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Sheetl



KENNETH L. LAY

BALANCE SHEET COMPARISION





Current Assets	1/31/99

3,080,040	2/28/99

2,436,362	Variance

(643,678)	

Money invested in Fayez

				& Cypress Asset accts

Marketable Investments				

Common Stocks	63,702,577	57,122,706	(6,579,971)	Gifted 50,000 sh ENE

				lower ENE & CPQ prices

Executive Stock Options	80,784,942	76,139,365	(4,645,577)	ENE stock opt exercised,

				lower ENE & CPQ prices

Preferred Stock	89,480	263,966	174,486	Investment revalued by

Bonds	134,541	134,541	-	SMM

Mutual Funds	588,167	565,640	(22,527)	

Partnerships (Family)'	19,471,041	17,498,162	(1,972,879)	Lower Enron & Compaq

				stock prices

Long Term Investments	20,042,408	20,268,187	225,779	Huntingdon Advances

Retirement Deferred Assets	12,574,020	12,559,716	(14,304)	

Personal Non Earning Assets	920,482	1,273,376	352,894	Art Work-Huntingdon

Current Liabilities	(45,614,246)	(42,347,333)	3,266,913	Pay down from exercise

				of Enron Stock Options

Long Term Liabilities	(48,942,236)	(45,769,099)	3,173,137	Decreased Deferred

				Tax Liability

Business Liabilities	(145,687)	(154,715)	(9,028)	

Rounding	(25)	(32)		

NET WORTH $	106,685,604 $	99,990,842	(6,694,755)	



CONTINGENT LIABILITIES:



Ken has guaranteed an unsecured note in the amount of $350,000 maturing on December 7, 1999

with an interest rate of 6.5% at Nations Bank for his sister, Sharon Lay.



Ken and Linda have guaranteed a mortgage in the amount of $900,000 maturing on January 1, 2014

with an interest rate of 6.88% at Nations Bank for their daughter, Robyn Vermeil. This loan is

collateralized by property appraised at $965,000 as of December 9, 1998.



  Value based on FMV of partnership assets. No discount for partnership Interest Is shown.



LAY-G09 0057



Page 1



LBF002-00592



GOVERNMENT

EXHIBIT

  206

  Crim. No. H-04-25 (S-2)