RE: Muni Bond Ladder

I would like more detail about how much margin my open positions require and how the muni's are treated with regard to margin.  The call's I am short are way out of the money.  The only positions that are changing very much in value are the Enron shares I am long and the Enron puts I am short.  I would consider closing those positions.  I would like to put the maximum possible into Muni's.

Please forward this email to Steve.

Phillip

 -----Original Message-----

From:   "Sandoval, Julieta" <julieta.sandoval@ubspainewebber.com>@ENRON 

Sent:   Tuesday, November 13, 2001 8:25 AM

To:     Allen, Phillip K.

Subject:        Muni Bond Ladder

Phillip:

Steve and I are inquiring on the email you sent him.  We wanted come up with

a Muni proposal for 1M and take it from there. At this point, we have about

1.3M available but using this full amount would not give us any cushion in

regards to margin.  Let us know if the 1M is OK with you; assuming we can

always go in and invest more into the bond ladder.

Julieta Sandoval

Registered Client Service Associate

UBS PaineWebber

1111 Bagby Street, Suite 5100

Houston, Texas 77002

713-654-0275

******************************************************

Notice Regarding Entry of Orders and Instructions:

Please do not transmit orders and/or instructions

regarding your UBSPaineWebber account(s) by e-mail.

Orders and/or instructions transmitted by e-mail will

not be accepted by UBSPaineWebber and UBSPaineWebber

will not be responsible for carrying out such orders

and/or instructions.

Notice Regarding Privacy and Confidentiality:

UBSPaineWebber reserves the right to monitor and

review the content of all e-mail communications sent

and/or received by its employees.