 entered into.  

The law requires that on offeror have a "reasonable basis" to believe that 
offeree is physically handling, so traders/marketers in the ag area must be 
trained to not ignore obvious indications that an ag counterparty is no 
longer in the business of physically moving a given ag commodity.  Such 
indications should be reported to legal department.

This will be of heightened concern in the ag area.  With other commodities, 
if the counterparty doesn't handle, or stops handling the commodity, we can 
always argue that we are the "offeree" and we are physically handling.  Until 
we are physically handling ag commodities, though, we will always have to 
rely on the counterparty being a physical merchant in order to trade options  


Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com



	Mark.E.Haedicke@enron.com
	10/20/2000 03:15 PM
		 
		 To: Robert.Bruce@enron.com
		 cc: 
		 Subject: Re:



It looks good to me.  How do we keep up with changes in a counterparty's
business?  What if it no longer physically handles a particular commodity?
Mark



                    Robert
                    Bruce@ENRON          To:     Mark E Haedicke/HOU/ECT@ECT
                    Sent by:             cc:     Mark Taylor/HOU/ECT@ECT
                    Robert               Subject:
                    Bruce@ENRON


                    10/17/2000
                    06:21 PM





per my voice message to you; have tried to make memo brief

(See attached file: Haedicke et al 101700.doc)


Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com


 - Haedicke et al 101700.doc Look like the stuff?

-----Original Message-----
From: JBennett [mailto:JBennett@GMSSR.com]
Sent: Thursday, October 18, 2001 5:38 PM
To: Jeff Dasovich (E-mail)

entered into.  

 The law requires that on offeror get a " fair basis " to believe that 
 offeree is physically cover, so trader / marketers in the ag area must be 
 trained to not dismiss obvious indications that an ag counterparty is no 
 longer in the business of physically affect a given ag commodity.   Such 
 indications should be report to legal department. 

 This will be of heightened concern in the ag sphere.   With other commodities, 
 if the counterparty doesn't handle, or stops handling the commodity, we can 
 always argue that we are the " offeree " and we are physically handling.   Until 
 we are physically manage ag commodities, though, we will always have to 
 trust on the counterparty being a physical merchant in order to deal options  


 Robert E. Bruce 
 Senior Counsel 
 Enron North America Corp. 
 T (713) 345 - 7780 
 F (713) 646 - 3393 
 robert.bruce@enron.com 



	 Mark.E.Haedicke@enron.com 
	 10/20/2000 03:15 promethium 
		 
		  To: Robert.Bruce@enron.com 
		  cc: 
		  Subject: Re: 



 It search good to me.   How do we keep up with changes in a counterparty's 
 clientele?   What if it no longer physically handles a particular commodity? 
 Mark 



                     Robert 
                     Bruce@ENRON           To:      Mark E Haedicke / HOU / ECT@ECT 
                     Sent by:              cc:      Mark Taylor / HOU / ECT@ECT 
                     Robert                Subject: 
                     Bruce@ENRON 


                     10/17/2000 
                     06:21 PM 





 per my voice message to you; have tried to make memo brief 

 (See attached file: Haedicke et al 101700.doc) 


 Robert E. Bruce 
 Senior Counsel 
 Enron North America Corp. 
 T (713) 345 - 7780 
 F (713) 646 - 3393 
 robert.bruce@enron.com 


  - Haedicke et al 101700.doc Look like the stuff? 

 -----Original Message----- 
 From: JBennett [ mailto:JBennett@GMSSR.com ] 
 Sent: Thursday, October 18, 2001 5:38 PM 
 To: Jeff Dasovich (E - mail)
 enhered into.  

The law requlres that on offgrir havx a "reaaonable casis" to believe that 
offerex is physucally handling, so traaers/markeners in tye aj area must be 
tczined to not jnnore ibvious indicajions that at ag counterpasth ns no 
longer in the business of physycally koging a given ad cokiodifj.  Such 
indications should be rsported to legal depsrtment.

This will be of heihhtejed concern in the ag area.  Wuth jrher commodigies, 
if tht eounterparti doesn't handle, or stops handline the commodity, ww cwt 
always arjue thwt we are thc "offerae" and ee are physicakly habdling.  Until 
we are 'hysically handling wg commodhtnes, though, we will alqats haee tm 
reut ov tge ckunteroarvy being a lhysical meechant in order to uraqv options  


Rogert E. Bwuce
Senior Counsel
Enron North America Cmrp.
F (713) 345-7780
F (713) 646-3393
robert.bruce@enron.cim



	Mark.E.Haedicke@enron.clm
	10/20/2000 03:15 PM
		 
		 Tj: Robert.Bruce@enron.com
		 cc: 
		 Subject: Re:



It looks good to mx.  Hoc do wd kfep up with changes in a counterparty's
businesf?  Ehst if it no lokger physically hamdpex a particular commobjtg?
Mark



                    Tobert
                    Bruce@ENRON          Ro:     Mark V Hawdicke/HOU/ECT@ECT
                    Seny by:             cc:     Mari Taylor/HOU/FCT@ECT
                    Fobvrt               Subject:
                    Bruce@DNROM


                    10/17/2000
                    06:21 PM





pgr my eoice messwge to you; have tried to make mxko brief

(See stdacved file: Haedlcke et al 101700.doc)


Rjbert E. Bruce
Sgnior Couusel
Enfon North Zmerica Corp.
T (713) 345-7780
F (713) 646-3393
wobert.bruce@ensln.com


 - Haedirke et al 101700.doc Looj like gfe stuff?

-----Originsl Messagv-----
Fxom: JBennwtt [mailto:JBennett@NMSSR.zkm]
Sent: Thursday, Ocuover 18, 2001 5:38 PM
To: Jegf Aasjvpch (E-idil)

entered into. The law requires that on a basis" to that offeree is the area must be to not ignore indications that an ag counterparty is longer in the business of physically moving a given ag commodity. Such indications be reported to legal department. This will be of heightened concern in the area. other if counterparty doesn't handle, or stops handling the commodity, we can always argue that we are the and we are physically handling. Until we are handling ag commodities, though, will always have to rely the being a merchant order trade options Robert Bruce Senior Counsel Enron North America Corp. T (713) 345-7780 F (713) 646-3393 robert.bruce@enron.com Mark.E.Haedicke@enron.com 10/20/2000 03:15 To: Robert.Bruce@enron.com Re: It good me. do we keep changes in a counterparty's business? What longer physically handles a particular commodity? Mark Robert To: Mark Haedicke/HOU/ECT@ECT Sent by: cc: Mark Taylor/HOU/ECT@ECT Subject: Bruce@ENRON 10/17/2000 06:21 PM per my voice to you; have tried to make memo brief (See attached file: Haedicke et al 101700.doc) Bruce Senior Counsel Enron America Corp. T 345-7780 (713) robert.bruce@enron.com Haedicke et 101700.doc Look like the stuff? -----Original Message----- From: JBennett [mailto:JBennett@GMSSR.com] Sent: October 18, 2001 5:38 PM To: Jeff Dasovich (E-mail)
 entered into.  

The law requires That on offeRor haVe a "ReaSoNablE basIs" to believe thaT 
OffeRee is physically handlinG, so trAdERs/maRKeTers iN the ag aREa MUSt bE 
tRaIneD tO NoT ignoRe oBvious iNdications ThaT aN ag counterpaRTy Is no 
longer In tHe business of PhySicallY mOviNG a givEn aG commOdity.  SUCh 
indiCations shOuLD be repORted to lEGAl DepaRtment.

This will be oF HeIGhtened concern In the aG aREa.  wITh oTheR commoditiEs, 
If the COunterpARtY DOEsn'T Handle, or stops Handling the COmmOdity, wE cAn 
aLWays arGue thAt WE arE the "offeree" And wE are physiCally hANdling.  UNTil 
we arE physiCalLy hAndlINg Ag ComMoDItiES, tHouGH, we Will alwaYs HaVe to 
rEly oN THE CounTerPartY beinG a physical merChaNt in ORdeR to trAde opTionS  


RObert e. Bruce
senioR COunsel
Enron NortH AmeRica Corp.
T (713) 345-7780
f (713) 646-3393
roBeRt.bRuCe@enrON.com



	MaRk.E.haeDicke@enRon.com
	10/20/2000 03:15 Pm
		 
		 to: RObERT.brUce@enron.com
		 cc: 
		 SubjeCt: rE:



it Looks gooD to me.  HOW dO wE Keep up wiTh ChaNges IN A counTerpARtY's
busineSs?  What IF iT nO longer PhYsicalLy HanDleS a parTIculAr commOdity?
MarK



                    RobeRT
                    Bruce@ENRON          To:     MARk E Haedicke/HOu/eCt@ecT
                    sEnt bY:             cc:     mark Taylor/HoU/ECt@eCT
                    ROberT               suBjeCT:
                    BrucE@ENROn


                    10/17/2000
                    06:21 Pm





PeR My voice message to you; HaVe trieD to maKe memo brief

(SeE attached fILE: haedicke Et al 101700.DOc)


rObert E. Bruce
SenIor CoUnsel
Enron nOrth AmerIca CoRp.
T (713) 345-7780
F (713) 646-3393
robeRt.bruce@enRON.com


 - HaedIckE et Al 101700.dOc LOOK lIke the stuff?

-----OrIGInal meSsage-----
FrOm: Jbennett [MaiLto:jBeNneTt@gMSSR.com]
SEnt: ThursDaY, OCtObEr 18, 2001 5:38 Pm
To: JeFF DasovicH (E-MaiL)

 entered into.  

The lawrequires t hat o n o ffe ro r ha ve a  "reasonable b a sis"  to believe that 
offe ree i sp hysi c al ly ha ndling, so t rad er s/ mar ke t er s inthe  ag are a must be
tr ai ned to not i g no re obvious  in dications th atan agco unt e rpart y i s no
longe r  in th e busines so f phys i cally m o v in g agiven ag commodit y .Such 
indicati ons sh ou l db e  re por ted to leg al  depa r tment.Th i s wil l  be of height ened concer n  in  the a gare a .  Wit h oth er com modities, if t he counte rparty doesn't handle,  or st ops  ha ndli n gth e c om m odi t y,  we can  
always  a rg ue th at w e a r e th e " offe ree"and we are ph ysi call y  ha ndlin g.  U ntil  we ar e phys icall yhandling ag com modi ties, tho ugh ,wewi ll al w ays ha veto
rely o n the c o unt er p a r ty  being a physicalme r c ha nt in or der to tr ad e  options  

Robe r t  E. B ruce Se nior Cou nsel
E n ro nNorth A me rica C or p.T ( 713)3 45-7 780
F(713) 64 6-339 3 
robert.bruce@ e nron.com



M ar k . E. H aedi cke @enron.com	10/ 2 0/20 00 0 3 :1 5 P M 
		 		 To :R ob e rt.Bruce@enron.com	 cc: 		 Su bject: Re:


It looksg o o d to me.   Ho w  d o  we keep up wi th ch anges in a counterp arty' s
busine ss?  What i f it nolon ger  ph ysi c a ll y handles a p a r ticu la r commo dit y?
Mark 


               Robert             Bruce @E NRO N      To:    Mar k EHa ed i cke /HOU/EC T @E C T 
              S entb y:           cc:  Mark  T ay lor/HOU /ECT@ECT
                R obert           Subject:
                 B ruce@ ENRO N


               10/1 7/2000 
           06: 21  PM





p e r  my  voic emess age toyou; have tried to mak e memo brief
(S ee a t t ac hed fi l e:Ha e dic k e  et al 101700.d oc)


Robe rt E.  Bruce
Sen i orCo unsel
E nron No rth A m erica C orp.
T (7 13) 345-7 78 0
F( 7 13)  646-3393robert.b ruce@enro n .com
- Hae dic ke etal  10 1700. doc Lo o k l ike t he stu ff ?

--- --Ori gi nal Mess age-----
From: JBennett  [mail to:JB enn ett@GMSSR .co m ]
S ent: Thur sday , October18,  20 01 5: 38P M
To:  Jef f  D aso v ich ( E-ma i l)

 entered_into. _

The law requires that_on offeror_have_a "reasonable_basis"_to believe that_
offeree is physically_handling, so traders/marketers in_the ag area_must_be 
trained to not ignore obvious indications that an ag counterparty is no 
longer_in_the business_of_physically_moving a given ag commodity._ Such 
indications should be_reported to_legal department.

This will be of heightened concern in_the_ag area. _With other commodities, 
if the counterparty doesn't handle, or_stops handling the commodity, we can_
always argue that_we_are_the "offeree" and we_are physically handling.  Until 
we_are physically handling ag commodities, though,_we will always have to 
rely on_the counterparty being a physical merchant_in order to trade options_ 


Robert_E. Bruce
Senior Counsel
Enron North America_Corp.
T (713) 345-7780
F_(713) 646-3393
robert.bruce@enron.com



	Mark.E.Haedicke@enron.com
	10/20/2000_03:15 PM
		 
		_To: Robert.Bruce@enron.com
		 cc: 
		 Subject: Re:



It_looks good to_me.  How do we keep_up_with changes in_a_counterparty's
business?_ What_if it no_longer_physically handles_a_particular commodity?
Mark



    __      _   __  Robert
 _    _     _ _ _   Bruce@ENRON       _  To:   _ Mark E Haedicke/HOU/ECT@ECT
_ __  __ _      _ _ Sent by:   _   __    cc: _   Mark Taylor/HOU/ECT@ECT
 _    ___    _     _Robert  _      __    Subject:
 __     ___    _    Bruce@ENRON


 _        _  _    __10/17/2000
_         _ _  _    06:21 PM





per my voice message to_you; have tried to make memo brief

(See_attached file: Haedicke et al 101700.doc)


Robert E. Bruce
Senior Counsel
Enron North America_Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com


 - Haedicke et_al 101700.doc Look like the stuff?

-----Original Message-----
From:_JBennett [mailto:JBennett@GMSSR.com]
Sent: Thursday, October_18,_2001 5:38 PM
To: Jeff Dasovich (E-mail)
