of the fixed price purchase obligation when he books
it so that he doesn't think he's got an open short to play with.

In our deals the financial swap confirm was written by Chase. I don't think
there was ever a formal confirm on the floating physical purchase.

Davis

Enjoyed the drink last night - need to do it more often.

Michael Garberding/ENRON@enronXgate 01/12/01 12:50 PM To: Davis
Thames/Enron Communications@Enron Communications cc: Subject:

Quick question - did you prepare the confirm between ENA and Mahonia? We
were having the confirm people do that and they were playing stupid. I am
still thinking about your earning game - the only issue I can think of is
selling a certain part of the fiber (i.e., that represents a certain physical
asset) where gas is more fungible. However, that can be gotten around.
Enjoy and thanks.

Mike