I know that this is a difficult time for all of us.  With everything going on inside the company as well as in the world around us, we have been carefully considering whether a holiday celebration is appropriate this year.  To be honest, employee feedback has been mixed.  Many viewed the holiday party as a unique opportunity for us to come together as Enron employees to share the spirit of the season.  Others felt a holiday party would be improper given the company's current circumstances.

After weighing these points of view, we have ultimately decided to cancel the all-Enron holiday party that was scheduled for December 8.  Given what has transpired over the past month, it could be considered imprudent for Enron to incur the expense of such an event.  I regret that this action is necessary because I recognize that your hard work throughout the year merits a holiday celebration and so much more.  We will attempt to find other, more appropriate ways to recognize your outstanding contributions as we move into the holiday season.

Ken Lay