RE: Garden State Paper

This appears to be an open position since neither party has terminated on the Master Log.

(1) Any reason why one party cannot terminate?
(2) Is this a single swap or several?
(3) I think PWC ought to reveiw our "valuation" (and Bob's curve) since it becomes a matter of public record when the claim is filed in the bankruptcy. Any valuation ought to be documented.

-----Original Message-----
From: Dicarlo, Louis
Sent: Friday, March 08, 2002 9:16 AM
To: Shackleton, Sara
Cc: Ruiz, Carlos
Subject: Garden State Paper

Carlos Ruiz is asking for the value of the ENA/Garden State Paper (GSP) swap to be included as a creditor in the GSP bankruptcy. GSP is a bankrupt affiliate and the purpose of the valuation is not to settle but merely to show the claim that ENA has against GSP. Can I provide him a MTM on the position?

The internal attorney involved is Cheryl Lindeman.

Thanks

Louis R. DiCarlo
ENA Gas Structuring
Phone: 713-345-4666
Email: louis.dicarlo@enron.com