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Anne.

Gordon continues to be my "Deep Throat" for Raptor reconaissance,.. Several important pieces
of information fol4.d5Wleft Michael Kopper a brief overview on voicemail):

1) Enron is focused on a Raptor 1/2/3/4 merger. They are going to present a matrix of NP W vs.
ENE stock price and the resulting credit capacity of the combined entity.

2) The LDC bids are not coming in as expected. The values so far are low, and in fact low
enough to jeopardize the positive credit capacity in R2.

3) Enron Europe is trying to utilize R4 to hedge Sarlux, Trakya, and Nowa Sarzyna_ They wart
to do a "back to back" swap with Margaux (similar to the one done with Merlin- scary).
Apparently there are problems with the plants and as direct Margaux investors, we should be
interested.

4) R1 will incur another $30 million loss on the Merlin put. Total exposure under the put was
$96 million in exchange for the $36 million premium. After this next loss, we will have suffered
the entire $96 million loss.



Chris Loehr

02/12/2001 01:19 PM

As I cold Michael, some or all of these points may change some of our strategy in regards to
negotiation with Enron. See how useful Gordon can be?

  To: Anne Yceger
cc:
Subject, Ropror info

Chris



CONFIDENTIAL TREATMENT REcluES rED
By Dechert on behalf of its client

DP 305278

EXH029-00051

GOVERNMENT
EXHIBIT
  1679
  Crim. No. H-04-25 (S-2)