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June 20, 2001

Kenneth L. Lay
Chairman of the Board

Enron Corp.
P.O. Box 1188
Houston, TX 77251-1188
713-853-6773
Fax 713-853-5313
kenneth.lay@enron.com

RECEIVE

"" m 91 2001



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

RE: Sale of 86,665 shares of Enron Corp. to Company for Repayment of
$4,000,000 LOC plus accrued interest through June 19, 2001

Dear Rocky:

  This letter is your authority to transfer the remaining 40,191 shares of
Enron Corp. stock from the stock option award, Grant #5031, with an exercise
date of 11/30/00, and 46,474 shares of Enron Corp. stock from the stock option
award, Grant #5108, with an exercise date of 1/25/00, in Paine Webber Acct.
HM-E0133-ES to the Enron Corp. Omnibus Paine Webber Acct. HS-54630-EN
by or before Friday, June 21, 2001.

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

Sincerely,



CC: 'Elaine Overturf
Pam Butler
Joanne Cortez
Sherrie Gibson

4-19-Q1 %. 19
8,4f, ~ 6- 7/4

EXH063-00340

Endless possibilities."

EC38648B0050283

GOVERNMENT
EXHIBIT
  4122
  Crim. No. H-04-25 (S-2)