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  Kenneth L. Lay
  Chairman of the Board ''j
Enron Corp.
  P.O. Box 1188
  Houston, TX 77251-1188 J7
713-853-6773
  Fax 713-853-5313
June 14, 2001 kennethJay@enron.com



Rocky Emery
Paine Webber, Inc.
Private Client Group
109 N. Post Oak Lane, Suite 150
Houston, TX 77024

RE: Sale of 79,423 shares of Enron Corp. to Company for Repayment of
$4,000,000 LOC plus accrued interest through June 12, 2001

Dear Rocky:

  This letter is your authority to transfer 9,809 shares of Enron Corp. stock
from the stock option award, Grant #5031, with an exercise date of 11/30/00, and
the remaining 69,614 shares of Enron Corp. stock from the stock option award,
Grant #5108, with an exercise date of 1/24/00, in Paine Webber Acct. HM-
E0133-ES to the Enron Corp. Omnibus Paine Webber Acct. HS-54630-EN by or
before Friday, June 15, 2001.

  Please call Sherrie Gibson at 713/630-0103 should you have any
questions.

Sincerely,

:XH063-00325

CC: "*` Elaine Overturf
Pam Butler
Joanne Cortez
Sherrie Gibson



Endless possibilities."'

EC38648B0050208


  97

GOVERNMENT
EXHIBIT
  4107
  Crim. No. H-04-25 (S-2)