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To: Murrey Walker who wrote (48634)	3/13/2002 9:38:12 PM
From: Percival 917	Respond to of 65232

Hi Murrey, Yep, still remember the "Ruff" times like it was yesterday. Got caught up in the gold rush a bit in those days but got out before it nailed me too bad. Can't say that I am upset that all those predictions didn't come to pass and that we aren't all survivalists living off the land with our gold and silver hoardes. Later, Joel

To: Murrey Walker who wrote (48634)	3/14/2002 1:22:10 PM
From: stockman_scott	Respond to of 65232

*A Simple Explanation of the Enron Debacle* Business Wire Newsletter - March 2002 If the Enron mess leaves you a bit puzzled, perhaps these analogies will prove helpful: -Feudalism: You have two cows. Your lord takes some of the milk. -Communism: You have two cows. Your neighbors help take care of them and you all share the milk. -Totalitarianism: You have two cows. The government takes them both and denies that they ever existed. Milk is then banned forever. -Capitalism: You have two cows. You sell one and buy a bull. You multiply your herd. You then sell the entire herd, invest the money, and retire off the interest. -Enronism: You have two cows. You sell THREE of them to your publicly-listed company, using letters of credit opened by your brother-in-law at the local bank. You then get a home equity loan from your aunt, then execute a debt/equity swap, which includes an associated unsolicited general offer valid in all 50 states plus Guam and the Philippines, but excluding Alaska and Hawaii. So you get all 4 cows back - along with a future tax exemption of 150% of the excess residual market value above acquisition cost, less straight-line depreciation, plus out-of-state veterinarian fees on all cows subsequently obtained through March 2005. You then transfer 40% of the milk rights of the five cows via a wholly-owned intermediary to a Grand Cayman Island Holding Company secretly owned by 85% of the Class A shareholder through a Dutch Antilles Shell Corporation registered in Johannesburg which sells 30.5% of the non-vested rights to seven cows back to your public company. The annual report then shows that the company owns 8 cows, with a two-thirds option on 3 more cows with a strike price equal to the 14-day average of the Omaha fixing for USDA Choice Grade-3 live steers. And, by the way, even though you set this whole thing up, you have no memory whatsoever of what you did and who you did it with, whilst you lined your pocket with tens of millions of dollars.