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Then I will speak with Max if appropriate.
tst03
I apologize but we have spoken about a lot of different scopes - it would be helpful to start from a scope on a piece of paper that we both agree upon.
tst03
Just e-mail.
tst03
Thanks Jeff.
tst03
Regards Delainey
tst03
I agree with Jeff - we need to have a more concrete plan and capability.
tst03
Let me know what you want me to do.
tst03
Regards Delainey
tst03
Sounds great!!
tst03
Regards Delainey
tst03
Laura, I would like to congratulate you and your group on a very successful quarter.
tst03
Hats off to the team!!
tst03
Let me know how I can help.
tst03
Please forward to your organization as appropriate.
tst03
Regards Delainey
tst03
Thanks Mike - great job on the 2000's and the recovery at Doyle.
tst03
Lets together once the accounting is completed and determine what is appropriate in fee to pay.
tst03
Regards Delainey
tst03
Janet, scheduling this is a nightmare - if Ben can't make it you can cover.
tst03
Thanks Dave
tst03
Mike, this looks great - looking forward to seeing your final thoughts.
tst03
Regards Delainey
tst03
Ray, couple of comments: a) Donahue is responsible for the portfolio management function but also incorporate the idea of Jeff being responsible for ENA's "capital book" (ie) managing existing deals and intimately involved in conjunction with Treasury and the various origination groups of which finance transactions get...
tst03
- if so we should also mention this in the note; c) Chuck Ward ( Generation Investments); Don Miller ( Merchant Generation); and d) with regard to commodity structuring ensure it is clear that they will facilitate and structure the highest priority/value transactions across the organization even though they report to J...
tst03
Let me see the final before release.
tst03
Make sure Mark is on side.
tst03
Regards Delainey
tst03
On the fee, let Mike manage he knows my thoughts.
tst03
Regards Delainey
tst03
Guys, any interest?
tst03
Regards Delainey
tst03
Guys, we need to figure this out in the next couple weeks.
tst03
John do you want to take a stab based on manager, director and VP rankings?
tst03
Regards Delainey
tst03
Ray, if Mark does not have any other comments - lets go ahead and send the memo out ASAP.
tst03
Regards Delainey
tst03
Rick, looks like a good start - as per our discussion, this is a very important issue.
tst03
Janet, please assist on the UI front if necessary.
tst03
Regards Delainey
tst03
Jeff, I don't believe the offer I showed you of $39 M is unreasonable.
tst03
In fact the team had recommended $42 M based on a number of measures.
tst03
I see the 6X multiple of annualized Q2 earnings as one of the best measures of the potential value of this company.
tst03
I don't see it in the best interests of Enron to be transferring assets below a reasonable market value between business units.
tst03
You can trust that I will be keeping the Energy Capital Resources team's feet to the fire on the realization of this value if you do not purchase the company.
tst03
If you and Steve can come up with a better indication of value, I will support that transaction.
tst03
Regards Delainey
tst03
Steve, please call Jeff and go through in detail how we got to our valuation of approximately $39 M. Please ensure that this is a reasonable facsimile of value that ENA would accreate over the short to medium term assuming your continued management.
tst03
Let me know where you end up.
tst03
Regards Delainey
tst03
George, it is probably worth speaking to them about the US assets - probably the smaller Virginia sites which are probably less core and may be great brownfield sites.
tst03
I'm not sure we would have an interest in UK coal fired assets.
tst03
I would speak to Sherriff on that one.
tst03
However, I would caution that real value is created through RAPID brownfield development leveraging on Enron's development, electricity, coal and emissions talents.
tst03
For ComEd and Homer City, Mission has already paid up for these assets based on gas being on the margin.
tst03
Now that was before a lot of the run up so it may be worthwhile; however, I think it may be difficult to arb these guys.
tst03
As well, I think it may be difficult to get the asset out of them - I'm not sure that they can turn their strategy or show a loss this quickly from a Wall Street point of view.
tst03
We should probably take a shot at the smaller probably less core Virginia assets.
tst03
Are they in QF, if so there may be upside in the deal from Duran's point of view..
tst03
Dave, given the rise in gas prices and gas being on the margin for a larger part of the load curve, coal assets or coal QF's may be great assets for us from a restructuring and power asset (expansion/brownfield) point of view.
tst03
Have we looked at this?
tst03
Are there many in the market?
tst03
Regards Delainey
tst03
How could coal fired QF's play into your and George's strategy?
tst03
Regards Delainey
tst03
Janet, we have been down the road with these guys before and it was not very pleasant.
tst03
I think it is hightly unlikely that Larry will be coming up with an additional 7FA turbine - but you can call him.
tst03
I'm also starting to think as the LM position starts to get better managed that maybe you and Chris should take the D5's and 7EA's onto your book.
tst03
Something to think about, I am just concerned about your ability to manage more complex deals without some resource availability.
tst03
I think you have to feel pretty good about the LM position first.
tst03
Something to think about?
tst03
Regards Delainey
tst03
FYI
tst03
Richard, I think I am starting to obsess and I really don't want you guys working on this; however, it think that it is very odd that this Griffin guy over an eight week process, two registered letters and a phone conversation does not send a letter or bring up this "Chrome Dreams" issue from 1986 with us until this la...
tst03
This guys sounds a little off.
tst03
Regards Delainey
tst03
Guys, where is Rebox - it seems to have disappeared?
tst03
I assume you guys are working on the accounting issues necessary to book the swaps on the Garden State deal.
tst03
Regards Delainey
tst03
Chris, did we get the DASH completed and approved on Pasotria and LV Cogen?
tst03
Rob, I have not heard what the plan of action is with Moore?
tst03
Rob, what would be the necessary steps needed to book all or some of the Bruce deal in Q3?
tst03
Regards Delainey
tst03
David, I wouldn't do the Brown Bag (too often- too hard to keep doing); I wouldn't do the Social Gathering (too country clubish); I like the Monthly Dinner/Cocktail Hour/Ballgame, etc with the OTC and parts of the management team as a forum to identify talent, give A&A's exposure to the management team and to "sell" EN...
tst03
I would suggest that we make it every two months rather than monthly.
tst03
However, I would have the first one very quickly for the top rated A&A in ENA that are due to rotate soon in order to try and pitch them on staying in ENA - maybe dinner and ballgame.
tst03
For the resource management and coaching part of the program, lets wait until we see where we end up on any possible changes to the program first.
tst03
I assume that you are working on a couple strawmen on possible alternatives.
tst03
Once we have a few ideas, I would like to pitch Whalley, Sherriff and Mark when I get back.
tst03
Lets go ahead and implement above ASAP.
tst03
Regards Delainey
tst03
Wes, we have the following dates set up: a) East Midstream and QF Restructuring - Aug 15; c) Canada Origination - Aug 16; d) West Midstream - Aug 17; e) HPL, LRC and Upstream Origination - Aug 28.
tst03
We are setting up the remainder as we speak.
tst03
I have some final comments on the packages you gave me; however, the color printing will not fax so we need to find time to discuss.
tst03
Please fax the Friday "package" and the final Q2 numbers.
tst03
Regards Delainey
tst03
Jeff, I am not aware of any questions.
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Regards Delainey
tst03
Whats's up with these machines - are we paying for past good luck?
tst03
Regards Delainey
tst03
Rob, please follow up with Dorie she will handle the process for you.
tst03