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allen-p/sent_items/385.
|
RE: word file as promised ,
Bob,
The application for the variance states that I applied for a permit on October 29th and was rejected. Do the discussions with the building inspector constitute denial.
Phillip
-----Original Message-----
From: "Robert W. Huntley, CFP" <[email protected]>@ENRON
Sent: Monday, November 12, 2001 11:45 AM
To: Allen, Phillip K.
Subject: word file as promised
- Allen 8855 Merlin lttr.doc << File: Allen 8855 Merlin lttr.doc >>
| 2,374 |
||
allen-p/sent_items/386.
|
,
Steve,
I need help determining how much margin the short options require. My account has a value of around $1,400,000. That includes 750,000 of us treasury notes. I am ready to build a bond ladder of muni's. I need to know how much I can purchase with the funds in this account. Obviously, I don't want to margin the account to invest in fixed income.
Please get back to me soon.
Phillip
| 2,375 |
||
allen-p/sent_items/387.
|
,
Tim,
Have you considered reducing the scope or terminating the Accenture project to conserve cash? Where are we in terms of %complete?
Phillip
|
tim.o'[email protected]
| 2,376 |
|
allen-p/sent_items/388.
|
FW: ,
-----Original Message-----
From: O'rourke, Tim
Sent: Tuesday, November 13, 2001 7:29 AM
To: Allen, Phillip K.
Subject: RE:
Yes I have.
I'm getting all the details on the 4 options I have with the project:
Terminate
Postpone until Q1
Postpone until deal Closure
continue as planned.
When I get this info I'll talk with you about it. We're currently about to end Phase 2 (approx 50% completed).
-----Original Message-----
From: Allen, Phillip K.
Sent: Tuesday, November 13, 2001 9:19 AM
To: O'rourke, Tim
Subject:
Tim,
Have you considered reducing the scope or terminating the Accenture project to conserve cash? Where are we in terms of %complete?
Phillip
| 2,377 |
||
allen-p/sent_items/389.
|
RE: Muni Bond Ladder ,
I would like more detail about how much margin my open positions require and how the muni's are treated with regard to margin. The call's I am short are way out of the money. The only positions that are changing very much in value are the Enron shares I am long and the Enron puts I am short. I would consider closing those positions. I would like to put the maximum possible into Muni's.
Please forward this email to Steve.
Phillip
-----Original Message-----
From: "Sandoval, Julieta" <[email protected]>@ENRON
Sent: Tuesday, November 13, 2001 8:25 AM
To: Allen, Phillip K.
Subject: Muni Bond Ladder
Phillip:
Steve and I are inquiring on the email you sent him. We wanted come up with
a Muni proposal for 1M and take it from there. At this point, we have about
1.3M available but using this full amount would not give us any cushion in
regards to margin. Let us know if the 1M is OK with you; assuming we can
always go in and invest more into the bond ladder.
Julieta Sandoval
Registered Client Service Associate
UBS PaineWebber
1111 Bagby Street, Suite 5100
Houston, Texas 77002
713-654-0275
******************************************************
Notice Regarding Entry of Orders and Instructions:
Please do not transmit orders and/or instructions
regarding your UBSPaineWebber account(s) by e-mail.
Orders and/or instructions transmitted by e-mail will
not be accepted by UBSPaineWebber and UBSPaineWebber
will not be responsible for carrying out such orders
and/or instructions.
Notice Regarding Privacy and Confidentiality:
UBSPaineWebber reserves the right to monitor and
review the content of all e-mail communications sent
and/or received by its employees.
| 2,378 |
||
allen-p/sent_items/390.
|
,
When can we reschedule the meeting regarding phantom stock deferral. Any day except Thursday would work.
Phillip Allen
| 2,380 |
||
allen-p/sent_items/391.
|
RE: ,
I would like to achieve a yield of 5%. I am expecting an average maturity date of 2020.
Since the treasury is only paying 6.25% taxable at 39%, isn't the effective yield only 3.8%? Why wouldn't I move this money to muni's?
Phillip
-----Original Message-----
From: "Matthews, Steven" <[email protected]>@ENRON
Sent: Tuesday, November 13, 2001 9:22 AM
To: Allen, Phillip K.
Subject:
Phillip,
Right now you can use the entire amount in your money market ( approx.
$785,000) for your muni bond portfolio. After the treasury comes due on Jan
31, 2002, you will have another $750,000. You really don't have to worry
about your margin requirements because you still get 80% of the value of
your municipals credited towards marginable securities. So, the bottom
line is 785m right now. Jan 31, 2002 another 750m. One thing to keep in
mind are 28 put contracts you still have out there. Unless you close that
position you will probably get put those.
Let me know how much you want for your Muni Proposal to be for. Also, if
there are any specifics that you want me to consider with your proposal such
as duration, maturity, etc.
Steve
******************************************************
Notice Regarding Entry of Orders and Instructions:
Please do not transmit orders and/or instructions
regarding your UBSPaineWebber account(s) by e-mail.
Orders and/or instructions transmitted by e-mail will
not be accepted by UBSPaineWebber and UBSPaineWebber
will not be responsible for carrying out such orders
and/or instructions.
Notice Regarding Privacy and Confidentiality:
UBSPaineWebber reserves the right to monitor and
review the content of all e-mail communications sent
and/or received by its employees.
| 2,381 |
||
allen-p/sent_items/392.
|
RE: Home Nortel VPN use ,
I am still using my home Nortel VPN access.
-----Original Message-----
From: Grove, Chrissy
Sent: Tuesday, November 13, 2001 8:58 AM
To: Abshire, Scott; Adamik, Darren; Allen, Phillip K.; Arnold, John; Bhagat, Sanjay; Bosco, Eli; Buy, Rick; Cowley, Mark; Cramer, James; Frevert, Mark; Fricker, Charlene; Guadarrama, Michael; Huang, Xiaowu; Imam, Hasan; Jeganathan, Lenine; Jenson, Jarod; Kruleski, Mick; Lavorato, John; Lowry, Jennifer ; Lowry, Phil; Mazowita, Mike; Miller, Beverly; Patrick, Christie; Petzold, Brad; Ratliff, Dale; Tang, Mable; Tycholiz, Barry; Uribe, Carlos
Subject: Home Nortel VPN use
Importance: High
All:
Please verify if you still use your home Nortel VPN access.
Thank you,
Chrissy Grove
Network Security
713.345.8269
| 2,382 |
||
allen-p/sent_items/393.
|
RE: ,
What are the specifics of those bonds are they insured what are they rated? Can you work up a ladder from 2015-2026? Shouldn't I buy more than just one or two issues?
-----Original Message-----
From: "Matthews, Steven" <[email protected]>@ENRON
Sent: Tuesday, November 13, 2001 9:56 AM
To: Allen, Phillip K.
Subject: RE:
You are correct. With your tax bracket a 5% muni would be the equivalent of
an 8.2% taxable yield. I looked at the inventory. Right know we have only
180 bonds of a San Jacinto Community with a YTM of 4.92% maturing 2022.
Also, a Lubbock Texas Heath Facility with a YTM of 5.1% maturing 2023. Let
me know what you think.
Steve
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, November 13, 2001 11:34 AM
To: Matthews, Steven
Subject: RE:
I would like to achieve a yield of 5%. I am expecting an average maturity
date of 2020.
Since the treasury is only paying 6.25% taxable at 39%, isn't the effective
yield only 3.8%? Why wouldn't I move this money to muni's?
Phillip
-----Original Message-----
From: "Matthews, Steven" <[email protected]>@ENRON
Sent: Tuesday, November 13, 2001 9:22 AM
To: Allen, Phillip K.
Subject:
Phillip,
Right now you can use the entire amount in your money market ( approx.
$785,000) for your muni bond portfolio. After the treasury comes due
on Jan
31, 2002, you will have another $750,000. You really don't have to
worry
about your margin requirements because you still get 80% of the value
of
your municipals credited towards marginable securities. So, the
bottom
line is 785m right now. Jan 31, 2002 another 750m. One thing to keep
in
mind are 28 put contracts you still have out there. Unless you close
that
position you will probably get put those.
Let me know how much you want for your Muni Proposal to be for. Also,
if
there are any specifics that you want me to consider with your
proposal such
as duration, maturity, etc.
Steve
******************************************************
Notice Regarding Entry of Orders and Instructions:
Please do not transmit orders and/or instructions
regarding your UBSPaineWebber account(s) by e-mail.
Orders and/or instructions transmitted by e-mail will
not be accepted by UBSPaineWebber and UBSPaineWebber
will not be responsible for carrying out such orders
and/or instructions.
Notice Regarding Privacy and Confidentiality:
UBSPaineWebber reserves the right to monitor and
review the content of all e-mail communications sent
and/or received by its employees.
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at [email protected] and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************
******************************************************
Notice Regarding Entry of Orders and Instructions:
Please do not transmit orders and/or instructions
regarding your UBSPaineWebber account(s) by e-mail.
Orders and/or instructions transmitted by e-mail will
not be accepted by UBSPaineWebber and UBSPaineWebber
will not be responsible for carrying out such orders
and/or instructions.
Notice Regarding Privacy and Confidentiality:
UBSPaineWebber reserves the right to monitor and
review the content of all e-mail communications sent
and/or received by its employees.
| 2,383 |
||
allen-p/sent_items/394.
|
RE: ,
Let's start with $1 million.
-----Original Message-----
From: "Matthews, Steven" <[email protected]>@ENRON
Sent: Tuesday, November 13, 2001 12:49 PM
To: Allen, Phillip K.
Subject: RE:
Phillip:
Just wanted to give you an idea of what's available. Both are insured and
triple A. Depending on how much we want to buy, we would definitely look at
different issues. What I can do is come up with a proposal tomorrow and work
the ladder with the dates you provided below. Just let me know about how
much we want to start off with.
Steve
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, November 13, 2001 2:03 PM
To: Matthews, Steven
Subject: RE:
What are the specifics of those bonds are they insured what are they rated?
Can you work up a ladder from 2015-2026? Shouldn't I buy more than just
one or two issues?
-----Original Message-----
From: "Matthews, Steven" <[email protected]>@ENRON
Sent: Tuesday, November 13, 2001 9:56 AM
To: Allen, Phillip K.
Subject: RE:
You are correct. With your tax bracket a 5% muni would be the
equivalent of
an 8.2% taxable yield. I looked at the inventory. Right know we have
only
180 bonds of a San Jacinto Community with a YTM of 4.92% maturing
2022.
Also, a Lubbock Texas Heath Facility with a YTM of 5.1% maturing 2023.
Let
me know what you think.
Steve
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, November 13, 2001 11:34 AM
To: Matthews, Steven
Subject: RE:
I would like to achieve a yield of 5%. I am expecting an average
maturity
date of 2020.
Since the treasury is only paying 6.25% taxable at 39%, isn't the
effective
yield only 3.8%? Why wouldn't I move this money to muni's?
Phillip
-----Original Message-----
From: "Matthews, Steven" <[email protected]>
@ENRON
Sent: Tuesday, November 13, 2001 9:22 AM
To: Allen, Phillip K.
Subject:
Phillip,
Right now you can use the entire amount in your money market (
approx.
$785,000) for your muni bond portfolio. After the treasury comes
due
on Jan
31, 2002, you will have another $750,000. You really don't have
to
worry
about your margin requirements because you still get 80% of the
value
of
your municipals credited towards marginable securities. So, the
bottom
line is 785m right now. Jan 31, 2002 another 750m. One thing to
keep
in
mind are 28 put contracts you still have out there. Unless you
close
that
position you will probably get put those.
Let me know how much you want for your Muni Proposal to be for.
Also,
if
there are any specifics that you want me to consider with your
proposal such
as duration, maturity, etc.
Steve
******************************************************
Notice Regarding Entry of Orders and Instructions:
Please do not transmit orders and/or instructions
regarding your UBSPaineWebber account(s) by e-mail.
Orders and/or instructions transmitted by e-mail will
not be accepted by UBSPaineWebber and UBSPaineWebber
will not be responsible for carrying out such orders
and/or instructions.
Notice Regarding Privacy and Confidentiality:
UBSPaineWebber reserves the right to monitor and
review the content of all e-mail communications sent
and/or received by its employees.
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant
affiliate and
may contain confidential and privileged material for the sole use of
the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient
(or
authorized to receive for the recipient), please contact the sender or
reply
to Enron Corp. at [email protected] and delete
all
copies of the message. This e-mail (and any attachments hereto) are
not
intended to be an offer (or an acceptance) and do not create or
evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not
be
relied on by anyone as the basis of a contract by estoppel or
otherwise.
Thank you.
**********************************************************************
******************************************************
Notice Regarding Entry of Orders and Instructions:
Please do not transmit orders and/or instructions
regarding your UBSPaineWebber account(s) by e-mail.
Orders and/or instructions transmitted by e-mail will
not be accepted by UBSPaineWebber and UBSPaineWebber
will not be responsible for carrying out such orders
and/or instructions.
Notice Regarding Privacy and Confidentiality:
UBSPaineWebber reserves the right to monitor and
review the content of all e-mail communications sent
and/or received by its employees.
******************************************************
Notice Regarding Entry of Orders and Instructions:
Please do not transmit orders and/or instructions
regarding your UBSPaineWebber account(s) by e-mail.
Orders and/or instructions transmitted by e-mail will
not be accepted by UBSPaineWebber and UBSPaineWebber
will not be responsible for carrying out such orders
and/or instructions.
Notice Regarding Privacy and Confidentiality:
UBSPaineWebber reserves the right to monitor and
review the content of all e-mail communications sent
and/or received by its employees.
| 2,384 |
||
allen-p/sent_items/395.
|
RE: word file as promised ,
Bob,
I turned in the application for a variance yesterday. The hearing will be =
on January 8th. In order to get on the calendar for the Dec 4th hearing, t=
he application had to be in by November 9th. I was under the impression th=
at yesterday was the deadline. Sorry if I dropped the ball. =20
On another note, I spoke to Joe Edwards yesterday and he had some useful su=
ggestions about the addition. It might be possible to move the addition f=
orward and open up the bedroom at the top of the stairs into the new space.=
You could convert the modified bedroom into a media room and use the new =
space for your game/play/music room. Then you could close off the existing=
play room to replace the bedroom lost. Part of the play room that is bord=
ered by the stair rail and looks down to the living room could be used for =
a built in desk with a couple of computers. This way you would not have to=
add a second staircase. The walls needed to convert the playroom to a bed=
room should be minor construction. In the back you could slope the roof un=
til you were within the setback. Then you could place a large dormer facin=
g the back of the property or bring a wall straight up. From the driveway =
the addition would have the same elevation as your drawing but intwould be =
brought forward with a covered parking area below the addition. The kitche=
n and dining room windows would still open to the driveway but they would b=
e more shaded. That is the west side of the house so that might not be a b=
ad thing. Your ideas about opening up the kitchen to the living room or di=
ning room would still be possible. Personally, I think opening the dining =
room would be the better idea.
I don't know if you can visualize this or if you are even interested in exp=
loring anything except your original plan. But I wanted to suggest somethi=
ng in case the variance was not granted. Let me know if you want me to try=
and sketch out these ideas.
Phillip
-----Original Message-----
From: =09"Robert W. Huntley, CFP" <[email protected]>@ENRON =20
Sent:=09Monday, November 12, 2001 11:45 AM
To:=09Allen, Phillip K.
Subject:=09word file as promised
=20
- Allen 8855 Merlin lttr.doc << File: Allen 8855 Merlin lttr.doc >>
| 2,385 |
||
allen-p/sent_items/396.
|
,
Please review. =20
Greg,
After making an election in October to receive a full distribution of my de=
ferral account under Section 6.3 of the plan, a disagreement has arisen reg=
arding the Phantom Stock Account. =20
Section 6.3 states that a participant may elect to receive a single sum dis=
tribution of all of the participant's deferral accounts subject to a 10% pe=
nalty. This provision is stated to be notwithstanding any other provision =
of the plan. It also states that the account balance shall be determined a=
s of the last day of the month preceding the date on which the committee re=
ceives the written request of the participant. In my case this would be as=
of September 30th. I read this paragraph to indicate a cash payout of 90%=
of the value of all deferrals as on September 30, 2001. The plan administ=
rators, however, interpret this paragraph differently. Their reading yield=
s a cash payout of 90% of the value for deferrals other than the Phantom St=
ock Account, which they believe should be paid with 90% of Enron Corp. sha=
res in the account as of September 30, 2001. Their justification is that i=
n several places throughout the plan document and brochures it is stated th=
at the distributions of the Phantom Stock Account shall be made in shares o=
f Enron Corp. common stock.
There are two reason that I do not agree with their interpretation. First,=
section 6.3 begins with "notwithstanding any other provision of the Plan.=
" This indicates that any other payout methodologies described in other se=
ctions of the plan which deal with normal distribution at termination do no=
t apply. Second, the language in section 6.3 stating "a single sum distrib=
ution of all of the Participant's deferral accounts" indicates that one pay=
ment will be made not a cash payment separate from a share distribution.
The interpretation of the administrators goes beyond section 6.3. If that =
is the case then section 7.1 should apply. This section does provide for t=
he Phantom Stock Account to be paid in shares. However, it states "The val=
ue of the shares, and resulting payment amount, will be based on the closin=
g price of Enron Corp. common stock on the January 1 before the date of pay=
ment, and such payment shall be made in shares of Enron Corp common stock".=
This would result in approximately 8.3 shares to be distributed for every=
share in the account on January 1, 2001. Although this would be the most =
beneficial to the participants due to the decline of the value of Enron Cor=
p. common stock from $83 to $10 per share, this methodology goes beyond se=
ction 6.3.
The calculations below illustrate the difference in the value and method of=
distribution under each of the three interpretations:
Section 6.3=09=09Plan Administrators=09=09Section 7.1
Number of shares=09=096,600=09shares=09=096,600=09shares=09=09=096,600 shar=
es
Relative share price=09=09$27.23=09=09=09=09=09=09=09$83.13
Phantom Stock Value=09=09$179,718=09=09=09=09=09=09$548,658
10% Penalty=09=09=09-17,972=09=09=09 -600=09=09=09=09-54,866
Value to be distributed=09=09$161,746=09=096,000 shares=09=09=09$493,792
Current stock price=09=09=09=09=09=09=09=09=09$10
Distribution=09=09=09$161,746=09=096,000 shares=09=09=0949,379 shares
I believe my interpretation under section 6.3 is correct and fair. If the =
administrators insist on distributing shares instead of cash then section 7=
.1 should apply. The current interpretation of the plan administrators is =
a hybrid between the two sections resulting in the lowest possible payout. =
=20
In addition to myself, Tom Martin, Scott Neal, and Don Black are facing the=
same issue. I would appreciate your review and consideration of this matt=
er.
Sincerely,
Phillip Allen =20
=09=09=09=09=09=09=09=09=09=09
| 2,386 |
||
allen-p/sent_items/397.
|
RE: Muni Proposal ,
The spreadsheet you sent will not open up and calculate any yields. Can you resend?
-----Original Message-----
From: "Matthews, Steven" <[email protected]>@ENRON
Sent: Wednesday, November 14, 2001 10:35 AM
To: Allen, Phillip K.
Subject: Muni Proposal
Phillip,
I have the proposal for you. Take a look at it and try to respond as soon
as possible. These are bonds in inventory right now that we can buy. So,
if you want this please let me know ASAP.
Thanks,
Steve
<<HS-STEVE MATTHEWS#2.xls>>
******************************************************
Notice Regarding Entry of Orders and Instructions:
Please do not transmit orders and/or instructions
regarding your UBSPaineWebber account(s) by e-mail.
Orders and/or instructions transmitted by e-mail will
not be accepted by UBSPaineWebber and UBSPaineWebber
will not be responsible for carrying out such orders
and/or instructions.
Notice Regarding Privacy and Confidentiality:
UBSPaineWebber reserves the right to monitor and
review the content of all e-mail communications sent
and/or received by its employees.
- HS-STEVE MATTHEWS#2.xls << File: HS-STEVE MATTHEWS#2.xls >>
| 2,387 |
||
allen-p/sent_items/398.
|
RE: Thursday Meeting ,
Mery,
I will not be in the office on Thursday. Can we meet on Friday at 10 am? Try to get a room off the 32nd floor.
-----Original Message-----
From: [email protected]@ENRON
Sent: Tuesday, November 13, 2001 5:54 PM
To: [email protected]
Cc: [email protected]; [email protected]
Subject: Thursday Meeting
Phillip,
We spoke with Ina and scheduled a meeting with you for this Thursday from
10:00 - 11:00 in Room 3267 of the Enron Building.
The purpose of this meeting will be to get your sign-off on the feedback
approach for the simulation. We have outlined, in greater detail than you
and I have previously discussed, what we will provide feedback on and how
we will provide it for each scenario. It will be important for us to get
your input on Thursday because we need to finalize the feedback structure
before we can begin building the course.
If you have any questions, please feel free to call me at Ext. 5-6676.
Mery
This message is for the designated recipient only and may contain
privileged, proprietary, or otherwise private information. If you have
received it in error, please notify the sender immediately and delete the
original. Any other use of the email by you is prohibited.
| 2,388 |
||
allen-p/sent_items/399.
|
RE: new PO available ,
Jim,
I realize you are excited about these post offices. But I really need help analyzing the numbers.
Phillip
-----Original Message-----
From: James Wills <[email protected]>@ENRON
Sent: Wednesday, November 14, 2001 1:38 PM
To: [email protected]; [email protected]
Subject: Re: new PO available
Phillip, Carlos and I will try to respond to your request for a spreadsheet in the next day or two (I'll be at the home office in New Braunfels tomorrow). Meanwhile, I wanted to pass on some news...the Killeen post office probably is gone...I wrote a contract this morning that's now on its way to California for signature. Of course, if you wanted to submit one also, we can do it fairly quickly.
Incidentally, I had the price wrong on Killeen...it's $1,377,550, not $1,360,000.
HOWEVER!! Here's info about another new listing that may be ideal for you; it's a brand new post office at CANYON LAKE, just north of SA, and in a really ideal location to serve all the small communities that surround the reservoir. I have attached a flyer for you...this one, like Killeen, will not be around long because there are other brokers promoting it. I have talked to the postmaster, who tells me that almost all the boxes are gone, and the building is just now ready for occupancy. CPS is connecting over 2200 new power boxes a month in the area. It's really growing. Let me know what you think!!
With best regards, Jim Wills
[email protected] wrote:
> Jim,
>
> I received your email on the Killeen post office. I am still having a
> tough time making the math work. Can you prepare a spreadsheet that would
> show why the post office is such a good investment? Maybe the assumptions
> I am making about interest rates, expenses, or value at the end of the
> lease are incorrect.
>
> Phillip
>
> -----Original Message-----
> From: James Wills <[email protected]>@ENRON
> Sent: Friday, November 09, 2001 4:22 PM
> To: [email protected]; [email protected]
> Subject: new PO available
>
> Phillip,
>
> Hope your trip to Kerrville was worthwhile, and you had a chance to
> check out the Heritage Building.
>
> I am writing to tell you about another post office that has just come
> back on the market...it's in Killeen, and was under contract for about
> 30 days. But one of my clients here who was in a 1031 exchange, and
> had
> designated three post offices with us, could only actually buy two, so
> today he released this one.
>
> The Killeen post office (Harker Heights, a suburb) is one of the best
> we
> have had in our inventory. It was built by a developer who is a friend
> of ours and has been constructing POs for many years. She had to turn
> down two other potential buyers recently because it was under
> contract.
>
> I'm sure it will not last long. I have attached a flyer for you, and
> can
> supply a copy of the lease too. If you are interested, do let me know
> soon...we will need to act quickly! With best regards, Jim Wills
>
> - Harker Heights.doc << File: Harker Heights.doc >>
>
> **********************************************************************
> This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at [email protected] and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
> **********************************************************************
- Canyon Lake, Texas.doc << File: Canyon Lake, Texas.doc >>
| 2,389 |
||
allen-p/sent_items/4.
|
,
Tony,
Here is the completed worksheet. I also attached both a plumbing and an electric worksheet.
I spoke to Steve Chapman with the panel company in Kerrville. He has a complete set of plans plus an engineers drawing of the slab. I let him know that you would swing by and pick them up. He said he knew Mike. As I mentioned, Mark Olguin should also have a complete set. I will arrange for the additional copies to be mailed.
Call with questions.
Phillip
713-853-7041
| 2,390 |
||
allen-p/sent_items/400.
|
FW: ,
Pam please review. I don't want to misrepresent your position to Greg.
Greg,
After making an election in October to receive a full distribution of my de=
ferral account under Section 6.3 of the plan, a disagreement has arisen reg=
arding the Phantom Stock Account. =20
Section 6.3 states that a participant may elect to receive a single sum dis=
tribution of all of the participant's deferral accounts subject to a 10% pe=
nalty. This provision is stated to be notwithstanding any other provision =
of the plan. It also states that the account balance shall be determined a=
s of the last day of the month preceding the date on which the committee re=
ceives the written request of the participant. In my case this would be as=
of September 30th. I read this paragraph to indicate a cash payout of 90%=
of the value of all deferrals as on September 30, 2001. The plan administ=
rators, however, interpret this paragraph differently. Their reading yield=
s a cash payout of 90% of the value for deferrals other than the Phantom St=
ock Account, which they believe should be paid with 90% of Enron Corp. sha=
res in the account as of September 30, 2001. Their justification is that i=
n several places throughout the plan document and brochures it is stated th=
at the distributions of the Phantom Stock Account shall be made in shares o=
f Enron Corp. common stock.
There are two reason that I do not agree with their interpretation. First,=
section 6.3 begins with "notwithstanding any other provision of the Plan.=
" This indicates that any other payout methodologies described in other se=
ctions of the plan which deal with normal distribution at termination do no=
t apply. Second, the language in section 6.3 stating "a single sum distrib=
ution of all of the Participant's deferral accounts" indicates that one pay=
ment will be made not a cash payment separate from a share distribution.
The interpretation of the administrators goes beyond section 6.3. If that =
is the case then section 7.1 should apply. This section does provide for t=
he Phantom Stock Account to be paid in shares. However, it states "The val=
ue of the shares, and resulting payment amount, will be based on the closin=
g price of Enron Corp. common stock on the January 1 before the date of pay=
ment, and such payment shall be made in shares of Enron Corp common stock".=
This would result in approximately 8.3 shares to be distributed for every=
share in the account on January 1, 2001. Although this would be the most =
beneficial to the participants due to the decline of the value of Enron Cor=
p. common stock from $83 to $10 per share, this methodology goes beyond se=
ction 6.3.
The calculations below illustrate the difference in the value and method of=
distribution under each of the three interpretations:
Section 6.3=09=09Plan Administrators=09=09Section 7.1
Number of shares=09=096,600=09shares=09=096,600=09shares=09=09=096,600 shar=
es
Relative share price=09=09$27.23=09=09=09=09=09=09=09$83.13
Phantom Stock Value=09=09$179,718=09=09=09=09=09=09$548,658
10% Penalty=09=09=09-17,972=09=09=09 -600=09=09=09=09-54,866
Value to be distributed=09=09$161,746=09=096,000 shares=09=09=09$493,792
Current stock price=09=09=09=09=09=09=09=09=09$10
Distribution=09=09=09$161,746=09=096,000 shares=09=09=0949,379 shares
I believe my interpretation under section 6.3 is correct and fair. If the =
administrators insist on distributing shares instead of cash then section 7=
.1 should apply. The current interpretation of the plan administrators is =
a hybrid between the two sections resulting in the lowest possible payout. =
=20
In addition to myself, Tom Martin, Scott Neal, and Don Black are facing the=
same issue. I would appreciate your review and consideration of this matt=
er.
Sincerely,
Phillip Allen =20
=09=09=09=09=09=09=09=09=09=09
| 2,392 |
||
allen-p/sent_items/401.
|
FW: ,
Greg,
After making an election in October to receive a full distribution of my de=
ferral account under Section 6.3 of the plan, a disagreement has arisen reg=
arding the Phantom Stock Account. =20
Section 6.3 states that a participant may elect to receive a single sum dis=
tribution of all of the participant's deferral accounts subject to a 10% pe=
nalty. This provision is stated to be notwithstanding any other provision =
of the plan. It also states that the account balance shall be determined a=
s of the last day of the month preceding the date on which the committee re=
ceives the written request of the participant. In my case this would be as=
of September 30th. I read this paragraph to indicate a cash payout of 90%=
of the value of all deferrals as on September 30, 2001. The plan administ=
rators, however, interpret this paragraph differently. Their reading yield=
s a cash payout of 90% of the value for deferrals other than the Phantom St=
ock Account, which they believe should be paid with 90% of Enron Corp. sha=
res in the account as of September 30, 2001. Their justification is that i=
n several places throughout the plan document and brochures it is stated th=
at the distributions of the Phantom Stock Account shall be made in shares o=
f Enron Corp. common stock.
There are two reason that I do not agree with their interpretation. First,=
section 6.3 begins with "notwithstanding any other provision of the Plan.=
" This indicates that any other payout methodologies described in other se=
ctions of the plan which deal with normal distribution at termination do no=
t apply. Second, the language in section 6.3 stating "a single sum distrib=
ution of all of the Participant's deferral accounts" indicates that one pay=
ment will be made not a cash payment separate from a share distribution.
The interpretation of the administrators goes beyond section 6.3. If that =
is the case then section 7.1 should apply. This section does provide for t=
he Phantom Stock Account to be paid in shares. However, it states "The val=
ue of the shares, and resulting payment amount, will be based on the closin=
g price of Enron Corp. common stock on the January 1 before the date of pay=
ment, and such payment shall be made in shares of Enron Corp common stock".=
This would result in approximately 8.3 shares to be distributed for every=
share in the account on January 1, 2001. Although this would be the most =
beneficial to the participants due to the decline of the value of Enron Cor=
p. common stock from $83 to $10 per share, this methodology goes beyond se=
ction 6.3.
The calculations below illustrate the difference in the value and method of=
distribution under each of the three interpretations:
Section 6.3=09=09Plan Administrators=09=09Section 7.1
Number of shares=09=096,600=09shares=09=096,600=09shares=09=09=096,600 shar=
es
Relative share price=09=09$27.23=09=09=09=09=09=09=09$83.13
Phantom Stock Value=09=09$179,718=09=09=09=09=09=09$548,658
10% Penalty=09=09=09-17,972=09=09=09 -600=09=09=09=09-54,866
Value to be distributed=09=09$161,746=09=096,000 shares=09=09=09$493,792
Current stock price=09=09=09=09=09=09=09=09=09$10
Distribution=09=09=09$161,746=09=096,000 shares=09=09=0949,379 shares
I believe my interpretation under section 6.3 is correct and fair. If the =
administrators insist on distributing shares instead of cash then section 7=
.1 should apply. The current interpretation of the plan administrators is =
a hybrid between the two sections resulting in the lowest possible payout. =
=20
In addition to myself, Tom Martin, Scott Neal, and Don Black are facing the=
same issue. I would appreciate your review and consideration of this matt=
er.
Sincerely,
Phillip Allen =20
=09=09=09=09=09=09=09=09=09=09
| 2,393 |
||
allen-p/sent_items/402.
|
RE: BRM Case & Options ,
Yevgeny,
Please send me an email describing the zero option so I can pass it along to the other SME's.
Phillip
-----Original Message-----
From: Frolov, Yevgeny
Sent: Monday, November 19, 2001 10:26 AM
To: Allen, Phillip K.
Cc: McDaniel, Kirk; Coleman, Brad; O'rourke, Tim
Subject: BRM Case & Options
Importance: High
Phillip,
I am following up to our BRM conversation from Friday. Obviously it is a valid questions to ask and as you requested I am attaching two documents: one summarizing the options and 2nd cash flow impact. In the cash flow impact Case 2 & 3 already account for additional cut of 100k from existing cost. (it comes from Expenses such as projected traveling 30K+Cut in Media 20K + Cut in sim exercises 50K) The cut in sim exercises need to be confirmed with you. A total of two sims could be cut one. Accenture will address this question tomorrow during the meeting. Also, I will ask them to cut the meeting by 10 min, thus we can go over the documents and can answer your questions. I am not sure what is Tim's schedule for tomorrow, but at least Kirk and myself will be around.
Obviously cutting sims is not the best options but we are considering all alternatives at this time. We will continue to review how to cut labor and expenses.
One question that it would be good if you think about it before we meet is as follow. Is BRM "core" to the Enron for next few months or new organization? Please consider the costs of finishing this project.
Sincerely,
Yevgeny Frolov
713-345-8250 w
<< File: BRM Cash Flow Cases.xls >> << File: BRM Contingency Numbers Rev3.xls >>
| 2,394 |
||
allen-p/sent_items/405.
|
,
Mike & Tony,
Rather than fill in the design selections, I have attached a spreadsheet that estimates the costs. Since I have spent so much time researching the house, I think my numbers are pretty close.
I would be interested in working with a contractor on a cost plus fixed fee basis. I don't know if this would be agreeable to you. Take a look at the numbers and let me know what you think. If we could work together on this basis, I will complete the design selections. I will make the adjustments necessary to stay within the allowances as we get actual quotes from sub-contractors.
We are torn between two good locations. However, we are leaning towards Kerrville. The lot in Kerrville is substantially more expensive than our lot in San Marcos, so we are really stretched to make this house work financially. We have decided that if we can make Kerrville work within our budget we will go ahead, if not we will fall back to our plan to move to San Marcos.
I don't know how many jobs you have going currently, but if we could reach an agreement we would like to start immediately.
Phillip Allen
713-463-8626
[email protected]
| 2,395 |
||
allen-p/sent_items/406.
|
FW: ,
-----Original Message-----
From: Allen, Phillip K.
Sent: Monday, November 26, 2001 11:10 AM
To: '[email protected]'
Subject:
Mike & Tony,
Rather than fill in the design selections, I have attached a spreadsheet that estimates the costs. Since I have spent so much time researching the house, I think my numbers are pretty close.
I would be interested in working with a contractor on a cost plus fixed fee basis. I don't know if this would be agreeable to you. Take a look at the numbers and let me know what you think. If we could work together on this basis, I will complete the design selections. I will make the adjustments necessary to stay within the allowances as we get actual quotes from sub-contractors.
We are torn between two good locations. However, we are leaning towards Kerrville. The lot in Kerrville is substantially more expensive than our lot in San Marcos, so we are really stretched to make this house work financially. We have decided that if we can make Kerrville work within our budget we will go ahead, if not we will fall back to our plan to move to San Marcos.
I don't know how many jobs you have going currently, but if we could reach an agreement we would like to start immediately.
Phillip Allen
713-463-8626
[email protected] <mailto:[email protected]>
| 2,396 |
||
allen-p/sent_items/407.
|
RE: Summary of Today's Meeting ,
Mery,
Are we scheduled to meet tomorrow at 10 AM? If yes can we change to 2 PM?
Phillip
-----Original Message-----
From: [email protected]@ENRON
Sent: Friday, November 16, 2001 12:22 PM
To: [email protected]
Cc: [email protected]; [email protected]; Frolov, Yevgeny
Subject: Summary of Today's Meeting
Phillip,
Thank you for meeting with us today. I want to take a few minutes to
summarize the decisions that came out of our meeting.
1. Feedback Approach: We will incorporate the ideas and suggestions you
gave us and move forward with this approach.
2. SME Review of Knowledge System Topics: When the time comes for Topics
reviews, we will send you the name of the SME who is responsible for
sign-off on each topic.
3. Conversion and Arbitrage Problems: We will brainstorm ways to
incorporate more problems without going over our 4-6 hour target. We will
meet with you next Tuesday at 10:00 to review the problems as we've
designed them so far and arrive at a solution. (I will send an e-mail
Monday with the room number.)
Have a good weekend.
Mery
This message is for the designated recipient only and may contain
privileged, proprietary, or otherwise private information. If you have
received it in error, please notify the sender immediately and delete the
original. Any other use of the email by you is prohibited.
| 2,397 |
||
allen-p/sent_items/409.
|
RE: PO spreadsheets ,
Jim,
Your spreadsheet shows the same type of return I was calculating. Your insurance and repair numbers seem very low. Also, assuming that the options to extend at higher rates will be exercised is a huge leap of faith. I don't believe these properties cost any where near the $150+/sf that they are being offered at.
Based on the optimistic back loaded returns, I would not be comfortable purchasing a post office at this time. Thank you anyway.
Phillip
-----Original Message-----
From: James Wills <[email protected]>@ENRON
Sent: Tuesday, November 20, 2001 8:56 AM
To: [email protected]; [email protected]
Subject: PO spreadsheets
Phillip,
Hope you are doing well this week, and have great plans for Turkeyday!!
We'll be with family in Austin, and kind of on a maiden voyage in our
'83 Avion that we're upgrading for camping!
Here's a look at three post offices in a slightly different manner.
Remember that the Roma one is about 5 years old, was a 15 yr lease
originally. The other two are new.
The Roma is like buying a savings account. It would be paid off in 10
years, you would reap some cash flow during that period, then the bonus
kicks in after that with the 10 yr. renewals at a higher lease income
after it's paid off. It would probably go beyond another 10 years. Cash
on cash returns don't mean as much on shorter amoritazations like Roma.
We have shown this info and flyers to several people, so do let us know
if you are interested in any of them...I really don't think they will
last long. With best regards, Jim Wills
- new analysis.xls << File: new analysis.xls >>
| 2,398 |
||
allen-p/sent_items/446.
|
FW: ,
-----Original Message-----
From: Ratcliff, Renee
Sent: Friday, November 02, 2001 12:19 PM
To: Allen, Phillip K.
Subject: RE:
Phillip,
This section pertains to terminated employees who are paid out in the year following the termination event. The way the tax law works, the tax basis for your share distribution will be based on the closing stock price the day preceding notification to the transfer agent. As such, we will distribute net shares calculating the proper withholding at fair market value the day prior to notifying the transfer agent. We will be distributing the shares reflected on your 9/30/01 statement (6,606 shares plus cash for fractional shares). If you would prefer to settle the taxes with a personal check, we can distribute gross shares. Please let me know you preference.
As you know, we are in the process of transferring recordkeeping services from NTRC to Hewitt. As such, we have a CPA, Larry Lewis, working with us to audit and set up transition files. He has become our department expert on the PSA account (much more knowledgeable than myself) and the various plan provision amendments. If you would like, we can set up a conference call with you, myself, and Larry to go over the payment methodology. Please let me know a date and time that is convenient for you.
Thanks,
Renee
-----Original Message-----
From: Allen, Phillip K.
Sent: Thursday, November 01, 2001 8:26 AM
To: Ratcliff, Renee
Subject:
Renee,
Thank you for digging in to the issue of Deferred Phantom Stock Units. It is clear that the payment will be made in shares. However, I still don't understand which date will be used to determine the value and calculate how many shares. The plan document under VII. Amount of Benefit Payments reads "The value of the shares, and resulting payment amount will be based on the closing price of Enron Corp. common stock on the January 1 before the date of payment, and such payment shall be made in shares of Enron Corp. common stock." Can you help me interpret this statement and work through the numbers on my account.
Thank you,
Phillip Allen
| 2,403 |
||
allen-p/sent_items/5.
|
,
As discussed on the phone earlier today, please send 5 full sets plus 5 floor plan only sets of my house plan to
Dyal Roberts Custom Homes
260 Thompson Drive
Suite 19
Kerrville, TX 78028
Thank you,
Phillip Allen
713-853-7041
| 2,409 |
||
allen-p/sent_items/6.
|
FW: Regatta, Sea Breeze & Harvard Place Apartments - Austin, TX ,
-----Original Message-----
From: "Stutzman, Chris KWP" <[email protected] <mailto:[email protected]>>@ENRON
Sent: Wednesday, November 28, 2001 4:14 PM
To: '[email protected]'
Subject: Regatta, Sea Breeze & Harvard Place Apartments - Austin, TX
Phillip,
The additional property information you requested on the Regatta, Sea Breeze & Harvard Place Apartments in Austin, Texas has been sent for 10:30 am delivery on Thursday, November 29th via Lone Star Overnight (Airbill # 22146964).
Please call with any questions after your review of the information. We are set up to preview Sea Breeze and Harvard Place on Friday, the 30th at 9:00am starting at Harvard Place.
Thank you,
Chris Stutzman
Chris Stutzman
Marketing Director
Kennedy-Wilson Brokerage Services
5929 Balcones Drive
Suite 100
Austin, TX 78731
(512) 451-5555 Phone
(512) 459-9617 Fax
[email protected] <mailto:[email protected]>
| 2,420 |
||
allen-p/sent_items/7.
|
FW: Please Forward To Keith ,
-----Original Message-----
From: "Darrell Jack" <[email protected] <mailto:[email protected]>>@ENRON
Sent: Thursday, November 29, 2001 11:51 AM
To: Allen, Phillip K.
Subject: Please Forward To Keith
Hey Phillip,
I have gone into travel planning mode and wanted to invite both you and
Keith on a scuba expedition.
Greg, our friend Larry Hudler and I are planning a trip to Fiji January 24th
to Feb. 2nd. All in, the trip should be about $2,000. This includes
Airfare, Condo, Diving, Food, and Drink, and maybe a little more drink.
Let me know if either of you can attend.
Darrell
| 2,431 |
||
allen-p/sent_items/8.
|
RE: Please Forward To Keith ,
Thanks for the invitation. Keith might have the freedom to go.
Phillip
-----Original Message-----
From: "Darrell Jack" <[email protected]>@ENRON
Sent: Thursday, November 29, 2001 11:51 AM
To: Allen, Phillip K.
Subject: Please Forward To Keith
Hey Phillip,
I have gone into travel planning mode and wanted to invite both you and
Keith on a scuba expedition.
Greg, our friend Larry Hudler and I are planning a trip to Fiji January 24th
to Feb. 2nd. All in, the trip should be about $2,000. This includes
Airfare, Condo, Diving, Food, and Drink, and maybe a little more drink.
Let me know if either of you can attend.
Darrell
| 2,442 |
||
allen-p/sent_items/83.
|
RE: Calpine Plants ,
thanks for the update. This is very useful.
-----Original Message-----
From: Walsh, Kristin
Sent: Tuesday, May 15, 2001 10:51 AM
To: Allen, Phillip K.; Grigsby, Mike
Cc: Tholan, Scott
Subject: Calpine Plants
Importance: High
Phillip,
Below is a brief update on the Sutter Power plant. We expect more information soon on both and will forward it when received. Please let me know if you have any questions.
Sutter Power (500 MW)
They are very close to being complete with all construction
They are currently taking in gas for testing of the plant and the project is expected to be fully on-line July 2nd
All environmental permitting and regulatory hurdles have been completed
Thanks,
Kristin
| 2,446 |
||
allen-p/sent_items/84.
|
,
Jeff,
I received the fax from Velasquez Masonry for $11,000. He is proposing to do work on nine buildings. From the memo from the city it sounds like 33,34,35, and 42 are the units that are at risk for collapse. I don't want to pay for any discretionary work. Also, I am still waiting for a quote from another mason.
I am willing to offer $5,000 toward the repair and removal of rock in return for the release prepared by Jacques. With regard to the utilities I want to have them transferred on Monday the 21st. That will be one month that the utilities have been in my name. It needs to be clear that I will net that month's electric and water against the $5,000 for the rock.
If she is willing to take the money for repairs we should be able to wrap things up immediately. If not we will have to continue negotiations, but the utilities still need to be transferred.
Phillip
| 2,447 |
||
allen-p/sent_items/85.
|
RE: pnw-march1-forecast-gas-update-summary.xls ,
Tim,
Thanks for the update.
-----Original Message-----
From: Heizenrader, Timothy
Sent: Wednesday, May 16, 2001 11:23 AM
To: Allen, Phillip K.
Cc: Belden, Tim
Subject: pnw-march1-forecast-gas-update-summary.xls
Here's the forecast that you asked for, updated for reported actuals, mid-Columbia spill participation and an assumption that the current drastic efforts to refill continue through June 10. Not included is the rumored 400 MW-mo of federal lower Columbia spill that's been considered for the May to mid-June time frame.
| 2,448 |
||
allen-p/sent_items/86.
|
RE: Friday 5/25/01 ,
That is fine
-----Original Message-----
From: Rangel, Ina
Sent: Wednesday, May 16, 2001 2:50 PM
To: Shively, Hunter S.; Allen, Phillip K.; Neal, Scott; Martin, Thomas A.; Vickers, Frank; Tycholiz, Barry; Lagrasta, Fred
Subject: Friday 5/25/01
Deskheads:
I would like to have a 2 hour team building session for the assistants, receptionists, and clerks on Friday 5/25/01. The only thing that will be charged to your cost center is the cost of a lunch brought in for the administrative staff.
I know that the assistants usually are out of here between 12:30 to 1:30 being that this is a Friday before a holiday. I would like to have the session start at 12:30 so that they can still be out of here by 2:30 that day. This would require the phones being on solo pilot starting at 12:30.
Please respond with your approval, questions and/or comments as soon as time permits so I can set everything up this week.
Many thanks,
Ina Rangel
| 2,449 |
||
allen-p/sent_items/88.
|
,
http://www.caiso.com/SystemStatus.html
| 2,451 |
||
allen-p/sent_items/89.
|
RE: California Update 5/22/01 ,
Kristin,
Have you seen any studies associated with the opinions that the $12B is not enough. I would like to see some calculations that multiply the net short by the power cost and compare that to the amounts collected through rates.
Phillip
-----Original Message-----
From: Walsh, Kristin
Sent: Tuesday, May 22, 2001 12:02 PM
To: Lavorato, John; Kitchen, Louise
Cc: Allen, Phillip K.; Belden, Tim; Dasovich, Jeff; Gaskill, Chris; Grigsby, Mike; Heizenrader, Timothy; Kaminski, Vince J; Kean, Steven; Milnthorp, Rob; Presto, Kevin; Ribeiro, Claudio; Shapiro, Richard; Steffes, James; Tawney, Mark; Tholan, Scott; Whitman, Britt; Will, Lloyd
Subject: California Update 5/22/01
PLEASE TREAT AS CONFIDENTIAL
A source had a meeting today with California state treasurer Phil Angelides. Here are the main points from their conversation
1. Anglelides Certain that SoCal Will Go Bankrupt
Corroborating our line over the past four months, Anglelides stated with confidence that SoCal would go bankrupt and that "he was surprised they hadn't already." He noted that the only reason they haven't yet is that "they were too stupid to ring-fence the parent" and that "their two biggest equity holders were screaming not to do it."
He added that the Davis/SoCal MOU is dead and that all the "Plan B's" are "speculative" at best. He also thought that SoCal was being "naive if they thought they would get a better deal from the legislature than from the bankruptcy court."
2. Bond Issuance- $12B Not Enough
Angelides conceded that a $12B bond issue would not be enough to buy power for the summer and that the true costs would probably be $18-24B. The only reason they didn't issue more is that Angelides felt that "$12B was all the market could handle." The current game plan for bonds assumes an average peak price for power of $400/MWh, which Angelides said explains the difference between his estimates and the higher estimates from State Comptroller's Kathleen Connell's office.
3. New Generator Construction
Anglelides was explicit that the California Public Power Authority (authorized by the legislature last week) will "build plants and not stop until we [California] has a 10-15% capacity cushion above expected demand. Angelides expects the state to be "5-10% short on power all summer."
| 2,452 |
||
allen-p/sent_items/9.
|
,
Phillip Allen
Home 713-463-8626
Cell 713-410-4679
Remember to fax a copy of the term sheet to John Butler. (fax: 212-450-4800)
| 2,453 |
||
allen-p/sent_items/90.
|
,
Adrianne,
Last night I spoke to two potential candidates for the trading track, Emil Carlsson and Thomas Considine.
Emil is currently tutoring at Hofstra after leaving an option trading position. I would recommend bringing Emil to Houston for further interviews based on his technical knowledge. The biggest drawback was his current situation might show a lack of motivation.
Thomas was working as an equity market maker. He is interested in making a change to a job where he can develop more expertise. He is seeking to develop a better understanding of the market he trades. The trading track would be an excellent match for his desires. I would also recommend bringing Thomas to Houston for further consideration.
Phillip
| 2,454 |
||
allen-p/sent_items/91.
|
,
John,
Managing VAR limits is essential and P&L Penalties are a great way to achieve this. However, we need to find a way to impliment this method while minimizing negative side effects such as: (1) discouraging aggressive trading; and (2) significant morale reductions caused by penalties which do not fit the crime.
I still disagree with the $1 Million fine for such a minor violation of our VAR limit. The punishment does not fit the crime. What message are you trying to send? The message being received is that we should trade less aggressively and leave several million dollars of headroom at all times. Also locations such as Socal, Malin and PG&E should be avoided due to limited liquidity and potential volatility spikes. I know these are not your intended messages.
I realize you have given the west desk significant leeway in the last few months regarding VAR. We have been making excellent progress towards VAR reduction in an environment in which the VAR calculation and tolerance are constantly changing. My suggestion for implementing a VAR control system that provides for penalties but gives traders room to probe for maximum VAR utilization is a warning for minor breaches (<$500,000) and penalties for violation of two or more consecutive days or initial violations greater than $500,000. The amount of the penalties should be documented in advance and should increase with the amount of the violation.
Please consider these suggestions. We want to play by the rules, but the rules need to be fair and known in advance. Also, we are willing to accept these policy revisions retroactively and forget about the $1 million from this morning.
Phillip
| 2,455 |
||
allen-p/sent_items/92.
|
RE: SoCAl says not enough gas this summer ,
Sue,
Tim Belden forwarded this message to me. Can you please add Mike Grigsby, Keith Holst, Frank Ermis, and myself to your email distribution list. We are all holding significant gas positions in California and are greatly affected by any gas or power developments withing the state.
With regard to Socal's comments, do you have any additional information? This is quite a 180 from the presentations that Socal has been giving to the CPUC and at other forums. Until now they have been consistently stating that they will have plenty of gas.
Phillip
-----Original Message-----
[Mark Hall]
From: Belden, Tim
Sent: Wednesday, May 23, 2001 4:31 PM
To: Allen, Phillip K.
Subject: FW: SoCAl says not enough gas this summer
-----Original Message-----
From: Mara, Susan
Sent: Wednesday, May 23, 2001 4:25 PM
To: Comnes, Alan; Benevides, Dennis; Bresnan, Neil; Black, Don; Foster, Chris H.; Whalan, Jubran; [email protected]; Hall, Steve C.; [email protected]; Alonso, Tom; Alvarez, Ray; Badeer, Robert; Belden, Tim; Crandall, Sean; Driscoll, Michael M.; Fisher, Mark; Guzman, Mark; Heizenrader, Timothy; Mallory, Chris; Motley, Matt; Platter, Phillip; Richter, Jeff; Scholtes, Diana; Swain, Steve; Swerzbin, Mike; Williams III, Bill; Nicolay, Christi; Steffes, James; Perrino, Dave; Walton, Steve; Yoder, Christian
Subject: SoCAl says not enough gas this summer
Just heard this on an IEP call and wanted to pass it along.
SoCal gas has announced that it may have to curtail gas to power plants this summer. SoCal Gas says it has to put gas in storage for winter and may not be able to do that and serve the power plants. Apparently, SoCal is shipping gas to Mexico at the same time. That will not look good to CA politicians.
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
| 2,456 |
||
allen-p/sent_items/93.
|
RE: 1/2 Price Omaha Steaks Sale! ,
Please remove from email.
Phillip Allen
-----Original Message-----
From: [email protected]@ENRON [mailto:IMCEANOTES-editor+40cooking=
[email protected]]=20
Sent:=09Saturday, May 26, 2001 3:45 PM
To:[email protected]
Subject:=091/2 Price Omaha Steaks Sale!
This message was not sent unsolicited. Your email has been submitted and ve=
rified for opt in promotions. It is our goal to bring you the best in onlin=
e promotions. =09 =09
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| 2,457 |
||
allen-p/sent_items/94.
|
FW: Action Requested: Past Due Invoice ,
-----Original Message-----
From: <[email protected]>@ENRON [mailto:IMCEANOTES-+3CiBuyit+2EPayables+40Enron+2Ecom+3E+40ENRON@ENRON.com]
Sent: Sunday, May 27, 2001 10:08 PM
To: [email protected]
Subject: Action Requested: Past Due Invoice
Please do not reply to this e-mail.
You are receiving this message because you have an unresolved invoice in your iBuyit Payables in-box
that is past due. Please login to iBuyit Payables and resolve this invoice as soon as possible.
To launch iBuyit Payables, click on the link below:
http://iBuyitPayables.enron.com
Note: Your iBuyit Payables User ID and Password are your eHRonline/SAP Personnel ID and Password.
First time iBuyit Payables user? For training materials, click on the link below:
http://sap.enron.com/sap_doclib/user/file_list.asp?cabinet_id=265
Need help?
Please contact the ISC Call Center at (713) 345-4727.
| 2,458 |
||
allen-p/sent_items/95.
|
RE: The Stage ,
Jeff,
The release that Jacques prepared provides for the payback of any utilities that I have been paying since 4/20. You might mention to them that we need to get the utilities settled up before we pay the $11,000. It might be a good idea to go ahead and have the utilities transferred so we can get the final amount since 4/20.
Also May 20th was supposed to be the 1st payment on the two notes. But I have not received payment on either.
Let's try and wrap this up this week.
Phillip
-----Original Message-----
From: "Jeff Smith" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Jeff+20Smith+22+20+3Cjsmith+40austintx+2Ecom+3E+40ENRON@ENRON.com]
Sent: Tuesday, May 29, 2001 1:51 PM
To: Allen, Phillip K.
Subject: The Stage
The kuo's are having their attorney look at the agreement. They need to
transfer their onwership into a LLP with your consent before they can sign
the agreement. Pauline is contacting the bank for their consent also. You
may need to sign a consent form to transfer the LLP. I will keep you
posted.
Jeff Smith
The Smith Company
2714 Bee Cave Road, Suite 100-D
Austin, Texas 78746
512-732-0009
512-732-0010 fax
512-751-9728 mobile
| 2,459 |
||
allen-p/sent_items/96.
|
RE: Leander ,
Is AMF willing to put up the additional earnest money and acknowledge June 29th as the day they were supposed to close or do they believe they are honoring the contract by closing on July 18th? Of course, I would prefer to close as soon as possible.
I received the fax from the stagecoach. I am willing to pay any small expenses like the phone bill incurred prior to April 20th. What is the status of the release and the utility transfer?
Phillip
-----Original Message-----
From: "Jeff Smith" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Jeff+20Smith+22+20+3Cjsmith+40austintx+2Ecom+3E+40ENRON@ENRON.com]
Sent: Tuesday, June 05, 2001 10:16 AM
To: Allen, Phillip K.
Subject: Leander
The buyer wants to close on July 18 or 19th. According to the contract they
must close one month after all requirements have been met or put up an
additional $25,000 in NON-REFUNDABLE earnest money. The zoning was approved
on May 29.
However, the official zoning designation has not been done yet and may not
be approved until around the 1st of Aug. Give me a call when you get back.
Jeff Smith
The Smith Company
2714 Bee Cave Road, Suite 100-D
Austin, Texas 78746
512-732-0009
512-732-0010 fax
512-751-9728 mobile
| 2,460 |
||
allen-p/sent_items/98.
|
,
Tim,
I know you looked into this before but we are still having issues with Mike Grigsby's access to the west power site. He can view some parts of the website but cannot view the heatrate information under the testing tab. Does he have some sort of reduced access? Our IT (Collin) looked at Mike's access but claimed that it must be on the Portland end. Sorry to bother you with this again, but can you help?
Phillip
| 2,462 |
||
allen-p/sent_items/99.
|
,
Stephanie,
I need to be able to trade US Gas Spreads. Specifically the new west region products spreading malin and pg&e vs. socal. Please make this change and call me back this morning.
Thank you,
Phillip
| 2,463 |
||
arnold-j/_sent_mail/1.
|
re:spreads ,
saw a lot of the bulls sell summer against length in front to mitigate
margins/absolute position limits/var. as these guys are taking off the
front, they are also buying back summer. el paso large buyer of next winter
today taking off spreads. certainly a reason why the spreads were so strong
on the way up and such a piece now. really the only one left with any risk
premium built in is h/j now. it was trading equivalent of 180 on access,
down 40+ from this morning. certainly if we are entering a period of bearish
to neutral trade, h/j will get whacked. certainly understand the arguments
for h/j. if h settles $20, that spread is probably worth $10. H 20 call was
trading for 55 on monday. today it was 10/17. the market's view of
probability of h going crazy has certainly changed in past 48 hours and that
has to be reflected in h/j.
[email protected] on 12/13/2000 04:15:51 PM
To: [email protected]
cc: [email protected]
Subject: re:spreads
mkt getting a little more bearish the back of winter i think-if we get another
cold blast jan/feb mite move out. with oil moving down and march closer flat
px
wide to jan im not so bearish these sprds now-less bullish march april as
well.
| 3,034 |
||
arnold-j/_sent_mail/10.
|
re:summer inverses ,
amazing how with cash futures at $1 and the back such a piece that f/g under
such pressure. month 2 has been the strongest part of the board all year.
will be interesting to see what happens when h/j is prompt. could j actually
be strong? seems like of the spreads on the board the best risk reward is in
f/g. a little worried about having the z/f effect again. that is, all spec
length trying to roll and funds trying to roll at the same time leading to
some ridiculous level at expiry. any thoughts?
[email protected] on 12/08/2000 12:05:54 PM
To: [email protected]
cc:
Subject: re:summer inverses
i suck-hope youve made more money in natgas last 3 weeks than i have. mkt shud
be getting bearish feb forward-cuz we already have the weather upon us-fuel
switching and the rest shud invert the whole curve not just dec cash to jan
and
feb forward???? have a good weekend john
| 3,035 |
||
arnold-j/_sent_mail/100.
|
Re: congrats ,
We both thank you
From: Jennifer Fraser 10/17/2000 06:12 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: congrats
Dutch ( as you know ) is great.
I am very happy for him and you
JF
| 3,036 |
||
arnold-j/_sent_mail/101.
|
Re: Hi ,
So, what is it? And by the way, don't start with the excuses. You're
expected to be a full, gourmet cook.
Kisses, not music, makes cooking a more enjoyable experience.
"Jennifer White" <[email protected]> on 10/17/2000 04:19:20 PM
To: [email protected]
cc:
Subject: Hi
I told you I have a long email address.
I've decided what to prepare for dinner tomorrow. I hope you aren't
expecting anything extravagant because my culinary skills haven't been
put to use in a while. My only request is that your stereo works. Music
makes cooking a more enjoyable experience.
Watch the debate if you are home tonight. I want a report tomorrow...
Jen
___________________________________________________________________
To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax,
all in one place - sign up today at http://www.zdnetonebox.com
| 3,037 |
||
arnold-j/_sent_mail/102.
|
Re: Thursday meeting ,
sure, stop by and we'll arrange a place to meet. If you come by during
trading hours though, I can only say hi for a couple seconds.
"Mark Sagel" <[email protected]> on 10/17/2000 05:20:14 PM
To: <[email protected]>
cc:
Subject: Re: Thursday meeting
That sounds fine. Would you like to meet at your office and go from there?
By the way, I will be in your office earlier in the afternoon for a meeting.
Perhaps I can stop over to say hello. ----- Original Message -----
From: <[email protected]>
To: <[email protected]>
Sent: Tuesday, October 17, 2000 5:53 PM
Subject: Re: Thursday meeting
how about 6:00 for drinks
"Mark Sagel" <[email protected]> on 10/17/2000 04:34:56 PM
To: "John Arnold" <[email protected]>
cc:
Subject: Thursday meeting
Hey John:
When you have a chance, let me know what time works for us to get together
Thursday. Thanks,
Mark Sagel
Psytech Analytics
| 3,038 |
||
arnold-j/_sent_mail/103.
|
Re: Thursday meeting ,
how about 6:00 for drinks
"Mark Sagel" <[email protected]> on 10/17/2000 04:34:56 PM
To: "John Arnold" <[email protected]>
cc:
Subject: Thursday meeting
Hey John:
?
When you have a chance, let me know what time works for us to get together
Thursday.? Thanks,
?
Mark Sagel
Psytech Analytics
| 3,039 |
||
arnold-j/_sent_mail/104.
|
Re: ,
I've got a "strategy" mtg from 3:00 - 5:00. It's very important. I've got
to strategize about things. Not sure about exactly what. Just things.
From: Margaret Allen@ENRON on 10/17/2000 01:13 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:
Other than the fact that we desparately need your unbelieveably
marketing-savvy person up here - no. What's going on in the trading world?
Maybe I'll have to mosey on down there later today. Is it busy?
| 3,040 |
||
arnold-j/_sent_mail/105.
|
,
anything new in the world of marketing?
| 3,041 |
||
arnold-j/_sent_mail/106.
|
Re: Margin Lines ,
yea, how about 3:30?
Sarah Wesner@ENRON
10/16/2000 10:21 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Margin Lines
Are you around today? I need to talk to you about some things. Sarah
| 3,042 |
||
arnold-j/_sent_mail/109.
|
Re: Sunday Trading ,
Savita:
A couple of issues:
1. I'm having trouble setting a syncopated basis child of a syncopated basis
child (grandchild). Is this not currently allowed by the system?
2. I have a lot of counterparties whom click on hub gas daily when they
meant to trade nymex. Although I would like the nymex filter to bring gas
dailies, is there anyway to separate them a little more clearly. Eventually
I would like to run all my products in parallel with gas daily, but I'm
restricted right now by issue #1.
Please advise,
John
| 3,045 |
||
arnold-j/_sent_mail/11.
|
Re: ,
cant handle the pressure of big money??
John J Lavorato@ENRON
12/10/2000 09:58 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject:
minn +3 1/2
jack -16 1/2
tenn-cinnci under35
gb-det under 39 1/2
tb +2 1/2
new england +2 1/2
pitt +3 1/2
phil-clev under 33 1/2
seattle +10
jets +9 1/2 and over 40 1/2 tease
as discussed.
| 3,046 |
||
arnold-j/_sent_mail/110.
|
Re: Last night ,
Oh yea, I always get those two places confused.
From: Margaret Allen@ENRON on 10/13/2000 04:26 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: Last night
I thought we agreed to Denny's tonight after Rick's?!
| 3,047 |
||
arnold-j/_sent_mail/111.
|
Re: mkts ,
pira's certainly got the whole market wound up. I've seen a wave of producer
selling for the first time in two months over the past two days. Most
selling Cal 1 off the back of Pira. Pira certainly commands a lot of respect
these days. Too much, probably.
The problem with all these bull spreads (ie F-H) is the thought process in
natty is that if Jan is strong, just think what happens when you get to March
and run out of gas. The spread game is very different than playing crude.
These spreads haven't moved for the past 1000 point runup. You know there
were guys bullish this market trying to play it with spreads and haven't made
a penny.
Just to clarify, Pira said 3 bcf y on y for Z1? That seems hard to believe.
[email protected] on 10/13/2000 09:42:43 AM
To: [email protected]
cc:
Subject: mkts
cmon give me some credit-you think ive been doing this this long w/out know
who's doing what! im i ny for the pira conference-thyre pretty bearish cal 01
and 02-will be interesting to see if/when the producers start to take that to
heart. here's one for you to think about... of pira's rite-ie production gonna
be up 1-1.5 bcf by year end. does increased deliverabilty mean these winter
sprds in producing areas-ie jan-apr and the fact the mkts gonna be more
concerened about running out in march than in jan suggest big invererese will
not be sustainable but will happen only on a weather event??? be curoius your
thots-i maybe thinking too much but makes some sense to me-have a good weekend
johnny.
pira says decm 01 prod up 3 bcf y on y!
| 3,048 |
||
arnold-j/_sent_mail/112.
|
Re: Last night ,
of course...
just kidding. Aldo's next week. you're done. Open up your checkbook baby.
From: Margaret Allen@ENRON on 10/13/2000 03:45 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: Last night
am i being ignored?
| 3,049 |
||
arnold-j/_sent_mail/113.
|
Re: ,
Jerk
From: Jeffrey A Shankman 10/13/2000 08:49 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject:
Give me a C
Give me an N
Give me an R
Give me an S
What do you have? A Quarter!
| 3,050 |
||
arnold-j/_sent_mail/114.
|
Re: Last night ,
Lady, c'mon...you're just one of the guys! Wanna go to Treasures tonight?
From: Margaret Allen@ENRON on 10/13/2000 08:39 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Last night
Hey Buster John,
Despite the X's you received last night for your ill behavior, I wanted to
thank you for dinner because I had a great time. Although, I do take
personal offense to being flipped off at least 5 times in the course of
dinner. Watch your manners when your with a lady!
I hope you have a great Friday and today is one of your top 5 too!
MSA
| 3,051 |
||
arnold-j/_sent_mail/115.
|
,
Gary:
Just checking to see if the Trader's Roundtable includes us gas boys. I
would certainly be interested in attending.
John
| 3,052 |
||
arnold-j/_sent_mail/1156.
|
RE: (no subject) ,
Please call me at 713 557 3330
| 3,053 |
||
arnold-j/_sent_mail/1157.
|
Re: ,
Premonition?
=20
=09
=09
=09From: Jennifer Fraser 10/04/2000 03:01 PM
=09
To: John Arnold/HOU/ECT@ECT
cc: =20
Subject:=20
British Trader Sentenced to Prison
this could be you
British Trader Sentenced to Prison=20
By Jill Lawless
Associated Press Writer
Tuesday, Oct. 3, 2000; 2:07 p.m. EDT
LONDON =01)=01) A futures trader who bet the wrong way on=
U.S.
unemployment figures, and destroyed a company in 92=20
minutes, was
sentenced Tuesday to more than three years in jail.=20
"The position got worse and he was just numb," a defense=
=20
attorney said,
comparing the debacle to a bad night at a roulette wheel.=
=20
Stephen Humphries, 25, formerly a trader at Sussex Future=
s=20
Ltd., sank
the company with losses of $1.1 million.=20
"During that afternoon of Friday, Aug. 6, 1999, during a=
=20
period of one
hour, 32 minutes, the company's hard-earned reputation an=
d=20
value was
destroyed at a stroke ... by the fraudulent trading=20
activity of one man,
Stephen Humphries," said prosecution lawyer Martin Hicks.=
=20
Humphries pleaded guilty to one count of fraudulent=20
trading. Judge Denis
Levy sentenced him to three years and nine months in=20
prison.=20
Southwark Crown Court heard testimony that Humphries ran =
up=20
the
losses by trading futures contracts in government bonds,=
=20
and repeatedly
lied to superiors about his trades.=20
When worried colleagues left to summon the firm's senior=
=20
broker,
Humphries fled the building.=20
After the huge one-day loss, the company's creditor banks=
=20
balked and a
financial regulator was called in. Sussex Futures =01) wh=
ich=20
employed 70
brokers =01) ceased trading three months later with losse=
s of=20
$3.4 million.=20
The court was told that Humphries' trading losses began o=
n=20
the morning of
Aug. 6, wiping out two-thirds of his $25,000 trading=20
deposit by lunchtime.
The situation worsened at 1:30 p.m., when U.S. economic=
=20
figures were
released showing no increase in the unemployment rate. Th=
e=20
data made
U.S. interest rates more likely to rise and reduced the=
=20
value of
fixed-interest investments such as British government=20
bonds.=20
Nonetheless, Humphries continued to buy, in quantities th=
at=20
exceeded his
trading ceiling. Questioned by co-workers about the large=
=20
trades going
through his account, Humphries said he was in the process=
=20
of selling out.=20
By the time he fled, he held more than 100 times his=20
trading limit in futures.
"In the course of an afternoon ... you ruined not only yo=
ur=20
own career, but
the career of many others and you caused a prosperous=20
company, Sussex
Futures Limited, to go into liquidation, causing loss to=
=20
the company which
trusted you and employed you," said the judge.=20
Defense lawyer Simon Ward said Humphries had been under=
=20
intense
financial pressure and was "deeply sorry."=20
He had lost a previous job when a trading company he work=
ed=20
for went
under =01) also at the hands of a rogue trader.=20
He had taken out large bank loans, amassed a substantial=
=20
credit-card debt
and had borrowed from his father's life savings. He and h=
is=20
partner, with
whom he had two children, had a third baby die, a blow th=
at=20
affected
Humphries' judgment, Ward said.=20
"This is a tragic and very upsetting case," said Ward. "H=
e=20
was 24, under
intense financial and personal pressure and, in effect,=
=20
lost his head at the
roulette table."=20
, Copyright 2000 The Associated Press=20
Back to the top=20
| 3,054 |
||
arnold-j/_sent_mail/1158.
|
RE: (no subject) ,
I am not who you think I am. I have never been in IDRC nor am I in the
profession.
Thx,
John
Jeannine Peaker <[email protected]> on 09/12/2000 02:09:32 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: (no subject)
We are still showing you as an Active member of IDRC. Do you wish to resign
from the membership?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, September 12, 2000 1:59 PM
To: Jeannine Peaker
Subject: (no subject)
Remove me from your mailing list please.
| 3,055 |
||
arnold-j/_sent_mail/1159.
|
Re: Re Larry May - REVISED ,
Frank:
Susan Scott, Larry's risk manager, will compile and send you a spreadsheet of
total p&l minus new deal p&l since June 1. Can you review this data and
compare it to the respective VAR numbers for these dates. I think you will
see the VAR numbers way overestimate his p&l volatility.
John
Enron North America Corp.
From: Frank Hayden @ ENRON 07/14/2000 05:17 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re Larry May - REVISED
John,
I apologize for the delay in responding, I was in class today.
We are having difficulty backtesting Larry May's VaR. It looks as if during
the month of June, the book administor loaded the spreadsheets into ERMS but
assigned multiple master deal ID's. (the code is "NG-OPT-XL-PRC")
For example Larry May is showing the following during the month of June:
June 1st $797 million dollars loss
June 2nd +192 million dollars made
June 5th $300 million dollars made... (etc..)
This problem makes it impossible to backtest....
Second, regarding a different approach, the immediate solution was the
allocation of an additional $5 million dollars of VaR, thereby temporarily
increasing your limit to $45 million. This limit increase is in effect until
July 26th. The game plan is that during this time period, a better solution
can be devised.....
I hope this helps.
Thanks,
Frank
John Arnold@ECT
07/14/2000 02:33 PM
To: Frank Hayden/Corp/Enron@Enron
cc:
Subject:
Frank:
Just following up on two topics.
One: Larry May's book continues to run at a VAR of 2,500,00 despite the fact
his P&L is never close to that. Can you check that his exotics book
positions are being picked up in his VAR calcs.
Second: Have you looked into applying a band-aid to the understating longer
term Vol problem until we change formulas?
John
| 3,056 |
||
arnold-j/_sent_mail/116.
|
Re: ,
Yea, problem is I left at noon to catch my flight, but Marc had a later
flight because NY is closer to Columbus than here. Right after I left, the
market got very busy and Marc decided to stay at work and not go. So that
sucked.
Jennifer Burns
10/12/2000 04:09 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:
I think I would be a little disappointed after traveling so far.......I guess
it was nice to see your "buddies".
John Arnold
10/12/2000 04:06 PM
To: Jennifer Burns/HOU/ECT@ECT
cc:
Subject: Re:
Sounds as if you went to a better show than I did. The game was very
sloppy. They tied 0-0. Not too exciting.
Jennifer Burns
10/12/2000 03:43 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:
Well......IT WAS GREAT!!!!!! Live was actually better than Counting Crows
(Shocking). How was the Soccer Game? I owe you dinner. Thanks again for
the tickets.
John Arnold
10/12/2000 03:38 PM
To: Jennifer Burns/HOU/ECT@ECT
cc:
Subject:
how was the concert?
| 3,057 |
||
arnold-j/_sent_mail/117.
|
Re: SMUD deal Asian options ,
sure
To: John Arnold/HOU/ECT@ECT, Timothy M Norton/HOU/ECT@ECT, John
Griffith/Corp/Enron@Enron, Dutch Quigley/HOU/ECT@ECT
cc:
Subject: Re: SMUD deal Asian options
John,
Thank you for your flexibility regarding the asian option we purchased from
you (average Feb-Aug GD HH settle). Unfortunately, our customer would like
to settle on 7 days, using the preceding day for any day for which Gas Daily
is not published (i.e., Friday prices would be used for Saturday and Sunday)
- so I know it's not your preference, but I need to take advantage of your
offer.
Regards,
Gary
x31511
John Arnold
10/08/2000 02:05 PM
To: Gary Taylor/HOU/ECT@ECT
cc:
Subject: Re: SMUD deal Asian options
I can do it either way but would much rather just make it the simple average
of prices, 5 per week.
From: Gary Taylor 10/05/2000 07:25 PM
To: John Arnold/HOU/ECT@ECT, John Griffith/Corp/Enron@Enron
cc:
Subject: SMUD deal Asian options
John(s),
How will the Asian options we purchased from the gas desk settle with respect
to weekends... will the average of every day's gas daily settle mean the
average of only the days on which Gas Daily is published? or will it triple
count each Friday's or Monday's price to account for the weekend (with a
similar calculation on weekends). I assume it is the former, not the
latter. Is this correct? Are you indifferent if we want to switch to the
latter? Intuitively, it would seem to me that at this point, it wouldn't
matter (because Friday or Monday prices are just as likely to be above the
average as below the average), but you're wearing the risk, not us - so let
me know.
Frankly, we don't have a preference as a desk, except that we need the
settlement to be consistent with the deal we are entering into with SMUD.
SMUD has questioned our calculation and I need to know how much I need to
argue for one or the other.
Regards,
Gary
x31511
| 3,058 |
||
arnold-j/_sent_mail/118.
|
Re: ,
Sounds as if you went to a better show than I did. The game was very
sloppy. They tied 0-0. Not too exciting.
Jennifer Burns
10/12/2000 03:43 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:
Well......IT WAS GREAT!!!!!! Live was actually better than Counting Crows
(Shocking). How was the Soccer Game? I owe you dinner. Thanks again for
the tickets.
John Arnold
10/12/2000 03:38 PM
To: Jennifer Burns/HOU/ECT@ECT
cc:
Subject:
how was the concert?
| 3,059 |
||
arnold-j/_sent_mail/119.
|
,
how was the concert?
| 3,060 |
||
arnold-j/_sent_mail/12.
|
,
why does everybody in this company know my p&l?????
| 3,061 |
||
arnold-j/_sent_mail/120.
|
Re: Follow - Up ,
Thx,
I do not have high speed service yet.
Ina Rangel
10/12/2000 10:28 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Follow - Up
John,
I just wanted to update you on some of the things that you wanted me to do:
1. I have ordered your computer and accessories for home use. Once it comes
in Jay Webb and Don Adams of IT and EOL will make sure that everything you
need will be programmed on your computer.
2. I I have ordered your t.v for the office
3. I am working with telerate department on how you will be able to access it
from your home.
4. Polycom is installed in your office
5. I am still investigating different cellular phone companies
I will get back to when everything is completed.
And one question, do you all ready have DSL or any king of internet service
at home?
Ina
| 3,062 |
||
arnold-j/_sent_mail/121.
|
Re: Popup Text ,
sounds good
David Forster@ENRON
10/12/2000 01:32 PM
To: Savita Puthigai/NA/Enron@Enron, Andy Zipper/Corp/Enron@Enron, Kal
Shah/HOU/ECT@ECT
cc: John Arnold/HOU/ECT@ECT
Subject: Popup Text
I would like to put the following text into a popup box which will appear
once to all users of EnronOnline. If you have any comments, please pass them
back to me by this afternoon.
Thanks,
Dave
Special Bulletin: Nymex Trading every Sunday on EnronOnline
Starting Sunday, October 15 and continuing every Sunday until further
notice, Nymex US Gas Swaps will be available for trading from 4:00 p.m. to
7:00 p.m. Central Time.
| 3,063 |
||
arnold-j/_sent_mail/122.
|
Re: BNP PARIBAS Commodity Futures Weekly AGA Survey ,
82
[email protected] on 10/11/2000 08:17:21 AM
To: [email protected]
cc:
Subject: BNP PARIBAS Commodity Futures Weekly AGA Survey
Good Morning,
Just a reminder to get your AGA estimates in by Noon EST (11:00 CST) TODAY.
Last Year +49
Last Week +78
Thanks,
Michael Byrne
BNP PARIBAS Commodity Futures
______________________________________________________________________________
_______________________________________________________
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recevez ce message par erreur, merci de le detruire et d'en avertir
immediatement l'expediteur.
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diffusion ou toute publication, totale ou partielle, est interdite, sauf
autorisation expresse.
L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS
(et ses filiales) decline(nt) toute responsabilite au titre de ce message,
dans l'hypothese ou il aurait ete modifie.
------------------------------------------------------------------------------
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delete it and immediately notify the sender.
Any use not in accord with its purpose, any dissemination or disclosure,
either whole or partial, is prohibited except formal approval.
The internet can not guarantee the integrity of this message. BNP PARIBAS
(and its subsidiaries) shall (will) not therefore be liable for the message
if modified.
______________________________________________________________________________
_______________________________________________________
| 3,064 |
||
arnold-j/_sent_mail/124.
|
,
Hey:
I hope you know we were just kidding with you yesterday. We don't get many
strangers on the floor so we have to harass them when we do.
I think I am a couple of the "we are not" attributes in your book. Is that
going to cause me any problems going forward?
John
| 3,066 |
||
arnold-j/_sent_mail/125.
|
,
I've got your tix. Just two though. I left them in my car. Can you walk
down with me around 11:45-12:00?
| 3,067 |
||
arnold-j/_sent_mail/126.
|
Re: Offers ,
No 0-jun 1 indicative offer is 4.85
Sheetal Patel
10/10/2000 01:03 PM
To: John Arnold/HOU/ECT@ECT, Mike Maggi/Corp/Enron@Enron
cc: Charles H Otto/HOU/ECT@ECT
Subject: Offers
John & Mike,
Could you please fill out the attach spreadsheet COB today? There is one
swap term and one collar term.
It looks like we are getting close to a finance deal and are working with
John Thompson in the finance group. The outline quotes would be a buy out of
existing deals on Enron's books.
Thanks,
Sheetal
x36740
| 3,068 |
||
arnold-j/_sent_mail/127.
|
Re: Substantiation for EOL ,
how's 3:00?
From: Margaret Allen@ENRON on 10/10/2000 12:08 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: Substantiation for EOL
Oh, I have a meeting with four people at 3:30. Can I come before or after
that? If no other time works, I can probably change it. Just let me know,
MSA
| 3,069 |
||
arnold-j/_sent_mail/128.
|
Re: Substantiation for EOL ,
Absolutely. Come by around 3:30??
From: Margaret Allen@ENRON on 10/10/2000 10:28 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Substantiation for EOL
Hi,
I was hoping that you could give me a few minutes after trading hours to help
me substantiate the EOL commercial. ABC is threatening not to run it if I
don't prove that "Enron has created the First Internet Global Commodities
Market." I can easily prove we are the largest, but I'm having a hard time
with first. I know we were, but I have to have it in writing.
Give me a call or email me and let me know when you have a second or two.
Thanks, Margaret
| 3,070 |
||
arnold-j/_sent_mail/129.
|
Re: Admin Issues ,
how about 4:45?
From: Jennifer Fraser 10/10/2000 10:52 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Admin Issues
JA;
Got any time say around 4 pm today .. I need 5 minutes to discuss some
potential poaching on my part
Thansk
JF
| 3,071 |
||
arnold-j/_sent_mail/130.
|
,
John:
Please call Lavorato's secretary, Kim, and schedule a time to talk with John
ASAP.
Thanks,
John
| 3,073 |
||
arnold-j/_sent_mail/131.
|
Re: Hmmmmm........ ,
Yea, I'm picking up 2 tix today....hopefully.
John
Jennifer Burns
10/09/2000 10:38 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Hmmmmm........
J. Arnold-
Hey - It's me! Any luck with the tickets????? Just curious if there any way
I can get four tickets instead of two? I know I'm asking alot but I really
appreciate it. You know how much I love the Counting Crows and last time
they were in town someone was going to take me but the plans fell
through..........Thanks!!!!!!!
Jennifer
| 3,074 |
||
arnold-j/_sent_mail/133.
|
Re: SMUD deal Asian options ,
I can do it either way but would much rather just make it the simple average
of prices, 5 per week.
From: Gary Taylor 10/05/2000 07:25 PM
To: John Arnold/HOU/ECT@ECT, John Griffith/Corp/Enron@Enron
cc:
Subject: SMUD deal Asian options
John(s),
How will the Asian options we purchased from the gas desk settle with respect
to weekends... will the average of every day's gas daily settle mean the
average of only the days on which Gas Daily is published? or will it triple
count each Friday's or Monday's price to account for the weekend (with a
similar calculation on weekends). I assume it is the former, not the
latter. Is this correct? Are you indifferent if we want to switch to the
latter? Intuitively, it would seem to me that at this point, it wouldn't
matter (because Friday or Monday prices are just as likely to be above the
average as below the average), but you're wearing the risk, not us - so let
me know.
Frankly, we don't have a preference as a desk, except that we need the
settlement to be consistent with the deal we are entering into with SMUD.
SMUD has questioned our calculation and I need to know how much I need to
argue for one or the other.
Regards,
Gary
x31511
| 3,076 |
||
arnold-j/_sent_mail/134.
|
Re: Thank you for dinner last night ,
Adam:
Good question. The exchange, NYMEX, and I, Enron Online, offer a nearly
identical product. The fight is over which execution model is superior. I
would argue that technology will make open outcry exchanges extinct. It's
happened in Europe already. The largest commodity exchange in Europe, the
LIFFE, went with a parallel electronic system to open outcry. Within weeks,
the floor was deserted and virtually all trading occurred electronically. I
still trade on the exchange because we have credit issues with individuals
and certain hedge funds that limit the trading we can do with them direct.
The exchange still provides a credit intermediation function that is useful.
It is certainly an issue that we are trying to address.
John
"Bayer, Adam Ryan" <[email protected]> on 10/03/2000 01:23:01 PM
To: [email protected]
cc:
Subject: Thank you for dinner last night
Dear Mr. Arnold,
It was nice to meet you yesterday at the
information session. Thank you for the dinner last night.
I had a great time getting to know Enron and its people in
a more relaxed setting.
During out conversation yesterday, I was confused
about a point you made. You stated that you spent most of
your time on the phone with Traders in New York. When
you talk to the traders, do you try to steer them towards
Enron Online, or are you doing trading outside of Enron
Online? I think the underlying question that I am asking,
is: Is Enron Online meant to facilitate a gas trader's job,
or is it meant to bypass traders completely.
Thanks again for your time and for dinner. I look forward
to talking with you again when you come to campus for
interviews.
Cordially,
Adam
-----------------------------------------------------------------
Bayer, Adam Ryan
Vanderbilt University
Email: [email protected]
| 3,077 |
||
arnold-j/_sent_mail/135.
|
Re: Demo ,
yes
Brian Hoskins@ENRON COMMUNICATIONS
10/05/2000 06:28 PM
To: John Arnold/HOU/ECT@ECT@ENRON
cc:
Subject: Re: Demo
4pm?
Brian T. Hoskins
Enron Broadband Services
713-853-0380 (office)
713-412-3667 (mobile)
713-646-5745 (fax)
[email protected]
John Arnold@ECT
10/05/00 06:05 PM
To: Brian Hoskins/Enron Communications@ENRON COMMUNICATIONS@ENRON
cc:
Subject: Re: Demo
Oops, I hadn't gotten to this one yet. Can we do it any later?
Brian Hoskins@ENRON COMMUNICATIONS
10/05/2000 04:52 PM
To: [email protected]
cc: John Arnold/HOU/ECT@ECT
Subject: Re: Demo
Let's plan on meeting between 3 and 3:30pm on Wednesday. I'll call you on
Wednesday.
Brian T. Hoskins
Enron Broadband Services
713-853-0380 (office)
713-412-3667 (mobile)
713-646-5745 (fax)
[email protected]
[email protected]
10/05/00 03:39 PM
To: Brian Hoskins/Enron Communications@Enron Communications
cc:
Subject: Re: Demo
Let me know when will be good for both you and John on next Wednesday
afternoon. Right now only you and myself have been added into the NT group.
After the demo, if both of you think it is a great tool, then I am going to
add all traders into the NT group, so they can use it.
Fangming
Brian_Hoskins
@enron.net To:
[email protected]
cc:
[email protected]
10/05/2000 Subject: Re:
Demo
03:18
PM
Fangming,
I am out of town until tomorrow so will not be able to see the demo today.
Wednesday afternoon looks good for me if you'd like to do it then. John,
does
this work for you?
Brian
Brian T. Hoskins
Enron Broadband Services
713-853-0380 (office)
713-412-3667 (mobile)
713-646-5745 (fax)
[email protected]
|--------+----------------------->
| | Fangming.Zhu@|
| | enron.com |
| | |
| | 10/05/00 |
| | 09:17 AM |
| | |
|--------+----------------------->
>
----------------------------------------------------------------------------|
|
|
| To: Brian Hoskins/Enron Communications@Enron Communications
|
| cc: [email protected]
|
| Subject: Demo
|
>
----------------------------------------------------------------------------|
Hi, Brian:
Let me know if you have time for the messageboard application demo today. I
am planning to take vacation on Friday and coming Monday. I will not be
available to show you the demo until next Wednesday if you can't see it
today.
Let me know your schedule.
Thanks,
Fangming
| 3,078 |
||
arnold-j/_sent_mail/136.
|
Re: options information ,
Dave:
We spend a tremendous amount of resources and money collecting information.
Further, the flow we see gives us an advantage in the market. We have
little interest in distributing this info outside of the building. I hope
you understand. Good luck to your brother.
David Pruner@AZURIX
10/06/2000 09:03 AM
To: John Arnold/HOU/ECT@ECT, Mike Maggi/Corp/Enron@Enron
cc:
Subject: options information
I run the structuring group at Azurix, but I am emailing you in reference to
my brother-in-law, Scott Adams, who is based in New York City. Since
graduating from Brown University he has traded options on the floor in New
York as a local for the last 8 years. He trades natural gas options and is
looking to occassionally do an information exchange with someone where he can
discuss the OTC market versus what he sees going on in the ring. If this
would be of interest or not let me know and I will hook you two up. Thanks
for your time.
Dave Pruner 713-646-8329
| 3,079 |
||
arnold-j/_sent_mail/137.
|
Re: Demo ,
Oops, I hadn't gotten to this one yet. Can we do it any later?
Brian Hoskins@ENRON COMMUNICATIONS
10/05/2000 04:52 PM
To: [email protected]
cc: John Arnold/HOU/ECT@ECT
Subject: Re: Demo
Let's plan on meeting between 3 and 3:30pm on Wednesday. I'll call you on
Wednesday.
Brian T. Hoskins
Enron Broadband Services
713-853-0380 (office)
713-412-3667 (mobile)
713-646-5745 (fax)
[email protected]
[email protected]
10/05/00 03:39 PM
To: Brian Hoskins/Enron Communications@Enron Communications
cc:
Subject: Re: Demo
Let me know when will be good for both you and John on next Wednesday
afternoon. Right now only you and myself have been added into the NT group.
After the demo, if both of you think it is a great tool, then I am going to
add all traders into the NT group, so they can use it.
Fangming
Brian_Hoskins
@enron.net To:
[email protected]
cc:
[email protected]
10/05/2000 Subject: Re:
Demo
03:18
PM
Fangming,
I am out of town until tomorrow so will not be able to see the demo today.
Wednesday afternoon looks good for me if you'd like to do it then. John,
does
this work for you?
Brian
Brian T. Hoskins
Enron Broadband Services
713-853-0380 (office)
713-412-3667 (mobile)
713-646-5745 (fax)
[email protected]
|--------+----------------------->
| | Fangming.Zhu@|
| | enron.com |
| | |
| | 10/05/00 |
| | 09:17 AM |
| | |
|--------+----------------------->
>
----------------------------------------------------------------------------|
|
|
| To: Brian Hoskins/Enron Communications@Enron Communications
|
| cc: [email protected]
|
| Subject: Demo
|
>
----------------------------------------------------------------------------|
Hi, Brian:
Let me know if you have time for the messageboard application demo today. I
am planning to take vacation on Friday and coming Monday. I will not be
available to show you the demo until next Wednesday if you can't see it
today.
Let me know your schedule.
Thanks,
Fangming
| 3,080 |
||
arnold-j/_sent_mail/138.
|
Re: Demo ,
Yea ... the later the better.
Brian Hoskins@ENRON COMMUNICATIONS
10/05/2000 03:18 PM
To: [email protected]
cc: John Arnold/HOU/ECT@ECT
Subject: Re: Demo
Fangming,
I am out of town until tomorrow so will not be able to see the demo today.
Wednesday afternoon looks good for me if you'd like to do it then. John,
does this work for you?
Brian
Brian T. Hoskins
Enron Broadband Services
713-853-0380 (office)
713-412-3667 (mobile)
713-646-5745 (fax)
[email protected]
[email protected]
10/05/00 09:17 AM
To: Brian Hoskins/Enron Communications@Enron Communications
cc: [email protected]
Subject: Demo
Hi, Brian:
Let me know if you have time for the messageboard application demo today. I
am planning to take vacation on Friday and coming Monday. I will not be
available to show you the demo until next Wednesday if you can't see it
today.
Let me know your schedule.
Thanks,
Fangming
| 3,081 |
||
arnold-j/_sent_mail/139.
|
Re: aug/sep ,
Sorry for not responding. I don't look at my email constantly through the
day. Don't have much to do in Q/U still it widens back out.
Thanks,
John
[email protected] on 10/05/2000 01:05:27 PM
To: [email protected]
cc:
Subject: aug/sep
i think your selling the whole curve-if your interested im .005 bid for 300
aug/sep ngas. let me know if your interested. dont let silverman get you into
too much trouble tonite
| 3,082 |
||
arnold-j/_sent_mail/14.
|
,
A funny story:
Because Access was up 75 cents last night, Nymex made a trading limit of
unchanged to +150. After 20 minutes of trading, we were at unchanged and the
exchange stopped trading for an hour.
Rappaport, the exchange president, was standing by to make sure everything
was orderly. Obviously, the locals weren't too happy about the exchange
closing. One yelled at Rappaport...
"Why don't you take your million dollar bonus and go buy Enron stock"
| 3,083 |
||
arnold-j/_sent_mail/143.
|
Re: Natural update ,
Mark:
We are still on for drinks on the 19th. You have called the market very well
since you started sending me updates. Unfortunately for both of us, a couple
of good calls does not a soothsayer make. Thus, keep sending me your updates
so I can at least get a little broader judgment of your abilities. In terms
of my trading style, I take positions to make $.25-$1, not $.05. Too much
noise in this market to trade differently for me.
"Mark Sagel" <[email protected]> on 10/04/2000 02:55:41 PM
To: <[email protected]>
cc:
Subject: Re: Natural update
John:
I hope you know I was just fishing for a reaction on the phone before. I
assumed we would discuss a potential relationship when I'm in Houston on the
19th. We're still on for drinks after work, right? By then, you should
have a comfort level with the quality of my work. I think the analysis I've
given you has been quite accurate as to market turns and price behavior. It
would be helpful if I had some idea of how you trade/view the market. Are
you mainly day-trading or do you hold positions for several days/weeks?
That way I can structure my comments in order to best serve your interests.
Let me know. Thanks,
----- Original Message -----
From: <[email protected]>
To: <[email protected]>
Sent: Wednesday, October 04, 2000 9:14 AM
Subject: Re: Natural update
Mark:
Let's keep the present system for the short-term. I would like to continue
looking at your work for another couple weeks. We'll talk later,
John
"Mark Sagel" <[email protected]> on 10/03/2000 02:29:47 PM
To: "John Arnold" <[email protected]>
cc:
Subject: Natural update
John:
The price behavior of the past couple days has been disappointing. My
short-term market patterns suggested a more robust price rally and natural
appears to be waning at present. Volume on this rally is poor,
particularly since yesterday was a decent day to the upside. The market
appears to be using a lot of its energy but spinning its wheels. If we
are at these same price levels in another two weeks, that would be
extremely bullish. Right here, the risk/reward to being long is not so
great. Recommend a neutral stance short-term on natural. Bigger picture
is still very bullish. However, this market needs another 1-2 weeks of
what I would call horizontal price action to set the stage for a big move
to the upside.
Let me know if this stuff is useful for you. I certainly don't want to
waste your time. In addition, if you prefer I call when I have something
to pass along, let me know. I don't know how often you check/see your
e-mail. Thanks,
Mark Sagel
| 3,087 |
||
arnold-j/_sent_mail/144.
|
,
Hey:
I just want to confirm the trades I have in your book.
Trade #1. I sell 4000 X @ 4652
Trade #2. I buy 4000 X @ 4652
I sell 4000 X @ 4902
Trade #3 I buy 4000 X @ 5000
I sell 4000 F @ 5000
Net result: I have 4000 F in your book @ 4902.
Thanks,
John
| 3,088 |
||
arnold-j/_sent_mail/145.
|
Re: TEST ,
Received
z <[email protected]> on 10/04/2000 08:48:55 AM
Please respond to [email protected]
To: [email protected]
cc:
Subject: TEST
This is a test from Yahoo email. Please reply if
received.
Don Adam
Team Lead, Trader Support
__________________________________________________
Do You Yahoo!?
Yahoo! Photos - 35mm Quality Prints, Now Get 15 Free!
http://photos.yahoo.com/
| 3,089 |
||
arnold-j/_sent_mail/146.
|
Re: ABN ,
Credit lines are like bandwidth. Create the capacity and we'll find a way to
use it.
Sarah Wesner@ENRON
10/03/2000 09:58 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: ABN
John - Enron maxed out its facility with ABN on 9/18/00. I am going for an
increase to $50 million. Do you see increasing your trade flow? I do not
want to ask for interest free money if Enron will not use it.
Sarah
| 3,090 |
||
arnold-j/_sent_mail/147.
|
Re: Natural update ,
Mark:
Let's keep the present system for the short-term. I would like to continue
looking at your work for another couple weeks. We'll talk later,
John
"Mark Sagel" <[email protected]> on 10/03/2000 02:29:47 PM
To: "John Arnold" <[email protected]>
cc:
Subject: Natural update
John:
?
The price behavior of the past couple days has been disappointing.? My
short-term market patterns suggested a more robust price rally and natural
appears to be waning at present.? Volume on this rally is poor, particularly
since yesterday was a decent day to the upside.? The market appears to be
using a lot of its energy but spinning its wheels.? If we are at these same
price levels in another two weeks, that would be extremely bullish.? Right
here, the risk/reward to being long is not so great.? Recommend a neutral
stance short-term on natural.? Bigger picture is still very bullish.?
However, this market needs another 1-2 weeks of what I would call horizontal
price action to set the stage for a big move to the upside.
?
Let me know if this stuff is useful for you.? I certainly don't want to
waste your time.? In addition, if you prefer I call when I have something to
pass along, let me know.? I don't know how often you check/see your e-mail.?
Thanks,
?
Mark Sagel
| 3,091 |
||
arnold-j/_sent_mail/148.
|
,
http://ecthou-webcl1.nt.ect.enron.com/research/Weather/WeatherMain.htm
| 3,092 |
||
arnold-j/_sent_mail/149.
|
,
John:
I have asked Mike and Larry to spend half an hour each talking to you about
opportunities on the gas floor. Please advise if the following schedule is
unacceptable. I will be leaving today at 2:15.
Larry 4:00-4:30
Mike 4:30-5:00
Thanks,
John
| 3,093 |
||
arnold-j/_sent_mail/15.
|
Re: microphone to houston ,
i think it is something we need to do. please set it up
Caroline Abramo@ENRON
11/14/2000 11:06 AM
To: John Arnold/HOU/ECT@ECT
cc: Per Sekse/NY/ECT@ECT
Subject: microphone to houston
John-
What do you think of getting a direct mic from New York to Houston as soon as
possible? We had one at my last employer from NY to London which worked
great. You can tun it on or off but it allows us to communicate without
getting on the darn phone - I am sure its a total annoyance to pick us up.
The steno is still a phone to me and its not recorded.
We could keep it between you and Mike.
We are getting a few more funds to trade now- some program guys among them
who will need quicker execution. I know you and Per have discussed the idea
of them calling you direct but I think, for now, the mic is a better answer.
I can sit down with you when I am down there to discuss and give you an
update of who we are planning to trade with.
Best Rgds,
Caroline
| 3,094 |
||
arnold-j/_sent_mail/150.
|
small ventures usa ,
Russell:
I think I should give you a little background on small ventures. Bill
Perkins and I have a strong personal and professional relationship. He is an
extremely creative individual. Whalley actually commented on him today as
someone "who thinks outside the box". Bill actually sat in a bar four years
and said the next tradeable market would be bandwidth. He has been
successful in the gas business when he has had someone to filter his ideas.
As such he provides an informal consulting role to Enron. He throws out
ideas and, every once in a while, he comes up with a great one. He pointed
out an anomalous pricing occurence in the options market, a market I normally
don't follow closely, that I translated into a multimillion dollar trade for
Enron. In return, I have agreed to have Enron intermediate his trades within
reason. I want to emphasize that continuing this relationship should be
considered a high priority. I am willing to accept some of the credit risk
exposure as a cost of doing business. Bill understands his role as an
independent in the market and performs the right risk/reward trades for
someone with finite capital. I place very high confidence in Bill not
conducting high risk trades. Having said that, we certainly need to monitor
his credit exposure and continue to require LC's. Just understand that he is
at a different level of sophistication that any other non-investment grade
counterparty.
I understand there was some concern in regards to the Transco Z6 spread
option he traded. He was absolutely right about the valuation and we, on the
trading desk, knew it as well. There are a couple isolated products that
Enron does not do a good job of valuing because of systems limtations. This
was one product. Our spread options are booked in Excel using option pricing
models created by the research group. The problem with these models is that
they are strictly theoretical and don't take into account gas fundamental
price limitations. For instance, it is less probable, though not impossible,
for a transport spread from a production area to a market area to go within
variable cost than the models predict. Thus it is necessary to apply a
correlation skew curve on top of the overlying correlation used. Obviously,
we have this function in our pricing models. I was not aware this
methodology had not been transferred to the valuation models. This has since
been changed. Fortunately these incidents tend to be extremely rare as very
few non-investment grade companies trade these types of products.
Finally, on Friday Bill wanted to do a trade that reduced his exposure to
Enron. I gave Mike Maggi the go ahead to do the trade without consulting
credit. I do not believe that I acted out of line in approving this trade
considering the circumstances. If you believe differently, please advise.
Thanks,
John
| 3,095 |
||
arnold-j/_sent_mail/152.
|
,
Just an update: Today I set up a front month fixed price gas daily product
priced at parity to NYMEX. I thought the response was tremendous. It really
shows that we might have an angle to put out more of the curve and become the
predominant benchmark for the industry rather than the exchange.
One problem I had was linking 2 syncopated basis products. I set up a new
product for the prompt that was Nov GD/D Henry Hub that was a syncopated
basis of 0/0 to the Nov Nymex. However, since Dec Nymex is a syncopated
basis to Nov Nymex, I could not set up a syncopated basis link around the Dec
Nymex. Any ideas?
| 3,097 |
||
arnold-j/_sent_mail/153.
|
,
Jeff:
Anything ever happen with Pedron?
John
| 3,098 |
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