text
stringlengths 1
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|---|---|
Gas Producers Liquids Inc. - Omnibus confirmations only - No ISDA
How do we margin this LC customer when the Exposure Thresholds are not
consistant across each Annex B? Their financial mark to market exposure is
currently $1.3MM.
Annex
Trades B-Credit Line
QL3281.1 $0
QL3360.1 $0
QN8251.1 $0
QN8251.2 $0
QQ7096.1 $0
QQ7109.1 $500,000
QR4386.1 $0
QS3259.1 $0
QS3259.2 $25,000
Brant | {
"pile_set_name": "Enron Emails"
} |
Ray's take on this is consistent with the EPSA write up on the hearing.
Ray Alvarez
05/07/2001 03:49 PM
To: "Ronald Carroll" <[email protected]>
cc: <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>
Subject: Re: Fwd: Murkowski Challenges Capitalists To Cap Runaway Power
Prices In CA
I attended the Senate hearing, and Murkowski strongly supported FERC's
decision and was anti- price cap throughout the hearing. In my opinion, the
author of this article misinterpreted what was going on at the end of the
hearing. Commissioner Massey was trying to offer up a letter supporting
price caps, to be placed into the record. My take is that Murkowski didn't
want the letter and, being totally skeptical of the financeability of
infrastructure under price caps, challenged Massey to come back with support
from the financial community for price caps.
"Ronald Carroll" <[email protected]> on 05/07/2001 01:16:37 PM
To: <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>
cc:
Subject: Fwd: Murkowski Challenges Capitalists To Cap Runaway Power Prices In
CA
----- Message from "Tracey Bradley" <[email protected]> on Mon, 07 May
2001 10:49:32 -0500 -----
To: "Justin Long" <[email protected]>
cc: "Aryeh Fishman" <[email protected]>, "Andrea Settanni"
<[email protected]>, "Charles Ingebretson"
<[email protected]>, "Charles Shoneman" <[email protected]>,
"Deanna King" <[email protected]>, "Dan Watkiss" <[email protected]>,
"Gene Godley" <[email protected]>, "Kimberly Curry"
<[email protected]>, "Michael Pate" <[email protected]>, "Paul Fox"
<[email protected]>, "Ronald Carroll" <[email protected]>
Subject: Murkowski Challenges Capitalists To Cap Runaway Power Prices In CA
FYI
Murkowski Challenges Capitalists To Cap Runaway Power Prices In CA
In what some observers believe could be a watershed change in rhetoric,
Senate energy policy leader Frank Murkowski (R-AK) is berating the capital
community for not coming forward and detailing what kind of ceiling on
wholesale power prices it would take to insure adequate generation -- but
head off continued economic damage to the state of California.
The criticism signals that the chairman of the Senate Energy and Natural
Resources Committee has grown impatient with the hail of philosophical
charges and counter-charges that have followed FERC's April 26 order on the
California market and is turning elsewhere than FERC for a solution. Sources
also say it may be a signal that there is a majority on his committee that
would support some kind of legislative control on the wholesale power market
in the West.
"I am issuing an admonition to the financial community," Murkowski said at
the conclusion of a hearing on the recent FERC order. "If the financial
community will come in and say what terms and conditions they will need to
bring new generation into the state, we can cut through this chatter."
Among other provisions, the FERC order institutes a plan for price controls
during Stage 1 and higher power emergencies. Lawmakers at the hearing,
especially from California and the West, criticized the action as
insufficient to prevent price gouging.
FERC Chairman Curt Hebert said the limited nature of the price controls will
continue to provide the power industry with incentives to build power plants
in California.
Murkowski called on financial interests attending the hearing to settle the
debate.
"Tells us what you will or will not do under a price cap," said Murkowski.
Murkowski indicated that the answer to his question should come directly from
top figures in the financial community.
Murkowski also signaled that Congress may step in and take legislative action
on the California crisis.
"We have to question the adequacy of the order and introduce legislation to
address problems if necessary," Murkowski said.
The sentiment was echoed by other members of the Committee.
"We cannot allow our government to sit idly by and allow a tragically flawed
and easily manipulated power market wreak havoc on our economy," Sen. Maria
Cantwell told Hebert. "If you're not going to take action, Congress is going
to act."
All three FERC commissioners testified at the hearing but it was Chairman
Curt Hebert who was on the receiving end of most of the criticism.
"FERC has done a wonderful imitation of a potted plant," Sen. Byron Dorgan
(D-ND) told Hebert. "Regulation is not a four letter word. The market system
sometimes gets out of wack.
Commissioner William Massey also criticized FERC's order, and acted as
counterpoint to Hebert throughout the hearing. Commissioner Linda Breathitt
defended her support of the April 26 order.
"One thing is clear, you all don't get along very well," observed Dorgan.
"I'm amazed at what's been done," said Murkowski in defending FERC's action
over the past several weeks. "It's better than nothing."
"I've been disappointed," replied Dorgan. "I hope FERC decides it's a
regulatory body and steps up and takes some action."
Sen. Feinstein suggested to Hebert that FERC take a closer look at the impact
of skyrocketing natural gas prices on the exorbitant increase in electricity
prices in California.
In response, Hebert announced that FERC was holding a technical conference
May 24 on current and projected natural gas pipelines into California.
"I agree that this is a natural gas situation and we intend to look into this
as well," Hebert said.
Source: EnergyWashington.com
Date: May 4, 2001
, Inside Washington Publishers | {
"pile_set_name": "Enron Emails"
} |
Nutcracker Tickets Fabulous seats for the final Nutcracker full dress
rehearsal - including Founders' Box seats - are available for
Wednesday, November 22, 7:30 p.m. at the Wortham Theater. Supply is
limited, so buy your ticket soon
for a first peak at the highlight of the holiday performance season. Tickets
are only $10! They're first come first serve
and are available in EB 407.
Free Popcorn at Bring a book to the movies and get free popcorn! Enron's
Prescription for Reading Book Drive is on Saturday,
the Movies! November 25, noon to 4:00 p.m. Bring a new or gently used
children's book to one of the following Cinemark
Theaters on November 25. With your gift, you will receive a small popcorn to
enjoy during the release of Disney's
102 Dalmatians, or any other great movie!
Cinemark 24 Westchase - 3600 Sam Houston Parkway
Cinemark 16 - 12920 Northwest Freeway
Cinemark 16 - Pasadena
Cinemark 18 - 20915 Gulf Freeway
Enron's Prescription for Reading program, a Reach Out & Read program, is an
early literacy intervention program
that is implemented in pediatric healthcare clinics and targets children
between the ages of 6 months and 5 years
during their well-baby check-ups at UT-Houston facilities.
Big E Cafe - Don't be a Grinch this Holiday Season! Help spread the Holiday
Cheer and give your time and effort back to
December 1 the community. Come out to the Big E Cafe on Friday, December 1
from 11:30 a.m to 1:00 p.m. and check out the
opportunities to sign up for community volunteer projects. Lunch is only $5.
Bring a toy, clothing item, or
canned good and receive $1 off lunch! Be sure to also check out information
on the galleryfurniture.com bowl; you
will receive a coupon for a free Chic-Fil-A sandwich with the purchase of a
bowl game ticket at Big E! Entertainment
will be provided by the Gary-Dahl Band, with special appearances by The
Grinch!
Foley's Friday CHANGE HOUSTON 2000, a city-wide campaign benefiting SEARCH,
will be at 14 Foley's locations around Houston
Volunteers! on November 24 - the day after Thanksgiving. Volunteers are
needed to help collect money, "cheerlead" shoppers to
donate, and hand out information about SEARCH. This is an excellent
opportunity for friends and family to get
together during the biggest shopping day of the year and give back to the
community. Please contact Stephanie
Harris at 713-739-7752 ext.142 for more information. Come out and have a
wonderful time!
MFA Volunteers for You are invited to the Museum of Fine Arts Corporate
Partner Holiday Party on December 12 from 7:00 p.m.
Holiday Party to 9:00 p.m, but volunteers are needed to help with fun and
exciting preparations! The party is free for all corporate
partner company employees and their families. In addition to helping out
with face-painting, escorting guests, and
assisting with photographers and Santa Claus throughout the night, the party
features seasonal decor,
holiday craft projects, and delicious desserts! Contact India
Kerr-Perkinson at 713-639-7570 for more information
and or click here to print out the volunteer form.
Enron Kids Holiday We still have a few students that need caring Enron
sponsors! Come participate with Enron Kids, a program
Fun! that helps provide books and equipment for schools in need. Sponsor a
student or team up with co-workers or your
department to provide a bag full of holiday cheer to an HISD Burrus
Elementary student! A shopping committee
can shop for you if your schedule does not give you the time. Sign-ups are:
November 14, 16, 17: 11:00 a.m. - 1:00 p.m. Sponsor Sign-Up in the Enron
Building lobby
November 15: 11:00 a.m. - 1:00 p.m. Sponsor Sign-Up in 3AC 601
November 15: 11:00 a.m. - 1:00 p.m. Sponsor Sign-Up in Jefferson
Bldg. Ground Floor Conference Room
Gift drop-offs will be on December 4-8, and the holiday party for Enron Kids
will be at Burrus Elementary on Thursday,
December 14, with transportation available to sponsors. For more
information, contact Geneva Davis at ext. 35517
or Leslie Campbell at ext. 35983.
Ceridian LifeWorks Celebrations. Travel. Traditions. Shopping.
Expectations. Memories. With all the anticipation, and all your
Helps Your Holidays! obligations at work and home, sometimes it can be hard
to stop and really enjoy the holidays. That's why LifeWorks
is here to help you. For some great tips, access LifeWorks by calling
800-635-0606 or visit LifeWorks Online at
www.lifeworks.com (company id: enron, password: 2000).
Flu Vaccine The flu vaccine is scheduled to arrive before December 1. Due to
its limited supply, you are encouraged to
Update email your vaccine request as soon as possible to
[email protected]. You will be notified by
email when the vaccine is available. | {
"pile_set_name": "Enron Emails"
} |
Further to our conversation, the information regarding Houston Exploration's
Consent to Assignment is as follows:
Houston Exploration
Ms. Greeta Patel
(713) 830-6914
Please instruct Ms. Patel to fax Houston Exploration's executed Consent to my
attention at (713) 646-3490.
Many thanks for your help,
Debra Perlingiere | {
"pile_set_name": "Enron Emails"
} |
Cal Imbalance deal for 07/13/2001, EPMI ST West Bom buys from the CA Imbal @ SP, peak hours, 50 MW, deal number 683556. Your price for the desk to desk swap$42.89, deal number 683947.
Kysa M. Alport
Enron North America
503-464-7486 | {
"pile_set_name": "Enron Emails"
} |
Hey, man, I called YOU on that after pulling-up the chart and finding
options on the DIA. I can say this since I'm in the money. Had I been
losing money right now, it would have been YOUR fault, of course.
The great thing on the options is that this volatility has been great for
me!
-----Original Message-----
From: Parks, Joe [mailto:[email protected]]
Sent: Tuesday, June 25, 2002 2:39 PM
To: Chet Fenner (E-mail)
Subject: DIA:YOU CAN THANK ME LATER
************************************************************************
This e-mail is the property of Bridgeline Holdings, L.P. and/or its relevant
affiliate(s) 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 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
Bridgeline Holdings, L.P. (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"
} |
------------------------------------------------------------------------------
------------------------
W E E K E N D S Y S T E M S A V A I L A B I L I T Y
F O R
May 18, 2001 5:00pm through May 21, 2001 12:00am
------------------------------------------------------------------------------
------------------------
SCHEDULED SYSTEM OUTAGES:
ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
AZURIX: No Scheduled Outages.
EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
EDI SERVER: No Scheduled Outages.
ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages
ENRON NORTH AMERICAN LANS: No Scheduled Outages.
FIELD SERVICES: No Scheduled Outages.
INTERNET:
Impact: Internet
Time: Fri 5/18/2001 at 10:30:00 PM CT thru Fri 5/18/2001 at 11:30:00 PM CT
Fri 5/18/2001 at 8:30:00 PM PT thru Fri 5/18/2001 at 9:30:00 PM PT
Sat 5/19/2001 at 4:30:00 AM London thru Sat 5/19/2001 at 5:30:00 AM London
Outage: Upgrade IOS on ENEFW4
Environments Impacted: Internet
Purpose: The new code has bug fixes and stateful failover feature.
Backout: Revert back to old IOS.
Contact(s): John Shupak 713-853-7943
Bryan Aubuchon 713-345-8446
MESSAGING:
Impact: Corp Notes
Time: Fri 5/18/2001 at 9:00:00 PM CT thru Sat 5/19/2001 at 1:00:00 AM CT
Fri 5/18/2001 at 7:00:00 PM PT thru Fri 5/18/2001 at 11:00:00 PM PT
Sat 5/19/2001 at 3:00:00 AM London thru Sat 5/19/2001 at 7:00:00 AM London
Outage: cNotes Server Reboots
Environments Impacted: All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval
Backout: Make sure server comes up.
Contact(s): Trey Rhodes (713) 345-7792
Impact: EI
Time: Fri 5/18/2001 at 9:00:00 PM CT thru Sat 5/19/2001 at 1:00:00 AM CT
Fri 5/18/2001 at 7:00:00 PM PT thru Fri 5/18/2001 at 11:00:00 PM PT
Sat 5/19/2001 at 3:00:00 AM London thru Sat 5/19/2001 at 7:00:00 AM London
Outage: EI Notes Server Maintenance
Environments Impacted: EI Local/Domestic/Foreign Sites
Purpose: Scheduled @ 2 week interval
Backout: N/A
Contact(s): David Ricafrente 713-646-7741
MARKET DATA:
Impact: CORP
Time: Wed 5/16/2001 at 4:45:00 PM CT thru Wed 5/23/2001 at 4:45:00 PM CT
Wed 5/16/2001 at 2:45:00 PM PT thru Wed 5/23/2001 at 2:45:00 PM PT
Wed 5/16/2001 at 10:45:00 PM London thru Wed 5/23/2001 at 10:45:00 PM
London
Outage: Market Data Cable Management EB3460
Environments Impacted: All Trading Groups
Purpose: Improve computer room environment. Perform cable management in
order to comply with computer room standards.
Backout: N/A
Contact(s): John Sieckman 713-345-7862
NT: No Scheduled Outages.
OS/2: No Scheduled Outages.
OTHER SYSTEMS:
Impact: Corp, OTS, ETS
DATE: MAY 29, 2001/2/2001 at 5:30:00 PM
Outage: Migrate DSS Server to GTHOU-APPSQ03P
Environments Impacted: DSS users will not be able to access the old server
(ENEDS01_ADAPT)after this date
Purpose: The existing server is outdated, migrating to SQL 2000 provides
increased
functionality and conforms to database platform requirements.
Backout:
Contact(s): Mary Vollmer 713-853-3381
Joe Hellsten 713-853-7346 713-545-4164
Impact: CORP
Time: Sat 5/19/2001 at 10:00:00 AM CT thru Sat 5/19/2001 at 4:00:00 PM CT
Sat 5/19/2001 at 8:00:00 AM PT thru Sat 5/19/2001 at 2:00:00 PM PT
Sat 5/19/2001 at 4:00:00 PM London thru Sat 5/19/2001 at 10:00:00 PM London
Outage: Moving Production Database TDSPROD
Environments Impacted: ENA
Purpose: This database is being moved to give the space it is currently using
to the Enpower database on that server. The new server Refraction will also
allow TDSPROD to expand as well.
Backout: The old instance will be restarted and the TNSNAMES.ORA entry will
be changed to point at the old instance.
Contact(s): John Jahnke 713-345-4398
Impact: CORP
Time: Sat 5/19/2001 at 9:00:00 PM CT thru Sun 5/20/2001 at 12:00:00 AM CT
Sat 5/19/2001 at 7:00:00 PM PT thru Sat 5/19/2001 at 10:00:00 PM PT
Sun 5/20/2001 at 3:00:00 AM London thru Sun 5/20/2001 at 6:00:00 AM London
Outage: Resource addition for server moe.
Environments Impacted: Sitara, PEP, Global
Purpose: Server is memory and cpu constrained.
Backout: Shutdown the server and revert to old configuration.
Contact(s): Malcolm Wells 713-345-3716
SITARA: Also see above
Impact: CORP
Time: Sat 5/19/2001 at 2:00:00 PM CT thru Sun 5/20/2001 at 12:00:00 AM CT
Sat 5/19/2001 at 12:00:00 PM PT thru Sat 5/19/2001 at 10:00:00 PM PT
Sat 5/19/2001 at 8:00:00 PM London thru Sun 5/20/2001 at 6:00:00 AM London
Outage: Resource additionto Sitara server aurora.
Environments Impacted: Sitara production
Purpose: Add needed cpu and memory.
Backout: Remove the newly added resources and restart under the old config.
Contact(s): Malcolm Wells 713-345-3716
SUN/OSS SYSTEM: No Scheduled Outages.
TELEPHONY: No Scheduled Outages
TERMINAL SERVER: No Scheduled Outages.
UNIFY:
Impact: CORP
Time: Fri 5/18/2001 at 3:00:00 PM thru Sun 5/20/2001 at 11:45:00 PM
Outage: Unify Power Production Server Maintenance
Environments Impacted: Unify Users
Purpose: Infrastructure required maintenance
Backout:
Contact(s): Brian Ripley 713-345-4709
Charles Ballmer 713-853-0684
Bob Ward 713-345-4409
SCHEDULED SYSTEM OUTAGES: Australia
Impact: CORP
Time: Sat 19-May-2001 at 10:00:00 AM Sydney thru Sat 19-May-2001 at 3:00:00
PM Sydney
Sat 19-May-2001 at 1:00:00 AM GMT (London) thru Sat 19-May-2001 at 6:00:00
AM GMT (London)
Fri 5/19/2001 at 7:00:00 PM CT (Houston) thru Sun 5/20/2001 at 12:00:00 AM
CT (Houston)
Fri 5/19/2001 at 5:00:00 PM PT (Portland) thru Sat 5/19/2001 at 10:00:00
PM PT (Portland)
Outage: Sydney UPS Test & Service
Environments Impacted: Corp Sydney - all systems
Purpose: Original UPS needs testing & service. Will require Server Room to be
de-powered to allow maintenance.
Backout: Plug equipment into unconditioned power.
Contact(s): Colin Wood +61-416-248-353
Elliott Katz +61-292-292-309
------------------------------------------------------------------------------
-------------------------------------------------------
FOR ASSISTANCE
(713) 853-1411 Enron Resolution Center
Specific Help:
Information Risk Management (713) 853-5536
SAP/ISC
(713) 345-4727
Unify On-Call (713) 284-3757 [Pager]
Sitara On-Call (713) 288-0101 [Pager]
RUS/GOPS/GeoTools/APRS (713) 639-9726 [Pager]
OSS/UA4/TARP (713) 285-3165 [Pager]
CPR (713) 284-4175 [Pager]
EDI Support (713) 327-3893 [Pager]
EES Help Desk (713)853-9797 OR (888)853-9797 | {
"pile_set_name": "Enron Emails"
} |
Susan: Steve Morus called and would like for you to email to him the
schedule/CSA for comment. Info already in database. Thanks. Sara | {
"pile_set_name": "Enron Emails"
} |
I'm kind of between places right now, so it's probably best to just send things to my parents house
10802 Jaycreek
Houston, TX 77070
and I would suggest trying to reach me via my cell phone: 713-775-6472
i guess i'll see you at the next tasters!!!
-----Original Message-----
From: [email protected]@ENRON
Sent: Friday, January 04, 2002 9:04 AM
To: [email protected]; [email protected]
Subject: Addresses
Susan and Bate,
Please send me your current addresses. I am sending out an invite for a
shower for Caycie on Feb 2nd.
Thanks,
Lisa
Also send me your home numbers so that I can update my organizer. | {
"pile_set_name": "Enron Emails"
} |
We are getting the Enron treatment from Coral. I hope Carolyn told you I
called yesterday - Coral was looking for Shell approval. I'm guessing it is
in a coma. I usually have 30 voice mails, and I have had 4 today, which
tells you something. Good time for Michael to be sick!
Carlos has interviews today and tomorrow with ENA. I think he is looking
good for Mexico. You guys are the absolutely best qualified for that
business, and I'll start planting that seed when I can.
By the way, thanks for the great job on Coral. Did you hear from Rose on the
HSR on TurboPark?
We do want Astros tickets for next year - at least 15 games. Are more
available?
I heard that Hampton had an issue with Patty Biggio (thank goodness, these
salaries are absurd), and I guess I'm glad to see Ausmus come back. However,
he is not a substitute for a pitcher. And how is Shane?
Ciao,
Kay
"Keffer, John" <[email protected]> on 12/12/2000 03:50:53 PM
To: "Mann, C. Kay" <[email protected]>
cc:
Subject: Hola
Que paso con Coral?
Heard from your assistant that your son is sick-hope all is well.
Confidentiality Notice
This message is being sent by or on behalf of a lawyer. It is intended
exclusively for the individual or entity to which it is addressed. This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure. If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it. If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message. | {
"pile_set_name": "Enron Emails"
} |
Yeah, it's a long story but basically, he doesn't have a solid offer for me.
But he has connections with some REO directors of some good companies like
Advanta and he said he would give me great recommendations. He has already
given my name and his recommendations to the REO director of Advanta and I
guess that guy wants to talk to me.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, November 07, 2000 12:21 PM
To: [email protected]
Subject: RE: FW: What's up?
The fact that you are moving down there has nothing to do with whether or
not I do. I was just joking. Stop be so over analytical. :) Did you
talk to Danny about the offer? | {
"pile_set_name": "Enron Emails"
} |
The preliminary should be out by the end of the day on the 2nd of January, not the 1st as noted below.
Sorry for the confusion.
Regards
-----Original Message-----
From: Wilson, Shona
Sent: Friday, December 28, 2001 9:14 AM
To: Abel, Chris; Andrews, Naveen; Apollo, Beth; Beck, Sally; Belden, Tim; Bowen Jr., Raymond; Bradford, William S.; Brooks, Loretta; Buy, Rick; Castleman, Kent; Causey, Richard; Cockrell, Rainier; Colwell, Wes; Curry, Wanda; Day, Misti; Delainey, David W.; Dietrich, Janet; Fallon, Jim; Frevert, Mark; Gold, Joe; Gossett, Jeffrey C.; Haedicke, Mark E.; Hagelmann, Bjorn; Hall, D. Todd; Hanson, Kristen J.; Hardy, Trey; Hayden, Frank; Helton, Susan; Hickerson, Gary; Hillis, Kimberly; Hodges, Georgeanne; Kaminski, Vince J; Kass, Michael; Kathol, Sherri; Killen, Faith; Kitchen, Louise; Lavorato, John; Lay, Kenneth; McKinney, Hal; McMahon, Jeffrey; Mills, Scott; Moscoso, Michael E.; Murphy, Ted; New, James; Piper, Greg; Port, David; Presto, Kevin M.; Schmidt, Darin; Schoppe, Tammie; Shepperd, Tammy R.; Talley, Darin; Ueckert, Allen W.; Valdez, Veronica; Whalley, Greg; White, Stacey W.; Whiting, Greg; Albrecht, Kristin; Ayala, Susie; Best, John; Brackett, Debbie R.; Branem Hansen, Trond; Brown, Matt A.; Bruce, Michelle; Carrington, Clara; Chang, Fran; Chew, Carol; Evans, Casey; Fondren, Mark; Gillis, Brian; Keiser, Kam; Latham, Jenny; Leuschen, Sam; Lewis, Jon Paul; Mason, Heidi; Miralles, Albert; Oliver, David; Powell, John D.; Prejean, Frank; Ramesh, Ganapathy; Reeves, Kathy; Swinney, John; Taylor, Dimitri; Thomas, Sheri; Thrane-Nielsen, Didrik; Trevino, Susan; Vinson, Donald Wayne
Subject: DPR reporting
Plans for the reporting of the consolidated DPR are:
For trading date Friday, December 28th - No DPR
For trading date Monday, December 31st - Our goal is to publish this in preliminary form by the end of the day Monday, 1/1/02 Tuesday, 1/2/02 .
Please call me if you have questions or comments about this reporting schedule.
I wish you all a happy New Year.
Regards
Shona Wilson
Director, Global Risk Operations
X39123 | {
"pile_set_name": "Enron Emails"
} |
Sent docs again to INS last night with a return Fedex package to me. I have
also got a Fedex package ready for the doorman to forward to the USVI....if
we get there, weathr permitting.
B
-----Original Message-----
From: Mark Taylor <[email protected]>
To: Bruce Hutt <[email protected]>
Date: Wednesday, November 17, 1999 10:21 PM
Subject: Bomba's Full Moon Party
>
>
>Bruce - I just had another thought (they come so rarely I feel a need to
pass
>them along as soon as it happens). The Full Moon party we discussed before
is
>on Nov. 23. Unfortunately it is in the BVI. If your lawyer can get the
permit
>by Monday and Fed Ex it to us, we could still get over there (Bomba's Shack
is
>on the western end of Tortola - reasonably close to the USVI). The boat
will
>have a cell phone but we won't have a number till Sunday at the earliest.
Be
>sure to bring the lawyer's number so we can call him Monday.
>
>Mark
>
>P.S. - My sympathies on your day at Federal Plaza. My imagination isn't
up to
>the task of conjuring how miserable that must have been.
>
>
> | {
"pile_set_name": "Enron Emails"
} |
Shirley,
Please, set up a phone interview with him. I think both Zimin and
Stinson should talk to him.
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/12/2001
02:52 PM ---------------------------
From: Pavel Zadorozhny on 01/12/2001 01:40 PM
To: Vince J Kaminski/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT
cc:
Subject: asking for advice regarding Summer Associate position at Enron
Gentlemen,
Here is a guy who is looking for a summer associate position. I looked at his
resume and think that he may be worth talking to.
Pavel
---------------------- Forwarded by Pavel Zadorozhny/HOU/ECT on 01/12/2001
01:37 PM ---------------------------
Dmitri Villevald <[email protected]> on 01/03/2001
06:56:54 PM
To: "Pavel Zadorozhny (E-mail)" <[email protected]>
cc:
Subject: asking for advice regarding Summer Associate position at Enron
Dear Mr. Zadorozhny:
Maxim Philippov suggested that I write you. Being a first-year MBA student
at Owen Graduate School of Management (Vanderbilt University) with a Finance
concentration, I am looking for a Summer Associate position at Enron.
The area of my particular interest is Enron's risk management products
(commodity derivatives research and trading). Graduating from Novosibirsk
State University with major in physics, I am eager to apply my experience
with the use of theoretical and statistical physics techniques to the
managing of modeling processes and creating complex financial and trading
models. I strongly believe that my graduate education coupled with
undergraduate background in physics, solid work experience in finance and
proven entrepreneurial spirit will allow me to contribute to Enron as a
Summer Associate.
I would really appreciate your advice regarding employment opportunities at
Enron and would like to find out more about Enron Capital & Trade Resources
Corp. I will call you within this week to follow up on my request.
Thank you very much for your time.
Sincerely,
Dmitri Villevald
Enclosure: resume
<<Resume.doc>>
P.S. Looking through an example of margin risk hedging at Enron's Web site,
I think I found a small mistake there. URL of this page is
<http://www.ect.enron.com/products/risk/margin_intro.fset.html> (producer
application)
The second sentence of the paragraph beginning with "Paradigm and Enron
exchange..."
states the following.
For example, if the actual margin is $1.25/MMBtu for a given month, then
Paradigm will pay Enron $0.13/MMBtu. Alternatively, if the actual margin is
$2.00/MMBtu, then Enron will pay Paradigm $0.62/MMBtu.
I believe, if I am reading it correctly, the money should flow in the
opposite direction, namely:
For example, if the actual margin is $1.25/MMBtu for a given month, then
Enron will pay Paradigm $0.13/MMBtu. Alternatively, if the actual margin is
$2.00/MMBtu, then Paradigm will pay Enron $0.62/MMBtu.
Am I right?
Again, thank you very much for your time.
- Resume.doc | {
"pile_set_name": "Enron Emails"
} |
Robert,
I confirmed with the Transportation Desk that the designation "TETCO M3" is
a zone designation that includes all points within the zone. Therefore the
language "and all downstream delivery on the M3" is not needed. Please call
if you have any questions.
Mark Taylor
12/07/2000 09:28 AM
To: Jeffrey T Hodge/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT
cc:
Subject: EnronOnline question
Can one of you guys handle this in Stacy's absence?
----- Forwarded by Mark Taylor/HOU/ECT on 12/07/2000 09:27 AM -----
Robert B Cass
12/06/2000 03:24 PM
To: Stacy E Dickson/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT
Subject: URGENT ADVICE NEEDED, PLEASE
Hi Stacy -
Dick Jenkins has expressed concern with the description of an EnronOnline
location and wants an immediate revision. The location description needing
revision is the TETCO M3. It is currently defined as follows:
The transaction is for delivery at Texas Eastern Transmission Corp. - Zone M3.
Dick wants to ensure that the delivery shall also include any location on the
M3. Therefore, please advise as follows:
The transaction is for delivery at Texas Eastern Transmission Corp. - Zone
M3, and all downstream delivery on the M3.
We need to get a ticker item posted on the website as soon as possible.
Thanks -
Rob
x35491 | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Bill Williams III/PDX/ECT on 02/02/2001
11:15 AM ---------------------------
Enron Capital & Trade Resources Corp.
From: Bill Williams III 12/08/2000 04:42 PM
To: Portland Shift
cc:
Subject: NOB TO COB FOR CISO HELP
Group,
California has asked us to swing energy up from NOB around to COB...We do
this by using the following account #'s.
1. The CISO provides us with energy at NOB
2. We then use BPA(t) to take it to SNOPUD-BPA account #682840
3. We do a buy/resale with SNOPUD for $25
4. SNOPUD gives us the energy at their system and we take it to PGE at John
Day- BPA account #840542
5. We use PGE direct from John Day down to the CISO.
6. We collect $150 from the CISO for the service.
Phone numbers are:
BPA(t):9-1-360-418-2581
SNOPUD:9-1-425-304-1620
PGE(t):8650
The CISO would like to be able to call upon this when PATH 15 problems occur
and they are in an emergency situation.
When the CISO asks, please put this deal in as early as possible, and then be
sure to check out closely with all counterparties including the CISO at NOB
and COB.
As always, please ask me if you have any questions. I can be reached on my
cell phone at 503-887-3889.
Thank you,
Bill | {
"pile_set_name": "Enron Emails"
} |
This is a utility right?
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"
} |
Mr. Lay, I am a 59 1/2 year old employee that last saw you at my 25 year
award celebration in Houston in 1993. Since that time, I have had some
health problems that are leading me to retire a little early from Enron, on
August 31, 2000.
I did not want to leave Enron's active employment until I had the
opportunity to express to you my gratitude. I have been with Northern
Natural Gas, InterNorth, HNG-InterNorth and Enron for thirty two years and 1
month. I can tell you without hesitation, that since you took over our
company in the late 80's, it has been the most challenging and exciting time
that I have spent in my work life. I had opportunities that I never dreamt
of and I am grateful for the opportunities that I have had. I started on
August 1, 1968 as a maintenance helper at the South Omaha location of
Northern Natural Gas. I was a field technician, an O&M Supervisor, a
District Manager, and presently the Manager of the Operations Communications
Center in Omaha.
I have admired and respected you since the first time we met in Des Moines,
Iowa, shortly after the merger. Without your guidance and direction and the
many employee based programs you have initiated, I would not be where I am
financially today. I am looking forward to retirement without concern for me
or my family's future. The ESOP program was so very important to all of the
employees, and the many other programs like our "options", variable pay
(bonus) and others make Enron a leader throughout the world in employee
satisfaction, and we have the awards to prove it.
The employees that I have worked with in these 32 years are the bright spots
for Enron, not only in the past but also into the future. We have done a
wonderful job of getting the best of the best.
I hope that I will be able to thank you in person and shake your hand once
more, perhaps at a future shareholders meeting.
Sincerely,
Rod Williams | {
"pile_set_name": "Enron Emails"
} |
Please see below responses highlighted in blue.
[email protected] on 04/16/2001 03:49:59 PM
To: [email protected]
cc: [email protected], [email protected]
Subject: some questions...
We are starting on your drafting work now that we have received the
engagement letter. We have a few questions that need answering, as follows:
1. I need David to send me materials on Morgan Stanley Trust Co. so
that we can properly designate the right entity by correct name, etc. If
they have any suggested or required language for our documents, I need to
see that as well. Finally, I need for David to confirm with Morgan
Stanley's fiduciary people whether Morgan Stanley can serve as a co-agent
under a Statutory Durable Power of Attorney and whether there are any
constraints or limitations in doing so that would impact our drafting.
David can follow-up directly with me if that suits you.
2. I want to remind you to send me a photocopy of Caron's "old" trust
document, so that we may consider whether it fits the current plan and can
serve as a receptacle under the current plan. Sending it out today
3. We talked about setting up Debbie and MSDW as co-executor and
co-trustees under your Will, with Caron as back-up to Debbie in that
position. However, we are also going to create a generation-skipping trust
right away for Caron. Who should be the initial trustee(s) of Caron's
trust? Debbie and MSDW? or Randy and MSDW? or even Caron and MSDW? and
who shoud be back-up? Caron and MSDW
4. You said that Debbie wants to name you as executor and trustee under
her will. Who should be your back-up in those roles? If Linda Wehring is
Debbie's back-up on Debbie's power of attorney, I would suggest that she
also be the back-up executor/trustee, but Debbie may prefer to name Caron.
It would be best if Debbie would name at least two successors after you.
1. Caron
2. Linda Wehring (alternate)
That's it. Please respond by whatever mode you prefer. I hope
email is reasonably satisfactory for purposes of my asking these questions.
I tend to start with email because it is so non-obtrusive, but I'm happy to
do whatever you prefer.
SD | {
"pile_set_name": "Enron Emails"
} |
I plan to work out of the London office during the week of January 15. I
will leave Houston on Sunday and will be in the London office starting around
noon on Monday. I will be back in the Houston office on Monday, January 22.
The primary goals of the trip are:
to work with Mike Jordan on an action plan to move the close and
officialization of London books to same day,
to replicate an Operational Risk information session for London counterparts
(we are doing this in Houston on January 11 per my e:mail to you for
managers and above within Operations),
to hold a training session for business controllers in the London office who
will participate in Doorstep reviews this year (outside EEL),
to discuss with Mark Pickering the technology dependencies of the London
office related to speeding up London's information for the corporate DPR
Patti Thompson (x39106) will have a detailed itinerary in hand if you need
to reach me at any time next week. | {
"pile_set_name": "Enron Emails"
} |
as discussed - we have yet to fully sign off this with MDs
---------------------- Forwarded by Mike Jordan/LON/ECT on 15/02/2001 19:46
---------------------------
Steve Whitaker
09/02/2001 13:00
To: Mike Jordan/LON/ECT@ECT
cc:
Subject: AS400 Technology Transfer
As promised
Steve | {
"pile_set_name": "Enron Emails"
} |
It looks like we are playing a smaller role than the WSJ article indicates --
i.e. a role commensurate with our level of interest. I have talked with John
several times about the relative importance of OPIC, ExIm and other funding
organizations in light of the change in emphasis in our business. As a
result of those discussions we cut headcount and expenditures from the
proposed budget for "01 and John has joined Linda Robertson's organization in
the DC office (instead of being a stand alone effort). Having said that, my
view (based on the work John has been doing) is that we continue to have a
considerable amount of work for him to do on the project finance front as a
result of existing projects, projects we continue to pursue, and transfer
issues associated with the asset sales. Do you agree?
----- Forwarded by Steven J Kean/NA/Enron on 03/07/2001 11:27 AM -----
John Hardy@ENRON_DEVELOPMENT
03/07/2001 10:59 AM
To: Steven J Kean/NA/Enron@ENRON
cc:
Subject: Re: Enron Mentions
Steve
This is not a battle to fight with OMB, but we have to show the agencies
that we are supportive of their programs and their budgets. We are not
going to lead the battle and in fact have not particpated in meetings on the
hill. But we are in negotiations with both EXIM and OPIC on Electrobolt and
will need their support on our problem projects. Also, Rebecca McDonald is
on EXIM's private sector advisory committee. If you need more lets talk.
Thanks John
Steven J Kean@ENRON
03/07/2001 11:43 AM
To: John Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Linda Robertson/NA/Enron@ENRON
Subject: Enron Mentions
How important is this fight to us now (see attached article on ExIm)?
----- Forwarded by Steven J Kean/NA/Enron on 03/07/2001 10:41 AM -----
Ann M Schmidt
03/07/2001 08:19 AM
To: Ann M Schmidt/Corp/Enron@ENRON
cc: (bcc: Steven J Kean/NA/Enron)
Subject: Enron Mentions
Exporters Rush to Ex-Im Bank's Defense --- Lobby Campaign to Prevent Budget
Cuts Seeks Help Of 100,000 Small Firms
The Wall Street Journal, 03/07/01
Plots & Ploys
The Wall Street Journal, 03/07/01
Dutch Gas Competition Grows Despite Sluggish Reforms
Dow Jones Energy Service, 03/07/01
USA: Big U.S. exporters to fight Ex-Im Bank cuts - WSJ.
Reuters English News Service, 03/07/01
Major U.S. Exporters Rush to Export-Import Bank's Defense
Dow Jones Business News, 03/07/01
What's News
United States
The Globe and Mail, 03/07/01
Deal with state could take until 2002 to close
Associated Press Newswires, 03/06/01
Sierra Pacific CEO Doubts SEC OK Of Enron Unit Buy-Report
Dow Jones Energy Service, 03/06/01
Many Power Deals Announced by California Governor Still Not Final
Dow Jones Business News, 03/06/01
US Natural Gas Prices Fall As Demand Slips In Most Areas
Dow Jones Energy Service, 03/06/01
Economy
Exporters Rush to Ex-Im Bank's Defense --- Lobby Campaign to Prevent Budget
Cuts Seeks Help Of 100,000 Small Firms
By Michael M. Phillips and Laura Heinauer
Staff Reporters of The Wall Street Journal
03/07/2001
The Wall Street Journal
A2
(Copyright (c) 2001, Dow Jones & Company, Inc.)
WASHINGTON -- Angry and confused that a Republican administration has
targeted one of their favorite programs for big cuts, America's largest
exporters are appealing for help from lawmakers.
Boeing Co., Caterpillar Inc., Enron Corp., Halliburton Co. and others are
launching an aggressive lobbying campaign on Capitol Hill to protect the
Export-Import Bank from budget reductions; the White House labels the Ex-Im
Bank as corporate welfare.
"The administration has fired its shot, and now we're firing ours," said
Edmund B. Rice, president of the Coalition for Employment Through Exports, an
industry group that is leading the effort.
Since they got wind of the proposed cuts a few weeks ago, business lobbyists
have been trying to rally sympathetic lawmakers. And executives at Boeing,
Caterpillar and other big companies plan to contact some 100,000 smaller
suppliers that benefit indirectly from the $12.6 billion of export loans,
guarantees and insurance that Ex-Im Bank provided in the last fiscal year.
Those small companies, the executives hope, will create a groundswell of
support in Congress for the Ex-Im Bank.
"Companies large and small who have similar interests here are banding
together to provide an educational effort so people understand the impact of
this," said Chris Hansen, Boeing senior vice president for government
relations.
Corporate lobbyists also have dug up a speech that Vice President Dick
Cheney, while chief executive of Halliburton, gave in 1997 praising the bank
and scoffing at those who consider it a giveaway to big business. They plan
to pass Mr. Cheney's comments to influential members of Congress this week.
"We'll be circulating them very broadly," Mr. Rice said.
A spokeswoman for Mr. Cheney had no immediate comment.
Ex-Im Bank officials aren't talking publicly, avoiding the appearance that
they are battling the White House to overturn the proposed 25% cut in the
bank's $865 million operating budget for the current fiscal year, which ends
Sept. 30. But an Ex-Im official said the topic has come up in conversations
between key lawmakers and Ex-Im Bank Chairman James A. Harmon, who is soon to
be succeeded by Mel Sembler, a Bush campaign fund-raiser and a
shopping-center developer.
At first, business lobbyists assumed administration budgeteers were just
looking for savings anywhere they could find it. Before President Bush
released his spending plan last week, companies appealed to Mitchell Daniels,
head of the White House budget office, in an attempt to keep the Ex-Im Bank
cuts out of the final proposal.
The Ex-Im Bank's corporate clients include some of the country's largest
political contributors. Boeing, the bank's largest user, received $3.3
billion of financing last year. The Seattle aerospace company and its
employees contributed $1.8 million to politicians and parties during the 2000
election cycle, 61% to Republicans, according to federal election data
assembled by the Center for Responsive Politics. Caterpillar, a Peoria, Ill.,
maker of engines and heavy equipment that secured seven Ex-Im Bank deals last
year, and its employees contributed more than $500,000 -- 96% to Republicans.
Company officials deny they wanted to leverage donations to try to secure
political support for the Ex-Im Bank.
Many lobbyists have come to the conclusion that administration officials --
those of a libertarian persuasion -- oppose Ex-Im Bank as a form of welfare
for corporations. Indeed, the White House budget plan criticized the bank's
operations as unjustified public subsidies for companies. "That makes it a
much more serious issue," Mr. Rice said. "We're concerned that the
administration seems to be turning its attention in this direction."
Barring intervention from Mr. Cheney, business groups now have largely given
up hope of convincing the White House to back down, planning instead to use
their muscle to convince Congress to restore the Ex-Im Bank's funding. Bank
officials and U.S. companies argue that, far from being a subsidy, the bank
simply allows American companies to compete with European and Japanese firms
that receive assistance from their own governments.
"In many markets in Asia and Africa, the bank is absolutely critical to our
ability to sell American-made products," said Bill Lane, Caterpillar's
Washington director for governmental affairs.
--- Corporate Beneficiaries
Top 10 recipients of Ex-Im Bank loans, guarantees and insurance for
fiscal year 2000, as measured by amount of financing, in millions
Boeing $3,335
Bechtel Group $1,075
Distributed Processing Systems $388
Willbros Group $387
United Technologies $334
Raytheon $156
General Electric $150
Halliburton $136
Enron $135
LSI Logic $120
Source: Ex-Im Bank
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
The Property Report
Plots & Ploys
By Peter Grant
03/07/2001
The Wall Street Journal
B10
(Copyright (c) 2001, Dow Jones & Company, Inc.)
[What's Brewing in the Real Estate Market]
No Problem, Houston
CENTURY DEVELOPMENT is about to announce plans to break ground on downtown
Houston's third major office development in less than three years. In another
sign of the strength of the city's energy sector, Century is finalizing a
headquarters deal with Reliant Resources Inc. to take more than two-thirds of
the project's 850,000 square feet, says Edwin Murphy, a Century senior vice
president.
Two other towers also are underway. In 1999, Hines began building a 1.2
million square-foot tower for Enron Corp. and late last year Crescent Real
Estate Equities broke ground on a 27-story tower that will be anchored by
Ernst & Young. These three projects are the first major downtown office
projects to get underway since 1986.
The surge is part of a renaissance of downtown Houston, where new sports
facilities, hotels, apartment buildings and restaurants have been mushrooming
in recent years. "The new amenities have kept people from leaving and enticed
people to come back," says Michael Hassler, of CB Richard Ellis.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dutch Gas Competition Grows Despite Sluggish Reforms
By Germana Canzi
Of DOW JONES NEWSWIRES
03/07/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LONDON -(Dow Jones)- The Netherlands is emerging as an important testing
ground for E.U. gas liberalization, as new trading hubs for competitive,
short-term gas supplies from the U.K. and Norway emerge on the Belgian and
German borders.
However, much remains to be done. A group of large energy users and traders
is preparing to confront Gasunie Thursday in a hearing organized by the
regulator. The main issues of contention are the balancing system, which
Gasunie conducts on an hourly basis, the extent to which transport tariffs
are cost-focused and third-party access to storage facilities.
The emergence of competition in the Dutch gas sector is mostly due to the
initiative of new market entrants who, despite a difficult regulatory
environment, have managed to develop a market for short-term gas virtually
from scratch.
If liquidity improves in these emerging hubs, the Netherlands could become an
important transit country for freely tradeable gas supplies to other
countries in northwest Europe, as well as being an important market in its
own right. However, the difficulty of implementing transparent third-party
access systems in the Netherlands and in neighboring Germany casts a dark
cloud over recent progress in competition.
Since December, Enron Europe Ltd. (U.ENE), Duke Energy Corp. (DUK), E.On AG
(EON), RWE AG (G.RWE) and Electrabel SA (B.ELE) have been actively buying and
selling gas, sourced in the U.K., the Netherlands and Norway, in a number of
hubs between Emden in Germany and Emshaven and Oude Statenzijl in the
Netherlands.
David Gallagher, head of European gas trading at Enron in London, estimates
that at least one trade a day of around 100,000 therms for a quarterly
contract is done at the Oude Statenzijl hub, where the Gasunie pipeline
system connects to the network of Wingas GmbH.
An important element kick-starting short-term trading was the sale, in
December 2000, of a 2 billion cubic meter a year Norwegian gas supply
contract to five Dutch-based power generators.
Robert van der Hoeven, head of fuel procurement at Electrabel, the owner of
Dutch generator EPON, said his company uses most of the gas it imports from
Norway for its plants in the Netherlands and trades the rest on a short-term
basis in the Oude-Emden area. This pattern is common to the other Dutch-based
parties to that contract.
Trading in Dutch hubs received a further boost when Nederlandse Gasunie NV
(N.NEG) decided, after months of wrangling with regulator DTe, to lower its
transport tariffs by 6.5% from January 2001 and to unbundle its combined
commodity and service tariff, the so-called CSS system, from July 2001.
Gasunie now claims its pipeline system is fully open and transparent. To
prove this, it says it has lost 30% of its customers in the eligible market,
but that figure hasn't changed much since March 2000. Small wonder that
critics say the switching figure doesn't necessarily indicate an ideal system
of third-party access.
According to energy consultants The Brattle Group, around half of the gas
used by alternative suppliers goes through the 1 bcm/year Zebra pipeline from
Zelzate to Zeeland, which was built by Dutch utilities a few years ago
precisely because Gasunie refused to provide access on favorable terms.
Shippers have complained that the hourly system used by Gasunie to balance
the pipeline system raises the overall cost of shipping through its network
significantly. Gasunie imposes a balancing charge which effectively forces
shippers to pay for the extra gas brought into the system from storage sites,
in addition to the capacity and transmission price. Critics say Gasunie has
so far failed to unbundle these charges, although it agreed to do so in
January.
According to the Brattle Group, another controversial aspect of Gasunie's
tariff system is that it is based on theoretical costs of constructing new
pipelines rather than its actual costs.
The DTe is also considering ways of reforming the storage system to make it
competitive. BP PLC (U.BP) and Nederlandse Aardolie Maatschappij NV operate
storage facilities and lease capacity to Gasunie through long-term contracts.
The regulator is studying ways of allowing third parties access to storage
facilities. Gasunie has so far shown little sign of negotiating more
competitive tariffs with storage operators and passing on the benefits to
customers, critics say.
The growth of short-term trading in the Dutch gas market is also inevitably
linked to its potential as a transit country for gas coming from the
U.K.-Belgium gas interconnector and going towards the 82bcm-a-year German
market.
Market participants say liquidity at the Emden and Oude hubs has grown
considerably since E.On and RWE started trading there earlier this year.
However, the obstructive attitude of incumbents toward third-party access
there has meant that so far most gas traded in the Netherlands has remained
there.
-By Germana Canzi, Dow Jones Newswires; +44 20 7842 9283;
[email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Big U.S. exporters to fight Ex-Im Bank cuts - WSJ.
03/07/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, March 7 (Reuters) - America's largest exporters are launching an
aggressive lobbying campaign on Capitol Hill to protect the Export-Import
Bank from budget reductions, the Wall Street Journal reported in its online
edition on Wednesday.
The exporters, including Boeing Co. , Caterpillar Inc. , Enron Corp. ,
Halliburton Co. and others, are angry and confused that a Republican
administration has targeted one of their favourite programmes for big cuts,
the paper reported.
Ex-Im Bank officials were not talking publicly, avoiding the appearance that
they are battling the White House to overturn the proposed 25 percent cut in
the bank's $865 million operating budget for the current fiscal year, which
ends Sept 30, it said.
The White House labels the Ex-Im Bank as corporate welfare.
"The administration has fired its shot, and now we're firing ours," Edmund
Rice, president of the Coalition for Employment Through Exports, an industry
group that is leading the effort, was quoted as saying by the paper.
Executives at Boeing, Caterpillar and other big companies plan to contact
some 100,000 smaller suppliers who benefit indirectly from the $12.6 billion
of export loans, guarantees and insurance that Ex-Im Bank provided in the
last fiscal year, the paper said.
Those small companies, the executives hope, will create a groundswell of
support in Congress for the Ex-Im Bank, it said.
New York Newsroom (212) 859-1700.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Major U.S. Exporters Rush to Export-Import Bank's Defense
03/07/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
WASHINGTON -- Angry and confused that a Republican administration has
targeted one of their favorite programs for big cuts, America's largest
exporters are appealing for help from lawmakers, Wednesday's Wall Street
Journal reported.
Boeing Co. (BA), Caterpillar Inc. (CAT), Enron Corp. (ENE), Halliburton Co.
(HAL) and others are launching an aggressive lobbying campaign on Capitol
Hill to protect the Export-Import Bank from budget reductions; the White
House labels the Ex-Im Bank as corporate welfare.
"The administration has fired its shot, and now we're firing ours," said
Edmund B. Rice, president of the Coalition for Employment Through Exports, an
industry group that is leading the effort.
Since they got wind of the proposed cuts a few weeks ago, business lobbyists
have been trying to rally sympathetic lawmakers. And executives at Boeing,
Caterpillar and other big companies plan to contact some 100,000 smaller
suppliers that benefit indirectly from the $12.6 billion of export loans,
guarantees and insurance that Ex-Im Bank provided in the last fiscal year.
Those small companies, the executives hope, will create a groundswell of
support in Congress for the Ex-Im Bank.
Corporate lobbyists also have dug up a speech that Vice President Dick
Cheney, while chief executive of Halliburton, gave in 1997 praising the bank
and scoffing at those who consider it a giveaway to big business. They plan
to pass Mr. Cheney's comments to influential members of Congress this week.
A spokeswoman for Mr. Cheney had no immediate comment.
Ex-Im Bank officials aren't talking publicly, avoiding the appearance that
they are battling the White House to overturn the proposed 25% cut in the
bank's $865 million operating budget for the current fiscal year, which ends
Sept. 30. But an Ex-Im official said the topic has come up in conversations
between key lawmakers and Ex-Im Bank Chairman James A. Harmon, who is soon to
be succeeded by Mel Sembler, a Bush campaign fund-raiser and a
shopping-center developer.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Report on Business: The Wall Street Journal
What's News
United States
Wall Street Journal
03/07/2001
The Globe and Mail
Metro
B10
"All material Copyright (c) Bell Globemedia Publishing Inc. and its
licensors. All rights reserved."
Boeing Co., Caterpillar Inc. and Enron Corp. are among the big U.S. exporters
launching an aggressive lobbying campaign on Capitol Hill to protect the
Export-Import Bank from budget reductions. The White House labels the Ex-Im
Bank as corporate welfare. "The administration has fired its shot, and now
we're firing ours," said Edmund Rice, president of the Coalition for
Employment Through Exports, an industry group leading the campaign. Since
they got wind of the proposed cuts a few weeks ago, business lobbyists have
been trying to rally sympathetic U.S. law makers.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Deal with state could take until 2002 to close
By LESLIE GORNSTEIN
AP Business Writer
03/06/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
LOS ANGELES (AP) - A tentative deal aimed at rescuing Southern California
Edison from insolvency might not close in time to prevent the utility from
begging creditors for more patience, Edison officials said Tuesday.
The utility's tentative, $2.7 billion agreement to sell its power lines to
the state could take until 2002 to be consummated, thanks to complicated
legal issues and other paperwork, an Edison official told bondholders Tuesday.
Once the deal is signed, Edison will try to borrow against the promised cash,
but Edison International Chief Financial Officer Ted Craver admitted the
utility might have to ask creditors to simply wait for their money until it
has the $2.7 billion in hand.
Energy suppliers owed money by Edison did not immediately return calls for
comment Tuesday.
At least four groups of suppliers have sued Edison for millions in unpaid
bills going back months. Edison and fellow utility Pacific Gas & Electric
have said they have lost $13 billion on the open power market thanks to
soaring prices paired with state-imposed price caps.
PG&E's parent company was able to recently borrow $1 billion to pay its
stockholders and its debuts. It did not use any of that money to pay PG&E's
bills.
Edison's disclosure, meanwhile, shocked state officials.
Steve Maviglio, spokesman for Gov. Gray Davis, initially declined to comment
on the status of the Edison deal, but eventually said, regarding its closure,
"We're optimistic it will be sooner rather than later."
The pacing would have nothing to do with whether fellow utilities Sempra
Energy and PG&E also sell their transmission lines to California, Craver
said.
Among the things that could delay the deal's closing is Edison's need to find
landowners on whose property its lines were built to assure no legal
agreements are being violated by the sale. Edison would also have to pin down
exactly what it would be selling to the state - terms that might not be
decided until after a deal has been inked, Craver said.
"Trust me," Craver said in a phone call after the conference. "There are a
lot of legal-type documents - stuff that you and I ... would think of as a
bloody nightmare."
The disclosure comes at a time when an increasing number of power suppliers
are suing the utility for millions in unpaid bills.
Edison also disclosed Tuesday that two more lawsuits had landed in its lap -
one by a group of wind-powered generators including Enron Wind, the other by
two suppliers including New York-based Caithness Energy.
Both suits were filed during the past five days, Edison Assistant General
Counsel Barbara Reeves said. It was not immediately clear how much the
complainants were seeking; neither Enron nor Caithness returned calls for
comment.
The two filings bring the total number of suits by renewable-energy suppliers
against Edison to four, the utility said. The city of Long Beach and
CalEnergy Operating Group, a geothermal supplier, have also sued for back
payments.
CalEnergy alone has said it is owed $45 million in November and December
payments.
The line sale, part of a multifaceted, tentative deal with the state that
could save Edison from insolvency, could take anywhere from several months
into next year, Craver said.
The tentative deal, announced by Gov. Gray Davis Feb. 23, calls for the state
to pay more than twice the book value for Edison's lines.
It also would require Edison to sell cheap power to the state for a decade
and for Edison to end its lawsuit against state regulators. The suit asserts
that price caps imposed by the California Public Utilities Commission are
illegal under federal law.
Additionally, Edison's parent would have to return $420 million it collected
from the utility over the past several years. The money was used to pay debt,
buy back stock and pay dividends to investors.
SCE, PG&E and Sempra have complained they are near bankruptcy because of
soaring prices on the open market combined with the state-imposed price caps
for consumers.
Sempra and PG&E have yet to announce similar line-sale deals with the state,
though they and the governor have said negotiations are ongoing. The total
cost of the 26,000 miles of lines has been estimated at $4.5 billion to $7
billion.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Sierra Pacific CEO Doubts SEC OK Of Enron Unit Buy-Report
03/06/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LOS ANGELES -(Dow Jones)- Sierra Pacific Resources (SRP) CEO Walter Higgins
said in an interview last week that he doubts the company's $3.1 billion
acquisition of Enron Corp.'s (ENE) utility Portland General Electric will be
approved by the federal Securities and Exchange Commission, the Las Vegas Sun
reported Tuesday.
The SEC must find that Sierra Pacific is in a strong financial position
before it will approve the deal, but the company is currently weakened by
having lost millions of dollars in fuel and purchased power costs, Higgins
said in the report.
A $311 million rate increase to cover those costs began March 1, but Higgins
said that money would only pay back those expenses and wouldn't improve the
company's stability to a level the SEC would find adequate, according to the
report.
The Public Utilities Commission can halt the rate hike and order refunds if
it decides the hike isn't necessary. The PUC is holding hearings to determine
the prudency of the hike, and members of the state's powerful casino and
mining industries have filed to intervene.
Sierra Pacific's plan to shore up its financial position through the sale of
its 10 power plants, worth nearly $2 billion, may also be in jeopardy. The
state Senate is considering a bill to block the sales, and Nevada Gov. Kenny
Guinn recently sent a letter to the PUC asking that it reconsider its order
allowing electric utilities to sell assets.
Financial analysts have said that not allowing Sierra Pacific's two utilities
to sell their assets would have a ripple effect on the company's financial
position. The asset sales are tied to low-priced power contracts, and if the
sales are canceled, the low-priced power will be gone as well.
"If the divestiture is stopped...the state may be dealing with a much bigger
rate increase," Steve Fleishman, Merrill Lynch utility analyst, told Dow
Jones Newswires recently.
Sierra Pacific is the parent company of electric utilities Sierra Pacific
Power Co. and Nevada Power, which serve customers in the state's North and
South, respectively.
-By Jessica Berthold, Dow Jones Newswires; 323-658-3872,
[email protected] -0- 07/03/01 01-04G
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Many Power Deals Announced by California Governor Still Not Final
By Jason Leopold
03/06/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Dow Jones Newswires
LOS ANGELES -- Many of the long-term power-supply contracts announced by
California Gov. Gray Davis this week remain under negotiation or are the
subject of ongoing lawsuits, power suppliers said Tuesday.
The lack of finality to the deals raises questions about the state's success
in covering its power needs, particularly going into what is expected to be
an unusually tight summer.
Generators said privately they were surprised the governor went ahead with
his announcement Monday, given that many of the contracts haven't been
signed.
David Freeman, general manager of the Los Angeles Department of Water and
Power, who negotiated the contracts on behalf of the state, conceded that
details remain to be worked out. "This is not a done deal," Mr. Freeman said,
adding that credit concerns are keeping generators from signing the deals.
Gov. Davis announced Monday that California has secured 40 long-term
contracts that will provide California with about 629 million megawatt hours
of electricity over 10 years, at a price of more than $40 billion. A megawatt
hour is roughly the amount of electricity needed to power 1,000 homes.
Several of those forward deals, however, involve contracts originally held by
Edison International (EIX) unit Southern California Edison and PG&E Corp.
(PCG) unit Pacific Gas & Electric at the California Power Exchange,
previously the state's main power market.
The governor seized those contracts earlier this year, just before the Power
Exchange liquidated them to cover hundreds of millions of dollars in power
bills the utilities had failed to pay.
The contracts, which total about 1.3 million megawatt hours of electricity
and have a market value of about $1 billion, according to market sources,
have yet to be paid for or signed over to the state. Duke Energy Corp. (DUK),
one of the suppliers that sold the contracts to Pacific Gas and SoCal Ed, has
sued Gov. Davis for unlawfully commandeering those contracts.
Although Duke has reached an interim settlement to continue providing power
to the state Department of Water Resources until April 30, the company and
the Davis administration still have to "develop a comprehensive long-term
settlement to pay for the power supply contracts," said Duke spokesman Tom
Williams.
The governor went ahead with the announcement, because the California
Department of Water Resources believes it will be able to finalize and sign
the contracts over the next several weeks, Davis spokesman Steve Maviglio
said.
Separately, several suppliers named in the governor's announcement Monday --
including Duke, Reliant Energy Inc. (REI), Mirant Corp. (MIR), Sempra Energy,
Enron Corp. (ENE) and Avista Corp. (AVA) -- said they have yet to sign final
agreements with the state, although negotiations were ongoing.
"We are working in good faith with the DWR toward a long-term contract," said
Art Larson, spokesman for Sempra Energy Resources, a unit of Sempra. Mr.
Larson said Sempra signed a terms of agreement with the water-resources
department and expects to reach a final agreement over the next several
weeks.
Reliant said it has only signed a short-term contract with the state that
expires in about two weeks. The company will only sign a long-term contract
once it's paid more than $400 million owed by Pacific Gas and SoCal Ed,
spokesman Richard Wheatley said.
Mirant said it also won't sign contracts with the state until it's paid.
Enron said it's reached agreement on terms with the state, but has some
credit-related details to hammer out. "Everything's been agreed to except for
some credit technicalities," Enron spokesman Mark Palmer said.
Meanwhile, small, independent power plants in California that are capable of
generating 1,800 megawatts of power are shut down because their owners
haven't been paid by the state's two main utilities, the California
Independent System Operator said Tuesday.
The decline in small-plant output has contributed to the state's power-supply
problems the past two months. Partnerships involving El Paso Corp. (EPG), for
example, shut down 350 megawatts of generation last weekend due to
nonpayment, the company said Tuesday.
SoCal Ed hasn't paid the owners of the smaller generators, known as
"qualifying facilities," since early December, which means the generators are
still owed for electric production in October, while PG&E has paid only a
small percentage of its qualifying facility bills since its last full payment
in early January.
The plants, one-third of which are powered by renewable sources like wind and
solar power, meet almost 30% of California's electricity needs. Almost all of
the closed generators are fueled by natural gas, and many haven't been able
to pay their gas suppliers and have been cut off from their gas supply.
The California Senate Energy Committee plans to vote on legislation to create
a new pricing system for all qualifying facilities this week. The proposed
bill would cut the prices to qualifying facilities from about 17 cents a
kilowatt-hour the past eight months to about eight cents, depending on the
price of five-year natural-gas contracts the generators can sign. The plants
that run on renewable resources would be paid 5.4 cents a kilowatt-hour.
-- Mark Golden contributed to this article.
Write to Jason Leopold at [email protected]
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
US Natural Gas Prices Fall As Demand Slips In Most Areas
03/06/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- U.S. natural gas physical prices fell Tuesday as demand
eased, except in the Northeast and Southeast areas of the country, traders
said.
Heavy snowstorms in the upper Northeast supported some pricing, as did cooler
weather in Georgia, the Carolinas and the Florida panhandle.
Some storage buying occurred in Texas "if they could make it work," a trader
said.
"It was a pretty uneventful day," a Gulf Coast trader said late Tuesday.
Also, because of the snowstorm in the Northeast, traders had purchased gas
ahead of time to make up for needed load, he said.
A scheduled work outage on Enron's Transwestern San Juan lateral in New
Mexico was completed, and the return of a power plant in California
alleviated demand in the West, traders said.
At the Arizona-California border hub, buyers paid around $13-$33 a million
British thermal units, West Coast traders said, down as much as $15 from
Monday.
At PG&E Citygate, prices were mixed, with buyers paying $9.75-$10.65/MMBtu,
down 25 cents on the bid, up 15 cents on the offer.
In the Midwest, Chicago Citygate prices fell 7 cents-8 cents to a range of
$5.42-$5.53/MMBtu. Alliance Pipeline into Chicago traded around
$5.47-$5.52/MMBtu, down 4 cents to 9 cents from Monday.
The Nymex April natural gas futures contract settled at $5.315/MMBtu, down
2.1 cents in a tight, range-bound, uneventful session that started late due
to bad weather.
Physical gas prices at the benchmark Henry Hub in south Louisiana ended in a
range of $5.25-$5.30/MMBtu, down 2 cents-6 cents from Monday.
Transcontinental Gas Pipe Line at Station 65 deals were made in a similar
range of $5.26-$5.35/MMBtu, down 2 cents on the bid, unchanged on the offer.
At Katy in East Texas, buyers paid $5.21-$5.30/MMBtu, down 5 cents-6 cents.
At Waha, prices fell 9 cents-12 cents to a range of $5.15-$5.30/MMBtu.
-By John Edmiston, Dow Jones Newswires; 713-547-9209;
[email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. | {
"pile_set_name": "Enron Emails"
} |
Your point was well taken with regards to the current situation over there. I hope you understand that my mind is always thinking in terms of how to make a trade out of a need.... i.e. swap to futures then its evolution to TAS...etc.
I had no prior knowledge of how credit issues were resolved by counterparties...and didn't mean to circumvent the process. | {
"pile_set_name": "Enron Emails"
} |
How goes it? I'm in Chicago right now. I am back in Houston tomorrow. I'll
follow up then. See ya.
DG | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Kay Mann/Corp/Enron on 08/15/2000 03:37
PM ---------------------------
From: Gregg Penman 08/11/2000 10:22 AM
To: Kay Mann/Corp/Enron@Enron
cc:
Subject: MEH Policies
FYI -- Here is the e-mail we discussed regarding the most current versions of
each policy.
Gregg
---------------------- Forwarded by Gregg Penman/Corp/Enron on 08/11/2000
10:21 AM ---------------------------
From: Gregg Penman 08/09/2000 05:23 PM
To: [email protected]
cc:
Subject: MEH Policies
Welcome back. I am sure you have been looking forward to getting all these
documents, so here they are. Attached are the following:
1)
Current draft of the MEH Risk Policy. Kay, Mary and I have discussed the
current draft line by line and are at the point where your review is needed
to proceed. Vlady has reviewed the current draft and has no significant
changes.
2)
Current draft of the Risk Procedures and Control Guidelines and accompanying
flowcharts. Brent Price and his team have reviewed the Procedures and have
provided revisions where appropriate. Linda and Mary have also provided
input which has been incorporated. I need to circulate the draft to all
parties one more time to make sure everyone is comfortable with the last
updates and that there are no inconsistencies.
3)
Current draft of the credit policy as last revised by Aparna. The draft was
sent last night to Molly Harris at Enron for her review and I am currently
waiting to hear from her. If there are any changes to this draft I will
notify you promptly and forward the newest draft.
4)
Current draft of the proposed cash management policy. Jim Burns has reviewed
the proposed cash management policy and is in general agreement with the
procedures. We will be drafting a Facility Agreement shortly which will
cover the specifics of the Enron Revolver to MEH.
As for reports and a general understanding of limit development, modeling,
stress testing, etc., there have been several meetings over the last week.
Brent Price and his team were in Chicago last week to go over the daily
reports with Linda, Tim, Maria, Kay and Mary and discuss the development of
the Daily Position Report (DPR). To my knowledge, the only outstanding report
is the DPR. The DPR you received on Tuesday was not an MEH only DPR and was
not scrubbed before it was sent out. It was intended to show the format, but
they inadvertently pulled numbers into it. I am expecting that a scrubbed
DPR will be sent out end of this week (Since the EMW and MEH books are
currently "flat", the DPR will not show any open positions or VAR - we can
discuss in more detail if you want). Regarding risk management
methodologies, Mary has had discussions with Vlady and our research staff and
I have received positive feedback regarding the sharing of information.
I realize this is a large amount of information to digest, but I would like
to get together as soon as you have a chance to review the policies and talk
to Mary, Kay, Linda, etc. in order to come up with a list of any remaining
issues. I acknowledge that this should and will be a evolutionary process,
but I also want to have a clear direction of what is necessary to approve the
policies. Just let me know when you are available and I will make myself
available.
Thanks,
Gregg | {
"pile_set_name": "Enron Emails"
} |
I hope that we are planning to contest this proposed amendment.
-----Original Message-----
From: Lindberg, Susan
Sent: Friday, October 19, 2001 9:52 AM
To: Migden, Janine; Roan, Michael; Stroup, Kerry; Ballato, Russell; Baughman Jr., Don; Baughman, Edward D.; Benson, Robert; Brown, Jeff; Choate, Jason; Clynes, Terri; Compean, Karla; Dalton III, Oscar; Forster, David; Hanse, Patrick; Justice, Gary; Kelly, Mike E.; King, Jeff; Kinser, John; Lorenz, Matt; Makkai, Peter; Mangskau, David; Misra, Narsimha; Morse, Brad; Sewell, Doug; Sturm, Fletcher J.; Valderrama, Larry; Valdes, Maria; Wang, Steve; Aucoin, Berney C. ; Black, Don; Furrow, Dale; Herndon, Rogers; Kingerski, Harry
Cc: Fulton, Donna; Nicolay, Christi L.; Novosel, Sarah; Steffes, James D.
Subject: MISO proposed tariff change
On October 15, 2001, the Midwest ISO filed an amendment to
Section 17.5 of its Open Access Transmission Tariff to charge
a fee for non-confirmed transmission service requests for
transmission service greater than one week. Midwest ISO
has requested an effective date December 15, 2001.
Interventions and protests are due November 5.
Let me know if you need further information.
Susan Lindberg
713.853.0596 | {
"pile_set_name": "Enron Emails"
} |
Hi, Sweethearts,
I want to let you know that Michael's father passed away yesterday morning. He had been feeling bad for about a month and last week he passed out and hurt himself. At the hospital they found out that he had a bleeding ulcer that made him faint. They took had to take him off the blood thinners and they were giving him medication for the ulcer and sent him home Tuesday night. Wednesday morning he must have had a blood clot that caused a heart attack. Crystal and Jamie did cpr which started his heart again but then it stopped.
Michael is in Denver and is going to Alamo tonight for the funeral on Saturday. The kids and I aren't going since Michael has to leave for Denver and then North Dakota on Sunday and he doesn't want me trying to drive out there alone with the kids. Michael was training on Wednesday so I waited to tell him until lunch. He is blessed that two of his good friends were there and they have helped him deal with his loss (one of them is exactly Michael's age and is dying of lymphoma...he has 5 children, the youngest just 7).
Michael seems to be doing fine, although the funeral will be hard. His family will be in a financial crisis, though. Please pray with us for them that God helps them through their pain and hard decisions.
Mandi, I hope your move goes without problems.
I love you all,
Mom | {
"pile_set_name": "Enron Emails"
} |
FYI, for your Gibraltar deal. I am going to save this in attorney.fms,
current forms.
---------------------- Forwarded by Tana Jones/HOU/ECT on 08/26/99 09:09 AM
---------------------------
Edmund Cooper
08/26/99 03:09 AM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: ISDA CSA - Para. 11 (English law - transfer) | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Judy Townsend/HOU/ECT on 12/27/2000 02:10
PM ---------------------------
Enron North America Corp.
From: Rebecca W Cantrell 12/19/2000 01:19 PM
To: John Hodge/Corp/Enron@ENRON, Judy Townsend/HOU/ECT@ECT, Victor
Lamadrid/HOU/ECT@ECT, Paul Tate/HOU/EES@EES, Robert Superty/HOU/ECT@ECT,
Colleen Sullivan/HOU/ECT@ECT, Donna Greif/HOU/ECT@ECT
cc:
Subject: Report on National Fuel Order No. 637 Compliance - Dec. 19 Telephone
Conference
FYI. At the last technical conference, National Fuel agreed to provide two
hours notice on intra-day recalls, up from their one-hour proposal. We will
track their filing to make sure they don't file something else.
---------------------- Forwarded by Rebecca W Cantrell/HOU/ECT on 12/19/2000
01:16 PM ---------------------------
"Tracey Bradley" <[email protected]> on 12/19/2000 09:40:01 AM
To: <[email protected]>
cc:
Subject: Report on National Fuel Order No. 637 Compliance - Dec. 19 Telephone
Conference
David Reitz of National Fuel indicated that the pipeline is back to its
position before the last technical conference with regard to keeping the TBF
fee a part of the imbalance resolution process as opposed to making it a
separate service. As a fall back position, National Fuel will seek guidance
from FERC as to whether it should be made into a new service. To make PA OCA
happy, David Reitz indicated that any future proposal will incorporate the
50-50 sharing that is in the current proposal.
National Fuel plans to make a revised pro forma tariff filing in mid-January
and inform FERC that this filing resulted from the collaborative effort of
parties to the proceeding. The filing will have reservation of rights
language that preserves National Fuel's right to file something completely
different when it files to place the revised tariff sheets into effect.
Prior to making the filing, National Fuel will circulate the explanatory
transmittal letter and pro forma tariff sheets, and will flag any changes
made to the pro forma tariff sheets. This pre-filing circulation should
occur some time during the first two weeks in January.
Nothing was said about the intra-day recall provisions.
>>> <[email protected]> 12/18/00 03:39PM >>>
Yes, please. I have another meeting, so I probably won't be able to dial
in. What are the directions, just in case?
Let me know if they try to make any changes in the intraday recall
provisions.
Thanks.
"Tracey Bradley" <[email protected]> on 12/18/2000 02:12:24 PM
To: <[email protected]>
cc: "Randall Rich" <[email protected]>
Subject: National Fuel Order No. 637 Compliance - Dec. 19 Telephone
Conference
Do you want us to participate in the telephone conference tomorrowat 10:00
Eastern time? I haven't seen any revised tariff sheets, so I'm not quite
sure what will be discussed besides National Fuel's decision not to make
the TBF service a separate service. | {
"pile_set_name": "Enron Emails"
} |
Please see new draft:
-----Original Message-----
From: Denne, Karen
Sent: Wednesday, October 24, 2001 2:49 PM
To: McMahon, Jeffrey; Bowen Jr., Raymond; Rogers, Rex
Cc: Ford, Sue
Subject: email to employees
Importance: High
Please review the attached email, which we would like to send to employees at 3 p.m. today. Let me know if you have any changes.
Thank you.
Karen
x39757 | {
"pile_set_name": "Enron Emails"
} |
Gregg,
I think I'm in good shape and can look at what John sent tonight. Ed, just
stand by and I'll holler if I need anything.
Thanks,
Kay
From: Gregg Penman on 02/07/2001 04:06 PM
To: Ed B Hearn III/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron
cc:
Subject: enovate, L.L.C. CA
Ed/Kay - Here is a brief description of what I am trying to accomplish with
the confidentiality agreement. enovate, L.L.C. currently has no direct
employees, but rather employees of Peoples Energy Resources Corp. (wholly
owned sub. of Peoples Energy) and Enron North America working on its behalf.
As such, this includes access to proprietary and confidential information of
enovate, Enron and Peoples, such as certain curves, positions, transactions,
sendout information, etc. I would like to have each individual employee
working on behalf of enovate sign a Confidentiality Agreement that
effectively prohibits them from sharing any of the above information of
enovate or its affiliates ( I am assuming this would cover Enron and Peoples)
with anyone outside of enovate or its affiliates. I need to preserve the
ability to share information with affiliates since we rely on them to support
a large portion of our business.
Secondly, I need your legal opinion as to the realistic enforceability of
such an agreement and what form that enforcement might take or whether the CA
only serves as a scare tactic. The reason being, there is a Peoples employee
that I think is in the process of looking for another job. He is also the
one that I am most concerned about sharing confidential information.
Therefore, I am hoping to force his hand and see his reaction to the CA.
Kay has a large amount of history with our business and other CA's that have
been thrown back and forth. Perhaps the two of you can coordinate the
handling of this CA. I am trying to put something in Peoples' hands end of
day tomorrow if this is realistic.
As always - thanks for your assistance,
Gregg | {
"pile_set_name": "Enron Emails"
} |
The report named: East VaR Estimate <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=27&report_name=East+VaR+Estimate&category_cd=1&category_name=EAST&toc_hide=1&sTV1=1&TV1Exp=Y¤t_efct_date=10/18/2001>, published as of 10/18/2001 is now available for viewing on the website. | {
"pile_set_name": "Enron Emails"
} |
The Enron Center garage will be opening very soon.
Employees who work for business units that are scheduled to move to the new
building and currently park in the Allen Center or Met garages are being
offered a parking space in the new Enron Center garage.
This is the only offer you will receive during the initial migration to the
new garage. Spaces will be filled on a first come first served basis. The
cost for the new garage will be the same as Allen Center garage which is
currently $165.00 per month, less the company subsidy, leaving a monthly
employee cost of $94.00.
If you choose not to accept this offer at this time, you may add your name to
the Enron Center garage waiting list at a later day and offers will be made
as spaces become available.
The Saturn Ring that connects the garage and both buildings will not be
opened until summer 2001. All initial parkers will have to use the street
level entrance to Enron Center North until Saturn Ring access is available.
Garage stairways next to the elevator lobbies at each floor may be used as an
exit in the event of elevator trouble.
If you are interested in accepting this offer, please reply via email to
Parking and Transportation as soon as you reach a decision. Following your
email, arrangements will be made for you to turn in your old parking card and
receive a parking transponder along with a new information packet for the new
garage.
The Parking and Transportation desk may be reached via email at Parking and
Transportation/Corp/Enron or 713-853-7060 with any questions.
(You must enter & exit on Clay St. the first two weeks, also pedestrians,
will have to use the garage stairwell located on the corner of Bell & Smith.) | {
"pile_set_name": "Enron Emails"
} |
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http://spg.0mm.com/[email protected] | {
"pile_set_name": "Enron Emails"
} |
Steve, we have not heard from him. Vanessa followed up Stelzer's call with
the letter.
From: Steven J Kean on 04/02/2001 09:46 AM
To: Rosalee Fleming/Corp/Enron@ENRON
cc:
Subject: Advisory council meeting
See last question.
----- Forwarded by Steven J Kean/NA/Enron on 04/02/2001 09:46 AM -----
[email protected]
04/02/2001 08:47 AM
To: [email protected]
cc: [email protected]
Subject: Advisory council meeting
Let me review where we stand for the April 10-11 meeting.
1. I have spoken with Gavyn and asked him to add to his usual review
comments on the significance of recent developments for Enron.
2. I have asked Bill Kristol to do the same.
3. I have asked Paul Portney to review "the lay of the land" in the
environmental policy area.
4. Since we couldn't locate a speaker to address the question of how Enron,
now larger and more corporate than in the past, can continue to attract the
best, the brightest (and the oddest?), I have asked Pankaj to give a brief
talk about what the literature generated by his colleagues has to tell us on
this subject.
5. I couldn't get anyone on the "monopoly-too-big-and-powerful" question,
although I am still trying.
I assume you folks will brief us on California and the national energy supply
picture. Have we heard from the author of "When Genius Fails"? | {
"pile_set_name": "Enron Emails"
} |
Thanks so much Gerald! I have been trying to get all our responses down as
well, so this will definitely help. I hope we can wrap this up soon. Again
I apologize for the delay on our end as well.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, April 25, 2001 5:06 PM
To: Crawford, Ann
Subject: Re: AEC Agreements
Ann, Sorry for not getting back to you on this. I have some answers on
the issues that were on my to do list. It might make the most sense for me
to comment in response to your memo dated March 8, and forward to you. I
know there were several items that you were checking with your people and I
would note those. Let me know what you think.
"Crawford,
Ann" To: "'[email protected]'"
<[email protected]>
<AnnCrawford@ cc:
"'[email protected]'" <[email protected]>
aec.ca> Subject: AEC Agreements
04/12/2001
01:18 PM
Hello Gerald,
I just wanted to drop you a line to apologize for not getting the letter
response out to you.
Do you know if Russell contacted the Canadian office about issuing the
Canadian draft agreements for review and finalization with the U.S.
contracts? I thought that was his intent, but we have received nothing as
yet.
Have a wonderful Easter holiday!
I will try to address first thing next week.
Talk to you then.
Tx.
Ann | {
"pile_set_name": "Enron Emails"
} |
1/00 Plan Allocations for RC 1497 - Farmer:
15% Gas Network Services
84% Gas Network Trading
1% Gas Network Development --> Time spent on Project Sally was primarily
determining the estimated number of employees required to perform the
Trading Support functions and reading the deal memorandum.
Daren | {
"pile_set_name": "Enron Emails"
} |
Some of you had trouble opening the Mgmt Summary previously sent. You should
be able to open this one. There were no changes to the numbers. | {
"pile_set_name": "Enron Emails"
} |
do you want to go :>)?
---------------------- Forwarded by Eric Bass/HOU/ECT on 02/20/2001 01:37 PM
---------------------------
"Larry W. Bass" <[email protected]> on 02/20/2001 01:03:57 PM
To: eric preston bass <[email protected]>
cc:
Subject:
Good afternoon. Welcome home. Heard from your Mother that they took some of
your money. That's too bad. I have never let them take my money! By the way,
Uncle George is having an 80th birthday party this Sat., Feb. 24, @ 5p.m. @
Luther's BBQ, 27752 I-45 N.,, across from the Woodlands Mall. We are going.
You are invited. If you intend to go you should RSVP to Vera @ 281-379-5252
or Rebecca @ 281-367-8470. Have a good week.-Dad | {
"pile_set_name": "Enron Emails"
} |
Is it safe to send this out?? | {
"pile_set_name": "Enron Emails"
} |
The Ultimate Traditional & Internet Marketing Tool, Introducing the "MasterDisc 2002" version 4.00, now released its MASSIVE 11 disc set with over 150 Million database records (18 gigabytes) for companies, people, email, fax, phone and mailing addresses Worldwide!
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**MAXDISC: Online website owners, administrators, and technical contacts for website domain name owners of the ".com", ".net", and ".org" sites. This database has information from about 25% of all registered domains with these extensions.
MaxDisc_Canada_2.txt
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#74,550 records
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MaxDisc_Email_Removes_1.txt
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#163,834 records
MaxDisc_Foreign_1.txt
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MaxDisc_Foreign_2.zip
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#293,225 records
MaxDisc_Meta_2.zip
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#188,768 records
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Included Fields...(Code, Description)
#11,629 records
MaxDisc_USA_1.zip
Included Fields...(ID, Domain, Company, Contact, Address, City, State, Zip, Phone, Fax, Sic, Email)
#1,389,876 records
MaxDisc_USA_2.zip
Included Fields...(ID, Domain, Company, Address, Billing Name, Billing Email, Billing Phone, Billing Fax, Admin Name, Admin Email, Admin Phone, Admin Fax, Tech Name, Tech Email, Tech Phone, Tech Fax)
#2,998,891 records
MaxDisc_USA_3.zip
Included Fields...(ID, Domain, Company, Address, Billing Name, Billing Email, Billing Phone, Billing Fax, Admin Name, Admin Email, Admin Phone, Admin Fax, Tech Name, Tech Email, Tech Phone, Tech Fax)
#2,005,887 records
**NEWSPAPERS: National directory of newspapers from small local papers to large metro news agencies.
Included Fields...(ID, Phone, Newspaper, City, State, Circulation, Frequency)
#9,277 records
**PITBOSS: Avid Online casino and sports book players, and casino webmasters.
Players Included Fields...(ID, FIRSTNAME, LASTNAME, ADDRESS, CITY, STATE, ZIP, COUNTRY, PHONE, EMAIL, PMTTYPE, USERID, HOSTNAME, IPADDRESS)
#235,583 records
Webmaster Included Fields...(domain, date_created, date_expires, date_updated, registrar, name_server_1, name_server_2, name_server_3, name_server_4, owner_name_1, owner_address_1, owner_city, owner_state, owner_zip, owner_country, admin_contact_name_1, admin_contact_name_2, admin_contact_address_1, admin_contact_city, admin_contact_state, admin_contact_zip, admin_contact_country, admin_contact_phone, admin_contact_fax, admin_contact_email, tech_contact_name_1, tech_contact_name_2, tech_contact_address_1, tech_contact_city, tech_contact_state, tech_contact_zip, tech_contact_country, tech_contact_phone, tech_contact_fax, tech_contact_email)
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#954-340-1018 voice
Or visit the website at:
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To Order Now Return The Form Below Via Fax #954-340-1917
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MasterDisc 2002 (The Ultimate Marketing Database)
[ ]MD2002 (ver 4.00 MasterDisc 2002) available for $199.00US (33% discount)
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[ ] Please have a sales representative contact me for more information!!!
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102601BW | {
"pile_set_name": "Enron Emails"
} |
----- Forwarded by Roseann Engeldorf/Corp/Enron on 12/19/2000 01:39 PM -----
"Bunk, Sean" <[email protected]>
12/11/2000 08:20 PM
To: <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>
cc: "Taylor, Rob" <[email protected]>, "Popplewell, Tom"
<[email protected]>, "Porto, Frederico" <[email protected]>,
"Seve, Paul" <[email protected]>
Subject: Re: South America Turbine Transfer Documents
Attached please find revised drafts of the following documents:
1. Purchase Option Assignment and Assumption (LM6000 - South America)
2. Purchase Option Assignment and Assumption (MHI Turbines - Turbines I
Ltd.)
3. Purchase Option Assignment and Assumption (MHI Turbines - Turbines
II Ltd.)
Both a clean copy and a copy blacklined to show the changes from the
prior version, or in the case of the MHI Turbines the MHI Turbine form
of Purchase Option Assignment and Assumption Agreement, are attached.
Please feel free to call if you have any questions or comments.
~~~~~~~~~~~~~~~~~~~
Sean Bunk
Andrews & Kurth L.L.P.
600 Travis St., Suite 4200
Houston, Texas 77002
Tel.: 713.220.4427
Fax.: 713.238.7252
e-mail: [email protected]
This e-mail is privileged and confidential and is intended only for the
recipient(s) named above. If you are not the intended recipient, please
(i) do not read, copy, use or disclose the contents hereof to others
(any of the foregoing being strictly prohibited), (ii) notify the sender
immediately of your receipt hereof, and (iii) delete this e-mail and all
copies of it.
<<Blackline 594318v3 to v2 (LM6000 - South America).DOC>> <<Blackline
Turbines II Ltd. Assignment and Assumption.DOC>> <<Blackline MHI
Assignment and Assumption (South America).DOC>> <<MHI Purchase
Option.DOC>> <<Purchase Option Assignment and Assumption
Agreement.DOC>> <<Purchase Option (LM6000-South America).DOC>>
- Blackline 594318v3 to v2 (LM6000 - South America).DOC
- Blackline Turbines II Ltd. Assignment and Assumption.DOC
- Blackline MHI Assignment and Assumption (South America).DOC
- MHI Purchase Option.DOC
- Purchase Option Assignment and Assumption Agreement.DOC
- Purchase Option (LM6000-South America).DOC | {
"pile_set_name": "Enron Emails"
} |
Ken Lay said to let you know he does sign off on this draft.
Rosalee
"Garten, Jeffrey" <[email protected]> on 04/09/2001 05:21:48 PM
To: "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>
cc: "'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>
Subject: Final Draft -- SEC Report on Valuation
Attached please find the final draft. Tim Koller and I hope
it reflects all the changes suggested on the last conference call. Of
course, we will never be able to satisfy everyone to the last detail, but I
think we came as close as we will get.
There is still some proof reading and minor editing to do,
and we are working on that even as we send this off.
To the best of my knowledge there may now be two "individual
views" to go into what is now Attachment D. Len Baker may feel that the
language on Safe Harbor doesn't go far enough. Baruch Lev feels that the
SEC should not only issue a "concept release" to solicit broad public
comments on a "supplementary framework for reporting intangibles," but it
should create a task force to do the work. (Most of the group feels this
approach is too close to asking the SEC to mandate change.) Baruch also
feels that in relying so much on voluntary disclosure, we are exaggerating
what companies will, in fact, disclose. My suggestion, Len and Baruch, is to
write a paragraph or two for Attachment D, if you wish. Hopefully, both of
you will begin with a sentence supporting the report in general, but if you
feel strongly that the report doesn't reflect all your views, please do
state them for the record.
Before we schedule a final call for last minute details,
etc, I'd like to request an e-mail, fax or phone call from each of you
letting me know if you can sign-off on the report. I'd appreciate this by
Monday, April 16th.
Thanks a million.
Best regards,
Jeff
<<SEC Task Force Draft 04092001.doc>> <<SEC Press Release
4-06-01.doc>>
- SEC Task Force Draft 04092001.doc
- SEC Press Release 4-06-01.doc | {
"pile_set_name": "Enron Emails"
} |
Ina,
Please sign me up for this course whenever Hunter is signed up. Thanks | {
"pile_set_name": "Enron Emails"
} |
Dear all,
Thanks for your responses regarding availability and thoughts for the 2001
financial maths course. Attached is a word version of the previous outline.
I have also included some comments from previous delegates on what they
would like to see this year. Most points address the level we should aim for
and the balance of theory and practical applications. I hope these points
help you to improve on what is already our premier EPRM training course.
I would like to confirm the final points and any new biographical details by
Thursday, March 22nd in order to allow us a strong lead time to market the
event. If you have any questions, please call me on 212 925 6990 extension
225 or send me an email.
As a checklist these are the points I would like to clarify:
1. Confirmed availability for venues outlined in the draft programme.
London, 28 & 29 June
New York, 9 & 10 July
Houston, 16 & 17 July
Unless specified on the draft, each speaker is down for each of the three
venues. Please let me know if this is not possible.
2. Updated talk titles and bullet points. These should be updated to reflect
the developments in the energy markets since September 2000.
3. Full name and job titles as you wish them to appear on the brochure.
4. Updated biographies. I will assume that the biographies from previous
courses are correct unless told otherwise.
5. Mailing addresses for the speaker packs.
Overall, the response to the 2000 events was extremely positive with a very
high satisfaction rate. Key points from delegate feedback were as follows:
1. The challenge for this course is to maintain the right balance between
theory and practice. Delegates have requested the most advanced research and
mathematical theory for inclusion. The flip-side of the coin is that they
also would like as many practical examples as possible. On the attached
draft, where PRACTICAL EXAMPLE(S) are included as the final bullet point I
would like to include a one line description of the practical example you
will provide for the audience.
2. Delegates have requested more time spent on actual modelling rather than
examinations of quantitative discussions of the energy markets in general.
Again, I think that we provide a good balance between the two.
3. Basically, the audience who attend this are eager to attend the most
advanced financial mathematics course available for energy practitioners. I
think that with the current market developments this approach combined with
the impact of recent events we will have an extremely topical and exciting
event this July.
I look forward to seeing your responses next week. Please contact me to
discuss the existing arrangements for travel and accommodation
reimbursement.
Best wishes,
Paul Bristow
-----Original Message-----
From: Paul Bristow [mailto:[email protected]]
Sent: Wednesday, February 21, 2001 9:52 AM
To: '[email protected]'; '[email protected]';
'[email protected]'; '[email protected]'; '[email protected]';
'[email protected]'; '[email protected]';
'[email protected]'
Subject: Understanding & Applying Financial Mathematics to Energy
Derivatives
Dear all,
Firstly, I would like to thank you for all your help on the Energy & Power
Risk Management 2001 event. The line-up is exceptional and I am extremely
excited about this event.
As the course leaders of our annual financial mathematics training course, I
would like to notify you of the dates for the event this year. We plan to
hold the courses at the following venues on the following dates:
HOUSTON - June 21 & 22
LONDON - June 28 & 29
NEW YORK - July 9 & 10
I would like to confirm availability for these events and to take on board
any update suggestions for the 2001 course. I do hope that these dates
enable you to participate in this event and I look forward to speaking with
each of you soon.
Best wishes,
Paul Bristow
- FINANCIAL MATHS DRAFT.doc | {
"pile_set_name": "Enron Emails"
} |
We previously had this counterparty open to trade financial because they were
ESP, and now your 1/24/01 list says they are not ESP. Which is it? | {
"pile_set_name": "Enron Emails"
} |
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Special Offers from us in the future, please click here to unsubscribe.[IMAGE] | {
"pile_set_name": "Enron Emails"
} |
yeah. i will get there fri evening. i think i am going to stay in the
quarter. | {
"pile_set_name": "Enron Emails"
} |
Dynegy's Enron deal faces major uncertainties Huge new liabilities, possible regulatory opposition may complicate takeover
Wall Street Journal, 11/12/01
COMPANIES & FINANCE THE DYNEGY/ENRON DEAL - Utilities in bid for project stake.
Financial Times, 11/12/01
Watson puts trust in the quiet approach.
Financial Times, 11/12/01
Ratings prove crucial at Enron.
Financial Times, 11/12/01
Market Place
Dynegy's Rushed Gamble on Enron Carries Some Big Risks
The New York Times, 11/12/01
Heard on the Street
Basic Principle Of Accounting Tripped Enron
The Wall Street Journal, 11/12/01
Dynegy's Enron Deal Faces Uncertainties --- Potential Antitrust Worries Or New Enron Liabilities Could Upset Agreement
The Wall Street Journal, 11/12/01
Analysts, Competitors Give Dynegy-Enron Merger Thumbs Up
Dow Jones News Service, 11/12/01
IN THE MONEY: 2 Stories In 1: Enron CEO Sold Compaq Stk
Dow Jones News Service, 11/12/01
USA: RESEARCH ALERT-Dynegy reiterated as "strong buy".
Reuters English News Service, 11/12/01
USA: RESEARCH ALERT-Prudential raises Enron to 'hold'.
Reuters English News Service, 11/12/01
UK PRESS: Enron Investigating Its Own Finances
Dow Jones International News, 11/12/01
Enron assets may be overvalued by 5 bln usd on balance sheet - report
AFX News, 11/12/01
Enron's Sale Could be Thwarted by Antitrust Worries or Liabilities
Dow Jones Business News, 11/12/01
Thames company sets sights on takeover
Western Daily Press, 11/12/101
India: Enron in trouble; Microsoft sees reprieve
Business Line, 11/12/01
Unravelling the Dynegy enigma
Business Standard, 11/12/01
Dynegy Throws Enron $44bn Lifeline
Australian Financial Review, 11/12/01
INDIAN COURT BARS ENRON FROM SERVING FINAL TERMINATION NOTICE
Asia Pulse, 11/12/01
US utilities trader narrowly escapes junk debt status
The Financial News, 11/12/01
Investors priced in Enron bond default
The Financial News, 11/12/01
Andersen Faces Jeopardy in Enron Accounting Error, Experts Say
Bloomberg, 11/12/01
Dynegy Calls SEC's Probe of Enron `Financial Noise' (Update1)
Bloomberg, 11/12/01
Citigroup, J.P. Morgan Mull $500 Mln Enron Stake, Dow Says
Bloomberg, 11/12/01
Enron Corp. Raised to `Hold' at Prudential
Bloomberg, 11/12/01
Hedging Bets on the Enron-Dynegy Deal
By James J. Cramer <<mailto:[email protected]>>
RealMoney.com
Report on Business: The Wall Street Journal
Dynegy's Enron deal faces major uncertainties Huge new liabilities, possible regulatory opposition may complicate takeover
JOHN EMSHWILLER and REBECCA SMITH
Wall Street Journal
11/12/2001
The Globe and Mail
Metro
B8
"All material Copyright (c) Bell Globemedia Publishing Inc. and its licensors. All rights reserved."
Dynegy Inc.'s proposed $8.85-billion (U.S.) takeover of Enron Corp. faces major uncertainties, ranging from possible opposition from regulators to potentially huge new liabilities and writeoffs at Enron.
The problem with regulators could come from antitrust worries about folding Houston-based Enron, the biggest U.S. trader of natural gas and electricity, into Dynegy, another major energy trader, also based in Houston.
Enron currently handles a quarter of all the natural gas and electricity traded in the United States. The combined company -- which would be called Dynegy Inc. -- would have 22,000 megawatts of generating capacity and 40,000 kilometres of natural gas pipelines, making it one of the largest companies in the United States in each of those categories.
While Enron and Dynegy officials said they expect the merger to garner the necessary government approvals, the review by regulators is expected to take months.
As for unpleasant financial surprises, Enron has already produced a devastating stream of them over the past month, ranging from huge writeoffs of assets and reductions of shareholder equity to major downward restatements of past earnings reports.
Much of this turmoil has been caused by Enron's dealings with private partnerships run by its own officers.
Indeed, recent Enron disclosures indicate that as much as half of the company's pretax earnings in recent years came from deals with these officer-related partnerships, raising further questions about the quality of Enron's earnings and the potential for hundreds of millions of dollars of additional writeoffs or restatements.
Enron's partnership dealings have sparked more than a dozen shareholder lawsuits and a formal investigation by the U.S. Securities and Exchange Commission.
In a measure of the continuing concerns over Enron's financial condition, both Moody's Investors Service and Standard & Poor's once again downgraded Enron's debt on Friday, this time to just one level above non-investment grade, or "junk" status. They also kept the company under review for possible additional downgrades, and S&P put Dynegy on the same status.
A downgrade to junk status could force Enron to come up with hundreds of millions of dollars in cash or stock to buttress some of its complicated financial transactions.
In an interview Friday, Dynegy chairman Chuck Watson said his company made "a good assessment" of Enron's condition and that in "the worst-case we can come up with . . . we feel comfortable [that] the value exceeds the liabilities."
Mr. Watson said Dynegy has given itself the opportunity to back out of the proposed merger under certain conditions, which he declined to specify.
A person familiar with the deal said that Dynegy has a right to walk away if Enron's additional legal and financial liabilities exceed $3.5-billion.
A Dynegy spokesman confirmed the figure.
The price being paid -- 0.2685 of a Dynegy share for each Enron share -- is a fire-sale deal by any recent historical standard. The transaction valued Enron shares at $10.41 each, based on Dynegy's price of $38.76 Friday, up $2.26 in New York Stock Exchange trading. Enron shares rose 22 cents at $8.63 in Big Board trading, a quarter of their price just a month ago and less than a tenth of the all-time high of nearly $90 a share reached last year.
The deal envisions quickly pumping $1.5-billion of cash into Enron to bolster its liquidity and comfort Enron's trading partners who are increasingly nervous about continuing their business. The funds will come from ChevronTexaco Corp., Dynegy's biggest shareholder with a 26-per-cent stake. Dynegy will use the money to purchase the preferred stock and other rights in an Enron pipeline subsidiary.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
COMPANIES & FINANCE THE DYNEGY/ENRON DEAL - Utilities in bid for project stake.
By KHOZEM MERCHANT.
11/12/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
Tata Power and BSES have offered about half the sum demanded for a majority shareholding in a controversial Indian power project beset by political problems.
Two Indian utilities have bid about half the $1.2bn that Enron demanded in September for its majority stake in a controversial power plant near Bombay.
But the fate of the offers from Bombay-based Tata Power and BSES for India's biggest and most politically divisive foreign direct investment remain uncertain following Enron's absorption by Dynegy and legal moves by Indian creditors challenging a possible sale.
Although Dynegy has not publicly commented on the $2.9bn Indian plant, observers say it is unlikely to welcome the political problems surrounding the project and will press for a sale.
The board of DPC, Enron's Indian arm, is set to meet on November 19, the day it was expected to announce a final notice that it was quitting the plant. But on Friday, Indian creditors won a temporary injunction in a Bombay court restraining DPC until December 3.
Foreign and Indian creditors and DPC have been trying to broker a compromise for months after a fall-out between DPC and its sole local customer, Maharashtra State Electricity Board.
The latest attempt concluded on Saturday in Singapore just as a parallel drama over Enron's fate reached a climax in Houston. What started as a financial restructuring exercise to salvage the Indian project rapidly turned into a fire sale.
A decade ago, DPC was given fast-track clearance and was advertised as a symbol of India's economic awakening. Its withdrawal is now seen as an indictment of the attempts to jump-start economic growth.
Critics portrayed DPC as arrogant and the company endured unremitting domestic hostility. MSEB said DPC's tariffs were excessive. Environmentalists argued DPC benefited from a political process lacking transparency. Leftwing politicians insisted DPC's huge capacity was unnecessary.
DPC's patience snapped in April when it issued an initial termination notice. Since then it has been mired in a multitude of legal offensives.
In Singapore, Indian lenders, which carry an exposure of $1.4bn in loans and guarantees to DPC, about 70 per of the total debt, said they were trying to "match-make" between a weak DPC and an Indian party. "The talks were extremely positive and provide the basis of a deal," said a banker.
Tata Power and BSES, India's only solvent utilities, were the sole serious bidders. The dark horse was the government-owned National Thermal Power Corporation, which has working links with GE and Bechtel, the disaffected constructors and minority shareholders in DPC.
By Indian corporate standards, the low bids are still dizzily ambitious. But both utilities enjoy powerful allies with deep pockets. BSES, for instance, is 29 per cent owned by Reliance Industries, India's biggest private-sector company. Tata Power is part of the formidable Tata industrial-to-financial services conglomerate.
Tata Power and BSES both have ambitious expansion plans in power, telecommunications and broadband that could be hampered if their DPC bids succeed.
Yet, they would have much work to do at DPC, which analysts say is "unsustainable in its present form". First, the new owner of Enron's 65 per cent stake in DPC must lower tariffs.
Second, long-term power off-take contracts and payment guarantees must be secured. MSEB, which holds a 15 per cent stake in DPC, is obliged to dispatch or "off-take" 90 per cent of DPC's output.
But MSEB has averaged only 60 per cent at phase 1 since it opened in May 1999. In effect, MSEB has been paying a lot more while using a lot less power.
The third challenge is to reopen the plant. Phase 1 closed in May after MSEB stopped uplifting power. Work on phase 2 is also suspended.
A new owner would not only need to spend about $300m to complete phase 2; it must also renegotiate contracts guaranteeing performance and warranties that have fallen into abeyance with the closure of the plant.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Watson puts trust in the quiet approach.
By SHEILA MCNULTY IN HOUSTON.
11/12/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
Charles Watson set out 16 years ago with "five guys and a smile" to build what would become Dynegy.
That same year, Kenneth Lay laid the foundations of Enron by merging the assets of two established companies. He had an inter-state and intra-state natural gas pipeline company with 37,000 miles of pipe.
Enron widened its lead over the years, so that last year it reported $101bn in revenue, to Dynegy's $29bn. It was the number-one seller of natural gas and power in North America and operated the biggest web-based transaction system in the world.
But on Friday, the Dynegy chief executive brought his company out from Enron's shadow, agreeing to buy its embattled rival in a deal worth about $9bn in stock. Overnight, Dynegy became the biggest energy trader in the US. How did he do it?
Where Enron emphasised individuality, Dynegy stressed teamwork. Where Enron encouraged entrepreneurship, Dynegy stressed customer satisfaction. Where Enron urged aggression to pervade everything from its trading floors to its financial accountings, Dynegy made friendliness and conservatism its culture.
Enron had its name emblazoned across Houston's professional baseball stadium and was building an office tower in downtown Houston. Dynegy was renting 28 floors out of the Wells Fargo Complex.
Enron, Mr Watson notes, had a reputation for doing business with a swagger. "If that's your modus operandi, when things don't go well people come after you," Mr Watson says. He believes that image of cockiness made questions over Enron's balance sheet spiral out of control. The balance sheet adjustment itself could not justify the massive degradation of its equity in a matter of weeks.
"The masses at Enron are thirsting for a change in image," Mr Watson says. He intends to give them that.
Mr Watson will remain in charge when Dynegy takes control of Enron in the coming months. He has asked Mr Lay to join the board, but Mr Lay has not made a decision. "It's been a good ride, for the most part," Mr Lay said Friday night, but added, "I would say the last three weeks have not been a lot of fun."
Mr Watson reached out to Mr Lay on October 24, as the crisis of confidence in Enron became increasingly untenable. The Securities and Exchange Commission was investigating its finances, investors were dumping its stock and the credit rating agencies were downgrading its debt.
Mr Watson's mother was having heart surgery and he was with her in Saint Louis.
But he called Mr Lay to offer to help. In the back of his mind was the possibility of buying Enron's valuable pipeline assets to provide it with liquidity to support its fast diminishing business.
Two days later, Mr Watson went over to Mr Lay's home to begin working towards a combination.
In a meeting with Mr Lay and the rest of Enron's management team, it became clear they were "willing to fix the problem whatever it took".
Mr Watson believes the deal was put together so quickly because Dynegy works with Enron on a daily basis, they know each other's people and businesses, and they are both based in Houston.
"We're one of the few people, maybe the only ones, who could have pulled it off," he says.
Now that he has done so, Mr Watson plans to move into Enron's new buildings, but has not decided whether to rename the stadium to reflect its new owner. His teenager wants him too. But that would seem to go against the modesty that enabled Dynegy to win in the end.
(c) Copyright Financial Times Group.
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Ratings prove crucial at Enron.
By JENNY WIGGINS IN NEW YORK.
11/12/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
Credit ratings agencies consider themselves independent providers of research and information. But the role played by Moody's Investors Service in the sale of Enron to Dynegy last week shows agencies are often more than dispassionate observers.
In Enron's case, its credit ratings were crucial to its survival. The company needed an investment grade credit rating to retain the confidence of its energy trading counterparties.
Enron's solution was to arrange an acquisition by Dynegy, but first it received the credit agencies' blessing.
With the two companies close to a deal on Friday morning, Moody's responded to investor concerns about the company by downgrading the company's ratings to just one notch above junk.
However, it also signalled it was prepared to sanction a deal, adding that "a substantial near-term injection of equity capital" would be viewed as "a stabilising event". That arrived in the form of a $1.5bn cash injection from ChevronTexaco.
The ratings agency was under pressure to provide a credit outlook. Enron generated "a tremendous amount of interest", including calls from market participants "who wanted to share their opinion", said Moody's Fran Laserson.
Moody's analyst John Diaz said that while the agency had analysed Enron's financials both on and off its balance sheet, there were "some issues" the agency had not been aware of.
This means that even as they seek to point out the risks inherent in a company's balance sheet, they are also looking out for the long-term interest of a company and are willing to give troubled entities some time to deal with problems and get back on their feet.
(c) Copyright Financial Times Group.
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business/Financial Desk; Section C
Market Place
Dynegy's Rushed Gamble on Enron Carries Some Big Risks
By ALEX BERENSON and RICHARD A. OPPEL Jr.
11/12/2001
The New York Times
Page 1, Column 2
c. 2001 New York Times Company
Call it a $9 billion shotgun wedding.
Dynegy Inc., an energy marketer and trader based in Houston, took the biggest gamble in its corporate history on Friday by agreeing to buy the Enron Corporation, its much larger crosstown rival, for more than $9 billion in stock. In one decisive move, Chuck Watson, the chairman of Dynegy, positioned his company to become the most important player in the volatile but potentially lucrative business of trading natural gas and electricity.
But the hastily arranged deal carries big risks for Dynegy as well, skeptical investors and Wall Street analysts say. No one outside Enron appears to understand the company's tangled finances fully, and the speed with which the deal was made did not give Dynegy time to scrutinize in great detail Enron's trading book or the web of partnerships Enron has entered to move debt off its balance sheet and hide losses.
The skeptics wonder why Dynegy decided to take on Enron's huge debt, which some analysts say could total $23 billion in loans on and off its balance sheet, instead of simply trying to hire away Enron's best traders, some of whom were already leaving the company.
''There are many risks associated with this merger that we will not know about for a while,'' said Carol Coale, an analyst at Prudential Securities. ''We're not sure that we know everything there is to know at Enron yet.''
In addition, Enron's earnings could be far lower than it has reported, said James Chanos, a short-seller who has been a vocal critic. On Thursday, Enron said in a filing with the Securities and Exchange Commission that it had used partnerships to overstate its earnings by a total of $600 million over the last five years. Mr. Chanos said other information in the filing indicated that more restatements were possible.
With so much uncertainty surrounding Enron's finances, Mr. Chanos and other analysts question Dynegy's decision to move so quickly.
They note that Dynegy and Enron often traded with each other, and some analysts had wondered whether, if Enron had filed for bankruptcy, those trades might be wiped out, leaving Dynegy unhedged, or unprotected against sudden movements in the prices of natural gas or electricity.
If, on the other hand, Enron is not forced to restate its profits down further, then Dynegy has clinched an amazing bargain. Analysts say Enron will make $1.80 a share this year, so Dynegy is paying just six times Enron's annual earnings, about a fourth the average ratio of companies in the Standard & Poor's 500.
Dynegy said on Friday that the deal should increase its per-share earnings next year by 90 to 95 cents, to $3.40 to $3.50, even without factoring in up to a half-billion dollars in annual savings, before taxes, from the merger. Dynegy's shares closed Friday at $38.76, up $2.26, so if the company's forecast is accurate, it is trading at 11 times its 2002 earnings -- still a bargain compared with the average stock in the S.&. P 500.
Jeff Dietert, an analyst with Simmons & Company in Houston, said Dynegy's estimates for its earnings in 2002 were ''conservative and very achievable.''
Mr. Watson said Friday that Dynegy was confident that Enron's operations and its trading business were healthy. ''We feel this is a very solid company with plenty of capacity to withstand whatever happens the next few months,'' he said.
Mr. Dietert said Dynegy needed to strike a deal with Enron quickly to make sure that Enron's trading operations and financial health did not deteriorate any further. ''If Enron preserves the value of the marketing and trading company, then there is clearly value in the Enron stock,'' he said.
Preserving Enron's investment-grade credit rating is crucial to keeping the trading operation afloat. To help convince Moody's Investors Service and Standard & Poor's, the major rating agencies, that Enron's rating should remain investment-grade, Dynegy has agreed to inject $1.5 billion into Enron immediately. Still, on Friday, both agencies cut Enron's rating to just one notch above noninvestment grade, or junk, status, and both suggested that the rating could fall further.
So investors and creditors will watch carefully this week to see whether other energy companies continue trading with Enron, and whether the merger stems the outflow of talented Enron traders.
Another question hanging over the deal is how easy it will be for Dynegy to walk away if Enron's finances turn out to be worse that Enron has already disclosed.
The merger agreement, according to executives and investment bankers who shaped it, gives Dynegy the opportunity to quit the deal without penalty if major new problems surface. But what exactly those terms are remains unknown.
So far, investors are giving Dynegy the benefit of the doubt. The company's stock rose 17 percent on Thursday and Friday.
''The market believes Chuck Watson and the Dynegy management team are very disciplined in the way they manage risks,'' Mr. Dietert said.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Heard on the Street
Basic Principle Of Accounting Tripped Enron
By Jonathan Weil
Staff Reporter of The Wall Street Journal
11/12/2001
The Wall Street Journal
C1
(Copyright (c) 2001, Dow Jones & Company, Inc.)
What could Arthur Andersen have done to protect the investing public from Enron? Brushing up on a basic accounting textbook might have helped, some critics say.
Confirming investors' fears, the Houston energy trader Thursday filed a lengthy disclosure document with the Securities and Exchange Commission declaring that its financial statements going back to 1997 "should not be relied upon" and will have to be restated. Among other problems, Enron acknowledged overstating its net income by a total of $586 million, or 20%. Enron's financial statements long have been widely assailed as indecipherable. Now, it turns out, they were just plain wrong.
But what is most striking about the latest disclosures is that they show Enron's misstatements weren't limited merely to judgment calls and gray areas for the green-eyeshade crowd to debate. Portions of Enron's accounting practices amounted to violations of elementary accounting principles, some accounting specialists say.
Citing client-confidentiality rules, an Andersen spokesman, David Tabolt, declines to comment on his firm's work for Enron, which on Friday agreed to be bought by crosstown rival Dynegy. He calls Enron's disavowal of its previous financial statements an "unfortunate situation" and says Andersen is cooperating with the SEC's Enron investigation and the special committee formed by Enron to investigate the company's accounting and disclosure practices.
Consider the primary reason for the $1.2 billion reduction in shareholder equity that Enron revealed in mid-October, sparking much of the downdraft in the company's shares. At the time, Enron said the reduction came about because it had decided to unwind certain transactions with some limited partnerships with which it had done business. On Thursday, however, Enron acknowledged that the original accounting for the transactions violated generally accepted accounting principles.
Starting in early 2000, the company said last week, Enron issued shares of its own common stock to four "special-purpose entities," in exchange for which it received a note receivable. Enron said it had increased both its note-receivable assets and shareholder equity, a move the company called "an accounting error" that it is correcting. Under GAAP, the payment a company receives when issuing stock only counts as equity if it is cash. As a result, Enron's 2000 audited financial statements overstated the company's notes-receivable assets and shareholder equity by $172 million. And Enron's 2001 unaudited statements overstated them by $828 million. The $1 billion overstatement represents 8.5% of Enron's previously reported shareholder equity as of June 30.
"It is basic accounting that you don't record equity until you get cash, and a note doesn't count as cash," says Lynn Turner, a former chief accountant for the SEC. "The question that raises is: How did both partners and the manager on this audit miss this simple Accounting 101 rule?" Adds Douglas Carmichael, an accounting professor at Baruch College in New York: "Anyone that's an accountant looking at the entry should have known" it violated GAAP.
An Enron spokesman, Vance Meyer, says, "The accounting error was just that -- an error," explaining that, "We believed it was not material. However, it was, of course, corrected . . . And we did make the correction with Andersen's concurrence." He says Andersen "performed limited quarterly reviews" of the company's unaudited financial statements and reviewed the entries that resulted in the shareholder-equity overstatements "to the extent they deemed necessary."
To some who follow the accounting world closely, this has a familiar ring to it. During the past few years, every Big Five auditor has been hit by multiple accounting debacles at high-profile clients. For Andersen, Enron joins a list including Waste Management Inc. and Sunbeam Corp. While the names of the clients may change, the issues remain largely the same.
For instance, Enron had reported net income of $105 million for 1997, a figure that Enron last week said will be reduced to $9 million in its upcoming restatement for that year. Enron said the reduction is mostly because of $51 million in various unexplained "audit adjustments and reclassifications" that its auditors had proposed in 1997 but at the time had determined to be "immaterial." Cumulatively, those immaterial adjustments added up to nearly half of Enron's net income for 1997 and now will be included in the company's restatements.
That looks a lot like what happened at Sunbeam. According to the SEC's May settlement order with Sunbeam, Andersen auditors had routinely dismissed so many violations of GAAP as immaterial that they eventually piled up to produce significant distortions in Sunbeam's financial statements, making the barely solvent consumer-products maker look handsomely profitable. Sunbeam filed for Chapter 11 bankruptcy-court protection this past February. In May, the SEC filed a civil lawsuit against five former Sunbeam executives and the Andersen partner in charge of the company's audit, accusing them of engaging in a massive financial fraud; all six defendants have denied the SEC's allegations. Andersen itself wasn't named as a defendant and has said it believes the lawsuit against its partner was an unjustified action over questions of professional judgment.
Under GAAP, misstatements aren't immaterial simply because they fall beneath a numerical threshold, according to an SEC accounting bulletin. Under certain circumstances -- and it remains to be seen if they apply in the Enron case -- the SEC says intentional immaterial misstatements are unlawful. One reason is that when immaterial misstatements are combined with other misstatements, they can "render the financial statements taken as a whole to be materially misleading."
Enron, which paid Andersen $25 million last year in audit fees and $27 million for other services, is one of Andersen's biggest clients. So far, Mr. Tabolt, the Andersen spokesman, says the SEC hasn't told Andersen it is a subject of the Enron probe.
Enron's disavowal of its previous financial statements also is a major embarrassment for the directors who sit on the Enron board's audit committee, which serves as the overseer of Enron's financial reporting, internal controls and compliance processes. Among the committee members is Wendy Gramm, a former chairman of the Commodity Futures Trading Commission and the wife of U.S. Sen. Phil Gramm (R., Texas). Ms. Gramm also was a member of the audit committee of IBP Inc., a meatpacking company that earlier this year became engulfed in an accounting debacle that prompted an SEC investigation and nearly derailed Tyson Foods' since-completed plan to buy the company.
Enron last week said its audit committee had been responsible for conducting annual reviews of the transactions between Enron and the partnerships run by former Chief Financial Officer Andrew S. Fastow. The company said its special committee is investigating "whether those controls and procedures were properly implemented." Through an Enron spokeswoman, Ms. Gramm declined to comment.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy's Enron Deal Faces Uncertainties --- Potential Antitrust Worries Or New Enron Liabilities Could Upset Agreement
By John Emshwiller and Rebecca Smith
Staff Reporters of The Wall Street Journal
11/12/2001
The Wall Street Journal
A3
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Dynegy Inc.'s proposed $8.85 billion takeover of Enron Corp. faces major uncertainties, ranging from possible opposition from regulators to potentially huge new liabilities and write-offs at Enron.
The problem with regulators could come from antitrust worries about folding Enron, the nation's biggest trader of natural gas and electricity, into Dynegy, also a major energy trader. Enron handles a quarter of all the natural gas and electricity traded in the U.S. The combined company -- which would be called Dynegy Inc. -- would have 22,000 megawatts of generating capacity and 25,000 miles of natural-gas pipelines, making it one of the largest companies in the nation in each of those categories. While Enron and Dynegy officials said that they expect the merger to garner the necessary government approvals, the review by regulators is expected to take months.
As for unpleasant financial surprises, Enron has already produced a devastating stream of them over the past month, ranging from huge write-offs of assets and reductions of shareholder equity to major downward restatements of past earnings reports. Much of this turmoil has been caused by Enron's dealings with private partnerships run by its own officers. Indeed, recent Enron disclosures indicate that as much as half of the company's pretax earnings in recent years came from deals with these officer-related partnerships, raising further questions about the quality of Enron's earnings and the potential for hundreds of millions of dollars of additional write-offs or restatements.
Enron's partnership dealings have sparked more than a dozen shareholder lawsuits and a formal investigation by the Securities and Exchange Commission. In a measure of the continuing concerns over Enron's financial condition, both Moody's Investors Service and Standard & Poor's once again downgraded Enron's debt on Friday, this time to just one level above noninvestment-grade, or "junk," status. They also kept the company under review for possible additional downgrades and S&P put Dynegy on the same status. A downgrade to junk status could force Enron to come up with hundreds of millions of dollars in cash or stock to buttress some of its complicated financial transactions.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Analysts, Competitors Give Dynegy-Enron Merger Thumbs Up
11/12/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
(This article was originally published Friday)
By Jessica Berthold
Of DOW JONES NEWSWIRES
LOS ANGELES -(Dow Jones)- Analysts and market competitors said late Friday that the newly-announced merger between Dynegy Inc. (DYN) and Enron Corp. (ENE) will be a positive development for Dynegy and for the wholesale energy markets.
"I think Dynegy got a fantastic deal," said Ron Barone, managing director of UBS Warburg. "This just propels the company to a new plateau and plane. As for Enron, this was the best they could do given the mistakes they made."
The deal, announced Friday, will have Dynegy buy Enron for about $8 billion-$9 billion in stock. Dynegy will swap 0.2685 share for each Enron share, and immediately infuse $1.5 billion in asset-backed equity to Enron. ChevronTexaco Corp. (CVX), which owns 26% of Dynegy, will invest $2.5 billion in new equity into Dynegy.
Enron's stock price has fallen about 80% in the past three weeks, and its credit rating has been downgraded to one level above noninvestment grade, due to uncertainties about the transparency of its complex financial structure. The energy giant is under investigation by the Securities and Exchange Commission over transactions with entities headed by former Chief Financial Officer Andrew Fastow.
Dynegy comes out of the merger as a white knight, while Enron's reputation is still in question, said Mark Roberts, director of research at Off Wall Street, an analysis firm in Cambridge, Mass.
"It looks like a good deal for Dynegy. But if they can buy Enron for $10.40 a share, it makes you wonder about Enron's recent 8-K filing, which made things look pretty good. If it were so good, they wouldn't be selling for $10.40 a share," Roberts said.
Regulators Seen Approving Merger
Federal regulators will probably approve the deal, because they want to make sure the energy markets are safe, Roberts said.
"A lot of people are exposed here, and this is an arranged marriage to save the market. This deal has to get done because Enron is in trouble and there are too many parties at risk."
Before the merger was announced, U.S. natural gas and electricity traders had begun cutting back business with Enron, accepting lower bids or higher offers from competitors rather than take on the credit risk of trading with the struggling market leader.
That should change with the announcement of the merger, analysts said.
"Traders were backing off of Enron because there were questions about how long it would survive without an equity injection," Barone said. "It's in everyone's best interest that the merger be completed as fast as possible to maintain liquidity and stability in the market."
Barone added that while the merger would create a "super global powerhouse," he didn't think competitors should be worried.
"I think they'll be fine. They wanted this successfully resolved because if Enron were illiquid they would have had problems, the market would have had problems," he said.
A Mirant Corp. (MIR) spokesman said that while "the market is bigger than just Enron was," the merger is a positive step.
"Dynegy's involvement is good for the market. There will be a lot of opportunity in the market going forward," said spokesman Chuck Griffin.
Reliant spokesman Richard Wheatley said the merger will create a more competitive market player.
"Dynegy is a formidable company, and the merger will create a marketplace with an even more formidable competitor," Wheatley said.
Consumer Advocates Oppose Merger
Consumer advocates said the merger raised issues of market dominance.
"The only thing worse than the current energy cartel would be the more tightly-controlled cartel to come out of an Enron-Dynegy merger. We will oppose this merger and urge state and federal authorities to oppose it as well," said Doug Heller, attorney for California's Foundation for Taxpayer and Consumer Rights, shortly before the merger was officially announced.
A spokeswoman for California Attorney General Bill Lockyer said it was too early to comment on the merger, but said it was the type of transaction the office had examined in the past.
"Our office has looked into corporate mergers before over concerns about their impact on competition in the marketplace in California," said spokeswoman Sandy Michioku.
California has a rocky history with Dynegy and Enron, both of which have been accused by consumer advocates and Democratic politicians of overcharging the state for wholesale electricity.
-By Jessica Berthold, Dow Jones Newswires; 323-658-3872; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
IN THE MONEY: 2 Stories In 1: Enron CEO Sold Compaq Stk
By Michael Rapoport
11/12/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column (This column was first published Friday)
NEW YORK -(Dow Jones)- Two of the biggest business stories of the past week have been the opposition to the planned merger of Hewlett-Packard Co. (HWP) and Compaq Computer Corp. (CPQ) and the continuing troubles of Enron Corp. (ENE).
Who would've thought they'd turn out to have a connection, at least a tenuous one?
Kenneth Lay, Enron's chairman and chief executive, is a member of Compaq's board. And less than two weeks ago, he sold a big chunk of his stake in Compaq - for a price that appears to be significantly less than what he could've gotten had he simply waited for the H-P deal to be completed.
According to a Securities and Exchange Commission filing released Friday, Lay sold 124,596 Compaq shares - more than a quarter of his Compaq stake - on Oct. 29 for $9.25 a share. The filing doesn't give a reason for the sale but notes that as a Compaq director, Lay is restricted by the company to trading in its stock only during limited specified periods.
Here's the funny thing, though: Given the exchange ratio in the H-P/Compaq merger, as well as H-P's stock price at the time, Compaq shareholders stood to get about $11 worth of H-P stock for each Compaq share at the time Lay sold his shares.
So Lay sold at $9.25 a share at a time when his stock was essentially worth $11 a share if the deal is completed. He reaped about $1.15 million in proceeds from the sale, but that's about $220,000 less than the shares were worth at the time under the merger with H-P.
Boy, that's a vote of confidence in the merger, isn't it - leaving $220,000 on the table? It's also worth noting that Lay could find the time to attend to his personal finances even as his own company was facing mounting questions about its financial structure and transactions.
The latest development that threw the H-P/Compaq merger into serious jeopardy - the announcement that H-P's founding Hewlett family, which holds 5% of the company's stock, intends to oppose the deal - didn't occur till more than a week after Lay's sale, and there's no indication that Lay knew anything about it at the time he sold his shares. But that's irrelevant: If you're a Compaq director and you're confident that the H-P merger is going to go through and provide you with a premium, why would you sell AT ALL? Ever?
Surely Lay isn't hurting for money. According to Enron's proxy statement, he earned a salary of $1.3 million and a bonus of $7 million in 2000, plus $7.5 million in Enron restricted stock and other benefits, including use of a personal plane.
There may be a good reason for Lay's sale, but if there is, Enron isn't providing it. An Enron spokeswoman declined to comment on Lay's sale of Compaq stock. A Compaq spokesman couldn't be reached.
Granted, this is very much a sideshow both to the H-P/Compaq deal and Enron's own quagmire, in which the company wiped out $586 million worth of earnings Thursday by admitting that some off-balance-sheet entities should have been on Enron's balance sheet after all. But given the shellshock that H-P, Compaq and Enron shareholders have been through this week, they deserve more of an explanation about this from Lay than a quiet, after-the-fact SEC filing.
-By Michael Rapoport, Dow Jones Newswires; 201-938-5976; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: RESEARCH ALERT-Dynegy reiterated as "strong buy".
11/12/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 12 (Reuters) - UBS Warburg on Monday reiterated its "strong buy" rating on Dynegy Inc. after the power-trading firm entered into a deal on Friday to buy its bigger rival Enron Corp. for some $9 billion in stock.
"If successfully executed, this transaction would yield the most widely recognized, respected and downright credible wholesale/retail energy merchant in the world," UBS said in a research note.
But it added that pursuant to the deal, Dynegy faces a daunting task of merging complex operations and employee bases. "We are not naive in underestimating the enormous challenge at hand," UBS said.
It said, "We note that we would not be surprised to see Dynegy put on review for downgrade by all (credit-) rating agencies, as would be typical in the initial stages of such a transaction".
Dynegy shares closed on Friday at $38.76 on the New York Stock Exchange.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: RESEARCH ALERT-Prudential raises Enron to 'hold'.
11/12/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 12 (Reuters) - Prudential Securities on Monday raised its investment rating on Enron Corp. to "hold" from "sell," citing the proposed buyout of the company by its smaller power-trading rival Dynegy Inc. for some $9 billion in stock.
The brokerage said in a research note that it believes capital infusion from the deal will help Enron fill near-term liquidity needs.
But it added that it is uncertain whether the deal will help prevent Enron's energy-trading partners from reducing transactions and/or credit exposure over the next few months.
Prudential said it is also concerned about strategic and cultural differences between Dynegy and Enron, and believes that the risk of losing talented traders before the transaction closes is high.
The buyout, announced on Friday, calls for Dynegy to swap 0.2685 share for each Enron share, valuing Enron at $10.41 a share. Enron is also in the midst of an investigation by the Securities and Exchange Commission over questionable business practices in the past. Enron closed at $8.63 on the New York Stock Exchange on Friday.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
UK PRESS: Enron Investigating Its Own Finances
11/12/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LONDON -(Dow Jones)- U.S. energy trader Enron Corp. (ENE) has been running an internal investigation for several months into the financial dealings that led to a crisis of confidence on Wall Street and forced the company to agree a rescue merger at the end of last week, reports the Financial Times.
Charles Watson, head of Dynergy (DYN), which bought Enron Friday, is reported as saying that lawyers and accountants are "poring over every transaction."
News of the investigation may add to speculation that the financial problems were behind the resignation August of Jeffrey Skilling after just six months as chief executive office, the paper says.
Newspaper Web site: http://www.ft.com
-London Bureau; Dow Jones Newswires; 44 (0)20 7842 9320
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron assets may be overvalued by 5 bln usd on balance sheet - report
11/12/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Enron Corp assets may be carried on the company's balance sheet at 5 bln usd more than their current value, the Financial Times reported, citing a person familiar with Enron's thinking.
The overvaluation is likely to prompt a big writedown by Enron's prospective new owner Dynegy Inc, a ChevronTexaco Inc affiliate, the newspaper said.
Meanwhile, the Wall Street Journal reported Dynegy as saying it has a right to walk away from the agreed 8.85 bln usd deal if Enron's additional legal and financial liabilities exceed 3.5 bln usd.
Dynegy's proposed takeover faces possible opposition from regulators and the antitrust review of the deal is expected to take months, the Journal added.
It noted that the combined company would have 22,000 megawatts of generating capacity and 25,000 miles of natural-gas pipelines, making it one of the largest companies in the US in each of those categories.
Enron and Dynegy officials have said that they expect the merger to garner t he necessary government approvals.
The FT said investors will today be briefed by Dynegy on its decision to focus on Enron's core gas pipeline business and wholesale energy trading operations.
Investors are likely to quiz the executives closely on the potential losses from Enron's web of financial dealings that led to the crisis of confidence on Wall Street and forced the merger with Dynegy, it noted.
jms For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron's Sale Could be Thwarted by Antitrust Worries or Liabilities
11/12/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Dynegy Inc.'s proposed $8.85 billion takeover of Enron Corp. faces major uncertainties, ranging from possible opposition from regulators to potentially huge new liabilities and write-offs at Enron, Monday's Wall Street Journal reported.
The problem with regulators could come from antitrust worries about folding Enron (ENE), the nation's biggest trader of natural gas and electricity, into Dynegy (DYN), also a major energy trader. Enron handles a quarter of all the natural gas and electricity traded in the U.S. The combined company -- which would be called Dynegy Inc. -- would have 22,000 megawatts of generating capacity and 25,000 miles of natural-gas pipelines, making it one of the largest companies in the nation in each of those categories. While Enron and Dynegy officials said that they expect the merger to garner the necessary government approvals, the review by regulators is expected to take months.
As for unpleasant financial surprises, Enron has already produced a devastating stream of them over the past month, ranging from huge write-offs of assets and reductions of shareholder equity to major downward restatements of past earnings reports. Much of this turmoil has been caused by Enron's dealings with private partnerships run by its own officers. Indeed, recent Enron disclosures indicate that as much as half of the company's pretax earnings in recent years came from deals with these officer-related partnerships, raising further questions about the quality of Enron's earnings and the potential for hundreds of millions of dollars of additional write-offs or restatements.
Enron's partnership dealings have sparked more than a dozen shareholder lawsuits and a formal investigation by the Securities and Exchange Commission. In a measure of the continuing concerns over Enron's financial condition, both Moody's Investors Service and Standard & Poor's once again downgraded Enron's debt on Friday, this time to just one level above noninvestment-grade, or "junk," status. They also kept the company under review for possible additional downgrades and S&P put Dynegy on the same status. A downgrade to junk status could force Enron to come up with hundreds of millions of dollars in cash or stock to buttress some of its complicated financial transactions.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Thames company sets sights on takeover
Robert Buckland
11/12/2001
Western Daily Press
WP Wiltshire
40
Copyright (C) 2001 Western Daily Press; Source: World Reporter (TM)
WESSEX Water could become a takeover target for Thames Water as troubles continue to engulf its U.S.
parent.
The Bath-based utility, which employs around 1,500 people, is one of several UK businesses owned by Enron, which last week was forced to slice more than $500 million (GBP354 million) from its reported profits for the past five years.
Enron's much-smaller rival Dynergy is set to buy the troubled giant for $8 billion (GBP5.6 billion) - although the plunging value of Enron has become a sticking point.
Enron, North America's biggest buyer and seller of electricity and natural gas, bought Wessex for GBP1.4 billion in 1998.
At the time it said it planned to use Wessex's expertise as the foundation stone of global water company Azurix.
But few contracts have been secured as Azurix has constantly found itself outbid by larger groups and the failure of the water business has only added to Enron's troubles.
Weekend speculation suggested Thames Water was poised to pounce on Wessex as Enron's financial position gets weaker.
Thames Water's German utility group owner RWE is keen to expand its water interests in the UK and has considered bidding for Wessex in the past.
In August it was said to be running the slide rule over the firm to bolster its UK interests.
It acquired Thames, the neighbouring water company to Wessex, last year for GBP4.3 billion.
A Thames move for Wessex would attract the attention of the industry regulator and previous similar takeover bids have been blocked.
But the fact that the two are neighbours - Wessex supplies an area stretching from Wiltshire to Somerset and Dorset, while Thames goes from London to Swindon - could weigh in the favour of any bid, along with Enron's shaky financial position.
Enron last week acknowledged it overstated earnings by about 20 per cent over the past four years and kept large amounts of debt off its balance sheets through business partnerships now under investigation by the U.S. Securities and Exchange Commission.
The SEC said Enron's financial statements from 1997 through the first half of 2001 "should not be relied upon" and that outside businesses run by Enron officials during that period should have been included in the company's earnings reports.
Enron's debt ratings have also been reduced to one level above junk bond status and the company's long-term debt ratings remain under review for further downgrade.
On Friday UK energy watchdog Ofgem said it was monitoring how the financial crisis could impact on the UK market.
As well as owning Wessex, Enron has three power plants on Teesside whose customers include suppliers, generators and distributors.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
India: Enron in trouble; Microsoft sees reprieve
setting up these private partnerships and making deals with them,
11/12/2001
Business Line (The Hindu)
Fin. Times Info Ltd-Asia Africa Intel Wire. Business Line (The Hindu) Copyright (C) 2001 Kasturi & Sons Ltd. All Rights Res'd
ENRON is facing corruption charges, and this time it has nothing to do with Maharashtra! The shock waves began when the company announced in early October that it had a $618 million (Rs 2,966 crore) loss in the third quarter and also disclosed write-offs to the tune of $1.2 billion (Rs 5,760 crore) due to some questionable transactions.
Two of these deals were made public in the last couple of weeks. In one, Mr Andrew Fastow, the company's Chief Financial Officer, ran a private partnership called LJM2 Co-Investment LP (named with the initials of his wife and children) with whom Enron had several financial transactions. The aim of the transactions was to hedge against fluctuating values in some of Enron's investments.
Mr Fastow and other Enron employees who were a part of this partnership made millions in fees and investment gains in their personal accounts.
Mr. Fastow was fired after the revelations. Second, the company is said to have made a $35-million (Rs 168-crore) purchase from an entity called Chewco Investments LP, run by Michael Kopper, managing director of its North America unit. This deal is seen as an attempt by Enron to park some of its debt elsewhere.
Enron, which began as a natural gas and energy products company, has made important forays into retail energy and bandwidth products. And its growth has been phenomenal. From $13 billion (Rs 62,400 crore) in revenues in 1996, the company, in 2000, had revenues of $100 billion (Rs 80,000 crore). In 1999- 2000 alone, it grew 150 per cent.
As an energy trader, the company is a dominant force in the markets.
It extended its trading skills and software infrastructure into the bandwidth area, where it has met with more limited success. However, another venture, named Azurix, focussed on managing water supply and headed by Rebecca Mark (of Dabhol fame) was a failure, leading to her exit from the company.
Some analysts are now beginning to wonder if the phenomenal results of the company have something to do with its creative accounting. Enron is said to have borrowed large sums of money for asset purchases without the debt showing up on the company's balance sheet.
Analysts who often write about Enron use terms like 'Byzantine' and 'labyrinth' in describing its financial dealings. Now, they are admitting that they did not really understand what was going on. Enron has been very secretive when it comes to revealing its financial arrangements.
Clearly, the company seems to have se -up all these private partnerships to make its balance sheet look clean and nice. In return, it allowed its senior employees to profit and fatten their wallets through the fees paid for the transactions. Was it the price paid to keep quiet? S&P and Moody's have lowered the company's credit rating. Its stock price has fallen from a high of about $85 (Rs 4,080) a year ago to about $13 (Rs 624) now. And newspapers are speculating that the company may be bought over. The Securities and Exchange Commission of the US has begun investigating the company. But Enron and its Chairman, Mr Kenneth Lay, are major contributors to President Bush and his Republican Party. So don't hold your breath.
The immediate question that arises is that Enron's Board must have been aware of these conflicts of interest, where employees were benefiting in private deals they were making with, and on behalf of, the company.
This is especially glaring in the case of Mr Fastow, who made the decision on both sides of the fence - that is, as CFO of Enron and as the managing partner of the partnership he was running. Why was the board sitting quiet about the corruption at this level? A look at the board's composition provides some interesting information.
Apart from several luminaries in the energy and petroleum fields, three individuals should draw attention. One is Mr Norman Blake, a former Secretary General of the US Olympic Committee, an agency that was not so long ago caught in a scandal involving pay-offs to secure hosting rights for the games.
Another is a Professor Robert Jaedicke, a professor of Accounting at Stanford University. A third is Ms Wendy Gramm, a former Chairperson of the US Commodity Futures Trading Commission. If nobody else, these people should be experienced in recognising managed accounting figures, and in smelling suspicious deals. Clearly, a lot of people at Enron were looking the other way, intentionally or accidentally.
The company claims, in its website, that "It is difficult to talk about Enron without using the word 'innovative"'. How true!
And Microsoft scores
While Enron is getting into trouble, Microsoft is trying to climb out of it. In 1998, the US federal government, along with about 20 state governments, filed a suit against Microsoft charging it with monopolistic practices. The trial court held against the company and a new judge who was appointed has been pushing the parties to settle.
A tentative settlement was announced on November 2 and it seems, at first glance, that all the effort will not make the company behave any different.
Among others, the settlement requires Microsoft to disclose technical data to help competitors make programs; PC manufacturers will have more freedom to ship machines with non- Microsoft products and the company cannot retaliate against them; and it will have to establish standard royalties and licensing terms. More interestingly, a three-member panel will be located at Microsoft headquarters with staff and access to company records to monitor compliance with the settlement. The period is initially for five years, and is extendable to two more.
While Microsoft may not secure high marks for the quality of its products, the company has always been a leader with its strategy. Though technology-savvy users of personal computers have always praised Apple for its hardware and its operating system, Microsoft is the one that has climbed to dominate with 90 per cent market share. And this is because it quickly worked with allies to establish its operating system as the more widely used standard.
With comparable astuteness, the company managed to drag the anti-trust case long enough till a more sympathetic President occupied the White House. The anti-trust head under the Democratic President Clinton was Joel Klein, who was seen as a hawk, doggedly pursuing the company.
So Microsoft waited it out, while making significant monetary contributions to the Republican Party. Even on the campaign trail, Mr George Bush made it known that he was not such a fervent devotee of anti-trust.
Once he came to power, the newly appointed anti-trust chief quickly moved to compromise and settle.
The proposed settlement is not leaving everyone happy. The other private corporations that were affected by Microsoft's practices are clearly disappointed with the terms of the settlement. America Online, now incarnated as AOL Time Warner, is the biggest Internet service provider, with about 30 million subscribers, and benefited from partnership with Microsoft. But the new Windows XP only has the company's own MSN service and its own messaging system, cutting out AOL.
Sun Microsystems is another affected party. Sun's Java software allowed the same piece of computer code to run on many different kinds of computers. But the new Windows XP has dropped support for Java. Thus, both Sun and AOL, among others, feel closed out and do not see any change in Microsoft's monopolistic behaviour.
It is this fact that has also upset about six of the state governments, which are also parties to the suit. At the time of writing, they have refused to sign on. Massachusetts, for one, has protested that it is an ineffectual deal.
Microsoft bravely moves on, surviving a possible threat of break-up, like a juggernaut crushing all that come in its path. But a recent Wall Street Journal report has it that the controversy has taken its toll within, that employee morale is down, and several key people have left the company. Even if it manages to close the chapter on its US legal troubles, the company still faces an investigation by the European Commission.
Correction: In my column last fortnight, I incorrectly mentioned that Polaroid's headquarters building was empty and for sale. Polaroid does not own the building any more and only rents space in it.C. Gopinath
- The author is a professor of international business and strategic management at Suffolk University, Boston, US. His e-mail address is [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Unravelling the Dynegy enigma
Our Corporate Bureau Mumbai
11/12/2001
Business Standard
4
Copyright (c) Business Standard
Dynegy? What Dynegy? This reflex query has been doing rounds in India ever since the merger of energy major Enron Inc with it was announced last week.
So, what is Dynegy?
For starters, the company shares the same headquarters as Enron Houston; and was even founded in the same year, 1985.
It was set up by Chuck Watson but the largest shareholder in the company is really oil major Chevron Texaco, with about 27 per cent.
Despite its attempt to swallow a corporation that is thrice its size, Dynegy is no piffling either.
It is one of the world's leading energy merchants and had revenues of nearly $30 billion for the year 2000, and has crossed the $ 33 billion mark in the first nine months of 2001. It is a Fortune 100 company (positioned 54th) and finds a place in the Standard & Poors 500 index to boot.
It is also in very similar lines of business to Enron. Like that controversial company it is a trader of natural gas, electricity, coal and broadband. The synergies of such a merger are obvious. Dynegy is also into power generation and distribution and is a leading player in the North American market. It has 43 generating station with a aggregate capacity of 19,000 mw. Last year it sold 138 million units of electricity and has already sold 213 million units this year. Most of its power delivery is routed through subsidiary Illinois Power.
On the broadband front, the company has a 21,900 mile optic fibre network. About 16, 800 miles of this is in the United States while the balance 5,100 miles is in Europe.
Dynegy has a presence in 16 countries with a total workforce of 6,700. Dynegy is not stranger to India. Last year it signed a memorandum of understanding with the Jatiyas of Wimco for setting up a joint venture company to set up a liquefied petroleum gas (LPG) import terminal at Okha in Gujarat.
Apart from this the two parties were planning to set up LPG bottling plants together. The cost of the project was estimated at Rs 1,000 crore. After the deal with Enron goes through it will become the latest player in the Dabhol drama. Meanwhile, international ratings agency Moody's Investors Service on Friday said it cut its long-term and short-term ratings for embattled energy trader Enron Corporation and warned it could cut the ratings again because of a substantial loss of investor confidence. Moody's cut Enron's senior unsecured debt ratings to "Baa3," its lowest investment grade, from "Baa2." It also cut the company's commercial paper rating to "Not Prime" from "Prime-2."
If Moody's cut Enron's long-term rating again, it would take it to a junk level. A downgrade would make it tougher for Enron to issue debt and run its day-to-day business. The downgrade also adds uncertainty to a potential merger with rival Dynegy Inc, which has been in talks to acquire Enron.
Dynegy and Enron have asked for an expedited review of the merger from Moody's and Standard & Poor's. Enron shares traded Friday on the New York Stock Exchange down $1.15 at $7.25.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Companies And Markets
Dynegy Throws Enron $44bn Lifeline
Damon Kitney With Bloomberg
11/12/2001
Australian Financial Review
10
Copyright of John Fairfax Group Pty Ltd
One of the world's largest energy trading groups, Enron Corp, has staved off financial collapse after securing a $US23 billion ($44.8 billion) rescue bid from Dynegy, ending a crisis which threatened to cause major disruption to US power and natural-gas markets.
Enron shares have plunged 90 per cent this year following investigations by US regulatory authorities into accounting irregularities which limited its ability to finance operations.
Under the terms of the deal struck in the United States on Friday, investors will receive 0.2685 of a Dynegy share for each Enron share.
This is worth $US10.41, based on Dynegy's closing price on Friday.
ChevronTexaco Corp, a 26 per cent shareholder in Dynegy, has agreed to provide Enron with an upfront cash injection of $US1.5 billion. Dynegy said it would assume about $US15 billion in Enron debt.
The new company will have $US90 billion in assets while Dynegy's shareholders, including ChevronTexaco, will have 64 per cent of the new company. Enron's holders will own the rest.
However, the deal is likely to be opposed by consumers in California after Dynegy and Enron were blamed for soaring electricity prices that left that State's biggest utility bankrupt and the second-largest fighting for a government bailout.
In recent months, Enron shares plunged as investors began to question the accuracy of Enron's financial statements, saying it was unclear whether the company was using affiliated partnerships to move debt off its books and hide losses.
On Friday, the company restated its earnings for the past four years, lowering them by more than $US500 million to include losses from partnerships it once kept off its books. After the merger announcement, Standard & Poor's Investors Service said it may lower Dynegy's debt rating. It cut Enron's to ``BBB,'' one notch above junk.
Dynegy will have annual revenue of more than $US200 billion, more than 22,000 MW of electric-generating capacity and 40,000 km of pipeline after the merger.
The company would save as much as $US500 million a year by ``winding down'' Enron's business outside of trading and pipelines and cutting costs, Dynegy said.
The two Houston-based companies began negotiations a week ago as it became apparent that Enron needed cash to stay in business.
Dynegy agreed to the terms after Moody's Investors Service maintained an investment grade rating on Enron, eliminating a stumbling block in negotiations.
Moody's announcement removed the threat that a junk rating would force Enron to repay early $3.3 billion in bonds.
Enron fired chief financial officer Mr Andrew Fastow last month as a US Securities and Exchange Commission investigation focused in on partnerships he headed and helped create. Enron estimated Mr Fastow made $US30 million through partnerships affiliated with it.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIAN COURT BARS ENRON FROM SERVING FINAL TERMINATION NOTICE
11/12/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.
MUMBAI, Nov 12 Asia Pulse - Mumbai High Court on Friday, in an ad-interim order, restrained Enron's Dabhol Power Company (DPC) from serving final termination notice on Maharashtra State Electricity Board (MSEB) until December 3.
The order was delivered by justice D K Deshmukh who ordered that status quo be maintained on the dispute between DPC and MSEB, which had resulted in the former serving preliminary notice on the board.
The court was hearing a notice of motion in a suit filed by financial institutions led by the Industrial Development Bank of India and others urging for directions to restart the plant and generate power, so that their investments were secured.
The judge ruled that the 14-day period beginning November 19 (during which the DPC could serve the final termination notice as per the PPA) would not expire.
On behalf of the plaintiffs, Solicitor General Harish Salve, argued that financial institutions were ensuring safe returns of their lendings. Of the Rs 130 billion (S$2.7 billion) investment in the controversial 2184 MW project the debt component was about 65 per cent, amounting to Rs 85.50 billion.
Of this debt component, the Indian FIs' exposure was to the tune of Rs 60 billion, he disclosed.
The only way to secure the loans was that the plant should be made operational so that DPC gets revenue from power generation, he said.
Counsel for DPC, Ram Jethmalani, disagreed with Salve's submission that it was necessary to restart the plant to secure investments of FIs.
(PTI) 12-11 1226
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
US utilities trader narrowly escapes junk debt status
11/12/2001
The Financial News
Copyright (C) 2001 The Financial News; Source: World Reporter (TM)
Financial Times
Dynegy agreed a $7.8bn (e8.7bn) rescue bid for Enron, at the end of last week, after the largest US electricity and gas trader narrowly escaped having its credit ratings cut to junk status.
Moody's, the ratings agency, reduced its credit rating on Enron's unsecured debt from Baa2 to Baa3, after being briefed the previous day by Enron.
Enron's new rating is just one notch above junk status.
A deeper downgrade would have forced Enron to sell stock to cover about $3.3bn of obligations, and could have deterred Dynegy.
Dynegy is offering just under 0.27 of its own shares per Enron share, valuing the bid at $10.40 per Enron share, or 21% above Enron's price at the close of trading on Friday.
Enron will also receive an immediate cash injection of around $1.5bn from ChevronTexaco, which owns 27% of Dynegy, and a further $1bn when the deal closes.
The initial infusion will be made through Dynegy, and ChevronTexaco will receive rights over $1.5bn of the merged company's stock.
To protect its investment, Dynegy will receive preferred stock in an Enron subsidiary that owns gas pipeline assets.
If the merger were not completed, Dynegy would have the right to acquire the subsidiary's equity.
The merged company will be called Dynegy, and Dynegy executives will take the roles of chairman, chief executive officer, president and chief financial officer.
Chuck Watson, chairman and chief executive of Dynegy, said the combined group would keep a strong balance sheet and straightforward financial structure.
Dynegy added that Enron's accounting issues would not detract from the value of its businesses and predicted annual savings of $400m to $500m from the acquisition.
Arthur Andersen, Enron's auditor, is understood to have approved the controversial off-balance sheet arrangement used by Enron to manage its trading risks and offload debt.
The arrangements are at the heart of the energy company's decision to review its accounts earlier last week.
In a regulatory filing late last week, Enron indicated that its decision to restate its accounts to include two off-balance companies was based on current information, implying full details had not been available before.
A third accounting change was based on a new assessment, Enron said, raising questions about the auditor's earlier judgement.
An Andersen spokesman refused to comment on whether the auditor had vetted the complex off-balance sheet arrangements.
He said that the firm does help companies understand accounting rules and how to apply them.
Comment: Dynegy presumably has been given a fuller and franker explanation of Enron's off-balance sheet mess than its investors, but it can scarcely have been able to carry out what normally counts as due diligence.
Moody's decision and S&P's indecision meant Enron kept its investment grade and seems to have got the deal done.
Do ratings agencies really provide independent analysis at these times?
The Times
The deal comes amid a Securities and Exchange Commission investigation into Enron's controversial business practices.
Enron admitted late last week that it had overstated its profits by nearly $586m and understated its debt by $2.6bn over the past four years.
Enron's disposal of its share in a $2.9bn Indian power plant was blocked by the Bombay High Court.
Anxiety increased that US energy traders were starting to bypass Enron's internet-based energy trading systems over worries that the company could not pay for transactions and pay back collateral.
The Daily Telegraph
Enron's problems have already affected the European energy trading market, where the buying and selling of power on long- and short-term contracts helps balance demand and reduces the risk of price volatility.
Innogy and TXU are understood to be picking up some of Enron's lost business to restore stability to the market.
Dynegy may sell some of Enron's non-trading business in the UK as part of any financial restructuring.
The Guardian
Comment: Royal Bank of Scotland insists that its loan to Enron, understood to be worth several hundred million pounds, is fully secured and that interest payments are fully up to date.
The facility may not be so safe as it was a few weeks ago.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Investors priced in Enron bond default
Jeremy Adams in New York
11/12/2001
The Financial News
Copyright (C) 2001 The Financial News; Source: World Reporter (TM)
Bond investors last week were so concerned about the demise of Enron, the beleaguered US energy trading group, that they were trading as if the company would default on its bonds within days.
Several US investors, mainly hedge funds, were short selling a dollar bond that matures this week, said credit traders.
Short selling involves an investor selling securities they do not own, in order to profit from a fall in prices.
The short selling of bonds that are about to be repaid is unheard of unless there is a fear that the issuer will not make the repayment.
At the same time, it was impossible to buy Enron credit default swaps, a type of insurance against the company defaulting.
Most of the short selling took place on Wednesday, the day before Enron, headed by Kenneth Lay, confirmed that it was in talks to be bought by arch rival Dynergy.
News of the possible merger led hedge funds to unwind their short positions, at a loss.
Enron's fall from grace has also added to pressure on auditing firms to do their job more diligently.
Arthur Andersen was Enron's auditor over the 1997-2001 accounts that Enron last week had to restate.
Enron investors have suggested that Arthur Andersen had not pushed Enron hard enough to disclose details about the partnerships that had complex ties with it and were run by former CFO, Andrew Fastow.
Arthur Andersen faces a lawsuit, which suggests that the accounting firm was compromised by Enron paying the firm above standard auditing and non-auditing fees.
The Southern Electrical Retirement Fund of Oregon said in the suit: 'Maintaining the client relationship was dependent on the individual defendants, particularly Enron's Lay, and Arthur Andersen compromised themselves to do so.'
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Andersen Faces Jeopardy in Enron Accounting Error, Experts Say
2001-11-12 08:43 (New York)
Andersen Faces Jeopardy in Enron Accounting Error, Experts Say
Houston, Nov.12 (Bloomberg) -- Arthur Andersen LLP may face
U.S. Securities and Exchange Commission sanction and shareholder
lawsuits because it certified Enron Corp. financial reports that
the company disavowed last week as inaccurate, legal and
accounting experts said.
Andersen, the world's fifth largest accounting firm, served
as Enron's outside auditor for more than a decade, assuring
investors the company's financial statements conformed with
generally accepted accounting principles. Last week, the company
reported that it overstated earnings by $586 million over four-
and-a-half years, inflated shareholder equity by $1.2 billion
because of an ``accounting error,'' and failed to consolidate
results of three affiliated partnerships into its balance sheet.
Enron restated its financial reports as the company
suffered a cash crisis triggered by disclosure of the cut in
shareholder equity and the start of an SEC investigation. On
Friday, Enron, the largest energy trader, agreed to be
acquired by Dynegy Inc. for $23 billion in stock and assumed
debt.
``I'd be very surprised if the SEC didn't go after Arthur
Andersen,'' said Alan Bromberg, securities law professor at
Southern Methodist University and author of a six-volume treatise
on securities fraud. ``I think they'll have a hard time ignoring
this one.''
Andersen partner David Tabolt has said the firm is
cooperating with a special committee of Enron's board of
directors appointed to investigate the accounting problems.
``Issues have surfaced that have caused the company to
restate its financial statements and advise investors that they
should not rely on its financial statements or our audit
reports,'' Tabolt said, adding, ``We certainly recognize the
appropriateness of that decision.''
Settled Suits
The SEC and shareholders can sue an accounting company for
issuing false and misleading financial reports about a publicly
traded company. Andersen this year paid $130 million to settle
lawsuits alleging the firm allowed Waste Management Inc. and
Sunbeam Corp. to file false financial reports that cost investors
billions of dollars in losses.
Lynn Turner, who was the SEC's chief accountant for three
years until he resigned in August, said Enron and Andersen
ignored a basic accounting rule when they overstated
shareholder's equity.
Explaining the equity reduction last week, Enron said
it had given common stock to companies created by Enron's
former chief financial officer in exchange for notes
receivable, and then improperly increased shareholder equity
on its balance sheet by the value of the notes.
'Basic Accounting'
``What we teach in college is that you don't record equity
until you get cash for it, and a note is not cash,'' said Turner,
who is now director of the Center for Quality Financial Reporting
at Colorado State University. ``It's a mystery how both the
company would violate, and the auditors would miss, such a basic
accounting rule, when the number is one billion dollars.''
Enron paid Andersen $52 million last year, $25 million for
auditing and $27 million for services including business and tax
consulting, due diligence procedures and help in preparing SEC
filings, according the company's proxy statement. Enron and
Andersen declined to provide further detail.
Those fees were proportionately larger than some other
companies paid outside auditors. Exxon Mobil, the world's largest
oil company, with more than twice Enron's $100.1 billion of
revenue, paid 29 percent less to its auditor,
PricewaterhouseCoopers LLP. Dynegy, which is also audited by
Andersen, paid $3.2 million for its audit and $4.1 million in
other fees. That is 86 percent less than Enron paid. Dynegy's
revenue of $29.5 billion was 71 percent less than Enron's.
Consulting Work
John Coffee, Adolf A. Berle professor of law at Columbia
University Law School, said he is concerned about the $27 million
Enron paid Andersen for non-audit work. ``If you had an auditor
that wasn't trying to cross-sell other services with more profit
potential, would it have been as acquiescent?'' Coffee asked.
Andersen's Tabolt defended the firm's consulting work for
Enron. ``We help improve the quality of financial reporting by
helping clients understand the accounting rules and how to apply
them,'' said Tabolt. ``In doing this, we follow the rules of the
profession and the SEC.''
In the Waste Management and Sunbeam cases, shareholders and
the SEC alleged that Andersen allowed the companies to inflate
earnings and revenue. The firm agreed last week to pay $20
million to settle a malpractice lawsuit over its audit work for
Waste Management. Last June, Andersen agreed to pay a $7 million
civil fine, the largest ever imposed by the SEC against a Big-
Five accounting firm.
'Black Eyes'
In April, Andersen agreed to pay $110 million to settle a
securities fraud class action suit filed over its accounting work
for appliance maker Sunbeam Corp. The appliance maker filed for
bankruptcy protection in February.
``Andersen now has three black eyes in a row,'' said Coffee,
who addressed the National Institute on Class Actions of the
American Bar Association on Friday in San Francisco. The group's
members are lawyers who have collected billions of dollars for
investors in securities fraud class action suits against public
companies.
``There's a beauty contest going on,'' said Coffee,
referring to meetings taking place at the conference. He said law
firms are courting some of Enron's institutional investors for
the right to represent them against the energy company and its
auditor.
Andersen's Tabolt said the SEC hasn't notified the firm that
it is under investigation in connection with its work for Enron.
Coffee expressed concern that SEC Chairman Harvey Pitt,
who took over the agency in August, may not be as aggressive
in pursuing accounting fraud as his predecessor, Arthur
Levitt. As a private lawyer, Pitt represented major
accounting firms.
``Anyone who violates the law, and I do mean anyone,
will be held to the same high standards the agency has
applied for nearly seven decades,'' said Pitt in an
interview. ``There are no special rules for any class of
violator.'' He declined to comment on Enron and Andersen
because of the agency's investigation.
Dynegy Calls SEC's Probe of Enron `Financial Noise' (Update1)
2001-11-12 06:59 (New York)
Dynegy Calls SEC's Probe of Enron `Financial Noise' (Update1)
(Adds Enron share trading in Germany in 14th paragraph.)
Houston, Nov. 12 (Bloomberg) -- Dynegy Inc. Chairman Chuck
Watson said he's convinced Enron Corp.'s trading operations are
sound and described disclosures about affiliated partnerships that
helped drive Enron's stock down 67 percent in three weeks as
``financial noise.''
Dynegy agreed Friday to buy Enron for at least $23 billion,
including at least $8 billion in stock and $15 billion in assumed
debt. In an interview after the merger announcement, Watson and
Enron Chairman Kenneth Lay discussed how the Houston-based
companies reached agreement less than three weeks after Enron's
shares began plunging.
``All the financial noise about the partnerships, maybe it
has damaged the Enron brand a bit,'' Watson said. ``But I'll tell
you what it hasn't impacted, and that's the high regard that the
industry places on'' Enron's trading business, he said.
Enron last week restated earnings for four years to include
losses from three affiliated partnerships, reducing earnings by
$586 million.
Six employees, out of Enron's 20,000, may have improperly
benefited from the partnerships, Lay said.
``I'm sorry those six people seem to have gone somewhat over
the edge in their dealings or transactions, but you can't be
absolutely protected from that in any business,'' he said.
Lost Effectiveness
Lay didn't specify which six people he was referring to. He
removed Andrew Fastow, who helped set up and ran many of the
affiliated partnerships, as chief financial officer on Oct. 24. An
Enron securities filing says Fastow made more than $30 million off
two of the partnerships.
Fastow ``had lost his effectiveness because of all the press
coverage'' on the affiliates, Lay said.
Treasurer Ben Glisan and Kristina Mordaunt, a managing
director and a corporate counsel for an Enron division, also were
fired, Enron said in a corporate filing on Thursday. Former
employees Michael Kopper, Kathy Lynn and Anne Yeager were in a
position to profit from partnerships, the filing said.
``You trust people, you accept their representations and
proposals,'' Lay said. ``Sometimes when you do that, you get
surprised and disappointed.''
Both executives said they expect antitrust regulators to
approve the merger because the two companies own different types
of assets and won't dominate any market.
``There really isn't anything that lays on top of each
other,'' Watson said Friday night. ``We're not in the pipeline
business and they are. We're in the generation business, and
they're really not.''
Dynegy shares rose 6.2 percent on Friday after terms of the
Enron purchase leaked to the press. Watson expects the acquisition
to add 90 cents to 95 cents a share, or 35 percent, to Dynegy's
2002 earnings. Enron is selling for $10.41 a share, one-fifth the
average price over the past 12 months.
Enron stock climbed 96 cents to $9.59 in Germany as 54,497
shares traded.
Cash Crunch
The rapid decline of Enron threatened to bankrupt the company
and disrupt energy markets. Enron handles an estimated one-quarter
of U.S. electricity and natural-gas trades. A falling credit
rating made it difficult for the company to raise capital needed
to back trades.
As part of the purchase, ChevronTexaco Corp., which owns 26
percent of Dynegy, agreed to provide Enron with $2.5 billion.
``What we found when looked under the hood is that the core
of Enron was still there and working as well as ever,'' Watson
said. ``That business was pristine and had nothing to do with the
partnerships.''
Dynegy began taking steps toward the acquisition in late
October, when Watson called Lay to offer assistance with Enron's
growing financial crisis, the two men said. That led to a Saturday
morning meeting in Lay's kitchen.
``He even made me a breakfast roll,'' Watson said.
``He didn't eat it,'' Lay said.
Lay said he won't be an active manager in the new company.
Watson said Friday that he and Lay hadn't discussed a severance
package.
As head of Enron, Lay had refocused the Houston operator of
U.S. natural-gas pipelines on trading and international expansion,
boosting reported revenue 20-fold since 1995 to $100.8 billion
last year. He said he doesn't regret the strategy.
``Clearly, Enron has gotten involved in business that hasn't
turned out well,'' Lay said, pointing to money-losers Azurix Inc.,
created to supply water and build related projects around the
world, and NewPower Holdings Inc., a seller of electricity to
homes and small businesses. ``But you have to keep in mind, too,
that 12 years ago we weren't in the wholesale merchant (trading)
business. Today that's an incredibly valuable franchise.''
The trading business, which accounts for about 97 percent of
Enron's revenue, buys electricity, gas and other commodities from
producers and sells them to end users such as utilities and
industrial customers. It also advises big business customers on
energy use and sells them gas and electricity.
Reassessing Steel, Lumber
Watson said the new company will keep trading coal, gas,
power and petroleum products, and plans to expand by buying assets
and using them to develop trading. ``We'll just have to reassess
over time whether we stay in'' trading of steel, lumber and other
non-energy commodities, he said.
Enron wants to shed its 65 percent stake in Dabhol Power Co.
in India, which is owed $64 million in overdue bills from a state
government agency that has refused to pay the power prices Enron
was promised in contracts.
``We have strong legal remedies and we're heading down the
path toward arbitration, but we'd still very much like to work out
a settlement with the government,'' Lay said. Potential buyers
have balked at Enron's $1 billion asking price for Dabhol.
Neither man would comment on whether Dynegy plans to cut jobs
after the merger, or what will happen to the naming rights to
Enron Field. The Major League baseball stadium is home to the
Houston Astros, and Enron paid $100 million to have its name on
the ballpark.
``The name of the company is now Dynegy,'' Watson said.
Dynegy's acquisition requires approval from U.S. securities,
antitrust and energy regulators. Watson expects soon to share
details of the new Dynegy with regulators from the European Union
and U.K., where Enron operates a trading desk and owns a water
company and two power plants.
``I don't know if we are required to do so, but we will talk
to them anyway,'' Watson said.
``We don't think there are going to be any problems,'' Lay
said.
Citigroup, J.P. Morgan Mull $500 Mln Enron Stake, Dow Says
2001-11-12 03:06 (New York)
London, Nov. 12 (Bloomberg) -- J.P. Morgan Chase & Co. and
Citigroup Inc. may invest $250 million each in Enron Corp., the
company they are advising in its agreed takeover by Dynegy Inc.,
to stop credit downgrades, Dow Jones Newswires reported, citing
people familiar with the matter.
Dynegy agreed Friday to buy the largest energy trader for at
least $23 billion, including at least $8 billion in stock and $15
billion in assumed debt. Moody's Investors Service maintained an
investment grade rating on Enron after the two banks told the
credit agency they were mulling a $500 million investment,
bolstering the company's financial outlook, the paper said.
Moody's decision removed the threat that a junk rating would
create a cash crunch by forcing Enron to repay early $3.3 billion
of bonds. Last month, J.P. Morgan and Citigroup gave Enron a $1
billion credit line, using the company's pipeline systems as
collateral, the paper said.
The investment, which raises conflict of interest issues, may
take several weeks to complete, the paper said.
Citibank and J.P. Morgan spokesmen declined to comment.
Moody's spokesman also wouldn't comment.
(Dow Jones Newswires 11-12)
Enron Corp. Raised to `Hold' at Prudential
2001-11-12 07:26 (New York)
Princeton, New Jersey, Nov. 12 (Bloomberg Data) -- Enron Corp. (ENE US)
was raised to ``hold'' from ``sell'' by analyst Carol Coale at Prudential
Securities. The target price is $10 per share.
Hedging Bets on the Enron-Dynegy Deal
By James J. Cramer <<mailto:[email protected]>>
RealMoney.com
11/12/2001 07:25 AM EST
This Enron (ENE:NYSE - news - commentary) deal is anything but definitive. In fact, it has so many loopholes in it that one has to believe that Dynegy (DYN:NYSE - news - commentary) may be going through the whole thing just to learn from the master -- or to learn what not to do, depending on your ethics.
I can't recall a deal with this many breakup provisions: pipelines going here, money going there, money from Chevron (CVX:NYSE - news - commentary) , not Dynegy, caps on liabilities.
To me it seems to be a bit of a charade. I don't think, personally, there is anything at Enron besides one pipeline that will generate a couple of hundred million in cash and lots of liabilities, some known, others not.
The idea that Enron's traders and its trading desk are an asset is under heavy assault. Why would you want to buy something that may have made no money?
On top of all of that is the possibility of massive antitrust action brought by consumers for what may have been a scheme to keep electricity off the California market.
Go ahead, short Dynegy and go long Enron. Just make sure you have calls on Dynegy and puts on Enron to put. You'll need them.
Random musings: See you on CNBC's "Squawk Box." | {
"pile_set_name": "Enron Emails"
} |
I hope this works for you.
----- Forwarded by Sue Nord/NA/Enron on 10/25/2000 02:15 PM -----
Wayne Gardner@ENRON COMMUNICATIONS
10/25/2000 01:15 PM
To: Alisa Christensen/Enron Communications@Enron Communications, Sue
Nord/NA/Enron@Enron, Donald Lassere/Enron Communications@Enron
Communications, Lara Leibman/Enron Communications@Enron Communications,
Michelle Hicks/Enron Communications@Enron Communications, Robbi Rossi/Enron
Communications@Enron Communications
cc: James Ginty/Enron Communications@Enron Communications
Subject: Bandwidth Trading Structure Meeting
The Bandwidth Trading Structure meeting witll take place at 8:30 am on
November 2, 2000, in conference room 4434. I will circulate a meeting agenda
no later than October 30.
W. Wayne Gardner
Enron Broadband Services
1400 Smith Street
Houston, TX 77002-7361
Phone: 713 853 3547
Fax: 713 646 2532 | {
"pile_set_name": "Enron Emails"
} |
Both of those sound pretty good.
Paige is so excited. She got a $1000 pay check.
"Neil Mann" <[email protected]> on 07/31/2000 11:53:20 AM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE:
I may take Michael to the hunting show or movie (Thomas the Tank Engine).
You are welcome to join us. NM
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, July 31, 2000 9:40 AM
To: [email protected]
Subject:
Hi.
I'm kinda tired this morning. I guess I just need a bit more sleep.
Michael tried to push the envelope this am. He wanted to eat some more
after he had brushed his teeth (I told him breakfast was over, so no more
food) and wanted to go back in to get a toy to take (nope). He handled the
frustration ok.
Do we have anything planned this weekend?
Ta ta for now,
ckm | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Terry West/Corp/Enron on 02/01/2001 06:20 PM ---------------------------
Terry West
02/01/2001 06:20 PM
To: Tracy Geaccone/GPGFIN/Enron@ENRON, Faith Killen/HOU/ECT@ECT, Nadia A Rodriguez/NA/Enron@ENRON, Niamh O'Regan/LON/ECT@ECT, Stephen Wood/LON/ECT@ECT, Stephen Evans/LON/ECT@ECT, Agatha B Tran/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeffrey E Sommers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Thomas Myers/HOU/ECT, Jeff Smith/HOU/ECT, Kent Castleman/NA/Enron@Enron, Kerry Roper/GPGFIN/Enron@ENRON, Michael S Galvan/HOU/ECT@ECT, Wade Stubblefield/HOU/EES@EES, Debra Brannen/HOU/EES@EES, Carolyn Barrett/Enron Communications@Enron Communications, Howard Selzer/Corp/Enron@ENRON, Pamela Rush/Corp/Enron@ENRON, Dave Gunther/NA/Enron@Enron, James Hollman/Corp/Enron@ENRON, Robert Wilcott/Corp/Enron@ENRON, Karen Choyce/Corp/Enron@ENRON, Linda Armas/Corp/Enron@Enron, Krysti Knight/HOU/ECT
cc: Stephen Schwarzbach/Corp/Enron@Enron, Gregory Adams/Corp/Enron@ENRON
Subject: Revised Capital Charge for 2001
Attached is an explanation of the revised capital charge that will be used for 2001. It is substanially different from the methodology used in prior years and will be applied only on at the business unit level.
The 2001 Plan will be restated to include the revised capital charge. The restated plan format file will be due on February 24. We will send a template for calculating the plan capital charge next week.
The actual capital charge for January will be booked in February business.
If you have any questions, please let me know.
Terry West
ext 3-6910 | {
"pile_set_name": "Enron Emails"
} |
I will need to leave the office at approximately 5 pm. Sara | {
"pile_set_name": "Enron Emails"
} |
Twanda, please print this out and also print out the consulting services
agreement form for my review with this. Thanks. MHC
---------------------- Forwarded by Michelle Cash/HOU/ECT on 02/25/2000 05:12
PM ---------------------------
[email protected] on 01/24/2000 12:16:23 PM
To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: Agreements with non-employee contractors
Michelle,
While I think that "Enron" discourages entering into agreements for services
directly with non-employee contractors, there are times when a business
decision is made to do so on a very limited basis. Aside from other legal
issues, one single issue that has received a lot of attention in recent years
is the issue addressed by the Microsoft case involving the question under
what circumstances are individuals designated as independent contractors
entitled to employee benefits provided by an employer to its employees.
While we have amended the various employee benefit plans to address this
issue, another place where it can be effectively addressed is in the contract
for services.
Recently, I was involved with a project to develop provisions to be included
in such a service agreement with non-employee contractors who will not be
entitled to employee benefits. I thought you might have an interest in this,
so I have attached the contract provisions that were developed for this
circumstance along with an analysis.
I wonder if there are other attorneys who design and draft such agreements
who would be interested in receiving this information?
Regards,
Pat
- Benefit Waiver 1.doc | {
"pile_set_name": "Enron Emails"
} |
Are these good deals for Mike?
---------------------- Forwarded by Evelyn Metoyer/Corp/Enron on 01/05/2001
04:18 PM ---------------------------
Evelyn Metoyer
01/05/2001 03:45 PM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject:
Can you check Mike Swerzbin for the following deals through Prebon:
Enron sells Sempra 50 mw of Sept.'01 Mid-C at $360.00
Enron buys Sempra 50 mw of July '01 Mid-C at $270.00
Thanks!! | {
"pile_set_name": "Enron Emails"
} |
And November to 11/12 - 11/16. Let me know if I landed on any other major holidays.
-----Original Message-----
From: Grigsby, Mike
Sent: Tuesday, August 07, 2001 1:42 PM
To: Allen, Phillip K.; Ermis, Frank; Gay, Randall L.; Holst, Keith; Kuykendall, Tori; Lenhart, Matthew; Reitmeyer, Jay; Sanchez, Monique; Scott, Susan M.; Smith, Matt; South, Steven P.; Tholt, Jane M.; Wolfe, Jason
Cc: Rangel, Ina
Subject: FW: West Power Rotation
Please change the December trip to 12/10 - 12/14.
-----Original Message-----
From: Grigsby, Mike
Sent: Tuesday, August 07, 2001 1:31 PM
To: Rangel, Ina; Allen, Phillip K.; Ermis, Frank; Gay, Randall L.; Holst, Keith; Kuykendall, Tori; Lenhart, Matthew; Reitmeyer, Jay; Sanchez, Monique; Scott, Susan M.; Smith, Matt; South, Steven P.; Tholt, Jane M.; Wolfe, Jason
Subject: West Power Rotation
I have organized four groups to attend Portland for one week beginning September 17, 2001.
Group 1: 09/17 - 09/21
Keith Holst
Matt Smith
Jason Wolfe
Group 2: 10/15 - 10/19
Frank Ermis
Steve South
Janie Tholt
Group 3: 11/12 - 11/16
Mike Grigsby
Matt Lenhart
Group 4: 12/10 - 12/14
Jay Reitmeyer
Monique Sanchez
Susan Scott
Randy Gay and Tori Kuykendall will be floaters and decide which group they would like to join in Portland. If some one has a scheduling conflict with when they are going, please let me know as soon as possible.
Thanks,
Mike | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: [email protected]@ENRON [mailto:[email protected]]
Sent: Wednesday, August 22, 2001 10:22 AM
To: McCarty, Danny
Subject: Fwd: Estimate from SUPERIOR CONTRACTING SVCS,INC
Return-Path: <[email protected]>
Received: from rly-yh03.mx.aol.com (rly-yh03.mail.aol.com [172.18.147.35]) by air-yh03.mail.aol.com (v80.17) with ESMTP id MAILINYH32-0821195855; Tue, 21 Aug 2001 19:58:55 -0400
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From: [email protected]
Message-ID: <[email protected]>
Date: Tue, 21 Aug 2001 16:58:35 -0700 (PDT)
To: [email protected]
Subject: Estimate from SUPERIOR CONTRACTING SVCS,INC
Mime-Version: 1.0
Content-Type: multipart/alternative ; boundary="6368358.998438315605.JavaMail.root.dmn4.qbn.ie.intuit.com"
X-Mailer: Unknown (No Version)
Dear :
Please review the estimate below. Feel free to contact us if you have any questions.
We look forward to working with you.
Sincerely,
SUPERIOR CONTRACTING SVCS,INC
SUPERIOR CONTRACTING SVCS,INC P.O.Box 5863 Katy, TX 77491-5863 Estimate Date Estimate # 08/21/2001 9 Name / Address McCARTY; Garage DAN & JUDY McCARTY 3 SOUTH WATERTREE WOODLANDS, TX Project Description Qty Cost Total Drilled Piers & Tree Removal 6,800.00 6,800.00 Building Slab 954 10.1499 9,683.00 Framing Labor 1,670 5.00 8,350.00 Framing Materials 1,670 10.00 16,700.00 Brick Veneer 6.5 1,346.15385 8,750.00 Insulation 2,200.00 2,200.00 Sheetrock 3,900 1.25 4,875.00 Roofing 1,625.00 1,625.00 Painting 5,000.00 5,000.00 ***Cabinetry 6,800.00 6,800.00 ***Counter Tops 3,300.00 3,300.00 ***Tile 2,000.00 2,000.00 ***Wood Flooring 6,000.00 6,000.00 ***Plumbing Fixtures 1,400.00 1,400.00 ***Electrical Fixtures 1,500.00 1,500.00 ***Appliances 2,000.00 2,000.00 ***Doors & Windows 2,500.00 2,500.00 ***Garage Doors 400.00 400.00 HVAC Sub. 4,200.00 4,200.00 Plumbing Sub 5,500.00 5,500.00 Electrical Sub 3,400.00 3,400.00 Job Overhead 12,500.00 12,500.00 Profit (5%) 5,610.00 5,610.00 Not in Bid: Drive or sidewalk concrete; Electrical from house to garage; changing water meter; sewer tap fees; landscaping; gas 0.00 *** Denotes Allowances 0.00 THIS PROPOSAL IS FOR YOUR PERUSAL. IF YOU HAVE ANY QUESTIONS, PLEASE PAGE ME AT 713/687-5291. Total $121,093.00 | {
"pile_set_name": "Enron Emails"
} |
Pat,
I think that we should probably send the newest people to the first
training. What do you think?
Liz, Susan, Mary, Sabrae?
D
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 09/12/2000
03:31 PM ---------------------------
Russ Severson
09/12/2000 03:25 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Re: SITARA TRAINING
Daren
The number of interested people turned out to be larger than the room can
handle. Can you just send 3 or 4 for this meeting and I will set up a
secondary date for the others.
Thanks
Russ
x37386
---------------------- Forwarded by Russ Severson/HOU/ECT on 09/12/2000 03:16
PM ---------------------------
Daren J Farmer
09/08/2000 02:14 PM
To: Russ Severson/HOU/ECT@ECT
cc: Pat Clynes/Corp/Enron@ENRON, Liz Bellamy/NA/Enron@Enron, Sabrae
Zajac/HOU/ECT@ECT, Mary Poorman/NA/Enron@Enron, Susan Hadix/NA/Enron@Enron,
Tom Acton/Corp/Enron@ENRON, Mark McCoy/Corp/Enron@Enron, Eddie
Janzen/NA/Enron@Enron
Subject: Re: SITARA TRAINING
Russ,
I would like for the following people from the Texas region to attend:
Liz Bellamy
Sabrae Zajak
Mary Poorman
Susan Hadix
Tom Acton
Mark McCoy
Eddie Janzen
Let me know if this group is too large and move some to a later date. Thanks.
D
Russ Severson
09/08/2000 08:53 AM
To: George Smith/HOU/ECT@ECT, Tricia Bowen/HOU/ECT@ECT, Victor
Lamadrid/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT, Patti Sullivan/HOU/ECT@ECT
cc:
Subject: SITARA TRAINING
I will be giving a training session on Wed 9/13/00 in 21C2 from 3:00-4:30
pm.
I would like for you to send to the class any new logistics personnel that
you might think could use a Sitara overview.
If someone cannot make it at this time, let me know their names and I will
try to schedule something for them at a later time.
If possible, please send me a note on who might be attending, so I can get an
approximate head count.
Call me or e-mail me if you have any questions
Russ
x37386 | {
"pile_set_name": "Enron Emails"
} |
When Jason was seconded over here he drafted an ISDA schedule for a SWAP with
Barclays. Heads up, I am sending the comments from Barclays over to you, and
have copied Rob Taylor at A&K. Ranabir Dutt is the business person. | {
"pile_set_name": "Enron Emails"
} |
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"pile_set_name": "Enron Emails"
} |
I am going to go today.. I need to go.. I have really lost interest in the class. I am really not that motivated right now.
I hope your back is feeling better.
I am going to show Eric Saibi our house and then proabaly have lunch with. He just got back from his fathers funeral yesterday.
Love ME
-----Original Message-----
From: [email protected]@ENRON
Sent: Tuesday, December 11, 2001 10:29 AM
To: Thomas, Paul D.
Subject: Hello
How is your day going?
Are you going to the GMat class today?
Call me when you get this message
Love
me | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Joe Quenet/NA/Enron on 11/22/2000 10:12
AM ---------------------------
"Stephanie Blackman" <[email protected]> on 11/22/2000 09:54:55 AM
To: <[email protected]>
cc:
Subject: Re: Fw: Mistress
NOT A PROBLEM! WE HAVE TO DO IT AGAIN SOMETIME!! HAVE A HAPPY TURKEY DAY!
STEPHIE
----- Original Message -----
From: <[email protected]>
To: Stephanie Blackman <[email protected]>
Sent: Wednesday, November 22, 2000 9:52 AM
Subject: Re: Fw: Mistress
>
> good one...................
>
>
> thanks again for the cocktails last night , have a good
> thanksgiving........
>
>
> Joe
what am I supposed to read into this.......I checked the distribution list
on her e-mail....I thought I was special except it went out to 65 guys in
this business.....anyway, can you send me that e-mail on bush and gore..... | {
"pile_set_name": "Enron Emails"
} |
I need phone numbers for customers invited to TW Customer Mtg. in November.
Thanks,
Ava | {
"pile_set_name": "Enron Emails"
} |
Hey Ashley:
Please give me a call at 713.853.7998, which is my work phone at Enron. I
look forward to talking to you about Enron.
Regards,
Ben | {
"pile_set_name": "Enron Emails"
} |
Stinson,
Can you, please, attend?
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/12/2000
05:13 PM ---------------------------
From: Kay Chapman 10/12/2000 02:24 PM
To: Andrea Yowman/Corp/Enron@ENRON, Bob Sparger/Corp/Enron@Enron, Tim
O'Rourke/Corp/Enron@Enron, Ted C Bland/HOU/ECT@ECT, Daniel
Brown/NA/Enron@Enron, Tana Cashion/NA/Enron@ENRON, Rhonna Palmer/HOU/ECT@ECT,
Cindy Olson/Corp/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT, Kay
Chapman/HOU/ECT@ECT, Sarah A Davis/HOU/ECT@ECT, Marla Barnard/Enron
Communications@Enron Communications, Pam Butler/HR/Corp/Enron@ENRON, Michelle
Cash/HOU/ECT@ECT, Brian Schaffer/Corp/Enron@ENRON, Suzanne Brown/HOU/ECT@ECT,
Robert Jones/Corp/Enron@ENRON, Neil Davies/Corp/Enron@ENRON, Gerry
Gibson/Corp/Enron@Enron
cc:
Subject: Mission Impossible - HR Associate Groups Recommendation and next
steps
The Monday October 16, 2000 meeting at 10:00 am needs to be moved again.
Sorry for the inconvenience, but David Oxley is going to be traveling..
Thanks,
Kay | {
"pile_set_name": "Enron Emails"
} |
I will be there.
Robert C Williams/ENRON@enronXgate 06/04/2001 02:33 PM To: Vicki Sharp/HOU/EES@EES, Kathy Dodgen/HOU/EES@EES cc: Richard B Sanders/HOU/ECT@ECT Subject: RE: UC/CSU meeting
Kathy, can you send me the info about the meeting? Thanks.
-----Original Message-----
From: Sharp, Vicki
Sent: Monday, June 04, 2001 2:07 PM
To: Dodgen, Kathy
Cc: Williams, Robert C.; Sanders, Richard
Subject: UC/CSU meeting
Kathy, Bob Williams should attend this meeting tomorrow in my absence.
I think the purpose of the meeting is to discuss the UC/CSU contract in the SDG&E service area. Richard, I think you are included because EES will be briefing John Lavarato later this week. Bob, can you bring Richard up to speed on the issues? | {
"pile_set_name": "Enron Emails"
} |
Sheila, as per our conversation on Friday, I was out sick from the 15th
through the 22nd therefore I was not able to turn back to my review of this
Agreement until today.
I completed the review this morning and have sent the comments to my
assistant to type. Therefore, we should have comments to forward by the end
of the day today.
Cheryl Nelson
Senior Counsel
EB3880D
(713) 345-4693
Sheila Glover@ECT
02/23/2001 06:32 PM
To: Cheryl Nelson/NA/Enron@Enron
cc: Sara Shackleton/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Kelly
Templeton/Corp/Enron@ENRON
Subject: Advisory Agreement per Gary Hickerson
Cheryl.
Where are we on this agreement for consulting services? The services will be
charged to the Rate & Currency group.
Thanks. Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 02/23/2001 06:29
PM ---------------------------
From: Sheila Glover 02/13/2001 11:09 AM
To: Cheryl Nelson/NA/Enron@Enron, Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Advisory Agreement per Gary Hickerson
Cheryl and Sara.
I need someone to take a read through of this document which engages Psytech
for services.
Thanks Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 02/13/2001 11:07
AM ---------------------------
"Mark Sagel" <[email protected]> on 02/13/2001 10:16:43 AM
To: <[email protected]>
cc:
Subject: Advisory Agreement per Gary Hickerson
Sheila:
?
Gary Hickerson asked me to forward the attached advisory agreement to you
for your approval/signature.? We have entered into a three-month trial
agreement for consulting services.? Please contact me at (410)308-0245 if
you have any questions.? My fax number is (410)308-0441.? I will fax a
signed copy back to you once I receive your approval.? Thanks,
?
Mark Sagel
Psytech Analytics
[email protected]
?
- Agree-Enron Global Markets.doc | {
"pile_set_name": "Enron Emails"
} |
FYI
---------------------- Forwarded by Paul Simons/LON/ECT on 11/09/99 01:26 PM
---------------------------
Paul Simons
11/08/99 07:13 PM
To: John Sherriff/LON/ECT@ECT, Mark Frevert/LON/ECT@ECT, Danny
McCarty/LON/ECT@ECT
cc: Michael R Brown/LON/ECT@ECT
Subject: Restricted List
As you know, insider dealing (dealing in listed securities when in possession
of price-sensitive information concerning those securities or their issuer)
is a criminal offence in the UK. This is an issue in the case of credit
derivatives which often have listed securities (normally bonds) as their
reference asset.
SFA require us to have in place an effective mechanism to ensure our staff do
not commit this offence. We have concluded that operating a Restricted List
procedure in London is the least onerous option - the most likely alternative
would be to create a Chinese Wall involving the physical separation of
traders from other staff.
The Restricted List procedure is attached for your review and comment. As
you will see, it is short, simple and self-explanatory. In essence, it
establishes a channel through which price-sensitive information flows from
the various business heads in to our SFA Compliance function who will
maintain the Restriced List. Before deals involving listed securities can be
executed, the trader will need to check whether the issuer of the subject
securities is on the list. This process is manageable in the case of credit
derivatives because the deal flow in such transactions is never enormous.
I would like to introduce this procedure next week at the latest. The
business unit heads who are most likely to encounter price-sensitive
information and to whom we propose introducing this procedure are:
Eric Gadd
Ron Bertasi
Chris Waltenspuel
Paul Chivers
Joe Gold
Louise Kitchen
Richard Lewis
Please let me know if you have any comments on this or any questions.
Paul | {
"pile_set_name": "Enron Emails"
} |
We have got to do better at this. IR did a webcast of the annual meeting
that from all reports had a minimum of glitches. Can we use the same
technology?
Courtney Votaw
03/13/2001 09:10 AM
To: Steven J Kean/NA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Karen
Denne/Corp/Enron@ENRON
cc: Mary Clark/Corp/Enron@ENRON, Erin Rice/Corp/Enron@Enron
Subject: All-Employee Meeting Report
I have attached a success report of the streaming communications vehicles we
used for the All Employee meeting on Feb. 21, 2001. The report includes
information about the following:
Video Teleconference
Audio and Video quality; Viewing employees
IP-TV
Statistics; Successes of the locations streamed
Video Requests
Quantity by location and group
To improve access and increase the employee's viewing experience at future
meetings, we are working with the IP-TV technical team to find solutions to
the problems that occurred in February. From the employee feedback we
received, we will plan to send slides in advance to the video teleconference
locations.
Please let me know if you have any questions regarding this report.
Thanks,
Courtney | {
"pile_set_name": "Enron Emails"
} |
my flight is at noon so I will be in the office from about 8 until about 11.
Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693
Mark Taylor@ECT
05/01/2001 05:18 PM
To: Anne C Koehler/HOU/ECT@ECT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carol St Clair/HOU/ECT@ECT,
Cheryl Nelson/NA/Enron@Enron, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mary Cook/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT, Samantha
Boyd/NA/Enron@Enron, Tana Jones/HOU/ECT@ECT, Stephanie Panus/NA/Enron@Enron
cc:
Subject: Group Meeting
Since we will all be swamped trying to get out of here on time tomorrow, I
think we should defer the group meeting. I will be out of town on the 16th,
so please check your calendars to see if 10:00 on the 9th will work as a
substitute. | {
"pile_set_name": "Enron Emails"
} |
Please find the attached status update.
Regards,
Brian | {
"pile_set_name": "Enron Emails"
} |
print this
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 10/02/2000
12:09 PM ---------------------------
Enron Capital & Trade Resources Corp. - Europe
From: Chris Connelly 09/30/2000 10:56 AM
To: George McClellan/HOU/ECT@ECT, Stuart Staley/LON/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Kevin
McGowan/Corp/Enron@ENRON, Tom Mcquade/HOU/ECT@ECT
cc: Peter Bradley/LON/ECT@ECT, Jez Peters/LON/ECT@ECT, Candace
Parker/LON/ECT@ECT, Kenny Nicoll/LON/ECT@ECT, Dimitri Taylor/LON/ECT@ECT
Subject: Freight weekly report
Enron Shipping Services Weekly report 38/2000
Highlight
Sold four capes to Preag for next year from Colombia to Rotterdam at $7.30
and simultaneously bought four capes from Coeclerici at $ 7 to close out
position at a $150,000 profit. Fixed a Bocimar vessel for our October
commitment to Electrabel from Puerto Bolivar to Hunterston at $8.10 and also
fixed another Coeclerici vessel from Colombia to Rotterdam to cover our short
to Preag in November. Still have a late November short against Cargill from
Richards Bay to Rotterdam to cover within the next couple weeks.
On the ABC front, met with Elcano ( largest Spanish shipping company ) to
discuss a possible partnership to acquire ABC but quickly realised that they
do not have the stomach for such a big deal. However, did discover that they
are quite active on the LNG side and are about to close on a LNG vessel
purchase within the next couple weeks. We are definitely going to stay in
contact to potentially develop some alliances on the LNG side.
Late in the week heard that Bocimar had met with ABC not to purchase them but
to discuss a pooling agreement. From good sources were told that ABC had no
interest in Bocimar's offer and therefore we are planning on meeting ABC to
continue to express our interest in acquiring their fleet and more
importantly to continue to frustrate Bocimars'attempt to control the cape
fleet.
We have completed our 'Enron Shipping' powerpoint presentation for EOL and we
expect to have a shipping section within the EOL platform by mid next month
in time for Coaltrans. This new platform will allow our customers to log
into EOL and go directly to our shipping web page to be able to trade with
us. Currently, customers have to access the international coal web page to
access our shipping products which does not make sense to our customers
Also Pierre met in Paris with Usinor ( 3rd largest steel mill in the world )
to discuss some potential freight deals and also express our interest to sell
them Synfuel next year to which they seemed quite interested. Will revert to
them with prices shortly.
Market
Short term Medium term Long Term
Handy Max Down Flat Flat
Panamax Down Down Down
Cape Size Flat Flat Flat
Panamax : Market fell all week long but not to a great extent due to some
worry about delays in US grain shipping activity
Capes : After a furious rally last week the market was flat this week as
owners and charters had fixed all their October requirements and were
starting to discuss November business with neither side wanting to commit
Crude markets remaining still over $30 a barrel even with the US trying its
hardest to make it deep into the mid twenties, has also continued to make
owners unwilling to discount next years freight rates
Deals Done
Physical Freight
ECS freight
Fixed 2+1 geared panamaxes from Indo to Hong Kong for November to January
2001 at $6.35.
Third parties freight deals
As mentioned above fixed with Preag, Bocimar and Coeclerici on Capes
OTC
FFA s
Bought 75,000 tons from SK Shipping from Colombia to Rotterdam at $ 8.15 for
October settlement
EOL
Traded with Bocimar twice and with Klaveness once this week. Life to date
total EOL trades are approaching 300,000 tons. Legal late this week has
finally authorised us to trade with NCSC on EOL so we expect to add another
counterparty shortly. Furthermore, we are planning a meeting with Calypso
fund management and credit to come to a solution to allow the fund to trade
with EOL
Deal Flow
Given the coal desk rates for Rustock, Mission, Spanish ports, Pier 9 to
rotterdam and also have sold to the coal desk a cape from Australia to
Rotterdam for Feb/March 01 loading
Miscellaneous
Our new operations person is joining us this Monday ( Dorte ) and she joins
us from Norden. Norden is a large Danish shipping company where she had been
working for the last 4 years
Travels
None. | {
"pile_set_name": "Enron Emails"
} |
This memo will confirm the above referenced meeting will be held in Room
EB2868 tomorrow morning, 12/14/2000 at 9:00 a.m. Houston Time and 3:00 p.m.
London Time. Next Thursday, December 21, it will be held in Room 50M03.
Claire/Lauren
For everyone calling in from the London office, please advise them to dial
the following number: 713-345-3324. Also, since I was unable to find James
Nu on the email address, will you make sure he is aware of the room change?
Thank you in advance.
Dorothy | {
"pile_set_name": "Enron Emails"
} |
Can you please shut this counterparty down for weather. Thanks! | {
"pile_set_name": "Enron Emails"
} |
Rita has been in the Enron litigation unit for a number of years. She is
getting her law degree and wants to continue working at Enron. If she could
assist us anywhere, please contact her. Thanks.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 04/17/2000
08:40 AM ---------------------------
Enron North America Corp.
From: Rita Bahner @ ENRON 04/14/2000 06:02 PM
To: Christi L Nicolay/HOU/ECT@ECT
cc:
Subject:
Christi
Per your phone message last week, please see the attached documents. Thanks
for your help.
Rita | {
"pile_set_name": "Enron Emails"
} |
Thought you might need this!!!
??????? FW: FW: Stressed and Irritated
Some really good expressions for the STRESSED and IRRITATED:
> > 1. "Okay, okay! I take it back.? Unfuck you!!!"
> > 2. "You say I'm a bitch like it's a bad thing?!"
> > 3. "How many times do I have to flush before you
go away?"
> > 4. "Well this day was a total waste of make-up"
> > 5. "Well aren't we a Bloody ray of sunshine?"
> > 6. "Don't bother me, I'm living happily ever
after."
> > 7. "Do I look like a Freaking people's person!"
> > 8. "This isn't an office.? It's HELL with
flourescent lighting"
> > 9. "I started out with nothing & still have most
of it left"
> > 10. "I pretend to work,? they pretend to pay me"
> > 11. "YOU!!... off my planet!!!"
> > 12. "Therapy is expensive.? Popping bubble plastic
is cheap. You choose"
> > 13. "Practise random acts of intelligence and
senseless acts of self control"
> > 14. "Errors have been made.? Others will be
blamed"
> > 15. "And your cry-baby, whiny-assed opinion would
be.....?"
> > 16. "I'm not crazy.? I've been in a very bad mood
for 30 years."
> > 17. "Sarcasm is just one more service I offer."
> > 18. "Whatever kind of look you were going for,
you missed"
> > 19. "Do they ever shut up on your planet?"
> > 20. "I'm not your type.? I'm not inflatable"
> > 21. "Stress is when you wake up screaming and you
realize you haven't gone to sleep yet"
> > 22. "Back off!!? You're standing in my aura."
> > 23. "Don't worry. I forgot your name too."
> > 24. "I just want revenge.? Is that so wrong?"
> > 25. "I work 45 hours a week to be this poor."
> > 26. "Nice perfume.? Must you marinate in it."
> > 27. "Not all men are annoying.? Some are dead."
> > 28. "Wait...I'm trying to imagine you with a
personality"
> > 29. "Chaos, panic and disorder . . . my work here
is done."
> > 30. "Ambivalent?? Well yes and no."
> > 31. "You look like shit.? Is that the style now?"
> > 32. "Earth is full.? Go home."
> > 33. "Aw, did I step on your poor little bitty
ego?"
> > 34. "I'm not tense, just terribly, terribly
alert."
> > 35. "A hard-on doesn't count as personal growth."
> > 36. " You are depriving some village of an idiot." | {
"pile_set_name": "Enron Emails"
} |
I think it looks great - my only thought really is on the middle section
relating to cleaning laying out the elements of negligence and a statement of
the standard to be applied - I quickly revised your section to give you an
idea of what I was thinking. In any event I think you are absolutely on the
right track. Good luck and let me know what else I can do. | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/29/2001
06:00 PM ---------------------------
Darrell Duffie <[email protected]> on 03/28/2001 08:07:38 AM
To: Vince J Kaminski <[email protected]>
cc:
Subject: Re: Enron default swaps
Vince: According to a Bank of America
publication, your (Enron) default swap spreads
are consistently trading about 80
basis points wider than your asset swaps.
Any idea of what is going on here?
Thanks for any guidance, Darrell
_____________________________________________
Darrell Duffie
mail GSB Stanford CA 94305-5015 USA
phone 650 723 1976
fax 650 725 7979
email [email protected]
web http://www.stanford.edu/~duffie/
_____________________________________________ | {
"pile_set_name": "Enron Emails"
} |
FYI. Not sure 1) who the right person is to forward this along to, or 2) if
it's something that folks want to follow up on. Anyway, here's the
dope---Scott is an Enron outside lobbyist located in Sacramento.
Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 02/27/2001 11:50 AM -----
Scott Govenar <[email protected]>
02/27/2001 10:56 AM
To: Jeff Dasovich <[email protected]>
cc:
Subject: Sales
Jeff,
In light of our conversation about ongoing DA sales, the Theater Owners
Association of California would like to talk to someone at Enron about
DA contracts. The contact is Milton Moritz (President) at (310)
657-7724 or (310) 652-1093, and his conversation with me should be
referenced as I know him personally.
Speak to you soon.
Scott | {
"pile_set_name": "Enron Emails"
} |
Here you go!
Tracy J. McLaughlin
Enron Broadband Services
Government Affairs Coordinator
(503) 886-0396
----- Forwarded by Tracy McLaughlin/Enron Communications on 05/02/00 10:34 AM
-----
Kris Caldwell
05/02/00 10:20 AM
To: Tracy McLaughlin/Enron Communications@Enron Communications
cc:
Subject: Re: Electronic Copy of Bios of EBS Management
Tracy,
I'm doing just swell thank you. I'm attaching the most recent list that I
have..........of course, this is always to be viewed as a living document
since things change so quickly in terms of personnel here. Don't know that
they need every single name on the attached list, so feel free to cut and
paste as needed. thks,
Kris Caldwell
Enron Communications, Inc.
Public Relations Manager
(503) 886-0269
Tracy McLaughlin
05/02/00 09:12 AM
To: Kris Caldwell/Enron Communications@Enron Communications
cc:
Subject: Electronic Copy of Bios of EBS Management
Hey KC
What's up? How are you today? Kris, can u help me out with this bio
question -- do we have them in a database? Or do you have the readily
available version? If so, would you mind terribly forwarding to me and/or
Jeff Dasovich at the address below -- I know that we have the hard copy
available and where to get that, but I don't know where the e version is.
thanks KC
T.:)
Tracy J. McLaughlin
Enron Broadband Services
Government Affairs Coordinator
(503) 886-0396
----- Forwarded by Tracy McLaughlin/Enron Communications on 05/02/00 09:14 AM
-----
Jeff Dasovich@EES
05/01/00 04:44 PM
To: Tracy McLaughlin/Enron Communications@Enron Communications, Sue
Nord/HOU/EES@EES, [email protected] @ ENRON
cc:
Subject: Electronic Copy of Bios of EBS Management
Tracy:
My apologies, but I don't seem to have the final, electronic version of the
bios of EBS management that we included in the California filing (Scott did
the last version to ensure accuracy--the filed version reads "As of March 1,
2000.") Ms Nord needs an electronic copy. Might you have one that you could
pass along to her (and to me)? As always, many thanks.
Jeff | {
"pile_set_name": "Enron Emails"
} |
Kay, Please see the attached. Thanks. | {
"pile_set_name": "Enron Emails"
} |
Please handle re Paul Nelson.
----- Forwarded by Mark E Haedicke/HOU/ECT on 09/22/2000 06:44 PM -----
"Philo, Andrea" <[email protected]>
09/22/2000 05:51 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject:
Paul Nelson has asked me to forward to you details of the agency that
organises our art collection.
Lynne Stern and Linnet Feilding
Linnet Feilding Limited
200 Goldhurst Terrace
No 7
NW6 3HL
Tel: 020 7491 8905
Fax: 020 7624 3749
I hope this is of help.
I wonder whether you could help on the following point.
Paul is coming out to Houston to speak at an Enron conference on 4 October.
Although we have received a programme for this there is no mention of the
venue. I believe it is at the Woodlands Resort and Conference Centre and
wondered whether you would be so kind as to let us have the address and also
confirm that this is where Paul will be staying.
Many thanks
Regards
Andrea Philo
PA to Paul Nelson
____________________________________________________________
This message is confidential. It may also be privileged or
otherwise protected by work product immunity or other legal
rules. If you have received it by mistake please let us know
by reply and then delete it from your system; you should not
copy the message or disclose its contents to anyone.
____________________________________________________________ | {
"pile_set_name": "Enron Emails"
} |
I will be out of the office in New York next week for my wedding there. If anyone needs to reach me on Monday or Tuesday, you can call me at 1-646-698-0601. I will forward my cell phone number to Keegan once the phone is turned on Tuesday.
Kind Regards,
Cheryl Nelson | {
"pile_set_name": "Enron Emails"
} |
Start Date: 1/9/02; HourAhead hour: 3; No ancillary schedules awarded. No variances detected.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010903.txt | {
"pile_set_name": "Enron Emails"
} |
Andrea,
Here is a copy of my resume. If you need any other information please let me
know.
Thanks,
Robin
x5-7478
Enron North America Corp.
From: Andrea Richards @ ENRON 12/29/2000 10:16 AM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Updated Resume
Robin, Happy Holidays!
Please forward an updated resume so that we may start looking for your next
rotation.
Thanks!
Andrea Richards
Associate & Analyst Program
x36499 | {
"pile_set_name": "Enron Emails"
} |
OK, it seems like everyone is making up for lost time tonight. Go home!
Kimzey, let's go drink!
-----Original Message-----
From: Andrew Slocum [mailto:[email protected]]
Sent: Monday, June 05, 2000 10:49 PM
To: 'Kimzey, Bryan'; 'Mark A. Junell'; Andrew Slocum; 'Nicholas
Johnston-Advisory'; [email protected];
[email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; Ben Rogers (E-mail)
Subject: RE: Many thanks to Miquel
Kimzey, you did alright my man!
-----Original Message-----
From: Kimzey, Bryan [mailto:[email protected]]
Sent: Monday, June 05, 2000 9:38 PM
To: 'Mark A. Junell'; Andrew Slocum; 'Nicholas Johnston-Advisory';
[email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; [email protected];
[email protected]; [email protected]; [email protected]; Ben
Rogers (E-mail)
Subject: RE: Many thanks to Miquel
What the hell happened this weekend? All I can say right now is thank you
to everybody who showed up and made this weekend one of the most fun
memories ever. And thanks to Miguel and Blake again for organizing
everything; I couldn't have done it without y'all. Once I can put more full
sentences together, I'll write more. Thanks again.
- Bryan
ps If anybody has seen my Carolina shirt, my cell phone charger, my
American Express card and/or my voice, please bring them to my wedding, too.
> -----Original Message-----
> From: Mark A. Junell [SMTP:[email protected]]
> Sent: Monday, June 05, 2000 10:22 PM
> To: Andrew Slocum; 'Nicholas Johnston-Advisory'; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; [email protected]; [email protected]
> Subject: RE: Many thanks to Miquel
>
> Yea thanks Miguel. I feel like dog sh*t.
>
> -----Original Message-----
> From: Andrew Slocum [mailto:[email protected]]
> Sent: Monday, June 05, 2000 7:13 AM
> To: 'Nicholas Johnston-Advisory'; [email protected];
> [email protected]; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; Andrew Slocum; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; [email protected]; [email protected]
> Subject: RE: Many thanks to Miquel
>
>
> If you remember, please bring the elvis sunglasses to Kimzey's wedding. I
> second the motion to Miguel. Wexler did a remarkable show yesterday
> evening, which included a lot of big easy chatter.
>
> Out
>
> -----Original Message-----
> From: Nicholas Johnston-Advisory [mailto:[email protected]]
> Sent: Monday, June 05, 2000 6:46 AM
> To: [email protected]; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; [email protected];
> [email protected]; [email protected]; [email protected]
> Subject: Many thanks to Miquel
>
>
> Great weekend - thanks to Miquel for getting us all there and hopefully
> Kimzey
> will now not miss the wonders of bachelorhood too much.
>
> Found a camera - digital one in 317 - also have the elvis sun glasses - if
> the
> rightful owner would like to step forward - and yes we know who you are.
>
> Cheers
> Nick
>
>
>
> This communication is for informational purposes only. It is not intended
> as
> an offer or solicitation for the purchase or sale of any financial
> instrument
> or as an official confirmation of any transaction. All market prices, data
> and other information are not warranted as to completeness or accuracy and
> are subject to change without notice. Any comments or statements made
> herein
> do not necessarily reflect those of J.P. Morgan & Co. Incorporated, its
> subsidiaries and affiliates.
>
This message is for the named person's use only. It may contain
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is uitsluitend bestemd voor de geadresseerde. Indien u dit bericht
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"pile_set_name": "Enron Emails"
} |
?
-----Original Message-----
From: Vincent Petrino [mailto:[email protected]]
Sent: Tuesday, April 17, 2001 4:23 PM
To: '[email protected]'
Subject: ALADDIN VISIT
BRUCE,
??????????? It was a real pleasure to meet you and your friends at the dice
table the last couple of days, I am glad you had a good time as I love to
hear that when guests are here at the hotel. When you decide to come back to
vegas Bruce please give me a call to set up your arrangements. I look
forward to hearing from you soon.???? Take Care!!!
?????????????????????????????????????????????????????????????????????????
VINNY | {
"pile_set_name": "Enron Emails"
} |
I spoke with Rochester this morning and they advised that they will present a
recommendation to their Board on 3/28 as to the party they will negotiate
with.
At this point, they are evaluating the bids and will be issuing questions,
etc. (Note: 2 parties were disqualified for failure to submit bid bonds)
Again, even though we were low bidder, I would not view this as a given that
we will be the final party.
I'll stay close to this and keep everyone advised. | {
"pile_set_name": "Enron Emails"
} |
By now, most of you are aware that Enron will be acquiring London-based MG
Plc, one of the world,s leading metals marketers. In connection with our
on-going activities relating to MG Plc, I thought it would be helpful to
provide you with a brief overview of on our future new metals business, to
further explain the reasons underlying the acquisition and to update you on
the integration team,s accomplishments to date.
What is MG Plc?
MG Plc is a leading, independent international metals trading business, which
provides a variety of services to the global metals industry. The business
dates back to 1881 when it was the German Metallgesellschaft Group and was
active in trading metals from its head office in Frankfurt. Today, MG is one
of the world,s top non-ferrous metals brokers and market makers, the world,s
leading independent copper merchant and a leading merchant of many other
non-ferrous metals.
MG is comprised of two core areas of expertise, the Financial Services and
Merchanting Divisions. The Financial Services Division was formed in 1970 to
provide market-making and trading services to the MG,s physical metals
trading business through futures trading as a member of the London Metal
Exchange and, at a later date, as a member of COMEX in New York. In the late
1980s, as a result of London,s growing leading role in the metals industry,
MG established a merchant trading office in London. In 1986, MG developed
its warehousing division with the acquisition of Henry Bath. In 1999, the
Merchanting and Financial Services Divisions, including warehousing, were
combined into a single company, which was floated on the London Stock
Exchange. Currently, MG,s core trading offices are located in London and New
York with warehouse operations in Liverpool, Humberside, Rotterdam, New
Orleans, New Haven, and Singapore. It has merchanting offices in Lima,
Santiago, Los Angeles, Chicago, Stockholm, Cologne, Hamburg, Frankfurt, New
Delhi, Shanghai, Beijing, Hong Kong, Seoul, Tokyo and Melbourne.
What does the Merchanting Division do?
The Merchanting Division is the world,s leading independent copper merchant,
one of the top three independent merchants of copper concentrates and nickel
and one of the leading European merchants of recycled non-ferrous metals. The
division also trades in other non-ferrous metals on the London Metals
Exchange (LME), including lead, tin, zinc, aluminium and brass.
The Merchanting Division engages in the following main activities:
? Merchanting of Non-ferrous Metals ) MG trades as a principal with producers
and consumers, buying and selling non-ferrous metals and concentrates
(particularly copper, aluminium and nickel), exchanging qualities and
locations and lending and borrowing metals.
? Global Stockholding ) MG holds stocks of non-ferrous metals at warehouses
around the world.
? Merchanting of Recycled Metal ) MG trades as a principal with suppliers and
consumers of non-ferrous metal for recycling.
? Terminal Market Operations ) MG participates in the LME and COMEX using
hedging, arbitrage and position management to support its merchanting
activity.
What does the Financial Services Division do?
The Financial Services Division is one of the leading LME members and, based
on the volume of LME metals stored, is one of the leading LME metals
warehousing businesses.
The Financial Services Division engages in the following main activities:
? Brokerage Activities ) MG executes orders as a broker for clients in LME
and COMEX contracts.
? Market-Making ) MG is a market-maker for both futures and options contracts
and COMEX and OTC contracts.
? Warehousing ) MG stores metals and other goods in eleven locations in
Europe, the United States and Asia.
MG has also begun to prepare to trade non-ferrous metals using the internet
as its platform. On 10th February, MG announced the formation of a joint
venture with Internet Capital Group, Inc. and Safeguard International Fund,
L.P. to develop an internet marketplace for trading non-ferrous metals. The
joint venture, called EMETRA, intends to establish a world-wide
business-to-business, e-commerce trading platform for the non-ferrous metals
markets, including physical trading and the trading of futures and options
contracts.
Why is Enron acquiring MG?
Enron is committed to expanding its position as a global leader in wholesale
markets. By expanding into new wholesale markets, such as non-ferrous metals,
Enron expects to leverage its wholesale expertise and will be able to offer
customers new products and solutions to address their business needs which
link different commodities and inputs.
MG will provide Enron with a number of important benefits. At the same time,
Enron expects that MG will significantly benefit from its association with
Enron. Some of the benefits we envisage include:
? The opportunity to combine Enron,s core competencies in trading, finance
and origination with MG,s global position in trading non-ferrous metals.
? The ability for both Enron and MG to access new clients, particularly in
the United States and Europe.
? The ability to cross-market both existing products and new products such as
bundled products that offer combined metals and power outsourcing.
? The ability to leverage the opportunities available to MG by increasing its
financial strength and the resources available to it.
? The chance to overlay the EnronOnline business-model on the metals industry
to increase liquidity and contract market share.
What remains to be done?
Merging the business operations of two entities, even highly motivated
companies such as Enron and MG, has been and will continue to be a formidable
and daunting exercise. Having a shared vision facilitates rapid integration,
but there are many complicated and complex tasks that remain. During the
conditional offer period, Enron and MG are taking steps to prepare for a
seamless and non-disruptive integration of our respective operations.
Ideally, when Enron,s offer to buy all MG shares becomes unconditional (15
July 2000 is the current target date), the two can hit the ground with their
feet running.
In the short term, a number of things must be accomplished to facilitate that
smooth transition. Most importantly, in order to ensure that the deal goes
forward, Enron and MG will work to remove the remaining conditions to Enron,s
offer, including obtaining the shareholder approvals from all shareholders as
well as obtaining relevant regulatory consents.
A number of other steps must be taken, however, during the first phase of our
integration timetable to ensure that everything stays on track. Integration
activities will focus on four primary aspects of our operations: commercial
matters, financial matters, middle and back office issues; and, most
importantly, on the employees of both organisations. Some of the most
important goals relating to each of these areas are:
Commercial
? Developing physical metal contracts suitable for listing on EnronOnline and
installing necessary communication and technology links to facilitate data
transfers and information flows between MG and Enron.
? Preparing a joint venture management plan for MG's interest in EMETRA that
is consistent with Enron,s goal of listing physical metal contracts on
EnronOnline.
? Identifying opportunities to
- combine Enron's core competencies in trading, finance, and origination with
MG's global position in trading non-ferrous metals;
- leverage MG,s position by increasing its financial strength and resources
available to it;
- cross-market both existing and new products to Enron and MG customers,
particularly in the US and Europe; and
- grow MG's metal trading franchise.
Financial
? Obtaining waivers from MG's banks in respect of change of control in loan
or other agreements.
? Preparing plans to integrate cash management functions and putting in place
funding arrangements for August 2000 onwards.
? Preparing plans to arrange large-scale inventory securitisation to reduce
balance sheet debt before year-end.
Middle and Back Office
? Preparing financial information necessary to understand and maximise
integration benefits including, pro-forma consolidated financial statements;
profit and loss budgets for the third and fourth quarters of 2000; and
integration budgets.
? Determining the feasibility of integrating accounting systems (AS400, SAP).
? Assessing MG's core trading and risk profiles and developing plans to
incorporate risk profiles in MG's metals books into Enron systems.
? Evaluating IT systems and infra-structure at all MG office + warehouse
locations and preparing budgets and programmes to provide MG staff with
access to Enron IT systems and applications.
People
? Preparing a programme to co-locate MG's London staff (145) at Enron House
over the weekend of 16/17 September.
? Developing plans to harmonize compensation, benefits, and employment
policies and practices; developing plans for staff reporting relationships.
? Communicating plans and status of activities at all levels of Enron's and
MG's organizations.
? Arranging introductions between Enron and MG staff and providing
opportunities for information exchanges.
Where do we go from here?
I believe that Enron,s acquisition of MG is an exciting opportunity for us
all. While a number of steps remain to be taken, we have already
successfully begun the integration of Enron and MG. By remaining
enthusiastic and committed to this process, I expect that this transition
will proceed smoothly and with a minimum of difficulty.
Summary of MG Offices/Staff Worldwide
Location Employee
Headcount Location Employee
Headcount
Brazil
Canada
Chicago
Chile
Edinburgh
Frankfurt
Germany
Hamburg
Hong Kong
Houston
K?ln
Lima
Liverpool
London
Los Angeles, CA
Missouri 1
4
6
1
1
28
1
39
1
2
1
1
38
152
18
3 Moscow
NY
Peru
Rotterdam
Shanghai
Singapore
South Africa
Spain
Stockholm
Tokyo
HENRY BATH CAMBERLEY
HENRY BATH EDINBURGH
HENRY BATH LONDON
HENRY BATH MANCHESTER
HENRY BATH AVONMOUTH
LIVERPOOL ) HB & SON 1
46
1
29
1
7
1
1
2
8
2
1
10
2
4
18
For further information or queries regarding MG, please contact Eric Gadd.
Direct no: +44 20 7783 6595
Fax no: +44 20 7783 8314 | {
"pile_set_name": "Enron Emails"
} |
Gary, would you please send me by email the telecommuting policy and the
agreement for telecommuters?
Thanks a lot.
Michelle | {
"pile_set_name": "Enron Emails"
} |
Ken,
After our conversation with Gerry Hines at the Aspen Hospital my wheels
started spinning. If you remember, you mentioned to Hines that you would
have your people contact his in reference to Enron's real estate requirement
in London. Well, this eager (maybe too eager) real estate broker's juices
started flowing (Papa Duncan would be surprised to know that something
besides Wendy gets me going)!
If you need some quality competition, I have formed a strategic alliance
with Trammell Crow Savills (www.trammellcrowsavills.com) specifically to
pursue Enron's real estate needs in London and elsewhere in Europe.
Trammell Crow Savills was formed in May to create one of the largest and
most experienced full service real estate firms covering Europe,
Asia-Pacific and Australia. I was able to form this alliance specifically
to go after your business because 4 of the top officers at Trammell Crow are
friends of mine. Don Williams (Chairman), Pryor Blackwell (COO), Chuck
Anderson (Regional President) and Mike Lafitte (President Dallas and Blake
Poston's Godfather). In fact, Trammell Crow is hosting a golf tournament in
October that will raise $70,000 for Rise Dallas!
Mike Lafitte is the only one who knows that Enron is the potential prospect.
So, if I have my nose where it does not belong I can shut it down without
any fanfare.
Could there be an opportunity to meet with Enron to sell Trammell Crow
Savills for your London and/or European real estate needs?
It's a long shot, I know. But, I had to take a swing!
Sincerely,
John
John B. Poston
Poston Yoder Commercial Real Estate
10000 N. Central Expwy
Suite 1100
Dallas, TX 75231
214/373-1945 direct
214/363-7585 fax
[email protected] | {
"pile_set_name": "Enron Emails"
} |
Per Mark's earlier emails and conversations, we have 10 govt's/utilities with
masters in place that are approved to trade, with about another 30 currently
being negotiated. The other 30 or so will only be approved to trade when we
get signed masters in place and any other relevant documents related thereto
(like legal opinions). | {
"pile_set_name": "Enron Emails"
} |
Kay/Bill,
Bill says he agrees and accepts our comments to the A&A.
One change required to the Rev 5 document. In Exhibit B, Add item "27)One
additional Human Machine Interface (HMI) per Unit (desktop PC type)"
Include these changes and we can get this done tomorrow.
Thanks,
Lee
-----Original Message-----
From: Shoemaker, Kent (GEAE)
Sent: Thursday, April 26, 2001 12:06 PM
To: Johnson, Lee L (PS, GE AEP); '[email protected]'
Cc: '[email protected]'
Subject: RE: Assignment and Assumption Agreement re: E-Next B/O Contract
w/ GE for MCS as EPC for LVCII.
Here are my comments.
Kent
-----Original Message-----
From: Johnson, Lee L (PS, GE AEP)
Sent: Wednesday, April 25, 2001 8:15 AM
To: Shoemaker, Kent
Subject: FW: Assignment and Assumption Agreement re: E-Next B/O Contract
w/ GE for MCS as EPC for LVCII.
Importance: High
Kent,
Please review and note that this needs to be completed by week's end.
Closing date is 5/1 and I'm out rest of week 5/2-6. We may need some of
Kay's help if we don't like what we see. But let's try to work it out with
Dale Rasmussen first (Enron Portland office).
Lee
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, April 24, 2001 3:58 PM
To: Johnson, Lee L (PS, GE AEP)
Cc: THOMAS CONSTANTINE; [email protected];
[email protected]
Subject: Assignment and Assumption Agreement re: E-Next B/O Contract w/
GE for MCS as EPC for LVCII.
Hello Lee. (I know your thinking - What now!)
As I'm sure you know, we are fast approaching a full notice to proceed on
the LVCII project. One item that we have as part of our EPC contract with
Modern Continental South, is an Assignment and Assumption Agreement whereby
MCS will assume certain responsibilities for (owner), and abide by the
conditions set forth in that agreement. We will ask GE to participate in
that Agreement. I have attached that agreement to this e mail for your
review. Current plans are for a full NTP (Notice To Proceed) to begin
construction on May 1, and we are working hard to be ready for that key
milestone to occur. Your review and concurrence on the draft document
attached below is appreciated.
Please review and contact me should you have any questions.
Sincerely
W. J. (Bill) Williams Jr
Director, Technical Services
Enron North America
(503) 464-8958
(See attached file: GE ASSIGNMENT 173951 CLEAN 0417.doc)
- GE ASSIGNMENT 173951 CLEAN 04171.doc | {
"pile_set_name": "Enron Emails"
} |
----- Forwarded by Tana Jones/HOU/ECT on 11/15/2000 01:22 PM -----
Bradley Diebner
11/15/2000 01:19 PM
To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Debbie
R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT,
Cynthia Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Enron Europe
Global Contracts and Facilities, Enron Europe Global CounterParty, Stephanie
Sever/HOU/ECT@ECT, Bradley Diebner/HOU/ECT@ECT, Stacey
Richardson/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON,
Claudia Clark/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Lisa
Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron,
Trang Le/HOU/ECT@ECT, Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Lee
Munden/LON/ECT@ECT, Tim Davies/LON/ECT@ECT, Karen O'Day/NA/Enron@Enron
cc:
Subject: EOL Credit Responses 11/15/00
Regards,
bd | {
"pile_set_name": "Enron Emails"
} |
YIPPEEE
From: Kathleen Carnahan/ENRON@enronXgate on 05/31/2001 04:16 PM
To: Kay Mann/Corp/Enron@Enron
cc:
Subject: News Flash
Rusty Stevens is going to Entergy (darn, darn, darn). I'll bet they didn't
check his references.
K-
Kathleen Carnahan
Enron North America Corp.
1400 Smith Street, EB 3146d
Houston, TX 77002
Phone - (713) 345-3386
Fax - (713) 646-3037 | {
"pile_set_name": "Enron Emails"
} |
Drew, Steve Harris said this morning that Susan was out today. I will be out
Monday and Tuesday next week. Let me know, if want to meet anyway.
Keith
From: Drew Fossum 12/01/2000 08:30 AM
To: Susan Scott/ET&S/Enron@ENRON
cc: Keith Petersen/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON
Subject: Gallup
Lets talk today, susan. I need to satisfy myself that this is really one of
those "shit happens" situations like everyone seems to believe, rather than a
situation where we may have a cause of action and some $$$ owed to us by
someone. DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 12/01/2000
08:25 AM ---------------------------
Keith Petersen
12/01/2000 08:08 AM
To: Mary Kay Miller/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON
cc:
Subject: Gallup
The note below was a portion of Terry Galassini's Weekly Report. I wasn't
sure if either of you have been a part of the test information.
**Gallup Compressor Station & Mainline Expansion
A field test was completed and initial results indicate a compressor
efficiency around 80 - 82% which is within Cooper's guarantee. A not to
exceed cost of $3 Million was provided to Marketing for station modifications
to facilitate an incremental mainline (West of Thoreau) firm capacity of 10
MMcf/d. Additional work by E&C to fine tune the not to exceed estimate is
targeted for completion by December 8th. The mainline expansion potential is
directly related to Gallup since the discharge pressure must be increased to
970 psig to achieve an additional 10 MMcf/d on the mainline. The San Juan
Lateral firm capacity would remain at 850 MMcf/d. | {
"pile_set_name": "Enron Emails"
} |
_________________________________________________________________
B R E A K F A S T W I T H T H E F O O L
Wednesday, November 15, 2000
[email protected]
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"If winning isn't everything, why do they keep score?"
-- Vince Lombardi
ANALOG DEVICES' STRONG Q4
Circuit maker Analog Devices reported estimate-beating Q4
results yesterday.
By LouAnn Lofton
Integrated circuit maker Analog Devices (NYSE: ADI) reported
fourth-quarter and fiscal year-end results yesterday after the
bell. The company earned $0.54 a share in the fourth quarter,
ahead of the First Call/Thompson Financial consensus estimate by
$0.04. In last year's fourth quarter, Analog Devices earned
$0.20.
Sales for the quarter were up 87% to $806 million from $431
million in the year-ago period. Net income increased to $206.5
million, compared to $73.2 million last year. The company's
gross margin improved during the quarter to 58.6% from 52.2%.
For the fiscal year, Analog Devices earned $588.8 million on
sales of $2.58 billion. In the previous fiscal year, the
company's sales were $1.45 billion, and its net income was
$204.8 million. On a per-share basis, Analog Devices earned
$1.54 a share in fiscal 2000, versus $0.57 in fiscal 1999.
The company also announced yesterday that it will be
repurchasing up to 15 million shares of its common stock.
Currently, there are about 356 million shares of Analog Devices
common stock outstanding. The shares are being bought back for
use in the company's stock option plans, as well as other
employee stock-based benefit plans.
Looking ahead to the first quarter of its new fiscal year,
Analog Devices expects 7-10% sequential revenue growth. The
company sees first-quarter earnings per share to come in between
$0.58 and $0.60 a share. The current consensus estimate for
Analog Devices' first quarter is $0.54. The company says it
believes its revenue growth will be constrained by supply, not
demand.
Analog Devices' President and CEO Jerald G. Fishman said, "Our
first look for the entire year of fiscal 2001 is also very
encouraging. We currently believe that fiscal 2001's revenues
could exceed fiscal 2000's by more than 50%, which would result
in fiscal 2001 revenues of more than $3.8 billion."
_________________________________________________________________
NEWS TO GO
In an SEC filing yesterday, it was disclosed that the man who
has for so long believed in Coca-Cola (NYSE: KO) also apparently
believes at least a little in Pepsi (NYSE: PEP). Warren
Buffett's company Berkshire Hathaway (NYSE: BRK.A) has acquired
about a 1% stake in Tricon Global Restaurants (NYSE: YUM), the
Pepsi spin-off that includes fast-food restaurants Pizza Hut,
Taco Bell, and KFC. Close to 98% of those restaurants serve
Pepsi products. Buffett owns 8.1% of Coca-Cola and is also a
director for the company.
Ford Motor Company (NYSE: F) said yesterday that it will allow
customers ordering new 2001 Explorers to elect to have Goodyear
tires on their vehicles over the standard Firestones. This move
formally allows customers to have the new Explorers delivered
with Goodyear tires, as opposed to switching off the Firestones
for the Goodyears before the purchase. It's estimated that
between 5-10% of Explorer customers have been asking dealers to
change the tires on their new trucks before driving them off of
the lot, thanks to the Firestone recall of 6.5 million tires. In
states where the tire problems were the worst, up to 40% of
customers have been asking for the switch.
E-commerce software company BEA Systems (Nasdaq: BEAS) reported
third-quarter earnings yesterday after the bell. The company's
pro forma net income was $31.3 million, or $0.07 a share. Last
year, the company's pro forma net income was $10.4 million, or
$0.03 a share. BEA beat the consensus estimate according to
First Call/Thompson Financial by a penny. Revenues grew 77% to
$244 million, from last year's $126.5 million.
Optical networking company Sycamore Networks (Nasdaq: SCMR)
announced fiscal first-quarter results after the market's close
yesterday. Sycamore's pro forma net income was $6 million, or
$0.02 a diluted share, for the quarter. Last year, it lost $4.1
million, or $0.02 a share, in the first quarter. The company
earned a penny more than analysts had expected. Revenues grew by
517% to $120.4 million, compared to the year-ago period's $19.5
million.
_________________________________________________________________
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MsgId:
msg-30398-2000-11-15_9-09-57-3299769_2_Plain_MessageAddress.msg-09:14:04(11-15
-2000)
X-Version: mailer-sender-master,v 1.84
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Message-Recipient: [email protected] | {
"pile_set_name": "Enron Emails"
} |
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-----Original Message-----
From: Marianne Long <[email protected]>@ENRON [mailto:IMCEANOTES-Marianne+20Long+20+3Cmarianne+2Elong+40travelpark+2Ecom+3E+40ENRON@ENRON.com]
Sent: Wednesday, September 26, 2001 12:15 PM
To: Hogan, Irena D.
Subject: plz review and approve travel for mims thurston/patrice sept 30 ..non ref..must issue today
AGENT MA/MA BOOKING REF Y57OYX
MIMSTHURSTON/PARTICE L
EB 3186
ENRON CORP
DATE: SEP 26 2001
SERVICE DATE FROM TO DEPART ARRIVE
CONTINENTAL AIRLINES 30SEP HOUSTON TX CHICAGO IL 237P 518P
CO 746 Q SUN G.BUSH INTERCO O*HARE INTL
TERMINAL C TERMINAL 2
SNACK NON STOP
RESERVATION CONFIRMED 2:41 DURATION
AIRCRAFT: BOEING 737-300
SEAT 23F NO SMOKING CONFIRMED MIMSTHURSTON/PA
CAR 30SEP NATIONAL CHICAGO IL
05OCT CONFIRMATION: 312796391COUNT
TELEPHONE: (773) 694-4640
FAX: (773) 694-0074
FULL 4-DOOR CAR AUTOMATIC AIR
RATE: USD230.00WY-UNL MI 46.00XD-UNL MI
RATE QUOTED
BASE RATE: *ZL*USD230.00 BR-5DY
PICK-UP: OHARE INTERNATIONAL AIRPORT, CHICAGO
DROP-OFF: OHARE INTERNATIONAL AIRPORT,
CHICAGO
HOTEL 30SEP HYATT ROSEMONT
01OCT 6350 NORTH RIVER ROAD
ROSEMONT, IL 60018
UNITED STATES OF AMERICA
TELEPHONE: 847-518-1234
FAX: 847 518-0855
CONFIRMATION: HY0015813460
REFERENCE: KIGRACK
SINGLE ROOM
RATE: HFH USD 179.00 PER NIGHT
GUARANTEE GIVEN
ENRON CORP
YOUR HOTELS ARE GUARANTEED FOR LATE ARRIVAL.
TO AVOID BILLING CANCEL BY 4PM DAY OF ARRIVAL.
HOTEL 01OCT MARK TWAIN HOTEL -PEORIA
02OCT 225 N.E. ADAMS STREET
PEORIA, IL 61602
UNITED STATES OF AMERICA
TELEPHONE: 1-309 6763600
FAX: 1-309 6763159
CONFIRMATION: 1471005351
REFERENCE: B1KCOR
SINGLE ROOM KING SIZE BED
RATE: COR USD 95.00 PER NIGHT
GUARANTEE GIVEN
ENRON CORP
YOUR HOTELS ARE GUARANTEED FOR LATE ARRIVAL.
TO AVOID BILLING CANCEL BY 4PM DAY OF ARRIVAL.
HOTEL 02OCT HYATT REGENCY OAKBROOK
05OCT 1909 SPRING ROAD
OAK BROOK, IL 60521
UNITED STATES OF AMERICA
TELEPHONE: 1-630 5731234
FAX: 1-630 5731133
CONFIRMATION: HY0015832477
REFERENCE: ROMPREF
SINGLE ROOM
RATE: ENR USD 162.00 PER NIGHT
GUARANTEE GIVEN
ENRON CORP
CONTINENTAL AIRLINES 05OCT CHICAGO IL HOUSTON TX 200P 435P
CO 547 Q FRI O*HARE INTL G.BUSH INTERCO
TERMINAL 2 TERMINAL C
SNACK NON STOP
RESERVATION CONFIRMED 2:35 DURATION
AIRCRAFT: MCDONNELL DOUGLAS MD-80 ALL SERIES
SEAT 30E NO SMOKING CONFIRMED MIMSTHURSTON/PA
RESERVATION NUMBER(S) CO/UFFKHP
MIMSTHURSTON/PATRICE L S5C0413R1073
CO FREQUENT FLYER COBY391845
ROUND TRIP AIRFARE ** 157.75 ** NON REFUNDABLE
ASSISTANT IRENA HOGAN 853-6143
*******************************************
INTL TVLRS: CARRY SOS WALLET CARD W/ENRON ASSISTANCE INFO
CALL SOS MEDICAL EMERGENCY:IN U.S 800 523-6586
CALL SOS MEDICAL EMERGENCY:INTL 215 245-4707 (COLLECT)
*********************************************
TICKET IS NON-REFUNDABLE. CHANGES ARE RESTRICTED
AND WILL RESULT IN AN ADDITIONAL COLLECTION.
****************************************************
.............NEW FAA REQUIREMENTS.............
CHECK IN AT LEAST 2 HOURS PRIOR TO FLIGHT DEPARTURE
FOR DOMESTIC, 3 HOURS FOR INTERNATIONAL. NO CURBSIDE CHECK IN.
BOARDING PASS REQUIRED TO GO THROUGH SECURITY. OBTAIN FROM THE
TICKET COUNTER OR FROM ETKT MACHINES IN THE TICKET COUNTER AREA.
AT THE TICKET COUNTER PRESENT YOUR ETKT PASSENGER RECEIPT OR
ETKT CONFIRMATION ITINERARY FROM THE TRAVEL AGENCY.
**********************************************
ALL FARES ARE SUBJECT TO CHANGE UNTIL TICKETED/PURCHASED
marianne long | {
"pile_set_name": "Enron Emails"
} |
This e-mail was mistakely sent to the "other" Mark Schroeder in Omaha. In
any event, given our discussion yesterday, do we really want to be jumping
through hoops for this Indonesian gas firm. Jane Wilson did mention to me
yesterday that we were pursuing a JV. Is that off or likely to be put off,
given our narrowed focus in Asia/Southeast Asia? thanks mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 09/02/2000
13:45 ---------------------------
Mark A Schroeder@ENRON
09/02/2000 13:39
To: Mark Schroeder/LON/ECT@ECT
cc:
Subject: Regulatory/Commercial Advice Needed by PGN/Indonesia
---------------------- Forwarded by Mark A Schroeder/NPNG/Enron on 02/09/2000
07:39 AM ---------------------------
David Merrill@ENRON_DEVELOPMENT
02/09/2000 07:33 AM
To: Robert Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Jane Wilson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul Adair@ECT,
Christopher B Hunt/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, [email protected], Repit
Suliyono/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marshall Burchard@ECT (bcc:
Mark A Schroeder/NPNG/Enron)
Subject: Regulatory/Commercial Advice Needed by PGN/Indonesia
PGN requires the following soonest:
1. Our comments on their draft Gas Transportation Agreement for
delivery of gas to Singapore. Draft GTA being DHLed to you
by our Jakarta office. They will be supplying some 350MMCF/day
to Singapore by 2002. They need to finish this document this month.
They request us to make suggested changes directly on the
text with comments and explanations shown in the margins.
2. Any papers we have summarizing the principles of gas transportaton
agreements -- including cross-border agreements.
3. Laws/language on third party access to pipelines from other
countries (along with their pros and cons). They
need this to help them draft the thrid party access provisions
for the new Oil and Gas law on which comments are due shortly.
Following is being sent to you by DHL:
4 Copies of the training program on regulatory affairs done for PGN by
NERA last May. [confidential]. This is so you and Jane will know
what PGN already has been taught and not to go over the same ground.
5. Copies of the advice on a regulatory regime for gas provided to PGN
by NERA in 1997 (confidential).
DM | {
"pile_set_name": "Enron Emails"
} |
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