
Date: Tue, 10 Apr 2001 03:39:00 -0700 (PDT)
From: paul.radous@enron.com
To: david.portz@enron.com, mike.curry@enron.com
Subject: RE: EES QSE - Credit provision
Cc: elizabeth.sager@enron.com, tanya.rohauer@enron.com
Bcc: elizabeth.sager@enron.com, tanya.rohauer@enron.com

David,

I believe that the ownership percentage in Section 2.11 should be 100%, not
50%. If we were to sell off any meaningful portion of either subsidiary, we
would likely want that entity to stand on its own credit; at a minimum, Enron
Corp. would be due compensation for the guaranty it is providing from the
minority shareholder(s).  Please call me to discuss if there are objections.

Paul

