RE:

I understood that the approx. selling price was $58 mm (which is the Enron
book value after the write downs). Would there be a reason that EOTT would
not include that investment in their calculations to get to their desired
return? There may be something about the commodity deal I don't understand.
I will get a meeting with all of us so we can decide what to do.

-----Original Message-----
From: Shankman, Jeffrey A.
Sent: Wednesday, June 06, 2001 8:35 AM
To: Colwell, Wes
Cc: McConnell, Mike
Subject:

Wes, according to your voicemail this morning, you said the 14% return we
were giving EOTT was due to the way we've written down the plant. In fact,
that is not the case. It is due to our ability to imbed a 14% return due to
commodity prices and spread values. It has nothing to do with the plant, as
I know the deal to be.

Thanks for the info.

Jeff