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Attached herewith please find Chairman Bliley's letter to his House Commerce
Committee members outlining the process and content for full committee
mark-up upon Congress' return from the July 4th break; the section-by-section
on transmission plus the actual transmission legislative language are also
attached. H.R. 2944 is the underlying bill to which these changes are made.
We have made substantial progress just this week. We will need to be
diligent to determine which amendments will be offered in July and to guard
against those we oppose. Commerce Committee members are continuing their
meetings this evening to further plan the upcoming mark-up.
The Senate Reliability bill will likely not be considered until Congress
reconvenes in July. Several Democrat Senators have now placed holds. Under
the Senate Rules, just one Member can block bill consideration under the hold
process. At this point, the hold is process vs. substance.
July will be the most critical month in order for us to realize bill
enactment this Congress. | {
"pile_set_name": "Enron Emails"
} |
FYI. Info regarding conversations between Ken Lay and Bob Glynn (CEO of PG&E
Corp) regarding payment by PG&E to us of the negative CTC credit.
Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 03/19/2001 11:26 AM -----
Steven J Kean
03/19/2001 07:53 AM
To: Jeff Dasovich/NA/Enron@Enron
cc: Paul Kaufman/PDX/ECT@ECT, Sandra McCubbin/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON, Janel Guerrero/Corp/Enron@Enron, Harry
Kingerski/NA/Enron@Enron
Subject: Re:
The conversation was very positive (Glynn did not know anything about it at
first, but, looked into it and called Ken back Friday evening). Glynn said
they were including the amount owed in their negotiations over the price for
the transmission assets and said they intended to pay all of their debts,
including this one, as soon as they get paid. He said that this weekk would
be focussed on finalizing a deal for SCE given the threat of bankruptcy; the
discussions would then turn to PG&E.
Jeff Dasovich
Sent by: Jeff Dasovich
03/14/2001 07:03 PM
To: [email protected]
cc:
Subject:
Steve:
Jim mentioned that Ken Lay was trying to talk to Glynn today about getting
the PX credit issue resolved. Any progress made?
Best,
Jeff | {
"pile_set_name": "Enron Emails"
} |
When are you running for office Eric, you have my vote.
PL | {
"pile_set_name": "Enron Emails"
} |
Was Lisa a recent hire that Susan Harrison brought in? I don't immediately
recognize her name, but wonder if that's who this is.
Also, I left you a message about Bob Klein's resignation, as I learned from
Jeff Sorenson. I am sure that Jeff has communicated this to you. --Sally
Enron North America Corp.
From: Hector McLoughlin @ ENRON 08/22/2000 12:07 PM
To: Sally Beck/HOU/ECT@ECT
cc: Bryce Baxter/HOU/ECT@ECT
Subject: Lisa Peterson
Sally,
FYI, Lisa Peterson turned in her voluntary resignation today and it is
effective today by her own choice.
She has personal issues that she feels she needs to take care of and she also
reported that the job was not what she had hoped for. We have her
resignation letter on file.
hgm | {
"pile_set_name": "Enron Emails"
} |
Sheila,
I'm sorry I haven't responded to this before, but Sally has been out of the
office with family illness & I haven't been able to check with her. I will
be out of the office until Tuesday, so if you need this information before
then, please call Chantelle Villanueva at ext.36279 on Monday and she can
check with Sally then.
Thanks,
Patti | {
"pile_set_name": "Enron Emails"
} |
Joaner Boner -
Well, in my usual slacker fashion, I haven't bought my plane ticket yet - so
I totally think you should go to Sunriver. I might come visit you there if
there's room. But an S.F. visit is imminent, I swear. I'll call you soon to
discuss the alcoholism of your co-worker/boyfriend, as well as the techniques
for acquiring this sexy body for the new year. Work is consuming my life and
eating me whole - very chaotic what with hiding all the power from you guys
and whatnot. Imagine the pressure. Another reason it might not be the best
time for me to come is that I'm moving on Friday. Amber and Molly and I found
a big, beautiful house in NE, near Grant High - it's kickass. But it's sucked
away all of my money and will probably take over every free moment for the
next month just to get it set up. If you want, you should stop by for a sleep
over on your way to Bend. We'll throw a party. And what's up with the wrist
disease? Are you not taking your calcium or something? I'm convinced that
these wacky desk jobs are aging us youthful beauties prematurely. At least
that's the excuse I like to give when I come in to work looking like I just
bathed in a life-sized ashtray. Call me soon - I'm really curious to find out
why Brooks is doing the chicken dance EVER let alone in your room in the
middle of the night. Wheeew!
Happy Sexy Body New Year,
Kate
503.819.2181
[email protected] on 01/23/2001 04:19:49 PM
To: [email protected]
cc:
Subject: Sexy Body for the New Year!!!
Hey Kate -
My subject line is a duplicate of an email I received this morning from some
beauty .com site. Steve Cross puts me on all of these stupid mailing lists,
so I thought I'd be retarded and put that in my subject line because it's a
stupid subject!
Anyway, how are you doing these days? I wanted to write and see if you
really got your ticket to come visit over President's Day weekend! I
totally want you to come down!!! I'd be so excited. If you don't, though,
I think I'm going to look into going up to Bend for the weekend to chill in
SunRiver and snowboard a little! Maybe you could meet me there and stay w/
me at my parents house? Ash is going up for sure. If you're coming down
here, that's GREAT! I'd be SOOO excited.
I'm on complete crack today, if you can't tell. I have carpal tunnell, too.
Last night I woke up at 2am to Brooks coming home from a drunken night out
and he started doing the chicken dance in my room and almost knocked over my
entire shelf, tv, etc. Then he started babbling about nothing, passed
straight out and started totally snoring. So I didn't get back to sleep
until like 4:30 and had to wake up at 6. I was livid this morning. I'm
such a bitch, but I need my sleep! Dammit.
Anyway, write soon! I miss you!
joan
Joan Harold
Business Analyst
Advent Software, Inc.
[email protected]
For more information on Subscriber
Services please click below:
http://gate.advent.com/ecg/ECG%20Divisions/SubscribeServ/SubServ_home.htm | {
"pile_set_name": "Enron Emails"
} |
I am resending this email and this time the memo from Steve Kean is an
attachment. (It wasn't easy to read in the previous email).
Please read the attached memo from Steve Kean.
(See attached file: PRCmemo.doc)
- PRCmemo.doc | {
"pile_set_name": "Enron Emails"
} |
Barbara,
Transwestern Pipeline Company consents to disclosure of the discount rate for FTS-1 Agreement No. 27606 to the New Mexico Public Regulation Commission. For our files, please FAX a copy of the Confidentiality Agreement between PNM and the NMPRC to me at (713) 646-4095.
Thanks,
Paul Y'Barbo
-----Original Message-----
From: Whittaker, Barbara [mailto:[email protected]]
Sent: Friday, November 16, 2001 10:49 AM
To: Y'Barbo, Paul
Subject: Disclosure of Discount Rate
Importance: High
Sensitivity: Personal
Each year PNM is required to present its Winter Supply Plan to the New Mexico Public Regulation Commission. Part of that presentation will be the disclosure of PNM's new firm transportation agreement with Transwestern, including the discount rate. PNM has secured a Confidentiality Agreement with the NMPRC. Please confirm Transwestern's consent to such disclosure as soon as possible.
Barbara Whittaker | {
"pile_set_name": "Enron Emails"
} |
thanks!
fletch
-----Original Message-----
From: Purcell, Heather
Sent: Tuesday, May 29, 2001 10:51 AM
To: Sturm, Fletcher J.
Cc: Fraser, Jennifer
Subject: ATS Report
Fletch -
I'm sending this to you per Jennifer's request. It's available on the EGM Fundy site at http://egmfundy.corp.enron.com/crude/framework/default.asp. Within publications select External Pubs>Daily Reports>ATS Report. Or you may view the most recent edition in the following attachment.
Please note, there was not a report yesterday due to the Memorial Day holiday, so the most current one is from Friday.
<< File: ATS20010525.DOC >> | {
"pile_set_name": "Enron Emails"
} |
Did UBS waive the employee CP?
-----Original Message-----
From: Kitchen, Louise
Sent: Fri 2/1/2002 7:53 PM
To: Presto, Kevin M.
Cc:
Subject: RE: Hart-Scott Approval
Friday unfortunately - I asked for earlier.
Lavo asked the same question
-----Original Message-----
From: Presto, Kevin M.
Sent: Friday, February 01, 2002 7:48 PM
To: Kitchen, Louise
Subject: RE: Hart-Scott Approval
When will we close?
-----Original Message-----
From: Kitchen, Louise
Sent: Fri 2/1/2002 6:51 PM
To: Colwell, Wes; Hodges, Georgeanne; Milnthorp, Rob; Zufferli, John; Hedstrom, Peggy; Bradford, William S.; Will, Lloyd; Beck, Sally; Presto, Kevin M.; Forster, David; Gaskill, Chris; Superty, Robert; Lagrasta, Fred; Tycholiz, Barry; Redmond, Brian; Vickers, Frank; Gossett, Jeffrey C.; Grigsby, Mike; Allen, Phillip K.; Neal, Scott; Martin, Thomas A.; Shively, Hunter S.; Rub, Jenny; Webb, Jay; Haedicke, Mark E.; Calger, Christopher F.; Curry, Mike; Belden, Tim; White, Stacey W.; Steffes, James D.; Oxley, David; Lavorato, John; Whalley, Greg
Cc:
Subject: FW: Hart-Scott Approval
-----Original Message-----
From: [email protected]@ENRON
Sent: Friday, February 01, 2002 5:53 PM
To: [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; Forster, David; Oxley, David; Port, David; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; Webb, Jay; Rub, Jenny; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; Davies, Neil; [email protected]; Keohane, Peter; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; Beck, Sally; [email protected]; [email protected]; [email protected]; Colwell, Wes; Bradford, William S.
Subject: RE: Hart-Scott Approval
We have just been informed that the FTC has granted early termination
of the Hart-Scott-Rodino waiting period for the purchase of Enron's gas
and power business.
Visit our website at <http://www.ubswarburg.com>
This message contains confidential information and is intended only
for the individual named. If you are not the named addressee you
should not disseminate, distribute or copy this e-mail. Please
notify the sender immediately by e-mail if you have received this
e-mail by mistake and delete this e-mail from your system.
E-mail transmission cannot be guaranteed to be secure or error-free
as information could be intercepted, corrupted, lost, destroyed,
arrive late or incomplete, or contain viruses. The sender therefore
does not accept liability for any errors or omissions in the contents
of this message which arise as a result of e-mail transmission. If
verification is required please request a hard-copy version. This
message is provided for informational purposes and should not be
construed as a solicitation or offer to buy or sell any securities or
related financial instruments. | {
"pile_set_name": "Enron Emails"
} |
Paul,
Krishna and I are thinking that you may be able to book this type of option
as a call swaption on power. If you would like to discuss further, let's
set up a time when we can call you.
--Stinson
---------------------- Forwarded by Stinson Gibner/HOU/ECT on 04/04/2001
04:27 PM ---------------------------
Vince J Kaminski
04/02/2001 08:16 AM
To: Paul Smith/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Stinson Gibner/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Paul
Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Raymond
Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Real Options
Paul,
We have done a lot of work in this area. I shall call you later
today (Monday my time), Tuesday morning your time with
some recommendations.
Vince
P.S. Shirley, please send a Real Options binder to Paul.
Vince
From: Paul Smith@ENRON_DEVELOPMENT on 03/30/2001 08:42 AM ZE10
To: Vince J Kaminski@ECT
cc: Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Raymond
Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Real Options
Vince,
The Sydney office is currently evaluating a proposal that involves an option
to participate in building a wind farm. Should this proceed, we would like to
mark this option "to market".
Have the Research group completed any work on methods for booking and
remarking real options? Alternatively, do you have any suggestions as to the
best way to value, and book, real options fairly?
Regards
Paul Smith | {
"pile_set_name": "Enron Emails"
} |
Stan, Dan,
Please review the attached request for Mid year exception awards.
Thanks,
Dave | {
"pile_set_name": "Enron Emails"
} |
Dear ClickAtHome Participant,
ClickAtHome is interested in making sure you have the latest security tools available to you. As part of the ClickAtHome program, you may download and update Norton Anti-Virus and BlackICE Defender software from the ClickAtHome Portal.
Norton AntiVirus software repairs computer virus infections automatically. It scans and cleans your hard drive, diskettes and both incoming and outgoing email.
BlackICE Defender is an industrial-strength anti-hacker system that protects your PC by scanning your DSL, cable modem, or dial-up Internet connection looking for hacker activity. When it detects an attempted intrusion, it automatically blocks traffic from that source, keeping intruders from accessing your system.
By installing and updating both Norton AntiVirus and BlackICE Defender, your ClickAtHome PC will have the latest security offered by these two products.
Instructions for accessing the Portal and downloading the software are provided below.
If you have any questions or wish to provide feedback, please email [email protected]. Thank you for your participation in ClickAtHome.
The ClickAtHome Team!
__________________________________
To download the software:
1) Visit the ClickAtHome Portal at www.clickathome.net from your ClickAtHome PC.
2) Logon to the Portal with your personally created Portal User ID and Password, or create a new account if you have not created a user ID and password by selecting "Create a NEW Account" at the top left corner. The Portal User IDs and Passwords are created by you. The Enron Help Desk is not able to assist with Portal support, but if you need any assistance, please send an email to "[email protected]".
3) Once you have logged on, select "Tools" from the top menu bar.
4) Under the "Secure Download" heading, click on "BlackICE" or "Norton" and log on to the download page using your SAP ID and Date of Birth.
5) Follow the directions provided on screen. | {
"pile_set_name": "Enron Emails"
} |
Next year U of H will be hosting ITT Technical School for homecoming!
-----Original Message-----
From: Mark Molnar [mailto:[email protected]]
Sent: Thursday, October 18, 2001 10:48 AM
To: [email protected]; [email protected]; [email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]
Subject: Re: Cougars to I-AA
My company blocks this website, what does it say?
>>> "siva66" <[email protected]> 10/18/01 10:28AM >>>
pretty damn embarrasing if you ask me. maybe we can dominate
youngstown stae.
---------- Original Message ----------------------------------
From: Brian Dunlavy <[email protected]>
Date: Thu, 18 Oct 2001 08:11:33 -0700 (PDT)
>http://www.usatoday.com/sports/college/football/2001-10-17-
divisionia.htm
>
>The end of the program is coming...
>
>How embarrassing is this?
>
>
>__________________________________________________
>Do You Yahoo!?
>Make a great connection at Yahoo! Personals.
>http://personals.yahoo.com
>
________________________________________________________________
Sent via the EV1 webmail system at mail.ev1.net | {
"pile_set_name": "Enron Emails"
} |
We have received the executed EEI Master Power Purchase and Sale Agreement
dated 1/26/01 from the referenced CP. Copies will be distributed to Legal
and Credit. | {
"pile_set_name": "Enron Emails"
} |
This sequence of e-mails is a little confusing, so I highlighted the parts
you probably want to focus on in red. Like I said, I've been staring at these
deals for too many hours now to see clearly what went wrong. As far as I can
tell, either APB or Jeff Richter was checking out wrong. Now I just want to
get to the bottom of it! Aaaaaaaa!
---------------------- Forwarded by Kate Symes/PDX/ECT on 01/26/2001 01:31 PM
---------------------------
Kate Symes 01/26/2001 08:59 AM
To: Kerri Thompson/Corp/Enron@ENRON
cc:
Subject: Re: apb checkout
I just want to clarify something, because we were here until about 9 p.m.
last night trying to flatten our position, and just figured out this morning
that we were off due to the Williams deal that I changed yesterday evening.
Apparently Jeff Richter didn't do any deals with Williams for 50 MW through
APB, but he did do one for 50 MW with Prebon. So I'm wondering why APB was
checking out like this? If possible, I'd like to avoid this in the future.
Let me know if you can find anything out from APB.
Thanks,
Kate
Kerri Thompson@ENRON
01/25/2001 02:48 PM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: Re: apb checkout
the williams deals with apb at 215.00, should total 150 mw. we are just
missing 25 mw.
Kate Symes @ ECT 01/25/2001 04:40 PM
To: Kerri Thompson/Corp/Enron@ENRON
cc:
Subject: Re: apb checkout
505118 has been changed to 1/26 -1/27. Still checking on missing deal. (Note:
Missing Deal is #504970)
Kerri Thompson@ENRON
01/25/2001 02:12 PM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: apb checkout
505118
term should be 26-27
missing deal just like deal 505118
505223 price should be 300.00
misssing 2 deals for bob, will get details.
thanks | {
"pile_set_name": "Enron Emails"
} |
John
fyi - I'll call him this afternoon/evening and get his feedback and work with Kim on getting him in to close this down - Whalley has asked to meet him when he comes in.
Do you want to see him again ?
Neil
-----Original Message-----
From: Neal, Scott
Sent: Thursday, May 24, 2001 4:05 PM
To: Davies, Neil
Subject: eddie rietze
I had a great visit with Eddie Rietze last night. We spent about 3 hours together. I think we should definately pursue him.
He is interested talking further. We will probably need to meet with him during the evening. Please let me know if I need to do
anything to proceed. I indicated to Eddie that you would be contacting him to set an interview schedule.
thanks,
Scott | {
"pile_set_name": "Enron Emails"
} |
Sounds like the coast guard found your boat and took your stash. Sorry to
hear that.
PL
http://www.cnn.com/2001/US/05/14/cocaine.seizure.txt/index.html | {
"pile_set_name": "Enron Emails"
} |
A couple of comments on the revised form of Assignment and License
1. This appears to allow the Estate to use the Software (including the EnronOnline Software) and the processes and services covered by the patents for trading gas and power within North America. Is this the new deal? For the template and the Wind deal? Also, does 3.1 (b) allow Enron to sell the processes covered by the patents without any restriction on field of use?
2. Are we now going to give Enron the right to sublicense and distribute Source Code? I thought we were going to limit it to Object Code.
3. In Section 3.1 do we need to define affiliates?
4. Are the restrictions on Asssignment and Licensing in Section 4.4 supposed cover all the Software, including the mid and back office functions, or only the EOL Software?
-----Original Message-----
From: [email protected]@ENRON
Sent: Friday, December 14, 2001 4:18 AM
To: [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; Schuler, Lance (Legal); Daniels, Eddy; Koehler, Anne C.; Hansen, Leslie; Piper, Greg; Detmering, Tim
Subject: Revised Draft of the Assignment and License Agreement
Here is the revised draft reflecting comments from Enron management team
and Enron legal team (Houston).
For some reason, I am unable to run Comparite remotely. If someone located
in NYO could run a comparison between Version 3 and Version 6 and
distribute to this same list it will aid people in the review. Thanks.
Roger
(Enron Assignment and License Agreement) (See attached file: n1bx06!.DOC)
**********NOTE**********
The information contained in this email message is intended only
for use of the individual or entity named above. If the reader
of this message is not the intended recipient, or the employee or
agent responsible to deliver it to the intended recipient, you
are hereby notified that any dissemination, distribution or
copying of this communication is strictly prohibited. If you
have received this communication in error, please immediately
notify us by telephone (650-802-3000), and destroy the original
message. Thank you.
- n1bx06!.DOC << File: n1bx06!.DOC >> | {
"pile_set_name": "Enron Emails"
} |
I'm not visiting you. You're just a place to lay my head. | {
"pile_set_name": "Enron Emails"
} |
Hello,
There are no GCP Adjustments. Please feel free to give me a call, if you have any questions.
Amber N Ebow x5-8331
Global Counterparty_Enron Net Works
-----Original Message-----
From: Moran, Tom
Sent: Monday, October 01, 2001 4:06 PM
To: Lambert, Karen; Jones, Tana; Schott, Samuel; Reves, Brant; Brackett, Debbie R.; Clark, Cynthia; Enron Europe Global CounterParty,; Sever, Stephanie; Moran, Tom; Clark, Claudia; Bradford, William S.; Lees, Lisa; Fayett, Juana; Morse, Jana; Le, Trang; Maley, Paul; O'day, Karen; Rohauer, Tanya; Lombardi, Kelly; Lindsay, Brian; EOL Call Center; Hare, Bill D.; Heffernan, Amy; Lafuze, Molly; Clark, Danny; Panus, Stephanie; Mandola, Teresa; Ebow, Amber; Arnold, Thu Pham; Coleman, Tandra; Campbell, Lesli; Lebrocq, Wendi; Taylor, Mark E (Legal); Lauer, Kara; Thakkar, Ami; Piotrowski, Joseph; Banner, Kimberly; Mcquade, Jennifer
Cc: Lebrocq, Wendi
Subject: EOL Approvals: 10-01-01
Please see attached.
<< File: EOL 10-01-01.xls >>
Regards,
Tom Moran | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: Concklin, Elaine
Sent: Tuesday, November 06, 2001 7:38 AM
To: Brassfield, Morris; Baker, Lee; Brasher, Barney; Goradia, Pallavi; Clements, David; Zabawa, Mike
Cc: Geaccone, Tracy; Vo, Hoang; Prendergast, Pat
Subject: RE: Adaytum Update
In addition, Lee, Pat and I are meeting tomorrow to organize a regular Adaytum User Group to use as a forum for keeping up with and addressing any further issues that arise as we move forward with the Plan input into Adaytum and our next development phase of Adaytum.
-----Original Message-----
From: Brassfield, Morris
Sent: Tuesday, November 06, 2001 6:35 AM
To: Baker, Lee; Concklin, Elaine; Brasher, Barney; Goradia, Pallavi; Clements, David; Zabawa, Mike
Cc: Geaccone, Tracy; Vo, Hoang; Prendergast, Pat
Subject: RE: Adaytum Update
Thanks for the quick response and the feedback concerning these issues.
Morris A. Brassfield
Enron Transportation Services
Senior Director
Operations Support Services
Three Allen Center 3285
333 Clay Street
Houston, Texas 77002
713-646-7006 Business Phone
713-503-1409 Cell Phone
-----Original Message-----
From: Baker, Lee
Sent: Monday, November 05, 2001 8:30 PM
To: Brassfield, Morris; Concklin, Elaine; Brasher, Barney; Goradia, Pallavi; Clements, David; Zabawa, Mike
Cc: Geaccone, Tracy; Vo, Hoang; Prendergast, Pat
Subject: Adaytum Update
Importance: High
After our meeting today Mike and I met with Pat about some of the recent Adaytum issues and I would like to update you on the progress.
With regard to users loosing Contributor data previously entered, we believe they may not be waiting long enough after selecting Save, and closing the window before the save process is complete. This afternoon Pat sent the detailed instructions below, stressing that users wait until they receive the Done message before closing the window. She has asked users to let her know if they continue to have this problem. Due to the size of our applications they do take several minutes to open and may take longer to save.
The second issue involves salary calculations in the base models in Adaytum Analyst. Last week we corrected a formula to resolve this problem. As it turns out the changes made in Analyst last week are not there now. Hoang Vo, who is in Omaha today, asked one of his Adaytum collogues, who is working on the Corporate project, to look into this. He contacted Pat and indicated he had experienced this same problem and supplied her with a macro to run after making the changes in Analyst. Pat updated several applications this evening and will check in the morning to see if it worked. This issue with saving in Analyst is not related to the saving issue in Contributor.
Additionally, Contributor has not been available for several days recently. This is due to problems with the server that is operated by Networks. Hoang has worked with the Sunrise technical lead and Networks, and this problem is resolved.
If there any questions, please don't hesitate to call me or Pat.
Thanks, Lee
Lee Baker
Manager Financial Planning
ETS Operations Financial Planning
(713) 853-5292
-----Original Message-----
From: Prendergast, Pat
Sent: Monday, November 05, 2001 6:52 PM
To: Anderson, Jan; Apodaca, Vera; Attasseril , Finney; Baker, Lee; Beck, Amy Lynn; Brasher, Barney; Collins, Judy; Concklin, Elaine; Currie, Deb; DeBlonk, Nancy; Glenn, Laketa; Goradia, Pallavi; Hoggatt, Leslee; Jones, Timothy; Jones, Vera; Judy-Meier, Lisa; LeFiles, Judy; McBath, Margie; McMichael, Rick; Navarro, Silvia; Nicol, Kareen; Patel, Sophie; Pool, Deelyn; Poole, Susan; Post, Patricia; Prigmore, Patty; Rosen, Mylinda; Ruckle, Jason; Sandefer, Helen; Schultz, Dawn; Tihista, Sue; Tornio, Terriann; Villasenor, Amy ; Willman, Bill; Wood, Nancy; Zabawa, Mike
Cc: Vo, Hoang
Subject: ADAYTUM APPLICATION SAVE PROCESS
Importance: High
PLEASE BE SURE YOU FOLLOW THE STEPS BELOW WHEN SAVING DATA YOU HAVE ENTERED INTO YOUR APPLICATION PRIOR TO EXITING:
SAVE WILL SAVE THE DATA BACK TO THE DATABASE. THIS TAKES MORE TIME THAN WHEN YOU OPENED THE APPLICATON BECAUSE YOU ARE SENDING BACK MORE DATA. YOU MUST WAIT UNTIL YOU SEE THE WORD "DONE" IN THE LOWER LEFT HAND CORNER BEFORE EXITING. THE HOUR GLASS MAY STOP RUNNING, BUT UNTIL YOU SEE THE WORD "DONE", IT IS NOT FINISHED SAVING ALL THE DATA.
<< OLE Object: Paintbrush Picture >>
DONE
If you have any questions or experience any further lost data, please call me.
Thanks,
Pat | {
"pile_set_name": "Enron Emails"
} |
Chris and Ben:
Since Kay is tied up on a 3:00 conference call, she asked me to summarize
the issues raised by Marguerite's latest mark-ups. The issues are as
follows:
1. In Section 6(h) regarding the Change Order, Marguerite has added a rider
pursuant to which ENA would be required "to cause the Original Purchaser
and/or the Agent to use commercially reasonable efforts to afford NorSub (or
its agent or representative), upon request of NorSub, such opportunity or
opportunities to discuss with GE (or to consult with GE concerning) such
matters pertaining to the Turbines and/or the Original Turbine Contract as
NorSub desires to discuss with GE (or to consult with GE concerning) and
which GE is obligated under the Original Turbine Contract to discuss with
(or concerning which GE is obligated under the Original Turbine Contract to
consult with) the Purchaser and/or Agent thereunder; provided, however, that
each of ENA, the Original Purchaser and the Agent shall have the right to be
present at, and to participate in, each such discussion (or consultation."
According to Jerry DeBerry, Michael Young raised this concept with Ben, and
Ben accepted it in principle. Please confirm if you are okay with this
rider going into the Letter Agreement.
2. In Section 8(a), Marguerite has added a clause whereby ENA agrees to be
responsible for, and to pay GE when due, and to hold the LLC and NorSub
harmless from any damages or indemnification payments which become due and
payable to GE on and after the Closing Date as a result of any event
occurring, or any circumstance arising, prior to the Closing Date. Since
this provision effectively shifts the Change Order risk onto ENA, Kay
suggests that we only accept the provision if a reciprocal provision is
included that allows ENA to terminate the agreement as a result of any event
or circumstance that increases the Purchase Amount. Do you agree?
3. Finally, with respect to the LLC Agreement, NorthWestern would like to
be able to exercise its call rights with relative freedom while forcing ENA
to wait until Takeover or 12/31/02 before being able to exercise its put
rights. Neither Jerry nor Marguerite understands why ENA cares when
NorthWestern takes ENA out.
Jerry and Marguerite were working on scheduling a conference call for
sometime tomorrow, so I will send you an e-mail confirming the details as
soon as I hear back from them.
Best regards,
Marisa
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, April 10, 2001 9:22 AM
To: Young, Michael
Cc: [email protected]; [email protected]; [email protected];
[email protected]
Subject: Re: FW: Comments to Turbine Purchase Documents
Michael,
We (Enron and outside counsel) have not received any documents either faxed
or via e-mail as of Tuesday morning. Once we receive the documents, we
would like time to review the comments before we engage in a conference
call. Please either resend the documents to Kay Mann, John Keffer and
myself.
Regards,
Chris
"Young, Michael" <[email protected]> on 04/10/2001 08:18:31 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: FW: Comments to Turbine Purchase Documents
Chris, in case Kay is not in today, I provide this to you. Please forward
to Ben at your earliest convenience. Thanks.
-----Original Message-----
From: DeBerry, Jeremiah A. [mailto:[email protected]]
Sent: Monday, April 09, 2001 5:43 PM
To: '[email protected]'; '[email protected]'
Cc: Young, Michael; Kahn, Marguerite R.
Subject: Comments to Turbine Purchase Documents
We have forwarded to you via facsimile our comments to the Letter Agreement
and the LLC Agreement. The majority of our comments, as you will note, are
intended to clarify the understanding of the parties with respect to the
various matters set forth in such documents and are not intended to "change
the deal". Except that, upon the advise of our tax counsel, we have
adjusted the amounts of the promissory notes to be issued in connection
with the transaction in order to maximize the LLC's basis in the Turbines.
We believe this is consistent with your initial draft of the Letter
Agreement.
Also, please note that we have included additional language in Section 6 of
the Letter Agreement which provides NorthWestern with the opportunity to
consult with GE on matters relating to the Turbines. This reflects our
understanding of an agreement that had been reached among the parties.
With respect to the LLC Agreement, we would like to discuss with you the
following: (i) the timing of the exercise of the Call Right and (ii) the
intent of your proposed language in Section 7 relating to the rights of
each Member to act in its own best interests with respect to the Call and
Put Rights. To that end, we propose scheduling a conference call on
Tuesday afternoon, April 11, 2001. Please contact me as soon as possible
with a time that is convenient for your team.
We look forward to hearing from you.
Note: We will forward to you shortly, revised drafts of the documents for
which we have drafting responsibility.
************************************************
Jeremiah A. DeBerry, Esq.
Paul Hastings Janofsky & Walker LLP
399 Park Avenue
New York, New York 10022
Phone: (212) 318-6458
Fax: (212) 319-4090
"paulhastings.com" made the following annotations on 04/09/01 20:42:52
----------------------------------------------------------------------------
--
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP
We have changed our e-mail address. Our new domain name is
paulhastings.com. In most cases, our address is composed of conventional
first name and last name plus @paulhastings.com. Here are two examples:
[email protected] and [email protected]. If you have any
questions, please contact us at [email protected].
============================================================================
==
"The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you received
this in error, please contact the sender and delete the material from all
computers."
============================================================================
==
Confidentiality Notice
This message is being sent by or on behalf of a lawyer. It is intended
exclusively for the individual or entity to which it is addressed. This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure. If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it. If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message. | {
"pile_set_name": "Enron Emails"
} |
home 713 973 6325
cell 713 304 8716
pager 888 710 7935 | {
"pile_set_name": "Enron Emails"
} |
yep, what time
-----Original Message-----
From: Nelson, Michelle
Sent: Tuesday, January 22, 2002 9:59 AM
To: Maggi, Mike
Subject:
laura said that she saw you. are you working out today? | {
"pile_set_name": "Enron Emails"
} |
Guys, good job with the California issues - we didn't get everything but we
managed the position in a very effective manner.
Jim, given our view to support the growth of the ISO structures as a
necessary evil and given the socio-political leaning of these entities,
should we be more actively or aggressively supporting or nominating directors
on these boards?
Jim/Rick, we need a full court press on this NEPool ICAP issue - Allegretti
is putting plan in place.
Regards
Delainey | {
"pile_set_name": "Enron Emails"
} |
PLEASE READ THIS IMPORTANT INFORMATION CONCERNING THE ENRON STOCK FUND IN THE ENRON CORP. SAVINGS AND ESOP PLANS
On Friday, January 11, trading of Enron stock was suspended on the New York Stock Exchange (NYSE). All Savings and ESOP Plan transactions, including 401(k) payroll contributions, involving this fund were placed in a pending status until trading resumed.
As announced by Enron's Office of the Chair on Wednesday, January 16, Enron stock would now be traded Over The Counter (OTC). Upon receiving this information, work began immediately to develop a process that allows for OTC trades in the plans.
On Thursday, January 17, Enron initiated a process to facilitate OTC trades of Enron stock inside the 401(k) and ESOP and all pending transactions were processed using Thursday's closing price.
Now that trading has resumed, we urge you to review your investment elections to ensure that they are consistent with your investment goals.
As things change, we will continue to update you.
Enron Benefits Department | {
"pile_set_name": "Enron Emails"
} |
Start Date: 5/1/01; HourAhead hour: 14; No ancillary schedules awarded. No
variances detected.
LOG MESSAGES:
ERROR: File O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001050114.txt is empty.
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001050114.txt
---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
Details:
TRANS_TYPE: FINAL
SC_ID: ECTRT
MKT_TYPE: 2
TRANS_DATE: 5/1/01
TIE_POINT: FCORNR_5_PSUEDO
INTERCHG_ID: EPMI_CISO_PV
ENGY_TYPE: NFRM | {
"pile_set_name": "Enron Emails"
} |
Neil,
Please make switch on master list.
David
-----Original Message-----
From: Rub, Jenny
Sent: Saturday, January 05, 2002 11:21 AM
To: Oxley, David; Jones, Robert W.- HR Exec
Cc: Piper, Greg; Barnard, Marla; Kinningham, Laura; Cox, Paige; Dopson, LaMetrice
Subject: NETCO Employee
Steve Harrington was on our original list to NETCO employees and he has asked to stay with the estate. Therefore we wish to replace Steve with Jason McNair. Jason has agreed to make the switch.
Please let me know if you have any questions or issues with this request.
Thanks. JR | {
"pile_set_name": "Enron Emails"
} |
Are you headed for Financial Disaster?
Do you constantly worry about your bills?
Never enough money to make ends meet?
Do you feel like your credit card payments will never end?
Are you making only minimum payments? Or past due?
Are your debts causing stress for you and your family?
Are you getting calls from creditors or collection agencies?
Are you considering bankruptcy as a way out?
If you answered yes to any of these questions we can help.
This is NOT a consolidation loan.
YOU CAN NOT BORROW YOUR WAY OUT OF DEBT!
We are Debt Reduction Specialists. We work on your behalf.
We can help you:
Reduce your unsecured* debt by approximately 50%
Reduce your monthly payments to an amount YOU can afford.
Eliminate debts in 18-48 months.
Get relief from Creditor harassment
Avoid bankruptcy or costly consolidation loans.
*Unsecured debt includes:
-credit card bills
-department store accounts
-medical and hospital bills (past due or current)
-collection accounts
-judgements
To find out more, VISIT OUR WEB SITE BY CLICKING HERE
To be removed from future mailings, you can remove your self by clicking here.
+++++++++++______\|||||||| ||||||||||||||||||||||||||||||||| | {
"pile_set_name": "Enron Emails"
} |
We did the following trades this morning:
You Buy
At 8:45 100 Jan NYMEX @ $3.395
At 8:50 50 Nov NYMEX @ $3.075
At 9:11 5,000/d NYMEX @ $3.335
At 9:17 5,000/d NYMEX @ $3.355
MY backoffice will put them in.
Tom | {
"pile_set_name": "Enron Emails"
} |
http://www.oanda.com/converter/cc_quotes | {
"pile_set_name": "Enron Emails"
} |
Here is a list of reviewers I have
chose:
KIM
THERIOT, STEPHANIE PIWETZ
LYNN SHIVERS, DIANE
ELLSTROM
JOE
HUNTER
MELISSA RODRIGUEZ | {
"pile_set_name": "Enron Emails"
} |
Attached please find a Key Contact list for Energy Operations for the weeks
of December 20 and December 27, 1999. Note the following schedule for risk
book reporting to accommodate the holidays.
Trade Date Enron Status NYMEX Equity Market Consolidated Risk Reporting
Thursday, 12/23 Holiday Open Open DPR published ) normal schedule **
Friday, 12/24 Holiday Closed Closed DPR not published **
Monday, 12/27 Open * Open Open DPR includes 12/24 & 12/27 P&L
Tuesday, 12/28 Open * Open Open DPR published ) normal schedule
Wednesday, 12/29 Open Open Open DPR published ) normal schedule
Thursday, 12/30 Open Open Open DPR published ) normal month-end
schedule
Friday, 12/31 Holiday Closed Open DPR not published **
(closed 1PM EST)
Monday, 1/3 Holiday Closed Open DPR not published **
Tuesday, 1/4 Open Open Open DPR includes 12/31, 1/3 & 1/4
Notes: * Canadian holiday
** Trader P&L and Position reports will be produces for traded products
Distribution:
ENA Office of the Chairman Commercial Pulp & Paper Energy Operations
Cliff Baxter Greg Whalley Edward Ondarza Kristin Albrecht
Kevin Hannon Sheila Glover
Natural Gas Financial Products Todd Hall
ENA - Other Jeff Shankman Gary Hickerson Peggy Hedstrom
Philippe Bibi John Arnold Brenda Herod
Wanda Curry Tom Martin Merchant Portfolio Mike Moscoso
Jordan Mintz Scott Neal Andrea Reed Scott Pleus
Bob Shiring Brent Price
Enron Canada Hunter Shively Weather Leslie Reeves
John Lavorato Linda Clemmons Stephen Schwarz
Power Bob Shults
Enron Corp. Jim Fallon Bandwidth Mary Solmonson
Rick Causey Tim Belden Tom Gros Bob Superty
Ted Murphy | {
"pile_set_name": "Enron Emails"
} |
UUhh..what happened to ya'll last night. Thanks for blowing it off w/o letting me know. Ritas were good and plenty, had a few and decided to stick it out alone. Actually met a whole new PILE of friends there.
HALLELUJAH!!!!!!!!! | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Dana Davis/HOU/ECT on 12/13/2000 04:39 PM
---------------------------
Enron North America Corp.
From: Nicole Mendez 12/08/2000 03:37 PM
To: Dana Davis/HOU/ECT@ECT, Susan Rance/NA/Enron@Enron, Michael S
Galvan/HOU/ECT@ECT
cc:
Subject: Enron Kids Holiday Party
There will be 3 vans downstairs on Thursday, Dec. 14 that will be
transporting sponsors every 15-20 minutes starting at 10am. We should try to
be there at least 30 minues before our 1st break (11:39), so let's try to
leave around 11am-ish?
Nicole | {
"pile_set_name": "Enron Emails"
} |
"paulhastings.com" made the following annotations on 03/31/01 20:45:40
------------------------------------------------------------------------------
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP
We have changed our e-mail address. Our new domain name is
paulhastings.com. In most cases, our address is composed of
conventional first name and last name plus @paulhastings.com. Here are
two examples: [email protected] and [email protected].
If you have any questions, please contact us at [email protected].
==============================================================================
"The information transmitted is intended only for the person or entity
to which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received this in error, please contact the sender and delete the
material from all computers."
==============================================================================
In connection with the above referenced matter, attached for your review
are?clean and blacklined copies of the First Amended and Restated LLC
Agreement.? The blacklined copy has been marked to indicate changes made to
the initial draft provided by Enron.
?
Please note that the attached drafts have not been reviewed by NorthWestern,
and therefore remain subject, in all respects, to NorthWestern's comments.
?
We will forward the revised draft of the Letter Agreement on Monday, April
2, 2001.?
?
Please contact me with any questions or comments.
************************************************
Jeremiah A. DeBerry, Esq.
Paul Hastings Janofsky & Walker LLP
399 Park Avenue
New York, New York 10022
Phone: (212) 318-6458
Fax:???? (212) 319-4090
?
?
- #328314 v6 - Northwestern LLC Agreement.doc
- #328314 vRED - Northwestern LLC Agreement.rtf | {
"pile_set_name": "Enron Emails"
} |
When do you leave next week?
Kay | {
"pile_set_name": "Enron Emails"
} |
Management and employees both have roles in meeting Enron's commitment to Equal Employment Opportunity, and Harassment Prevention. To achieve Enron's vision, we need to recruit, select, retain, and manage the most talented people effectively. We expect all employees to demonstrate Enron's values of respect, integrity, communication and excellence in the workplace. Our efforts to achieve equal employment, and prevent harassment for all employees will guide us towards ensuring that each employee and organization is as productive, inventive, and competitive as possible in a world of changes.
Enron is an equal employment opportunity (EEO) employer. In choosing to do business with federal, state, and city government agencies, Enron implements affirmative action plans (AAP) to recruit, retain, and promote women, minorities, individuals with disabilities, and covered veterans. Our efforts are inclusive and based on sound business practices, individual qualifications and merit. Employee and management conduct is expected to be inclusive and equitable in all aspects of the workplace, including recruitment, applicant screening, hiring, training, assignments, compensation, benefits, job performance evaluation, disciplinary action, separation, and the like. There is no place at Enron for management practices that include bias, favoritism, discrimination, harassment, or conduct that otherwise violates the law or Company policy.
Enron's Harassment Prevention Policy was developed to prevent harassment and help all employees to maintain a productive and mutually rewarding work relationship. Harassment of any type, including sexual harassment, is contrary to our policy and preventable with education and respectful personal behavior. We want all employees to know what harassment is, how to prevent it and how to report it. Our policy outlines these unacceptable behaviors and helps employees better understand work-related expectations and steps. Every employee at Enron is expected to prevent harassment and report it if it happens.
Enron's Fair Treatment Policy was developed to provide and maintain a work environment in which all employees are treated equitably. Our goal is to resolve employment disputes promptly, informally and (where possible) at the lowest level. Employees who believe they are treated unfairly are encouraged to discuss the matter with their immediate supervisor. When a concern of unfair, unlawful or unsafe treatment is raised, it will be investigated thoroughly and promptly. An effective resolution will be reached based on all the information. The Company will take reasonable steps to ensure confidentiality, but must act on assertions indicating that a violation of policy or law has occurred.
Each of these policies is available for review at http://home.enron.com/resources. Please familiarize yourself with these policies. Enron expects and encourages every worker to report workplace issues of concern. If you need to speak with anyone someone regarding these policies or if an incident occurs that concerns you, please talk with your supervisor, contact your Human Resources representative, or call Enron's Office of Labor and Employment Relations Department at 713-853-7573. Management is expected to ensure retaliation does not occur. In addition, Cindy Olson, as is Enron's EEO officer. As and Executive Vice President of Human Resources and Community Relations, Cindy has the responsibility, authority, and full support of Enron to ensure that all employees can avail themselves of our policies.
Your support of respectful workplace relationships adds to a productive and rewarding work environment. In turn, such personal and organizational success adds to Enron's business success.
Thank you. | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: Crenshaw, Shirley
Sent: Wednesday, October 31, 2001 9:38 AM
To: Adam Stevens (E-mail); Alex Huang (E-mail); Amitava Dhar (E-mail); Anguel Grigorov (E-mail); Anita DuPont (E-mail); Bob Lee (E-mail); Chonawee Supatgiat (E-mail); Christopher Pernoud (E-mail); Gwyn Koepke (E-mail); Heather A. Johnson (E-mail); Jaesoo Lew (E-mail); Jason Sokolov (E-mail); Jose Marquez (E-mail); Joseph Hrgovcic (E-mail); Karthik Rajan (E-mail); Kenneth Deng (E-mail); Kevin G Moore (E-mail); Lance Cunningham (E-mail); Leann Walton (E-mail); Martin Lin (E-mail); Maureen Raymond (E-mail); Mauricio Mora (E-mail); Mike A Roberts (E-mail); Mitra Mujica (E-mail); Nelson Neale (E-mail); Osman Sezgen (E-mail); Paulo Issler (E-mail); Pinnamaneni Krishnarao (E-mail); Pravas Sud (E-mail); Praveen Mellacheruvu (E-mail); Rabi De (E-mail); Rakesh Bharati (E-mail); Sandeep Kohli (E-mail); Sarah Wooddy (E-mail); Seksan Kiatsupaibul (E-mail); Sevil Yaman (E-mail); Shalesh Ganjoo (E-mail); Shane Green (E-mail); Shravan Chopra (E-mail); Sofya Tamarchenko (E-mail); Sriram Vasudevan (E-mail); Steve Bennett (E-mail); Tanya Tamarchenko (E-mail); Therese Candella (E-mail); Tom Barkley (E-mail); Tom Halliburton (E-mail); Vasant Shanbhogue (E-mail); Vince J Kaminski (E-mail); Wichai Narongwanich (E-mail); William Smith (E-mail); Zimin Lu (E-mail)
Cc: Crenshaw, Shirley
Subject:
Sandeep and Vandhana would like you to celebrate
their daughter's first birthday with them.
The information and directions are attached.
Shirley Crenshaw
Administrative Coordinator
Enron Research Group
713-853-5290
Email: [email protected] | {
"pile_set_name": "Enron Emails"
} |
Hello Everyone,
This weekend saw more tough games to pick, both in college and the pros. Among the games missed by many people were, in college games, Michigan/Michigan St.; Stanford/Washington; UCLA/Washington St.; Illinois/Purdue; and Texas A&M/TexasTech.
In the pros, Baltimore/Pittsburgh was not a good game for most people, Seattle/Washington was a bad one and NY/Jets/New Orleans was missed by most people, while Kansas City/San Diego was not correctly picked by anyone.
We had 31 entries this week, making the pot $93. Currently in the lead is Robert Vargas, with only 6 games missed. No one else had 6 wrong, while Carter Ellis was the only one with 7 wrong. Robert picked Denver tonight, while Carter picked Oakland. Therefore, if Denver wins, Robert will win outright; if Oakland wins, then it will come down to the total points scored. Robert chose 49, while Carter choose 30. Therefore, if Oakland wins and there is 40 or more points, then Robert will win, 39 or less with Oakland, then Carter will win. Here are the number of games each person missed this week.
Andy
Robert Vargas 6
Carter Ellis 7
Joe Step 8
Rick Broussard 8
Thomas Lowell 8
Russell Ballato 8
Daniel Muschar 8
Larry Campbell 8
Diana Allen 9
Reagan Mathews 9
Todd DeCook 9
Michele Wilks 9
Gautam Gupta 9
Jason Kaniss 9
Valerie Ramsower 9
Ryan Williams 9
Andy Pace 9
Joe Quenet 9
Bryce Schneider 9
Rob Benson 10
Kayne Coulter 10
Tom Chapman 10
Pat Hanse 10
Larry Jester 10
Ashish Mahajan 10
Paul Broderick 10
Jacob Shupe 10
Dave Ryan 11
Daniel Jenkins 11
Jaime Gualy 11
Dean Laurent 11 | {
"pile_set_name": "Enron Emails"
} |
Cynthia,
My apologies for the perceived tone of my message. I was just trying to explain what I was expecting and how I got there. I will follow up with Tracy
and Accounting for this information.
Again, my apologies,
Tom
-----Original Message-----
From: Barrow, Cynthia
Sent: Tuesday, August 07, 2001 8:57 AM
To: Meers, Thomas
Cc: Geaccone, Tracy
Subject: RE: Benefits Costs
You know, I am just too busy to deal with the tone of your messages right now. Give me a contact at AA and as soon as I finish my budget and pricing projects I will call them directly.
Before I can do anything, I need the Enron company number for EGP fuels. I do know that our actuary has never broken out the expense or PBO for this company. Until I know what the company number is we won't know which ETS group it was consolidated within. Probably the Services Group, but maybe Corp. Once we know that then either the ETS accounting or corp. accounting can look into the actual intercompany allocations if any. Tracy, can you do me a favor and look into how you all do the accounting for this company and I'll try to give you a call later this week. (Tracy, I may be able to locate the 2000 and possibly the 2001 allocation sheets but I am not comfortable that we will still have the budget information for 1998 and 1999. In addition, the true-ups definately do not go to this level.)
Arthur Anderson is in the process of completing the preparation of audited financials for EGP Fuels Company. Included with these financials are footnote
disclosures. Please provide the following information to be included with these financials.
1) Total charges from Enron Corp for EGP Fuels employee benefit plans for 1998, 1999, and 2000. (I would think that the books of EGP should show the actual charges. Our reserve records only provide a total distribution allocation. This will have to come from accounting.)
2) EGP Fuels' Enron Retirement Plan pension costs for 1998, 1999, and 2000. (As stated, this is not prepared at the EGP level. The best we can do here is to work with the actuary to do an estimate of the costs but this will likely require a historical pull of information which you may or may not have available. I'll need to speak with AA&CO directly to determine best course of action.)
3) EGP Fuels' Accumulated Postretirement Benefit Obligation (APBO) for benefit plans other than pensions net periodic postretirement benefit costs for 1998,
1999, and 2000. (Same as above.)
-----Original Message-----
From: Meers, Thomas
Sent: Tuesday, August 07, 2001 8:02 AM
To: Barrow, Cynthia; Huseman, Sandy
Subject: RE: Benefits Costs
Cynthia,
Please note that Sandy and I did talk but I was left with the expectation that I would still receive some type of response, even if that response was merely that
the information is not available. Also, it was suggested that I try contacting You, Mikie and Sandy for this information but I did not receive a response from
any of you without additional proding. And, those responses left me believing that I would hear more from you, which I did not. Lastly, I did mention that if
necessary we could look at using Financial Accounting for this information but this is not desirable since this method will result in fragmented and less
accurate information. Also, Arthur Andersen has indicated that this is not the preferred method of providing this information.
Based on the email which follows below I will assume that Financial Accounting is my only recourse and that You will assist in convincing Arthur Andersen
that this is the only alternative available to meet their timing requirements.
Tom X54899
-----Original Message-----
From: Barrow, Cynthia
Sent: Monday, August 06, 2001 11:16 AM
To: Huseman, Sandy; Meers, Thomas
Subject: FW: Benefits Costs
Sandy told me she talked with you last week in the elevator lobby. Just so you know I am not ignoring you I have literally worked 4 weeks straight without a day off and with an average of 14 hour days!
I can not do this until my budgets and medical pricing are complete. If you need it immediately, then you will need to do what Sandy talked with you about last week and that is to get with Financial Accounting. There is no way I can look at this until later this week.
-----Original Message-----
From: Meers, Thomas
Sent: Monday, August 06, 2001 11:08 AM
To: Olson, Cindy
Cc: Barrow, Cynthia
Subject: FW: Benefits Costs
Cindy,
Arthur Andersen has requested benefits information necessary to complete audited financials that are required to complete Project Timber (the sale
of the MTBE assets to EOTT). The following requests have not been acknowledged and remain unanswered. Please let me know who I should contact
for this information.
Arthur Andersen has since also requested this information for the 6 months ending June 30, 2000 and June 30, 2001. Any guidance you can provide is
greatly appreciated.
Thanks,
Tom X54899
-----Original Message-----
From: Meers, Thomas
Sent: Friday, August 03, 2001 3:12 PM
To: Meers, Thomas; Barrow, Cynthia; Rath, Mikie; Huseman, Sandy
Subject: RE: Benefits Costs
Hello?! Is anyone going to acknowledge this request? Any suggestions on where I should go for this information?
-----Original Message-----
From: Meers, Thomas
Sent: Wednesday, August 01, 2001 3:23 PM
To: Meers, Thomas; Barrow, Cynthia; Rath, Mikie; Huseman, Sandy
Subject: RE: Benefits Costs
Cynthia/Mikie/Sandy,
What is the status of this request? Enron would like to sign off on the audit by the end of this week.
Tom X54899
-----Original Message-----
From: Meers, Thomas
Sent: Tuesday, July 17, 2001 8:44 AM
To: Barrow, Cynthia; Rath, Mikie; Huseman, Sandy
Subject: Benefits Costs
Arthur Anderson is in the process of completing the preparation of audited financials for EGP Fuels Company. Included with these financials are footnote
disclosures. Please provide the following information to be included with these financials.
1) Total charges from Enron Corp for EGP Fuels employee benefit plans for 1998, 1999, and 2000.
2) EGP Fuels' Enron Retirement Plan pension costs for 1998, 1999, and 2000.
3) EGP Fuels' Accumulated Postretirement Benefit Obligation (APBO) for benefit plans other than pensions net periodic postretirement benefit costs for 1998,
1999, and 2000.
Please let me know if and when this information may be available.
Thanks,
Tom X54899 | {
"pile_set_name": "Enron Emails"
} |
The attached file contains our daily volume requirements for today and
tomorrow . There are three worksheets: The one labelled with today's date
contains the volumes that we need at each of the citygate delivery points
indicated. The schedulers will want to check this sheet to see how much gas
is needed at a specific point. The AGL volumes are not timely and should be
ignored until further notice. CES schedulers note: the attached file is
archived on P:\Energy Ops\Enron\April_00\Daily\ *.xls, so you don't have to
save a duplicate copy elsewhere on the network.
The sheet labelled 'Daily Change' shows the change (increase +/decrease -) in
the requested daily citygate volume relative to a prior value. For the
current
gas day, the change is an intra-day change and is calculated using the
previous
day's volume request for the current day (e.g., If the current gas day is
3/28,
then the change is computed with respect to the 3/27 request for 3/28). For
tomorrow's gas day and any subsequent ones shown, the change is computed using
the First-of-the-month volumes requested for those days. (e.g., If today is
3/28, then the change for 3/29, 3/30, etc. is computed with respect to the
first-of-the-month volumes for those days.) This sheet should be useful in
determining prices for daily changes in gas volumes that we take or turn back.
The sheet labelled storage is for tracking our TCO storage injections (paper
injections).
Doug Kinney
Ph: 703-561-6339
Fax: 703-561-7317
- 04-06-00 daily volsAM.xls | {
"pile_set_name": "Enron Emails"
} |
BH,
I plan to be on vacation July 5-6 (finally) and on the customer trip on the
7th. While I am out, Gary Hanks will be keeping our position during
trading. Stacey will be in charge of everything else. I am comfortable that
everything will be covered.
I will be back in town Thursday night. The primary flight for the customer
trip leaves around 11:30. Others leave at 3:30 and 5:30(?). The latest
idea we had is that Pat would take a later flight on this trip and I will
take a later flight on the August trip, allowing one of us to be in the
office for half the day. I can also come in for the half day on the 7th if
we decide that is needed.
D | {
"pile_set_name": "Enron Emails"
} |
?
?http://www.jewishworldreview.com/cols/sowell.html
- Thomas Sowell.url | {
"pile_set_name": "Enron Emails"
} |
fyi I'll send you the list of site specific references also.
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/17/2000 08:28
AM ---------------------------
Kay Mann
11/16/2000 09:12 AM
To: Dale Rasmussen/HOU/ECT@ECT, Stuart Zisman/HOU/ECT@ECT
cc: Sheila Tweed/HOU/ECT@ECT
Subject: Gas Turbine Purchase Agreement.DOC
This is the most current clean version of the GE breakout contract. You have
also received a list of site specific references in the contract to assist in
the preparation of the final document.
I will contact Kent Shoemaker today to see how close we are on the form. It
is my understanding that the lawyers involved in the projects will take the
laboring oar once the form is ready to go.
I'll let you know as soon as I hear something from GE. I am also trying to
set up a meeting with ABB today or tomorrow. I will send you the current
version of that contract as well, although we have not had any input from ABB
on it yet.
Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/16/2000 09:08
AM ---------------------------
"Lindo, Jacqueline E." <[email protected]> on 11/14/2000 08:59:23 AM
To: <[email protected]>
cc: "Pipitone, Paul" <[email protected]>, "Cobb, Chris"
<[email protected]>
Subject: Gas Turbine Purchase Agreement.DOC
Attached please find a clean copy of Version 6 of the GE Turbine
Agreement.
<<Gas Turbine Purchase Agreement.DOC>>
- Gas Turbine Purchase Agreement.DOC | {
"pile_set_name": "Enron Emails"
} |
Hi,
The number is 281-370-7838.
I did not think of it, but without the pipe one has to balance ones own, doesn't one. Of course the major problem was the people with HPL, not the counter-parties. Who's doing that for you guys?
Jen came home for the Memorial Day weekend so we just bummed around. Saw Pearl Harbor, watched a few DVD's, and ate way to much.
When you get time let us know about your "bad luck". I hope Jake wasn't helping you too much.
I have been occupying much to much time with our new sound system. We finally chucked our little bookshelf unit and got a pile of Yamaha stuff coupled to an equally large stack of Klipsch speakers. Awesome is the only word to apply. I'm sure the neighbors are loving the old people next door. (It's a young couple with a baby) (Not near as nice as the other young couple I know).
Rumbling their walls at all hours just makes me feel good. :)
Stock market still sucks, but as long as it pays for groceries and taxes we'll be OK.
I'm off to get Linda's gas guzzlin, environment ruining, SUV washed and buffed. Then I must re-stock my CD-R's and load up on some more music. You can see how well I'm utilizing my time in doing productive things.
Later,
Ken
P. S. I thought WAHA was where all the pillaging of California was taking place. | {
"pile_set_name": "Enron Emails"
} |
The Supreme Court cleared the way yesterday for the EPA to enforce its new
"NOx SIP Call" regulations aimed at reducing NOx emissions in the eastern
half of the U.S..? The Court refused to hear an appeal by several electric
utilities and Midwest states, which contended that the EPA had used improper
criteria in setting the regulations.? The Supreme Court's decision lets stand
a March 2000 ruling by the U.S. Court of Appeals for the D.C. Circuit that
upheld the regulations.?
This means the NOx SIP Call regulations will go into effect with an
implementation date of May 2004.
Under the original SIP Call regulations, 22 states (AL, CT, DE, GA, IL, IN,
KY, MD, MA, MI, MO, NJ, NY, NC, OH, PA, RI, SC, TN, VA, WV, WI) and the
District of Columbia were required to submit State Implementation Plans
(SIPs) to EPA by October 31, 2000 (with a grace period until December 31,
2000). Some states submitted SIPs by the deadline, but many are still in
the process of developing SIPs. Those states that do not submit SIPs or
whose SIPs are not approved by EPA will be subject to a fallback Federal rule
(FIP) and lose the ability to control NOx emissions from their sources. A
few states were excluded from the SIP requirement as a result of the
litigation, but those states are in the process of developing SIPs anyway.
Now that the SIP call is final, we will be back to you shortly with further
analysis of the SIP development efforts the states and other intelligence
about what states and sources may be doing in anticipation of the regulations.
Please call if you have any questions.
Jeffrey Keeler
Director, Environmental Strategies
Enron
Washington DC office - (202) 466-9157
Cell Phone (203) 464-1541 | {
"pile_set_name": "Enron Emails"
} |
NYMEX officially closed for tomorrow. No ACCESS trading tonight. No reopen until situation "safe" according to spokesman.
CNN reports explosions in Kabul, Afghanistan. CBS quotes unnamed govt source saying attacks likely attributed to Afghan opposition. Osama Bin Laden based in Afghanistan--viewed as most likely perpetrator. US Admiral Jeremy Quigley denies US involvement.
RJ | {
"pile_set_name": "Enron Emails"
} |
John
Did you ever get a chance to look at this resume. Real smart guy(is actually a Phd), worked a few years in strategy consulting. Great business sense. Would be great fit in any strategy work we do.
Harry
-----Original Message-----
From: Arora, Harry
Sent: Wednesday, August 01, 2001 7:46 AM
To: Lavorato, John
Subject: Resume for Gurmeet Singh
John
As discussed, find enclosed my friends' resume. | {
"pile_set_name": "Enron Emails"
} |
Thanks very much, Laura. If it's appropriate, I would like to attend? Just
let me know. Thanks very much.
Best,
Jeff | {
"pile_set_name": "Enron Emails"
} |
Certainly understand the tradition you have with OU/Texas and it would be
hard. I imagine David is starting to feel a little cocky, given we should be
undefeated going into Texas, but he may still need to seek the shelter of
the study, as I know Texas is not going to roll over and play dead.
Sounds like Meagan has a full agenda this Fall and a trip to Norman would
only get in the way. I'm sure David will not let the fire die, if she is
truly interested in OU. FYI, OU's Spring Break is March 17-25 next year. So
you can plan accordingly. Let me know if you decide when you decide to come
up and I can get you lined up with Prospective Student Services for a tour.
Also, I remember you telling me about your concerns about grades. I know
that OU requires a 24 on the ACT, or finish in the top 1/3 of your
graduating class. It is my understanding that will soon be increasing to 26
or top 30% of graduating class. Looks like OU is following UT on tightening
entrance requirements.
I can get you shirts caps, sweatshirts, etc. for OU, UT and Tech. You can go
to Bigtimesports.com and look at the styles. I think they are also in the
school colors. If you see a style you like, let me know the size shape and
school and I can order it. If some of it is for you, let me know, as they
have different styles for women. Also, I can have logo's etc. reduced (like
I did on your Bevo on your shirt) so they are not so big. I always have them
reduce the OU from 1 3/4" to a
1 1/4" size, so I don't look like a "poster boy" for OU. Anyway, let me know
and I will order them for you.
Let me know when you hear back from Lexi about your discussion relative to
summer internship recruiting.
Ted K. Jacobs
Director of Energy Management
The University of Oklahoma
307 West Brooks, Room 218
Norman, OK 73019-4007
(405)325-0758
Fax (405)325-2096
E-mail: [email protected]
Website: www.ou.edu/business/em
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, September 25, 2000 1:23 PM
To: Jacobs, Ted K
Subject: RE: Oklahoma Trip
Thanks for looking into the OU/Texas tickets for us. With the ages of the
kids, I think that we will pass on those single tickets. The kids love our
home tradition for the game, and weren't sure that they wanted to give that
up. (I have cake pans in the shape of the state of Texas and the state of
Oklahoma - one daugther decorates one, and the other decorates the second
cake - add some bean dip and chips and it's our own version of a tailgate
party!)
We were hoping to bring Meagan up to look at OU this fall, with our eye on
that last game of the season. However, Klein High School has started the
football season very strongly, winning all games to date. That means that
we may be headed for high school playoffs again this year. Meagan is on
the drill team and must be at all games. Last year, we played right up to
Thanksgiving in the playoffs. So, we have decided to pick a weekend in the
spring after drill team contest season is over to make that trip with
Meagan.
We are interested in caps, shirts, etc. for UT, OU and Texas Tech. Do you
have a list of what is available for those schools?
"Jacobs, Ted K" <[email protected]> on 09/23/2000 03:07:11 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: Oklahoma Trip
Thanks for the nice words. I hope Enron will be able to look at some
students for summer internships, as I am sure they will be gone by Spring.
As far as Texas tickets go, I can come up with 5 singles, but not 5
together
or even 3 and 2. Let me know if interested and I will try to get them.
Might
be able to trade up or something.
Let me know what other schools you are talking about and I can find out for
you.
Again, thank you for taking time out your schedule to come up and be a part
of the OU recruiting effort. It has been your support and efforts that we
have to thank for Enron coming to OU. Keep me posted on what you work out
with HR with regards to summer interns.
"Hook Em"
Ted K. Jacobs
Director of Energy Management
The University of Oklahoma
307 West Brooks, Room 218
Norman, OK 73019-4007
(405)325-0758
Fax (405)325-2096
E-mail: [email protected]
Website: www.ou.edu/business/em
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, September 22, 2000 5:30 PM
To: Jacobs, Ted K
Subject: Oklahoma Trip
It was good to see you in Norman earlier this week. As always, I
appreciated your attendance at the presentation and at Coach's afterwards.
I am sure that it is rewarding for you to see former students such as Jody
and Nate participating on the other side of the recruiting table. You have
done a great job in changing and promoting the program.
I am pushing Lexi to resolve the question around interview dates for summer
interns ASAP. I have also left Mike McConnell a message to make him aware
of the issue. I should be able to get back with you next week, hopefully
with a change in our strategy!
If you do become aware of five OU /Texas tickets, please let me know. We
will certainly purchase them, I just made the assumption that all tickets
may already be sold.
On another note, David has worn his OU shirt to work and has gotten lots of
compliments. He has a number of people that have asked him about school
shirts, caps, etc. Do you have a list of the schools that you can get
merchandise for and the types of merchandise that you can get? Let me know
-- we can probably place a few orders through you! | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: Love, Phillip M.
Sent: Friday, October 26, 2001 1:12 PM
To: Giron, Darron C.
Subject: FW: Enron Mentions
just incase you haven't gotten enough to read about us lately
PL
-----Original Message-----
From: Simien, Jimmy
Sent: Friday, October 26, 2001 1:03 PM
To: Love, Phillip M.
Subject: FW: Enron Mentions
-----Original Message-----
From: Border, Mary
Sent: Friday, October 26, 2001 8:18 AM
To: Anaya, Jessica; Anderson, Peter N.; Boots, Kelly H.; Boyle, Dan; Castagnola, Daniel; Delacey, Charles; Heineman, Sarah; Hudler, Shirley A.; Jens, Felipe; Mckean, George; Mckillop, Gordon; Mills, Jana; Mitchell, David; Murphy, Brendan J. (Houston); Olivier, Phenicia; Randolph, Trevor; Richardson, James; Schnapper, Barry; Simien, Jimmy; Siurek, Ryan; Swinford, Brian; Walden, Clint; Wenz, Michelle; Wesner-Soong, Sarah; Winfrey, Travis; Wolfe, Tony
Subject: FW: Enron Mentions
-----Original Message-----
From: Schmidt, Ann M.
Sent: Friday, October 26, 2001 8:16 AM
Subject: Enron Mentions
Enron Taps $3 Billion From Bank Lines In Pre-Emptive Move to Ensure Liquidity --- Firm Will Pay Debt, Keep Cash Cushion
The Wall Street Journal, 10/26/01
Deals & Deal Makers: Enron Officials Sell Shares Amid Stock-Price Slump
The Wall Street Journal, 10/26/01
Enron's Financial Troubles Reverberate to Bonds With Poor Liquidity and Credit-Rating Concerns
The Wall Street Journal, 10/26/01
Most Analysts Remain Plugged In to Enron
The Wall Street Journal, 10/26/01
Enron Draws Down $3 Bln in Credit to Boost Investor Confidence
Bloomberg, 10/26/01
Enron Liked By Analysts Despite Complicated Dealings, WSJ Says
Bloomberg, 10/26/01
Enron Draws Down $3 Billion From Its Credit Lines, WSJ Reports
Bloomberg, 10/26/01
Action by Enron halts stock's fall
Houston Chronicle, 10/26/01
Corporate US on track for bailout
The Guardian, 10/26/01
Harvey Pitt's S.E.C.: From Guard Dog to Friendly Puppy?
The New York Times, 10/26/01
Enron draws down at least 1 bln usd from credit lines to boost mkt confidence
AFX News, 10/26/01
The Five Dumbest Things on Wall Street This Week
TheStreet.com, 10/26/01
Stocks Post Gains After A Rough Morning
The Washington Post, 10/26/01
Sudhakar will head Enron probe panel
The Times of India, 10/26/01
Enron Taps $3 Billion From Bank Lines in Pre-Emptive Move to Ensure Liquidity
Dow Jones Business News, 10/25/01
Enron chief executive resigns from board of i2 Technologies
Associated Press Newswires, 10/25/01
As Enron's woes unnerve investors about energy sector, analysts say its problems are isolated
Associated Press Newswires, 10/25/01
Enron's Credit Outlook Downgraded to Negative by S&P (Update1)
Bloomberg, 10/25/01
Enron's Trading Partners Say It's Business as Usual (Update2)
Bloomberg, 10/25/01
Enron Broadband Begins Closing London, Singapore Offices
Dow Jones Energy Service, 10/25/01
Calpine:No Exposure To Enron; No Calif Pwr Contract Talks
Dow Jones Energy Service, 10/25/01
Spector, Roseman & Kodroff, P.C. Files Class Action Suit Against Enron Corporation
PR Newswire, 10/25/01
TGS Q3 net profit up 22 pct yr-on-yr on higher NGL sales, transport revenues
AFX News, 10/25/01
Enron Draws Down Credit Facility
Dow Jones News Service, 10/25/01
Enron Employees Watch Options Devalue as Shares Fall (Correct)
Bloomberg, 10/25/01
Enron Taps $3 Billion From Bank Lines In Pre-Emptive Move to Ensure Liquidity --- Firm Will Pay Debt, Keep Cash Cushion
By Wall Street Journal staff reporters John R. Emshwiller, Rebecca Smith and Jathon Sapsford
10/26/2001
The Wall Street Journal
C1
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron Corp. drew down about $3 billion, the bulk of its available bank credit lines, in a bid to restore confidence in its financial strength and liquidity.
Enron will use part of the money to offer to redeem about $1.85 billion of outstanding commercial paper -- short-term corporate IOUs -- according to a person familiar with the matter, with the remainder providing the energy concern with a cash cushion. Some observers believe the move is a pre-emptive step by Enron to ensure that it had adequate liquidity should its access to bank lines be interrupted. The person also said Enron was talking to its banks about a new, multibillion-dollar credit line.
Enron insists its business operation and financial condition remain strong. But, "when the market is reacting as irrationally as it has been the last few days, we thought that cash was better than a commitment from a bank," said an Enron spokesman. In a statement, the company's new chief financial officer, Jeff McMahon, said that by drawing down the bank lines, "we are making it clear that Enron has the support of its banks and more than adequate liquidity to assure our customers that we can fulfill our commitments."
The move underscored the tumultuous conditions that have been sweeping over the Houston energy-trading concern in the past 10 days. Enron is the nation's largest energy trader and is a principal in nearly one-quarter of all electricity and natural-gas trades. Yesterday, for example, Enron was involved in about $4 billion of deals through its EnronOnline unit.
Since early last week, Enron's share price has plummeted 50%. Last week, it reported a $618 million third-quarter loss and a reduction in shareholder equity of $1.2 billion. It also disclosed that the Securities and Exchange Commission is conducting an inquiry into billions of dollars of transactions it did with entities connected to its former chief financial officer, Andrew S. Fastow, who was replaced Wednesday.
The draw-down of the credit facilities came as one rating agency, Fitch, put Enron on review for a possible downgrade, while another, Standard & Poor's, changed Enron's credit outlook to negative from stable. Moody's Investors Service already has said it is looking at a possible downgrade of Enron. In order to fall below investment grade, Enron's credit rating would have to fall several notches.
If that were to happen, however, a host of bad consequences could follow. Together with the sharp decline in its stock price, a noninvestment-grade rating would throw the company into default on obligations involving billions of dollars of borrowings. In that event, Enron could be forced to issue millions of shares of stock to holders of that debt, diluting the value of existing shares. At 4 p.m. in New York Stock Exchange composite trading, Enron was down six cents at $16.35.
Liquidity is a key issue for Enron, which handles energy-trading volumes more than triple its next-biggest competitor, American Electric Power Co. Enron's EnronOnline Internet-based trading platform has transacted more than $884 billion of trades since it was created in November 1999.
The company's wildly successful wholesale unit has been dragged down by underperforming assets elsewhere in the company, chiefly the approximately $6.5 billion of international assets such as its Dabhol power project in India. Raising cash and retiring debt largely is a timing issue. The cash needs of its trading operation are immediate; it takes time to sell assets, particularly in today's slower economy.
The company also is suffering from a string of disclosure controversies that have damaged its credibility, particularly in connection with its dealings with Mr. Fastow, the former chief financial officer. Internal documents related to one of the Fastow partnerships disclose that Enron also did as much as hundreds of millions of dollars of business with an entity connected to another company official, who has since left Enron. While Enron disclosed its Fastow-related transactions in SEC filings, a computerized search of the SEC's database of public filings produced no reference to this other employee-related entity known as Chewco.
Chewco was established in 1997 "with approximately $400 million in capital commitments" to buy an interest in Enron assets, according to one of the partnerships documents. The document didn't further specify what assets were purchased, and it didn't disclose the financial impact of the transactions for either Chewco or Enron. Chewco was being run by Michael Kopper, a managing director in Enron's Global Equity Markets Group, according to the document.
Enron, which has maintained that its complex financial transactions with employee-related entities were legal and properly disclosed, didn't have any comment regarding its dealings with Chewco.
Mr. Kopper, who Enron says left the company this year to focus on helping to run the Fastow-related partnerships, didn't return phone calls. A person at his office in Houston yesterday said Mr. Kopper was traveling. In response to questions about Chewco, an Enron spokesman would say only that "Michael Kopper was never an executive officer of Enron." Mr. Fastow repeatedly has declined interview requests. He severed his relationships with the partnerships in July.
This statement is an apparent reference to SEC disclosure regulations regarding related-party transactions. Under SEC rule S-K, a company has to report any transaction that exceeds $60,000 and involves "any director or executive officer." By contrast, Mr. Fastow, as CFO, would have fallen into that category, but Mr. Kopper, as managing director of a business unit, presumably wouldn't have.
However, reporting guidance issued by the Financial Accounting Standards Board seems to have a broader definition, one that might include Mr. Kopper. According to FAS Statement 57, a related-party transaction involves a "material" piece of business between the company and a member of management. The statement defines management as directors, top officers, vice presidents in charge of major business units and "other persons who perform similar policy-making functions. Persons without formal titles may also be members of management."
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Deals & Deal Makers: Enron Officials Sell Shares Amid Stock-Price Slump
By Theo Francis and Cassell Bryan-Low
Staff Reporters of The Wall Street Journal
10/26/2001
The Wall Street Journal
C14
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Officials at Enron Corp., whose unusual transactions with its chief financial officer are under regulatory scrutiny, have steadily sold sizable amounts of their holdings of company stock as the share price has fallen this year.
Corporate officials had sold 1.8 million shares valued at about $106 million through July, as the stock fell to less than $45 a share from $83 at the start of the year. Since July, the stock has plummeted an additional 63% to $16.35, including a 50% plunge since the beginning of last week.
Kenneth Lay, chief executive of the Houston energy-trading company, cashed in shares for $25.7 million so far this year, usually in transactions paired with options exercises. He sold 429,614 shares, leaving him with some 2.8 million shares as of July, the latest data available on his sales, according to Thomson Financial/Lancer Analytics.
The dollar amount for his 2001 sales is approaching the total for all Mr. Lay's sales of Enron shares for 2000, which reached $30.7 million. In 1999, he sold shares for a total of $26 million.
In Houston, an Enron spokeswoman declined to comment on the figures, saying the company doesn't keep a running tally of stockholdings by corporate officials. Enron also wouldn't comment on the number of options held by company insiders and called the sales "a personal decision." Many sales by Enron insiders were concurrent with options exercises or sales followed soon after option exercises.
Strong selling by company officers and directors amid share-price declines should raise red flags for investors, says Jonathan Moreland, research director of InsiderInsights.com, who uses insider-trading data to zero in on investment ideas.
Among other insiders selling during the year, Kenneth Rice, former chairman and CEO of Enron's broadband unit, sold shares for $23.7 million. Mr. Rice has sold 456,966 shares of the 1.5 million shares he was listed as owning in Enron's March proxy filing. Former Enron Chief Executive Jeffrey Skilling -- who resigned in August -- sold 160,000 shares for $9.8 million during the year. In March, Mr. Skilling owned 1.9 million shares.
Messrs. Rice and Skilling couldn't be reached to comment.
Overall, Enron's insiders were busier selling shares last year, when they sold 5.8 million shares for about $449 million. During 1999, insiders sold 3.4 million shares for $123.1 million.
Since December 1999, only one Enron executive has reported buying company shares. The buyer was Andrew Fastow, who was ousted during the week as Enron's chief financial officer after the company disclosed it was under a Securities and Exchange Commission investigation into financial ties between the company and Mr. Fastow.
Mr. Fastow reported purchasing 10,000 Enron shares in August at $36.98 each, or a total of $369,800. Today, those shares are valued at $163,500, based on Enron's stock price of $16.35 in 4 p.m. New York Stock Exchange composite trading. After the purchase, Mr. Fastow owned 110,586 shares, Thomson Financial/Lancer Analytics says.
Enron said Mr. Fastow wasn't available to comment.
On Monday, a New York law firm filed suit in U.S. District Court in Houston, alleging that Enron misrepresented its performance by failing to disclose problems with its broadband division and failing to properly write down the value of investments in limited partnerships managed by Mr. Fastow. The suit, which seeks class-action status, also says Enron insiders sold $73 million of their own Enron holdings during parts of 2000 and 2001.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Credit Markets
Enron's Financial Troubles Reverberate to Bonds With Poor Liquidity and Credit-Rating Concerns
By Jathon Sapsford and Suzanne McGee
Staff Reporters of The Wall Street Journal
10/26/2001
The Wall Street Journal
C15
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -- Enron Corp.'s bonds have held up better than its battered stock amid escalating financial woes at the energy-trading powerhouse.
Not for long, some bond traders say.
In trading yesterday, the Houston company's five-year bond, a $250 million issue due in July 2006 carrying a coupon of 6.4%, was quoted at 82 cents on the dollar, down from a bid of 88 late Wednesday, and representing a 16% drop during the past two weeks.
That is far less than the 50% decline in Enron's stock price since the Oct. 16 disclosure of a $1.01 billion charge linked to soured investments, resulting in a $618 million third-quarter loss. But the fall in the bond's price translates to a yield of 7.7 percentage points above bellwether U.S. government bonds, which is a widening from about three percentage points two weeks ago. Although Enron still is an investment-grade credit, that kind of "spread" is more characteristic of a junk bond with a credit rating of single B or lower.
Enron sought to assure the markets that its finances were sound, disclosing late yesterday that it drew down more than $1 billion on its bank credit lines to shore up its finances. Yet even as Enron was tapping its lifeline, investors were finding it difficult to trade big blocks of Enron bonds. Yesterday's 82 bid, for instance, was for a block of less than $2 million in bonds, a small percentage of a typical trade.
Fueling the uncertainty surrounding Enron were fears that credit-rating concerns will lower ratings on Enron debt after it recently conceded a slew of troubles, including losses, a Securities and Exchange Commission investigation, and the sudden resignation of its chief financial officer.
"Even at these levels, there's very little buying interest," said Harold Rivkin, a principal at distressed-debt trader H. Rivkin & Co. in Princeton, N.J.
In one sign of the ripple effects, the price investors pay to protect themselves from losses on Enron debt was surging. The cost of a "default swap" -- in which an investor pays another investor to take a chunk of debt at face value in the event of default -- rose to 10% of the size of the credit being insured. That was up from 8% a day earlier, and more than holders of Lucent Technologies Inc. debt had to pay at the height of that technology company's troubles earlier during the year.
Even with its woes, Enron remains an investment-grade company. Most credit-rating agencies rate Enron's senior unsecured debt at several notches above the noninvestment-grade level.
Yet Fitch said yesterday it put Enron's credit rating on watch for a possible downgrade, following a similar move by Moody's Investors Service last week. (Standard & Poor's, a division of McGraw Hill Cos., stopped short of putting the company on its Creditwatch list, opting instead to revise its long-term ratings outlook to "negative," citing concerns about the company's financial flexibility.)
Meanwhile, the weak bond prices are a sign that the markets are bracing for the worst. "These are investment-grade bonds that are migrating toward distressed levels," said Glenn Reynolds, an analyst at Credit Sights Inc., an independent fixed-income research firm in New York. "They aren't distressed yet, but they are headed in that direction."
If Enron's credit ratings fall, it would have implications far beyond the company's ability to raise money. For an energy trader, a credit downgrade sends a signal to other participants in crucial markets about its ability to make good on its commitments.
Enron makes markets in a variety of commodities. Though it is best known for trading electricity and natural gas, the company also is a huge force in the markets for other commodities such as lumber, metals, bandwidth capacity and steel. As a market maker matching buyers and sellers, Enron handles about a quarter of all the trading in the nation's energy and gas markets.
Enron's credit-worthiness is hugely important. The better its credit rating, the cheaper it can hedge, or offset, its positions in all these commodities markets through derivatives and pass on savings to customers. Without that credit rating, the cost of this high-margin, high-volume business starts to rise. A derivative is an instrument whose value is linked to, or derived from, that of an underlying security or asset, such as a stock, bond or commodity.
"Even if the company does retain its investment-grade rating, the perception that this might be at risk will start to affect their core businesses," said Mr. Reynolds at Credit Sights Inc. "Any prudent risk [manager] at Enron's counterparties" -- any institution on the other end of a financial agreement with Enron -- "is going to be examining their exposure to Enron, and looking for ways to minimize it or offset it," Mr. Reynolds said.
To be sure, Enron, despite its recent woes, remains a strong company, credit analysts said. "I don't think anyone's seriously thinking that this is a company that would ever default," Mr. Reynolds said.
"So far, our research shows that their counterparties and their banks are sticking with them," said Ron Barone, managing director of Standard & Poor's utility energy project finance group. "No one has cut credit lines or asked for additional collateral that we have identified. And customers have publicly stated that it's business as usual."
Yet analysts say the arrival of distressed-debt traders on the scene could make life more difficult for Enron and its management. Traders expect Enron's new Chief Financial Officer Jeffrey McMahon and Chairman Kenneth Lay to make the rounds of Wall Street next week, meeting with rating agencies, debt-trading desks, big bond holders and banks, including J.P. Morgan Chase & Co. and Citigroup Inc.
Treasurys
Treasurys rallied on optimism that the Federal Reserve may cut interest rates more than previously expected after a spate of economic reports that documented how weak the economy was after the Sept. 11 terrorist attacks.
Prices also gained as the market finished digesting the week's flood of Treasury, corporate and agency debt issues.
At 4 p.m. EDT, the benchmark 10-year Treasury note was up 13/32 point, or $4.0625 per $1,000 face value, at 103 20/32. Its yield fell to 4.537% from 4.588% Wednesday, as yields move inversely to prices.
The 30-year Treasury bond's price was up 22/32 point at 101 11/32 to yield 5.284%, down from 5.330% Wednesday.
Fed policy makers are slated to meet on Nov. 6. Also providing support for longer maturities, the Treasury Department made another repurchase of issues outstanding. It received offers for $5.04 billion in callable 30-year bonds, of which it accepted $1 billion. The offer-to-cover ratio, an indication of demand, was 5.04.
TREASURY BUYBACK
Par Par High Wtd Avg
Coupon Mat Amt Amt Accept Accept
% Date Offer Accept Price Price
7.125 02/23 807 0 N/A N/A
11.750 02/10 235 0 N/A N/A
10.000 05/10 490 0 N/A N/A
12.750 11/10 471 0 N/A N/A
13.875 05/11 104 0 N/A N/A
14.000 11/11 203 0 N/A N/A
10.375 11/12 587 0 N/A N/A
12.000 08/13 974 0 N/A N/A
13.250 05/14 473 0 N/A N/A
12.500 08/14 725 39 3152.20 152.19
11.750 11/14 7826 0 7148.25 148.13
Amounts in millions, prices in decimals.
*Amount outstanding after operation. Calculated using amounts
reported on announcement.
Corporate Bonds
Motorola Inc.'s offering of three-year mandatory convertible securities, expected late yesterday was boosted from a planned $875 million and could total as much as $1.15 billion (proceeds) if investors exercise their overallotment option.
The securities were expected to have a dividend of between 6.75% and 7% and a conversion premium of 20% to 22%. Earlier indications were a dividend of 7% to 7.5% and a conversion premium of 18% to 22%. The deal was to come through Goldman Sachs, J.P. Morgan Chase and Salomon Smith Barney.
Separately, LSI Logic Corp. repriced an offering of $450 million of five-year convertible subordinated notes, lowering the price to 99 from par, people familiar with the Rule 144a private placement said.
The notes have a 4% coupon and a 41% conversion premium and now offer a yield-to-maturity of 4.22%. They were quoted lower at 98 1/2 early yesterday, a sign that the deal wasn't well-received after being brought overnight by Lehman Brothers.
---
John Parry and Tom Barkley contributed to this article.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Heard on the Street
Most Analysts Remain Plugged In to Enron
By Susanne Craig and Jonathan Weil
Staff Reporters of The Wall Street Journal
10/26/2001
The Wall Street Journal
C1
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron: Rarely have so many analysts liked a stock they concede they know so little about.
In recent years, Wall Street researchers have been overwhelmingly -- critics would say blindly -- enthusiastic about Enron, even as they acknowledge not always understanding the complex financial transactions that accounted for its soaring profits. Now, Enron is reporting steep losses from some of its most complicated transactions, which many on Wall Street still can't figure out.
In a research note Wednesday, Goldman Sachs analyst David Fleischer conceded that scant corporate disclosure at the Houston energy trader makes it difficult to value the company. The company's "lack of disclosure and transparency," he says, is "a longstanding Enron hallmark."
So is this a stock to avoid, in his view? Hardly. Goldman on Wednesday did bump Enron off its "U.S. Select List," which consists of a few dozen top stock picks -- but Mr. Fleischer continued to keep the stock on the firm's larger but prestigious "Recommended List" of 200 or so favored stocks, where it has been since he joined Goldman in 1993.
"Just because I can't be specific in being able to create a simple model . . . doesn't mean that you write off that industry and say `I can't analyze it' or `I can't figure it out,' " says Mr. Fleischer, who owns an undisclosed number of Enron shares. "If that were the case, there would be an awful lot of industries we couldn't follow."
Enron's shares have dropped about 50% since last week.
"Every sell-side analyst we spoke to early in 2001 admitted that this was a black box," says Jim Chanos, principal of Kynikos Associates in New York, who has been selling Enron stock short -- trading it with an eye to profiting from its fall -- throughout this year. "It was really a trust-me story, when all the evidence was mounting that there was reason to question that level of trust."
True, no stock picker is immune from bad calls. And Wall Street analysts long have been criticized for their overwhelmingly bullish bias, particularly on stocks in hot sectors with lots of investment-banking deals to be had.
But Enron stands apart, precisely because so many of the analysts still recommending the stock have acknowledged that the company's disclosure practices are lacking. Which raises the question: How can an analyst recommend that others purchase a stock when key information about the company's operations is so often either unavailable or indecipherable?
Concerns about the way that Enron runs its business aren't new. Many of the issues now plaguing Enron's stock were first raised more than a year ago by bearish hedge-fund managers and independent accounting experts. Yet time and again, Wall Street analysts dismissed as unimportant many of the lingering questions about the company's various partnership transactions.
Besides those partnerships, Enron also has been dogged by concerns about the secretive valuation techniques it uses to record its assets and earnings.
Through it all, most analysts have stuck by this onetime stock-market darling, publicly dismissing questions about the firm's accounting practices and level of disclosure. As of yesterday, of the 17 analysts who following the stock, 10 had a "strong buy" or equivalent rating on the stock, according to Thomson Financial/First Call. Five others rated the stock a "buy," though not strongly.
Only Prudential Securities, which downgraded the stock this week, has a "sell" rating on Enron.
The bullish treatment is the latest and one of the most high-profile examples of Wall Street taking a glass half-full stance, despite what in retrospect seems to be ample warning that a less-enthusiastic approach was warranted.
Over the past year in the wake of the Nasdaq Composite Index's general collapse, analysts have been widely assailed for a lack of independence -- particularly those who, like Goldman's Mr. Fleischer, own shares in the companies they cover. Regulators have raised concerns that analysts have compromised themselves to help their firms land lucrative investment-banking fees and other revenue.
Enron has spread the wealth across many Wall Street firms. For instance, for one $865 million equity offering in 1999 led by `Credit Suisse First Boston, Enron retained seven co-managers, including Donaldson Lufkin & Jenrette, Lehman Brothers and Merrill Lynch.
"Enron is a big company, and I don't think you're going to find a firm that hasn't been involved," says Credit Suisse First Boston analyst Curt Launer, who still rates the stock a "strong buy" with a $40 price target. "They pay a lot of investment-banking fees to Wall Street."
He adds, "We do our analysis every day based on the information we have. Are we here strictly to defend companies? That's ludicrous. We're here to provide information to investors. . . . Yes, I have the wrong recommendation on the stock. I don't think my analysis has been as wrong as the stock has performed."
Mr. Fleischer, whose firm also has served as an investment banker to Enron, calls his holding "a meaningful investment" that is "not small." But he disputes any suggestion that his objectivity is compromised. Mr. Fleischer says his clients "are happy to know" he has a stake in Enron, because it shows he puts his money where his mouth is.
In his research note Wednesday, Mr. Fleischer called for complete disclosures of Enron's off-balance sheet partnerships. Despite the resulting difficulty he acknowledged facing in developing financial models for the company, he wrote that he and many other investors historically "have given Enron the benefit of doubt because of its strong growth in earnings" and position as an industry leader.
"There's not information to really model this and be able to predict accurately where revenues are going to come from and where they're going to make their money, but every quarter they do," he says. "It's hard to get inside to know all the transactions, but they do deliver."
CSFB's Mr. Launer also has been a longtime defender of the company, occasionally issuing research reports to rebut critical stories about Enron in the financial press. On Monday, he wrote that he expects questions about Enron's partnerships and accounting disclosures to continue, but that he remains "confident in the businesses and operating growth prospects for [Enron] and an ultimate recovery in the share price."
"I know I'm wrong on the stock," Mr. Launer says. But he says that at these prices, he isn't ready to throw in the towel because he figures that even in a worst-case scenario -- under which he envisions Enron having to issue as much as $2 billion worth of shares, diluting current holders -- the stock doesn't have much further to fall.
Clearly, Messrs. Launer and Flesicher aren't alone. "Even in relative terms, analysts remain very bullish on this stock," says Chuck Hill, director of research at Thomson Financial/First Call. The average rating for a stock on Wall Street is 2.2, or slightly shy of a "buy" rating. Enron scores a 1.6. "This may turn into a classic case of locking the barn door after the bad news is out," Mr. Hill says.
In downgrading the stock this week, Prudential analyst Carol Coale bumped it to "sell" from "buy," with a brief stop at "hold." While she is the only analyst to recommend investors sell the stock, she openly concedes her recent downgrades come "too little, too late."
Ms. Coale says Enron has been difficult to cover for years. She says the company's disclosure practices fall far short of ideal, and senior executives are often evasive, even when presented with direct questions. For instance, she says three weeks ago she asked Enron management if the company was under investigation by the Securities and Exchange Commission. They said "no," she says.
In light of the company's acknowledgment this week of an SEC "inquiry," she asked Enron about the previous denial. "They told me it is an inquiry, not an investigation," she says. An Enron spokeswoman says the company learned of the SEC's inquiry only last Wednesday.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Draws Down $3 Bln in Credit to Boost Investor Confidence
2001-10-26 08:52 (New York)
Enron Draws Down $3 Bln in Credit to Boost Investor Confidence
Houston, Oct. 26 (Bloomberg) -- Enron Corp., whose stock has
fallen on concern about the largest energy trader's transactions
with affiliates, drew down $3 billion in credit to restore
confidence in its financial strength.
The Houston-based company will use about $2.2 billion to pay
off commercial paper obligations and keep the rest as cash,
spokesman Mark Palmer said.
``Nothing instils confidence like cash,'' he said.
Enron's shares have dropped 52 percent in the past 10 days as
investors worry that the company's credit rating will be cut after
$1.01 billion in third-quarter losses from failed investments.
Enron needs good credit to raise cash daily to keep trading
partners from demanding collateral and to settle transactions.
Investors say they are worried about $3.3 billion in
liabilities from affiliates formed to buy and sell Enron assets.
Enron ousted Chief Financial Officer Andrew Fastow on Wednesday
amid a Securities and Exchange Commission inquiry into
partnerships he ran that cost the company $35 million.
Jeff McMahon, head of Enron's industrial markets group, was
named CFO in a bid to restore investor confidence, Chairman and
Chief Executive Officer Kenneth Lay said in a statement.
Enron shares fell 6 cents to $16.35 yesterday.
--Mark Johnson in the Princeton newsroom (609) 750-4662, or at
Enron Liked By Analysts Despite Complicated Dealings, WSJ Says
2001-10-26 06:12 (New York)
Houston, Oct. 26 (Bloomberg) -- Enron Corp. is liked by many
Wall Street analysts despite lingering questions about the power
trading company's complicated partnership transactions and the
techniques used to record earnings, the Wall Street Journal
reported in its ``Heard on the Street'' column.
Goldman Sachs Group Inc. analyst David Fleischer, who owns an
undisclosed number of Enron shares, said that even though
inadequate corporate disclosure makes it difficult to value the
company, that doesn't mean he will write off the industry or not
analyze Enron.
Of the 17 analysts who follow the stock, 10 had a ``strong
buy'' or equivalent rating, according to Thomson Financial/First
Call, the paper said. Five rated it ``buy'' and one had a ``sell''
on Enron.
Most analysts have stuck by the company, publicly dismissing
questions about Enron's accounting practices and level of
disclosure, the Journal said.
The Securities and Exchange Commission is inquiring about
partnerships run by former Chief Financial Officer Andrew Fastow.
Enron Draws Down $3 Billion From Its Credit Lines, WSJ Reports
2001-10-26 00:28 (New York)
New York, Oct. 26 (Bloomberg) -- Enron Corp. drew down about
$3 billion of its available credit, the bulk of its bank credit
lines, to restore confidence in the financial strength of the
company, the Wall Street Journal reported.
The energy trading company, whose shares have fallen 52
percent since Oct. 16, will use part of the money to redeem about
$1.85 billion short-term commercial debt, the Wall Street Journal
reported, citing an unidentified person familiar with the matter.
Enron is talking to banks about a new, multi-billion line of
credit, the paper reported, citing the unidentified person. The
steps are seen as an effort by the energy trader to ensure that it
has adequate liquidity in case its access to bank credit is
disrupted, the paper said.
Enron said in a statement distributed by PR Newswire that it
drew on its credit lines to provide more than $1 billion in cash
liquidity. The steps come a day after Chief Financial Officer
Andrew Fastow resigned amid a Securities and Exchange Commission
probe of partnerships he ran.
--William Selway in the San Francisco newsroom at (415) 743-3511,
Oct. 25, 2001, 11:22PM
Houston Chronicle
Action by Enron halts stock's fall
But credit ratings are being reviewed
By LAURA GOLDBERG
Copyright 2001 Houston Chronicle
The recent freefall of Enron Corp.'s stock price stabilized Thursday, a day after the world's largest energy trader replaced its chief financial officer.
Enron, under a cloud for a number of reasons, including an Securities and Exchange Commission inquiry, also made two announcements Thursday night aimed at reassuring the financial community.
In the announcements, Enron said it had drawn more than $1 billion from its lines of credit and said that energy-trading business done through EnronOnline on Thursday was above average levels.
Houston-based Enron banked the money and has no plans to spend it, a spokeswoman said.
"We are making it clear that Enron has the full support of its banks and more than adequate liquidity to assure our customers that we can fulfill our commitments in the ordinary course of business," Jeff McMahon, who took over Wednesday as chief financial officer, said in a written statement.
Enron said it recorded more than 8,300 transactions through EnronOnline on Thursday.
Ken Lay, chairman and chief executive officer, said: "Enron continues to be the market-maker of choice in wholesale and gas power markets, our customers continue to put their confidence in us, and our core businesses are strong and performing well."
Earlier Thursday, two credit rating agencies took actions regarding Enron's ratings, which J.P. Morgan Securities analyst Anatol Feygin described as "just more negative sentiment."
At one point in Thursday morning trading on the New York Stock Exchange, shares in Enron were up more than $1.50, but they closed down 6 cents at $16.35. As recently as Oct. 16, the stock closed at $33.84.
Before the market closed, international credit-rating agency Fitch put Enron, which currently holds investment-grade credit ratings, on review for a possible downgrade. Then after the market closed, Standard & Poor's took two steps: It affirmed Enron's current ratings, but it also revised its long-term ratings outlook to negative.
Moody's Investors Service put all of Enron's long-term debt on review for potential downgrade last week.
Enron, which noted that losing its investment-grade rating would take downgrades of three notches, said Thursday it will do everything in its power to defend its current rating.
In the SEC inquiry, federal securities regulators are reviewing transactions between Enron and two private investment partnerships formerly run by Andrew Fastow, who was removed as Enron's chief financial officer Wednesday. Enron removed Fastow as part of its bid to repair its damaged credibility.
Wall Street is also questioning certain of Enron's financing vehicles and is wondering whether the company will face hits to its balance sheet in the months ahead.
S&P said it was concerned that the sizable drop in Enron's market capitalization has negatively affected its financial flexibility and could hurt the company's plans to rebuild its balance sheet.
But it also noted that the "fundamental strength" of Enron's energy marketing and trading business has remained steady.
Unless Enron's rebuilds confidence among investors and business partners, Fitch said, it could "impair Enron's financial flexibility and access to capital markets," which would hurt its ability to conduct business.
Carol Coale, an analyst at Prudential Securities in Houston, said the actions by S&P and Fitch might make some of Enron's energy customers skittish.
Corporate US on track for bailout
DAVID GOW IN NEW YORK
10/26/2001
The Guardian
Copyright (C) 2001 The Guardian; Source: World Reporter (TM)
Battered corporate America will receive an immediate Dollars 25bn (pounds 18bn) tax rebate under a Dollars 100bn eocnomic stimulation package just approved by the Republican-controlled House of Representatives.
The controversial package, worth an estimated Dollars 212bn over three years, includes Dollars 70bn for companies next year alone. It was approved by the House late on Wednesday by 216 votes to 214, but faces significant amendment in the Senate, which is now under Democrat control.
It has reopened a wide ideological rift between Republicans, who favour corporate and individual tax cuts to reboot an economy mired in recession, and Democrats - who, in a reprise of the Roosevelt "new deal", prefer to see increased public spending on unemployment and infrastructure projects.
Liberal lobby groups such as the Citizens for Tax Justice and the Center on Budget and Policy Priorities claim the bill would hand back Dollars 6.3bn to the 14 biggest corporations - which, they say, are renowned for paying little or no tax.
The most hotly contested measure is the repeal of the corporate alternative minimum tax, or AMT, introduced in 1986 to make sure firms could not avoid all tax payments. This, strongly supported by President Bush, would be made retroactive so that all AMT payments would be refunded.
The lobby groups and the non-partisan Congressional Research Service calculate that this would give a Dollars 1.4bn boost to computer group IBM alone, while General Motors would get back Dollars 833m and General Electric Dollars 671m.
Others to benefit include TXU, the Texas-based utility that is the US's third largest energy supplier, which would would be given Dollars 608m. United Airlines, the US's second largest carrier - which is warning of bankruptcy - would receive Dollars 371m, and Enron, the energy trading group forced to sack its finance director this week, would be given Dollars 254m.
Democrat leaders in the Senate are determined to erase this measure and dislike other proposals to boost firms, which include a 30% tax break for capital investment over three years worth Dollars 39.3bn this year alone. They say these amount to a "giant corporate giveaway".
Mr Bush and other Republican leaders argue these fiscal concessions would help companies making hundreds of thousands redundant avoid further lay-offs and invest more, prompting an economic recovery that, at best, is likely to start in the new year.
"Businesses are America's employers. They're the hardware store, the diner down the street, the gas station on the corner. They're not the enemy of working families," the author of the plan, Representative Bill Thomas of California, said.
Democrats are especially incensed with the alleged paucity of the package's provisions for the growing numbers of jobless, arguing that much of the Dollars 12bn foreseen would not go to individuals but into the reserves of states.
* A fresh round of global trade talks is essential to revitalise the world economy after the terrorist attacks on the US, trade secretary Patricia Hewitt said yesterday, writes Charlotte Denny
As a new report predicted that global trade growth will collapse this year, Ms Hewitt warned that the world must not retreat into protectionism or isolationism in the wake of the attacks. WTO trade ministers are gathering in Doha, Qatar, in two weeks' time to discuss launching a new round of talks, the first since the collapse of their meeting in Seattle, nearly two years ago.
Full coverage of the downturn at www.guardian.co.uk/recession/
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business/Financial Desk; Section C
Harvey Pitt's S.E.C.: From Guard Dog to Friendly Puppy?
By FLOYD NORRIS
10/26/2001
The New York Times
Page 1, Column 2
c. 2001 New York Times Company
CAN the new, friendlier Securities and Exchange Commission enforce the laws and assure investors that corporate financial reports are trustworthy?
Harvey L. Pitt, the new S.E.C. chairman, set out this week to show that he is not like his predecessor, Arthur Levitt. In a speech to the American Institute of Certified Public Accountants -- an organization whose senior leadership led a bitter and ultimately unsuccessful fight against Mr. Levitt's reform efforts -- Mr. Pitt praised his listeners and took a few swipes at his predecessor.
From now on, he promised, ''the commission will make sound decisions, in a respectful, affirmative way, not in a demeaning, demanding or demonizing way.'' He spoke favorably of ''pro forma'' earnings reports, in ways that no doubt heartened accountants who have worked so hard to find ways to make even the worst profit figures look pretty. There was no mention of Mr. Levitt's concerns about improper management of earnings.
On the heels of Mr. Pitt's speech, the S.E.C. used a minor enforcement action to herald a policy of not cracking down on companies that come forward to report their own errors. The decision itself was reasonable, although one could wonder if top management did something wrong in failing to detect a fraud that went on for years. But the way the S.E.C. trumpeted it raised questions about whether the agency is turning into a friendly puppy rather than a guard dog. ''Is this amnesty for financial fraud?'' Jane Adams, the accounting analyst at Credit Suisse First Boston and a former S.E.C. staff member, asked in a report to clients. She was not sure of the answer.
In an interview yesterday, Mr. Pitt dismissed such worries. ''No one is going to get away with anything,'' he said. ''What we are trying to do is create an environment where people feel comfortable'' and can talk to the S.E.C. ''without feeling we are looking for a big splash.''
A major embarrassment for accountants is having the S.E.C. force a client to restate its numbers. Mr. Pitt and his chief accountant, Robert Herdman, are sending signals that fewer such demands will be made. ''I am very much in favor of a vigorous enforcement program,'' Mr. Pitt said in the interview, ''but I am not in favor of having investors barraged by conflicting statements and restatements.''
Mr. Pitt talks of companies ''getting it right the first time,'' which would certainly be nice. But there is a risk that companies will become more aggressive in their accounting, figuring there will be no real penalty, like a restatement, if they are caught. That would make life harder for auditors who try to resist misleading accounting.
In trying to sound comforting to the accountants' group -- an organization that, as he noted, he had represented as a lawyer for two decades -- Mr. Pitt has done little to reassure investors of his independence.
The proof, of course, will come in the performance. Fortunately, the mess at Enron gives the S.E.C. a golden opportunity to counter the puppy image. It will take time for the commission to determine if the company's accounting was proper. But there need be no delay in forcing Enron to clearly explain -- rather than obfuscate as it has so far -- the strange deals it made with partnerships run by the executive just ousted as chief financial officer.
''This could,'' a former S.E.C. staff member said, ''focus the issue on whether companies can make completely correct but totally misleading disclosures.'' And it would indicate that this watchdog still has a bite.
Photo: Harvey L. Pitt
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron draws down at least 1 bln usd from credit lines to boost mkt confidence
10/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
HOUSTON (AFX) - Enron Corp said it drew on committed lines of credit to provide cash liquidity in excess of 1 bln usd as part of moves to restore market confidence in the company.
"We are making it clear that Enron has the support of its banks and more than adequate liquidity to assure our customers that we can fulfill our commitments in the ordinary course of business," said newly appointed Chief Financial Officer Jeff McMahon.
"This is an important step in our plan to restore investor confidence in Enron. Additionally, we will update investors over the next several days regarding our plans to maintain our long-term credit rating."
According to the Wall Street Journal, Enron drew down about 3 bln usd and will use part of the money to offer to redeem about 1.85 bln usd of outstanding commercial paper, with the remainder providing the energy concern with a cash cushion. The newspaper cited a person familiar with the matter.
It quoted observers as saying the move may be is a pre-emptive step by Enron to ensure that it had adequate liquidity should its access to bank lines be interrupted.
The source also said Enron is talking to its banks about a new, multi-billion-dollar credit line.
jms For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
The Five Dumbest Things on Wall Street This Week
By K.C. Swanson <mailto:[email protected]>
Staff Reporter
10/26/2001 07:08 AM EDT
URL: <http://www.thestreet.com/markets/dumbest/10003035.html>
TheStreet.com
1. United Airlines Just a Little Too Honest
Rule No. 1 in CEO school: Never say that your company may soon collapse.
Seems kind of obvious, but that rule was flouted by United Airlines chief James Goodwin, who warned in a letter to employees that the company "will perish" next year unless it can stanch its tremendous losses, which have worsened since the terrorist attacks. "Today, we are literally hemorrhaging money," he wrote.
In raising concerns about the financial viability of United, a unit of UAL (UAL:NYSE - news - commentary) , Goodwin only put into words what outsiders have speculated about. Since Sept. 11, the airline has laid off about 20,000 of its 100,000 employees and cut flights by as much as 25%. It's expected to announce massive losses when it reports third-quarter earnings.
But in response to the disclosure, Goodwin has been roundly attacked. Feeling that he had been all too honest, investors have knocked an additional 24% off the stock's value. The shares are down 54% since Sept 11. Meanwhile, UAL union leaders reportedly say Goodwin has exaggerated company difficulties to gain bargaining leverage in union negotiations. The leaders of one union have petitioned the company's board of directors to have him sacked.
Bottom line: CEOs may get pilloried when they try to dodge the truth, but sometimes it doesn't pay to be too candid about worst-case scenarios, either. Especially when that scenario is the company's own demise.
2. Forget the Victory Gardens; Let's Have a Comfortable War
Sure, we're at war with a band of cave-dwelling outlaws hell bent on our annihilation. But would all freedom-loving Americans please go out and buy some DVD players? Maybe even a nice new car?
That was basically the message from the Treasury Department, on news that Congress had voted for the creation of war bonds to finance antiterrorism efforts and rebuilding following the attacks. Officials at Treasury applauded the sentiment, then politely suggested it would be even better for the economy if Americans just went to stores and bought stuff. "The economy is perhaps our greatest asset as we move forward in these efforts to fight the war on global terrorists," says Betsy Holahan, a department spokesperson. "War bonds are an additional way for Americans to show their patriotism."
For the record, we don't think an issue of war bonds would be dumb, just superfluous. After all, nothing's stopped Americans from buying generic savings bonds -- or better yet, Treasuries -- all of which finance spending by the federal government.
In the meantime, it's a little dislocating to hear politicians talk up war bonds -- which most people associate with hardship and sacrifice -- at the same time top economic gurus are practically begging people to shop. War bonds notwithstanding, we're a long way off from the era of ration books.
3. Enron Again
Last week, we noted the extent of alarm about Enron's (ENE:NYSE - news - commentary) revelation that its shareholder equity had dropped $1.2 billion, following some unusual and possibly inappropriate high-level transactions. Following that disclosure, besieged CFO Andrew Fastow has finally left the company on what's delicately termed a "leave of absence."
In July, Fastow exited a limited partnership, from which he had reportedly reaped large profits, after shareholders and analysts objected to his involvement. Concerns about those dealings and others had increased in the wake of the disclosure about the charge to equity until even management acknowledged Fastow would have to go as a prerequisite to restoring investor confidence.
But that won't be an easy task, given the resentment about Enron's disinclination to explain its problems. One analyst called Fastow's departure "unsettling," noting that management had given the CFO its endorsement only the day before. Sounding a note of exasperation, analysts at J.P. Morgan Chase, Banc of America Securities and Prudential all downgraded the stock. And there could be more trouble to come: The Securities and Exchange Commission has issued Enron a letter of inquiry related to some of its transactions.
4. Gold Diggers
It's understandable that investors felt panicky in September. Unfortunately, some reacted by shoving their hard-earned money into gold funds. According to Financial Research Corp., which tracks fund flows, the specialty precious-metals category was the best-selling equity category during September, with net inflows of $101 million.
Granted, that's not a huge sum in the mutual fund world. By comparison, during the same month, large growth funds saw net redemptions of $7.4 billion. But the fact that so many people are jumping into precious metals is noteworthy, given that gold funds have performed so badly for so long.
Sure, under the bizarre circumstances of late, they've enjoyed somewhat of a pop. According to Morningstar, the average precious-metals fund is up 10.08% year to date. But over the past five years, the same category lost an embarrassing 14.68%. By comparison, even large-cap growth funds -- everybody's favorite whipping boy -- managed to post a positive return. In the same period, they were up 7.13%.
Moreover, circumstances that would seem to be the most favorable in decades -- a combination of attacks on the U.S. government and war -- still don't seem to have boosted gold prices significantly. Despite an initial surge in prices after the terrorist attacks, they're again approaching their pre-Sept. 11 levels. It's too early to say, but it's likely the gold bugs will confront disappointment once again.
5. Amazon Amazes Once Again
Amazon (AMZN:Nasdaq - news - commentary) still maintains it will become profitable by the fourth quarter. Well, at least it will post a pro forma operating profit.
OK, so maybe that wouldn't include Amazon's service on $2.17 billion in long-term debt or extraordinary charges. In fact, a pro forma operating profit is basically just an accounting concept that would lend a fuzzy, meaningless aura of minor triumph. The company still hasn't said when it will turn an economic profit.
For that matter, even the fourth-quarter prediction is iffy. After announcing the company expected to turn the pro forma operating profit, CFO Warren Jenson added the humble qualifier, "There are no guarantees." Amazon simultaneously lowered its forecast for fourth-quarter revenue, predicting that sales would be somewhere between flat and up by 10% compared with a year ago.
Third-quarter trends weren't encouraging. Though sales overall were up slightly in the third quarter from a year ago, revenue from the company's core books and music business actually fell 12%. At least the company has made progress in cutting costs: A spokesperson says pro forma operating expenses have decreased by 20% over the past year.
Incidentally, in the wake of Amazon's earnings report, two analysts made the belated decision to cut their ratings on the stock, which has fallen 93% from its high back in December 1999. Merrill Lynch analyst Henry Blodget and SG Cowen analyst Scott Reamer downgraded the stock to "neutral" from previous buy ratings. "We thought there might be upside to our estimates," noted Blodget. "There wasn't."
Financial
Stocks Post Gains After A Rough Morning
Associated Press
10/26/2001
The Washington Post
FINAL
E03
Copyright 2001, The Washington Post Co. All Rights Reserved
NEW YORK, Oct. 25 -- Selected buying of technology and energy shares pulled the stock market higher today, reversing a morning slide triggered by a pair of grim economic reports.
Shares of semiconductor makers and equipment manufacturers did particularly well, as did energy traders, led by a surprisingly strong performance from Williams Cos., a Tulsa-based energy firm that had an 83 percent jump in third-quarter net earnings.
The Dow Jones industrial average closed rose at 9448.78, up 103.16, reversing an earlier deficit of 167 points. The Nasdaq composite index rose 36.29, to 1767.83, and the Standard & Poor's 500 index was rose 12.79, to 1097.99.
Earlier, a pair of dismal economic reports had compounded worries about the fallout from last month's terrorist attacks to send stocks lower. As in recent sessions, however, investors absorbed the bad news and focused on good news regarding individual companies.
Williams Cos. surpassed analysts' estimates for the third quarter and raised its forecasts for full-year earnings for 2001 and 2002. Investors rewarded the company by driving its shares up $1.42, to $27.32, bringing several other parts of the energy sector along with it.
Even the shares of Enron rose, a day after the embattled company dismissed its chief financial officer and replaced him with an another executive from within the company. Enron rose 28 cents, to $16.69.
Semiconductor shares also rebounded, led by industry bellwether Intel, up 44 cents at $25.92, and Applied Materials, up $1.35 at 36.69. Leading data-storage maker EMC rose $1.06, to $13.54.
Traders said the Senate's passage this afternoon of an anti-terrorism measure also helped lift investor sentiment. Late Wednesday, the House passed a $100 billion economic stimulus package to combat the effects of the terrorist attacks on the economy.
A surprisingly large drop in orders for durable goods had weighed heavily on the market in the morning, as did poor earnings results from American International Group and WorldCom.
The Commerce Department reported orders plunged in September for the fourth consecutive month. The 8.5 percent decline was far worse than the 1.3 percent dip many analysts had forecast.
The Labor Department also reported that the number of newly laid-off Americans filing for unemployment benefits rose by 8,000 last week, to 504,000, the second-highest figure in nearly a decade and a level that is generally associated with recessions.
Other Indicators
* The New York Stock Exchange composite index rose 5.88, to 562.96; the American Stock Exchange index rose 5.10, to 828.67; and the Russell index of 2,000 small stocks rose 8.31, to 435.96.
* Advancing issues outnumbered declining ones by 9 to 7 on the NYSE, where trading volume rose to 1.38 billion shares, from 1.35 billion on Wednesday. On the Nasdaq, advancers outnumbered decliners by more than 3 to 2 and volume totaled 2.2 billion, up from 1.84 billion.
* The price of the Treasury's 10-year note rose $4.38 per $1,000 invested, and its yield fell to 4.54 percent, from 4.59 percent late Wednesday.
* The dollar rose against the Japanese yen and the euro. In late New York trading, a dollar bought 122.87 yen, up from 122.76 yen late Wednesday, and a euro bought 89.25 cents, down from 89.42 cents.
* Light, sweet crude oil for December delivery settled at $22.01 a barrel, up 32 cents, on the New York Mercantile Exchange.
* Gold for current delivery rose to $277.80 a troy ounce, from $275.90 on Wednesday, on the New York Mercantile Exchange's Commodity Exchange.
http://www.washingtonpost.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Sudhakar will head Enron probe panel
10/26/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)
MUMBAI: Retired supreme court judge Sudhakar Kurdukar will head the judicial panel set up by the Maharashtra government to investigate into the controversial Enron deal.
An announcement in this regard was made by chief minister Vilasrao Deshmukh at a press conference held at Mantralaya on Wednesday.
The ruling Democratic Front (DF) coalition had differences over the appointment of the judge, with the Nationalist Congress Party (NCP) demanding that a retired judge of the Bombay high court head the judicial panel. The Congress and the Left Front partners in the DF, however, insisted on a supreme court judge.
The issue was hotly debated in the coordination committee of the DF. The NCP members in the DF finally left the decision to Mr Deshmukh.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Taps $3 Billion From Bank Lines in Pre-Emptive Move to Ensure Liquidity
10/25/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Embattled Enron Corp. drew down about $3 billion, the bulk of its available bank credit lines, in a bid to restore confidence in its financial strength and liquidity, Friday's Wall Street Journal reported.
Enron (ENE) will use part of the money to offer to redeem around $1.85 billion in outstanding commercial paper -- short-term corporate IOUs -- according to a person familiar with the matter, with the remainder used to provide a cash cushion. This person also said that Enron was talking to its banks about a new multibillion-dollar credit line. Some observers thought the moves were a pre-emptive step by Enron to ensure that it had adequate liquidity should its access to bank lines be interrupted.
Enron insists its business operation and financial condition remain strong. But "when the market is reacting as irrationally as it has been the last few days, we thought that cash was better than a commitment from a bank," said an Enron spokesman. In a prepared statement, the company's new chief financial officer, Jeff McMahon, said that by drawing down the bank lines, "we are making it clear that Enron has the support of its banks and more than adequate liquidity to assure our customers that we can fulfill our commitments."
The move underscored the tumultuous conditions that have been sweeping over the Houston energy-trading firm in the past 10 days. Enron is the nation's largest energy trader and is a principal in nearly one-quarter of all electricity and natural-gas trades. Thursday, for example, Enron was involved in about $4 billion worth of deals through its EnronOnline unit.
Since early last week, Enron's share price has plummeted 50%. It has reported a $618 million third-quarter loss and a reduction in shareholder equity of $1.2 billion. It also disclosed that the Securities and Exchange Commission is conducting an inquiry into billions of dollars of transactions it did with entities run by its former chief financial officer, Andrew S. Fastow, who was replaced Wednesday.
The draw-down of the credit facilities came as a major rating agency, Fitch, put Enron on review for a possible downgrade while Standard & Poors changed Enron's credit outlook to negative from stable. Moody's Investors Service has already said it is looking at a possible downgrade. In order to fall below investment grade, Enron's credit rating would have to fall several notches.
If that were to happen, however, a host of bad consequences could follow. Together with the sharp decline in its stock price, a noninvestment grade rating would throw the company into default on obligations involving billions of dollars of borrowings. In that event, Enron could be forced to issue millions of shares of stock to holders of that debt, diluting the value of existing shares. As of 4 p.m. in New York Stock Exchange composite trading, Enron shares were down six cents at $16.35.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron chief executive resigns from board of i2 Technologies
10/25/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
DALLAS (AP) - Kenneth Lay, the chairman and chief executive of embattled Enron Corp., has resigned from the board of software company i2 Technologies.
"This is a very painful decision," Lay said in a statement issued Thursday by Dallas-based i2 Technologies. "But now that I am again taking on the CEO responsibilities at Enron, I must reduce my outside activities."
Lay resumed the chief executive's job at Enron in August after Jeff Skilling surprised investors by leaving the Houston-based energy company.
Enron officials did not immediately return calls from The Associated Press.
In the past week, Enron has been rocked by questions surrounding partnerships that did business with Enron while they were managed by the company's chief financial officer. The official was replaced on Tuesday.
Enron's stock price has fallen nearly 50 percent since interest in the partnerships intensified, and the company acknowledged that the U.S. Securities and Exchange Commission was investigating the arrangements
I2 makes software to help companies manage their supply chains, and its clients include Texas Instruments, Ford Motor Co. and Dell Computer Corp.
I2 stock plunged nearly 25 percent on Oct. 17 after the company reported a $5.53 billion third-quarter loss and said it would cut 1,000 jobs, about one-fifth of the work force.
Lay joined the board in October 2000. No replacement was announced.
In trading Thursday, i2 shares rose 24 cents to $4.95, and Enron shares fell 6 cents to $16.35.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
As Enron's woes unnerve investors about energy sector, analysts say its problems are isolated
By BRAD FOSS
AP Business Writer
10/25/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
NEW YORK (AP) - As it grew over the past decade into the country's largest natural gas and power marketing company, Enron Corp. became the de facto barometer of health within the energy trading sector.
Wall Street buoyed the stock prices of Enron's competitors based in part on the huge success of the Houston-based company's business model. Now, executives and industry analysts hope to prevent Enron's internal tumult and free-falling stock price from undermining investors' confidence in the sector. They say the Houston-based company's problems should be viewed in isolation and not as a broader indicator of the marketplace.
"The marketplace for natural gas and power trading is as vibrant as it was yesterday, a week ago or a month ago," said Jim Donnell, president of Duke Energy North America, a division of Duke Energy Corp. that generates and trades power.
That opinion appeared to gain acceptance on Thursday as shares of Dynegy Inc., El Paso Corp. and Duke Energy Corp. rebounded from losses on Wednesday, when Enron's latest woes appeared to spill over into the stock prices of its rivals.
Enron's stock has fallen about 50 percent in the past week (and nearly 80 percent since January) and analysts said its recovery is not expected anytime soon.
The latest troubles began Oct. 16 when Enron reported third quarter earnings, and a longtime concern among Wall Street analysts that executives were not entirely forthcoming only got worse.
First came reports that some of the company's losses stemmed from partnerships managed by Enron's chief financial officer at the time, Andrew Fastow. That raised concerns about a potential conflict of interest and touched off an inquiry by the Securities and Exchange Commission.
Then on Wednesday, one day after Enron Chairman Kenneth Lay defended Fastow, the company ousted him and said he would take a leave of absence.
"They created an environment in which their credibility was put to the test and they didn't come through with flying colors," said Christopher Ellinghaus, an analyst at Williams Capital Group in New York.
Enron shares have been falling all year for reasons new and old, which have little to do with the company's wholesale energy business, which accounts for roughly 80 percent of profits.
Analysts insist wholesale energy marketing can be profitable even in the face of an economic downturn and falling natural gas and electricity prices.
"Even though (Enron) shot themselves in the foot, the basic business is still sound and not likely to disappear," Ellinghaus said.
UBS Warburg analyst Ronald Barone echoed that sentiment.
"The collateral damage to the rest of the space - Dynegy and El Paso - is overdone," Barone said.
On Thursday, Williams Companies Inc. of Tulsa, Okla., reported net income of $760 million and Reliant Resources Inc. of Houston reported $133 million in profits.
"It's business as usual," said Dynegy spokesman Steve Stengel.
Not for Enron, whose stock price began a steady descent 10 months ago when its nascent high-speed Internet unit failed to live up to the hype. The downward momentum was further propelled by difficulties collecting money from power customers in India and the surprise departure in August of then-chief executive Jeff Skilling was considered another bad sign.
On Oct. 16, Enron reported a net loss of $638 million in the third quarter, taking a one-time charge of $1.01 billion attributed to investment losses, troubled assets and unit restructurings. Excluding the charge, Enron earned $393 million on $47.6 billion in revenues for the three months ending Sept. 30.
Ellinghaus said the stocks of Enron's competitors were brought down Wednesday because of "dire" speculation that Enron's troubles might be so bad that it could have difficulty paying hundreds of millions of dollars worth of receivables to companies such as Duke and Dynegy.
"All I'm hearing is doomsday type stuff and doomsday is not reality," Ellinghaus said.
Enron did not return calls seeking comment Thursday.
Donnell of Duke Energy said the Charlotte, N.C.-based company is paying close attention to the Enron situation and that there has been no indication of receivables not being paid.
"They continue to be one of the best functioning companies as it relates to credit," he said. "They've never missed a deadline."
AP Graphic ENERGY STOCKS
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron's Credit Outlook Downgraded to Negative by S&P (Update1)
2001-10-25 18:59 (New York)
Enron's Credit Outlook Downgraded to Negative by S&P (Update1)
(Adds analyst comment in fourth paragraph.)
Houston, Oct. 25 (Bloomberg) -- Enron Corp.'s long-term
credit ratings outlook was changed to negative from stable by
Standard & Poor's after the largest energy trader's shares fell
49 percent in the past week.
S&P affirmed the Houston-based company's ratings of
``BBB+/A2,'' which are investment grade.
The ratings company cited lost market capitalization and the
possibility that Enron won't generate enough money from selling
assets outside the main trading business to repay debt. S&P did
say that ``the strategic direction of the company is likely to
become more credit-positive in the wake of recent management
changes.''
Enron reported $1.01 billion in losses from investments
outside the principal business of trading commodities such as
electricity and natural gas. Chief Financial Officer Andrew
Fastow resigned yesterday as the U.S. Securities and Exchange
Commission asks for information about related-party transactions
he conducted.
``The S&P write up was very positive,'' said Dorothea
Matthews, an analyst at CreditSights Inc., a research firm. ``It
seems that the ratings company went out of its way to tray and
calm things down.''
Shares of Enron fell 6 cents to $16.35.
--Russell Hubbard in the Princeton newsroom, 609-750-4651 or
Enron's Trading Partners Say It's Business as Usual (Update2)
2001-10-25 19:38 (New York)
Enron's Trading Partners Say It's Business as Usual (Update2)
(Adds new Enron CFO in 14th paragraph.)
Houston, Oct. 25 (Bloomberg) -- Concerns Enron Corp. will run
short on cash haven't prevented commodities traders from doing
business with the largest energy broker, customers say.
The company handles about 25 percent of U.S. power and
natural-gas trading, said John Kilduff, vice president of energy
risk management for Fimat USA. It's also a leader in complex
derivatives that allow others to hedge against the risk of
fluctuating commodities prices.
Enron's credit rating is on watch for possible downgrade at
Moody's Investors Service, and Standard & Poor's lowered Enron's
long-term credit outlook to negative after $1.01 billion in third-
quarter losses from some soured investments. The company needs
good credit to raise cash every day to keep trading partners from
demanding collateral and to settle transactions.
So far, there are no signs that Houston-based Enron is
handling less business, Kilduff said.
``If they were unable to perform, it would be a major
problem,'' he said. ``It could get like Long-Term Capital if
things really broke down because the numbers are that big.''
Long-Term Capital Management, a private investment fund for
the wealthy, incurred massive losses making bond trades during the
1998 Russian currency crisis. The fund's portfolio plunged. More
than a dozen banks bailed out the fund at a cost of $3.6 billion
to avoid a collapse.
Needs Cash Daily
Enron trades electricity, natural gas, coal and other
commodities worldwide, as well as complex financial instruments to
hedge against price swings in the goods.
``As of now, Enron is active in the markets,'' Kilduff said.
``No one is cutting trading lines that I can see, or demanding
different terms than before.''
Companies that trade as heavily as Enron require cash every
day to settle positions, said Kilduff, whose company swaps natural
gas and other energy investments with Enron.
Some days, Fimat will bet that natural-gas prices will fall,
while Enron bets that they will rise. Natural gas usually does one
or the other every day, and someone pays the difference.
``The liquidity of your trading partners is a risk factor,''
Kilduff said. ``Someone is paying someone else every day.''
Enron said on a conference call Tuesday that it has enough
money to operate normally, and can fall back on $3.4 billion in
bank credit lines if necessary. The company is determined to
protect the credit rating, Enron has said.
``We aren't even going to entertain worst-case scenarios at
this point,'' said Enron spokeswoman Karen Denne.
Investor Questions
Enron, based in Houston, ousted Chief Financial Officer
Andrew Fastow yesterday, two days after the U.S. Securities and
Exchange Commission began asking questions about partnerships he
ran that invested in company shares. Those trades cost Enron $35
million. Jeff McMahon, head of Enron's industrial markets unit,
replaced Fastow, who went on leave of absence.
Enron shares have fallen 49 percent in the past week. They
fell 6 cents to $16.35 today.
Based on Bloomberg composite ratings, most of Enron's long-
term debt is rated at BBB2 and BBB1, two or three levels above
investment grade. Fitch, Standard & Poor's and Moody's all rate
the company's debt at investment grade.
The company also faces questions from investors about $3.3
billion in potential liabilities from affiliated companies formed
to buy and sell Enron assets such as power plants.
The affiliates owe payments to bond investors and plan to
meet them by selling assets. Enron doesn't know if the sale
proceeds will cover the debt. The company would have to make good
on any shortfall.
Little Time
Enron asked Citicorp Inc. on Tuesday to arrange a $750
million loan to ensure access to credit if the company gets shut
out of the money markets.
Enron had about $1.85 billion of commercial paper, or short-
term unsecured debt, outstanding as of Tuesday, traders said. The
company, which has a $3 billion program, has had difficulty
finding buyers for new commercial paper sales since the SEC
investigation was announced, the traders said.
Today, Enron offered two-week commercial paper at a 3 percent
yield, 10 to 15 basis points above comparably rated companies.
``There appears to be enough liquidity to give them enough
time to get their house in order,'' said Jon Kyle Cartwright,
senior energy credit analyst at Raymond James & Associates.
``There's a point where a credibility crisis becomes a self-
fulfilling prophecy, so they have less time than they think to
pacify the market.''
Ripple Effect
Some investors are concerned that Enron's complex book of
hedges, swaps, options and other derivative contracts involves so
many partners, participants and companies that a failure would
pose a risk to the economy, and force a bailout like Long-Term
Capital Management's.
``The talk in the financial markets is that some counter
party to Enron could fail if Enron can't perform,'' said Jeff
Caughron, manager of $400 million in investments for Tinker
Federal Credit Union in Oklahoma City. ``If it goes down, there
could be a big ripple effect.''
The effect has already spread as investors worry Enron won't
be able to pay bills owed to power producers such as Calpine
Corp., Dynegy Inc., Mirant Corp. and NRG Inc., said Chris
Ellinghaus, an analyst at Williams Capital Group. As a group,
shares of the four have fallen 11 percent in the past week.
``Rumors that these companies have receivables with Enron are
fueling a sell-off,'' he said. ``Both traders and companies
selling power to Enron are suffering.''
All four companies said they're trading with Enron as they
have in the past.
Market Maker
Enron supplies services some customers consider
irreplaceable. The Sacramento Municipal Utilities District hedges
weather risk through Enron, said risk manager Jim Tracy.
The district entered into an agreement that forces it to pay
Enron if rainfall is abundant and hydroelectric dams can operate
at peak efficiency and capacity; in dry seasons, when the dams
can't operate as well, Enron pays the district.
``If Enron's credit went bad, or they folded up, that
agreement wouldn't get picked up by someone else,'' Tracy said.
Enron also helps many U.S. utilities protect themselves from
electricity and natural gas price fluctuations in the same way it
helps the Sacramento utility district hedge against too little
rainfall. Any impairment on Enron's part to continue doing so
would trickle down to Main Street utilities, Tracy said.
``Utilities would start reserving more on their balance
sheets for price swings,'' Tracy said.
--Russell Hubbard in the Princeton newsroom at 609-750-4651, or at
Enron Broadband Begins Closing London, Singapore Offices
By Erwin Seba
Of DOW JONES NEWSWIRES
10/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Corp.'s (ENE) telecommunications unit will close down its trading offices in London and Singapore over the next six months.
Enron Broadband Services executives have quietly begun to inform employees overseas and haven't made a public announcement of plans to consolidate Asian and European bandwidth trading operations at the company's Houston headquarters.
"It's a way to structure the business to fit the opportunities that are out there in the market now," Enron Broadband Services spokeswoman Terrie James said in response to questions from Dow Jones Newswires.
The London office has 20 or fewer employees, James told Dow Jones. The Singapore office has 15 or fewer employees.
Americans working in the offices would probably choose to relocate in the U.S., James said. She didn't know how many of the employees are U.S. citizens. She didn't know what options might be offered to the non-American employees.
James didn't know how much money Enron might save by closing the offices.
The decision by Enron, the leading bandwidth market-maker, shows that international bandwidth markets are having tough times like the U.S. market.
Earlier this year, as the U.S. market went sour, Enron executives had said that European and Asian telecommunications carriers might be more open to bandwidth trading, making the markets in those regions ripe for growth.
-By Erwin Seba, Dow Jones Newswires; 713-547-9214; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Calpine:No Exposure To Enron; No Calif Pwr Contract Talks
10/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Calpine Corp. (CPN) has no credit exposure to trading partner Enron Corp. (ENE), Calpine said Thursday in an earnings conference call. And the company hasn't been contacted by the state of California about renegotiating the billions of dollars in long-term supply contracts the company signed with the state earlier this year.
Calpine's diluted net earnings for the third quarter were 88 cents a share compared with 48 cents for the same quarter last year. Setting Calpine's consistent earnings growth aside, Wall Street analysts in Thursday's conference call focused their questions on trouble spots in the energy industry, like Enron, California, and whether the U.S. will have a surplus of electric power stations in a few years.
Moody's has put Enron's credit on watch for possible downgrade, and some of the company's debt is trading like junk bonds in the secondary market this week. Trading partners like Calpine have been asked about their exposure to Enron.
"We continue to assess the situation, but right now don't have any net exposure to Enron," said Calpine's vice president of corporate risk management, Paul Pasoli. "We continue to trade with them. We will adjust our credit threshold based on how their bonds are trading and their credit rating."
When asked if there would be any exposure to Enron if trading were to be halted immediately, Pasoli said that, in fact, Calpine would owe Enron a little money.
In another energy industry area of concern, Calpine was asked about the state of California's stated desire to renegotiate tens of billions of dollars of long-term power contracts. Calpine is by far the biggest supplier under those contracts, which on a mark-to-market basis are worth far less now than when California bought this past winter and spring.
"Nobody has come to us directly or indirectly with regard to the Calif contracts. In general, we respect our contracts and expect our counterparties to do so as well," said Calpine cheif executive, Peter Cartwright. "If there are any contract renegotiations that can result in a win-win, we would be happy to look at that, if California asks. We've done that many times."
As for future power prices, Calpine said that it's going forward with its program to build a portfolio of 70,000 megawatts of generation, which is about three times its current capacity and would be about 7% of all U.S. capacity. The critical determinant of profitability in power generation is the difference between natural gas prices and power prices, and Calpine said that difference, or "spark spread," has grown the past few months. Furthermore, the company executives said they are holding to a requirement that all projects generate an after-tax return of 18% on the investment.
As a result, the company expects earnings to grow at least 40% annually through 2005. Calpine will fund near-term cash needs in the debt markets and won't issue new stock until its stock price rises substantially.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Spector, Roseman & Kodroff, P.C. Files Class Action Suit Against Enron Corporation
10/25/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
PHILADELPHIA, Oct. 25 /PRNewswire/ -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas, Houston Division, against defendants Enron Corporation ("Enron" or the "Company") (NYSE: ENE), Kenneth L. Lay, Jeffrey K. Skilling, and Andrew Fastow, on behalf of purchasers of the common stock of Enron during the period between January 18, 2000 and October 17, 2001, inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between January 18, 2000 and October 17, 2001, thereby artificially inflating the price of Enron common stock. Specifically, the complaint alleges that Enron issued a series of statements concerning its business, financial results and operations which failed to disclose (i) that the Company's Broadband Services Division was experiencing declining demand for bandwidth and the Company's efforts to create a trading market for bandwidth were not meeting with success as many of the market participants were not creditworthy; (ii) that the Company's operating results were materially overstated as result of the Company failing to timely write-down the value of its investments with certain limited partnerships which were managed by the Company's chief financial officer; and (iii) that Enron was failing to write-down impaired assets on a timely basis in accordance with GAAP. On October 16, 2001, Enron surprised the market by announcing that the Company was taking non-recurring charges of $1.01 billion after-tax, or ($1.11) loss per diluted share, in the third quarter of 2001, the period ending September 30, 2001. Subsequently, Enron revealed that a material portion of the charge related to the unwinding of investments with certain limited partnerships which were controlled by Enron's chief financial officer and that the Company would be eliminating more than $1 billion in shareholder equity as a result of its unwinding of the investments. As this news began to be assimilated by the market, the price of Enron common stock dropped significantly. During the Class Period, Enron insiders disposed of over $73 million of their personally held Enron common stock to unsuspecting investors.
If you purchased Enron securities during the Class Period, you may, no later than December 21, 2001, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth. If you have sustained substantial losses in Enron securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at [email protected] for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via E-mail at [email protected]. For more detailed information about the firm please visit its website at http://www.spectorandroseman.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X17742762
/CONTACT: Robert Roseman of Spector, Roseman & Kodroff, P.C., +1-888-844-5862/ 19:00 EDT
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
TGS Q3 net profit up 22 pct yr-on-yr on higher NGL sales, transport revenues
10/25/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
BUENOS AIRES (AFX) - Perez Companc SA and Enron Corp pipeline joint venture, Transportadora de Gas del Sur SA, said its net profit in the three months to September rose 22 pct year-on-year to 37 mln pesos on the back of strong growth in sales of natural gas liquids (NGL) and increased revenue from transport.
Total revenue grew 24 pct year-on-year to 147 mln pesos, as "TGS continues to grow its revenues in all of its business segments," CEO Eduardo Ojea Quintana said.
NGL sales surged 86 pct year-on-year to 31.1 mln pesos, after a partial takeover of the Cerri complex's production at Bahia Blanca, although volumes declined as a result of the start-up of the Mega project at the beginning of 2001, Ojea Quintana said.
Gas transport revenue rose 11 pct year-on-year to 109.6 mln pesos as average gas transportation contracted capacity rose 6 pct to 62.5 mln cubic metres daily, following a capacity expansion completed in June.
However, he also noted "important challenges, mostly associated with the relevant regulatory issues that remain unresolved, as well as the deep economic crisis that Argentina is currently undergoing."
"These negative factors have adversely affected our investment plans for the current year and for 2002," Ojea Quintana added.
lac/zr For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Draws Down Credit Facility
10/25/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Corp. (ENE) drew on committed lines of credit to provide cash liquidity of more than $1 billion.
In a press release Thursday, the energy company said it has "more than adequate" liquidity to fulfill business commitments.
Enron said the credit action is a step to restore investor confidence, and it plans to update investors in several days regarding plans to maintain its long-term credit rating.
Earlier Thursday, Standard & Poor's revised its long-term ratings outlook for Enron to negative due to concerns that the company's significant drop in market capitalization has hurt the company's flexibility and could impair plans to rebuild the balance sheet.
Over the past week, Enron's shares have fallen more than 40% amid negative news from the company.
The company's New York Stock Exchange-listed shares closed Thursday at $16.35, down 6 cents, or 0.4%, on composite volume of 39,212,300 shares. Average daily volume is 7,832,606 shares.
Early last week, the company reported a $618 million third quarter loss, resulting from $1.01 billion in write-offs. Enron also disclosed a $1.2 billion reduction in shareholder equity for the quarter as a result of terminating certain transactions related to a partnership that for a time was headed by Chief Financial Officer Andrew Fastow.
On Wednesday, Enron replaced Fastow with Jeff McMahon, effective immediately.
The Wall Street Journal reported Thursday that some bond traders believe Enron's bonds won't continue to hold up better the company's stock.
The company's five-year bond has decreased about 16% in the past two weeks, much less than the 50% decline in Enron's stock price since the Oct. 16 disclosure of the $1.01 billion charges.
But the fall in the bond's price translates to a yield of 7.7 percentage points above bellwether U.S. government bonds, which is widening from about 3 percentage points two weeks ago. Although Enron is still an investment-grade credit, that kind of "spread" is more characteristic of a junk bond with a credit rating of single B or lower, the Journal said.
On Wednesday, Fitch put Enron's credit rating on watch for a possible downgrade, following a similar move by Moody's Investor Service earlier this week.
Several energy trading companies said Thursday that although they have concerns about Enron's credit quality, they have made almost no changes in policy concerning the company.
Dynegy Inc. (DYN), Williams Cos. (WMB) and Aquila Inc. (ILA) said they haven't changed their credit policy concerning Enron, which accounts for about a quarter of the trade in U.S. power and gas markets.
The Journal reported that bond traders expect Enron executives to meet with rating agencies, debt-trading desks, big bond holders and banks next week.
Company Web site: http://www.enron.com
-Susan Willetts; Dow Jones Newswires; 201-938-5388
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Employees Watch Options Devalue as Shares Fall (Correct)
2001-10-25 18:41 (New York)
Enron Employees Watch Options Devalue as Shares Fall (Correct)
(Company corrects structure of standard compensation package
in second paragraph.)
Houston, Oct. 25 (Bloomberg) -- Enron Corp. prided itself on
sharing the wealth with employees when the company was posting
record profits last year. Now, from the boardroom to the mailroom,
employees are sharing the pain.
Enron, the largest energy trader, grants stock options to the
bulk of its 20,000 employees. Under Enron's standard compensation
package, most employees get stock options equal to
5 percent of their annual base salary, spokeswoman Meredith
Philipp said.
Employees held 46.8 million exercisable options as of the end
of 2000, all at average prices above the company's current share
price. The stock has dropped 80 percent this year.
``Virtually every option is under water right now,'' Enron
spokeswoman Karen Denne said.
Enron's board sets the strike price for the options in
December or January. Employees can't cash the options in and make
a profit unless the stock is trading above the strike price. At
the end of 2000, Enron shares were trading at $83.13. In December,
the board set a strike price of about $80.
Shares of Houston-based Enron fell 6 cents to $16.35 today.
They have lost 37 percent of their value so far this week.
Enron said Monday that the Securities and Exchange Commission
was asking questions about partnerships run by Andrew Fastow, who
was ousted as Enron's chief financial officer yesterday. One
partnership cost the company $35 million, and Enron bought back 62
million shares from a partnership at a cost of $1.2 billion.
Enron named Jeff McMahon, head of its industrial markets
group, as CFO late yesterday.
Unvested Options
Another 96.1 million options granted to Enron employees
hadn't vested as of the end of last year. About 15.4 million of
them, or 16 percent, were at prices ranging from $6.88 to $20 a
share. The rest vest at levels well above the current share price.
Experts who have watched the devaluation of stock options in
other industries, such as technology and telecommunications, say
it becomes demoralizing for workers to watch share prices fall
below their options.
``It looks bad,'' said Mark Edwards, chairman of IQuantic
Buck, a Mellon Financial Corp. unit that provides compensation
consulting. ``Employees look at (the stock price) every day, and
it's a continued disincentive to them.''
While Denne said Enron doesn't have any plans to reprice its
employees' options, the company did issue a one-time stock option
grant at $36.88 in August, when Ken Lay resumed his former role as
the company's chief executive. Lay, who had held the job for 15
years, turned the position over to Jeffrey Skilling in February.
Skilling quit in August, citing family reasons.
The August grant, which was equivalent to 5 percent of
employees' base salary, didn't require a vesting period, but was
exercisable immediately. Enron's shares haven't closed above
$36.88 since Aug. 29.
--Margot Habiby in the Dallas newsroom (214) 954-9452, or | {
"pile_set_name": "Enron Emails"
} |
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- att1.htm | {
"pile_set_name": "Enron Emails"
} |
As part of Enron Industrial Market's (EIM) move into the Pulp, Paper and
Steel markets, our European effort is well underway. Our markets are global
in nature and we believe we need a strong presence in Europe to penetrate
that market effectively. Accordingly, we are pleased to announce that Bruce
Garner has been appointed President and Chief Executive Officer of Enron
Industrial Markets - Europe. In this role, Bruce will be responsible for all
activities for EIM in the European market.
Please join us in congratulating Bruce in his new position. | {
"pile_set_name": "Enron Emails"
} |
Thanks! | {
"pile_set_name": "Enron Emails"
} |
To: Enron Corporate Policy Committee:
Please review the attached memo outlining business-wide cost saving opportunities. Please forward any comments that you have to Suzanne Brown via email by close of business on Wednesday, June 6th. | {
"pile_set_name": "Enron Emails"
} |
I love Chic Fe Le.
Clayton Vernon@ENRON
03/01/2000 08:37 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: HMM
Chris-
Thanks. You are doing me the HUGEST favor right now; I'll owe you a wonderful
lunch at the best place.
Clay | {
"pile_set_name": "Enron Emails"
} |
Heather,
We are not delivering any power, other than Market Support Generation (MSG), which is provided by the First Energy utility companies. It should either be the utilities that provide disclosure label information for our label we have to default to "Unknown Purchases" or whatever else is allowed/required by the Ohio PUC's.
Richard
-----Original Message-----
From: Mathis, Heather
Sent: Tuesday, October 16, 2001 1:31 PM
To: Ring, Richard
Subject: Ohio Label
Richard:
We need to start sending our Ohio label with the contract to new Ohio customers (CG&E starting in Dec according to Nicole Schwartz). I've had Sandy Cofer look over this one that was done by Allison way back when to see if it still meets requirements, and it does. Can you confirm the fuel mixes, etc. for me?
Thanks.
Heather
<< File: CSP-6.01.xls >> | {
"pile_set_name": "Enron Emails"
} |
As per the discussion with Rick this noon, please find attached the presentation that reflected GA contributions in the period Sep. 2000 - Sep. 2001. I appreciate very much your help in producing the required information.
Please let me know if you have any question.
Brgrds
AI | {
"pile_set_name": "Enron Emails"
} |
FYI
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/08/2000
09:04 AM ---------------------------
"Dave Williams" <[email protected]> on 08/18/2000 09:58:52 PM
To: <[email protected]>
cc:
Subject: USAEE/IAEE Philadelphia Conference
August 18, 2000
Dear Speaker,
We are pleased to have you as a speaker at the coming USAEE/IAEE
Philadelphia &Transforming Energy8 conference, September 24-27, 2000. If
you are receiving this note this indicates that we have yet to receive your
registration form for processing into our conference database. Please
complete the attached registration form and fax to 216-464-2737 as soon as
possible.
You will also want to make your hotel reservations now at the Wyndham Hotel.
Our special room rate of $150 per night will expire on September 4.
Attached please find reservation and general conference information. When
making your room reservations at the Wyndham Hotel please ask for the
&USAEE/IAEE North American Conference8 rate package.
We look forward to hearing from you soon and having your participation in
our conference this coming September in Philadelphia.
David Williams
Executive Director
USAEE/IAEE
(p) 216-464-2785
(f) 216-464-2737
(e) [email protected]
- REGFORM.doc
- Hotel Conference Info.doc | {
"pile_set_name": "Enron Emails"
} |
what about the ananlyst updated comp program?
Kristin Gandy@ENRON
12/18/2000 04:05 PM
To: Jeffrey A Shankman/HOU/ECT@ECT, William Keeney/HOU/ECT@ECT, Catherine
Clark/HOU/ECT@ECT, Rajesh Chettiar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tom
Dutta/HOU/ECT@ECT, Jayshree Desai/HOU/ECT@ECT, Colin Jackson/Enron
Communications@Enron Communications, Laura Howenstine/Enron
Communications@Enron Communications, Michele Nezi Marvin/Enron
Communications@Enron Communications, Jennifer Fraser/HOU/ECT@ECT, Natalie
Halich/Enron Communications@Enron Communications, Ranabir
Dutt/Corp/Enron@Enron, Teresa Dyar/NA/Enron@Enron, Jeff Golden/HOU/EES@EES,
Charles Ward/Corp/Enron@ENRON, Sarah Wesner/Corp/Enron@Enron, Li
Sun/NA/Enron@Enron, Gillian Johnson/NA/Enron@Enron, Lisa
Connolly/NA/Enron@Enron, Michael J Popkin/NA/Enron@Enron, Kevin
McGowan/Corp/Enron@ENRON, Evan Betzer/Enron Communications@Enron
Communications, Jebong Lee/Enron Communications@Enron Communications, Chu Chu
Wang/Corp/Enron@Enron, Brad Hitch/EU/Enron@Enron, Betsy Bassis/Enron
Communications@Enron Communications, Matthew Goering/HOU/ECT@ECT, Kevin
Hannon/Enron Communications@Enron Communications, Bruce Garner/LON/ECT@ECT,
John Goodpasture/OTS/Enron@ENRON, Michelle Parks/Corp/Enron@Enron, Casey
Borowski/HOU/AZURIX@AZURIX, Mathis Conner/Enron Communications@Enron
Communications, Terry Yamada/Corp/Enron@Enron, Drew Ries/HOU/ECT@ECT, Ann
Korioth/Enron Communications@Enron Communications, Jason Seigal/LON/ECT@ECT,
Eric Wu/NA/Enron@Enron, Benchluch Stephenenchluch/HOU/EES@EES
cc:
Subject: Offer Letter Revisions
Please see attached document on offer changes. | {
"pile_set_name": "Enron Emails"
} |
Bankruptcy 101
In an effort to educate employees about the nuts and bolts of bankruptcy, Enron is sponsoring five Bankruptcy 101 sessions next week. These sessions will focus on the basics of the bankruptcy process in general (not Enron specific).
When: Monday, January 28th - Friday, February 1st from noon until 1:00 daily
Where: 5C2 in Enron Center North
Each session is limited to 50 participants, so you must RSVP if you would like to attend. Simply select a button above to indicate the date you would like to attend. You will then be sent a confirmation email. Note: This does not automatically post your calendar. The sessions will be filling up quickly--so don't delay in reserving your spot! | {
"pile_set_name": "Enron Emails"
} |
Paul
I am now working at Dubai office and ready. If there is no CoU agreement for Dabhol, should we go ahead and start generating one. Pl advise.
Regards
Rajesh | {
"pile_set_name": "Enron Emails"
} |
I do remember most of these things. Have a great day. MW
> > -- > Nice thoughts .....
> > > > > > >
> > > > > > > If you are old enough...take a stroll with me...close your
> > > > > > > eyes...and go back...before the Internet...before
> > > > > > > semiautomatics and crack...before SEGA or Super
> > > > > > > Nintendo...way back...
> > > > > > >
> > > > > > > I'm talking' bout hide and go seek at dusk. Sitting' on the
> > > > > > > porch, Simon Says, Kick the Can, Red light, Green light.
> > > > > > > Lunch boxes with a thermos...chocolate milk, going home for
> > > > > > > lunch, penny candy from the store, hopscotch, butterscotch,
> > > > > > > skates with keys, Jacks, Mother May I? Hula Hoops and
> > > > > > > sunflower seeds, Whist and Old Maid and Crazy Eights, wax
> > > > > > > lips and mustaches, Mary Janes, saddle shoes and Coke
bottles
> > > > > > > with the names of cities on the bottom, running through the
> > > > > > > sprinkler, circle pins, bobby pins, Mickey Mouse Club, Rocky
> > > > > > > & Bullwinkle, Fran & Ollie, Spin & Marty...all in black &
> > > > > > > white.
> > > > > > >
> > > > > > > When around the corner seemed far away, and going downtown
> > > > > > > seemed like going somewhere. Bedtime, climbing trees,
> > > > > > > making forts...backyard shows, lemonade stands, Cops and
> > > > > > > Robbers, Cowboys and Indians, sittin' on the curb, staring
> > > > > > > at clouds, jumping down the steps, jumping on the bed,
> > > > > > > pillow fights, getting "company," ribbon candy, angel hair
> > > > > > > on the Christmas tree, Jackie Gleason, white gloves, walking
> > > > > > > to church, walking to the movie theater, being tickled to
> > > > > > > death, running till you were out of breath, laughing so hard
> > > > > > > that your stomach hurt, being tired from playin' ...
> > > > > > > Remember that? Not steppin' on a crack or you'll break your
> > > > > > > mother's back...paper chains at Christmas, silhouettes of
> > > > > > > Lincoln and Washington...the smell of paste in school and
> > > > > > > Evening in Paris.
> > > > > > >
> > > > > > > What about the girl that had the big bubbly handwriting, who
> > > > > > > dotted her "i's" with hearts?? The Stroll, popcorn balls, &
> > > > > > > sock hops...Remember when...there were two types of
> > > > > > > sneakers for girls and boys (Keds & PF Flyer) and the only
> > > > > > > time you wore them at school was for "gym." And the girls
> > > > > > > had those ugly uniforms.
> > > > > > >
> > > > > > > When it took five minutes for the TV to warm up. When
> > > > > > > nearly everyone's Mom was at home when the kids got home
> > > > > > > from school. When nobody owned a purebred dog.
> > > > > > >
> > > > > > > When a quarter was a decent allowance, and another quarter,
> > > > > > > a huge bonus. When you'd reach into a muddy gutter for a
> > > > > > > penny. When girls neither dated nor kissed until late high
> > > > > > > school, if then. When your Mom wore nylons that came in two
> > > > > > > pieces. When all of your male teachers wore neckties and
> > > > > > > female teachers had their hair done, everyday and wore high
> > > > > > > heels.
> > > > > > >
> > > > > > > When you got your windshield cleaned, oil checked, and gas
> > > > > > > pumped, without asking, all for free, every time. And, you
> > > > > > > didn't pay for air. And, you got trading stamps to boot!
> > > > > > > When laundry detergent had free glasses, dishes or towels
> > > > > > > hidden inside the box.
> > > > > > >
> > > > > > > When any parent could discipline any kid, or feed him or use
> > > > > > > him to carry groceries, and nobody, not even the kid,
> > > > > > > thought a thing of it. When it was considered a great
> > > > > > > privilege to be taken out to dinner at a real restaurant
> > > > > > > with your parents. When they threatened to keep kids back a
> > > > > > > grade if they failed...and did! When the worst thing you
> > > > > > > could do at school was smoke in the bathrooms, flunk a test
> > > > > > > or chew gum. And the prom was in the auditorium and we
> > > > > > > danced to an orchestra, and all the girls wore pastel gowns
> > > > > > > and the boys wore suits for the first time and we stayed out
> > > > > > > all night.
> > > > > > >
> > > > > > > When a '57 Chevy was everyone's dream car...to cruise, peel
> > > > > > > out, lay rubber or watch submarine races, and people went
> > > > > > > steady and girls wore a class ring with an inch of wrapped
> > > > > > > dental floss or yarn coated with pastel frost nail polish so
> > > > > > > it would fit her finger.
> > > > > > >
> > > > > > > And no one ever asked where the car keys were 'cause they
> > > > > > > were always in the car, in the ignition, and the doors were
> > > > > > > never locked. And you got in big trouble if you
> > > > > > > accidentally locked the doors at home, since no one ever had
> > > > > > > a key. Remember lying on your back on the grass with your
> > > > > > > friends and saying things like "That cloud looks like a..."
> > > > > > >
> > > > > > > And playing baseball with no adults to help kids with the
> > > > > > > rules of the game. Back then, baseball was not a
> > > > > > > psychological group learning experience -- it was a game.
> > > > > > >
> > > > > > > Remember when stuff from the store came without safety caps
> > > > > > > and hermetic seals 'cause no one had yet tried to poison a
> > > > > > > perfect stranger. And...with all our progress...don't you
> > > > > > > just wish...just once...you could slip back in time and
> > > > > > > savor the slower pace...and share it with the children of
> > > > > > > the 80's and 90's ...
> > > > > > >
> > > > > > > So send this on to someone who can still remember Nancy
> > > > > > > Drew, The Bobsy Twins, The Hardy Boys, Laurel & Hardy,
> > > > > > > Howdy Doody and The Peanut Gallery, The Lone Ranger,
> > > > > > > The Shadow Knows, Nellie Belle, Roy and Dale, Trigger and
> > > > > > > Buttermilk...as well as the sound of a reel mower on
Saturday
> > > > > > > morning, and summers filled with bike rides, playing in
cowboy
> > > > > > > land, baseball games, bowling and visits to the pool...and
> > > > > > > eating Kool-aid powder with sugar.
> > > > > > >
> > > > > > > When being sent to the principal's office was nothing
> > > > > > > compared to the fate that awaited a misbehaving student at
> > > > > > > home. Basically, we were in fear for our lives, but it
> > > > > > > wasn't because of drive by shootings, drugs, gangs, etc.
> > > > > > > Our parents and grandparents were a much bigger threat! But
> > > > > > > we all survived because their love was greater than the
> threat.
> >
>
__________________________________________________________________
Get your own FREE, personal Netscape Webmail account today at http://webmail.netscape.com/ | {
"pile_set_name": "Enron Emails"
} |
Bob Bruce has set up a meeting with Ken Raceler to go over the changes that
went into effect 12/21 of last year. They will meet on March 5th from 1 to 3
p.m. at the Hyatt Regency - Sandelwood Room A. He says that eventhough they
are trying to keep the group small it makes sense that you and I attend. He
did say that space was not a problem. I told him that you and I did want to
attend if for no other reason than to find out about the gray areas that we
still need to be watchful of. i.e. who is an "eligible contract participant"
under the revised law. What representations need ot be made, if any, by the
customer? | {
"pile_set_name": "Enron Emails"
} |
Mark:
Attached is my work report.
Marie
-----Original Message-----
From: Taylor, Mark E (Legal)
Sent: Tuesday, September 18, 2001 1:53 PM
To: Cook, Mary; Gray, Barbara N.; Greenberg, Mark; Hendry, Brent; Koehler, Anne C.; Leite, Francisco Pinto; Nelson, Cheryl; Sayre, Frank; Shackleton, Sara; Bailey, Susan; Boyd, Samantha; Heard, Marie; Jones, Tana; Panus, Stephanie
Subject: Work Reports
If you have not already done so this week, please remember to update your work reports for me this afternoon.
Mark Taylor
Vice President and General Counsel
Enron Wholesale Services
(713)853-7459 | {
"pile_set_name": "Enron Emails"
} |
Good afternoon:
Vince Kaminski is available on Wednesday, April 19th from 8:00 - 11:00 am
and 1:00 - 4:00 pm. Please let me know what time is more convenient for you.
Shirley Crenshaw
Administrative Coordinator
713-853-5290
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/31/2000
11:50 AM ---------------------------
"Faiz, Soussan" <[email protected]> on 03/30/2000 02:31:18 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Houston visit
Dear Vince,
Greetings from NY & hope all is well. As you may recall from the ROG real
options conference in NY, I'd indicated the opportunity to visit with you
next time I'm in Houston. I'll be there during 4/18-4/21 & wonder if we can
pls meet on Wed. 4/19 in your offices. Would appreciate it if you can pls
let me know whether you're available then (I'm flexible on the schedule
particulars). If not, pls let me know whether 4/18 (afternoon), 4/20
(afternoon), or 4/21 (morning) will work for you.
I really look forward to the opportunity & would appreciate to learn more
about how you've instigated the real options thinking in Enron and
especially its integration within the organizational & incentive matters.
Many thanks,
Soussan Faiz
Mgr. of Global Valuation Services
Texaco Inc.
(914) 253-4187 | {
"pile_set_name": "Enron Emails"
} |
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"pile_set_name": "Enron Emails"
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---------------------- Forwarded by Hunter S Shively/HOU/ECT on 10/16/2000
09:54 AM ---------------------------
Invitation
Chairperson: Donna Greif
Start: 10/17/2000 12:30 PM
End: 10/17/2000 01:30 PM
Description: EB3270 - Discuss the Fundamental Group's Issues regarding Order
637 Non-Compliance
This meeting repeats starting on (if the date occurs on a weekend the
meeting ).
Meeting Dates:
Colleen Sullivan/HOU/ECT
Rebecca W Cantrell/HOU/ECT
Massimo Marolo/NA/Enron
Chris Gaskill/Corp/Enron
Geoff Storey/HOU/ECT
Hunter S Shively/HOU/ECT
Gary Payne
Detailed description: | {
"pile_set_name": "Enron Emails"
} |
Great job on the Dunn letter, by the way!
-----Original Message-----
From: Dasovich, Jeff
Sent: Wednesday, July 11, 2001 4:10 PM
To: Thome, Jennifer
Subject: Re: CERA/UCLA Anderson report
thanks. | {
"pile_set_name": "Enron Emails"
} |
Our next conference call will be held this Friday, September 15th at 11:00
a.m. New York time. If you wish to participate, please call 888-904-9318
and give passcode "US REG" and leader is Stacy Carey.
Stacy Carey
Director of U.S. Regulatory Policy | {
"pile_set_name": "Enron Emails"
} |
Is this what you had in mind? | {
"pile_set_name": "Enron Emails"
} |
Good morning,
Enron's finance people are asking about the status of the turbine contract
for Pastoria. Since Sheila is on vacation I thought I would check with you.
Is it in final form, and if so, has it been executed? It would be a big help
to get an electronic version sent to me.
Thanks,
Kay | {
"pile_set_name": "Enron Emails"
} |
CERA's view of where the market is going -- particularly w.r.t. ISOs/RTOs
---------------------- Forwarded by Susan J Mara/SFO/EES on 10/11/2000 10:42
AM ---------------------------
US Publishing <[email protected]> on 10/11/2000 11:19:07 AM
Please respond to [email protected]
To: "RT Reader" <[email protected]>
cc:
Subject: Restructuring Today, Wednesday October 11, 2000
(see attached file: rt001011.pdf)
Thank you,
Season Hawksley
US Publishing
1-800-486-8201
www.restructuringtoday.com
[email protected]
- rt001011.pdf | {
"pile_set_name": "Enron Emails"
} |
Attached is a Complaint filed by Reliant against the ISO on Wednesday. There
are two files zipped together and they are in TIFF format. Please let me
know if you have trouble opening the filed and I will fax it to you.
Nancy
- reliant.zip | {
"pile_set_name": "Enron Emails"
} |
Will this work for you. Let me know.
----- Forwarded by Dan J Hyvl/HOU/ECT on 01/22/2001 01:29 PM -----
[email protected]
01/22/2001 01:25 PM
To: [email protected]
cc:
Subject: Enovate, L.L.C. Master Firm Purchase/Sale Agreement
Dan:
I have a dilemma and I'm almost too embarrassed to ask you to help me
resolve it. As a matter of policy in this department, we are to stress the
fact that we "need" "financially firm" language in all contracts. When the
Trader requested a contract with Enovate, he was not clear about his
trading intentions and it was assumed that "financially firm" "needed" to
be in the contract. It seems that this language is now holding up the
execution process of the Enovate LLC contract. The Business Unit wants
"financially firm" out and "firm" substituted.
The definition for "firm" that they want in the contract is the standard
definition for "firm" that is in the GISB as follows:
"Firm" shall mean that either party may interrupt its performance without
liability only to the extent that such performance is prevented for reasons
of Force Majeure; provided, however, that during Force Majeure
interruptions, the party invoking Force Majeure may be responsible for any
imbalance charges as set forth in Section 7.2 related to its interruption
after the nomination is made to the Transporter and until the change in
deliveries and/or receipts is confirmed by the Transporter.
I believe the only other place in the contract that "Financially Firm"
appears is on the first page, Article 2. SCOPE OF AGREEMENT:, second line,
would you please change that occurrence of "Financially Firm" to just
"firm"?
Dan, can you help me with this without trashing the whole contract? On the
first page, we can line through "Financially" and initial, and then just
the definition page on the first page of APPENDIX "1" would have to be
redone to replace "Financially Firm" with just "Firm".
Please let me know if this is able to be done.
Thanks and I'm so sorry,
Ellen Dailey
713/207-3266 | {
"pile_set_name": "Enron Emails"
} |
Dave,
I would like to recommend to you Sandeep Kohli who is likely to approach you
regarding a
position in your area.
I have been working with Sandeep for a number of years and I was always
impressed with his
skills, intelligence and mature, thoughtful approach to solving business
problems.
He is currently located in India (our DPC unit) and is looking for a
permanent position with Enron in Houston
for family reasons (his wife is from Houston and has a family here). Of
course, there are
some other obvious factors affecting his decision.
Vince | {
"pile_set_name": "Enron Emails"
} |
To all:
Attached below please find the draft agreement and term sheet between ENA and AIG/Highstar regarding the purchase and sale of the North Carolina Power Holdings coal facilities (Alamac). The term sheet outlines 1) the asset sale, 2) the short-term call option agreement with CP&L, 3) a short-term financial put option between EPMI and AIG, 4) the asset management services agreement, 5) the agency or "brokerage" agreement whereby Enron acts on AIG's behalf to resell the plants to a third party, and 6) an agreement to offer AIG a financial hedge for 2002 or a long-term power purchase agreeement in the future if the plants are not sold as expected.
I have sent these drafts to AIG and expect to finalize them next week.
Regards,
Heather | {
"pile_set_name": "Enron Emails"
} |
Have I signed this yet?
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/31/2001 05:18
PM ---------------------------
"Reuter, Marisa" <[email protected]> on 05/31/2001 04:12:56 PM
To: "'[email protected]'" <[email protected]>
cc: "Keffer, John" <[email protected]>
Subject: FW: ESCROW AGREEMENT
Kay:
The Escrow Agreement that is attached appears to be in final form and
contains all of the changes that we requested. As a result, will you
overnight the sig pages and the incumbency certificate to Tremaine Wright?
If you prefer, you can courier the documents to my attention, and I can
coordinate getting them to Paul Hastings. Tremaine needs 3 sig pages and 1
incumbency certificate. Thanks.
Regards,
Marisa
-----Original Message-----
From: Wright, Tremaine S. [mailto:[email protected]]
Sent: Thursday, May 31, 2001 3:53 PM
To: '[email protected]'; '[email protected]'
Subject: ESCROW AGREEMENT
"paulhastings.com" made the following annotations on 05/31/01 16:52:42
----------------------------------------------------------------------------
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============================================================================
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Content-Transfer-Encoding: 7bit
To:
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Date: Thu, 31 May 2001 17:15:34 -0400
MIME-Version: 1.0
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Content-Type: multipart/mixed ;
boundary="----_=_NextPart_002_01C0EA16.7657F5B0"
- ATT43428.txt
- ATT43429.htm
- 757N05!.DOC | {
"pile_set_name": "Enron Emails"
} |
Travis, please look into this per my voice mail and get back to both me and
Rick. Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 11/22/2000 12:17 PM -----
Rick Buy
11/21/2000 11:20 AM
To: Mark E Haedicke/HOU/ECT@ECT
cc:
Subject: Cypress Exploration Program - Operator/Cash Call Issue
Mark- our fears came true on this. Well got "stuck" and costs will escalate
substantially. Now is necessary to sidetrack. Did your guys find anything on
this? Rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 11/21/2000 11:17 AM
---------------------------
From: Rick Buy
11/01/2000 01:13 PM
To: Mark E Haedicke/HOU/ECT@ECT
cc:
Subject: Cypress Exploration Program - Operator/Cash Call Issue
Mark- were you aware of this? Not a huge dollar amount but does indicate a
naked risk we didn't know we had (I think). Rick
--------------- Forwarded by Rick Buy/HOU/ECT on 11/01/2000 02:11 PM
---------------------------
From: Rick L Carson
11/01/2000 11:28 AM
To: Rick Buy/HOU/ECT@ECT
cc: David Gorte/HOU/ECT@ECT, Bradford Larson/HOU/ECT@ECT, Don
Rollins/HOU/ECT@ECT
Subject: Cypress Exploration Program - Operator/Cash Call Issue
Rick: I wanted to inform you about a situation where a Commercial Team has
subjected Enron to some material risk that did not get appropriate
approval.
Here's the story: On October 30, I received a funding request for my
approval of approximately $260,000 representing a cash advance request on
the Bernard No. 1 well, a 16,500 exploratory well in the Cypress Program.
The request appeared pretty routine but as is our procedure, I had Don
Rollins check it out . Don discovered that we had already paid our cash
call and this cash call represented our working interest partner, Kelley
Oil's share, which is a highly unusual situation. Checking further we
discovered that the well is being drilled under a farmout agreement from
Kelley, who wanted to be operator. Our guys (Thompson/Josey) wanted Enron
(not Kelley) to operate the well during the drilling phase but did not want
to be official operator of record so they set up Rozel Onshore, our prospect
generator in Lafayette to be our surrogate operator. Kelley was upset about
this and would not sign the Joint Venture Agreement unless the cash call
provisons were deleted. Thompson/Josey and team agreed and signed the
agreement which has no initials from the Legal Department. The effect of
this was that Rozel/Enron would have to incur all the costs then bill and
collect from Kelley.
Rick, as you are aware, the cash call provision in a JOA is the primary
credit risk mitigant that an operator has to ensure that his partners pay
their share of well costs before costs are incurred. This can be
particularly good protection if a well gets in trouble with lots of cost
overruns that partners don't want to pay. In this case, our surrogate
operator, Rozel has no established credit with oil service companys and no
money of his own so all services including the drilling rig are having to be
prepaid by Enron 100%. The well is heavily front end loaded with costs with
a total drill and complete exposure of over $4.0 million (if thing go ok!)
I discussed this with Dave Gorte and Brad Larson and we all agreed that we
are forced to fund since the well is drilling and failure to fund would shut
down operations. Also, keep in mind that this will be an ongoing obligation
(and risk exposure) during this entire drilling phase.
Lessons Learned:
1) The E&P merchant finance team has no business operating a deep S.
Louisiana exploratory test.
2) Important provisions, like "cash call" should never be given away
without appropriate risk assessment and approval.
Please call if you have questions. | {
"pile_set_name": "Enron Emails"
} |
I haven't looked at this web site yet. That feeling I had in you know where has gone away. I think my mind is playing tricks on me. I was with a girl last but I used a condom.
-----Original Message-----
From: Michael Gladwin [mailto:[email protected]]
Sent: Wednesday, October 24, 2001 7:29 PM
To: Lucci, Paul T.
Subject: Hey What's Up
Paul,
The website I was telling you about is http://www.antopia.com.
Let me know, I can get you a VIP membership.
I feel so dirty,
Later
************************************************
* Michael Gladwin *
* Cisco Systems *
* Wk: [email protected] 214.570.4125 *
* Hm: [email protected] 972.335.4349 *
************************************************ | {
"pile_set_name": "Enron Emails"
} |
I will have property taxes for Gleason tomorrow and I will be talking with
Jody Pierce regarding the Fixed Operating #'s and cost numbers as well. When
I talked with Kevin Presto he thought that trying to use the 99 actual
numbers and then escalting them was NOT a good idea, due to the fact that
these are not "normal" operating assumptions. Please give me a call if you
have any questions.
Ben | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Richard Shapiro/NA/Enron on 03/23/2001
01:00 PM ---------------------------
From: Shelley Corman/ENRON@enronXgate on 03/23/2001 12:14 PM
To: James D Steffes/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Steven J
Kean/NA/Enron@Enron
cc:
Subject: FW: CEC Interviews
FYI
-----Original Message-----
From: Corman, Shelley
Sent: Friday, March 23, 2001 12:14 PM
To: Miller, Mary Kay; Fossum, Drew; Harris, Steven
Subject: CEC Interviews
McKinsey & Co. has been engaged by the State of California to evaluate
conditions in the gas market to California. A Mckinsey representative,
together with a CEC staffer, asked to interview TW next Wednesday, Mar 28
(time TBD). McKinsey forwarded the attached list of questions. You'll see
that they are very general & policy oriented. I have taken a stab at filling
in proposed answers. | {
"pile_set_name": "Enron Emails"
} |
Please approve the attached expense report and forward it to accounting with
a cc: to me. Sorry for the low amount ($37.83), but all expense reports need
to be in by the 13th of this month and this is all she has right now. Thanks! | {
"pile_set_name": "Enron Emails"
} |
It will take me awhile to find it. Please ask Linda Simmons.
From: Carlos Sole on 05/17/2001 11:15 AM
To: [email protected]
cc:
Subject: List of Outside Counsel
Would you forward me the outside counsel list again. thanks
Carlos Sole'
Senior Counsel
Enron North America Corp.
1400 Smith Street
Houston, Texas 77002-7361
(713) 345-8191 (phone)
713 646-3393 (fax) | {
"pile_set_name": "Enron Emails"
} |
Did you already sign? I'm happy to see if we sort out any confusion on wording later but I think we need to get a signed copy from you asap.
-----Original Message-----
From: Brawner, Sandra F.
Sent: Monday, November 26, 2001 11:05 AM
To: Oxley, David
Cc: Brawner, Sandra F.
Subject: Amendments
David,
Per a conversation with John Lavorado he mentioned that an amended agreement was coming for my signature. I was curious as to when I should be expecting the amended agreement, could you confirm please. | {
"pile_set_name": "Enron Emails"
} |
How about my RRSP contributions for this year?
Chris | {
"pile_set_name": "Enron Emails"
} |
[email protected] writes to the NYISO_TECH_EXCHANGE Discussion List:
On April 24, 2001, the NYISO deployed code changes affecting Class 1 PURPA
transactions in the billing system and modified bid status flagging in the
MIS. These changes impacted settlements for 4/10, 4/11, 4/13, and 4/18 -
forward.
There was a code design problem with the PURPA code change that resulted in
an error in the computation of balancing energy for some class 1 units that
resulted in their purchasing their entire day-ahead schedules in the
balancing market. There was also an oversight in the implementation of the
modified bid status flagging in the MIS such that those bids were not
transferred into the billing system, impacting bid production cost
guarantee settlements for the units with a modified bid status.
The NYISO will be issuing a supplemental invoice for April 2001 settlements
on Tuesday, May 15th to adjust for the aforementioned issues. Funds due
the NYISO for this supplemental invoice should be transferred into the
NYISO Clearing Account by close of business Wednesday, May 23, 2001. Funds
due Market Participants from the NYISO for this supplemental invoice will
be transferred into Market Participant accounts by close of business
Friday, May 25, 2001.
PLEASE NOTE THAT: Funds due the NYISO for the April 2001 settlements which
were invoiced on May 7, 2001 should be transferred into the NYISO Clearing
Account by close of business Wednesday, May 16, 2001, as scheduled. Funds
due Market Participants from the NYISO for the April 2001 settlements
invoiced on May 7, 2001 will be transferred into Market Participant
accounts by close of business Monday, May 21, 2001, as scheduled. | {
"pile_set_name": "Enron Emails"
} |
Lots of fun for the family..
>From: "Josh Hogarth" <[email protected]>
>To: [email protected], [email protected], [email protected],
>[email protected], [email protected], [email protected],
>[email protected], [email protected]
>Subject: Fwd: FIND THE PEACH
>Date: Sat, 07 Apr 2001 21:57:59 -0400
>
>
>
>
>>From: "K Hogarth" <[email protected]>
>>To: [email protected], [email protected],
>>[email protected], [email protected],
>>[email protected], [email protected],
>>[email protected], [email protected], [email protected],
>>[email protected], [email protected], [email protected],
>>[email protected], [email protected], [email protected],
>>[email protected], [email protected], [email protected],
>>[email protected], [email protected],
>>[email protected], [email protected], [email protected],
>>[email protected], [email protected], [email protected],
>>[email protected], [email protected], [email protected],
>>[email protected], [email protected], [email protected],
>>[email protected], [email protected], [email protected],
>>[email protected], [email protected]
>>Subject: Fwd: FIND THE PEACH
>>Date: Fri, 06 Apr 2001 17:14:39 -0400
>>
>>
>>
>>
>>>From: "Ashley Murphy" <[email protected]>
>>>To: [email protected], [email protected], [email protected],
>>>[email protected], [email protected], [email protected],
>>>[email protected], [email protected],
>>>[email protected], [email protected],
>>>[email protected], [email protected],
>>>[email protected], [email protected], [email protected],
>>>[email protected], [email protected], [email protected],
>>>[email protected], [email protected], [email protected],
>>>[email protected], [email protected], [email protected],
>>>[email protected], [email protected], [email protected]
>>>Subject: FIND THE PEACH
>>>Date: Fri, 06 Apr 2001 15:20:02 -0000
>>>
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com
>From: "Brynn Witton"
>To: [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected]
>Subject: Fwd: FW: FIND THE PEACH
>Date: Thu, 05 Apr 2001 22:38:12 -0400
>
>From: "Jessica Simpson"
>To: [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected]
>Subject: Fwd: FW: FIND THE PEACH
>Date: Thu, 05 Apr 2001 13:55:00 -0400
>
>From: "Wendy Yang"
>To: [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected]
>Subject: Fwd: FW: FIND THE PEACH
>Date: Thu, 05 Apr 2001 16:35:48
>
My friend Wendy sent me this one. It's called find the peach kind of like
finding Waldo. Have fun. This is a good one.
?
Return-path: <[email protected]>
From: [email protected]
Full-name: Binge7777
Message-ID: <[email protected]>
Date: Fri, 30 Mar 2001 12:31:23 EST
Subject: Fwd: FW: FIND THE PEACH
To: [email protected]
MIME-Version: 1.0
Content-Type: multipart/mixed; boundary="part2_85.8f2152a.27f61ceb_boundary"
X-Mailer: AOL 6.0 for Windows CA sub 36
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X-Originating-IP: [24.157.0.123]
From: "ralph intranuovo" <[email protected]>
To: [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected]
Subject: Fwd: FW: FIND THE PEACH
Date: Thu, 29 Mar 2001 14:35:54 -0500
Mime-Version: 1.0
Content-Type: multipart/mixed; boundary="----=_NextPart_000_3b5b_2728_365d"
Message-ID: <[email protected]>
X-OriginalArrivalTime: 29 Mar 2001 19:36:03.0528 (UTC)
FILETIME=[7DB1E480:01C0B887]
X-Mailer: Unknown (No Version)
>From: "Angie D'Annibale"
>To: [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected]
>Subject: Fwd: FW: FIND THE PEACH
>Date: Thu, 29 Mar 2001 11:46:23 -0500
>
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.
?
- peach.jpg | {
"pile_set_name": "Enron Emails"
} |
How did it get to be that these people are drafting their own NDA's. I
thought our agreement when we met with Dovie Keptra was that I would draft
them. I would prefer every time not to have to figure out what they've
changed.
----- Forwarded by Tana Jones/HOU/ECT on 12/18/2000 11:57 AM -----
Peter Feltman@ENRON COMMUNICATIONS
12/18/2000 10:47 AM
To: Tana Jones/HOU/ECT@ECT
cc: Leslie Hansen/HOU/ECT@ECT, Mathis Conner/Enron Communications@Enron
Communications
Subject: FLAG Telecom - Enron NDA
Attached for your review and comment please find the form of NDA that we
intend to send to FLAG Telecom as soon as possible. The attached is the same
form as the Level 3 NDA distributed last week.
As we would like to send this out as early as possible, please call me at
X54482 if you have any questions or comments.
Thank you,
Peter Feltman
Peter Feltman
Director
E-Market Services
Enron Net Works LLC
1400 Smith Street
Houston, Texas 77002
T: 713-345-4482
X: 713-646-8583
C: 713-594-4009 | {
"pile_set_name": "Enron Emails"
} |
did you know that stressed spelled backwards is desserts?? - another wonderful way to handle stress!!
-----Original Message-----
From: Ringblom, Kathy
Sent: Monday, November 12, 2001 4:22 PM
To: Talcott, Jim; Soldano, Louis; Sellers, Emily; Bargainer, David K.; Brown, William E.; Cobden, Jan; Cones, Janet; Crowley, Philip; Dornan, Dari; Holtzman, Staci; Huber, Lee; King Jr., Frazier; Kyle, Candace; LaGesse, Denise; Mann, Ruth; McCoppin, Dorothy; Melton, Richard ; Pavlou, Maria; Porter, Gregory J.; Pryor, Tony; Raker, Colleen; Rapp, Bill; Smith, Ann; Smith, Maxine; Solon, Sharon; Waser, Iris; Wilkie, Kim
Subject: RE: EAP
Lou and Jim - Stress must affect spelling.
INTERNATIONAL SYMBOL FOR STRESS
construction.gif | {
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If we buy the property before the LLC is owned by ENext, wouldn't the big
concern be that we've put $1.8 million of land plus an additional $900,000 or
so of obligations to build road and stormwater system on the balance rather
than the rather small ongoing costs related to maintainance of the road and
system?
-----Original Message-----
From: Mann, Kay
Sent: Wednesday, June 06, 2001 3:46 PM
To: Krause, Greg
Subject: RE: Midway Interconnect Agreement
As I understand it, if the option is exercised (and the property bought)
prior to the time the LLC is owned by ENext, there is a balance sheet
impact.
From: Greg Krause/ENRON@enronXgate on 06/06/2001 03:01 PM
To: Kay Mann/Corp/Enron@Enron, Ben Jacoby/ENRON@enronXgate
cc:
Subject: RE: Midway Interconnect Agreement
Probable time for them to bless the agreements; however, since these
documents will not be executed until after closing, the obligations created
under the Property Owners Association should not have a balance sheet impact.
-----Original Message-----
From: Mann, Kay
Sent: Wednesday, June 06, 2001 12:29 PM
To: Krause, Greg; Jacoby, Ben
Subject: RE: Midway Interconnect Agreement
Greg and Ben,
So is it about time to get Lisa, Herman and Rose involved in the PAD stuff?
Kay
From: Greg Krause/ENRON@enronXgate on 06/06/2001 12:07 PM
To: Kay Mann/Corp/Enron@Enron
cc:
Subject: RE: Midway Interconnect Agreement
Kay,
A&K did the title committment work and is now working on the Property
Association Documents (as is Greenberg Traurig in West Palm Beach). Ann
Elizabeth's
last email message to me before she went on vacation was that A&K was the
designated hitter for the Midway Project. You have been copied on those
docs which we desparately need to get to Cooney Midway Groves, the property
owner. As far as I know, they have not been involved in anything else
related to Midway this year.
Christi left me a message saying that Lloyd Will or one of his guys needs to
review the Interconnction Agreement. I do not know Lloyd.
Greg
PS we had a good meeting with DERM on the landfill closure issues in the
Certosa Holdings deal. I'll try to reach you this afternoon to discuss.
-----Original Message-----
From: Mann, Kay
Sent: Wednesday, June 06, 2001 7:45 AM
To: Krause, Greg
Subject: RE: Midway Interconnect Agreement
How much involvement has A & K had on Midway? I have other counsel engaged
for the sale, but this falls into a different category.
Kay
From: Greg Krause/ENRON@enronXgate on 06/05/2001 11:35 PM
To: Ben Jacoby/ENRON@enronXgate, Kay Mann/Corp/Enron@Enron
cc: Christi L Nicolay/HOU/ECT@ECT
Subject: RE: Midway Interconnect Agreement
Please see attachment below with Christi's comments.
-----Original Message-----
From: Jacoby, Ben
Sent: Tuesday, June 05, 2001 12:22 PM
To: Mann, Kay
Cc: Krause, Greg; Nicolay, Christi
Subject: Midway Interconnect Agreement
Kay:
Greg has Christi's comments on the FPL Construction & Connection Agreement,
and he will be sending us those comments today in a marked document. Have we
engaged outside counsel to review this agreement? I'd like to have a
commercial / legal review fully completed, and then get accounting / finance
to comment. I this something you were planning to have Carlos to work on
given his recent work on ComEd and Ameren?
Please let me know. Thanks.
Attached is the original generic form of FPL Connection and Construction
Agreement for your reference.
Ben
<< File: FPL Construction Connection Agreement Generic.doc >> | {
"pile_set_name": "Enron Emails"
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Please submit....
adr
Audrey D. Robertson
Transwestern Pipeline Company
email address: [email protected]
(713) 853-5849
(713) 646-2551 Fax | {
"pile_set_name": "Enron Emails"
} |
Jason,
Please change "Enron Corporation" to "Enron Corp." and let it fly.
Jason R Williams/ENRON@enronXgate
03/02/2001 01:28 PM
To: Dan J Hyvl/HOU/ECT@ECT
cc:
Subject: Velsicol Chemical Corp. confidentiality agreement
Dan -
I have revised the Velsicol confidentiality agreement per our discussion
earlier today. Could you please take a look at the attached and let me know
if it meets your approval?
Please give me a call at 53923 when you have had a chance to review.
Thanks,
Jay | {
"pile_set_name": "Enron Emails"
} |
The October Law Conference was approved for CLE credit by the State Bar of
Texas. We should be receiving the attendance forms soon for distribution to
everyone. If someone really needs their hours by the end of November, the
law conference was approved as Course No. 000012424 for 5.50 participatory
hours and 0 ethics hours.
Mary J. Heinitz
(713) 853-3245 | {
"pile_set_name": "Enron Emails"
} |
Hi.
This is one of my top priorities. I think it looks fine. What do you think?
Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 02/12/2001 12:45
PM ---------------------------
Kay Mann
01/30/2001 12:04 PM
To: Kathleen Carnahan/NA/Enron@Enron
cc:
Subject: enovate appointments
Let's discuss.
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/30/2001 12:04
PM ---------------------------
From: Gregg Penman on 01/26/2001 01:16 PM
To: Kay Mann/Corp/Enron@Enron
cc:
Subject: enovate appointments
Kay - have you had any chance to give this some thought? We are about to
take some actions that require Board approval so I would like to get this
finalized. Let me know. Also, I am trying to get back on the Intercompany
loan stuff. I am going to be in Houston next week and have Wednesday pretty
open. Are you going to be in town? If so, maybe we could get together for
half hour or so to go over the loan stuff.
Thanks - Gregg
----- Forwarded by Gregg Penman/Corp/Enron on 01/26/2001 01:14 PM -----
Gregg Penman
01/17/2001 08:41 AM
To: Kay Mann/Corp/Enron@Enron
cc:
Subject: enovate appointments
It looks like your memory serves you well. Section 6.8.2 allows the Managing
Member to designate officers of enovate. I revised the original appointment
declaration you prepared to reflect Laura as VP. Take a look at it and let
me know if it works. If so, I will probably ask you to have Janet execute it
at your convenience.
Thanks - Gregg | {
"pile_set_name": "Enron Emails"
} |
THE NEW SITARA RISK ASSIGNMENT RELEASE IS SCHEDULED
FOR THE WEEKEND OF FEBRUARY 19-21.
IT IS HIGHLY RECOMMENDED THAT YOU ATTEND ONE OF THE
FOLLOWING DEMOS:
WHERE: EB 2537
WHEN: FEB 16TH - 1:00 - 2:15
FEB 16TH - 2:30 - 3:45
FEB 16TH - 4:00 - 5:15
FEB 17TH - 3:30 - 4:45
Space is limited - call the SITARA HOTLINE for time slot availability
(x3-7049).
Please make every effort to attend one of these demos.
There are some major changes to SITARA that will result in a transformation
of every deal with risk assignment.
This release includes the introduction of financial deal types needed for
SITARA valuation and eventual replacement
of CPR and TAGG systems for natural gas.
You are encouraged to invite anyone you believe may be interested in
attending. | {
"pile_set_name": "Enron Emails"
} |
<<PN-DS-001-004.doc>>
Attached is the response to PN-DS:001-004 and PN-AL:001-004.
Bill Ferranti
Murphy & Buchal LLP
503-227-1011
[email protected]
- PN-DS-001-004.doc | {
"pile_set_name": "Enron Emails"
} |
Sara reminded me that I had done this one. Here it is.
Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
[email protected] | {
"pile_set_name": "Enron Emails"
} |
Subsets and Splits