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Jeff, I am working on the divestiture of a project company that had been
developing a power plant site in Illinois and as part of our proposed
purchase and sale agreement, the purchaser has requested a non-compete
obligation of 2.5 years with respect to the project and project company that
we are selling that would bind both ENA and its Affiliates. I recall that
previously there was a policy which required certain approvals (including
Mark Metts of Corporate Development) for non-compete agreements that were
binding on other entities beyond the immediate business unit involved in the
transaction. Could you help us out and let us know whom we need to contact.
Thanks.
PS I am working on a legal risk memo for this transaction and will forward
it to you a draft later today or early tomorrow as we are hoping to DASH and
close on it by the end of this week.
Section 7.9 Due Diligence; Competitive Activities.
(a) NOTWITHSTANDING ANYTHING STATED IN THIS PURCHASE AGREEMENT TO THE
CONTRARY, PURCHASER AGREES THAT (A) SELLER RELATED PARTIES HAVE MADE NO
REPRESENTATIONS, WARRANTIES, COVENANTS OR AGREEMENTS TO OR WITH PURCHASER
RELATED PARTIES RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY, OTHER THAN
THOSE EXPRESSLY SET FORTH IN THIS PURCHASE AGREEMENT AND (B) PURCHASER
RELATED PARTIES HAVE NOT RELIED UPON ANY REPRESENTATIONS, WARRANTIES,
COVENANTS OR AGREEMENTS RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY,
OTHER THAN THOSE EXPRESSLY SET FORTH IN THIS PURCHASE AGREEMENT. PURCHASER
ADDITIONALLY ACKNOWLEDGES THAT IT HAS CONDUCTED ITS OWN EVALUATION OF ALL
ASPECTS (INCLUDING, WITHOUT LIMITATION, ENGINEERING, ENVIRONMENTAL,
TRANSMISSION, ACCOUNTING, REGULATORY AND LEGAL) OF THE COMPANY AND THE
PROJECT, AND IS RELYING SOLELY ON SUCH INVESTIGATION AND EVALUATION OF SUCH
MATTERS IN DETERMINING WHETHER OR NOT TO ACQUIRE THE INTERESTS.
ADDITIONALLY, PURCHASER HAS INDEPENDENTLY EVALUATED THE RISKS ASSOCIATED WITH
THE DEVELOPMENT OF THE PROJECT AND THE PROSPECTS RELATING TO OBTAINING
REQUIRED PERMITS, CONTRACTS, AGREEMENTS, AND ARRANGEMENTS NECESSARY FOR THE
SUCCESSFUL DEVELOPMENT AND OPERATION THEREOF AND IS RELYING SOLELY ON SUCH
INVESTIGATION AND EVALUATION OF SUCH MATTERS IN DETERMINING WHETHER OR NOT TO
ACQUIRE THE INTERESTS. PURCHASER ACKNOWLEDGES THAT THE KENDALL PROJECT
DOCUMENTS DO NOT REPRESENT OR PROVIDE FOR ALL OF THE ASSETS, PERMITS,
CONTRACTS, AND AGREEMENTS NECESSARY FOR THE PROJECT, AND, EXCEPT AS OTHERWISE
EXPRESSLY PROVIDED IN THIS PURCHASE AGREEMENT, SELLER MAKES NO REPRESENTATION
OR WARRANTY AS TO THE ABILITY OF PURCHASER OR THE COMPANY TO OBTAIN THE SAME
OR ANY OF THE TERMS THEREOF, OR AS TO THE ABILITY OR LIKELIHOOD THAT ANY OF
THE OTHER PARTIES TO ANY OF SUCH DOCUMENTS SHALL PERFORM IN ACCORDANCE WITH
THE TERMS THEREOF.
(b) SELLER HEREBY AGREES THAT FOR A PERIOD OF ONE YEAR[THIRTY MONTHS]
FOLLOWING THE CLOSING, SELLER WILL NOT DIRECTLY OPPOSE ANY ACTION BY
PURCHASER OR THE COMPANY BEFORE THE CITY OF YORKVILLE OR KENDALL COUNTY
AUTHORITIES IN CONNECTION WITH THE DEVELOPMENT OF THE PROJECT NO SELLER
RELATED PARTY SHALL (i) TAKE OR SUPPORT ANY ACTION INTENDED BY SUCH SELLER
RELATED PARTY TO (A) IMPEDE THE COMPANY,S ABILITY TO DEVELOP THE PROJECT IN
THE MANNER CONTEMPLATED BY THE KENDALL PROJECT DOCUMENTS, (B) DELAY
COMPLETION OF THE PROJECT BY THE COMPANY, OR (C) MATERIALLY INCREASE THE
COMPANY,S COST TO COMPLETE THE PROJECT, OR (ii) TAKE OR SUPPORT ANY POSITION
IN ANY PROCEEDING BEFORE ANY GOVERNMENTAL AUTHORITY DIRECTLY RELATING TO THE
PROJECT THAT (A) CONTESTS OR SEEKS TO CONDITION THE ISSUANCE OF ANY
AUTHORIZATION, APPROVAL OR CONSENT SOUGHT BY THE COMPANY OR PURCHASER, (B)
CHALLENGES THE VALIDITY OF ANY AUTHORIZATION, APPROVAL OR CONSENT OBTAINED BY
THE COMPANY OR PURCHASER OR (C) IS IN OPPOSITION TO THAT ASSERTED BY
PURCHASER. EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION 7.9(b) AND SUBJECT
TO COMPLIANCE BY SELLER WITH ITS OTHER EXPRESS OBLIGATIONS IN THIS PURCHASE
AGREEMENT, (i) EACH OF THE SELLER RELATED PARTIES MAY ENGAGE IN WHATEVER
ACTIVITIES IT CHOOSES (INCLUDING DEVELOPMENT ACTIVITIES OR POWER PROJECTS)
REGARDLESS OF WHETHER THE SAME ARE COMPETITIVE WITH THE PURCHASER OR THE
COMPANY, WITHOUT HAVING OR INCURRING ANY OBLIGATION TO DISCLOSE SUCH
ACTIVITIES TO PURCHASER OR THE COMPANY OR TO OFFER TO PURCHASER OR THE
COMPANY ANY INTEREST IN SUCH ACTIVITIES AND (ii) NEITHER THIS PURCHASE
AGREEMENT NOR ANY ACTIVITY UNDERTAKEN PURSUANT HERETO SHALL PREVENT SELLER
RELATED PARTIES FROM ENGAGING IN SUCH ACTIVITIES, OR REQUIRE SELLER RELATED
PARTIES TO DISCLOSE SUCH PARTICIPATION TO PURCHASER OR THE COMPANY, AND AS A
MATERIAL PART OF THE CONSIDERATION FOR THE EXECUTION OF THIS PURCHASE
AGREEMENT BY SELLER, PURCHASER HEREBY WAIVES, RELINQUISHES, AND RENOUNCES ANY
SUCH RIGHT OR CLAIM OF NOTICE OR PARTICIPATION IN SUCH ACTIVITIES.
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"
} |
Should I bring you something back? Have you heard from Stan on the O and M?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net) | {
"pile_set_name": "Enron Emails"
} |
Tracy, EEOS numbers (In millions.)
2001 2002
IBIT ($62.7) $0
N.I. ($37.6) $0
F.F ($32.3) $2.5
C.O. $300 $34
These numbers assume we can write down NEPCO to the 4th qtr numbers we talked about last Friday.
Blake | {
"pile_set_name": "Enron Emails"
} |
Attendees: Hunter Shively
John Lavorato
John Arnold
Scott Neal
Tom Martin
Mike Grigsby | {
"pile_set_name": "Enron Emails"
} |
Mark:
I need for you to send an e-mail to Michelle Word informing her of the
following in connection with my leave that you have approved:
1. In addition to the 6 weeks that Enron allows for leave, I am planning on
adding to that period and using any remaining vacation time that I have for
2000 which I believe is an additional 10-12 days.
2. After that time is used up, I plan to take an unpaid leave of absence.
Michelle informs me that I have to specify a date and as you are aware I am
not sure how long I will take but if I need to specify a date, let's just
pick until December 31, 2000 and as you and I have discussed, I will keep you
informed throughout my leave as to what my plans are once I decide.
3. Tentatively, I am planning for July 14th to be my last day but I should
know more after next Wednesday.
Thanks and let me know if you have any questions.
Carol
----- Forwarded by Carol St Clair/HOU/ECT on 07/06/2000 12:20 PM -----
Michele Word@ENRON
07/06/2000 12:00 PM
To: Carol St Clair/HOU/ECT@ECT
cc:
Subject: Re: Forms to be Signed
Hi Carol,
All I need is a note from the Dr. showing the delivery date. If you are
planning on taking any additional time, it must be cleared by your supervisor
prior to you leaving.
I can give you a form to return once the baby is born if you are going to add
the baby to your insurance.
Let me know if you have any additional questions.
From: Carmen Chavira @ ECT 07/05/2000 11:28 AM
To: Carol St Clair/HOU/ECT@ECT
cc: Michele Word/Corp/Enron@ENRON
Subject: Re: Forms to be Signed
Michele Word will process your leave, please call her at 345-8662 for an
appointment.
Thanks
Carmen
Carol St Clair 06/30/2000 03:20 PM
To: Carmen Chavira/HOU/ECT@ECT
cc:
Subject: Forms to be Signed
Carmen:
Per my voice mail message to you, I need to get with you to get all of the
paperwork done that needs to be done before I go on leave. I would very much
like to do that next week for I am close to me delivery date. Please call
me.
Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
[email protected] | {
"pile_set_name": "Enron Emails"
} |
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[IMAGE] [IMAGE] [IMAGE] [IMAGE] Politics this week
June 7th 2001
From The Economist print edition
Ceasefire at last?
AP
AP
A Palestinian suicide-bomber killed 20 Israeli youngsters at a Tel Aviv
discotheque. Israel held back from massive retaliation after Yasser Arafat
committed his forces to an unconditional ceasefire. George Tenet, the CIA,s
director, arrived to help promote this tentative pause in the violence, but a
Hamas spokesman denied that there was a ceasefire.
See article: A fragile Israeli-Palestinian ceasefire [IMAGE]
The king of Nepal and nine other members of the royal family were shot dead,
apparently by the crown prince, Dipendra. He later died from self-inflicted
wounds. Curfews were introduced in the capital, Katmandu, after riots by
Nepalis confused by contradictory stories and demanding the truth about the
killings.
See article: After the palace massacre in Nepal
Makiko Tanaka, Japan,s outspoken foreign minister, embarrassed her government
by expressing doubts about President George Bush,s missile-defence plans.
Voters decide
Voters in Britain went to the polls in a general election, which Tony Blair,s
Labour Party looked likely to win easily. Harder questions: would William
Hague survive as leader of the opposition Tory party? And would Mr Blair call
a referendum on the euro next year?
See article: Labour's second term
AP
AP
Alejandro Toledo, an economist of Andean Indian descent, was elected
president of Peru, narrowly defeating Alan Garcia, a populist former
president.
See article: The tasks awaiting Alejandro Toledo [IMAGE]
Ireland held a referendum on the European Union,s Nice treaty, with the
once-confident Yes side still expecting victory but worried by a sudden rise
in support for No in the opinion polls.
Silvio Berlusconi was formally invited by Italy,s president to form its new
government.
In the unrecognised but rather successful state of Somaliland, a huge
majority voted in favour of independence from the rest of Somalia.
James Hahn, the city attorney, won a run-off to become the new mayor of Los
Angeles, beating his fellow Democrat, Antonio Villaraigosa, who had hoped to
be the city,s first Latino mayor since 1872.
See article: A new mayor for Los Angeles
Haiti,s president, Jean-Bertrand Aristide, agreed to hold new parliamentary
elections. In return, the Organisation of American States said it would help
Haiti obtain $500m of suspended aid.
Democrats officially took control of the United States Senate for the first
time in six years. The Democratic leader, Tom Daschle, promised to adopt a
co-operative approach towards the Republican agenda.
War and peace
Fighting continued in Bangui, the capital of the Central African Republic,
after last week,s failed coup against President Ange-F,lix Patass,.
See article: The Central African Republic erupts
In Colombia, the FARC guerrillas and the government began an exchange of sick
prisoners, the first practical result of more than two years of peace talks.
See article: A modest peace deal in Colombia [IMAGE]
Prime Minister Ljubco Georgievski again threatened to declare a formal state
of war in Macedonia after ethnic-Albanian rebels, seeking to widen the
conflict to an area hitherto unaffected, killed five government soldiers
north-west of Skopje, the capital.
Visiting Europe, America,s defence secretary, Donald Rumsfeld, reassured NATO
allies that no hasty reduction of American forces was planned in the Balkans.
President Bush said that America would reopen talks with North Korea, broken
off three months ago, to discuss missiles, nuclear concerns and conventional
forces.
See article: Difficult times in America's relations with Europe [IMAGE]
A deal seemed near to overcoming Turkish objections to NATO co-operation with
the European Union,s rapid-reaction force.
Nine of the 20 hostages held by Muslim rebels in the Philippines escaped
after fighting between their Abu Sayyaf captors and Philippine troops.
Chenjerai Hunzvi, the leader of Zimbabwe,s &war veterans8, died of malaria.
Calling himself Hitler, he had led violent attacks on Robert Mugabe,s
opponents and encouraged the occupation of white-owned farms. Mr Mugabe
declared him a national hero.
Legal matters
AP
AP
France,s prime minister, Lionel Jospin, admitted that he had belonged to a
Trotskyite organisation*a fact he had previously denied.
See article: France's prime minister has a past [IMAGE]
President Vojislav Kostunica of Yugoslavia appealed to his allies in a
Montenegrin party not to block a draft law that would allow ex-President
Slobodan Milosevic to be extradited to The Hague for war crimes.
See article: Serbia and Slobodan Milosevic's fate [IMAGE]
An American federal judge ruled that the execution to Timothy McVeigh, the
convicted Oklahoma City bomber, would go ahead on June 11th. Lawyers for Mr
McVeigh had argued that they needed more time to look at documents withheld
by the FBI during the trial.
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[IMAGE] | {
"pile_set_name": "Enron Emails"
} |
What's your proposal? We've attached conditions to our commitment that I'd like to preserve. If you can obtain an unconditional commitment from APS, go for it.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net) | {
"pile_set_name": "Enron Emails"
} |
Here I thought that the only true way into your Texas gal heart was through a
new pair of stranglers and spotted snake-skin boots. I guess I'll have to go
to find another way - maybe through a Hawaiian Biker ensemble.
Susan M Scott
07/17/2000 02:19 PM
To: Ted Noble/HOU/ECT@ECT
cc:
Subject: Start shopping...
Ted,
I tried to send this page a little while ago and I think it failed. So, you
may have to actually drop this address into the netscape location section to
bring up the site.
Anyway, there seemed to be a pretty good selection on the web. Still, I
think the one on this page best captures the kind of image you're looking to
project.
http://www.bucklesofestes.com/images/image123a.jpg
If you'd rather shop around try these (there are some outstanding designs)...
http://www.bucklesofestes.com/
http://www.lazyassranch.com/
Disclaimer: Please realize these sites were sent in jest. If you actually
don any of the items contained within them I may be forced to sever all ties
and deny ever having known you. | {
"pile_set_name": "Enron Emails"
} |
you up for golf sat? | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Ami Chokshi/Corp/Enron on 01/31/2000
10:47 AM ---------------------------
[email protected] on 01/31/2000 10:04:05 AM
To: Ami Chokshi/Corp/Enron@ENRON
cc:
Subject: Revised nom for Copano's...small but we will keep a close eye on
the weather....
(See attached file: HPL-Feb.xls)
- HPL-Feb.xls
---------------------- Forwarded by Ami Chokshi/Corp/Enron on 01/31/2000
10:47 AM ---------------------------
[email protected] on 01/31/2000 10:21:15 AM
To: Ami Chokshi/Corp/Enron@ENRON
cc:
Subject: FEB 1ST REVISED
(See attached file: egmnom-Feb.xls)
- egmnom-Feb.xls | {
"pile_set_name": "Enron Emails"
} |
Yes, they will have to file with the PUC.
Fred Rimington
09/29/2000 04:00 PM
To: Jeff Dasovich/NA/Enron@Enron
cc:
Subject: SCE's proposed sale of Mohave Generating station
Jeff:
As you may be aware SoCal Edison has announced their intention to sell their
interest in the Mohave Generating Station to AES. Would you know if SCE has
to file for approval of this transaction with the CPUC? I looked on the CPUC
website but couldn't find a docket/proceeding number. As the operator of the
Black Mesa slurry line we have a vested interest in this and I may want to
file as an interested party in the CPUC proceeding. Thanks.
Fred | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: Grigsby, Mike
Sent: Thursday, January 31, 2002 1:22 PM
To: Gorny, Vladimir
Subject: West
Southwest - PAllen
Jane Tholt - SJ cash
Matt Lenhart - SJ Basis
Keith Holst - Socal basis
Matt Smith - Socal cash
Don Black - ?
Northwest - MGrigsb - PG&E and Malin basis
Steve South - Opal cash
Frank Ermis - Western Rockies basis (Opal)
Jay Reitmeyer - Eastern Rockies basis (CIG, etc.)
Jason Wolfe - Malin and Citygate cash
Mog Heu - CIG cash | {
"pile_set_name": "Enron Emails"
} |
Access to the online trading system? If that's the questions, probably none
of us. | {
"pile_set_name": "Enron Emails"
} |
No redirect currently in place. Pat O'donnell was unsure whether or not Mike Hutchins would object to a redirect or not and was going to bring it up with him, but last time I spoke to Pat, he had not connected with Mike on the subject.
Dave
-----Original Message-----
From: Kitchen, Louise
Sent: Friday, February 01, 2002 3:47 PM
To: Forster, David; Webb, Jay
Subject: RE: Marketing Issues
Where are we with www.enrononline.com?
-----Original Message-----
From: Forster, David
Sent: Tuesday, January 29, 2002 6:26 PM
To: Kitchen, Louise
Subject: Marketing Issues
Louise,
1) I just received a call from Pat O'Donnell asking us to hold off on marketing to the Top 50 customers until he is able to address an email he just received from UBS corporate marketing folks, instructing us not to use the url: www.ubswenergy.com. It seems they want us to use www.ubswarburg.com/energy. Pat is going to argue on behalf of ubswenergy.com tomorrow. He anticipates having resolution by noon. I personally don't care much what URL we use: the brand name and achieving concensus to get this off the ground is more important. Of course, a change in URL now means we have to go back through the site and change all the references again. . .
2) UBS (in the form of Matt Meinel, who feels Mike Hutchins will be in agreement with him) do not want us to redirect traffic from www.enrononline.com to the new site, as they feel that promotes too much of an association with Enron. I disagree with their position, but don't think this is too big a deal - we will just need to more heavily promote the new website name. Also, the execution version of the contract apparantly dropped the redirect requirement.
Please let me know if you have any issues with the above and how you want to proceed. We are ready to put the Splash page out and start marketing as of noon tomorrow, but these 11th hour changes are making me feel skittish about pulling the trigger and I feel a real lack of comfort about our ability to market a system with no name.
Dave | {
"pile_set_name": "Enron Emails"
} |
FYI - Good prices on these non-stops:
Total price for this trip: $375.00
Here is a detailed description of the flight(s) you selected, along with any rules and restrictions that apply.
1 Review the flight details
<http://www.expedia.com/eta/fltitin.gif> Wed 7-Nov-01
1833 mi (2950 km)
4hr 28mn Houston (IAH)
Depart 11:45 AM to Portland (PDX)
Arrive 2:13 PM Continental <http://www.expedia.com/pubspec/images/airlines/CO.gif>
Flight: 1490
_____
Economy/Coach Class, Lunch, Boeing 737-300, 70% on time
_____
Total miles: 1833 mi (2950 km)
Total flight time: 4hr 28mn
<http://www.expedia.com/eta/fltitin.gif> Fri 9-Nov-01
1833 mi (2950 km)
4hr 5mn Portland (PDX)
Depart 3:00 PM to Houston (IAH)
Arrive 9:05 PM Continental <http://www.expedia.com/pubspec/images/airlines/CO.gif>
Flight: 128
_____
Economy/Coach Class, Dinner, Boeing 737-300, 70% on time
_____
Total miles: 1833 mi (2950 km)
Total flight time: 4hr 5mn
Tip: You could miss a connecting flight unless you allow sufficient connection time between flights. This is generally 35 to 60 minutes for domestic connections and 60 to 120 minutes for international connections. | {
"pile_set_name": "Enron Emails"
} |
Edmund:
As you requested, attached please find the first draft of the revised Legal
and Privacy statement. David Gilberg with Sullivan & Cromwell has made at
first pass at revisions. I intend to review and revise as necessary and will
pass on any revisions to you. I look forward to any comments you may have.
By separate e-mail, I am also forwarding to you a copy of a memo that David
has prepared outlining various issues impacting Phase II content.
Leslie
----- Forwarded by Leslie Hansen/HOU/ECT on 07/03/2000 10:17 AM -----
[email protected]
07/03/2000 08:17 AM
To: [email protected]
cc: [email protected]
Subject: Legal and Privacy Statement
Attached are clean and blacklined versions of the Legal and Privacy
Statement, reflecting my suggested additions and changes. Please note that
the bracketed language in para. 6 has been left in brackets because I am not
sure if this disclosure will appear elsewhere in the document; if it does, it
might not be needed here.
Please call or e-mail if you have any questions. Have a good holiday.
----------------------------------
This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.
- enron.doc
- enronr.rtf | {
"pile_set_name": "Enron Emails"
} |
I will be on vacation Friday Oct. 19. I can be reached at home if anyone needs something.
DS | {
"pile_set_name": "Enron Emails"
} |
Scott,
I ran a redline comparing the version we sent last Thursday and their new
clean draft. It shows a different number of changes. Here's the Enron
redline:
Too much paper!
Kay | {
"pile_set_name": "Enron Emails"
} |
Real time desk is short 5 mw HE 1-24 on Saturday 7/14 thru Monday 7/16 at Hot Springs to Cenex (a middle marketing customer in MPC control area.) This power can be filled with the Frontier Energy if you chose and give them prevailing Mid C price . If you fill it with the Frontier just use the account number for MPCO that is in the Frontier sheet when you call BPA. If not pruchase this power at Hot Springs as I have told Cenex we will be delivering it there. In any event Real Time MUST CALL MPCO AND INFORM THEM AS SOON AS YOU KNOW WHERE YOU ARE FILLING THIS FROM. I have already discussed this with Mike at MPC and they are aware that we are purchasing on behalf of Cenex but you still must call.
We are short at the follwing prices:
7/14 Short 5MW at $55 HE 1-24
7/15 Short 5MW at $50 HE 1-24
7/16 Short 5MW at $60 HE 1-24
If you have any questions please feel free to call me on my cell.
--GUZ | {
"pile_set_name": "Enron Emails"
} |
Your timing is excellent--I suspect by design! Thanks for the email. If you have time, I'd love to grab a drink--it probably is time we meet. I too hear great things about your talents.
Regards,
Jeff
-----Original Message-----
From: "Banky, Brad" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Banky+2C+20Brad+22+20+3Cbrad+2Ebanky+40cinergy+2Ecom+3E+40ENRON@ENRON.com]
Sent: Wednesday, June 20, 2001 11:30 AM
To: Shankman, Jeffrey A.
Subject: Rob Bogucki
Jeff-
Greetings. Although we never met, your reputation and success precedes you.
I back this man's skill sets both professionally and personally. If you
ever have a question please call. Hope to get a chance to meet you in
person.
Brad Banky
Director Financial Trading
Cinergy Marketing and Trading LLC
713-393-6873
1100 Louisiana
Suite 4900
Houston, Texas 77002 | {
"pile_set_name": "Enron Emails"
} |
Good morning, Doris! Stan is in DC today but will be back in the office tomorrow morning. Would you allow us to get you comments by 9:00AM tomorrow?
Thanks,
Cindy
Doris Foster@EOTT
05/08/2001 03:59 PM
To: [email protected], [email protected], Dana Gibbs/Houston/Eott@Eott, [email protected], Karl Jackson/Houston/Eott@Eott, Lawrence Clayton/Houston/Eott@Eott, [email protected], Molly Sample/Houston/Eott@Eott, Rex Rogers/Corp/Enron@Enron, [email protected], Scott Vonderheide/Corp/Enron@Enron, Stanley Horton/Corp/Enron@Enron, [email protected], Sandra Schneider/Houston/Eott@Eott
cc:
Subject: Draft of EOTT's 1st quarter 2001 Form 10-Q
Attached is the draft of EOTT's Form 10-Q for the first quarter of 2001. Please provide all comments on the draft to Lori no later than 8:00 a.m. on Thursday May 10, 2001.
Thanks | {
"pile_set_name": "Enron Emails"
} |
Here are some samples of the articles I mentioned during our phone call
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron's Bonds Tell the Tale: Stay Away
By Herb Greenberg <<mailto:[email protected]>>
Senior Columnist
RealMoney.com
10/24/2001 03:40 PM EDT
URL: <<http://www.thestreet.com/p/rmoney/herbonthestreet-rm/10002953.html>>
Updated from 2:47 p.m. EDT
If you ever have questions about whether a battered stock is cheap, check out its bonds. Bond analysts almost always know best because they're looking at the guts of a company -- the ability of a company to service its debt. If it can't service the debt, stockholders are at a greater risk of getting pummeled because debtholders always come before stockholders when it comes to getting paid.
Which brings us to Enron (ENE:NYSE - news - commentary) . The only reason to mention it is that some analysts are really reiterating buys based on its low multiple. (Low, fellas, is relative to reality!) Cramer today talks about his hunch that the stock is vulnerable because, as he says, "accounting irregularities = sell."
Good point. Now let's back that up with the bond market's view, which can be seen in the so-called "swap spread," which is bond-traderspeak for the spread between the LIBOR interest rate and the interest rate for comparable paper, or swaps. It's a benchmark bond traders use to determine risk. Tuesday, that spread on Enron's five-year notes was 650 basis points, or about 6.5 percentage points. Today, it's 1,000 points, or 10 percentage points. As one bond trader told me today, anybody would be crazy to pay that much. Another bond trader told another friend the same thing.
Why? As of June 30, Enron had cash of just $847 million and debt of nearly $13 billion.
And this observation: Those five-year notes currently yield more than 11%. That's a junk-bond yield for what is still rated as an investment-grade debt; anything more than 9% is considered ultra-high risk. So while you can make 11%, that's still not enough "where the accounting is questionable," one bond trader says. "You're not being adequately compensated for the fact that the company could default. You have to worry about your recovery value."
Not the kind of risk/reward an investor wants to see when the company in question still has a market cap of about $12.5 billion with a capital B.
Speaking of bonds and stocks: Even with its stock at about $1.16, Global Crossing (GX:NYSE - news - commentary) still has a market cap that exceeds $1 billion. But while its stock has rallied, its bank debt has stayed relatively flat at around 50 cents to 53 cents on the dollar. Similar stories can be told for XO Communications (XOXO:Nasdaq - news - commentary) , with a market cap of about $473 million and bank debt trading at around 52 cents on the dollar; Level 3 Communications (LVLT:Nasdaq - news - commentary) , with a market cap of $1.2 billion and bank debt trading at 66 cents; and McLeodUSA (MCLD:Nasdaq - news - commentary) , with a market cap of $462 million and debt that trades at 53 cents.
Where are opportunistic bond investors, who should be hopping on such cheap debt -- especially bank debt, which is at the top of the getting-paid-back food chain? They're nowhere to be seen, for the same reasons they're not jumping to buy Enron's bonds: Too much risk, because when companies like those go bad, their assets trade for less than the bonds are currently trading. (Try telling that to "hope-springs-eternal" stock investors!)
Providian pratfalls: Turns out an item here back in May was more fortuitous than it appeared. The item noted how institutional bond investors, who often pony up a slight premium to LIBOR to buy so-called credit default-protection insurance, couldn't find any at any price for Providian (PVN:NYSE - news - commentary) . The insurance is sold by investment banks such as J.P. Morgan Chase and typically involves a complex hedge of stocks and options that requires an investor to take the other side of the trade. If nobody'll take the other side of the trade -- or will charge a ridiculously high price to do so -- investors should beware. Which brings us back to Enron: It is possible to buy credit insurance, but at more than a whopping 1,000 basis points over LIBOR. Hardly a vote of confidence.
Waiting for the Other Shoe to Drop on Enron
By James J. Cramer <<mailto:[email protected]>>
RealMoney.com
10/24/2001 10:33 AM EDT
URL: <<http://www.thestreet.com/p/rmoney/jamesjcramer/10002911.html>>
Accounting irregularities = sell. Those three words and an equals sign have always served me well. They remain squarely posted on the base of my quote machine, always in view. They have never let me down. When I have deviated from them I have had to pay severely, as I did when I ignored the accounting irregularities in Cendant (CD:NYSE - news - commentary) initially or when, because of my four-month holding period, I couldn't sell Qwest (Q:NYSE - news - commentary) .
Which is why I came in with guns blazing on this Enron (ENE:NYSE - news - commentary) , telling you to sell it. The stock has now lost half its value and all I can say is, I still can't see why you have to tempt fate and own this one. The notion that the businesses are fundamentally sound, that it has a great core business, is just hokum. Who the heck knows? Who has any idea of what this company can really earn? Who knows what it did earn?
All I know is that soon the drumbeat will be on from the Democrats that the Justice Department is playing political favorites by not pursuing Enron (noted Republican-giving company) for alleged fraud.
When that happens, when that shoe drops, wherever Enron is, then maybe it is worth some scrutiny.
But I bet I still won't like it.
Enron's Excuses Sound Familiar
By James J. Cramer <<mailto:[email protected]>>
RealMoney.com
10/23/2001 01:43 PM EDT
URL: <<http://www.thestreet.com/p/rmoney/jamesjcramer/10002874.html>>
If you disclose something that is wrong, and you get accountants to check off that wrong deed, and outside lawyers to check off on that wrong deed, is it therefore right?
That's what Enron (ENE:NYSE - news - commentary) is asking us to believe. By telling us that its ridiculous dealings with the chief financial officer and his private partnership were all sanctioned by outside professionals, they have simply compounded the error. Next they will tell us that Janus, the largest shareholder, knew and wanted those partnerships to generate upside surprises!
What they are doing at Enron is, well, positively -- here we go -- '80s! In the '80s, you had all of these savings-and-loan jokers pleading that the outside accountants and lawyers checked off on massive chicanery. Somehow it was supposed to make the chicanery kosher.
Nope.
What it ended up doing was getting the lawyers and accountants in trouble. The government ended up going after them, too, for abetting the travesties.
Enron didn't use taxpayers' money, so it is arguably not as clear-cut. But the more we probe this Enron, the more we check it out, the more we know it really stinks and that Jeffrey Skilling didn't leave because the stock got hammered, or some other authentic Wall Street gibberish, but because of this nasty, unseemly situation.
We don't want an SEC probe here. We want a Justice Department probe. This isn't about unclear disclosure. This could end up being about fraud.
In the meantime, I wouldn't touch this stock with a 10-foot pole. This one's gonna get real nasty before it gets nice. If it ever does.
FOOL ON THE HILL
Enron's Disdain for Investors
The Motley Fool.com
10/24/01
While recent coverage of Enron centers on the CFO's past partnerships, a smaller -- and more obvious -- omission is what should really make individual investors turn the heat up on this company. Not only does it not release its cash flow statement during each quarter's conference call and press release, something we don't like but is prevalent, it also doesn't release its balance sheet. The company must think we're idiots. They're wrong.
By Tom Jacobs <<http://www.fool.com/About/staff/tomj.htm>> (TMF Tom9)
October 24, 2001
Enron's (NYSE: ENE) <<http://quote.fool.com/uberdata.asp?symbols=ENE>> troubles just don't stop. On Monday, the company announced <<http://www.enron.com/corp/pressroom/releases/2001/ene/70-LJMfinalltr.html>> that the Securities and Exchange Commission (SEC) had requested information on "certain related party transactions <<http://www.fool.com/specials/2001/sp010802e.htm>>." That was a veiled reference to partnerships until recently organized and directed by Enron CFO Andrew Fastow. There has been a flurry -- a hailstorm -- of financial media attention to this. There are only three possibilities, and none is palatable:
The company's board allowed this deal in order to -- using corporate speak -- "incentivize" the CFO, and it was not legal;
It was legal, but unethical; or
Enron has been less than forthcoming, perpetuating a pattern of disdain for investors and keeping them in the dark.
The accounting machinations involve mind-numbing terms and obfuscation, making a simple explanation of what is being alleged above my capacity to provide. The New York Times' Floyd Norris calls them "some of the most opaque transactions with insiders ever seen." That leads me to one conclusion when I think about burying myself with the company's SEC filings, accounting texts, my high-speed Web connection, and some beer: that of Shakespeare's King Lear -- "that way madness lies."
On the one hand, I know that pulling all this apart might teach me useful things about accounting, reading financial statements, and finding trouble. (To read what this is all about, check the "Certain Transactions" section of the company's latest proxy statement <<http://quote.fool.com/sec/sec.asp?date=03/27/2001&currTicker=ene&symbols=ene&guid=%7B5D0F1D1D%2D5DB7%2D4F4E%2D9BD9%2DFA154603F662%7D>>.) I fully intend to do that -- someday. For now, though, all I need to know about Enron as an investment is that the company has not made these issues transparent.
What's worse, though, is that Enron has made it a habit to keep investors in the dark, and not only about the potentially troublesome CFO issue. The company goes out of its way to hide its true financials. That really cheeses me off.
The quarterly call and press release parade
Most companies hold quarterly conference calls and simultaneously spew press releases (for which the companies pay good money to Business Wire and PR Newswire for dissemination) that allegedly state their latest quarter's numbers and talk about the business. Sometimes, when they have cleaned off their glasses enough for visibility and run it by their lawyers, execs will even venture to speak about the business climate ahead. At least thanks to Regulation Fair Disclosure <<http://www.fool.com/Specials/2001/sp010418.htm>> -- "Reg. FD" -- analysts don't get a secret call with the "real" numbers at another time than the public. We like that.
Perhaps in a world of pro forma numbers <<http://aol.fool.com/portfolios/rulemaker/2001/rulemaker010815.htm>> and EBITDA <<http://aol.fool.com/portfolios/rulemaker/2001/rulemaker010906.htm>> -- both of which Phil Weiss has skewered appropriately in past columns -- the calls and press releases could never be expected to be that substantive. That makes individual investors increasingly correct to greet such information with cries of "bullfeathers!" It only takes a few reviews of earnings press releases to make anyone a skeptic. The PR department carefully dresses them with spin, leaving the details for the fine print. Headline: "Earnings up!" (Revenues down 40%.) Headline: "Revenues up!" (Earnings down 40%.) The skullduggery of spin and pro forma mangles earnings to meaninglessness <<http://www.fool.com/news/foth/2001/foth010504.htm>>.
At least the conference calls themselves allow you a sense of managers as people and potentially some information about the business, but the financials are not helpful. Why?
Hiding the cash flow statement
Because almost every company gives up only part of the financial picture at call and press release time. If the income statement is increasingly unhelpful, at least the balance sheet tells you whether the company has increased or decreased cash, right? Well, not quite.
You really need the cash flow statement -- the best measure of how the company's business actually performs. Even then, you may need to make further adjustments <<http://aol.fool.com/portfolios/rulemaker/2001/rulemaker010906.htm>>. Yet the overwhelming majority of companies do not provide the cash flow statement at the call and press release time.
Check the companies you own. If they don't release cash flow statements with their earnings -- or, at least, prior to SEC filings, you should write and otherwise hound investor relations to push management to do so. Encourage your fellow investors to do so too, and tell the company that The Motley Fool sent ya. They will maintain that the numbers aren't ready at earnings time. Tell them to wait until they are. The numbers are certainly ready in time for the SEC deadline, and wouldn't we be happy to wait a week or two for the complete picture? Or, hey, why not do two releases -- one when the earnings are ready and another for the cash flow?
If not releasing the cash flow statement were Enron's only sin, it wouldn't be that big a deal. It has plenty of company. But this pre-Halloween < <http://www.fool.com/specials/2001/sp011024.htm>> scary tale gets worse. Unfortunately for Enron investors, the company does the hide-the-cash-flow-statement gig one better.
Hiding the balance sheet
For at least the last three quarters that I checked, Enron hides the balance sheet until SEC filing time. That's right: Not just the cash flow statement, but the balance sheet too. All they release is the income statement -- though, in truth, it does provide pages of income statement information for its many businesses. But why fail to release the balance sheet?
The only conclusion can be that management doesn't want to show its cash balances until it can slip them into SEC filings it thinks people won't bother to read. When questioners on a conference call earlier this year urged former Enron CEO Jeffrey Skilling to provide a balance sheet at earnings release, Skilling reportedly "called the questioner a common vulgarity that surprised many listeners."
Off his meds that day? Or a symptom of the company's attitude towards shareholders? Looks like the latter: Skilling's gone, but the practice hasn't changed.
It's about management
We don't depend on management for the numbers during the quarterly public calls and releases. A publicly traded company's financials will appear a few weeks later through its SEC filings available through our Quotes & Data page <<http://quote.fool.com/>>. No investor should be buying -- or holding -- stock in companies if they don't read their filings carefully. It's hard enough to discern what's going on in a business without doing so, and even in those filings -- such as with options grants to management -- the real meat is buried in footnotes. Not reading 10-Qs and 10-Ks is like getting married without dating, or buying a car by paint color only.
What Enron's failure to release this information says is that its management and corporate governance are sub-par. It says management is willing to hold these events, but it'll be darned if it'll present anything meaningful or make it easy for individual investors to find out anything other than management's spin. In Enron's case, its former CEO heaped abuse on someone who dared ask for a change. Does that make Enron's earnings releases circuses? Draw your own conclusion.
Is management listening? Perhaps. It hastily pulled together a conference call yesterday. TMF community member emschulze took notes <<http://boards.fool.com/Message.asp?mid=15974151>>:
"On call, analyst asks why no balance sheet with recent earnings release given company's previous claim that it will work to offer investors greater transparency in measuring its performance... response was that balance sheet doesn't normally come together until the week after its earnings release and that it will be included in 10-Q to be filed by Nov. 14... CEO indicates that it will do a better job of improving timing of release of earnings and balance sheet in future, implying that investors won't have to wait all the way until 10-Q filing deadlines to see balance sheet."
That's a good sign. But until the company makes an unambiguous commitment to provide the balance sheet at earnings time, Enron should be in the doghouse.
Good corporate governance means companies release all their quarterly financial statements and discuss them at the same time because today's income statements and pro forma numbers are borderline useless. If it means a delay or a second release to get the numbers together, what's the problem? Shareholders should demand no less. When a company trumpets an income statement, as Enron has, no one should be surprised when smoke appears. And perhaps much more.
Tom Jacobs (TMF Tom9) would like to improve his own cash flow statement. At press time, he owned no shares of Enron. To see his stock holdings, view his profile <<http://boards.fool.com/Profile.asp?uid=633241>>, and check out The Motley Fool's disclosure policy. <<http://www.fool.com/help/disclosure.htm>>
Bonds Of Troubled Enron Quoted In Dollars, Not Spreads
By Michael C. Barr
10/24/2001
Capital Markets Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of DOWJONES NEWSWIRES
NEW YORK -(Dow Jones)- The bonds of embattled Enron Corp. (ENE) are trading on a dollar basis and not on a yield margin or spread to Treasurys - another sign of increasing investor skittishness about the once high flying energy trader.
The bonds, which carry investment-grade ratings, "started trading with a dollar price two days ago," said Gary Brown, managing director and head of corporate trading, Wachovia Securities, Charlotte, N.C.
Bonds are being offered at dollar prices in the high 80's to low 90's, say traders.
Investment grade bonds typically trade on a spread margin over comparable Treasury issues. "Credit bonds," which have questions about their quality, are traded in dollar quotes, said one analyst.
Moody's Investors Service rates the company's senior unsecured debt Baa1, but recently placed the debt on review for downgrade. Both Standard & Poor's Corp. and Fitch rate the debt triple-B-plus.
But the company "may be going into the double-B (non-investment grade) sector, " said Harold Rivkin, principal of H. Rivkin & Co., a distressed debt brokerage firm, Princeton, N.J.
"I am starting to get inquiry from investment grade holders about the market for Enron bonds," Rivkin said, noting that some high-grade portfolios can't have paper below investment-grade.
Houston-based Enron, the nation's biggest energy trader, recently announced a large third-quarter loss and an investigation by the Securities and Exchange Commission into a partnership arrangement that involves the company's chief financial officer, Andrew S. Fastow.
Enron has approached Citicorp (C) about obtaining a possible $750 million loan, according to a source close to the bank. But the source indicated Tuesday that nothing has proceeded past the preliminary inquiry.
The company's stock, while once a favorite of the investment community, has taken a pounding. It traded early this year at more than $80 a share. Late Wednesday, it was at $15.70 a share.
And, in a reflection of current investor sentiment, for the second time this week analyst Carol Coale of Prudential Securities downgraded the company to a sell recommendation from a hold. Her concern is "not because of the things we know but because of the things that we potentially don't know."
-By Michael C. Barr, Dow Jones Newswires; 201-938-2008; [email protected]
(David Feldheim contributed to this article.)
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Group to put corporate directors under microscope.
By Kevin Drawbaugh
10/24/2001
Reuters English News Service
(C) Reuters Limited 2001.
WASHINGTON, Oct 24 (Reuters) - Directors of corporations will be graded according to their performance by a service expected to be launched soon by business research group The Corporate Library, the group's cofounder said on Wednesday.
In a move that could cause some sweaty palms in boardrooms across the country, long-time shareholder activist Nell Minow said directors will be awarded grades of A, B, C and lower, based on meeting attendance and other benchmarks.
"It's always been my dream to rate individual directors like bonds. Directors have not had the scrutiny they deserve," said Minow, who said the service will be called Board Analyst.
Planned as an added feature on an existing Web site, thecorporatelibrary.com, Board Analyst is still in testing stages but is expected to launch next year, she said.
Only directors of U.S. companies will initially be evaluated. Non-U.S. directors may be added later.
Minow and partner Robert Monks have written several books on corporate governance and shareholder rights. They formerly managed the Washington-based shareholder activist Lens Fund, which they sold last year to British fund management group Hermes.
Their latest venture may find a receptive audience on the institutional buy-side, said industry spokespersons.
"There's been growing interest within our membership in board membership, in general, and individual directors, in particular. I definitely think there would be interest in more information on individual directors," said Ann Yerger, spokeswoman for the Council of Institutional Investors, which represents America's large pension funds.
The corporate governance movement since its beginnings in the 1970s has focused on making directors more accountable and responsible. Many companies have responded by requiring more outside directors and more meaningful stock ownership among directors. But examples of lax board oversight still abound.
One example would be Enron Corp. , whose stock has plunged in recent days since the company said the Securities and Exchange Commission was investigating transactions involving certain outside partnerships and the company's chief financial officer, Minow said.
"Where was the Enron board in all of this?" she asked. "Boards and outside consultants are supposed to vet ideas for partnerships like these. That apparently didn't happen here."
Taking the corporate governance argument a step further, Minow argued that effective board membership is more than a theoretical question. It should be an issue for investors to evaluate when they consider buying stock in a company.
"This isn't just a corporate governance thing. This is part of investment analysis," she said.
Institutional investors routinely examine corporate management when analyzing stocks. Whether they will begin to examine directors, as well, remained an open question.
"Nell and Bob Monks have been shareholder activists for a long time and have moved corporate governance in a positive direction," said Peter Gleason, vice president of research and development at the National Association of Corporate Directors, which represents more than 3,000 corporate directors.
Surveys by the association recently showed that corporate directors rank self-evaluation high on their list of concerns. "More and more directors are saying this is something we should be doing," Gleason said.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. | {
"pile_set_name": "Enron Emails"
} |
Gentlemen,
Thanks for the time that you spent with me last week. I appreciate the
opportunity to visit with each of you. If Pipeline Equipment, Inc. can be of
assistance just give me a call. If I am unavailable you may contact Mike
Kimball, General Manager or Tommy Hudspeth, Director of Sales.
Thanks again for your time.
Regards,
Jack Lollis
Pipeline Equipment, Inc.
(918) 224-4144
(918) 224-4455
[email protected]
www.pipelineequipment.com | {
"pile_set_name": "Enron Emails"
} |
This is the last straw:
Peace just called to thank us for resolving the contempt issue. He then went on ad nauseum--and I mean nauseum--about just about everything in the world. Unreal.
I told him that in exchange, we expected him to get rid of Bill Lockyear.
Richard: He complained a little about Kirby. I told him Kirby was worth his weight in gold.
Best,
Jeff | {
"pile_set_name": "Enron Emails"
} |
if you have a bit of time, you might find it entertaining. | {
"pile_set_name": "Enron Emails"
} |
Kim,
Yes, the offer is coming. It may take a few days to process it, but you can
count on it.
Vince
"Whitsel, Kimberly" <[email protected]> on 03/05/2001 08:36:47 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Summer Opportunity
Vince:
I did get your phone message about the summer, but I still haven't heard from
Enron about an offer for summer employment. I do have other offers with
other energy companies that I must respond to this week. Could you let me
know as soon as possible if an offer will be made to me.
Sincerely,
Kimberly Whitsel
Wharton MBA Candidate 2002 | {
"pile_set_name": "Enron Emails"
} |
ADMINISTRATIVE
EHS Database - Donnie Willmann, Gavin Dillingham and Susan Worthen have been
working to transfer the database from Quality Management to EHS Corp.
EHS Global Asset Remediation Project Report - EHS Global Asset prepared the
remediation project report and submitted it to Mike Terraso.
EUROPE
Enron Metals ) Alan Stringer is reviewing EHS requirements for Europe
assets. Reviewed contaminated land investigation required for planning
permission for new warehouse in the UK.
INDIA ,ASIA,CALME,SOUTH AMERICA
India, Dabhol Power Company - ThermoRetec submitted their groundwater
assessment report to DPC this week. Alan Stringer prepared remediation
scenarios and cost estimate for Dabhol Plant and submitted them to Henry Van
for review with R McDonald
Guam, Marianas Energy Co. - Bal Wong conducted a weekly site Spill Prevention
Control & Countermeasures (SPCC) inspection at Marianas Plant. Also
conducted one hour environmental permit, SPCC Plan training and 4-hr
Respiratory Protection Training and Fit Testing to Operations Department
Group C personnel.
Panama, Bahia Las Minas (BLM), Stack Testing - Ramiro Garcia completed
proposal negotiations with stack testing contractors. A service vendor was
selected by BLM with recommendations from EHS Global Assets. Stack testing
of BLM units is anticipated to be completed in 4-6 weeks.
Bolivia, Transredes Crisis Management Plan - Edgar Zuleta continues working
with the operations units in documenting the existing Crisis Management Plan.
Bolivia, Transredes Technology Exchange Program - Edgar Zuleta supported
Transredes in a Technology Exchange program for Bolivia environmental
agencies.
Brazil, Yacuiba to Rio Grande Pipeline Project - Edgar Zuleta held a meeting
to gather information on social issues for the EIA of this new pipeline
project.
Enron Conservation Survey - Edgar Zuleta is reviewing the Conservation
Survey questionnaire sent by some assets. To date TGS, Copergas, Pbgas and
Emsergas have submitted their questionnaires.
NORTH AMERICA
New Jersey, Garden State Paper Company - Scott Watson is preparing a
Contractor Safety & Health Guidelines Procedure to be implemented at this
facility. This procedure will also be implemented at Enron,s most recent
acquisition, Daishowa Paper Manufacturing Co. in Quebec.
Enron Corp Safety Video Project ) On February ,7 Scott Watson met with Mike
Terraso, Henry Van, Mary Ann Roman de Meza and Linda Adels to review the
draft contractor and new employee safety video tapes . The final videos will
be incorporated into Enron EHS Web Page as well as the EHS Safety/Health
Program.
Enron Campus Safety Issues ) On February 9, Scott Watson met with Mike
Terraso, Henry Van, and Bill Donavon to discuss safety responsibilities
related to the Enron downtown campus.
REGULATORY TECHNICAL ANALYSIS
Water Regulations -- Jim Peterson reviewed the implications of the recent
Supreme Court decision on regulation of Isolated Wetlands under the Migratory
Bird Rule and prepared an analysis for the Environmental and Safety Report.
TXOGA Pipeline Committee Meeting - Marc Phillips attended a TXOGA Pipeline
Committee meeting. He presented information on TNRCC's proposed changes to
the Permit by Rules and enforcement of upset and maintenance rules. The rules
will impact ETS.
Environmental and Safety Leg/Reg Report - The RTA Group issued a draft of the
Reg/Leg Report for review by management and legal staff.
California NSR Permitting Legislation - Marc Phillips distributed an update
on the status of legislation to expedite New Source Review permits for power
generation in California.
Solar Turbines - Marc Phillips met with Solar Turbine personnel to discuss
problems with permitting and maintenance of Solar turbines.
Reciprocating Engine and Turbine MACT Regulations - Marc Phillips discussed
the proposed Reciprocating Engine and Turbine MACT Regulations with EPA
personnel. It should be determined by the end of March whether or not the
regulations will be moving forward or will be redone by the new
Administration. The regulations could impact all operating units with
reciprocating engines and turbines.
National Risk Assessment For Selected HazMat in Transportation - Russell
Tucker was requested by ETS to become involved in the risk assessment sturdy
about to be released by RSPA.
HM - 126 Hazardous Materials Review - At the request of ETS, Russell Tucker
completed a review of all DOT final rules of the last 3 years to determine if
there were any changes that needed to be made to the HM - 126 Hazardous
Materials training course conducted each 3 years in ETS.
GREENFIELD CAPITAL PROJECTS
A meeting in Santa Cruz, Bolivia with Shell, Transredes, and Enron
representatives will be held the week of March 12 to discuss the "lessons
learned" findings.
Bahama LNG and Pipeline -Joe Kolb reports that he, Lauren Iannarone, Habiba
Bayi, and Catherine McKalip-Thompson met this week with Alice Weekly and Dave
Glessner (project developers). Dave Glessner is handling the Bahama end and
Alice Weekly the Florida end. After a project description was given, several
suggestions were given. The pipeline will cross the land of a private
university and go underneath a state recreation area. Each person left with
assignments as part of developing a strategy to identify and address
environmental and social issues.
Transredes Looping (Bolivia) - Joe Kolb has nothing new to report. Joe
Kolb, Susan Worthen, and Lauren Iannarone met to discuss the best way to
ensure that environmental and social concerns are addressed. This meeting
was held in response to concerns raised by Henry Van and Edgar Zuleta.
ACQUISITIONS
Military Base Privatization (MacDill AFB) ) Don Stevens provided an
Environmental Baseline Study proposal to Charlie Thompson for inclusion in
the RFP.
Massey (JV Coal Mine) - Susan Worthen received confirmation from Bill
Giuliani (originator) that negotiations with Massey have slowed and they are
uncertain if the transaction will proceed. Bill will notify Susan or Don
Stevens if any changes occur.
Project Ice (potential 100% acquisition of a private company with one ammonia
and two propane facilities located in Florida, New Jersey and New
Hampshire). Don Stevens participated in a company overview meeting and data
room document review regarding the proposed transaction in New York on 2/5/01
) 2/7/01.
DEPARTMENT PROJECTS
Annual Report - EES and EFS safety data appears to be complete. A meeting
is scheduled with Gene Humphrey for the week of the 20th to discuss inclusion
of information from Investment Partners. Additional meetings will be
scheduled with Workplace Diversity and Community Relations.
Telework/NEPI Program Gavin will be attending a telework meeting at Judge
Ekcels office on Friday to talk with NEPI and HGAC representatives and to get
a better idea of the free services that HGAC provides to setup a telework
program. HR is currently reviewing the idea.
Hybrid Vehicle Program - Bruce Martin, the fleet manager in Strategic
Sourcing, has taken the Prius for a test drive. He liked how it performed and
said he plans on purchasing a few for Enron,s fleet. Gavin will be working
with Bruce to determine how we can best manage and collect the emission
reduction credits off of these cars.
COMPETITIVE INTELLIGENCE
Power/Gas/Emissions Markets -- California Energy Crisis & Emissions
Regulation - Mary Schoen has been working out of the San Francisco office,
providing analysis and develop strategy on the environmental components of
the many bills that are being introduced in the California legislature to fix
the energy crisis. Enron's primary strategy is to drive the permitting
process and air requirements to a more standardized, centralized format and
to allow generators to pay into a pollution mitigation fund in lieu of
purchasing/creating air quality offsets. Stacey Bolton informed EES of
opportunities in legislation that could allow energy efficiency projects to
qualify as early reduction credits to meet air quality regulations. All ESG
members continue to provide business units with information and updates on a
daily basis regarding potential legislative/regulatory changes that could
affect key Enron markets in California.
Power Generation -- EES Locomotive project - Mary Schoen provided guidance
along with Gus Eghneim, on the air quality and permitting issues surrounding
EES's locomotive project. Worked with consultants to produce a matrix of
the state-by-state requirements and analysis of a potential loophole in the
rules which may allow these engines to permitted as mobile sources and avoid
stringent requirements.
Power Quality/Distributed Generation - Mary Schoen provided intelligence to
EES's Premium Power Group on permitting and siting fuel cells in CA and TX.
Power Generation/Origination - Mary Schoen is providing intelligence to 2 new
commercial groups -- a power origination group looking at new coal generation
and the industrial group looking at converting industrial customers to
merchant generators.
ADVOCACY COORDINATION AND BUSINESS SUPPORT
Clean Air Act -- Federal Multi-pollutant Legislation - Jeff participated in
several industry strategy calls and organized visits of an ad hoc "Clean
Power" group to key staff on Capitol Hill and in EPA. Jeff interviewed
several law firms and consultants that the group may retain to assist with
technical legislative drafting and lobbying on the multi-pollutant bill.
Energy Efficiency/Air Quality - air quality regulatory requirements, which
would benefit EES.
Indiana NOx SIP: Mary Schoen scored a major victory in Indiana's NOx SIP,
where regulators included Enron's suggestion for a 2% set aside of NOx
allowances for energy efficiency/renewable energy projects.
"Negawatt" programs: Stacey Bolton worked with EES on comments suggesting
changes to the structure of the Negawatt program in Pennsylvania. Stacey is
also promoting the Negawatt concept in Ohio. Stacey also is pursuing the
inclusion of energy efficiency credits such as Negawatts in California
legislation aimed at assisting the energy crisis.
Power Quality/Distributed Generation - provide support to the EES Premium
Power group as they develop and implement their business plan to provide
power quality and distributed generation services to customers in the
high-tech area. Stacey Bolton met with EES regarding a fuel cell
demonstration project in California, and developed strategies for assisting
them with state/federal funding. Stacey drafted an abstract for EES'
application for a CARB grant, which has the potential to provide EES with $1
million in funding. Mary Schoen attended a hearing at CARB focused on
certifying DG technologies and providing guidance to local permitters to
accelerate the permitting of DG. Jeff Keeler worked on coordinating
signatures of an industry letter (which EES signed) to DOE urging development
of an FY 02 multi-million dollar funding mechanism at DOE to support R&D and
commercial applications for power quality projects in the high-tech sector.
Renewable Energy - California Crisis and Retail Green Power markets - Stacey
Bolton worked with EES regarding the regulatory implications for their green
customers in PG&E's territory which are being switched from a physical to
financial contract. Stacey helped coordinate with Harold Buchanan and his
sales representatives to inform customers Patagonia and Fetzer that EES would
be supplying them with a green tag product rather than 100% (physical) green
power. Stacey worked with PR on a strategy to position our green tag
efforts as environmentally-friendly, and market oriented solutions to
California's crisis. Stacey spoke with both the CEC and Green-e to ensure
that EES' labeling and certification would not be affected, and informed of
the positive responses she received. Stacey also explored the possibility of
getting customer credit money for a tag-only product.
Environmental Disclosure:
Ohio - Stacey met with Ohio PUC staff regarding environmental disclosure
programs and clarify EES' arrangement with First Energy, where First Energy
would file the actual label with customers. Stacey was also asked to sit on
the Ohio Green-e advisory group to develop a standard for certification in
Ohio, where she is promoting market-oriented solutions.
California - Stacey reminded EES about upcoming reporting deadlines for the
California CEC and Green-e (March 1) and routed the appropriate worksheets to
EES legal.
Pipeline Safety Legislation - Jeff Keeler provided support to government
affairs and ETS on advocacy efforts regarding pipeline safety legislation.
On February 8, the Senate quickly brought S. 235 (the McCain bill) to the
floor and passed it on a 98-0 vote. One amendment was adopted, offered by
Sen. Jon Corzine (D-NJ) to require integrity testing to be performed at least
every 5 years with three exceptions -- unavailability of equipment; other
appropriate technical means exist; or necessary supply may be interrupted.
Jeff provided political/strategic assistance based on last year's legislative
experience. | {
"pile_set_name": "Enron Emails"
} |
Heidi, Attached is the modified confirm form. Please note the following:
1. This will only work with an Interruptible all points master contract
2. This confirm cannot extend the term of a transport agreement. We need to
make sure that the master is still in its term.
3. The counter -party should sign off for every transaction. Via fax
signature is acceptable.
4. A single form per contract must be used.
5. This form is set up for 1 month or less deals.
We need to make sure this confirm can be handle under the existing global
contract # for the master contract.
Please review and let me know if you have any questions. | {
"pile_set_name": "Enron Emails"
} |
Mark,
Here at Enron Global E&P I have polled my CEO, Jeff Sherrick, and my
CFO/CAO, Howard Selzer, and neither they nor I have anything to report.
Am I supposed to poll everyone in the business unit -- 50 people in Houston
and 250 overseas?
Stephen.
-----Original Message-----
From: Enron Announcements/Corp/Enron@ENRON
[mailto:[email protected]]
On Behalf Of Mark Taylor (Vice President and General Counsel)
@ENRON
Sent: Tuesday, June 05, 2001 6:43 PM
To: NYMEX Hedge Exemption List@ENRON
Subject: PLEASE READ
To: Department: ENA Legal
From: Mark Taylor Date: May 11, 2001
Vice President and General Counsel
Subject: Enron North America Corp. NYMEX Hedge Exemption
Applications
We are in the process of preparing applications for position limit
exemptions for ENA's NYMEX energy commodities futures trading. These
applications require that ENA represent whether its officers, employees,
owners, or agents have a power of attorney, control or have a financial
interest in any related commodity future(s) account either individually
or acting with another person pursuant to express or implied agreement.
Please direct any responses to my paralegal, Tana Jones, via
intercompany email or call her at (713) 853-3399 by the end of business
on June 15, 2001 if you have any power of attorney, control or have a
financial interest in any commodity futures account (other than an ENA
or other trading affiliate account).
IF YOU DO NOT HAVE A COMMODITY FUTURES ACCOUNT, YOU DO NOT NEED TO
RESPOND TO THIS REQUEST. | {
"pile_set_name": "Enron Emails"
} |
No wonder you are oblivious to our meager organizational changes up in
Omaha! You are out doing zillion dollar deals for EBS!!!
Congratulations--sounds like a very cool deal! Lets get together soon down
in Houston and debrief--that is if rock star Frank can take time away from
the 50th floor crowd to hang with mere mortals! DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 07/21/2000
11:04 AM ---------------------------
From: Enron Broadband Services 07/19/2000 06:34 PM
Sent by: Enron Announcements
To: All Enron Worldwide
cc:
Subject: Enron and Blockbuster to Launch Entertainment On-Demand Service
Today Enron Broadband Services announced a 20-year exclusive agreement with
Blockbuster to deliver a revolutionary new "entertainment on demand" service
to consumers. Consumers will be able to order movies from the convenience
of their homes, and watch them on their televisions whenever they want. To
learn more about this exciting announcement and view a webcast featuring
interviews with Ken Lay and Blockbuster CEO John Antioco, visit
http://www.ebentertainmentondemand.com/. | {
"pile_set_name": "Enron Emails"
} |
Jeff: I'll call you later. Sara
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
----- Forwarded by Sara Shackleton/HOU/ECT on 01/18/2001 09:33 AM -----
Peter Russell@ENRON
01/17/2001 09:14 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: "ECT Europe Accounting" as ENA hedge counterparty
Sara
I am not sure I understand the question. What do you mean by RMT?
Here is an explanation of what happened here in London:
Due to cash flows originated by tax in London before year end, some Enron
Europe companies had FX positions that needed to be hedged. However, due to
tax reasons we could not hedge the FX positions in the entities in which they
arose because the hedge gains or losses would be subject to the 'sub-part F'
income rules (and liable to double tax).
Tax therefore suggested that we transact the hedges in the name of 'ECT
Europe Accounting Entity' (company 912), where they would be consolidated
into Enron Europe for management accounting but would be within a US legal
entity and therefore not subject to double tax. My understanding is that 912
is a branch of ENA and therefore there is a hedge transacted between ENA 912
and ENA.
We have been trying to identify the hedges within company 912 but cannot see
them there. Can you help with this?
Regards
Peter
From: Sara Shackleton@ECT on 17/01/2001 09:00 CST
To: Jeff Blumenthal/HOU/ECT@ECT, Peter Russell/EU/Enron@Enron
cc: Laurel Adams/HOU/ECT@ECT
Subject: "ECT Europe Accounting" as ENA hedge counterparty
Jeff and Peter:
Has this question been resolved? Please let me hear from you. We need to
make certain that these transactions are properly booked. Thanks. Sara
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
----- Forwarded by Sara Shackleton/HOU/ECT on 01/17/2001 08:58 AM -----
Sara Shackleton
01/10/2001 09:50 AM
To: Jeff Blumenthal/HOU/ECT@ECT
cc:
Subject: "ECT Europe Accounting" as ENA hedge counterparty
Jeff: Do you have an answer yet? Sara
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
----- Forwarded by Sara Shackleton/HOU/ECT on 01/10/2001 09:49 AM -----
Sara Shackleton
01/03/2001 01:08 PM
To: Jeff Blumenthal/HOU/ECT
cc:
Subject: "ECT Europe Accounting" as ENA hedge counterparty
Jeff:
In connection with the instructions given by London to Shane Dallmann, note
that the instruction for ENA to transact the Euro hedges was given by Peter
Russell. Please advise as to whether these should be RMT transactions and
which Enron affiliate should be involved. Thanks. Sara | {
"pile_set_name": "Enron Emails"
} |
Gas Market Winter Outlook: Fundamental Questions
This conference call is Thursday, October 18, at 10:00 a.m. and is CERA's winter preview show. I will arrange with CERA for our participation. You can call into the 800 number below if you are in Houston, Minneapolis or other locations. For those attending in Omaha, Room 697 is reserved for you. I will register for all of the ETS staff, just identify yourself as Enron and give your name when calling.
I hope to see you there!
Lorna M. Brennan
Competitive Intelligence
Enron Transportation Services
Omaha 402-398-7573
---------------------
Title: Gas Market Winter Outlook: Fundamental Questions
URL(s):
http://www20.cera.com/eprofile?u=35&m=2745;
***********************************************************************
TOPICS
* Demand: Waiting for a Rebound
* Supply: Stalling Growth
* Storage: Reaching Maximums?
FORMAT
Speakers:
Bob Esser, Senior Director and Consultant
Paul Hoffman, Associate Director, North American Natural Gas
Bryan Sanderson, Associate Director, North American Gas
Jen Snyder, Director, North American Natural Gas
Ed Small, Director, North American Natural Gas
Time: 11:00 AM Eastern, Thursday, October 18, 2001
Eligibility: Clients eligible to participate in this conference call are those
who subscribe to the CERA North American Gas Retainer Advisory Service.
TO ENROLL
To enroll, please send a fax to Katya Ashe at (617) 497-0423, or enroll via
e-mail at [email protected] before 9:00 A.M., Thursday, October 18, 2001. Please
include your name, company, and telephone number with your correspondence.
Enrollment is not mandatory but assists us in optimizing the conference
experience. If you are unable to pre-register, please follow the directions
below to participate on the day of the call.
Follow above URL and click through to the Full Report for instructions to
participate in the call (audio and Internet information).
**end**
E-mail Category: Conference Call Notification
CERA Knowledge Area(s): North American Gas
***********************************************************************
***********************************************************************
CERA's Autumn 2001 Roundtable event dates and agendas
are now available at http://www20.cera.com/event
***********************************************************************
To make changes to your cera.com profile go to:
http://www20.cera.com/client/updateaccount
Forgot your username and password? Go to:
http://www20.cera.com/client/forgot
This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.
Terms of Use: http://www20.cera.com/tos
Questions/Comments: [email protected]
Copyright 2001. Cambridge Energy Research Associates | {
"pile_set_name": "Enron Emails"
} |
calendar
---------------------- Forwarded by Steven J Kean/NA/Enron on 08/25/2000
07:14 AM ---------------------------
Joseph Alamo @ EES
08/24/2000 06:00 PM
To: California Government Affairs, Edward Hamb/HOU/EES@EES, Jennifer
Rudolph/HOU/EES@EES, Chris Hendrix/HOU/EES@EES, Greg Cordell/HOU/EES@EES,
Harold G Buchanan/HOU/EES@EES, Martin Wenzel/SFO/HOU/EES@EES, Douglas
Condon/SFO/EES@EES, James M Wood/HOU/EES@EES, Gary Mirich/HOU/EES@EES, Dennis
Benevides/HOU/EES@EES, Roger Yang/SFO/EES@EES, David Parquet@ECT,
[email protected], Paul Kaufman/PDX/ECT@ECT, Marcie Milner/Corp/Enron@ENRON,
Mary Hain@Enron, Harry Kingerski/HOU/EES@EES, James D Steffes/HOU/EES@EES,
Richard Shapiro/HOU/EES@EES, Peggy Mahoney/HOU/EES@EES, Karen Denne@Enron,
Mark Palmer/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Tim
Belden/HOU/ECT@ECT
cc: Lysa Akin/PDX/ECT@ECT, Ginger Dernehl/NA/Enron@Enron, Maureen
McVicker/NA/Enron@Enron, Marcia A Linton/NA/Enron@Enron
Subject: Conference Call Advisory/Invitation re: CA Legislative and
Regulatory Update
On behalf of Enron Host Bruno Gaillard, please consider this an invitation to
participate
in a conference call regarding California legislative and regulatory
updates. You may join the call on:
Date: Friday, August 25, 2000
Time: 1:00 PM PDT/3:00 PM CDT/4:00 PM EDT
Call-in Number: 1-877-233-7845
Pass Code: 126069
Host Code (Bruno only): 494209
Thanks in advance for your participation.
Joseph Alamo
Sr. Administrative Assistant
Government Affairs - The Americas
San Francisco CA | {
"pile_set_name": "Enron Emails"
} |
Yes.
1185 Avenue of the Americas
New York, New York 10036
Thanks
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, November 02, 2001 9:40 AM
To: [email protected]
Cc: [email protected]; [email protected];
[email protected]
Subject: RE: NDA with Enron
Chuck -
I will finalize the agreement this morning. Should I send execution
originals to your attention? If so, to what address?
Thanks.
Mark
-----Original Message-----
From: "Cerria, Chuck (Commodities - NY)" <[email protected]>@ENRON
Sent: Thursday, November 01, 2001 7:53 AM
To: Greenberg, Mark
Subject: RE: NDA with Enron
Yes, that's fine.
-----Original Message-----
From: Greenberg, Mark [mailto:[email protected]]
Sent: Wednesday, October 31, 2001 5:53 PM
To: [email protected]
Subject: FW: NDA with Enron
Chuck -
Looks like I had the e-mail address incorrect.
Mark
> -----Original Message-----
> From: Greenberg, Mark
> Sent: Wednesday, October 31, 2001 4:50 PM
> To: '[email protected]'
> Cc: Allario, John; Jones, Tana
> Subject: NDA with Enron
>
>
> Chuck -
>
> John Allario forwarded the comments you made to the NDA for my review
> and comment. I agree with all revisions, but the change to the
> business relationship provision in the introductory paragraph. I
> would propose that we state the "Project" to be "... each of Enron's
> and Amerada's affiliates are prepared to furnish each other with
> information in connection with a possible business transaction or
> relationship based upon use of the EnronOnline platform or software
> (the "Project")..." The statement made in your revision is a bit
> beyond what is actually intended to be discussed.
>
> Please consider this change and let me know your thoughts. If this is
> acceptable, I will incorporate it into final agreements, together with
> your other comments, and see that final agreements are forwarded for
> signature.
>
> Thanks.
>
> Mark
> Senior Counsel
> Ph: 713-345-8897
> Fax: 713-646-4842
> E-mail: [email protected]
>
>
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate
and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or
reply
to Enron Corp. at [email protected] and delete
all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence
a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not
be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
********************************************************************** | {
"pile_set_name": "Enron Emails"
} |
Dear Gerald,
It's another FREE SHIPPING offer at buy.com. Get free shipping on
items under 20 lbs. when you spend a combined total of $100.*
Click here:
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This free shipping offer is good for three days only. Just spend a
minimum of $100, and all shipping less than 20 pounds is on us!
Click here:
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Don't delay...this special FREE SHIPPING offer is good from Monday,
June 4th, thru Wednesday, June 6th.
As always, we thank you for choosing buy.com.
Tamara Ross
Customer Benefits Manager
buy.com
Anytime Help: Please use the link below for your Customer Support
questions. Please do not reply to the buy.com eMail address. It is not
an active mailbox. Click here:
http://enews.buy.com/cgi-bin5/flo?y=eD7h0BB2Pi0BVR0nWC0Ad
All prices and product availability subject to change without notice.
Unless noted, prices do not include shipping and applicable sales
taxes. Product quantities limited. List price refers to manufacturer's
suggested retail price and may be different than actual selling prices
in your area. Please visit us at buy.com or the links above for more
information including latest pricing, availability, and restrictions
on each offer. "buy.com" and "The Internet Superstore" are
trademarks of BUY.COM Inc. , BUY.COM Inc. 2001. All rights reserved.
*Free Shipping Offer:
Standard ground shipping method will be selected by buy.com. Due to
the weight of certain items, this free shipping offer does not apply
to monitors, printers, systems and other select products. Free
shipping offer is limited to items under twenty (20) pounds. If a
shipping charge applies, it will appear in your shopping basket at
checkout. $100 minimum purchase does not include shipping and
applicable taxes. This offer expires June 6th, 2001 at 11:59 P.M. EST.
buy.com reserves the right to end this free shipping offer at any time.
We respect your privacy. If you would rather not receive eMail
alerting you of buy.com special offers, product announcements,
and other news, just let us know by clicking here:
http://enews.buy.com/cgi-bin5/profile?y=eD7h0BB2Pi0BVRY | {
"pile_set_name": "Enron Emails"
} |
Joe,
The following Test Website ID's have been set up per your request:
User ID: CTPRTY113
Password: WELCOME!
User ID: CTPRTY114
Password: WELCOME!
Please note these are case sensitive.
Let me know if you have any questions.
Thanks,
Stephanie x33465 | {
"pile_set_name": "Enron Emails"
} |
Actually, if you leave RIGHT NOW you might make it to KC for the last half
hour of shooting time for the winter dove season, which closes today.
Now, after that you've got duck season. But you'll have to talk to BC about
that.
Last, you've got snow crow season that lasts till long after they have flown
north again. I still haven't gone on a tape hunt and this year might be a
good one to do it. Lots of young birds. Anyone interested in exploring this
option??
If none of those fit the bill, Schleicher bunny season opens in April. And
we hope that Chet will be joining us as a lease member.
e.
>From: "chad knipe" <[email protected]>
>To: "Joe Parks" <[email protected]>, "Chet Fenner" <[email protected]>,
>"EriK Wollam" <[email protected]>, "Brian Constantine"
><[email protected]>
>Subject: Re: duuuuhhhhh
>Date: Tue, 15 Jan 2002 09:10:52 -0600
>
>No, I can continue to sit at home and do what you do.
>
>----- Original Message -----
>From: Parks, Joe
>Sent: Tuesday, January 15, 2002 9:07 AM
>To: chad knipe; Chet Fenner; EriK Wollam; Brian Constantine
>Subject: RE: duuuuhhhhh
>
>bored, would you like to come to work with me
>-----Original Message-----
>From: chad knipe [mailto:[email protected]]
>Sent: Tuesday, January 15, 2002 9:04 AM
>To: Chet Fenner; EriK Wollam; Brian Constantine; Parks, Joe
>Subject: duuuuhhhhh
>
>
>For the love of god, I just can't seem to work or focus on anything these
>days..........is there anything in season or left to kill??!!! I need
>holiday/hunting rehab.
>I didn't drink last night for the first time in about 3 mos.--maybe thats
>the problem.
>
>bored.
>C.
>
>
>
>
>**********************************************************************
>This e-mail is the property of Enron Corp. and/or its relevant affiliate
>and may contain confidential and privileged material for the sole use of
>the intended recipient (s). Any review, use, distribution or disclosure by
>others is strictly prohibited. If you are not the intended recipient (or
>authorized to receive for the recipient), please contact the sender or
>reply to Enron Corp. at [email protected] and delete
>all copies of the message. This e-mail (and any attachments hereto) are not
>intended to be an offer (or an acceptance) and do not create or evidence a
>binding and enforceable contract between Enron Corp. (or any of its
>affiliates) and the intended recipient or any other party, and may not be
>relied on by anyone as the basis of a contract by estoppel or otherwise.
>Thank you.
>**********************************************************************
_________________________________________________________________
Join the world's largest e-mail service with MSN Hotmail.
http://www.hotmail.com | {
"pile_set_name": "Enron Emails"
} |
I'm in the new building as well. We were on of the first groups to move in back Oct. I'm on 4.
My group is definitely out the door. Credit Trading is the name of my group and I think the name speaks for
itself....
-----Original Message-----
From: Love, Phillip M.
Sent: Monday, November 26, 2001 8:55 AM
To: Rodriguez, Cecilia
Subject: RE:
good idea coming back. It is a zoo around here. Looks like D-Day is today. We will see. At least I got to move into the new building and see it for a few days. Where are you currently sitting?
PL
-----Original Message-----
From: Rodriguez, Cecilia
Sent: Monday, November 26, 2001 8:43 AM
To: Love, Phillip M.
Subject: RE:
I came back the 5th of this month because of what is going on. I was planning on staying out till Dec. but I figured I better get in here and get my resume updated.
The baby is doing great, thanks for asking.
I was just bugging like always.
C | {
"pile_set_name": "Enron Emails"
} |
Hey girl,
Where are the pictures, they were not attached. I'll call you this afternoon.
Patrice | {
"pile_set_name": "Enron Emails"
} |
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
----- Forwarded by Sara Shackleton/HOU/ECT on 01/22/2001 09:13 AM -----
Taffy Milligan
01/18/2001 07:37 PM
To: Susan Bailey/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Robert
Bruce/NA/Enron@Enron, Mary Cook/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron,
Tana Jones/HOU/ECT@ECT, Anne C Koehler/HOU/ECT@ECT, Stephanie
Panus/NA/Enron@Enron, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara Shackleton/HOU/ECT@ECT, Carol
St Clair/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Angela Davis/NA/Enron@Enron
cc: Suzanne Adams/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT, Taffy
Milligan/HOU/ECT@ECT, Becky Spencer/HOU/ECT@ECT, Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carolyn George/Corp/Enron@ENRON
Subject: SWAP GROUP CALENDAR
Effective immediately, please forward your updates for the SWAP Group
calendar to Holly Keiser.
Note: 2001-1st Qtr(98).pub is attached for those of you who have not yet
been migrated to 2000 (EI transferees).
Best regards,
Taffy Milligan | {
"pile_set_name": "Enron Emails"
} |
What the NYMEX is trying to get at is their concern that the NYMEX considers
the trades of ENA and its two other principal trading affiliates (Enron
Canada and London) to be one and the same as ENA. It is also concerned that
we might and try and set up other companies and trade of of those to try and
increase our overall trading volume with the NYMEX. Further, the NYMEX also
doesn't want us to increase our company's overall trading volume, by "hiding"
trades through accounts in the name of individual employees, The Annual
Hedge Exemptions applications require that ENA represent whether its
officers, employees, owners, or agents have a power of attorney, control or
have a financial interest in any other related commodity future(s) account
either individually or acting with another person pursuant to express or
implied agreement.as indicated in the original email from Mark. The
transaction you mentioned below doesn't appear to be problematic, since it
flows through ENA's risk books, thus not increasing the overall position the
NYMEX allows us to trade.
This annual email has a secondary unplanned, but helpful control purpose, it
fleshes out the trading of employees that might be in violation of the
Company's Trading Policy.
Michael Etringer
06/23/2000 09:41 AM
To: Tana Jones/HOU/ECT@ECT
cc: Jim Gilbert/PDX/ECT@ECT, Karen E Jones/HOU/ECT@ECT
Subject: Re: Enron North America Corp. NYMEX Hedge Exemption Applications
Tina,
I need some clarification in regards to this email. ENA holds interest in
the LV Cogeneration Limited Partnership, both directly and through its
friendly investor structure, which is a QF facility located in Las Vegas.
As part of the financing of the facility, ENA entered into a 10 year
financial NYMEX swap with LV Cogen. Brad Richter, ENA VP, signed the NYMEX
confirmations on behalf of LV Cogen (Desert Arc LLC) and ENA.
Is this transaction of interest to you and do you need additional information
with regards to this transaction?
Regards,
Mike Etringer
503-464-3836
Jim Gilbert
06/23/2000 07:18 AM
To: Michael Etringer/HOU/ECT@ECT
cc: Frank W Vickers/HOU/ECT
Subject: Enron North America Corp. NYMEX Hedge Exemption Applications
Mike,
Is this something we need to respond to? Please advise.
Thanks,
Jim
---------------------- Forwarded by Jim Gilbert/PDX/ECT on 06/23/2000 07:15
AM ---------------------------
Enron Capital & Trade Resources Corp.
From: Mark Taylor @ ENRON 06/21/2000 04:39 PM
Sent by: Enron Announcements@ENRON
To: All Enron Houston, Everyone_in_ECT_Calgary, Everyone_in_ECT_London,
Everyone_in_ECT_Portland, Everyone_in_ECT_New York, Everyone_in_ECT_Denver,
Everyone_in_ECT_Oslo, Everyone_in_ECT_Singapore, EI-Australia, Buenos Aires
Argentina - Office Staff, Buenos Aires Argentina - TGS Office Staff, Enron
Everyone_EOG_Denver, Enron Everyone_EOG_Calgary
cc:
Subject: Enron North America Corp. NYMEX Hedge Exemption Applications
We are in the process of preparing applications for position limit exemptions
for ENA,s NYMEX energy commodities futures trading. These applications
require that ENA represent whether its officers, employees, owners, or agents
have a power of attorney, control or have a financial interest in any other
related commodity future(s) account either individually or acting with
another person pursuant to express or implied agreement.
Please direct any responses to my paralegal, Tana Jones, via intercompany
email or call her at (713) 853-3399 by the end of business Friday, June 30,
2000 if you have any power of attorney, control or have a financial interest
in any commodity futures account (other than an ENA or other trading
affiliate account).
IF YOU DO NOT HAVE A COMMODITY FUTURES ACCOUNT, YOU DO NOT NEED TO RESPOND TO
THIS REQUEST. | {
"pile_set_name": "Enron Emails"
} |
========================================================================
GOPUSA
Bringing the conservative message to America
GOPUSA Eagle - January 24, 2002
========================================================================
Inside this issue...
* Mike Bayham... RNC Shakeup: Swapping a General for a Colonel
* GOPUSA News... New Government Report Raises Concerns in Light of
Terrorist Threat
* GOPUSA News... Non-Partisan CBO Confirms Recession and War Caused
Surplus Decline -- Not Tax Relief
* Austin Bay... Fighting Terror in the Philippines will be Different
* Linda Chavez... Don't Believe Everything You Read
* Bonnie Chernin Rogoff... The GOP Abandons Its Pro-Life Platform
* Jim Huber Cartoon... on criticism of treatment of detainees
* Letters from the E-mail Bag
========================================================================
RNC Shakeup: Swapping a General for a Colonel
By Mike Bayham
This past weekend the "leadership" of the national Republican Party
converged on Austin, Texas to ratify the second RNC head in as many
years. The vote to elect former Montana Governor Marc Racicot was a
mere formality with President George W. Bush's post-election/debacle
decree that Racicot should be running the RNC going into the mid-term
Congressional races.
It is tradition, and good policy, that the occupant of the White House,
or his advisers, select the chairman of the national party so that the
strategies and messages coming out of both camps are coordinated.
Because the now immediate past RNC Chairman did not fully understand
this tradition and reality, he is now out of a job.
Read more at http://gopusa.com/mikebayham/mb_0124.shtml
========================================================================
And now... a word from our sponsor...
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New Government Report Raises Concerns in Light of Terrorist Threat
GOPUSA News Wire
In a newly released report, the Census Bureau estimated that perhaps
115,000 people from Middle Eastern countries live in the United States
illegally. The estimates are based on the Bureau's preliminary analysis
of the 2000 census. The findings are especially troubling given the role
failures in immigration control played in September 's terrorist
attacks. Not only were at least three of the September 11th hijackers
illegal aliens, a number of past terrorists have also been illegal
aliens from the Middle East, including Gazi Ibrahim Abu Mezer, who tried
to bomb the New York subway system in 1997, and Mohammed Salameh, who
took part in the first attack on the World Trade Center in 1993.
Read more at http://gopusa.com/news/0124_immigration.shtml
========================================================================
Non-Partisan CBO Confirms Recession and War Caused Surplus Decline --
Not Tax Relief
GOPUSA News Wire
CBO confirms recession and war caused surplus decline: CBO Director Dan
Crippen said "over 70% of (FY2002 surplus reduction) results from
the weak economy and related technical factors" (source: CBO
testimony 1/23/02). CBO said bipartisan tax relief resulted in less
than 12% of the surplus decline in FY 2002.
Read more at http://gopusa.com/news/0124_cbo.shtml
========================================================================
And now... a word from our sponsor...
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========================================================================
Fighting Terror in the Philippines will be Different
By Austin Bay
Defeating Al Qaeda and the Taliban in Afghanistan has given the United
States tremendous political momentum, which bodes well for upcoming
military and diplomatic operations in The War on Terror.
However, an American public now familiar with "the Afghan example" of
warfare should not expect that model to apply too rigorously in the
Philippines.
Read more at http://gopusa.com/austinbay/ab_0123.shtml
========================================================================
Don't Believe Everything You Read
By Linda Chavez
The coincidence was almost too good to be true. "An old news video of
Lt. Col. Oliver North testifying at the Iran-Contra hearings during the
Reagan Administration," the e-mail from a friend began, "what he said
was stunning!" I remember the event well.
I worked with Ollie North in the Reagan White House from 1985 until
early in 1986, when I was director of public liaison. He was a
charismatic speaker, one I frequently enlisted for briefings on the
situation in Nicaragua, where the United States was trying to help a
group of guerrillas known as the Contras, who were trying to overthrow
the communist Sandinista government there. When Congress cut off funds
to the Contras, Ollie helped set up a clandestine operation to raise
private money for the group. In November 1986, the operation was
discovered, leading to the worst crisis of the Reagan administration and
to criminal indictments against North (whose conviction was later
overturned) and others involved. The Congress also held hearings in
which North and others testified.
Read more at http://gopusa.com/lindachavez/lc_0122.shtml
========================================================================
The GOP Abandons Its Pro-Life Platform
By Bonnie Chernin Rogoff
It is the 29th anniversary of Roe v. Wade. Usually an anniversary
symbolizes a happy occasion, such as a wedding or a graduation or the
birth of a son or a daughter.
It is only since 1973, on that ominous day 29 years ago, that America
celebrates the deaths of her sons and daughters. Nearly 50 million sons
and daughters to be precise.
Read more at http://gopusa.com/bonniecherninrogoff/bcr_0124.shtml
========================================================================
And now... a word from our sponsor...
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can't be cowed by evildoers. I've never had more faith in America than
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-- George W. Bush September 16, 2001
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========================================================================
on criticism of treatment of detainees
By Jim Huber
Note: GOPUSA is proud to present Jim Huber cartoons in the GOPUSA Eagle
and on our web site. We hope you enjoy them. You can visit his web site
directly at http://www.jimhuber.com
The latest Jim Huber cartoon can be found on the GOPUSA web site by
clicking on the following link:
http://gopusa.com/cartoons/huber/huber_0120.shtml
Archives of Jim's cartoons can be found at
http://gopusa.com/cartoons/huber
We hope you enjoy the cartoon! Look for more in future issues of the
GOPUSA Eagle.
========================================================================
Letters from the E-mail Bag
GOPUSA welcomes your opinions and feedback. We have received numerous
e-mails from folks who have commented on columns posted on the web site,
news articles, and their general perspectives.
Please continue to share your thoughts and commentary by sending us an
e-mail at [email protected]. Please include your name and town on all
correspondence.
*** Re: Dear Mr. President, There are Still Right-Wing Republicans Out
Here (Dorothy Anne Seese)
This is the best article, and I feel much more comfortable to know that
people like Dorothy exist. I think we Republicans should support this
kind of attitudes and urge the president to take it into consideration.
I am proud of her and whish her the best. God Bless America and bless
people like Dorothy. Thank you
-- Lucia Nazarian
Thank you, Dorothy Anne, for writing so clearly what so many of us are
thinking.
-- Darlene Hagen, Plano, TX
I so much appreciate the article by Dorothy Seese. I have been very
frustated with our party on many issues including the ones in the
article. The writer could have also pointed out the sins of the party
regarding recent legislation such as the "Patriot Act" or "Antiterrorism
Bill". This legislation destroyed the Fourth Amendment and has many
other flaws. Thank you Dorothy for speaking out.
-- Stan Jaggars, Agency, MO
*** Re: Congress Fails Military Retirees... Again (Heather Wayman)
You have done something most of the press absolutely refuses to do...
you have allowed Heather Wayman to publish her factual articles in an
up & coming internet periodical which simply shows the betrayal most
veterans are facing from the government they swore to defend. Again,
thank you for the fairness you have shown.
-- Roy Alba, USAF, Retired
Great, well written article. I know President Bush will do the right
thing. We need to do all we can for our Veterans. I'd rather pay them
than non-deserving welfare recipients.
Barbara Edgerton, Houston, TX
HIP HIP HOORAY! To Heather Wayman! You said it and wrote it correctly.
I'm still baffled by Congress. I wish they would've gotten out there and
spent at least 20 years of military service. But they didn't! Why?
'Cause it's tough duty! I just don't understand them, but I do
understand their pay raises which should be going to disabled veterans!
-- Alma R. Farrar, SFC(Ret.) U.S. Army
Sir, I would like to take the opportunity to thank Heather Wayman and
GOPUSA for the article outlining the injustices pertaining to military
retirees and concurrent receipt of VA disability compensation. SHe did
a wonderful job, and clearly outlined the injustice to all disabled
military retirees. I am a retiree of the U.S. Navy (20 years), and a
disabled Vietnam Veteran. I have been paying for my own VA compensation
for almost 30 years!! I should have been a Congressman!! Thanks again,
Heather!
-- Frank Ray, Middletown, RI
*** Re: 'Black Hawk Down' Brilliantly Depicts The Peril of Entrusting
Our Military to Liberal Statesmen (Rick Erickson)
The events of Mogadishu, as depicted in Black Hawk Down, brings
compelling clarity to the reality that when our sons, our daughters and
our fathers who serve in the US military are commanded to put their
lives on the line; that they are allowed to quickly and decisively
effect defeat of their opponent without the restrictions imposed by
political considerations. The US military forces are an awesome power
that should only be unleashed when we mean business, never as bluffing
tool. Hoo-ah!
-- Steve Findley, TX
Thanks to Rick Erickson for telling the truth. As a former US Navy
member serving during that time and wanting to be there, most of my
shipmates were outraged at what Clinton and Aspen did. I would hope that
this information would hit the mainstream press, but I am not holding my
breath. I wonder what the public would say if they knew the real facts
about what really happened. I will go and see this movie and know that I
will shed a tear for my brothers. Thanks again Mr. Erickson, shipmate.
-- A. Shon Nixon, Charlotte, NC
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[email protected] | {
"pile_set_name": "Enron Emails"
} |
Some notes on the attached lists:
3/24/00 List - the first two counterparties have no Legal changes per my
earlier approvals.
3/27/00 List-we just got the financial master in signed and they cannot do
pulp & paper and weather under it.
Ambac Assurance Corp. and Salomon Smith Barney AAA Energy Fund - I have a
temporary "no" for them for financial products until I get more information
on them to determine what they are and what they can do. Per Credit, AMBAC
only wants to trade credit derivatives, and Salomon Smith Barney is currently
not an eligible swap participant and cannot trade any financial. If we get a
parent guaranty in that can change their eligible swap participant status.
In the meantime I am trying to get more information on the fund to determine
what if anything they can do.
3/28/00 List-I previously had them shut down for all financial but am opening
them up. I sent an email about that earlier this week. | {
"pile_set_name": "Enron Emails"
} |
Matt:
You can ignore the voice mail I left you a few minutes ago. William Morley is going to send me copies of the documentation.
Marie | {
"pile_set_name": "Enron Emails"
} |
Here's a first draft of the Altra documents. Terms in bold are those "gives"
that we made in HS and TQ that we may not want to go out with here. Give
some thought to the Posting Agreement -- I think the key issues are covered
here, but given our most recent conversations, what changes do we want to
make?
Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone: (713) 853-1575
Fax: (713) 646-3490 | {
"pile_set_name": "Enron Emails"
} |
Any thoughts on this question?
----- Forwarded by Richard B Sanders/HOU/ECT on 01/04/2001 10:46 AM -----
Richard Lydecker@ENRON
01/04/2001 09:08 AM
To: Richard B Sanders/HOU/ECT@ECT
cc: Julia Murray/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Travis
McCullough/HOU/ECT@ECT
Subject: Re: Want to Invest in a Steel Mill in Thailand?
Not only no, but hell no. Once burned (badly), twice shy (exponentially).
The best and only development on NSM I would like to see is to get out the
litigation morass and (hopefully) be a little wiser next time.
Seriously, if the project does get reorganized (sans Enron additional
investment), what does that mean in terms of any potential recovery for the
existing debt? Presumably any reorganization would come out of a bankruptcy
plan. Any hope?
From: Richard B Sanders@ECT on 01/03/2001 06:11 PM
To: Julia Murray/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Richard
Lydecker/Corp/Enron@Enron, Travis McCullough/HOU/ECT@ECT
cc:
Subject: Want to Invest in a Steel Mill in Thailand?
I have attached an e-mail from Steve Howard, our atty in the NSM litigation.
Schultes is the original CEO of NSM. Let me know if you are interested.
----- Forwarded by Richard B Sanders/HOU/ECT on 01/03/2001 05:57 PM -----
[email protected]
01/02/2001 04:30 PM
To: [email protected]
cc:
Subject: Want to Invest in a Steel Mill in Thailand?
Schultes' lawyer has asked us if John can call an Enron business person
concerning a possible investment by Enron in some reorganized form of the
project that Schultes is pushing. Think anyone at Enron is interested? If
so, who?
We told the lawyer that John should not call unless we clear it with you
first.
Steve
................................................
ALSCHULER GROSSMAN STEIN & KAHAN LLP
ATTORNEYS AT LAW
www.agsk.com
2049 Century Park East
Thirty-Ninth Floor
Los Angeles, CA 90067-3213
Tel 310-277-1226
Fax 310-552-6077
This transmission is intended only for the use
of the addressee and may contain information
that is privileged, confidential and exempt from
disclosure under applicable law. If you are not
the intended recipient, or the employee or agent
responsible for delivering the message 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 notify us immediately
via e-mail at [email protected] or
by telephone at 310-277-1226. Thank you.
............................................... | {
"pile_set_name": "Enron Emails"
} |
You crack me up!
Russell Diamond
08/28/2000 03:38 PM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: HQ Energy Services
Oh it's happened before, but after a brief depression period and some therapy
I was OK.
From: Tana Jones on 08/28/2000 03:33 PM
To: Russell Diamond/HOU/ECT@ECT
cc:
Subject: Re: HQ Energy Services
I can't believe a girl wouldn't call you back after a date...
Russell Diamond
08/28/2000 03:30 PM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: HQ Energy Services
Oh yeah, I always forget about the whole 'political' aspect, but it is an
important one............, and as far as a girl always hedging her
bets...........interesting I'll have to keep that one in mind next time I
don't get a call back from a date.
From: Tana Jones on 08/28/2000 03:21 PM
To: Russell Diamond/HOU/ECT@ECT
cc:
Subject: Re: HQ Energy Services
Don't you remember at Sara's party, we were talking to Bill, and telling him
how you were our favorite Credit person, and he said, "but I thought I was
your favorite Credit person...", and since he is your boss, it seems quite
political (for both you and me!) that he is always #1, anyway...a girl's
always got to hedge her bets...!!
Russell Diamond
08/28/2000 03:12 PM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: HQ Energy Services
(after Bill) ???????
From: Tana Jones on 08/28/2000 03:07 PM
To: Russell Diamond/HOU/ECT@ECT
cc:
Subject: Re: HQ Energy Services
There's a reason why you earned the title of "Favorite Credit Person (after
Bill)"...!
Russell Diamond
08/28/2000 02:46 PM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: HQ Energy Services
Tana,
Please see attached Credit W/S for HQ.
Thanks
Russell | {
"pile_set_name": "Enron Emails"
} |
Enron Fights To Find Near-Term Sellers,But Still Trading
Dow Jones Energy Service, 11/27/01
USA: UPDATE 3-Dynegy says in talks on Enron merger structure.
Reuters English News Service, 11/27/01
RPT Dynegy confirms in talks on structure of Enron merger deal
AFX News, 11/27/01
Merger Traders Wary Even If Enron, Dynegy Cut New Terms
Dow Jones News Service, 11/27/01
Dynegy confirms in talks on structure of Enron merger deal
AFX News, 11/27/01
STOCKWATCH Enron slightly higher on hopes for new deal price
AFX News, 11/27/01
IN THE MONEY: Hedge Funds Say Yes To New Enron Terms
Dow Jones News Service, 11/27/01
Dynegy Confirms Talks On Enron Deal Structure - Source
Dow Jones News Service, 11/27/01
USA: Enron shares down despite talk of new Dynegy deal.
Reuters English News Service, 11/27/01
Enron Credit Rating to Remain Unchanged for Today, Moody's Says
Bloomberg, 11/27/01
Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
Bloomberg, 11/27/01
Liberty Funds Analyst Paik Comments on Dynegy and Enron Talks
Bloomberg, 11/27/01
A.G. Edwards Analyst Heim Comments on Dynegy and Enron Talks
Bloomberg, 11/27/01
Commerzbank Analyst Meade Comments on Dynegy's Talks With Enron
Bloomberg, 11/27/01
ENRON SHARES RECOVER FROM A.M. SLUMP
CBS.MarketWatch.com, 11/27/01
Enron In Free Fall
Forbes.com
Enron Fights To Find Near-Term Sellers,But Still Trading
By Mark Golden
Of DOW JONES NEWSWIRES
11/27/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) continued to struggle Tuesday to find willing sellers of near-term gas and power in North America, but the one-time market maker was still able to trade on a limited basis, according to market sources.
"It's not getting any better," said one major energy broker.
Many energy trading companies aren't selling to Enron and are only buying from it near-term. These include Aquila Inc. (ILA), Mirant (MIR), Royal Dutch/Shell Group (RD) subsidiary Coral Energy, Sempra Energy (SRE), and Morgan Stanley Dean Witter's energy trading subsidiary, said the broker. The broker estimated Enron's over-the-counter trading volume to be about 25% of what it was a month ago. Companies are willing to buy from Enron in the spot gas and power markets, because taking delivery on commodity and paying for it a month later poses no credit risk for the buyer.
Some other companies, like Dynegy Inc. (DYN), Duke Energy Corp. (DUK) and BP PLC. (BP), continue to trade with Enron fairly freely, the broker said. Dynegy has reached an agreement to acquire Enron, though the terms of that deal are being renegotiated. The trading subsidiaries of troubled California utility-holding companies PG&E Corp. (PCG) and Edison International (EIX) also are trading with Enron.
The third and largest group of companies are trading with Enron on a very limited basis to reduce exposure by taking off-setting trades against deals done long ago. These include El Paso Corp. (EPG), Reliant Resources (RRI), Tractebel SA's (B.TRB) U.S. trading unit and regulated utilities, the broker said.
Several energy traders said that both power and gas were being sold at prices lower than Enron was offering.
"They've been cut off from so many people," said one electricity trader.
Enron Says Just Slight Reduction In Transactions
An Enron spokesman said he has seen a slight reduction in transactions but not to 25% of the one-month-ago level.
The notional value of Enron's 30-day rolling average of transactions is $2.8 billion, said Enron spokesman Eric Thode. Thode declined to give volume data for Tuesday or Monday, although the company was giving daily information two weeks ago.
"We're not doing daily information. We're only speaking in terms of 30-day rolling averages. ... It's not fair to speak in terms of daily because of daily volatility," Thode said.
Traders and brokers said they hope Dynegy will offer some kind of guarantee to Enron's trading to restore confidence. But, after Enron's ability to transact took a severe turn for the worse Nov. 20, Dynegy said that the companies must continue to operate independently until their merger is approved and completed.
Energy companies began shying away from Enron over the past month, as concerns about its finances precipitated a 75% drop in its stock price and left its bonds trading at levels typically associated with junk-rated debt.
But Enron saw its ability to trade seriously damaged last week following the late release of its quarterly financial report with the U.S. Securities Exchange Commission. For the first time since Enron's troubles began a month ago, energy companies stopped selling to Enron in the spot markets for fear that Enron might not be able to pay its bills as soon as next month based on the quarterly filing.
Moody's Investors Service and Standard & Poor's all rate Enron one notch above speculative grade. Moody's has Enron's ratings on review for a downgrade, and S&P has Enron on negative credit watch. Fitch calls Enron's credit rating "evolving." Enron's ability to do business in the energy markets depends on its maintaining investment-grade ratings.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; [email protected]
(John Edmiston in Houston and Jon Kamp in Chicago also contributed to this article.)
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 3-Dynegy says in talks on Enron merger structure.
By C. Bryson Hull
11/27/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 27 (Reuters) - Energy trader Dynegy Inc. confirmed on Tuesday it was in talks with floundering rival Enron Corp. over their proposed merger, as sources familiar with the negotiations indicated the final buyout price may be slashed some 40 percent.
"I can confirm that we are in discussions with the parties involved in the transaction related to the deal," Dynegy spokesman John Sousa told Reuters. He declined to give further details.
Dynegy had planned to buy its Houston rival for $9 billion in stock and is currently in a "due diligence" examination of Enron's complex financial books that began before the Thanksgiving holiday last Thursday.
The buyout offer, finalized Nov. 9, would have had Dynegy paying about $10.41 for each share of Enron, but Enron's shares have since cratered to near $4, stoking investor fears the merger will not go through as planned - if at all.
The stock exchange ratio under discussion could fall from the originally proposed valuation of 0.2685 of each Dynegy share for each Enron share to around 0.15 instead, sources familiar with the matter told Reuters. Enron is willing to accept the lower valuation, given the pressure on its stock price, the sources said.
Enron's shares bounced on Dynegy's confirmation of the restructuring talks, trading up 22 cents at $4.23 in late afternoon action on the New York Stock Exchange. The shares had dipped as low as $3.84 in late-morning dealings and as high $4.49. Dynegy's shares gained 4.7 percent or $1.83 to move to $41.08 on the NYSE.
Also on the table were negotiations to extend maturation of Enron's debt past the close of the merger, expected in the third quarter of 2002. The sources said an announcement was possible on a new infusion of at least $500 million in cash, which Enron has said it was seeking.
There also seemed to be an accord over who gets first crack at the Northern Natural Gas Pipeline, which would be Dynegy's consolation prize if the deal fell apart, a source said. Published reports have said that investment banks J.P. Morgan and Salomon Smith Barney had already accepted the pipeline as collateral in other loans, and may dispute Dynegy's ownership if the deal breaks up.
"The pipeline is far more valuable than what has already been collateralized. There's a solid earnings stream from that thing," said one source familiar with the discussions.
ONE TRADING UNIT SHUT DOWN
Two sources confirmed to Reuters that Enron's equity trading unit has been told it is being closed and that the roughly 60 employees there are being laid off. Enron was not immediately available for comment.
Those layoffs, part of broader job cuts expected as part of the Dynegy buyout, point to an acute problem for Enron - the loss of volume in its premier trading franchise. Enron's trading partners have been cutting back transactions with North America's largest energy trader because of credit concerns.
"This business is hugely dependent on volumes and volume growth. It is the principal reason that Dynegy is making the deal. If it's worth a lot less then Enron is worth less. It's vital to stop the bleeding in its core trading and marketing business," said Commerzbank analyst Andre Meade.
But as Enron's stock continued to lose value, down over 50 percent since Dynegy's initial bid, it seemed likely the purchase price would fall as well. Enron has seen its market capitalization drop to around $3 billion, from $60 billion at the start of 2001. (additional reporting by Jeff Goldfarb, Janet McGurty and Jonathan Stempel in New York).
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
RPT Dynegy confirms in talks on structure of Enron merger deal
11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
(Repeating to clarify lead)
NEW YORK (AFX0 - Dynegy Inc confirmed it is in talks with Enron Corp on the terms of their two week-old acquisition deal.
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of a deal," Dynegy spokesman Steve Stengel said.
Enron declined to comment.
Citing people familiar with the matter, the Wall Street Journal reported today that Enron is in advanced talks with Dynegy to cut the price of the all-stock transaction by more than 40 pct to about 5 bln usd.
Enron is also trying to extend the maturity dates of some of its borrowings to stem a growing liquidity crisis, the Wall Street Journal said.
lwl/gc
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Merger Traders Wary Even If Enron, Dynegy Cut New Terms
By Christina Cheddar
Of DOW JONES NEWSWIRES
11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Even if Dynegy Inc. (DYN) revises the terms of its acquisition of Enron Corp. (ENE), some takeover traders say the stock remains too risky.
Earlier Tuesday, a Dynegy spokesman confirmed the company was in talks to restructure the Enron acquisition. Separately, a person familiar with the negotiations said the talks are centered on creating a package that includes a lower exchange ratio for Enron shareholders, a provision for additional funding for Enron, and the refinancing of Enron's existing debt.
Even with the boost Enron shares have received from the reports, they continue to trade at a sharp discount to the original deal's value. Enron shares recently traded at $4.30, up 29 cents, or 7.2%, while Dynegy shares changed hands at $41.50, up $2.25, or 5.8%.
Under the original terms of the deal, Enron shareholders will receive 0.2685 of a Dynegy for each share outstanding, or $9.47 billion. At current trading levels, Enron shares are at a 61% discount to the offer price.
According to The Wall Street Journal, Dynegy and Enron are contemplating an exchange ratio of less than 0.15 of a Dynegy share, or about $5.29 billion.
The rejiggered deal is an attempt to restore confidence in Enron's ability to carry on its core energy marketing and trading business as the deal moves toward completion, the person said.
As the market waits for more details from the two companies, some say it will take more than a revised offer to provide takeover traders, also known as arbitrageurs, with enough confidence to play the deal in the typical fashion.
Often arbitrageurs bet on pending mergers by selling short shares of the acquiring company and buying shares of the target. In this way, the traders hope to profit as the target's share price moves toward the buyer's offer.
But according to some traders, there is too much risk, even for those accustomed to uncertainty, to play the Dynegy-Enron deal in this way.
Several traders said they were still wary that the deal could collapse and potentially push Enron into bankruptcy.
Enron's fortunes took a sharp turn for the worst after investors began to realize the company liberally used accounting loopholes to move its debts into off-balance-sheet financing vehicles, including partnerships run by its former chief financial officer, Andrew Fastow.
"There's nothing like accounting to scare people," said one trader, who said there is still a perception in the market that there is more bad news yet to come from Enron.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy confirms in talks on structure of Enron merger deal
11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX0 - Dynegy Inc confirmed it is in talks with Enron Corp to renegotiate the terms of a deal with Dynegy Inc in an attempt to save their two week-old acquisition deal.
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of a deal," Dynegy spokesman Steve Stengel said.
Enron, meanwhile, declined to comment on the report.
Citing people familiar with the matter, the Wall Street Journal reported that Enron Corp is in advanced talks with Dynegy to cut the price of the all-stock transaction by more than 40 pct to about 5 bln usd.
Enron is also trying to extend the maturity dates of some of its borrowings to stem a growing liquidity crisis, the Wall Street Journal said.
lwl/gc
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron slightly higher on hopes for new deal price
11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were slightly higher in midsession trade on reports that the company is trying to renegotiate the terms of a deal with Dynegy Inc, by cutting the price of the all-stock transaction to 5 bln usd, or 40 pct, from 9 bln usd, dealers said.
At 12.19 pm, amid broad declines in the market, Enron shares were trading up 5 cents at 4.04 usd. Dynegy was up 1.26 usd, or 3.26 pct, at 40.51.
The DJIA was down 111.48 points at 9,871.28. The S&P 500 was down 10.40 points at 1,147.02. The Nasdaq composite was down 20.25 points at 1,920.98.
Earlier, the Wall Street Journal said Enron was in advanced talks with Dynegy in an attempt to salvage their two week-old acquisition deal. The companies are discussing a new price for the all-paper deal, following the sharp fall in Enron's share price of the past few weeks.
Enron had hoped to finalise the deal and make an announcement yesterday that would calm investors -- the shares are trading at a small fraction of their record high last year of 87.50 usd.
As of today, however, the revised deal still has not been formalised.
The current agreement with Dynegy contains a "material adverse change" clause, which could be invoked to call the deal off.
As part of its due diligence, Dynegy is examining details of Enron's filing with the Securities and Exchange Commission last week, which reportedly contained information it had not received previously.
"Enron is a black hole, and I don't know how deep the bottom is," said Fadel Gheit an analyst at Fahnestock & Co.
Only four weeks ago, Enron's stock was trading at the 8 usd mark, Gheit said, noting that if the Dynegy had done their homework the stock would not have continued to collapse.
"The market sees this and somebody has to figure out the potential exposure, it could be several billion dollars," said Gheit.
If the deal is to go through then the two companies must arrive at a new stock-exchange ratio, said Gheit. Under the current acquisition agreement, Dynegy would exchange 0.2685 share for each Enron share tendered.
According to the Wall Street Journal, the new ratio is expected to be less than 0.15 share of Dynegy stock for every share of Enron stock, which would value Enron at less than 6 usd a share, or about 5 bln usd.
blms/cl/gc
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
IN THE MONEY: Hedge Funds Say Yes To New Enron Terms
By Carol S. Remond
11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column
NEW YORK -(Dow Jones)- News that Enron Corp. (ENE) and would-be suitor and savior Dynegy Inc. (DYN) are working to renegotiate their merger agreement has done little to assuage market jitters about Enron's fate.
And so far, even professional arbitrageurs, who normally thrive on placing bets on whether a merger is going to go through, continue for the most part to stay clear of Enron's stock and bonds because of the uncertainty surrounding the once mighty energy trader.
Still, reports that the equity swap ratio offered by Dynegy could be revised down to below 0.15 from 0.2685, has some hedge funds, often willing to take more risks, looking to place trades on the deal.
"We're trying to figure out a good play," said a trader at a New York hedge fund.
So far, bets under consideration seem to be those that would include a combination of stock and debt trading, somehow hedging a short position on Enron's shares with a long position in some of its bonds.
"People that are playing the debt are definitely playing the stock against it," a hedge fund manager at another fund said. This manager added, "We're still trying to evaluate different risk/reward scenario on the debt and equity sides."
Investors that sell stock short borrow shares in the hopes of replacing them later by purchasing them at a lower price.
Arbitrageurs typically sell short shares of the acquirer, while taking long positions in the stock of the target company. But there is nothing typical about Enron's financial woes and the rescue efforts launched by Dynegy and large banks like J.P. Morgan Chase & Co. and Citigroup Inc.
Traders reported increased activity in the still mostly illiquid Enron debt market. "Some bids are coming in, especially on the lower priced bonds," said a trader at a large New York investment bank that makes a market in Enron's bonds.
Enron bonds, which had fallen in value in recent weeks, gained five to seven points early Tuesday as investors continue to await confirmation from Enron and Dynegy that their merger deal remains on track, albeit at a lower price. Enron's 6.4% bonds due 2004 were recently trading at about 55 cents on the dollar, up from 48 cents Monday.
Under the original terms of the deal, Enron holders would have gotten 0.2685 of Dynegy shares for each of their Enron shares. Quoting people close to the discussions, The Wall Street Journal reported Tuesday that the new ratio is expected to be less than 0.15 share of Dynegy stock for every share of Enron stock. That lower exchange was also mentioned in a Dow Jones Newswires story last Friday. At current prices a 0.15 exchange ratio would value Enron at less than $6 a share.
Essentially this new value, if true, means that it has now become easier for hedge funds and other risk takers to play the merger odds.
When a hedge fund shorting Enron stock at $4 a share risked losing more than $6 if the merger went through at the 0.2685 ratio, it now stands to lose only $2 a share (based on the $6 value of Enron stock under the new 0.15 ratio). At the same time it has become much easier to hedge that loss potential by going long on Enron bonds. If the merger doesn't happen, Enron is seen by many as heading for bankruptcy with an ultimate share value of 0. That means that hedge funds shorting Enron at $4 stand to benefit by that amount.
Hedge fund managers and traders said that current thinking puts the value of Enron bonds at about 20 cents on the dollar if the merger fails and about 80 cents on the dollar if it goes through. Meanwhile, the value of Enron stock is capped at about $6 a share if the merger goes through with a new conversion ratio of 0.15.
"A lot of the guys are still very skeptical," said a bond trader at a New York bank. "But this is really making the hedge trade easier and we've seen more customers short the stock and buy the bonds."
Still, this type of bets isn't for the faint of heart, and most investors are likely to wait for more news before taking a position.
"We're nibbling a little bit at the bonds right now. But the situation is so volatile that it's difficult to be aggressive," the manager of a large New York hedge fund said.
Carol S. Remond; 201-938-2074; Dow Jones Newswires
[email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Confirms Talks On Enron Deal Structure - Source
By Christina Cheddar
Of DOW JONES NEWSWIRES
11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Dynegy Inc. (DYN) confirmed the company is in talks with a number of parties regarding the structure of its transaction with Enron Corp. (ENE).
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of the deal," said John Sousa. "I can't elaborate any further at this time."
An Enron official wasn't immediately to comment.
Earlier Tuesday, a report in The Wall Street Journal quoted people familiar with the matter who said Enron and Dynegy were in advanced discussions to cut the price of the all-stock transaction by more than 40% to about $5 billion. Sousa, the Dynegy spokesman, didn't comment on the newspaper report.
Dynegy shares recently traded at $40, up 75 cents, or 1.9%, while Enron shares changed hands at $3.94, down 7 cents, or 1.7%.
Under the original terms of the transaction, Enron shareholders are to receive 0.2685 of a Dynegy share, or $10.78, for each share outstanding, or about $9.14 billion, based on Dynegy's recent stock price.
According to the Journal report, the new terms could be below 0.15 of a Dynegy share.
The deal is critical for Enron, which also simultaneously carrying out talks to receive between $500 million to $1 billion in additional funding to support its operations, while carrying on negotiations to restructure its debt, which totals about $13 billion.
While Dynegy has already provided Enron with a cash infusion, it is uncertain how long Enron's current funds will allow it to remain solvent.
Meanwhile, a third employee lawsuit has been filed against Enron over lost 401(k) retirement savings due to the recent collapse of Enron's stock, which has declined more than 90% in the trailing 12 months. The suit claims Enron "locked down" the plan, which prevented employees from being able to sell the shares, and seeks $850 million for plan losses.
Although the other recently filed employee suits didn't disclose the amount of compensation the plaintiffs are seeking, it is possible the suits seek a similar level of damages, a CreditSights report said.
If this is true, the CreditSights report said, it is possible the clause that allows Dynegy to walk away from the deal if the liabilities from "pending"' or "threatened" litigation may exceed $3.5 billion may be invoked.
In addition, to the employee lawsuits, more than a dozen shareholder suits have been filed against Enron.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; [email protected]
The discussions between Enron and Dynegy aren't merely focused on revising the consideration Dynegy will pay. They are also aimed at providing Enron with additional funding and at restructuring its debt, said a person familiar with the negotiations.
The moves are aimed at restoring confidence in Enron and relieving "the perceived liquidity crisis," the source said.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron shares down despite talk of new Dynegy deal.
11/27/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 27 (Reuters) - Shares of financially troubled energy trading giant Enron Corp. slipped back into the red on Tuesday after gaining in opening trade following news of a new rescue deal from Dynegy Inc. .
Enron shares were down 2 cents at $3.99 after rising 19 cents, or 4.7 percent, to $4.20 in early dealings on the New York Stock Exchange.
Analysts questioned the viability of the original proposal for Dynegy to acquire Enron in a deal worth about $9 billion.
The Wall Street Journal reported that the companies were discussing reducing the price of the all-stock deal by more than 40 percent, to about $5 billion.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Credit Rating to Remain Unchanged for Today, Moody's Says
2001-11-27 16:12 (New York)
Enron Credit Rating to Remain Unchanged for Today, Moody's Says
New York, Nov. 27 (Bloomberg) -- Enron Corp.'s credit rating
will remain at ``Baa3,'' the lowest investment grade, by Moody's
Investors Service, which said it won't take any ratings action
today on the largest energy trading company.
David Stimpson, Moody's managing director for ratings
communication, said although there was speculation in the market
that Moody's would make a ratings change, the company won't take
any action on Enron today. Stimpson declined further comment.
Moody's had been expected to make a statement on Enron's
credit as bankers sought to raise as much as $2 billion for the
energy trader in private equity.
Bankers led by J.P. Morgan Chase & Co. Vice Chairman James B.
Lee have been unable for two weeks to raise the money because of
concern Enron won't be able to meet its obligations. That concern
was heightened after Enron disclosed a $690 million payment due
this week. Enron needs the money to operate as it completes an
acquisition by Dynegy Inc.
Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
2001-11-27 15:16 (New York)
Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
New York, Nov. 27 (Bloomberg) -- Enron Corp.'s bankers,
seeking to raise as much as $2 billion for the energy trader, have
been turned down by investors including Prince Alwaleed Bin Talal,
the Carlyle Group Inc. and Blackstone Group LP.
``I was approached by several people to invest in the
company, but we declined,'' said Alwaleed, a billionaire investor
from Saudi Arabia. The fall in Enron's shares, which have declined
95 percent this year, didn't necessarily make it a good
investment, he said.
Bankers led by J.P. Morgan Chase & Co. Vice Chairman James B.
Lee have been unable for two weeks to raise the money because of
concern Enron won't be able to meet its obligations. That concern
was heightened after Enron disclosed a $690 million payment due
this week. Enron needs the money to operate as it completes an
acquisition by Dynegy Inc.
The prospect that Enron will fail to line up financing,
jeopardizing its plan to be acquired by Dynegy, has weighed on its
stock and bonds. The company's securities gained today as talks
between Enron and Dynegy to renegotiate terms of the transaction
convinced some investors the takeover was more likely to take
place.
Enron 6.4 percent bonds that mature in 2006, which closed
yesterday at 48 cents on the dollar, rebounded to trade at about
55 cents on the dollar. At that price, the bonds yield 22.5
percent. Enron shares rose 21 cents, or 5 percent, to $4.22. The
stock finished yesterday at $4.01, its lowest level in 14 years.
Declining to Invest
J.P. Morgan and Citigroup Inc., Enron's largest lenders, plan
to provide $250 million to Enron each as part of a $2 billion
package. The bankers have been seeking additional investments,
which would be made in the form of convertible stock, for more
than two weeks.
Questor Management Co., a $1 billion private-equity fund that
invests in troubled companies, and buyout funds such as Carlyle
Group and Blackstone have balked at investing, said people
familiar with the situation. Blackstone and Questor declined to
comment. Christopher Ullman, a spokesman for Carlyle, said: ``We
are not in discussions with Enron about financing.''
``More equity would leave Enron with a stronger balance sheet,
which should reassure their trading partners,'' said Kathleen
Vuchetich, who helps manage $1.4 billion in assets at the Strong
American Utilities Fund. Vuchetich has 4.2 percent of her
portfolio invested in Dynegy shares.
Enron and Dynegy discussed revising the terms of their merger
over the weekend, said Steve Stengel, spokesman for Dynegy. Dynegy
is now talking about paying less than 0.15 share for each of
Enron's, valuing the company's equity at about $5 billion, or less
than $6 per share, the Wall Street Journal reported, citing people
close to the discussions.
Terms
``The concern is that the Dynegy deal breaks down,'' said
Paul Tice, co-head of U.S. high-grade credit research who covers
the energy market for Deutsche Bank.
Current terms call for an exchange ratio of 0.2685 share of
Dynegy stock for each Enron share. Given recent disclosures about
Enron's debt and the drop in the stock price, a fairer ratio would
be 0.15 share of Dynegy, said Ronald Barone, a UBS Warburg analyst
who rates Dynegy a ``strong buy.''
Under current terms, the deal makes sense for Dynegy only if
Enron earns 85 cents or more next year, said Gordon Howald, an
analyst at Credit Lyonnais who rates Dynegy a ``buy.'' UBS
Warburg's Barone has reduced his estimate of Enron's 2002 earnings
to 75 cents a share from $1.65.
Enron needs an infusion in part because it has $9 billion of
payments due before the end of 2002 and less than $2 billion in
cash and credit lines. The decline in reserves has also raised the
prospect that Moody's Investors Service may cut Enron's credit
rating. A lower rating would trigger $3.9 billion in debt
repayments for two affiliated partnerships.
Cash Question
``The main question is: `What is the cash position right
now?''' said Tice at Deutsche Bank. ``Is the falloff in the cash
position of the company stabilizing or not?''
Moody's hasn't issued a report on Enron since the company
filed a quarterly report with the Securities and Exchange
Commission last week announcing it had a $690 million note due
this week. On Wednesday, Enron got a three-week reprieve from
lenders on the $690 million note and closed on a $450 million
credit line. Dynegy Chief Executive Officer Chuck Watson said he
was ``encouraged'' by the developments.
Liberty Funds Analyst Paik Comments on Dynegy and Enron Talks
2001-11-27 11:56 (New York)
Boston, Nov. 27 (Bloomberg) -- Edward Paik, an analyst at
Liberty Funds Group, comments on Dynegy Inc.'s proposed
$23 billion acquisition of Enron Corp., the largest energy trader.
Paik has Enron shares among the $3.6 billion in assets he
helps manage at Liberty.
Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday.
``The stock market is clearly 100 percent certain the Dynegy
deal won't go through as negotiated,'' Paik said. ``We're just
waiting.''
``If they announce they've renegotiated the deal, it will be
implicit that due diligence has been done, and that Dynegy won't
walk away for anything that's happened up until now. If they were
to impose more conditions, what good is that? Dynegy needs to
resuscitate Enron back to health.''
A.G. Edwards Analyst Heim Comments on Dynegy and Enron Talks
2001-11-27 11:00 (New York)
St. Louis, Missouri, Nov. 27 (Bloomberg) -- A.G. Edwards &
Sons Inc. analyst Michael Heim comments on Dynegy Inc.'s proposed
$23 billion buyout of Enron Corp., the largest energy trader.
Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday. Heim rates Enron ``sell'' and Dynegy ``hold'' and
doesn't own shares of either company.
The market is waiting for confirmation and details of a
renegotiated bid, Heim said.
``We'd need to know why they'd agreed to a new price,'' Heim
said. ``It also needs to be combined with some sort of shoring up
of Enron's trading business, which needs to be stabilized for the
deal to have real value.''
Commerzbank Analyst Meade Comments on Dynegy's Talks With Enron
2001-11-27 10:42 (New York)
New York, Nov. 27 (Bloomberg) -- Commerzbank Securities
analyst Andre Meade comments on Dynegy Inc.'s proposed
$23 billion buyout of Enron Corp., the largest energy trader.
Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday. Meade rates both companies ``hold'' and owns no shares.
``If they are renegotiating, it confirms our fears that
Enron's crown jewel, its marketing and trading business, is
deteriorating,''
Investors are waiting for a sign on the state of the
business, Meade said.
Enron's trading business was worth more than $10 billion
before partners began shunning it on credit concerns, Meade said.
A lower price struck by Dynegy may reveal how much business has
fallen, and whether Dynegy believes Enron can regain it, Meade
said.
A New York Times report that banks may extend payments on
some loans until after Dynegy purchases Enron ``raises concern
that Dynegy will be hurt by taking on the vast liabilities of
Enron,'' Meade said.
ENRON SHARES RECOVER FROM A.M. SLUMP
By Lisa Sanders
CBS.MarketWatch.com
4:10 PM ET Nov 27, 2001
HOUSTON (CBS.MW) -- Shares of Enron recovered from the morning's sub-$4
a share level Tuesday amid reports that the embattled energy merchant is
working with Dynegy to renegotiate its takeover offer.
Enron (ENE), which once hit $84.88 during the last holiday season,
added 13 cents to close at $4.14 on volume of 68.4 million shares. The
stock was the most actively traded on the New York Stock Exchange
Tuesday.
Dynegy shares added $1.64 to close at $40.89.
The New York Times reported that Houston-based Dynegy (DYN) and Enron
are renegotiating Dynegy's bid, once valued at $9 billion in stock.
According to the report, Dynegy is worried that Enron's core business --
energy trading -- is deteriorating. See full story.
Getting it done
_______________________________________________________________________
Glen Hilton, portfolio manager of the Montgomery New Power Fund, said
it's a "crapshoot" as to whether the deal gets done.
"I think that regardless of the outcome Dynegy is still in a good
position for the long-term," he said. His fund liquidated its Enron
holdings completely in mid to late-October. "Enron was the leader (in
energy trading), and it's clearly suffering so Dynegy is in a good shot
to take up the mantle."
Hilton pointed to Enron's 10-Q, filed last Monday with the Securities
and Exchange Commission, and the falling share price as potential
triggers of the deal's material adverse affect clause. Those two things
could very well make Dynegy walk away from the merger. If that happens,
Hilton said, an Enron bankruptcy is a very real possibility.
"Very few companies understand what Enron does and Dynegy is one of the
few that could make something out of it," Hilton said. "If Dynegy can
restore confidence in Enron's trading business and get Northern Natural
Gas, it looks like it might be worth the headache."
Dynegy has the rights to Enron's Northern Natural Gas, a pipeline
system, whether the merger goes through or not.
Enron wasn't immediately available for comment. Dynegy, through a
company spokesman, confirmed that it was in discussions with "the
parties involved in the transaction" related to the structure of the
deal.
Top Of The News
Enron In Free Fall
Dan Ackman <javascript:newWindow('Ackman')>, Forbes.com <http://www.forbes.com/news>, 11.27.01, 9:00 AM ET
NEW YORK - If not for Sept. 11, Enron would be a major scandal; as it stands, it's a minor scandal. The Houston-based energy company, whose Chairman Kenneth Lay is a personal friend of and top fundraiser for President George W. Bush <http://www.forbes.com/2001/10/12/gwbush.html> and Vice President Dick Cheney, is in free fall. The bailout by rival Dynegy made public three weeks ago appears to be unraveling.
Dynegy's (nyse: DYN <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=DYN> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=DYN> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=DYN>) buyout of Enron (nyse: ENE <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=ENE> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=ENE> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=ENE>) was originally valued at $9 billion. But just as the deal was announced, Enron said its prior financial reporting was inaccurate and that it had overstated earnings by $586 million over the past four years.
While the companies have not said the merger is off, investors don't believe it will happen, at least not at the stated price; they have bid Enron shares down to the point where the company has a market value of less than $3 billion. The shares closed yesterday at $4.01, down from $78 a year ago.
The situation is in flux, as it has been for months. During that time, several top Enron executives have been forced to resign. Jeffrey Skilling, Enron's former chief executive officer, left in August for "personal reasons."
Company officials said they hope to announce, perhaps as early as today, a series of changes: a lower price for the takeover; a cash infusion of $500 million; new, extended loan terms by Enron's bankers; and somehow, an agreement that prevents Dynegy from walking away in the face of litigation over Enron's devastated employee-retirement plan. Lawsuits by shareholders are sure to follow, considering Enron's restatement and the pay it lavished on executives, including Lay who received $135 million from salary, bonus and the exercise of stock options in 2000 alone.
For now, Dynegy says it still wants to do a deal for its crosstown rival with 2000 revenue of $101 billion.
Even more alarming than the deterioration in the share price is the crisis of confidence in Enron's reliability as a trading partner in worldwide energy markets. Last year, Enron was the dominant player in natural gas and electricity trading--a fast-paced, complex business quite removed from the company's history as a gas- and oil-pipeline builder and operator. The fear now is that other companies will refuse to trade with Enron out of trepidation that it will file for bankruptcy and not pay its bills.
The company had $10.5 billion in debt as of its last annual report, and that number has likely grown by 20%. Already, credit agencies have cut their ratings on Enron debt.
Dynegy and its partner, ChevronTexaco (nyse: CVX <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=CVX> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=CVX> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=CVX>), may pump billions of dollars into Enron's operations if the purchase goes through. But the deal will certainly undergo regulatory scrutiny and will take months to close. Investors and energy traders are increasingly doubtful that Enron can hang on by itself.
Enron bills itself as one of the world's leading energy, commodities and services companies. It says it "markets electricity and natural gas, delivers energy and other physical commodities, and provides financial and risk management services to customers around the world." While all this may be true, its popularity with investors was based largely on its fast-growing revenue--much like the Internet companies whose collapse it mirrors.
Few shareholders had any understanding of what Enron did to generate that revenue, and indeed Enron's own auditors at Arthur Andersen were confused. Most of the revenue was generated from trading, but the company's shares sold as if it was still an industrial company and not a financial firm.
Enron was famous for being famous. Before the start of the 2000 baseball season, it purchased the rights to have its name on Houston's new ballpark. By 2002, Enron Field may need a new name.
The name Enron itself sounds like it has something to do with energy, but it means nothing. At the time the company was formed from the merger of InterNorth of Omaha and Houston Natural Gas, the idea was to call the company Enteron. But the namers then looked in the dictionary and found out that Enteron means "intestines;" they decided to drop the "te" in the middle and go with Enron. Soon Enron may be part of Dynegy, a much smaller company in terms of revenue. If the deal falls apart, it may want to go back to Enteron. | {
"pile_set_name": "Enron Emails"
} |
Not a problem. She can stuff the little sucker if I get all the other
stuff. I'll start working on that 50 lbs right after I finish this cookie.
"Germany, Mary/COR" <[email protected]> on 07/07/2000 12:19:49 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: THINK TWICE BEFORE YOU STOP FOR THE CALL OF NATURE!!!!
I try and negotiate that for you. Also, I think you need to think about
sharing custody of your son since you will be so close.
Mary Germany, Manager
Accounts Payable
Payroll
Accounting Support
(303) 713-2151
fax (303) 846-2151
email - [email protected]
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: July 07, 2000 11:18 AM
To: Germany, Mary/COR
Subject: RE: THINK TWICE BEFORE YOU STOP FOR THE CALL OF NATURE!!!!
Not hardly. Will she buy me some toys - a motorcycle, let me get my flying
licenses, and a cheaper 4 wheel drive vehicle? I will also need to travel
back to Texas once a quarter to vist my family.
"Germany, Mary/COR" <[email protected]> on 07/07/2000 12:15:23 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: THINK TWICE BEFORE YOU STOP FOR THE CALL OF NATURE!!!!
Hey I think that if you loose 50 lbs, I can make it happen for you. But
you
might have to move to Denver. Is that a problem?
Mary Germany, Manager
Accounts Payable
Payroll
Accounting Support
(303) 713-2151
fax (303) 846-2151
email - [email protected]
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: July 07, 2000 11:14 AM
To: Germany, Mary/COR
Subject: RE: THINK TWICE BEFORE YOU STOP FOR THE CALL OF NATURE!!!!
How's that going anyway? I forgot I had a marriage "arrangement" in the
works!
"Germany, Mary/COR" <[email protected]> on 07/07/2000 11:18:47 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: THINK TWICE BEFORE YOU STOP FOR THE CALL OF NATURE!!!!
Hey I was working on the proposal to Catherine. I had dinner with her last
night. I can't do everything at once you know.
Mary Germany, Manager
Accounts Payable
Payroll
Accounting Support
(303) 713-2151
fax (303) 846-2151
email - [email protected]
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: July 07, 2000 10:18 AM
To: Germany, Mary/COR
Subject: Re: THINK TWICE BEFORE YOU STOP FOR THE CALL OF NATURE!!!!
What about my camera info????? | {
"pile_set_name": "Enron Emails"
} |
Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
----- Forwarded by Carol St Clair/HOU/ECT on 05/19/2000 10:41 AM -----
"Salvatore, Maria" <[email protected]>
05/19/2000 10:35 AM
To: "Carol St. Clair (E-mail)" <[email protected]>
cc: "Raspe, Adele M." <[email protected]>
Subject: ISDA
Carol - Attached are blacklined draft of legal opinion and my most recent
(this morning) closing check-list. Maria
<<maria.doc>> <<enronclosinglist.doc>>
- maria.doc
- enronclosinglist.doc | {
"pile_set_name": "Enron Emails"
} |
Tricia,
I am moving to our Houston office and have some questions regarding my RRSP
and Pension with Clarica.
Can you give me a call when you have a minute on Tuesday afternoon (after 1pm
when trading is done) and I will come by and see you.
Thanx,
Chris | {
"pile_set_name": "Enron Emails"
} |
Louise,
An update. Dave Nommensen signed the document.
Regards
Zhiyong
-----Original Message-----
From: Wei, Zhiyong
Sent: Wednesday, March 21, 2001 1:21 PM
To: Kitchen, Louise
Cc: Stock, Stephen
Subject: GTV II update
Louise,
I would like to give you an update of GTV II inception document. I have obtained the signatures from most people on the sign-off sheet except Colleen Sullivan, Philippe Bibi, Beth Perlman, and Dave Nommensen, Colleen has been out. Philippe and Beth both have been out this week. Dave Nommensen did not want to sign the document. He felt that he could not sign it without having been involved in the requirement gathering or project estimations. Last week when we were working on the new requirements and the project estimate, Dave was on his spring-break vacation.
I will try to get Philippe and Beth's signatures when they are back early next week.
The development has started today. I will keep you updated on the progress of the development.
Regards
Zhiyong | {
"pile_set_name": "Enron Emails"
} |
Attached is the second draft of Enron's comments to FERC on ICAP. The structure of the paper is summarised below:
1. RTO's are a positive step forward for the industry.
2. Spot markets are a necessary part of RTO development to ensure that the RTO can manage real time realiability.
3. A well functioning spot market eliminates the need for separate capacity type products such as ICAP, reserve margin (i.e. it achieves the objectives of iCap). The paper incorporates theoretical and emperical evidence from other sectors of the economy and deregulation in other parts of the world to support this conclusion.
4. During the transition from a regulated environment to RTO's there may be a 'political' need for ICAP. Specifically states that any interim proposal should be limited to 2 years after RTO implementation.
5. If that is the case, the paper sets out the two common theoretical platforms which can be used as a basis for ICAP.
6. Proposes two options based on the theroetical platforms.
We would appreciate input on two issues.
Firstly, Enron needs to make a decision on whether to limit our position to reliance on spot markets (i.e. don't suggest an interim solution). While this is attractive, it is unlikely that Enron will get support from other participants (ICAP payments subsidize generation investment so no support from IPP's and consumers are not as confident as Enron that competitive markets will maintain reliability so they will want to sustain ICAP).
Secondly, drafting comments on the paper generally. Please note that the final section, that proposes the Enron solution, requires substantial redrafting which will be done if the consensus is to propose such a solution.
A final draft will be sent out on the morning of Tuesday 10/16, the paper will be filed Wednesday.
regards
Mike ext. 57634
PS. i don't want to sway opinion but i thought it may be useful to state my view. I think that we concentrate on the rationale supporting RTO's and effective spot markets as mechanisms that achieve the goals of ICAP (i.e A spot market is Enrons solution). Instead of proposing specific ICAP related solutions, we state that if others have different views, these should be debated in a specific FERC forum and any resulting separate iCap proposal if implemented should be interim in nature and minimise spot market distortions.... | {
"pile_set_name": "Enron Emails"
} |
deal 464181
Diana Scholtes
Prebon shows Cob......we show Mid-C
deal 464182
Dianna Scholtes
Prebon shows Cob.....we show Mid-C | {
"pile_set_name": "Enron Emails"
} |
Hey there, I got a call from Marta in your HR about some type of "Financial Portfolio Managment" deal. The VP is TIm Kramer. It sounded like some type of Risk and Control, analytical position as opposed to trading. So I told here I was not interested for now. Anyway just wondering if you knew anything about this group, if it's something I should look at. Thanks buddy.
-----Original Message-----
From: "Eric Saibi" <[email protected]>@ENRON
Sent: Wednesday, January 23, 2002 7:31 AM
To: Saibi, Eric
Subject: Fw: Question for seller -- Item #1061456076
----- Original Message -----
From: "Michael Barham" <[email protected]>
To: <[email protected]>
Sent: Thursday, January 17, 2002 4:17 PM
Subject: Re: Question for seller -- Item #1061456076
>
> We should go out for a drink.
>
> My # is 713-989-0742 work and 713-877-1722 at home.
>
> Give em hell.
>
> -M
>
>
>
>
>
> "Eric Saibi"
> <esaibi@houst To:
<[email protected]>
> on.rr.com> cc:
> Subject: Re: Question for
seller -- Item
> 01/17/2002 #1061456076
> 03:59 PM
>
>
>
>
>
>
> More like $15, I needed to do something to keep myself occupied these
days.
> Glad your back in town we should get a drink sometime. Oh, I got alittle
> heat at work about that article too. Oh well, it was good advertising.
> Take it easy. Eric
>
> ----- Original Message -----
> From: <[email protected]>
> To: <[email protected]>
> Sent: Thursday, January 17, 2002 1:22 PM
> Subject: Question for seller -- Item #1061456076
>
>
> > eric, i hope you trade ercot power as well as you hock this enron crap.
> didn't i see this in the enron store 2 days ago for 25 bucks or something?
> >
> > how are ya? looks like your auctions are going well and you're being
> quoted in te chronicle so things have to be going somewhat well.
> >
> > i left constellation and went to duke. head power options trader.
happy
> to be back. drop an e-mail sometime. [email protected]
> > --------------------
> >
> >
> > Question from: mebarham
> > Title of item: ENRON Sterling Silver Tiffany Key Ring NEW NR
> > Seller: esaibi
> > Starts: Jan-10-02 13:55:38 PST
> > Ends: Jan-17-02 13:55:38 PST
> > Price: Currently $202.50
> > To view the item, go to:
> http://cgi.ebay.com/aw-cgi/eBayISAPI.dll?ViewItem&item=1061456076
> >
> >
> >
> > Visit eBay, The World's Online Marketplace TM at http://www.ebay.com
>
>
>
>
> | {
"pile_set_name": "Enron Emails"
} |
This will need to be signed by ABB today. I would guess 3 originals.
Ben, I suggest we let Kathleen coordinate the assembly of the docs to be
signed.
Kay | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: Taylor, Craig
Sent: Thursday, June 07, 2001 2:01 PM
To: Griffith, John; Diamond, Daniel
Subject: new game - a must have
-----Original Message-----
From: "McMURTRY, LEE" <[email protected]>@ENRON [mailto:IMCEANOTES-+22McMURTRY+2C+20LEE+22+20+3Clmcmurtry+40mdck+2Ecom+3E+40ENRON@ENRON.com]
Sent: Thursday, June 07, 2001 12:54 PM
To: Taylor, Craig
Subject:
Be the first on your block to have this hot new game. It will make you the
hit of the neighborhood. Don't delay ... order today!
- JKRedneckHorseshoes.jpg | {
"pile_set_name": "Enron Emails"
} |
Harlan - these are documents that David furnished to Mitch early on, so .... here they are for what its worth. Thanks
-----Original Message-----
From: Portz, David
Sent: Thursday, June 28, 2001 1:09 PM
To: Robinson, Mitch
Cc: Sager, Elizabeth
Subject: Florida bagass burner Term Sheet | {
"pile_set_name": "Enron Emails"
} |
Dear Medicine Bow Shipper:
Yesterday the FERC authorized WIC to placed the entire Medicine Bow Loop and
compression into service. WIC will have the contracts in the system and
ready to accept nominations on Thursday November 29 for transportation on
Friday November 30.
Please call me if you have any questions.
Laine Lobban
719-520-4344
719-331-3379 (cell)
******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
****************************************************************** | {
"pile_set_name": "Enron Emails"
} |
Gentlemen -
A few brief updates:
The hearing before the Bombay High Court regarding MERC jurisdiction is still
on for Monday. We are still not sure whether or not there will be anything
substantive discussed at the hearing. Gail Brownfeld and Christopher Walker
are flying to Bombay just in case. I just spoke with Jim McCartney and he is
planning to try to attend as well.
There was no unified "message" from the lenders at the conclusion of the
Singapore lenders meetings. Our Finance guys are pretty confident that the
offshore lenders will not cure the construction contract defaults this
month. The Indian banks may or may not cure. If no one cures, the
construction contracts will terminate in mid-June.
We received a copy of a very interesting letter from the Chairman of MSEB to
the India Central Electricity Authority and copied to GOM dated January 11,
2001 (less than three weeks before we were first accused of misdeclaring).
The Chairman states:
"The high price of Dabhol power today was perhaps not accurately anticipated.
. . .DPC Phase II trial runs are to commence shortly. . . .It is a fact that
we have not been able to fully absorb even DPC phase I power at 90% PLF. . .
.[O]nly on MSEB projections and certification DPC have invested a huge sum in
Phase II. Can we ask them to stop now? Poor off-takes of DPC power are not
just because of low demand, but also on account of the high price and the
poor financial condition of MSEB. We would be grateful for Government advice
in the matter."
It appears to me that the "advice" was to charge that DPC was misdeclaring
its availability and to demand huge offsets as a result.
Bruce | {
"pile_set_name": "Enron Emails"
} |
And if that didn't have enough revisions already, I have a proposed revision
to Appendix E that is designed to further clarify the Pooling provisions.? I
do not think that the language changes are controversial, but if you have
questions, please address them to Bob Betonte immediately.? Bob can be
reached at 213 244-3832.
?
- Appendix-E-Revision.doc | {
"pile_set_name": "Enron Emails"
} |
Look good at this stage.
---------------------- Forwarded by Richard Ingersoll/HOU/ECT on 05/19/2000
03:49 PM ---------------------------
Barbara Bogenrief <[email protected]> on 05/19/2000 03:36:16 PM
To: [email protected]
cc: [email protected], [email protected], [email protected], [email protected]
Subject: MAIN Policy Interpretation Request
TO: Roger C. Harszy
Harry L. Terhune
Richard Ingersoll
NERC Directors
Policy Interpretation Task Force
Letter attached regarding NERC's response to MAIN's request for a Policy
interpretation.
If you have any questions, please contact Gordon Scott, Don Benjamin, or
David Cook.
Thank you.
Barbara S. Bogenrief
Secretary-Operations
- Letter - MAIN-Enron - NERC Response - May 19, 2000.pdf | {
"pile_set_name": "Enron Emails"
} |
Ken
Further to my earlier voice-mail, I attach a copy of a Restricted List
procedure we put together with the assistance of Slaughter and May. The
procedure has not yet been rolled out (since the then OTC product had not
developed to a stage requiring implementation), but was intended to be sent
to all business heads in Europe (ie desk heads, and staff at VP level and
above, not just in trading).
I hope you are able to assist us in putting together the procedures
(including a form of consent letter) based on our discussion on Thursday and
would be grateful if you could confirm.
Many thanks and best regards
Paul | {
"pile_set_name": "Enron Emails"
} |
Guys, do we have enough VAR to bring this position into the book? If over
$5M in total exposure it has to go to Frevert/Whalley.
John, I assume that you have gone through the transaction and have approved.
Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 02/01/2001
12:20 PM ---------------------------
Janice R Moore
02/01/2001 09:06 AM
To: Janet R Dietrich/HOU/ECT@ECT
cc: Berney C Aucoin/HOU/ECT@ECT, Daniel Allegretti/NA/Enron@Enron, David
Gorte/HOU/ECT@ECT, David V Porter/PDX/ECT@ECT, David W Delainey/HOU/ECT@ECT,
Elizabeth Sager/HOU/ECT@ECT, Frank Hayden/Corp/Enron@Enron, George
Wood/Corp/Enron@Enron, Jeffery Ader/HOU/ECT@ECT, Jim Meyn/NA/Enron@Enron,
John J Lavorato/Enron@EnronXGate, John Llodra/Corp/Enron@ENRON, Kevin M
Presto/HOU/ECT@ECT, LaCrecia Davenport/Corp/Enron@Enron, Mark Dana
Davis/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Richard
Shapiro/NA/Enron@Enron, Rick Buy/HOU/ECT@ECT, Tracy Ngo/PDX/ECT@ECT, Zachary
Sampson/NA/Enron@ENRON, Janette Elbertson/HOU/ECT@ECT
Subject: Re: Draft DASH for CMP Standard Offer Deal
And here's the risk memo on this deal. Still in draft form and based on the
state of play at the moment.
Regards,
Janice
EB3861
Assistant General Counsel, Enron North America Corp.
713-853-1794 (Fax: 713-646-4842)
Janet R Dietrich
01/31/2001 04:34 PM
To: John Llodra/Corp/Enron@ENRON
cc: Jeffery Ader/HOU/ECT@ECT, George Wood/Corp/Enron@Enron, Kevin M
Presto/HOU/ECT@ECT, Mark Dana Davis/HOU/ECT@ECT, Berney C Aucoin/HOU/ECT@ECT,
Jim Meyn/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Daniel
Allegretti/NA/Enron@Enron, David W Delainey/HOU/ECT@ECT, John J
Lavorato/Corp/Enron, David V Porter/PDX/ECT@ECT, Rick Buy/HOU/ECT@ECT, David
Gorte/HOU/ECT@ECT, Janice R Moore/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT,
Elizabeth Sager/HOU/ECT@ECT, Frank Hayden/Corp/Enron@Enron, LaCrecia
Davenport/Corp/Enron@Enron, Zachary Sampson/NA/Enron@ENRON, Tracy
Ngo/PDX/ECT@ECT
Subject: Draft DASH for CMP Standard Offer Deal
John, thanks for the update. I sat down with John Lavorato and Dana Davis
this morning to review the deal and get John's approval under the current
terms. He has approved the deal in it's current form however, to the extent
that we have any material change in the terms I'll need to be sure he's OK
with the changes in advance of any binding committment with Central Maine.
This is definitely a deal we want to do and given the anticipated
acceleration in the negotiations and possible execution, we need to be sure
that we're able to react and transact quickly. Dana Davis is obviously on
point for all pricing. For all others who have involvement here - please
ensure that you're on board with your piece of the deal as is, and available
to focus on any negotiated changes that may come up over the next couple of
days. Berney Aucoin will be on point for coordinating and managing all
internal pricing, approvals, etc., so be sure that Bernie can get ahold of
you if he needs to.
Also, for the DASH signatures, why don't you move both Kevin and I to
"Regional Management" and let Ader and Davis sign for Origination and
Trading.
Thanks and good luck!
---------------------- Forwarded by Janet R Dietrich/HOU/ECT on 01/31/2001
03:51 PM ---------------------------
John Llodra@ENRON
01/31/2001 11:50 AM
To: Jeffery Ader/HOU/ECT@ECT, George Wood/Corp/Enron@Enron, Kevin M
Presto/HOU/ECT@ECT, Mark Dana Davis/HOU/ECT@ECT, Berney C Aucoin/HOU/ECT@ECT,
Jim Meyn/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Daniel
Allegretti/NA/Enron@Enron, David W Delainey/HOU/ECT@ECT, John J
Lavorato/Corp/Enron, Janet R Dietrich/HOU/ECT@ECT, David Port/Market
Risk/Corp/Enron@ENRON, Rick Buy/HOU/ECT@ECT, David Gorte/HOU/ECT@ECT, Janice
R Moore/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Elizabeth
Sager/HOU/ECT@ECT, Frank Hayden/Corp/Enron@Enron, LaCrecia
Davenport/Corp/Enron@Enron, Zachary Sampson/NA/Enron@ENRON, Tracy
Ngo/PDX/ECT@ECT
cc:
Subject: Draft DASH for CMP Standard Offer Deal
All:
As some of you may be aware, we are in the process of negotiating with
Central Maine Power Company regarding the assumption of a portion of their
wholesale obligations associated with their Standard Offer Service load in
the State of Maine, covering at least March 1, 2001 - Feb 28, 2002. We are
currently in the process of negotiating a contract and transaction terms.
They are simultaneously discussing same with other suppliers. At this point,
there are a number of outstanding items (including numerous contract items
and credit arrangements). However, we expect that the pace of the
negotiation process will be very quick over the next 1-3 days. As an
example of how quickly things might move, CMP has indicated that the Maine
PUC is poised to hold deliberations and approve CMP's signing of a contract
within 24 hours of CMP/Enron agreement on contract terms (with updated firm
pricing to be supplied just prior to PUC deliberations and held open for
about 2-3 hours).
Key members of our negotiating team on this deal are as follows:
Origination/Marketing: John Llodra, George Wood
Legal: Janice Moore
Regulatory/Governmental: Daniel Allegretti
Commodity Structuring: Jim Meyn, Zach Sampson
Credit: Edward Sacks, Tracy Ngo
Attached below is a draft of the DASH for this prospective deal. Items
subject to change or still under negotiation are noted. While this DASH is
prepared assuming we obtain a multi-year extension swaption, there is a
chance it may end up being a single year deal for the period Mar 1, 01- Feb
28, 02. My intent in sending the DASH at this time is to familiarize you
all with the aspects of the deal at this point in time, to enable us to move
quickly to get internal approvals in the event we reach final agreement with
CMP over the next couple of days. Once agreement is reached with CMP on
outstanding items, a revised DASH will be circulated. Please feel free to
call me at 978-449-9936, or Jim Meyn/Berney Aucoin in structuring (5-3223,
3-4784) if you have any questions on the commercial structure or valuation to
date. Thanks.
Regards
John | {
"pile_set_name": "Enron Emails"
} |
Information Management Weekly Milestones Report ) 02/09/01
Portal.
Portal development work continues for respective BU/FUs under Joe Wong's
direction. This work is based on information collected from portal surveys.
Brandon Rigney's team committed to delivering the portal graphical treatment
by 2/16/01. A new portal name is being discussed. The decision for the
portal "look and feel" and the portal name will be made next week. A
"progress before perfection" approach is planned for releasing the portal.
"Killer" or "sticky" applications for the new portal are being identified and
prioritized. All task force members are required to identify five "killer"
or "sticky" applications by next week's IM Task Force meeting.
Some features of Hewlitt Packard's benchmark portal are being discussed and
targeted for development.
Tibco 2.0 version targeted as a requirement to provide personalized color
treatments for portal. Allen Elliott to confirm licensing agreement for
Tibco 2 is in place.
Single sign-on capability will require changes to the producer portal
applications. The single sign-on security task force has developed and
proposed a strategy to make this happen. The portal development is working
this issue to ensure the eventual release of a single sign-on entry point for
the portal.
Philippe Bibi was provided a project update. Philippe re-emphasized the need
to unveil a best practices portal that is simple, wanted by users, and
value-added for users.
UDM/ESE.
Inktomi and Verity appear to be the choice contenders. Since Autonomy
requires an obtrusive amount of work on individual employees, interview
results predict users would not support this product type. Consequently, the
task force does not expect to pilot Autonomy.
Business Analyst Paul Timberlake collected high level pricing for each
vendor. Below is a table of that information. Paul is working with GSS's
Peter Goebel to gain additional pricing support. Note, Paul's final report
will have extensive licensing information for each vendor.
Vendor Initial Cost Annual Support & Maintenance
Autonomy $3,000,000 $540,000 / year support
Inktomi $1,375,000 $206,250 / year support
Verity $682,500
($487,500 + $162,500 + $32,500) $130,000 / year support
IM Strategy Proposal.
Steve Kean attended the weekly IM Task Force meeting to get an update on the
IM Strategy Proposal. Although the task force was suggesting an executive
point person be identified, Steve reminded the task force of the value of
grassroots efforts. The task force will remain focused on identifying and
developing sticky portal applications to improve the flow of information
which ultimately should increase the flow of revenue. Steve's message to IM
Task Force: do what it takes to make it happen.
During the discussion with Steve, the task force reviewed HP's best practices
portal. Steve would like to view the HP demonstration of their best
practices portal.
The Task Force team met with EES' Knowledge Management team to discuss a ONE
Enron approach to information management. EES emphasized need for executive
management to encourage BU/FU IM/KM coordination. | {
"pile_set_name": "Enron Emails"
} |
Shirley,
Please, register me for this conference.
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/30/2000
09:52 AM ---------------------------
"John D. Martin" <[email protected]> on 11/29/2000 05:04:25 PM
To: Ben Esty <[email protected]>, Greg Willard <[email protected]>,
[email protected], Andres Almazan <[email protected]>,
[email protected], Murat Binay <[email protected]>,
[email protected], [email protected], Murray Carlson
<[email protected]>, [email protected], Kent Daniel
<[email protected]>, [email protected], [email protected],
[email protected], [email protected], Stuart Gillan
<[email protected]>, Denis Gromb <[email protected]>, [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected], Matthias Kahl
<[email protected]>, [email protected],
[email protected], [email protected], Andras Marosi
<[email protected]>, "John D. Martin" <[email protected]>,
[email protected], Beth Miertschin <[email protected]>,
[email protected], "Thomas H. Noe" <[email protected]>,
[email protected], Bill Petty <[email protected]>, manju puri
<[email protected]>, [email protected], [email protected],
[email protected], [email protected] (Ehud I. Ronn), Kemal Saatcioglu
<[email protected]>, Akin Sayrak <[email protected]>,
[email protected], Laura Starks <[email protected]>, [email protected],
"A. Subrahmanyam" <[email protected]>,
[email protected], [email protected],
[email protected], [email protected], [email protected],
Beth Miertschin <[email protected]>
cc:
Subject: Announcing the Third Annual Texas Finance Festival
Hello friends,
Attached is the program announcement for the third edition of the Texas
Finance Festival to be held in San Antonio (once again). You will note
that we have some new and fun entertainment lined up to accompany the
superb program put together by Sheridan Titman (and company).
You can help us by registering early so we have put a discount into the
registration fee if you get your registration form and check in by January
15, 2001. However, We would really appreciate hearing from you ASAP if you
do plan to come via return e-mail.
Looking forward to seeing you all again in the spring.
John
- announcerev.doc
John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
[email protected]
web: http://hsb.baylor.edu/html/martinj/home.html | {
"pile_set_name": "Enron Emails"
} |
Ding,
Thanks.
Vince
Ding Yuan@ENRON_DEVELOPMENT
01/10/2000 09:48 PM
To: Vince J Kaminski@ECT
cc:
Subject: Congratulations
Vince:
Congratulations on your promotion to MD. You certainly are well deserving
this long overdue promotion.
Cheers,
Ding Yuan | {
"pile_set_name": "Enron Emails"
} |
I hear your deal blew up. What happened?
ckm | {
"pile_set_name": "Enron Emails"
} |
Congratulations to the team. In my humble opinion, we put together an
interesting, succinct, yet thorough presentation. Good job.
**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA 94104
(415) 733-4487 ph.
(415) 733-4190 fax
____________________Reply Separator____________________
Subject: Re:Here it is...
Author: "[email protected]" <SMTP:[email protected]>
Date: 04/27/2001 10:49 AM
Thanks to all. Ended up working out pretty well. We may have been the
only folks thus far that finished within 20 minutes (or 45 minutes, it
seems, for that matter).
Best,
Jeff | {
"pile_set_name": "Enron Emails"
} |
Daily Blessing
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http://www.daily-blessings.com/bless108.htm
Long, Long Ago
http://www.daily-blessings.com/ch20.htm
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"pile_set_name": "Enron Emails"
} |
Please advise PG&E and Aquila that we will not address the questions below
until Phase 2. Thanks.
----- Forwarded by Ron Coker/Corp/Enron on 09/26/2000 04:06 PM -----
Benjamin Rogers@ECT
09/26/2000 03:53 PM
To: Ron Coker/Corp/Enron@Enron
cc:
Subject: Additional PG&E Question and an Aquila Question - all on Pastoria
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 09/26/2000
05:53 PM ---------------------------
"Iaconetti, Louis" <[email protected]> on 09/26/2000 05:51:29 PM
To: "Don Miller (E-mail)" <[email protected]>, "'Benjamin Rogers'"
<[email protected]>
cc: "Bartlett, James" <[email protected]>, "Al-Farisi, Omar"
<[email protected]>, "Heckler, James" <[email protected]>, "Modi,
Rishi" <[email protected]>
Subject: Additional PG&E Question and an Aquila Question - all on Pastoria
I spoke to Aquila again today. They are planning to submit bids on Friday
for Gleason, Wheatland and Pastoria. They already have a tolling agreement
in the Lincoln area and don't want more capacity there.
Aquila's question:
They questioned the development costs for Pastoria - look very high. I
noted that it includes the ERC's. They would like a breakout of the
development costs
PG&E's question is below. Are you comfortable disclosing this at this stage
or is this a phase II due diligence item?
-----Original Message-----
From: Favinger, Thomas [mailto:[email protected]]
Sent: Tuesday, September 26, 2000 5:17 PM
To: 'Iaconetti, Louis'
Subject: RE: Responses to PG&E Questions on Pastoria
Since we do not have to accept the NEPCO contract, can you break out the
cost and scope of equipment (Enron uses the term "power islands")? Can we
get this information tomorrow? Both cost and scope of this is important to
be able to assess the "EPC" price and determine bid price. | {
"pile_set_name": "Enron Emails"
} |
I'm not sure. WE're going to the Astros tonight and are working on the nursery I think. Other than that, not much | {
"pile_set_name": "Enron Emails"
} |
Here are the final notes from the meeting with RPU. Let me know if you have
any questions.
Ben | {
"pile_set_name": "Enron Emails"
} |
Market East needs to recognize $24,200 of Middle Market -East Originations
granted by the Pipe Options book.
Thanks,
Robin | {
"pile_set_name": "Enron Emails"
} |
On last question, what are the volumes?
Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
[email protected]
Phone 713-853-7658
Fax 713-646-3490 | {
"pile_set_name": "Enron Emails"
} |
Franky,
lets meet next week when we get into the new building
dq
-----Original Message-----
From: Sulistio, Franky
Sent: Tuesday, November 06, 2001 9:29 AM
To: Quigley, Dutch
Subject: New Chart/Graph requirement
Hi Dutch,
Do you want to meet sometime today to discuss about the new graph or chart that you want me to develop?
Let me know.
Thank you
Franky Sulistio
Sr. IT Specialist
Enron Networks
Ph.(713) 345-3611
Email: [email protected]
? "Success hinges on a passion for excellence." | {
"pile_set_name": "Enron Emails"
} |
A follow-on to Janel's comments: I wanted to comment a bit on the " California campaign", our group's(internal and external) individual and collective efforts, and the work that continues: While I may be properly, and not surprisingly, characterized as "non-practicing"(in a formal religious sense), I do believe quite firmly that what we do in life( and how we do it) echoes through eternity...it is the effort and the quality of the effort in all that we do in our lives that both matters and echoes...While we engage in work that cannot be equated with the work of people, past and present, such as Mother Teresa, the work we do is good, very good in fact, and makes a significant difference to the 18,000 Enron employees and their families...Each of you, in the context of the broad "campaign" to communicate the rightness of our perspective and to protect the good name of the company and individuals within the company, has put forth a great effort that has been performed with excellence and that has made a significant and positive difference....and that has succeeded in many respects thus far....I understand the effort continues, but each of you should feel very proud now.... about what we have done and how we have done it. Thanks very much.
-----Original Message-----
From: Guerrero, Janel
Sent: Wednesday, August 22, 2001 5:18 PM
To: Shapiro, Richard; Palmer, Mark A. (PR); Steffes, James D.; Kaufman, Paul; Dasovich, Jeff; Mara, Susan; Comnes, Alan; Kingerski, Harry; Lawner, Leslie; Frank, Robert; Neustaedter, Robert; Bev Hansen (E-mail); Hedy Govenar (E-mail); Scott Govenar (E-mail); Walton, Steve; Thome, Jennifer; Denne, Karen; Ken Smith (E-mail); Sandra Yamane (E-mail); Joan Kradin (E-mail); Rich Lichtenstein (E-mail); Landwehr, Susan M.; Montovano, Steve; Sullivan, Kathleen; Staines, Dan; Briggs, Tom; Robertson, Linda; Novosel, Sarah; Fulton, Donna; Alvarez, Ray; Allegretti, Daniel; Yoho, Lisa; Migden, Janine; Ryall, Jean; Keeler, Jeff; Bolton, Stacey; Schoen, Mary; Dernehl, Ginger; McVicker, Maureen; Noske, Linda J.; Schmidt, Ann M.; Linnell, Elizabeth; O'connell, Earlene
Subject: California Campaign Closeout
Attached is the presentation that Rick and Steve will make to Mr. Lay regarding our accomplishments during the California energy crisis.
Great work everybody!!
More to come on RTOs..... | {
"pile_set_name": "Enron Emails"
} |
fyi
---------------------- Forwarded by Donna Lowry/HOU/ECT on 06/09/2000 04:44
PM ---------------------------
Lauren Hagerty@ENRON_DEVELOPMENT
06/09/2000 01:56 PM
To: Donna Lowry@ECT
cc:
Subject: Genesys : Sale of Shares : RBI approvall
FYI. It would seem we still have a lot of ground to cover on selling Genesys.
---------------------- Forwarded by Lauren Hagerty/ENRON_DEVELOPMENT on
06/09/2000 01:55 PM ---------------------------
Chandran Bhaskar
06/09/2000 12:15 AM
To: Rahul Basu/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sandeep Katwala/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Raj
Thapar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gopalakrishnan
Subramaniam/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Veena
Srinivasan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lauren
Hagerty/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Genesys : Sale of Shares : RBI approvall
Dear Rahul,
Your mail on the above subject refers.
As regards to the approvals to be followed in sale of the Genesys shares by
Enron Distribution Ventures MHC Ltd., Mauritius, i list below the following:
(A) Approvals required:
Per section 10 B (1) the FEMA Regulations effective 1 June 2000, transfer by
way of sale by a person resident outside India of the shares / debentures
held by him to person resident in India will require prior permission of RBI.
Veena, your activity chart shows that Form TS 1 is to be filed after the sale
is effected, money received and at the time of remittance of sale proceeds.
Since, the Act prescribes prior approval, we should sell only after receipt
of RBI approval and not before.
The requisite form to be filed for seeking approval is Form TS1.
If we are effecting the sale through a private arrangement , the application
should be supported with the average quotation of the share price ( average
of daily high and low) for one week proceeding the date of application, duly
certified by a Chartered Accountant. If the sale proposed to be effected on
the floor of the exchange to the general public at the prevailing market
price, the Chartered Accountant's certification is not required. Since, we
intend selling at the floor, this certification is not required.
(B) Thinly Traded:
I refer to Veena's query on whether Genesys shares are thinly traded. Per
section 10 - Explanation i) the share will be treated as thinly traded if the
annualised trading turnover in that share, on a main stock exchanges in
India, during the six calendar months preceding the month in which the
application is made, is less than 2%( by number of shares) of the listed
stock.
Though we can take a view that Genesys shares are listed for trading only
from 5 June 2000, it is to be noted that the new shares issued to (a) the
erstwhile Genesys shareholders are issued as a result of the scheme of
amalgamation approved by the High Court, Mumbai & (b) the applicants of the
private placement ( incl. Enron) and the new amalgamated company, Genesys
International Corporation Limited, whose previous name was Aeke Trading and
Investments Limited, was a listed Company at the Mumbai Stock Exchange.
Hence, it is advisable to check whether the shares of AEKE were thinly traded
or not. FYI, the Paid - Up Equity of AEKE prior to the Amalgamation was
2,40,000 Equity Shares of Rs. 10/- each aggregating Rs. 24,00,000/-. We can
apply the test as explained above on the AEKE shares prior to Genesys
amalgamation just to satisfy ourselves that it was not thinly traded.
It is better to check this provision.
(C) Formalities for remittance:
Per section 11of the FEMA Regulations, remittance of sale proceeds shall be
made by a authorised dealer upon:
satisfying himself that the security was held by the seller on repatriation
basis ( we need to submit the Foreign Collaboration Approval Letter No. 3/9
SIA/NFC 99 NRI to the AD)
submission of the contract note of the Broker effecting the sale and
submission of a No Objection Certificate/ tax clearance certificate.
(D) Income Tax - NoC / TCC:
I understand from Veena that there is a current thinking that through a
Chartered Accountants Certificate stating the double taxation treaty, we need
not obtain the NoC of the IT. In my view, since the regulation stipulates an
NoC / TCC from the IT Department, i doubt whether it is doable without a BoC
/ TCC of the IT.
In the past, this was followed and with an Undertaking from the Company,
supported with a Chartered Accountants Certificate,confirming there are no
tax implications in the underlying transaction, one could remit the funds
without a NoC/TCC from IT. But, given a very specific statement u/s 11 of the
FEMA Regulations and the same being introduced only from 1 June and hasn't
been time tested, i doubt whether the Authorised Dealer will accept our view
and effect fund transfer with an Undertaking and CA Certification.
In my view, NoC would be a pre requisite.
(E) Bank Account:
Assuming that the NoC is required, there will be a timing difference between
we receive the sale proceeds and remitting the money to Mauritius after
obtaining the NoC from IT. It is certainly not advisable to hold the
instrument without encashing it. Hence, opening of a Bank Account in India to
encash the instrument is warranted. I refer to Mike's mail on allowing the
Broker to hold the funds in a trust account for EDVMHC. In my view, instead
of the Broker holding the same, the AD himself can hold it on trust for
EDVMHC. But this needs to checked and properly documented with the Bank (
Authorised Dealer) and as well at EDVMHC. From Due Diligence and Compliance
point of view, i would suggest to take the route of opening of an rupee Bank
Account than the trust route.
Since it is not a demated shares, opening of an custodial account is not
required. This needs to be checked with the authorised dealer.
(F) Application to RBI / TS 1:
I suggest that while making the RBI Application under TS 1, it is advisable
to state and seek their concurrence or keep them informed as to point E
above. We could mention in our application to RBI and seek approval as to (a)
opening of an rupee account or (b) authorising the AD to hold the same in an
trust account for EDVMHC. RBI while according its approval, will look in to
the transaction and accord approval for this as well.
May be, before filing the application with RBI, we could meet with the
concerned official in Exchange Control Department and walk him through with
the transaction so that the approval is obtained at the earliest.
(G) Original Funds:
I understand that while making this investment, the funds have not come in
from EDVMHC, Mauritius or it has come from a Company from Caymon Islands. Tax
need to confirm whether the money received from Cayco ( though on behalf of
an Mauritius Company) would qualify for tax benefits.
(H) Confirmation by Genesys on non Lock-in:
There are no documents available like the Board Resolution while alloting the
Shares to EDVMHC or the application to Stock Exchange which would specify
distinctive numbers of the Lock-in Shares nor it is stated in the Information
Memorandum as whether shares offered under this IM are freely tradable.
Though the SEBI Guidelines are clear that if the shares do not form part of
the Promoters Quoto, they are freely tradable, it is advised that we take a
certificate from Genesys on this. I have spoken this with Rajesh who
confirmed that such a certificate from Genesys can be otained without any
difficulty.
Please feel free and do call me for any further assistance from my end.
Regards
Bhaskar
---------------------- Forwarded by Chandran Bhaskar/ENRON_DEVELOPMENT on
06/09/2000 08:01 AM ---------------------------
Sandeep Katwala
06/07/2000 12:47 PM
To: Chandran Bhaskar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Genesys : Sale of Shares : RBI approval
input into Rahul please.
---------------------- Forwarded by Sandeep Katwala/ENRON_DEVELOPMENT on
06/07/2000 12:36 PM ---------------------------
Rahul Basu
06/07/2000 12:37 PM
To: Gopalakrishnan Subramaniam/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rajesh
Agarwal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rajesh
Shekhar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sandeep
Katwala/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Raj
Thapar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Genesys : Sale of Shares : RBI approval
Seems to me from a read of the regulations that we are required
Clause 10 B (1) to get RBI approval for the transfer on a TS1 form. Please
note that the TS1 form requires a CA certificate
If we sell on an exchange through a broker, clause 10 B (2) (a) (i) will
apply. Since the transfer takes place when its recorded on the register held
by the company, there is time from when the sale order is given to the
broker.
Clause 11 (2) provides the conditions by which the AD will repatriate the
money to Mauritius. Please note the requirement for an IT clearance in clause
11 (2) (c). Also, it seems from Clause 11 (2) (b) that if we sell through the
exchange, then approval of RBI under the TS1 is not required for the
repatriation.
Rahul | {
"pile_set_name": "Enron Emails"
} |
Start Date: 1/24/02; HourAhead hour: 18; No ancillary schedules awarded. No variances detected.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012418.txt | {
"pile_set_name": "Enron Emails"
} |
Not me. Bart, is it you?
Kay
Thomas Suffield
07/18/2000 10:11 AM
To: Ted Ryan/Corp/Enron@ENRON, Kay Mann/Corp/Enron@Enron
cc: Karen E Carter/NA/Enron@Enron
Subject: Florida Presentation
Ted: I believe you missed our Florida "all hands meeting". Please find
attached a copy of the Florida presentation.
Kay: are you the legal contact on Florida?
Thanks, Thomas.
---------------------- Forwarded by Thomas Suffield/Corp/Enron on 07/18/2000
10:11 AM ---------------------------
Thomas Suffield
07/14/2000 10:00 AM
To: Marchris Robinson/HOU/EES@EES
cc:
Subject: Florida Presentation
As per our discussion, please find atached from yesterday's meeting.
---------------------- Forwarded by Thomas Suffield/Corp/Enron on 07/14/2000
10:01 AM ---------------------------
Raimund Grube
07/05/2000 06:19 PM
To: Tammy R Shepperd/HOU/ECT@ECT, Mary Kay Moore/HOU/ECT@ECT
cc: Ben Jacoby/HOU/ECT@ECT, Thomas M Suffield/Corp/Enron@ENRON
Subject: Florida Presentation
Attached, please find the latest version of the Florida presentation as of
6:20 PM on 7/05.
Please call if you have any questions.
Raimund D. Grube
X-30433 | {
"pile_set_name": "Enron Emails"
} |
We are currently experiencing issues with EHR online. We are aware of these issues and are working to get them resolved quickly. Thank you for your patience and we will notify you when the EHR system is back online.
Thank you,
ETS Solution Center - Houston, at 713-345-4745
ETS Solution Center - Omaha, at 402-398-7454 | {
"pile_set_name": "Enron Emails"
} |
Hi Louise,
Please let me know if you have any questions! | {
"pile_set_name": "Enron Emails"
} |
Yes
-----Original Message-----
From: Lavorato, John
Sent: Sunday, February 03, 2002 11:36 AM
To: Kitchen, Louise
Subject:
We decided to get Kristan Walsh an offer for fundies. Can you get it to her when Jeanie gets it.
Thanks. | {
"pile_set_name": "Enron Emails"
} |
I spoke with Dale Neuner (confirm desk) a few minutes ago. It seems that
Scott Neal sent the deal ticket to EI and not ECT. We have retrieved the
ticket and Dale is talking to Scott about having the deal entered into trade
capture. Dale is in touch with Brent and will advise when deal has been
entered. SS
From: "Julian Poole/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL on
07/26/99 04:07 PM
To: Sara Shackleton@ECT, Brent Hendry AT ENRON_DEVELOPMENT@CCMAIL
cc: "Don Black/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL
Subject: SWAP
Sara,
Was the confirmation sent to C. Puerto?
Julian | {
"pile_set_name": "Enron Emails"
} |
* IMMEDIATE ACTION REQUIRED - Do Not Delete *
Executive Impact & Influence Program
Dear Sean Crandall,
As part of the Executive Impact and Influence Program,
each participant is asked to gather input on the
participant's own management styles and practices as
experienced by their immediate manager, each direct
report, and up to eight colleagues/peers.
You have been requested to provide feedback for a
participant attending the next program. Your input
(i.e., a Self assessment, if you are a participant in
this program, Manager assessment, Direct Report
assessment, or Colleague/Peer assessment) will be
combined with the input of others and used by the
program participant to develop an action plan to
improve his/her management styles and practices. If
you are providing feedback as a Manager of the
participant, please note that your feedback will be
identified in the summary report.
It is important that you complete this assessment NO
LATER THAN CLOSE OF BUSINESS on Wednesday, October 24, 2001.
To begin the online administration process, you will
need the following Internet address and Password(s).
NOTE: If you are providing feedback for more than one
person, each password and participant name is
individually listed below.
Open your Internet browser e.g., Internet Explorer or
Netscape Navigator, and please type or copy the URL
address below into your Internet browser (please DO NOT
go through Lotus Notes):
www.fsddatasvc.com/enron
RQETFJ (Stewart Rosman)
If you experience technical problems, please call
Dennis Ward at FSD Data Services, 713-942-8436. If you
have any questions about this process, you may contact
LeRea Pharr at Enron, 713-345-8434, or Christi Smith at
Leadership Research Institute, 619-216-0404.
Thank you for your participation. | {
"pile_set_name": "Enron Emails"
} |
Jerry,
Would you mind re-sending? I can't find it on my system anywhere. I did
find the signature page sent 4/20.
Many thanks,
Kay
"DeBerry, Jeremiah A." <[email protected]> on 04/24/2001
01:58:34 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: Execution drafts
Yes, the draft that was forwarded to you on and dated April 23, 2001 is the
draft to be executed. Note however, that the date of the letter will be
changed to reflect the actual execution and delivery date.
Please let us know when the change orders have been executed.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, April 24, 2001 1:50 PM
To: [email protected]
Subject: Execution drafts
Hi Jerry,
Do we have a final, execution version of the letter agreement?
I understand that Enron's tax folks are ok with the suggested changes to
the LLC agreement.
We are working with GE to get the change orders executed.
Thanks,
Kay
"paulhastings.com" made the following annotations on 04/24/01 14:58:48
------------------------------------------------------------------------------
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."
============================================================================== | {
"pile_set_name": "Enron Emails"
} |
We will have our Monday morning conference call this coming Monday @11:00am
(CST).; For those of you in Houston, we will be in room EB4793.; Dial-in
details are as follows:
;
Dial-in number:; 888/311-9051
;
Pass code:; 60396
;
;
Sue Nord, Sr. Director
Government Affairs
713/345-4196
; | {
"pile_set_name": "Enron Emails"
} |
I will actually be on a plane to Houston at that time. Either Jeff Richter or Gordon Savage should be able to fill in for me, or we can do it at a different time. In the latter case, I would suggest either 11 AM PDT/1 PM CDT (I can call in from the airport) or 4PM PDT/6 PM CDT (again, I can call from the airport, assuming flight is on time). My preference would be 4/6 to allow more time to firm up numbers, but I realize it could push us a little late into the evening, depending on how efficient we are. :)
> -----Original Message-----
> From: Steffes, James D.
> Sent: Monday, August 13, 2001 6:18 AM
> To: Curry, Wanda; Swain, Steve; Mellencamp, Lisa; Tribolet,
> Michael; Ruffer, Mary Lynne; Huddleson, Diann; Williams,
> Robert C.; Dasovich, Jeff; Mara, Susan; Sanders, Richard B.;
> Kingerski, Harry; Jean Bennett (E-mail)
> Cc: Noske, Linda J.; Belden, Tim
> Subject: UPDATE MEETING ON CALIFORNIA PX CREDIT MODEL, ETC.
> Importance: High
>
> I would like to have a meeting today at 4pm to review the
> work that West Power URM has been working on to compare the
> economic impact of the 4 alternatives.
>
> It would also be good to get any other feedback from the
> meetings with SCE and other relevant activities.
>
> I will ask my assistant Linda Noske to get a call in number
> and a room on 47.
>
> Please let Linda Noske know if you will attend.
>
> Jim | {
"pile_set_name": "Enron Emails"
} |
Start Date: 1/31/02; HourAhead hour: 1; No ancillary schedules awarded. No variances detected.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002013101.txt | {
"pile_set_name": "Enron Emails"
} |
A RAC VaR meeting is scheduled for this afternoon, Friday, May 4th.
Meeting details are as follow:
Date: Friday - May 4th
Time: 3:00pm - 4:00pm
Room: EB 2868
Subj: RAC VaR
Attendees: Scott Neal
Sandra Brawner
Chris Germany
Scott Hendrickson
Peter Keavey
Brad McKay
Susan Pereira
Vladi Pimenov
Andrea Ring
Judy Townsend
Victoria Versen
Frank hayden
Bharat Khanna
If you require any additional information please contact Frank Hayden at extension 5-8341.
Thank you,
AC Romero | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Richard B Sanders/HOU/ECT on 09/15/99
02:52 PM ---------------------------
Corporate Administrative Services
From: Melinda Winkler 09/15/99 12:17 PM
To: Richard B Sanders/HOU/ECT@ECT
cc: Michael Hicks/EPSC/HOU/ECT@ECT
Subject: Report
I was able to locate a report on Sawadi Horrungruang dated November 14, 1997.
Hopefully, this is the report you were looking for.
Melinda | {
"pile_set_name": "Enron Emails"
} |
Just double checking my numbers, this is what I now show on COH storage. Let
me know if I need to tweak it and where.
Month Monthly Inj Ending Balance
Jul 1,089,097 4,053,906
Aug 1,089,123 5,143,029
Sep 786,579 5,929,608
Oct 120,999 6,050,607 <=== Max storage | {
"pile_set_name": "Enron Emails"
} |
I think we both ought to (and the shippers as well if someone can talk them
into filing). We aren't a shipper but we do get happy customers and maybe
even more throughput from the deal, so we clearly have a legitimate interest
in expedited treatment. DF
From: Mary Kay Miller 02/15/2000 05:11 PM
To: Susan Scott/ET&S/Enron@ENRON
cc: Keith Petersen/ET&S/Enron@ENRON, Drew Fossum@ENRON
Subject: Re: Southwest Gas proceeding (CP99-592-000)
I'd suggest that Southwest Gas make the filing to expedite vs TW, it always
seems strange to me when someone other than the applicant files unless the
party is an actual shipper which we are not-- thoughts??? MK
From: Susan Scott 02/15/2000 05:06 PM
To: Mary Kay Miller/ET&S/Enron@ENRON, Keith Petersen/ET&S/Enron@ENRON
cc: Drew Fossum@ENRON
Subject: Southwest Gas proceeding (CP99-592-000)
As you know, we are still waiting for FERC to issue the necessary certificate
authority for the Southwest Gas/TW interconnect. Ideally, the interconnect
facilities would be approved so that they could be constructed by the Gallup
in-service date. Two of our Gallup shippers, Sempra and Reliant, have
provisions in their Gallup contracts giving them the option to change their
primary delivery point to the proposed Southwest Gas interconnect. The TW
commercial group approached me about a motion to expedite based on this
contractual right. (Keith, I know we've spoken about this before with
Lorraine). Lorraine called her business contact at Reliant, and Reliant's
regulatory counsel in D.C. called me today to get more information. He
sounded very positive about filing a motion to expedite a decision in this
proceeding and I sent him the relevant background information to get him
started. Getting Sempra to consider filing a similar motion might be more
difficult, but Jeff Fawcett is going to work on his business contact there.
I am going to put together and circulate a motion or letter to FERC from TW,
stating that TW's ability to provide service to its shippers will be affected
unless certificate authority is granted soon. Any comments in the meantime
-- let me know. | {
"pile_set_name": "Enron Emails"
} |
Sorry, for not saying good-bye when you left last night. I thought you were at work on Thursday and I thought I would wish you well then. So I guess, better late than never. Have a good and safe trip!
Regards,
Jon | {
"pile_set_name": "Enron Emails"
} |
Mon Jan 08 13:17:48 2001
Thank you for subscribing to the following Continental Airlines mailing lists:
- CO.O.L Domestic
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You are subscribed as: [email protected]
With your subscription you will receive FREE emails featuring low fare
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We plan to send notices out every other Tuesday. However, we cannot guarantee
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If you have not subscribed in time to get the email for the current week,
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http://www.continental.com/dash/build_dash.asp?vs_02_03_04 | {
"pile_set_name": "Enron Emails"
} |
Tammie,
Attached is the Global Risk Management Operations update for Louise's weekly
report, week ending February 2.
If you have any questions, please let me know.
Thanks,
Brian | {
"pile_set_name": "Enron Emails"
} |
Attached are three forms of Assignment Agreement (similar to the one we had
signed a couple of weeks ago for Goldman) to assign the accounts from ENA to
Enron Credit Inc. We will need to complete the dates of the agreements, the
date of assignment, and verify the correct accounts numbers with Sheila when
she returns next week. | {
"pile_set_name": "Enron Emails"
} |
Sorry Teb but I have an appointment with the Sinus Dr. Can we visit in advance of your meeting? | {
"pile_set_name": "Enron Emails"
} |
For your information ---
Craig Young
---------------------- Forwarded by Craig Young/NY/ECT on 10/19/2000 04:05 PM
---------------------------
"Rice, Kate" <[email protected]>@ls.mfainfo.org on 10/19/2000 02:07:41 PM
Please respond to "Rice, Kate" <[email protected]>
Sent by: [email protected]
To: "'[email protected]'" <[email protected]>
cc: "Allen, Julia" <[email protected]>
Subject: September 6, 2000 Minutes from GRC meeting
October 19, 2000
Attached is the draft of the minutes from the September 6, 2000
Government Relations Committee meeting.
You will note there are seven Action Items from the last meeting.
Under Item 2, Overview of Regulatory and Legislative Agenda, it was agreed
that the status of the issues that had been previously referred by the
Committee to various subcommittees would be discussed at the next meeting.
The subcommittee chairs have been reminded of this assignment. Also under
Item 2, several members agreed to create an outline of the legislative and
regulatory issues that involve ERISA and affect CTA's. A draft has been
produced.
Item 6, Uptick Rule, Member Silber volunteered to review the SEC
proposal when it is issued and draft a comment letter.
Item 7, CFTC Reauthorization Legislation, MFA staff was to send members the
letter sent to CFTC Chairman Rainer on the issue of single stock futures.
The letter was sent to members in late September.
Item 11, MFA International Activities, it was suggested that an
article be placed in the MFA Reporter on the FSF international standards
program and the foreign markets access issue. The article will appear in
the October issue of the MFA Reporter.
Item 12, the SOP 95-2, Members Esposito and Pierce, agreed to draft
a comment letter which would suggest more flexible disclosure requirements
for fund of funds.
Item 13, MFA Initiative on Relaxing Regulation D Advertising, a Task
Force would review and develop an outline regarding marketing restrictions
in Regulation D.
An agenda and materials for the November 2, 2000 meeting in New York
City will be sent to Committee Members the last week of October.
<<grcsept6mtgmin.9-7-00.doc>>
Thank you,
Julia C. Allen
Managed Funds Association
2025 M Street, N.W.
Floor 8
Washington, D.C. 20036
Phone (202) 367-2404
Fax (202) 367-2140
- grcsept6mtgmin.9-7-00.doc | {
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The request has been completed with all resources requested either completed
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