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=rom:	Wes Cotwell/HOU/ECT
Sent:	Wednesday, May 10, 2000 4:11 PM
To:	Richard Causey/CorpfEnron
Cc:	Raymond Bowen/HOU!ECT
Subject:	Raptor


rsploll AS

  Attached is the "list" you requested. We can discuss at your convenience,
but
may want to have Ray there as well.

Wes

---------------------- Forwarded by Wes Colwell/HOU/ECT on 05/10/2000 02:59 PM
---------------------------

David W Delainey
05/10/2000 11:23 AM
To: Ben F Glisan/HOU/ECT@ECT
cc: Jeff Skilling/Corp/Enron@ENRON, Joseph W
Sutton/ENRON_DEVELOPMENT@ENRON DEVELOPMENT, Andrew S Fastow/HOU/ECT@ECT,
Raymond Bowen/HOU/ECT@ECT, Mark Frevert/LON/ECT@ECT, Mike Jakubik/HOU/ECT@ECT,
Wes Colwell/HOU/ECT@ECT
Subject: Raptor

Ben, this is the list of "raptor" candidates from ENA. This includes
Catalytica at $90M which is based on a $600M enterprise value post IPO. ENA
would like to finalize this in second quarter. Catalytica would produce $44M
of value in second quarter providing approximately $20M of net margin for ENA
after covering the $20M plus hole in the MFR for this quarter. Follow on
issues include: a) who manages the investments on a go forward basis and b)
where does the potential upside value go and the corresponding capital charges.

Regards
Delainey

AB0971 01860

EN07505615

=XH053-00079

ERN0073627

GOVERNMENT
EXHIBIT
  3861
  Crim. No. H-04-25 (S-2)