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23,548 | debt trading losses we have discovered two positions in the debt trading book which were not
being marked to market . the current mark of the 2 positions results in
approximately $ 4 . 7 million loss . the details are in :
the primary control issues are :
? trader did not adjust price to reflect the effect of market movements
? operations did not perform monthly price verification processes
? desk management failed to recognize that the marks on these two trades had
not moved over the term of the transactions ( ql ' 00 - nov 15 th )
the losses have been recognized and a full review of the book is ongoing by
operations . the trader has been relieved of his responsibilities and we will
implement the steps agreed with operations to ensure that we have a robust
approach to controls for the debt trading book going forward . | 0 | ham | debt trading losses | we have discovered two positions in the debt trading book which were not
being marked to market . the current mark of the 2 positions results in
approximately $ 4 . 7 million loss . the details are in :
the primary control issues are :
? trader did not adjust price to reflect the effect of market movements
? operations did not perform monthly price verification processes
? desk management failed to recognize that the marks on these two trades had
not moved over the term of the transactions ( ql ' 00 - nov 15 th )
the losses have been recognized and a full review of the book is ongoing by
operations . the trader has been relieved of his responsibilities and we will
implement the steps agreed with operations to ensure that we have a robust
approach to controls for the debt trading book going forward . | 2000-11-22T00:00:00 |
32,968 | edrugs online edrugs online | 1 | spam | edrugs online | edrugs online
| 2005-05-25T00:00:00 |
28,139 | tuesday meeting please plan to attend a meeting on tuesday , november 7 from 3 : 00 - 4 : 30 pm in
eb 4194 . jim and sean want to touch base with you on the tw throughput
analysis and ask you a few additional questions as they prepare to meet with
you on november 21 with final results . thanks , kim . | 0 | ham | tuesday meeting | please plan to attend a meeting on tuesday , november 7 from 3 : 00 - 4 : 30 pm in
eb 4194 . jim and sean want to touch base with you on the tw throughput
analysis and ask you a few additional questions as they prepare to meet with
you on november 21 with final results . thanks , kim . | 2000-11-02T00:00:00 |
23,380 | re : global operations controller forum completed as below
enron capital & trade resources corp .
from : sally beck 10 / 10 / 2000 23 : 58
sent by : patti thompson
to : mike jordan / lon / ect @ ect , james new / lon / ect @ ect , mike
wellings / lon / ect @ ect , coralie evans / lon / ect @ ect , robert yeo / lon / ect @ ect , paul
d ' arcy / lon / ect @ ect , david a wall / risk mgmt / lon / ect @ ect , andrew
cornfield / lon / ect @ ect , cindy horn / lon / ect @ ect , jeffrey c gossett / hou / ect @ ect ,
leslie reeves / hou / ect @ ect , bob m hall / na / enron @ enron , stacey w
white / hou / ect @ ect , peggy hedstrom / cal / ect @ ect , brenda f herod / hou / ect @ ect ,
brent a price / hou / ect @ ect , scott earnest / hou / ect @ ect , d todd
hall / hou / ect @ ect , sheila glover / hou / ect @ ect , kevin sweeney / hou / ect @ ect ,
fernley dyson / lon / ect @ ect , heidi mason / enron _ development @ enron _ development ,
jan - erland bekeng / ap / enron @ enron , scott mills / hou / ect @ ect , barry pearce / enron
communications @ enron communications , kristin albrecht / enron
communications @ enron communications , wanda curry / hou / ect @ ect , meredith m
eggleston / hou / ees @ ees , shona wilson / na / enron @ enron , eugenio
perez / hou / ect @ ect , michael e moscoso / hou / ect @ ect , neil tarling / enron
communications @ enron communications
cc :
subject : global operations controller forum
please fill in the following information and email ( or fax 713 - 345 - 8100 ) to
me as soon as possible . ( the same day would be great ! )
please select dinner entr , e for sunday , oct 22 pan seared medallions of black
angus tenderloin , or yes
grilled chicken breast w / artichoke , mushrooms & light herb sauce
hotel reservation : both sunday and monday nights yes
sunday night only
monday night only
extend for additional nights
smoking or non - smoking room non smoking
flight information : date of arrival sunday 22 oct
airline / flight number continental co 35
houston arrival time
shirt size : women ' s or men ' s size mens
small , med , large , x - large , xx - large xl
thanks ,
patti x 39106 | 0 | ham | re : global operations controller forum | completed as below
enron capital & trade resources corp .
from : sally beck 10 / 10 / 2000 23 : 58
sent by : patti thompson
to : mike jordan / lon / ect @ ect , james new / lon / ect @ ect , mike
wellings / lon / ect @ ect , coralie evans / lon / ect @ ect , robert yeo / lon / ect @ ect , paul
d ' arcy / lon / ect @ ect , david a wall / risk mgmt / lon / ect @ ect , andrew
cornfield / lon / ect @ ect , cindy horn / lon / ect @ ect , jeffrey c gossett / hou / ect @ ect ,
leslie reeves / hou / ect @ ect , bob m hall / na / enron @ enron , stacey w
white / hou / ect @ ect , peggy hedstrom / cal / ect @ ect , brenda f herod / hou / ect @ ect ,
brent a price / hou / ect @ ect , scott earnest / hou / ect @ ect , d todd
hall / hou / ect @ ect , sheila glover / hou / ect @ ect , kevin sweeney / hou / ect @ ect ,
fernley dyson / lon / ect @ ect , heidi mason / enron _ development @ enron _ development ,
jan - erland bekeng / ap / enron @ enron , scott mills / hou / ect @ ect , barry pearce / enron
communications @ enron communications , kristin albrecht / enron
communications @ enron communications , wanda curry / hou / ect @ ect , meredith m
eggleston / hou / ees @ ees , shona wilson / na / enron @ enron , eugenio
perez / hou / ect @ ect , michael e moscoso / hou / ect @ ect , neil tarling / enron
communications @ enron communications
cc :
subject : global operations controller forum
please fill in the following information and email ( or fax 713 - 345 - 8100 ) to
me as soon as possible . ( the same day would be great ! )
please select dinner entr , e for sunday , oct 22 pan seared medallions of black
angus tenderloin , or yes
grilled chicken breast w / artichoke , mushrooms & light herb sauce
hotel reservation : both sunday and monday nights yes
sunday night only
monday night only
extend for additional nights
smoking or non - smoking room non smoking
flight information : date of arrival sunday 22 oct
airline / flight number continental co 35
houston arrival time
shirt size : women ' s or men ' s size mens
small , med , large , x - large , xx - large xl
thanks ,
patti x 39106 | 2000-10-11T00:00:00 |
886 | duke energy - # 5192 - 1999 issues stephanie :
meter 6757 is done , redraft your invoice for both months and let me know if
this meter is still an issue .
meter 5192 . i never heard back from aimee on which transport contract to
attach the deal 269123 to so for the months in question the gas is still
allocated to the strangers gas contract . aimee is out on vacation until
mid - june so i put in a call to daren farmer to find out which transport
contract i should attach the deal 269123 to .
when i find out which transport contract to use i will set up the accounting
arrangements and then get robert lloyd to put the contract in pops and
reallocate .
fred
from : stephanie gomes 06 / 01 / 2000 08 : 55 am
to : fred boas / hou / ect @ ect
cc :
subject : duke energy - meter # 6757 , # 5192 - issue for 1999
hey fred ,
i have the deal numbers for you for duke energy . could you please let me
know when you have allocated the gas to these meters .
i am also forwarding other emails about these two deals for your records . if
you have any questions , please give me a call .
thanks , stephanie
meter # 0986757 deal # 266962 4 / 1 / 99 - 4 / 30 / 99 and 5 / 1 / 99 - 5 / 31 / 99
meter # 0985192 deal # 269123 5 / 1 / 99 - 5 / 31 / 99 and 7 / 1 / 99 - 7 / 31 / 99
- - - - - - - - - - - - - - - - - - - - - - forwarded by stephanie gomes / hou / ect on 06 / 01 / 2000
08 : 45 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
aimee lannou 05 / 11 / 2000 03 : 45 pm
to : fred boas / hou / ect @ ect
cc : howard b camp / hou / ect @ ect , stephanie gomes / hou / ect @ ect
subject : re : crow o ' connor meter 6757
fred & stephanie - meter 6757 has been reallocated .
stephanie - what price does duke show we owe them for the months in question ?
fred boas
05 / 11 / 2000 03 : 18 pm
to : aimee lannou / hou / ect @ ect
cc : robert e lloyd / hou / ect @ ect , howard b camp / hou / ect @ ect , stephanie
gomes / hou / ect @ ect
subject : crow o ' connor meter 6757
aimee :
please put the ena 201 contract at this meter for april and may of 1999 with
the track id 117848 and reallocate the meter for both months . after this is
done please let stephanie and i know so that she can redraft her invoice the
next day after pops bridges to mops . also with respect to the second issue
where daren is asking for the price , stephanie may be able to help you with
this because she has a copy of duke ' s invoice .
stephanie :
the crow o ' conner meter is essentially fixed . when aimee reallocates you
will have to wait until the next day to redraft your invoice . when aimee
gets back with us please redraft the invoice the next day and let me know if
this issue is resolved .
fred
daren j farmer
05 / 11 / 2000 02 : 14 pm
to : aimee lannou / hou / ect @ ect
cc : fred boas / hou / ect @ ect , pat clynes / corp / enron @ enron
subject : re : sarco lateral and crow o ' connor meters
i have created deal 266962 for the volumes at mtr 6757 .
what price is duke reporting for the mtr 5192 volumes ? the only activity
we ' ve had out there is payback with koch .
d
aimee lannou 05 / 09 / 2000 03 : 30 pm
to : daren j farmer / hou / ect @ ect
cc : fred boas / hou / ect @ ect , pat clynes / corp / enron @ enron
subject : sarco lateral and crow o ' connor meters
daren - have you had a chance to look at this ?
- aimee
- - - - - - - - - - - - - - - - - - - - - - forwarded by aimee lannou / hou / ect on 05 / 09 / 2000 03 : 26
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
aimee lannou 05 / 04 / 2000 03 : 26 pm
to : daren j farmer / hou / ect @ ect
cc : fred boas / hou / ect @ ect
subject : sarco lateral and crow o ' connor meters
daren - can you set up new deals for meter 6757 and 5192 ?
meter 6757 crow o ' connor - counterparty duke energy & trading
month contract deal #
june 99 ena 201 87426
july 99 hpl 215 95072
aug 99 hpl 215 102775
sept 99 hpl 215 110502
meter 5192 sarco lateral
no deal has ever been set up for meter 5192 for duke energy & trading .
there is flow for may , july and nov . 99 .
will you please let me know if you set up new deals for these meters ?
thanks .
aimee
- - - - - - - - - - - - - - - - - - - - - - forwarded by aimee lannou / hou / ect on 05 / 04 / 2000 03 : 17
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
fred boas
05 / 04 / 2000 12 : 08 pm
to : aimee lannou / hou / ect @ ect
cc : robert e lloyd / hou / ect @ ect , howard b camp / hou / ect @ ect
subject : sarco lateral and crow o ' connor meters
aimee :
the crow o ' connor , meter 6757 has its gas allocated to strangers gas for
april and may 1999 and duke has been calling settlements asking for their
money . i will need to set up accounting arrangements for this meter for
these months so please provide me the correct transportation contract and
valid deal # for this transaction .
in addition , the sarco lateral , meter 5192 has its gas allocated to strangers
gas for may and july 1999 and duke has been calling settlements asking for
their money . i will need to set up accounting arrangements for this meter
for these months so please provide me the correct transportation contract and
valid deal # for this transaction .
i would like to get this done asap since the customer is calling settlements
and we start close next week .
thanks ,
fred | 0 | ham | duke energy - # 5192 - 1999 issues | stephanie :
meter 6757 is done , redraft your invoice for both months and let me know if
this meter is still an issue .
meter 5192 . i never heard back from aimee on which transport contract to
attach the deal 269123 to so for the months in question the gas is still
allocated to the strangers gas contract . aimee is out on vacation until
mid - june so i put in a call to daren farmer to find out which transport
contract i should attach the deal 269123 to .
when i find out which transport contract to use i will set up the accounting
arrangements and then get robert lloyd to put the contract in pops and
reallocate .
fred
from : stephanie gomes 06 / 01 / 2000 08 : 55 am
to : fred boas / hou / ect @ ect
cc :
subject : duke energy - meter # 6757 , # 5192 - issue for 1999
hey fred ,
i have the deal numbers for you for duke energy . could you please let me
know when you have allocated the gas to these meters .
i am also forwarding other emails about these two deals for your records . if
you have any questions , please give me a call .
thanks , stephanie
meter # 0986757 deal # 266962 4 / 1 / 99 - 4 / 30 / 99 and 5 / 1 / 99 - 5 / 31 / 99
meter # 0985192 deal # 269123 5 / 1 / 99 - 5 / 31 / 99 and 7 / 1 / 99 - 7 / 31 / 99
- - - - - - - - - - - - - - - - - - - - - - forwarded by stephanie gomes / hou / ect on 06 / 01 / 2000
08 : 45 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
aimee lannou 05 / 11 / 2000 03 : 45 pm
to : fred boas / hou / ect @ ect
cc : howard b camp / hou / ect @ ect , stephanie gomes / hou / ect @ ect
subject : re : crow o ' connor meter 6757
fred & stephanie - meter 6757 has been reallocated .
stephanie - what price does duke show we owe them for the months in question ?
fred boas
05 / 11 / 2000 03 : 18 pm
to : aimee lannou / hou / ect @ ect
cc : robert e lloyd / hou / ect @ ect , howard b camp / hou / ect @ ect , stephanie
gomes / hou / ect @ ect
subject : crow o ' connor meter 6757
aimee :
please put the ena 201 contract at this meter for april and may of 1999 with
the track id 117848 and reallocate the meter for both months . after this is
done please let stephanie and i know so that she can redraft her invoice the
next day after pops bridges to mops . also with respect to the second issue
where daren is asking for the price , stephanie may be able to help you with
this because she has a copy of duke ' s invoice .
stephanie :
the crow o ' conner meter is essentially fixed . when aimee reallocates you
will have to wait until the next day to redraft your invoice . when aimee
gets back with us please redraft the invoice the next day and let me know if
this issue is resolved .
fred
daren j farmer
05 / 11 / 2000 02 : 14 pm
to : aimee lannou / hou / ect @ ect
cc : fred boas / hou / ect @ ect , pat clynes / corp / enron @ enron
subject : re : sarco lateral and crow o ' connor meters
i have created deal 266962 for the volumes at mtr 6757 .
what price is duke reporting for the mtr 5192 volumes ? the only activity
we ' ve had out there is payback with koch .
d
aimee lannou 05 / 09 / 2000 03 : 30 pm
to : daren j farmer / hou / ect @ ect
cc : fred boas / hou / ect @ ect , pat clynes / corp / enron @ enron
subject : sarco lateral and crow o ' connor meters
daren - have you had a chance to look at this ?
- aimee
- - - - - - - - - - - - - - - - - - - - - - forwarded by aimee lannou / hou / ect on 05 / 09 / 2000 03 : 26
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
aimee lannou 05 / 04 / 2000 03 : 26 pm
to : daren j farmer / hou / ect @ ect
cc : fred boas / hou / ect @ ect
subject : sarco lateral and crow o ' connor meters
daren - can you set up new deals for meter 6757 and 5192 ?
meter 6757 crow o ' connor - counterparty duke energy & trading
month contract deal #
june 99 ena 201 87426
july 99 hpl 215 95072
aug 99 hpl 215 102775
sept 99 hpl 215 110502
meter 5192 sarco lateral
no deal has ever been set up for meter 5192 for duke energy & trading .
there is flow for may , july and nov . 99 .
will you please let me know if you set up new deals for these meters ?
thanks .
aimee
- - - - - - - - - - - - - - - - - - - - - - forwarded by aimee lannou / hou / ect on 05 / 04 / 2000 03 : 17
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
fred boas
05 / 04 / 2000 12 : 08 pm
to : aimee lannou / hou / ect @ ect
cc : robert e lloyd / hou / ect @ ect , howard b camp / hou / ect @ ect
subject : sarco lateral and crow o ' connor meters
aimee :
the crow o ' connor , meter 6757 has its gas allocated to strangers gas for
april and may 1999 and duke has been calling settlements asking for their
money . i will need to set up accounting arrangements for this meter for
these months so please provide me the correct transportation contract and
valid deal # for this transaction .
in addition , the sarco lateral , meter 5192 has its gas allocated to strangers
gas for may and july 1999 and duke has been calling settlements asking for
their money . i will need to set up accounting arrangements for this meter
for these months so please provide me the correct transportation contract and
valid deal # for this transaction .
i would like to get this done asap since the customer is calling settlements
and we start close next week .
thanks ,
fred | 2000-06-05T00:00:00 |
20,935 | cla ; _ lis s? : ft?b ' s
disolv? h?lf tab under toung? 9 mins b?fore int?rcourse . . . for d?ily r?sults
l?arn m?re here
goawaypls . | 1 | spam | cla ; _ lis s? : ft?b ' s
disolv? h?lf tab under toung? 9 mins b?fore int?rcourse . . . for d?ily r?sults
l?arn m?re here
goawaypls .
| 2005-01-10T00:00:00 |
|
23,544 | debt trading daily loss violation november 16 , 2000 fyi . .
- - - - - - - - - - - - - - - - - - - - - - forwarded by sheila glover / hou / ect on 11 / 20 / 2000 08 : 07
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : sheila glover 11 / 17 / 2000 12 : 16 pm
to : shona wilson / na / enron @ enron , chris abel / hou / ect @ ect
cc : tom doukas / na / enron @ enron , markus fiala / lon / ect @ ect , jeff
kinneman / hou / ect @ ect , paul pizzolato / hou / ect @ ect , richard sage / lon / ect @ ect ,
bryan seyfried / lon / ect @ ect , david a wall / risk mgmt / lon / ect @ ect
subject : debt trading daily loss violation november 16 , 2000 | 0 | ham | debt trading daily loss violation november 16 , 2000 | fyi . .
- - - - - - - - - - - - - - - - - - - - - - forwarded by sheila glover / hou / ect on 11 / 20 / 2000 08 : 07
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : sheila glover 11 / 17 / 2000 12 : 16 pm
to : shona wilson / na / enron @ enron , chris abel / hou / ect @ ect
cc : tom doukas / na / enron @ enron , markus fiala / lon / ect @ ect , jeff
kinneman / hou / ect @ ect , paul pizzolato / hou / ect @ ect , richard sage / lon / ect @ ect ,
bryan seyfried / lon / ect @ ect , david a wall / risk mgmt / lon / ect @ ect
subject : debt trading daily loss violation november 16 , 2000 | 2000-11-20T00:00:00 |
3,460 | kaf storage project as requested , this is the summary of what we have discussed regarding kaf deal .
scenario 1 :
hpl nominates 6 , 200 mmbtu / day , apr ' 02 - may ' 02 , ( 409 , 000 mmbtu total ) of their south texas production into the kathleen anne field in wilson county , tx . and enron replaces this same volume in the location of their choice .
scenario 2 :
scenario 1 plus ena sells hpl 500 , 000 mmbtu of storage service with an injection rate of approximately 15 , 000 mmbtu / day and a withdraw rate of 37 , 500 mmbtu / day to help them serve the swing on the tuffco contract .
notes : the field is not yet connected to hpl , but will be .
thanks for your help .
george huan
gas structuring | 0 | ham | kaf storage project | as requested , this is the summary of what we have discussed regarding kaf deal .
scenario 1 :
hpl nominates 6 , 200 mmbtu / day , apr ' 02 - may ' 02 , ( 409 , 000 mmbtu total ) of their south texas production into the kathleen anne field in wilson county , tx . and enron replaces this same volume in the location of their choice .
scenario 2 :
scenario 1 plus ena sells hpl 500 , 000 mmbtu of storage service with an injection rate of approximately 15 , 000 mmbtu / day and a withdraw rate of 37 , 500 mmbtu / day to help them serve the swing on the tuffco contract .
notes : the field is not yet connected to hpl , but will be .
thanks for your help .
george huan
gas structuring | 2001-09-05T00:00:00 |
15,616 | = ? utf - 8 ? q ? somebody you know is ? = = ? utf - 8 ? q ? acquiring improved ? =
= ? utf - 8 ? q ? because of this pr ? =
= ? utf - 8 ? q ? oduct ? =
this product best of the international ' s most widely fixed treat depression drugs ;
it has been imposed for many more than 70 million humans planetary .
person you know is acquiring finer because of it .
read more | 1 | spam | = ? utf - 8 ? q ? somebody you know is ? = | = ? utf - 8 ? q ? acquiring improved ? =
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| 2004-12-28T00:00:00 |
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| 2005-06-10T00:00:00 |
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* igts has pians to be in suburbs across america , providing fitness and
sports opportunities to america ' s youth .
* igts ' s proven business is ready for expansion .
* news ! news ! news !
here is recent news on the company :
upland , calif . - - ( business wire ) - - june 17 , 2 oo 5 - - inte | | igent sports ,
inc . ,
continues its focus on providing physical and mental guidance to all
student - athletes , by unveiiing plans to begin licensing their youth and
fitness center concept , the sports zone , nationally later this year .
recognizing the | ink between athietic participation and persona |
success ,
pubiicly held intelligent sports , inc is introducing a new generation
of
youth to athietics through the development of the organized youth
sports
programs and faciiities .
since their fall 2004 | aunch of the sports zone youth sports and
fitness
center concept in upland , ca , they have seen tremendous growth in their
program options and customer base . the sports zone by inteiligent
sports in
upiand , caiifornia encompasses a 12 , oo 0 square foot area facility
featuring
two basketba | | courts catering to a wide range of after - school sport
programs , weekend | eagues and tournaments for core indoor court sports
inciuding basketbal | , vo | | eybal | , cheerleading , dance , wrestling ,
martia |
arts , dodge bail and more . the sports zone aiso has the abiiity to host
soccer , football and other field - related athletic activity within the
complex arena .
" i ' m excited to see the business concept expanding as the sports zone
offers
youth a springboard to grow both athletica | | y and inte | | ectuaily , "
stated
intelligent sports president , thomas hobson . " be it specialized sports
skiil
training or persona | development , we have something for everyone . the
business concept wiil soon be available through licensing , providing
other
markets a centraiized location for a wide - range of sports ail developed
to
fit the diverse needs of each market . the sports zone concept is based
on
offering a wide variety of programs for youth at every skil | | eve | . "
according to the president ' s counci | on physical fitness and sports ,
only 17
percent of middie and junior high schools and 2 percent of senior high
schoois require daiiy physica | activity for al | students . with a board
comprised of reggie theus , former nba star , tv anaiyst , and current
head
men ' s basketba | | coach at new mexico state university , and kelien
winsiow , a
member of the nfl ha | | of fame , intelligent sports , inc is one company
that
is passionate about fiiling that gap for the youth in our communities .
this is a rare opportunity to get in early on a company poised to meet
a
nationwide demand . we believe this s - tock has huge potential for a
rapid
price increase .
we beiieve the speculative near term target price is - $ o . o 8
we beiieve the speculative long term target price is - $ o . 17
piease watch this one trade monday ! !
disclaimer :
information within this emai | contains " forward | ooking statements "
within the meaning of section 27 a of the securities act of 1933 and
section 21 b of the securities exchange act of 1934 . any statements that
express or involve discussions with respect to predictions ,
expectations , beliefs , pians , projections , objectives , goais ,
assumptions or
future
events or performance are not statements of historical fact and may be
" forward looking statements . " forward looking statements are based on
expectations , estimates and projections at the time the statements are
made that involve a number of risks and uncertainties which could cause
actua | resuits or events to differ materially from those presentiy
anticipated . forward looking statements in this action may be
identified
through the use of words such as " projects " , " foresee " , " expects " ,
" will , " " anticipates , " " estimates , " " beiieves , " " understands " or
that by
statements indicating certain actions " may , " " could , " or " might " occur .
as with many micro - cap s - tocks , today ' s company has additiona | risk
factors worth noting . those factors include : a limited operating
history ,
the company advancing cash to related parties and a sharehoider on an
unsecured basis : one vendor , a related party through a majority
s - tockholder , suppiies ninety - seven percent of the company ' s raw
materiais :
reiiance on two customers for over fifty percent of their business and
numerous related party transactions and the need to raise capital .
these
factors and others are more fully spe | | ed out in the company ' s sec
filings . we urge you to read the filings before you invest . the rocket
stock
report does not represent that the information contained in this
message states a | | materia | facts or does not omit a material fact
necessary
to make the statements therein not misieading . al | information
provided within this emai | pertaining to investing , stocks , securities
must
be
understood as information provided and not investment advice . the
rocket stock report advises a | | readers and subscribers to seek advice
from
a registered professiona | securities representative before deciding to
trade in stocks featured within this email . none of the material within
this report shail be construed as any kind of investment advice or
solicitation . many of these companies are on the verge of bankruptcy .
you
can | ose all your money by investing in this stock . the pubiisher of
the rocket stock report is not a registered investment advisor .
subscribers shouid not view information herein as legal , tax ,
accounting or
investment advice . any reference to past performance ( s ) of companies
are
speciaily seiected to be referenced based on the favorabie performance
of
these companies . you would need perfect timing to achieve the results
in the exampies given . there can be no assurance of that happening .
remember , as aiways , past performance is never indicative of future
results and a thorough due diiigence effort , including a review of a
company ' s filings , shouid be completed prior to investing . in
compliance
with the securities act of 1933 , section 17 ( b ) , the rocket stock report
discioses the receipt of tweive thousand dollars from a third party
( gem , inc . ) , not an officer , director or affiliate sharehoider for
the
circulation of this report . gem , inc . has a position in the stock
they
wiil sel | at any time without notice . be aware of an inherent conflict
of interest resuiting from such compensation due to the fact that this
is a paid advertisement and we are confiicted . all factua | information
in this report was gathered from public sources , including but not
limited to company websites , sec fiiings and company press reieases .
the
rocket stock report beiieves this information to be reiiabie but can
make
no guarantee as to its accuracy or compieteness . use of the material
within this email constitutes your acceptance of these terms .
if you wish to stop future mailings , piease mai | to newsoff 7 @ yahoo . com | 1 | spam | hidden winners stock alert | rocket stocks newsletter
first we would like to say thank you to al | of our avid readers ! we
have
had huge success over the last few months and have become one of the
most
widely read investment newsletters in the world . we have accompiished
this
by providing timeiy , accurate information on s - tocks with the potentia |
for
great returns .
rocket s - tocks is not your father ' s investment newsletter ! we focus on
s - tocks with the potentia | to go up in value by weil over 5 oo % . that ' s
what
it takes to make it on to our | ist . these are s - tocks for the risk
tolerant
investor ! the beauty of this is that it oniy takes one smart
investment to
make serious profits !
new deveiopments expected for inteliigent sports , inc . s - tock
from $ o . ol to over $ 0 . o 8
symbo | : igts . pk
current price : $ 0 . ol
short term target price : $ o . 08
12 month target price : $ o . 17
intelligentsports . net
we love these small companies . a company like this is like a siigshot ,
pu | | ed back and ready to go . one fortunate turn of events , one big
contract , and the s - tock of a sma | | company such as this can expiode !
read on to find out why igts . pk is our top pick this week .
* * * top reasons to consider igts * * *
* unique business model reminisant of goid ' s gym before it exploded
onto the
fitness scene .
* the numbers are staggering and continue to rise daiiy . 15 % of
chiidren / adolescents are " overweight " nationwide . source : 20 o 2 report
by the
centers for disease control
* according to the president ' s counci | on physical fitness and sports ,
oniy
17 percent of middie and junior high schools and 2 percent of senior
high
schools require daiiy physical activity for all students . igts is
looking
to fiil that gap .
* public educational institutions can no | onger afford to keep up with
the
demand for team sports . " the time when schoo | sports programs had
enro | | ment fees of $ 10 is fading , " said former nba star and inteiligent
sports , inc . board member , reggie theus . " not every parent is wi | | ing
to pay
$ 30 o enroliment fees for a sport their child is oniy casually
interested in ;
some parents can ' t afford to pay that much for a sport their child
excels
at . "
* igts has pians to be in suburbs across america , providing fitness and
sports opportunities to america ' s youth .
* igts ' s proven business is ready for expansion .
* news ! news ! news !
here is recent news on the company :
upland , calif . - - ( business wire ) - - june 17 , 2 oo 5 - - inte | | igent sports ,
inc . ,
continues its focus on providing physical and mental guidance to all
student - athletes , by unveiiing plans to begin licensing their youth and
fitness center concept , the sports zone , nationally later this year .
recognizing the | ink between athietic participation and persona |
success ,
pubiicly held intelligent sports , inc is introducing a new generation
of
youth to athietics through the development of the organized youth
sports
programs and faciiities .
since their fall 2004 | aunch of the sports zone youth sports and
fitness
center concept in upland , ca , they have seen tremendous growth in their
program options and customer base . the sports zone by inteiligent
sports in
upiand , caiifornia encompasses a 12 , oo 0 square foot area facility
featuring
two basketba | | courts catering to a wide range of after - school sport
programs , weekend | eagues and tournaments for core indoor court sports
inciuding basketbal | , vo | | eybal | , cheerleading , dance , wrestling ,
martia |
arts , dodge bail and more . the sports zone aiso has the abiiity to host
soccer , football and other field - related athletic activity within the
complex arena .
" i ' m excited to see the business concept expanding as the sports zone
offers
youth a springboard to grow both athletica | | y and inte | | ectuaily , "
stated
intelligent sports president , thomas hobson . " be it specialized sports
skiil
training or persona | development , we have something for everyone . the
business concept wiil soon be available through licensing , providing
other
markets a centraiized location for a wide - range of sports ail developed
to
fit the diverse needs of each market . the sports zone concept is based
on
offering a wide variety of programs for youth at every skil | | eve | . "
according to the president ' s counci | on physical fitness and sports ,
only 17
percent of middie and junior high schools and 2 percent of senior high
schoois require daiiy physica | activity for al | students . with a board
comprised of reggie theus , former nba star , tv anaiyst , and current
head
men ' s basketba | | coach at new mexico state university , and kelien
winsiow , a
member of the nfl ha | | of fame , intelligent sports , inc is one company
that
is passionate about fiiling that gap for the youth in our communities .
this is a rare opportunity to get in early on a company poised to meet
a
nationwide demand . we believe this s - tock has huge potential for a
rapid
price increase .
we beiieve the speculative near term target price is - $ o . o 8
we beiieve the speculative long term target price is - $ o . 17
piease watch this one trade monday ! !
disclaimer :
information within this emai | contains " forward | ooking statements "
within the meaning of section 27 a of the securities act of 1933 and
section 21 b of the securities exchange act of 1934 . any statements that
express or involve discussions with respect to predictions ,
expectations , beliefs , pians , projections , objectives , goais ,
assumptions or
future
events or performance are not statements of historical fact and may be
" forward looking statements . " forward looking statements are based on
expectations , estimates and projections at the time the statements are
made that involve a number of risks and uncertainties which could cause
actua | resuits or events to differ materially from those presentiy
anticipated . forward looking statements in this action may be
identified
through the use of words such as " projects " , " foresee " , " expects " ,
" will , " " anticipates , " " estimates , " " beiieves , " " understands " or
that by
statements indicating certain actions " may , " " could , " or " might " occur .
as with many micro - cap s - tocks , today ' s company has additiona | risk
factors worth noting . those factors include : a limited operating
history ,
the company advancing cash to related parties and a sharehoider on an
unsecured basis : one vendor , a related party through a majority
s - tockholder , suppiies ninety - seven percent of the company ' s raw
materiais :
reiiance on two customers for over fifty percent of their business and
numerous related party transactions and the need to raise capital .
these
factors and others are more fully spe | | ed out in the company ' s sec
filings . we urge you to read the filings before you invest . the rocket
stock
report does not represent that the information contained in this
message states a | | materia | facts or does not omit a material fact
necessary
to make the statements therein not misieading . al | information
provided within this emai | pertaining to investing , stocks , securities
must
be
understood as information provided and not investment advice . the
rocket stock report advises a | | readers and subscribers to seek advice
from
a registered professiona | securities representative before deciding to
trade in stocks featured within this email . none of the material within
this report shail be construed as any kind of investment advice or
solicitation . many of these companies are on the verge of bankruptcy .
you
can | ose all your money by investing in this stock . the pubiisher of
the rocket stock report is not a registered investment advisor .
subscribers shouid not view information herein as legal , tax ,
accounting or
investment advice . any reference to past performance ( s ) of companies
are
speciaily seiected to be referenced based on the favorabie performance
of
these companies . you would need perfect timing to achieve the results
in the exampies given . there can be no assurance of that happening .
remember , as aiways , past performance is never indicative of future
results and a thorough due diiigence effort , including a review of a
company ' s filings , shouid be completed prior to investing . in
compliance
with the securities act of 1933 , section 17 ( b ) , the rocket stock report
discioses the receipt of tweive thousand dollars from a third party
( gem , inc . ) , not an officer , director or affiliate sharehoider for
the
circulation of this report . gem , inc . has a position in the stock
they
wiil sel | at any time without notice . be aware of an inherent conflict
of interest resuiting from such compensation due to the fact that this
is a paid advertisement and we are confiicted . all factua | information
in this report was gathered from public sources , including but not
limited to company websites , sec fiiings and company press reieases .
the
rocket stock report beiieves this information to be reiiabie but can
make
no guarantee as to its accuracy or compieteness . use of the material
within this email constitutes your acceptance of these terms .
if you wish to stop future mailings , piease mai | to newsoff 7 @ yahoo . com | 2005-04-18T00:00:00 |
21,737 | cheap pharmacy bi do you want cheap and new canadian drugs ? http : / / www . afuh . com / | 1 | spam | cheap pharmacy bi | do you want cheap and new canadian drugs ? http : / / www . afuh . com /
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13,928 | enron mentions dynegy and enron shares get a boost as acquisition plan is met with optimism
the wall street journal , 11 / 13 / 01
gas pipeline is prominent as dynegy seeks enron
the new york times , 11 / 13 / 01
suitor for enron receives approval from wall st .
the new york times , 11 / 13 / 01
share boost for dynegy good news
houston chronicle , 11 / 13 / 01
dynegy , enron stock prices get boost energy : even as experts warn of regulatory hurdles , investors back proposed merger .
los angeles times , 11 / 13 / 01
enron shares enriched ken lay before flaming out : graef crystal
bloomberg , 11 / 13 / 01
companies & finance the americas - dynegy deal brings balance back to markets .
financial times , 11 / 13 / 01
global investing - spreading the risks - and the rewards .
financial times , 11 / 13 / 01
comment firm gets rights to key pipeline
chicago tribune , 11 / 13 / 01
uk : innogy restarts energy trading with enron .
reuters english news service , 11 / 13 / 01
enron , dynegy shares climb industry observers give takeover bid mixed reviews
the globe and mail , 11 / 13 / 01
city - city comment - enron ' s end provides textbook disaster study .
the daily telegraph , 11 / 13 / 01
stocks steady after scare
the washington post , 11 / 13 / 01
tata power , bses keen to buy 85 pct stake in enron unit dabhol power - idbi
afx news , 11 / 13 / 01
india ' s tata group , bses keen to acquire 85 percent of enron india unit
agence france - presse , 11 / 13 / 01
bses seeks mega project status for dabhol
business standard , 11 / 13 / 01
dynegy ' s plan to acquire enron in deal valued at $ 10 . 12 billion boosts shares
dow jones business news , 11 / 12 / 01
usa : dynegydirect , enrononline to trade separately for now .
reuters english news service , 11 / 12 / 01
dynegy bid for enron doesn ' t calm credit concerns , traders say
bloomberg , 11 / 12 / 01
usa : update 1 - eott energy q 3 net up , sees weaker 2001 profits .
reuters english news service , 11 / 12 / 01
dynegy to ask j . p . morgan , salomon to reduce $ 90 mln enron fee
bloomberg , 11 / 12 / 01
dynegy and enron shares get a boost as acquisition plan is met with optimism
by john r . emshwiller
staff reporter of the wall street journal
11 / 13 / 2001
the wall street journal
a 4
( copyright ( c ) 2001 , dow jones & company , inc . )
the shares of enron corp . and dynegy inc . both rose in heavy trading as investors began trying to digest the possible risks and rewards of dynegy ' s plan to acquire enron in a stock swap with a current value of $ 10 . 12 billion .
in calls and meetings with analysts yesterday , dynegy chairman chuck watson and enron chairman kenneth lay continued talking up the deal that was announced late friday . " we are confident this is good strategically and financially for dynegy and enron , " said mr . watson , who will serve as chairman and chief executive of the combined entity , to be called dynegy inc .
while the proposed combination faces months of review by government agencies and gives dynegy possible opportunities to cancel the deal , investors ' initial reaction to the merger announcement was positive . as of 4 p . m . in new york stock exchange composite trading , dynegy shares were at $ 44 . 31 , up $ 5 . 55 , or 14 % . also on the big board , enron was at $ 9 . 24 , up 7 . 1 % , or 61 cents . both companies were among the most actively traded issues .
under terms of the proposed acquisition , dynegy would give 0 . 2685 of its shares for each enron share . based on dynegy ' s stock price yesterday , this formula values enron stock at $ 11 . 90 each . enron has about 850 million shares outstanding .
some people raised cautionary notes yesterday . moody ' s investors service placed dynegy on review for a possible credit - ratings downgrade . standard & poor ' s made a similar move on friday . moody ' s said that while it saw positive elements to the proposed combination , it also believed " the financial and business risks associated with the transaction could negatively impact dynegy ' s credit fundamentals . "
prudential securities analyst carol coale , who counts herself a fan of dynegy , also worries that enron ' s enormous problems could be a drag on the combined entity . " i don ' t want the dynegy folks to get into something that ' s not good for the company , " she said .
as reported , enron in the past several weeks has seen its stock price and standing in the investment community plummet , largely as the result of large - scale transactions it did with partnerships headed by enron officers . those transactions have produced hundreds of millions of dollars of write - offs and restatements in the past month . they are being investigated by the securities and exchange commission and have helped spawn more than a dozen shareholder lawsuits .
copyright ? 2000 dow jones section c
market place
gas pipeline is prominent as dynegy seeks enron
by floyd norris
11 / 13 / 2001
the new york times
page 1 , column 5
c . 2001 new york times company
dynegy has negotiated a great takeover . and it may end up buying enron , too .
as part of its planned acquisition of enron , dynegy will get the crown jewel even if the overall deal falls apart . in return for its $ 1 . 5 billion investment today , dynegy has the right to acquire northern natural gas , a pipeline system that is probably worth more .
as dynegy stock soared 14 percent yesterday , enron ' s lagged behind , rising just 7 percent . [ page cl 3 . ]
that widened the spread - - the profit a trader could lock in by buying enron and selling dynegy short , assuming the deal goes through - - to 28 percent .
the big premium probably reflects more than the fact that this deal will not close for many months . it is at least a possibility that dynegy will renegotiate the price , or even walk away , as it learns more about enron ' s business .
not that chuck watson , chairman and chief executive of dynegy , was threatening to do any such thing . in a talk to analysts yesterday , and in a later interview , he was extraordinarily upbeat about enron ' s trading business even as he dismissed many of the company ' s diversifications as failures whose poor performance might have been obscured by fancy accounting .
full details of the agreement between the companies will not be known until the merger agreement is filed with the securities and exchange commission today or tomorrow . but it appears that if the agreement falls apart for any reason , dynegy has the right to keep the pipeline without putting up any additional cash .
speaking to analysts yesterday , rob doty , chief financial officer at dynegy , said the company was paying about seven or eight times the cash flow of the pipeline business .
walking away from the deal might cost dynegy $ 350 million if it could not cite any material adverse change in enron ' s business , as provided in the merger agreement . but one way to look at this deal is that dynegy is spending $ 1 . 85 billion for the pipeline and a right to get the rest of enron on the agreed terms .
mr . watson said he was confident that things would not go wrong .
' ' we have comfort there is not another shoe to drop , ' ' he said . ' ' if there is no shoe , this is a phenomenally good transaction . ' '
in presentations to analysts , dynegy officials said they expected the company ' s earnings per share to grow by at least 90 cents a year even before considering cost reductions as the two businesses are merged . that arithmetic was based on assumptions that enron could deliver at least 75 percent of the $ 2 a share in pro - forma earnings that wall street had been forecasting for next year . those forecasts had stayed the same even as enron ' s business collapsed .
the bullish case for the merger is that enron ' s real profits were there and that the financial maneuvering did not cover up far deeper problems .
mr . watson promised that more details would be disclosed about the partnerships that were created by enron and traded with it , providing a substantial part of the company ' s profits in 2000 .
enron ' s need to make a deal quickly - - almost any deal - - was emphasized by standard & poor ' s , the bond rating service . in a conference call yesterday , ron barone , an analyst with s . & p . , said that without the takeover , enron ' s rating would have been cut to low bb or high b . those ratings are not even at the high end of junk , and a company like enron , which depends on others being willing to treat it as a trusted trading partner , needs an investment grade rating . its current s . & p . rating is bbb minus , the lowest investment grade rating .
that means enron could not continue as an independent business . and it means that should dynegy decide to renegotiate , enron would be in a very poor bargaining position unless it had another bidder .
copyright ? 2000 dow jones section c
the markets
suitor for enron receives approval from wall st .
by alex berenson
11 / 13 / 2001
the new york times
page 13 , column 1
c . 2001 new york times company
wall street found nothing but good news in dynegy ' s $ 9 billion takeover of the enron corporation yesterday .
three days after dynegy , an energy marketing and trading company based in houston , agreed to take over enron , its giant crosstown rival , dynegy executives came to new york to assure investors that the deal would sharply increase their company ' s profits . they met a receptive audience .
dynegy stock closed yesterday at $ 44 . 31 , up $ 5 . 55 , or 14 . 3 percent . since last wednesday , when news of a possible takeover emerged , dynegy ' s stock has risen more than one - third . enron closed at $ 9 . 24 , up 61 cents , or 7 . 1 percent .
after some initial uncertainty about the takeover , investors appear to have accepted dynegy ' s view that the deal will give it a lucrative franchise in trading natural gas and electricity . enron ' s stock fell almost 80 percent in the weeks leading up to the deal as enron said it had overstated its earnings by almost $ 600 million since 1997 and forced out several top executives .
but chuck watson , dynegy ' s chairman , told investors repeatedly yesterday that enron ' s problems were mainly a result of failed expansion efforts . he largely dismissed the concerns of some short - sellers and analysts that enron might be hiding losses at its core energy trading operations .
' ' there ' s nothing wrong with enron ' s business , ' ' mr . watson said in an interview at the waldorf - astoria hotel after making a lunchtime presentation to analysts and investors . ' ' the people in it ought to be really upset that for the last several years , they have produced earnings and cash that have been invested in other businesses that are not making money . ' '
enron ' s immediate problem was a crisis of confidence , which could have caused other companies to stop trading with it , mr . watson said . a $ 1 . 5 billion cash infusion from dynegy should restore the confidence of enron ' s business partners and keep enron stable until the takeover is complete , he said . to bolster enron further , j . p . morgan chase and citigroup may each invest an additional $ 250 million , executives close to the deal said . the potential investments by j . p . morgan chase and citigroup were reported yesterday in the wall street journal .
mr . watson said dynegy would also move quickly to assuage enron employees who are angry that kenneth l . lay , enron ' s chairman , and other top executives sold hundreds of millions of dollars in stock in 2000 and this year as enron ' s shares plunged . ' ' right now , there ' s some animosity over there , ' ' he said .
many employees at enron will get new grants of stock options when the acquisition is completed , he said . the company said it expected the deal to close by the end of the third quarter of next year , after extensive reviews from federal and state energy regulators and the department of justice .
mr . watson predicted that the deal would lift dynegy ' s earnings by 90 cents or more a share next year , to more than $ 3 . 45 a share .
analysts backed that view yesterday . ' ' investments in noncore business distracted the attention of management and also took up capital , ' ' said thomas hamlin , an analyst at wachovia securities . mr . hamlin said he believed that dynegy had obtained enron , which reported more than $ 100 billion in revenue last year , for a bargain price .
' ' it ' s not too often you get to take out the no . 7 fortune 500 company and double your earnings in the meantime , ' ' he said . ' ' my guess is the stock is worth $ 70 per share . ' '
the deal could increase dynegy ' s earnings by $ 1 to $ 2 a share next year , said christopher ellinghaus , an analyst at the williams capital group .
' ' that ' s a whopper , ' ' he said . ' ' it ' s a very good deal financially , certainly should be a good deal strategically , and provides some immediate balance - sheet backstop for enron . ' '
mr . lay said in an interview that enron had been forced to sell itself because of ' ' the relentlessness of all the articles and the shorts . ' '
' ' we realized that we needed to do something to stabilize the ship , ' ' he said . ' ' a good company was being badly tarnished . ' '
photo : in houston , the headquarters building of dynegy inc . , the energy and marketing trading company , which is in a $ 9 billion takeover of enron . ( asociated press )
copyright ? 2000 dow jones & company , inc . all rights reserved .
nov . 13 , 2001
houston chronicle
share boost for dynegy good news
saving enron trading called key handicap
by laura goldberg and david ivanovich
copyright 2001 houston chronicle
although investors monday cheered dynegy ' s planned acquisition of enron corp . , dynegy must still negotiate a series of potential roadblocks to pull off a successful merger .
among them : ensuring that enron ' s core energy - trading business , suffering before the merger announcement , stays healthy . negative news on that front quickly surfaced monday as at least two traders said they still plan extremely limited business with enron .
dynegy must also manage any unexpected disclosures about enron ' s financial performance and investment partnerships , convince enron ' s traders and other key employees to stick around , and mesh different corporate cultures .
investors were optimistic in dynegy ' s abilities as shares in the company traded up $ 5 . 55 to close at $ 44 . 31 monday , while shares in enron ended the day up 61 cents at $ 9 . 24 .
enron has been under siege since oct . 16 when it reported a $ 35 million loss and $ 1 . 2 billion reduction in shareholder equity tied to business dealings with investment partnerships run by its then - chief financial officer .
since then , the securities and exchange commission started an investigation of enron , a slew of shareholder lawsuits were filed and enron ' s stock price plummeted .
a new shareholder suit filed monday included dynegy on its list of defendants .
last week , enron said it was restating its earnings back to 1997 to include losses related to a number of complex partnerships , including several being investigated by the sec . it said it was correcting almost $ 600 million worth of mistakes .
just how close enron was to a collapse remains unclear . one industry source believes enron had been pushed " to the brink " and would have been done for if it had been unable to reach agreement with dynegy last week .
but ron barone , a credit analyst with standard & poor ' s , doesn ' t think enron ' s condition was so desperate .
" we clearly didn ' t see this as an imminent bankruptcy or imminent default , but it is something that could have eroded over time . . . in a fairly short time . "
friday , enron ' s long - term debt rating was downgraded to one notch above investment - grade status by both moody ' s investors service and s & p .
enron is the largest natural gas and electricity trader in the nation , accounting for about 25 percent of all transactions . its collapse would have meant the loss of much liquidity in the trading market , making trades more difficult and prices more volatile , industry experts said .
dynegy announced a deal friday to buy enron at a fire - sale price of almost $ 9 billion in stock , plus the assumption of about $ 13 billion in debt and $ 2 billion in preferred stock . the merger is expected to close , barring holdups from regulators , in six to nine months .
as part of the agreement , dynegy stakeholder chevrontexaco is giving dynegy $ 1 . 5 billion , which is to be infused today to help shore up enron ' s liquidity and preserve its trading franchise .
some of enron ' s former trading partners are still steering clear of the giant .
to facilitate transactions , the various energy trading firms extend credit to one another . those agreements are contingent upon a partner maintaining an adequate rating .
if the credit rating firms had downgraded enron ' s debt to junk status , its trading operation would have been devastated , industry officials said .
as details of enron ' s questionable financial dealings have been revealed , enron ' s trading partners have been scrambling to reduce their exposure .
kansas city , mo . - based aquila energy marketing corp . , for instance , has been ratcheting down its activity with enron , company spokesman al butkus said .
by the end of last week , aquila ' s exposure to enron was " insignificant , " butkus said . " and after all that was revealed on friday and the downgrading of the credit , we are now at an even lower level . "
atlanta - based mirant has likewise reduced its exposure and is only doing a limited amount of business with enron .
some larger players , however , continue doing deals with the company .
" reliant energy has consistently been trading with enron through its difficulties , albeit with a heightened sense of caution , " said shahid malik , president of houston - based reliant energy ' s trading operation .
charlotte , n . c . - based duke energy ' s exposure stands at $ 100 million .
" we ' re continuing the way we have been , " said duke spokesman terry francisco .
john olson , an analyst with sanders morris harris in houston , predicted it would take the traders some time to digest the merger deal .
" i think people will increasingly come back to enron just as soon as the $ 1 . 5 billion changes hands , " he said .
traders still have incentives to do business with enron even though it ' s being sold , as it has a wider variety of products than some of its competitors and its enrononline internet trading operation is regarded as superior .
on a conference call with investors and analysts monday morning , dynegy and enron executives fielded a variety of questions about the merger but refused comment on a wall street journal report that j . p . morgan chase & co . and citigroup are considering a $ 500 million investment in enron .
analysts remain worried that new and troubling surprises will emerge about enron ' s finances , including those that could call into question whether its core trading business is as advertised .
dynegy executives aren ' t expecting any such disclosures , but took a conservative approach to calculating merger benefits .
" i believe we have adequately bracketed the downside , " said chuck watson , dynegy ' s chairman and chief executive .
even with a worst - case scenario , dynegy still found a " tremendous amount of economic value " in the merger , said watson , who will take the same roles after the merger .
the deal , dynegy said , will add 90 cents to 95 cents per share in earnings for current dynegy shareholders . and that ' s before cost savings that are expected to run $ 400 million to $ 500 million a year .
dynegy detailed two escape clauses in the merger deal . for one , if the amount of legal and shareholder claims enron must pay out is greater than $ 3 . 5 billion , it can be called off .
enron and dynegy officials also said they will do whatever it takes to keep their key people . but will traders jump ship ? " oh , yeah i ' m sure they will , " the industry source said .
jeff dietert , an analyst with simmons financial desk
dynegy , enron stock prices get boost energy : even as experts warn of regulatory hurdles , investors back proposed merger .
nancy rivera brooks
times staff writer
11 / 13 / 2001
los angeles times
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investors and analysts applauded the proposed $ 9 - billion merger of dynegy inc . and enron corp . , boosting the stock price of both houston - based energy companies on monday even as some experts warned of regulatory hurdles .
dynegy and enron executives courted wall street by offering assurances that the combined company , to be called dynegy , would be more financially conservative and easier to understand than enron has been .
dynegy chief executive charles l . watson said the merger would immediately sweeten earnings for the combined company and that he remains " 90 % certain " that no more nasty surprises will emerge from a continuing internal investigation of enron ' s cloudy finances .
" this is an exciting business combination . . . that will fuse two groups of talented , dedicated people who share a passion for their work , " said watson , who would be chairman and chief executive of the new company .
dynegy ' s stock leaped $ 5 . 55 to close at $ 44 . 31 on the new york stock exchange while enron ' s stock increased 61 cents to $ 9 . 24 .
the proposed transaction , revealed late friday after days of rumors , marks an extraordinary humbling of enron and its powerful chairman and ceo , kenneth l . lay . enron is the world ' s largest energy trader , but a loss of investor confidence and a severe cash crunch have pushed it into the arms of a competitor that is one - quarter its size .
under the deal , enron shareholders would get 0 . 2685 dynegy share for each share of enron stock . based on the $ 38 . 76 close friday of dynegy ' s stock on the new york stock exchange , the deal valued enron ' s stock at $ 10 . 40 a share - - or $ 11 . 89 a share based on monday ' s close . dynegy would convert 850 million enron shares , the company said .
dynegy said monday that its deal is worth about $ 24 billion in all : the $ 9 - billion stock swap and the assumption of $ 2 billion of preferred stock and $ 13 billion in debt . enron would get an immediate cash infusion from chevrontexaco corp . , which owns nearly 27 % of dynegy , with an additional $ 1 billion to follow when the deal closes .
enron ' s stock fell 80 % after a series of disturbing financial disclosures that began oct . 16 with a surprise third - quarter loss tied to failed investments in water and telecommunications and losses from the termination of some off - balance - sheet partnerships .
enron also revealed that $ 1 . 2 billion had been shaved off shareholders ' equity because of those partnerships . the securities and exchange commission launched an investigation into the investment vehicles , and the company fired three executives linked to the partnerships .
an internal investigation led enron to admit it overstated profit by $ 586 million , or 20 % , going back to 1997 .
all those disclosures are unrelated to enron ' s core businesses of energy trading , energy marketing and natural gas pipelines , said dynegy president steve bergstrom , and it is those businesses that dynegy wants .
" we have had the opportunity to look under the hood of their core businesses and have found no surprises , " said bergstrom , who would be president of the combined company . dynegy expects those businesses alone to add as much as 95 cents a share to the combined company ' s earnings the first year , and dynegy has built protections into the deal if more surprises emerge from noncore businesses or off - balance - sheet partnerships , the executives said .
among the protections : dynegy or enron would receive $ 350 million if the other backs out of the deal ; dynegy can abandon the transaction if lawsuit and financial liabilities exceed $ 3 . 5 billion ; and if the deal falls apart , dynegy gets enron ' s northern natural gas pipeline .
the combined company would be leader in all of its primary businesses , watson said , with revenue of more than $ 200 billion and assets of more than $ 90 billion . the new dynegy would be the world ' s largest energy trader and would own 25 , 000 miles of natural gas pipelines and 22 , 500 megawatts of electricity generation .
it is that powerhouse role that may give regulators pause , energy and antitrust experts say .
california atty . gen . bill lockyer has not taken a position on the proposed merger . dynegy co - owns three power plants in california and enron controls a portion of the state ' s natural gas supply through its pipeline and trading businesses .
photo : kenneth lay , left , and chuck watson announce proposed merger . ; ; photographer : associated press
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron shares enriched ken lay before flaming out : graef crystal
2001 - 11 - 13 01 : 01 ( new york )
( commentary . graef crystal is a columnist for bloomberg
news . the opinions expressed are his own . )
las vegas , nov . 13 ( bloomberg ) - - enron corp . shareholders
never blinked as chief executive officer kenneth lay piled up pay
- - salary , bonuses , stock grants and options - - that would meet
almost any definition of excessive .
from 1993 to the end of 2000 , lay ' s potential compensation
came to $ 614 million if you add unexercised option profits to the
millions he actually pocketed .
sad to say , lay ' s paper profit of $ 362 million at the end of
2000 has evaporated as enron ' s stock lost about 90 percent of its
value . the houston , texas , energy company , beset by accounting
problems , is now being bought by a smaller competitor , dynegy
inc .
still , the 59 - year - old lay hauled away $ 31 . 5 million a year
in real dollars over the last eight years , a generous amount
given enron ' s recent admission - - after the securities and
exchange commission opened an investigation - - that it overstated
earnings by $ 586 million in five of those years .
lay was enron ' s ceo from the time it was formed 15 years ago
in a merger of natural - gas pipeline operators until he stepped
down in february for prot ? g ? jeffrey skilling . skilling left
unexpectedly in august for ` ` personal ' ' reasons .
ceo ' s return
in six months under skilling , enron ' s total return to
shareholders was a negative 46 percent , four times worse than the
performance of the standard & poor ' s 500 index . it was also a
sharp contrast to the 30 percent a year enron returned to
shareholders over the previous eight years under lay , when the
company ' s performance was almost double that of the s & p 500 .
so lay became ceo again after skilling ' s mid - august
departure - - and enron ' s performance has now been even worse :
minus 78 percent versus the 5 . 8 percent negative return of for
the s & p 500 .
while lay has an employment agreement extending all the way
to 2005 , the company ' s pending acquisition by dynegy leaves his
future in doubt . for enron ' s battered shareholders , whose stock
once was among the s & p 500 ' s top performers , that may not be such
bad news .
enron shareholders endured a roller - coaster ride during
lay ' s long tenure , their stock 2 . 2 times as volatile as that of
the s & p 500 index .
lay , and some other enron executives , were responsible for
at least some of the heavy activity in their company ' s shares .
lay exercised and sold option shares twice a day on every trading
day this year through aug . 21 , on last report . in the process , he
dumped about 300 , 000 option shares to reap about $ 26 million .
royal treatment
that comes atop his realized option gains of $ 123 million in
2000 and another $ 44 million the year before that .
shedding large numbers of option shares might seem
reasonable for a ceo about to leave the company . for someone
continuing as board chairman , such behavior raises suspicion he
might have known before others what a bad investment enron was
about to become .
over the past eight years , lay has received bonuses totaling
$ 19 . 8 million , free shares worth $ 12 . 7 million at the time of
their grant , payouts under miscellaneous stock - option plans of
$ 3 . 5 million and a whopping 11 million option shares .
those figures don ' t include free personal travel on company
planes . in 2000 alone , that little item came to $ 334 , 000 .
if lay has been handsomely compensated , he has treated his
outside directors royally . enron ' s current proxy statement
informs shareholders that directors in 2000 received an average
of $ 79 , 107 in cash , deferred compensation , phantom stock units
and stock options granted in lieu of cash .
who knew ?
by itself , that figure might not seem egregious . parsing the
artful language of the proxy , one reads further to find that each
outside director also received a stock option covering 10 , 775
shares at a strike price of $ 75 . 13 a share . i estimate the
present value of that option to be $ 315 , 000 , making for a
director ' s total pay of an eye - popping $ 394 , 000 .
to be sure , those options are now way underwater , given
enron ' s closing price yesterday of $ 9 . 24 . still , the fact they
were granted at all suggests that enron ' s directors must have had
a warm fuzzy feeling for lay while treating him so munificently .
politically , too , lay has shown generosity and a deft touch :
he gave $ 2 , 000 directly to president george w . bush ' s campaign ,
another $ 275 , 000 in soft money to the republican party and has
long been an adviser to bush on energy matters .
even if he was unaware of the accounting issues that helped
bring down enron , lay still profited hugely from a stock price
that soared on the strength of inflated numbers . and , as the ceo ,
he bears ultimate responsibility for what goes on in the company
he helped found and has run for most of the past 15 years .
the question arises , to echo a phrase made famous during the
watergate era : ` ` what did ken lay know , and when did he know
it ? ' '
- - graef crystal in las vegas ( 702 ) 270 - 6841
companies julie earle and richard waters in new york ; peter spiegel in washington see lex .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
global investing - spreading the risks - and the rewards .
11 / 13 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
just as enron is showing us how a public company should not shift private equity exposure off its balance sheet , sandy schwab , son of charles schwab , and middlebury capital , a new york - based hedge fund , are providing an alternative model .
mr schwab ' s firm chess ventures is raising a private equity fund that will specialise in financial services technology , according to a source close to the fund - raising . the idea is to attract 10 to 12 banks from around the world to co - invest in technology companies specialising in financial services .
the idea is similar to the corporate venturing activities undertaken by a host of california technology companies . they jumped into venture capital in the late 1990 s , not just because there seemed to be stacks of money to be made , but also so they could become partners to thrusting future competitors , rather than victims of their cutting - edge technology .
technology is also a vital business for financial services companies - and not just for those like schwab with a heavy presence in internet trading . every year , banks and brokers plough hundreds of millions of dollars into trading , settlement and risk management systems .
but the problems with corporate venturing became clear when companies such as jp morgan chase , wells fargo , dell and intel registered significant earnings volatility as the value of their venture capital holdings was marked down significantly .
enron got around these problems by setting up an off - balance sheet vehicle with a number of additional investors . its idea was to distance its earnings statement from volatile investments in the new power company and rhythm netconnections . but eventually , those investments came home to roost .
enron had to compensate it co - investors in the structure for their losses arising from its private equity investments , and paid a heavy price for the apparent subterfuge of keeping them out of the public view .
the schwab fund seems to offer the benefits of corporate venturing without some of its costs . the investors , who it is hoped will eventually contribute $ 100 m to $ 150 m to the new fund , will share the benefits of whatever technology is developed and they will probably also be the first customers of the companies they are sponsoring .
but because they are all taking a relatively small part of the pie they should ameliorate their overall risk .
spreading the risks like this would be hard to pull off in a totally domestic structure . corporate venturing is , after all , meant to give a company an edge over its competitors .
but diversifying the fund internationally should allow the chess fund to spread the risks . the fundraisers are talking to banks in the uk and scandinavia , among other places . if the theories of growing european cross - border integration and competition come to fruition some of the bank co - investors might end up competing but in the meantime separating investors by geography seems like a safe bet .
schwab and the other investors could , of course , have put their money into other stand - alone venture funds . that would at least have solved the problem of keeping their volatile private equity exposure on balance sheet , but stand - alone funds with the sharp focus that a corporate venturing outfit has are fairly few and far between .
corporate venture capital groups , where the corporation involved is a strategic investor rather than just a speculator , are usually narrowly focused on their parent group ' s industry because they are in the business of helping their parent develop a strategic edge . a few venture firms focus very narrowly on enterprise software but often they want to keep their options to invest in , say , biotechnology , if that area suddenly looks promising .
for non - strategic investors that approach has clear advantages . technology investments have suffered over the last 18 months , while biotech investments have held up relatively well . if investors are right about the dramatic impact of information technology on biotechnology , investors in a general fund that has had the foresight to bet on those changes will probably do very well .
but the schwab approach is all about venturing as a way to extend research and development . venturing can tap into the reserves of entrepreneurship that have served the us so well in the 1990 s in a way that traditional research and development probably cannot .
entrepreneurship does , however , come at a price . young companies can and do fail . their values can swing wildly .
an off - balance sheet approach with clear strategic benefits might allow companies to have their cake and eat it .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
comment & analysis - enron reaps the whirlwind .
by peter martin .
11 / 13 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
comment and it brought a set of assets that could provide security of supply to the new dematerialised energy trading .
we will come back to what went wrong at enron later . but first notice how much went right in the newly market - oriented industries . critics argued that an integrated business , tightly controlled from the centre , was essential for security of supply . but british electricity privatisation proved you could switch to a market - oriented system quickly and smoothly - and the lights stayed on .
all you needed were proper regulations , a freely operating supply side and a bunch of active market - makers . these were not always present - for example , the absence of the first two gave california an electricity shortage . but if the markets were properly set up , everything worked like clockwork .
the new era had a simple creed . before there were effective markets , companies needed to be vertically integrated to cope with unexpected fluctuations in demand and supply . but now markets allowed them to handle that risk more efficiently , buying and selling what they needed . trading exploded : enron alone recorded revenues of over $ 100 bn ( # 68 bn ) in 2000 .
so what did go wrong ? enron expanded its markets too aggressively , moving far beyond energy through a web - based platform called enrononline . as mr skilling put it in an interview with businessweek : " we ' re on the side of angels . we ' re taking on the entrenched monopolies . we ' re bringing the benefits of choice and free markets to the world . "
expensively , enron rushed into trading telecoms bandwidth , building a big network to ensure it could deliver a scale of demand that never materialised .
mr skilling left abruptly in august , citing personal reasons . this autumn the company announced it had been engaging in transactions with supposedly independent entities that should , in fact , have been consolidated with its own accounts . some of these were headed - in a clear conflict of interest - by its own chief financial officer . correcting the accounting caused big restatements of earnings .
this may , of course , just be the growing pains of an innovative but overly ambitious company . in that case , enron may prosper under new ownership - it agreed to be taken over by dynegy , a much smaller rival , on friday . dynegy will slash the range of enron ' s activities to focus on energy . if the sale goes through , such an approach may restore enron to health .
but perhaps the enron problems tell us something more significant about the rush to turn formerly integrated businesses into markets .
to get these to work requires active market - makers like enron . creating liquidity in previously illiquid markets soaks up capital . nalin kulatilaka , professor of finance at boston university ' s management school , has studied enron for years . " the bottom line is that when the liquidity on the two sides of a market are very different , " he says , " a company that tries to lead the way in creating these marketplaces is going to bear sustained liquidity risks . "
the risks that the old system had coped with by building a layer of inefficiency into its operations did not go away in the new market era . enron knew all about these risks : managing them , through complex trades , was its essential skill .
james lam , founder of the consultancy erisk , says : " enron has always been recognised by other companies as best practice in risk management . it put in systems to manage risk on a real time basis , and had very strong management . "
but risk is a bit like a balloon . squeeze it down in one area and it bulges out in another . even if the operational risk was managed with great skill , the underlying riskiness of the strategy enron was pursuing could not be wished away . except , perhaps , by transactions that passed it on to outside entities . the problem was that those entities were not really outside at all .
despite enron ' s problems , the shift to a market - based approach is now irreversible - for energy markets at least . ed krapels , who runs energy security analysis in boston , says : " clearly enron ' s trading culture has been adopted by every one of the big oil companies except exxon . "
but , he adds , there is a big difference between companies with trading at their core , like enron and dynegy , and those that have added a trading approach to a business fundamentally based on physical assets , such as bp . the leverage and aggression in such businesses is much lower .
dynegy ' s rescue of enron was only made possible by an injection of cash from chevrontexaco , which owns 26 per cent of dynegy ' s shares . call it the revenge of the entrenched monopolies . energy markets may not be as efficient without an aggressive enron . but if they come back into the embrace of the big physical operators , they may cope a little better with the unpredictable riskiness of the real world .
peter . martin @ ft . com .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones financial desk
andersen could face sec sanction , suits over enron accounting error
bloomberg news
11 / 13 / 2001
los angeles times
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houston - - arthur andersen may face u . s . securities and exchange commission sanction and shareholder lawsuits because it certified enron corp . financial reports that the company disavowed last week as inaccurate , legal and accounting experts said .
andersen , the world ' s fifth - largest accounting firm , served as enron ' s outside auditor for more than a decade . last week , the company reported that it overstated earnings by $ 586 million over 41 / 2 years , inflated shareholder equity by $ 1 . 2 billion because of an " accounting error , " and failed to consolidate results of three affiliated partnerships into its balance sheet .
enron restated its financial reports as the company suffered a cash crisis triggered by disclosure of the cut in shareholder equity and the start of an sec investigation .
" i ' d be very surprised if the sec didn ' t go after arthur andersen , " said alan bromberg , securities law professor at southern methodist university .
andersen partner david tabolt has said the firm is cooperating with a special committee of enron ' s board of directors appointed to investigate the accounting problems .
lynn turner , who was the sec ' s chief accountant for three years until he resigned in august , said enron and andersen ignored a basic accounting rule when they overstated shareholder equity .
explaining the equity reduction last week , enron said it had given common stock to companies created by enron ' s former chief financial officer in exchange for notes receivable , and then improperly increased shareholder equity on its balance sheet by the value of the notes .
" what we teach in college is that you don ' t record equity until you get cash for it , and a note is not cash , " said turner , who is now director of the center for quality financial reporting at colorado state university .
" it ' s a mystery how both the company would violate , and the auditors would miss , such a basic accounting rule , when the number is $ 1 billion . "
copyright ? 2000 dow jones & company , inc . all rights reserved .
investors upbeat about merger between dynegy and enron
by juan a . lozano
associated press writer
11 / 13 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - while troubled enron corp . brings a certain amount of financial baggage in its union with rival dynegy inc . , the merger will create a new company that while strong won ' t dominate the energy market , according to several analysts .
but others still expressed concerns with the deal between the two houston - based companies , citing strategic and cultural differences between the two companies and potential antitrust issues .
meanwhile , investors on monday gave a tentative thumbs up to the merger . dynegy shares rose $ 5 . 55 , or 14 percent , to close at $ 44 . 31 , while enron shares were up 61 cents , or 7 percent to $ 9 . 24 on the new york stock exchange .
enron ' s financial crises had left many fearing severe disruptions in the energy market , daniel ford , an analyst with lehman brothers wrote monday in a research note to clients .
" we believe the terms of the announced merger agreement are a path to resolving these fears , " ford wrote .
duane grubert , an analyst with sanford c . bernstein and co . , said any antitrust concerns that might arise from the deal will be minimal because the energy market will be able to absorb the new company ' s impact .
" while there is risk , the prize is so big the parties will go through it and the deal will ultimately close , " grubert said .
but carol coale , an analyst with prudential securities inc . , wrote in a research note to clients she had several concerns about the deal , including whether dynegy will be successful in retaining enron ' s " talented " energy trading and marketing personnel and whether both companies have compatible trading strategies .
dynegy officials said monday the proposed deal was " doable , " would clear all antitrust hurdles and be completed within nine months .
" what we have done is literally taken the worst case ( scenario ) and even in the worst case there is a lot of economic value for both companies , " said chuck watson , chairman and chief executive officer of dynegy , during a conference call monday .
the deal , worth at least $ 9 billion , was announced friday . dynegy will also assume $ 13 billion of enron debt . the enron name will disappear .
under the deal , chevrontexaco corp . , which owns more than a quarter of dynegy , would immediately provide about $ 1 . 5 billion . chevrontexaco would contribute an additional $ 1 billion upon completion of the deal .
dynegy ' s earnings for 2002 , before the merger , were expected to range between $ 2 . 50 and $ 2 . 60 . the buyout now raises that to between $ 3 . 40 and $ 3 . 50 , said company spokeswoman jennifer rosser .
according to thomson financial / first call , analysts were expecting dynegy to earn $ 2 . 57 a share next year .
dynegy officials pledged monday that they won ' t tolerate the sort of financial practices that prompted enron to acknowledge last week that it overstated earnings by about 20 percent since 1997 .
those financial practices included business partnerships now under investigation by the securities and exchange commission .
enron , the nation ' s top buyer and seller of natural gas reported a $ 618 million third quarter loss on oct . 16 and disclosed a $ 1 . 2 billion reduction in shareholder equity related to the partnerships . worries about enron ' s financial stability eventually caused shares to plunge 80 percent , leaving enron open for a takeover bid .
officials with both companies said if for some reason the deal falls through , dynegy will be given enron ' s northern natural gas pipeline in compensation for the $ 1 . 5 billion cash infusion enron received .
the agreement also has a clause that would allow dynegy to opt out of the deal if enron ' s litigation and other costs surpass $ 3 . 5 billion , dynegy officials said monday .
- - -
on the net :
http : / / www . enron . com
http : / / www . dynegy . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
world stock markets - dow sinks in wake of new york jet crash .
by mary chung .
11 / 13 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
us equities fell sharply in morning trading after an american airlines jet crashed near new york ' s jfk airport , sparking a nervous selloff on wall street .
two months after the september 11 terrorist attacks in the us , the markets were again deeply nervous . a positive opening quickly evaporated following news of the crash , which renewed concerns about safety in the airline industry .
by midsession , the dow jones industrial average was down 166 . 20 to 9 , 441 . 80 while the s & p 500 index fell 15 . 93 to 1 , 104 . 38 . the nasdaq composite lost 23 . 23 to 1 , 805 . 25 .
after an initial selling spree , stocks trimmed some of their losses as investors anxiously awaited details to determine the cause of the crash . " this just knocked the wind out of the market , " said christopher wolfe , us equity strategist at jp morganchase . " if it ' s deemed to be an accident , the stock market will respond better . "
the airline industry took a sharp hit as the amex airline index tumbled 7 per cent at $ 64 . 25 .
shares in amr corp , the parent of american airlines , gave up 13 . 3 per cent at $ 15 . 72 while northwest fell 6 per cent at $ 12 . 75 . hotel and other travel - related companies were also lower as carnival corporation fell 4 . 4 per cent at $ 23 . 09 and starwood hotel and resorts shed 4 . 5 per cent at $ 23 . 12 .
aircraft maker boeing fell 2 . 4 per cent at $ 32 . 43 and united technologies lost 4 per cent at $ 54 . 69 . shares in honeywell and general electric were off 5 . 5 per cent and 4 . 2 per cent , respectively . all other dow components were also trading lower .
dynergy jumped 13 per cent at $ 43 . 84 after the energy trading company agreed to acquire its larger rival enron in an $ 8 bn rescue deal . enron rose 11 per cent at $ 9 . 59 . other energy stocks traded lower . exxon mobil fell 1 . 6 per cent at $ 39 . 60 .
ciena corp gained 10 per cent at $ 18 . 94 after the fibere - optic networking equipment maker said it would meet or top fourth - quarter sales forecasts . the company also said it would cut 380 jobs , or 10 per cent of its workforce .
cisco systems fell 2 per cent at $ 18 . 84 while juniper networks added 2 . 6 per cent at $ 24 . 06 . shares in intel retreated 1 . 4 per cent at $ 27 . 50 and microsoft dipped 0 . 6 per cent at $ 64 . 80 .
insurance companies were mostly lower with conseco down 3 per cent at $ 3 . 86 and metlife off 0 . 7 per cent at $ 27 . 34 .
toronto picked up from early lows , but remained under pressure . by midsession , the s & p 300 composite index was still nursing a loss of 0 . 6 per cent at 7 , 163 . 90 . trade , however was thin with many investors absent for the remembrance day holiday .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones firm gets rights to key pipeline
melita marie garza , tribune staff reporter
11 / 13 / 2001
chicago tribune
north sports final ; n
1
( copyright 2001 by the chicago tribune )
shares of dynegy inc . shot up 14 percent on monday as investors calculated that the houston - based power - trading company will win big whether or not regulators approve its blockbuster merger with hometown rival enron corp .
under terms of the deal , dynegy executives said in a conference call with analysts on monday , their company will get rights to enron ' s prized northern natural gas pipeline in return for $ 1 . 5 billion invested in enron . moreover , the deal calls for enron to pay dynegy $ 350 million if enron walks away to accept a higher bid from another company .
particularly lucrative for dynegy , analysts said , are the rights it obtained to acquire the northern natural gas pipeline . the pipeline is an interstate transmission system , providing transportation among other supply conduits and serving customers in the upper midwest through a 17 , 000 - mile network .
for this and other reasons , dynegy stock closed at $ 44 . 31 , up $ 5 . 55 , on the first trading day after the $ 24 billion merger deal was announced .
enron , the nation ' s largest trader of natural gas and electricity , has been bowed in recent weeks by soured transactions with energy partnerships run by one of its former executives and by a revelation about questionable accounting practices . enron last week was forced to revise down its earnings for the past five years and has seen its debt ratings downgraded and its stock price plummet .
but chuck watson , dynegy ' s chief executive , said during the conference call that he did not anticipate any more nasty surprises arising from enron ' s convoluted books . " we literally have taken what we think is the worst case scenario , " watson said . " i ' m comfortable that even in that case this is a very , very good economic transaction for both companies . "
dynegy executives estimated an annual earnings - per - share growth of 15 percent to 20 percent for the combined company over the next three years .
under the stock - for - stock - swap portion of the deal , valued at $ 8 . 85 billion , dynegy is paying the equivalent of $ 10 . 41 a share for the 850 million outstanding enron shares . dynegy would pay . 2685 shares of its stock for each share of enron . in addition , dynegy agreed to assume an estimated $ 13 billion in debt .
it is conceivable that additional problems with enron ' s off - balance sheet partnerships could kill the proposed deal between the two power - trading rivals .
but on monday , kenneth lay , enron ' s chief executive , said : " we don ' t have anything we are trying to hide . on the contrary , we have been very forthcoming of everything we have found . we have disclosed anything and everything that we have found so far . "
despite its sanguine outlook on the deal , dynegy officials acknowledged that they have escape clauses in their offer . for example , dynegy can renege on the deal if pending litigation against enron , which includes a slew of lawsuits filed by disgruntled investors who have lost millions of dollars , exceeds $ 3 . 5 billion in costs .
since last wednesday , when dynegy shares closed at $ 33 , the stock has risen more than 33 percent . after rumors began swirling last thursday that it was in talks with enron , its shares rose to $ 36 . 50 . on friday , after making the bid for enron , its shares closed at $ 38 . 76 , for a rise of 17 . 5 percent in two days of trading .
by comparison , enron stock rose 7 . 1 percent , to $ 9 . 24 , on monday and has risen only 2 percent since last wednesday .
dynegy officials on monday also sought to quell rumors that the deal was greased because enron owed dynegy money . in fact , " dynegy currently owes enron . . . less than $ 50 million , " said rob doty , chief financial officer of dynegy .
copyright ? 2000 dow jones & company , inc . all rights reserved .
uk : innogy restarts energy trading with enron .
11 / 13 / 2001
reuters english news service
( c ) reuters limited 2001 .
london , nov 13 ( reuters ) - british power company innogy on tuesday said it had resumed trading with crisis - hit u . s . energy group enron after a 14 - day cessation .
in the first confirmation that it had stopped trading with the u . s . group , innogy said in a statement " the situation now seems to have been resolved and business will resume " .
innogy said there had been little impact on it as a result of the suspension of trading .
but industry experts said the implications for enron could be larger because a number of large european energy groups suspended dealings with it at the end of last month .
enron ran into a crisis of investor confidence in mid - october when it disclosed previously unbooked charges , and is now the object of a $ 9 billion rescue takeover offer from smaller rival dynegy .
copyright ? 2000 dow jones & company , inc . all rights reserved .
report on business : international
enron , dynegy shares climb industry observers give takeover bid mixed reviews
janet mcgurty
reuter news agency
11 / 13 / 2001
the globe and mail
metro
bl 5
" all material copyright ( c ) bell globemedia publishing inc . and its licensors . all rights reserved . "
new york - - shares of enron corp . climbed higher yesterday on investor enthusiasm over last week ' s $ 9 - billion ( u . s . ) bid by rival energy trader dynegy inc . to take over the beleaguered energy giant .
dynegy gained $ 5 . 55 , or 14 . 3 per cent , to $ 44 . 31 on the new york stock exchange , while shares of enron rose 69 cents , or 8 per cent , to $ 9 . 32 . the takeover announced friday halted a free - fall in enron ' s stock that lost about 75 per cent of its market capitalization in the past month .
however , enron ' s stock was trading well below the value of dynegy ' s offer of 0 . 2685 dynegy shares for each enron share , which translates into $ 11 . 94 a share . analysts said this likely reflected doubts in some investors minds as to whether the deal , which includes " escape clauses " for dynegy , will go through .
some industry analysts said they were impressed by the upfront details offered by dynegy during a conference call with analysts , an about - face compared with calls with enron . a lack of transparency from enron about its off - balance - sheet transactions , along with a u . s . regulatory investigation , had sparked widespread investor unease .
" i would say that after listening to the conference call , i am even more comfortable with my initial judgment that the projections are conservative , " said jay yannello , an analyst with ubs warburg .
earlier , mr . yannello reiterated a " strong buy " on dynegy , saying while the brokerage does not underestimate the enormous challenge at hand , the takeover should yield the biggest and most credible energy merchant in the world . dynegy is about one - fifth the size of enron when measured by revenues .
enron ' s woes came to light in mid - october after the biggest energy trader in north america disclosed that some of its off - balance - sheet partners contributed to a $ 1 - billion charge and a $ 1 . 2 - billion reduction in shareholder equity .
the takeover is an attractive transaction because of enron ' s trading operations , which combined with dynegy ' s above - board culture based on teamwork , strict values and honesty , should yield a formidable company , mr . yannello said .
however , last week some antitrust lawyers said the deal will be closely examined by the federal trade commission because of the combined company ' s market share in energy trading , said steve newborn , formerly in charge of ftc merger enforcement .
gordon howald , an analyst at credit lyonnais securities , said he is favourably disposed toward the takeover , which he called a " low risk - high reward proposition . "
the most critical component is the immediate $ 1 . 5 - billion equity infusion by dynegy shareholder chevrontexaco corp . into enron that will bolster enron and help keep it viable .
some analysts are less sanguine . they said dynegy is making a big bet that it can successfully clean up enron ' s balance sheet problems as well as integrate its trading and marketing business without losing a lot of key traders and volumes .
copyright ? 2000 dow jones & company , inc . all rights reserved .
city - city comment - enron ' s end provides textbook disaster study .
11 / 13 / 2001
the daily telegraph
p 40
( c ) telegraph group limited , london , 2001
a year ago enron , north america ' s biggest natural gas and power business with a growing european presence , chalked up $ 101 billion in revenues and saw its market value reach the giddy heights of almost $ 80 billion .
yesterday it was coming to terms with being part of dynegy , its junior rival in houston , taken out at a price which just allows it to escape the ignominy of the 90 pc club . in less than three weeks the one - time wall street darling has been humbled by a sequence of events that stunned the market and will provide business schools with a classic casebook disaster study .
the enron demise is one which cannot be blamed on the events of september 11 . a third - quarter loss , followed by an equity write - down , the disclosure of questionable off - balance - sheet businesses , an admission that earnings have been over - stated and a securities and exchange commission investigation brought enron to the brink of collapse .
ken lay , its chairman , had taken full advantage of market deregulation to build enron into a multi - national utility with a network of power plants , gas pipelines and a powerful trading presence , in everything from energy to metals . it trades these from an office in victoria which employs 2 , 000 people , and mr lay might have wondered rather earlier how this army of people could possibly pay for themselves , even in his brave new deregulated world .
now dynegy has picked up enron cheaply , and must find its way off debt mountain before the financial weather gets worse . the new group has sales of more than $ 200 billion , and assets in the books at $ 90 billion . a fire sale is inevitable , including that of wessex water , sold to enron for $ 1 . 4 billion three years ago . it will probably not fetch more than $ 400 m today , and even at that price is not obviously cheap .
copyright ? 2000 dow jones & company , inc . all rights reserved .
financial
stocks steady after scare
associated press
11 / 13 / 2001
the washington post
final
eo 3
copyright 2001 , the washington post co . all rights reserved
new york , nov . 12 - - a jetliner crash in new york today gave wall street a sharp reminder that more terrorist attacks are possible and prompted shaken investors to refrain from any major moves . the stock market ended the day mixed , recovering from a steep drop as news reports indicated terrorism did not appear to be the cause of the crash .
" fears are running high , " said alan ackerman , executive vice president of fahnestock & co . " we ' re dealing with a bruised u . s . psyche , whether it is at the consumer level or the investor level . "
the dow jones industrial average closed down 53 . 63 , or 0 . 6 percent , at 9554 . 37 , after dropping as much as 198 in very early dealings . the american airlines plane crashed at 9 : 17 a . m . est , 13 minutes before the stock market opened .
the nasdaq composite index rose 11 . 65 , or 0 . 6 percent , to 1840 . 13 , having been down as much as 42 . the standard the american stock exchange index fell 2 . 07 , to 824 . 77 ; and the russell index of 2 , 000 small stocks rose 2 . 38 , to 440 . 48 .
* declining issues narrowly outnumbered advancing ones on the nyse , where trading volume fell to 1 . 01 billion shares , from 1 . 11 billion on friday . on the nasdaq , advancers narrowly outnumbered decliners and volume totaled 1 . 57 billion , up from 1 . 53 billion .
* government bond markets were closed for veterans day .
* the dollar rose against the japanese yen and the euro . in late new york trading , a dollar bought 120 . 53 yen , up from 120 . 32 yen late friday , and a euro bought 89 . 36 cents , down from 89 . 38 cents .
* light , sweet crude oil for december delivery settled at $ 21 . 23 a barrel , down 99 cents , on the new york mercantile exchange .
* gold for current delivery rose to $ 278 . 30 a troy ounce , from $ 277 . 40 on friday , on the new york mercantile exchange ' s commodity exchange .
http : / / www . washingtonpost . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
tata power , bses keen to buy 85 pct stake in enron unit dabhol power - idbi
11 / 13 / 2001
afx news
( c ) 2001 by afp - extel news ltd
bombay ( afx - asia ) - tata power co ltd and bses ltd have expressed interest in acquiring the 85 pct stake held by enron corp and its associates in dabhol power company , a statement released by the industrial development bank of india ( idbi ) , the lead lender to the project , said .
" both bses ltd and tata power have expressed deep interest to purchase the 85 percent shareholding held by enron and its associates . they would also like to conduct due diligence of the project , " the statement said .
it also said lenders and owners of dabhol power held a three - day meeting last week in singapore that was " fruitful and expected to pave the way towards the solution for the various issues . "
enron , along with the maharashtra state electricity board ( mseb ) and the state government , had jointly set up the dabhol power plant , which stopped generating electricity after mseb failed to pay for power from the 1 , 284 megawatt project .
dabhol power had served an " asset transfer notice " to the mseb for the valuation of the company ' s assets in order to sell them off . rc / for more information and to contact afx : www . afxnews . com and www . afxpress . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
india ' s tata group , bses keen to acquire 85 percent of enron india unit
11 / 13 / 2001
agence france - presse
( copyright 2001 )
bombay , nov 13 ( afp ) - indian power generation companies tata power co . ltd and bses ltd . have expressed interest in acquiring the 85 percent stake held by enron corp . and its associates in the controversial dabhol power company in western india .
" both bses ltd . and tata power have expressed deep interest to purchase the 85 percent shareholding held by enron and its associates . they would also like to conduct due diligence of the project , " said a statement tuesday by the industrial development bank of india ( idbi ) , the lead lender to the project .
the statement also said lenders and owners of dabhol held a three - day meeting last week in singapore that was " fruitful and expected to pave the way towards the solution for the various issues . "
us - based enron has said expects about one billion dollars for the stake .
enron , along with the maharashtra state electricity board ( mseb ) and the state government , had jointly set up the power plant in the western state , which stopped generating electricity after mseb failed to pay for power from the 1 , 284 megawatt project .
dabhol power has served an " asset transfer notice " to the mseb for the valuation of the company ' s assets in order to sell them off .
idbi and other lenders such as the state bank of india , icici ltd . and ifci ltd . have lent more than 60 billion rupees ( 1 . 25 billion dollars ) to the project and filed a lawsuit against dabhol to ensure they get their funds back .
jds / sct
copyright ? 2000 dow jones & company , inc . all rights reserved .
bses seeks mega project status for dabhol
our bureau mumbai
11 / 13 / 2001
business standard
4
copyright ( c ) business standard
power major bses , which has evinced keen interest in acquiring a 85 per cent stake in the dabhol power company ( dpc ) , has sought mega power project status for the dabhol project .
" we have suggested this as one of the measures for bringing down the capital cost of the project which , in turn , will translate into lower tariffs . this has been mooted by us at various meetings with the government as well as in the recent meeting with lenders at singapore , " r v shahi , chairman and managing director , bses .
the conferring of such a status will enable the project to bag a slew of tax concessions including reduction in customs duties . it will also enable the plant to sell power across states .
global energy major enron which holds 65 per cent stake in dpc has decided to exit the power project along with its two us partners general electric and bechtel who hold 10 per cent each . bses as well as tata power have evinced keen interest in this stake .
bses is planning to conduct due diligence through an internal task force which will be assisted by a group of consultants .
it is official now that the two parties have evinced interest in acquiring a 85 per cent stake in the project . the industrial development bank of india has officially acknowledged for the first time that the issue was discussed at last week ' s meeting of lenders at singapore .
the institution has said in a press release , " the issues discussed at the meeting included completion of phase - ii of the project and the cost thereof , sale of shareholding by enron corporation , us , bechtel enterprises inc , us , and general electric , us , in dpc ( aggregating 85 per cent of total capital ) to either of the prospective new sponsors viz . bses and tata power . the meetings were fruitful and are expected to pave the way towards the solution to the various issues faced by dpc . "
at the meeting in singapore both the prospective sponsors evinced keen interest in the purchase of enron and its associates ' shareholdings and discussed in detail with ifis as well as enron , several issues relating to the project which would have an impact on the pricing of the shares .
towards this end , brief features of the incentive package prepared by a committee appointed by centre for the purpose , were discussed . the officials of dpc / enron also clarified various technical and operational issues , which would need to be resolved for smooth transfer of management and successful operation of the plant by the new sponsors .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy ' s plan to acquire enron in deal valued at $ 10 . 12 billion boosts shares
11 / 12 / 2001
dow jones business news
( copyright ( c ) 2001 , dow jones & company , inc . )
the shares of enron corp . and dynegy inc . both rose in heavy trading as investors began trying to digest the possible risks and rewards of dynegy ' s plan to acquire enron in a stock swap with a current value of $ 10 . 12 billion , the wall street journal reported .
in calls and meetings with analysts monday , dynegy chairman chuck watson and enron chairman kenneth lay continued talking up the deal that was announced late friday . " we are confident this is good strategically and financially for dynegy and enron , " said mr . watson , who will serve as chairman and chief executive of the combined entity , to be called dynegy inc .
while the proposed combination faces months of review by government agencies and gives dynegy possible opportunities to cancel the deal , investors ' initial reaction to the merger announcement was positive . as of 4 p . m . in new york stock exchange composite trading monday , dynegy ( dyn ) shares were at $ 44 . 31 , up $ 5 . 55 , or 14 % . also on the big board , enron ( ene ) was at $ 9 . 24 , up 7 . 1 % , or 61 cents . both companies were among the most actively traded issues .
under terms of the proposed acquisition , dynegy would give 0 . 2685 of its shares for each enron share . based on dynegy ' s stock price monday , this formula values enron stock at $ 11 . 90 each . enron has about 850 million shares outstanding .
some people raised cautionary notes monday . moody ' s investors service placed dynegy on review for a possible credit - ratings downgrade . standard & poor ' s made a similar move on friday . moody ' s said that while it saw positive elements to the proposed combination , it also believed " the financial and business risks associated with the transaction could negatively impact dynegy ' s credit fundamentals . "
prudential securities analyst carol coale , who counts herself a fan of dynegy , also worries that enron ' s enormous problems could be a drag on the combined entity . " i don ' t want the dynegy folks to get into something that ' s not good for the company , " she said .
enron in the past several weeks has seen its stock price and standing in the investment community plummet , largely as the result of large - scale transactions it did with partnerships headed by enron officers . those transactions have produced hundreds of millions of dollars of write - offs and restatements in the past month . they are being investigated by the securities and exchange commission and have helped spawn more than a dozen shareholder lawsuits .
copyright ( c ) 2001 dow jones & company , inc .
all rights reserved .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : dynegydirect , enrononline to trade separately for now .
by gelu sulugiuc
11 / 12 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 12 ( reuters ) - online energy trading leader enrononline will merge with smaller rival dynegydirect after its parent company enron corp . agreed last week to a $ 9 billion takeover by dynegy inc . , dynegy said monday .
the integration of the two platforms will take about six to nine months , dynegy said . in the meantime , the two will continue to operate separately .
" we ' re looking to take the best of both platforms for the integrated company , " said dynegy spokesman john sousa . " ( the emerging platform ) will continue to be based on a one - to - many philosophy as it stands now . "
on both enrononline and dynegydirect traders can only deal with enron and dynegy , respectively .
enrononline is the biggest online energy trading platform in the united states , with a daily average of $ 2 . 6 billion in trades in the past month .
dynegydirect is a much smaller , though growing platform . it recorded nearly $ 10 billion in transactions in the third quarter .
the two platforms offer trading in hundreds of products and services , from crude oil and refined products , to natural gas and electricity . most of the trading is done in u . s . markets , but some european markets are available as well .
enron , currently north america ' s biggest buyer and seller of both natural gas and electricity , agreed to a dynegy buyout after it was overwhelmed by a series of problems , including a u . s . regulatory probe into the off - balance sheet dealings , a $ 1 . 2 billion cut in shareholder equity and damaging credit rating downgrades .
however , dynegy can drop its offer if more bad news emerges , or if pending lawsuits against enron lead to more than $ 3 . 5 billion in costs .
dynegy also expressed confidence the takeover will win u . s . regulatory approval and said it does not expect any antitrust concerns to impede the merger of the two electronic platforms .
dynegy shares gained $ 5 . 55 , or 14 . 3 percent , to $ 44 . 31 on the new york stock exchange , while shares of enron rose 61 cents , or 7 percent , to $ 9 . 24 .
the takeover halted a free - fall in enron ' s stock that lost about 75 percent of its market capitalization in the past month .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy bid for enron doesn ' t calm credit concerns , traders say
2001 - 11 - 12 17 : 49 ( new york )
dynegy bid for enron doesn ' t calm credit concerns , traders say
new york , nov . 12 ( bloomberg ) - - some energy traders said
they are still wary of business with enron corp . , which has agreed
to be bought by rival dynegy inc . for about $ 23 billion in stock
and assumed debt .
` ` we ' re continuing to trade with them on a very limited
basis , and we ' ll continue to do so until the proposed dynegy
buyout develops further , ' ' said james peters , a spokesman for
energy trader mirant corp .
traders had scaled back business with enron recently . before
today , its stock had plummeted 90 percent this year . the biggest
energy trader faced a cash crunch and a loss of investor
confidence because of questions about partnerships it started and
put under the control of its senior executives . investors feared
the company was using the partnerships to hide losses and debt .
dynegy said late friday it agreed to buy enron for about
$ 8 billion in stock and $ 15 billion in assumed debt . a quick end
to enron ' s woes is far from assured because the company still is
facing scrutiny from securities , antitrust and energy - market
regulators , executives said .
` ` our credit guys are a still a little nervous ' ' about
dealing with enron , said michael steffes , vice president of
marketing and trading at indianapolis - based aces power marketing
llc , which buys and sells power on behalf of electric cooperatives
in the u . s . midwest . ` ` they ' re relieved that something ' s happened ,
but they haven ' t changed their tack . ' '
two weeks ago , closely held aces decided to halt trading
electricity contracts stretching out two to 10 years with enron ,
steffes said . on friday , it limited trading to same - day or next -
day purchases or sales . the company has no plans to lift those
restrictions now , steffes said .
credit rating
many traders would have banned business with enron if its
credit rating had been downgraded to junk , industry officials
said . as a result , there would have been fewer willing buyers and
sellers in the energy markets , making trades more difficult to
complete . moody ' s investors service on friday lowered its rating
on enron ' s long - term debt to ` ` baa 3 , ' ' one notch above junk .
some gas distributors in the northern u . s . that have long -
term natural - gas supply contracts with enron were lining up
alternate suppliers , according to gelber & associates corp . , an
energy - trading adviser in houston . the companies didn ' t want to
take any chances of an enron default that might leave them short
of gas during the peak of the winter heating season .
` no clear sailing '
` ` you just have to be cautious until there ' s clear sailing , ' '
said charlie sanchez , energy - markets manager at closely held
gelber . ` ` there ' s no indication that there ' s clear sailing here . ' '
some companies that had reduced their dealings with enron in
recent weeks said the merger announcement had helped ease their
credit concerns . spinnaker exploration co . , a gas and oil producer
which had ` ` lightened up ' ' its trading with enron , is now willing
to consider new deals , chief executive officer roger jarvis said .
` ` the merger makes me feel a lot more comfortable ' ' about
doing business with enron , jarvis said . ` ` i don ' t think there is
anything wrong with the enron trading franchise . this is a very
good outcome for them and for the gas business in general . ' '
shares of dynegy surged $ 5 . 55 , or 14 percent , to $ 44 . 31 after
chief executive officer chuck watson told investors the enron
purchase will boost profit by 35 percent next year . enron rose 61
cents to $ 9 . 24 . dynegy , enron and spinnaker are based in houston .
enrononline , the internet trading system , expected more than
5 , 000 transactions today , a 25 percent increase over thursday and
friday , spokesman eric thode said . that ' s 11 percent below the 30 -
day average of about 5 , 600 .
atlanta - based mirant is moving to woo long - term enron
customers still nervous by the firm ' s credit downgrades .
` ` the market ' s a lot bigger than enron , ' ' peters said . ` ` this
merger allows mirant to step up its marketing to long - term
customers who have recently been served by enron . ' '
- - bradley keoun in new york , ( 212 ) 318 - 2310
usa : update 1 - eott energy q 3 net up , sees weaker 2001 profits .
11 / 12 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , nov 12 ( reuters ) - crude oil marketer and transporter eott energy partners l . p . said on monday that third - quarter profits rose on added benefits from a recent acquisition , but said full - year profits will fall below estimates due as market conditions in the current quarter are weaker than previously anticipated .
houston - based eott reported third - quarter net income of $ 7 . 4 million , or 26 cents a share , compared with net income of $ 3 . 9 million , or 14 cents a share , in the same quarter last year .
eott , which set a recapitalization plan earlier this year , said revenues for the quarter of $ 2 . 3 billion , lower than $ 3 . 1 billion in the prior - year quarter .
eott said it expects to report earnings of between 90 and 94 cents per share for 2001 on weaker - than - expected fourth - quarter market conditions in its crude marketing and pipeline operations . the estimates include a gain of 4 cents per share related to an accounting change recorded in the first quarter .
wall street analysts had been expecting the company to earn in the range of 80 to 95 cents per share with a consensus of 89 cents per share , according to estimates from research firm thomson financial / first call .
eott energy partners ' general partner , eott energy corp . , is a wholly - owned subsidiary of beleagured trading giant enron corp . .
shares of eott energy partners closed monday trading on the new york stock exchange at $ 19 . 55 during the third quarter , the stock rose almost 8 percent , while the benchmark standard & poor ' s 500 index fell nearly 15 percent in the same period .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy to ask j . p . morgan , salomon to reduce $ 90 mln enron fee
2001 - 11 - 12 17 : 35 ( new york )
dynegy to ask j . p . morgan , salomon to reduce $ 90 mln enron fee
new york , nov . 12 ( bloomberg ) - - charles watson , chief
executive officer of dynegy inc . , wants j . p . morgan chase & co and
salomon smith barney to accept less than the $ 90 million they
charged enron corp . for merger advice .
` ` it sounds a little high , ' ' said watson , whose company
agreed on friday to acquire enron for $ 23 billion in stock and
debt . ` ` if the fees are exorbitant , i ' m going to realign them to
where i think they should be . ' '
salomon and j . p . morgan chase may balk at giving up fees that
people familiar with the transaction said were $ 45 million each
during a year when merger business has plunged 50 percent , bankers
said . the payout is the largest for advising a company to be
acquired this year , according to data compiled by dealogic .
` ` in the current environment , investment banks will be torn
between trying to hold onto fees they ' ve already negotiated and
trying not do anything that would cut into fees in the future , ' '
said brian sullivan , managing partner for financial services at
heidrick & struggles inc . , a recruitment firm .
j . p . morgan chase spokeswoman kristin lemkau and salomon
smith barney spokesman duncan king declined to comment .
while salomon and j . p . morgan chase negotiated their fees
with enron , watson is hoping the firms will accept less in
exchange for the promise of future business . the fees for each
bank are three times the $ 15 million dynegy is paying its adviser ,
lehman brothers holdings inc . , according to people familiar with
the situation . lehman spokeswoman hannah burns declined comment .
record fees
the fees may be higher in part because salomon and j . p .
morgan chase also agreed to extend $ 1 billion in credit to restore
investor confidence . j . p . morgan chase and salomon also offered to
invest another $ 500 million in the combined company , said people
familiar with the transaction .
` ` maybe there were extenuating circumstances , related to
financing , ' ' said tom burnett , president of merger insight , an
affiliate of wall street access inc .
watson said that unlike enron , which was forced to restate
earnings for the past four - and - a - half years and reduce earnings by
$ 586 million , dynegy didn ' t face a cash shortage and so was
unlikely to sell an equity stake to salomon and j . p . morgan chase .
` ` i don ' t want or need their money , ' ' watson said today in an
interview . the two banks ' terms for any investment probably would
be ` ` too expensive , ' ' he said .
enron ' s cash needs until the merger closes , projected in the
third quarter of next year , will be met by the transfer tomorrow
of $ 1 . 5 billion from chevrontexaco corp . , the largest shareholder
in dynegy , and the $ 1 billion credit line from j . p . morgan chase
and salomon , said robert doty , dynegy ' s chief financial officer .
the largest previous investment banking fee for a takeover
announced this year was a $ 50 million fee split by credit suisse
first boston and goldman sachs group inc . for their advice to
wachovia corp . in its $ 13 . 6 billion purchase by first union corp .
morgan stanley got about $ 75 million for advising time warner
in its sale to american online inc . , according to bankers . that
acquisition , which formed aol time warner inc . in january , had a
value of $ 186 billion when it was announced last year .
- - george stein ( 212 ) 893 - 3934 , ghstein @ bloomberg . net and mark lake | 0 | ham | enron mentions | dynegy and enron shares get a boost as acquisition plan is met with optimism
the wall street journal , 11 / 13 / 01
gas pipeline is prominent as dynegy seeks enron
the new york times , 11 / 13 / 01
suitor for enron receives approval from wall st .
the new york times , 11 / 13 / 01
share boost for dynegy good news
houston chronicle , 11 / 13 / 01
dynegy , enron stock prices get boost energy : even as experts warn of regulatory hurdles , investors back proposed merger .
los angeles times , 11 / 13 / 01
enron shares enriched ken lay before flaming out : graef crystal
bloomberg , 11 / 13 / 01
companies & finance the americas - dynegy deal brings balance back to markets .
financial times , 11 / 13 / 01
global investing - spreading the risks - and the rewards .
financial times , 11 / 13 / 01
comment firm gets rights to key pipeline
chicago tribune , 11 / 13 / 01
uk : innogy restarts energy trading with enron .
reuters english news service , 11 / 13 / 01
enron , dynegy shares climb industry observers give takeover bid mixed reviews
the globe and mail , 11 / 13 / 01
city - city comment - enron ' s end provides textbook disaster study .
the daily telegraph , 11 / 13 / 01
stocks steady after scare
the washington post , 11 / 13 / 01
tata power , bses keen to buy 85 pct stake in enron unit dabhol power - idbi
afx news , 11 / 13 / 01
india ' s tata group , bses keen to acquire 85 percent of enron india unit
agence france - presse , 11 / 13 / 01
bses seeks mega project status for dabhol
business standard , 11 / 13 / 01
dynegy ' s plan to acquire enron in deal valued at $ 10 . 12 billion boosts shares
dow jones business news , 11 / 12 / 01
usa : dynegydirect , enrononline to trade separately for now .
reuters english news service , 11 / 12 / 01
dynegy bid for enron doesn ' t calm credit concerns , traders say
bloomberg , 11 / 12 / 01
usa : update 1 - eott energy q 3 net up , sees weaker 2001 profits .
reuters english news service , 11 / 12 / 01
dynegy to ask j . p . morgan , salomon to reduce $ 90 mln enron fee
bloomberg , 11 / 12 / 01
dynegy and enron shares get a boost as acquisition plan is met with optimism
by john r . emshwiller
staff reporter of the wall street journal
11 / 13 / 2001
the wall street journal
a 4
( copyright ( c ) 2001 , dow jones & company , inc . )
the shares of enron corp . and dynegy inc . both rose in heavy trading as investors began trying to digest the possible risks and rewards of dynegy ' s plan to acquire enron in a stock swap with a current value of $ 10 . 12 billion .
in calls and meetings with analysts yesterday , dynegy chairman chuck watson and enron chairman kenneth lay continued talking up the deal that was announced late friday . " we are confident this is good strategically and financially for dynegy and enron , " said mr . watson , who will serve as chairman and chief executive of the combined entity , to be called dynegy inc .
while the proposed combination faces months of review by government agencies and gives dynegy possible opportunities to cancel the deal , investors ' initial reaction to the merger announcement was positive . as of 4 p . m . in new york stock exchange composite trading , dynegy shares were at $ 44 . 31 , up $ 5 . 55 , or 14 % . also on the big board , enron was at $ 9 . 24 , up 7 . 1 % , or 61 cents . both companies were among the most actively traded issues .
under terms of the proposed acquisition , dynegy would give 0 . 2685 of its shares for each enron share . based on dynegy ' s stock price yesterday , this formula values enron stock at $ 11 . 90 each . enron has about 850 million shares outstanding .
some people raised cautionary notes yesterday . moody ' s investors service placed dynegy on review for a possible credit - ratings downgrade . standard & poor ' s made a similar move on friday . moody ' s said that while it saw positive elements to the proposed combination , it also believed " the financial and business risks associated with the transaction could negatively impact dynegy ' s credit fundamentals . "
prudential securities analyst carol coale , who counts herself a fan of dynegy , also worries that enron ' s enormous problems could be a drag on the combined entity . " i don ' t want the dynegy folks to get into something that ' s not good for the company , " she said .
as reported , enron in the past several weeks has seen its stock price and standing in the investment community plummet , largely as the result of large - scale transactions it did with partnerships headed by enron officers . those transactions have produced hundreds of millions of dollars of write - offs and restatements in the past month . they are being investigated by the securities and exchange commission and have helped spawn more than a dozen shareholder lawsuits .
copyright ? 2000 dow jones section c
market place
gas pipeline is prominent as dynegy seeks enron
by floyd norris
11 / 13 / 2001
the new york times
page 1 , column 5
c . 2001 new york times company
dynegy has negotiated a great takeover . and it may end up buying enron , too .
as part of its planned acquisition of enron , dynegy will get the crown jewel even if the overall deal falls apart . in return for its $ 1 . 5 billion investment today , dynegy has the right to acquire northern natural gas , a pipeline system that is probably worth more .
as dynegy stock soared 14 percent yesterday , enron ' s lagged behind , rising just 7 percent . [ page cl 3 . ]
that widened the spread - - the profit a trader could lock in by buying enron and selling dynegy short , assuming the deal goes through - - to 28 percent .
the big premium probably reflects more than the fact that this deal will not close for many months . it is at least a possibility that dynegy will renegotiate the price , or even walk away , as it learns more about enron ' s business .
not that chuck watson , chairman and chief executive of dynegy , was threatening to do any such thing . in a talk to analysts yesterday , and in a later interview , he was extraordinarily upbeat about enron ' s trading business even as he dismissed many of the company ' s diversifications as failures whose poor performance might have been obscured by fancy accounting .
full details of the agreement between the companies will not be known until the merger agreement is filed with the securities and exchange commission today or tomorrow . but it appears that if the agreement falls apart for any reason , dynegy has the right to keep the pipeline without putting up any additional cash .
speaking to analysts yesterday , rob doty , chief financial officer at dynegy , said the company was paying about seven or eight times the cash flow of the pipeline business .
walking away from the deal might cost dynegy $ 350 million if it could not cite any material adverse change in enron ' s business , as provided in the merger agreement . but one way to look at this deal is that dynegy is spending $ 1 . 85 billion for the pipeline and a right to get the rest of enron on the agreed terms .
mr . watson said he was confident that things would not go wrong .
' ' we have comfort there is not another shoe to drop , ' ' he said . ' ' if there is no shoe , this is a phenomenally good transaction . ' '
in presentations to analysts , dynegy officials said they expected the company ' s earnings per share to grow by at least 90 cents a year even before considering cost reductions as the two businesses are merged . that arithmetic was based on assumptions that enron could deliver at least 75 percent of the $ 2 a share in pro - forma earnings that wall street had been forecasting for next year . those forecasts had stayed the same even as enron ' s business collapsed .
the bullish case for the merger is that enron ' s real profits were there and that the financial maneuvering did not cover up far deeper problems .
mr . watson promised that more details would be disclosed about the partnerships that were created by enron and traded with it , providing a substantial part of the company ' s profits in 2000 .
enron ' s need to make a deal quickly - - almost any deal - - was emphasized by standard & poor ' s , the bond rating service . in a conference call yesterday , ron barone , an analyst with s . & p . , said that without the takeover , enron ' s rating would have been cut to low bb or high b . those ratings are not even at the high end of junk , and a company like enron , which depends on others being willing to treat it as a trusted trading partner , needs an investment grade rating . its current s . & p . rating is bbb minus , the lowest investment grade rating .
that means enron could not continue as an independent business . and it means that should dynegy decide to renegotiate , enron would be in a very poor bargaining position unless it had another bidder .
copyright ? 2000 dow jones section c
the markets
suitor for enron receives approval from wall st .
by alex berenson
11 / 13 / 2001
the new york times
page 13 , column 1
c . 2001 new york times company
wall street found nothing but good news in dynegy ' s $ 9 billion takeover of the enron corporation yesterday .
three days after dynegy , an energy marketing and trading company based in houston , agreed to take over enron , its giant crosstown rival , dynegy executives came to new york to assure investors that the deal would sharply increase their company ' s profits . they met a receptive audience .
dynegy stock closed yesterday at $ 44 . 31 , up $ 5 . 55 , or 14 . 3 percent . since last wednesday , when news of a possible takeover emerged , dynegy ' s stock has risen more than one - third . enron closed at $ 9 . 24 , up 61 cents , or 7 . 1 percent .
after some initial uncertainty about the takeover , investors appear to have accepted dynegy ' s view that the deal will give it a lucrative franchise in trading natural gas and electricity . enron ' s stock fell almost 80 percent in the weeks leading up to the deal as enron said it had overstated its earnings by almost $ 600 million since 1997 and forced out several top executives .
but chuck watson , dynegy ' s chairman , told investors repeatedly yesterday that enron ' s problems were mainly a result of failed expansion efforts . he largely dismissed the concerns of some short - sellers and analysts that enron might be hiding losses at its core energy trading operations .
' ' there ' s nothing wrong with enron ' s business , ' ' mr . watson said in an interview at the waldorf - astoria hotel after making a lunchtime presentation to analysts and investors . ' ' the people in it ought to be really upset that for the last several years , they have produced earnings and cash that have been invested in other businesses that are not making money . ' '
enron ' s immediate problem was a crisis of confidence , which could have caused other companies to stop trading with it , mr . watson said . a $ 1 . 5 billion cash infusion from dynegy should restore the confidence of enron ' s business partners and keep enron stable until the takeover is complete , he said . to bolster enron further , j . p . morgan chase and citigroup may each invest an additional $ 250 million , executives close to the deal said . the potential investments by j . p . morgan chase and citigroup were reported yesterday in the wall street journal .
mr . watson said dynegy would also move quickly to assuage enron employees who are angry that kenneth l . lay , enron ' s chairman , and other top executives sold hundreds of millions of dollars in stock in 2000 and this year as enron ' s shares plunged . ' ' right now , there ' s some animosity over there , ' ' he said .
many employees at enron will get new grants of stock options when the acquisition is completed , he said . the company said it expected the deal to close by the end of the third quarter of next year , after extensive reviews from federal and state energy regulators and the department of justice .
mr . watson predicted that the deal would lift dynegy ' s earnings by 90 cents or more a share next year , to more than $ 3 . 45 a share .
analysts backed that view yesterday . ' ' investments in noncore business distracted the attention of management and also took up capital , ' ' said thomas hamlin , an analyst at wachovia securities . mr . hamlin said he believed that dynegy had obtained enron , which reported more than $ 100 billion in revenue last year , for a bargain price .
' ' it ' s not too often you get to take out the no . 7 fortune 500 company and double your earnings in the meantime , ' ' he said . ' ' my guess is the stock is worth $ 70 per share . ' '
the deal could increase dynegy ' s earnings by $ 1 to $ 2 a share next year , said christopher ellinghaus , an analyst at the williams capital group .
' ' that ' s a whopper , ' ' he said . ' ' it ' s a very good deal financially , certainly should be a good deal strategically , and provides some immediate balance - sheet backstop for enron . ' '
mr . lay said in an interview that enron had been forced to sell itself because of ' ' the relentlessness of all the articles and the shorts . ' '
' ' we realized that we needed to do something to stabilize the ship , ' ' he said . ' ' a good company was being badly tarnished . ' '
photo : in houston , the headquarters building of dynegy inc . , the energy and marketing trading company , which is in a $ 9 billion takeover of enron . ( asociated press )
copyright ? 2000 dow jones & company , inc . all rights reserved .
nov . 13 , 2001
houston chronicle
share boost for dynegy good news
saving enron trading called key handicap
by laura goldberg and david ivanovich
copyright 2001 houston chronicle
although investors monday cheered dynegy ' s planned acquisition of enron corp . , dynegy must still negotiate a series of potential roadblocks to pull off a successful merger .
among them : ensuring that enron ' s core energy - trading business , suffering before the merger announcement , stays healthy . negative news on that front quickly surfaced monday as at least two traders said they still plan extremely limited business with enron .
dynegy must also manage any unexpected disclosures about enron ' s financial performance and investment partnerships , convince enron ' s traders and other key employees to stick around , and mesh different corporate cultures .
investors were optimistic in dynegy ' s abilities as shares in the company traded up $ 5 . 55 to close at $ 44 . 31 monday , while shares in enron ended the day up 61 cents at $ 9 . 24 .
enron has been under siege since oct . 16 when it reported a $ 35 million loss and $ 1 . 2 billion reduction in shareholder equity tied to business dealings with investment partnerships run by its then - chief financial officer .
since then , the securities and exchange commission started an investigation of enron , a slew of shareholder lawsuits were filed and enron ' s stock price plummeted .
a new shareholder suit filed monday included dynegy on its list of defendants .
last week , enron said it was restating its earnings back to 1997 to include losses related to a number of complex partnerships , including several being investigated by the sec . it said it was correcting almost $ 600 million worth of mistakes .
just how close enron was to a collapse remains unclear . one industry source believes enron had been pushed " to the brink " and would have been done for if it had been unable to reach agreement with dynegy last week .
but ron barone , a credit analyst with standard & poor ' s , doesn ' t think enron ' s condition was so desperate .
" we clearly didn ' t see this as an imminent bankruptcy or imminent default , but it is something that could have eroded over time . . . in a fairly short time . "
friday , enron ' s long - term debt rating was downgraded to one notch above investment - grade status by both moody ' s investors service and s & p .
enron is the largest natural gas and electricity trader in the nation , accounting for about 25 percent of all transactions . its collapse would have meant the loss of much liquidity in the trading market , making trades more difficult and prices more volatile , industry experts said .
dynegy announced a deal friday to buy enron at a fire - sale price of almost $ 9 billion in stock , plus the assumption of about $ 13 billion in debt and $ 2 billion in preferred stock . the merger is expected to close , barring holdups from regulators , in six to nine months .
as part of the agreement , dynegy stakeholder chevrontexaco is giving dynegy $ 1 . 5 billion , which is to be infused today to help shore up enron ' s liquidity and preserve its trading franchise .
some of enron ' s former trading partners are still steering clear of the giant .
to facilitate transactions , the various energy trading firms extend credit to one another . those agreements are contingent upon a partner maintaining an adequate rating .
if the credit rating firms had downgraded enron ' s debt to junk status , its trading operation would have been devastated , industry officials said .
as details of enron ' s questionable financial dealings have been revealed , enron ' s trading partners have been scrambling to reduce their exposure .
kansas city , mo . - based aquila energy marketing corp . , for instance , has been ratcheting down its activity with enron , company spokesman al butkus said .
by the end of last week , aquila ' s exposure to enron was " insignificant , " butkus said . " and after all that was revealed on friday and the downgrading of the credit , we are now at an even lower level . "
atlanta - based mirant has likewise reduced its exposure and is only doing a limited amount of business with enron .
some larger players , however , continue doing deals with the company .
" reliant energy has consistently been trading with enron through its difficulties , albeit with a heightened sense of caution , " said shahid malik , president of houston - based reliant energy ' s trading operation .
charlotte , n . c . - based duke energy ' s exposure stands at $ 100 million .
" we ' re continuing the way we have been , " said duke spokesman terry francisco .
john olson , an analyst with sanders morris harris in houston , predicted it would take the traders some time to digest the merger deal .
" i think people will increasingly come back to enron just as soon as the $ 1 . 5 billion changes hands , " he said .
traders still have incentives to do business with enron even though it ' s being sold , as it has a wider variety of products than some of its competitors and its enrononline internet trading operation is regarded as superior .
on a conference call with investors and analysts monday morning , dynegy and enron executives fielded a variety of questions about the merger but refused comment on a wall street journal report that j . p . morgan chase & co . and citigroup are considering a $ 500 million investment in enron .
analysts remain worried that new and troubling surprises will emerge about enron ' s finances , including those that could call into question whether its core trading business is as advertised .
dynegy executives aren ' t expecting any such disclosures , but took a conservative approach to calculating merger benefits .
" i believe we have adequately bracketed the downside , " said chuck watson , dynegy ' s chairman and chief executive .
even with a worst - case scenario , dynegy still found a " tremendous amount of economic value " in the merger , said watson , who will take the same roles after the merger .
the deal , dynegy said , will add 90 cents to 95 cents per share in earnings for current dynegy shareholders . and that ' s before cost savings that are expected to run $ 400 million to $ 500 million a year .
dynegy detailed two escape clauses in the merger deal . for one , if the amount of legal and shareholder claims enron must pay out is greater than $ 3 . 5 billion , it can be called off .
enron and dynegy officials also said they will do whatever it takes to keep their key people . but will traders jump ship ? " oh , yeah i ' m sure they will , " the industry source said .
jeff dietert , an analyst with simmons financial desk
dynegy , enron stock prices get boost energy : even as experts warn of regulatory hurdles , investors back proposed merger .
nancy rivera brooks
times staff writer
11 / 13 / 2001
los angeles times
home edition
c - 1
copyright 2001 / the times mirror company
investors and analysts applauded the proposed $ 9 - billion merger of dynegy inc . and enron corp . , boosting the stock price of both houston - based energy companies on monday even as some experts warned of regulatory hurdles .
dynegy and enron executives courted wall street by offering assurances that the combined company , to be called dynegy , would be more financially conservative and easier to understand than enron has been .
dynegy chief executive charles l . watson said the merger would immediately sweeten earnings for the combined company and that he remains " 90 % certain " that no more nasty surprises will emerge from a continuing internal investigation of enron ' s cloudy finances .
" this is an exciting business combination . . . that will fuse two groups of talented , dedicated people who share a passion for their work , " said watson , who would be chairman and chief executive of the new company .
dynegy ' s stock leaped $ 5 . 55 to close at $ 44 . 31 on the new york stock exchange while enron ' s stock increased 61 cents to $ 9 . 24 .
the proposed transaction , revealed late friday after days of rumors , marks an extraordinary humbling of enron and its powerful chairman and ceo , kenneth l . lay . enron is the world ' s largest energy trader , but a loss of investor confidence and a severe cash crunch have pushed it into the arms of a competitor that is one - quarter its size .
under the deal , enron shareholders would get 0 . 2685 dynegy share for each share of enron stock . based on the $ 38 . 76 close friday of dynegy ' s stock on the new york stock exchange , the deal valued enron ' s stock at $ 10 . 40 a share - - or $ 11 . 89 a share based on monday ' s close . dynegy would convert 850 million enron shares , the company said .
dynegy said monday that its deal is worth about $ 24 billion in all : the $ 9 - billion stock swap and the assumption of $ 2 billion of preferred stock and $ 13 billion in debt . enron would get an immediate cash infusion from chevrontexaco corp . , which owns nearly 27 % of dynegy , with an additional $ 1 billion to follow when the deal closes .
enron ' s stock fell 80 % after a series of disturbing financial disclosures that began oct . 16 with a surprise third - quarter loss tied to failed investments in water and telecommunications and losses from the termination of some off - balance - sheet partnerships .
enron also revealed that $ 1 . 2 billion had been shaved off shareholders ' equity because of those partnerships . the securities and exchange commission launched an investigation into the investment vehicles , and the company fired three executives linked to the partnerships .
an internal investigation led enron to admit it overstated profit by $ 586 million , or 20 % , going back to 1997 .
all those disclosures are unrelated to enron ' s core businesses of energy trading , energy marketing and natural gas pipelines , said dynegy president steve bergstrom , and it is those businesses that dynegy wants .
" we have had the opportunity to look under the hood of their core businesses and have found no surprises , " said bergstrom , who would be president of the combined company . dynegy expects those businesses alone to add as much as 95 cents a share to the combined company ' s earnings the first year , and dynegy has built protections into the deal if more surprises emerge from noncore businesses or off - balance - sheet partnerships , the executives said .
among the protections : dynegy or enron would receive $ 350 million if the other backs out of the deal ; dynegy can abandon the transaction if lawsuit and financial liabilities exceed $ 3 . 5 billion ; and if the deal falls apart , dynegy gets enron ' s northern natural gas pipeline .
the combined company would be leader in all of its primary businesses , watson said , with revenue of more than $ 200 billion and assets of more than $ 90 billion . the new dynegy would be the world ' s largest energy trader and would own 25 , 000 miles of natural gas pipelines and 22 , 500 megawatts of electricity generation .
it is that powerhouse role that may give regulators pause , energy and antitrust experts say .
california atty . gen . bill lockyer has not taken a position on the proposed merger . dynegy co - owns three power plants in california and enron controls a portion of the state ' s natural gas supply through its pipeline and trading businesses .
photo : kenneth lay , left , and chuck watson announce proposed merger . ; ; photographer : associated press
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron shares enriched ken lay before flaming out : graef crystal
2001 - 11 - 13 01 : 01 ( new york )
( commentary . graef crystal is a columnist for bloomberg
news . the opinions expressed are his own . )
las vegas , nov . 13 ( bloomberg ) - - enron corp . shareholders
never blinked as chief executive officer kenneth lay piled up pay
- - salary , bonuses , stock grants and options - - that would meet
almost any definition of excessive .
from 1993 to the end of 2000 , lay ' s potential compensation
came to $ 614 million if you add unexercised option profits to the
millions he actually pocketed .
sad to say , lay ' s paper profit of $ 362 million at the end of
2000 has evaporated as enron ' s stock lost about 90 percent of its
value . the houston , texas , energy company , beset by accounting
problems , is now being bought by a smaller competitor , dynegy
inc .
still , the 59 - year - old lay hauled away $ 31 . 5 million a year
in real dollars over the last eight years , a generous amount
given enron ' s recent admission - - after the securities and
exchange commission opened an investigation - - that it overstated
earnings by $ 586 million in five of those years .
lay was enron ' s ceo from the time it was formed 15 years ago
in a merger of natural - gas pipeline operators until he stepped
down in february for prot ? g ? jeffrey skilling . skilling left
unexpectedly in august for ` ` personal ' ' reasons .
ceo ' s return
in six months under skilling , enron ' s total return to
shareholders was a negative 46 percent , four times worse than the
performance of the standard & poor ' s 500 index . it was also a
sharp contrast to the 30 percent a year enron returned to
shareholders over the previous eight years under lay , when the
company ' s performance was almost double that of the s & p 500 .
so lay became ceo again after skilling ' s mid - august
departure - - and enron ' s performance has now been even worse :
minus 78 percent versus the 5 . 8 percent negative return of for
the s & p 500 .
while lay has an employment agreement extending all the way
to 2005 , the company ' s pending acquisition by dynegy leaves his
future in doubt . for enron ' s battered shareholders , whose stock
once was among the s & p 500 ' s top performers , that may not be such
bad news .
enron shareholders endured a roller - coaster ride during
lay ' s long tenure , their stock 2 . 2 times as volatile as that of
the s & p 500 index .
lay , and some other enron executives , were responsible for
at least some of the heavy activity in their company ' s shares .
lay exercised and sold option shares twice a day on every trading
day this year through aug . 21 , on last report . in the process , he
dumped about 300 , 000 option shares to reap about $ 26 million .
royal treatment
that comes atop his realized option gains of $ 123 million in
2000 and another $ 44 million the year before that .
shedding large numbers of option shares might seem
reasonable for a ceo about to leave the company . for someone
continuing as board chairman , such behavior raises suspicion he
might have known before others what a bad investment enron was
about to become .
over the past eight years , lay has received bonuses totaling
$ 19 . 8 million , free shares worth $ 12 . 7 million at the time of
their grant , payouts under miscellaneous stock - option plans of
$ 3 . 5 million and a whopping 11 million option shares .
those figures don ' t include free personal travel on company
planes . in 2000 alone , that little item came to $ 334 , 000 .
if lay has been handsomely compensated , he has treated his
outside directors royally . enron ' s current proxy statement
informs shareholders that directors in 2000 received an average
of $ 79 , 107 in cash , deferred compensation , phantom stock units
and stock options granted in lieu of cash .
who knew ?
by itself , that figure might not seem egregious . parsing the
artful language of the proxy , one reads further to find that each
outside director also received a stock option covering 10 , 775
shares at a strike price of $ 75 . 13 a share . i estimate the
present value of that option to be $ 315 , 000 , making for a
director ' s total pay of an eye - popping $ 394 , 000 .
to be sure , those options are now way underwater , given
enron ' s closing price yesterday of $ 9 . 24 . still , the fact they
were granted at all suggests that enron ' s directors must have had
a warm fuzzy feeling for lay while treating him so munificently .
politically , too , lay has shown generosity and a deft touch :
he gave $ 2 , 000 directly to president george w . bush ' s campaign ,
another $ 275 , 000 in soft money to the republican party and has
long been an adviser to bush on energy matters .
even if he was unaware of the accounting issues that helped
bring down enron , lay still profited hugely from a stock price
that soared on the strength of inflated numbers . and , as the ceo ,
he bears ultimate responsibility for what goes on in the company
he helped found and has run for most of the past 15 years .
the question arises , to echo a phrase made famous during the
watergate era : ` ` what did ken lay know , and when did he know
it ? ' '
- - graef crystal in las vegas ( 702 ) 270 - 6841
companies julie earle and richard waters in new york ; peter spiegel in washington see lex .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
global investing - spreading the risks - and the rewards .
11 / 13 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
just as enron is showing us how a public company should not shift private equity exposure off its balance sheet , sandy schwab , son of charles schwab , and middlebury capital , a new york - based hedge fund , are providing an alternative model .
mr schwab ' s firm chess ventures is raising a private equity fund that will specialise in financial services technology , according to a source close to the fund - raising . the idea is to attract 10 to 12 banks from around the world to co - invest in technology companies specialising in financial services .
the idea is similar to the corporate venturing activities undertaken by a host of california technology companies . they jumped into venture capital in the late 1990 s , not just because there seemed to be stacks of money to be made , but also so they could become partners to thrusting future competitors , rather than victims of their cutting - edge technology .
technology is also a vital business for financial services companies - and not just for those like schwab with a heavy presence in internet trading . every year , banks and brokers plough hundreds of millions of dollars into trading , settlement and risk management systems .
but the problems with corporate venturing became clear when companies such as jp morgan chase , wells fargo , dell and intel registered significant earnings volatility as the value of their venture capital holdings was marked down significantly .
enron got around these problems by setting up an off - balance sheet vehicle with a number of additional investors . its idea was to distance its earnings statement from volatile investments in the new power company and rhythm netconnections . but eventually , those investments came home to roost .
enron had to compensate it co - investors in the structure for their losses arising from its private equity investments , and paid a heavy price for the apparent subterfuge of keeping them out of the public view .
the schwab fund seems to offer the benefits of corporate venturing without some of its costs . the investors , who it is hoped will eventually contribute $ 100 m to $ 150 m to the new fund , will share the benefits of whatever technology is developed and they will probably also be the first customers of the companies they are sponsoring .
but because they are all taking a relatively small part of the pie they should ameliorate their overall risk .
spreading the risks like this would be hard to pull off in a totally domestic structure . corporate venturing is , after all , meant to give a company an edge over its competitors .
but diversifying the fund internationally should allow the chess fund to spread the risks . the fundraisers are talking to banks in the uk and scandinavia , among other places . if the theories of growing european cross - border integration and competition come to fruition some of the bank co - investors might end up competing but in the meantime separating investors by geography seems like a safe bet .
schwab and the other investors could , of course , have put their money into other stand - alone venture funds . that would at least have solved the problem of keeping their volatile private equity exposure on balance sheet , but stand - alone funds with the sharp focus that a corporate venturing outfit has are fairly few and far between .
corporate venture capital groups , where the corporation involved is a strategic investor rather than just a speculator , are usually narrowly focused on their parent group ' s industry because they are in the business of helping their parent develop a strategic edge . a few venture firms focus very narrowly on enterprise software but often they want to keep their options to invest in , say , biotechnology , if that area suddenly looks promising .
for non - strategic investors that approach has clear advantages . technology investments have suffered over the last 18 months , while biotech investments have held up relatively well . if investors are right about the dramatic impact of information technology on biotechnology , investors in a general fund that has had the foresight to bet on those changes will probably do very well .
but the schwab approach is all about venturing as a way to extend research and development . venturing can tap into the reserves of entrepreneurship that have served the us so well in the 1990 s in a way that traditional research and development probably cannot .
entrepreneurship does , however , come at a price . young companies can and do fail . their values can swing wildly .
an off - balance sheet approach with clear strategic benefits might allow companies to have their cake and eat it .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
comment & analysis - enron reaps the whirlwind .
by peter martin .
11 / 13 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
comment and it brought a set of assets that could provide security of supply to the new dematerialised energy trading .
we will come back to what went wrong at enron later . but first notice how much went right in the newly market - oriented industries . critics argued that an integrated business , tightly controlled from the centre , was essential for security of supply . but british electricity privatisation proved you could switch to a market - oriented system quickly and smoothly - and the lights stayed on .
all you needed were proper regulations , a freely operating supply side and a bunch of active market - makers . these were not always present - for example , the absence of the first two gave california an electricity shortage . but if the markets were properly set up , everything worked like clockwork .
the new era had a simple creed . before there were effective markets , companies needed to be vertically integrated to cope with unexpected fluctuations in demand and supply . but now markets allowed them to handle that risk more efficiently , buying and selling what they needed . trading exploded : enron alone recorded revenues of over $ 100 bn ( # 68 bn ) in 2000 .
so what did go wrong ? enron expanded its markets too aggressively , moving far beyond energy through a web - based platform called enrononline . as mr skilling put it in an interview with businessweek : " we ' re on the side of angels . we ' re taking on the entrenched monopolies . we ' re bringing the benefits of choice and free markets to the world . "
expensively , enron rushed into trading telecoms bandwidth , building a big network to ensure it could deliver a scale of demand that never materialised .
mr skilling left abruptly in august , citing personal reasons . this autumn the company announced it had been engaging in transactions with supposedly independent entities that should , in fact , have been consolidated with its own accounts . some of these were headed - in a clear conflict of interest - by its own chief financial officer . correcting the accounting caused big restatements of earnings .
this may , of course , just be the growing pains of an innovative but overly ambitious company . in that case , enron may prosper under new ownership - it agreed to be taken over by dynegy , a much smaller rival , on friday . dynegy will slash the range of enron ' s activities to focus on energy . if the sale goes through , such an approach may restore enron to health .
but perhaps the enron problems tell us something more significant about the rush to turn formerly integrated businesses into markets .
to get these to work requires active market - makers like enron . creating liquidity in previously illiquid markets soaks up capital . nalin kulatilaka , professor of finance at boston university ' s management school , has studied enron for years . " the bottom line is that when the liquidity on the two sides of a market are very different , " he says , " a company that tries to lead the way in creating these marketplaces is going to bear sustained liquidity risks . "
the risks that the old system had coped with by building a layer of inefficiency into its operations did not go away in the new market era . enron knew all about these risks : managing them , through complex trades , was its essential skill .
james lam , founder of the consultancy erisk , says : " enron has always been recognised by other companies as best practice in risk management . it put in systems to manage risk on a real time basis , and had very strong management . "
but risk is a bit like a balloon . squeeze it down in one area and it bulges out in another . even if the operational risk was managed with great skill , the underlying riskiness of the strategy enron was pursuing could not be wished away . except , perhaps , by transactions that passed it on to outside entities . the problem was that those entities were not really outside at all .
despite enron ' s problems , the shift to a market - based approach is now irreversible - for energy markets at least . ed krapels , who runs energy security analysis in boston , says : " clearly enron ' s trading culture has been adopted by every one of the big oil companies except exxon . "
but , he adds , there is a big difference between companies with trading at their core , like enron and dynegy , and those that have added a trading approach to a business fundamentally based on physical assets , such as bp . the leverage and aggression in such businesses is much lower .
dynegy ' s rescue of enron was only made possible by an injection of cash from chevrontexaco , which owns 26 per cent of dynegy ' s shares . call it the revenge of the entrenched monopolies . energy markets may not be as efficient without an aggressive enron . but if they come back into the embrace of the big physical operators , they may cope a little better with the unpredictable riskiness of the real world .
peter . martin @ ft . com .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones financial desk
andersen could face sec sanction , suits over enron accounting error
bloomberg news
11 / 13 / 2001
los angeles times
home edition
c - 7
copyright 2001 / the times mirror company
houston - - arthur andersen may face u . s . securities and exchange commission sanction and shareholder lawsuits because it certified enron corp . financial reports that the company disavowed last week as inaccurate , legal and accounting experts said .
andersen , the world ' s fifth - largest accounting firm , served as enron ' s outside auditor for more than a decade . last week , the company reported that it overstated earnings by $ 586 million over 41 / 2 years , inflated shareholder equity by $ 1 . 2 billion because of an " accounting error , " and failed to consolidate results of three affiliated partnerships into its balance sheet .
enron restated its financial reports as the company suffered a cash crisis triggered by disclosure of the cut in shareholder equity and the start of an sec investigation .
" i ' d be very surprised if the sec didn ' t go after arthur andersen , " said alan bromberg , securities law professor at southern methodist university .
andersen partner david tabolt has said the firm is cooperating with a special committee of enron ' s board of directors appointed to investigate the accounting problems .
lynn turner , who was the sec ' s chief accountant for three years until he resigned in august , said enron and andersen ignored a basic accounting rule when they overstated shareholder equity .
explaining the equity reduction last week , enron said it had given common stock to companies created by enron ' s former chief financial officer in exchange for notes receivable , and then improperly increased shareholder equity on its balance sheet by the value of the notes .
" what we teach in college is that you don ' t record equity until you get cash for it , and a note is not cash , " said turner , who is now director of the center for quality financial reporting at colorado state university .
" it ' s a mystery how both the company would violate , and the auditors would miss , such a basic accounting rule , when the number is $ 1 billion . "
copyright ? 2000 dow jones & company , inc . all rights reserved .
investors upbeat about merger between dynegy and enron
by juan a . lozano
associated press writer
11 / 13 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - while troubled enron corp . brings a certain amount of financial baggage in its union with rival dynegy inc . , the merger will create a new company that while strong won ' t dominate the energy market , according to several analysts .
but others still expressed concerns with the deal between the two houston - based companies , citing strategic and cultural differences between the two companies and potential antitrust issues .
meanwhile , investors on monday gave a tentative thumbs up to the merger . dynegy shares rose $ 5 . 55 , or 14 percent , to close at $ 44 . 31 , while enron shares were up 61 cents , or 7 percent to $ 9 . 24 on the new york stock exchange .
enron ' s financial crises had left many fearing severe disruptions in the energy market , daniel ford , an analyst with lehman brothers wrote monday in a research note to clients .
" we believe the terms of the announced merger agreement are a path to resolving these fears , " ford wrote .
duane grubert , an analyst with sanford c . bernstein and co . , said any antitrust concerns that might arise from the deal will be minimal because the energy market will be able to absorb the new company ' s impact .
" while there is risk , the prize is so big the parties will go through it and the deal will ultimately close , " grubert said .
but carol coale , an analyst with prudential securities inc . , wrote in a research note to clients she had several concerns about the deal , including whether dynegy will be successful in retaining enron ' s " talented " energy trading and marketing personnel and whether both companies have compatible trading strategies .
dynegy officials said monday the proposed deal was " doable , " would clear all antitrust hurdles and be completed within nine months .
" what we have done is literally taken the worst case ( scenario ) and even in the worst case there is a lot of economic value for both companies , " said chuck watson , chairman and chief executive officer of dynegy , during a conference call monday .
the deal , worth at least $ 9 billion , was announced friday . dynegy will also assume $ 13 billion of enron debt . the enron name will disappear .
under the deal , chevrontexaco corp . , which owns more than a quarter of dynegy , would immediately provide about $ 1 . 5 billion . chevrontexaco would contribute an additional $ 1 billion upon completion of the deal .
dynegy ' s earnings for 2002 , before the merger , were expected to range between $ 2 . 50 and $ 2 . 60 . the buyout now raises that to between $ 3 . 40 and $ 3 . 50 , said company spokeswoman jennifer rosser .
according to thomson financial / first call , analysts were expecting dynegy to earn $ 2 . 57 a share next year .
dynegy officials pledged monday that they won ' t tolerate the sort of financial practices that prompted enron to acknowledge last week that it overstated earnings by about 20 percent since 1997 .
those financial practices included business partnerships now under investigation by the securities and exchange commission .
enron , the nation ' s top buyer and seller of natural gas reported a $ 618 million third quarter loss on oct . 16 and disclosed a $ 1 . 2 billion reduction in shareholder equity related to the partnerships . worries about enron ' s financial stability eventually caused shares to plunge 80 percent , leaving enron open for a takeover bid .
officials with both companies said if for some reason the deal falls through , dynegy will be given enron ' s northern natural gas pipeline in compensation for the $ 1 . 5 billion cash infusion enron received .
the agreement also has a clause that would allow dynegy to opt out of the deal if enron ' s litigation and other costs surpass $ 3 . 5 billion , dynegy officials said monday .
- - -
on the net :
http : / / www . enron . com
http : / / www . dynegy . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
world stock markets - dow sinks in wake of new york jet crash .
by mary chung .
11 / 13 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
us equities fell sharply in morning trading after an american airlines jet crashed near new york ' s jfk airport , sparking a nervous selloff on wall street .
two months after the september 11 terrorist attacks in the us , the markets were again deeply nervous . a positive opening quickly evaporated following news of the crash , which renewed concerns about safety in the airline industry .
by midsession , the dow jones industrial average was down 166 . 20 to 9 , 441 . 80 while the s & p 500 index fell 15 . 93 to 1 , 104 . 38 . the nasdaq composite lost 23 . 23 to 1 , 805 . 25 .
after an initial selling spree , stocks trimmed some of their losses as investors anxiously awaited details to determine the cause of the crash . " this just knocked the wind out of the market , " said christopher wolfe , us equity strategist at jp morganchase . " if it ' s deemed to be an accident , the stock market will respond better . "
the airline industry took a sharp hit as the amex airline index tumbled 7 per cent at $ 64 . 25 .
shares in amr corp , the parent of american airlines , gave up 13 . 3 per cent at $ 15 . 72 while northwest fell 6 per cent at $ 12 . 75 . hotel and other travel - related companies were also lower as carnival corporation fell 4 . 4 per cent at $ 23 . 09 and starwood hotel and resorts shed 4 . 5 per cent at $ 23 . 12 .
aircraft maker boeing fell 2 . 4 per cent at $ 32 . 43 and united technologies lost 4 per cent at $ 54 . 69 . shares in honeywell and general electric were off 5 . 5 per cent and 4 . 2 per cent , respectively . all other dow components were also trading lower .
dynergy jumped 13 per cent at $ 43 . 84 after the energy trading company agreed to acquire its larger rival enron in an $ 8 bn rescue deal . enron rose 11 per cent at $ 9 . 59 . other energy stocks traded lower . exxon mobil fell 1 . 6 per cent at $ 39 . 60 .
ciena corp gained 10 per cent at $ 18 . 94 after the fibere - optic networking equipment maker said it would meet or top fourth - quarter sales forecasts . the company also said it would cut 380 jobs , or 10 per cent of its workforce .
cisco systems fell 2 per cent at $ 18 . 84 while juniper networks added 2 . 6 per cent at $ 24 . 06 . shares in intel retreated 1 . 4 per cent at $ 27 . 50 and microsoft dipped 0 . 6 per cent at $ 64 . 80 .
insurance companies were mostly lower with conseco down 3 per cent at $ 3 . 86 and metlife off 0 . 7 per cent at $ 27 . 34 .
toronto picked up from early lows , but remained under pressure . by midsession , the s & p 300 composite index was still nursing a loss of 0 . 6 per cent at 7 , 163 . 90 . trade , however was thin with many investors absent for the remembrance day holiday .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones firm gets rights to key pipeline
melita marie garza , tribune staff reporter
11 / 13 / 2001
chicago tribune
north sports final ; n
1
( copyright 2001 by the chicago tribune )
shares of dynegy inc . shot up 14 percent on monday as investors calculated that the houston - based power - trading company will win big whether or not regulators approve its blockbuster merger with hometown rival enron corp .
under terms of the deal , dynegy executives said in a conference call with analysts on monday , their company will get rights to enron ' s prized northern natural gas pipeline in return for $ 1 . 5 billion invested in enron . moreover , the deal calls for enron to pay dynegy $ 350 million if enron walks away to accept a higher bid from another company .
particularly lucrative for dynegy , analysts said , are the rights it obtained to acquire the northern natural gas pipeline . the pipeline is an interstate transmission system , providing transportation among other supply conduits and serving customers in the upper midwest through a 17 , 000 - mile network .
for this and other reasons , dynegy stock closed at $ 44 . 31 , up $ 5 . 55 , on the first trading day after the $ 24 billion merger deal was announced .
enron , the nation ' s largest trader of natural gas and electricity , has been bowed in recent weeks by soured transactions with energy partnerships run by one of its former executives and by a revelation about questionable accounting practices . enron last week was forced to revise down its earnings for the past five years and has seen its debt ratings downgraded and its stock price plummet .
but chuck watson , dynegy ' s chief executive , said during the conference call that he did not anticipate any more nasty surprises arising from enron ' s convoluted books . " we literally have taken what we think is the worst case scenario , " watson said . " i ' m comfortable that even in that case this is a very , very good economic transaction for both companies . "
dynegy executives estimated an annual earnings - per - share growth of 15 percent to 20 percent for the combined company over the next three years .
under the stock - for - stock - swap portion of the deal , valued at $ 8 . 85 billion , dynegy is paying the equivalent of $ 10 . 41 a share for the 850 million outstanding enron shares . dynegy would pay . 2685 shares of its stock for each share of enron . in addition , dynegy agreed to assume an estimated $ 13 billion in debt .
it is conceivable that additional problems with enron ' s off - balance sheet partnerships could kill the proposed deal between the two power - trading rivals .
but on monday , kenneth lay , enron ' s chief executive , said : " we don ' t have anything we are trying to hide . on the contrary , we have been very forthcoming of everything we have found . we have disclosed anything and everything that we have found so far . "
despite its sanguine outlook on the deal , dynegy officials acknowledged that they have escape clauses in their offer . for example , dynegy can renege on the deal if pending litigation against enron , which includes a slew of lawsuits filed by disgruntled investors who have lost millions of dollars , exceeds $ 3 . 5 billion in costs .
since last wednesday , when dynegy shares closed at $ 33 , the stock has risen more than 33 percent . after rumors began swirling last thursday that it was in talks with enron , its shares rose to $ 36 . 50 . on friday , after making the bid for enron , its shares closed at $ 38 . 76 , for a rise of 17 . 5 percent in two days of trading .
by comparison , enron stock rose 7 . 1 percent , to $ 9 . 24 , on monday and has risen only 2 percent since last wednesday .
dynegy officials on monday also sought to quell rumors that the deal was greased because enron owed dynegy money . in fact , " dynegy currently owes enron . . . less than $ 50 million , " said rob doty , chief financial officer of dynegy .
copyright ? 2000 dow jones & company , inc . all rights reserved .
uk : innogy restarts energy trading with enron .
11 / 13 / 2001
reuters english news service
( c ) reuters limited 2001 .
london , nov 13 ( reuters ) - british power company innogy on tuesday said it had resumed trading with crisis - hit u . s . energy group enron after a 14 - day cessation .
in the first confirmation that it had stopped trading with the u . s . group , innogy said in a statement " the situation now seems to have been resolved and business will resume " .
innogy said there had been little impact on it as a result of the suspension of trading .
but industry experts said the implications for enron could be larger because a number of large european energy groups suspended dealings with it at the end of last month .
enron ran into a crisis of investor confidence in mid - october when it disclosed previously unbooked charges , and is now the object of a $ 9 billion rescue takeover offer from smaller rival dynegy .
copyright ? 2000 dow jones & company , inc . all rights reserved .
report on business : international
enron , dynegy shares climb industry observers give takeover bid mixed reviews
janet mcgurty
reuter news agency
11 / 13 / 2001
the globe and mail
metro
bl 5
" all material copyright ( c ) bell globemedia publishing inc . and its licensors . all rights reserved . "
new york - - shares of enron corp . climbed higher yesterday on investor enthusiasm over last week ' s $ 9 - billion ( u . s . ) bid by rival energy trader dynegy inc . to take over the beleaguered energy giant .
dynegy gained $ 5 . 55 , or 14 . 3 per cent , to $ 44 . 31 on the new york stock exchange , while shares of enron rose 69 cents , or 8 per cent , to $ 9 . 32 . the takeover announced friday halted a free - fall in enron ' s stock that lost about 75 per cent of its market capitalization in the past month .
however , enron ' s stock was trading well below the value of dynegy ' s offer of 0 . 2685 dynegy shares for each enron share , which translates into $ 11 . 94 a share . analysts said this likely reflected doubts in some investors minds as to whether the deal , which includes " escape clauses " for dynegy , will go through .
some industry analysts said they were impressed by the upfront details offered by dynegy during a conference call with analysts , an about - face compared with calls with enron . a lack of transparency from enron about its off - balance - sheet transactions , along with a u . s . regulatory investigation , had sparked widespread investor unease .
" i would say that after listening to the conference call , i am even more comfortable with my initial judgment that the projections are conservative , " said jay yannello , an analyst with ubs warburg .
earlier , mr . yannello reiterated a " strong buy " on dynegy , saying while the brokerage does not underestimate the enormous challenge at hand , the takeover should yield the biggest and most credible energy merchant in the world . dynegy is about one - fifth the size of enron when measured by revenues .
enron ' s woes came to light in mid - october after the biggest energy trader in north america disclosed that some of its off - balance - sheet partners contributed to a $ 1 - billion charge and a $ 1 . 2 - billion reduction in shareholder equity .
the takeover is an attractive transaction because of enron ' s trading operations , which combined with dynegy ' s above - board culture based on teamwork , strict values and honesty , should yield a formidable company , mr . yannello said .
however , last week some antitrust lawyers said the deal will be closely examined by the federal trade commission because of the combined company ' s market share in energy trading , said steve newborn , formerly in charge of ftc merger enforcement .
gordon howald , an analyst at credit lyonnais securities , said he is favourably disposed toward the takeover , which he called a " low risk - high reward proposition . "
the most critical component is the immediate $ 1 . 5 - billion equity infusion by dynegy shareholder chevrontexaco corp . into enron that will bolster enron and help keep it viable .
some analysts are less sanguine . they said dynegy is making a big bet that it can successfully clean up enron ' s balance sheet problems as well as integrate its trading and marketing business without losing a lot of key traders and volumes .
copyright ? 2000 dow jones & company , inc . all rights reserved .
city - city comment - enron ' s end provides textbook disaster study .
11 / 13 / 2001
the daily telegraph
p 40
( c ) telegraph group limited , london , 2001
a year ago enron , north america ' s biggest natural gas and power business with a growing european presence , chalked up $ 101 billion in revenues and saw its market value reach the giddy heights of almost $ 80 billion .
yesterday it was coming to terms with being part of dynegy , its junior rival in houston , taken out at a price which just allows it to escape the ignominy of the 90 pc club . in less than three weeks the one - time wall street darling has been humbled by a sequence of events that stunned the market and will provide business schools with a classic casebook disaster study .
the enron demise is one which cannot be blamed on the events of september 11 . a third - quarter loss , followed by an equity write - down , the disclosure of questionable off - balance - sheet businesses , an admission that earnings have been over - stated and a securities and exchange commission investigation brought enron to the brink of collapse .
ken lay , its chairman , had taken full advantage of market deregulation to build enron into a multi - national utility with a network of power plants , gas pipelines and a powerful trading presence , in everything from energy to metals . it trades these from an office in victoria which employs 2 , 000 people , and mr lay might have wondered rather earlier how this army of people could possibly pay for themselves , even in his brave new deregulated world .
now dynegy has picked up enron cheaply , and must find its way off debt mountain before the financial weather gets worse . the new group has sales of more than $ 200 billion , and assets in the books at $ 90 billion . a fire sale is inevitable , including that of wessex water , sold to enron for $ 1 . 4 billion three years ago . it will probably not fetch more than $ 400 m today , and even at that price is not obviously cheap .
copyright ? 2000 dow jones & company , inc . all rights reserved .
financial
stocks steady after scare
associated press
11 / 13 / 2001
the washington post
final
eo 3
copyright 2001 , the washington post co . all rights reserved
new york , nov . 12 - - a jetliner crash in new york today gave wall street a sharp reminder that more terrorist attacks are possible and prompted shaken investors to refrain from any major moves . the stock market ended the day mixed , recovering from a steep drop as news reports indicated terrorism did not appear to be the cause of the crash .
" fears are running high , " said alan ackerman , executive vice president of fahnestock & co . " we ' re dealing with a bruised u . s . psyche , whether it is at the consumer level or the investor level . "
the dow jones industrial average closed down 53 . 63 , or 0 . 6 percent , at 9554 . 37 , after dropping as much as 198 in very early dealings . the american airlines plane crashed at 9 : 17 a . m . est , 13 minutes before the stock market opened .
the nasdaq composite index rose 11 . 65 , or 0 . 6 percent , to 1840 . 13 , having been down as much as 42 . the standard the american stock exchange index fell 2 . 07 , to 824 . 77 ; and the russell index of 2 , 000 small stocks rose 2 . 38 , to 440 . 48 .
* declining issues narrowly outnumbered advancing ones on the nyse , where trading volume fell to 1 . 01 billion shares , from 1 . 11 billion on friday . on the nasdaq , advancers narrowly outnumbered decliners and volume totaled 1 . 57 billion , up from 1 . 53 billion .
* government bond markets were closed for veterans day .
* the dollar rose against the japanese yen and the euro . in late new york trading , a dollar bought 120 . 53 yen , up from 120 . 32 yen late friday , and a euro bought 89 . 36 cents , down from 89 . 38 cents .
* light , sweet crude oil for december delivery settled at $ 21 . 23 a barrel , down 99 cents , on the new york mercantile exchange .
* gold for current delivery rose to $ 278 . 30 a troy ounce , from $ 277 . 40 on friday , on the new york mercantile exchange ' s commodity exchange .
http : / / www . washingtonpost . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
tata power , bses keen to buy 85 pct stake in enron unit dabhol power - idbi
11 / 13 / 2001
afx news
( c ) 2001 by afp - extel news ltd
bombay ( afx - asia ) - tata power co ltd and bses ltd have expressed interest in acquiring the 85 pct stake held by enron corp and its associates in dabhol power company , a statement released by the industrial development bank of india ( idbi ) , the lead lender to the project , said .
" both bses ltd and tata power have expressed deep interest to purchase the 85 percent shareholding held by enron and its associates . they would also like to conduct due diligence of the project , " the statement said .
it also said lenders and owners of dabhol power held a three - day meeting last week in singapore that was " fruitful and expected to pave the way towards the solution for the various issues . "
enron , along with the maharashtra state electricity board ( mseb ) and the state government , had jointly set up the dabhol power plant , which stopped generating electricity after mseb failed to pay for power from the 1 , 284 megawatt project .
dabhol power had served an " asset transfer notice " to the mseb for the valuation of the company ' s assets in order to sell them off . rc / for more information and to contact afx : www . afxnews . com and www . afxpress . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
india ' s tata group , bses keen to acquire 85 percent of enron india unit
11 / 13 / 2001
agence france - presse
( copyright 2001 )
bombay , nov 13 ( afp ) - indian power generation companies tata power co . ltd and bses ltd . have expressed interest in acquiring the 85 percent stake held by enron corp . and its associates in the controversial dabhol power company in western india .
" both bses ltd . and tata power have expressed deep interest to purchase the 85 percent shareholding held by enron and its associates . they would also like to conduct due diligence of the project , " said a statement tuesday by the industrial development bank of india ( idbi ) , the lead lender to the project .
the statement also said lenders and owners of dabhol held a three - day meeting last week in singapore that was " fruitful and expected to pave the way towards the solution for the various issues . "
us - based enron has said expects about one billion dollars for the stake .
enron , along with the maharashtra state electricity board ( mseb ) and the state government , had jointly set up the power plant in the western state , which stopped generating electricity after mseb failed to pay for power from the 1 , 284 megawatt project .
dabhol power has served an " asset transfer notice " to the mseb for the valuation of the company ' s assets in order to sell them off .
idbi and other lenders such as the state bank of india , icici ltd . and ifci ltd . have lent more than 60 billion rupees ( 1 . 25 billion dollars ) to the project and filed a lawsuit against dabhol to ensure they get their funds back .
jds / sct
copyright ? 2000 dow jones & company , inc . all rights reserved .
bses seeks mega project status for dabhol
our bureau mumbai
11 / 13 / 2001
business standard
4
copyright ( c ) business standard
power major bses , which has evinced keen interest in acquiring a 85 per cent stake in the dabhol power company ( dpc ) , has sought mega power project status for the dabhol project .
" we have suggested this as one of the measures for bringing down the capital cost of the project which , in turn , will translate into lower tariffs . this has been mooted by us at various meetings with the government as well as in the recent meeting with lenders at singapore , " r v shahi , chairman and managing director , bses .
the conferring of such a status will enable the project to bag a slew of tax concessions including reduction in customs duties . it will also enable the plant to sell power across states .
global energy major enron which holds 65 per cent stake in dpc has decided to exit the power project along with its two us partners general electric and bechtel who hold 10 per cent each . bses as well as tata power have evinced keen interest in this stake .
bses is planning to conduct due diligence through an internal task force which will be assisted by a group of consultants .
it is official now that the two parties have evinced interest in acquiring a 85 per cent stake in the project . the industrial development bank of india has officially acknowledged for the first time that the issue was discussed at last week ' s meeting of lenders at singapore .
the institution has said in a press release , " the issues discussed at the meeting included completion of phase - ii of the project and the cost thereof , sale of shareholding by enron corporation , us , bechtel enterprises inc , us , and general electric , us , in dpc ( aggregating 85 per cent of total capital ) to either of the prospective new sponsors viz . bses and tata power . the meetings were fruitful and are expected to pave the way towards the solution to the various issues faced by dpc . "
at the meeting in singapore both the prospective sponsors evinced keen interest in the purchase of enron and its associates ' shareholdings and discussed in detail with ifis as well as enron , several issues relating to the project which would have an impact on the pricing of the shares .
towards this end , brief features of the incentive package prepared by a committee appointed by centre for the purpose , were discussed . the officials of dpc / enron also clarified various technical and operational issues , which would need to be resolved for smooth transfer of management and successful operation of the plant by the new sponsors .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy ' s plan to acquire enron in deal valued at $ 10 . 12 billion boosts shares
11 / 12 / 2001
dow jones business news
( copyright ( c ) 2001 , dow jones & company , inc . )
the shares of enron corp . and dynegy inc . both rose in heavy trading as investors began trying to digest the possible risks and rewards of dynegy ' s plan to acquire enron in a stock swap with a current value of $ 10 . 12 billion , the wall street journal reported .
in calls and meetings with analysts monday , dynegy chairman chuck watson and enron chairman kenneth lay continued talking up the deal that was announced late friday . " we are confident this is good strategically and financially for dynegy and enron , " said mr . watson , who will serve as chairman and chief executive of the combined entity , to be called dynegy inc .
while the proposed combination faces months of review by government agencies and gives dynegy possible opportunities to cancel the deal , investors ' initial reaction to the merger announcement was positive . as of 4 p . m . in new york stock exchange composite trading monday , dynegy ( dyn ) shares were at $ 44 . 31 , up $ 5 . 55 , or 14 % . also on the big board , enron ( ene ) was at $ 9 . 24 , up 7 . 1 % , or 61 cents . both companies were among the most actively traded issues .
under terms of the proposed acquisition , dynegy would give 0 . 2685 of its shares for each enron share . based on dynegy ' s stock price monday , this formula values enron stock at $ 11 . 90 each . enron has about 850 million shares outstanding .
some people raised cautionary notes monday . moody ' s investors service placed dynegy on review for a possible credit - ratings downgrade . standard & poor ' s made a similar move on friday . moody ' s said that while it saw positive elements to the proposed combination , it also believed " the financial and business risks associated with the transaction could negatively impact dynegy ' s credit fundamentals . "
prudential securities analyst carol coale , who counts herself a fan of dynegy , also worries that enron ' s enormous problems could be a drag on the combined entity . " i don ' t want the dynegy folks to get into something that ' s not good for the company , " she said .
enron in the past several weeks has seen its stock price and standing in the investment community plummet , largely as the result of large - scale transactions it did with partnerships headed by enron officers . those transactions have produced hundreds of millions of dollars of write - offs and restatements in the past month . they are being investigated by the securities and exchange commission and have helped spawn more than a dozen shareholder lawsuits .
copyright ( c ) 2001 dow jones & company , inc .
all rights reserved .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : dynegydirect , enrononline to trade separately for now .
by gelu sulugiuc
11 / 12 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 12 ( reuters ) - online energy trading leader enrononline will merge with smaller rival dynegydirect after its parent company enron corp . agreed last week to a $ 9 billion takeover by dynegy inc . , dynegy said monday .
the integration of the two platforms will take about six to nine months , dynegy said . in the meantime , the two will continue to operate separately .
" we ' re looking to take the best of both platforms for the integrated company , " said dynegy spokesman john sousa . " ( the emerging platform ) will continue to be based on a one - to - many philosophy as it stands now . "
on both enrononline and dynegydirect traders can only deal with enron and dynegy , respectively .
enrononline is the biggest online energy trading platform in the united states , with a daily average of $ 2 . 6 billion in trades in the past month .
dynegydirect is a much smaller , though growing platform . it recorded nearly $ 10 billion in transactions in the third quarter .
the two platforms offer trading in hundreds of products and services , from crude oil and refined products , to natural gas and electricity . most of the trading is done in u . s . markets , but some european markets are available as well .
enron , currently north america ' s biggest buyer and seller of both natural gas and electricity , agreed to a dynegy buyout after it was overwhelmed by a series of problems , including a u . s . regulatory probe into the off - balance sheet dealings , a $ 1 . 2 billion cut in shareholder equity and damaging credit rating downgrades .
however , dynegy can drop its offer if more bad news emerges , or if pending lawsuits against enron lead to more than $ 3 . 5 billion in costs .
dynegy also expressed confidence the takeover will win u . s . regulatory approval and said it does not expect any antitrust concerns to impede the merger of the two electronic platforms .
dynegy shares gained $ 5 . 55 , or 14 . 3 percent , to $ 44 . 31 on the new york stock exchange , while shares of enron rose 61 cents , or 7 percent , to $ 9 . 24 .
the takeover halted a free - fall in enron ' s stock that lost about 75 percent of its market capitalization in the past month .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy bid for enron doesn ' t calm credit concerns , traders say
2001 - 11 - 12 17 : 49 ( new york )
dynegy bid for enron doesn ' t calm credit concerns , traders say
new york , nov . 12 ( bloomberg ) - - some energy traders said
they are still wary of business with enron corp . , which has agreed
to be bought by rival dynegy inc . for about $ 23 billion in stock
and assumed debt .
` ` we ' re continuing to trade with them on a very limited
basis , and we ' ll continue to do so until the proposed dynegy
buyout develops further , ' ' said james peters , a spokesman for
energy trader mirant corp .
traders had scaled back business with enron recently . before
today , its stock had plummeted 90 percent this year . the biggest
energy trader faced a cash crunch and a loss of investor
confidence because of questions about partnerships it started and
put under the control of its senior executives . investors feared
the company was using the partnerships to hide losses and debt .
dynegy said late friday it agreed to buy enron for about
$ 8 billion in stock and $ 15 billion in assumed debt . a quick end
to enron ' s woes is far from assured because the company still is
facing scrutiny from securities , antitrust and energy - market
regulators , executives said .
` ` our credit guys are a still a little nervous ' ' about
dealing with enron , said michael steffes , vice president of
marketing and trading at indianapolis - based aces power marketing
llc , which buys and sells power on behalf of electric cooperatives
in the u . s . midwest . ` ` they ' re relieved that something ' s happened ,
but they haven ' t changed their tack . ' '
two weeks ago , closely held aces decided to halt trading
electricity contracts stretching out two to 10 years with enron ,
steffes said . on friday , it limited trading to same - day or next -
day purchases or sales . the company has no plans to lift those
restrictions now , steffes said .
credit rating
many traders would have banned business with enron if its
credit rating had been downgraded to junk , industry officials
said . as a result , there would have been fewer willing buyers and
sellers in the energy markets , making trades more difficult to
complete . moody ' s investors service on friday lowered its rating
on enron ' s long - term debt to ` ` baa 3 , ' ' one notch above junk .
some gas distributors in the northern u . s . that have long -
term natural - gas supply contracts with enron were lining up
alternate suppliers , according to gelber & associates corp . , an
energy - trading adviser in houston . the companies didn ' t want to
take any chances of an enron default that might leave them short
of gas during the peak of the winter heating season .
` no clear sailing '
` ` you just have to be cautious until there ' s clear sailing , ' '
said charlie sanchez , energy - markets manager at closely held
gelber . ` ` there ' s no indication that there ' s clear sailing here . ' '
some companies that had reduced their dealings with enron in
recent weeks said the merger announcement had helped ease their
credit concerns . spinnaker exploration co . , a gas and oil producer
which had ` ` lightened up ' ' its trading with enron , is now willing
to consider new deals , chief executive officer roger jarvis said .
` ` the merger makes me feel a lot more comfortable ' ' about
doing business with enron , jarvis said . ` ` i don ' t think there is
anything wrong with the enron trading franchise . this is a very
good outcome for them and for the gas business in general . ' '
shares of dynegy surged $ 5 . 55 , or 14 percent , to $ 44 . 31 after
chief executive officer chuck watson told investors the enron
purchase will boost profit by 35 percent next year . enron rose 61
cents to $ 9 . 24 . dynegy , enron and spinnaker are based in houston .
enrononline , the internet trading system , expected more than
5 , 000 transactions today , a 25 percent increase over thursday and
friday , spokesman eric thode said . that ' s 11 percent below the 30 -
day average of about 5 , 600 .
atlanta - based mirant is moving to woo long - term enron
customers still nervous by the firm ' s credit downgrades .
` ` the market ' s a lot bigger than enron , ' ' peters said . ` ` this
merger allows mirant to step up its marketing to long - term
customers who have recently been served by enron . ' '
- - bradley keoun in new york , ( 212 ) 318 - 2310
usa : update 1 - eott energy q 3 net up , sees weaker 2001 profits .
11 / 12 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , nov 12 ( reuters ) - crude oil marketer and transporter eott energy partners l . p . said on monday that third - quarter profits rose on added benefits from a recent acquisition , but said full - year profits will fall below estimates due as market conditions in the current quarter are weaker than previously anticipated .
houston - based eott reported third - quarter net income of $ 7 . 4 million , or 26 cents a share , compared with net income of $ 3 . 9 million , or 14 cents a share , in the same quarter last year .
eott , which set a recapitalization plan earlier this year , said revenues for the quarter of $ 2 . 3 billion , lower than $ 3 . 1 billion in the prior - year quarter .
eott said it expects to report earnings of between 90 and 94 cents per share for 2001 on weaker - than - expected fourth - quarter market conditions in its crude marketing and pipeline operations . the estimates include a gain of 4 cents per share related to an accounting change recorded in the first quarter .
wall street analysts had been expecting the company to earn in the range of 80 to 95 cents per share with a consensus of 89 cents per share , according to estimates from research firm thomson financial / first call .
eott energy partners ' general partner , eott energy corp . , is a wholly - owned subsidiary of beleagured trading giant enron corp . .
shares of eott energy partners closed monday trading on the new york stock exchange at $ 19 . 55 during the third quarter , the stock rose almost 8 percent , while the benchmark standard & poor ' s 500 index fell nearly 15 percent in the same period .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy to ask j . p . morgan , salomon to reduce $ 90 mln enron fee
2001 - 11 - 12 17 : 35 ( new york )
dynegy to ask j . p . morgan , salomon to reduce $ 90 mln enron fee
new york , nov . 12 ( bloomberg ) - - charles watson , chief
executive officer of dynegy inc . , wants j . p . morgan chase & co and
salomon smith barney to accept less than the $ 90 million they
charged enron corp . for merger advice .
` ` it sounds a little high , ' ' said watson , whose company
agreed on friday to acquire enron for $ 23 billion in stock and
debt . ` ` if the fees are exorbitant , i ' m going to realign them to
where i think they should be . ' '
salomon and j . p . morgan chase may balk at giving up fees that
people familiar with the transaction said were $ 45 million each
during a year when merger business has plunged 50 percent , bankers
said . the payout is the largest for advising a company to be
acquired this year , according to data compiled by dealogic .
` ` in the current environment , investment banks will be torn
between trying to hold onto fees they ' ve already negotiated and
trying not do anything that would cut into fees in the future , ' '
said brian sullivan , managing partner for financial services at
heidrick & struggles inc . , a recruitment firm .
j . p . morgan chase spokeswoman kristin lemkau and salomon
smith barney spokesman duncan king declined to comment .
while salomon and j . p . morgan chase negotiated their fees
with enron , watson is hoping the firms will accept less in
exchange for the promise of future business . the fees for each
bank are three times the $ 15 million dynegy is paying its adviser ,
lehman brothers holdings inc . , according to people familiar with
the situation . lehman spokeswoman hannah burns declined comment .
record fees
the fees may be higher in part because salomon and j . p .
morgan chase also agreed to extend $ 1 billion in credit to restore
investor confidence . j . p . morgan chase and salomon also offered to
invest another $ 500 million in the combined company , said people
familiar with the transaction .
` ` maybe there were extenuating circumstances , related to
financing , ' ' said tom burnett , president of merger insight , an
affiliate of wall street access inc .
watson said that unlike enron , which was forced to restate
earnings for the past four - and - a - half years and reduce earnings by
$ 586 million , dynegy didn ' t face a cash shortage and so was
unlikely to sell an equity stake to salomon and j . p . morgan chase .
` ` i don ' t want or need their money , ' ' watson said today in an
interview . the two banks ' terms for any investment probably would
be ` ` too expensive , ' ' he said .
enron ' s cash needs until the merger closes , projected in the
third quarter of next year , will be met by the transfer tomorrow
of $ 1 . 5 billion from chevrontexaco corp . , the largest shareholder
in dynegy , and the $ 1 billion credit line from j . p . morgan chase
and salomon , said robert doty , dynegy ' s chief financial officer .
the largest previous investment banking fee for a takeover
announced this year was a $ 50 million fee split by credit suisse
first boston and goldman sachs group inc . for their advice to
wachovia corp . in its $ 13 . 6 billion purchase by first union corp .
morgan stanley got about $ 75 million for advising time warner
in its sale to american online inc . , according to bankers . that
acquisition , which formed aol time warner inc . in january , had a
value of $ 186 billion when it was announced last year .
- - george stein ( 212 ) 893 - 3934 , ghstein @ bloomberg . net and mark lake | 2001-11-13T00:00:00 |
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rgds
dp | 0 | ham | another bet | vince
i here you are running abook on how quickly we can implement convolution var
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29,133 | mojave schedule 9 / 00 michelle
attached are the daily mojave topock scheduled volumes for september 2000 .
please let me know what other months that you need .
once we determined which day ( s ) are different , i can work with el paso to determine which shipper contracts caused the difference .
richard | 0 | ham | mojave schedule 9 / 00 | michelle
attached are the daily mojave topock scheduled volumes for september 2000 .
please let me know what other months that you need .
once we determined which day ( s ) are different , i can work with el paso to determine which shipper contracts caused the difference .
richard | 2002-02-21T00:00:00 |
5,298 | re : congratulations right back at you . . . . . great job | 0 | ham | re : congratulations | right back at you . . . . . great job | 2000-01-11T00:00:00 |
180 | re : greatwood gas thanks , kyle .
greatwood is scheduled to come online on feb 1 . the connection only includes
gw , as rosenberg is not ready yet . so , gw would be about 500 / d . when rb comes
online , we may see volumes of about 1500 - 2000 / dy
ami | 0 | ham | re : greatwood gas | thanks , kyle .
greatwood is scheduled to come online on feb 1 . the connection only includes
gw , as rosenberg is not ready yet . so , gw would be about 500 / d . when rb comes
online , we may see volumes of about 1500 - 2000 / dy
ami | 2000-01-24T00:00:00 |
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32,480 | featured profiie running at the right time wysak petroleum ( wysk )
current price : o . 1 o
apr 25 , 20 o 5 - - wysak petroieum is pieased to report that due diligence is neariy compiete in regards to the company ' s further pianned leases in the wyoming oil region . management anticipates further news wiil be forthcoming shortiy and wil | report on deveiopments as they occur .
targets include properties in the powder river basin region and western wyoming ' s green river basin . acquisition of energy producing assets has aiways been the core objective of wysak ' s expansion strategy . wysak wi | | strategicaliy purchase leases in know and proven oil they include exxonmobiie , wiiliams gas and western gas , among others .
about wyoming oil & gas and coalbed methane ( cbm )
wyoming state has biliions of dollars in proven oil and gas reserves . in 2002 , wyoming ranked second in the u . s . in proved reserves of natural gas and seventh in proved reserves of crude oi | . co | | ectiveiy over 26 , oo 0 we | | s produced 54 . 7 mi | | ion barrels of oil and 1 . 75 triliion cubic feet of natura | gas . proved reserves of natura | gas were at an a | | - time high of 18 . 4 tri | | ion cubic feet , while proved reserves of crude oi | were 489 miliion barreis .
reserves of cbm in the powder river basin are estimated at 31 . 8 triilion cubic feet . neariy 10 o welis are being drilled each week , and the gas companies say the entire 8 miilion - acre basin could have 50 , 0 oo to 10 o , 00 o producing weils before they are finished . this is the | argest onshore natural gas play in north america within the | ast ten years .
about wysak petroieum
wysak is a diversified energy company whose goa | is to identify and deveiop
traditiona | fossil fue | sites , as weil as clean air alternative energy producing
technoiogies . wysak controis one wyoming federa | oi | they inciude exxonmobiie ( xom ) , wi | | iams gas ( wmb ) ,
and western gas ( wgr ) among others . coliectively , over 26 , 000 wells produced
54 . 7 miilion barreis of oil and 1 . 75 triilion cubic feet of natura | gas in
wyoming
conciusion :
the exampies above show the awesome , earning potentia | of little known companies that explode onto investor ' s radar screens ; many of you are already familiar with this . is wysk poised and positioned to do that for you ? then you may feel the time has come to act . . . and please watch this one trade wednesday ! go wysk .
penny stocks are considered highly specuiative and may be unsuitabie for ail but very aggressive investors . this profiie is not in any way affiliated with the featured company . we were compensated 3 ooo doilars to distribute this report . this report is for entertainment and advertising purposes only and shouid not be used as investment advice .
if you wish to stop future mailings , or if you feel you have been
wrongfuliy piaced in our membership , piease go here or send a blank
e mai | with no thanks in the subject to
noneedl 012 @ yahoo . com | 1 | spam | featured profiie running at the right time | wysak petroleum ( wysk )
current price : o . 1 o
apr 25 , 20 o 5 - - wysak petroieum is pieased to report that due diligence is neariy compiete in regards to the company ' s further pianned leases in the wyoming oil region . management anticipates further news wiil be forthcoming shortiy and wil | report on deveiopments as they occur .
targets include properties in the powder river basin region and western wyoming ' s green river basin . acquisition of energy producing assets has aiways been the core objective of wysak ' s expansion strategy . wysak wi | | strategicaliy purchase leases in know and proven oil they include exxonmobiie , wiiliams gas and western gas , among others .
about wyoming oil & gas and coalbed methane ( cbm )
wyoming state has biliions of dollars in proven oil and gas reserves . in 2002 , wyoming ranked second in the u . s . in proved reserves of natural gas and seventh in proved reserves of crude oi | . co | | ectiveiy over 26 , oo 0 we | | s produced 54 . 7 mi | | ion barrels of oil and 1 . 75 triliion cubic feet of natura | gas . proved reserves of natura | gas were at an a | | - time high of 18 . 4 tri | | ion cubic feet , while proved reserves of crude oi | were 489 miliion barreis .
reserves of cbm in the powder river basin are estimated at 31 . 8 triilion cubic feet . neariy 10 o welis are being drilled each week , and the gas companies say the entire 8 miilion - acre basin could have 50 , 0 oo to 10 o , 00 o producing weils before they are finished . this is the | argest onshore natural gas play in north america within the | ast ten years .
about wysak petroieum
wysak is a diversified energy company whose goa | is to identify and deveiop
traditiona | fossil fue | sites , as weil as clean air alternative energy producing
technoiogies . wysak controis one wyoming federa | oi | they inciude exxonmobiie ( xom ) , wi | | iams gas ( wmb ) ,
and western gas ( wgr ) among others . coliectively , over 26 , 000 wells produced
54 . 7 miilion barreis of oil and 1 . 75 triilion cubic feet of natura | gas in
wyoming
conciusion :
the exampies above show the awesome , earning potentia | of little known companies that explode onto investor ' s radar screens ; many of you are already familiar with this . is wysk poised and positioned to do that for you ? then you may feel the time has come to act . . . and please watch this one trade wednesday ! go wysk .
penny stocks are considered highly specuiative and may be unsuitabie for ail but very aggressive investors . this profiie is not in any way affiliated with the featured company . we were compensated 3 ooo doilars to distribute this report . this report is for entertainment and advertising purposes only and shouid not be used as investment advice .
if you wish to stop future mailings , or if you feel you have been
wrongfuliy piaced in our membership , piease go here or send a blank
e mai | with no thanks in the subject to
noneedl 012 @ yahoo . com | 2005-04-10T00:00:00 |
24,992 | do you need a second mortgage ? 22956 let
mortgage lenders compete for your business
did you receive an email advertisement in error ?
our goal is to only target individuals who would like to take advantage
of our offers . if you ' d like to be removed from our mailing list , please
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mortgage lenders compete for your business
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| 2002-11-27T00:00:00 |
5,695 | prof . at rice here is this prof ' s home page at rice . his name is richard baraniuk .
http : / / www - dsp . rice . edu / ~ richb /
- - stinson | 0 | ham | prof . at rice | here is this prof ' s home page at rice . his name is richard baraniuk .
http : / / www - dsp . rice . edu / ~ richb /
- - stinson | 2000-03-09T00:00:00 |
12,321 | reminder ~ alexis de tocqueville breakfast reminder !
the alexis de tocqueville breakfast is just a few days away . please rsvp if you have not already done so .
date : tuesday , july 31
time : 7 : 30 - 9 : 00 a . m .
location : the center for the retarded , 3550 w . dallas , between waugh dr . and shepherd
rsvp : please call or e - mail zulie flores , ext . 3 - 3908
transportation :
a bus will depart from the andrews st . side of the enron building at 7 : 20 a . m . please let zulie know if you plan to take the bus . if you prefer to drive , directions to the center are below .
leadership campaign
enron ' s leadership campaign kicked - off on july 23 and is well underway . as you know , participation by enron ' s executive team is vital to the success of the campaign . to make your contribution , please click on http : / / cr . enron . com / unitedway . thank you for making a difference .
we look forward to seeing you next week ! please call kathy mayfield at ext . 3 - 3264 if you have any questions .
directions to the center for the retarded , 3550 w . dallas , between waugh dr . and shepherd :
from the enron building
? take w . dallas and turn right on marston st .
? follow the signs to parking
or you can ?
? take allen parkway from downtown
? turn left on tirrell st .
? turn right on w . dallas
? from w . dallas , turn right on marston st . , which is the entrance to the center
? follow the signs to parking
from the galleria area
? take 610 north to the woodway / memorial exit
? exit and turn right on woodway
? woodway turns into memorial - take memorial to the shepherd exit
? exit and turn right on shepherd
? make a left on to allen parkway at the light
? turn right on tirrell st .
? take a right on w . dallas , and then turn right on marston st . , which is the entrance to the center
? follow the signs to parking
from north of downtown
? take 45 or 59 south to i - 10 . go west on i - 10
? take the shepherd / durham exit
? take a left ( south ) on shepherd
? take shepherd to the light at allen parkway / kirby
? make a left on to allen parkway at the light
? turn right on tirrell st .
? take a right on w . dallas , and then turn right on marston st . , which is the entrance to the center
? follow the signs to parking | 0 | ham | reminder ~ alexis de tocqueville breakfast | reminder !
the alexis de tocqueville breakfast is just a few days away . please rsvp if you have not already done so .
date : tuesday , july 31
time : 7 : 30 - 9 : 00 a . m .
location : the center for the retarded , 3550 w . dallas , between waugh dr . and shepherd
rsvp : please call or e - mail zulie flores , ext . 3 - 3908
transportation :
a bus will depart from the andrews st . side of the enron building at 7 : 20 a . m . please let zulie know if you plan to take the bus . if you prefer to drive , directions to the center are below .
leadership campaign
enron ' s leadership campaign kicked - off on july 23 and is well underway . as you know , participation by enron ' s executive team is vital to the success of the campaign . to make your contribution , please click on http : / / cr . enron . com / unitedway . thank you for making a difference .
we look forward to seeing you next week ! please call kathy mayfield at ext . 3 - 3264 if you have any questions .
directions to the center for the retarded , 3550 w . dallas , between waugh dr . and shepherd :
from the enron building
? take w . dallas and turn right on marston st .
? follow the signs to parking
or you can ?
? take allen parkway from downtown
? turn left on tirrell st .
? turn right on w . dallas
? from w . dallas , turn right on marston st . , which is the entrance to the center
? follow the signs to parking
from the galleria area
? take 610 north to the woodway / memorial exit
? exit and turn right on woodway
? woodway turns into memorial - take memorial to the shepherd exit
? exit and turn right on shepherd
? make a left on to allen parkway at the light
? turn right on tirrell st .
? take a right on w . dallas , and then turn right on marston st . , which is the entrance to the center
? follow the signs to parking
from north of downtown
? take 45 or 59 south to i - 10 . go west on i - 10
? take the shepherd / durham exit
? take a left ( south ) on shepherd
? take shepherd to the light at allen parkway / kirby
? make a left on to allen parkway at the light
? turn right on tirrell st .
? take a right on w . dallas , and then turn right on marston st . , which is the entrance to the center
? follow the signs to parking | 2001-07-26T00:00:00 |
7,054 | re : university of texas conference on energy finance , february 2001 vince , i am checking the date on jeff ' s calendar ( i ' m assuming the date is
february 22 ? ) . i am holding that date whole week for a trip abroad , but i
think we have some flexibility on that and am checking it out . i ' ll be back
in touch as soon as i ' ve resolved that . srs
vince j kaminski @ ect
09 / 20 / 2000 11 : 41 am
to : jeff skilling / corp / enron @ enron
cc : vince j kaminski / hou / ect @ ect , richard causey / corp / enron @ enron
subject : university of texas conference on energy finance , february 2001
jeff ,
our friends at the university of texas are planning a conference on energy
economics and finance in february of next year . they would like very much to
have
you as a keynote speaker .
given our good , long - term relationship with ut , i would recommend
that you speak at this conference . i talked to prof . ehud ronn
a few times about the program and i think that this will be
an excellent forum to present enron ' s accomplishments and
agenda for the future .
i am sure that rick causey will join me in making the same recommendation .
vince | 0 | ham | re : university of texas conference on energy finance , february 2001 | vince , i am checking the date on jeff ' s calendar ( i ' m assuming the date is
february 22 ? ) . i am holding that date whole week for a trip abroad , but i
think we have some flexibility on that and am checking it out . i ' ll be back
in touch as soon as i ' ve resolved that . srs
vince j kaminski @ ect
09 / 20 / 2000 11 : 41 am
to : jeff skilling / corp / enron @ enron
cc : vince j kaminski / hou / ect @ ect , richard causey / corp / enron @ enron
subject : university of texas conference on energy finance , february 2001
jeff ,
our friends at the university of texas are planning a conference on energy
economics and finance in february of next year . they would like very much to
have
you as a keynote speaker .
given our good , long - term relationship with ut , i would recommend
that you speak at this conference . i talked to prof . ehud ronn
a few times about the program and i think that this will be
an excellent forum to present enron ' s accomplishments and
agenda for the future .
i am sure that rick causey will join me in making the same recommendation .
vince | 2000-09-20T00:00:00 |
7,381 | super saturday shelly ,
these are the super saturdays i can help you with :
nov 10
dec 1
dec 8
dec 15
i shall be traveling on two other days . one of these trips is related to
recruiting at cmu .
vince | 0 | ham | super saturday | shelly ,
these are the super saturdays i can help you with :
nov 10
dec 1
dec 8
dec 15
i shall be traveling on two other days . one of these trips is related to
recruiting at cmu .
vince | 2000-10-25T00:00:00 |
20,511 | v ' icod ' in cheapp ! mediccationns at lowesst pricess everyy !
over 80 . % offf , pricess wontt get lowerr
we selll vic ' od ( in v , ia . gra x , ana . x | 1 | spam | v ' icod ' in cheapp ! | mediccationns at lowesst pricess everyy !
over 80 . % offf , pricess wontt get lowerr
we selll vic ' od ( in v , ia . gra x , ana . x
| 2004-11-27T00:00:00 |
9,217 | re : job posting hi vince ,
this posting is for my group . thanks for the referral .
- - - - - original message - - - - -
from : kaminski , vince
sent : tuesday , april 24 , 2001 5 : 31 pm
to : goodpasture , john ; watson , kimberly ; ferrell , lee ; kaminski , vince
cc : krishnarao , pinnamaneni
subject : job posting
i am teaching a class at rice and one of my very bright students sent her resume
in response to this posting . do you know who posted this job ?
vince kaminski
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 04 / 24 / 2001 05 : 27 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" helen demianenko " on 04 / 24 / 2001 02 : 11 : 05 pm
please respond to
to :
cc :
subject : job posting
dear vince ,
thanks for talking to me this morning about the sr . risk analyst position .
here is where you can find the job description for that position :
also , i have cut and pasted it down below , just in case .
i appreciate your assistance in this matter and will start working on my
cover letter right away .
i would also like to talk to somebody to get a better feel for the position
( is this really an mba level position and how much of the in - depth learning
opportunities for the derivatives market does it entail ? )
sincerely ,
helen demianenko
p . s . i have attached my resume ( one more time ) .
sr risk analyst
essential functions : primary accountability for managing the ets risk book
structure and processes from a pipeline ( front office ) perspective . work
within current nng and tw marketing organizations to effectively integrate
risk books into daily marketing and structured product activities . provide
feedback to management regarding overall and specific risk positions .
provide support for consistent and accurate deals entry / reporting for stand
alone risk management system . create ad - hoc reports to assist management in
risk analysis . responsible for managing and providing enhancements to the
capacity books : ? maintain functionality and provide leadership for new
functionality from a users perspective . provide support and direction for
integration of capacity books and revenue management project . support revenue
management team
essential requirements : ba / bs in finance or accounting ( mba preferred ) .
minimum of two years financial instruments experience . excellent
quantitative / analytic and systems skills . knowledge of commodity risk book
concepts . understanding of physical natural gas market , interstate
transportation and financial derivatives . ability to interface with
structuring / marketing groups in order to define business requirements .
ability to provide leadership for business and system processes . excellent
communication skills with an ability to communicate across organization with
varied skill sets and ideas . must be self - motivated with a high level of
energy
preferred skills : na .
special characteristics : this job functions in a team - oriented , fast - paced
environment with multiple concurrent assignments and constantly changing
priorities .
contact : responses will be accepted through may 3 , 2001 . respond to enron
corp . , human resources 235 , p o box 3330 , omaha , ne 68103 - 0330 or e - mail :
dea . crum @ enron . com as a . doc or . txt attachment . please include this
requisition number .
job id 0000108729
department risk management & reporti
company enron transportation services
enron transportation services
location houston , tx
type
posting date 19 - apr - 01
- helen _ d _ resume . doc > | 0 | ham | re : job posting | hi vince ,
this posting is for my group . thanks for the referral .
- - - - - original message - - - - -
from : kaminski , vince
sent : tuesday , april 24 , 2001 5 : 31 pm
to : goodpasture , john ; watson , kimberly ; ferrell , lee ; kaminski , vince
cc : krishnarao , pinnamaneni
subject : job posting
i am teaching a class at rice and one of my very bright students sent her resume
in response to this posting . do you know who posted this job ?
vince kaminski
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 04 / 24 / 2001 05 : 27 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" helen demianenko " on 04 / 24 / 2001 02 : 11 : 05 pm
please respond to
to :
cc :
subject : job posting
dear vince ,
thanks for talking to me this morning about the sr . risk analyst position .
here is where you can find the job description for that position :
also , i have cut and pasted it down below , just in case .
i appreciate your assistance in this matter and will start working on my
cover letter right away .
i would also like to talk to somebody to get a better feel for the position
( is this really an mba level position and how much of the in - depth learning
opportunities for the derivatives market does it entail ? )
sincerely ,
helen demianenko
p . s . i have attached my resume ( one more time ) .
sr risk analyst
essential functions : primary accountability for managing the ets risk book
structure and processes from a pipeline ( front office ) perspective . work
within current nng and tw marketing organizations to effectively integrate
risk books into daily marketing and structured product activities . provide
feedback to management regarding overall and specific risk positions .
provide support for consistent and accurate deals entry / reporting for stand
alone risk management system . create ad - hoc reports to assist management in
risk analysis . responsible for managing and providing enhancements to the
capacity books : ? maintain functionality and provide leadership for new
functionality from a users perspective . provide support and direction for
integration of capacity books and revenue management project . support revenue
management team
essential requirements : ba / bs in finance or accounting ( mba preferred ) .
minimum of two years financial instruments experience . excellent
quantitative / analytic and systems skills . knowledge of commodity risk book
concepts . understanding of physical natural gas market , interstate
transportation and financial derivatives . ability to interface with
structuring / marketing groups in order to define business requirements .
ability to provide leadership for business and system processes . excellent
communication skills with an ability to communicate across organization with
varied skill sets and ideas . must be self - motivated with a high level of
energy
preferred skills : na .
special characteristics : this job functions in a team - oriented , fast - paced
environment with multiple concurrent assignments and constantly changing
priorities .
contact : responses will be accepted through may 3 , 2001 . respond to enron
corp . , human resources 235 , p o box 3330 , omaha , ne 68103 - 0330 or e - mail :
dea . crum @ enron . com as a . doc or . txt attachment . please include this
requisition number .
job id 0000108729
department risk management & reporti
company enron transportation services
enron transportation services
location houston , tx
type
posting date 19 - apr - 01
- helen _ d _ resume . doc >
| 2001-04-24T00:00:00 |
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r e f
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| 2004-08-21T00:00:00 |
1,643 | enron / hpl actuals for sept . 19 , 2000 teco tap 35 . 000 / enron ; 71 . 250 / hpl gas daily
ls hpl lsk ic 15 . 000 / enron | 0 | ham | enron / hpl actuals for sept . 19 , 2000 | teco tap 35 . 000 / enron ; 71 . 250 / hpl gas daily
ls hpl lsk ic 15 . 000 / enron | 2000-09-20T00:00:00 |
19,587 | tinydrive usb 2 . 0 mobile 2 . 2 gb storage drive @ $ 187 . 00 tinydrive 2 . 2 gb . 5 x 2 . 25 x 2 . 5 - inches ( h x w x d )
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16,960 | fw : 5 state energy advisors fired over conflicts ethics : the consultants were involved in buying electricity for california from a
generator whose stock they owned , setting up a clash of official duties ,
personal interests .
names of the 5 people fired disclosed below :
5 state energy advisors fired over conflicts ethics : the consultants were involved in buying electricity for california from a generator whose stock they owned , setting up a clash of official duties , personal interests .
jeffrey l . rabin ; daryl kelley ; rich connell
times staff writers
07 / 28 / 2001
los angeles times
home edition
a - 1
copyright 2001 / the times mirror company
the davis administration , stung by charges of excessive secrecy , disclosed late friday that it has fired five energy consultants because of conflicts of interest involving their official duties and personal finances .
a sixth consultant hired to help california purchase electricity has quit , according to state records .
all were involved in purchasing electricity for the state from a generator whose stock they owned .
in addition , the top lawyer for the agency buying the power was removed from her position because of concern about the way the issue of potential conflicts was handled .
top advisors to gov . gray davis told the times that they learned of the conflicts in the last week , after belatedly asking the consultants to file required economic disclosure statements . a review of those documents , which included stock holdings , showed that some of the consultants " may have crossed the line , " said the governor ' s senior advisor , nancy mcfadden .
state law prohibits officials from participating in decisions involving their personal financial interests .
although portraying himself as seriously concerned that such conflicts could undermine public confidence , the governor has not required some of his most influential private - sector advisors to file the kind of disclosure statements that led to the firings .
among them are two wall street veterans who have been most influential in promoting the governor ' s energy rescue plan , which includes the largest state bond sale in u . s . history .
the new york firms that employ executives joseph fichera and michael hoffman have been paid $ 275 , 000 a month to , among other things , help pitch the $ 12 . 5 - billion bond issue to wall street analysts and state lawmakers . the companies stand to make an additional $ 14 million if the state goes through with the purchase of utility transmission lines .
davis contends that fichera , hoffman and their associates fall into a separate category of advisor , beyond the reach of the state ' s political reform laws . critics question the distinction .
" the governor ' s approach may be convenient for him , " said jim knox , executive director of the watchdog group california common cause , " but it ignores the law . "
disclosure is crucial because the public needs to know that " decisions are not being made by people who have a conflict of interest , " knox said . " trying to evade the law with a creative use of semantics is not what they ought to be doing . "
the firings disclosed friday are unlikely to diminish criticism surrounding the more than 50 consultants and advisors hastily hired by the administration as it rushed into the power trading business this year .
more than $ 25 million is being spent by the state on consultants , according to state records .
in the process , seemingly little attention was paid to routine government ethics laws .
it took six months for state officials to direct the consultants to file even basic disclosures of their personal finances , including investments . the state political reform act normally requires such forms to be filed publicly within 30 days of starting work for state agencies .
even with the hastily ordered disclosures made public thus far , the circumstances of most of the stock transactions remain a mystery because key information was omitted . most of the consultants , for example , failed to state when they bought the energy stocks .
one of those pressing hardest for an investigation of possible conflict of interest violations and insider trading is secretary of state bill jones , a republican who hopes to challenge davis next year . jones has accused the governor of " a conscious policy of secrecy " in enforcing compliance with public disclosure laws . this week jones called for a federal securities and exchange commission probe of stock purchases by state energy consultants .
4 traders owned shares of calpine
the four traders removed this week all owned shares of calpine corp . , a san jose - based power generator that has landed the largest share of the $ 43 billion in long - term state power contracts . their investments ranged from several thousand dollars to more than $ 100 , 000 , records show .
while working for the state department of water resources , officials said they bought undetermined amounts of calpine power on the state ' s behalf . more than $ 14 million worth of electricity was purchased from the state by calpine in the first quarter of this year , according to the most recent records available .
" we did not want them making governmental decisions and holding these stocks , " the governor ' s legal affairs secretary , barry goode , said in an interview .
the highest - ranking consultant removed , richard ferreira , was hired on a $ 500 , 000 contract in january to assist in obtaining bids for long - term power and negotiating contracts , records show .
a former assistant general manager with the sacramento municipal utility district , ferreira was paid $ 200 an hour by the state . after he disclosed owning as much as $ 10 , 000 in calpine stock , officials discovered he had participated in a review of one of the company ' s contracts . ferreira could not be reached for comment .
the governor ' s office identified the other four as traders william f . mead , herman leung , constantine louie and peggy cheng , most of whom could not be reached friday by the times .
all of them formerly worked as energy schedulers at the power exchange , a now - defunct energy market similar to a stock exchange created in the early days of california ' s electricity deregulation .
hired by the state in february and march , the four signed temporary contracts calling for maximum payments of between $ 15 , 000 and $ 21 , 000 a month , including living expenses in sacramento and flights home to southern california .
mead , 55 , a former edison engineer , said state officials never warned him that owning energy stock was a problem until they demanded that he sell the stock a week ago .
he said he bought nearly all of his shares 2 1 / 2 years ago for $ 12 , 000 and saw its value skyrocket as the stock split three times , doubling in value each time .
mead said he was called by the head of the state ' s energy buying team thursday and fired .
" i asked very directly , ' is this because of the stock ? ' and they wouldn ' t give me an answer , " mead said . " [ he ] just said your services are terminated .
" i came up here , away from home , living in a hotel room , trying to keep the lights on , trying to get the state through a crisis and now i get a finger pointed at me as if i ' m some sort of criminal . i guess it ' s just politics and we ' re the pawns . "
administration officials said they also are examining the actions of other traders , including one who bought calpine stock just before beginning work for the state . that trader , elaine griffin , who also came from the power exchange , left the state power buying operation july 14 , three days after disclosing her energy industry investment . griffin , who the governor ' s office said had obtained another job , could not be reached for comment .
griffin reported purchasing $ 10 , 000 to $ 100 , 000 of calpine stock on feb . 1 , in her final days working at the electricity exchange .
a few days later , calpine signed and announced a $ 4 . 6 - billion , 10 - year deal to sell power to the department of water resources .
on feb . 20 , griffin joined the state power buying agency , just as the state and calpine were finalizing an additional $ 8 . 3 billion in power contracts . one of those , a 20 - year deal signed feb . 27 , was the longest .
the state has awarded calpine about $ 13 billion in contracts to supply power for up to 20 years .
in addition to the state consultants who bought calpine stock , two others reported owning stock in texas - based power marketing giant enron corp . and two more bought stock in southern california edison , the faltering utility that davis has committed himself to saving from bankruptcy .
another consultant bought stock in reliant energy of houston , a large power plant operator that bought several california plants from utilities after deregulation .
bernard barretto , an energy trader , who buys energy on the daily spot market , said in an interview that he bought about $ 2 , 000 in enron stock shortly before he began work for the state feb . 28 .
purchase of enron stock defended
" i don ' t see a conflict , " he said . " at the time , we weren ' t really dealing with enron . i [ still ] haven ' t bought from enron . "
barretto said he never considered his enron ownership a possible conflict until he received notice july 18 that he had to sell the stocks by noon or lose his job .
that notice came from goode , the governor ' s lawyer .
" we expect and have always expected the state ' s consultants to uphold the highest ethical standards , " he wrote . " that standard is not met by those who hold a financial interest in one or more energy companies while trading on behalf of the state on energy related matters . "
" therefore each consultant who holds an interest in an energy company must divest himself or herself of that interest by noon today . if he or she refuses , the state will sever its contract with that person . "
however , the governor ' s office has taken a distinctly different stance with his closest financial advisors , fichera and hoffman .
davis aides cite an opinion sought last week from attorney raquelle de la rocha , a former member of the los angeles ethics commission and the state fair political practices commission . she concluded that the advisors do not have to file disclosure statements because they are contractors , not consultants , and will be working for less than a year on a limited range of projects .
fichera is davis ' point man on the governor ' s energy rescue plan - - including the unprecedented bond sale . he has pitched the plan to lawmakers , reporters and the wall street financial community . fichera refused to comment on the record .
fichera and hoffman ' s companies , saber partners and blackstone group , prepared a controversial analysis that helped underpin legislative approval of the bond measure , intended to pay for past and future power buying .
pact specifies financial advice
the state ' s contract with the fichera and hoffman firms calls for them to provide " financial advisory services " to the state .
the decision not to require public disclosure of their financial holdings stands in sharp contrast to the approach taken with montague derose and associates . that consulting firm was hired on a $ 1 . 8 - million contract . like the other two firms , it too was hired to provide " financial advisory services " to the state .
that firm ' s top advisor , douglas s . montague , was required by the administration to fill out a disclosure statement . he reported no power company interests .
the governor ' s legal advisors said the difference is that montague is on a longer contract .
photo : barry goode , above , governor ' s legal affairs secretary . ;
copyright ? 2000 dow jones & company , inc . all rights reserved . | 0 | ham | fw : 5 state energy advisors fired over conflicts ethics : the | consultants were involved in buying electricity for california from a
generator whose stock they owned , setting up a clash of official duties ,
personal interests .
names of the 5 people fired disclosed below :
5 state energy advisors fired over conflicts ethics : the consultants were involved in buying electricity for california from a generator whose stock they owned , setting up a clash of official duties , personal interests .
jeffrey l . rabin ; daryl kelley ; rich connell
times staff writers
07 / 28 / 2001
los angeles times
home edition
a - 1
copyright 2001 / the times mirror company
the davis administration , stung by charges of excessive secrecy , disclosed late friday that it has fired five energy consultants because of conflicts of interest involving their official duties and personal finances .
a sixth consultant hired to help california purchase electricity has quit , according to state records .
all were involved in purchasing electricity for the state from a generator whose stock they owned .
in addition , the top lawyer for the agency buying the power was removed from her position because of concern about the way the issue of potential conflicts was handled .
top advisors to gov . gray davis told the times that they learned of the conflicts in the last week , after belatedly asking the consultants to file required economic disclosure statements . a review of those documents , which included stock holdings , showed that some of the consultants " may have crossed the line , " said the governor ' s senior advisor , nancy mcfadden .
state law prohibits officials from participating in decisions involving their personal financial interests .
although portraying himself as seriously concerned that such conflicts could undermine public confidence , the governor has not required some of his most influential private - sector advisors to file the kind of disclosure statements that led to the firings .
among them are two wall street veterans who have been most influential in promoting the governor ' s energy rescue plan , which includes the largest state bond sale in u . s . history .
the new york firms that employ executives joseph fichera and michael hoffman have been paid $ 275 , 000 a month to , among other things , help pitch the $ 12 . 5 - billion bond issue to wall street analysts and state lawmakers . the companies stand to make an additional $ 14 million if the state goes through with the purchase of utility transmission lines .
davis contends that fichera , hoffman and their associates fall into a separate category of advisor , beyond the reach of the state ' s political reform laws . critics question the distinction .
" the governor ' s approach may be convenient for him , " said jim knox , executive director of the watchdog group california common cause , " but it ignores the law . "
disclosure is crucial because the public needs to know that " decisions are not being made by people who have a conflict of interest , " knox said . " trying to evade the law with a creative use of semantics is not what they ought to be doing . "
the firings disclosed friday are unlikely to diminish criticism surrounding the more than 50 consultants and advisors hastily hired by the administration as it rushed into the power trading business this year .
more than $ 25 million is being spent by the state on consultants , according to state records .
in the process , seemingly little attention was paid to routine government ethics laws .
it took six months for state officials to direct the consultants to file even basic disclosures of their personal finances , including investments . the state political reform act normally requires such forms to be filed publicly within 30 days of starting work for state agencies .
even with the hastily ordered disclosures made public thus far , the circumstances of most of the stock transactions remain a mystery because key information was omitted . most of the consultants , for example , failed to state when they bought the energy stocks .
one of those pressing hardest for an investigation of possible conflict of interest violations and insider trading is secretary of state bill jones , a republican who hopes to challenge davis next year . jones has accused the governor of " a conscious policy of secrecy " in enforcing compliance with public disclosure laws . this week jones called for a federal securities and exchange commission probe of stock purchases by state energy consultants .
4 traders owned shares of calpine
the four traders removed this week all owned shares of calpine corp . , a san jose - based power generator that has landed the largest share of the $ 43 billion in long - term state power contracts . their investments ranged from several thousand dollars to more than $ 100 , 000 , records show .
while working for the state department of water resources , officials said they bought undetermined amounts of calpine power on the state ' s behalf . more than $ 14 million worth of electricity was purchased from the state by calpine in the first quarter of this year , according to the most recent records available .
" we did not want them making governmental decisions and holding these stocks , " the governor ' s legal affairs secretary , barry goode , said in an interview .
the highest - ranking consultant removed , richard ferreira , was hired on a $ 500 , 000 contract in january to assist in obtaining bids for long - term power and negotiating contracts , records show .
a former assistant general manager with the sacramento municipal utility district , ferreira was paid $ 200 an hour by the state . after he disclosed owning as much as $ 10 , 000 in calpine stock , officials discovered he had participated in a review of one of the company ' s contracts . ferreira could not be reached for comment .
the governor ' s office identified the other four as traders william f . mead , herman leung , constantine louie and peggy cheng , most of whom could not be reached friday by the times .
all of them formerly worked as energy schedulers at the power exchange , a now - defunct energy market similar to a stock exchange created in the early days of california ' s electricity deregulation .
hired by the state in february and march , the four signed temporary contracts calling for maximum payments of between $ 15 , 000 and $ 21 , 000 a month , including living expenses in sacramento and flights home to southern california .
mead , 55 , a former edison engineer , said state officials never warned him that owning energy stock was a problem until they demanded that he sell the stock a week ago .
he said he bought nearly all of his shares 2 1 / 2 years ago for $ 12 , 000 and saw its value skyrocket as the stock split three times , doubling in value each time .
mead said he was called by the head of the state ' s energy buying team thursday and fired .
" i asked very directly , ' is this because of the stock ? ' and they wouldn ' t give me an answer , " mead said . " [ he ] just said your services are terminated .
" i came up here , away from home , living in a hotel room , trying to keep the lights on , trying to get the state through a crisis and now i get a finger pointed at me as if i ' m some sort of criminal . i guess it ' s just politics and we ' re the pawns . "
administration officials said they also are examining the actions of other traders , including one who bought calpine stock just before beginning work for the state . that trader , elaine griffin , who also came from the power exchange , left the state power buying operation july 14 , three days after disclosing her energy industry investment . griffin , who the governor ' s office said had obtained another job , could not be reached for comment .
griffin reported purchasing $ 10 , 000 to $ 100 , 000 of calpine stock on feb . 1 , in her final days working at the electricity exchange .
a few days later , calpine signed and announced a $ 4 . 6 - billion , 10 - year deal to sell power to the department of water resources .
on feb . 20 , griffin joined the state power buying agency , just as the state and calpine were finalizing an additional $ 8 . 3 billion in power contracts . one of those , a 20 - year deal signed feb . 27 , was the longest .
the state has awarded calpine about $ 13 billion in contracts to supply power for up to 20 years .
in addition to the state consultants who bought calpine stock , two others reported owning stock in texas - based power marketing giant enron corp . and two more bought stock in southern california edison , the faltering utility that davis has committed himself to saving from bankruptcy .
another consultant bought stock in reliant energy of houston , a large power plant operator that bought several california plants from utilities after deregulation .
bernard barretto , an energy trader , who buys energy on the daily spot market , said in an interview that he bought about $ 2 , 000 in enron stock shortly before he began work for the state feb . 28 .
purchase of enron stock defended
" i don ' t see a conflict , " he said . " at the time , we weren ' t really dealing with enron . i [ still ] haven ' t bought from enron . "
barretto said he never considered his enron ownership a possible conflict until he received notice july 18 that he had to sell the stocks by noon or lose his job .
that notice came from goode , the governor ' s lawyer .
" we expect and have always expected the state ' s consultants to uphold the highest ethical standards , " he wrote . " that standard is not met by those who hold a financial interest in one or more energy companies while trading on behalf of the state on energy related matters . "
" therefore each consultant who holds an interest in an energy company must divest himself or herself of that interest by noon today . if he or she refuses , the state will sever its contract with that person . "
however , the governor ' s office has taken a distinctly different stance with his closest financial advisors , fichera and hoffman .
davis aides cite an opinion sought last week from attorney raquelle de la rocha , a former member of the los angeles ethics commission and the state fair political practices commission . she concluded that the advisors do not have to file disclosure statements because they are contractors , not consultants , and will be working for less than a year on a limited range of projects .
fichera is davis ' point man on the governor ' s energy rescue plan - - including the unprecedented bond sale . he has pitched the plan to lawmakers , reporters and the wall street financial community . fichera refused to comment on the record .
fichera and hoffman ' s companies , saber partners and blackstone group , prepared a controversial analysis that helped underpin legislative approval of the bond measure , intended to pay for past and future power buying .
pact specifies financial advice
the state ' s contract with the fichera and hoffman firms calls for them to provide " financial advisory services " to the state .
the decision not to require public disclosure of their financial holdings stands in sharp contrast to the approach taken with montague derose and associates . that consulting firm was hired on a $ 1 . 8 - million contract . like the other two firms , it too was hired to provide " financial advisory services " to the state .
that firm ' s top advisor , douglas s . montague , was required by the administration to fill out a disclosure statement . he reported no power company interests .
the governor ' s legal advisors said the difference is that montague is on a longer contract .
photo : barry goode , above , governor ' s legal affairs secretary . ;
copyright ? 2000 dow jones & company , inc . all rights reserved . | 2001-07-30T00:00:00 |
885 | weekend activity dated : june 2 thru june 4 th revision # 1
friday night - - 6 : 45 pm :
sherry fontenot ( w / texaco ) called stating tank batteries 5 debbie valenzuela called concerning some channel changes
matter was resolved around 8 : 30 am
shawn { in gas control } also mention equistar had pull gas at their
pt . arthur plant / mtr . # 1062 , approx . gas flow of 6 . 0 mm for the weekend .
i will inform janice burke davis { w / equistar } of there weekend
activity . she did not nominate this point for june business .
9 : 30 am : / 6 : 00 pm cindy golly called with a cut at texoma { mtr . 71 } of
4 , 886 - mm for saturday . meter total should be 79 , 059 mm on k # : hpl 216
1 : 40 pm : karen zinn ( w / louis dryfus ) called with a cut on oasismidcon
totaling 31 , 595 . oasis & midcon ( down stream p / line ) were notified .
note : paul mcpheeters @ oasis meter total = 70 , 945
1 : 00 pm daren called to inform me of an additional 20 . 0 mm cut at texoma .
k # hpl 215 .
cindy reconfirm the point as 50 , 945 - mm for gas day sunday , june 4 th .
the 20 . 0 cut at texoma { mtr . 71 } was moved to pgev / midtexas dewvill
( 980388 ) .
pleas check meters : 6780 , 71 , 68 for weekend scheduling changes . k # :
012 - 35985 - 201 | 0 | ham | weekend activity dated : june 2 thru june 4 th | revision # 1
friday night - - 6 : 45 pm :
sherry fontenot ( w / texaco ) called stating tank batteries 5 debbie valenzuela called concerning some channel changes
matter was resolved around 8 : 30 am
shawn { in gas control } also mention equistar had pull gas at their
pt . arthur plant / mtr . # 1062 , approx . gas flow of 6 . 0 mm for the weekend .
i will inform janice burke davis { w / equistar } of there weekend
activity . she did not nominate this point for june business .
9 : 30 am : / 6 : 00 pm cindy golly called with a cut at texoma { mtr . 71 } of
4 , 886 - mm for saturday . meter total should be 79 , 059 mm on k # : hpl 216
1 : 40 pm : karen zinn ( w / louis dryfus ) called with a cut on oasismidcon
totaling 31 , 595 . oasis & midcon ( down stream p / line ) were notified .
note : paul mcpheeters @ oasis meter total = 70 , 945
1 : 00 pm daren called to inform me of an additional 20 . 0 mm cut at texoma .
k # hpl 215 .
cindy reconfirm the point as 50 , 945 - mm for gas day sunday , june 4 th .
the 20 . 0 cut at texoma { mtr . 71 } was moved to pgev / midtexas dewvill
( 980388 ) .
pleas check meters : 6780 , 71 , 68 for weekend scheduling changes . k # :
012 - 35985 - 201 | 2000-06-05T00:00:00 |
8,320 | re : hello team ken :
we are very excited about our alp at enron . we look forward to working
with you and your team and learning about the broadband space .
thursday at cacciatore ' s sounds fine with us . we will see you there at 7 : 00
p . m .
enron alp team
- - - - - original message - - - - -
from : kenneth . parkhill @ enron . com [ mailto : kenneth . parkhill @ enron . com ]
sent : tuesday , january 23 , 2001 10 : 47 am
to : luigical @ rice . edu ; ghosei @ rice . edu ; ghoshr @ rice . edu ; iqbal @ rice . edu ;
pravas @ rice . edu ; cwomack @ rice . edu ; barrett @ rice . edu ; uecker @ rice . edu ;
loughrid @ rice . edu
cc : vince . j . kaminski @ enron . com
subject : hello team
we are very excited to be able to welcome your alp team to enron . we are
looking to working with you this semester . to kick things off , we would
like to invite you to cacciatore ' s this thursday for dinner ( 1 / 25 / 01 , 7 pm ) .
if you can ' t stand italian cuisine , or would like to try a different day or
time , please feel free to make a suggestion . we look forward to meeting
you .
ken
713 / 345 - 4638 | 0 | ham | re : hello team | ken :
we are very excited about our alp at enron . we look forward to working
with you and your team and learning about the broadband space .
thursday at cacciatore ' s sounds fine with us . we will see you there at 7 : 00
p . m .
enron alp team
- - - - - original message - - - - -
from : kenneth . parkhill @ enron . com [ mailto : kenneth . parkhill @ enron . com ]
sent : tuesday , january 23 , 2001 10 : 47 am
to : luigical @ rice . edu ; ghosei @ rice . edu ; ghoshr @ rice . edu ; iqbal @ rice . edu ;
pravas @ rice . edu ; cwomack @ rice . edu ; barrett @ rice . edu ; uecker @ rice . edu ;
loughrid @ rice . edu
cc : vince . j . kaminski @ enron . com
subject : hello team
we are very excited to be able to welcome your alp team to enron . we are
looking to working with you this semester . to kick things off , we would
like to invite you to cacciatore ' s this thursday for dinner ( 1 / 25 / 01 , 7 pm ) .
if you can ' t stand italian cuisine , or would like to try a different day or
time , please feel free to make a suggestion . we look forward to meeting
you .
ken
713 / 345 - 4638 | 2001-01-23T00:00:00 |
8,995 | re : your mail zhendong ,
dr . kaminski called me back telling me that he would like to have you as
an intern student in his research department during the summer . please
write him an email as soon as possible to introduce yourself and letting
him know of your expected starting date and ending date . dr . kaminski ' s
email address is vince . j . kaminski @ enron . com
shi - jie deng
assistant professor
school of isye
georgia institute of technology
office phone : ( 404 ) 894 - 6519
e - mail : deng @ isye . gatech . edu
home page : http : / / www . isye . gatech . edu / ~ deng | 0 | ham | re : your mail | zhendong ,
dr . kaminski called me back telling me that he would like to have you as
an intern student in his research department during the summer . please
write him an email as soon as possible to introduce yourself and letting
him know of your expected starting date and ending date . dr . kaminski ' s
email address is vince . j . kaminski @ enron . com
shi - jie deng
assistant professor
school of isye
georgia institute of technology
office phone : ( 404 ) 894 - 6519
e - mail : deng @ isye . gatech . edu
home page : http : / / www . isye . gatech . edu / ~ deng | 2001-04-11T00:00:00 |
7,790 | wti maket maker simulation model john ,
we finished the version 2 of the simulation model which deals with the
open - close trading versus the continuous trading in the previous version .
i added the cummulative p / l as an output . there are a few apparent trading
strategies from this model :
1 ) higher bid / offer spread , more profit
2 ) more daily # of trades , more profit
3 ) smaller net open positions allowed , more profit
1 ) and 2 ) are obvious , but 3 ) is more interesting . it means that we are
better off
if we do not allowed net open positions at end of the day . in a trending
market ,
this makes an intuitive sense , for example , in the case of bull market we are
short as a market maker and we can avoid the loss at the higher openning price
by keeping zero or small net short positions .
i have attached the model with this mail , and i ' ll be happy to discuss the
model
in more details with you .
zimin | 0 | ham | wti maket maker simulation model | john ,
we finished the version 2 of the simulation model which deals with the
open - close trading versus the continuous trading in the previous version .
i added the cummulative p / l as an output . there are a few apparent trading
strategies from this model :
1 ) higher bid / offer spread , more profit
2 ) more daily # of trades , more profit
3 ) smaller net open positions allowed , more profit
1 ) and 2 ) are obvious , but 3 ) is more interesting . it means that we are
better off
if we do not allowed net open positions at end of the day . in a trending
market ,
this makes an intuitive sense , for example , in the case of bull market we are
short as a market maker and we can avoid the loss at the higher openning price
by keeping zero or small net short positions .
i have attached the model with this mail , and i ' ll be happy to discuss the
model
in more details with you .
zimin | 2000-12-01T00:00:00 |
1,991 | enron nominations for november 8 , 2000 ( see attached file : hplnl 108 . xls )
- hplnl 108 . xls | 0 | ham | enron nominations for november 8 , 2000 | ( see attached file : hplnl 108 . xls )
- hplnl 108 . xls | 2000-11-07T00:00:00 |
27,221 | gain lowprice medicaments in our cyberspace . only . where ever you stay . which ever country you are in . does not matter . it
will be accurately and efficiently processed via a reliable courier
provider . reduced prices on all items you require . refer often .
waving banners , and the sky , lofty and clear with its glittering
captain wentworth . she had a strong impression of his having said ,
a ' n ' t i a good boy ? i know you love a play ; and there is room for us all .
15 s - 43 superior street , spokane , washington 99212 509 - 727 - 1454 | 1 | spam | gain lowprice medicaments in our cyberspace . only . | where ever you stay . which ever country you are in . does not matter . it
will be accurately and efficiently processed via a reliable courier
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waving banners , and the sky , lofty and clear with its glittering
captain wentworth . she had a strong impression of his having said ,
a ' n ' t i a good boy ? i know you love a play ; and there is room for us all .
15 s - 43 superior street , spokane , washington 99212 509 - 727 - 1454 | 2005-07-19T00:00:00 |
30,579 | re : account # 80399 a hello ,
we sent you an email a while ago , because you now qualify for a new mortgage .
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sic brothel gnome hyperboloid exemplar sanborn waggle felony balloon doomsday dogmatic inverness gertrude boulder moorish crockett impartial biasdessicate assiduity confucius drier wriggle imaginate seminarian brotherhood heater campus maelstrom individuate burly christianson wad ignoramus creed workastringent drop housebreak mephistopheles cogent basketball sixtieth blight shorthand swan extort chiffon weapon aorta squashberry coherent convulsive runnethaztecan automorphic blackman bethought gallup cornerstone uptake quebec chigger dorcas deletion heublein focus bender buzz whitehorse crux liltmacarthur finial dampen complacent hypodermic bissau proscenium armpit penalty staple ansi elaborate somehow acorn cotman | 1 | spam | re : account # 80399 a | hello ,
we sent you an email a while ago , because you now qualify for a new mortgage .
you could get $ 300 , 000 for as little as $ 600 a month !
bad credit is no problem , you can pull cash out or refinance .
please click on this link for free consultation by a mortgage broker :
start saving here
best regards ,
garrett dodson
for
email removal , go here .
sic brothel gnome hyperboloid exemplar sanborn waggle felony balloon doomsday dogmatic inverness gertrude boulder moorish crockett impartial biasdessicate assiduity confucius drier wriggle imaginate seminarian brotherhood heater campus maelstrom individuate burly christianson wad ignoramus creed workastringent drop housebreak mephistopheles cogent basketball sixtieth blight shorthand swan extort chiffon weapon aorta squashberry coherent convulsive runnethaztecan automorphic blackman bethought gallup cornerstone uptake quebec chigger dorcas deletion heublein focus bender buzz whitehorse crux liltmacarthur finial dampen complacent hypodermic bissau proscenium armpit penalty staple ansi elaborate somehow acorn cotman | 2004-11-26T00:00:00 |
32,194 | pain charset = iso - 8859 - 1 " > to whom it may concern ,
online pharmacy
medications that can improve your life at cheap prices . .
make a change .
- - - - - > online rx
it of of is for u report . current time be treaties prosecution need u
significance includes has this review whereas of budget best office sure
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including are sure service me main by yourself time out the it economy ,
white what self consecutively statement an crown best crown numbered form
prefix you the best don ' t we macpherson often over committees numerous
publications happy saw like includes the economy , is documents this your
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happy your and many government | 1 | spam | pain charset = iso - 8859 - 1 " > | to whom it may concern ,
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medications that can improve your life at cheap prices . .
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it of of is for u report . current time be treaties prosecution need u
significance includes has this review whereas of budget best office sure
don ' t become welfare , products select is impact accepted or the is category
including are sure service me main by yourself time out the it economy ,
white what self consecutively statement an crown best crown numbered form
prefix you the best don ' t we macpherson often over committees numerous
publications happy saw like includes the economy , is documents this your
this should for published miracles principal also man these and statutory
happy your and many government
| 2005-03-17T00:00:00 |
3,792 | 90 % discounts on microsoft , adobe , autodesk , corel software ! tzvtwhqeldl microsoft windows xp professional 2002 $ 50 retail price : $ 270 . 99 our low price : $ 50 you save : $ 220 bromine cheetah adobe photoshop 7 . 0 $ 60 retail price : $ 609 . 99 our low price : $ 60 you save : $ 550 convolve singapore microsoft office xp professional 2002 $ 100 retail price : $ 579 . 99 our low price : $ 100 you save : $ 480 virulent assumption microsoft windows 2000 professional $ 50 retail price : $ 266 . 99 our low price : $ 50 you save : $ 216 . 99 shortish ncaa adobe pagemaker 7 . 0 $ 60 retail price : $ 404 . 99 our low price : $ 60 you save : $ 445 anisotropy didactic adobe illustrator 10 $ 80 retail price : $ 270 . 99 our low price : $ 80 you save : $ 190 stacy convalesce magi 10 th carnage wad arrest centrifuge anchorite posthumous dying loren armhole fable antithetic affiliate | 1 | spam | 90 % discounts on microsoft , adobe , autodesk , corel software ! tzvtwhqeldl | microsoft windows xp professional 2002 $ 50 retail price : $ 270 . 99 our low price : $ 50 you save : $ 220 bromine cheetah adobe photoshop 7 . 0 $ 60 retail price : $ 609 . 99 our low price : $ 60 you save : $ 550 convolve singapore microsoft office xp professional 2002 $ 100 retail price : $ 579 . 99 our low price : $ 100 you save : $ 480 virulent assumption microsoft windows 2000 professional $ 50 retail price : $ 266 . 99 our low price : $ 50 you save : $ 216 . 99 shortish ncaa adobe pagemaker 7 . 0 $ 60 retail price : $ 404 . 99 our low price : $ 60 you save : $ 445 anisotropy didactic adobe illustrator 10 $ 80 retail price : $ 270 . 99 our low price : $ 80 you save : $ 190 stacy convalesce magi 10 th carnage wad arrest centrifuge anchorite posthumous dying loren armhole fable antithetic affiliate | 2004-02-16T00:00:00 |
31,949 | linux - kernel - announce @ vger . kernel . org your application confirmation fri , 25 feb 2005 22 : 17 : 57 - 0800 hi ,
did you know ?
you can now get $ 347 , 000 for as little as $ 607 a month !
why should you pay more when you can save thousands re - financing at our low rates ?
remember , that rates are due to jump withint he next few months .
bad credit ? doesn ' t matter , low rates are fixed no matter what !
use the extra for home additions , improvements , or whatever you could not afford to do before .
fill out this 30 sec . form and be approved within the next 24 hours .
best regards ,
quincy washburn
http : / / www . 123 ratezz . com / x / st . html
-
to unsubscribe from this list : send the line " unsubscribe linux - kernel " in
the body of a message to majordomo @ vger . kernel . org
more majordomo info at http : / / vger . kernel . org / majordomo - info . html
please read the faq at http : / / www . tux . org / lkml / | 1 | spam | linux - kernel - announce @ vger . kernel . org your application confirmation fri , 25 feb 2005 22 : 17 : 57 - 0800 | hi ,
did you know ?
you can now get $ 347 , 000 for as little as $ 607 a month !
why should you pay more when you can save thousands re - financing at our low rates ?
remember , that rates are due to jump withint he next few months .
bad credit ? doesn ' t matter , low rates are fixed no matter what !
use the extra for home additions , improvements , or whatever you could not afford to do before .
fill out this 30 sec . form and be approved within the next 24 hours .
best regards ,
quincy washburn
http : / / www . 123 ratezz . com / x / st . html
-
to unsubscribe from this list : send the line " unsubscribe linux - kernel " in
the body of a message to majordomo @ vger . kernel . org
more majordomo info at http : / / vger . kernel . org / majordomo - info . html
please read the faq at http : / / www . tux . org / lkml / | 2005-02-25T00:00:00 |
21,680 | hey , just wanted to let you know . . if you have owned your home for at
least 2 years ,
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guests attending the elaborate open - air service in st . peter ' s square cheered and applauded , many chanting " santo , santo " - - a call for john paul to be canonized . some pilgrims who came from the pope ' s homeland waved polish flags . " today , we bury his remains in the earth as a seed of immortality - - our hearts are full of sadness , yet at the same time of joyful hope and profound gratitude , " cardinal joseph ratzinger said in the homily during the mass . tens of thousands of people , including hundreds of world leaders , paid a final tribute to the leader of the world ' s 1 billion roman catholics , while others watched the ceremony on giant tv screens . in poland , 800 , 000 people gathered in a vast field in krakow to watch the funeral , many having spent the previous night attending mass and gathering around bonfires . | 1 | spam | hey , just wanted to let you know . . | if you have owned your home for at
least 2 years ,
we can offer
you :
the guaranteed lowest homeloan rates
on the planet
$ 350 , 000 for as low as $ 590 a
month
credit report not needed for current
homeowners
click below for free
insta - quote
start saving
now
no
need for a quote right now
guests attending the elaborate open - air service in st . peter ' s square cheered and applauded , many chanting " santo , santo " - - a call for john paul to be canonized . some pilgrims who came from the pope ' s homeland waved polish flags . " today , we bury his remains in the earth as a seed of immortality - - our hearts are full of sadness , yet at the same time of joyful hope and profound gratitude , " cardinal joseph ratzinger said in the homily during the mass . tens of thousands of people , including hundreds of world leaders , paid a final tribute to the leader of the world ' s 1 billion roman catholics , while others watched the ceremony on giant tv screens . in poland , 800 , 000 people gathered in a vast field in krakow to watch the funeral , many having spent the previous night attending mass and gathering around bonfires .
| 2005-04-09T00:00:00 |
9,291 | re : willow and pathstar evaluations i will check with michael and see if it ' s feasible to do a quick evaluation
of his software here in houston .
- - stinson
vince j kaminski
04 / 24 / 2001 05 : 22 pm
to : stinson gibner / hou / ect @ ect
cc :
subject : willow and pathstar evaluations
stinson ,
he keeps bugging us about it .
any thoughts what we should do ?
vince
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 04 / 24 / 2001
05 : 22 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" mike curran " on 04 / 24 / 2001 10 : 03 : 24 am
please respond to " mike curran "
to :
cc :
subject : willow and pathstar evaluations
hi vince -
hope all is well with you .
sharad hasn ' t had time to evaluate our willow tree or monte carlo software
since the middle of last year . is there somebody else that could do it ?
please let me know who i should send the evaluation to .
best regards ,
michael curran
ceo
quantin ' leap limited
piercy house
7 copthall avenue
london ec 2 r 7 nj
tel : + 44 ( 0 ) 20 7562 3450
fax : + 44 ( 0 ) 20 7562 3411
mailto : mcurran @ quantinleap . com
http : / / www . quantinleap . com | 0 | ham | re : willow and pathstar evaluations | i will check with michael and see if it ' s feasible to do a quick evaluation
of his software here in houston .
- - stinson
vince j kaminski
04 / 24 / 2001 05 : 22 pm
to : stinson gibner / hou / ect @ ect
cc :
subject : willow and pathstar evaluations
stinson ,
he keeps bugging us about it .
any thoughts what we should do ?
vince
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 04 / 24 / 2001
05 : 22 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" mike curran " on 04 / 24 / 2001 10 : 03 : 24 am
please respond to " mike curran "
to :
cc :
subject : willow and pathstar evaluations
hi vince -
hope all is well with you .
sharad hasn ' t had time to evaluate our willow tree or monte carlo software
since the middle of last year . is there somebody else that could do it ?
please let me know who i should send the evaluation to .
best regards ,
michael curran
ceo
quantin ' leap limited
piercy house
7 copthall avenue
london ec 2 r 7 nj
tel : + 44 ( 0 ) 20 7562 3450
fax : + 44 ( 0 ) 20 7562 3411
mailto : mcurran @ quantinleap . com
http : / / www . quantinleap . com | 2001-04-30T00:00:00 |
11,458 | usa : persistent problems chinking enron ' s armor . - - - - - original message - - - - -
from : djcustomclips @ djinteractive . com @ enron [ mailto : imceanotes - djcustomclips + 40 djinteractive + 2 ecom + 40 enron @ enron . com ]
sent : thursday , april 12 , 2001 2 : 34 pm
to : 168842 @ mailman . enron . com
subject : rahil jafry : usa : persistent problems chinking enron ' s armor .
usa :
persistent problems chinking enron ' s armor .
by c . bryson hull
04 / 12 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , april 12 ( reuters ) - the teflon around energy and trading powerhouse
enron corp . is starting to show some scratches , as negative events over the
past few months from india to its broadband unit , begin to take their toll ,
analysts say .
make no mistake , wall street still sees the houston - based giant as the energy
convergence sector leader . analysts polled by thomson financial / first call
still believe enron will meet its earnings per share targets of $ 1 . 75 for 2001 .
but the stock has dropped to its lowest levels since late 1999 , a slide which
started with news that enron ' s keystone broadband content deal with
blockbuster inc . had fallen apart .
the stock had traded in the mid - $ 80 s as recently as february , before the stock
market ' s recent collapse and a string of negative news . on friday , it traded
at $ 57 . 45 on the new york stock exchange , down $ 1 . 06 cents or 1 . 8 percent , and
well off its high of $ 90 . 56 last august .
" their share price hasn ' t been bulletproof and that ' s what counts . they were
up pushing $ 90 and they ' re now in the $ 50 s while the energy sector has done
quite well , so they have underperformed quite a bit and that doesn ' t seem
bulletproof to me , " analyst andre meade of commerzbank securities said .
meade said the price fall came as investors took the bad news out of enron ' s
valuation , particularly in devaluing the broadband business .
" with broadband the market initially gave them full credit . but investors got
smart over the next year , and once you got some bad news out there , you could
argue that valuation was pulled , " meade said .
but the bad news neither starts nor ends there .
the latest negative item came wednesday , when a california federal judge
ordered enron to return the university of california and california state
university systems to direct power access , which enron says will cost them $ 12
million a month .
the universities ' lawsuit which claimed enron energy services breached their
power management contract , could cast a shadow over the houston - based
company ' s power risk management arm which recently saw a huge upsurge in
business involving similar multimillion dollar deals with large corporations .
other bad news includes broadband layoff talk , failed water company spinoff
azurix inc . ' s impending sell - off its north american assets , the failure of the
video on demand deal with blockbuster , word that the $ 2 billion sale of
utility portland general is unlikely to go through and continuing payment
problems at the dabhol power plant in india .
that long - running dispute in india reared its head again on monday . enron
confirmed it issued a notice of political force majeure to the maharashstra
state electricity board ( mseb ) , which has consistently defaulted on payments .
force majeure is an event beyond the control of a contractual party that could
not have been prevented .
" it ' s one of the steps in the process of protecting our rights . it ' s one step ,
but it ' s not the only step , " enron spokesman john ambler said .
enron has already invoked payment guarantees from the indian national
government , but it has refused to cover mseb ' s $ 21 . 9 million december bill
until enron and mseb settle another dispute over a fine . the mseb wants the
$ 85 . 8 million fine , which it levied , to cover its outstanding bills .
layoffs or redeployments ?
another nettling problem for enron is news of trouble at enron broadband
services ( ebs ) , the cutting - edge unit that encompasses a nascent bandwidth
trading operation and a broadband content services business .
most recently , enron has had to answer questions about a reduction in the
number of employees at ebs because of the stock market ' s faltering confidence
in telecoms generally .
two weeks ago , the company characterized word of layoffs at the broadband unit
as nothing more than an internal redeployment of staff to areas that were
growing at a higher rate .
" it ' s word games . initially they said they were redeploying , and that was not
the word i heard from inside the company , but that was the way they put it .
it ' s probably a little of both , " said analyst john olson of houston investment
house sanders morris harris .
ebs spokeswoman kelly kimberly on monday said 227 employees were leaving the
broadband unit to work in other areas of the company .
" most of them have elected to go into the redeployment pool or are already
moved into corporate or another business , " kimberly said .
kimberly did not have an exact figure on the number who have opted to take a
severance package , but characterized it as a small percentage .
it has been a rough few weeks for ebs , which also suffered from the
blockbuster debacle . last month , the two announced a mutual end to a 20 - year
exclusive video on - demand deal , which had been considered a cornerstone of
ebs ' content services push .
folder name : rahil jafry
relevance score on scale of 100 : 79
to review or revise your folder , visit http : / / www . djinteractive . com or contact dow jones customer service by e - mail at custom . news @ bis . dowjones . com or by phone at 800 - 369 - 7466 . ( outside the u . s . and canada , call 609 - 452 - 1511 or contact your local sales representative . )
copyright ( c ) 2001 dow jones & company , inc . all rights reserved | 0 | ham | usa : persistent problems chinking enron ' s armor . | - - - - - original message - - - - -
from : djcustomclips @ djinteractive . com @ enron [ mailto : imceanotes - djcustomclips + 40 djinteractive + 2 ecom + 40 enron @ enron . com ]
sent : thursday , april 12 , 2001 2 : 34 pm
to : 168842 @ mailman . enron . com
subject : rahil jafry : usa : persistent problems chinking enron ' s armor .
usa :
persistent problems chinking enron ' s armor .
by c . bryson hull
04 / 12 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , april 12 ( reuters ) - the teflon around energy and trading powerhouse
enron corp . is starting to show some scratches , as negative events over the
past few months from india to its broadband unit , begin to take their toll ,
analysts say .
make no mistake , wall street still sees the houston - based giant as the energy
convergence sector leader . analysts polled by thomson financial / first call
still believe enron will meet its earnings per share targets of $ 1 . 75 for 2001 .
but the stock has dropped to its lowest levels since late 1999 , a slide which
started with news that enron ' s keystone broadband content deal with
blockbuster inc . had fallen apart .
the stock had traded in the mid - $ 80 s as recently as february , before the stock
market ' s recent collapse and a string of negative news . on friday , it traded
at $ 57 . 45 on the new york stock exchange , down $ 1 . 06 cents or 1 . 8 percent , and
well off its high of $ 90 . 56 last august .
" their share price hasn ' t been bulletproof and that ' s what counts . they were
up pushing $ 90 and they ' re now in the $ 50 s while the energy sector has done
quite well , so they have underperformed quite a bit and that doesn ' t seem
bulletproof to me , " analyst andre meade of commerzbank securities said .
meade said the price fall came as investors took the bad news out of enron ' s
valuation , particularly in devaluing the broadband business .
" with broadband the market initially gave them full credit . but investors got
smart over the next year , and once you got some bad news out there , you could
argue that valuation was pulled , " meade said .
but the bad news neither starts nor ends there .
the latest negative item came wednesday , when a california federal judge
ordered enron to return the university of california and california state
university systems to direct power access , which enron says will cost them $ 12
million a month .
the universities ' lawsuit which claimed enron energy services breached their
power management contract , could cast a shadow over the houston - based
company ' s power risk management arm which recently saw a huge upsurge in
business involving similar multimillion dollar deals with large corporations .
other bad news includes broadband layoff talk , failed water company spinoff
azurix inc . ' s impending sell - off its north american assets , the failure of the
video on demand deal with blockbuster , word that the $ 2 billion sale of
utility portland general is unlikely to go through and continuing payment
problems at the dabhol power plant in india .
that long - running dispute in india reared its head again on monday . enron
confirmed it issued a notice of political force majeure to the maharashstra
state electricity board ( mseb ) , which has consistently defaulted on payments .
force majeure is an event beyond the control of a contractual party that could
not have been prevented .
" it ' s one of the steps in the process of protecting our rights . it ' s one step ,
but it ' s not the only step , " enron spokesman john ambler said .
enron has already invoked payment guarantees from the indian national
government , but it has refused to cover mseb ' s $ 21 . 9 million december bill
until enron and mseb settle another dispute over a fine . the mseb wants the
$ 85 . 8 million fine , which it levied , to cover its outstanding bills .
layoffs or redeployments ?
another nettling problem for enron is news of trouble at enron broadband
services ( ebs ) , the cutting - edge unit that encompasses a nascent bandwidth
trading operation and a broadband content services business .
most recently , enron has had to answer questions about a reduction in the
number of employees at ebs because of the stock market ' s faltering confidence
in telecoms generally .
two weeks ago , the company characterized word of layoffs at the broadband unit
as nothing more than an internal redeployment of staff to areas that were
growing at a higher rate .
" it ' s word games . initially they said they were redeploying , and that was not
the word i heard from inside the company , but that was the way they put it .
it ' s probably a little of both , " said analyst john olson of houston investment
house sanders morris harris .
ebs spokeswoman kelly kimberly on monday said 227 employees were leaving the
broadband unit to work in other areas of the company .
" most of them have elected to go into the redeployment pool or are already
moved into corporate or another business , " kimberly said .
kimberly did not have an exact figure on the number who have opted to take a
severance package , but characterized it as a small percentage .
it has been a rough few weeks for ebs , which also suffered from the
blockbuster debacle . last month , the two announced a mutual end to a 20 - year
exclusive video on - demand deal , which had been considered a cornerstone of
ebs ' content services push .
folder name : rahil jafry
relevance score on scale of 100 : 79
to review or revise your folder , visit http : / / www . djinteractive . com or contact dow jones customer service by e - mail at custom . news @ bis . dowjones . com or by phone at 800 - 369 - 7466 . ( outside the u . s . and canada , call 609 - 452 - 1511 or contact your local sales representative . )
copyright ( c ) 2001 dow jones & company , inc . all rights reserved | 2001-04-12T00:00:00 |
28,944 | california capacity report for week of 11 / 5 - 11 / 9 > transwestern ' s average deliveries to california were 944 mmbtu / d
> ( 87 % ) , with san juan lateral throughput at 880 mmbtu / d . total east
> deliveries averaged 470 mmbtu / d .
>
> el paso ' s average deliveries to california were 1985 mmbtu / d ( 68 % ) :
> - pg & etop , capacity of 1140 mmbtu / d , deliveries of 721 mmbtu / d ( 63 % )
> - socalehr , capacity 1250 mmbtu / d , deliveries of 806 mmbtu / d ( 65 % )
> - socaltop , capacity 540 mmbtu / d , deliveries of 458 mmbtu / d ( 85 % )
>
> friday ' s posted gas daily prices :
> socal gas , large pkgs 2 . 575 ( - . 38 )
> pg & e , large pkgs 2 . 465 ( - . 39 )
> tw san juan 2 . 32
> tw permian 2 . 41 ( - . 37 )
>
> enron online bases :
> dec - mar apr - oct
> perm - ca . 08 ( - . 06 ) . 23 ( - . 05 )
> sj - ca . 20 ( - . 06 ) . 44 ( - . 05 )
> sj - waha . 16 ( even ) . 25 ( even )
> perm - waha . 04 ( even ) . 05 ( even )
> | 0 | ham | california capacity report for week of 11 / 5 - 11 / 9 | > transwestern ' s average deliveries to california were 944 mmbtu / d
> ( 87 % ) , with san juan lateral throughput at 880 mmbtu / d . total east
> deliveries averaged 470 mmbtu / d .
>
> el paso ' s average deliveries to california were 1985 mmbtu / d ( 68 % ) :
> - pg & etop , capacity of 1140 mmbtu / d , deliveries of 721 mmbtu / d ( 63 % )
> - socalehr , capacity 1250 mmbtu / d , deliveries of 806 mmbtu / d ( 65 % )
> - socaltop , capacity 540 mmbtu / d , deliveries of 458 mmbtu / d ( 85 % )
>
> friday ' s posted gas daily prices :
> socal gas , large pkgs 2 . 575 ( - . 38 )
> pg & e , large pkgs 2 . 465 ( - . 39 )
> tw san juan 2 . 32
> tw permian 2 . 41 ( - . 37 )
>
> enron online bases :
> dec - mar apr - oct
> perm - ca . 08 ( - . 06 ) . 23 ( - . 05 )
> sj - ca . 20 ( - . 06 ) . 44 ( - . 05 )
> sj - waha . 16 ( even ) . 25 ( even )
> perm - waha . 04 ( even ) . 05 ( even )
> | 2001-11-09T00:00:00 |
18,138 | love ecards | 1 | spam | love ecards | 2004-01-06T00:00:00 |
|
8,632 | california update 3 / 06 / 01 executive summary
? if no comprehensive deal is reached by april 9 th , chances of bankruptcy
increase due to a one day " opt - out " clause in all long - term power contracts .
? pg & e and state locked in tough negotiations , several issues on the table :
puc - imposed requirement forcing pg state - 2 . 3 times book value vs . pg & e - 4 times book value
? pg & e will not use any of the $ 1 b secured last week to help their ailing
utility .
? davis ' s announcement of long term power contract didn ' t include some
details :
of the 8 , 800 megawatts secured this far , only 6 , 000 are available this
summer
some of the " long term contracts " are really only for three months
none of the contracts prevent california from buying peak demand on the spot
market
? one the same day davis announced long term contracts , davis also quietly
announce a 10 % rate hike .
? ferc may be the wild card in approving this deal .
pg & e
transmissions deal
one thing that is still uncertain is pg & e . bankruptcy may still be a likely
alternative if current negotiations to buy pg & e ' s share of the electric
transmission grid fail to produce a deal by april 9 ( when all long - term power
contracts being negotiated have a one - day " opt - out " clause they can exercise
unilaterally if a " comprehensive solution " has not been reached by the state
and its major utilities ) . according to sources close to senior pg & e
officials , pg & e made it clear that any hope for a politically acceptable deal
on the transmission lines depends on the california government ' s willingness
to make a major financial commitment it has been completely unwilling to make
until now .
pg & e will not make a final deal to sell its grid unless davis agrees to
relieve it of the puc - imposed requirement to be the " electricity buyer of
last resort . " current state regulations make the utility companies
ultimately responsible for generating or purchasing enough electricity at all
times to supply california ' s energy needs . as long as the state steps in and
makes those purchases , as it has for the past three months , the utilities are
shielded from absorbing the losses generated by paying premiums for spot
market power and selling to consumers who are shielded by low rate ceilings .
but , pg & e officials are worried 1 ) this summer ' s supply and 2 ) davis ' s
concern over how fast he is draining the state ' s budget surplus . if things
get into a crunch this summer and davis makes a new decision that the state
will pay only for the electricity it buys through long - term contracts , then
pg & e will be left holding the bag .
thus , as part of the negotiations over buying the electricity grid , pg & e is
demanding a " comprehensive solution " that includes not being liable for cost
differentials between the spot market purchase and what consumers are allowed
to pay . state officials are in no mood to grant that kind of " get out of
jail free " card , so the two sides remain locked in extremely tough
negotiations that are complicated by three other factors : ( 1 ) pg ( 2 ) state legislative
demands that the price davis negotiate for pg and ( 3 ) the ferc must
" positively approve " any grid purchase by the state of california .
the principal concern on the price front is that pg & e wants to sell the
electricity grid for nearly four times the estimated book value of their
transmission , while consumer groups insist that two times book value is the
politically acceptable limit . " we see 2 . 3 times book value as an absolute
upper bound . there is no way pg & e will get more than that , whatever they
think , " according to the leader of one main consumer groups . " we are going
to try to force any deals down to about 2 . 0 in any case . " negotiators for
davis are also trying to ' proposition - proof ' any transmission deal to protect
against a later ballot proposal . they think there are ways to do that , but
not if the price of pg & e ' s part of the grid triggers a ballot initiative .
remember , if davis ' s eventual solution triggers a ballot initiative , he will
be running for re - election on the same ballot as a public initiative designed
to overturn his solution .
on the sacramento front - no one understands pg & e ' s motives
the one question no one in sacramento can figure out is what kind of game
pg & e is playing . in a three day period pg & e made a series of announcements
that left everyone scratching their heads .
? late thursday , pg & e officials leaked information to california papers that
they had agreed in principle to sell their part of the electricity
transmission grid to the state , which seemed like obvious good news , but then
made it clear in discussions that the price they were asking was at least 30 %
above what the state was currently offering . while a deal can still be done ,
anything like the $ 10 billion pg & e wants would be very hard to get through
the california legislature which needs to approve any purchase .
? late friday , pg & e officials announced that they had secured a $ 1 billion
loan for the parent company ( not the electricity utility ) and would use the
money to pay off bondholders , other creditors and to return $ 161 million to
shareholders in a new dividend payout . not a cent of that money was
earmarked to help the struggling electricity orphan of pg & e and that left at
least one rating agency convinced that the company was more ready to send the
utility into bankruptcy than had been previously understood .
? over the weekend , pg & e leaked a story claiming that it was willing to pay
off its energy suppliers ' debt for 15 cents on the dollar right now . for
generators who are having to make decisions each morning about whether to
start legal actions that protect their rights in any eventual bankruptcy
action or hold off on the assumption that the politics of this process will
" make them whole " in a couple of months , that kind of trial balloon is
extremely unnerving .
thus , in a very short time period , pg & e ' s corporate owners showed they could
access public credit markets with relative ease and then showed that they
were unwilling to use these funds to smooth the way toward a solution to the
energy crisis . davis has demanded that all of the major utilities absorb at
least a part of the $ 13 billion debt they have accumulated since last summer
and pg & e ' s fund - raising will harden and deepen those demands . as one senior
political official told our source " just when you think the corporate
leadership of that company has insulted us as completely as possible , they
come up with something even more outrageous . "
pg and some of these " long - term contracts " are actually only good
for three months . none of these contracts , however , keep california from
having to buy the most expensive peak demand electricity on the spot market .
davis agrees on new consumer electricity rate hikes for next year
while the media was concern with davis ' s announcement of long term contracts
for california , of less concern to the media was davis ' s quietly announced a
decision to let rates rise again for electricity consumers . the state will
accept the 10 % emergency surcharge levied on consumers in january as a
permanent increase as well as an additional 10 % increase for consumers that
will take effect early 2002 when the old 1996 rate cut legislation expires .
that would bring the average charge to about 8 cents a kilowatt hour .
ferc
the other major danger to the transmission line deal is that the federal
energy regulatory commission can block the deal simply by failing to approve
it in a positive vote . senior california officials and legislators doubt that
ferc has jurisdiction , and believe that ferc would not dare stop a deal . but
they may be wrong . " the deal can only go through if ferc specifically signs
off on the deal . its power over transmission deal is absolute , no matter what
anyone says , " according to source close to the president . there are three
possibilities : 1 ) ferc could " pocket veto " it by not even putting it on
agenda for discussion ; 2 ) the deal is put on the agenda but it gets voted
down . the democrat on the commission , william massey , has already said he is
opposed to it ; or 3 ) the commission could approve it but with condition that
davis has to agree to bring the lines into a regional grid system .
one complicating factor in the ferc decision , however , is that its chairman
curt hebert , who is adamantly opposed to the transmission line sale , may not
be around long enough to have his say . " hebert is definitely not a shoo in
for the ferc chairman position , " says one washington official . two other
appointments to the commission will soon be named , this official notes , and
one of them " could easily become chairman . " | 0 | ham | california update 3 / 06 / 01 | executive summary
? if no comprehensive deal is reached by april 9 th , chances of bankruptcy
increase due to a one day " opt - out " clause in all long - term power contracts .
? pg & e and state locked in tough negotiations , several issues on the table :
puc - imposed requirement forcing pg state - 2 . 3 times book value vs . pg & e - 4 times book value
? pg & e will not use any of the $ 1 b secured last week to help their ailing
utility .
? davis ' s announcement of long term power contract didn ' t include some
details :
of the 8 , 800 megawatts secured this far , only 6 , 000 are available this
summer
some of the " long term contracts " are really only for three months
none of the contracts prevent california from buying peak demand on the spot
market
? one the same day davis announced long term contracts , davis also quietly
announce a 10 % rate hike .
? ferc may be the wild card in approving this deal .
pg & e
transmissions deal
one thing that is still uncertain is pg & e . bankruptcy may still be a likely
alternative if current negotiations to buy pg & e ' s share of the electric
transmission grid fail to produce a deal by april 9 ( when all long - term power
contracts being negotiated have a one - day " opt - out " clause they can exercise
unilaterally if a " comprehensive solution " has not been reached by the state
and its major utilities ) . according to sources close to senior pg & e
officials , pg & e made it clear that any hope for a politically acceptable deal
on the transmission lines depends on the california government ' s willingness
to make a major financial commitment it has been completely unwilling to make
until now .
pg & e will not make a final deal to sell its grid unless davis agrees to
relieve it of the puc - imposed requirement to be the " electricity buyer of
last resort . " current state regulations make the utility companies
ultimately responsible for generating or purchasing enough electricity at all
times to supply california ' s energy needs . as long as the state steps in and
makes those purchases , as it has for the past three months , the utilities are
shielded from absorbing the losses generated by paying premiums for spot
market power and selling to consumers who are shielded by low rate ceilings .
but , pg & e officials are worried 1 ) this summer ' s supply and 2 ) davis ' s
concern over how fast he is draining the state ' s budget surplus . if things
get into a crunch this summer and davis makes a new decision that the state
will pay only for the electricity it buys through long - term contracts , then
pg & e will be left holding the bag .
thus , as part of the negotiations over buying the electricity grid , pg & e is
demanding a " comprehensive solution " that includes not being liable for cost
differentials between the spot market purchase and what consumers are allowed
to pay . state officials are in no mood to grant that kind of " get out of
jail free " card , so the two sides remain locked in extremely tough
negotiations that are complicated by three other factors : ( 1 ) pg ( 2 ) state legislative
demands that the price davis negotiate for pg and ( 3 ) the ferc must
" positively approve " any grid purchase by the state of california .
the principal concern on the price front is that pg & e wants to sell the
electricity grid for nearly four times the estimated book value of their
transmission , while consumer groups insist that two times book value is the
politically acceptable limit . " we see 2 . 3 times book value as an absolute
upper bound . there is no way pg & e will get more than that , whatever they
think , " according to the leader of one main consumer groups . " we are going
to try to force any deals down to about 2 . 0 in any case . " negotiators for
davis are also trying to ' proposition - proof ' any transmission deal to protect
against a later ballot proposal . they think there are ways to do that , but
not if the price of pg & e ' s part of the grid triggers a ballot initiative .
remember , if davis ' s eventual solution triggers a ballot initiative , he will
be running for re - election on the same ballot as a public initiative designed
to overturn his solution .
on the sacramento front - no one understands pg & e ' s motives
the one question no one in sacramento can figure out is what kind of game
pg & e is playing . in a three day period pg & e made a series of announcements
that left everyone scratching their heads .
? late thursday , pg & e officials leaked information to california papers that
they had agreed in principle to sell their part of the electricity
transmission grid to the state , which seemed like obvious good news , but then
made it clear in discussions that the price they were asking was at least 30 %
above what the state was currently offering . while a deal can still be done ,
anything like the $ 10 billion pg & e wants would be very hard to get through
the california legislature which needs to approve any purchase .
? late friday , pg & e officials announced that they had secured a $ 1 billion
loan for the parent company ( not the electricity utility ) and would use the
money to pay off bondholders , other creditors and to return $ 161 million to
shareholders in a new dividend payout . not a cent of that money was
earmarked to help the struggling electricity orphan of pg & e and that left at
least one rating agency convinced that the company was more ready to send the
utility into bankruptcy than had been previously understood .
? over the weekend , pg & e leaked a story claiming that it was willing to pay
off its energy suppliers ' debt for 15 cents on the dollar right now . for
generators who are having to make decisions each morning about whether to
start legal actions that protect their rights in any eventual bankruptcy
action or hold off on the assumption that the politics of this process will
" make them whole " in a couple of months , that kind of trial balloon is
extremely unnerving .
thus , in a very short time period , pg & e ' s corporate owners showed they could
access public credit markets with relative ease and then showed that they
were unwilling to use these funds to smooth the way toward a solution to the
energy crisis . davis has demanded that all of the major utilities absorb at
least a part of the $ 13 billion debt they have accumulated since last summer
and pg & e ' s fund - raising will harden and deepen those demands . as one senior
political official told our source " just when you think the corporate
leadership of that company has insulted us as completely as possible , they
come up with something even more outrageous . "
pg and some of these " long - term contracts " are actually only good
for three months . none of these contracts , however , keep california from
having to buy the most expensive peak demand electricity on the spot market .
davis agrees on new consumer electricity rate hikes for next year
while the media was concern with davis ' s announcement of long term contracts
for california , of less concern to the media was davis ' s quietly announced a
decision to let rates rise again for electricity consumers . the state will
accept the 10 % emergency surcharge levied on consumers in january as a
permanent increase as well as an additional 10 % increase for consumers that
will take effect early 2002 when the old 1996 rate cut legislation expires .
that would bring the average charge to about 8 cents a kilowatt hour .
ferc
the other major danger to the transmission line deal is that the federal
energy regulatory commission can block the deal simply by failing to approve
it in a positive vote . senior california officials and legislators doubt that
ferc has jurisdiction , and believe that ferc would not dare stop a deal . but
they may be wrong . " the deal can only go through if ferc specifically signs
off on the deal . its power over transmission deal is absolute , no matter what
anyone says , " according to source close to the president . there are three
possibilities : 1 ) ferc could " pocket veto " it by not even putting it on
agenda for discussion ; 2 ) the deal is put on the agenda but it gets voted
down . the democrat on the commission , william massey , has already said he is
opposed to it ; or 3 ) the commission could approve it but with condition that
davis has to agree to bring the lines into a regional grid system .
one complicating factor in the ferc decision , however , is that its chairman
curt hebert , who is adamantly opposed to the transmission line sale , may not
be around long enough to have his say . " hebert is definitely not a shoo in
for the ferc chairman position , " says one washington official . two other
appointments to the commission will soon be named , this official notes , and
one of them " could easily become chairman . " | 2001-03-06T00:00:00 |
3,685 | re [ 8 ] : dear friend - size = 1 > order confirmation . your order should be shipped by january , via fedex .
your federal express tracking number is 45954036 .
thank you for registering . your userid is : 56075519
learn to make a fortune with ebay !
complete turnkey system software - videos - turorials
clk here for information
clilings . | 1 | spam | re [ 8 ] : dear friend - | size = 1 > order confirmation . your order should be shipped by january , via fedex .
your federal express tracking number is 45954036 .
thank you for registering . your userid is : 56075519
learn to make a fortune with ebay !
complete turnkey system software - videos - turorials
clk here for information
clilings .
| 2003-12-22T00:00:00 |
11,119 | ft . pierce meeting please mark your calendars to hold a place for the following meeting :
date : thursday , march 8 , 2001
time : 10 : 00 am - 11 : 00 am
place : eb - 3314
topic : ft . pierce meeting
if you have any questions / conflicts , please feel free to call me .
thanks ,
christy
ext . 3 - 336 | 0 | ham | ft . pierce meeting | please mark your calendars to hold a place for the following meeting :
date : thursday , march 8 , 2001
time : 10 : 00 am - 11 : 00 am
place : eb - 3314
topic : ft . pierce meeting
if you have any questions / conflicts , please feel free to call me .
thanks ,
christy
ext . 3 - 336 | 2001-03-07T00:00:00 |
14,700 | fw : back office - - - - - original message - - - - -
from : gregwhalley [ mailto : 8777865122 @ skytel . com ]
sent : thursday , january 10 , 2002 10 : 52 am
to : lavorato , john
subject : back office
trouble withthe 13 mm in back office bonuses . advisors for creditors committee say take it out of their residual ownership . that would mean that we don ' t have the cash unless the buyer picks it up . | 0 | ham | fw : back office | - - - - - original message - - - - -
from : gregwhalley [ mailto : 8777865122 @ skytel . com ]
sent : thursday , january 10 , 2002 10 : 52 am
to : lavorato , john
subject : back office
trouble withthe 13 mm in back office bonuses . advisors for creditors committee say take it out of their residual ownership . that would mean that we don ' t have the cash unless the buyer picks it up . | 2002-01-10T00:00:00 |
26,859 | get the software you need , now ! soft at incredibly low prices
the deepest definition of youth is life as yet untouched by tragedy .
humankind cannot stand very much reality . | 1 | spam | get the software you need , now ! | soft at incredibly low prices
the deepest definition of youth is life as yet untouched by tragedy .
humankind cannot stand very much reality . | 2005-07-14T00:00:00 |
10,973 | new offrr want to know ho liberalize w to save over 60 % on your me northward dlcatlons ?
http : / / www . centr compassion alpan . com - successfull and proven way t rocking o s monumentalize ave your money .
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more than 200 appeasement popular medlcatlons
have a nice da upheave y ! | 2005-07-20T00:00:00 |
3,108 | pleo 0004 2000 mary ,
as in my email below to daren , we are seeing some oa variances between flash to actual on the ple contracts on pgev for 10 / 00 - 12 / 00 . i have verified with thu nguyen of what the statements from pgev show and that is also what we have booked in unify and recorded to the g / l as an imbalance . however , when looking in cpr ( under cpr pipeline exchange ) , there was not anything flashed for those months , thus our oa variance . i seem to remember that stacy once said that although we may run an imbalance at the end of a month on occassion , in those few times that we do , 1 ) it should be relatively small and 2 ) in the following days of the next month , we should have worked the imbalance down to zero thus having no imbalance at the end of the month . in a voice mail from daren today , he seemed to think the same thing was happening or even that by the end of each month , we were balanced to zero . can you shed some light on these months and let me know if we should have had an imbalance and if we should have , why there would have not been anything flashed . if we should not have had an imbalance , then we ' ll need your help to figure out what went wrong in that pgev shows an imbalance on their statements . let me know what you think . . . . . . . . .
thanks ,
rita
x 37694
- - - - - - - - - - - - - - - - - - - - - - forwarded by rita wynne / hou / ect on 04 / 24 / 2001 06 : 35 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : rita wynne 04 / 24 / 2001 01 : 02 pm
to : daren j farmer / hou / ect
cc : milton bolanos / na / enron @ enron
subject : pleo 0004 2000
daren ,
when i look back in cpr for the delivery periods of 10 / 00 - 12 / 00 on cpr pipeline exchange , i do not see anything being flashed as an imbalance , i . e . the buys and sales always equal in cpr . however , we are booking an imbalance every month on the parking and lending contract . should there be something in cpr for these volumes ? let me know because it is causing an oa variance for us . thanks !
- - - - - - - - - - - - - - - - - - - - - - forwarded by rita wynne / hou / ect on 04 / 24 / 2001 12 : 58 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : thu t nguyen 04 / 24 / 2001 12 : 14 pm
to : rita wynne / hou / ect @ ect
cc :
subject : pleo 0004 2000
imbalances :
oct 26687
nov - 44177
dec - 9248 | 0 | ham | pleo 0004 2000 | mary ,
as in my email below to daren , we are seeing some oa variances between flash to actual on the ple contracts on pgev for 10 / 00 - 12 / 00 . i have verified with thu nguyen of what the statements from pgev show and that is also what we have booked in unify and recorded to the g / l as an imbalance . however , when looking in cpr ( under cpr pipeline exchange ) , there was not anything flashed for those months , thus our oa variance . i seem to remember that stacy once said that although we may run an imbalance at the end of a month on occassion , in those few times that we do , 1 ) it should be relatively small and 2 ) in the following days of the next month , we should have worked the imbalance down to zero thus having no imbalance at the end of the month . in a voice mail from daren today , he seemed to think the same thing was happening or even that by the end of each month , we were balanced to zero . can you shed some light on these months and let me know if we should have had an imbalance and if we should have , why there would have not been anything flashed . if we should not have had an imbalance , then we ' ll need your help to figure out what went wrong in that pgev shows an imbalance on their statements . let me know what you think . . . . . . . . .
thanks ,
rita
x 37694
- - - - - - - - - - - - - - - - - - - - - - forwarded by rita wynne / hou / ect on 04 / 24 / 2001 06 : 35 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : rita wynne 04 / 24 / 2001 01 : 02 pm
to : daren j farmer / hou / ect
cc : milton bolanos / na / enron @ enron
subject : pleo 0004 2000
daren ,
when i look back in cpr for the delivery periods of 10 / 00 - 12 / 00 on cpr pipeline exchange , i do not see anything being flashed as an imbalance , i . e . the buys and sales always equal in cpr . however , we are booking an imbalance every month on the parking and lending contract . should there be something in cpr for these volumes ? let me know because it is causing an oa variance for us . thanks !
- - - - - - - - - - - - - - - - - - - - - - forwarded by rita wynne / hou / ect on 04 / 24 / 2001 12 : 58 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : thu t nguyen 04 / 24 / 2001 12 : 14 pm
to : rita wynne / hou / ect @ ect
cc :
subject : pleo 0004 2000
imbalances :
oct 26687
nov - 44177
dec - 9248 | 2001-04-24T00:00:00 |
26,100 | save your money buy getting this thing here you have not tried cialls yet ?
than you cannot even imagine what it is like to be a real man in bed !
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- the effect iasts 36 hours !
- you are ready to start within just 10 minutes !
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| 2005-06-30T00:00:00 |
17,379 | start date : 12 / 20 / 01 ; hourahead hour : 6 ; start date : 12 / 20 / 01 ; hourahead hour : 6 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2001122006 . txt | 0 | ham | start date : 12 / 20 / 01 ; hourahead hour : 6 ; | start date : 12 / 20 / 01 ; hourahead hour : 6 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2001122006 . txt | 2001-12-20T00:00:00 |
1,016 | hpl noms for june 21 , 2000 ( see attached file : hplo 621 . xls )
- hplo 621 . xls | 0 | ham | hpl noms for june 21 , 2000 | ( see attached file : hplo 621 . xls )
- hplo 621 . xls | 2000-06-20T00:00:00 |
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| 2004-12-12T00:00:00 |
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29,513 | generic meds today only special . hey , how ' s it going ?
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we currently are having a sale on viagra .
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don ' t worry about the embaressment going to see your local doctor . order online hassle free !
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1,990 | re : personal information needs to be updated janet ,
please submit this name change to the tpc as soon as possible . thanks , hgm
susan wimberley @ ect
11 / 07 / 2000 02 : 45 pm
to : hector mcloughlin / corp / enron @ enron
cc : dfarmer @ enron . com @ enron
subject : re : personal information needs to be updated
once this is fixed in sap i will be able to change it in pep . the data
integrity team is being really strict on the name field . it has to be
changed in sap before i am allowed to change it in pep . please let me know
when this has been done and i will make the change asap .
enron capital & trade resources corp .
from : hector mcloughlin @ enron 11 / 07 / 2000 02 : 24 pm
to : susan wimberley / hou / ect @ ect
cc : dfarmer @ enron . com
subject : re : personal information needs to be updated
is it possible that his first name show as " j darren " ? daren is his middle
name and the name that everyone addresses him by .
we would also be glad to submit the change in sap if the system will accept j
darren as the first name .
please advise .
thanks for your help , hgm
susan wimberley @ ect
11 / 07 / 2000 02 : 12 pm
to : hector mcloughlin / corp / enron @ enron
cc : dfarmer @ enron . com @ enron
subject : re : personal information needs to be updated
please note that the name in pep has to mirror what is in the source system .
currently there is not a field in pep for nicknames .
enron capital & trade resources corp .
from : hector mcloughlin @ enron 11 / 07 / 2000 01 : 48 pm
to : dfarmer @ enron . com , susan wimberley / hou / ect @ ect
cc :
subject : re : personal information needs to be updated
susan ,
would you please take care of mr . farmer ' s request ? i am not able to change
names .
thanks for your help , hgm
dfarmer @ enron . com on 11 / 07 / 2000 01 : 15 : 08 pm
to : hector . mcloughlin @ enron . com
cc :
subject : personal information needs to be updated
this message is from farmer , jerry d :
my name should be changed from farmer , jerry d to farmer , j daren | 0 | ham | re : personal information needs to be updated | janet ,
please submit this name change to the tpc as soon as possible . thanks , hgm
susan wimberley @ ect
11 / 07 / 2000 02 : 45 pm
to : hector mcloughlin / corp / enron @ enron
cc : dfarmer @ enron . com @ enron
subject : re : personal information needs to be updated
once this is fixed in sap i will be able to change it in pep . the data
integrity team is being really strict on the name field . it has to be
changed in sap before i am allowed to change it in pep . please let me know
when this has been done and i will make the change asap .
enron capital & trade resources corp .
from : hector mcloughlin @ enron 11 / 07 / 2000 02 : 24 pm
to : susan wimberley / hou / ect @ ect
cc : dfarmer @ enron . com
subject : re : personal information needs to be updated
is it possible that his first name show as " j darren " ? daren is his middle
name and the name that everyone addresses him by .
we would also be glad to submit the change in sap if the system will accept j
darren as the first name .
please advise .
thanks for your help , hgm
susan wimberley @ ect
11 / 07 / 2000 02 : 12 pm
to : hector mcloughlin / corp / enron @ enron
cc : dfarmer @ enron . com @ enron
subject : re : personal information needs to be updated
please note that the name in pep has to mirror what is in the source system .
currently there is not a field in pep for nicknames .
enron capital & trade resources corp .
from : hector mcloughlin @ enron 11 / 07 / 2000 01 : 48 pm
to : dfarmer @ enron . com , susan wimberley / hou / ect @ ect
cc :
subject : re : personal information needs to be updated
susan ,
would you please take care of mr . farmer ' s request ? i am not able to change
names .
thanks for your help , hgm
dfarmer @ enron . com on 11 / 07 / 2000 01 : 15 : 08 pm
to : hector . mcloughlin @ enron . com
cc :
subject : personal information needs to be updated
this message is from farmer , jerry d :
my name should be changed from farmer , jerry d to farmer , j daren | 2000-11-07T00:00:00 |
27,803 | houston all - employee meeting notice please join us at an all - employee meeting at 10 a . m . wednesday , aug . 9 , in
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the hyatt regency ' s imperial ballroom . we will review our second quarter
financial and operating highlights and discuss in more detail the strategy
behind enron net works . the meeting will be streamed live on ip - tv to
employees in houston , omaha , portland , new york , calgary , london , stockholm ,
frankfurt and amsterdam .
as always , we welcome your questions . you may send them to mary clark by
e - mail , fax ( 713 - 853 - 6790 ) or interoffice mail ( eb 4704 c ) . the deadline for
advance questions is friday , aug . 4 .
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24,848 | a better investment than the stock market . all our mailings are sent complying to the proposed h . r . 3113 unsolicited
commercial electronic mail act of 2000 . please see the bottom of this
message for further information and removal instructions .
parents of 15 - year old - find $ 71 , 000 cash hidden in
his closet !
does this headline look familiar ? of course it does . you most likely have
just seen this story recently featured on a major nightly news program ( usa ) .
and reported elsewhere in the world ( including my neck of the woods -
new zealand ) . his mother was cleaning and putting laundry away when
she came across a large brown paper bag that was suspiciously buried
beneath some clothes and a skateboard in the back of her 15 - year - old
sons closet . nothing could have prepared her for the shock she got when
she opened the bag and found it was full of cash . five - dollar bills , twenties ,
fifties and hundreds - all neatly rubber - banded in labelled piles .
" my first thought was that he had robbed a bank " , says the 41 - year - old
woman , " there was over $ 71 , 000 dollars in that bag - - that ' s more than my
husband earns in a year " .
the woman immediately called her husband at the car - dealership where
he worked to tell him what she had discovered . he came home right away
and they drove together to the boys school and picked him up . little did
they suspect that where the money came from was more shocking than
actually finding it in the closet .
as it turns out , the boy had been sending out , via e - mail , a type of
" report " to e - mail addresses that he obtained off the internet . everyday
after school for the past 2 months , he had been doing this right on his
computer in his bedroom .
" i just got the e - mail one day and i figured what the heck , i put my name
on it like the instructions said and i started sending it out " , says the clever
15 - year - old .
the e - mail letter listed 5 addresses and contained instructions to send one
$ 5 dollar bill to each person on the list , then delete the address at the top
and move the others addresses down , and finally to add your name to
the top of the list .
the letter goes on to state that you would receive several thousand
dollars in five - dollar bills within 2 weeks if you sent out the letter with your
name at the top of the 5 - address list . " i get junk e - mail all the time , and
really did not think it was going to work " , the boy continues .
within the first few days of sending out the e - mail , the post office box
that his parents had gotten him for his video - game magazine subscriptions
began to fill up with not magazines , but envelopes containing $ 5 bills .
" about a week later i rode [ my bike ] down to the post office and my box
had 1 magazine and about 300 envelops stuffed in it . there was also a
yellow slip that said i had to go up to the [ post office ] counter . i thought i
was in trouble or something ( laughs ) " . he goes on , " i went up to the
counter and they had a whole box of more mail for me . i had to ride back
home and empty out my backpack because i could not carry it all " . over
the next few weeks , the boy continued sending out the e - mail . " the
money just kept coming in and i just kept sorting it and stashing it in the
closet , barely had time for my homework " . he had also been riding his bike
to several of the banks in his area and exchanging the $ 5 bills for twenties ,
fifties and hundreds .
" i didn ' t want the banks to get suspicious so i kept riding to different banks
with like five thousand at a time in my backpack . i would usually tell the
lady at the bank counter that my dad had sent me in to exchange the
money ] and he was outside waiting for me . one time the lady gave me a
really strange look and told me that she would not be able to do it for me
and my dad would have to come in and do it , but i just rode to the next
bank down the street ( laughs ) . " surprisingly , the boy did not have any
reason to be afraid . the reporting news
team examined and investigated the so - called " chain - letter " the boy was
sending out and found that it was not a chain - letter at all . in fact , it was
completely legal according to us postal and lottery laws , title 18 ,
section 1302 and 1341 , or title 18 , section 3005 in the us code , also in
the code of federal regulations , volume 16 , sections 255 and 436 , which
state a product or service must be exchanged for money received .
every five - dollar bill that he received contained a little note that read ,
" please send me report number xyx " . this simple note made the letter
legal because he was exchanging a service ( a report on how - to ) for a
five - dollar fee .
[ this is the end of the media release . if you would like to understand how
the system works and get your $ 71 , 000 - please continue reading . what
appears below is what the 15 year old was sending out on the net -
you can use it too - just follow the simple instructions ] .
be financially free like others within a year ! ! ! before you
say " bull " , please read the following . this is the letter you have been
hearing about on the news lately . due to the popularity of this letter on the
internet , a national weekly news program recently devoted an entire
show to the investigation of this program described below , to see if it really
can make people money . the show also investigated whether or not the
program was legal . their findings proved once and for all that there are
" absolutely no laws prohibiting the participation in the program and if
people can follow the simple instructions , they are bound to make some
megabucks with only $ 25 out of pocket cost " .
due to the recent increase of popularity & respect this
program has attained , it is currently working better
than ever .
note * follow the directons below , i had best results the second time when
i hired a bulk email service in addition to following the reports instructions .
in order for all of us to be successful , many , many emails must be sent so
that the returns are many . i have been extremely successful using the
following company . they send out the offers , and all i do is accept money
for reports , then i send back to the people as soon as possible .
this is what one had to say : " thanks to this profitable opportunity . i was
approached many times before but each time i passed on it . i am so glad i
finally joined just to see what one could expect in return for the minimal
effort and money required . to my astonishment , i received total
$ 610 , 470 . 00 in 21 weeks , with money still coming in " .
pam hedland , fort lee , new jersey .
here is another testimonial : " this program has been around for a long time
but i never believed in it . but one day when i received this again in the
mail i decided to gamble my $ 25 on it . i followed the simple instructions
and walaa . . . . . 3 weeks later the money started to come in . first month i
only made $ 240 . 00 but the next 2 months after that i made a total of
$ 290 , 000 . 00 . so far , in the past 8 months by re - entering the program , i
have made over $ 710 , 000 . 00 and i am playing it again . the key to
success in this program is to follow the simple steps and not change
anything . " more testimonials later but first ,
print this now for your future reference
+ + + + order all 5 reports shown on the list below + + +
for each report , send $ 5 cash , the name & number of the
report you are ordering and your e - mail address to the
person whose name appears on that list next to the report . make
sure your return address is on your envelope top left
corner in case of any mail problems .
when you place your order , make sure you order each of the 5 reports .
you will need all 5 reports so that you can save them on your computer .
within a few days you will receive , vie e - mail , each of the 5 reports from
these 5 different individuals . save them on your computer so they will be
accessible for you to send to the 1 , 000 ' s of people who will order them from
you . also make a floppy of these reports and keep it on your desk in case
something happens to your computer .
important - do not alter the names of the people who are listed next
to each report , or their sequence on the list , in any way other than what is
instructed below in step " 1 through 6 " or you will loose out on majority of
your profits . once you understand the way this works , you will also see
how it does not work if you change it . remember , this method has been
tested , and if you alter , it will not work ! ! ! people have tried to put their
friends / relatives names on all five thinking they could get all the money .
but it does not work this way . believe us , we all have tried to be greedy
and then nothing happened . so do not try to change anything other than
what is instructed . because if you do , it will not work for you . remember ,
honesty reaps the reward ! ! !
1 . . . . after you have ordered all 5 reports , take this advertisement and
remove the name & address of the person in report # 5 . this person
has made it through the cycle and is no doubt counting their fortune .
2 . . . . move the name & address in report # 4 down to report # 5 .
3 . . . . move the name & address in report # 3 down to report # 4 .
4 . . . . move the name & address in report # 2 down to report # 3 .
5 . . . . move the name & address in report # 1 down to report # 2
6 . . . . insert your name & address in the report # 1 position .
please make sure you copy every name & address accurately !
* * * * take this entire letter , with the modified list of names , and save it on
your computer . do not make any other changes . save this on a
disk as well just in case if you loose any data . to assist you with marketing
your business on the internet , the 5 reports you purchase will provide you
with invaluable marketing information which includes how to send bulk
e - mails legally , where to find thousands of free classified ads and much
more . there are 2 primary methods to get this venture going :
method # 1 : by sending bulk e - mail legally
let ' s say that you decide to start small , just to see how it goes , and we will
assume you and those involved send out only 5 , 000 e - mails each . let ' s
also assume that the mailing receive only a 0 . 2 % response ( the response
could be much better but lets just say it is only 0 . 2 % . also many people
will send out hundreds of thousands e - mails instead of only 5 , 000 each ) .
continuing with this example , you send out only 5 , 000 e - mails .
with a 0 . 2 % response , that is only 10 orders for report # 1 . those 10
people responded by sending out 5 , 000 e - mail each for a total of 50 , 000 .
out of those 50 , 000 e - mails only 0 . 2 % responded with orders . that equals
100 people responded and ordered report # 2 .
those 100 people mail out 5 , 000 e - mails each for a total of 500 , 000 e - mails .
the 0 . 2 % response to that is 1000 orders for report # 3 .
those 1000 people send out 5 , 000 e - mails each for a total of 5 million
e - mails sent out . the 0 . 2 % response to that is 10 , 000 orders for report # 4 .
those 10 , 000 people send out 5 , 000 e - mails each for a total of
50 , 000 , 000 ( 50 million ) e - mails . the 0 . 2 % response to that is 100 , 000
orders for report # 5 . that ' s 100 , 000 orders times
$ 5 each = $ 500 , 000 . 00 ( half million ) . your total income in this example is :
1 . . . . . $ 50 + 2 . . . . . $ 500 + 3 . . . . . $ 5 , 000 + 4 . . . . . $ 50 , 000 + 5 . . . . . $ 500 , 000 . . . . . . .
grand total = $ 555 , 550 . 00
numbers do not lie . get a pencil & paper and figure out
the worst possible responses and no matter how you
calculate it , you will still make a lot of money !
remember friend , this is assuming only 10 people
ordering out of 5 , 000 you mailed to . dare to think for a moment
what would happen if everyone or half or even one 4 th of those people
mailed 100 , 000 e - mails each or more ? there are over 150 million people on
the internet worldwide and counting . believe me , many people will do just
that , and more !
method # 2 : by placing free ads on the internet
advertising on the net is very very inexpensive and there are hundreds of
free places to advertise . placing a lot of free ads on the internet will
easily get a larger response .
we strongly suggest you start with method # 1 and add method # 2 as
you go along . for every $ 5 you receive , all you must do is e - mail them the
report they ordered . that ' s it . always provide same day service on all
orders . this will guarantee that the e - mail they send out with your name
and address on it , will be prompt because they can not advertise until they
receive the report .
= order each report by its number & name only . notes : always
send $ 5 cash ( u . s . currency ) for each report . checks not
accepted . make sure the cash is concealed by wrapping it in at least 2
sheets of paper or aluminum foil . on one of those sheets of paper , write
the number & the name of the report you are ordering , your e - mail
address and your name and postal address .
place your order for these reports now :
report # 1 : the insider ' s guide to advertising for free on the net
order report # 1 from :
r . r .
po box 18048
chicago , il 60618
report # 2 : the insider ' s guide to sending bulk e - mail on the net
order report # 2 from :
gm boland
353 jonestown rd . suite 125
winston salem , nc 27104
report # 3 : secret to multilevel marketing on the net
order report # 3 from :
r . chernick
po box 771661
c . s . florida 33077
report # 4 : how to become a millionaire utilizing mlm & the net
order report # 4 from :
m . eiseman
po box 451971
sunrise , florida 33345 - 1971
report # 5 : how to send out one million emails for free
order report # 5 from :
l . samon
po box 31
castletown
isle of man
im 99 5 xp
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ your success guidelines $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
follow these guidelines to guarantee your success :
+ + + if you do not receive at least 10 orders for report # 1 within 2 weeks ,
continue sending e - mails until you do . = orders , 2 to 3 weeks after that you should receive 100 orders or more for
report # 2 . if you did not , continue advertising or sending e - mails until
you do .
+ + + once you have received 100 or more orders for report # 2 , you can
relax , because the system is already working for you , and the cash will
continue to roll in ! this is important to remember : every time
your name is moved down on the list , you are placed in front of a different
report . you can keep track of your progress by watching which
report people are ordering from you . if you want to generate
more income send another batch of e - mails and start
the whole process again . there is no limit to the income you
can generate from this business ! ! !
following is a note from the originator of this
program : you have just received information that can give you
financial freedom for the rest of your life , with no risk and just a
little bit of effort . you can make more money in the next few
weeks and months than you have ever imagined . follow the program
exactly as instructed . do not change it in any way . it works
exceedingly well as it is now .
remember to e - mail a copy of this exciting report after you have put your
name and address in report # 1 and moved others to # 2 thru # 5 as
instructed above . one of the people you send this to may send out
100 , 000 or more e - mails and your name will be on every one of them .
remember though , the more you send out the more potential customers
you will reach . so my friend , i have given you the ideas , information ,
materials and opportunity to become financially independent .
it is up to you now !
+ + + + + + + + + + + + + + + + more testimonials + + + + + + + + + + + + + + + +
" my name is mitchell . my wife , jody and i live in chicago . i am an
accountant with a major u . s . corporation and i make pretty good money .
when i received this program i grumbled to jody about receiving
" junk mail " . i made fun of the whole thing , spouting my knowledge of the
population and percentages involved . i " knew " it wouldn ' t work . jody
totally ignored my supposed intelligence and few days later she jumped in
with both feet . i made merciless fun of her , and was ready to lay the old
" i told you so " on her when the thing didn ' t work . well , the laugh was on
me ! within 3 weeks she had received 50 responses . within the next 45
days she had received total $ 147 , 200 . 00 . . . . all cash ! i was shocked .
i have joined jody in her " hobby " .
mitchell wolf , chicago , illinois
" not being the gambling type , it took me several weeks to make up my
mind to participate in this plan . but conservative that i am , i decided that
the initial investment was so little that there was just no way that i
wouldn ' t get enough orders to at least get my money back " . " i was
surprised when i found my medium size post office box crammed with
orders . i made $ 319 , 210 . 00 in the first 12 weeks . the nice thing about
this deal is that it does not matter where people live . there simply isn ' t a
better investment with a faster return and so big " .
dan sondstrom , alberta , canada
" i had received this program before . i deleted it , but later i wondered if i
should have given it a try . of course , i had no idea who to contact to get
another copy , so i had to wait until i was e - mailed again by someone
else . . . . . . 11 months passed then it luckily came again . . . . . . i did not delete
this one ! i made more than $ 490 , 000 on my first try and all the money
came within 22 weeks " .
susan de suza , new york , n . y
if you have any questions of the legality of this program , contact the office
of associate director for marketing practices , federal trade commission ,
bureau of consumer protection , washington , d . c .
this email was sent to you via saf - e mail systems . your email address was
automatically inserted into the to and from addresses to eliminate
undeliverables which waste bandwidth and cause internet congestion . your
email or webserver is not being used for the sending of this mail . no - one
else is receiving emails from your address . you may utilize the removal link
below if you do not wish to receive this mailing .
http : / / www . webtransit . net / remove . html | 1 | spam | a better investment than the stock market . | all our mailings are sent complying to the proposed h . r . 3113 unsolicited
commercial electronic mail act of 2000 . please see the bottom of this
message for further information and removal instructions .
parents of 15 - year old - find $ 71 , 000 cash hidden in
his closet !
does this headline look familiar ? of course it does . you most likely have
just seen this story recently featured on a major nightly news program ( usa ) .
and reported elsewhere in the world ( including my neck of the woods -
new zealand ) . his mother was cleaning and putting laundry away when
she came across a large brown paper bag that was suspiciously buried
beneath some clothes and a skateboard in the back of her 15 - year - old
sons closet . nothing could have prepared her for the shock she got when
she opened the bag and found it was full of cash . five - dollar bills , twenties ,
fifties and hundreds - all neatly rubber - banded in labelled piles .
" my first thought was that he had robbed a bank " , says the 41 - year - old
woman , " there was over $ 71 , 000 dollars in that bag - - that ' s more than my
husband earns in a year " .
the woman immediately called her husband at the car - dealership where
he worked to tell him what she had discovered . he came home right away
and they drove together to the boys school and picked him up . little did
they suspect that where the money came from was more shocking than
actually finding it in the closet .
as it turns out , the boy had been sending out , via e - mail , a type of
" report " to e - mail addresses that he obtained off the internet . everyday
after school for the past 2 months , he had been doing this right on his
computer in his bedroom .
" i just got the e - mail one day and i figured what the heck , i put my name
on it like the instructions said and i started sending it out " , says the clever
15 - year - old .
the e - mail letter listed 5 addresses and contained instructions to send one
$ 5 dollar bill to each person on the list , then delete the address at the top
and move the others addresses down , and finally to add your name to
the top of the list .
the letter goes on to state that you would receive several thousand
dollars in five - dollar bills within 2 weeks if you sent out the letter with your
name at the top of the 5 - address list . " i get junk e - mail all the time , and
really did not think it was going to work " , the boy continues .
within the first few days of sending out the e - mail , the post office box
that his parents had gotten him for his video - game magazine subscriptions
began to fill up with not magazines , but envelopes containing $ 5 bills .
" about a week later i rode [ my bike ] down to the post office and my box
had 1 magazine and about 300 envelops stuffed in it . there was also a
yellow slip that said i had to go up to the [ post office ] counter . i thought i
was in trouble or something ( laughs ) " . he goes on , " i went up to the
counter and they had a whole box of more mail for me . i had to ride back
home and empty out my backpack because i could not carry it all " . over
the next few weeks , the boy continued sending out the e - mail . " the
money just kept coming in and i just kept sorting it and stashing it in the
closet , barely had time for my homework " . he had also been riding his bike
to several of the banks in his area and exchanging the $ 5 bills for twenties ,
fifties and hundreds .
" i didn ' t want the banks to get suspicious so i kept riding to different banks
with like five thousand at a time in my backpack . i would usually tell the
lady at the bank counter that my dad had sent me in to exchange the
money ] and he was outside waiting for me . one time the lady gave me a
really strange look and told me that she would not be able to do it for me
and my dad would have to come in and do it , but i just rode to the next
bank down the street ( laughs ) . " surprisingly , the boy did not have any
reason to be afraid . the reporting news
team examined and investigated the so - called " chain - letter " the boy was
sending out and found that it was not a chain - letter at all . in fact , it was
completely legal according to us postal and lottery laws , title 18 ,
section 1302 and 1341 , or title 18 , section 3005 in the us code , also in
the code of federal regulations , volume 16 , sections 255 and 436 , which
state a product or service must be exchanged for money received .
every five - dollar bill that he received contained a little note that read ,
" please send me report number xyx " . this simple note made the letter
legal because he was exchanging a service ( a report on how - to ) for a
five - dollar fee .
[ this is the end of the media release . if you would like to understand how
the system works and get your $ 71 , 000 - please continue reading . what
appears below is what the 15 year old was sending out on the net -
you can use it too - just follow the simple instructions ] .
be financially free like others within a year ! ! ! before you
say " bull " , please read the following . this is the letter you have been
hearing about on the news lately . due to the popularity of this letter on the
internet , a national weekly news program recently devoted an entire
show to the investigation of this program described below , to see if it really
can make people money . the show also investigated whether or not the
program was legal . their findings proved once and for all that there are
" absolutely no laws prohibiting the participation in the program and if
people can follow the simple instructions , they are bound to make some
megabucks with only $ 25 out of pocket cost " .
due to the recent increase of popularity & respect this
program has attained , it is currently working better
than ever .
note * follow the directons below , i had best results the second time when
i hired a bulk email service in addition to following the reports instructions .
in order for all of us to be successful , many , many emails must be sent so
that the returns are many . i have been extremely successful using the
following company . they send out the offers , and all i do is accept money
for reports , then i send back to the people as soon as possible .
this is what one had to say : " thanks to this profitable opportunity . i was
approached many times before but each time i passed on it . i am so glad i
finally joined just to see what one could expect in return for the minimal
effort and money required . to my astonishment , i received total
$ 610 , 470 . 00 in 21 weeks , with money still coming in " .
pam hedland , fort lee , new jersey .
here is another testimonial : " this program has been around for a long time
but i never believed in it . but one day when i received this again in the
mail i decided to gamble my $ 25 on it . i followed the simple instructions
and walaa . . . . . 3 weeks later the money started to come in . first month i
only made $ 240 . 00 but the next 2 months after that i made a total of
$ 290 , 000 . 00 . so far , in the past 8 months by re - entering the program , i
have made over $ 710 , 000 . 00 and i am playing it again . the key to
success in this program is to follow the simple steps and not change
anything . " more testimonials later but first ,
print this now for your future reference
+ + + + order all 5 reports shown on the list below + + +
for each report , send $ 5 cash , the name & number of the
report you are ordering and your e - mail address to the
person whose name appears on that list next to the report . make
sure your return address is on your envelope top left
corner in case of any mail problems .
when you place your order , make sure you order each of the 5 reports .
you will need all 5 reports so that you can save them on your computer .
within a few days you will receive , vie e - mail , each of the 5 reports from
these 5 different individuals . save them on your computer so they will be
accessible for you to send to the 1 , 000 ' s of people who will order them from
you . also make a floppy of these reports and keep it on your desk in case
something happens to your computer .
important - do not alter the names of the people who are listed next
to each report , or their sequence on the list , in any way other than what is
instructed below in step " 1 through 6 " or you will loose out on majority of
your profits . once you understand the way this works , you will also see
how it does not work if you change it . remember , this method has been
tested , and if you alter , it will not work ! ! ! people have tried to put their
friends / relatives names on all five thinking they could get all the money .
but it does not work this way . believe us , we all have tried to be greedy
and then nothing happened . so do not try to change anything other than
what is instructed . because if you do , it will not work for you . remember ,
honesty reaps the reward ! ! !
1 . . . . after you have ordered all 5 reports , take this advertisement and
remove the name & address of the person in report # 5 . this person
has made it through the cycle and is no doubt counting their fortune .
2 . . . . move the name & address in report # 4 down to report # 5 .
3 . . . . move the name & address in report # 3 down to report # 4 .
4 . . . . move the name & address in report # 2 down to report # 3 .
5 . . . . move the name & address in report # 1 down to report # 2
6 . . . . insert your name & address in the report # 1 position .
please make sure you copy every name & address accurately !
* * * * take this entire letter , with the modified list of names , and save it on
your computer . do not make any other changes . save this on a
disk as well just in case if you loose any data . to assist you with marketing
your business on the internet , the 5 reports you purchase will provide you
with invaluable marketing information which includes how to send bulk
e - mails legally , where to find thousands of free classified ads and much
more . there are 2 primary methods to get this venture going :
method # 1 : by sending bulk e - mail legally
let ' s say that you decide to start small , just to see how it goes , and we will
assume you and those involved send out only 5 , 000 e - mails each . let ' s
also assume that the mailing receive only a 0 . 2 % response ( the response
could be much better but lets just say it is only 0 . 2 % . also many people
will send out hundreds of thousands e - mails instead of only 5 , 000 each ) .
continuing with this example , you send out only 5 , 000 e - mails .
with a 0 . 2 % response , that is only 10 orders for report # 1 . those 10
people responded by sending out 5 , 000 e - mail each for a total of 50 , 000 .
out of those 50 , 000 e - mails only 0 . 2 % responded with orders . that equals
100 people responded and ordered report # 2 .
those 100 people mail out 5 , 000 e - mails each for a total of 500 , 000 e - mails .
the 0 . 2 % response to that is 1000 orders for report # 3 .
those 1000 people send out 5 , 000 e - mails each for a total of 5 million
e - mails sent out . the 0 . 2 % response to that is 10 , 000 orders for report # 4 .
those 10 , 000 people send out 5 , 000 e - mails each for a total of
50 , 000 , 000 ( 50 million ) e - mails . the 0 . 2 % response to that is 100 , 000
orders for report # 5 . that ' s 100 , 000 orders times
$ 5 each = $ 500 , 000 . 00 ( half million ) . your total income in this example is :
1 . . . . . $ 50 + 2 . . . . . $ 500 + 3 . . . . . $ 5 , 000 + 4 . . . . . $ 50 , 000 + 5 . . . . . $ 500 , 000 . . . . . . .
grand total = $ 555 , 550 . 00
numbers do not lie . get a pencil & paper and figure out
the worst possible responses and no matter how you
calculate it , you will still make a lot of money !
remember friend , this is assuming only 10 people
ordering out of 5 , 000 you mailed to . dare to think for a moment
what would happen if everyone or half or even one 4 th of those people
mailed 100 , 000 e - mails each or more ? there are over 150 million people on
the internet worldwide and counting . believe me , many people will do just
that , and more !
method # 2 : by placing free ads on the internet
advertising on the net is very very inexpensive and there are hundreds of
free places to advertise . placing a lot of free ads on the internet will
easily get a larger response .
we strongly suggest you start with method # 1 and add method # 2 as
you go along . for every $ 5 you receive , all you must do is e - mail them the
report they ordered . that ' s it . always provide same day service on all
orders . this will guarantee that the e - mail they send out with your name
and address on it , will be prompt because they can not advertise until they
receive the report .
= order each report by its number & name only . notes : always
send $ 5 cash ( u . s . currency ) for each report . checks not
accepted . make sure the cash is concealed by wrapping it in at least 2
sheets of paper or aluminum foil . on one of those sheets of paper , write
the number & the name of the report you are ordering , your e - mail
address and your name and postal address .
place your order for these reports now :
report # 1 : the insider ' s guide to advertising for free on the net
order report # 1 from :
r . r .
po box 18048
chicago , il 60618
report # 2 : the insider ' s guide to sending bulk e - mail on the net
order report # 2 from :
gm boland
353 jonestown rd . suite 125
winston salem , nc 27104
report # 3 : secret to multilevel marketing on the net
order report # 3 from :
r . chernick
po box 771661
c . s . florida 33077
report # 4 : how to become a millionaire utilizing mlm & the net
order report # 4 from :
m . eiseman
po box 451971
sunrise , florida 33345 - 1971
report # 5 : how to send out one million emails for free
order report # 5 from :
l . samon
po box 31
castletown
isle of man
im 99 5 xp
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ your success guidelines $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
follow these guidelines to guarantee your success :
+ + + if you do not receive at least 10 orders for report # 1 within 2 weeks ,
continue sending e - mails until you do . = orders , 2 to 3 weeks after that you should receive 100 orders or more for
report # 2 . if you did not , continue advertising or sending e - mails until
you do .
+ + + once you have received 100 or more orders for report # 2 , you can
relax , because the system is already working for you , and the cash will
continue to roll in ! this is important to remember : every time
your name is moved down on the list , you are placed in front of a different
report . you can keep track of your progress by watching which
report people are ordering from you . if you want to generate
more income send another batch of e - mails and start
the whole process again . there is no limit to the income you
can generate from this business ! ! !
following is a note from the originator of this
program : you have just received information that can give you
financial freedom for the rest of your life , with no risk and just a
little bit of effort . you can make more money in the next few
weeks and months than you have ever imagined . follow the program
exactly as instructed . do not change it in any way . it works
exceedingly well as it is now .
remember to e - mail a copy of this exciting report after you have put your
name and address in report # 1 and moved others to # 2 thru # 5 as
instructed above . one of the people you send this to may send out
100 , 000 or more e - mails and your name will be on every one of them .
remember though , the more you send out the more potential customers
you will reach . so my friend , i have given you the ideas , information ,
materials and opportunity to become financially independent .
it is up to you now !
+ + + + + + + + + + + + + + + + more testimonials + + + + + + + + + + + + + + + +
" my name is mitchell . my wife , jody and i live in chicago . i am an
accountant with a major u . s . corporation and i make pretty good money .
when i received this program i grumbled to jody about receiving
" junk mail " . i made fun of the whole thing , spouting my knowledge of the
population and percentages involved . i " knew " it wouldn ' t work . jody
totally ignored my supposed intelligence and few days later she jumped in
with both feet . i made merciless fun of her , and was ready to lay the old
" i told you so " on her when the thing didn ' t work . well , the laugh was on
me ! within 3 weeks she had received 50 responses . within the next 45
days she had received total $ 147 , 200 . 00 . . . . all cash ! i was shocked .
i have joined jody in her " hobby " .
mitchell wolf , chicago , illinois
" not being the gambling type , it took me several weeks to make up my
mind to participate in this plan . but conservative that i am , i decided that
the initial investment was so little that there was just no way that i
wouldn ' t get enough orders to at least get my money back " . " i was
surprised when i found my medium size post office box crammed with
orders . i made $ 319 , 210 . 00 in the first 12 weeks . the nice thing about
this deal is that it does not matter where people live . there simply isn ' t a
better investment with a faster return and so big " .
dan sondstrom , alberta , canada
" i had received this program before . i deleted it , but later i wondered if i
should have given it a try . of course , i had no idea who to contact to get
another copy , so i had to wait until i was e - mailed again by someone
else . . . . . . 11 months passed then it luckily came again . . . . . . i did not delete
this one ! i made more than $ 490 , 000 on my first try and all the money
came within 22 weeks " .
susan de suza , new york , n . y
if you have any questions of the legality of this program , contact the office
of associate director for marketing practices , federal trade commission ,
bureau of consumer protection , washington , d . c .
this email was sent to you via saf - e mail systems . your email address was
automatically inserted into the to and from addresses to eliminate
undeliverables which waste bandwidth and cause internet congestion . your
email or webserver is not being used for the sending of this mail . no - one
else is receiving emails from your address . you may utilize the removal link
below if you do not wish to receive this mailing .
http : / / www . webtransit . net / remove . html | 2002-09-02T00:00:00 |
32,293 | a bachelors degree in no time - start now bait - excelled @ em . ca having problems seeing the graphics ? please go here .
you now have the ability to truly change your life forever by earning a quality
associate ' s and / or bachelor ' s degree online from saint leo university !
combine your ambition with an internet connection and you ' ve positioned
yourself for that dream job or raise you ' ve always wanted . study anytime ,
anywhere , while minimizing the impact on your personal life or
professional obligations . we offer a wide variety of degrees online :
associate of arts ( aa )
business administration
liberal arts
bachelor of arts ( ba )
accounting
business administration
management
health care management
accounting
criminal justice
bachelor of science ( bs )
computer information systems
minor ' s
human resource administration
having trouble financing your online education ? our personal student
services representatives can show you many sources of financial assistance
and how easy it is to apply .
take charge of your destiny today . . . change your life forever . . .
earn a degree online from saint leo university !
* regionally accredited
* streaming video lectures
* message boards & chat
rooms - enhanced
interaction
* no campus attendance
* no special login times
* 8 week sessions , offered 6 times per year
you are receiving this email because you have requested to
receive special announcements regarding educational programs . if you feel
you have received this email in error or do not wish to receive additional
information click
here or mail to : remove | 9417 princess palm ave . | tampa , florida 33619 - 8313
source code : 6729 zs 3
saint leo university ' s online associate ' s and bachelor ' s
degree programs are made available by the university alliance online , a
bisk education network . the university alliance , with over 150 , 000
enrollments , is the largest exclusive e - learning provider of online
multimedia degree and certificate programs from regionally accredited
universities . please address comments to mailto : info @ universityalliance . com
this message is a solicitation .
if you wish to opt - out from
further e - mails , please
go here .
you can also write to us at :
opt - out department
6311 van nuys blvd # 403
van nuys , ca 91401 | 1 | spam | a bachelors degree in no time - start now bait - excelled @ em . ca | having problems seeing the graphics ? please go here .
you now have the ability to truly change your life forever by earning a quality
associate ' s and / or bachelor ' s degree online from saint leo university !
combine your ambition with an internet connection and you ' ve positioned
yourself for that dream job or raise you ' ve always wanted . study anytime ,
anywhere , while minimizing the impact on your personal life or
professional obligations . we offer a wide variety of degrees online :
associate of arts ( aa )
business administration
liberal arts
bachelor of arts ( ba )
accounting
business administration
management
health care management
accounting
criminal justice
bachelor of science ( bs )
computer information systems
minor ' s
human resource administration
having trouble financing your online education ? our personal student
services representatives can show you many sources of financial assistance
and how easy it is to apply .
take charge of your destiny today . . . change your life forever . . .
earn a degree online from saint leo university !
* regionally accredited
* streaming video lectures
* message boards & chat
rooms - enhanced
interaction
* no campus attendance
* no special login times
* 8 week sessions , offered 6 times per year
you are receiving this email because you have requested to
receive special announcements regarding educational programs . if you feel
you have received this email in error or do not wish to receive additional
information click
here or mail to : remove | 9417 princess palm ave . | tampa , florida 33619 - 8313
source code : 6729 zs 3
saint leo university ' s online associate ' s and bachelor ' s
degree programs are made available by the university alliance online , a
bisk education network . the university alliance , with over 150 , 000
enrollments , is the largest exclusive e - learning provider of online
multimedia degree and certificate programs from regionally accredited
universities . please address comments to mailto : info @ universityalliance . com
this message is a solicitation .
if you wish to opt - out from
further e - mails , please
go here .
you can also write to us at :
opt - out department
6311 van nuys blvd # 403
van nuys , ca 91401
| 2005-03-24T00:00:00 |
32,353 | mizuho bank lotterys winners from mizuho bank lottery
ref . nunber : da 31 / hql 4 / 00 / 88 kn
batch number : ro 96 / 67 r / 01 r / 56 / hid
tel : + 34 : 628 / 519 / 510 .
fax : + 34 : 695 / 096 / 356 .
e - mail : mizuhobanklotto 6 @ netscape . net
sir / madam we are pleased to inform you of the
result of the lottery winners international programs held on the 30 th
of
march 2005 . your e - mail address attached to the ticket number
00 / go / 141 / 94 , with serial number vo 0 d 58 / 10 m , drew draw number
39 / ff 891 e 27 , which consequently won in the 6 th category , you have
therefore been approved for a lump sum pay out of us $ 3 , 000 , 000 ( three
million united states dollars ) congratulations ! ! ! due to mix up of some
numbers and names , we ask that you keep your winning information
confidential until your claims has been processed and your money
remitted to you . this is part of our security protocol to avoid double
claiming and unwarranted abuse of this program by some participants . all
participants were selected through a computer ballot system drawn from
over 80 , 000 , 000 company and 150 , 000 , 000 individual email addresses and
names from all over the world . this promotional program takes place
every three year . this mizuho lottery was promoted and sponsored by
eminent
personalities like bill gates and the sultan of brunei , we hope with
part of your winning you will take part in our next year usd 50 million
international lottery . to file for your claim , please contact our
fiducial agent , mr tony robert . tell : + 34 : 628 / 519 / 510 . associates in spain ,
valencia . reply email : mizuhobanklotto 6 @ netscape . net remember , all
winning
must be claimed not later than 20 th of apirl 2005 . after this date all
unclaimed funds will be included in the next stake . please note in order
to avoid unnecessary delays and complications , remember call and to quote
your draw number , serial number , ticket number
reference number and batch numbers in all correspondence . furthermore ,
should there be any change of address do inform our agent as soon as
possible . congratulations once more from our members ofstaff and thank
you for being part of our promotional program . note : anybody under the
age of 18 is automatically disqualified .
sincerely yours , mizuho bank lottery .
lottery coordinator .
mr tony robert .
tel : + 34 / 628 / 519 / 510 .
fax : + 34 - 695 / 096 / 356 .
e - mail : mizuhobanklotto 6 @ netscape . net | 1 | spam | mizuho bank lotterys winners | from mizuho bank lottery
ref . nunber : da 31 / hql 4 / 00 / 88 kn
batch number : ro 96 / 67 r / 01 r / 56 / hid
tel : + 34 : 628 / 519 / 510 .
fax : + 34 : 695 / 096 / 356 .
e - mail : mizuhobanklotto 6 @ netscape . net
sir / madam we are pleased to inform you of the
result of the lottery winners international programs held on the 30 th
of
march 2005 . your e - mail address attached to the ticket number
00 / go / 141 / 94 , with serial number vo 0 d 58 / 10 m , drew draw number
39 / ff 891 e 27 , which consequently won in the 6 th category , you have
therefore been approved for a lump sum pay out of us $ 3 , 000 , 000 ( three
million united states dollars ) congratulations ! ! ! due to mix up of some
numbers and names , we ask that you keep your winning information
confidential until your claims has been processed and your money
remitted to you . this is part of our security protocol to avoid double
claiming and unwarranted abuse of this program by some participants . all
participants were selected through a computer ballot system drawn from
over 80 , 000 , 000 company and 150 , 000 , 000 individual email addresses and
names from all over the world . this promotional program takes place
every three year . this mizuho lottery was promoted and sponsored by
eminent
personalities like bill gates and the sultan of brunei , we hope with
part of your winning you will take part in our next year usd 50 million
international lottery . to file for your claim , please contact our
fiducial agent , mr tony robert . tell : + 34 : 628 / 519 / 510 . associates in spain ,
valencia . reply email : mizuhobanklotto 6 @ netscape . net remember , all
winning
must be claimed not later than 20 th of apirl 2005 . after this date all
unclaimed funds will be included in the next stake . please note in order
to avoid unnecessary delays and complications , remember call and to quote
your draw number , serial number , ticket number
reference number and batch numbers in all correspondence . furthermore ,
should there be any change of address do inform our agent as soon as
possible . congratulations once more from our members ofstaff and thank
you for being part of our promotional program . note : anybody under the
age of 18 is automatically disqualified .
sincerely yours , mizuho bank lottery .
lottery coordinator .
mr tony robert .
tel : + 34 / 628 / 519 / 510 .
fax : + 34 - 695 / 096 / 356 .
e - mail : mizuhobanklotto 6 @ netscape . net
| 2005-03-30T00:00:00 |
28,820 | sending customer information from envision during our envision training session the question came up as to whether or not we can send documents to our customers from envision via email .
after working with sylvia thomas , the answer is yes and no . yes , we can get documents form envision to the customer easily . no we can ' t do it through email .
sylvia and her team , however , are going to look into the possibility of being able to send information from envision securely through email .
in the meantime , you can fax information directly from envision to your customer . directions are attached . if you have any questions or problems , feel free to call .
dennis p . lee
ets
gas logistics
( 713 ) 853 - 1715
dennis . lee @ enron . com | 0 | ham | sending customer information from envision | during our envision training session the question came up as to whether or not we can send documents to our customers from envision via email .
after working with sylvia thomas , the answer is yes and no . yes , we can get documents form envision to the customer easily . no we can ' t do it through email .
sylvia and her team , however , are going to look into the possibility of being able to send information from envision securely through email .
in the meantime , you can fax information directly from envision to your customer . directions are attached . if you have any questions or problems , feel free to call .
dennis p . lee
ets
gas logistics
( 713 ) 853 - 1715
dennis . lee @ enron . com | 2001-09-06T00:00:00 |
25,022 | on the front page of google for free ! hi john ,
i hope all is well
weiguarantee to
putiyour webisiteon the firstipage ofi
google
and
we willido it
forifree !
why ? weibelieve that you
should see theiresults before you bookitheiservice !
manyicompanies willinot do this because theyicannot produce theiresults !
we can and we williprove
it to you !
this
is oriobligationito
you !
want to tryiit ?
call our trialihotline
freephone
0800 011 2047 or
international 0044 800 011
2047
and leave youriname , emailiand webi site address
thenwe willbegin the process to
put your web siteon thefirstipageof google !
what will
happenithen ?
once we have got your site
onto the firstipage we will send you an
emailito confirm this .
then go to google . com type
ina phraseithat someone would use
to look for your type of webisite and
watch your webisite come up again
andiagain on theifirst page . youiwill beiamazed !
with a
firstipage listing thinkiof how
manyihits your webisite
wouldireceive ! and how many newtclients
you couldtobtain !
thetfee for ourtservice
istfantasticivalue
onlyi £ 99 . 95 tfor onetyear
ourtservice isitruly
uniqueiand we have only soimany topispots we
canioffer ! so dontidelay !
tryiour servicetfortfree !
with
noiobligation ! iguaranteedt !
there
isinothing toilose !
tele lines
telecom
the
leaderiof webtsitetpromotion
this is a
businessito businessiemail
in fulliaccordance with uktlaw . yourtemail addressihas not been harvestediby any
automaticisoftware and this is aionettime emailtsent directly to you . your emailiaddress is not part of anyidatabasetand will not be
passedtonto any otheriparty . ifiyou have
receivedithisiemail in
errortplease accept ouriapologies .
regards ,
ted | 1 | spam | on the front page of google for free ! | hi john ,
i hope all is well
weiguarantee to
putiyour webisiteon the firstipage ofi
google
and
we willido it
forifree !
why ? weibelieve that you
should see theiresults before you bookitheiservice !
manyicompanies willinot do this because theyicannot produce theiresults !
we can and we williprove
it to you !
this
is oriobligationito
you !
want to tryiit ?
call our trialihotline
freephone
0800 011 2047 or
international 0044 800 011
2047
and leave youriname , emailiand webi site address
thenwe willbegin the process to
put your web siteon thefirstipageof google !
what will
happenithen ?
once we have got your site
onto the firstipage we will send you an
emailito confirm this .
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24,049 | your membership community charset = iso - 8859 - 1 your membership community & commentary ( june 29 , 2001 )
it ' s all about making money
information to provide you with the absolute
best low and no cost ways of providing traffic
to your site , helping you to capitalize on the power and potential the web brings to every net - preneur .
- - - this issue contains sites who will trade links with you ! - - -
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in this issue
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32 easy ways to breath new life into any webpage
member showcase
are you ready for your 15 minutes of fame ?
win a free ad in community & commentary
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32 easy ways to breath new life into any webpage
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it ' s true .
ask the ceos of yahoo . com and america online . they ' ll
tell you it ' s true . send an email to terry dean or allen
says or jim daniels and ask them about it . they ' ll agree
100 % that it ' s true . don ' t just take my word for it .
in fact , you can contact any of the 10 , 000 folks online
selling web marketing resources , and they will all tell you
emphatically , without question , no doubts whatsoever , that
it is absolutely true .
it ' s true . anyone can earn a living online . really , they
can . but , it takes several very important components to
join the 5 % who are successful on the web .
one of those necessities is a website .
now , your website does one of two things . . .
. . . it either makes the sale , or it doesn ' t .
for 95 % of online businesses , their websites simply do
not produce results .
and there is a very simple reason for poor performance .
poor sales letters .
does your website convince people to make a purchase ?
if not , here are 32 easy ways to breathe new life into
your sales letter . . .
1 ) write your sales letter with an individual in mind .
go ahead and pick out someone , a real person to write your
sales letter to . doesn ' t matter if it is grandma or your
next door neighbor or your cat . write your sales letter
just like you are writing it to them personally . why ?
because when your potential customer reads , it then it will
seem personal , almost like you wrote it with them in mind .
too often , sales letters are written as if they were going
to be read to an audience rather than one person . keep your
sales letters personal , because one person at a time is
going to read them .
2 ) use an illustration to get your point across . in my
sales letters i have told stories about my car stalling on
the side of the road to illustrate the idea that we must
constantly add the fuel of advertising to keep our
businesses running . i have compared the hype of easily
making millions online to the chances of me riding bareback
across montana on a grizzly bear . leads have read of how
getting to the top of an oak tree relates to aggressively
marketing online . people love a good story that pounds home
a solid message . tell stories that illustrate a point you
are trying to make . emphasize a benefit by sharing an
account from the " real world . " it effectively creates
interest and further establishes the point .
3 ) create an interest in the reader from the very first
line . your first line of the sales letter should
immediately create a desire in the reader to want to know
more . go back to the beginning of this article . the first
words were , " it ' s true . " i can guarantee you that either
consciously or subconsciously you thought " what ' s true ? "
immediately , your mind wanted to know what i was talking
about . before you even knew it you were right here , 8
paragraphs into this article . carefully craft your first
line . if you can immediately get them wanting to know more ,
you ' ve got a winner .
4 ) use bullets . people spend a lot of time reading bulleted
lists . in fact , they often reread them over and over . use
bulleted lists to stress the benefits of your product or
service , to spell out exactly what is included in your offer .
use an extra space in between each bullet to really highlight
each line and create a sense of more length to the list .
5 ) launch into a bullet list immediately . shortly after
your opening line , immediately give the reader a bullet
list of benefits to absorb . hit them with your best shot .
pull out the big guns and stress " just a few of " the most
important things the reader will discover . by offering a
killer list early in your sales letter , you will automatically
create a desire in the reader to continue through your ad
copy . after all , if they are already interested after the
first list of benefits , they will certainly be open to
finding out even more reasons why your product or service
will aid them .
6 ) just let it all flow out . write down everything that
enters your mind as you are writing your sales letter . you
can edit it later . if you just sit and start writing
everything you know about your product or service and how it
will benefit your customer , you will be amazed at how much
information floods your mind . write it all down . then read
through it - you ' ll be able to add a lot more detail to
many of the points . edit it after you have exhausted all
of your ideas .
7 ) make your sales letter personal . make sure that the
words " you " and " your " are at least 4 : 1 over " i " and " my . "
your ad copy must be written about your customer not
yourself . i ' m not sure how the old advertising adage goes ,
but it ' s something like this , " i don ' t care a thing about
your lawn mower , i just care about my lawn . " leads aren ' t
interested in you or your products , they are interested in
themselves and their wants and needs . when you are finished
with your sales letter and have uploaded it to a test
webpage , run a check at http : / / www . keywordcount . com and see
what the ratio between " you " and " your " versus references to
" i , " " me , " " my , " etc . it ' s a free service . make sure it ' s
at least 4 : 1 in favor of the customer .
8 ) write like you speak . forget all of those rules that
your grammar teacher taught you . write your sales letters
in everyday language , just like you would talk in person .
don ' t be afraid to begin sentences with " and " or " because . "
don ' t worry about ending a sentence with a preposition .
write like you speak . your sales letter isn ' t the great
american novel , so don ' t write it like you are ernest
hemingway .
9 ) use short paragraphs consisting of 2 - 4 sentences each .
long copy works . . . but long paragraphs do not . use short
paragraphs that lead into the next paragraph . don ' t be
afraid to use short sentences . like this one .
or this .
see what i mean ? shorter paragraphs keep the interest of
the reader . longer paragraphs cause eye strain and often
force the reader to get distracted .
10 ) stress the benefits , not the features . again ,
readers want the burning question answered , " what ' s in it
for me ? " what need is it going to meet ? what want is it
going to fill ? how is your product or service going to be
of value or benefit to the reader ? spell it out . don ' t
focus on the features of your product or service , but
rather how those features will add value to the life of your
reader .
for example : if you are selling automobile tires , you may
very well have the largest assortment of tires in the world ,
but who cares ? i don ' t care about your selection . but , i
do care about keeping my 3 - month - old baby girl safe while
we are traveling . so , instead of focusing on your selection ,
you focus on the fact that my baby girl can be kept safe
because you have a tire that will fit my car . you ' re not
selling tires , you ' re selling safety for my family . stress
the benefits , not the features .
11 ) keep the reader interested . some sales letters read
like they are a manual trying to explain to me how i can
perform some complicated surgery on my wife . they are
filled with words and phrases that i need a dictionary to
understand . unless you are writing to a very targeted
audience , avoid using technical language that many readers
might not understand . keep it simple , using words , language
and information that are easy to understand and follow .
12 ) target your sales letter . when you are finished with
your final draft of the sales letter , target it to a
specific audience . for example : if you are selling a " work
at home " product , then rewrite the sales letter by adding
words in the headlines and ad copy that are targeted towards
women who are homemakers . then , rewrite the same sales
letter and target it to college students . write another
letter targeting senior citizens . still another could be
written to high school teachers wanting to earn extra income
during summer vacation . the possibilities are endless .
all you need to do is add a few words here and there in
your ad copy to make it appear that your product or service
is specifically designed for a target audience . " work only
5 hours a week , " would become " college students , work only
5 hours a week . " your sales letter is now targeted . upload
all of the sales letters to separate pages on your website
( you could easily target 100 ' s of groups ) .
then , simply advertise the targeted pages in targeted
mediums . you could advertise the " college students " page
in a campus ezine . the " senior citizens " page could be
advertised at a retirement community message board .
by creating these targeted sales letters , you can literally
open up dozens of new groups to sell your existing product
to . and , in their eyes , it looks like the product was a
match made for them .
13 ) make your ad copy easy to follow . use short sentences
and paragraphs . break up the sales letter with attention
grabbing headlines that lead into the next paragraph . one
thing that i have always found to work very well in sales
letters . . .
. . . is to use a pause like this .
start the sentence on one line , leaving the reader wanting
to know more , and then finishing up on the next line . also ,
if you are going to use a sales letter that continues on
several different pages of your website , use a catchy hook
line at the end of each page to keep them clicking . " let ' s
get you started down the road to success , shall we ? click
here to continue . "
14 ) use similes and metaphors for effect . when the
customer purchases your product , they will generate " a flood
of traffic that would make noah start building another ark . "
if they do not order today , then they will " feel like a cat
that let the mouse get away . " use words to create a picture
in the readers ' mind . when you think of superman , what
comes to mind ? immediately , we remember that he is " faster
than a speeding bullet . " " more powerful than a locomotive . "
" able to leap tall buildings in a single bound . " see how
word pictures stick in our minds ?
15 ) focus on one product or service . don ' t try to sell
your customer multiple products at the same time . it only
confuses the reader . keep your ad copy directed at one
specific product or service . then , use other products and
services as back - end products .
16 ) make it stand out . don ' t kid yourself . there are
hundreds , maybe thousands out there on the web doing the
same thing you are doing . how will you stand out among the
crowd ? your sales letter must inject personality . it must
breathe of originality . your product or service is
different . it ' s not like all of the rest . it is unique .
right ? your sales letter must separate you from the
competition . it must create a feeling of " you won ' t find
this anywhere else . "
17 ) be believable . " earn $ 54 , 000 in the next 24 hours ! ! ! "
delete . good grief , do they think i am an idiot or
something ? get real . don ' t make outrageous claims that
are obviously not the truth . you ' ll ruin your reputation .
let me tell you a simple universal fact that cannot be
reversed . once you have been branded a liar , you will
never be anything but a liar . it doesn ' t matter if you
launch the most respectable , honest business available
anywhere , people will always have doubt because they
remember the crazy stuff you ' ve said before . be believable .
don ' t exaggerate , mislead , stretch or distort the truth .
18 ) be specific . don ' t generalize your information , but
rather be exact . instead of " over 100 tips for losing
weight " use " 124 tips for losing weight . " by generalizing
information , it creates doubt and questions in the reader ' s
mind . " what am i really getting here ? does he even know ? "
when you use specific information , the reader begins to
think , " this person must have counted . i know exactly what
i can expect . " " platitudes and generalities roll off the
human understanding like water from a duck , " wrote claude
hopkins in his classic book " scientific advertising . " " they
leave no impression whatsoever . "
19 ) be complete . tell the reader everything they would
want to know about your product or service . answer all of
their questions , anything they would want to consider before
making a purchase . think about it from their point of view .
ask yourself , " why wouldn ' t i buy this ? " then , address that
in your sales letter . remove anything that would keep the
reader from making the purchase .
20 ) use testimonials to boost your sales . share actual
excerpts from what your current customers are saying about
your product or service . many websites have an entire
section or even a separate page that has endorsements and
compliments listed . satisfied customers remove some of the
doubt in the mind of the reader . " if these people have
found a lot of value and benefit in the product , then i
probably will too . " especially effective are testimonials
from respected , well known " authorities " within your target
field .
21 ) use headlines over and over throughout the sales letter .
a headline isn ' t just relegated to the beginning of your
ad copy . use them frequently - but don ' t overuse . a well -
placed headline re - grabs the reader ' s attention , brings
them deeper into the letter , and readies them for the next
paragraph . you will want to spend as much time working on
your headlines as you do the entire sales letter . they are
that important .
22 ) avoid asking stupid questions . " wouldn ' t you like to
make $ 1 , 000 , 000 a year ? " " doesn ' t that sound great ? " " would
you like to be as successful as i am ? " avoid any question
that insults the intelligence of your reader or makes them
feel like they are inferior .
23 ) offer a freebie even if the customer doesn ' t buy .
if the customer decides he or she isn ' t going to make a
purchase , then you want to follow - up with them later to try
to influence them to buy in the future . by offering a free
item , you can request their email address in order to
obtain the freebie . by doing this , you can now follow - up
with the customer for a potential future sale .
additionally , you can continue the sales process by having
your ad copy , banners , flyers , etc . within the free item .
and , of course , if your free item is a high quality , useful
product or service which impresses the customer , they
probably will be back as a customer soon .
24 ) use bonuses to overwhelm the reader . one of the things
that i have found very effective in writing sales letters
is to include bonus items that out - value the actual product
i am offering . ginsu made this one famous . they were
selling a set of steak knives , but before the commercial
was finished , you had so many bonus items on the table
it was hard to refuse . make sure you provide quality
bonuses and not some worthless , outdated junk that damages
the credibility of your main offer .
25 ) use connective phrases like " but wait , there ' s more "
and " but that ' s not all . " these phrases effectively lead
the reader from one paragraph to the next , particularly
when the next paragraph is a bullet list of benefits , or
leads into bonus items . again , the idea is more and more
value and benefits to the reader .
26 ) always include a deadline . by including a deadline ,
you create a sense of urgency in the mind of the customer .
" if i don ' t order within 24 hours , then i won ' t get the
bonuses . " " oh no , there are only 10 items remaining ,
i ' ve got to hurry . " let the customer know what they will
be missing out on if they don ' t make the deadline . remember ,
they won ' t miss out on your products or bonuses , they will
miss out on all of the benefits of your products . deadlines
are very effective . every sales letter should have one .
27 ) tell them exactly how to order . be clear as to the
order process . point them towards the order link . tell
them what methods you offer . ( i . e . credit cards , checks ,
etc . ) make this process as simple and clear as can be .
if it takes more than 2 steps , most people won ' t continue .
28 ) explain when the product will be delivered . how
quickly will the order be processed ? when will the order be
available ? let the customer know exactly what they can
expect when they place their order . the more specific you
can be here , the better . let them know that you have a
system in place . " operators are standing by . " their order
will be handled properly . tell them .
29 ) offer a money back guarantee . take away their last
reason to hold back . offer a " no questions asked " 30 day
guarantee . most people may not realize this , but in most
cases , it ' s the law of the land . you are required to give
them their money back if they are not satisfied with the
product or service . since it ' s the law anyway , why not make
it a benefit . let them know that they are purchasing your
product or service risk - free .
30 ) instruct them to respond immediately . many people
just need to read those words , " act now ! " " order today ! "
" click here to instantly place your order . " you ' ve got them
this far , now tell them what you want them to do . get them
to " act fast ! " have you ever heard a mail order commercial
on television that didn ' t prompt the viewer to order right
way ?
31 ) include a post script . people will always read the
p . s . always . in fact , the p . s . is one of the most important
parts of your sales letter . why ? because in many cases the
visitor at your website will scroll immediately down to the
end of your page to see how much it is going to cost . a
p . s . is a perfect place to recap your offer , so when they
see your price tag , they will also see a very detailed
description of what they will receive for their money . use
your p . s . to restate your offer in detail .
32 ) include a second post script . you better believe
if they read the first p . s . , they will read a p . p . s . use
this post script to remind them of the deadline or offer
another bonus or point out some compelling factor that would
make them want to order . i guarantee you they will read it .
use these 32 tips and i guarantee you that you will see
a significant increase in the amount of responses you
receive from your sales letters . in fact , it would be
impossible for your responses to not improve .
copyright 2000 jimmy d . brown . all rights reserved worldwide .
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
about the author . . .
jimmy d . brown is helping average people get out of
the rat - race and earn a full - time living online . for
more details on firing your boss and creating your
own internet wealth , visit us right now at :
* special offer : join the profits vault through the above
link and email me your receipt and you can have a free bonus
copy of the terrific manual - how to profit from free
ebooks guaranteed which i sell at :
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examine carefully - those with email addresses included will
trade links with you . . . you are encouraged to contact them .
there are many ways to build a successful business - just look at
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if you have a product , service , opportunity or quality merchandise
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for a fraction of what other large newsletters charge you can exhibit
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to the industry average of $ 10 - $ 15 cpm . why ? . . . because as a
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it ' s a great way to enjoy recognition and publicity for
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please include . . . a little background history , how you got
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sell
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in this issue
32 easy ways to breath new life into any webpage
member showcase
are you ready for your 15 minutes of fame ?
win a free ad in community & commentary
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powered by | 1 | spam | your membership community charset = iso - 8859 - 1 | your membership community & commentary ( june 29 , 2001 )
it ' s all about making money
information to provide you with the absolute
best low and no cost ways of providing traffic
to your site , helping you to capitalize on the power and potential the web brings to every net - preneur .
- - - this issue contains sites who will trade links with you ! - - -
- - - - - - - - - - - - -
in this issue
- - - - - - - - - - - - -
32 easy ways to breath new life into any webpage
member showcase
are you ready for your 15 minutes of fame ?
win a free ad in community & commentary
| | | = - = - = - = - = - = - = - = - = - = - = - = - = - = - = - = - = - = > >
today ' s special announcement :
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we can help you become an internet service provider within 7 days or we will give you $ 100 . 00 ! !
click here
we have already signed 300 isps on a 4 year contract ,
see if any are in your town at :
click here
you are a member in at least one of these programs
- you should be in them all !
bannersgomlm . com
profitbanners . com
cashpromotions . com
mysiteinc . com
timshometownstories . com
freelinksnetwork . com
myshoppingplace . com
bannerco - op . com
putpeel . com
putpeel . net
sellinternetaccess . com
be - your - own - isp . com
seventhpower . com
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32 easy ways to breath new life into any webpage
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it ' s true .
ask the ceos of yahoo . com and america online . they ' ll
tell you it ' s true . send an email to terry dean or allen
says or jim daniels and ask them about it . they ' ll agree
100 % that it ' s true . don ' t just take my word for it .
in fact , you can contact any of the 10 , 000 folks online
selling web marketing resources , and they will all tell you
emphatically , without question , no doubts whatsoever , that
it is absolutely true .
it ' s true . anyone can earn a living online . really , they
can . but , it takes several very important components to
join the 5 % who are successful on the web .
one of those necessities is a website .
now , your website does one of two things . . .
. . . it either makes the sale , or it doesn ' t .
for 95 % of online businesses , their websites simply do
not produce results .
and there is a very simple reason for poor performance .
poor sales letters .
does your website convince people to make a purchase ?
if not , here are 32 easy ways to breathe new life into
your sales letter . . .
1 ) write your sales letter with an individual in mind .
go ahead and pick out someone , a real person to write your
sales letter to . doesn ' t matter if it is grandma or your
next door neighbor or your cat . write your sales letter
just like you are writing it to them personally . why ?
because when your potential customer reads , it then it will
seem personal , almost like you wrote it with them in mind .
too often , sales letters are written as if they were going
to be read to an audience rather than one person . keep your
sales letters personal , because one person at a time is
going to read them .
2 ) use an illustration to get your point across . in my
sales letters i have told stories about my car stalling on
the side of the road to illustrate the idea that we must
constantly add the fuel of advertising to keep our
businesses running . i have compared the hype of easily
making millions online to the chances of me riding bareback
across montana on a grizzly bear . leads have read of how
getting to the top of an oak tree relates to aggressively
marketing online . people love a good story that pounds home
a solid message . tell stories that illustrate a point you
are trying to make . emphasize a benefit by sharing an
account from the " real world . " it effectively creates
interest and further establishes the point .
3 ) create an interest in the reader from the very first
line . your first line of the sales letter should
immediately create a desire in the reader to want to know
more . go back to the beginning of this article . the first
words were , " it ' s true . " i can guarantee you that either
consciously or subconsciously you thought " what ' s true ? "
immediately , your mind wanted to know what i was talking
about . before you even knew it you were right here , 8
paragraphs into this article . carefully craft your first
line . if you can immediately get them wanting to know more ,
you ' ve got a winner .
4 ) use bullets . people spend a lot of time reading bulleted
lists . in fact , they often reread them over and over . use
bulleted lists to stress the benefits of your product or
service , to spell out exactly what is included in your offer .
use an extra space in between each bullet to really highlight
each line and create a sense of more length to the list .
5 ) launch into a bullet list immediately . shortly after
your opening line , immediately give the reader a bullet
list of benefits to absorb . hit them with your best shot .
pull out the big guns and stress " just a few of " the most
important things the reader will discover . by offering a
killer list early in your sales letter , you will automatically
create a desire in the reader to continue through your ad
copy . after all , if they are already interested after the
first list of benefits , they will certainly be open to
finding out even more reasons why your product or service
will aid them .
6 ) just let it all flow out . write down everything that
enters your mind as you are writing your sales letter . you
can edit it later . if you just sit and start writing
everything you know about your product or service and how it
will benefit your customer , you will be amazed at how much
information floods your mind . write it all down . then read
through it - you ' ll be able to add a lot more detail to
many of the points . edit it after you have exhausted all
of your ideas .
7 ) make your sales letter personal . make sure that the
words " you " and " your " are at least 4 : 1 over " i " and " my . "
your ad copy must be written about your customer not
yourself . i ' m not sure how the old advertising adage goes ,
but it ' s something like this , " i don ' t care a thing about
your lawn mower , i just care about my lawn . " leads aren ' t
interested in you or your products , they are interested in
themselves and their wants and needs . when you are finished
with your sales letter and have uploaded it to a test
webpage , run a check at http : / / www . keywordcount . com and see
what the ratio between " you " and " your " versus references to
" i , " " me , " " my , " etc . it ' s a free service . make sure it ' s
at least 4 : 1 in favor of the customer .
8 ) write like you speak . forget all of those rules that
your grammar teacher taught you . write your sales letters
in everyday language , just like you would talk in person .
don ' t be afraid to begin sentences with " and " or " because . "
don ' t worry about ending a sentence with a preposition .
write like you speak . your sales letter isn ' t the great
american novel , so don ' t write it like you are ernest
hemingway .
9 ) use short paragraphs consisting of 2 - 4 sentences each .
long copy works . . . but long paragraphs do not . use short
paragraphs that lead into the next paragraph . don ' t be
afraid to use short sentences . like this one .
or this .
see what i mean ? shorter paragraphs keep the interest of
the reader . longer paragraphs cause eye strain and often
force the reader to get distracted .
10 ) stress the benefits , not the features . again ,
readers want the burning question answered , " what ' s in it
for me ? " what need is it going to meet ? what want is it
going to fill ? how is your product or service going to be
of value or benefit to the reader ? spell it out . don ' t
focus on the features of your product or service , but
rather how those features will add value to the life of your
reader .
for example : if you are selling automobile tires , you may
very well have the largest assortment of tires in the world ,
but who cares ? i don ' t care about your selection . but , i
do care about keeping my 3 - month - old baby girl safe while
we are traveling . so , instead of focusing on your selection ,
you focus on the fact that my baby girl can be kept safe
because you have a tire that will fit my car . you ' re not
selling tires , you ' re selling safety for my family . stress
the benefits , not the features .
11 ) keep the reader interested . some sales letters read
like they are a manual trying to explain to me how i can
perform some complicated surgery on my wife . they are
filled with words and phrases that i need a dictionary to
understand . unless you are writing to a very targeted
audience , avoid using technical language that many readers
might not understand . keep it simple , using words , language
and information that are easy to understand and follow .
12 ) target your sales letter . when you are finished with
your final draft of the sales letter , target it to a
specific audience . for example : if you are selling a " work
at home " product , then rewrite the sales letter by adding
words in the headlines and ad copy that are targeted towards
women who are homemakers . then , rewrite the same sales
letter and target it to college students . write another
letter targeting senior citizens . still another could be
written to high school teachers wanting to earn extra income
during summer vacation . the possibilities are endless .
all you need to do is add a few words here and there in
your ad copy to make it appear that your product or service
is specifically designed for a target audience . " work only
5 hours a week , " would become " college students , work only
5 hours a week . " your sales letter is now targeted . upload
all of the sales letters to separate pages on your website
( you could easily target 100 ' s of groups ) .
then , simply advertise the targeted pages in targeted
mediums . you could advertise the " college students " page
in a campus ezine . the " senior citizens " page could be
advertised at a retirement community message board .
by creating these targeted sales letters , you can literally
open up dozens of new groups to sell your existing product
to . and , in their eyes , it looks like the product was a
match made for them .
13 ) make your ad copy easy to follow . use short sentences
and paragraphs . break up the sales letter with attention
grabbing headlines that lead into the next paragraph . one
thing that i have always found to work very well in sales
letters . . .
. . . is to use a pause like this .
start the sentence on one line , leaving the reader wanting
to know more , and then finishing up on the next line . also ,
if you are going to use a sales letter that continues on
several different pages of your website , use a catchy hook
line at the end of each page to keep them clicking . " let ' s
get you started down the road to success , shall we ? click
here to continue . "
14 ) use similes and metaphors for effect . when the
customer purchases your product , they will generate " a flood
of traffic that would make noah start building another ark . "
if they do not order today , then they will " feel like a cat
that let the mouse get away . " use words to create a picture
in the readers ' mind . when you think of superman , what
comes to mind ? immediately , we remember that he is " faster
than a speeding bullet . " " more powerful than a locomotive . "
" able to leap tall buildings in a single bound . " see how
word pictures stick in our minds ?
15 ) focus on one product or service . don ' t try to sell
your customer multiple products at the same time . it only
confuses the reader . keep your ad copy directed at one
specific product or service . then , use other products and
services as back - end products .
16 ) make it stand out . don ' t kid yourself . there are
hundreds , maybe thousands out there on the web doing the
same thing you are doing . how will you stand out among the
crowd ? your sales letter must inject personality . it must
breathe of originality . your product or service is
different . it ' s not like all of the rest . it is unique .
right ? your sales letter must separate you from the
competition . it must create a feeling of " you won ' t find
this anywhere else . "
17 ) be believable . " earn $ 54 , 000 in the next 24 hours ! ! ! "
delete . good grief , do they think i am an idiot or
something ? get real . don ' t make outrageous claims that
are obviously not the truth . you ' ll ruin your reputation .
let me tell you a simple universal fact that cannot be
reversed . once you have been branded a liar , you will
never be anything but a liar . it doesn ' t matter if you
launch the most respectable , honest business available
anywhere , people will always have doubt because they
remember the crazy stuff you ' ve said before . be believable .
don ' t exaggerate , mislead , stretch or distort the truth .
18 ) be specific . don ' t generalize your information , but
rather be exact . instead of " over 100 tips for losing
weight " use " 124 tips for losing weight . " by generalizing
information , it creates doubt and questions in the reader ' s
mind . " what am i really getting here ? does he even know ? "
when you use specific information , the reader begins to
think , " this person must have counted . i know exactly what
i can expect . " " platitudes and generalities roll off the
human understanding like water from a duck , " wrote claude
hopkins in his classic book " scientific advertising . " " they
leave no impression whatsoever . "
19 ) be complete . tell the reader everything they would
want to know about your product or service . answer all of
their questions , anything they would want to consider before
making a purchase . think about it from their point of view .
ask yourself , " why wouldn ' t i buy this ? " then , address that
in your sales letter . remove anything that would keep the
reader from making the purchase .
20 ) use testimonials to boost your sales . share actual
excerpts from what your current customers are saying about
your product or service . many websites have an entire
section or even a separate page that has endorsements and
compliments listed . satisfied customers remove some of the
doubt in the mind of the reader . " if these people have
found a lot of value and benefit in the product , then i
probably will too . " especially effective are testimonials
from respected , well known " authorities " within your target
field .
21 ) use headlines over and over throughout the sales letter .
a headline isn ' t just relegated to the beginning of your
ad copy . use them frequently - but don ' t overuse . a well -
placed headline re - grabs the reader ' s attention , brings
them deeper into the letter , and readies them for the next
paragraph . you will want to spend as much time working on
your headlines as you do the entire sales letter . they are
that important .
22 ) avoid asking stupid questions . " wouldn ' t you like to
make $ 1 , 000 , 000 a year ? " " doesn ' t that sound great ? " " would
you like to be as successful as i am ? " avoid any question
that insults the intelligence of your reader or makes them
feel like they are inferior .
23 ) offer a freebie even if the customer doesn ' t buy .
if the customer decides he or she isn ' t going to make a
purchase , then you want to follow - up with them later to try
to influence them to buy in the future . by offering a free
item , you can request their email address in order to
obtain the freebie . by doing this , you can now follow - up
with the customer for a potential future sale .
additionally , you can continue the sales process by having
your ad copy , banners , flyers , etc . within the free item .
and , of course , if your free item is a high quality , useful
product or service which impresses the customer , they
probably will be back as a customer soon .
24 ) use bonuses to overwhelm the reader . one of the things
that i have found very effective in writing sales letters
is to include bonus items that out - value the actual product
i am offering . ginsu made this one famous . they were
selling a set of steak knives , but before the commercial
was finished , you had so many bonus items on the table
it was hard to refuse . make sure you provide quality
bonuses and not some worthless , outdated junk that damages
the credibility of your main offer .
25 ) use connective phrases like " but wait , there ' s more "
and " but that ' s not all . " these phrases effectively lead
the reader from one paragraph to the next , particularly
when the next paragraph is a bullet list of benefits , or
leads into bonus items . again , the idea is more and more
value and benefits to the reader .
26 ) always include a deadline . by including a deadline ,
you create a sense of urgency in the mind of the customer .
" if i don ' t order within 24 hours , then i won ' t get the
bonuses . " " oh no , there are only 10 items remaining ,
i ' ve got to hurry . " let the customer know what they will
be missing out on if they don ' t make the deadline . remember ,
they won ' t miss out on your products or bonuses , they will
miss out on all of the benefits of your products . deadlines
are very effective . every sales letter should have one .
27 ) tell them exactly how to order . be clear as to the
order process . point them towards the order link . tell
them what methods you offer . ( i . e . credit cards , checks ,
etc . ) make this process as simple and clear as can be .
if it takes more than 2 steps , most people won ' t continue .
28 ) explain when the product will be delivered . how
quickly will the order be processed ? when will the order be
available ? let the customer know exactly what they can
expect when they place their order . the more specific you
can be here , the better . let them know that you have a
system in place . " operators are standing by . " their order
will be handled properly . tell them .
29 ) offer a money back guarantee . take away their last
reason to hold back . offer a " no questions asked " 30 day
guarantee . most people may not realize this , but in most
cases , it ' s the law of the land . you are required to give
them their money back if they are not satisfied with the
product or service . since it ' s the law anyway , why not make
it a benefit . let them know that they are purchasing your
product or service risk - free .
30 ) instruct them to respond immediately . many people
just need to read those words , " act now ! " " order today ! "
" click here to instantly place your order . " you ' ve got them
this far , now tell them what you want them to do . get them
to " act fast ! " have you ever heard a mail order commercial
on television that didn ' t prompt the viewer to order right
way ?
31 ) include a post script . people will always read the
p . s . always . in fact , the p . s . is one of the most important
parts of your sales letter . why ? because in many cases the
visitor at your website will scroll immediately down to the
end of your page to see how much it is going to cost . a
p . s . is a perfect place to recap your offer , so when they
see your price tag , they will also see a very detailed
description of what they will receive for their money . use
your p . s . to restate your offer in detail .
32 ) include a second post script . you better believe
if they read the first p . s . , they will read a p . p . s . use
this post script to remind them of the deadline or offer
another bonus or point out some compelling factor that would
make them want to order . i guarantee you they will read it .
use these 32 tips and i guarantee you that you will see
a significant increase in the amount of responses you
receive from your sales letters . in fact , it would be
impossible for your responses to not improve .
copyright 2000 jimmy d . brown . all rights reserved worldwide .
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about the author . . .
jimmy d . brown is helping average people get out of
the rat - race and earn a full - time living online . for
more details on firing your boss and creating your
own internet wealth , visit us right now at :
* special offer : join the profits vault through the above
link and email me your receipt and you can have a free bonus
copy of the terrific manual - how to profit from free
ebooks guaranteed which i sell at :
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member showcase
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there are many ways to build a successful business - just look at
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in this issue
32 easy ways to breath new life into any webpage
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| 2001-06-30T00:00:00 |
24,357 | pick up the phone welcome to viagra express !
our objective at viagra express is simple ! we want to provide only
genuine fda approved viagra to you at the lowest possible prices .
some important factors that set us apart from our competition :
* confidential online dr . consultation
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* simply the lowest prices
* no - charge for any order not approved for any reason
* discretion assured , satisfaction guaranteed
we also carry 4 other products from weight loss to hair loss products .
iyrys | 1 | spam | pick up the phone | welcome to viagra express !
our objective at viagra express is simple ! we want to provide only
genuine fda approved viagra to you at the lowest possible prices .
some important factors that set us apart from our competition :
* confidential online dr . consultation
* global physician network of 200 + licensed physicians
* worldwide 24 hour delivery upon order approval
* simply the lowest prices
* no - charge for any order not approved for any reason
* discretion assured , satisfaction guaranteed
we also carry 4 other products from weight loss to hair loss products .
iyrys | 2002-06-08T00:00:00 |
11,189 | lessons in hara - kiri , latin version mexico
- power strike set for march 16 in mexico city
some 35 , 000 members of the mexican union of electrical workers plan to strike the mexico city electric company on friday , march 16 th at 12 noon . the union is demanding a 29 percent salary increase and the company is offering nothing . the two sides are not even talking . the union is concerned that the government may try to force the electrical workers to stay on their jobs or bring in replacements . the union is also opposed to the privatization of the electric company and its leader has charged that privatization would bring higher electric rates to meet the profit demands of foreign investors . the company principally provides electrical service to mexico city and the states of mexico , morelos , hidalgo and puebla . it may be prudent to begin planning for possible power shortages in these regions . ( pinkerton , march 14 , 2001 ) | 0 | ham | lessons in hara - kiri , latin version | mexico
- power strike set for march 16 in mexico city
some 35 , 000 members of the mexican union of electrical workers plan to strike the mexico city electric company on friday , march 16 th at 12 noon . the union is demanding a 29 percent salary increase and the company is offering nothing . the two sides are not even talking . the union is concerned that the government may try to force the electrical workers to stay on their jobs or bring in replacements . the union is also opposed to the privatization of the electric company and its leader has charged that privatization would bring higher electric rates to meet the profit demands of foreign investors . the company principally provides electrical service to mexico city and the states of mexico , morelos , hidalgo and puebla . it may be prudent to begin planning for possible power shortages in these regions . ( pinkerton , march 14 , 2001 ) | 2001-03-16T00:00:00 |
3,772 | stop the aging clock nerissa | 1 | spam | stop the aging clock | nerissa
| 2004-02-06T00:00:00 |
29,201 | market price volatility may 1 - 3 houston market price volatility
may 1 - 3 , 2002 o houston , tx
click here to download a complete conference brochure
this in - depth technical program will show you how to :
o how to measure , model , and estimate volatility
o how to model price volatility using financial models
o how to use blended models incorporating fundamental drivers
o how to apply volatility modeling to today ' s market conditions : full requirements contracts , operating performance of generation portfolios , impacts of iso market mitigation
infocast ' s highly regarded market price volatility is a tightly - focused program specifically designed to attack the problems of modeling volatility in today ' s energy markets . it will provide you with the tools and insights you ' ll need to get and maintain an edge in assessing and managing volatility . the program will first provide you with an in - depth examination of sound market - based analytical processes and modeling techniques to accurately represent volatility , then will show you how these techniques are being applied to solving advanced energy market problems .
topics and speakers include :
estimating and modeling electricity and fuel price volatility : a comparison of approaches
richard l . carlson , ph . d . , consulting project manager , henwood energy services , inc .
modeling volatility using multi - factor models : a practitioner ' s approach
ionel birgean , director , quantitative analysis , risk management , pg & e national energy group
market - based price forecasts : integrating fundamental and market components
sandra l . ringelstetter ennis , executive vice president , e - acumen advisory services
are price spikes in electricity markets predictable ?
yumei ning , manager , quantitative analysis , calpine corporation
working towards a realistic model to price generation assets and electricity derivatives
michael pierce , ph . d . , financial engineer , fea
modeling volatility : mirant ' s approaches
vance c . mullis , director of market evaluation tools , mirant americas
summer 2001 price volatility in new england : market rules and remedies
robert ethier , manager , market monitoring and mitigation , iso new england , inc .
an integrated approach to modeling price uncertainty
mike king , managing partner , pa consulting group
preconference workshop :
measuring , modeling and estimating price volatility
wednesday , may 1 , 2002 o 8 : 00 am - 5 : 00 pm
- defining and measuring volatility
- modeling volatility
- estimating volatility
- issues in modeling volatility
- roundtable on volatility
click here to download a complete conference brochure
presented by infocast
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www . constantcontact . com | 0 | ham | market price volatility may 1 - 3 houston | market price volatility
may 1 - 3 , 2002 o houston , tx
click here to download a complete conference brochure
this in - depth technical program will show you how to :
o how to measure , model , and estimate volatility
o how to model price volatility using financial models
o how to use blended models incorporating fundamental drivers
o how to apply volatility modeling to today ' s market conditions : full requirements contracts , operating performance of generation portfolios , impacts of iso market mitigation
infocast ' s highly regarded market price volatility is a tightly - focused program specifically designed to attack the problems of modeling volatility in today ' s energy markets . it will provide you with the tools and insights you ' ll need to get and maintain an edge in assessing and managing volatility . the program will first provide you with an in - depth examination of sound market - based analytical processes and modeling techniques to accurately represent volatility , then will show you how these techniques are being applied to solving advanced energy market problems .
topics and speakers include :
estimating and modeling electricity and fuel price volatility : a comparison of approaches
richard l . carlson , ph . d . , consulting project manager , henwood energy services , inc .
modeling volatility using multi - factor models : a practitioner ' s approach
ionel birgean , director , quantitative analysis , risk management , pg & e national energy group
market - based price forecasts : integrating fundamental and market components
sandra l . ringelstetter ennis , executive vice president , e - acumen advisory services
are price spikes in electricity markets predictable ?
yumei ning , manager , quantitative analysis , calpine corporation
working towards a realistic model to price generation assets and electricity derivatives
michael pierce , ph . d . , financial engineer , fea
modeling volatility : mirant ' s approaches
vance c . mullis , director of market evaluation tools , mirant americas
summer 2001 price volatility in new england : market rules and remedies
robert ethier , manager , market monitoring and mitigation , iso new england , inc .
an integrated approach to modeling price uncertainty
mike king , managing partner , pa consulting group
preconference workshop :
measuring , modeling and estimating price volatility
wednesday , may 1 , 2002 o 8 : 00 am - 5 : 00 pm
- defining and measuring volatility
- modeling volatility
- estimating volatility
- issues in modeling volatility
- roundtable on volatility
click here to download a complete conference brochure
presented by infocast
this email has been sent to michelle . lokay @ enron . com ,
by powermarketers . com .
visit our subscription center to edit your interests or unsubscribe .
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powered by
constant contact ( r )
www . constantcontact . com | 2002-03-21T00:00:00 |
1,184 | hpl nom for july 14 , 2000 ( see attached file : hplo 714 . xls )
- hplo 714 . xls | 0 | ham | hpl nom for july 14 , 2000 | ( see attached file : hplo 714 . xls )
- hplo 714 . xls | 2000-07-13T00:00:00 |
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ov ` ernight nextday air
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| 2005-01-10T00:00:00 |
3,074 | re : fw : first deliveries - comstock oil & gas and hesco gathering company
daren ,
is it okay to enter a wellhead deal in april for a purchase from hesco at meter # 9885 priced at gas daily less $ 0 . 14 with a volume of 1 , 100 / d ?
bob
- - - - - - - - - - - - - - - - - - - - - - forwarded by robert cotten / hou / ect on 04 / 17 / 2001 09 : 55 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron north america corp . from : robert cotten 04 / 16 / 2001 04 : 13 pm
to : vance l taylor / enron @ enronxgate @ enron
cc : julie meyers / hou / ect @ ect , lisa hesse / hou / ect @ ect , cynthia hakemack / hou / ect @ ect , donald p reinhardt / enron @ enronxgate @ enron , susan smith / enron @ enronxgate @ enron , melissa graves / enron @ enronxgate @ enron
subject : re : fw : first deliveries - comstock oil & gas and hesco gathering company
vance ,
deal tickets have been created and entered in sitara as noted below . deal # 652448 was entered by risk as a term purchase at a price of ifhsc less $ 0 . 14 . you have indicated the price to be gas daily less $ 0 . 14 . which price is correct ?
bob
from : vance l taylor / enron @ enronxgate on 04 / 03 / 2001 05 : 40 pm
to : robert cotten / hou / ect @ ect
cc : julie meyers / hou / ect @ ect , lisa hesse / hou / ect @ ect , cynthia hakemack / hou / ect @ ect , donald p reinhardt / enron @ enronxgate , susan smith / enron @ enronxgate , melissa graves / enron @ enronxgate
subject : fw : first deliveries - comstock oil & gas and hesco gathering company
bob ,
the following production is now on - line and a ticket should be created and entered into sitara based on the following :
counterparty meter volumes deal # price period global no .
comstock oil cernosek , clem ; consemiu , donna ; cook , robert ; camp , howard ; hesse , lisa ; hlavaty , nathan ; wayne e lightfoot / hou / ect @ enron ; mckay , james ; smith , mary ; schneider , steve hpl ; melissa graves / hou / ect @ enron ; walters , michael ; zivley , jill ; johnson , mary jo ; wynne , rita ; allen , lauri ; jones , cheryl ; hansen , reid ; giron , darron ; winfree , o ' neal ; susan smith / hou / ect @ enron ; bryan , gary ; hanks , gary ; donald p reinhardt / hou / ect @ enron ; vance l taylor / hou / ect @ enron ; baumbach , david ; cotten , robert ; riley , brian ; austin , jeff ; hakemack , cynthia ; kenne , dawn ; csikos , lisa ; fosdick , j r ; rodriguez , carlos ; gomes , stephanie ; clynes , pat ; acton , tom ; walker , robert ; weissman , george ; harris , joanne ; sweeney , christy ; tisdale , earl ; farmer , daren
subject : first deliveries - comstock oil & gas and hesco gathering company
see attached letters | 0 | ham | re : fw : first deliveries - comstock oil & gas and hesco gathering | company
daren ,
is it okay to enter a wellhead deal in april for a purchase from hesco at meter # 9885 priced at gas daily less $ 0 . 14 with a volume of 1 , 100 / d ?
bob
- - - - - - - - - - - - - - - - - - - - - - forwarded by robert cotten / hou / ect on 04 / 17 / 2001 09 : 55 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron north america corp . from : robert cotten 04 / 16 / 2001 04 : 13 pm
to : vance l taylor / enron @ enronxgate @ enron
cc : julie meyers / hou / ect @ ect , lisa hesse / hou / ect @ ect , cynthia hakemack / hou / ect @ ect , donald p reinhardt / enron @ enronxgate @ enron , susan smith / enron @ enronxgate @ enron , melissa graves / enron @ enronxgate @ enron
subject : re : fw : first deliveries - comstock oil & gas and hesco gathering company
vance ,
deal tickets have been created and entered in sitara as noted below . deal # 652448 was entered by risk as a term purchase at a price of ifhsc less $ 0 . 14 . you have indicated the price to be gas daily less $ 0 . 14 . which price is correct ?
bob
from : vance l taylor / enron @ enronxgate on 04 / 03 / 2001 05 : 40 pm
to : robert cotten / hou / ect @ ect
cc : julie meyers / hou / ect @ ect , lisa hesse / hou / ect @ ect , cynthia hakemack / hou / ect @ ect , donald p reinhardt / enron @ enronxgate , susan smith / enron @ enronxgate , melissa graves / enron @ enronxgate
subject : fw : first deliveries - comstock oil & gas and hesco gathering company
bob ,
the following production is now on - line and a ticket should be created and entered into sitara based on the following :
counterparty meter volumes deal # price period global no .
comstock oil cernosek , clem ; consemiu , donna ; cook , robert ; camp , howard ; hesse , lisa ; hlavaty , nathan ; wayne e lightfoot / hou / ect @ enron ; mckay , james ; smith , mary ; schneider , steve hpl ; melissa graves / hou / ect @ enron ; walters , michael ; zivley , jill ; johnson , mary jo ; wynne , rita ; allen , lauri ; jones , cheryl ; hansen , reid ; giron , darron ; winfree , o ' neal ; susan smith / hou / ect @ enron ; bryan , gary ; hanks , gary ; donald p reinhardt / hou / ect @ enron ; vance l taylor / hou / ect @ enron ; baumbach , david ; cotten , robert ; riley , brian ; austin , jeff ; hakemack , cynthia ; kenne , dawn ; csikos , lisa ; fosdick , j r ; rodriguez , carlos ; gomes , stephanie ; clynes , pat ; acton , tom ; walker , robert ; weissman , george ; harris , joanne ; sweeney , christy ; tisdale , earl ; farmer , daren
subject : first deliveries - comstock oil & gas and hesco gathering company
see attached letters
| 2001-04-17T00:00:00 |
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to be removed , reply to this email with remove in the subject line . | 2002-08-26T00:00:00 |
327 | 98 - 6736 & 98 - 9638 for 1997 ( ua 4 issues ) the above referenced meters need to be placed on a k . please note the
information below
98 - 6736 on 089 for 5 / 97 ( activity @ this meter for 1 / 97 - 4 / 97 is on
078 - 29165 - 101 ) the referenced cpr deal # is 1567 which ends 4 / 97 .
98 - 9638 on 089 for 6 / 97 ( activity @ this meter for 1 / 97 - 11 / 97 is also on
089 ) no referenced cpr deal # . the only month that has a k placed on it is
12 / 97 and that is on the 078 - 30100 - 103 k .
thanks for your help .
- jackie -
3 - 9497 | 0 | ham | 98 - 6736 & 98 - 9638 for 1997 ( ua 4 issues ) | the above referenced meters need to be placed on a k . please note the
information below
98 - 6736 on 089 for 5 / 97 ( activity @ this meter for 1 / 97 - 4 / 97 is on
078 - 29165 - 101 ) the referenced cpr deal # is 1567 which ends 4 / 97 .
98 - 9638 on 089 for 6 / 97 ( activity @ this meter for 1 / 97 - 11 / 97 is also on
089 ) no referenced cpr deal # . the only month that has a k placed on it is
12 / 97 and that is on the 078 - 30100 - 103 k .
thanks for your help .
- jackie -
3 - 9497 | 2000-02-18T00:00:00 |
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conferee ladylike allele compressible lampoon preferring remedial figure partial updraft midrange stalin coronado cummins despot valet negligent sidewall arouse mira deft carryover forgettable conservative cure kirk contradictory fredericton drafty calumny abreact astrology connoisseur cordite kelley infidel okinawa bridgework caesar cutesy annulling lucas phillip collard chromatograph dang venomous ned memoranda seraphim courage kansas dunn beef decathlon deferring assimilable terra dominick alexandria thesis hubby feudal signor trifluoride crotchety forfend armenian olivia mycenae declamatory geneva reparation dabble diagram blackwell vetch barbados gap dosimeter contour supersede chris teeter clinging axiom sycophantic buss chestnut argumentative angora maddox antipode ballast desmond apprehensive alpha chisholm immoral gresham spill kudzu mycobacteria devonshire fake pate eigenvector charge consort apparatus abominate auctioneer radar infringe coruscate quandary pertinacious adultery customary vanquish charity taut aba bawl songbag herr dune excretory nymphomaniac shouldn ' t huntsville doomsday bear shoji crosshatch fruit cantilever coax friar latitudinal judson bit trytophan cameron puddle cousin summitry torture cardamom e . g plowshare universe wholehearted barefoot defer bernoulli pyrometer isomer crone goatherd harm chaplin bookend dogma bye abdicate meter blackburn transferor yamaha binomial cellophane belittle allusive pillow borough applaud togs vulture latex silent wee automorphism otto ditch gaylord emplace catastrophe rule enmity competitive adventitious bluefish decor pretty dystrophy darkle ehrlich algeria elucidate davis radius squad snick argentina arrowroot muezzin amos roberta electrolysis coequal stave whittier wildlife mccluskey arrear pirogue afoul henchmen fog propulsion fairy ancestor pellet berth bagel graft pend emil analyses blunt euclid occupation digestion consecrate gules frog adamson inadvertent bluefish archipelago verlag tridiagonal wadi blithe competitive condemnatory bizarre hinge stonewall librate extinct couch elysee meter ruminate cobalt esoteric clomp glasgow trance committee amputee bespoke pocket vanguard tribal bimolecular southward desultory impassable pyramidal merrymake dowager shu diameter lore lincoln leroy christmas testimonial balkan rockford stodgy adonis lectern huxtable difluoride built orography continental alumni aftereffect disruption embraceable constraint hinman rundown bison claus reserve activation salmonella wrong chaise doleful planoconcave tabulate appeasable scrooge collectible escrow burglarproof imponderable infirm pro distillery conceive assam screwbean slavic watchband lethargic porous pantheism canticle pew edelweiss ama orin debris fro abbey brest drunken curdle bend churchill sidemen celanese croak emphasis impeccable fife bugle / font > | 1 | spam | if you are paying more than 3 . 6 % on your mortgage ,
we can slash your payment !
guaranteed lowest rates
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conferee ladylike allele compressible lampoon preferring remedial figure partial updraft midrange stalin coronado cummins despot valet negligent sidewall arouse mira deft carryover forgettable conservative cure kirk contradictory fredericton drafty calumny abreact astrology connoisseur cordite kelley infidel okinawa bridgework caesar cutesy annulling lucas phillip collard chromatograph dang venomous ned memoranda seraphim courage kansas dunn beef decathlon deferring assimilable terra dominick alexandria thesis hubby feudal signor trifluoride crotchety forfend armenian olivia mycenae declamatory geneva reparation dabble diagram blackwell vetch barbados gap dosimeter contour supersede chris teeter clinging axiom sycophantic buss chestnut argumentative angora maddox antipode ballast desmond apprehensive alpha chisholm immoral gresham spill kudzu mycobacteria devonshire fake pate eigenvector charge consort apparatus abominate auctioneer radar infringe coruscate quandary pertinacious adultery customary vanquish charity taut aba bawl songbag herr dune excretory nymphomaniac shouldn ' t huntsville doomsday bear shoji crosshatch fruit cantilever coax friar latitudinal judson bit trytophan cameron puddle cousin summitry torture cardamom e . g plowshare universe wholehearted barefoot defer bernoulli pyrometer isomer crone goatherd harm chaplin bookend dogma bye abdicate meter blackburn transferor yamaha binomial cellophane belittle allusive pillow borough applaud togs vulture latex silent wee automorphism otto ditch gaylord emplace catastrophe rule enmity competitive adventitious bluefish decor pretty dystrophy darkle ehrlich algeria elucidate davis radius squad snick argentina arrowroot muezzin amos roberta electrolysis coequal stave whittier wildlife mccluskey arrear pirogue afoul henchmen fog propulsion fairy ancestor pellet berth bagel graft pend emil analyses blunt euclid occupation digestion consecrate gules frog adamson inadvertent bluefish archipelago verlag tridiagonal wadi blithe competitive condemnatory bizarre hinge stonewall librate extinct couch elysee meter ruminate cobalt esoteric clomp glasgow trance committee amputee bespoke pocket vanguard tribal bimolecular southward desultory impassable pyramidal merrymake dowager shu diameter lore lincoln leroy christmas testimonial balkan rockford stodgy adonis lectern huxtable difluoride built orography continental alumni aftereffect disruption embraceable constraint hinman rundown bison claus reserve activation salmonella wrong chaise doleful planoconcave tabulate appeasable scrooge collectible escrow burglarproof imponderable infirm pro distillery conceive assam screwbean slavic watchband lethargic porous pantheism canticle pew edelweiss ama orin debris fro abbey brest drunken curdle bend churchill sidemen celanese croak emphasis impeccable fife bugle / font > | 2004-05-26T00:00:00 |
|
8,170 | re : sorry . thank you , vince . i really like your idea .
thank you again ,
- chonawee
vince j kaminski @ ect
01 / 04 / 2001 05 : 17 pm
to : chonawee supatgiat / corp / enron @ enron
cc : vince j kaminski / hou / ect @ ect
subject : re : sorry .
chonawee ,
this was perfectly all right . as a matter of fact i expect and encourage
the members of the group to disagree with me ( or anybody else )
on any subject . i am never offended by it and take it as a manifestation
of ability to think independently and having the courage of one ' s
convictions .
nobody has the monopoly on truth and nobody knows everything . the only
way we can learn and avoid costly errors ( to ourselves and the
company ) is by having open communication . in enron ,
facts are friendly .
by the way , it was an excellent presentation .
vince
chonawee supatgiat @ enron
01 / 04 / 2001 03 : 10 pm
to : vince j kaminski / hou / ect @ ect
cc :
subject : sorry .
hi vince , i am sorry for correcting on the revenue of the different auctions .
vickrey 1961 showed that all 4 kinds of auctions would yield the same
expected revenue to the auctioneer . ( dutch , english , first price - sealed bid ,
and second - price sealed bid . ) in fact , the selling price is equal to the
valuation of the second highest bidder . for example , in vickrey auction ,
everyone bids at his own valuation . hence , the winner pays the valuation of
the second highest bidder . in english auction , the second highest valuation
bidder will stop competing if the price is above his valuation . hence , the
winner also gets the item at the price of the second highest valuation bidder .
thank you for attending the meeting and giving many helpful contributions .
- chonawee | 0 | ham | re : sorry . | thank you , vince . i really like your idea .
thank you again ,
- chonawee
vince j kaminski @ ect
01 / 04 / 2001 05 : 17 pm
to : chonawee supatgiat / corp / enron @ enron
cc : vince j kaminski / hou / ect @ ect
subject : re : sorry .
chonawee ,
this was perfectly all right . as a matter of fact i expect and encourage
the members of the group to disagree with me ( or anybody else )
on any subject . i am never offended by it and take it as a manifestation
of ability to think independently and having the courage of one ' s
convictions .
nobody has the monopoly on truth and nobody knows everything . the only
way we can learn and avoid costly errors ( to ourselves and the
company ) is by having open communication . in enron ,
facts are friendly .
by the way , it was an excellent presentation .
vince
chonawee supatgiat @ enron
01 / 04 / 2001 03 : 10 pm
to : vince j kaminski / hou / ect @ ect
cc :
subject : sorry .
hi vince , i am sorry for correcting on the revenue of the different auctions .
vickrey 1961 showed that all 4 kinds of auctions would yield the same
expected revenue to the auctioneer . ( dutch , english , first price - sealed bid ,
and second - price sealed bid . ) in fact , the selling price is equal to the
valuation of the second highest bidder . for example , in vickrey auction ,
everyone bids at his own valuation . hence , the winner pays the valuation of
the second highest bidder . in english auction , the second highest valuation
bidder will stop competing if the price is above his valuation . hence , the
winner also gets the item at the price of the second highest valuation bidder .
thank you for attending the meeting and giving many helpful contributions .
- chonawee | 2001-01-10T00:00:00 |
30,387 | vi . codin , is here - just pennies per tablet . . . . . . . vlcodln and other inexpnsive medicnes - no prescriptlon requlred
order now and get shlpplng at no cost . . .
by far the cheapst deals you ' ve ever seen | 1 | spam | vi . codin , is here - just pennies per tablet . . . . . . . | vlcodln and other inexpnsive medicnes - no prescriptlon requlred
order now and get shlpplng at no cost . . .
by far the cheapst deals you ' ve ever seen
| 2004-11-12T00:00:00 |
7,533 | sharad ' s houston visit sharad
as expected we didn ' t get time to discuss in detail what to do in houston .
we have discussed the subject informally , but i ' m laying it out here for
clarity , and for vince / stinson ' s information . here are my thoughts :
1 . exotica . this is the top priority , as you ' d rightly identified yourself .
a . learn how to build xlls .
b . catalogue functions in houston exotica not yet available in london .
c . catalogue differences between inputs to london and houston exotica
functions .
d . produce london xll that allows current function calls to be used where
possible , and incorporates new functions .
e . update documentation as appropriate .
if you do nothing else in your two weeks , i ' ll be very happy with this .
main contacts are paulo and zimin .
2 . understand american monte carlo ( amc ) . the aim is to get a feel for amc ' s
characteristics . before we embark on the use of amc for real option
valuation , i ' d like to understand how it behaves for financial options . i
suggest something like the following :
a . produce amc code for single gbm for american option . compare greeks
against those from appropriate tree methods .
b . two gbm spread option model , to compare against 1 - d numerical integration
method . although the " american " bit of amc isn ' t going to be used here , it
will be interesting to think about the bucketing issue in price / payoff space
and , again , the greeks .
c . some form of mean reverting model , preferably two factor .
d . hjm for pure financial option valuation .
if you get somewhere on a - d , and amc behaves sensibly on pure financial
models , then i ' ll be very keen to roll it out for real option valuations .
vince / stinson - since i ' m expecting the worst from it i . t . o . email support ,
would you be good enough to print this email out and hand it to sharad ?
many thanks ,
steve | 0 | ham | sharad ' s houston visit | sharad
as expected we didn ' t get time to discuss in detail what to do in houston .
we have discussed the subject informally , but i ' m laying it out here for
clarity , and for vince / stinson ' s information . here are my thoughts :
1 . exotica . this is the top priority , as you ' d rightly identified yourself .
a . learn how to build xlls .
b . catalogue functions in houston exotica not yet available in london .
c . catalogue differences between inputs to london and houston exotica
functions .
d . produce london xll that allows current function calls to be used where
possible , and incorporates new functions .
e . update documentation as appropriate .
if you do nothing else in your two weeks , i ' ll be very happy with this .
main contacts are paulo and zimin .
2 . understand american monte carlo ( amc ) . the aim is to get a feel for amc ' s
characteristics . before we embark on the use of amc for real option
valuation , i ' d like to understand how it behaves for financial options . i
suggest something like the following :
a . produce amc code for single gbm for american option . compare greeks
against those from appropriate tree methods .
b . two gbm spread option model , to compare against 1 - d numerical integration
method . although the " american " bit of amc isn ' t going to be used here , it
will be interesting to think about the bucketing issue in price / payoff space
and , again , the greeks .
c . some form of mean reverting model , preferably two factor .
d . hjm for pure financial option valuation .
if you get somewhere on a - d , and amc behaves sensibly on pure financial
models , then i ' ll be very keen to roll it out for real option valuations .
vince / stinson - since i ' m expecting the worst from it i . t . o . email support ,
would you be good enough to print this email out and hand it to sharad ?
many thanks ,
steve | 2000-11-06T00:00:00 |
9,778 | fresh , crisp leads from allmerica financial through
established sponsored market programs with cpa firms ,
banks , credit unions and property and casualty firms ,
you ' ll receive the kind of leads you need to grow your
client base and meet their long - term financial needs .
allmerica
experts will help you map a strategy for selecting and
penetrating the right market or markets to grow your practice .
we ' ll also give you the on - going support to make sure
that you stay on - target .
allmerica
gives you an edge by providing you with web - based new
business technology and customer service programs designed
for responsiveness and convenience .
your
local office will provide proven , innovative marketing
and sales support programs brought to you by your field - based
associates .
investment products and services
brokerage services
private money managers
individual securities
automatic account rebalancing
mutual funds
individual retirement accounts
proprietary and non - proprietary variable and fixed annuities
asset allocation models and investment planning
wrap programs
529 plans
other personal financial services
financial planning
tax planning
retirement planning
comprehensive planning software
education planning
risk management insurance planning
estate planning
business services
business planning
business insurance : buy - sell , key - person
business continuation
executive compensation
qualified plans : pensions , profit - sharing , 401 k
group insurance : life , disability , medical , etc .
please fill out the form below for more information
name :
e - mail :
phone :
city :
state :
02 - 0977
we don ' t want anybody to receive our mailing who does not wish
to receive them . this is a professional communication sent to
insurance professionals . to be removed from this mailing list ,
do not reply to this message . instead , go here : http : / / www . insurancemail . net
legal notice | 1 | spam | fresh , crisp leads from allmerica financial | through
established sponsored market programs with cpa firms ,
banks , credit unions and property and casualty firms ,
you ' ll receive the kind of leads you need to grow your
client base and meet their long - term financial needs .
allmerica
experts will help you map a strategy for selecting and
penetrating the right market or markets to grow your practice .
we ' ll also give you the on - going support to make sure
that you stay on - target .
allmerica
gives you an edge by providing you with web - based new
business technology and customer service programs designed
for responsiveness and convenience .
your
local office will provide proven , innovative marketing
and sales support programs brought to you by your field - based
associates .
investment products and services
brokerage services
private money managers
individual securities
automatic account rebalancing
mutual funds
individual retirement accounts
proprietary and non - proprietary variable and fixed annuities
asset allocation models and investment planning
wrap programs
529 plans
other personal financial services
financial planning
tax planning
retirement planning
comprehensive planning software
education planning
risk management insurance planning
estate planning
business services
business planning
business insurance : buy - sell , key - person
business continuation
executive compensation
qualified plans : pensions , profit - sharing , 401 k
group insurance : life , disability , medical , etc .
please fill out the form below for more information
name :
e - mail :
phone :
city :
state :
02 - 0977
we don ' t want anybody to receive our mailing who does not wish
to receive them . this is a professional communication sent to
insurance professionals . to be removed from this mailing list ,
do not reply to this message . instead , go here : http : / / www . insurancemail . net
legal notice
| 2002-07-28T00:00:00 |
27,929 | organizational announcement - introducing enron industrial markets we are pleased to announce the creation of a new business unit ) enron
industrial markets ) within our wholesale energy business . enron industrial
markets will be responsible for leading all worldwide business activities in
the paper , pulp , lumber , and steel markets , including trading , origination
and energy outsourcing activities .
enron industrial markets is being created to accelerate the growth of enron
north america , s existing paper , pulp , & lumber business and to establish and
grow a new business in the steel market . the formation of enron industrial
markets will allow the enron north america and enron europe management to
continue to focus its efforts on the aggressive expansion of our core gas and
electricity business . as a standalone business unit , enron industrial
markets can accelerate the growth of the paper , pulp & lumber and steel
businesses into major contributor , s to enron , s overall growth and , working
closely with enron networks , position enron as the leader in the
transformation of these industries into new economy markets .
enron industrial markets will be headed by jeff mcmahon , president and chief
executive officer , and ray bowen , chief operating officer . they will report
to mark frevert who will be chairman of enron industrial markets . mark ,
jeff , and ray will comprise the office of the chairman for enron industrial
markets .
included in this new business unit and reporting to the office of the
chairman will be the following individuals and their respective groups :
pulp , paper , & lumber origination bryan burnett
pulp , paper & lumber trading bob crane
steel trading greg hermans
transaction development rodney malcolm
enron industrial markets has established an operating group to manage the
operations of physical assets . this unit will temporarily report to the
enron industrial markets office of the chairman .
coincident with the establishment of enron industrial markets , all energy
outsourcing activities associated with industries other than paper , pulp ,
lumber and steel will be the responsibility of enron energy services .
with jeff mcmahon , s departure from enron networks , louise kitchen will assume
the role of president and chief operating officer .
please join us in congratulating these individuals for their new roles . | 0 | ham | organizational announcement - introducing enron industrial markets | we are pleased to announce the creation of a new business unit ) enron
industrial markets ) within our wholesale energy business . enron industrial
markets will be responsible for leading all worldwide business activities in
the paper , pulp , lumber , and steel markets , including trading , origination
and energy outsourcing activities .
enron industrial markets is being created to accelerate the growth of enron
north america , s existing paper , pulp , & lumber business and to establish and
grow a new business in the steel market . the formation of enron industrial
markets will allow the enron north america and enron europe management to
continue to focus its efforts on the aggressive expansion of our core gas and
electricity business . as a standalone business unit , enron industrial
markets can accelerate the growth of the paper , pulp & lumber and steel
businesses into major contributor , s to enron , s overall growth and , working
closely with enron networks , position enron as the leader in the
transformation of these industries into new economy markets .
enron industrial markets will be headed by jeff mcmahon , president and chief
executive officer , and ray bowen , chief operating officer . they will report
to mark frevert who will be chairman of enron industrial markets . mark ,
jeff , and ray will comprise the office of the chairman for enron industrial
markets .
included in this new business unit and reporting to the office of the
chairman will be the following individuals and their respective groups :
pulp , paper , & lumber origination bryan burnett
pulp , paper & lumber trading bob crane
steel trading greg hermans
transaction development rodney malcolm
enron industrial markets has established an operating group to manage the
operations of physical assets . this unit will temporarily report to the
enron industrial markets office of the chairman .
coincident with the establishment of enron industrial markets , all energy
outsourcing activities associated with industries other than paper , pulp ,
lumber and steel will be the responsibility of enron energy services .
with jeff mcmahon , s departure from enron networks , louise kitchen will assume
the role of president and chief operating officer .
please join us in congratulating these individuals for their new roles . | 2000-08-23T00:00:00 |
31,411 | personals : do you want to meet talk to a man goodbye
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pervasion alphonsecoplanar | 1 | spam | personals : do you want to meet talk to a man | goodbye
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cia corinthianerrand facade gustybizarre
madeleine bourbonlioness interpret cervixmutant
pervasion alphonsecoplanar | 2005-01-22T00:00:00 |
22,396 | re [ 16 ] movies in 1892 or not censusinternet in 1868 | 1 | spam | re [ 16 ] | movies in 1892 or not censusinternet in 1868 | 2005-08-10T00:00:00 |
6,156 | re : resume thanks , vince - -
vince j kaminski
05 / 22 / 2000 03 : 43 pm
to : colleen sullivan / hou / ect @ ect
cc : vince j kaminski / hou / ect @ ect , shirley crenshaw / hou / ect @ ect
subject : re : resume
colleen ,
we are looking at some fab 133 related issues and we need all the help we can
get .
we can hire ainsley as a temp ( outside the a & a pool - they closed the list
for the summer ) .
we shall contact her directly and ask if she is interested .
vince
p . s . shirley , please set up a phone interview for me and datren .
from : colleen sullivan 05 / 19 / 2000 11 : 26 am
to : jean mrha / enron communications @ enron communications , robert
superty / hou / ect @ ect , jeffrey a shankman / hou / ect @ ect , hunter s
shively / hou / ect @ ect , scott neal / hou / ect @ ect , phillip k allen / hou / ect @ ect ,
fred lagrasta / hou / ect @ ect , craig breslau / hou / ect @ ect , vince j
kaminski / hou / ect @ ect , sally beck / hou / ect @ ect , brad mcsherry / hou / ect @ ect ,
george smith / hou / ect @ ect , edward terry / hou / ect @ ect , katherine l
kelly / hou / ect @ ect , randall l gay / hou / ect @ ect , beth perlman / hou / ect @ ect , ed
mcmichael / hou / ect @ ect , stephanie miller / corp / enron @ enron
cc :
subject : resume
if you are looking for any summer interns , please take a look at this
student ' s resume . she ' s a junior at ut in the honors business program ,
extremely intelligent , with great potential . my sister was one of her
teachers at humble high school and speaks very highly of her character ,
intelligence and drive . she always tells me to remember her name because
i ' ll hear it again some day . if you know of anyone else who may be
interested , let me know and i will forward her resume to them .
- resume _ gaddis . doc | 0 | ham | re : resume | thanks , vince - -
vince j kaminski
05 / 22 / 2000 03 : 43 pm
to : colleen sullivan / hou / ect @ ect
cc : vince j kaminski / hou / ect @ ect , shirley crenshaw / hou / ect @ ect
subject : re : resume
colleen ,
we are looking at some fab 133 related issues and we need all the help we can
get .
we can hire ainsley as a temp ( outside the a & a pool - they closed the list
for the summer ) .
we shall contact her directly and ask if she is interested .
vince
p . s . shirley , please set up a phone interview for me and datren .
from : colleen sullivan 05 / 19 / 2000 11 : 26 am
to : jean mrha / enron communications @ enron communications , robert
superty / hou / ect @ ect , jeffrey a shankman / hou / ect @ ect , hunter s
shively / hou / ect @ ect , scott neal / hou / ect @ ect , phillip k allen / hou / ect @ ect ,
fred lagrasta / hou / ect @ ect , craig breslau / hou / ect @ ect , vince j
kaminski / hou / ect @ ect , sally beck / hou / ect @ ect , brad mcsherry / hou / ect @ ect ,
george smith / hou / ect @ ect , edward terry / hou / ect @ ect , katherine l
kelly / hou / ect @ ect , randall l gay / hou / ect @ ect , beth perlman / hou / ect @ ect , ed
mcmichael / hou / ect @ ect , stephanie miller / corp / enron @ enron
cc :
subject : resume
if you are looking for any summer interns , please take a look at this
student ' s resume . she ' s a junior at ut in the honors business program ,
extremely intelligent , with great potential . my sister was one of her
teachers at humble high school and speaks very highly of her character ,
intelligence and drive . she always tells me to remember her name because
i ' ll hear it again some day . if you know of anyone else who may be
interested , let me know and i will forward her resume to them .
- resume _ gaddis . doc | 2000-05-23T00:00:00 |
9,344 | re : willow and pathstar evaluations ok - thanks .
- - - - - original message - - - - -
from :
to : " mike curran "
cc : ;
sent : monday , april 30 , 2001 11 : 34 pm
subject : re : willow and pathstar evaluations
>
> mike ,
>
> we are short manpower in london . we shall try to
> evaluate the software in houston .
>
> vince
>
>
>
>
>
> " mike curran " on 04 / 24 / 2001 10 : 03 : 24 am
>
> please respond to " mike curran "
>
> to :
> cc :
> subject : willow and pathstar evaluations
>
>
>
> hi vince -
>
> hope all is well with you .
>
> sharad hasn ' t had time to evaluate our willow tree or monte carlo software
> since the middle of last year . is there somebody else that could do it ?
>
> please let me know who i should send the evaluation to .
>
> best regards ,
>
> michael curran
> ceo
> quantin ' leap limited
> piercy house
> 7 copthall avenue
> london ec 2 r 7 nj
>
> tel : + 44 ( 0 ) 20 7562 3450
> fax : + 44 ( 0 ) 20 7562 3411
>
> mailto : mcurran @ quantinleap . com
>
> http : / / www . quantinleap . com
>
>
>
>
>
>
>
>
>
>
> | 0 | ham | re : willow and pathstar evaluations | ok - thanks .
- - - - - original message - - - - -
from :
to : " mike curran "
cc : ;
sent : monday , april 30 , 2001 11 : 34 pm
subject : re : willow and pathstar evaluations
>
> mike ,
>
> we are short manpower in london . we shall try to
> evaluate the software in houston .
>
> vince
>
>
>
>
>
> " mike curran " on 04 / 24 / 2001 10 : 03 : 24 am
>
> please respond to " mike curran "
>
> to :
> cc :
> subject : willow and pathstar evaluations
>
>
>
> hi vince -
>
> hope all is well with you .
>
> sharad hasn ' t had time to evaluate our willow tree or monte carlo software
> since the middle of last year . is there somebody else that could do it ?
>
> please let me know who i should send the evaluation to .
>
> best regards ,
>
> michael curran
> ceo
> quantin ' leap limited
> piercy house
> 7 copthall avenue
> london ec 2 r 7 nj
>
> tel : + 44 ( 0 ) 20 7562 3450
> fax : + 44 ( 0 ) 20 7562 3411
>
> mailto : mcurran @ quantinleap . com
>
> http : / / www . quantinleap . com
>
>
>
>
>
>
>
>
>
>
> | 2001-05-01T00:00:00 |
7,149 | enron global messaging announcement over the last few months , we have been discussing our standard e - mail
platform with you , our customer . your feedback from the various
demonstrations , surveys and technology showcases validated that e - mail is a
vital part of your ability to communicate effectively . however , your
feedback also indicated that you need your e - mail client to have additional
functionality and increased integration with other applications you use .
therefore , to meet the demands of our fast - paced business , enron net works is
standardizing our e - mail platform by deploying microsoft outlook 2000 to all
the business units we currently support for messaging . ( project plans for
ebs , ees and azurix are still being finalized and will be communicated
separately . )
this conversion from lotus notes to outlook 2000 will improve your ability to
communicate and provide a more consistent look and feel across the standard
office applications you use on a daily basis . we are excited about this
opportunity to provide a more robust , full function solution for your
messaging needs . to provide you with additional details about the
conversion from lotus notes to outlook 2000 , we are including a list of
frequently asked questions about this project .
how does this project affect me ?
your current lotus notes e - mail system will be converted to microsoft outlook
2000 .
what is microsoft outlook 2000 ?
outlook 2000 is the messaging client you will use to read your e - mail , update
your calendar and personal address book , record to do lists , etc .
why are we switching to outlook 2000 ?
outlook 2000 integrates more effectively with our new operating system ,
windows 2000 , and the microsoft products that enron currently uses . with
outlook 2000 , we can provide you with a more robust mail platform including
the following new features :
instant messaging ) ability to send person - to - person , immediate , pop - up
messages .
improved palm / ce synchronization ) allows for simpler and quicker updates of
your hand held device from multiple places .
conferencing server ) ability to conduct video conferences from your desktop .
web access ) ability to retrieve your enron e - mail via a browser .
fax integration ) ability to send / receive faxes from your e - mail inbox .
voice mail integration ) ability to have your voice mail delivered to your
e - mail inbox for retrieval .
when will the outlook 2000 rollout start and when will i get it ?
the pilot will begin in late october with the production rollout beginning in
late november . we are finalizing our business unit rollout schedule .
additional information will be provided to all business units as it becomes
available . project updates will be posted on the project section of the it
central web site at http : / / itcentral . enron . com . additionally , you may send
questions to outlook . 2000 @ enron . com , and a member of the project team will be
happy to address these individually . | 0 | ham | enron global messaging announcement | over the last few months , we have been discussing our standard e - mail
platform with you , our customer . your feedback from the various
demonstrations , surveys and technology showcases validated that e - mail is a
vital part of your ability to communicate effectively . however , your
feedback also indicated that you need your e - mail client to have additional
functionality and increased integration with other applications you use .
therefore , to meet the demands of our fast - paced business , enron net works is
standardizing our e - mail platform by deploying microsoft outlook 2000 to all
the business units we currently support for messaging . ( project plans for
ebs , ees and azurix are still being finalized and will be communicated
separately . )
this conversion from lotus notes to outlook 2000 will improve your ability to
communicate and provide a more consistent look and feel across the standard
office applications you use on a daily basis . we are excited about this
opportunity to provide a more robust , full function solution for your
messaging needs . to provide you with additional details about the
conversion from lotus notes to outlook 2000 , we are including a list of
frequently asked questions about this project .
how does this project affect me ?
your current lotus notes e - mail system will be converted to microsoft outlook
2000 .
what is microsoft outlook 2000 ?
outlook 2000 is the messaging client you will use to read your e - mail , update
your calendar and personal address book , record to do lists , etc .
why are we switching to outlook 2000 ?
outlook 2000 integrates more effectively with our new operating system ,
windows 2000 , and the microsoft products that enron currently uses . with
outlook 2000 , we can provide you with a more robust mail platform including
the following new features :
instant messaging ) ability to send person - to - person , immediate , pop - up
messages .
improved palm / ce synchronization ) allows for simpler and quicker updates of
your hand held device from multiple places .
conferencing server ) ability to conduct video conferences from your desktop .
web access ) ability to retrieve your enron e - mail via a browser .
fax integration ) ability to send / receive faxes from your e - mail inbox .
voice mail integration ) ability to have your voice mail delivered to your
e - mail inbox for retrieval .
when will the outlook 2000 rollout start and when will i get it ?
the pilot will begin in late october with the production rollout beginning in
late november . we are finalizing our business unit rollout schedule .
additional information will be provided to all business units as it becomes
available . project updates will be posted on the project section of the it
central web site at http : / / itcentral . enron . com . additionally , you may send
questions to outlook . 2000 @ enron . com , and a member of the project team will be
happy to address these individually . | 2000-10-06T00:00:00 |
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our high quality ink font - weight : bold " href = " http : / / www . superink . net / " > - -
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or call us toll - free
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* 90 - day warranty on remanufactured
cartridges . free shipping on orders over $ 40
you
are receiving this special offer because you have provided permission to receive email communications regarding special
online promotions or offers . if you feel you have received this
message in error , or wish to be removed from our subscriber
list , click here
and then click send , and you will be removed within three business days .
thank you and we apologize for any inconvenience .
| 2002-08-03T00:00:00 |
7,834 | re : corporate allocation from enron research group i discussed the numbers with vince and we have the sign off from him . so ,
vera and shirley , you can go ahead to execute the adjustment .
thanks ,
krishna .
kimberly watson @ enron
12 / 06 / 2000 02 : 07 pm
to : pinnamaneni krishnarao / hou / ect @ ect , vera apodaca / et & s / enron @ enron
cc :
subject : corporate allocation from enron research group
krishna ,
attached is a spreadsheet with the figures we discussed earlier . for
july - dec , ets will keep half of the amount allocated ( equivalent to 1 . 5
employees , $ 135 . 6 ) from the corporate allocations to ets . if this looks ok
to you , i would like to have vera work with shirley to handle the accounting
adjustment similar to mid year . many thanks , kim .
vera ,
here is the year 2000 spreadsheet . as you will see , we will need to work
with shirley crenshaw ( x 35290 ) with enron research group to coordinate a
similar accounting adjustment to the one we made mid year . i will send the
year 2001 budgeted spreadsheet to you in the next few days ( just in case it
changes with the approval of the science workorder ) . please call me if you
have any questions about this spreadsheet . thanks , kim . | 0 | ham | re : corporate allocation from enron research group | i discussed the numbers with vince and we have the sign off from him . so ,
vera and shirley , you can go ahead to execute the adjustment .
thanks ,
krishna .
kimberly watson @ enron
12 / 06 / 2000 02 : 07 pm
to : pinnamaneni krishnarao / hou / ect @ ect , vera apodaca / et & s / enron @ enron
cc :
subject : corporate allocation from enron research group
krishna ,
attached is a spreadsheet with the figures we discussed earlier . for
july - dec , ets will keep half of the amount allocated ( equivalent to 1 . 5
employees , $ 135 . 6 ) from the corporate allocations to ets . if this looks ok
to you , i would like to have vera work with shirley to handle the accounting
adjustment similar to mid year . many thanks , kim .
vera ,
here is the year 2000 spreadsheet . as you will see , we will need to work
with shirley crenshaw ( x 35290 ) with enron research group to coordinate a
similar accounting adjustment to the one we made mid year . i will send the
year 2001 budgeted spreadsheet to you in the next few days ( just in case it
changes with the approval of the science workorder ) . please call me if you
have any questions about this spreadsheet . thanks , kim . | 2000-12-07T00:00:00 |
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| 2005-02-06T00:00:00 |
5,388 | risk 2000 - boston dear vince ,
i apologise for sending another email . i was wondering if you could confirm
your talk title ( plus some bullet points ) for your presentation at our annual
us congress . i have attached a condensed programme for the event - you are
speaking on stream three , part of the new research in derivatives modelling
and analysis section .
unfortunately we are printing the brochure at the end of the week and will
need these details by thursday 27 january .
best regards ,
oliver
direct : + 44 171 484 9880
risk publications , 28 - 29 haymarket , london swly 4 rx
fax : + 44 171 484 9800 email : conf - ny @ msn . com
www . riskpublications . com
- attl . htm
- condensed . doc | 0 | ham | risk 2000 - boston | dear vince ,
i apologise for sending another email . i was wondering if you could confirm
your talk title ( plus some bullet points ) for your presentation at our annual
us congress . i have attached a condensed programme for the event - you are
speaking on stream three , part of the new research in derivatives modelling
and analysis section .
unfortunately we are printing the brochure at the end of the week and will
need these details by thursday 27 january .
best regards ,
oliver
direct : + 44 171 484 9880
risk publications , 28 - 29 haymarket , london swly 4 rx
fax : + 44 171 484 9800 email : conf - ny @ msn . com
www . riskpublications . com
- attl . htm
- condensed . doc | 2000-01-24T00:00:00 |
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