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A little humor to keep us smiling in these troubled times: Make sure to read the last one.
*************************************** Social Studies: Some Useful Definitions Feudalism You have two cows.
Your lord takes some of the milk.
Fascism You have two cows.
The government takes both, hires you to take care of them and sells you the milk.
Applied Communism You have two cows.
You must take care of them, but the government takes all the milk.
Capitalism You have two cows.
You sell one and buy a bull.
Your herd multiplies, and the economy grows.
You sell them and retire on the income Enron Venture Capitalism You have two cows.
You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows.
The milk rights of the six cows are transferred via an intermediary to a Cayman Island company secretly owned by the majority shareholder who sells the rights to all seven cows back to your listed company.
The annual report says the company owns eight cows, with an option on one more.
- No Balance Sheet provided with the release.
| Useful Definitions |
Summary Risk Data as of 11/14/2001 Active Financial Deals 83 Active Physical Positions 38 P&L Daily ($thousands) 10.8 VaR ($thousands) 137.7 ETS Margin Account Deals 0 Physical deals modeled in the Caminus Zainet system are deals which have some form of price risk, (i.e.
Index to index deals, and anticipated fuel sales) This does not include standard transport or storage agreements.
P&L Daily: Daily change in the mark-to-market (MTM) valuation of all deals being tracked in the Caminus Zainet system.
This includes the origination and changes in value for both the physical and financial sides of hedges, along with any speculative trades and floating unhedged physical positions.
VaR is "Value at Risk": Enron Corp policy defines this as the maximum expected one day loss on the portfolio given a 95% statistical confidence interval.
This number is currently calculated on the Caminus system using a variance covariance methodology, rather than a Monte Carlo simulation per the Enron Corp policy.
More detailed reports are available from the Caminus Zainet risk management system.
Please call Vince Strohmeyer at 713.853.6701 with any questions you may have.
| Daily Summary of Risk Data |
Dorothy: I am dropping you this e-mail at the request of Rod Hayslett and in response to your voice mail message to him concerning the status of the price redetermination under the LNG contract with Duke.
The parties reached settlement on this issue about a week before arbitration.
The new price beginning September 1 is 92.5% of the Equivalent MMBtu Price of No.
6 Fuel Oil less $0.25 per MMBtu.
Of course, the other provisions of the contract, such as the ceiling price, the floor price and the bank provisions, remain.
I trust that makes some semblance of sense.
If you have additional questions, please call.
Jeff
| Duke |
Rod: I took the liberty of summarizing my 14 1/2 years of work at Enron.
Either you can use it in your discussions with Andy or I can (if we feel it becomes necessary).
I get the sense that Andy (and Ben for that matter) may have lost sight of my contributions to the company.
I thought this might help clear up a few things.
I was a little "fuzzy" pre-1992!
I would be more than happy to discuss this with you prior to a meeting with Andy.
Thanks,
| Work History for AF discussion |
The model review meeting on Thursday went well, and the consensus was that = there are many changes to be made to the current Foothills economic model.
= Many assumptions in the current model were challenged by the participant co= mpanies.
Foothills agreed to reflect the suggested changes to the model (An= dy is supposed to send out a summary of the discussion) and provided an ele= ctronic copy of the model for withdrawn partners' review.
Withdrawn partner= s agreed to give their comments/feedback on the model to Foothills until 11= /27/01 and another meeting to reach an agreement on economic model/toll was= scheduled for 12/03/01 or 12/04/01.
The data from economic/toll model will= be used in commercial proposal/presentation to the ANS producers which ANN= GTC intends to have by 12/20/01.
Tim and I will review Foothills' cash flow= and COS model and prepare comments.
Overall, the participants though that the current Foothills model ($0.43/MM= Btu toll for Alaska section) has very aggressive assumptions in many ways, = and it is very likely that the toll will be increased significantly after a= ll the appropriate revisions are made.
The following are the main discussio= n points of the meeting.
Item 1 and 2 are expected to have a very large imp= act on the toll.
1) Capex and Opex need to have annual/monthly escalation (current model has= 0% escalation).
For example, Foothills sensitivity analysis shows that 2.5= % Capex escalation would increase the toll by $0.20.
Numbers such as 1.5% f= or Capex and 2.5% for Opex were thrown during the meeting, but more reviews= need to be done regarding appropriate escalation rates.
Do you have any op= inion on this, Bryan?
2) Foothills is using Flowthrough method (using cash taxes in COS calculati= on) to calculate income taxes that go into the Cost of Service and might be= underestimating Cost of Service.
Tim thought that the Flowthrough method w= ill not fly because of previous cases in which that method was not allowed = by IRS and FERC.
Foothills said that they can still have same toll under No= rmalized tax method by changing the depreciation number, but Tim was concer= ned that it might force the partnership to record negative depreciation.
Fo= othills declined our request to share their Cost of Service model and insis= ted that we calculate the toll ourselves based on the information in the ca= sh flow model.
They agreed to provide a hard copy of their Cost of Service = model in the end, but Tim and I were under impression that Foothills was tr= ying to lower the toll as much as they can.
Tim was also concerned about le= velized toll approach because of FERC might lower allowed return in the lat= er rate cases and more analysis needs to done regradign this.
Please correc= t me if I am wrong here, Tim.
3) OM & A is currently estimated to be 1% of Capex but this might be too lo= w (OM&A in more latest cost estimate by Foothills is approx.
1.5% of total = Capex).
4) The Withdrawn Partners' historical contributions ($228 million) will be = added to the Rate Base, but this might be dropped if necessary.
Success fee= of $40 million should be included in the project budget.
5) Working Capital will be added to the project cost.
The Line Pack cost (1= 4.5 Bcf for the whole section) was assumed to be borne by ANS producers but= some participants highly doubted that that would be the case.
The Line Pac= k gas might have to be bought by the Partnership or the Producers will at l= east demand certain return on their gas sitting in the pipeline for 25 year= s. 6) For Return on Capital and AFUDC, 14% ROE and 8% Interest on Debt assumin= g 30/70 capital structure is likely to be kept.
However, the current drawdo= wn schedule assumes construction financing available from the very beginnin= g, which will not be true.
Certain assumptions should be made on the financ= ial close date and commercial agreement/preliminary determination date to c= alculate AFUDC more accurately.
7) Current financing assumption in the model is a 25 year bank loan with ba= lloon amortization and DSCR of 1.6.
In reality, the initial bank loans will= be of shorter maturity (5-15 years) and certain roll-over financing will b= e unavoidable.
It is also likely that the loans will have multiple tranches= with different terms, interest rate, seniority etc.=20 8) There is significant currency risk associated with Canadian section of t= he ANGTS considering that some sources of capital, revenues and part of ope= rating expenses will be in Canadian dollars.
A mechanis to mitigate currenc= y risk should be in place and there might be some costs associated with it.
9) Property taxes of 2% in Alaska seems high, but Property taxes during con= struction period should be added.
Lastly, there is about $300 million difference ($4,336-$4035) between ETS c= urrent cost estimates and the cost estimate in the Foothills model, excludi= ng IDC and AFUDC.
Another engineering estimate might have to be dome for la= rger pipe size (46 or 48 inch) as noted in Bryan's email.
=20 Thanks,
| Toll Model Review Meeting Updates |
we are scheduling execution of NNG 1st wave and some TW 2nd wave mortgages on sunday afternoon starting at 1:00. planes are scheduled to depart 6:00 am monday morning.
i know we have some questions on the minnesota and kansas tax issues.
these questons would have to be resolved before the mortgages are executed.
signing should take at least 2 hours - 300 instruments to sign.
i can move the signing ceremony til later in the day if that helps...i'll be executing for NNG.
Jen - i would like you there and a notary from your shop.
thx
| Timing - NNG wave 1 |
Because the ETS Commercial Asset Development and Corporate Development functions are being rationalized, the financial and analytical support provided to these functions has been reviewed as well.
As a result, two Associates and one Analyst from the Associate & Analyst program not no longer needed to support these efforts.
Their names have been submitted to Billy Lemmons for reassignment, effective next week.
| Finance, Accounting & Administration staffing |
Rod: As per our phone conversation, the list of information we would like to have follows: 1.
FERC Form 2s for the last three years 2.
Revenue breakdown: Assumptions made for the contracted period, as well as the time period beyond current contracts - firm/interruptible mix and volumes, tariffs for each type of transportation contract A build up from contracts to the revenues in the model would be ideal 3.
As before, compressor gas volumes and assumed sales prices for the projected years 4.
As before, the story as it relates to CERA's view of the world 5.
Explicit calculation of rate base going forward 6.
Employee benefit plan information - funding status, return rates, future liabilities Thanks Rod.
| Transwestern information requests |
I spoke to John O'Shea today regarding Dynegy's continued due diligence for the pipelines.
We have scheduled an all day working session this Thursday beginning at 9:00 am (at Enron Building but room not confirmed).
John will email to me tomorrow his due diligence requests.
In addition to commercial items, he would also like to cover operations and regulatory items.
Please make every effort to attend or designate a representative.
Drew, not sure who we need on the regulatory side?
Thanks,
| Dynegy due diligence |
Dear clients, To summarize Moody's views of the September 11th's impact on global credit quality, we have prepared this special report: a digest of commentary and rating activity during the days and weeks following the attacks on New York and Washington.
We hope you will find this digest to be a useful guide to our current market views.
This digest is also being forwarded to investors who subscribe to Moody's Investors Service publications and research services.
Click the links below to view the publication.
Thank you,
| 9-11 Reports |
Please plan to attend a discussion concerning the Enron Corp exposure to ETS, Tuesday, November 27, 8:30 a.m. to 9:30 a.m.
The areas for discussion will be Pipeline - FERC issues of non-discrimination; Loan Agreement/Covenants; and Partnership Fiduciary responsibilities.
The meeting for the Houston attendees will be in Rod's office EB 4054 and for the Omaha attendees, Jerry's office.
We will make the call to Jerry's office.
If you have any questions.
please advise.
Regards.
| Enron Corp. Exposure - ETS Meeting November 27, 2001 |
Mary Kay and Greg would like to discuss with you the Sublette Compressor station enforcement by conference call on Wednesday, Oct. 24, at 9:30 am.
(approx.
30 minutes).
Please let me know if you are available.
Mary Kay and Greg will call each of your offices.
Thanks
| (Message from Mary Kay Miller & Greg Porter) re: Sublette conference call |
Thanks for the opportunity to vent.
Help could not fix so I decided to see what happened if I went along with the way Bill Gates wants Acrobat to function with IE as opposed to the way David Rosenberg wants it to function.
This solved the problem.
Slaves to Microsoft!
| Fixed. |
As you may know, Transwestern and Northern entered into "corporate separateness" agreements as part of the recently completed $1 billion secured financing.
The gist of those agreements is that the ETS family of companies is subject to new restrictions on their interaction with the rest of Enron.
To assure compliance with these new obligations, I'd like to remove ETS personel from the OPI structure.
I don't have the full slate of officers and directors in front of me, but I do recall that Dave Neubauer took my old job as OPI president, and I believe Mary Kay Miller and several other ETS folks are still officers and/or directors.
Please give me a call at your earliest convenience to discuss.
Thanks.
DF
| OPI |
There will be a meeting for discussion of questions/requests related to above today from 4-6 pm in EB 47C2.
Please make a note of the conference room change.
Participants from Omaha via telephone will be Steve Kirk, Tim Kissner, and Keith Petersen.
Terri Bachand Enron Global Services (713)853-6528
| NNG DUE DILLIGENCE REQUEST MEETING |
As of this morning, the 'executives' are still on schedule to move into the new building on December 14th.
Option 1: Move Stan and Cindy to level 39.
Option 2: Leave Stan and Cindy on 50; Move you, Danny, whomever you and Stan decide to the empty offices on 50.
Also, to consider in an effort to consolidate the Danny McCarty's organization back into more functional environments: Level 30 is currently being used for Disaster Recovery thru year-end.
Levels 31 and 32 are vacant and available to us now.
Both floors are high density (trader desks), approximately 280 desks per floor.
However, these floors present a problem situation for Shelly et al because of Gas Control location.
Level 44 has high density (188 cubes), and would be the fastest and most economical solution to fit Danny/Shelley groups on one floor in the upper stack.
The only down side to this floor is the lack of offices and team rooms -- only 7 offices and 1 large conference room.
My uderstanding is that Jim Fallon is planning to consolidate Broadband on level 44.
Danny McCarty is calling him to inquire about these plans and to discuss the possibility of relocating them to the 30's bank.
| Space Options |
I received a call from Jim Guest at the FERC OCA this afternoon concerning the Enron situation.
He had read the articles and heard the reports.
Wanted to know if bad accounting was the root of the problem.
I advised him that it was bad investments that was the real issue.
He asked about the use of the pipeline assets to pull Enron thru the liquidity crisis.
I gave him a brief overview of the Dynegy cash infusion and the bank revolvers.
He said there was some concern at the FERC that projects we might be proposing may not be able to be funded due to the reduced ability of the pipelines to obtain outside financing due to the securitization of the all the assets.
I indicated that it was my opinion that good investments in pipeline facilities would probably be looked on favorably at Enron these days.
Thought you'd want a quick update.
I haven't advised Drew or Greg Porter yet.
Thought you might want to cover with them.
| FERC Contact Re: Enron Situation Impact on Pipelines |
Re the due diligence request: Historical management financials w comparisons to budget..." = Not Available We have financial comparisions (income) to the most recent current estimate at that time, but not the original budget.
Also, NNG management reports are NOT legal entity, but are "NNG Group", which is inclusive of ENE's investment in Trailblazer and Overthrust.
Our only true legal entity financials are historical comparatives and only prepared quarterly and annually for noteholders, and annually for the FERC (Form2).
Comments??
?
| NNG/Dynegy Due Diligence |
Teleconference Issuer Financial Analysis Under FASB Statement No.
133 Monday, December 3rd, 2001 10:00 AM (New York) 3:00 PM (London) Dear Client: Moody's Investors Service's Priority of Claims/Accounting Standing Committee is pleased to invite you to participate in a teleconference hosted by Patrick Finnegan, Arthur Fliegelman, and Dr. Ashwinpaul (Tony) Sondhi.
The teleconference will consist of approximately 30 minutes of prepared remarks, followed by a question and answer session.
Key highlights of the discussion will include: * Credit and financial analysis issues raised by FAS 133.
* Moody's views on interpreting financial statements under FAS 133.
* Problems and pitfalls of statements issued using FAS 133.
If you wish to participate, please dial one of the following numbers with the password of "Moodys" approximately 5-10 minutes prior to the start of the call: ALL Callers -- 1- 312 - 470 - 0053 password "Moodys"
| Moody's Teleconference - Issuer Financial Analysis Under FASB Statement No. 133 |
Judy, please use the following coding for the HPL/AEP final PGAS payment.
Co 1648 Acct 33605000 Order 700003976.
Please copy Lisa Koerselman on the transaction when completed.
Thanks?cvb Lisa, thank you for your help with this final payment.
| Intercompany charge for final PGAS payment |
Thank you for your patience with us in regards to this meeting.
It has now been rescheduled for tomorrow, November 29, at 1:30 to 2:00PM in ECN 5020.
Please confirm your attendance with me.
Thanks!
| TRAILBLAZER MEETING |
Rod, As I understand it from the last staff meeting we had, you are taking the l= ead (for Stan's group of businesses) in dealing with the many insurance iss= ues we have.
I want to add to the list as follows: -=09Panama: after many months of work with the CPA and adjuster on a claim= of approximately $3.5 million, we are still waiting to receive an advance = payment of $1.5 =09million which was recommended by the adjuster.
The unde= rwriter is simply using delay tactics.
I understand from my team that the = overwhelming conclusion is that =09this will take at least initiating a leg= al procedure.
=20 -=09Dominican Republic: steam turbine claim of approximately $16 million.
= This claim has been sitting with HSB for months.
HSB has simply refused to= recognize any =09of the BI beyond the 90 day deductible.
Several meeti= ngs/conference calls have taken place and our view is that we will have to = apply high leve pressure (potentially =09using Ken Lay's relationship with = AIG) or pursue them legally if we want anything to happen in the near futu= re.
Unfortunately, it appears that due to the absence of a =09cut-through = clause we would have to pursue them in DR courts through the fronting compa= ny.
On top of all this, in securing this year's insurance coverage (which = as =09you know was allowed to expire without notice), we asked that the cut= through clause be dealt with this time around (apparently, this was someth= ing that was =09pursued last year and didn't get done).
We have made the p= ayment of the policy and after being told that the insurer (verbally) appro= ved the cut through, now it =09appears that is no longer the case!
To top = it all off, it looks like we have lost 5% of our underwriting coverage.
In= short, we are about to go to litigation on a $16 =09million claim against = HSB; our current policy still lacks a cut through clause, and we have lost = 5% of our underwriting coverage.
SECLP can hardly afford these =09types of= problems.
-=09Nicaragua: the situation there hasn't changed much.
We are being asked= to pay $1.2 million (for a 70 MW project!)
with a deductible of $5 million= for physical =09damage and 90 days for BI.
Essentially no coverage for a = project of this size.
We are told we should be very happy (!)
to be able t= o have the possibiilty of securing =09this, which, by the way, hasn't even = been fully secured.
Note that this is adding one more plant (with a fairly= clean loss record) to the existing Enron umbrella.
=09Finally, although a= t the beginning we were told that we could cancel at any time with the only= cost being the pro-rata portion of the annual premium, now, upon our =09ve= ry clear request for confirmation of such right, we have yet to receive sam= e. I wanted to make sure that you had this information as we attempt to find s= olutions to our insurance problems.
=20 Thanks=09
| Insurance Difficulties |
Stan has determined NOT to have a Half Day Staff Meeting at this time.
Our next one is scheduled for Wednesday, December 12, from 8:30AM to 1:00PM in 49C2 video conference room.
Please mark your calendars.
| NEXT HALF DAY STAFF MEETING WILL BE IN DECEMBER |
Rod: For the summarized financial info page you gave me: 1) Can we exclude Border and T'blazer from schedule?
2) How can I get the detail behind the revenue and expense line items?
(contracted capacity, rates, etc.)
There appears to be confusion on what lawyers are working on this.
Mark Hadeke appears to be on this for McMahon, Mintz for Global Finance.
Hadeke doesn't want to use V&E for this effort.
May need your help on this one.
call me.
Kevin
| info |
Regulatory Affairs - The Oregon Public Utility Commission today hosted a public hearing in Portland to discuss the impacts of PGE's Oct. 1 price increase.
The hearing was conducted in response to a request by consumer and business interest groups, even though the 11-month long rate case proceedings are officially closed and the OPUC approved PGE's request.
Pamela Lesh, PGE's vice president of Public Policy and Regulatory Affairs, represented the company at the hearing.
Representatives and members of the interest groups - Industrial Customers of Northwest Utilities, Associated Oregon Industries, and Citizens Utility Board - also offered their comments.
Today's hearing is part of a larger campaign by these groups asking for reconsideration of PGE's rate case.
Several weeks ago, the OPUC denied their request to block the implementation of new rates on October 1, 2001.
A second proposal by these groups is a request for reconsideration, in which the OPUC could decide to create a plan to mitigate or defer the price increases over time.
This matter has yet to be decided by the OPUC, but we expect them do deny the reconsideration request.
PGE has stated that a price deferral or "phase-in" approach would not be wise, because it would create millions of dollars in debt that would ultimately cost PGE customers more in the long term.
Beginning this week, all residential and business customers will receive a special mailing from PGE that provides details on how customers can use energy wisely and efficiently.
Retail Loads We're roughly 145 MW behind (Authorized) UE-115 forecast in the last 7 days and 135 MW behind (120 MW behind when adjusted for weather) in the last 30 days, due to significantly weak demand by manufacturing customers (though high-tech held up well) and likely commercial (non-manufacturing) customers.
You may have heard this morning that the U.S. Industrial Production (Index) fell for 12 months in a row, worse since WWII.
Power Supply - This past week we have seen the market continue to creep up slowly.
The daily electric has strengthened mostly off-peak with a slight strengthening on-peak, on-peak has traded mostly around $24 to $25 and off-peak has steadily moved up from $18 to $21.
In the cash electric we have been selling about 100MW on-peak and have stayed out of the off-peak market due to the gas price following the electric for Beaver's dispatch price.
Daily gas we have seen the prices move up to $2.45 Sumas and settled around $2.06 for tomorrow.
This has been moving all around with weather forecasts being part of the driver and threats of storms.
Term electric had climbed slowly this past week with the feeling that we reached the bottom, but has settled back down to last week prices.
Term gas has followed the electric with the prices rising slightly throughout the week then settling down to last week prices.
Overall everything has been very quiet with everything running full out when the dispatch is below the market.
We aren't anticipating any major fluctuation in the coming week that would cause either gas or electric to move dramatically.
All the plants are available and running smoothly.
- El Paso Seasonal Exchange - Negotiations are in process with El Paso on a seasonal exchange in which PGE may take up to 50 MW of Dec01 and Jan02 power in four-hour blocks.
Total energy taken by PGE must be returned in Sep02 in four-hour blocks of El Paso's choice.
El Paso would like to embed a provision for "lending" - commercial terms are being negotiated.
- Intel Blend and Extend - Initial contact with customer has been made and terms are being revised, as requested by Intel.
At Intel's first availability, PGE will meet with them to discuss two products: (1) an "extend and blend" financing of a reduced rate increase and (2) an extend and blend product with financed rate reduction embedded in a collar.
Human Resources - With ?
day's negotiations, Company and IBEW successfully wrapped up negotiations for a 5-year agreement for the 15 employees at our Coyote Plant.
This unusual agreement which is IPP-like in its wording was unchanged through the negotiations process, with a cost-of-living adjustment added plus an increase in the incentive plan of up to 4%.
- In PGE's main agreement covering 900 bargaining-unit employees, a third vote was held Wed., 10/17, with the result 631 employee in favor of the new 3-yr agreement and 174 opposed.
This is a good contract and it brings our negotiation process to a conclusion.
Finance A draft 8-K for PGE is out for final review and approval.
Once this is filed PGE will be able to move forward on a $250 million bond deal structured as a fall away first mortgage.
Current issuance date for these bonds is scheduled for October 31 or November 1.
Enron / Northwest Natural Transaction - Officers of NWN and PGE will meet next week for 2 days to discuss how we work together during the approval process and the plan for the integration activity.
- The regulatory and business people will meet next week (evening meeting while we are at the management meeting) to discuss regulatory strategy for the OPUC filing that will request approval for the transaction.
Paul Kaufman will be included in the discussion along with Dick Reiten, Mark Dodson, Bruce Debolt, Peggy Fowler, Jim Piro, and Pamela Lesh.
- Final draft of the offering memo on the senior credit facility for the financing of the transaction is being circulated for review.
Presentations on the transaction with the potential lead underwriting banks is being scheduled for October 29 and 30th.
- Beginning information exchange and planning for integration with NW Natural's Human Resources department, planning for Day One.
| Weekly Report for PGE |
Rod, We need to make sure Enron Treasury understands the $300 million plus of NEPCO cash will have to flow back in the next year.
I have been involved in two situations where some smart people in the treasury functions did not really understand this impact.
There is more cash to come from the projects, but for the most part that represents the profits and that cash will not really be ours until we have cleared the retainages and LOC's.
If we can get a couple of new projects in NEPCO, we might be able to sustain the balance, but nothing is secure at this time.
Keith
| NEPCO Cash |
Rod, I wanted to confirm with you that it is OK for us to move certain employees to co. 1202 as of Jan. 1, 2002.
I know that we cannot move all the Service Groups, but you had agreed that we could move all the E&C Employees in Jerry Martin's organization to 1202 and a number of the Ops.
Support Services Employees (in Morris's organization) that support all of the pipelines and are NOT mostly dedicated to just one company.
Please confirm so we can work with HR to have these employees moved at year end.
Also, have there been any further updates from regulatory regarding a more encompassing move of employees to one service company?
Thanks, Elaine
| Employee Transfers |
We will be able to attend the Questar Southern Trails data room on Monday and Tuesday (Oct 29th and 30th) as originally planned.
If you only need one day, please let me know which day you'll be attending.
Questar is located at 180 East 100 South, Salt Lake City, Utah.
Our main contacts are Jodi Starley at (801) 324-2082 and Gary Schmitt at (801) 324-2082.
The hours of the data room are 8:00 - 4:00.
They are looking at our data request and working to make sure they can accomodate us.
Also, Engineers available for interviewing are only available on Monday.
Legal staff needed to be interviewed are only available on Tuesday.
If there are other staff that are needed for interviews, please let me know.
Some attendees are staying at the Salt Lake City MARRIOTT SALT LAKE CITY, 75 S. West Temple, Salt Lake City, UT 84101 Phone: 1-801-531-0800 FAX: 1-801-532-4127 for Sunday and Monday nights.
You need to make your own travel reservations and it is advised that you do that as soon as possible.
The Bid for Southern Trails West Leg) is due December 10th.
I show the following people going to the data room: 1.
L.D.
Stephens - Team Leader/Operations 2.
Larry Campbell - Environmental 3.
Larry Gleffe - ROW 4.
Mike Ames - Pipeline Safety 5.
Warren Schick - Property Tax 6.
Bob Chandler - Finance 7.
Stephen Dowd - Corp Dev 8.
Kim Watson - Marketing 9.
Mark McConnell - Marketing Please let me know if this list needs any corrections.
Mark
| Questar Southern Trails Data Room OCT 29 - 30 (Monday and Tuesday) |
Hi Rod, First of all, I want to thank you for your participation on the Houston Ballet Board of Directors.
I hope that you are enjoying it.
In addition to the table that we buy annually, we are also giving Houston Ballet $15,000.
In an effort to leverage that donation, the ballet is giving us 300 tickets to the Nutcracker matinee performance on Saturday, November 24th (the Saturday following Thanksgiving).
We will use 260 tickets for children involved with area non-profits, who might not have an opportunity to otherwise experience the Nutcracker.
The other 40 will be used for Enron employees who will volunteer to chaperone the children.
At noon of that day, we will have a pizza party at the Wortham with many of the Nutcracker characters walking around, meeting the children and reading to them.
Since you are involved with the ballet, we thought we'd see if you'd like to ask your team if they would like to be the volunteers.
Spouses and children (older than 14) are welcome to help, too!
| Nutcracker Volunteer Opportunity |
EAS reviewed a sample of invoices with company codes altered by the end user prior to coding and approval to ensure that the original invoice dates were maintained.
Our testing showed that the fix was effective and the invoice date did not change after October 10, 2001.
Several other issues were uncovered and are described in the draft report.
Attached please find the draft report detailing the results of our testing.
I will contact some of you next week to discuss the recommendations.
Feel free to contact me with any questions or concerns regarding this draft report.
Thank you
| iPayit Invoice Date Changes |
Attached are the discussion notes for the 1:30 PM meeting today (EB-1336) with Dan McCarty and Rod Hayslett.
The "TO: list" will be in attendance, the "CC: list" are unavailable for this meeting.
JNG
| MOPS Summary |
Rod- This is the AA memo they discussed with us last Friday.
I have prepared a package to respond to all the points.
I plan to send it to them tomorrow morning.
I have discussed the package and its contents with Rick and Rodney.
Let me know if you have any questions.
| Wessex Vauation Review |
Hi Rod, I know you will be looking into cost and support issues relating to the services we get from Enron Global Finance.
I am of the opinion that the dedication of a talented Global Finance professional will provide us with a much better work product (service) at a significantly lower cost, if we can get EGF to allocate 100% of the cost of the employee and eliminate their allocation to us entirely.
I would like to suggest that you consider Dan Castagnola as the dedicated resource.
Not only is Dan very familiar with all or a majority of our projects from both the commercial as well as the finance perspective, but in my experience working with him, he is an extremely creative and talented business person.
I would feel very fortunate to have Dan on my team.
Just a recommendation ...
Thanks, Mariella
| Finance Support |
Hi, Jeff.
I have been receiving several inquiries from UH volunteers on the Recruiting List wanting to confirm Nov 12 and 13.
I've been responding that we are waiting to review the resumes to determine the number of people needed to interview and greet.
Most of the volunteers are Manager and above and need to mark their calendars now to avoid scheduling meetings on those days.
Greeters also need to obtain approval from their managers to take a day off with such short notice.
When do you think we'll know for sure the number of volunteers needed?
Also, do you have a need to review the resumes to select the on campus interview candidates?
Thanks in advance for your help.
Tracey x3-3446
| UH Resume Review and On Campus Interviews |
Further to our conversation Friday night...?
?was that Friday?
anyway we have the following needs.
An L/C to Henry petroleum for $1.4 mil.
This app is at Enron and was originally sent to Chase for issuance..now Chase says no.
( this one is getting touchy) New apps being forwarded this morning that need issuing.
Ultramar Diamond Shamrock $15.0 mil Astra Energy Canada $3.3 mil Koch Canada $800,000 Pending: Choctaw II Oil and Gas : $1,0 mill.....we are waiting for the verdict on this one..but don't hold much hope for getting out of it.
Should know this morning.
ALSO;;;;;;;NEED TO HAVE COST NUMBERS ON THESE L/C'S SOME OF THE CUSTOMERS ARE OFFERRING TO PAY FOR THEM BUT WANT A NUMBER
| L/Cs |
During this critical time, it is imperative that our management team remain focused on our business and continue to address the challenges currently facing our company.
For that reason, I have decided to postpone the Enron Management Conference.
The Conference will now be held Friday, February 22 - Saturday, February 23, 2002 at the Westin La Cantera Resort in San Antonio.
While the Saturday meeting allows some Enron executives who cannot be away from the office during business hours to attend the Management Conference for the first time, I also recognize that it requires many of you to forfeit additional personal time on behalf of Enron.
I truly appreciate your sacrifice and I sincerely encourage your attendance.
The new agenda, while still being finalized, will be abbreviated but every bit as informative and worthwhile as previously planned.
We'll be in touch soon with more details.
Regards,
| 2001 Management Conference |
Adam / Stan, I had a follow-up meeting with Gary Fitch regarding Enron Wind's aviation.
Gray indicated the following: Aviation budget number look comparable to operator standards (approx.
$1,900 / hour, 600 hour estimate) The plane has a market value of $1.8 - $2.0 million and a book value of $2.2 million Turbo prop charters for trips to Tehachapi would run in excess of $1,100 / hour and may be limited as there are only two qualified operators The Cessna is the only jet suitable for use to Tehachapi based on runway length and altitude Gary will make a site visit before the end of the year Assuming that of the budgeted 600 hours of operation, only 400 hours would require charter, the cost of charter would approach $0.5 million of the total budget of $1.2 million.
This plus the flexibility of using the plan on longer hauls (e.g., to Houston) make it economically justified.
My recommendation is that based on the current situation, we retain the aircraft.
Tod
| Enron Wind Aviation |
Please note this meeting has now been rescheduled for Thursday, November 15, 2001 from 1:00 - 3:00 PM in EB49C2.
For Omaha participants this meeting will be in OMA 7C2.
Please mark your calendars.
Thank You,
| How are we doing and what are my issues meeting? |
As a member of the Enron Fleet Council, I wish to advise management of the following facts.
Enron Fleet Council Members: Members BU Manufacturer Purchased Number Bruce Martin - Cheri ETS - EOTT DaimlerChrysler 200 Cheri Sublet ETS/EFS Ford 160 Randy Hardenbrook Wind Ford and DaimlerChrysler 50 Jeddy Beasley PGE GM 10 420 As you are aware, Enron realizes savings each year by stacking volumes with the manufacturer's.
ETS and EFS will realize reduced costs by stacking volumes with the manufacturer's during 2002.
Listed below is a breakdown of the difference in costs by manufacturer: If we purchased GM rather than DaimlerChrysler, ETS would pay an additional $524,000 for the same number of vehicles.
If we purchased Ford rather than DaimlerChrysler, ETS would pay an additional $1,036,748 for the same number of vehicles.
Enron Facility Service As indicated above, EFS will only allow the purchase of Ford's for their business unit.
Because they also require most vehicles to be purchased as an emergency, they pay $2,000 to $3,000 per vehicle for "off the lot" purchases.
Because EFS has made a decision to only purchase Ford, their business unit will pay an additional $950,000 to purchase the same number of Fords vs Dodges.
I realize this is a business unit decision, but their choice effects Enron's bottom line.
In addition to increased costs to EFS, all Enron business units suffer due to the reduction in stacked volumes with one manufacturer.
Enron Wind Wind acquires vehicles utilizing a local Ford dealership in California.
Although Wind has participated in the Enron Fleet Council and in some cases, followed the recommendations of the council, their major annual purchase is from Ford.
PGE PGE is not an active participant in the Enron Fleet Council.
Although they participated in past years, have always chosen to purchase GM.
Their spend is relatively low, but effects the total units purchased within Enron.
Maintenance Both PGE and Enron Wind utilize Enron staffed maintenance facilities.
Although the Enron Fleet Council and prior strategic sourcing efforts have pointed out the high cost of these maintenance shops, little has been done toward outsourcing the light duty maintenance.
(oil changes, minor maintenance, tune-ups and tire repair) Because Enron is now organized under EGS, we have an opportunity to support the recommendations of the Enron Fleet Council.
As you are aware, the council recommended purchasing vehicles based upon the manufacturer's incentives and stacking volumes based on total Enron purchases.
We only requested incentives from the manufacturers based on the 300 level because we have such a split of purchasing practices across the business units.
Rather than the 300 level, we would be looking at 450 to 500 with even greater incentives.
We have an opportunity to reduce Enron's overall fleet costs by making a decision to utilize one manufacturer, rather than splitting the purchases between all three manufacturer's.
Because we are now organized under one CFO within Enron Global Services, this may be an opportunity to guide all Enron business units to take advantage of our purchasing power.
This recommendation will be challenged by some business units, but under these challenging times within Enron, any savings in our costs effects the bottom line.
The Enron Fleet Council will collectively offer additional savings based on sound fleet practices, during the next few weeks.
If you have any questions, please don't hesitate to call.
Regards,
| Enron Fleet Council Recommendations VS Reality |
In order for me to effectively represent you at the ETS PRC and for some of you at the Accounting and Finance PRC's I will need some information from each of you.
Please send the following to Kathy Campos who will put it together for me in a book.
1.
Copy of your goals for 2000 and the latest status.
2.
A list of accomplishments/things you are proud of this year, specifically indicate any involvement in the Associates/Analysts Program or the Recruiting Program.
3.
Copy of a Self Evaluation you completed in the PEP System.
4.
Your Supervisor will provide me with a Copy of a Preliminary Evaluation.
I will need these by the 29th of November for those in the accounting and finance ranks.
For all others I will need the input for the 13th of December.
| Year End Ratings |
I would like to have the dollars subdivided into pools for each of my direct reports with about 10% of my pool reserved for my use.
Can you help me with this?
I also understand that we are doing a handoff from Ben to Shanna for my support point, therefore I am sending this to both of you.
For Ben: Where are we on the job description I sent
| PBAs |
Brasher Excellent Clements Strong Fenstad Satisfactory These are my thoughts based upon general knowledge of the year and some specifics for the last few months.
A short discussion with Phil might lead me to believe that he would think I might be being too generous on Dave.
What are your thoughts?
| Ratings |
FYI.
This close date is of large significance to GPG as we are going to be asking management to wait an extra week for monthly info that ties out to the financials.
This variance from what we thought was a "Common Design" is a huge deal, in fact the agreed upon close timing was a major consideration in getting agreement within GPG to go forward as it was an improvement that we could see had value.
I agreed to and "stacked hands" with all on the "Common Design", yet somehow there has been a failure to deliver the "Common Design".
I just want to make sure that the two of you are aware of my position on this issue.
| Risk Document Information |
Afternoon, Enclosed is an amended worksheet for Ineos Acrylics Inc. We sent a draft under a different name a couple of months ago.
This entity will be guaranteed by the ultimate parent as described in the worksheet.
Please prepare this draft and forward to Eric and Graham at Ineos, with a copy to me.
Give me a call with any questions.
Thanks,
| Ineos Acrylics |
Marie, What is the threshold for an eligible contract participant for an entity?
Is it $5MM?
I have a New Zealand counterparty who would like to delete the eligible contract participant rep. All here is pretty spooky - we are just waiting for the hammer to drop!
| Eligible Contract Participant |
Marie - per our conversation yesterday afternoon, attached are proposed drafts of the Schedule and the Para.
13 relative to the above.
Having spoken with Dennis Goldmann, I am advised that there are currently 2 Guaranties in place in the sum of $8M each: one by Niagara Mohawk Holdings Inc f/b/o Enron, and one by Enron Inc. f/b/o Niagara Mohawk Energy Marketing.
I am told that our respective credit departments want to raise the credit lines to $10M for each party, but to effect that we will have to modify the existing Guaranties accordingly.
Let me know if this is your understanding, as well.
After you have had the chance to review the attached, please send me a marked-up draft and we can discuss our concerns from there.
| ISDA between Niagara Mohawk Energy Marketing, Inc. and Enron Power Marketing, Inc. |
I thought you might be interested in knowing that effective 11/30/01, the SFA will cease to exist.
A new UK law on financial services becomes effective at that time and the SFA's regulatory powers will be transferred to the Financial Services Authority.
According to Jonathan Marsh, new FSA rules will be similar but not identical to the SFA rules.
| SFA and FSA (Financial Services Authority) |
Sarah: Per my voice mail, attached is the "draft" guaranty for FIMAT (you have a hard copy).
I can't remember if I marked any other changes on ;your version that are not in the attachement.
I would let FIMAT know that Soc Gen just signed this version (except for the cap) in December, 2000.
I have a copy of it in my futures agreement file.
If you need any help finding this while I'm out, please call Marie Heard at X 33907.
| Enron Corp. FIMAT guaranty |
Justin & Paul, We are seeking your sign-off and assistance in connection with a swap termi= nation transaction that is part of an equity sale transaction that is prese= ntly set to close this Thursday.
The good news is that the documentation h= as been substantially negotiated by a number of internal and external lawye= rs (in connection with the equity sale deal) and the swap termination deal = terms have been discussed and blessed by Gary Hickerson's team in Houston.
The background and basics of the deal are as follows: In March 1999 Enron Capital & Trade Resources International Corp. ("ECTRI")= entered into a long-term interest rate swap with Greenfield Shipping Compa= ny Limited ("GSCL") in connection with GSCL's project financing of a 135,00= 0 cbm LNG tanker.
The swap was documented by way of an ISDA Master Agreeme= nt (Multicurrency--Cross Border) and related Confirmation (Deal No.
M148198=
| ECTRI-Greenfield Shipping Interest Rate Swap |
Marie: Please add this to the list.
This is a priority with Louise.
I can work on this.
Please ask Jay to do a list of relationships as soon as possible.
| J Aron Master Netting Agreement |
Marie, Just wanted to drop you a line and check and see if this is a good e-mail address.
I haven't sent you any corny jokes in a while.
Love, your older adopted brother, Carroll
| e-mail update |
Thought you might like to have Grant's mailing address for card or note while he is in Bethesda for surgery.
He really appreciates getting mail.
We will be there from December 1st thru December 18th with Grant's surgery scheduled for the 6th of December.
Grant Wilborn National Institutes of Health Building 10, BW Nursing Unit 10 Center Drive Bethesda, Maryland 20892
| Grant's Mailing Address - NIH |
Mary and Marie: Here is the list of priority agreements.
Let me know which ones we are waiting on credit to proceed further.
TXU Coral Williams El Paso Calpine Mirant
| Master Netting priorities |
Sara, We sent you a copy of the prior SNL agreement.
Selena confirmed with Gary today that he wants to go forward.
The cost is $5,000 a year.
sg
| SNL |
Just to let you know I received the documents this morning.
Once Rob Milnthorp has signed them, I will let you know when I courier them out to you.
Have a great day!
Sharon
| BP Amoco |
Good Morning!
I just received a call from Cheryl.
She was able to get a flight out and will be traveling today.
If you need immediate assistance, please feel free to call.
Thank you.
| Cheryl Nelson - update |
Spoke with Jeff Gollomp who is trying to obtain internal approval for financial trading with one of the operating utilities (as opposed to using the agent).
He anticipates a corporate restructuring which may delay matters.
He understands our allocation concerns.
He inquired about AEP as a comparable type of counterparty but we did not attempt to discuss (and were not at liberty to discuss).
Jeff asked that I wait to hear from him.
By copy of this entry, I am advising Ed Sacks of the status.
Click on this link to view the document in the Financial Trading Agreements database-->
| Cinergy Services, Inc. ISDA with ENA |
Effective Monday, November 19, Mark Haedicke will office in the new building.
His location will be: ECS 06788 (sixth floor, office number 788).
My new location will be ECS 06785 (just outside Mark's office).
Our telephone numbers and fax number will remain the same.
| Move to Enron Center South |
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| Delivery Status Notification (Relay) |
Marie, Will you please keep me in the loop about information on Master netting agmts.
(list of masters, who is working on them, status, ect.)
Thanks,
| Master netting agmts. |
Noble Relationship - Parent is Noble Affiliates, Inc. Noble Gas Marketing Inc. Financial Products with ENA (ISDA 96016637) Physical Gas with ENA (master firm puchase/sale 96001113 Guaranties: Incoming - $45mm from Noble Affiliates, Inc. covering Noble Gas Marketing Inc. benefiting ENA.
Covers financial and physical natural gas, crude oil and other petroleum products.
Outgoing - $10mm covering ENA for benefit of Noble Gas Marketing Inc.
Covers financial products.
Samedan Oil Corporation Financial Products with ENA (ISDA 96009168) Physical Gas with ENA Upstream Company LLC (GTC)
| Master Netting: Noble Affiliates, Inc. |
Attached is a credit worksheet for Cartonajes Estrella.
Jaime would like to send out an ISDA draft to this prospect.
Antonio Vergara is in the process of sending over to you the contact information.
Thanks,
| Credit Worsheet-Cartonajes Estrella |
Dear Marie, I note from your email of 27 August that you were going to get back to us with your further comments once Sara Shackelton returned from vacation in September.
I wonder if you have now had a chance to discuss this issue with Sara and if you have any feed back for me.
Thanks very much for your ongoing assistance in this matter.
Kind regards
| ISDA Master agreement & CSA |
Marie: Can you please send this to the MN Group?
Master Netting Group: I just want to personally thank all of you for all of your hard work the past few weeks in addressing our counterparties' requests for Master Netting Agreements.
We have been able to sign up a number of them as a result of your efforts and have managed to keep certain counterparties from cutting us off in trading.
Thanks again for your efforts and for putting up with one fore drill after another!
Hopefully we all learned alot in the process.
| Misc |
Master Netting Group: I just want to personally thank all of you for all of your hard work the past few weeks in addressing our counterparties' requests for Master Netting Agreements.
We have been able to sign up a number of them as a result of your efforts and have managed to keep certain counterparties from cutting us off in trading.
Thanks again for your efforts and for putting up with one fire drill after another!
Hopefully we all learned alot in the process.
| Message from Carol St. Clair |
Marie, I just spoke to Robert Allen and they are going to send you a retun slip so that the 7 yards can be sent back via UPS without charge.
They have a 17 yard piece that they will ship to you.
I think the Houston show room screwed up the order - because I have a copy of what I sent them in writing - and it says 17 yards.
They have the 17 yards in stock so it shouldn't take long.
Just keep your eyes open for the return tag that they will send you in the mail for the 7 yards.
Ah - the trials and tribulations of home decorating!
| Robert Allen |
Legal - Attached below is an Omnibus Confirm worksheet for BP Capital Energy Equity International Holdings 1, L.P.
Please prepare the appropriate annexes and forward to the financial confirmations group as soon as possible.
Financial Confirms - Upon receipt of the credit annexes from Legal, please send out confirms for the following trades: YJ4705.1 YJ7870.1 YJ4707.1 YJ7870.2 Please note that these trades are currently booked to BP Capital Energy Equity Fund, L.P.
This is, obviously, not the correct counterparty name.
Please correct and send confirmations at your earliest convenience.
Derek and George - I have Global Counterparty setting up this new entity in our systems.
Please ensure that these trades get moved from BP Capital Energy Equity Fund, L.P. to BP Capital Energy Equity International Holdings 1, L.P.
THIS IS CRITICAL.
Margin calculations are dependent on these trades being booked correctly.
While Mike Larsen has been very accomodating, our margin team can not afford to spend time reconciling trades at the present.
Thanks to all for your help.
JRW
| YJ4705.1, YJ4707.1, YJ7870.1, YJ7870.2 |
Legal, Per the request of John Malowney, please prepare an ISDA between Enron North America and West Linn Paper Company.
Kortney Brown or myself are you credit contacts.
Please note that all deals done with this counterparty need to be fully secured.
Thanks,
| West Linn Power Company ISDA request |
Good Afternoon, Enclosed is a worksheet for BP Capital Energy Equity International Holdings 1, LP.
This document should be the same as BP Capital Energy Fund LP and BP Capital Energy Equity Fund, LP, which are industrial masters.
Please forward executable documents to Mike Larson at BP Capital.
Stephanie is currently putting together an omnibus confirm for existing trades done last week, but these will roll up to the master once it is executed.
Give me a call with any questions.
Thanks,
| BP Capital Energy Equity International Holding 1, LP |
Good Afternoon all!
I just received a call from Cheryl detailing that she will be working from home on a project for Frank Sayre.
If you need to reach her you may call her at home at (713)785-6152.
If you need further assistance, please feel free to contact me directly.
Thank you for your attention to this matter.
| Cheryl Nelson - Working From Home |
I was going to bed the other night when my wife told me that I had left the light on in the shed, she could see from the bedroom window.
As I looked for myself, I saw that there were people in the shed taking things.
I phoned the police, but they told me that no one was in his area to help at this time, but they would send someone over as soon as they be available.
I said OK, hung up, and waited one minute, then phoned the police back.
"Hello.
I just called you a minute ago because there were people in my shed.
Well, you don't have to worry about them now because I've shot them all."
Within five minutes there were half a dozen police cars in the area, an Armed Response unit, the works.
Of course, they caught the burglars red-handed.
One of the officers said: "I thought you said that you'd shot them!"
I replied with "I thought you said there was nobody available!"
| The Shed |
Please be advised the attached credit worksheet for AltaGas Services should be put on the High Priority List as their is a potential deal pending with Derek Davies in Calgary.
Please forward draft ISDA with credit terms to Derek Davies for further handling as soon as possible.
Call with questions or comments.
Thanks
| **HIGH PRIORITY** AltaGas Services Inc. CW for ISDA |
Marie/Mary/Carol Set forth below is the list of counterparties with whom I have been involved with regarding the implementation of netting arrangements and the status.
Green represents completed arrangements and red represents those arrangements under progress.
Coastal States Trading- Executed by both parties.
(payment and close-out netting) ConAgra- Executed by both parties.
(Master Crude Oil P&S with CSA) Conoco- Executed by both parties.
(only payment netting) Crown Central- Executed by both parties.
(only payment netting) Louis Dreyfuss- Forwarding our Master Liquids documentation for their review.
(request made for NGL Master Purchase and Sale Agreement) Morgan Stanley- Executed by both parties.
(only close-out netting) Navajo- Requesting Navajo to review our standard payment netting document.
(request for crude oil payment netting) Richardson- Richardson has requested payment netting of invoices for NGL transactions, but may be content to proceed with Master Netting Agreement.
Marie Heard will inform me if I need to carry this forward.
Sunoco- Executed by both parties.
(only payment netting) Unocal- Form of document agreed.
(only crude payment netting) Valero- Executed by both parties.
(only payment netting) Williams- Documents for crude oil payment netting agreed and being prepared for execution.
Jeff Hodge is proceeding with a Master Netting Agreement.
Please let me know if you have any comments or questions.
John
| Status of Agreements |
Enclosed is an ISDA worksheet for Panaco Inc.
They are very interested, as are many right now, in getting an ISDA in place that has netting language between financial transactions and physical gas.
Physical gas is done both at ENA and ENA Upstream Company LLC.
Can we put together such a document?
If there are any questions, please give me a call.
Thanks,
| Panaco, Inc. |
Enron Kids No donation is too small!
Please contact Stephanie Truss, 5-3861, or Martha Keesler, 5-2423, to make a cash donation.
The deadline for making your cash donation is Thursday, December 6, 2001.
EWS Legal Gordon Elementary School Adoption
| Adopt a Kid - Reminder |
Good Morning Sara, I wanted to touch base with you regarding the CSFB 2001 Equity Swap Basket documentation.
Since the last time we spoke here are some of the issues discussed along with some additional recommendations.
1) Finalizing the Master ISDA Agreement with Credit Suisse First Boston (Europe) Limited.
I see that the status is under Credit Review.
2) Definitions: a) Interest Payment Date- should state "3 business days after the Valuation Date" b) Reference Price- amend the phrase "..last regular way trade..." to state "...Official Closing Price..." in (i) and (ii)(b)(iii).
c) Securities- Omit the reference to "Bonds".
The definition should only read: "are the securities specified as such in the Confirmation".
d) Valuation Date (s)- October 15, 2001, November 15, 2001, ... October 15, 2002 3) Section 5.1 (i)- Omit the reference to Bonds.
This section (i) should read: "If a Security pays a dividend or makes another distribution, the payment to be made by the Seller shall be equal to the gross amount of the cash dividend or distribution per share (excluding for the avoidance of doubt any tax credits), as the case may be, multiplied by the Dividend Percentage, multiplied by the Contract Quantity".
We should include a definition for "Dividend Payment Date" to read, "The Equity Payment Date relating to the Valuation Date (s) on which the relevant Dividend Period ends".
We should also include a definition for "Dividend Amount".
The "Dividend Amount" definition should read, "100% of all ordinary cash dividends where; (i) the ex-dividend date occurs during the period from the day following the Trade Date to and including the final Valuation Date and (ii) the date on which the related ordinary cash dividend would have been received by persons who held the Shares comprising the Basket during such period is during the relevent Dividend Period".
I believe we should address Section 5.2 "Potential Adjustment Event".
We should recommend replacing the language similar to the Intra-Period Adjustment language we utilitized in the Enron Credit Confirmation.
Their section allows CSFB to "determine" the provisions of the Intra-Period Adjustments.
CSFB should not have control over determining any additonal payment or adjustment of the Opening Price or Contract Quantity.
The Intra-Period adjustment language is comprehensive in covering all provisions therein.
4) Schedule to Basket Swaps: a) Applicable Interest Rate Cycle: should read "1 month" b) Termination Date: should read "1 year" c) Business Day Convention: should be the standard ISDA "Modified Following Business Day Convention" language.
5) We should also include the Annex structure to be able to monitor the positions held, along with any subsequent adjustments, in the Equity Swap Basket at any time throughout the deal.
Please advise if you like to meet to discuss the documentation in further detail.
Regards,
| CSFB 2001 Equity Swap Basket Documentation |
Marie - ONEOK Energy Marketing and Trading Company, L.P. is interested in possibly pursuing a master netting agreement.
Can you please send them the latest form of agreement for their counsel to review?
The contact there is Don Dunkelberger, Credit Manager.
Email: ddunkelberger@oneok.com Thanks,
| Master Netting general form: ONEOK Energy Marketing and Trading Company |
I am out of the office from Monday 26 November returning on Wednesday 28 November.
Please contact my assistant Nina Edmonds on 0207 783 6739 if you require urgent assistance.
Thanks.
| Out of Office AutoReply: BNP Paribas Master Netting Agreement |
It is my understanding that the companies mentioned above have been amalgamated, with Norske Skog Canada Limited retaining the name.
Are you aware that this occurred?
Norske Skog is wanting me to bill Pacifica Paper's swaps under Norske Skog's name going forward.
Please let me know!
Thanks,
| Merger Between Norske Skog Canada Limited and Pacifica Papers Inc. |
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| Delivery Status Notification (Relay) |
Here is the current draft of the Paribas Master Netting Agreement.
We intend to execute this this morning.
The entities and agreements may change prior to execution.
Contact me with any questions.
| BNP Paribas Master Netting Agreement |
Please add (and redline) the applicable signature blocks for all of the entities in the attached and send it back to me.
Also, please clean up the identifier and page number and put one of our identifiers in the agreement.
Thanks,
| BNP MNA |
PLEASE NOTE THAT THE MASTER NETTING MEETING WILL BE AT 11:00 (CDT) RATHER THAN 10:00 AT ECN 791.
SORRY FOR INCONVENIENCE.
Esmeralda, please be sure we keep conference room until 12.
Thanks.
| READ! CHANGE OF TIME FOR MEETING: MASTER NETTING |
Brent, Attached are the templates that we use for our financial power transactions.
As was discussed in the conference call regarding this confirmation review, Diane Anderson will be providing the templates used for our gas transactions as they are maintained by the Houston documentation department.
Please call me if you have any questions.
| Financial Templates |
Sara and Marie, Can you fax the ENA agreement to Bob Georgio, head of Customer Accounts, 212-325-1987, Fax 917-326-8030?
I told him we got the ECT Investments back but have not seen the ENA since 7/6/01, when sent to CSFB, and have not gotten a response from CSFB on inqueries.
He wants to take a look at it.
The other contact I got was Marcel McNeal, 212-538-4415, Prime Broker accounts but we will try Bob Georgio first.
Sheila
| CSFB ENA agreeement |
<<ISDA Schedule: AES Eastern.clean>> <<ISDA Schedule: AES Eastern.red>> <<ISDA CSA P13: AES Eastern.clean>> <<ISDA CSA P13: AES Eastern.red>> Marie - I am an attorney with Troutman Sanders LLP in Washington, DC; in conjunction with Michael Sweeney (TS-DC) and John Varholy (TS-London) I am assisting Tom Spencer and Cathy Barron at AES Eastern in reviewing applicable ISDA documentation they are currently negotiating with Enron.
Attached for your review, please find AES Eastern's mark-up of the ISDA master schedule and ISDA CSA paragraph 13 as originally proposed by Enron.
If you have any questions or concerns, please direct those to Tom Spencer.
Best Regards,
| AES Eastern ISDA documentation |
Hi gang!
Hope all is well with you all.
Just thought I'd give you all an update on our new home, that is if all the inspections go smoothly.
It's in Browns Pt., 4602 41st St. to be exact, it's described as a super clean rambler, new carpet, vaulted ceilings with fireplace in living room, kitchen has nook,island, family rm, big fenced backyard which seems well landscaped to my standards anyway.
It has 3 bedrooms, 2 baths, 2 car garage w/ opener!
We'll be closer to family, friends,Steve's work & hopefully have a better sense of community for Queen Isabel.
We're excited to say that we're just outside Tuscany, which is where a beautiful community lies with $300k & up homes.
Can't wait to have you all over to unpack, clean, paint, babysit & mow the lawn, so mark your calendars for Nov. 30th!
This is also Steve's 34th birthday, hmmmm I think I'll buy him a house, don't ruin the surprise.
Take care, Jennifer
| Our new house |
Deb and Marie, Each of you provided me with a list of authorized confirmation signatories earlier this month.
However, while reviewing the confirmation documentation requested in conjunction with the paper and steel process audit we notice that the individuals listed below were not identified on the lists of authorized confirmation signatories we received.
Could you please verify that the individuals listed below were authorized as confirmation signatories during the period January 1, 2001 through August 31, 2001.
We would greatly appreciate it if we could receive this documentation as soon as possible as we are attempting to complete the process audit by Monday, October 29, 2001.
If you have questions please contact me at X56955.
1.
Greg Hermans 2.
Raymond M. Bowen 3.
Debbie Nicholls 4.
Robert Crane 5.
Brenda Herod 6.
Lisa McClendon Thank you for your time and consideration.
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In such case, you should destroy this message and kindly notify the sender by reply email.
Please advise immediately if you or your employer do not consent to Internet email for messages of this kind.
Opinions, conclusions and other information in this message that do not relate to the official business of my firm shall be understood as neither given nor endorsed by it.
| Paper and Steel |
Marie, Below is the information you requested.
Morgan Stanley: Current ENA account: 038-C12278 Contact: Joe Marovich email address: joseph.marovich@msdw.com mailing address: Morgan Stanley & Company Attn: Joe Marovich 1221 Avenue of the Americas - 28th floor New York, NY 10020 Goldman Sachs: Current ENA account: 002-070076, 002-257830, 033-671710 Contact: Joe Arens email address: joe.arens@gs.com mailing address: Goldman Sachs Attn: Joe Arens 1 New York Plaza - 48th floor New York, NY 10004 Also, for Morgan Stanley Dupe letter you can reference the energy book account # 038-038592 as an example of an account that rolls under the ECT Investments family.
If you need anything else give me a call at ext.
31439.
Thanks,
| Convertible book assignment |
Enclosed is a worksheet for Kerr-McGee Energy Services Corporation.
This worksheet reflects terms to be amended to the current ISDA with the customer.
The credit terms for Enron will remain exactly the same.
Please forward our drafted amendment to M.E.
Booker at Kerr-McGee with a copy to me.
Thanks,
| Kerr-McGee Energy Services Corporation |
Larry Anderson with Carr has called to inquire about ENA financials and an Enron Corp. guaranty.
From an historical perspective, it has always been my understanding that Enron Corp. did not wish to provide guaranties to brokers and we have been successful in that regard with several recent exceptions.
In particular, Enron Corp. provided Carr with a "comfort letter" reciting the corporate "policy of general financial responsibility and interest in seeing that subsidiaries act responsibly."
[letter dated February 16, 1999] Such letter is no longer sufficient to satisfy Credit Agricole which owns Carr.
Joe, I believe that Larry may have already spoken with you.
I don't know if your conversation included discussion of a guaranty.
Please let me know how you would like to proceed.
Thanks.
| Carr Futures, Inc. ("Carr") request for guaranty |
Dear Ms. Heard, On behalf of my colleague Michael Mask, I attach a draft ISDA Schedule and a draft Credit Support Annex for your review.
The terms are subject to CSFB's review of the draft Enron Guarantee that I believe Lissa Rosenthal has discussed with you.
Please forward this Guarantee, along with any comments you may have to the attached, to Michael (212-538-2313) or me.
(Although Michael is negotiating this transaction, he will be out of the office for the next week and I will be the contact in the interim.)
Thank you,
| Draft ISDA Schedule between ECT Investments and CSFB Europe |
Marie, I am working this noon time on your orders.
I received pricing from Schumacher and Kravet and it is half of what you were quoted.
Both are in stock.
The purchase price will be a little more because of freight.
Also, my husband may want me to add taxes - because I am using his tax resale certificate.
I am checking with him and will let you know.
Do you want me to go ahead and place the orders?
I have filled out the application for Robert Allen, but need to get banking information from my husband before I can send it in.
My goal is to have it done by Friday.
It's just been very busy here!
Sorry for the delay!
| Orders |
Agustin Perez is wanting to send out a confirmation for YD9296.1 (currently booked to the old name Petrotemex, S.A. de C.V.) by this afternoon, if at all possible.
Do we have enough "lead time" to get this out today?
Thanks,
| Today's Deal with Grupo Petrotemex, S.A. de C.V. |
Lucy: Following please find our Corporate Lawyers comments to the changes you requested to the Guaranty we are working on: 1.
Recitals.
We do not see why it would be necessary to add that "The Guarantor will directly or indirectly benefit from the Transactions between the Beneficiary and PMI".
Please explain.
2.
Section 1.
Considering that Pemex normally needs 5 business days to request funds in foreing currencies to the Central Bank, we need to change the payment date to be 5 Business Days after receipt of the Payment Demand instead of 3 days.
3.
Section 6.
Jurisdiction.
We think that New York Jurisdiction is a good option and probably the most experienced in terms of derivatives trading, and therefore we prefer to keep the "exclusive" jurisdiction of any federal court sitting in the Borough of Manhattan.
The rest of your comments are acceptable to us.
Carlos Riveroll will be sending you PMI?s comments to the amendment to the MSA, so we can finalize this as soon as posible.
Best regards,
| Pemex Guaranty - Enron |
Hi, Bianca!
Francisco Pinto Leite has asked me to give him a list of all outstanding ISDAs and Deemed ISDAs with Mexican counterparties.
Can you send me a list of the Deemed ISDAs that are still outstanding (either comments received or counterparty has not returned signed copy).
Thanks!
| Deemed ISDAs |
It was so good to get your email and to hear that you are doing "ok".
I think that is a GREAT idea about the dogs, if ya'll get back together.
They would love doggie day care and be soooo tired at night that they would sleep like logs.
I am so glad to hear that your parents are traveling.
what a beautiful time to visit New England..did they drive or fly?
Things are fine here, the house is coming along now and we talked to a landscaper about setting up our acre of yard...hopefully that will happen in the next couple of weeks...WE NEED GRASS THIS YEAR!!!
We spent most of the weekend with Christina and Mitch, they are transferred back to the states in a month....we are all depressed about that, they love it here and don't want to go...but when the military says JUMP, what else can you do???
We all grilled out Sat with Lolo and family, he has his garten looking so??
fine (we all are shocked at what he has been capable of...he built a wooden deck, edged it in stone, filled the whole yard with dirt, planted a full yard of shrubs, etc...THEN he layed a stone driveway and walk way...IT'S BEAUTIFUL!!!
Then on Sun Christina, Mitch and us went to A?manns for lunch and started having aperitiffs..they were so good and we were IN THE MOOD..so we had more, then Herr A?mann treated us all to our favorite schnapps!
We were feeling good by the time we left to go to our building and have MARGARITA'S AND WINE!!!
After sunning and drinking all day we feasted on a fleisch dinner...that was all we had here to eat, so we grilled bauchfleisch, steaks and bratw?rst...WE ATE SOOO MUCH, but we had DRANK SO MUCH THAT WE NEEDED IT, good greasy stuff.
They left about 8pm and we went home to bed.
GREAT DAY!
Wish so bad you could've been here!!!!
Today I worked all morning in the office, went home for lunch and we ate outside on the terrace, then came back to the office and slept in my lounge chair (with Angus in my lap) until Claudia woke me at 4 pm!
Just in time for an appointment I had with one of our vendors over some bills.
the appointment went well, we went home for dinner that Claudia made and now we are back here at the office.
Armin has a bid to get out and Angus needed to walk and visit with his dog friends, since he slept alllll afternoon!
Well, Armin says he's getting finished, so I better go water my flowers outside before he's ready to head home...write me, write me...WRITE ME!!!
Connie
| AW: Morning! |
Just checking how your weekend went?
did you get to spend mother's day?with your mom?
How is she?
Drop me aline when you have time to let me know?how you're doing......
| Morning! |
Happy Birthday to you...
Happy Birthday to you...
HAPPY BIRTHDAY DEAR SCOTT, HAPPY BIRTHDAY TO YOU!
I just wish that I could do or say something that would make it a better day for you.
It would be nice if we could at least go shopping, Home Depot, or Target!
It always helps me to buy some plants or garden stuff when I'm down and I would love to be able to go and do that with you.
But since I can't, I can only send you good wishes and thoughts that your day is somehow a happy one.
Connie, Armin and Angus
| HAPPY BIRTHDAY! |
When I think of how you must feel, it's hard for me to even breath, it must hurt so bad...and I know you must be so very, very sad.
But the greatest thing about the doggies...is that they give everlasting, unconditional love!
Wish I could give you a great big hug too, but I'm sure Mr. Bean and Greta will drown you in love when you get home to them tonight!
What happened, was it some silly little fight or some really big issue?
| AW: AW: I am sooo sorry... |
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