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} // 检查是否在导航元素内部 let parent = node.parentElement; while (parent) { if (parent.tagName === 'HEADER' || parent.tagName === 'NAV') { return true; } parent = parent.parentElement; } } return false; }); }); // 只在导航区域有变化时执行替换 if (hasNavChanges) { // 重置替换状态,允许再次替换 window._navLinksReplaced = false; replaceHeaderBranding(); replaceNavigationLinks(); } }); // 开始观察document.body的变化,包括子节点 if (document.body) { observer.observe(document.body, { childList: true, subtree: true }); } else { document.addEventListener('DOMContentLoaded', () => { observer.observe(document.body, { childList: true, subtree: true }); }); } })(); \n"},"Sender":{"kind":"string","value":"specials@vegasinsider.com"},"Receiver(s)":{"kind":"string","value":"jarnold@ect.enron.com"},"__index_level_0__":{"kind":"number","value":5530,"string":"5,530"}}},{"rowIdx":2515,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/664."},"message":{"kind":"string","value":"TRV Notification: (NG - Price P/L - 11/20/2001) ,\n The report named: NG - Price P/L , published as of 11/20/2001 is now available for viewing on the website."},"Sender":{"kind":"string","value":"joey.taylor@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com, bilal.bajwa@enron.com, john.griffith@enron.com, "},"__index_level_0__":{"kind":"number","value":5531,"string":"5,531"}}},{"rowIdx":2516,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/665."},"message":{"kind":"string","value":"Your November OnePass Statement is Now Online ,\n [IMAGE]\t\t\n[IMAGE]\t November 2001 \t[IMAGE]\t\n\n\n Mileage Statement [IMAGE] Thank you for choosing to receive Continental Airlines OnePass statement communications electronically. Your latest statement is now online. To view your mileage activity since your last statement, log into your account and visit the \"Activity Since Your Last Statement\" area. [IMAGE] To access your new statement, just visit Your Account at: https://onepass.continental.com/your-account . If you have any questions regarding your account, please e-mail the OnePass Service Center at OnePass@coair.com and make sure to include your name and OnePass number (AK772745) in your e-mail message. [IMAGE] OnePass Brings You More of Europe with New Alliance Partner KLM [IMAGE]We're pleased to increase your mileage earning and reward travel opportunities with new alliance partner KLM Royal Dutch Airlines. To celebrate we're offering double miles on KLM flights systemwide. Visit onepass.continental.com to learn more. \t\n\nTravel Updates\nBe sure to check continental.com before leaving for the airport. We're looking forward to welcoming you onboard! \n\nIf you need assistance please visit www.continental.com/service . \nView our Privacy Policy \nThis e-mail was sent to: jarnold@ENRON.COM \n[IMAGE] \t[IMAGE] \t[IMAGE]\t\n\n[IMAGE]"},"Sender":{"kind":"string","value":"continental_airlines_inc@coair.rsc01.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5532,"string":"5,532"}}},{"rowIdx":2517,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/666."},"message":{"kind":"string","value":"Essex House for just $199 per night! ,\n Luxury and Pampering, Manhattan Style.\n\nEssex House, A Westin Hotel\n\nAt $199 per night, the magnificently restored Essex House offers\nguests a unique blend of 1930's Art Deco elegance and style with\nultra-modern conveniences.\n\nExperience the romance and style of old New York by allowing us\nto arrange your complimentary carriage ride through Central\nPark.\n\nCentrally located on Central Park and steps away from Fifth\nAvenue shopping, the Essex House is one of Manhattan's most\nprestigious addresses.\n\nVisit http://www.promo.starwood.com/essexhouse to learn more and\nbook now.\n\nCopyright 2001 Starwood Hotels & Resorts Worldwide, Inc.\n\nTerms & Conditions: A limited number of rooms are available at\nthese rates. When reserving this rate by phone, please call\n877-782-0125 and mention promo code NYGOS1. Advance reservations\nrequired. Rates may not apply to groups. Rates do not include\ntaxes, gratuities and any additional charges which may apply at\nparticipating hotels. Offer cannot be combined with other offers\nor promotions. Length of stay restrictions may apply. Rate not\nvalid in conjunction with early arrivals or late departures.\n\n----------------------------------------------------------------\nIf you would like to receive future promotional e-mails in HTML\nformat when available, click the link below:\nhttp://spg.0mm.com/sta121002+jarnold@enron.com\n\nYou are subscribed as: jarnold@enron.com\n\nIf you would like your e-mail to be sent to a different address,\nplease click the link below:\nhttp://spg.0mm.com/sta121003+jarnold@enron.com\n\nClick the link below to review the Starwood Preferred Guest\nprivacy policy:\nhttp://www.starwood.com/preferredguest/privacy_policy.html\n\nClick the link below to review the Starwood Preferred Guest\nprogram terms and conditions:\nhttp://www.starwood.com/preferredguest/terms_conditions.html\n\nYou have received this e-mail as a member of Starwood Preferred\nGuest. If you prefer not to receive future promotional e-mails\nfrom Starwood Preferred Guest, please click below. It may take\nup to 10 business days to completely remove you from our e-mail\nlist and there is a slight chance that you may receive e-mail\nfrom us within that time.\nhttp://spg.0mm.com/sta121004+jarnold@enron.com"},"Sender":{"kind":"string","value":"starwood@spg.0mm.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5533,"string":"5,533"}}},{"rowIdx":2518,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/667."},"message":{"kind":"string","value":"TRV Notification: (NG - PROPT P/L - 11/20/2001) ,\n The report named: NG - PROPT P/L , published as of 11/20/2001 is now available for viewing on the website."},"Sender":{"kind":"string","value":"errol.mclaughlin@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com, bilal.bajwa@enron.com, john.griffith@enron.com, "},"__index_level_0__":{"kind":"number","value":5534,"string":"5,534"}}},{"rowIdx":2519,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/668."},"message":{"kind":"string","value":"A Special Offer from AT&T WorldNet(R) Service Especially for AT&T ,\n An exciting new Internet video e-mail feature is just a click away ! \nNow AT?Universal Card members can get AT?WorldNet\n Service Plus: \naward-winning Internet access for only $16.95* a month! That's nearly \n30% less than the leading ISP-and it includes a new feature that \nallows you to send and receive 300 minutes of Video E-mail every \nmonth?! When you expressed an interest in great products and services \nthat AT?Universal Card could bring to you, this is what you had in \nmind! Just look at some of the features you can enjoy with AT?\nWorldNet Service Plus: \n ?Six E-mail IDs that can be accessed anytime from any computer \n that has an Internet connection \n ?Help when you need it with easy, straightforward answers from \n our Customer Support via http://help.att.net or 1 800 400-1447?? \n ?Video E-mail?--the cutting-edge, easy to use feature that allows \n you to create, send and receive video and voice messages with a \n WebCam and microphone. (See below for details) \n ?Direct access to your AT?Universal Card account whenever you \n log on. \n ?Automatic billing of your monthly AT?WorldNet Service \n charge to your AT?Universal Card. \nAT?WorldNet Service members can view a demo of our Video E-mail \nfeature at www.att.talkway.com , and get a new WebCam for only $29.95 \n+ shipping and handling by visiting www.talkway.com/d/ptk.att.m1/store.jhtml \nMost importantly for AT?Universal Card members, AT?\nWorldNet Service Plus brings you reliable Internet access with the \nexceptional customer service you expect! All for just $16.95* a \nmonth. It's even easy to get started. Just click here to sign up.\nAT?WorldNet Service: \nWinner, 2001 PC World World Class Award**\nIt's easy to see why AT?WorldNet Service continues to be honored \nwith industry awards. First, AT?WorldNet Service provides the \nfastest log on times and fewer disconnects***. Then, add in exciting \nfeatures like Video E-mail and direct access to your AT?Universal \nCard account. And don't forget: live and online customer support to \nmake sure your Internet experience is smooth sailing! \nAT?WorldNet Service. It's simple. Convenient. And made for AT?\nUniversal Card members like you! \nDon't wait! Click here to sign up today! \nABOUT THIS MESSAGE\nIf you have difficulty linking to any of the above URLs, simply \ncut and paste these URLs into your browser: \nVideo E-Mail: http://Universalcard1.m0.net/m/s.asp?HB4846180675X1152333X82307X \nWebCam: http://Universalcard1.m0.net/m/s.asp?HB4846180675X1152334X82307X \nSign Up for AT?WorldNet Service Plus: http://Universalcard1.m0.net/m/s.asp?HB4846180675X1152865X82307X \nHelp: http://Universalcard1.m0.net/m/s.asp?HB4846180675X1149297X82307X \nThis is a message from Universal Card Services Corp. regarding \ninternet access via AT?WorldNet Service. If you'd prefer not to \nreceive future email updates about the exciting offers and services \navailable to you, please go to: http://universalcard1.m0.net/m/u/cuc/c.asp?e=JARNOLD%40ees.enron.com \nHAVE QUESTIONS ABOUT YOUR CREDIT CARD?\nPlease understand that we cannot respond to individual messages \nthrough this email address. Email is not a secure form of \ncommunication and should not be used for credit card account \nrelated questions. \nFor questions about your credit card, please follow these steps: \n 1. Sign on to Cardmember Central at www.universalcard.com \n 2. Click on the \"Help/Contact Us\" menu \n 3. Use the \"Write to Customer Care\" feature \nUNIVERSAL CARD SERVICES CORP. IS COMMITTED TO YOUR PRIVACY\nAs a member of Citigroup, Universal Card Services Corp. is committed \nto the Citigroup Privacy Promise for Consumers. We will safeguard any \ninformation customers share with us according to strict standards of \nsecurity and confidentiality. For our full privacy policy, please \ngo to: http://Universalcard1.m0.net/m/s.asp?HB4846180675X1129372X82307X \n* Offer includes 150 hours of Internet access per month ($0.99/each \nadditional hour). Telephone access (including local, long distance or \n800/888 facility charges) and other charges and taxes may apply. \nOther terms and conditions apply. \n** July, 2001 PC World World Class Award \n*** Based on eTesting labs scores of Internet BenchmarkTM testing in \nthe U.S., on a monthly basis. Top ratings received among national and \nregional ISP markets, TTL & CFR data, 10/2000 - 9/2001 \n?AT?WorldNet Service Plus Video E-mail feature includes 300 \nminutes of recording and viewing time. Offer subject to change \nwithout notice. Video E-mail not available to Macintosh\n users at \nthis time.\n??Customers with hearing or speech loss can reach us via TTY devices \nat 1 877 TTY-WNET (889-9698). \n? Universal Card Services Corp. \nAll Rights Reserved. \nAT?Universal Card is registered service mark of AT?"},"Sender":{"kind":"string","value":"universalcardservices@universalcard.m0.net"},"Receiver(s)":{"kind":"string","value":"jarnold@ees.enron.com"},"__index_level_0__":{"kind":"number","value":5535,"string":"5,535"}}},{"rowIdx":2520,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/669."},"message":{"kind":"string","value":"Fw: GREAT Thanksgiving wines, extremely limited Italian ,\n =20\n----- Original Message ----- =20\nFrom: Christopher's Wine Warehouse =20\nTo: Recipient list suppressed =20\nSent: Monday, November 19, 2001 11:19 AM\nSubject: GREAT Thanksgiving wines, extremely limited Italian collectable, =\nthis week's schedule\nA fabulous good morning wine lovers,\nWell, it is that time of year again. I hope all of you have been watching=\n your food intake like I have, because I certainly intend to eat my fair s=\nhare of the Thanksgiving feast!!! And that brings me to the most asked qu=\nestion from last weekend, \"Hey, Christopher, with all this great wine, wha=\nt will YOU be drinking on Thanksgiving?\" Before I reveal my T-day sampler=\n case, I wanted to let you know what types of food we will pairing these w=\nines with. We usually start with some type of shellfish, some mild, some =\nspicy. For my family and friends who don't do shellfish, we also offer so=\nme traditional stuff such as the best stuffed eggs I have ever tasted (tha=\nnks to Martha, don't you know), and assorted cheeses and crackers. Then c=\nomes the main course: TUR-DUC-KEN (always from our friends at La Boucherie=\n), with all the 'fixins': jalepeno cornbread stuffing, traditional stuffin=\ng with sage, and a pile of different veggies. Naturally, dessert is prepa=\nred, but we usually stick to pretty simple, fairly tame ones, like pumpkin=\n pie or pumpkin something. This is where the Riesling from the sampler ca=\nse comes in. It is also amazing with the shellfish. To make this meal a =\nsmashing success, I have selected the following sampler case of 12 bottles=\n:\n\nCHRISTOPHER'S PERSONAL THANKSGIVING SAMPLER (2 BTLS EACH): =20\n\nBaron Foulon Sauvignon Blanc 2000 =20\n (classic Sauvignon Blanc, very similar to expensive Sancer=\nre) 87 points =20\nEstate GH von Mumm Rheingau Dry Riesling 1999 =20\n\n (FABULOUS, semi-dry Riesling, like a crisp red apple) 88 p=\noints =20\nChateau LaCroix Martelle Minervois 1999 =20\n\n (you may remember this, my house red, serious Syrah) 89 po=\nints =20\nDomaine Capouilleres Ventoux 1998 =20\n\n (so full of blue fruits, loves the spicy stuff) 87 points =\n=20\nDomaine du Pain de Sucre Pinot Noir 1997 =20\n\n (packed with the most amazing Pinot fruit, tastes like a $=\n35 Burgundy) 88 points =20\nLes Magnans Vacqueyras 1998 =20\n\n (from our current web-site newsletter, serious Grenache, t=\nhink Chateauneuf-du-Pape) 88 points\nTo make your gathering extra special, I have decided to offer this high-qu=\nality sampler at a price you will never see again!!!\nNormally, this case would run close to 200 bucks!!!\nTHIS WEEK, ONLY, ENJOY THE SPECIAL HOLIDAY PRICE OF: $163 PLUS TAX, EACH\nPlease call us as soon as you are able, I have only a couple of dozen of t=\nhese special cases available.\nHave your card number ready and call me at 713-524-9144 to order. =20\n\"Christopher, I know I saw the subject above. Tell me about this Italian =\nwine you are touting.\"\nI guess I can't slip anything by y'all.\n\nONE OF THE BEST ITALIANS FROM THE CURRENT ISSUE OF THE WINE ADVOCATE: =20\n\nLa Palazzola Rubino 1999 =20\n (from Riccardo Cotarella, 80% Cabernet, 20% Merlot, except=\nional wine) 94 points\n STRICTLY LIMITED TO 2 BOTTLES PER CUSTOMER\n $60 each, net\nCall me to order: 713-524-9144\nAs for this week's schedule of events:\n\nTHURSDAY, NOVEMBER 22nd:\nCLOSED FOR THANKSGIVING\nFRIDAY, NOVEMBER 23RD:\nWINE BAR AT CHRISTOPHER'S\nFor all of you who have visited over the past several weeks:=20\nThank you for making this such a fabulous success!!!\nIf you have not yet visited the Wine Bar on Friday, here are some details:\nWe offer 45 wines by the glass to include reds, whites, sparkling wines & =\nafter dinner wines, too.\nOur amazingly talented Chef prepares 4 new menu items each week.\nIn addition to the wines by the glass list, you may choose ANY wine in the=\n store=20\nto enjoy with your foods or friends.\nBEST PART???\nRetail prices for all wines, NOT restaurant prices!!!\nOur wines by the glass range from $4 to $15 &\nOur Chef's specials range from $10 to $22.\nNo reservations are needed.\nGet here early for the best seats.\nTime: 6-10 PM Friday nights\nLocation: here at Christopher's=20\nYOU HAVE GOT TO CHECK THIS OUT, IT IS A BLAST!!!\nSATURDAY, NOVEMBER 24TH:\nCUSTOMER APPRECIATION DAY\nThis Saturday, from 2-5 PM, please be our guest for this free tasting.\nWe will be showcasing 6 new wines from around the world.\nCalifornia, France, Italy & Spain will all be open for tasting.\nNo reservations are required.\nSuper special discounts during the tasting.\nAll new wines, never before seen at the bar.\nGet here early for best selection.\nTime: 2-5 PM\nHere at Christopher's\nNo Charge\nBring some friends and have a great tasting!!!\n\nThat should be enough to keep you busy this week. Please call us ASAP to =\norder your cases or special wines.\nFor a complete list of upcoming events and to view our newsletter for Nove=\nmber & December, take a moment and visit us on the web at:www.christophersw=\nine.com=20\nGobble, gobble,\nChristopher\n\"BEST WINE STORE\" HOUSTON PRESS 2001\n2516 Times BLVD\nRice Village\n713-524-9144www.christopherswine. com"},"Sender":{"kind":"string","value":"kward1@houston.rr.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5536,"string":"5,536"}}},{"rowIdx":2521,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/67."},"message":{"kind":"string","value":"CFTC Commitment of Traders - Natural Gas ,\n Attached please find this week's summary of the most recent CFTC Commitment of Traders Data for Natural Gas.\n \nThanks,\nMark\n - CFTC-NG-10-8-01.doc"},"Sender":{"kind":"string","value":"mark@capstone-ta.com"},"Receiver(s)":{"kind":"string","value":"bob.mckinney@capstone-ta.com"},"__index_level_0__":{"kind":"number","value":5537,"string":"5,537"}}},{"rowIdx":2522,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/670."},"message":{"kind":"string","value":"Reminder ,\n Just a reminder that I will be out of the office on Wednesday 11/21/01. If you need assistance, Becky can help you and she can reach me if needed.\n\nIna"},"Sender":{"kind":"string","value":"ina.rangel@enron.com"},"Receiver(s)":{"kind":"string","value":"andy.zipper@enron.com, john.arnold@enron.com, larry.may@enron.com, "},"__index_level_0__":{"kind":"number","value":5538,"string":"5,538"}}},{"rowIdx":2523,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/671."},"message":{"kind":"string","value":"Nat Gas market analysis for 11-21-01 ,\n Attached please find the Natural Gas market analysis for today.\n\nThanks,\n\nBob McKinney\n\n - 11-21-01 Nat Gas.doc"},"Sender":{"kind":"string","value":"capstone@ktc.com"},"Receiver(s)":{"kind":"string","value":"bob.mckinney@capstone-ta.com"},"__index_level_0__":{"kind":"number","value":5539,"string":"5,539"}}},{"rowIdx":2524,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/672."},"message":{"kind":"string","value":"daily charts 11/21 ,\n The information contained herein is based on sources that we believe to be\nreliable, but we do not represent that it is accurate or complete. Nothing\ncontained herein should be considered as an offer to sell or a solicitation\nof an offer to buy any financial instruments discussed herein. Any\nopinions expressed herein are solely those of the author. As such, they\nmay differ in material respects from those of, or expressed or published by\non behalf of Carr Futures or its officers, directors, employees or\naffiliates. ? 2001 Carr Futures\n\n\nThe charts are now available on the web by clicking on the hot link(s)\ncontained in this email. If for any reason you are unable to receive the\ncharts via the web, please contact me via email and I will email the charts\nto you as attachments.\n\n\nCrude http://www.carrfut.com/research/Energy1/crude23.pdf\nNatural Gas http://www.carrfut.com/research/Energy1/ngas23.pdf\n\n\nJan WTI/Brent Spread\nhttp://www.carrfut.com/research/Energy1/clf-qof.pdf\nJan Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf\nJan Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf\nDec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf\nJan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf\nDec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf\nFeb Gas/Heat Spread http://www.carrfut.com/research/Energy1/hug-hog.pdf\nDec/Mar Unlead Spread\nhttp://www.carrfut.com/research/Energy1/huz-huh.pdf\n\nNat Gas Strip Matrix\nhttp://www.carrfut.com/research/Energy1/StripmatrixNG23.pdf\nNat Gas Spread Matrix\nhttp://www.carrfut.com/research/Energy1/SpreadmatrixNG23.pdf\n\nCrude and Products Spread Matrix\nhttp://www.carrfut.com/research/Energy1/SpreadmatrixCL23.pdf"},"Sender":{"kind":"string","value":"carrfuturesenergy@carrfut.com"},"Receiver(s)":{"kind":"string","value":"rvujtech@carrfut.com"},"__index_level_0__":{"kind":"number","value":5540,"string":"5,540"}}},{"rowIdx":2525,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/673."},"message":{"kind":"string","value":"FW: TOP 50 GAS CPS - AS OF 11-19-01 ,\n -----Original Message-----\nFrom: \tSweitzer, Tara \nSent:\tTuesday, November 20, 2001 11:28 AM\nTo:\tPuthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy\nSubject:\tTOP 50 GAS CPS - AS OF 11-19-01\n\nSavita,\n\nThe Arnold report has been reviewed and it is ready to be sent out.\n\n \n\n\nThanks\nTARA"},"Sender":{"kind":"string","value":"savita.puthigai@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5541,"string":"5,541"}}},{"rowIdx":2526,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/674."},"message":{"kind":"string","value":"EFS presentation ,\n Doug / Arturo-\n\nBelow is a small presentation we made on EFS with the flow diagrams John drew out.\n\nPlease call us when you are ready to discuss.\n\nKind Regards,\nCaroline\n212 715 2395"},"Sender":{"kind":"string","value":"caroline.abramo@enron.com"},"Receiver(s)":{"kind":"string","value":"doug@campbell.com, arturo@campbell.com"},"__index_level_0__":{"kind":"number","value":5542,"string":"5,542"}}},{"rowIdx":2527,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/675."},"message":{"kind":"string","value":"RE: EFS presentation ,\n yah yah.. this technological innovation is so impersonal.\n\n -----Original Message-----\nFrom: \tArnold, John \nSent:\tWednesday, November 21, 2001 8:18 AM\nTo:\tAbramo, Caroline\nSubject:\tRE: EFS presentation\n\nI liked my drawing better\n\n -----Original Message-----\nFrom: \tAbramo, Caroline \nSent:\tTuesday, November 20, 2001 9:04 AM\nTo:\t'doug@campbell.com'; 'arturo@campbell.com'\nCc:\tArnold, John\nSubject:\tEFS presentation\n\nDoug / Arturo-\n\nBelow is a small presentation we made on EFS with the flow diagrams John drew out.\n\nPlease call us when you are ready to discuss.\n\nKind Regards,\nCaroline\n212 715 2395\n\n << File: EFS.ppt >>"},"Sender":{"kind":"string","value":"caroline.abramo@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5543,"string":"5,543"}}},{"rowIdx":2528,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/676."},"message":{"kind":"string","value":"daily Hoil & Unlleaded & Scott Mollner Charts 11/21 ,\n The information contained herein is based on sources that we believe to be\nreliable, but we do not represent that it is accurate or complete. Nothing\ncontained herein should be considered as an offer to sell or a solicitation\nof an offer to buy any financial instruments discussed herein. Any\nopinions expressed herein are solely those of the author. As such, they\nmay differ in material respects from those of, or expressed or published by\non behalf of Carr Futures or its officers, directors, employees or\naffiliates. ? 2001 Carr Futures\n\n\nThe charts are now available on the web by clicking on the hot link(s)\ncontained in this email. If for any reason you are unable to receive the\ncharts via the web, please contact me via email and I will email the charts\nto you as attachments.\n\n\n\nDistillate http://www.carrfut.com/research/Energy1/hoil23.pdf\nUnleaded http://www.carrfut.com/research/Energy1/unlded23.pdf\n\n\nScott Mollner Recomendation\nhttp://www.carrfut.com/research/Energy1/recom11-21-01.pdf"},"Sender":{"kind":"string","value":"carrfuturesenergy@carrfut.com"},"Receiver(s)":{"kind":"string","value":"rvujtech@carrfut.com"},"__index_level_0__":{"kind":"number","value":5544,"string":"5,544"}}},{"rowIdx":2529,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/677."},"message":{"kind":"string","value":"RE: Enron EFS issues ,\n thanks.. do we have early close today?\nare you going home for thanksgiving?\n\n -----Original Message-----\nFrom: \tArnold, John \nSent:\tWednesday, November 21, 2001 8:18 AM\nTo:\tAbramo, Caroline\nSubject:\tRE: Enron EFS issues\n\nLooking into it\n\n -----Original Message-----\nFrom: \tAbramo, Caroline \nSent:\tTuesday, November 20, 2001 9:37 AM\nTo:\tArnold, John\nSubject:\tFW: Enron EFS issues\n\n\n\n -----Original Message-----\nFrom: \tDoug York @ENRON \nSent:\tTuesday, November 20, 2001 10:16 AM\nTo:\tAbramo, Caroline\nCc:\tArturo Hidalgo; Terri Becks; Dick Bell\nSubject:\tEnron EFS issues\n\nThanks for taking the time to put this PowerPoint presentation together to\nbetter outline the flow. It helps us discuss it internally.\n\nRecently our internal compliance folks have discussed the \"give-up risk\".\nSpecifically, what guarantee do we have that the executor's (Enron) FCM will\naccept the block trade and get it to the exchange on behalf of our clients?\nThere is some concern that there might be limits imposed by the FCM due to\nissues such as credit and the high volatility of NG.\n\nThey have requested we sign a four (or more) party give-up agreement between\nCampbell, Enron, your clearing firm(s) and our clearing firm(s). Is this\nthe SOP as you envision the NYMEX EFS? We are at the point where the\nspecific documentation issues are the main obstacles to moving forward. If\nwe buy 1,000 NG from you, how do we know your FCM can guarantee acceptance\nof the trade for further give-up? Your legal feedback is welcome.\n\nThanks,\nCDY\n\n\n========================================================\n\nThe information transmitted in this email is intended for the named\naddressee(s) only. As this email may contain confidential and/or\nprivileged information, if you are not the intended recipient, you are\nnot authorized to retain, read, copy or disseminate this email or any\npart of it. If you received this email in error, please contact the\nsender and permanently delete the email and any attachments.\n\nUnless expressly stated, opinions in this email are those of the\nindividual sender and not of Campbell & Company, Inc.\n\n\n\n\n - EFS.ppt << File: EFS.ppt >>"},"Sender":{"kind":"string","value":"caroline.abramo@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5545,"string":"5,545"}}},{"rowIdx":2530,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/678."},"message":{"kind":"string","value":"FW: Enron EFS issues ,\n -----Original Message-----\nFrom: \tDoug York @ENRON \nSent:\tTuesday, November 20, 2001 10:16 AM\nTo:\tAbramo, Caroline\nCc:\tArturo Hidalgo; Terri Becks; Dick Bell\nSubject:\tEnron EFS issues\n\nThanks for taking the time to put this PowerPoint presentation together to\nbetter outline the flow. It helps us discuss it internally.\n\nRecently our internal compliance folks have discussed the \"give-up risk\".\nSpecifically, what guarantee do we have that the executor's (Enron) FCM will\naccept the block trade and get it to the exchange on behalf of our clients?\nThere is some concern that there might be limits imposed by the FCM due to\nissues such as credit and the high volatility of NG.\n\nThey have requested we sign a four (or more) party give-up agreement between\nCampbell, Enron, your clearing firm(s) and our clearing firm(s). Is this\nthe SOP as you envision the NYMEX EFS? We are at the point where the\nspecific documentation issues are the main obstacles to moving forward. If\nwe buy 1,000 NG from you, how do we know your FCM can guarantee acceptance\nof the trade for further give-up? Your legal feedback is welcome.\n\nThanks,\nCDY\n\n\n========================================================\n\nThe information transmitted in this email is intended for the named\naddressee(s) only. As this email may contain confidential and/or\nprivileged information, if you are not the intended recipient, you are\nnot authorized to retain, read, copy or disseminate this email or any\npart of it. If you received this email in error, please contact the\nsender and permanently delete the email and any attachments.\n\nUnless expressly stated, opinions in this email are those of the\nindividual sender and not of Campbell & Company, Inc.\n\n\n\n\n - EFS.ppt"},"Sender":{"kind":"string","value":"caroline.abramo@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5546,"string":"5,546"}}},{"rowIdx":2531,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/679."},"message":{"kind":"string","value":" ,\n John,\n\nHello and good Monday morning to you. I briefly meet you while talking to Paul Racicot on Friday at Front Porch Pub. With Matt working here in Freight you probably already know we are not well off these days. Next on the chopping block is never a good place to be. \n\nThis is a forward question but what the hell. I was wondering if you knew of any positions available in your area. If you can believe it I am not ready to leave Enron behind yet. Thanks for your help.\n\nRegards,\n\nKristin Gandy\nFreight Markets\nEnron Global Markets\n1400 Smith Street ECS 3657\nHouston, Texas 77002\n713-853-7263 \nkristin.gandy@enron.com"},"Sender":{"kind":"string","value":"kristin.gandy@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5547,"string":"5,547"}}},{"rowIdx":2532,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/68."},"message":{"kind":"string","value":"Reminder - NYMEX Hours Through October ,\n This is just a reminder of the trading hours that the NYMEX has established for\nthe balance of October.\n\nBrent Crude Oil - 9:45-2:30\nWTI Crude Oil - 10:00-2:30\nNatural Gas - 10:00-2:30\nHeating Oil - 10:05-2:30\nUnleaded Gasoline - 10:05-2:30\n\nNYMEX Access will trade from 3:15 p.m. to 9:00 a.m. for all contracts. The\nSunday night session will commence at 7:00 p.m.\n\nThank you.\n\n\n\n\n_____________________________________________________________________________________________________________________________________\n\nCe message et toutes les pieces jointes (ci-apres le \"message\") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur.\n\nToute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf autorisation expresse.\n\nL'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.\n\t----------------------------------------------------------------------------------\nThis message and any attachments (the \"message\") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender.\n\nAny use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval.\n\nThe 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.\n_____________________________________________________________________________________________________________________________________"},"Sender":{"kind":"string","value":"george.ellis@americas.bnpparibas.com"},"Receiver(s)":{"kind":"string","value":"george.ellis@americas.bnpparibas.com"},"__index_level_0__":{"kind":"number","value":5548,"string":"5,548"}}},{"rowIdx":2533,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/680."},"message":{"kind":"string","value":"RE: Enron EFS issues ,\n why are futs still so high?\ndid you ever find anything about those s+p commodity futures contracts?\n\n -----Original Message-----\nFrom: \tArnold, John \nSent:\tWednesday, November 21, 2001 9:16 AM\nTo:\tAbramo, Caroline\nSubject:\tRE: Enron EFS issues\n\nfull day today because of aga\n\nyea, going home to the Big D\n\n -----Original Message-----\nFrom: \tAbramo, Caroline \nSent:\tWednesday, November 21, 2001 7:20 AM\nTo:\tArnold, John\nSubject:\tRE: Enron EFS issues\n\nthanks.. do we have early close today?\nare you going home for thanksgiving?\n\n -----Original Message-----\nFrom: \tArnold, John \nSent:\tWednesday, November 21, 2001 8:18 AM\nTo:\tAbramo, Caroline\nSubject:\tRE: Enron EFS issues\n\nLooking into it\n\n -----Original Message-----\nFrom: \tAbramo, Caroline \nSent:\tTuesday, November 20, 2001 9:37 AM\nTo:\tArnold, John\nSubject:\tFW: Enron EFS issues\n\n\n\n -----Original Message-----\nFrom: \tDoug York @ENRON \nSent:\tTuesday, November 20, 2001 10:16 AM\nTo:\tAbramo, Caroline\nCc:\tArturo Hidalgo; Terri Becks; Dick Bell\nSubject:\tEnron EFS issues\n\nThanks for taking the time to put this PowerPoint presentation together to\nbetter outline the flow. It helps us discuss it internally.\n\nRecently our internal compliance folks have discussed the \"give-up risk\".\nSpecifically, what guarantee do we have that the executor's (Enron) FCM will\naccept the block trade and get it to the exchange on behalf of our clients?\nThere is some concern that there might be limits imposed by the FCM due to\nissues such as credit and the high volatility of NG.\n\nThey have requested we sign a four (or more) party give-up agreement between\nCampbell, Enron, your clearing firm(s) and our clearing firm(s). Is this\nthe SOP as you envision the NYMEX EFS? We are at the point where the\nspecific documentation issues are the main obstacles to moving forward. If\nwe buy 1,000 NG from you, how do we know your FCM can guarantee acceptance\nof the trade for further give-up? Your legal feedback is welcome.\n\nThanks,\nCDY\n\n\n========================================================\n\nThe information transmitted in this email is intended for the named\naddressee(s) only. As this email may contain confidential and/or\nprivileged information, if you are not the intended recipient, you are\nnot authorized to retain, read, copy or disseminate this email or any\npart of it. If you received this email in error, please contact the\nsender and permanently delete the email and any attachments.\n\nUnless expressly stated, opinions in this email are those of the\nindividual sender and not of Campbell & Company, Inc.\n\n\n\n\n - EFS.ppt << File: EFS.ppt >>"},"Sender":{"kind":"string","value":"caroline.abramo@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5549,"string":"5,549"}}},{"rowIdx":2534,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/681."},"message":{"kind":"string","value":"The Daily Quote ,\n [IMAGE]=09Quote.com =09 Log In | Sign Up | Account Mgt. | Insight Center=\n =09[IMAGE]=09 Get Quote/LiveCharts: [IMAGE] [IMAGE] FindSymbol =09[IMAG=\nE]=09\n[IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09\n[IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09\n[IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09\n\n\n[IMAGE]=09 My Portfolio | LiveCharts | Stocks | News | Msg Board=\ns | Markets | Funds | IPO | Options =09[IMAGE]=09\n\n\n[IMAGE]=09[IMAGE] The Daily Quote=09[IMAGE] =09[IMAGE]=09\n[IMAGE]=09=09Brought to you every morning as of 10 AM ET. Click on the MORE=\n link for the most current information.=09[IMAGE]=09\n\n\n=09=09=09=09[IMAGE]=09=09=09=09\n=09=09 =09=09 [IMAGE] Markets Index Last Change % Chg Dow9,819.04[I=\nMAGE]82.34-0.83% NASDAQ1,859.74[IMAGE]20.77-1.10% S?5001,133.46[IMAGE]9.20-=\n0.80% 30 Yr53.70[IMAGE]0.571.07% Russell450.18[IMAGE]3.72-0.81%- - - - - MO=\nRE [IMAGE][IMAGE] Enter multiple symbols separated by a space [IMAGE] =\n [IMAGE]=09 =09 [IMAGE] Economic Calendar Date Release 11/21 Mich S=\nentiment-Rev. 11/21 Treasury Budget 11/26 Existing Home Sales 11/27 Consume=\nr Confidence 11/28 Fed's Beige Book - - - - - MORE [IMAGE] [IMAGE] [IMAG=\nE] [IMAGE]Qcharts =09[IMAGE]=09\n=09=09 =09 Quote of the Day =09=09=09 News on stocks is not important.=\n How the stock reacts to it is important.: Michael Burke =09[IMAGE]=09\n[IMAGE]=09 [IMAGE] US Stocks Pct Gainers As of 11/21/2001 11:28 =\nET Symbol Last Change % Chg [IMAGE] DFIB3.65[IMAGE]0.5116.24%[IMAGE] VIN=\nA1.23[IMAGE]0.1614.95%[IMAGE] FA2.79[IMAGE]0.2911.60%[IMAGE] GB29.66[IMAGE]=\n2.9110.87%[IMAGE] GYMB11.60[IMAGE]1.1010.47%[IMAGE] LXNT6.50[IMAGE]0.518.51=\n%[IMAGE]NYSE & AMEX quotes delayed at least 20 min. At least 15 min. otherw=\nise.- - - - -Personalize The Daily Quote: [IMAGE][IMAGE]Question of the Day=\n! Q. Mel Schwarz asks, \"What do analysts mean when they talk about percent =\nin or out?\"The percent in or out of the money is a way of expressing what t=\nhe strike price of an........ MORE [IMAGE] Do you have a financial questio=\nn? Ask our editor - - - - - VIEW Archive [IMAGE] [IMAGE] [IMAGE]=09 =\n=09=09=09=09[IMAGE] [IMAGE] Market Outlook Holdays and Confidence =\nBy: Adam Martin The selling pace picked up in recent action with all the m=\najor averages dropping firmly lower. The decline h... MORE [IMAGE] - - -=\n - - MORE Breaking News [IMAGE] [IMAGE] [IMAGE]=09[IMAGE]=09\n\n\n =09 [IMAGE] Today's Feature - Wednesday v\\:* {behavior:url(#default=\n#VML);} o\\:* {behavior:url(#default#VML);} w\\:* {behavior:url(#default#VML)=\n;} .shape {behavior:url(#default#VML);} From Amazon.com, week of November=\n 18, 2001 Maverick Investing: Building Extraordinary Wealth Through Uncon=\nventional Principles by Douglas Fabian [IMAGE] [IMAGE] [IMAGE]=09 =\n=09 [IMAGE] Stocks to Watch Hormel 4th-quarter earnings rise 13 perc=\nent Hormel Foods Corp. (NYSE:HRL), maker of Spam luncheon meat and Dinty M=\noore beef stew, said on Wednesday its fiscal fourth-quarter earnings rose 1=\n3 percent, helped by strong turkey and Spam sales. Foot Locker third-quarte=\nr profits rise Athletic shoe and apparel retailer Foot Locker Inc. (NYSE:Z=\n) said on Wednesday its third-quarter profits rose, as promotions launched =\nafter the Sept. 11 attacks boosted sales. Analog Devices Q4 net falls sharp=\nly Chipmaker Analog Devices Inc. (NYSE:ADI) on Tuesday reported an 88 perc=\nent drop in fourth-quarter net income as sales fell below Wall Street estim=\nates on weak demand for signal processors used in wireless phones and high-=\nspeed communications networks. Chiron sepsis drug test indicates it ineffec=\ntive Biotechnology company Chiron Corp. (NASDAQ:CHIR) said Wednesday a lat=\ne-stage clinical trial of a drug designed to treat the deadly blood infecti=\non syndrome sepsis failed to meet its primary goal of reducing patient deat=\nhs within 28 days. Verizon Offers Buyouts to Employees Verizon Communicati=\nons, the long-distance and local telephone carrier, is offering voluntary b=\nuyouts to employees, a spokesman said, in hopes of cutting its work force b=\ny thousands of positions. - - - - - MORE Breaking News [IMAGE] [IMAGE] =\n[IMAGE]=09[IMAGE]=09\n =09=09=09 [IMAGE] Your Watch List News DFIB News City of San Dieg=\no Enters Into Agreement With Cardiac Science To Deploy Lifesaving Heart Dev=\nices to Region PR Newswire: 11/21/2001 03:30 ET CARDIAC SCIENCE INC FILES =\nFORM 425 (*US:DFIB) EDGAR Online: 11/19/2001 15:17 ET Cardiac Science Anno=\nunces Third Quarter, Nine Months Results PR Newswire: 11/15/2001 03:31 ET =\n- - - - - MORE [IMAGE] VINA News OpenVoB Successfully Completes CallFests=\n III & IV; Participating Vendors Recognized for Superior Effort and Equipme=\nnt BusinessWire: 11/19/2001 08:09 ET VINA TECHNOLOGIES INC FILES FORM 10-Q=\n (*US:VINA) EDGAR Online: 11/14/2001 23:39 ET VINA TECHNOLOGIES INC FILES =\nFORM PRE 14A (*US:VINA) EDGAR Online: 11/09/2001 14:20 ET - - - - - MORE [=\nIMAGE] FA News FAIRCHILD CORP FILES FORM 10-Q (*US:FA) EDGAR Online: 11/=\n13/2001 17:37 ET The Fairchild Corporation Reports Consolidated Sales Growt=\nh of 11.3% for its First Quarter, Including 17.3% in its Core Aerospace Fas=\ntener and Hardware Businesses BusinessWire: 11/13/2001 16:49 ET FAIRCHILD =\nCORP FILES FORM SC 13D/A (*US:FA) EDGAR Online: 11/05/2001 09:58 ET - - - =\n- - MORE [IMAGE] GB News WILSON GREATBATCH TECHNOLOGIES INC FILES FORM 10=\n-Q (*US:GB) EDGAR Online: 11/13/2001 13:27 ET Wilson Greatbatch Technologi=\nes' CEO Edward F. Voboril talks to The Wall Street Transcript BusinessWire=\n: 10/22/2001 14:55 ET Wilson Greatbatch Technologies' CEO Edward F. Voboril=\n Talks to The Wall Street Transcript BusinessWire: 10/17/2001 15:05 ET - -=\n - - - MORE [IMAGE] GYMB News Gymboree posts 3rd-qtr gain, raises 2001 gu=\nidance Reuters: 11/20/2001 16:55 ET Gymboree Reports Third-Quarter Results=\n BusinessWire: 11/20/2001 16:12 ET GYMBOREE CORP FILES FORM SC 13G/A (*US:=\nGYMB) EDGAR Online: 11/13/2001 09:08 ET - - - - - MORE [IMAGE] LXNT News=\n Crain's New York Business Ranks Lexent Among the New York Area's Fastest-g=\nrowing Companies BusinessWire: 11/16/2001 14:23 ET LEXENT INC FILES FORM 1=\n0-Q (*US:LXNT) EDGAR Online: 11/07/2001 15:31 ET Wolf Haldenstein Adler Fr=\neeman & Herz LLP Announces Class Action Suit Against Lexent, Inc. Business=\nWire: 10/30/2001 14:54 ET - - - - - MORE [IMAGE] [IMAGE]=09 =09\n\n[IMAGE]\n[IMAGE]=09You are subscribed to this newsletter as jarnold@enron.com U N S=\n U B S C R I B E The Daily Quote is the free daily newsletter for Lycos Fin=\nance Members. To UNSUBSCRIBE -------------------------------- To stop rece=\niving this newsletter, send an e-mail to: cancel-Quote@mailbox.lycos.com . =\nPlease include only your email address in the subject line of the email. Yo=\nu can also change your subscription status here: http://ldbauth.lycos.com/=\ncgi-bin/mayaRegister?m_PR=3D4&m_RC=3D3 To SUBSCRIBE ---------------------=\n----------- If you've received this e-mail from a friend and wish to be on =\nthe Daily Quote mailing list, please go to http://finance.lycos.com and re=\ngister to become a Member of Quote and the Lycos Network. =09\n\n\n=09 =09\n[IMAGE]=09 =09\n[IMAGE]Site Map | Help | Feedback | About Terra Lycos | Jobs | Adverti=\nse | Business Development Copyright ? 2001 Lycos, Inc. All Rights Reser=\nved. Lycos\n is a registered trademark of Carnegie Mellon University. Privacy Policy -=\n Terms & Conditions"},"Sender":{"kind":"string","value":"dailyquote@smtp.quote.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5550,"string":"5,550"}}},{"rowIdx":2535,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/682."},"message":{"kind":"string","value":"RE: ,\n of course, I'm just tagging with you guys. Did you ever go to Christopher's? I might go pick up some wine - any requests or recommendations? And where do you want to leave from? \n\n -----Original Message-----\nFrom: \tArnold, John \nSent:\tWednesday, November 21, 2001 11:43 AM\nTo:\tSlone, Jeanie; Ward, Kim S (Houston)\nSubject:\t\n\nIs it okay to leave around 3:00?"},"Sender":{"kind":"string","value":"houston <.ward@enron.com>"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5551,"string":"5,551"}}},{"rowIdx":2536,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/683."},"message":{"kind":"string","value":"BNP PARIBAS Commodity Futures AGA Survey......RESULTS!! ,\n Here are this week's survey results.\n\nAVG -1\nAVG w/o High & Low 0\nMedian 0\nStandard Deviation 11\n# of Responses 44\nHigh +25\nLow - 35\nLast Year -94\n\nThank You!\n\nDaryl Dworkin\nBNP PARIBAS\n\n\n\n\n_____________________________________________________________________________________________________________________________________\n\nCe message et toutes les pieces jointes (ci-apres le \"message\") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur.\n\nToute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf autorisation expresse.\n\nL'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.\n\t----------------------------------------------------------------------------------\nThis message and any attachments (the \"message\") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender.\n\nAny use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval.\n\nThe 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.\n_____________________________________________________________________________________________________________________________________"},"Sender":{"kind":"string","value":"daryl.dworkin@americas.bnpparibas.com"},"Receiver(s)":{"kind":"string","value":"daryl.dworkin@americas.bnpparibas.com"},"__index_level_0__":{"kind":"number","value":5552,"string":"5,552"}}},{"rowIdx":2537,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/684."},"message":{"kind":"string","value":"RE: ,\n I'm at home. Let me know where you want me to meet you guys.\n\n-----Original Message----- \nFrom: Arnold, John \nSent: Wed 11/21/2001 12:02 PM \nTo: Ward, Kim S (Houston) \nCc: \nSubject: RE: \n\n\n\ndid not, but I went to my wine locker and picked out 12 bottles for the weekend so I think we're okay unless you're taking some to your friends. I'll call you when I'm ready and we'll figure it out.\n\n -----Original Message----- \nFrom: Ward, Kim S (Houston) \nSent: Wednesday, November 21, 2001 11:45 AM \nTo: Arnold, John \nSubject: RE: \n\nof course, I'm just tagging with you guys. Did you ever go to Christopher's? I might go pick up some wine - any requests or recommendations? And where do you want to leave from? \n\n -----Original Message----- \nFrom: Arnold, John \nSent: Wednesday, November 21, 2001 11:43 AM \nTo: Slone, Jeanie; Ward, Kim S (Houston) \nSubject: \n\nIs it okay to leave around 3:00?"},"Sender":{"kind":"string","value":"houston <.ward@enron.com>"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5553,"string":"5,553"}}},{"rowIdx":2538,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/685."},"message":{"kind":"string","value":"AGA summary for 11-21-01 ,\n Attached please find this weeks AGA summary.\n\nThanks,\n\nBob McKinney\n\n - 11-21-01 AGA.doc"},"Sender":{"kind":"string","value":"capstone@ktc.com"},"Receiver(s)":{"kind":"string","value":"bob.mckinney@capstone-ta.com"},"__index_level_0__":{"kind":"number","value":5554,"string":"5,554"}}},{"rowIdx":2539,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/686."},"message":{"kind":"string","value":"MusicNews.Creed.Incubus.U2.KidRock.Jay-Z.Custom.AAF.Madonna.Nelly@ARTISTdirect ,\n =09=09=09=09=09 Search Over 100,000 Artists ArtistAlbumSongTour DatesReco=\nrd LabelRadio-TraditionalRadio-InternetMusician ResourceRetail OutletMagazi=\nneMeta SiteVenueFestivalPromoter/AgentTicket Seller [IMAGE] [IMAGE] Novem=\nber 20, 2001 [IMAGE] [IMAGE] [IMAGE] [IMAGE] Breaking News [IMAG=\nE]Jay-Z gets unplugged with Mary J. [IMAGE]Sigur Ros win Shortlist Prize [I=\nMAGE]Can guitarist dies [IMAGE]Mick Jagger plays one US show [IMAGE]No Doub=\nt and Destiny's Child join Billboard Awards lineup [IMAGE]Public Enemy to r=\nelease fan remixes [IMAGE]Waylon Jennings hospitalized [IMAGE]Billy Corgan =\ndebuts new band [IMAGE]Slipknot cancel US dates [IMAGE]Alanis Morissette to=\n receive U.N award Get breaking news 24/7 from over 40 sources, all in one=\n great place - click here ! [IMAGE] [IMAGE] [IMAGE] New Releases Featu=\nred Releases: [IMAGE]Creed - Weathered $14.99 [IMAGE]Too $hort - Chase Th=\ne Cat $14.99 [IMAGE]Sting - All This Time $14.99 [IMAGE]Smashing Pumpkins=\n - Greatest Hits $16.99 [IMAGE]Pink - Misundaztood $14.99 [IMAGE]Kid Rock=\n - Cocky $14.99 [IMAGE]Aerosmith - Young Lust $20.99 [IMAGE]Madonna - Gr=\neatest Hits Volume 2 $14.99 [IMAGE]Hoobastank - Hoobastank $9.99 [IMAGE]Va=\nrious - Concert For New York City $19.99 Upcoming DVDs, Pre-Order Now! [=\nIMAGE]Incubus - When Incubus Attacks $19.99 [IMAGE]Britney Spears - Britn=\ney: The Videos $16.99 [IMAGE]Red Hot Chili Peppers - Off The Map $19.99 =\n [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IM=\nAGE] Win A Custom Cop Car! Album Network says: \"Just when it seemed that=\n all popular music, particularly in the rock/alternative arena, was engaged=\n in a competition to see who could dumb it down the most, along comes a bre=\nath of fresh air in the form of Fast, whose complex musical arrangements an=\nd sly sense of humor are, simply put, a revelation.\" [IMAGE]Download Cust=\nom's debut single \"Hey Mister,\" watch his cool urban motocross footage and =\nwin an undercover cop car here. [IMAGE]Check out the official Custom site=\n and join the Custom e-team now! [IMAGE] [IMAGE] [IMAGE] [IMAGE] Free=\n Incubus Ringtone Love Incubus? Now you can hear them every time your ph=\none rings! For a limited time, you can download a free Incubus ringtone ri=\nght to your compatible wireless phone, exclusively from AT?Wireless. The s=\nong you'll hear is \"Nice To Know You\", from Incubus's new album Morning Vie=\nw. Get it now and you'll be the envy of all your friends. Click here for =\nmore info... No purchase necessary. Must be an AT?Wireless customer wit=\nh a compatible Nokia phone to receive offer. Offer expires 12-02-01. [I=\nMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] T=\nickets On Sale Don't waste time in line. You can check tour dates and buy=\n your tix immediately online at ARTISTdirect! [IMAGE]Tickets now available=\n for: U2 Macy Gray Elton John & Billy Joel Nickelback B.B. 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[IMAGE] [IMAGE] [=\nIMAGE] [IMAGE] Top Videos New Adds: [IMAGE]Alien Ant Farm - \"Movies\" (v.=\n2) [IMAGE]Smash Mouth - \"Pacific Coast Party\" [IMAGE]Lifehouse - \"Breathing=\n\" [IMAGE]The Avalanches - \"Frontier Psychiatrist\" Viewer Faves: [IMAGE]Bri=\ntney Spears - \"I'm A Slave 4 U\" [IMAGE]Linkin Park - \"Crawling\" [IMAGE]Enri=\nque Iglesias - \"Hero\" [IMAGE]Dr. Dre - \"Bad Intentions\" from The Wash [IMA=\nGE] [IMAGE] [IMAGE] [IMAGE] Click here to Un_Subscribe =\n =\n =09\n\n\n-MKTFI:enUS:7xWAyr3MacAfucI18I20Ss T5Sl6/KO0dAtr6HSeVdorA-\n[IMAGE]"},"Sender":{"kind":"string","value":"artistinsider@info.artistdirect.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5555,"string":"5,555"}}},{"rowIdx":2540,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/687."},"message":{"kind":"string","value":" ,\n Boone said to tell you \"Happy Thanksgiving\""},"Sender":{"kind":"string","value":"n..gilbert@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5556,"string":"5,556"}}},{"rowIdx":2541,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/688."},"message":{"kind":"string","value":"FW: TOP 50 GAS CPS - AS OF 11-20-01 ,\n -----Original Message-----\nFrom: \tSweitzer, Tara \nSent:\tWednesday, November 21, 2001 11:52 AM\nTo:\tPuthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy\nSubject:\tTOP 50 GAS CPS - AS OF 11-20-01\n\nSavita,\n\nThis report has been reviewed. It is ready to be sent out.\n\n\n \n\nThanks\nTARA"},"Sender":{"kind":"string","value":"savita.puthigai@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5557,"string":"5,557"}}},{"rowIdx":2542,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/69."},"message":{"kind":"string","value":"Enron Mentions - 10-06-01 - 10-07-01 ,\n THE NATION States Taking the Initiative to Fight Global Warming Environment=\n: Unhappy with Bush's policies, local officials work to slow climate change=\n.\nLos Angeles Times, 10/07/01\nMany stuck in anti-terror dragnet/Future uncertain for Houston man, 23, hel=\nd and cleared in attacks\nHouston Chronicle, 10/07/01\n\nEnron Close to 5-Yr Contract With Equity Office, Crain's Says\nBloomberg, 10/07/01\n\nEnron Reaches a Deal to Sell Oregon Utility for $1.9 Billion\nThe New York Times, 10/06/01\nIN BRIEF / ENERGY Northwest in Talks to Buy Portland GE\nLos Angeles Times, 10/06/01\nEnron talks utility sale in Oregon / Northwest Natural Gas is second possib=\nle buyer\nHouston Chronicle, 10/06/01\nCOMPANIES & FINANCE INTERNATIONAL - Northwest may buy Enron asset.\nFinancial Times (U.K. edition), 10/06/01\nNW Natural Gas in talks for Portland General\nThe Daily Deal, 10/06/01\nNW NATURAL WEIGHING PURCHASE OF PGE\nThe Columbian, 10/06/01\nEnron to Announce Sale of Portland General on Monday, NYT Says\nBloomberg, 10/06/01\n\nPUC RIGHTLY OPEN TO RECONSIDERING\nPortland Oregonian, 10/06/01\nCivil rights advocates worry about detaining immigrants\nAssociated Press Newswires, 10/06/01\nIndia: LNG: Ministry willing to pare charter hire rates for Dabhol\nBusiness Line (The Hindu), 10/06/01\nGun found in car at Millard North\nOmaha World-Herald, 10/06/01\nPOWER GIANT BUYS ISLAND IN SEARCH FOR GAS PIPELINE\nSouth Florida Sun-Sentinel, 10/06/01\nDIESEL BAN MAY SWAY OPPONENTS OF POWER PLANT\nSouth Florida Sun-Sentinel, 10/06/01\nEnron Offshoot Leads Texas Complaints for Unauthorized Electric Accounts\nKRTBN Knight-Ridder Tribune Business News: Fort Worth Star-Telegram - Texas=\n, 10/06/01\n\n\n\n\n\nNational Desk\nTHE NATION States Taking the Initiative to Fight Global Warming Environment=\n: Unhappy with Bush's policies, local officials work to slow climate change=\n.\nGARY POLAKOVIC\nTIMES ENVIRONMENTAL WRITER\n\n10/07/2001\nLos Angeles Times\nHome Edition\nA-40\nCopyright 2001 / The Times Mirror Company\n\nMore than two dozen U.S. states and cities, no longer waiting for the Bush =\nadministration to seize the initiative against global warming, have begun t=\naking steps to reduce emissions that scientists say are heating the planet.=\n=20\nFrom Vermont to Oregon, state and local governments are calling for broader=\n use of energy-saving devices, more energy-efficient building standards, cl=\neaner-burning power plants and more investment in such renewable energy sou=\nrces as wind and solar power--all to help reduce greenhouse gases that trap=\n the sun's energy near the Earth's surface.\nMany of the strategies being promoted mimic those endorsed in July by 180 n=\nations as part of an international campaign against global warming that the=\n Bush administration declined to join.=20\nIn August, six New England states and five eastern Canadian provinces signe=\nd a pact to reduce greenhouse gas emissions. Under the agreement, the signa=\ntories pledged to cut emissions to 1990 levels by 2010 and by 10% below tha=\nt level by 2020. Those cuts are to be followed by even deeper reductions. I=\nt is the most ambitious goal set by state governments and it was supported =\nby three Republican governors, two Democrats and one Independent from Massa=\nchusetts, Connecticut, Rhode Island, New Hampshire, Vermont and Maine.=20\nNo single state or region can make a substantial reduction in the gases tha=\nt contribute to global warming. Moreover, much of the success of state and =\nlocal efforts relies on voluntary compliance from industry.=20\nStill, advocates of state and local initiatives are confident that there is=\n enough public support to ensure broad cooperation in the private sector.=\n=20\n\"Public demand for action on climate change increased when the United State=\ns was not a part of the [international] agreement. It had a powerful impact=\n on the thinking of all kinds of people, including governors and heads of l=\narge companies,\" said Tom Peterson, director of domestic policy for the Cen=\nter for Clean Air Policy in Washington.=20\nThe center was created in 1985 by a bipartisan group of governors to promot=\ne economical solutions to air pollution.=20\n\"This is a way [for states] to distinguish themselves from the Bush adminis=\ntration,\" California Resources Secretary Mary Nichols said. \"A lot of pract=\nical, moderate people are recognizing climate change is a reality, not a th=\neory, and they need to take it into account and help move the direction of =\nthe world by doing something about it.\"=20\nCalifornia was an early leader in reducing dependence on fossil fuels that =\nrelease greenhouse gases. Today, 12% of its electrical power comes from ren=\newable sources, more than any other state.=20\nPresident Bush has sent mixed signals concerning global warming. Shortly af=\nter he took office, he reneged on a campaign promise to cut emissions of ca=\nrbon dioxide, the most abundant greenhouse gas. He said he rejected the int=\nernational accord, outlined in Kyoto, Japan, in 1997 and ratified last summ=\ner, because it would cost U.S. jobs and did not immediately impose limits o=\nn emissions from developing countries, including India and China.=20\nLast spring, Bush announced the formation of a task force of Cabinet member=\ns to formulate U.S. policy. The work of the task force was slowed by disagr=\neements among its members and by the Sept. 11 terrorist attacks.=20\nIn the meantime, several members of Congress, including Sens. James M. Jeff=\nords (I-Vt.), John McCain (R-Ariz.) and Joseph I. Lieberman (D-Conn.), have=\n begun formulating policy. McCain and Lieberman announced in August that th=\ney would develop legislation to cap greenhouse emissions and reduce them us=\ning a market-based trading mechanism. But that bill, too, has been delayed =\nas Congress grapples with the enormous fallout from the attacks on the Worl=\nd Trade Center and the Pentagon.=20\nMeanwhile, officials of several states say they are making measurable progr=\ness.=20\nIn New Jersey, officials say they are on track to cut greenhouse gases by 3=\n.5% below 1990 levels by 2005. The plan relies on capturing emissions from =\nmethane--which traps 20 times more heat than carbon dioxide--from landfills=\n, securing voluntary reductions from various industries and preserving open=\n space and trees, which can absorb carbon dioxide from the atmosphere, said=\n Amy Collings, spokeswoman for the state Department of Environmental Protec=\ntion.=20\nNew York Gov. George Pataki in June announced a series of measures to impro=\nve energy efficiency and trim greenhouse gases. Specifically, the Republica=\nn governor ordered state buildings to get 20% of their electricity from ren=\newable sources, such as solar or wind power, by 2010.=20\nIn the Northwest, Seattle City Light, the local electric utility, will offs=\net any carbon dioxide emissions from power generation with wider use of cle=\nan-fueled vehicles and other measures.=20\nIn Oregon, more than 20,000 people have signed up for the \"Blue Sky Program=\n\" by paying an extra $3 per month on their utility bills to ensure that Pac=\nific Power and Light purchases electricity from sources that don't contribu=\nte to global warming, said Tim Honadel, sustainability coordinator for Gov.=\n John Kitzhaber.=20\nThe California Legislature has established a registry to track greenhouse g=\nas production. It gives businesses interested in reducing their emissions a=\n place to record their progress. Such progress will be rewarded when the st=\nate, as anticipated, begins to regulate greenhouse gas emissions.=20\nThere are growing indications that businesses, large and small, do want to =\ncooperate, if only to ensure that they have a hand in crafting policies and=\n regulations many see as inevitable.=20\nA group of Fortune 500 companies joined with the Philadelphia-based Pew Cha=\nritable Trusts to study and develop market-driven solutions to global warmi=\nng. Among the companies participating in the project are British Petroleum,=\n Boeing Co., Enron, Lockheed Martin Corp., Toyota Motor Corp. and Internati=\nonal Energy Corp.=20\nAt a carpet mill in Industry, where Interface Inc. employs 500 people, work=\ners are busy producing \"climate neutral\" carpet for commercial buildings, w=\nhich is made without generating greenhouse gases. The company recently inst=\nalled a $1-million solar array at its plant so it can make its product with=\nout any adverse impact on the Earth's atmosphere, said Jim Hartzfeld, vice =\npresident of sustainable strategies for the Atlanta-based corporation.=20\n\"This is about good business,\" Hartzfeld said. \"It's not about philanthropy=\n or altruism. It's about delivering better value.\"\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nMany stuck in anti-terror dragnet / Future uncertainfor Houston man, 23, he=\nld and cleared in attacks=20\n\nBy DALE LEZON\nStaff\nHouston Chronicle\nOn his Web site, Asem Atta was hip and playful, regaling friends with accou=\nnts of his social escapades.=20\nHe had plenty to tell. At 23, Atta had a good job at Enron Corp. and lived =\nat one of Houston's trendy midtown addresses. He wrote of sporting events a=\nnd fireworks shows. His computer home page featured pictures of himself and=\n his pet and links to Internet sites devoted to the rock bands Jane's Addic=\ntion and Red Hot Chili Peppers.=20\nHe was, he said, living \"La Vida Houston.\"=20\nThat all changed after Sept. 11, when the Pakistani national was swept up i=\nn the government's ever-widening anti-terrorist dragnet.=20\nThough federal law-enforcement officials quickly concluded that Atta was no=\nt connected to the attacks in New York and near Washington, D.C., he was fo=\nund to have an expired visa and apparently was detained by the U.S. Immigra=\ntion and Naturalization Service.=20\nHis co-workers have not seen him since at least Sept. 12, an Enron official=\n said. His friends have not seen him either, and they are worried. His apar=\ntment appears vacant. His telephone and the message service at the door to =\nhis apartment building are disconnected. He did not tell Enron officials he=\n planned to leave.=20\n\"What on earth is going on?\" one of his close friends asked the Chronicle i=\nn response to an e-mail message.=20\nAtta's plight, similar to that of many Middle Eastern immigrants, has spark=\ned worries among some civil libertarians and congressional leaders. More th=\nan 500 people, many of them immigrants held for possible immigration violat=\nions, have been detained so far as possible suspects or material witnesses =\nas the government's investigation broadens almost daily.=20\nMany were questioned and detained because they had Arabic-sounding names. T=\nhe Washington Post reported on Sept. 19, for instance, that Atta was sought=\n for questioning because he had the same surname as one of the suspected hi=\njackers, Mohamed Atta.=20\nThe next day, the FBI said it \"has no interest in\" Asem Atta, but claimed t=\nhat he had overstayed his visa, said FBI spokesman Bob Doguim. An expired v=\nisa could lead to deportation. In Atta's case, that could mean being return=\ned to Pakistan, a country that is bracing for possible U.S. attacks on neig=\nhboring Afghanistan.=20\nCarl Rusnok, an INS spokesman, said he could not comment on individual INS =\ncases.=20\nCivil rights advocates acknowledge the need to question people to avert pos=\nsible terror strikes, but they fear law-enforcement officers may unjustly t=\narget some immigrants simply because they are foreigners.=20\n\"They're supposed to be looking for terrorists, but unfortunately they are =\npicking up a lot of people who haven't done anything wrong or are innocent =\nor of Middle Eastern descent,\" said Bruce Coane, an immigration attorney in=\n Houston and past president of the American Immigration Lawyers Association=\n.=20\nCoane said he fears that at least one of his clients, mistakenly hauled in =\nduring the sweep, had his civil rights violated.=20\nHe represents a Jordanian legal immigrant who was picked up by the INS on S=\nept. 21. More than a week later, the INS admitted the man had been apprehen=\nded and detained without reason and should be released, Coane said.=20\nCoane said he could not identify the man because INS proceedings are not pu=\nblic, but said his client had been convicted of two misdemeanors prior to r=\neceiving a green card, a document that allows noncitizens to remain in the =\nUnited States legally.=20\nINS can use criminal convictions as grounds for detaining immigrants, somet=\nimes indefinitely, or deporting them. But Coane said the INS knew about the=\n misdemeanors before issuing the man a green card.=20\nU.S. Rep. Sheila Jackson Lee, D-Houston, ranking member on the House Subcom=\nmittee on Immigration and Claims, said that in the wake of the Sept. 11 att=\nacks, the government must give law enforcement powers to protect against po=\nssible terrorist assaults. But it also must safeguard civil liberties for i=\nmmigrants, she added.=20\n\"We want to . . . make sure that people are not brought in unfairly for que=\nstioning,\" she said.=20\nCongress is considering measures to broaden anti-terrorist police powers, s=\nuch as holding immigrants with possible links to terrorism longer between c=\nourt appearances.=20\nEdward Gillett, a Houston immigration attorney, said he does not fault the =\nINS for interviewing immigrants to find possible links to the hijackers or =\nimmigration violations. Had the hijackers' immigration status been reviewed=\n ahead of time, he said, the attacks may have been prevented. Several of th=\ne suicide hijackers had immigration violations that were not uncovered unti=\nl after the attacks.=20\n\"I wish they'd done this before it happened and maybe they could have preve=\nnted some of it,\" Gillett said.=20\nEfforts to reach Atta or determine his whereabouts last week were unsuccess=\nful.=20\nTypically, when a visa is expired, according to the INS, the agency can det=\nain the immigrant but must explain to him within 72 hours why he is being h=\neld and what charges he faces.=20\nSoon after that, the immigrant would probably be given a bond hearing to de=\ntermine if he should be detained while awaiting a hearing on his possible d=\neportation. The INS can hold immigrants indefinitely if they are deemed a f=\nlight risk or a danger to the community.=20\nThe deportation hearing may not take place for weeks or months, depending o=\nn the immigration judge's work load.=20\nTo stay in the country legally, Atta, or anyone in his situation, may be ab=\nle to obtain a sponsor - a relative or employer who is a U.S. citizen, for =\ninstance - or could marry a U.S. citizen. He may be able to return to his n=\native country to apply for another visa. If his visa has been expired for m=\nore than one year and he leaves the country, however, he will be barred fro=\nm returning for 10 years.=20\nIf the visa has expired for 180 days or more, and he leaves the country, he=\n won't be allowed to return for three years.=20\nAtta could also apply for political asylum.=20\nSahdi Shalabi, 24, one of Atta's closest friends from high school, said he =\nhad hoped to see Atta in the next few weeks. But now he is uncertain. He de=\nscribed his friend, whom he first met in Kuwait in 1990, as \"very playful, =\nvery easy going.\" He liked computers and talking to girls.=20\nShalabi said Atta attended an English-style high school in Kuwait and that =\nAtta's father worked for the Kuwait Oil Co. Atta moved to the United States=\n after graduating from high school, enrolled at Wichita State University ab=\nout 1994 and landed a job at Enron in Houston in 1999.=20\nAccording to his resume, Atta played indoor soccer at college and coached a=\n soccer team for young girls.=20\nShalabi, who works for Nortel Networks in Ontario, Canada, said his friend =\nwas Muslim but did not practice the religion.=20\n\"He's totally Westernized,\" he said.\n\n\n\nEnron Close to 5-Yr Contract With Equity Office, Crain's Says\n2001-10-07 18:31 (New York)\n\n\n Chicago, Oct. 7 (Bloomberg) -- Enron Corp. is close to\nwinning a five-year contract to supply power to Sam Zell's Equity\nOffice Properties Trust, Crain's Chicago reported, without citing\nsources.\n\n Under the agreement, Houston-based Enron would deliver power\nto the Chicago-based property company's office buildings in\nChicago, Boston, California and New York, Crain's said.\n\n Zell's company owns 30 buildings in the Chicago area, 55 in\nBoston, six in New York and 309 in California, Crain's said,\nciting a filing with the U.S. Securities and Exchange Commission.\n\n\nBusiness/Financial Desk; Section C\nEnron Reaches a Deal to Sell Oregon Utility for $1.9 Billion\nBy ANDREW ROSS SORKIN\n\n10/06/2001\nThe New York Times\nPage 4, Column 5\nc. 2001 New York Times Company\n\nEnron is planning to announce on Monday that it has agreed to sell Portland=\n General Electric to another Oregon utility, Northwest Natural Gas, for abo=\nut $1.9 billion in cash and stock, executives close to the deal said yester=\nday.=20\nThe sale is part of Enron's effort to discard lower-margin utility business=\nes as it focuses on the more lucrative business of trading electricity and =\ngas. The deal would consolidate the two gas and electricity providers in Po=\nrtland.\nOfficials from Enron and Northwest Natural were still considering the detai=\nls of the transaction last night and planned to vote in favor of the deal t=\noday, barring a last-minute delay, the executives said.=20\nEnron had reached an agreement to sell Portland General to Sierra Pacific f=\nor $3.1 billion, but that deal collapsed in late April when Sierra Pacific =\nbacked out, citing regulatory hurdles.=20\nUnder the terms of the deal being considered last night, Northwest Natural =\nwould pay about $1.5 billion in cash, $100 million in common stock and near=\nly $300 million in preferred convertible stock to Enron, the executives sai=\nd. Northwest Natural would also assume about $1.1 billion in debt. Enron wo=\nuld retain about a 5 percent stake, the executives said. Enron bought Portl=\nand General in 1997 for $2.9 billion in stock and debt.=20\nShares of Enron fell $1.37, or 4.1 percent, to $31.73, after Northwest Natu=\nral acknowledged that it was in talks to buy Portland General. Northwest's =\nshares fell $2.58, or 9.9 percent, to $23.41.=20\nIn its effort to sell assets to raise cash, Enron is also in talks to sell =\nits 65 percent stake in the Dabhol Power project in India for more than $2.=\n1 billion, executives close to the company said. A deal is not yet imminent=\n, but Enron has held discussions with India's largest private utility, Tata=\n Power, the executives said.=20\nA spokesman for Enron declined to comment.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nBusiness; Financial Desk\nIN BRIEF / ENERGY Northwest in Talks to Buy Portland GE\nReuters\n\n10/06/2001\nLos Angeles Times\nHome Edition\nC-2\nCopyright 2001 / The Times Mirror Company\n\nNorthwest Natural Gas Co. said it was in talks to acquire Enron Corp.'s Por=\ntland General Electric Co., a deal that would bring together two Oregon uti=\nlities.=20\nA deal would be a major step in Enron's plan to shed slower-growth assets a=\nnd focus on its core energy marketing and trading business. A deal to sell =\nPortland GE to Sierra Pacific Resources collapsed five months ago.\nSources familiar with the situation said Northwest was offering $1.8 billio=\nn in cash and stock and would also take on $1 billion of debt in the deal. =\nThey said the talks were at an advanced stage and Northwest's board could v=\note on the deal over the weekend.=20\nNorthwest confirmed the talks but said there was no assurance that a deal w=\nould be struck and it would not make any additional comments on the matter =\nunless a formal agreement was reached.=20\nEnron acquired Portland GE in July 1997 for $2.1 billion.=20\nNorthwest shares fell $2.58, nearly 10%, to $23.41, and Enron fell $1.37, o=\nr 4%, to $31.73, both on the New York Stock Exchange.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\nBUSINESS\nEnron talks utility sale in Oregon / Northwest Natural Gas is second possib=\nle buyer\nLAURA GOLDBERG\nStaff\n\n10/06/2001\nHouston Chronicle\n3 STAR\n1\n(Copyright 2001)\n\nNorthwest Natural Gas Co. is negotiating to buy Portland General Electric f=\nrom Houston-based Enron Corp., which has had a for sale sign on the power u=\ntility for months. The deal being discussed would be valued between $1.8 bi=\nllion and $2 billion, with as much as $1.5 billion in cash and the rest in =\nstock, a source familiar with the talks said Friday. In addition, Northwest=\n Natural Gas, based in Portland, Ore., would assume about $1.1 billion in d=\nebt. Also as part of the deal's terms, Enron could end up with a very small=\n stake in Northwest Natural Gas, the person said. The person described the =\ntalks as highly advanced and said a deal could be announced as soon as Mond=\nay. Northwest Natural Gas, in a brief statement Friday, confirmed it was ta=\nlking to Enron. Enron spokeswoman Karen Denne declined to comment. If a dea=\nl is announced, it would be the second time Enron struck an agreement to se=\nll Portland General. Nevada- based Sierra Pacific Resources agreed to buy P=\nortland General in November 1999. It was to pay $2.1 billion, including $2.=\n02 billion in cash. It also was to assume about $1 billion in debt and pref=\nerred stock. The deal was officially called off in April, although it had b=\neen considered dead for months before. Sierra Pacific planned to sell some =\nof its Nevada assets to raise cash for the deal, but Nevada's move to elect=\nricity deregulation was delayed, and Sierra couldn't carry out the sales. E=\nnergy trader Enron, which as part of a general strategy is shedding certain=\n assets, kept looking for a buyer. \"Enron needed some positive news, so thi=\ns should help the stock performance,\" Carol Coale, an analyst with Prudenti=\nal Securities in Houston. In a research note Friday, Robert Christensen, an=\n analyst with First Albany Corp. in New York, said benefits to Enron from a=\n sale include \"removal of a low single-digit earnings grower\" and balance s=\nheet improvement. Shares in Enron closed regular trading Friday at $31.73, =\ndown $1.37. Northwest Natural Gas provides natural gas to more than 500,000=\n residential and business customers throughout Oregon and Vancouver, Wash.,=\n while Portland General has more than 1.4 million customers in Oregon.\n\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nCOMPANIES & FINANCE INTERNATIONAL - Northwest may buy Enron asset.\nBy MATTHEW JONES and SHEILA MCNULTY.\n\n10/06/2001\nFinancial Times (U.K. edition)\n(c) 2001 Financial Times Limited . All Rights Reserved\n\nNorthwest Natural Gas said yesterday it was in talks to buy the Portland Ge=\nneral Electric Company from Enron, the US energy giant. Enron declined to c=\nomment.=20\nHouston-based Enron is also trying to dispose of $4.5bn-$5bn in other asset=\ns. They are primarily international infrastructure projects in developing c=\nountries where Enron believes there is little chance of developing its whol=\nesale and retail business around those assets.\nWhile the company has been generally doing well in Europe, Enron has said i=\nt will cut up to 500 jobs from its European division in the first sign of s=\nlowing growth since it started operating in Europe in 1989. The division em=\nploys 5,000 people in 10 offices across the continent.=20\nAnalysts said liberalisation of European energy markets had been slower and=\n more patchy than some energy trading companies had envisaged. Newly traded=\n products such as credit risk and carbon emissions were also developing les=\ns rapidly than expected. Sheila McNulty, Houston, and Matthew Jones, London=\n.=20\n(c) Copyright Financial Times Ltd. All rights reserved.=20\nhttp://www.ft.com.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nM and A\nNW Natural Gas in talks for Portland General\nBy Claire Poole in Houston\n\n10/06/2001\nThe Daily Deal\nCopyright (c) 2001 The Deal LLC\n\nPortland, Ore.-based utility, Northwest Natural Gas, confirms it is in talk=\ns to acquire Portland General Electric from energy trading giant Enron Corp=\n.=20\nPortland, Ore.-based utility Northwest Natural Gas Co. confirmed Oct. 5 it =\nis in talks to acquire Portland General Electric Co. from Houston energy tr=\nading and marketing giant Enron Corp.\nIn a terse statement, Northwest Natural Gas revealed no details of the nego=\ntiations, but warned that a deal was no certainty.=20\n\"There can be no assurances that any transaction will result from these dis=\ncussions,\" it said. \"NW Natural does not intend to make any additional comm=\nents regarding this matter unless and until a formal agreement has been rea=\nched.\"=20\nEnron spokeswoman Karen Denne would not confirm whether the company was tal=\nking with Northwest Natural Gas or anyone else about Portland General.=20\n\"It's our standard corporate policy not to comment on potential acquisition=\ns or divestitures,\" she said.=20\nEnron has been trying to shed the utility since April, when its $3.1 billio=\nn sale to Reno, Nev., utility Sierra Pacific Resources Corp. fell through i=\nn the wake of California's power crisis.=20\nIn March, Nevada regulators, nervous about power supply problems in neighbo=\nring California, backtracked from a plan to open their state to competition=\n, which scuttled Sierra Pacific's plan to sell seven power plants for $1.7 =\nbillion to help pay for Portland General.=20\nThe Federal Energy Regulatory Commission and Oregon regulators had already =\napproved the sale, which only required U.S. Securities and Exchange Commiss=\nion clearance.=20\nTalk about another buyer reached a high pitch Sept. 5, when Chairman Kennet=\nh Lay said Enron was close to a sale.=20\nSeveral companies have reportedly kicked the tires, including Scottish Powe=\nr plc, which already owns another Oregon-based utility, PacifiCorp.; Charlo=\ntte, N.C.-based Duke Energy Corp. and Juno Beach, Fla., FPL Group, whose $1=\n4 billion acquisition of New Orleans-based Entergy Corp. also fell apart in=\n March over management control and financial disclosure issues.=20\nBut Northwest Natural Gas has always been the favorite to win the utility. =\nPortland General, which serves 725,000 electric customers in northwest Oreg=\non, would fit nicely with Northwest Natural Gas, which serves more than 530=\n,000 gas customers in western Oregon and Vancouver, Wash. And its chairman,=\n Richard Reiten, is a former top executive at Portland General.=20\nFinancing would be the hitch. Northwest Natural Gas had a market capitaliza=\ntion of just $593 million as of Friday. Investors sent its stock down 9% on=\n the news of a possible acquisition to $23.62 by mid-afternoon Friday.=20\nEnron's wish price is reportedly $3 billion. But the Wall Street Journal, c=\niting sources, reported Friday that the number was $2.8 billion, $1.8 billi=\non in cash and stock plus debt assumption of another $1 billion. The articl=\ne also said Enron was considering taking a minority stake in the company, w=\nhich could explain the lower price.=20\nThe newspaper said the two were in \"advanced talks\" and an announcement cou=\nld come within days. Reuters, citing unnamed sources, reported that Northwe=\nst's board still had to vote on the deal but that it could be announced as =\nearly as Monday.=20\nEnron acquired Portland General in July 1997 for stock valued at $2.1 billi=\non in a deal hailed for combining power assets with natural gas pipelines. =\nBut it decided to dump the business after razor-slim margins and a very pub=\nlic clash with the Oregon Public Utilities Commission, which blocked its at=\ntempts to sell the utility's electricity generating assets, including its h=\nydroelectric facilities, and forced it to cut rates by $80 million.=20\nPortland General is not the only asset Enron is trying to shed.=20\nThe company is working furiously to dump $4 billion to $5 billion worth of =\nassets all around the world as it refocuses on \"asset-light\" businesses, su=\nch as trading and marketing.=20\nBut the effort hasn't gone well. It announced Oct. 3 it agreed to sell its =\nEnron Oil & Gas India Ltd. unit to BG Group plc of the U.K. for $388 millio=\nn. The unit owns a 30% interest in the Tapti gas field and the Panna/Mukta =\noil and gas fields and almost 63% of the CB-OS/1 exploration license in wes=\ntern India.=20\nIt now looks as if that deal could also come unstuck. Indian media reports =\nhave suggested that the government wants the operatorship of the assets to =\npass to two of Enron's joint venture partners -- state-owned Oil & Natural =\nGas Corp. and Reliance Industries Ltd. -- rather than remain with Enron Oil=\n & Gas India.=20\nSuch a development would render the acquisition unattractive for the U.K. c=\nompany and likely scupper the deal.=20\nA BG spokeswoman said the company still has \"every confidence\" Enron Oil & =\nGas India will retain the operating license for the assets, adding that not=\nhing has changed since the deal was announced. Negotiations are continuing =\nwith the joint venture partners and the Indian government, she said.=20\nEnron spokesman Johan Zaayman said BG is making arrangements to take over o=\nperation of the fields. \"Once that's done, the deal's a go,\" he said. \"We'r=\ne hopeful we'll be concluded in late October, early November.\"=20\nEnron is also trying to quit the $2.9 billion Dabhol power plant in India, =\nin which it owns a 65% stake.=20\nTata Power Co., India's largest private utility, told reporters Oct. 1 it h=\nad been in preliminary talks with Enron to acquire the 740-megawatt facilit=\ny, which has been shuttered since June after its sole customer, the Maharas=\nhtra State Electricity Board, which owns 15% of the facility, stopped purch=\nasing power and defaulted on payments.=20\nNewspapers reported Friday that Tata plans to finalize its bid in three wee=\nks.=20\n-- Laura Board in London contributed to this report=20\nwww.TheDeal.com\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\nBusiness\nNW NATURAL WEIGHING PURCHASE OF PGE\nWILLIAM McCALL, Associated Press writer\n\n10/06/2001\nThe Columbian\nE2\n(Copyright 2001)\n\nPORTLAND -- Four years after buying its way into the Pacific Northwest mark=\net, Texas energy trader Enron Corp. may be ready to sell off Portland Gener=\nal Electric to another Oregon utility just down the street.=20\nNorthwest Natural Gas confirmed Friday it is talking with Enron about buyin=\ng Portland General Electric, returning the headquarters of a major business=\n to a state that has seen several big companies head elsewhere after merger=\ns or acquisitions.\nThere was no other comment from the three companies, but some analysts say =\nan announcement could come as early as next week.=20\n\"It's probably a trial balloon,\" said Mike Heim of A.G. Edwards & Sons. \"Ei=\nther they wanted to see how the market would take it, or they put up a tria=\nl balloon to finalize terms of the deal.\"=20\n\"It certainly leads me to believe they're in the very late stages of their =\ntalks,\" said Allyson Rodgers of Wells Fargo Van Kasper.=20\nEnron started shopping Portland General Electric not long after acquiring t=\nhe Portland-based utility in 1997 for $3.2 billion.=20\nDisappointed by a slower-than-expected pace of deregulation in Oregon, Enro=\nn tried to unload PGE to Sierra Pacific Resources, based in Reno, Nev. But =\nthe deal faltered and was called off in March, about a year and a half afte=\nr it was announced in November 1999.=20\nA merger with Northwest Natural Gas would be a much better fit for PGE than=\n either Enron or Sierra Pacific, Rodgers said.=20\nNorthwest Natural and PGE have worked closely together for the past two yea=\nrs on various projects, including joint meter-reading and joint trench-digg=\ning projects, because their service areas overlap in the Portland metro are=\na, she said.=20\nThe downtown headquarters for the two companies are just blocks apart.=20\nHeim said Houston-based Enron, the nation's top natural gas trader and the =\nleading wholesale electricity marketer, has been trying to tighten up its b=\nalance sheet after being punished on Wall Street for the failure to sell PG=\nE, fallout from the Pacific Gas & Electric bankruptcy in California, and a =\npush into the Internet that took a nosedive along with the rest of the tele=\ncommunications industry.=20\n\"Enron has stumbled a little bit with their noncore investments,\" Heim said=\n.=20\nBob Valdez, spokesman for the Oregon Public Utility Commission, said commis=\nsioners have not been notified of any pending deal, but they would review i=\nt as soon as an offer is made. The approval process could take about 10 mon=\nths if a deal is announced, he said.=20\nPGE has 730,000 customers in Oregon while Northwest Natural Gas has about 5=\n30,000 customers, including some in Southwest Washington.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\nEnron to Announce Sale of Portland General on Monday, NYT Says\n2001-10-06 12:48 (New York)\n\nEnron to Announce Sale of Portland General on Monday, NYT Says\n\n Houston, Oct. 6 (Bloomberg) -- Enron Corp. plans to announce\nMonday an agreement to sell Portland General Electric to Northwest\nNatural Gas Co. for $3 billion in cash, stock and assumed debt,\nthe New York Times reported, citing executives close to the\ntransaction.\n\n The purchase would combine the electric and gas utilities in\nPortland, Oregon. Northwest would pay about $1.5 billion in cash,\n$100 million in common stock and almost $300 million in preferred\nconvertible stock, the Times said. Enron spokesman Mark Palmer and\nJudith Wilkinson, spokeswoman for Northwest, declined to comment.\n\n Enron bought Portland General in 1997 and has been trying to\nsell the utility for about two years, as it sheds slow-growing\nbusinesses to focus on trading of commodities such as electricity,\nnatural gas and lumber. A planned sale to Sierra Pacific Resources\ncollapsed about five months ago because of regulatory snags.\n\n Trading doesn't require ownership of expensive assets such as\npower plants and pipelines, and Enron's profit from the business\nis growing at about 25 percent a year, analyst Robert Christensen\nof First Albany Corp. said. Portland General, while profitable, is\nexpected to boost earnings by just 1 percent next year, he said.\n\n Houston-based Enron would retain about a 5 percent stake in\nPortland General, the Times said. Enron and Northwest officials\nplan to approve the deal today, the paper said. Northwest said\nyesterday the companies were in talks, confirming an earlier\nreport by the Wall Street Journal.\n\n Northwest Debt\n\n Northwest, based in Portland, would assume about\n$1.1 billion in Portland General debt, the Times said. Northwest's\nshares fell $2.58, or 9.9 percent, yesterday to $23.41, cutting\nits market value to about $588 million.\n\n The company already has about $450 million in debt, said bond-\nrating firm Egan Jones, which yesterday lowered its credit rating\non Northwest to ``A-'' from ``A,'' still investment grade.\n\n Northwest serves more than half a million Oregon and\nWashington customers. Richard Reiten, the company's chairman and\nchief executive, was president of Portland General from 1989 to\n1996.\n\n The acquisition would make Northwest a bigger gas purchaser,\nhelping it negotiate lower prices from suppliers, analysts said.\nThe company also might reduce costs through job cuts and\neliminating duplicate services.\n\n Enron also is in talks to sell its 65 percent stake in the\nDabhol power project in India for more than $2.1 billion, the\nTimes said, citing the executives. A deal isn't imminent, the\npaper said.\n\n Enron shares fell $1.37, or 4.1 percent, to $31.73 yesterday.\nThey have declined 62 percent this year, mostly because of the\nresignation of Chief Executive Jeff Skilling, concerns about the\nCalifornia power market, losses at its bandwidth-trading business\nand a contract dispute in India.\n\n Sierra Pacific, based in Reno, Nevada, canceled its proposed\n$3.1 billion acquisition of Portland General on April 26 after\nCalifornia legislators, worried about a power shortage that had\ndriven up prices, banned sales of generators serving the state.\n\n The move blocked Sierra Pacific from the sale of a power-\nplant stake needed to win clearance for the Portland General\npurchase.\n\n\nEDITORIAL\nPUC RIGHTLY OPEN TO RECONSIDERING\n\n10/06/2001\nPortland Oregonian\nSUNRISE\nE06\n(Copyright (c) The Oregonian 2001)\n\nWatching the rapidly cooling -- and now badly shocked -- economy, Oregon bu=\nsiness leaders and consumer advocates are understandably raising concerns a=\nbout the substantial utility rate hikes that went into effect this week.=20\nConsidering utility costs, the raises can be justified. But the fragile sta=\nte of the economy argues powerfully for openness to re- examine rates quick=\nly -- and the Public Utility Commission seems encouragingly open to doing t=\nhat.\nBoosts ranging from 20 percent for natural gas to 31.5 percent to 53 percen=\nt for electricity come at a time when users will have a tougher time absorb=\ning increases. The announcement that Northwest Natural Gas may acquire Port=\nland General Electric wouldn't have any impact on current rates. And adjust=\ning rates won't be a simple matter of pleading economic duress.=20\nThe PUC approved the rate hike, based on the utilities' increased costs and=\n their legal guarantee of a regulated profit. It turned down advocates' app=\neals for a postponement. But properly, it did agree to consider whether it =\nwould revisit rate cases.=20\nThat's an unusual step. But it's reasonable given the worsening economy and=\n surrounding uncertainty.=20\nNatural gas and electricity prices have fallen recently, below the forward =\ncontract prices paid by Northwest Natural and PGE. Normally, if utilities' =\ncosts go down, the drops are reflected in lower prices to users in the futu=\nre, or in rebates.=20\nIf the rate increases could be softened by being phased in, or reviewed mor=\ne frequently to take in lower costs, it could greatly help consumers and bu=\nsinesses.=20\nThe PUC has some flexibility and will decide by the end of the month on reo=\npening rate cases. Its openness to the idea is proper and prudent -- and ju=\nst a little encouraging.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nCivil rights advocates worry about detaining immigrants\n\n10/06/2001\nAssociated Press Newswires\nCopyright 2001. The Associated Press. All Rights Reserved.\n\nHOUSTON (AP) - Before last month's terrorist attacks, Asem Atta lived in a =\ntrendy Houston midtown address, had a good job at Enron Corp. and even had =\nhis own Web page where he detailed his enjoyment of his life in America.=20\nBut the Pakistani national was one of many Middle Eastern immigrants swept =\nup in the government's ever-widening anti-terrorist dragnet. Atta's friends=\n have not heard from him since he was picked up and worry about what will h=\nappen to him.\nThough federal law-enforcement officials quickly concluded that Atta, 23, w=\nas not connected to the Sept. 11 attacks in New York and Washington, D.C., =\nhe was found to have an expired visa and apparently was detained by the U.S=\n. Immigration and Naturalization Service.=20\nNow his future is up in the air and civil rights advocates worry Atta's cas=\ne and those of other immigrants are growing examples of law enforcement off=\nicers unjustly targeting some people simply because of where they are from,=\n the Houston Chronicle reported in its Sunday editions.=20\n\"They're supposed to be looking for terrorists, but unfortunately they are =\npicking up a lot of people who haven't done anything wrong or are innocent =\nor of Middle Eastern descent,\" said Bruce Coane, an immigration attorney in=\n Houston and past president of the American Immigration Lawyers Association=\n.=20\nSahdi Shalabi, 24, one of Atta's closest friends from high school, describe=\nd him as \"very playful, very easy going.\" He liked computers and talking to=\n girls. Atta moved to the United States after graduating from high school i=\nn Kuwait, enrolled at Wichita State University about 1994 and landed a job =\nat Enron in 1999.=20\nShalabi, who works in Ontario, Canada, said his friend was Muslim but did n=\not practice the religion.=20\n\"He's totally Westernized,\" he said.=20\nThe Washington Post reported on Sept. 19 that Atta was sought for questioni=\nng because he had the same surname as one of the suspected hijackers, Moham=\ned Atta.=20\nThe next day, the FBI said it \"has no interest in\" Asem Atta, but claimed t=\nhat he had overstayed his visa, said FBI spokesman Bob Doguim. An expired v=\nisa could lead to deportation. In Atta's case, that could mean being return=\ned to Pakistan, a country that is bracing for possible U.S. attacks on neig=\nhboring Afghanistan.=20\nCarl Rusnok, an INS spokesman, said he could not comment on individual INS =\ncases.=20\nCoane said he represents a Jordanian legal immigrant who was picked up by t=\nhe INS on Sept. 21. More than a week later, the INS admitted the man had be=\nen apprehended and detained without reason and should be released, Coane sa=\nid.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\nIndia: LNG: Ministry willing to pare charter hire rates for Dabhol\n\n10/06/2001\nBusiness Line (The Hindu)\nFin. Times Info Ltd-Asia Africa Intel Wire. Business Line (The Hindu) Copyr=\night (C) 2001 Kasturi & Sons Ltd. All Rights Res'd\n\nNEW DELHI, Oct. 5. THE Ministry of Shipping has expressed its willingness t=\no take a cut in the charter hire rates for the LNG shipping deal for the tr=\noubled Dabhol Power Company (DPC) in a bid to scale down the shipping costs=\n and salvage the LNG facility planned by Enron.=20\nThis was indicated by the Shipping Ministry during a meeting held here on T=\nhursday between the financial institutions and the Government in which mini=\nstries and departments concerned with various aspects of the deal participa=\nted.\nThe Shipping Ministry controls the Shipping Corporation of India (SCI) whic=\nh is a 20 per cent equity partner in the joint venture Greenfield Shipping =\nCompany formed for owning and operating a 137,000 cubic metre capacity tank=\ner for transporting LNG from Oman to the Enron-promoted power plant in Maha=\nrashtra, now clouded in controversy.=20\nWhile the shipbuilding cost of $220 million is unlikely to be pared down ma=\ninly due to the fact that the 137,000 cubic metre tanker is nearing complet=\nion at Japan's Mitsubishi yard, the promoters of LNG Laxmi will have to go =\nfor a cut in the time charter hire rate of $98,600 per day for 10 years agr=\need with the DPC, Government sources told Business Line.=20\nThe Greenfield Shipping Company will have to take possession of the LNG ves=\nsel on November 15 when the tanker will be ready for delivery as per the Sh=\nipbuilding Contract (SBC) signed with the Japanese yard.=20\nThe Godbole Committee set up by the Maharashtra Government to review the En=\nron deal had concluded, among other things, that the time charter hire rate=\n of $98,600 per day agreed between DPC and Greenfield Shipping Company was =\nvery much on the higher side.=20\nA section within the Government even thinks that the contracted shipbuildin=\ng cost of $220 million comprising a bare vessel cost of $189 million and fi=\nnancing cost of $21 million was higher than the market price prevailing at =\nthe time by atleast $18,000 to $20,000.=20\nWith the power project facing trouble, the lenders to the LNG shipping proj=\nect led by ANZ Investment Bank has declared an event of default and suspend=\ned the last trance of the project loan worth $55 million out of a total loa=\nn component of $165 million.=20\nThe three promoters will now have to make up for the gap in the project fun=\nding by putting in additional money in proportion to their equity holding t=\no get the project going.=20\nBesides SCI, Japan's Mitsui O.S.K.Lines hold 60 per cent equity while Atlan=\ntic Commercial Inc.(an Enron affiliate) has the remaining 20 per cent.=20\nHowever, sources feel that SCI's additional investment in the project along=\nwith a proposed cut in the charter hire rate (this has to be re-negotiated =\nwith the new owner of DPC) suggested by the Shipping Ministry, would render=\n SCI's investment in the LNG shipping project unviable.=20\nAnother spot of bother for the SCI is that the time charter hire rates for =\nLNG shipping have gone down substantially from the time when the time chart=\ner party was signed with DPC at a rate of $98,600 per day.=20\nWith the LNG facility of DPC now put on the back- burner and given the fact=\n that the tanker will have to be deployed elsewhere on spot basis upon poss=\nession till the fate of the proposed LNG facility is decided, sources said =\nthat the viability of the project will not work out in the face of a declin=\ning trend world-wide in the charter hire rates for LNG shipping.=20\nThe charter hire rates are now ruling about $67,000 per day and are expecte=\nd to dip even further to about $50,000 per day. \"In such a scenario, SCI's =\ninvestments would fetch only a paltry 4 per cent to 4.5 per cent rate of re=\nturn as against the Government norm of 12 per cent for projects involving s=\ntate- funding\", the sources said.=20\nP.Manoj and Balaji C Mouli\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nNews\nGun found in car at Millard North\nPatrick Strawbridge Julie Anderson Erin Grace Paul Goodsell Todd von Kampen=\n Deborah Alexander Julia McCord\nWorld-Herald Staff Writers\n\n10/06/2001\nOmaha World-Herald\nSunrise\n2\n(Copyright 2001 Omaha World-Herald Company)\n\nParents of Millard North High School students received a letter Friday info=\nrming them that a gun had been found in a student's vehicle at the school e=\narlier in the week.=20\nAmy Friedman, a spokeswoman for Millard Public Schools, said the school's r=\nesource officer received a tip that the student had the gun and discovered =\na hunting rifle in the student's vehicle.\nFriedman said state law and district policy require the expulsion of any st=\nudent found to have a gun on school property.=20\nSgt. Dan Cisar, an Omaha police spokesman, said a citation was issued to an=\n 18-year-old male in connection with the incident.=20\nFriedman said the letter was sent home to combat any rumors about the incid=\nent and promote the school's safety policy. - Patrick Strawbridge Helicopte=\nrs to place cell towers Sunday=20\nHelicopters will be busy over Omaha on Sunday as a construction company pla=\nces new cellular communications towers on two buildings.=20\nJim Labenz, general manager, of Digitcom Inc. in Arlington, Texas, said his=\n company will be placing towers for Cricket Communications, a new cellular =\ntelephone company set to launch in the area in mid- October.=20\nA helicopter will lift equipment onto a 16-story building at 72nd Street an=\nd Mercy Road about 7:30 a.m. Sunday. The next lift will be at 9 a.m. at the=\n southwest corner of 16th and Farnam Streets. - Julie Anderson Enron boosts=\n teacher scholarships=20\nWhen Edna Campbell's family moved from Mexico to the United States 20 years=\n ago, Campbell, then a school-age child, couldn't speak English.=20\nTo repay the California teachers who taught her how, Campbell is trying to =\nbecome a teacher, too. An Enron grant is helping her achieve that goal in O=\nmaha.=20\nCampbell, one of four education students at the University of Nebraska at O=\nmaha studying under scholarships from the Omaha office of Enron this year, =\nhelped to announce the company's gift Friday.=20\nA $32,000 grant from the energy company to the University of Nebraska Found=\nation is helping UNO expand an existing scholarship program that encourages=\n minority students to become teachers.=20\nThe program also helps to put more students into the community because one =\nof the requirements is volunteer work. The Enron scholars each will spend a=\nt least 20 hours a semester helping a northeast Omaha after-school program =\nto staff a relatively new computer lab.=20\nThe Hope Center, 2200 N. 20th St., serves dozens of children in an after-sc=\nhool program that includes a hot meal, computer training, homework help and=\n Bible study. - Erin Grace Westside walk will help victims=20\nStudents, parents and residents of Westside Community Schools will particip=\nate in a walk Sunday in support of the victims of last month's terrorist at=\ntacks.=20\nThe \"Route 66/Walk for America\" will begin at 2 p.m. at Westside High Schoo=\nl, 8701 Pacific St. Participants, who are encouraged to wear red, white and=\n blue clothing, will follow a course of less than a mile before returning t=\no the school.=20\nDonations will be collected for a relief fund established through the Wests=\nide Foundation. - Paul Goodsell NEBRASKA Project Extra Mile seeks nominees=\n=20\nProject Extra Mile's five Nebraska offices are seeking nominations of peopl=\ne or agencies that make a difference in preventing underage drinking.=20\nWinners will be recognized at the organization's annual dinner Nov. 8 at Om=\naha's Champions Club. Categories for nominations are education, public poli=\ncy, media, youth, retail businesses, law enforcement and community advocate=\ns. Nominations will close Oct. 26.=20\nJack Calhoun, president and chief executive officer of the National Crime P=\nrevention Council, will speak at the dinner. Tickets are $25 each.=20\nFor nomination forms or information on the dinner, call or e-mail the group=\n's nearest office: Omaha, (402) 963-9047,\nextramile@alltel.net; Grand Island, (308) 398-0413,\nextramile@kdsi.net; Scotts-bluff, (308) 220-4137,\nextramile@scottsbluff.net; Hastings, (402) 463-0558,\naudproject@inebraska.com; Columbus, (402) 562-7089,\npem@plattevalley.net. - Todd von Kampen Reservists, enlistees may get tax d=\neferral=20\nReservists called to active duty and new enlistees in the armed forces migh=\nt qualify for a deferral of taxes owed if they can show their ability to pa=\ny is impaired because of their military service.=20\nThe Internal Revenue Service announced the deferral this week. It covers ac=\ntive-duty members of the Army, Navy, Air Force, Marine Corps and Coast Guar=\nd.=20\nNational Guard personnel not serving in a federalized status - on state act=\nive duty for disaster relief - are not covered.=20\nThe deferral applies to taxes due before or during military service and ext=\nends the payment deadline to six months after military service ends.=20\nThe deferral is not automatic. It also does not extend the deadline for fil=\ning any tax returns. Taxpayers may get extra time to file under other provi=\nsions, such as being stationed overseas or in a combat zone.=20\nFurther information on the tax payment deferral can be found at www.irs.gov=\n or calling 1-800-TAX-FORM. - Deborah Alexander Lincoln nurses to aid D.C. =\nburn victims=20\nLINCOLN - Two nurses from the burn center at St. Elizabeth Regional Medical=\n Center in Lincoln left Friday for Washington, D.C., to tend patients there=\n who were burned in the terrorist attack on the Pentagon Sept. 11.=20\nThe two - Cari Steiner and Melissa Shotkoski - will spend two weeks in Wash=\nington, said Jo Miller, the hospital's public relations director. - Julia M=\ncCord Harvest pageant winner is named=20\nGRAND ISLAND, Neb. - Alysia Wardyn was named Miss Harvest of Harmony in a p=\nageant Friday night that is part of the annual Harvest of Harmony festiviti=\nes.=20\nWardyn, the daughter of Leonard and Marcia Wardyn of Farwell, represented S=\nt. Paul High School. She topped 41 other high school seniors in the contest=\n.=20\nRachel Rowley of Grand Island Senior High was first runner-up in the pagean=\nt, with Meghan Bernt of Columbus Scotus as second runner- up. Jenna Johanse=\nn of Osceola was named Miss Congeniality.=20\nOther finalists were Kayla Gross of Burwell, Stefanie Schaefer of Franklin,=\n Rebecca Stanczyk of Fullerton, Amy Jensen of Hastings, Jo Ella Adelung of =\nNebraska City, Amanda Hageman of Overton and Mikele Boshart of Wood River. =\n- World-Herald News Service\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\nLOCAL\nPOWER GIANT BUYS ISLAND IN SEARCH FOR GAS PIPELINE\nDavid Fleshler Staff Writer\n\n10/06/2001\nSouth Florida Sun-Sentinel\nBroward Metro\n1A\n(Copyright 2001 by the Sun-Sentinel)\n\nIn an attempt to serve South Florida's surging energy market, an internatio=\nnal power company has bought a tiny Bahamas island where it plans to build =\na $1.3 billion complex of electric power and natural gas plants.=20\nAES Corp., which owns power plants all over the world, purchased Ocean Cay,=\n a manmade island about 50 miles east of Miami. The 90- acre island, part o=\nf the Bimini Islands, is the site of an aragonite mine.\nBut under a proposal outlined this week to state and Broward County officia=\nls, the island would become an important offshore power supplier to Florida=\n. Liquified natural gas would arrive in tankers. A plant would convert it t=\no gaseous form and it would be sent to Port Everglades through a 70-mile un=\ndersea pipeline. The company also plans to build a 1,200-megawatt power pla=\nnt, with an undersea transmission line to South Florida.=20\n\"It's a good project to deliver energy into the state of Florida,\" said Don=\n Bartlett, vice president of AES Coral Inc., the company's Miami subsidiary=\n. \"It's a very economically doable project.\"=20\nWith its proposal, AES has emerged as a rival to Enron Corp. and El Paso Co=\nrp. in the race to build an undersea natural gas pipeline from the Bahamas =\nto the United States.=20\nAES Corp., based in Arlington, Va., is one of the biggest energy companies =\nin the world. The company owns or holds interests in 180 power plants in Ch=\nina, Sri Lanka, Argentina, Hungary, Brazil and many other countries.=20\nIt reported revenues of $6.7 billion last year and employs 60,000 people.=\n=20\nAll three companies' proposals will face hard questions from regulators abo=\nut public safety, possible damage to coral reefs and potential harm to othe=\nr ocean habitats.=20\nMary Murphy, a state DEP administrator who met with the AES representatives=\n, said she told them that they would have to explain how they would cross t=\nhe bands of coral reefs along the coast.=20\nThey would have to show how the pipeline would avoid harming wetlands while=\n on land.=20\nThey would have to show whether the route would go through populated areas =\nor heavily trafficked sections of Port Everglades and how they would keep t=\nhe public safe from accidents.=20\n\"We're looking at public health and safety, the environment, and we want to=\n know what they're going to do to address these concerns,\" she said. \"We wa=\nnt to know if they're going through residential areas, if they're going thr=\nough commercial areas. What kinds of reef are you impacting? Are you going =\nto drag your pipes along the reefs? They need to look at the other uses -- =\nbeach renourishment, cables, treasure salvage leases, possible archaeologic=\nal sites.\"=20\nBartlett said the company would work with environmental officials to find a=\n route that minimizes environmental harm. The company plans to drill a rout=\ne under the reefs, using the technique of horizontal drilling, which should=\n leave the reefs undisturbed, he said.=20\n\"Our objective is to not have any environmental impact at all, and that's w=\nhat we're trying to achieve,\" he said.=20\nBy building a power plant offshore, AES would avoid the local opposition th=\nat doomed two power plant proposals in South Florida this year.=20\n\"The advantage to Broward County and the state of Florida is that 1,200 meg=\nawatts will come ashore without siting a power plant in Broward County,\" Ba=\nrtlett said. \"Siting plants in South Florida is pretty tough.\"=20\nIn addition to directly supplying electricity, the project would deliver na=\ntural gas to the region's power plants.=20\nDemand for natural gas has surged in the United States. The vast majority o=\nf new electric power plants use it for fuel because it generates far less p=\nollution than coal or oil.=20\nTwo power plants proposed for Deerfield Beach would both use natural gas, a=\nlthough one would use diesel oil as a backup fuel in case the natural gas s=\nupply was interrupted.=20\nBut the AES proposal faces competition from two Houston energy companies. E=\nl Paso Corp. has proposed a natural gas pipeline from Grand Bahama Island t=\no a point near the Port of Palm Beach, where it would hook up with the stat=\ne's gas transmission system. Enron Corp. has filed applications for permits=\n to construct a pipeline from Grand Bahama to Port Everglades.=20\nThe decision on who gets to build the pipeline could ultimately be up to th=\ne Federal Energy Regulatory Commission, which governs the distribution of n=\natural gas throughout the country. Enron has moved the furthest in the appr=\noval process, having filed applications with the commission, the state Depa=\nrtment of Environmental Protection and other agencies.=20\nIt is unclear whether all three pipeline projects could go forward, since t=\nhey would be seeking to sell natural gas to many of the same customers. Enr=\non spokesman John Ambler said the state's demand for energy could support m=\nore than one new source of supply.=20\n\"I think it's clear that Florida needs more gas,\" he said. \"A diversity of =\nsources of supply is probably a good thing. I don't know if we need all of =\nthe proposals that are being speculated about. But the demand projection ov=\ner the next 10 years is that Florida is going to need another 12,000 megawa=\ntts of power, and that means a lot of gas is going to be needed.\"\n\nMAP; Caption: Staff graphic Map: Locates Ocean Cay in Bimini Islands.=20\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\nLOCAL\nDIESEL BAN MAY SWAY OPPONENTS OF POWER PLANT\nJeremy Milarsky Staff Writer\n\n10/06/2001\nSouth Florida Sun-Sentinel\nBroward Metro\n1B\n(Copyright 2001 by the Sun-Sentinel)\n\nA deal in the works between top officials at City Hall and a Houston-based =\npower company may remove a critical sticking point for people who oppose pl=\nans for a 510-megawatt energy plant here.=20\nDeerfield Beach Mayor Al Capellini said representatives of Enron Corp. last=\n month asked to make minor changes to their financial agreement with the ci=\nty. In exchange, Capellini wants the company to abandon plans to use diesel=\n fuel as a backup power source for their proposed power plant on Green Road=\n just east of Florida's Turnpike.\nThat's an important condition for government officials in Coral Springs and=\n other North Broward cities, who fear that diesel fuel emissions would poll=\nute the air in the region. Enron's plans call for the plant to be fueled pr=\nimarily by natural gas, which is relatively clean, but they want to be able=\n to use diesel fuel in case the gas runs out.=20\n\"If they want to open up their [financial] agreement, they would have to re=\nmove the diesel fuel part of their plant,\" Capellini said.=20\nThe financial agreement calls for Enron to pay the city $1.5 million in fee=\ns before they build the plant, and at least $1.7 million in property taxes =\nannually. Enron last week paid the first $500,000 of the fees, but they hav=\ne asked for a different payment schedule, Capellini said.=20\nEnron officials want to be able to burn diesel fuel as a backup power sourc=\ne because currently, only one natural gas pipeline operates in Florida. But=\n two other pipelines -- one coming across the Gulf of Mexico and the other =\ncoming from the Bahamas -- are in the works.=20\nEnron might be willing to drop their plans for diesel fuel, but only if \"on=\ne or both\" of those pipelines works by the time they build their plant, sai=\nd Eric Thode, a company spokesman.=20\n\"Functionally, the plant is an ambulance service,\" Thode said. \"It has to b=\ne able to be used at a moment's notice.\"=20\nIf Capellini were to convince Enron Corp. to drop the diesel fuel portion o=\nf their plans, it would represent a political victory for him and his city.=\n That's because the mayor of Coral Springs, one of the cities that has chal=\nlenged the state's intention to give Enron an air-quality permit, has said =\nthat he will back off if they drop their plans to burn diesel fuel.=20\nSo far, Coral Springs has declined to take as aggressive a stance as neighb=\noring Coconut Creek, where government attorneys sued Deerfield Beach on Jul=\ny 13. Coconut Creek attorneys argue that a conflict in zoning laws made it =\nillegal for Deerfield Beach city officials to approve the Enron plant the w=\nay they did.=20\nBroward Circuit Judge Leonard Stafford dismissed the lawsuit last month bec=\nause he said Coconut Creek had not followed proper procedure, but allowed t=\nhe city to change the suit and file again. Last week, they did just that, s=\naid Mitch Bernstein, an attorney for Coconut Creek.=20\n\"The claims are essentially the same, but they are more thoroughly supporte=\nd by the events that took place in Deerfield Beach when they considered Enr=\non's application,\" Bernstein said.=20\nCapellini said Tuesday evening there were numerous parts of Coconut Creek's=\n lawsuit that are inaccurate.=20\nJeremy Milarsky can be reached at jmilarsky@sun-sentinel.com or call 954-57=\n2-2020.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nEnron Offshoot Leads Texas Complaints for Unauthorized Electric Accounts\nR.A. Dyer\n\n10/06/2001\nKRTBN Knight-Ridder Tribune Business News: Fort Worth Star-Telegram - Texas\nCopyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World=\n Reporter (TM)\n\nAUSTIN, Texas--An offshoot company of Houston-based Enron led the state in =\n\"slamming\" complaints on allegations of attempting to sign up electric cust=\nomers without their consent, state records show.=20\nThe Texas Public Utility Commission has received at least 14 complaints aga=\ninst the Enron-created NewPower Co. and one each against providers Green Mo=\nuntain, Reliant, First Choice and Shell, according to documents filed with =\nstate regulators.\nThe Texas electric deregulation law prohibits the practice and sets penalti=\nes of up to $5,000 per day, per customer, but the PUC has taken no official=\n enforcement action against any of the companies.=20\n\"Slamming\" is slang for changing customers' utility providers without their=\n permission.=20\nA NewPower spokeswoman said the company is aware of the complaints and has =\nbegun an investigation.=20\n\"NewPower has a zero tolerance policy towards slamming,\" said company spoke=\nswoman Terri Cohen. \"We have more than 50,000 Texans who have chosen to swi=\ntch to NewPower. Even a fraction of a percent of slamming complaints -- whi=\nch is what this is -- is not acceptable to us.\"=20\nUnder the state's new deregulation law, companies such as NewPower can offe=\nr lower prices and different service plans to lure customers away from the =\nstate's utility companies.=20\nA pilot project that began this year allows companies to compete for up to =\n5 percent of customers. Most of the Texas market will open Jan. 1.=20\nThe process is overseen by the PUC and a nonprofit corporation that manages=\n the state's electric power grid.=20\nUnder the Texas Open Records Act, the Star-Telegram obtained information on=\n 68 complaints about the pilot project filed between March 1 and Sept. 27. =\nOther complaints involved billing, customer frustrations over delays in the=\n pilot project, customer service and deceptive trade practices.=20\nJames Pittman, 52, of Houston, said he switched to NewPower after a telepho=\nne marketer told him he would have to choose a new electric company -- or t=\nhe state would choose one for him.=20\nPittman said the telemarketer incorrectly told him he would have to pay fee=\ns for a forced switch but could switch to NewPower for no charge.=20\n\"I just flat out told her that I just got out of the hospital from a heart =\nattack, and I didn't feel like I was up to any of this,\" Pittman said.=20\n\"She told me that I had to change (electric service), or the state would ch=\nange it for me. She said it wouldn't be our choice. It would be whatever th=\ne state decided.\"=20\nPittman said he then had difficulty switching back to Reliant.=20\nSeveral Texas residents, including some TXU customers in North Texas, also =\nreported receiving switch notifications even though they had not requested =\nnew service.=20\nPUC spokesman Terry Hadley said some of the slamming complaints may have be=\nen prompted by computer glitches at the power grid. Others may have been ca=\nused by confusion by marketers and the public over the new deregulation law=\n.=20\nHadley said regulators will continue to monitor complaints, although it is =\npremature for the PUC to take enforcement actions.=20\n\"It's early in the game and we would expect that as education increases, we=\n might not see the so-called complaints in the future,\" Hadley said.=20\nHe said lawmakers had inserted strong anti-slamming language into the dereg=\nulation law after witnessing similar problems with the deregulation of long=\n-distance telephone service. The PUC received 5,700 such complaints in one =\nyear alone, he said.=20\nBut Reggie James, director of the Austin office of the Consumers Union, sai=\nd the PUC should have done a better job of educating consumers about their =\nrights under the new law.=20\nHe said a $12 million customer-education campaign by the PUC has focused fo=\nr the most part on \"happy talk\" to defend deregulation.=20\n\"If deregulation is going to work, it will require the confidence of all co=\nnsumers,\" said James. \"And if people think they're going to get ripped off =\nby the companies that are competing, it will hurt all the competitors.\"=20\nComplaints about slamming and other problems can be lodged with the PUC by =\ncalling (888) 782-8477.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09"},"Sender":{"kind":"string","value":"m..schmidt@enron.com"},"Receiver(s)":{"kind":"string","value":""},"__index_level_0__":{"kind":"number","value":5559,"string":"5,559"}}},{"rowIdx":2543,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/690."},"message":{"kind":"string","value":"RE: Enron EFS issues ,\n ok- i get curve shape.. but the only plausible reason i see why market totally ignoring cash- staying so high is us (Enron)- still think we are short............\nhave a great break....\n\n -----Original Message-----\nFrom: \tArnold, John \nSent:\tWednesday, November 21, 2001 9:36 AM\nTo:\tAbramo, Caroline\nSubject:\tRE: Enron EFS issues\n\neverybody and their mom is short. Plus, a lot of people think the z/f is too wide so either the front needs to go up or the back down.\n\nnope\n\n -----Original Message-----\nFrom: \tAbramo, Caroline \nSent:\tWednesday, November 21, 2001 8:32 AM\nTo:\tArnold, John\nSubject:\tRE: Enron EFS issues\n\nwhy are futs still so high?\ndid you ever find anything about those s+p commodity futures contracts?\n\n -----Original Message-----\nFrom: \tArnold, John \nSent:\tWednesday, November 21, 2001 9:16 AM\nTo:\tAbramo, Caroline\nSubject:\tRE: Enron EFS issues\n\nfull day today because of aga\n\nyea, going home to the Big D\n\n -----Original Message-----\nFrom: \tAbramo, Caroline \nSent:\tWednesday, November 21, 2001 7:20 AM\nTo:\tArnold, John\nSubject:\tRE: Enron EFS issues\n\nthanks.. do we have early close today?\nare you going home for thanksgiving?\n\n -----Original Message-----\nFrom: \tArnold, John \nSent:\tWednesday, November 21, 2001 8:18 AM\nTo:\tAbramo, Caroline\nSubject:\tRE: Enron EFS issues\n\nLooking into it\n\n -----Original Message-----\nFrom: \tAbramo, Caroline \nSent:\tTuesday, November 20, 2001 9:37 AM\nTo:\tArnold, John\nSubject:\tFW: Enron EFS issues\n\n\n\n -----Original Message-----\nFrom: \tDoug York @ENRON \nSent:\tTuesday, November 20, 2001 10:16 AM\nTo:\tAbramo, Caroline\nCc:\tArturo Hidalgo; Terri Becks; Dick Bell\nSubject:\tEnron EFS issues\n\nThanks for taking the time to put this PowerPoint presentation together to\nbetter outline the flow. It helps us discuss it internally.\n\nRecently our internal compliance folks have discussed the \"give-up risk\".\nSpecifically, what guarantee do we have that the executor's (Enron) FCM will\naccept the block trade and get it to the exchange on behalf of our clients?\nThere is some concern that there might be limits imposed by the FCM due to\nissues such as credit and the high volatility of NG.\n\nThey have requested we sign a four (or more) party give-up agreement between\nCampbell, Enron, your clearing firm(s) and our clearing firm(s). Is this\nthe SOP as you envision the NYMEX EFS? We are at the point where the\nspecific documentation issues are the main obstacles to moving forward. If\nwe buy 1,000 NG from you, how do we know your FCM can guarantee acceptance\nof the trade for further give-up? Your legal feedback is welcome.\n\nThanks,\nCDY\n\n\n========================================================\n\nThe information transmitted in this email is intended for the named\naddressee(s) only. As this email may contain confidential and/or\nprivileged information, if you are not the intended recipient, you are\nnot authorized to retain, read, copy or disseminate this email or any\npart of it. If you received this email in error, please contact the\nsender and permanently delete the email and any attachments.\n\nUnless expressly stated, opinions in this email are those of the\nindividual sender and not of Campbell & Company, Inc.\n\n\n\n\n - EFS.ppt << File: EFS.ppt >>"},"Sender":{"kind":"string","value":"caroline.abramo@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5560,"string":"5,560"}}},{"rowIdx":2544,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/691."},"message":{"kind":"string","value":"RE: ,\n John,\n\nThanks for the note back. My title is Specialist so I am the little man on the trading floor, but since I have been here I have been kicking ass. I enjoy trading and really didn't get the chance to dig into it deep. Anyway, take care and have a Happy Holiday.\n\nKristin Gandy\nFreight Markets\nEnron Global Markets\n1400 Smith Street ECS 3657\nHouston, Texas 77002\n713-853-7263 \nkristin.gandy@enron.com\n\n> -----Original Message-----\n> From: \tArnold, John \n> Sent:\tWednesday, November 21, 2001 7:25 AM\n> To:\tGandy, Kristin\n> Subject:\tRE: \n> \n> Kristin:\n> Sorry for the delay. Unfotunately I don't have any openings \n> in my group right now. If I hear of any positions open I'll \n> give you a shout. Can you remind me what title you have now. \n> John\n> \n> -----Original Message-----\n> From: \tGandy, Kristin \n> Sent:\tMonday, November 19, 2001 9:00 AM\n> To:\tArnold, John\n> Subject:\t\n> \n> John,\n> \n> Hello and good Monday morning to you. I briefly meet you \n> while talking to Paul Racicot on Friday at Front Porch Pub. \n> With Matt working here in Freight you probably already know \n> we are not well off these days. Next on the chopping block \n> is never a good place to be. \n> \n> This is a forward question but what the hell. I was \n> wondering if you knew of any positions available in your \n> area. If you can believe it I am not ready to leave Enron \n> behind yet. Thanks for your help.\n> \n> Regards,\n> \n> Kristin Gandy\n> Freight Markets\n> Enron Global Markets\n> 1400 Smith Street ECS 3657\n> Houston, Texas 77002\n> 713-853-7263 \n> kristin.gandy@enron.com\n>"},"Sender":{"kind":"string","value":"kristin.gandy@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5561,"string":"5,561"}}},{"rowIdx":2545,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/692."},"message":{"kind":"string","value":"Wines for Autumn Nights at Winebid.com ,\n Welcome to Winebid.com's newest auction, which begins closing Sunday, Dec.\n2, at 9 p.m., US Eastern Time.\n\nWith winter right around the corner, how about some soul-warming, velvety\nBurgundy to ward off the chill? In this collection we offer highly acclaimed\n1999 vintages in full cases. Included are Chassagne Montrachet Grands\nRuchottes (F. Pillot), which Wine Spectator rated at 94 points; Montrachet\n(Bouchard), Wine Spectator 95-100 points; and Corton Perrieres (V.\nGirardin), Robert M. Parker Jr. 91-94 points.\nFind them here: http://www.winebid.com/home/spotlight1.shtml\n\nPrefer cases of Bordeaux? These Bordeaux from history-making 1980s and 1990s\nvintages were recently imported directly from Bordeaux. Most earned at least\n90 points from Robert M. Parker Jr. and Wine Spectator. Included is\nPichon-Longueville-Comtesse de Lalande 1982, a Parker \"perfect\" at 100\npoints.\nFind them here: http://www.winebid.com/home/spotlight4.shtml\n\nWe have more French aristocrats in this collection of top-ranked Bordeaux,\nBurgundy, and Rhone wines. Offered are Cheval-Blanc 1982, Robert M. Parker\nJr. 100 points; Latour 1990, Wine Spectator 99 points; Climens 1988, Michael\nBroadbent 5 stars; La Mission-Haut-Brion 1982, Parker 99 points;\nLafite-Rothschild 1982 and 1986, Parker 100 points.\nFind them here: http://www.winebid.com/home/spotlight3.shtml\n\nWhat's a party without big bottles? We have magnums, doubles and imperials\nin everything from 1985 Graham's Vintage Port, Michael Broadbent 5 stars, to\n1988 Dom Perignon, Robert M. Parker Jr. 93 points.\nFind them here: http://www.winebid.com/home/spotlight5.shtml\n\nIf wines that start with California sunshine are more your style, take a\nlook at this collection of Cabs, Syrahs and Proprietary Reds from the 1990s.\nIncluded are numerous top 'cults' and always-elegant classics.\nFind them here: http://www.winebid.com/home/spotlight2.shtml\n\nIf you click on a link in this email and it doesn't open properly in your\nbrowser, try copying and pasting the link directly into your browser's\naddress or location field.\n\nForget your password?\nhttp://www.winebid.com/os/send_password.shtml\nTo be removed from the mailing list, click here:\nhttp://www.winebid.com/os/mailing_list.shtml\nBe sure to visit the updates page for policy changes:\nhttp://www.winebid.com/about_winebid/update.shtml"},"Sender":{"kind":"string","value":"info@winebid.com"},"Receiver(s)":{"kind":"string","value":"november2001@lists.winebid.com"},"__index_level_0__":{"kind":"number","value":5562,"string":"5,562"}}},{"rowIdx":2546,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/693."},"message":{"kind":"string","value":"Buy Three DVDs, Two Ship Free and $2 off select titles! ,\n [IMAGE]\n [IMAGE] [IMAGE] [IMAGE] [IMAGE][IMAGE]We've got two great ways to sa=\nve for the holidays: Order three or more DVDs and get free shipping on tw=\no, and take $2 off the price of select DVDs when you see our coupon icons. =\nHurry - offers end soon! Plus, Planet of the Apes: Special Edition and Sta=\nr Wars: The Phantom Menace are both available from 20th Century Fox with h=\nours of special features! [IMAGE]See all Fox DVDs [IMAGE] [IMAGE] =\n[IMAGE] [IMAGE] [IMAGE] [IMAGE] Willow Pre-order now! Available 1=\n1/27/2001 $19.95 [IMAGE] The X-Files Season 4 Gift Pack $109.94 =\n [IMAGE] Entrapment $14.95 [IMAGE] Moulin Rouge Pre-order now! Availa=\nble 12/18/2001 $20.95 [IMAGE] The Alien Legacy Gift Set $59.94 =\n [IMAGE] Michael Jordan to the Max $14.95 [IMAGE] Dr. Dolittle 2: Speci=\nal Edition $19.95 [IMAGE] The Home Alone Collection: 3 Pack $39.94=\n [IMAGE] Bedazzled $14.95 [IMAGE] The Simpsons: The Complete First=\n Season $29.94 [IMAGE] Die Hard Trilogy: The Ultimate Collection $=\n59.94 [IMAGE] Siege $14.95 [IMAGE]M.A.S.H. - The TV Series: Season=\n 1 - $29.94 [IMAGE]Freddy Got Fingered - $20.94 [IMAGE]The Life and Times=\n of Hank Greenberg - $20.94 [IMAGE]Planet of the Apes: The Evolution =\nBox Set - $69.94 [IMAGE]The Rodgers and Hammerstein Collection - $99.94 [=\nIMAGE]The X-Files Season 3 Gift Pack - $114.94 [IMAGE]Dr. Dolittle -=\n $14.95 before coupon [IMAGE]Home Alone - $14.94 before coupon [IMAGE]Edwa=\nrd Scissorhands - $14.95 before coupon [IMAGE][IMAGE] ? 2001 Lucasfilm L=\ntd. & ?. All Rights Reserved. \"STAR WARS\" and all associated characters, lo=\ngos and other elements are the property of Lucasfilm Ltd. \"Twentieth Centur=\ny Fox,\" \"Fox\" and their associated logos are property of Twentieth Century =\nFox Film Corporation. \"The Simpsons\" ? and \"The Simpsons\" characters ? 2001=\n Twentieth Century Fox Film Corporation. All Rights Reserved. Ten Thirteen =\nInc. in association with Twentieth Century Fox Television. \"The X-Files\" ? =\nand ? 2001 Twentieth Century Fox Film Corporation. All Rights Reserved.Pric=\nes and availability are subject to change without notice. Quantities on som=\ne items may be limited. Copyright 2001, 800.com, Inc. ALL rights reserved.T=\nhis email was sent to: JARNOLD@ECT.ENRON.COMIf you prefer not to receive an=\ny future mailings from 800.com, simply send email to: unsubscribe@800.com =\n. =09"},"Sender":{"kind":"string","value":"music@800.com"},"Receiver(s)":{"kind":"string","value":"jarnold@ect.enron.com"},"__index_level_0__":{"kind":"number","value":5563,"string":"5,563"}}},{"rowIdx":2547,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/694."},"message":{"kind":"string","value":"DVDs for as low as $9.49 each! ,\n Dear John,\n\nIt's time to stock up on great titles from movies you love at a price\nyou'll adore! You'll find terrific prices on many of your favorite DVD\ntitles for as low as $9.49 right now at buy.com! From DVD Gift Sets\nand Hot Pre-Orders to New Releases Under $20 and DVDs Under $11,\nwe have it all!\n\n\n\nDVD Gift Sets\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANc0As\n\nThe Sopranos - The Complete Second Season\nClick here for our low price:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANd0At\n\nThe Best of Friends, Vol 3&4\nClick here for our low price:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANe0Au\n\nDirty Harry Collection\nbuy.com price: $65.49!\nFor more info about this DVD set, click here:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANf0Av\n\nSex & the City - The Complete Second Season\nbuy.com price: $36.99!\nClick here to find out more about this release:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANg0Aw\n\n\n\nNew Releases Under $20\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu065h0AH\n\nSwordfish\nClick here for our super low price:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANh0Ax\n\nEmpire of the Sun\nClick here for our low price:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANi0Ay\n\nCats & Dogs\nbuy.com price: $19.99!\nClick here for more info about this release:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANj0Az\n\nOsmosis Jones\nClick here for our amazingly low price:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANk0A1\n\n\n\n\nHot Pre-Orders\n(order today!)\n\nRush Hour 2\nbuy.com price: $19.99!\nLearn more about this DVD by clicking here:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANl0A2\n\nAmerican Outlaws\nbuy.com price: $19.49!\nClick here to find out more about this release:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANn0A4\n\nHedwig and the Angry Itch\nFor more info about this title, click here:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANo0A5\n\nSummer Catch\nbuy.com price: $14.99!\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANr0A8\n\n\n\nDVDs Under $15\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0FWM0Ae\n\nThe Matrix Revisited\nbuy.com price: $14.99!\nFor more details about this movie, click here:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANu0AC\n\nBoiler Room\nbuy.com price: $14.99!\nFor more information about this title, click here:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANw0AE\n\n\n\nRush Hour\nbuy.com price: $14.49!\nClick here for more details about this release:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BANy0AG\n\n\n\nAustin Powers - The Spy Who Shagged Me\nbuy.com price: $12.49!\nFor more details about this movie, click here:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BAN20A4\n\n\n\nDVDs Under $11\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BAN40A6\n\n\n\nCannonball Run\nbuy.com price: $10.49!\nFor more info about this title, click here:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BAN70AA\n\nExcalibur\nbuy.com price: $9.49!\nFor more info about this release, click here:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BAOA0AL\n\nSouth Park: Christmas in South Park\nbuy.com price: $10.49!\nClick here for more info about this title:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BAOB0AM\n\nAbove the Law\nbuy.com price: $10.49!\nTo read more about this movie, click here:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0BAOD0AO\n\n\nAs always, we thank you for choosing buy.com.\n\n\n\nRobert R. Price\nPresident, buy.com\n\n\nIn addition to electronics, buy.com also offers top-of-the-line\ncomputers, best-selling books, videos, software and much more. Check\nout these stores:\n\nComputers\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu04pB0Aa\n\nSoftware\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0RVU0Ax\n\nElectronics\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0FWL0Ad\n\nWireless\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0bIi0AM\n\nBooks\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0FWQ0Ai\n\nMusic\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0FWP0Ah\n\nGames\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu04o40AL\n\nVideo\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0FWN0Af\n\nDVD\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu04o10AI\n\nClearance\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu0bIc0AG\n\n\n\nAnytime Help: Please use the link below for your Customer\nSupport questions. Please do not reply to the buy.com eMail\naddress. It is not an active mailbox. Click here:\nhttp://enews.buy.com/cgi-bin5/flo?y=eEss0D4S5I0Blu04pH0Ag\n\nAll prices and product availability subject to change without\nnotice. Unless noted, prices do not include shipping and\napplicable sales taxes. Product quantities limited. List price\nrefers to manufacturer's suggested retail price and may be\ndifferent than actual selling prices in your area. Please visit\nus at buy.com or the links above for more information\nincluding latest pricing, availability, and restrictions on each\noffer. \"buy.com\" and \"The Internet Superstore\" ?are trademarks\nof BUY.COM Inc. ? BUY.COM Inc. 2001. All rights reserved.\n\nWe respect your privacy. If you would rather not receive eMail\nalerting you of buy.com special offers, product announcements,\nand other news, just let us know by clicking here:\nhttp://enews.buy.com/cgi-bin5/profile?y=eEss0D4S5I0Blu4"},"Sender":{"kind":"string","value":"buy.com@enews.buy.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5564,"string":"5,564"}}},{"rowIdx":2548,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/695."},"message":{"kind":"string","value":"TRV Notification: (NG - Price P/L - 11/21/2001) ,\n The report named: NG - Price P/L , published as of 11/21/2001 is now available for viewing on the website."},"Sender":{"kind":"string","value":"joey.taylor@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com, bilal.bajwa@enron.com, john.griffith@enron.com, "},"__index_level_0__":{"kind":"number","value":5565,"string":"5,565"}}},{"rowIdx":2549,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/696."},"message":{"kind":"string","value":"TRV Notification: (NG - PROPT P/L - 11/21/2001) ,\n The report named: NG - PROPT P/L , published as of 11/21/2001 is now available for viewing on the website."},"Sender":{"kind":"string","value":"errol.mclaughlin@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com, bilal.bajwa@enron.com, john.griffith@enron.com, "},"__index_level_0__":{"kind":"number","value":5566,"string":"5,566"}}},{"rowIdx":2550,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/697."},"message":{"kind":"string","value":"Up to 60% Off Flights This Holiday Season ,\n [IMAGE]=09\n\n\n[IMAGE] =09[IMAGE]=09\n\n\n[IMAGE] =09[IMAGE] =09[IMAGE] =09\n\n\n=09\n Go to Amazon.com Travel or Search Amazon.com =09\n\n\n=09\n Expedia Special Rate (ESR) hotel room or vacation rental purchases can be=\n made only through the Expedia.com U.S. Web site. Qualifying stays include=\n a minimum purchase of one (1) night at any ESR hotel or vacation rental. =\n If a customer finds a lower rate on another Web site within 24 hours of p=\nurchase, Expedia will refund the difference. The customer should call Cust=\nomer Support at 1 (800) EXPEDIA to request a refund. Sample vacation packa=\nges are based on per person, double occupancy. Prices vary based on dates,=\n availability, and departure city. Sample Las Vegas hotel rates are based =\non weekday prices for select hotels on sale from November 18 through Decem=\nber 20, 2001. Unless otherwise noted, all prices quoted are in U.S. dollar=\ns. Prices and dates subject to change. We hope you enjoyed receiving this=\n message. However, if you'd rather not receive future e-mails of this sort=\n from Amazon.com, please visit your Amazon.com account page . In the Pers=\nonal Information box under the Account Settings heading, click the \"Updat=\ne your communication preferences\" link. =09\n\n\nPlease note that this message was sent to the following e-mail address:ja=\nrnold@enron.com=09"},"Sender":{"kind":"string","value":"partner-news@amazon.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5567,"string":"5,567"}}},{"rowIdx":2551,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/699."},"message":{"kind":"string","value":"K@W Newsletter Nov. 21-Dec. 4, 2001: What's Hot: China's Entry into ,\n Knowledge@Wharton Newsletterhttp://knowledge.wharton.upenn.edu \nNovember 21-December 4, 2001\nWhat's Hot\nChina's Entry into the WTO: What Lies Ahead\nAfter years of negotiation, the World Trade Organization agreed on Nov. 10 to open its doors to the world's most populous country and bring its 1.3 billion consumers more closely into the global economy. The decision will create new sets of business winners and losers for years to come. But perhaps more important, it presents a fresh opportunity for governments, industries and individual companies to reshape the very nature of the global marketplace. In a report prepared in collaboration with Beijing-based People's Daily Online, Knowledge@Wharton interviewed experts for their assessment of what lies ahead for China.http://knowledge.wharton.upenn.edu/whatshot.cfm \nSpecial Report:\nFinding Business Opportunities in an Uncertain Economy\nThe global economy was declining long before September 11. Since then, it seems to have gone into a tailspin, marked by volatile stock markets, sagging consumer confidence and widespread layoffs. Most companies are trying to figure out how long it will take for the economy to turn around, and what they can do to stay alive until then. In an effort to answer these questions, Knowledge@Wharton teamed up with CNET News.com in San Francisco to organize a panel discussion of leading business executives from the U.S. and Europe. A special report on the event.http://knowledge.wharton.upenn.edu/ss_112101.html \nStrategic Management\nOh, the Games Enron Played\nThe dramatic disintegration of Enron has left a lot of people wondering how this huge, publicly-traded company could have fallen so far so fast. Wharton faculty and others help explain what went on behind the scenes at Enron, where it is now clear that management exploited loopholes in accounting procedures and created questionable partnerships involving top company officials, among other tactics.http://knowledge.wharton.upenn.edu/articles.cfm?catid=7&articleid=469 \nMarketing\nMarketing Ethics in a Post-Terrorist Economy: What is the Right Pitch?\nFollowing the events of Sept. 11, marketers and advertisers must reconsider not only what products they sell but how they sell them - all against a backdrop of the War On Terror, the Anthrax scare and a badly slumping economy. What approach can companies and ad agencies adopt that is both ethical and effective? Wharton faculty, and the manufacturer of one uniquely American product, offer some suggestions.http://knowledge.wharton.upenn.edu/articles.cfm?catid=4&articleid=463 \nLeadership and Change\nFamily Matters: Are Fords, Hewletts and Packards Right to Exercise Their Clout?\nNow that William Clay Ford Jr. has replaced Jacques Nasser as CEO of Ford, and the Hewlett and Packard families have decided to oppose H-P's merger with Compaq Computer, one wonders whether family members have become wrecking balls, spoiling the well-laid plans of professional managers and jeopardizing the company's future. Not exactly, say Wharton faculty and others, who point to the importance of values, standards and personal net worth.http://knowledge.wharton.upenn.edu/articles.cfm?catid=2&articleid=468 \nManaging Technology\nThe Evolution of B2B: Lessons From the Auto Industry\nOnly a few years ago, B2B exchanges were expected to completely alter conventional buyer-supplier relationships. The reality has been otherwise. Only 10% of the 1,000 B2B exchanges launched in the past 18 months are reportedly still in operation. Meanwhile, the important B2B action seems to have shifted to industry-wide exchanges run by incumbent firms, such as Covisint in the auto industry and Transora in the consumer products sector. In a new research study, Wharton management professor John Paul MacDuffie and colleague Susan Helper explore this evolution.http://knowledge.wharton.upenn.edu/articles.cfm?catid=14&articleid=466 \nLeadership and Change\nReading the Signals: Janet Hanson, Founder of 85 Broads, on Networking and Success\nJanet Hanson, 14-year veteran of Goldman Sachs and founder of investment advisory firm Milestone Capital, described her rocky but ultimately victorious road to success at the Wharton Women in Business Conference held earlier this month. Later in the day a panel of women in international management positions talked about the cultural challenges that still confront businesswomen both here and abroad.http://knowledge.wharton.upenn.edu/articles.cfm?catid=2&articleid=464 \nReal Estate\nReal Estate Industry Poised for Recovery Despite Slowing Economy\nThe real estate industry comes into the current slowdown in a much stronger position than it was in the 1980s. But the industry is also vulnerable to a number of stresses, ranging from scaled-down activities on the part of tenants to a significant decline in cash flows and a softening at the high end of the retail market. Earlier this month, members of Wharton's Samuel Zell and Robert Lurie Real Estate Center looked at what's ahead for real estate.http://knowledge.wharton.upenn.edu/articles.cfm?catid=8&articleid=467 \n-------------------------------------------------------------------------------\nLinks from Knowledge@Wharton Sponsors\nGE Capital:\nJoin GE Capital CFO Jim Parke for a December 11th webcast on \"Partnering With Our Customers To Drive Productivity.\" Through an exchange between our CFOs and customers, you will see and hear how we are working with our customers to solve the heightened, day-to-day challenges of operating a business and achieving success. We hope you can join us. To register, please visit: http://www.gecfo.com/webcast.html?c=Wharton&n=Webcast1&t=email \n------------------------------------------------------------------------------\nHelp Spread Knowledge\nDo you know people who might be interested in these research studies and\nmore? If you do, please forward this e-mail message to them.\nThe Knowledge@Wharton Newsletter is a free service of The Wharton School\n(http://www.wharton.upenn.edu/ ) of the University of Pennsylvania. Its\ncompanion web site, Knowledge@Wharton, includes full details of the\nstories listed here. To read these stories, go tohttp://knowledge.wharton.upenn.edu/ \nTo comment on these stories, go to:http://knowledge.wharton.upenn.edu/feedback.cfm \nTo unsubscribe from this newsletter, visit:http://knowledge.wharton.upenn.edu/unsubscribe.cfm"},"Sender":{"kind":"string","value":"knowledge@wharton.upenn.edu"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5569,"string":"5,569"}}},{"rowIdx":2552,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/7."},"message":{"kind":"string","value":"Fw: Schedule for the week of Monday, Sept 24, HOUSTON PRESS \"BEST ,\n ----- Original Message ----- \nFrom: Christopher's Wine Warehouse \nTo: Recipient list suppressed \nSent: Monday, September 24, 2001 12:14 PM\nSubject: Schedule for the week of Monday, Sept 24, HOUSTON PRESS \"BEST OF HOUSTON\" results \nGood afternoon wine lovers,\nBefore we get to the schedule of tastings this week, I wanted to thank everyone out there for the great response to the latest issue of The Houston Press. Christopher's Wine Warehouse was named the \"BEST WINE STORE\" on page 97 of the September 20-26, 2001 issue. We are thankful to all our loyal friends and neighbors for this recognition of our hard work and dedication to bringing the best wines we can find to Houston's wine lovers. Thanks again for your continued support. We will continue to work hard with our unique selection to, hopefully, be honored again next year.\nAs for the schedule this week, I believe we have perfected our website so that everyone can now view our tastings. We have two versions of the site, one in very easy to navigate form, and one that sings and dances if you have the necessary plug ins. If you don't want to re configure your system, just click on the normal site when you visit us at:www.christopherswine.com .\nEVERY day this week, starting tomorrow (Tuesday the 25th), we will be hosting our wine tastings. The topics, prices per person, etc, etc, are posted at our site and include the weekly schedules through October. REMEMBER: YOU MUST CALL US TO RESERVE AT 713-524-9144. We look forward to seeing all of you. \nAs for this week's sampler case, I decided (based on popular demand) to extend the fabulous case from last week. If you missed the details, here it is again:\n\nCHRISTOPHER'S LATEST ULTIMATE SAMPLER (2 BTLS EACH): \n\nMartine Saunier's California Viognier 1999 (exotic, floral and a tremendous value) $18.50 each \nMerlin Macon La Roche Vineuse 1999 (THE greatest vintage for this Chardonnay) $17.50 each \nChateau Ferry Lacombe Provence Rose' 2000 (remember this one from the Wine Bar?) $18.50 each \nDomaine Monpertuis Ramiere Cotes du Rhone 1999 (ultra-spicey Grenache) $17.50 each \nDomaine de Fenouillet Beaumes de Venise CDR Villages 1999 (glad my house red is back!) $21.50 each \nG H von Mumm Rheingau Pinot Noir 1999 (AMAZING new discovery for me) $22.50 each \nNormally, this case runs about $235.00\nSPECIALLY PRICED FOR E-LISTERS: $197.00 plus tax\nAs always, please call us to order at 713-524-9144. This case is one of my best ever, don't miss out!!!\nAS FOR SATURDAY, THE 29TH, I THOUGHT IT WOULD BE FUN TO CELEBRATE OUR REVIEW IN THE HOUSTON PRESS!!!\nSo, from 2-5 PM, this Saturday, at no charge, come on down and have some fun with us as we host an amazing tasting of GREAT wines. I will be showcasing a dozen different wines and we will pop a few bottles of Champagne to celebrate. Get here early for best selection and bring some friends, too. This Saturday will be a blast!!!\nThat's about it for this week. See y'all soon.\nYour friend in wine,\nChristopher\n713-524-9144www.christopherswine. com 2516 Times BLVD\nRice Village\n\"BEST WINE STORE IN HOUSTON\" Houston Press 2001"},"Sender":{"kind":"string","value":"kward1@houston.rr.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5570,"string":"5,570"}}},{"rowIdx":2553,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/70."},"message":{"kind":"string","value":"option candlesticks as a hot link 10/8 ,\n The information contained herein is based on sources that we believe to be\nreliable, but we do not represent that it is accurate or complete. Nothing\ncontained herein should be considered as an offer to sell or a solicitation\nof an offer to buy any financial instruments discussed herein. Any\nopinions expressed herein are solely those of the author. As such, they\nmay differ in material respects from those of, or expressed or published by\non behalf of Carr Futures or its officers, directors, employees or\naffiliates. ? 2001 Carr Futures\n\n\nThe charts are now available on the web by clicking on the hot link(s)\ncontained in this email. If for any reason you are unable to receive the\ncharts via the web, please contact me via email and I will email the charts\nto you as attachments.\n\nOption Candlesticks\nhttp://www.carrfut.com/research/Energy1/candlesticks33.pdf\n\n\n\nScott Oblander\n312-762-1015\n312-762-1014 fax\nCarr Futures\n150 S. Wacker\nSuite 1500\nChicago, IL 60606"},"Sender":{"kind":"string","value":"soblander@carrfut.com"},"Receiver(s)":{"kind":"string","value":"soblander@carrfut.com"},"__index_level_0__":{"kind":"number","value":5571,"string":"5,571"}}},{"rowIdx":2554,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/700."},"message":{"kind":"string","value":"CFTC Commitment of Traders Data - Natural Gas ,\n Attached please find this weeks summary of the most recent CFTC Commitment of Traders Data for Natural Gas.\n \nThanks,\nMark\n - CFTC-NG-11-19-01.doc"},"Sender":{"kind":"string","value":"mark@capstone-ta.com"},"Receiver(s)":{"kind":"string","value":"bob.mckinney@capstone-ta.com"},"__index_level_0__":{"kind":"number","value":5572,"string":"5,572"}}},{"rowIdx":2555,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/701."},"message":{"kind":"string","value":"Enron Mentions - 11/19/01 ,\n Headed For A Fall ; Companies issued special zero-coupon bonds, assuming th=\ney'd never have to pay them off. Now shareholders could be on the hook for =\na $65 billion tab.\nFortune Magazine, 11/26/01\nManager's Journal: What Enron Did Right\nThe Wall Street Journal, 11/19/01\nJ.P. Morgan Wins (by Not Losing as Much)\nThe Wall Street Journal, 11/19/01\nGerman Bank Is in Talks With Enron To Buy a Unit\nThe New York Times, 11/19/01\nBond Boom Isn't Likely to Lift Economy As Corporations Swap Old Debt for Ne=\nw\nThe Wall Street Journal, 11/19/01\nPreview / WEEK OF NOV. 19-25 Investors Looking for Answers in Enron Filing\nLos Angeles Times, 11/19/01\nCOMPANIES & FINANCE INTERNATIONAL - Dynegy bid faces long wait.\nFinancial Times, 11/19/01\nRussia Fund Surges Amid Global Woes\nThe Wall Street Journal, 11/19/01\nWessex Water\nThe Financial News, 11/19/01\nIndia BSES:Dabhol Pwr Proj Due Diligence Done Jan -Report\nEmerging Markets Report, 11/19/01\nIndia Dabhol Pwr: No Termination Notice Until Crt Verdict\nDow Jones International News, 11/19/01\nFears raised on Enron deal: $15.6-billion rescue bid\nNational Post, 11/19/01\nBlackout in the power sector\nBusiness Standard, 11/19/01\n\n\n\n\nFeatures/Toxic Bonds\nHeaded For A Fall ; Companies issued special zero-coupon bonds, assuming th=\ney'd never have to pay them off. Now shareholders could be on the hook for =\na $65 billion tab.\nJanice Revell\n\n11/26/2001\nFortune Magazine\nTime Inc.\n131\n(Copyright 2001)\n\nIt was an irresistible proposition: Borrow billions of dollars, pay no inte=\nrest, reap millions in tax breaks, and then wait for the debt to simply dis=\nappear. That was the promise of zero-coupon convertible bonds, and companie=\ns from Enron to Merrill Lynch binged on what seemed like free money.=20\nBut, of course, there was a catch: For this scenario to play out, a company=\n's stock price had to rise sharply--and quickly. That's because investors b=\nought the bonds in the hope of converting them into equity--if the stock ta=\nnked, the bonds would no longer be worth converting. So to make them more a=\nttractive to buyers, companies had to build in an escape hatch: If the stoc=\nk price failed to rise sufficiently, investors could \"put\" (that is, sell) =\nthe bonds back to the company--in many cases, after just one year.\nAnd that's exactly what's about to happen--to the tune of some $65 billion =\nover the next three years. Stock prices have fallen so far that for at leas=\nt half of these special hybrids, the prospect of conversion is now absurd. =\nIt simply won't happen. So bondholders are looking to get their money back =\nthe first chance they can. And because of the put feature, that is possible=\n. Suddenly companies like Tyco, Comcast, and dozens more are on the hook fo=\nr billions of dollars in debt and interest they thought they'd never have t=\no pay.=20\nThat could be very bad news for shareholders of these companies. After all,=\n they're the ones who are going to be picking up the tab when all that debt=\n comes due. Huge chunks of cash will disappear from balance sheets to repay=\n bondholders. Companies without enough cash-- and the majority fall into th=\nis camp--are likely to face skyrocketing interest charges when they borrow =\nmoney anew. That means sharply reduced earnings. Especially at risk are inv=\nestors in companies with poor credit ratings--prime candidates for killer r=\nefinancing costs. Some companies may even be forced to issue stock to pay o=\nff the debt, creating significant shareholder dilution, especially at curre=\nnt depressed prices. To make matters worse, this is happening at a time whe=\nn the economy is barreling downhill and corporate profits are already shrin=\nking. \"This is a ticking time bomb,\" warns Margaret Patel, manager of the P=\nioneer High Yield Bond fund, a top-performing junk fund.=20\nThe seeds of this mess were sown in mid-2000, when the stock market started=\n to falter. Companies in search of capital balked at the thought of selling=\n stock while their share prices were struggling. Zero-coupon convertible bo=\nnds presented an attractive alternative because companies didn't have to ma=\nke cash interest payments on the bonds (hence the name \"zero\"). Instead iss=\nuers offered an up-front discount--for instance, investors would buy a bond=\n for $700 and collect $1,000 when it matured.=20\nCompanies also gave investors the right to convert the bonds into a fixed n=\number of common shares. But the bonds were structured so that conversion wo=\nuld make sense only if the stock price rose significantly--in many cases, b=\ny more than 50%. With that protective feature (called the conversion premiu=\nm), zeros took off. Corporate issuers would pay no interest, and once their=\n stock prices had climbed back to acceptable levels, the debt would be swep=\nt away into equity. \"If the bonds are converted, it's a home run for everyb=\nody,\" says Jonathan Cohen, vice president of convertible-bond analysis at D=\neutsche Bank.=20\nThat four-bagger, of course, depends entirely on the stock price rising. If=\n it doesn't, the bondholders, armed with that handy put feature, can simply=\n sell the bonds back to the company. Great for bondholders, but not so hot =\nfor the company or its shareholders. But, hey, what are the odds of that ha=\nppening? \"CFOs and CEOs believe that their stock will just continue to go u=\np,\" says Cohen. \"They don't worry about the bond getting put.\"=20\nIf all this seems a little complicated, that's because it is. A real-life e=\nxample should help. California-based electric utility Calpine issued $1 bil=\nlion in zeros in April to refinance existing debt. At the time, the company=\n's stock was trading at about $55 a share--severely undervalued in the opin=\nion of company management. \"We really didn't want to sell equity at that po=\nint,\" says Bob Kelly, Calpine's senior vice president of finance. So the co=\nmpany instead opted to sell zeros, setting the conversion premium at a heft=\ny 37%.=20\nStill, with no cash interest payments and a stock price that had to rise si=\ngnificantly to make conversion worthwhile, the bonds weren't exactly a scre=\naming buy for investors. So Calpine added the put feature: Investors could =\nsell the bonds back to the company after one year at the full purchase pric=\ne, eliminating any downside risk.=20\nThings haven't exactly worked out as management had hoped. The stock has si=\nnce plummeted to $25, and it now has to triple before conversion makes sens=\ne. So it's looking as though Calpine will be liable for the $1 billion in b=\norrowed money when investors get the chance to put the bonds this April. Th=\nere's also the refinancing cost. According to Kelly, Calpine's borrowing ra=\nte could run in the neighborhood of 8.5%--an extra $85 million per year in =\ncash. \"Obviously, nobody plans for their stock to go down,\" Kelly says. \"I =\ndon't think there was one person around who thought the bond would be put.\"=\n=20\nCalpine's potential costs are particularly high because its credit rating i=\ns straddling junk. \"If you are a borderline investment-grade company, a fin=\nancing of this nature is not necessarily the most appropriate thing in the =\nworld,\" notes Anand Iyer, head of global convertible research at Morgan Sta=\nnley. The problem is, there are a slew of companies with far worse credit r=\natings out there: Jeff Seidel, Credit Suisse First Boston's head of convert=\nible-bond research, estimates that about half of all zeros outstanding fall=\n into the junk category. And others are at risk of having their ratings dow=\nngraded before the put date. Today, with junk yielding as much as 5 1/2 per=\ncentage points above bonds rated investment grade, refinancing can be a pri=\ncey proposition.=20\nContract manufacturer Solectron is one that could well get hit by the high =\nprice of junk. It has $845 million in zeros that it will probably have to b=\nuy back this January, and another $4.2 billion coming down the pike over th=\ne next couple of years. Because of slower- than-expected sales, the company=\n was recently put on negative credit watch by three rating agencies. And if=\n Solectron's credit is downgraded, the zeros would slide into junk status, =\na situation that could cost the company--and its shareholders--tens of mill=\nions of dollars in refinancing charges.=20\nRefinancing isn't the only worrisome cost associated with these zeros. Comp=\nanies pay hefty investment banking fees to sell their bonds--up to 3% of th=\ne amount raised. If the debt is sold back, many will have spent millions fo=\nr what essentially amounted to a one-year loan. \"They're getting bad advice=\n,\" claims one banker who didn't want to be named. \"Look at the fee the bank=\ner earned and look at the kind of financing risk the company got into.\"=20\nAs if those potential consequences were not scary enough, shareholders can =\nalso get whacked when the bonds are first issued. That's because some 40% a=\nre bought by hedge funds, which short the company's stock (sell borrowed sh=\nares with the intention of buying them back at a lower price) at the same t=\nime that they buy the bonds. If the stock goes down, the shorts make money =\nfrom their position. If it goes up, they profit by converting the bond to s=\ntock. This hedging strategy almost always causes the stock to plummet, at l=\neast for a while. Grocery chain Supervalu, for example, recently lost 10% o=\nf its market cap the day it announced it was issuing $185 million in zeros.=\n=20\nDespite all the pitfalls, the love affair with such Pollyanna bonds continu=\nes, thanks in large part to the slick tax and accounting loopholes they pro=\nvide. In fact, the hit on earnings per share can be the lowest of any form =\nof financing. Even better, thanks to a wrinkle in the tax code, companies c=\nan rake in huge tax savings by deducting far more interest than they're act=\nually paying. All they have to do is agree to pay small amounts of interest=\n if certain conditions prevail. Verizon Communications, for instance, would=\n pay 0.25% annual interest on its $3 billion in zero bonds if its stock pri=\nce falls below 60% of the issue's conversion price. In the eyes of the IRS,=\n oddly, that clause enables the company to take a yearly interest deduction=\n, for tax purposes, of 7.5%--the same rate it pays on its regular debt. (Wh=\ny? Trust us, you don't want to know.) That adds up to an annual deduction o=\nf more than $200 million, even if Verizon never shells out a dime in intere=\nst. Not surprisingly, more than half of the zeros issued in 2001 contain si=\nmilar clauses. \"It's an incredible deal for them,\" says Vadim Iosilevich, w=\nho runs a hedge fund at Alexandra Investment Management. \"Not only are they=\n raising cheap money, they're also doing tax arbitrage.\"=20\nSo despite the enormous risks to shareholders, companies continue to issue =\nzeros at a steady clip: According to ConvertBond.com, seven new issues, tot=\naling $3.5 billion, have been sold since Oct. 1 alone. \"I think the power o=\nf the tax advantage is going to keep them around,\" says CSFB's Seidel. Call=\n it greed or just blind optimism that the markets will recover quickly--it =\ndoesn't really matter. Either way, it's the shareholders who'll be left pay=\ning the bill.=20\nFEEDBACK: jrevell@fortunemail.com=20\nThe bill comes due=20\nCompanies issued convertible zeros, with put features, when the stock marke=\nt soured. Now repayment looms.=20\n1999 2000 2001 2002 2003 2004=20\nAmount issued, $5.2 $19.6 $37.5 in billions=20\nAmount puttable, $2.4 $2.6 $4.8 $22.0 $19.1 $24.0 in billions=20\nSOURCE: CONVERTBOND.COM=20\nWhen zero is a negative number=20\nThe danger posed by convertible zero bonds depends on a number of factors, =\naccording to Morgan Stanley's ConvertBond.com: the size of the bond, the pu=\nt date, the company's credit rating and cash on hand, and how far the stock=\n must rise for the bond to convert to equity.=20\n[A]Date of put [B]Amount owed (millions) [C]Cash on hand[2](millions) [D]St=\nock price as of 11/09/01 [E]% below conversion price=20\nCompany Bond rating[1] Our risk assessment [A] [B] [C] [D] [E] Tyco 11/17/0=\n1 $3,500 $2,600 $54.00 49% Investment grade Not a problem--for now. The con=\nglomerate has cash to pay for bonds put this November. Another $2.3 billion=\n is puttable in 2003.=20\nSolectron 1/27/02 $845 $2,800 $13.25 155% Investment grade In the danger zo=\nne. May be downgraded to junk if results don't improve. Has additional $4.2=\n billion at risk in 2003 and 2004.=20\nCalpine 4/30/02 $1,000 $1,242 $25.50 180% Inv. grade/Junk Possibly a pricey=\n tab. On the border between investment grade and junk, the energy company f=\naces high refinancing charges.=20\nPride International 1/16/03 $276 $176 $12.50 148% Junk May need to drill fo=\nr cash. The oil services company already has a heavy debt load in addition =\nto its zeros.=20\nWestern Digital 2/18/03 $126 $201 $4.25 547% Junk Hard drive ahead. The tec=\nh outfit has already paid down some of its zeros by issuing stock. More dil=\nution possible.=20\nBrightpoint 3/11/03 $138 $67 $3.25 609% Junk Watch out. This mobile-phone d=\nistributor plans to repurchase the bonds and is likely to incur high refina=\nncing charges.=20\nAspect Commun. 8/10/03 $202 $134 $2.00 1,016% Junk The credit rating of thi=\ns unprofitable call center company is near the lowest grade of junk. High a=\nlert!=20\nEnron[3] 2/7/04 $1,331 $1,000 $8.50 1,413% Investment grade Very risky. Amo=\nng Enron's myriad woes, its debt is on the verge of being downgraded yet ag=\nain. It's already behaving like junk.=20\nVerizon 5/15/04 $3,270 $3,000 $50.00 70% Investment grade Verizon faces lit=\ntle risk because of its strong credit rating and the long lead time on its =\nput dates.=20\nMerrill Lynch 5/23/04 $2,541 $20,000 $49.00 124% Investment grade Also not =\nyet a problem. This underwriting leader made sure its own zeros could not b=\ne put for three years.=20\n[1]Based on ratings from Moody's and Standard & Poor's; Calpine had a split=\n rating at press time. [2]As of most recently reported financial results. [=\n3]Now expected to merge with Dynegy.=20\nQuote: Contract manufacturer Solectron is one zero-bond issuer that could w=\nell get hit hard. Stocks have fallen so far that for at least half of all b=\nonds out there, the prospect of conversion is absurd.\n\nB/W ILLUSTRATION: ILLUSTRATION BY DAVID SUTER=20\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nManager's Journal: What Enron Did Right\nBy Samuel Bodily and Robert Bruner\n\n11/19/2001\nThe Wall Street Journal\nA20\n(Copyright (c) 2001, Dow Jones & Company, Inc.)\n\nThis is a rough era for American business icons. Subject to the vagaries of=\n age (Jack Welch), product failure (Ford/Firestone tires), competition (Luc=\nent, AT&T), technology (Hewlett-Packard and Compaq), and dot-bomb bubbles (=\nCMGI), managers and their firms remind us that being an icon is risky busin=\ness. The latest example is Enron, whose fall from grace has resulted in a p=\nroposed fire sale to Dynegy.=20\nOnce considered one of the country's most innovative companies, Enron becam=\ne a pariah due to lack of transparency about its deals and the odor of conf=\nlicts of interest. The journalistic accounts of Enron's struggles drip with=\n schadenfreude, hinting that its innovations and achievements were all a mi=\nrage.\nWe hold no brief regarding the legal or ethical issues under investigation.=\n We agree that more transparency about potential conflicts of interest is n=\needed. High profitability does not justify breaking the law or ethical norm=\ns. But no matter how the current issues resolve themselves or what fresh re=\nvelations emerge, Enron has created an enormous legacy of good ideas that h=\nave enduring value.=20\n-- Deregulation and market competition. Enron envisioned gas and electric p=\nower industries in the U.S. where prices are set in an open market of biddi=\nng by customers, and where suppliers can freely choose to enter or exit. En=\nron was the leader in pioneering this business.=20\nMarket competition in energy is now the dominant model in the U.S., and is =\nspreading to Europe, Latin America, and Asia. The winners have been consume=\nrs, who have paid lower prices, and investors, who have seen competition fo=\nrce the power suppliers to become much more efficient. The contrary experie=\nnce of California, the poster child of those who would re-regulate the powe=\nr industry, is an example of not enough deregulation.=20\n-- Innovation and the \"de-integration\" of power contracts. Under the old re=\ngulated model of delivering gas and electricity, customers were offered a o=\nne-size-fits-all contract. For many customers, this system was inflexible a=\nnd inefficient, like telling a small gardener that you can only buy manure =\nby the truckload. Enron pioneered contracts that could be tailored to the e=\nxact needs of the customer.=20\nTo do this, Enron unbundled the classic power contract into its constituent=\n parts, starting with price and volume, location, time, etc., and offered c=\nustomers choices on each one. Again, consumers won. Enron's investors did t=\noo, because Enron earned the surplus typically reaped by inventors. Arguabl=\ny, Enron is the embodiment of what economist Joseph Schumpeter called the \"=\nprocess of Creative Destruction.\" But creative destroyers are not necessari=\nly likable, pleasant folks, which may be part of Enron's problem today.=20\n-- Minimization of transaction costs and frictions. Enron extended the logi=\nc of de-integration to other industries. An integrated paper company, for i=\nnstance, owns forests, mills, pulp factories, and paper plants in what amou=\nnts to a very big bet that the paper company can run all those disparate ac=\ntivities better than smaller, specialized firms. Enron argued that integrat=\ned firms and industries are riddled with inefficiencies stemming from burea=\nucracy and the captive nature of \"customers\" and \"suppliers.\" Enron envisio=\nned creating free markets for components within the integrated chain on the=\n bet that the free-market terms would be better than those of the internal =\noperations. The development of free-market benchmarks for the terms by whic=\nh divisions of integrated firms do business with each other is very healthy=\n for the economy.=20\n-- Exploiting the optionality in networks. In the old regulated environment=\n, natural gas would be supplied to a customer through a single dedicated pi=\npeline. Enron envisioned a network by which gas could be supplied from a nu=\nmber of possible sources, opening the customer to the benefits of competiti=\non, and the supplier to the flexibility of alternative sourcing strategies.=\n Enron benefited from controlling switches on the network, so that they cou=\nld nimbly route the molecules or electrons from the best source at any mome=\nnt in time to the best use, and choose when and where to convert molecules =\nto electrons. This policy, picked up by others in the industry, created tre=\nmendous value for both customers and suppliers.=20\n-- Rigorous risk assessment. The strategy of tailored contracts could easil=\ny have broken the firm in the absence of a clear understanding of the tradi=\nng risks that the firm assumed, and of very strong internal controls. Enron=\n pioneered risk assessment and control systems that we judge to be among th=\ne best anywhere. Particularly with the advent of Enron Online, where Enron =\nmade new positions valued at over $4 billion each day, it became essential =\nto have up-to-the-second information on company-wide positions, prices and =\nability to deliver.=20\nThe unexpected bad news from Enron has little to do with trading losses by =\nthe firm, but with fears among trading partners about Enron's ability to fi=\nnance its trading activity. In a world where contracts and trading portfoli=\nos are too complex to explain in a sound bite, counterparties look to a thi=\nck equity base for assurance. It was the erosion in equity, rather than tra=\nding risk, that destroyed the firm.=20\n-- A culture of urgency, innovation and high expectations. Enron's corporat=\ne culture was the biggest surprise of all. The Hollywood stereotype of a ut=\nility company is bureaucratic, hierarchical, formal, slow, and full of excu=\nses. And the stodgy images of a gas pipeline company -- Enron only 15 years=\n ago -- is even duller and slower. Enron became bumptious, impatient, lean,=\n fast, innovative, and demanding. It bred speed and innovation by giving it=\ns professionals unusual freedom to start new businesses, create markets, an=\nd transfer within the firm.=20\nSuccess was rewarded with ample compensation and fast promotion, and an ope=\nn-office design fostered brainstorming. The firm's organization and culture=\n was by all accounts not a safe haven for those who believe the role of a l=\narge corporation is to fulfill entitlements for jobs. This was a lightning =\nrod for the firm's detractors. And yet, it could serve as a model for more =\nhide-bound enterprises to emulate.=20\nEnron was a prolific source of compelling new ideas about the transformatio=\nn of American business. It created a ruckus in once-quiet corners of the bu=\nsiness economy. It rewrote the rules of competition in almost every area in=\n which it did business. It thrived on volatility.=20\nThe proposed sale of Enron to Dynegy risks the loss of a major R&D establis=\nhment, especially given Dynegy's track record as a second mover following E=\nnron's lead. Beyond what is likely to be a difficult and time-consuming ant=\nitrust review, Dynegy's greater challenge will be to find a way to make Enr=\non's spirit of innovation its own. Or so we all should hope, because prospe=\nrity depends on the ability of firms to reinvent themselves and remake thei=\nr industries.=20\n---=20\nMessrs. Bodily and Bruner are professors at the University of Virginia's Gr=\naduate School of Business Administration.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nJ.P. Morgan Wins (by Not Losing as Much)\nBy Susanne Craig\nStaff Reporter of The Wall Street Journal\n\n11/19/2001\nThe Wall Street Journal\nC1\n(Copyright (c) 2001, Dow Jones & Company, Inc.)\n\nYou know things are bad on Wall Street when the winner of a stock-selection=\n contest can't come close to breaking even.=20\nJ.P. Morgan Chase & Co.'s portfolio was the only one in The Wall Street Jou=\nrnal's quarterly stock-picking survey to slide less than 10% during the thr=\nee months ended Sept. 30. The value of its stock basket fell 8.6% during th=\ne third quarter.\nJust six of the 15 financial firms managed to beat the benchmark Standard &=\n Poor's 500-stock index, which dropped 14.7% during the period. Among the s=\ntar performers that came to J.P. Morgan's rescue: Northrop Grumman Corp., S=\nBC Communications Inc. and Procter & Gamble Co.=20\n\"It has turned into a real stock-picker's market,\" says J.P. Morgan equity =\nstrategist Douglas Cliggott. \"In the first half, the market bought cyclical=\n stocks, such as credit cards and brokers, in hopes of a recovery. We don't=\n think those stocks will get interesting until sometime in 2003.\" Instead, =\nthe firm's portfolio is weighted toward health care and consumer staples, a=\ns well as cyclical stocks such as energy and farm equipment.=20\nThe quarter was among the roughest in years for Wall Street investors. The =\nterrorist attacks of Sept. 11 helped contribute to the stock-market losses,=\n which drove down the value of all portfolios in the survey, though the mar=\nkets have since recovered to their pre-Sept. 11 levels. The last time the g=\nroup posted results this bad was during the third quarter of 1998, during t=\nhe Asian financial crisis.=20\nGoldman Sachs Group Inc. and Credit Suisse Group's Credit Suisse First Bost=\non finished at the bottom of the pack, falling 23.2% and 30.1% respectively=\n. The performance of last-place finisher CSFB was dragged down by losses at=\n companies such as Veritas Software Corp. (down 72.3% in the quarter), Prae=\ncis Pharmaceuticals Inc. (down 64.8%) and software provider Amdocs Ltd. (do=\nwn 51%).=20\nFor CSFB, \"it was not a good stock-picking quarter, that's for sure,\" says =\nAl Jackson, the firm's global head of equity research. \"It was our tech and=\n telecom . . . and the events of Sept. 11 that hurt us.\"=20\nCredit Suisse First Boston recently changed the approach to its model portf=\nolio, opting against sector weightings, Mr. Jackson says. This strategy has=\n hurt CSFB in recent quarters, because of the steep slump in areas such as =\ntechnology and telecom. The firm recently added a number of Old Economy sto=\ncks to its portfolio, such as Citigroup Inc., Dow Chemical Co. and Gannett =\nCo. Says Mr. Jackson: \"We are going back to our roots and asking what our b=\nest ideas are.\"=20\nLike CSFB, Goldman was hit by a drop in the share price of technology compa=\nnies, such as Check Point Software Technologies Ltd. (down 56.5% in the qua=\nrter). Its portfolio was also dragged down by shares of embattled Enron Cor=\np. (down 44.3%). Morgan Stanley and Royal Bank of Canada's RBC Dain Rausche=\nr, which placed 6th and 12th respectively, also have the energy company on =\ntheir lists.=20\nIn addition to Enron, stocks hard it by the terrorist attacks, such as lodg=\ning giant Starwood Hotels & Resorts Worldwide Inc., Walt Disney Co. and air=\nlines such as Skywest Inc., also hurt the portfolio performance of many sec=\nurities firms.=20\nIt is unlikely people will buy any company's entire recommended list at one=\n time. The Journal survey is intended to give investors an idea of how thei=\nr portfolio would look if they let the professionals do all the picking. Ca=\nlculations in the quarterly survey, done for the Journal by Zacks Investmen=\nt Research in Chicago, take into account capital gains or losses, dividends=\n and theoretical commissions of 1% on each trade.=20\nOverall, Edward D. Jones & Co., of St. Louis, emerged with the most consist=\nent results across the board, placing second in the quarter and for the yea=\nr. Its 85% return over five years is the best of the group and ahead of the=\n total return for the S&P 500 of 62.7%. Perhaps more than any other firm, E=\ndwards Jones takes a buy-and-hold approach to investing, making very few ch=\nanges to its portfolio from quarter to quarter, or even year to year.=20\n\"It's the old story of the tortoise and the hare, and we believe slow and s=\nteady wins the race,\" says David Otto, Edward Jones director of research. \"=\nWe are really, really proud of the five-year number. We believe in getting =\nrich, slowly.\"=20\nOn a quarterly basis, the portfolio of Prudential Securities Inc., a unit o=\nf Prudential Financial, came in second only to J.P. Morgan, falling 11.8%. =\nHowever, investors sitting with the stocks Prudential recommends haven't do=\nne as well in the long run. The value of its basket of stocks has fallen 45=\n.9% in the past year, finishing ahead of only Lehman Brothers Holdings Inc.=\n, which posted a one-year loss of 54.9%.=20\nSeven firms managed to beat the S&P 500 index during the past 12 months, wh=\nich fell 26.6% in the period.=20\nLehman, which finished last in the survey in the second quarter thanks to i=\nts heavy weighting in technology, managed to move up in the rankings this q=\nuarter. This primarily stemmed from its annual shuffle of the 10 stocks in =\nits portfolio, known as its \"Ten Uncommon Values.\" This time around, the fi=\nrm's portfolio slipped 18.4% in the quarter, for an 11th place finish. Just=\n one of its 10 stocks, Washington Mutual Inc., managed to eke out a positiv=\ne return, of 3.1%. Its biggest quarterly loser: Energy company Mirant Corp.=\n, which fell 36.3% in the period.=20\n\"It's a portfolio that has done decently since the market troughed,\" says J=\neff Applegate, Lehman's chief market strategist. He says he believes the ma=\nrket hit bottom Sept. 21.=20\n--- Brokerage Houses' Stock-Picking Prowess\n\nEstimated performance of stocks on the recommended lists of 15 major\nbrokerage houses through Sept. 30. Figures include price changes,\ndividends, and hypothetical trading commissions of 1%.\n\n---- Best & Worst Picks ---- ----- Returns ------\nBiggest Biggest Latest One- Five-\nGain Loss qtr. Year Year\n\nRaymond James\nCACI Intl. +49.7% Skywest -51.1% -14.2% -14.7% +56.8%\n\nEdward Jones\nAmr Water Wk +20.5 Celestica -47.1 -11.2 -18.7 +85.1\n\nMerrill Lynch\nTriad +20.1 Amer. -34.5 -15.4 -19.8 +64.9\nHospitals Express\n\nUBS Warburg\nPepsiCo +9.7 BEA Systems -69.2 -12.9 -19.9 N.A.\n\nJ. P. Morgan Sec.\nNorthrop +26.6 Macrovision -58.5 -8.6 -20.0 N.A.\n\nBear Stearns\nMBNA +19.2 Embraer -60.3 -15.9 -22.2 +50.9\n\nSalomon S.B.\nAbbott Labs +8.5 Hewlett- -43.6 -16.0 -25.0 +17.9\nPackard\n\nMorgan Stanley DW\nJohnson & John +11.2 EMC -59.8 -14.2 -29.0 +33.7\n\nDain Rauscher\nEl Paso Energy +17.4 i2 -82.6 -19.6 -32.2 N.A.\nTechnologies\n\nA.G. Edwards\nVerizon +4.4 EMC -59.8 -17.4 -33.4 +34.8\n\nU.S. Bancorp Piper Jaf.\nEli Lilly +9.4 EMC -59.8 -22.0 -39.9 +36.7\n\nGoldman Sachs\nWal-Mart +8.3 Check Pt -56.5 -23.2 -40.6 +60.0\nSftwr\n\nCredit Suisse FB\nJohnson & John +11.2 Veritas -72.3 -30.1 -44.9 +38.1\n\nPrudential Sec.\nKraft Foods +12.9 BMC -41.6 -11.8 -45.9 +41.3\nSoftware\n\nLehman Bros.\nWash. Mutual +3.1 Mirant -36.3 -18.4 -54.9 +29.6\n\nS&P 500 Index\n-14.7% -26.6% +62.7%\n\n*In latest quarter; holding period may be less than full quarter\n\nN.A. =3D not available\n\nSource: Zacks Investment Research\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nBusiness/Financial Desk; Section C\nGerman Bank Is in Talks With Enron To Buy a Unit\nBy SUZANNE KAPNER\n\n11/19/2001\nThe New York Times\nPage 2, Column 6\nc. 2001 New York Times Company\n\nLONDON, Nov. 18 -- A large German bank is in talks to buy Wessex Water from=\n the Enron Corporation, people close to the discussions said today.=20\nEnron is looking to sell Wessex Water, of Britain, as well as other noncore=\n assets in India and Brazil, after a financial crisis nearly brought its ma=\nin energy trading business to a halt. That crisis led to Enron's decision e=\narlier this month to be acquired by Dynegy Inc., a much smaller rival.\nThe German Bank, Westdeutsche Landesbank Girozentrale of Dusseldorf, or Wes=\ntLB, is among several suitors for Wessex Water, people close to the discuss=\nions said. The sale has also attracted the attention of industry rivals lik=\ne Thames Water, owned by RWE of Germany. But such a combination would most =\nlikely incur a long review by regulators, who might either block the merger=\n on antitrust grounds, or exact stiff concessions, industry experts said.=\n=20\nWessex Water is likely to be sold for more than $:1 billion ($1.4 billion) =\nbut less than the $:1.4 billion that Enron paid for it in 1998, analysts sa=\nid.=20\n''In hindsight, we made some very bad investments in noncore businesses,'' =\nKenneth L. Lay, Enron's chairman and chief executive, told analysts in a co=\nnference call last week. Those investments ''have performed far worse than =\nwe ever could have imagined,'' he said, citing the Azurix water business, o=\nf which Wessex Water is a part, and energy assets in Brazil and India.=20\nExecutives from Enron were not immediately available for comment today. Wes=\ntLB executives declined to comment.=20\nWestLB has been aggressively pursuing acquisitions in Britain, bidding for =\nBritish Telecommunications' phone network and the nation's railway tracks c=\nontrolled by the troubled Railtrack, which is restructuring under governmen=\nt supervision. Neither of those bids has progressed beyond the initial stag=\nes.=20\nLast summer, WestLB helped finance the management buyout of the Mid Kent Wa=\nter Company through Swan Capital, its private equity vehicle.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nCredit Markets\nBond Boom Isn't Likely to Lift Economy As Corporations Swap Old Debt for Ne=\nw\nBy Jathon Sapsford\nStaff Reporter of The Wall Street Journal\n\n11/19/2001\nThe Wall Street Journal\nC1\n(Copyright (c) 2001, Dow Jones & Company, Inc.)\n\nWhen AT&T last week completed the second-biggest bond sale in history -- ca=\npping one of the busiest bond periods in years -- it came as welcome news a=\nmid fears of a credit crunch. Here was new money, meaning new spending on p=\nlants, equipment and jobs that could help pull the economy out of its slump=\n.=20\nThat $10.9 billion AT&T deal, and a slew of similar bond deals from big com=\npanies ranging from Boeing and Anheuser-Busch to Kraft Foods and General Mo=\ntors, may not provide as big of a boost as economists are banking on. That =\nis because corporations, like homeowners, are in the midst of a refinancing=\n boom.\nCorporations are hitting the market not just because rates are cheap, but b=\necause they often can't get money in other crucial markets. In particular, =\nthey are sidestepping the commercial paper market -- short-term corporate I=\nOUs used to finance day-to-day operations, where rates traditionally are lo=\nwest -- because investors are unwilling to finance many well-known corporat=\nions.=20\nThe result has been a huge jump in bond sales, the majority of which are us=\ned to reduce existing debt. Since the Sept. 11 terrorist attacks, about $13=\n5 billion in investment-grade bonds have been sold, up from about $78 billi=\non in the year-earlier period. Overall issuance this year is likely to set =\na record, clearing $600 billion, compared with $411 billion in 2000.=20\n\"The driving force behind this surge in bond issuance is refinancing short-=\nterm commercial paper to long-term debt,\" says John Lonski, chief economist=\n at Moody's Investors Service, a credit-rating agency.=20\nUsually, rising bond issuance presages economic growth. In 1991, corporatio=\nns sold a record number of bonds to exploit falling interest rates. But the=\nn, companies poured much of the money they raised back into their operation=\ns, a flurry of investment that foreshadowed the economic boom of the late 1=\n990s.=20\nThis time around, the surge in bond deals won't pump in enough new money to=\n the economy to make a dramatic difference. Though, as in the case of the m=\nillions of homeowners who are refinancing their mortgages to lower monthly =\npayments, it could help ease some pressure on stretched corporate-balance s=\nheets and help to fund some of the companies' day-to-day operations.=20\nNot all of the money being raised is to refinance short-term debt, of cours=\ne, and the string of bond deals shows that many of the nation's biggest bor=\nrowers have ready access to funding if they need it.=20\nBut most companies are similar to AT&T, which last week provided the bigges=\nt refinancing example yet.=20\nOver the next three months, the telecom company was facing $6.5 billion in =\nexpiring commercial paper. Under normal conditions, corporations pay off ma=\nturing commercial paper by \"rolling over\" that debt, or issuing new commerc=\nial paper to replace the old. But rolling over commercial paper became much=\n harder for AT&T after Moody's cut the company's short-term and long-term c=\nredit ratings. Through the bond deal, AT&T raised money at relatively attra=\nctive rates while avoiding the difficulties of the commercial-paper market.=\n=20\nOther companies facing downgrades also are scrambling to find alternatives =\nto the commercial-paper market through bonds, loans or revolving credit lin=\nes. \"The ripple effects of this are being felt throughout the capital marke=\nts,\" says Meredith Coffey, senior vice president at Loan Pricing Corp., a d=\nebt-market-analysis company.=20\nFor the most extreme cases, the bond markets don't offer refuge. Enron, ham=\nmered by a third-quarter loss of $618 million that led to a string of downg=\nrades, drew down $3.3 billion from its emergency bank credit line to repay =\ninvestors in its commercial paper. It then turned to its banks for an addit=\nional $1 billion loan to pay off more commercial-paper investors, thus tidi=\nng it over until it could merge with rival Dynegy.=20\nMost investment-grade companies aren't nearly so bad off, and thus have rea=\ndy access to bond investors. General Motors, for instance, had little troub=\nle selling $6 billion in debt last month, while Ford Motor easily sold bond=\ns totalling $9.4 billion.=20\nBut the surge in bond sales masks signs that even investment-grade companie=\ns are having trouble convincing investors that they are good for their mone=\ny.=20\nTake Ford. Standard & Poor's and Moody's downgraded Ford's debt ratings las=\nt month to triple-B-plus and single-A-3, respectively. With that rating, Fo=\nrd is far enough down the spectrum of investment-grade debt that many of th=\ne ultraconservative investors in commercial paper won't touch it, meaning t=\nhat it had to turn to corporate bonds to refinance its debt. Ford concedes =\nthat a big reason it is selling bonds was to avoid the trouble in the comme=\nrcial-paper market.=20\nBoyce Greer, the money-market group leader at Fidelity Investments, says he=\n often stops buying the commercial paper of a corporation at the first sign=\n of eroding profitability -- even before they get downgraded. \"You can't wa=\nit around for a rating agency [to downgrade a company],\" he says.=20\nMoody's has downgraded five times as many corporations as it has raised so =\nfar this year. Thus, the market for corporate commercial paper has shrunk t=\no $1.4 trillion at the end of October, down from $1.6 trillion at the end o=\nf last year.=20\n---=20\nFriday's Credit Markets=20\nLast week was a brutal time to own Treasurys. The market sold off so sharpl=\ny as to push yields, which move inversely to prices, almost back up to wher=\ne they stood before the terrorist attacks. It was the worst bond selloff si=\nnce 1987, according to economists at Banc One Capital Markets.=20\nLosses were heaviest in issues like the two-year note, the most sensitive t=\no expectations about Federal Reserve policy. Since hitting a record low of =\n2.30% on Nov. 7, the two-year yield has risen 0.80 percentage point to 3.05=\n%. In the same period, the 30-year bond yield has risen 0.50 percentage poi=\nnt to 5.27%.=20\nAt 4 p.m. Friday, the benchmark 10-year Treasury note was down 1 3/32 point=\ns from late Thursday, or $10.94 per $1,000 face value, at 100 25/32. Its yi=\neld jumped to 4.897% from 4.756% Thursday.=20\nThe 30-year Treasury bond's price fell 1 19/32 to 100 25/32 to yield 5.317,=\n up from 5.211% Thursday.=20\nWhy the selloff? People in the market cite a shift toward the view that the=\n U.S. economy may finally be on the brink of recovery. That means the Fed m=\nay not need to employ many more rate cuts to get growth back on track.=20\n-- Michael S. Derby and Steven Vames\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nBusiness; Financial Desk\nPreview / WEEK OF NOV. 19-25 Investors Looking for Answers in Enron Filing\nBloomberg News\n\n11/19/2001\nLos Angeles Times\nHome Edition\nC-2\nCopyright 2001 / The Times Mirror Company\n\nEnron Corp. investors hope the energy trader's third-quarter report to the =\nSecurities and Exchange Commission will answer some of the questions that s=\nent its shares tumbling and led to a proposed sale to rival Dynegy Inc.=20\nEnron, which has been criticized for failing to clearly explain how it make=\ns money, may disclose in a filing expected today more on how much is owed b=\ny the company and affiliated partnerships, as well as any planned job cuts =\nand other cost-saving moves related to Dynegy's $24-billion buyout.\nEnron agreed to sell after its stock plunged 67% in three weeks amid an SEC=\n investigation into partnerships run by Enron executives. Investors worry t=\nhat new disclosures, such as previously unreported debt, might threaten Enr=\non's credit rating and scuttle the merger, possibly pushing Enron into bank=\nruptcy.=20\nEnron Chairman Kenneth Lay acknowledged last week that failed investments a=\nnd a loss of investor confidence forced the sale to Dynegy, and he and othe=\nr executives pledged to be more open with investors.=20\nEnron shares fell 48 cents Friday to close at $9 on the New York Stock Exch=\nange. Dynegy fell $1.53 to $42.47.=20\nEnron's third-quarter earnings report, which had been expected last week, w=\nas delayed by the Dynegy talks and a restatement of earnings, Chief Financi=\nal Officer Jeffrey McMahon said.=20\nEnron reduced net income for four years by a combined $586 million to inclu=\nde losses from affiliated partnerships.=20\nToday's filing, called a 10-Q, will include a balance sheet summarizing ass=\nets and debts. Enron for years has omitted balance sheets, which the SEC re=\nquires as part of the 10-Q, from its press releases announcing earnings.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\n\nCOMPANIES & FINANCE INTERNATIONAL - Dynegy bid faces long wait.\nBy NANCY DUNNE and ANDREW HILL.\n\n11/19/2001\nFinancial Times\n(c) 2001 Financial Times Limited . All Rights Reserved\n\nDynegy's $9.8bn rescue bid for Enron, the larger rival energy group, poses =\ncomplex and unprecedented regulatory challenges for the Federal Energy Regu=\nlatory Commission (Ferc), which is likely to lead the review of the bid.=20\nOfficials from the two Houston-based companies, which announced the deal 10=\n days ago, estimated the regulatory process would take six to nine months t=\no complete.\nBut the Ferc review could take longer, according to experts, and approval o=\nf the deal is further complicated by such issues as the parallel Securities=\n and Exchange Commission investigation into Enron's finances.=20\n\"It's very complicated. It will be very time-consuming,\" said one person cl=\nose to the Ferc commissioners. As of Friday, the groups had not yet filed f=\nor Ferc approval.=20\n\"(The deal) raises issues that have never been considered before by Ferc,\" =\nsaid Edward Comer, general counsel to the Edison Electric Institute, the as=\nsociation of US electric utilities.=20\n\"It has never considered the merger of two huge marketers, and in the past,=\n marketing wasn't considered as significant a portion of the energy sector =\nas it has become.\"=20\nA typical deal now takes about 200 days to win Ferc approval. But Mr Comer =\nsaid approval of the Dynegy bid could take anywhere from six months to two =\nyears.=20\nThe agency's guidelines prohibit mergers if they give the new company the m=\narket power to push prices above competitive levels for \"a significant peri=\nod of time\".=20\nIt analyses market power by identifying the products sold, the customers an=\nd suppliers affected and market concentration.=20\n\"Mergers in the past have been considered on the basis of assets,\" said Pat=\nti Harper-Slaboszewicz of Frost & Sullivan, a market research and consultin=\ng firm. \"The rules were written when the industry was vertically integrated=\n.\"=20\nNow the question is how ownership of energy trading services will be calcul=\nated. It could be difficult to assess if the companies are exerting market =\npower because information on the trading books of companies such as Enron a=\nnd Dynegy is closely guarded, she said.=20\nThe two companies must also win consent from either the Justice Department =\nor the Federal Trade Commission, and from states where the companies have p=\nipelines and provide retail services.=20\n(c) Copyright Financial Times Ltd. All rights reserved.=20\nhttp://www.ft.com.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nFund Track\nRussia Fund Surges Amid Global Woes\nBy Victoria Marcinkowski\nDow Jones Newswires\n\n11/19/2001\nThe Wall Street Journal\nC17\n(Copyright (c) 2001, Dow Jones & Company, Inc.)\n\nEverything is relative in the investing world, so with U.S. investors nervo=\nus about homeland stocks, European and Asian markets sagging and terrorism =\nworries abounding, Russia's risky markets seem less so these days.=20\nSo far this year, Pilgrim Russia Fund, which was bought by ING Groep NV lat=\ne last year, has been the top-performing regional mutual fund, gaining 53%,=\n according to fund tracker Morningstar Inc. By comparison, the Standard & P=\noor's 500-stock index has slumped nearly 14%.\nOf course, the risks in Russia remain. Despite recent economic gains, the c=\nountry still is struggling with a weak banking system, inadequate state ins=\ntitutions to enforce contract laws and few businesses run by the \"modern\" r=\nules of corporate governance, according to Samuel Oubadia the 37-year-old m=\nanager of the Russia fund.=20\n\"But they are getting more open,\" Mr. Oubadia said, though Russia's lax fin=\nancial reporting standards are still one of the main roadblocks for foreign=\n investors. With $49 million in assets, the Pilgrim Russia fund invests bet=\nween 90% and 95% in Russian stock, with the balance held in cash.=20\n\"While the global economy is slowing, Russia is still in an expansion mode,=\n\" Mr. Oubadia said. After years of economic reforms, consumer spending is u=\np 10% and the former Soviet Union's gross domestic product is expected to g=\nrow 3% to 5% next year, more than twice as much as that of the U.S. and Eur=\nope.=20\nTwo-thirds of the fund's stocks are oil and gas companies, which are still =\nthe most liquid stocks in Russia. Utilities, mining, telecommunications com=\npanies and breweries make up the rest. \"There's no escaping oil and gas if =\nyou want to manage a Russia fund,\" Mr. Oubadia said.=20\nThe spike in oil prices earlier this year made the investment in oil worthw=\nhile, propelling earnings growth for Russia's oil and gas companies. Higher=\n oil prices also worked wonders for the Russian economy, which is largely d=\nependent on oil and gas. More recently, however, falling oil prices have th=\nreatened the companies' profit growth.=20\nBut the fund manager, who is based in The Hague, said he doesn't think peop=\nle should invest in Russian oil stocks because of their earnings prospects.=\n \"You don't invest because of earnings growth -- there will be none for Rus=\nsian oil companies this year. You invest because of the stocks' low valuati=\non,\" Mr. Oubadia said, adding that most of the Russian oil companies still =\ntrade well below the world-wide average for the sector.=20\nYukos Oil is one of the fund's largest investments, making up about 12% of =\nthe fund's holdings. Surgutneftegaz and Lukoil Holdings also make up more t=\nhan 5% each of Pilgrim Russia's assets. While Mr. Oubadia said the companie=\ns should be able to handle falling oil prices, partly by cutting production=\n, he worries that further price erosion could hamper a fragile Russian stoc=\nk market that relies so heavily on oil and gas stocks.=20\n\"Can Russian markets do well with lower prices for oil?\" he asked. \"The sho=\nrt answer is yes. But how low will prices drop?\" Mr. Oubadia acknowledged t=\nhat weak oil prices might cause him to shift some investments from oil and =\ngas into other Russian sectors, including telecom stocks and consumer produ=\ncts.=20\nThe Russia fund isn't for the timid. In 1998, when the Russian economy coll=\napsed, the fund -- then called Lexington Troika Dialog Russia, lost 83% of =\nits value. A year later, the fund soared 160%. In 2000 the fund finished do=\nwn almost 18%.=20\n---=20\nJANUS STOCK SHUFFLE: Janus Capital Corp. bulked up on lower-priced value st=\nocks and shed some shares of its long-held technology companies during the =\nthird quarter, a new Securities and Exchange Commission filing showed.=20\nThe Denver fund firm reported that during the third quarter, it lowered its=\n investments in 14 of the 20 largest holdings it had owned as of June 30. T=\nhe largest reduction was a 43.6 million-share sale of Nokia Corp. stock. Af=\nter the sale, Janus still owned a large 183.2 million-share position in the=\n wireless-phone company at the end of the third quarter.=20\nDuring the quarter, Janus also sold more than half of its stakes in tech co=\nmpanies EMC Corp. and Sun Microsystems Inc. In addition, the fund company, =\na unit of Stilwell Financial Inc., trimmed its exposure to energy company E=\nnron Corp., selling 1.5 million shares to reduce its overall position to 41=\n.4 million shares at the end of September.=20\nOn the buying side, Janus, one of the hottest fund firms of the late 1990s =\nthanks to bets on leading technology stocks, about doubled its position in =\nsoftware company Microsoft Corp. It also boosted its holding in the investm=\nent company run by Warren Buffett, Berkshire Hathaway Inc., while starting =\na small position in Philip Morris Cos., whose dividend-rich stock is usuall=\ny more popular with price-sensitive \"value\" managers. Janus has introduced =\nnew value portfolios recently, but most of its investors' assets still foll=\now faster-growing companies.=20\n-- Aaron Lucchetti and Todd Goren\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nWessex Water\n\n11/19/2001\nThe Financial News\nCopyright (C) 2001 The Financial News; Source: World Reporter (TM)\n\nThe Sunday Telegraph=20\nThe German state-owned bank, WestLB, is in talks to buy Wessex Water from i=\nts troubled US parent Enron.\nWestLB is thought to be one of a number of financial buyers to have approac=\nhed Enron with a view to acquiring Wessex, which is valued at more than AGB=\nP1bn (e1.63bn).=20\nEnron, the energy trading group which bought Wessex in 1998 for AGBP1.4bn, =\nis being bought by its much smaller US rival Dynegy after collapsing into f=\ninancial crisis.=20\nThe Independent on Sunday=20\nThe water and sewage company Wessex Water is understood to be up for sale f=\nollowing an offer to take over its owner, Enron.=20\nThree years ago, Enron spent AGBP1.4bn on Wessex Water.=20\nBut Dynegy is understood to want to concentrate on US and European energy a=\nssets and is not interested in non-core assets.=20\nAny hope to regain the same amount of money could be derailed as the indust=\nry is put off by regulatory problems, and the company's results have worsen=\ned due to imposed price cuts over the past year.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\nIndia BSES:Dabhol Pwr Proj Due Diligence Done Jan -Report\n\n11/19/2001\nEmerging Markets Report\n(Copyright (c) 2001, Dow Jones & Company, Inc.)\n\nNEW DELHI -(Dow Jones)- India's BSES Ltd. (P.BSX) said Monday due diligence=\n on the 2,184 megawatt Dabhol power project is expected to be completed by =\nJanuary 2002, the Press Trust of India news agency reported.=20\n\"The due diligence process will take six-eight weeks after signing of the c=\nonfidentiality agreement with Enron-promoted Dabhol Power Co.,\" the report =\nsaid, quoting BSES' Chairman and Managing Director R.V. Shahi.\nThe U.S.-based energy company Enron Corp. (ENE) has a controlling 65% stake=\n in the Dabhol power project located in the western Indian state of Maharas=\nhtra.=20\nThe Maharashtra State Electricity Board, or MSEB, has 15%, while U.S.-based=\n companies General Electric Co. (GE) and Bechtel (X.BTL) each own 10% in DP=\nC.=20\nEnron wants to sell its stake in DPC because of payment defaults by its sol=\ne customer, the MSEB, and the Indian federal government's failure to honor =\npayment guarantees.=20\nIn August, the U.S. company said it was willing to sell its stake at cost.=\n=20\nBSES would appoint three separate consultants for technical, financial and =\nlegal due diligence on the Dabhol project, Shahi said.=20\nAfter signing the confidentiality agreement, BSES will formally look into t=\nhe books of DPC, its loans, sponsors and other assets and legal wrangles be=\nfore deciding on the acquisition price of the company, the report said.=20\nThe Dabhol project, at a cost of $2.9 billion, is India's largest single fo=\nreign investment to date.=20\n-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dow=\njones.com\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nIndia Dabhol Pwr: No Termination Notice Until Crt Verdict\n\n11/19/2001\nDow Jones International News\n(Copyright (c) 2001, Dow Jones & Company, Inc.)\n\nNEW DELHI -(Dow Jones)- Dabhol Power Co. will wait for the Bombay High Cour=\nt's verdict before sending a final termination notice to its sole customer =\n- the Maharashtra State Electricity Board, a source close to the company to=\nld Dow Jones Newswires Monday.=20\n\"Nothing is going to happen until Dec. 3. The Bombay High Court has adjourn=\ned all proceedings...(and)...DPC will wait for the court's verdict before d=\neciding its future course of action,\" said the source.\nEnron Corp. (ENE) has a controlling 65% stake in the 2,184-megawatt Dabhol =\npower project in the western Indian state of Maharashtra. Enron wants to se=\nll its stake in DPC because of payment defaults by the MSEB and the Indian =\nfederal government's failure to honor payment guarantees. In August, the U.=\nS. company said it was willing to sell its equity at cost.=20\nAt $2.9 billion, Dabhol is India's largest single foreign investment to dat=\ne. MSEB has 15%, while U.S.-based companies General Electric Co. (GE) and B=\nechtel (X.BTL) own 10% each in DPC.=20\n-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dow=\njones.com\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nFinancial Post: News\nFears raised on Enron deal: $15.6-billion rescue bid\nAndrew Hill and Sheila McNulty\nFinancial Times\n\n11/19/2001\nNational Post\nNational\nFP3\n(c) National Post 2001. All Rights Reserved.\n\nNEW YORK - Companies that trade with Enron Corp., the Houston, Texas-based =\nenergy group, are taking precautions in case Dynegy Inc., also of Houston, =\nwithdraws its $15.6-billion rescue bid for its rival, a decision that could=\n trigger a crisis in the energy trading market.=20\nCounter-parties to Enron, which is one of the principal market-makers provi=\nding liquidity in the energy market, are seeking to limit their exposure to=\n the group, in spite of reassurances from both Enron and Dynegy that the ta=\nkeover will go through.\nExperts also say the implications of the deal are so complex that the regul=\natory review could take much longer than the six to nine months company off=\nicials have estimated.=20\nAnalysts say the 27% spread between the value of Dynegy's offer price and E=\nnron's share price suggests a 65% to 75% chance the bid will succeed. But b=\nankers and energy executives are still worried about systemic risk, both in=\n the energy market and in financial markets, where companies such as Enron =\nuse derivatives to offset the risk of energy price fluctuations.=20\nEnron was close to meltdown until Dynegy stepped in with a rescue bid 10 da=\nys ago, having persuaded credit rating agencies not to downgrade Enron's de=\nbt to below investment grade.=20\nClauses built into the merger agreement signed with Enron give Dynegy the r=\night to walk away under certain circumstances, although the two companies' =\nofficials and advisors differ on how easy it would be for Dynegy to pull ou=\nt.=20\nWhile the situation remains uncertain, companies that deal with Enron are r=\neluctant to lock themselves into long-term contracts to buy or sell power, =\nsaid John Olson, an analyst at Sanders Morris Harris, the investment bankin=\ng arm of Houston, Texas-based Sanders Morris Harris Group.=20\nKeith Stamm, chief executive of Aquila Inc., the energy marketing and risk-=\nmanagement company, said his company had begun preparing contingency plans =\nin case the deal fell through.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nBlackout in the power sector\nA V Rajwade\n\n11/19/2001\nBusiness Standard\n10\nCopyright (c) Business Standard\n\nEvery foreign company in the Indian power sector wants to exit. Of these, t=\nhe most controversial has been Enron and its Dabhol Power Company Ltd (DPCL=\n). This apart, the experience of investors in the \"reformed\" power sector i=\nn Orissa is also unhappy. Five years ago, Orissa was the first state to ado=\npt the World Bank-recommended model of separating generation, transmission =\nand distribution of power, and an independent regulator. The Godbole Commit=\ntee has recently recommended the same for Maharashtra as well.=20\nClearly, separating the three functions is a complex restructuring. Maybe i=\nt helps privatisation, the current fashion on the subject having been set i=\nn Thatcherite Britain. While some privatisations in UK have succeeded, the =\nexperience has not been consistent all over.\nTake UK's rail sector. While privatising, the government in its wisdom deci=\nded to separate the ownership of the rail network (Railtrack) and the owner=\nship and operation of trains. The contractual relationship between the vari=\nous operating companies and Railtrack were governed by a byzantine, bewilde=\nringly complex system of penalties and incentives, to be monitored by an in=\ndependent regulator.=20\nSuch separation had no parallel. Besides, Railtrack suffered from poor mana=\ngement, cost escalation in modernisation of tracks, etc. Several serious ac=\ncidents occurred and fixing responsibility became difficult. The \"reform\" d=\nid not work, and Railtrack was put back under public control last month.=20\nWhat are the chances of trifurcation of the power sector in India succeedin=\ng? Pretty poor, if the experience of Orissa is any guide. It faithfully sep=\narated the three functions, and privatised distribution and part of generat=\nion. AES, a foreign company, was 49 per cent investor in a generating compa=\nny, and 51 per cent in CESCO, a distribution company. As Gajendra Haldea an=\nalysed in this paper on August 27, \"The policy and regulatory framework was=\n inadequate and myopic.\"=20\nDistribution losses, a euphemism for power theft, were much larger than the=\n companies had been led to believe at the time of privatisation. CESCO defa=\nulted in paying the dues of GRIDCO, the transmission company, which in turn=\n defaulted to the generating company. Indeed, all CESCO's cash inflows are =\nnow escrowed, leaving it no money even to pay salaries. For all practical p=\nurposes, the distribution companies seem to be in a difficult situation, pe=\nrhaps beyond redemption, and the \"reform\" is a total mess.=20\nThe crux of the problem in the power sector is not whether a unified SEB is=\n less efficient than trifurcated companies it is the political unwillingnes=\ns to charge a price which covers the cost to all consumers. For a while, cr=\noss subsidisation worked with commercial consumers subsidising the househol=\nd and the agricultural segments.=20\nHowever, as the burden became too large, the commercial sector started movi=\nng to captive generation, further worsening SEB finances. An \"independent\" =\nregulator for power tariffs may not solve the problem. He may fix economic =\nprices but will the state come forward to protect the bill collectors, puni=\nsh power thiefs, face social unrest if power to recalcitrant consumers is c=\nut off? So long as the answers to these questions are in the negative, as, =\nsadly, they are, the institutional restructuring is no substitute for subst=\nantive action. No wonder all foreign investors in the power sector want to =\nget out!=20\nEnron too wants out but it has many more problems in its home country, over=\n and above its dispute with MSEB. It had attracted a lot of adverse publici=\nty for gouging power consumers in California, a state in a power crisis (se=\ne World Money, February 2, 2001). The Internet craze also had a hand in Enr=\non's misfortunes. It became an energy trader, established an electronic tra=\nding platform, had broadband ambitions, went into a disastrous diversificat=\nion in water supplies which, if I remember correctly, led to Rebecca Mark's=\n exit. Perhaps it went into too many areas too quickly under Jeffery Skilli=\nng, ex-McKinsey, and was notorious for opaque, complex accounts.=20\nTo top it all, last month it announced that it will take an extraordinary $=\n1.2 billion charge in its third quarter results for losses in financial act=\nivities. Enron's chief financial officer, who was supposed to be in charge =\nof these, has resigned amidst reports that a private equity fund associated=\n with him was involved in them. The SEC is investigating the affair and Enr=\non's share price is down 67 per cent since mid-October. There are some repo=\nrts that Shell may make a bid for Enron.=20\nAfter its ratings were downgraded, Enron is desperate for liquidity and anx=\nious to dispose its assets. DPCL was already on the platter; now a sale has=\n become even more urgent. Reportedly, Tatas and BSES are interested; so are=\n the lending institutions. Clearly, if a settlement is to be reached, this =\nis the optimum time.=20\nBut one is not very optimistic. For one, Delhi and Mumbai will be involved,=\n and bureaucracies never understand opportunity costs. Our byzantine decisi=\non-making processes make timely decisions impossible. Further, if a deal do=\nes take place, there will be the inevitable allegations of corruption. It i=\ns much safer for the reputation of the concerned ministers in Mumbai and De=\nlhi to allow the drift to continue, to \"let the law take its own course\", w=\nhatever the costs! Sadly, as Jairam Ramesh said in this paper, Indian polit=\nicians respond to developments only out of compulsion, not conviction.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09"},"Sender":{"kind":"string","value":"m..schmidt@enron.com"},"Receiver(s)":{"kind":"string","value":""},"__index_level_0__":{"kind":"number","value":5573,"string":"5,573"}}},{"rowIdx":2556,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/702."},"message":{"kind":"string","value":"Enron Mentions - 11/17/01 - 11/18/01 ,\n They left behind big piles of money\nHouston Chronicle, 11/18/01\nEconomic News Helps Stocks, Not Bonds\nThe New York Times, 11/18/01\nBullish, and Patient, on Energy Stocks\nThe New York Times, 11/18/01\nAquila Energy Makes Provision for Dynegy Withdrawal, FT Says\nBloomberg, 11/18/01\nA tale of greed and hubris\nSarasota Herald-Tribune, 11/18/01\nCounting Blessings Along With the Losses\nLos Angeles Times, 11/18/01\nDon't Be A Pudd'n'head, Diversify\nThe Washington Post, 11/18/01\nWessex Water `to be sold'\nThe Independent - London, 11/18/01\nUK PRESS: WestLB Makes Grab For GBP1B Wessex Water\nDow Jones International News, 11/18/01\nQuanta steels itself against takeover bid\nHouston Chronicle, 11/17/01\nBusiness briefs / Houston & Texas\nHouston Chronicle, 11/17/01\nAT ENRON, THE BIG DOGS ATE FIRST\nPortland Oregonian, 11/17/01\nFINANCE WEEK - From dealing to reeling.\nFinancial Times, 11/17/01\nWORLD STOCK MARKETS - Bears take upper hand on Wall St.\nFinancial Times, 11/17/01\nIN BRIEF / ENERGY Pension Funds Consider Action Against Enron\nLos Angeles Times, 11/17/01\nEnron Investors Hope Filing Will Shed More Light on Finances\nBloomberg, 11/17/01\n\nUK: Trade, bank buyers circle Enron's Wessex Water-reports.\nReuters English News Service, 11/17/01\nA user's guide to living in Calgary: People moving from Houston find the ci=\nties much alike\nNational Post, 11/17/01\nWestLB Offers to Buy Enron's U.K. Water Unit, Newspaper Says\nBloomberg, 11/17/01\n\nEnron Closes on $550 Million Loan From J.P. Morgan, Salomon\nBloomberg, 11/16/01\n\n\nBUSINESS\nJim Barlow\nThey left behind big piles of money\nJIM BARLOW\nStaff\n\n11/18/2001\nHouston Chronicle\n2 STAR\n1\n(Copyright 2001)\n\nWILL wonders never cease? Last week a couple of heavy hitters left money on=\n the table.=20\nMark McGwire, the home-run-hitting baseball player for St. Louis, retired. =\nAnd he let it be known that he never signed a two-year, $30 million contrac=\nt his agent negotiated last spring. Why? Because he wanted to find out if h=\nis injured right knee would allow him to play as well as he had before. It =\ndidn't, and he decided he wasn't worth that kind of money.\nThen Ken Lay, chairman of Enron Corp., said he won't take the $60.6 million=\n he had coming to him in a severance agreement that comes into play when En=\nron is sold to Dynegy Corp.=20\nOf course, neither McGwire nor Lay will ever have to consider my fallback r=\netirement plan - sacking groceries at the supermarket, carrying them to the=\n car and hoping for a big tip. Still, it was a class act on both their part=\ns. McGwire only hit .187 last season, well below his lifetime average. And =\nLay? Well, let's say that rarely in the history of American capitalism has =\na company sunk as fast as Enron.=20\nRemember that earlier this year its stock hit a top of $82 a share. Now it'=\ns hovering in the single-digit level, and Enron is being forced to sell its=\nelf to a smaller rival.=20\nThe stock price incentive=20\nHow did Enron get into this position? Put the blame on the company's relent=\nless drive to push up its stock price. And a big reason for that push comes=\n from the way American companies compensate top executives.=20\nIn the last couple of decades, executive compensation has soared. The avera=\nge chief executive officer today makes 531 times as much in salary, bonuses=\n and stock options as the average factory worker.=20\nApologists for executive pay say these kinds of figures really aren't relev=\nant. Most of the money top executives receive doesn't come from base pay or=\n bonuses but from stock options.=20\nSuch options usually work this way. Executives are given hundreds or thousa=\nnds of shares of stock that they can only buy from the company at a future =\ndate. The sales price can be anything from 10 cents to the price of the sto=\nck on the date the options were granted. If the stock increases past the ex=\nercise price in the option, the executive can buy the stock and then sell i=\nt, making big bucks. It the stock has dropped below the option price - it's=\n underwater, in the jargon - then those options are worthless.=20\nGranting options aligns the interests of the top executives with the shareh=\nolders, those who favor this sort of incentive say. And that's true, if you=\n talking about in-and-out traders. But it's not true if we're looking out f=\nor the interests of the majority who hold stocks for the long term.=20\nKeeping the debt hidden=20\nKeeping its stock price soaring was what brought down Enron.=20\nTo hype the stock, Enron's execs were hiding the debt it took on to fuel it=\ns amazing growth and some of its dicier investments, in partnerships. Enron=\n was supposedly only a minority partner in these deals. That way it could m=\nove a large portion of its debt off its books in that partnership. That, in=\n turn, made the company's earnings look better.=20\nWhen Enron's executives finally fessed up, they had to write down their pro=\nfits over the past few years by 20 percent. But the real irony here is that=\n 80 percent is still a heck of a lot of money. But by that time, the majori=\nty of shareholders simply had no faith in Enron's bookkeeping.=20\nNow look at Lay's compensation. In 1999 he exercised stock options and made=\n $44 million on them. In 2000, sales of options brought him $123 million, a=\nnd this year about $26 million, according to a study published by Bloomberg=\n News.=20\nWas Lay deliberating deceiving investors to keep his stock options profitab=\nle? I don't think so. He was simply following the latest fad in corporate g=\novernance. He was aligning himself with the interests of the shareholders.=\n=20\nThe shareholders were happy with that high stock price. Nobody - besides so=\nme stock analysts - complained about Enron's often- impenetrable bookkeepin=\ng until that stock price started to fall.=20\nWould Enron's bookkeeping have been different if top executives received fe=\nwer stock options? Maybe.=20\nFewer stock options would mean lower pay for the top guys. And no one would=\n want that job if he were only going to make $10 million a year instead of =\n$100 million.=20\nJust kidding.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\nMoney and Business/Financial Desk; Section 3\nDataBank\nEconomic News Helps Stocks, Not Bonds\nBy JONATHAN FUERBRINGER\n\n11/18/2001\nThe New York Times\nPage 17, Column 3\nc. 2001 New York Times Company\n\nStocks rallied and bonds plunged last week as investors digested some posit=\nive reports about the economy. Inflation at the consumer level declined las=\nt month, retail sales surged after falling in September, and weekly initial=\n unemployment claims slowed.=20\nAll this news led some investors to conclude that the economy might not be =\nas troubled as it appeared to be in the aftermath of the terrorist attacks.=\n That was good for the stock market, but very bad for the many bond investo=\nrs who had been assuming the worst.\nFor the week, the Nasdaq composite index rose 70.10 points, or 3.8 percent,=\n to 1,898.58, while the Dow Jones industrial average climbed 258.99 points,=\n or 2.7 percent, to 9,866.99. The Standard & Poor's 500-stock index gained =\n18.33 points, or 1.6 percent, to 1,138.65.=20\nBut bond prices tumbled while yields, which move in the opposite direction,=\n soared. The yield on the Treasury's 10-year note rose to 4.85 percent, fro=\nm 4.31 percent a week ago, the biggest weekly move in percentage terms sinc=\ne the note was first regularly issued 25 years ago. The jump in rates also =\nshowed that many investors no longer expect Federal Reserve policy makers t=\no cut short-term interest rates when they meet next month. JONATHAN FUERBRI=\nNGER\n\nChart: ''STOCKS IN THE NEWS'' AMR NYSE: AMR The stock of the parent company=\n of American Airlines, along with other airline companies, rebounded on fac=\ntors including lower oil prices and passage of the aviation security bill. =\nFriday's Close: $20.06 Week's Change: +10.65% EST. '01 P/E: -- Dynegy NYSE:=\n DYN As part of its planned $9 billion acquisition of Enron, Dynegy will re=\nceive the right to acquire Northern Natural Gas, a potentially lucrative pi=\npeline system, even if the larger deal is not completed. Friday's Close: $4=\n2.47 Week's Change: +9.57% EST. '01 P/E: 20.29 Home Depot NYSE: HD The nati=\non's largest home-improvement chain said its third-quarter profit rose 20 p=\nercent over the year-earlier period. Friday's Close: $45.80 Week's Change: =\n+8.76% EST. '01 P/E: 36.03 Dell Computer NNM: DELL Rebounding from a loss i=\nn the second quarter, Dell reported a third-quarter profit of $429 mil lion=\n. The company also predict d that PC sales would increase later this year. =\nFriday's Close: $26.60 Week's Change: +3.30% EST. '01 P/E: 41.05 SunGard Da=\nta Systems NYSE: SDS An appeals court rejected the government's effort to s=\ntop SunGard from buying a unit of Comdisco, which filed for bankruptcy prot=\nection in July, while an antitrust investigation proceeds. Friday's Close: =\n$28.64 Week's Change: +9.56% EST. '01 P/E: 32.11 Yahoo NNM: YHOO Wall Stree=\nt analysts expressed confidence in the turnaround prospects of the company =\nafter it outlined plans to increase fee-based revenue and to reduce its wor=\nk force. Friday's Close: $15.47 Week's Change: +12.76% EST. '01 P/E: 309.40=\n Philip Morris NYSE: MO Philip Morris says it plans to change its name to t=\nhe Altria Group, pending approval by shareholders. Friday's Close: $48.13 W=\neek's Change: +2.78% EST. '01 P/E: 11.90 CV Therapeutics NNM: CVTX The biot=\nechnology company said clinical trials of ranolazine showed that the drug, =\nwhich it developed, was effective in treating the chest pain of angina. Fri=\nday's Close: $51.67 Week's Change: +48.97% EST. '01 P/E: -- (Source: Bloomb=\nerg Financial Markets)=20\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\nMoney and Business/Financial Desk; Section 3\nInvesting\nBullish, and Patient, on Energy Stocks\nBy JAN M. ROSEN\n\n11/18/2001\nThe New York Times\nPage 8, Column 2\nc. 2001 New York Times Company\n\nDESPITE last week's plunge in the price of crude oil and in shares of big o=\nil companies, some Wall Street analysts remain upbeat about the long-term p=\nrospects for energy stocks.=20\n''These very dramatic downturns are great buying opportunities,'' said Tina=\n Vital, an oil and gas analyst at Standard & Poor's, who recommends a broad=\n group of integrated oil companies, including Exxon Mobil, ChevronTexaco, R=\noyal Dutch/Shell, BP and TotalFinaElf. ''They have excellent management, a =\ntop dividend yield and are a safe haven for investors,'' she said, provided=\n that investors are patient and can bear short-term swings.\nLast week's price declines were set off by Russian oil companies' refusal t=\no accept demands by the Organization of the Petroleum Exporting Countries f=\nor big production cuts. They were a reminder that the sector is extremely v=\nolatile. ''Oil could go to $10 a barrel short term,'' she said, but there i=\ns no certainty of that. The oil producers could reach an agreement by Janua=\nry, sending prices upward. Over the long term, she expects to see productio=\nn cuts.=20\nDemand for energy has grown only 0.5 percent this year, and prices have bee=\nn declining for some time for both crude oil and gasoline -- as drivers hav=\ne seen at the gas pump. West Texas intermediate crude closed Friday at $18.=\n03 on the New York Mercantile Exchange, up 58 cents from its Thursday close=\n, the lowest since June 1999. But an economic recovery, expected by late 20=\n02, could cause demand to pick up, analysts say.=20\nAs oil prices have dropped, so have the prices of most oil stocks, but not =\nas much as the overall market since the beginning of 2000. Over that period=\n, the S.& P. energy index has lost 8 percent, while the S.& P. 500-stock in=\ndex is down 23 percent.=20\nA report issued last week by the Energy Department said that while the Sept=\n. 11 terrorist attacks had intensified the country's economic slowdown, ''t=\nhey are not expected to result in any long-term volatility in energy market=\ns.'' The report estimated that commercial energy demand would rise 1.7 perc=\nent a year through 2020, instead of the 1.2 percent predicted only a year a=\ngo. Its predictions assume increased use of computers and office equipment,=\n and slower increases in fuel efficiency for cars and trucks.=20\nWHILE they warn of the possibility of wild price shifts in the months ahead=\n, other analysts are similarly bullish for the long term. L. Bruce Lanni, s=\nenior oil analyst at A. G. Edwards & Sons in New York, said that any potent=\nial price war was likely to be fairly short-lived, because neither OPEC nor=\n non-OPEC countries could ''withstand low oil prices for a prolonged period=\n of time,'' and prices should rebound sharply as a result, ''back up in the=\n lower to mid-$20 range.''=20\nLow prices could be painful for most of the oil companies in the short term=\n, but Mr. Lanni, too, sees value in the stocks.=20\nHis top pick is Conoco, now trading at $24.30; his 12-month target is $34. =\n''We remain confident,'' he said, ''that the company's annual oil and gas p=\nroduction should grow by about 4 percent, on average, over the next several=\n years.''=20\nConoco's debt, at 55 percent of capital, is relatively high, but he expects=\n the company's strong cash flow -- it equaled $5.33 a share last year -- to=\n reduce the debt level to 46 percent next year and to 38 percent in 2003. T=\nhe company's after-tax interest cost is only 3.5 percent, he said.=20\nMr. Lanni also favors Kerr-McGee, a natural gas exploration and production =\ncompany, and BP, calling both undervalued. He regards Exxon Mobil, Royal Du=\ntch/Shell and ChevronTexaco as fully priced, so he is not recommending buyi=\nng them now. ''If you own them, hold them,'' he said.=20\nWilliam Featherston, executive director and an oil and gas exploration anal=\nyst at UBS Warburg, said he felt ''near-term caution but medium-term optimi=\nsm for sustainably higher'' natural gas prices. He said he would encourage =\ninvestors to consider buying shares of exploration and production companies=\n over the next two months. His top picks are Apache, Kerr-McGee and EOG Res=\nources.=20\nSuch stocks are highly volatile, he said. They are ''trading-oriented vehic=\nles, and short-term volatility in commodity prices generally provides the m=\nost attractive entry and exit points,'' he said. ''While natural gas prices=\n declined throughout most of this year, prices rose at a startling pace, fr=\nom $1.75 per million cubic feet at the end of September to over $3 per mill=\nion cubic feet within weeks.''=20\nHe cited three reasons for the price rally: a decline in gas surpluses, pre=\ndictions of a colder-than-normal winter and what he has called ''pathetic t=\nhird-quarter natural gas production,'' despite record drilling activity.=20\nThe tangled finances of the Enron Corporation were also a factor in the rec=\nent price increase for natural gas futures, he said. Enron, which marketed =\n25 billion cubic feet a day of natural gas, or more than 40 percent of the =\nnation's demand, is under investigation by the Securities and Exchange Comm=\nission and announced a $1.2 billion reduction in shareholder equity from de=\nals with partnerships involving its former chief financial officer. It also=\n reported a third-quarter loss and restated earlier earnings. Enron has agr=\need to be taken over by Dynegy, a smaller rival, for about $9 billion in st=\nock. Dynegy is also assuming about $13 billion in debt.=20\nAnxiety over whether the Enron investigation would disrupt deliveries or ha=\nve other market repercussions led to an increase in prices. While it is ''d=\nifficult to quantify the Enron factor,'' Mr. Featherston said, the short-te=\nrm effects on natural gas prices seem to be over.=20\nOTHER factors, of course, could also mean a bumpy ride for energy investors=\n over the next several months. The status of the war against terrorism, Pre=\nsident Bush's decision to fill the Strategic Petroleum Reserve, thus helpin=\ng OPEC in reducing excess global capacity, and a United Nations review of t=\nhe food-for-oil deal with Iraq expected in December could each have a signi=\nficant impact on battered oil prices.=20\nNevertheless, Ms. Vital said, for the long term, energy will probably be in=\n short supply, and new sources must be developed. So she also likes the pro=\nspects of two drilling companies, Noble Drilling and Nabors Industries. Bot=\nh took a beating last week, along with the oil companies, so again she sees=\n buying opportunities.=20\nBern Fleming, portfolio manager of the AXP Utilities Income fund in Minneap=\nolis, who has stakes in Dynegy, Duke Energy and Dominion Resources, said al=\nl three had good prospects for growth, thanks to a mix of assets, ''managem=\nent I respect and solid business plans.''\n\nPhoto: Workers at an oil well near Lafayette, La. Although oil prices have =\nplunged, analysts say there is still good long-term potential for the stock=\ns of energy companies. (Marty Katz for The New York Times) Chart: ''Power P=\nlay'' Energy stocks have generally outperformed the overall market since th=\ne beginning of 2000. Graph shows CONOCO SHARES, S. & P. ENERGY COMPOSITE, a=\nnd the S.& P. 500 INDEX since January 2000. (Source: Bloomberg Financial Ma=\nrkets)=20\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nAquila Energy Makes Provision for Dynegy Withdrawal, FT Says\n2001-11-18 19:52 (New York)\n\n Houston, Nov. 19 (Bloomberg) -- Aquila Energy Corp. is one of\nseveral energy traders limiting its trading with Enron Corp. in\ncase Dynegy Inc. pulls out of its bid for the company, the\nFinancial Times said, citing Aquila.\n\n Aquila said it began making contingency plans in case Dynegy\nwithdrew from its $24 billion takeover of Enron, the paper\nreported.\n\n Enron, the largest energy trader, decided to sell after its\nshares plunged this year and a federal investigation of accounting\nirregularities limited its ability to finance operations. Enron's\ncollapse would have caused upheaval in energy markets, where the\ncompany does one-quarter of all gas and power trades.\n\n Dynegy's agreement to buy Enron allows it to withdraw from\nthe transaction under certain circumstances, the FT said.\n\n\n\nPERSPECTIVES\nA tale of greed and hubris\nWaldo Proffitt\n\n11/18/2001\nSarasota Herald-Tribune\nAll\nF2\n(Copyright 2001)\n\nFor anyone not already disenchanted with the idea of total deregulation of =\npublic utilities, the most recent installment of the miserable Enron story =\nas it unfolded last week should serve as a convincing example of the folly =\nof relying on unregulated profit- driven enterprises to supply our energy.=\n=20\nA year ago Enron was the darling of Wall Street, the poster boy for the uti=\nlity industry, its stock selling for about $85 a share. Last week its stock=\n was worth about 10 percent of that and the company had agreed to be bought=\n by a competitor. There was fear the company's bond rating might fall to th=\ne \"junk\" level.\nWhat happened? It will take months, if not years, to untangle the details, =\nbut it is clear that the main culprit was greed, closely followed by hubris=\n.=20\nNot too many years ago Enron was a small, struggling, gas pipeline company =\nin Houston. As deregulation spread to more and more states, Enron began acq=\nuiring pipelines, gas producers and utilities.=20\nIt also acquired friends in high places, especially the Bush family and the=\nir key political advisers. And, it discovered it could make money faster by=\n selling and trading energy than by producing it. Enron sold many of its ge=\nnerating plants and became the biggest \"power broker\" in the nation.=20\nThough it was by no means the largest winner in the con game that bilked Ca=\nlifornia consumers of tens of billions of dollars, Enron was one of the fir=\nst power barons to take advantage of California's flawed deregulation law -=\n- virtually written by in-state and out-of- state utility companies.=20\nThe California fiasco soured (probably) most Americans on utility deregulat=\nion, but Enron was not singled out for calumny, and management saw no reaso=\nn to examine its business ethics.=20\nContrarywise. management had visions of even greater profits, which it felt=\n no obligation to share with ordinary stockholders. The chief financial off=\nicer and other high-ranking executives set up affiliated or subsidiary part=\nnerships which made deals with Enron. I do not understand the details of th=\nese arrangements, but neither do independent accountants, the Securities an=\nd Exchange Commission or congressional investigators. It does seem clear th=\nat the Enron insiders made millions for themselves.=20\nEnron acknowledges, without explaining, that stockholder equity dropped $1.=\n2 billion in the last quarter and that it had for the last five years overs=\ntated profits by some $600 million. Whether this was by design or by mistak=\ne is in dispute, but it is the sort of thing which tends to undermine the c=\nonfidence of investors.=20\nSo much for greed. Back to hubris. It seems not unlikely that Enron's leade=\nrs felt they might not be punished for a modest amount of corner-cutting be=\ncause they had friends in high places.=20\nThe chief executive, Kenneth L. Lay, was and is a personal friend of George=\n W. Bush and has easy access to the White House. For many months after the =\nnew administration took office, Karl Rove, Bush's top political strategist,=\n owned Enron stock valued at $100,000 to $250,000, and sold it only after h=\ne had been able to secure a ruling that he did not have to pay capital gain=\ns tax immediately because he sold to avoid a conflict of interest. Lawrence=\n Lindsey, the president's chief economic coordinator, and I. Lewis Libby, V=\nice President Cheney's chief of staff, owned stock in Enron, and Lindsey wa=\ns paid $50,000 last year as a consultant for Enron.=20\nEnron and its employees gave more than anyone else to Bush's four political=\n campaigns -- one (unsuccessful) for Congress, two for governor and one for=\n president. In 2000, Enron and its employees gave $113,000 to Bush's campai=\ngn, $250,000 to the Republican National Committee, and $300,000 to the Pres=\nidential Inauguration Committee.=20\nCabinet appointments affecting energy policy, key sub-Cabinet appointments,=\n administration action or inaction in the California energy mess, and the o=\nverall energy policy of the administration could hardly have been more favo=\nrable to the interests of Enron.=20\nAnd now a couple of questions: Is it possible the unusual financial maneuve=\nrs by Enron went unnoticed or even unsuspected by all the savvy Texas oilme=\nn in the Bush administration? Were those of them with heavy investments in =\nEnron unconcerned about the conduct of the company? Was Enron right in thin=\nking its friends in government would not be in a hurry to investigate or to=\n reprimand?=20\nOr, in light of our preoccupation with terrorism, will the Enron case get m=\nuch attention from the federal government? Or from voters?=20\nWaldo Proffitt is the former editor of the Herald-Tribune.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\nBusiness; Financial Desk\nMARKET BEAT\nCounting Blessings Along With the Losses\nTOM PETRUNO\nTIMES STAFF WRITER\n\n11/18/2001\nLos Angeles Times\nHome Edition\nC-1\nCopyright 2001 / The Times Mirror Company\n\nTry finishing this sentence: \"The best thing about my experience as an inve=\nstor in 2001 was ... \"=20\nMany Americans, contemplating the losses they've suffered this year in the =\nstock market, might say there was nothing \"best\" about what happened to the=\nm--in fact, nothing good at all, perhaps other than that it might have been=\n worse.\nWith share prices on the rise again, the damage to portfolios has been less=\nened. Even so, stocks will have to post strong gains in the next six weeks =\nto keep this from being the market's worst calendar year since 1977.=20\nThe blue-chip Standard & Poor's 500 index rose 1.6% last week, but it's sti=\nll down 13.8% year to date.=20\nYet those losses, while certainly not trivial (especially when they're your=\ns), can obscure what arguably are some very positive aspects of this year's=\n experiences.=20\nWith investing, adversity can be a more important teacher than success. If =\nyou're having trouble this Thanksgiving week finding reasons to be thankful=\n about anything investment-related, try these on for size:=20\n* \"Asset allocation\" is no longer just a quaint theory. The paramount inves=\nting rule has always been to spread your money around to reduce risk. But i=\nt took the worst stock bear market in 25 years to bring this lesson home fo=\nr many people who thought equities only rose in value.=20\nNow, millions of investors have a far better appreciation for just how much=\n they can lose in stocks--and how bonds and short-term cash savings can off=\nset market losses and preserve capital.=20\nIt has been a hard lesson, to be sure. But investors who take asset allocat=\nion to heart will be laying a much more solid foundation for their money in=\n the long run. And don't underestimate what that can mean for your peace of=\n mind long term.=20\n* The wisdom of saving money on a regular basis has been relearned. In the =\nlate 1990s, many economists lamented how the U.S. savings rate continued to=\n shrink. Some people felt there was little need to put significant new sums=\n into savings when the stocks or stock mutual funds they owned seemed to be=\n rising nonstop.=20\nIn other words, many Americans were letting the stock market do their savin=\ng for them when share prices were rising 20% or more each year.=20\nNow, with shares down and with the likelihood of much more moderate returns=\n on stocks in this decade, it's clear that many people will have to find a =\nway to save regularly if they're going to meet their long-term financial go=\nals, especially retirement.=20\nThis may not be a pleasant reality, but it's better for most people to have=\n faced this fact sooner rather than later, while there may be time to make =\nup lost ground.=20\n* A healthy skepticism has replaced mindless euphoria about stocks and thos=\ne who tout them. The market's slide has discredited a legion of Wall Street=\n analysts, money managers and others whose knowledge, understanding and jud=\ngment were clearly lacking, in retrospect.=20\nInvestors have come to see that having blind faith in those who present the=\nmselves as \"experts\" is a highly dangerous strategy, if it can be called a =\nstrategy at all.=20\nSure, it may have been more fun when technology stocks were shooting the mo=\non and nobody had much use for reviewing a company's fundamentals. But that=\n wasn't investing--it was speculating, and on a massive, and ultimately rui=\nnous, scale.=20\nPeople have learned to be less trusting about what others say about the mar=\nket, and that is more likely to be beneficial than detrimental to their por=\ntfolios in the long run.=20\nJust ask anyone who shifted their entire 401(k) retirement savings sum into=\n aggressive-growth mutual funds in the first quarter of 2000--right before =\nthe market peaked--because of the bullish comments of some 25-year-old tech=\n stock analyst. Those investors aren't likely to make a move like that agai=\nn.=20\n* Free-market forces are weeding out the weak players and the phonies. Capi=\ntalism may be harsh, but it's efficient when the good times end and it's ti=\nme to find out which companies truly have talent and staying power--and des=\nerve more capital.=20\nHundreds of dot-coms have failed, but who really misses them? Is it any har=\nder to find what you want on the Internet? It probably would have been much=\n worse for all concerned if those companies had sucked up investors' funds =\nfor another year instead of failing when they did.=20\nBut the market isn't just eliminating small companies that never had much o=\nf a future. The financial near-collapse of energy giant Enron Corp. exposed=\n a business that twisted accounting rules to its own benefit--to the point =\nthat the company now concedes that financial statements all the way back to=\n 1997 \"should not be relied upon.\"=20\nAlso to be weeded out, though over a longer time period, will be mutual fun=\nd managers whose performance running other peoples' money has been a nightm=\nare for those investors--meaning, the returns produced have been far worse =\nthan what the investors would have achieved in the average fund in that par=\nticular sector.=20\nThese managers know who they are--and, hopefully, their shareholders know b=\ny now as well, and will vote with their feet.=20\nThe free market also is reminding cartels just how tough it is to control p=\nrices.=20\nOnce again, the Organization of Petroleum Exporting Countries has lost its =\nability to prop up crude oil prices, which have sunk to two-year lows amid =\nthe weak global economy. That's lousy for OPEC, but it's great for every en=\nergy consumer.=20\n* The market's woes have altered many investors' priorities for the better.=\n The wild bull market of the late 1990s demanded peoples' attention, and go=\nt it.=20\nFor some, stocks became an obsession. Their portfolios dominated their live=\ns, especially if they were actively trading shares. They believed they were=\n going to be rich, or richer, and that it was all because of how smart they=\n were.=20\nNow, most people have been humbled by the market. In the process, some have=\n realized that they don't want their mood determined by their portfolio's d=\nay-to-date price changes.=20\nThe Sept. 11 terrorist attacks, of course, also changed many peoples' view =\nof what truly matters to them.=20\nMoney is important, but you aren't your stocks, and they aren't you. Life i=\ns more than a daily stock quote.=20\n*=20\nTom Petruno can be reached at tom.petruno@latimes.com. For recent columns o=\nn the Web, go to www.latimes.com/petruno.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\n\nFinancial\nINVESTING James K. Glassman\nDon't Be A Pudd'n'head, Diversify\nJames K. Glassman\n\n11/18/2001\nThe Washington Post\nFINAL\nH01\nCopyright 2001, The Washington Post Co. All Rights Reserved\n\nWarren Buffett, who was probably the greatest investor of the 20th century,=\n is fond of quoting the salacious actress Mae West as saying, \"Too much of =\na good thing can be wonderful.\" In the market, such a motto would lead you =\nto avoid diversification and instead concentrate your portfolio in stocks y=\nou really, really like.=20\nPeter Lynch, who was probably the best mutual fund manager of the 20th cent=\nury, calls spreading yourself too thin \"diworseification.\"\nSmart, witty and brilliant at picking stocks, Buffett and Lynch may not nee=\nd diversification, but the rest of us do. When you own one stock, you're ou=\nt on a limb. For example, very few analysts -- with or without a conflict o=\nf interest -- predicted that shares of Enron, the energy and trading compan=\ny, would tumble by 90 percent in a year. Put all your eggs in a basket like=\n that and you end up with a gooey mess. The more stocks you own -- as long =\nas they are in different industries -- the more the overall riskiness of yo=\nur portfolio is modulated.=20\nThe reason you don't want a super-risky portfolio is simple: While Warren B=\nuffett may be calm and prescient enough to ride out severe dips in the valu=\ne of his holdings, most investors are not. A portfolio that increases in pr=\nice by 10 percent each and every year is worth exactly the same at the end =\nof three years as a portfolio that falls by half the first year, rises by t=\nhree-quarters the second and rises by 52 percent the third. But reasonable =\ninvestors prefer the consistent ride. It prevents them from doing something=\n stupid, such as selling all their stocks after losing half their money dur=\ning that first disastrous year.=20\nConsider the sad case of James D. McCall, who earlier this month resigned a=\ns manager of the Merrill Lynch Focus Twenty mutual fund. Two years ago, Mer=\nrill wanted McCall's services so desperately that the firm went to court to=\n pry McCall away from his previous employer, Pilgrim Baxter, where he rang =\nup impressive gains in the late 1990s. (His big success was called PBHG Lar=\nge Cap 20.) And when they got McCall, Merrill's brokers raised more than $1=\n.5 billion from their clients for him to invest. While the average growth-s=\ntock mutual fund owns about 100 stocks, with the top 10 holdings representi=\nng about one-fourth of the portfolio's total value, McCall specialized in w=\nhat are called \"concentrated portfolios.\" In the case of Merrill Lynch Focu=\ns Twenty, he owned, as the name implies, just 20 stocks. At last report, hi=\ns top 10 holdings accounted for a whopping two-thirds of the fund's assets.=\n=20\nIf McCall had spread his 20 stocks among, say, a dozen different industries=\n, he might have smoothed his ride. Instead, 69 percent of his assets went t=\no technology firms. The Focus fund and a smaller one that McCall ran called=\n Premier Growth were launched in March 2000. Within just 17 months, all but=\n $650 million of the clients' original $1.5 billion had vanished.=20\nIt is hard to imagine losing as much as Focus Twenty did even if you tried.=\n As of Nov. 9, the week McCall resigned, the fund was down 72 percent for t=\nhe year, compared with a loss of 14 percent for the Standard & Poor's 500-s=\ntock index, the benchmark for fund managers. According to the latest report=\n from Morningstar Mutual Funds, 19 of McCall's 20 stocks had declined durin=\ng 2001, the only exception being Harley-Davidson. More amazing, 16 of the 1=\n9 losers had fallen by at least half. (By the way, Enron was McCall's seven=\nth-largest holding.)=20\n\"This fund has had a wretched existence,\" wrote Morningstar analyst Kunal K=\napoor, who did admit a grudging admiration for McCall's perseverance. McCal=\nl's \"faith may turn out to be well placed over time,\" Kapoor said. Unfortun=\nately, time ran out.=20\nMy point here is not to pick on McCall but to reveal the perils of concentr=\nation. Buying Focus Twenty as a technology fund, and consigning it to no mo=\nre than one-fifth of your holdings (with the rest of your assets in diversi=\nfied, conventional stocks or funds) might have made sense, but Focus Twenty=\n was touted as a \"long-term capital appreciation\" fund, not a sector fund. =\nHere, it failed, but maybe it didn't have to.=20\nThe manager who made the concentrated fund popular, Tom Marsico, who ran Ja=\nnus Twenty, took care to spread his holdings around. His successor, Scott S=\nchoelzel, has suffered losses lately (he is down 28 percent year-to-date, b=\nut that's after a total gain of 546 percent in the preceding five years), b=\nut they have not been nearly so catastrophic -- and for good reason. Schoel=\nzel's last report lists among his top 10 holdings three tech stocks, two fi=\nnancials, one drug company, one energy firm (whoops, Enron again), one indu=\nstrial, one consumer-durables company and one services firm.=20\nFor investors in individual stocks, the important question is this: How muc=\nh diversification is enough? Some risk is inherent in even the broadest por=\ntfolio. This is called market, or \"systematic,\" risk. Over the past 75 year=\ns, market risk, as measured in standard deviation, has been about 20 percen=\nt. In other words, in two-thirds of the years the annual return of the S&P =\nhas fallen into a band ranging from 20 points lower to 20 points higher tha=\nn its average return of 11 percent; that is, between a loss of 9 percent an=\nd a gain of 31 percent. That's still volatile, but if you invest in stocks =\nyou have to live with it.=20\nWhat you don't have to live with is anything more volatile. So your objecti=\nve in building a portfolio is to try to approximate systematic risk and avo=\nid what is called \"idiosyncratic,\" or extra, risk. A portfolio with just a =\nfew stocks, or one like McCall's, that is overloaded in a single sector, ha=\ns lots of idiosyncratic risk. In 1977, an influential study found that inve=\nstors could nearly eliminate that extra risk by owning just 20 stocks in a =\nwide variety of sectors; in fact, owning eight or 10 stocks depressed risk =\nsharply.=20\nRecently, however, the market has appeared to be far more volatile, and a n=\new study by a group of economists headed by John Campbell of Harvard found =\nthat many more stocks were needed -- around 50 -- to bring a portfolio down=\n to the same level of riskiness as the broad market. What Campbell's group =\nfound was that neither the market itself nor individual sectors had become =\nmore volatile in the 1990s, but that stocks within those sectors had, so yo=\nu need to own more of them.=20\nBut owning 50 stocks is a pain in the neck -- and it brings up the Buffett-=\nLynch admonitions about too much diversification. It is hard just to take t=\nhe time to make the selections, but even buy-and-hold investors need to kee=\np track of the companies they own to spot adverse changes in management, pr=\noduct failures or new competition (not to mention Enron-style accounting sh=\nenanigans) -- signs that it's time to sell.=20\nOne good answer is to achieve balance by owning a combination of mutual fun=\nds and stocks. For example, you might want to put 50 percent of the money y=\nou have allotted for stocks into a fund that mimics the S&P itself, like Va=\nnguard Index 500, which charges rock-bottom expenses and guarantees that ri=\nsk won't exceed systematic levels. You could also consider a broad fund tha=\nt's managed by human beings, such as Meridian Value or Baron Growth, which =\nare recommended by Sheldon Jacobs, editor of the No-Load Fund Investor news=\nletter. Then another 25 percent of your holdings can go into a few sector f=\nunds that specialize in technology, real estate, energy and small-caps, and=\n the final 25 percent into a portfolio of 10 to 20 individual stocks. (I ow=\nn 16, at last count.)=20\nThere are many valid variations. Just don't emulate Mark Twain.=20\nIn a letter to clients recently, Anthony M. Maramarco of David L. Babson & =\nCo., the Cambridge, Mass., investment firm, recalled the aphorism of Twain'=\ns Pudd'n'head Wilson: \"Put all your eggs in the one basket -- and watch tha=\nt basket!\" Unfortunately, such a philosophy emphatically does not work in s=\ntock investing -- as Twain himself learned when he sank nearly all his fort=\nune into the Paige Linotype, a machine that flopped.=20\nWe all make mistakes. (It was Twain, after all, who pointed out that \"human=\n beings are the only animals that blush -- or need to.\") But smart diversif=\nication helps investors avoid some of the worst of them.=20\nJames K. Glassman invites comments at jglassman@aei.org, but he cannot answ=\ner all queries.\n\n\nhttp://www.washingtonpost.com=20\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\n\nBusiness\nWessex Water `to be sold'\nHeather Tomlinson\n\n11/18/2001\nThe Independent - London\nFOREIGN\n1\n(Copyright 2001 Independent Newspapers (UK) Limited)\n\nWessex Water, the water and sewage company, is understood to be up for sale=\n following an offer to take over its owner, Enron, by Dynegy, the US energy=\n group.=20\nThree years ago, Enron spent pounds 1.4bn on Wessex Water. But Dynegy is un=\nderstood to want to concentrate on US and European energy assets and is not=\n interested in non-core assets.\nAny hope to regain the same amount of money could be derailed as the indust=\nry is put off by regulatory problems, and the company's results have worsen=\ned due to imposed price cuts over the past year.=20\n\"It is not that there is going to be a fire sale but most of [the internati=\nonal assets] are not core to the businesses we will continue to pursue,\" sa=\nid an Enron spokesperson. \"At the right price we will sell.\"=20\nScottish & Southern Energy and United Utilities have been touted as potenti=\nal buyers, yet industry insiders believe that the UK regulator, Ofwat, will=\n take a dim view of bids by UK water companies, as they are too large to bu=\ny it.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\n\nUK PRESS: WestLB Makes Grab For GBP1B Wessex Water\n\n11/18/2001\nDow Jones International News\n(Copyright (c) 2001, Dow Jones & Company, Inc.)\n\nLONDON -(Dow Jones)- German state-owned bank WestLB Panmure is in talks to =\nbuy Wessex Water from its troubled U.S. parent Enron (ENE), reports the Sun=\nday Telegraph.=20\nWestLB is said to have made a formal approach within the last few days. It =\nis thought to be one of a number of companies that have approached Enron to=\n buy the British water utility valued at GBP1 billion.\nNewspaper Web site: http://www.telegraph.co.uk=20\nLondon Bureau, Dow Jones Newswires; 44-207-842-9289\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nBUSINESS\nQuanta steels itself against takeover bid\nNELSON ANTOSH\nStaff\n\n11/17/2001\nHouston Chronicle\n3 STAR\n1\n(Copyright 2001)\n\nQuanta Services, which builds and maintains power and communications lines,=\n said Friday it is fighting a \"creeping takeover\" by UtiliCorp United, one =\nof the nation's largest utility holding companies.=20\nOn Thursday Quanta board members changed the Houston company's shareholder =\nrights agreement - called a \"poison pill\" defense against takeovers - to de=\nter UtiliCorp from acquiring a controlling stake.\nThe action was taken after negotiations with UtiliCorp fell apart and the K=\nansas City, Mo.-based company announced its intention to resume purchases o=\nf Quanta stock.=20\nA spokesman told Bloomberg News on Oct. 4 that UtiliCorp wanted to increase=\n its stake to the mid-40s percentage range, which would give it effective c=\nontrol, with a vote on management.=20\nUtiliCorp invested $320 million in Quanta from September of 1999 through Fe=\nbruary of 2000, said UtiliCorp spokesman Ethan Hirsh, bringing its ownershi=\np up to 28 percent, and has been adding stock since then. It owned about 38=\n percent when a standstill agreement stopped further purchases in early Oct=\nober.=20\nPart of the shareholder rights amendment limits further purchases by Quanta=\n by reducing the trigger point for the poison pill to 39 percent of Quanta'=\ns outstanding shares, instead of the 49.9 percent that has been in effect j=\nust for UtiliCorp.=20\nIn addition to saying that UtiliCorp is no longer \"an exempt\" person under =\nthe 39 percent trigger, the amendments changed the kind of securities to be=\n issued in the event the pill is triggered and how they could be exercised.=\n=20\nUtiliCorp had a higher trigger point that other potential acquirers because=\n it already was a significant shareholder when the plan was initially draft=\ned.=20\nHirsch didn't think the amendments would prevent his company from buying mo=\nre.=20\nUtiliCorp's interest in Houston acquisitions is not limited to Quanta. Its =\nalso said this week it would like to buy Enron's share of a United Kingdom =\npower station that provides electricity sufficient to light 1.88 million ho=\nmes.=20\nIt will soon get a 27 percent share in the station near London, known as th=\ne Teeside power station,through the purchase of a utility there. It would l=\nike the 42.5 percent that Enron owns, UtiliCorp President Robert Green said=\n in a conference call.=20\nGreen said he understood that stake was on Enron's for-sale list.=20\nUtiliCorp revealed in a Securities and Exchange Commission filing that it b=\nought 1.538 million shares of Quanta's common stock on the open market, at =\na cost of more than $24 million, between Sept. 28 and Oct. 3.=20\nQuanta's stock declined 27 cents to close Friday at $15.69, while UtiliCorp=\n rose 10 cents to close at $27.50. Quanta's stock is down 51 percent for th=\ne year to date, and hit a 52-week low of $9.94 on Sept. 21.=20\n\"After many weeks of negotiations with UtiliCorp, we could not reach agreem=\nent upon a strategy that would allow UtiliCorp to consolidate our financial=\n results for accounting purposes on terms acceptable to Quanta,\" John Colso=\nn, Quanta's chief executive officer, said in a written statement.=20\n\"In the face of UtiliCorp's communications last evening breaking off negoti=\nations and stating its intent to resume open market purchases of Quanta sto=\nck, the board acted to protect the best interests of all Quanta stockholder=\ns against a change of control transaction which did not provide an appropri=\nate benefit to all shareholders,\" he said.=20\nQuanta has a mutually beneficial relationship with UtiliCorp and hopes nego=\ntiations can resume, Colson said.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nBUSINESS\nBusiness briefs\nBusiness briefs / Houston & Texas\nStaff, Bloomberg News, Reuters, Associated Press\n\n11/17/2001\nHouston Chronicle\n3 STAR\n2\n(Copyright 2001)\n\nOffer still on table for Canadian Hunter=20\nBurlington Resources on Friday extended a $1.96 billion offer for Canadian =\nHunter Exploration Ltd. until Dec. 3 while Canadian regulators study the bi=\nd.\nThe cash offer was to expire Tuesday. Investment Canada, which oversees for=\neign ownership of Canadian companies, won't complete its review by then, Bu=\nrlington said.=20\nHouston-based Burlington agreed to buy Calgary-based Canadian Hunter on Oct=\n. 9.=20\nAzurix settles suit over Dynegy buyback=20\nAzurix Corp., a wastewater-services management company, won a judge's appro=\nval Friday in Wilmington, Del., to settle shareholders' lawsuits over paren=\nt Enron Corp.'s $329 million stock buyback in March.=20\nHouston-based Enron, soon to be bought by Dynegy, said in October 2000 it w=\nould pay $7 for each of Azurix's outstanding shares, or $275 million, to ta=\nke the company private. Seven Azurix stock owners sued in Delaware Chancery=\n Court seeking more money.=20\nEnron eventually agreed to pay $8.375 per share, adding about $54 million t=\no the offer, and stockholders agreed to settle the lawsuit, lawyers said.=\n=20\nSBC adds 2 states to long-distance rolls=20\nSan Antonio-based SBC Communications received permission Friday from the Fe=\nderal Communications Commission to begin offering long- distance service to=\n customers in Missouri and Arkansas.=20\nThe decision allows SBC to offer the service in the five states served by i=\nts SBC Southwestern Bell subsidiary. SBC has already received permission to=\n compete in the long-distance market in Texas, Kansas and Oklahoma.=20\nWhile the FCC's decision was unanimous, there was discussion on whether SBC=\n has made its DSL high-speed Internet access service available for resale a=\nnd if the federal law requires such resale. The commission will address the=\n issue in another proceeding.=20\nAirline canceling 200 layoffs of pilots=20\nFORT WORTH - American Airlines Friday canceled the planned Dec. 2 layoffs o=\nf 200 pilots because military duty was extended for pilots called up on res=\nerve and other employees took leaves.=20\nAmerican laid off 386 American pilots Sept. 28 and 200 more Nov. 1, as well=\n as 120 at TWA Airlines. Those were among 20,000 jobs AMR eliminated as pas=\nsenger demand fell. The company said it will bring employees back as demand=\n improves.=20\nSouthwest drops suit against Orbitz site=20\nDALLAS - Southwest Airlines Co. has agreed to drop a lawsuit that claimed O=\nrbitz, an Internet travel site owned by five rival airlines, displayed inco=\nrrect information about Southwest's flights and fares.=20\n\"It gives Southwest Airlines the right to restart the litigation at its cur=\nrent point if Southwest fares are ever displayed on Orbitz again,\" said Lin=\nda Rutherford, a spokeswoman for the Dallas-based airline.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nEDITORIAL\nAT ENRON, THE BIG DOGS ATE FIRST\n\n11/17/2001\nPortland Oregonian\nSUNRISE\nD06\n(Copyright (c) The Oregonian 2001)\n\nSummary: Workers' ire over 401(k) plans is understandable=20\nWatching Enron's bigwigs lose their jobs after inflating profits may offer =\nsome satisfaction to retirees and employees at the troubled energy marketer=\n. But don't bank on it.\nWhen corporate insiders can sell the company and stroll away with millions =\nwhile workers and other stockholders are left with peanuts, it would be har=\nd not to be bitter.=20\nAs Oregonian business writer Jeff Manning reported Friday, local employees =\nof Portland General Electric, an Enron subsidiary, watched their retirement=\n savings sink after Enron announced on Oct. 16 that it would lose $618 mill=\nion in the fourth quarter. This came after Enron officers made more than $1=\n36 million selling stocks earlier in the year.=20\nThen on Nov. 8, Enron dropped the other shoe: It admitted it had overstated=\n earnings for four years by $586 million, or 20 percent. Over those few wee=\nks, Enron shares plunged from $33.84 to its $9 close on Friday.=20\nThe four-year overstatement developed through some novel accounting methods=\n. Enron and its auditor, Arthur Anderson, insist that its financial reports=\n were all within proper standards, but the mechanics in this case included =\nobscuring debt by placing it on the ledgers of other entities so that the p=\narent company's profit picture appeared rosier than it actually was.=20\nThe weeks from mid-October to early November were wrenching for employees. =\nBecause the company was changing its fund manager, they were powerless to m=\nake any changes in their 401(k) plans. PGE chief executive Peggy Fowler poi=\nnts out that the change in 401(k) plan managers was announced last summer. =\nAnd although employees could have gotten out of Enron stocks over the histo=\nry of the plan, Enron seemed to be an attractive investment.=20\nCompany executives, though, were selling. Jeffrey Skilling, who was promote=\nd to Enron chief executive early in the year but resigned in August, sold m=\nore than $5 million in company shares according to transaction records cove=\nring the first half of the year.=20\nFormer chief financial officer, Andrew Fastow, who was fired last month in =\nan action related to the financial mess, made $14 million in stock sales be=\ntweeen March and November of last year. Kenneth Lay, Enron's chief executiv=\ne, who returned after his protege Skilling left, made at least $20 million =\nin stock sales from late last year. He has announced that he would decline =\nhis severance package.=20\nDynegy, another Texas energy marketing company, has made a bid to buy Enron=\n. That probably means the best Enron and PGE employees can hope for now is =\nthat Dynegy will be a better corporate owner, or they can try their luck wi=\nth one of the many shareholder lawsuits being filed.=20\nThe Securities and Exchange Commission is investigating Enron's activities.=\n If its behavior was illegal, there will be consequences for company office=\nrs.=20\nThat's still not much to offer to workers who have seen their retirement sa=\nvings dissolve. But for now it's all there is.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nFINANCE WEEK - From dealing to reeling.\nBy BARRY RILEY.\n\n11/17/2001\nFinancial Times\n(c) 2001 Financial Times Limited . All Rights Reserved\n\nFINANCE WEEK - From dealing to reeling - The legacy of the late 1990s stock=\n market bubble remains with us, as does irrationality THE LONG VIEW - BARRY=\n RILEY.=20\nOptimism is back. Stock markets around the globe have typically rallied by =\n20 per cent since rock bottom was reached on September 21. Only 9 per cent =\nof global fund managers believe equities will be lower in 12 months, accord=\ning to a Merrill Lynch survey published this week.\nBut the legacy of the late 1990s stock market bubble remains with us. The c=\nhallenge is how to minimise the level of irrationality. Two of the UK's big=\ngest losers from crazy prices reported on Tuesday. Vodafone suffered #11.45=\nbn of write-downs - but curiously, made no provisions against the sky-high =\n#13.1bn it paid for third-generation mobile phone licences in 2000.=20\nSuch payments, argued Sir Christopher Gent, Voda-fone's chief executive, we=\nre merely what the market demanded at the time. It is interesting to note, =\ntoo, that Paul Klemperer, the Oxford professor who is an expert in \"auction=\n theory\" and advised the British government, has defended the disastrous ou=\ntcome by arguing that the prices reflected the capital market's view of 3G'=\ns prospects. The common theme here is that it is nobody's fault if crazy pr=\nices are paid, because they are legitimised by the stock market.=20\nMarconi, which is financially in a much worse state than the mobile phone g=\niant, has written off most of the #4.1bn paid for US internet hardware comp=\nanies in 1999. There has also been a great deal of controversy in the US du=\nring the past few weeks over the near-collapse of Enron, the power group be=\ning rescued by a takeover bid from its smaller rival Dynegy. There was an o=\nbvious failure by investors - and by stock market analysts - to assess the =\ntrue risks at Enron.=20\nSmart businessmen will sellat mad prices, but why on earth should they buy?=\n The trouble is, too many academics have developed theories of value based =\non rational expectations. The real world is unfortunately very different.=\n=20\nSome of the distortions had obvious technical origins. The Vodafone bubble =\nof 1999 reflected the cross-border takeover of Mannesmann and the artificia=\nl weighting shortages that developed from that transaction as Vodafone ball=\nooned in market capitalisation to reach, at one stage, 16 per cent of the F=\nTSE 100 Index. The market price was driven not by normal corporate fundamen=\ntals, but by the desire of most fund managers to reach a market weighting, =\nat which point they were \"safe\" in terms of risk against the index benchmar=\nk.=20\nThat was the period when investment banks exploited the idea of low free-fl=\noat new issues: internet companies, especially, were floated off with only =\n15 per cent of the stock made available, although anything up to 100 per ce=\nnt went into the indices, creating serious shortages and bubble valuations.=\n Changes now being made to the main stock market indices have reduced the p=\nroblem, but there remains a basic irrationality in the concept that investm=\nent risk resides in an index rather than in the underlying stocks.=20\nTakeovers have always been plagued by irrationality, and indeed this is an =\narea where academics recognise the problem; over many years they have point=\ned out that all the benefits of deals, and often more than all, accrue to t=\nhe shareholders of the companies taken over, while investors in the bidding=\n companies suffer dilution. Investors know this, and in normal market condi=\ntions news of a takeover will depress the bidder's share price. But in a bu=\nbble market these prudent attitudes can be overwhelmed by euphoria, as well=\n as technical factors relating to demand by fund managers so that they can =\nmaintain their weightings when a bidder is spraying around large quantities=\n of new equity.=20\nAlso, it is irrational that many more deals are done when the stock market =\nis high than when it is low. Two years ago, companies such as Marconi were =\nengaged in buying sprees at daft prices. Now, when prices are much lower, h=\nardly any acquisitions are being made (and investment banks are dismissing =\nthousands of employees). An exception to the deal famine is gold mining, wh=\nich just happens to have been one of the stock market's strongest sectors t=\nhis year.=20\nAnother important source of irrationality has been the domination of stock =\nmarket analysis by the stockbroking offshoots of the investment banks. Over=\n recent years their earnings-per-share forecasts for the next calendar year=\n have been on average 8 per cent too high. This has not just been a mistake=\n; they have been paid to be over-optimistic. Admittedly, attempts are being=\n made to restructure the incentives here, as the embarrassed investment ban=\nks come under pressure from the regulators and the courts for their errors =\nof judgment during the bull market, but it remains to be seen whether much =\nwill really change.=20\nThe mystery is why anybody would take notice of these forecasts, and indeed=\n many professional investors do not. That Merrill survey, incidentally, sho=\nws that fund managers on average expect no more than 4 per cent earnings pe=\nr share growth over the next year, while the stockbrokers' analysts are sti=\nll clinging to the hope that it will be 15 per cent.=20\nA final source of distortion is the tendency of companies to offer their ex=\necutives the wrong sort of incentives. The ruin of Marconi may appear irrat=\nional, when multi-billion-pound acquisitions are being declared worthless a=\nfter only two years. But executives with lucrative stock option plans, whic=\nh pay off if their gambles go right, combined with golden goodbye and pensi=\non packages that are triggered if things go wrong, may well consider it per=\nfectly rational, from their viewpoint, to take much bigger risks than other=\n shareholders, or employees, would consider acceptable.=20\nMoreover, Sir Christopher Gent, shareholders of Vodafone will remember, rec=\neived a controversial #10m personal bonus last year for clinching the Manne=\nsmann takeover, a deal that requires #10bn of write-offs.=20\nIn normal market conditions the valuation of equities may be tolerably rati=\nonal, but in a bubble market the rules are thrown out of the window. Many i=\nnvestors certainly like the idea of getting rich quickly. That is why many =\npeople subscribe so keenly to national lotteries in which the chance of win=\nning is so small as to be not worth rational consideration.=20\nbarry.riley@ft.com.=20\n(c) Copyright Financial Times Ltd. All rights reserved.=20\nhttp://www.ft.com.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nWORLD STOCK MARKETS - Bears take upper hand on Wall St.\nBy MARY CHUNG.\n\n11/17/2001\nFinancial Times\n(c) 2001 Financial Times Limited . All Rights Reserved\n\nAfter an early game of tug-of-war, the bears took the upper hand as the Dow=\n Jones Industrial Average closed 5.40 lower at 9,866.99. The S&P 500 index =\ngave up 3.59 at 1,138.65 and the Nasdaq Composite slipped 1.98 at 1,898.59.=\n Volume was fairly heavy with 1.34bn trades in the NYSE.=20\nThe indices were earlier bolstered by news that some of the leaders of the =\nTaliban and the al-Qaeda terrorist network had been killed in bombing raids=\n on Kabul and Kandahar this week.\nHowever, the momentum faded as investors found little reason to keep sendin=\ng stocks higher following a sharp decline in the US consumer price index. T=\nhe index saw its steepest monthly drop since April 1986. Separately, the Fe=\nderal Reserve reported another drop in industrial output last month.=20\nInvestors appeared more hesitant to step into the market and buy stocks aft=\ner several weeks of sharp gains. However, the corporate picture looked to b=\ne improving for some companies such as Dell. The computer maker reported th=\nird-quarter results that beat analysts' estimates by a penny and predicted =\na small rise in sales for the current quarter. Shares, however, fell 4 per =\ncent at $26.60.=20\nRivals Hewlett-Packard shed 2.7 per cent at $21.50 and Compaq gave up 3.7 p=\ner cent at $10.30. Yahoo!, the world's largest internet portal, jumped 4.3 =\nper cent at $15.47 after it announced a restructuring and job cuts, but rea=\nffirmed its guidance for the fourth quarter.=20\nShares in Starbucks fell 9 per cent at $17.50 in spite of the coffee compan=\ny reporting a 22 per cent rise in earnings for the fourth quarter.=20\nEnergy prices rose in spite of the continuing dispute over oil production b=\netween Opec and Russia. Amerada Hess put on 2.5 per cent at $54.59 and Exxo=\nn Mobil added 1 per cent at $37.54. Enron, the embattled energy trading com=\npany, however, slid 5 per cent at $9. Most Dow components were lower as Alc=\noa slipped 1 per cent at $37.12, American Express shed 3.7 per cent to $33.=\n13 and Wal-Mart fell 1.6 per cent at $55.10.=20\nToronto was little changed in morning trade in spite of a rally in technolo=\ngy and cyclical shares, the first sectors expected to respond to an improvi=\nng economy.=20\nHowever, at the close the S&P TSE-300 composite index was up 0.72 per cent =\nat 7,315.30 as tech issues continued to strengthen.=20\nOverall, 11 of the market's 14 sub-indexes were higher but safe-haven gold =\nstocks suffered as hopes grew for a swift conclusion to the war in Afghanis=\ntan. The tech-heavy industrials sector enjoyed a 1.61 per cent gain. Electr=\nonics manufacturer Celestica charged ahead, rising 3.3 per cent to C$64.80.=\n=20\nTelecoms equipment heavyweight Nortel Networks jumped to C$12.69 as several=\n investment firms raised targets.=20\n(c) Copyright Financial Times Ltd. All rights reserved.=20\nhttp://www.ft.com.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nBusiness; Financial Desk\nIN BRIEF / ENERGY Pension Funds Consider Action Against Enron\nReuters\n\n11/17/2001\nLos Angeles Times\nHome Edition\nC-2\nCopyright 2001 / The Times Mirror Company\n\nSome big pension funds that invested in Enron Corp. said they are consideri=\nng legal options in the wake of the energy giant's stock collapse and a reg=\nulatory probe of its dealings.=20\nSpokesmen for the New York state and city comptrollers and an official from=\n Amalgamated Bank, a trustee of workers' retirement funds, said they were l=\nooking into lawsuits stemming from Enron's murky financial dealings and sto=\nck plunge.\nPension funds and mutual funds have been big holders of Enron, once a Wall =\nStreet darling whose stock has plunged 89% this year.=20\nFive New York City pension funds hold about 2.9 million Enron shares, said =\nDavid Neustadt, a spokesman for the New York City Comptroller's Office. The=\n funds serve teachers, police and other city workers.=20\nEnron shares fell 48 cents to $9 on the New York Stock Exchange.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nEnron Investors Hope Filing Will Shed More Light on Finances\n2001-11-17 11:06 (New York)\n\nEnron Investors Hope Filing Will Shed More Light on Finances\n\n Houston, Nov. 17 (Bloomberg) -- Enron Corp. investors hope\nthe energy trader's third-quarter report to the U.S. Securities\nand Exchange Commission will answer some of the questions that\nsent its shares tumbling and led to a proposed sale to rival\nDynegy Inc.\n\n Enron, which has been criticized for failing to clearly\nexplain how it makes money, may disclose in Monday's filing more\non how much is owed by the company and affiliated partnerships, as\nwell as any planned job cuts and other cost-saving moves related\nto Dynegy's $24 billion buyout.\n\n ``Investors will be looking for anything that affects the\nlikelihood of the (Dynegy) deal going through and the timing of\nsuch a deal,'' said Edward Paik, who helps manage the Liberty\nUtilities Fund, which owns 1.6 million in Enron shares.\n\n Enron agreed to sell after its stock plunged 67 percent in\nthree weeks amid an SEC investigation into partnerships run by\nEnron executives. Investors worry that new disclosures, such as\npreviously unreported debt, might threaten Enron's credit rating\nand scuttle the merger, possibly pushing Enron into bankruptcy.\n\n ``There's been so much skepticism about what Enron's\nliabilities are with these partnerships, I'm looking to quantify\nthis,'' said Glen Hilton, a fund manager at Montgomery Asset\nManagement LP, which holds Dynegy shares.\n\n Enron Chairman Kenneth Lay admitted last week that failed\ninvestments and a loss of investor confidence forced the sale to\nDynegy, and he and other executives pledged to be more open with\ninvestors. Lay, 59, said last week he won't accept a severance\npackage of more than $60 million that he could have collected\nfollowing the takeover.\n\n Enron shares fell 48 cents yesterday to $9. Dynegy fell\n$1.53, or 3.5 percent, to $42.47.\n\n Balance Sheet\n\n Enron's third-quarter report, which had been expected last\nweek, was delayed by the Dynegy talks and a restatement of\nearnings, Chief Financial Officer Jeffrey McMahon said. Enron\nreduced net income for four years by a combined $586 million to\ninclude losses from affiliated partnerships.\n\n Monday's filing, called a 10-Q, will include a balance sheet\nsummarizing assets and debts. Enron for years has omitted balance\nsheets, which the SEC requires as part of the 10-Q, from its press\nreleases announcing earnings.\n\n Investors renewed their criticisms of the practice after Lay\nmentioned during a conference call last month that dealings with\ntwo partnerships had reduced Enron's shareholder equity, or its\nassets minus liabilities, by $1.2 billion. The disclosure led to\nthe ouster of Chief Financial Officer Andrew Fastow.\n\n ``Everyone is trying to make their own assessment of what\n(Enron's) ultimate liability will need to be,'' said Commerzbank\nSecurities analyst Andre Meade, who rates the shares ``hold'' and\ndoesn't own them.\n\n Monday's report probably won't give a complete answer, said\nLouis Gagliardi, an analyst at John S. Herold Inc. While the\nbalance sheet will list liabilities for the partnerships, which\nwere set up to buy Enron assets and get debt off the company's\nbooks, it won't spell out Enron's share, he said.\n\n ``What is the net liability off the balance sheet?''\nGagliardi said. ``We really don't know what that number is.''\n\n Credit Rating\n\n Dynegy has said it can back out of the acquisition if Enron's\nlegal liabilities exceed $3.5 billion. The balance sheet ``will\nhelp us see how good a deal this is for Dynegy,'' said Kathleen\nVuchetich, co-manager of the $1.4 billion Strong American\nUtilities Fund, which owns 284,000 Dynegy shares.\n\n Both companies are based in Houston.\n\n The filing also might offer details on the SEC probe. ``It\nmay say what the SEC is looking for, and what the rating agencies\nhave told them,'' said Christopher Ellinghaus, an analyst at\nWilliams Capital Group. He added, though, ``I don't expect much.''\n\n Enron's stock drop led Moody's Investors Service to cut the\ncompany's debt rating to the lowest investment grade. Dynegy held\noff on a purchase agreement out of concern that the rating would\nbe cut to junk, jeopardizing Enron's ability to raise cash needed\nto settle its daily power and natural-gas trades.\n\n Enron may reveal where it expects to cut jobs and how much it\nwill pay to departing employees, Paik said. Chief Operating\nOfficer Greg Whalley said last week that fourth-quarter profit\nwill be hurt by severance payments and reorganization costs. He\ndidn't give details.\n\n Jobs likely will be eliminated in businesses the company\nplans to sell, including its money-losing telecommunications unit\nand operations in Europe, analysts said.\n\n Enron has about 21,000 employees, two-thirds in the U.S. and\nabout a fifth in the U.K. Its 600 traders are divided between\nLondon and Houston, where Enron employs about 7,500.\n\n Many Enron workers are already preparing for layoffs, said\nLyndon Taylor, a Houston-based recruiter for Heidrick & Struggles\nInternational Inc., an executive placement firm.\n\n ``I got 56 resumes last week from Enron,'' Taylor said.\n``That's equal to the number I got in the past year.''\n\n--Margot Habiby in Dallas and Jim Polson in Princeton\n\n\n\nUK: Trade, bank buyers circle Enron's Wessex Water-reports.\n\n11/17/2001\nReuters English News Service\n(C) Reuters Limited 2001.\n\nLONDON, Nov 17 (Reuters) - Both financial and trade buyers are considering =\nbids for Wessex Water, the UK utility owned by crisis-hit U.S. energy group=\n Enron , weekend press reports said.=20\nAccording to the UK trade magazine Utility Week, Enron's rescue buyer Dyneg=\ny wants to offload Wessex as soon as possible, and focus on integrating Enr=\non's core energy businesses.\nA report in the Sunday Telegraph newspaper named German bank WestLB as a po=\nssible buyer at a price of 1 billion pounds ($1.4 billion). WestLB is the f=\ninancial backer of the management buyout team that owns another southern En=\ngland regional utility, Mid Kent Water.=20\nUtility Week raised the possibility that UK power utility Scottish & Southe=\nrn might be interested.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nFinancial Post: Canada\nA user's guide to living in Calgary: People moving from Houston find the ci=\nties much alike\nClaudia Cattaneo\nFinancial Post\n\n11/17/2001\nNational Post\nNational\nFP7\n(c) National Post 2001. All Rights Reserved.\n\nU.S. oil companies are setting up shop all over downtown, usually picking h=\nigh-quality office space with lots of open space. Anadarko Petroleum Corp. =\nis located at Fifth Avenue Place, Burlington Resources Inc. is in Bow Valle=\ny Square and Devon Energy Corp. is in Canterra Tower. Some end up in the of=\nfices of the companies they acquire. Conoco Inc. has moved into Gulf Canada=\n Square.=20\nThe big takeover wave has led to a reshuffling of downtown space. Today, th=\nere is a shortage of large spaces and an increase in small ones available f=\nor sublease.\nSome would like to get the towers they occupy named after them but landlord=\ns resist this because naming a building after one tenant can be a disincent=\nive for others.=20\nOilmen's favourite hangout is the Calgary Petroleum Club, founded by U.S. a=\nnd Canadian oilmen in 1948 in the Palliser Hotel. Members have reciprocal m=\nembership at the Petroleum Club of Houston. But Calgary's Pete Club is a ba=\nrgain compared to its Texas counterpart. The initiation fee in Calgary is $=\n2,000, monthly dues are $65 and the minimum amount members must spend in a =\nyear is $600. The initiation fee for full membership at the Petroleum Club =\nof Houston is US$3,500, monthly dues are US$110 and the minimum house accou=\nnt is US$75 per quarter.=20\nU.S. executives running Canadian oil and gas operations earn substantially =\nmore than their Canadian counterparts because their compensation is competi=\ntive with the U.S. market.=20\nWhen U.S. oil companies purchase Canadian operations, they like to keep as =\nmuch of the Canadian staff as possible, since they are even more aware than=\n their Canadian rivals of the \"war for talent.\"=20\nWhen recruiting locally, U.S. firms pay competitively but of course will pa=\ny what they must to get the best candidate. They also offer competitive ben=\nefits and stock-option plans. U.S. employers gulp at the generous holidays =\nenjoyed by Canadian oilpatch employees.=20\nThere's no American neighbourhood in Calgary, although many recent arrivals=\n are buying homes close to the city's core, particularly in such high-end n=\neighbourhoods as Mount Royal, Elbow Park and Britannia, where homes sell fo=\nr $500,000 to $2-million.=20\nSome U.S. companies purchase condominiums in such areas as Eau Claire on th=\ne Bow River to house U.S. executives in transit.=20\nTed Zaharko, a broker-owner with Royal LePage, says Americans are driven by=\n lifestyle choices and the fact that they can afford to buy expensive homes=\n. Living near other Americans isn't important.=20\nThe cost of living is lower in Calgary than in many comparable U.S. cities.=\n However, U.S. cities become more competitive for high-income earners becau=\nse personal income taxes in Canada are higher than in the U.S. at the highe=\nr income levels. Offsetting factors include access to health care, clean ai=\nr, a short commute to work and the nearby mountain playground, which tend t=\no be important to affluent people.=20\nU.S. oil types may have strange accents -- many come from the southern stat=\nes -- but oilpatch jargon is pretty much the same. Calgarians and Americans=\n understand one another when they talk of dry holes (no discovery), wildcat=\n wells (exploration wells) or roughnecks (rig workers). The language of mon=\ney is also the same: barrels and U.S. dollars.=20\nOilpatch humour is also borderless. One of the latest jokes circulating by =\ne-mail, courtesy of oilpatch investment dealer Peters & Co., is called \"Und=\nerstanding Enron.\" The U.S. energy giant is in trouble over its use of off-=\nbalance-sheet transactions to keep debt off its books:=20\nFEUDALISM You have two cows. Your lord takes some of the milk.=20\nFASCISM You have two cows. The government takes both, hires you to take car=\ne of them and sells you the milk.=20\nPURE COMMUNISM You have two cows. Your neighbours help take care of them an=\nd you all share the milk.=20\nAPPLIED COMMUNISM You have two cows. You must take care of them, but the go=\nvernment takes all the milk.=20\nTOTALITARIANISM You have two cows. The government takes them both and denie=\ns they ever existed. Milk is banned.=20\nMEXICAN DEMOCRACY You have two cows. The government takes both and drafts y=\nou into the army.=20\nEUROPEAN DEMOCRACY You have two cows. The EU commission decides which regul=\nations for feeding and milking apply. If there aren't any, they invent some=\n. They pay you not to milk the cows. They take both cows, shoot one, milk t=\nhe other and pour the milk down the drain. They then require you to fill ou=\nt forms accounting for the missing cows.=20\nAMERICAN DEMOCRACY The government promises to give you two cows if you vote=\n for it. After the election, the President is impeached for speculating in =\ncow futures. The press dubs the affair \"cowgate,\" but supports the Presiden=\nt. The cows sue you for breach of contract. Your legal bills exceed your an=\nnual income. You settle out of court and declare bankruptcy.=20\nCAPITALISM You have two cows. You sell one and buy a bull. Your herd multip=\nlies and the economy grows. You sell them and retire on the income.=20\nENRON VENTURE CAPITALISM You have two cows. You sell three of them to your =\npublicly listed company, using letters of credit opened by your brother-in-=\nlaw at the bank, then execute a debt/equity swap with an associated general=\n offer so you get all four cows back, with a tax exemption for five cows. T=\nhe milk rights of the six cows are transferred via an intermediary to a Cay=\nman Island company secretly owned by the majority shareholder who sells the=\n rights to all seven cows back to your listed company. The annual report sa=\nys the company owns eight cows, with an option on one more.\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\n\nWestLB Offers to Buy Enron's U.K. Water Unit, Newspaper Says\n2001-11-17 20:01 (New York)\n\n\n London, Nov. 18 (Bloomberg) -- Westdeutsche Landesbank\nGirozentrale, Germany's largest state-owned bank, is one of\nseveral suitors talking to Enron Corp. about its Wessex Water\nunit, which is valued at more than 1 billion pounds ($1.4\nbillion), the Sunday Telegraph said without citing sources.\n\n Dynegy Inc. of the U.S. is looking to buy Enron for $24\nbillion, and will sell some of its assets, including Wessex.\nWestLB made a formal offer to Enron in the past few days in hopes\nof striking a quick deal because Dynegy may want to avoid the\nregulatory risk in such a sale; any bid for a water company in the\nU.K. worth at least 30 million pounds must be referred to the\nCompetition Commission, the newspaper said.\n\n Enron bought Wessex for 1.4 billion pounds in 1998. RWE AG of\nGermany, Europe's fourth-biggest power company, is also interested\nin Wessex, but Enron thinks U.K. regulators won't approve an RWE\nbid because the company already owns Thames Water, a large U.K.\nwater company.\n\n WestLB has also been reported to be preparing a buyout for\nRailtrack Group Plc, the insolvent owner of the U.K.'s train\ntracks and stations, the paper said.\n\n\nEnron Closes on $550 Million Loan From J.P. Morgan, Salomon\n2001-11-16 17:36 (New York)\n\nEnron Closes on $550 Million Loan From J.P. Morgan, Salomon\n\n Houston, Nov. 16 (Bloomberg) -- Enron Corp. closed Wednesday\non a $550 million loan from J.P. Morgan Chase & Co. and Salomon\nSmith Barney Inc. that was secured with assets of its Transwestern\nPipeline Co., spokesman Vance Meyer said.\n\n Enron, the largest energy trader, said Nov. 1 that it had\nreceived a commitment for $1 billion in loans from the investment\nbanks that would be used for debt payments and to supplement cash\nreserves.\n\n Enron secured the loans with the assets of Transwestern and\nthe Northern Natural Gas Co. The two pipeline systems combined are\nabout 19,000 miles long and can deliver as much as 6 billion cubic\nfeet of gas a day. The remaining $450 million loan, secured with\nthe Northern Natural Gas assets, is in the documentation stage and\nis expected to close next week, Meyer said.\n\n Enron agreed a week ago to be acquired by Dynegy Inc. in a\ntransaction now valued at $24.7 billion in stock and assumed debt.\nThe move followed a loss in investor confidence -- the company's\nshares had fallen 90 percent this year -- and amid a federal\ninvestigation of accounting irregularities that limited its\nability to finance operations.\n\n ChevronTexaco Corp., the second-biggest U.S. oil company and\nDynegy's largest shareholder with 26 percent, provided Enron,\nthrough Dynegy, with a $1.5 billion cash infusion on Tuesday as\npart of the buyout agreement.\n\n In return, Dynegy acquired preferred stock and other rights\nin the Enron unit that owns Northern Natural Gas. If the merger\nisn't completed, Dynegy will have the right to acquire Northern\nNatural Gas, Enron said in regulatory filing Wednesday.\nChevronTexaco will provide Dynegy with another $1 billion after\nthe merger closes to maintain its equity stake.\n\n The shares of Enron fell 48 cents to $9, while shares of\nDynegy fell $1.53 to $42.47. Both companies are based in Houston.\nShares of San Francisco-based ChevronTexaco fell 35 cents to\n$83.45.\n\n--Margot Habiby in the Dallas newsroom (214) 954-9452"},"Sender":{"kind":"string","value":"m..schmidt@enron.com"},"Receiver(s)":{"kind":"string","value":""},"__index_level_0__":{"kind":"number","value":5574,"string":"5,574"}}},{"rowIdx":2557,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/704."},"message":{"kind":"string","value":"Only Three Days Left! All Electronics on Sale! ,\n Only Three Days Left! ALL Electronics on Sale!\nOur biggest sale of the season ends Nov. 28th. All PDAs, All Digital Cameras, All DVD Players, All Camcorders, All Cell Phones and ALL other electronics are on sale. Save 5 to 30% on top of other site savings. This offer will not be repeated this holiday season, so act now , this sale ends in three days!\nHappy Holidays,\n800.com\nP.S. Now through December 19th get up to $200 back when you spend $299 or more.\nP.P.S. For great holiday gift ideas at a great price visit our holiday savings center .\n*Does not include, Movies, Music, Games or select Polk Audio.\n \n************************************************************ \nIf you prefer not to receive any future mailings from 800.com, simply send email to: unsubscribe@800.com or use the link below: Unsubscribe \nThis email was sent to JARNOLD@ECT.ENRON.COM \nPrices and availability subject to change without notice. Quantities on some items may be limited. We strive for accuracy, but reserve the right to be held unaccountable for typographical errors. Copyright 2001, 800.com, Inc. All rights reserved."},"Sender":{"kind":"string","value":"electronic_ideas@800.com"},"Receiver(s)":{"kind":"string","value":"jarnold@ect.enron.com"},"__index_level_0__":{"kind":"number","value":5576,"string":"5,576"}}},{"rowIdx":2558,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/705."},"message":{"kind":"string","value":"Are you in debt? ,\n Are you in debt? Having trouble paying it off? We can help!\nWe can consolidate your bills into just one monthly payment\nand help achieve the following:\n\n- Save you a lot of money by eliminating late fees\n- Settle your accounts for a substantially reduced amount\n- Stop creditors calling you on the phone\n- Help avoid bankruptcy\n- And more!\n\nBy first reducing, and then completely removing your debts,\nyou will be able to start fresh. Why keep dealing with the\nstress, headaches, and wasted money, when you can\nconsolidate your debts and pay them off much sooner! To\nobtain more information, with no obligations or costs,\nplease reply to this email, fill out the form below, and\nreturn it to us. Your submission will be processed within\n10 business days and you will be shortly contacted by one\nof our informed staff. Thank you!\n\nFull Name :\nAddress :\nCity :\nState :\nZip Code :\nHome Phone :\nWork Phone :\nBest Time to Call :\nE-Mail Address :\nEstimated Debt Size :\n\n\n\n**********\nIf this e-mail arrived to you by error, or you wish to\nnever receive such advertisements from our company,\nplease reply to this e-mail with the word REMOVE in the\ne-mail subject line. We apologize for any inconveniences\n\n\n\n\n\n\n2p5wd2"},"Sender":{"kind":"string","value":"2p5wd2@msn.com"},"Receiver(s)":{"kind":"string","value":"mcf8qyloqs@msn.com"},"__index_level_0__":{"kind":"number","value":5577,"string":"5,577"}}},{"rowIdx":2559,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/706."},"message":{"kind":"string","value":"GREAT SAVINGS FROM Spec's Wines, Spirits & Finer Foods! ,\n \n\n\nWineISIT.com - Member E-mail\n\n\n\n\n\n\n\n\n
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Hi\nJOHN,\n\n

Spec's Wines, Spirits &amp;\nFiner Foods and WineISIT.com have teamed up to offer you\nsome great savings on your favorite wines and spirits.
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\nWe hope you enjoy these WineISIT.com specials.
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\n5% discount is available for those not using credit cards. Use of\ndebit cards earns the 5% cash discount.

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Both regular and cash discount prices are listed. Specials\navailable at all locations.

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E-mail any questions or comments about these special offers\nto:
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\n\nSpec's largest and most famous location is at\n2400 Smith St. on the south edge of downtown. 16 other locations\nare around Houston.\n\n

Spec's is famous for providing customers more wine, liquor, beer\nand specialty foods and at lower prices than anyone in Texas.

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Store Hours:
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To arrange delivery, call order department at 713-526-8787 OR\nTOLL FREE 888-526-8787

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Spec's, for the good stuff.
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Spec's is not responsible for mis-prints or typographical\nerrors. All customers must be at least 21 years old.

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nMonthly Specials:November,\n2001
\nValid 11/5 thru\n12/1
\n\n\n\n\n
\n\n

J.W. Dundee's Honey Brown Lager 12\npack

\n\n

America's first and finest honey lager, J.W.\nDundee's Honey Brown Lager is brewed with pure Canadian clover\nhoney. This delicious beer offers a smooth, full-bodied taste with\njust a touch of sweetness.
\n
\n2000 World Beer Cup - Award Winner and 2001 American Tasting\nCompetition - Award Winner.
\n
\n\"Wrap yourself around your Honey!\"

\n
Cash Price:\n\n$8.69&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $9.15
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\n\n

Rancho Zabaco Sonoma Heritage Vines\nZinfandel
\n750 ml.

\n\n

One of the outstanding brands being produced\nat the Gallo of Sonoma winery, created to showcase the bold,\nintense varietals of the best Sonoma areas. They&rsquo;re best\nknown for their Zinfandels, and this one captures the essence of\nthe grape&rsquo;s character&mdash;lush berry fruit flavors and\nmoderate tannins. It&rsquo;s great for everyday\ndrinking.

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Cash Price:\n\n$8.40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $8.85
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Torresella Pinot Grigio 750 ml.

\n\n

Aromas of fresh fruit, apple and melon;\ncrisp and clean flavors; dry and beautifully balanced. An excellent\ncomplement to soups, antipasti, prosciutto, melon and light fish\nand pastas.

\n
Cash Price:\n\n$6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $6.43
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\n\n

Turning Leaf Vineyards Chardonnay 750\nml.

\n\n

As Turning Leaf wines are handcrafted for\nperfection, a majority of the grapes for Turning Leaf were selected\nfrom some of the finest vineyards in the Lodi region. A major\nwinegrape-growing region since the 1850s, Lodi is increasingly\nlooked to by leading California wineries for grapes of superior\nquality. The warm days and cool nights of its Mediterranean climate\nallow the grapes to develop excellent color and maintain crisp acid\nlevels through to harvest. The end result is a well-balanced\nfruit-forward Chardonnay with excellent varietal\ncharacter.

\n
Cash Price:\n\n$5.97&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $6.29
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Tosti Asti 750 ml.

\n\n

Tosti was founded in 1820 and is located in\nCanelli, Italy in the heart of the Asti region. Produced from the\nMoscato grape, it has a pale straw color with golden highlights.\nThe sparkle is soft, lively with a delicate, aromatic nose and a\ntrace of pear and fruit with a sweet flavor.
\n
\nEnjoy Tosti Asti whenever you feel
\n like enjoying a great glass of wine.

\n
Cash Price:\n\n$7.62&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $8.03
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\n\n

Gallo of Sonoma Merlot 750ml.

\n\n

A smooth, full-bodied wine with
\n pleasant berry aromas, and an
\n excellent balance between ripe fruit
\n flavors and structured tannins.

\n
Cash Price:\n\n$9.55&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $10.06
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\n\n

Alice White Chardonnay 750 ml.

\n\n

Since its introduction in 1996, millions of\nAmericans have embraced the bold yet approachable Australian wines\nof Alice White, consistent Wine Spectator &ldquo;Best Buy&rdquo;\nselections that reflect the courage of the young adventurer\nherself. Join Alice in her journeys&mdash;and explore the finest in\nNew World winemaking.

\n
Cash Price:\n\n$5.56&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $5.86
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\n\n

Gallo of Sonoma Cabernet Sauvignon 750\nml.

\n\n

This Cabernet is rich and complex with\nconcentrated flavors of black cherries, currant, and spice.\nExhibits excellent structure and appealing depth, accentuated by\nextended aging in American and French oak barrels. As a result, the\nwine has ample body and an abundance of fruit character.

\n
Cash Price:\n\n$10.35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $10.90
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Baron Herzog Cabernet Sauvignon 750\nml.

\n\n

Baron Herzog wines are produced in Santa\nMaria, California by former J. Lohr winemaker Peter Stern in\ncooperation with Royal Wine Corporation, the leading distributor of\nkosher wines in the world. Baron Herzog Cabernet Sauvignon is a\nfull-bodied rich wine of unmistakable depth and\nelegance.

\n
Cash Price:\n\n$10.29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $10.84
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\n\n

Baron Herzog Chardonnay
\n750 ml.

\n\n

Baron Herzog wines are produced in Santa\nMaria, California by former J. Lohr winemaker Peter Stern in\ncooperation with Royal Wine Corporation, the leading distributor of\nkosher wines in the world. Baron Herzog Chardonnay is a luscious\nwine with distinct flavors and noble character.

\n
Cash Price:\n\n$10.29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $10.84
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\n\n

Lockwood Vineyard 1998 Chardonnay 750\nml.

\n\n

The Lockwood Vineyard 1998 chardonnay\nreflects meticulous care in the vineyards, innovation in the winery\nand a passion for excellence in handcrafted wines. Its tropical\naromas are accented with French oak nuances. The flavors and\ntextures are full but display balanced acidity. It's a perfect\ncompanion to a diversity of cuisines.

\n
Cash Price:\n\n$9.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $9.64
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\n\n

Baron Herzog Merlot 750 ml.

\n\n

Baron Herzog wines are produced in Santa\nMaria, California by former J. Lohr winemaker Peter Stern in\ncooperation with Royal Wine Corporation, the leading distributor of\nkosher wines in the world. Their Merlot is charming and well\nbalanced, with a bursting bouquet and full flavorful\nfinish.

\n
Cash Price:\n\n$10.29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $10.84
\n
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\n\n

Turning Leaf Vineyards Merlot 750\nml.

\n\n

Produced in the moderate climate of\nCalifornia&rsquo;s Central Valley, this wine was aged in oak for an\naverage of six months to meld the ripe fruit flavors of Merlot into\na soft-textured mouthfeel. Medium bodied, with rich, fruity aromas\nand flavors enhanced by subtle undertones of oak. Pleasing notes of\nripe fruit and plum deliver a full, soft mouthfeel and a lingering\nfinish.

\n
Cash Price:\n\n$5.97&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $6.29
\n
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\n\n

Saint Brendan&rsquo;s Irish Cream Liqueur\n34&deg; 750 ml.

\n\n

Saint Brendan&rsquo;s Irish Cream Liqueur is\nunique in that it is the only Irish Cream Liqueur made by a dairy\ncompany. Its delicious, smooth blend of premium, triple-distilled,\naged Irish Whiskey and the company&rsquo;s own best dairy cream\nensures the ultimate freshness and creamy texture. Saint\nBrendan&rsquo;s uses only top quality, all-natural ingredients for\nan exceptionally rich, smooth and creamy flavor.

\n
Cash Price:\n\n$10.44&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $10.99
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\n\n

Cavit Pinot Grigio 1.5L

\n\n

It's all about taste. Start a tradition this\nsummers with Cavit, America's #1 Pinot Grigio and #1 Imported\nWine*. Crisp, light with appealing flavors, Cavit Pinot Grigio was\nawarded a 4-Star rating from the New York Times Wine Today website.\nA perfect companion to your favorite summer dishes. Enjoy\nchilled.
\n
\n*Cavit Pinot Grigio ACNielsen 52 weeks 3/31/01 FDL\"

\n
Cash Price:\n\n$7.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $7.64
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\n\n

E&amp;J VSOP Brandy
\n80&deg; 750 ml.

\n\n

\" . . . richly bodied and rewardingly\nflavored high impact blend that gives the dual pleasures of complex\noak aged flavors and lingering body. Powerful bouquet of vanilla\nand old sherry are demonstrated here which can only be gained by\nlong aging. Supple flavors of cedar and berries finish with a long\nand satisfying smoothness that defines this blend.\"
\nGregory Hill, Brandymaster
\n

\n
Cash Price:\n\n$8.28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $8.72
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\n\n

Cricklewood Pinot Gris 750 ml.

\n\n

With loads of apple and pear flavors, this\ncrisp white is beautifully balanced with a spicy, refreshing\nfinish. The Cricklewood varietals are produced by Montonore\nVineyards from its estate vineyards in the Northern Willamette\nValley of Oregon.

\n
Cash Price:\n\n$8.57&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $9.03
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Cricklewood Pinot Noir 750 ml.

\n\n

This lovely, easy drinking red offers lots\nof red and black cherry with light earth and chocolate notes with a\nvelvety texture and finish. The Cricklewood varietals are produced\nby Montonore Vineyards from its estate vineyards in the Northern\nWillamette Valley of Oregon.

\n
Cash Price:\n\n$8.57&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $9.03
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E &amp; J Brandy 80&deg; 1.75 L.

\n\n

\" ...distilled and aged to demonstrate
\n finesse and delicacy of California
\n brandy... loads of fruit and varietal
\n grape flavors dominate, with a light
\n balance of butterscotch and vanilla
\n notes recovered from carefully
\n selected barrels used in aging . . .
\n lightly bodied with a crisp clean
\n finish.\"
\n
\nGregory Hill, Brandymaster

\n
Cash Price:\n\n$15.44&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $16.26
\n
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\n\n

Moskovskaya Vodka
\n80&deg; 1 L.

\n\n

From Moscow&rsquo;s famous Cristall\nDistillery, makers of Stolichnaya and known worldwide for\nexceptional quality, this is the top-selling vodka in Russia.\nVirtually identical to Stoli (except the label is green, not red)\nat a bargain price!

\n
Cash Price:\n\n$12.99&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\nRegular Price: $13.68
\n
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\n
\n
WineISIT.com\nMember E-mail is a special service for WineISIT.com members. If you\nwish to unsubscribe to this E-mail, simply click here and update your preferences on\nour E-mail preferences page. We'll remove you from our member\nE-mail list as quickly as possible.
\n\n
\n\n\n\n"},"Sender":{"kind":"string","value":"specs@wineisit.com"},"Receiver(s)":{"kind":"string","value":"jarnold@ect.enron.com"},"__index_level_0__":{"kind":"number","value":5578,"string":"5,578"}}},{"rowIdx":2560,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/708."},"message":{"kind":"string","value":"Enron Mentions- 11/21/01 ,\n Dynegy Issues Statement On Enron Merger Status\nBusiness Wire, 11/21/01\nEnron says repayment of 690 mln usd debt extended until mid-Dec\nAFX News, 11/21/01\nUSA: Enron secures credit line as shares fall.\nReuters English News Service, 11/21/01\nEnron stock free-fall continues\nAssociated Press Newswires, 11/21/01\nEnron Closes On $450M Secured Credit Line\nDow Jones News Service, 11/21/01\nUSA: UPDATE 1-Enron shares fall further on credit concerns.\nReuters English News Service, 11/21/01\nUSA: Enron shares tumble on credit concerns.\nReuters English News Service, 11/21/01\nUpgrades and Downgrades\nCNNfn: Market Coverage - Morning, 11/21/01\nUSA: RESEARCH ALERT-Enron, Dynegy cut by Goldman.\nReuters English News Service, 11/21/01\nEnron Gets Extension on $690 Mln Note Due Next Week (Update1)\nBloomberg, 11/21/01\n\nEnron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)\nBloomberg, 11/21/01\n\nU.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint\nBloomberg, 11/21/01\n\nEnron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid\nBloomberg, 11/21/01\n\nEnron Corp. Cut to `Market Perform' at Goldman Sachs\nBloomberg, 11/21/01\n\nEnron Says Lenders Extend $690 Mln Note Payment to Mid-December\nBloomberg, 11/21/01\n\nPlunge Says End Is Near at Enron\nTheStreet.com, 11/21/01\n\nDYNEGY, ENRON SAY MERGER TO PROCEED\nCBS.MarketWatch.com, 11/21/01\n\n\n\nDynegy Issues Statement On Enron Merger Status\n\n11/21/2001\nBusiness Wire\n(Copyright (c) 2001, Business Wire)\nHOUSTON--(BUSINESS WIRE)--Nov. 21, 2001--Dynegy Inc. (NYSE:DYN) Chairman an=\nd CEO Chuck Watson today said he is encouraged by Enron Corp.'s report this=\n morning that it has closed the remaining $450 million credit facility secu=\nred by the assets of Northern Natural Gas Pipeline and has received a commi=\ntment from its lead bank to extend the $690 million note payable obligation=\n described in Enron's recent 10-Q filing.=20\n\"We are continuing our confirmatory due diligence and working to accelerate=\n the regulatory approvals required to complete the merger in accordance wit=\nh the previously announced agreement,\" he said.\nWatson also noted that ChevronTexaco recently reiterated that it has \"full =\nconfidence in Dynegy's disciplined management approach to complete the merg=\ner and to build a new company into an industry leader.\" ChevronTexaco owns =\n26 percent of Dynegy's outstanding common stock.=20\nDynegy Inc. is one of the world's top energy merchants. Through its global =\nenergy delivery network and marketing, trading and risk management capabili=\nties, Dynegy provides innovative solutions to customers in North America, t=\nhe United Kingdom and Continental Europe.=20\nCertain statements included in this news release are intended as \"forward-l=\nooking statements\" under the Private Securities Litigation Reform Act of 19=\n95. These statements include assumptions, expectations, predictions, intent=\nions or beliefs about future events. Dynegy cautions that actual future res=\nults may vary materially from those expressed or implied in any forward-loo=\nking statements. Some of the key factors that could cause actual results to=\n vary from those Dynegy expects include changes in commodity prices for ene=\nrgy or communications products or services; the timing and extent of deregu=\nlation of energy markets in the U.S. and Europe; the timing of required app=\nrovals for the Dynegy/Enron merger and the success of integration and cost =\nsavings measures relating to the merger; the effectiveness of Dynegy's risk=\n management policies and procedures and the creditworthiness of customers a=\nnd counterparties; the liquidity and competitiveness of wholesale trading m=\narkets for energy commodities, including the impact of electronic or online=\n trading in these markets; operational factors affecting Dynegy's power gen=\neration or Dynegy's midstream natural gas facilities; uncertainties regardi=\nng the development of, and competition within, the market for communication=\ns services in the U.S. and Europe; uncertainties regarding environmental re=\ngulations or litigation and other legal or regulatory developments affectin=\ng Dynegy's business; general political, economic and financial market condi=\ntions; and any extended period of war or conflict involving the United Stat=\nes or Europe. Moreover, Dynegy's expectation that the acquisition will be a=\nccretive to earnings in 2002 and beyond is based upon achieving certain sal=\nes projections, meeting certain cost targets and successfully integrating t=\nhe acquired assets. More information about the risks and uncertainties rela=\nting to these forward-looking statements are found in Dynegy's SEC filings,=\n which are available free of charge on the SEC's Web site at http://www.sec=\n.gov.\n\nCONTACT: Dynegy Inc., Houston 713/767-5800=20\n13:26 EST NOVEMBER 21, 2001=20\n\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\nEnron says repayment of 690 mln usd debt extended until mid-Dec\n\n11/21/2001\nAFX News\n(c) 2001 by AFP-Extel News Ltd\nHOUSTON (AFX) - Enron Corp said its creditor banks have granted an extensio=\nn on a 690 mln usd note payable by Nov 27 until mid-December, giving it eno=\nugh time to restructure the debt.=20\nIn a statement, the troubled energy company said the extension has been agr=\need following talks with its main creditor banks on restructuring its debt =\nto avoid a liquidity crisis.\n\"We have been in continuous contact with our banks and believe we can ident=\nify a mutually beneficial restructuring to enhance our cash position, stren=\ngthen our balance sheet and address upcoming maturities,\" said chief financ=\nial officer Jeffrey McMahon.=20\nEnron first informed investors of the possibility it would be forced to rep=\nay the 690 mln usd note in a filing to the Securities and Exchange Commissi=\non on Monday.=20\nThe obligation arose after Standard & Poor's cut the company's long-term de=\nbt rating to BBB- last week, forcing it to either post collateral on the no=\nte or repay it on maturity.=20\nEnron said it has also secured the remaining 450 mln usd of a previously an=\nnounced 1 bln usd credit line from JP Morgan and Salomon Smith Barney. The =\nfacility is secured by the assets of Enron's Northern Natural Gas Co unit.=\n=20\nThe other 550 mln usd are secured by the assets of its Transwestern Pipelin=\ne Co.=20\nEnron also said it is still committed to its merger with Dynegy Inc, announ=\nced on Nov 9.=20\n\"We continue to believe that this merger is in the best interests of our sh=\nareholders, employees, and lenders,\" said chairman and chief executive Kenn=\neth Lay. \"It offers the opportunity to create a formidable player in the me=\nrchant energy business with substantial growth prospects and a strong finan=\ncial position.\"=20\nJP Morgan Chase vice chairman James Lee said the bank will work with Enron =\nand its other creditor banks \"to develop a plan to strengthen Enron's finan=\ncial position up to and through its merger with Dynegy\", which is expected =\nto close in the third quarter of 2002.=20\ncl/gc For more information and to contact AFX: www.afxnews.com and www.afxp=\nress.com\n\n\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\nUSA: Enron secures credit line as shares fall.\n\n11/21/2001\nReuters English News Service\n(C) Reuters Limited 2001.\nNEW YORK, Nov 21 (Reuters) - Enron Corp. said on Wednesday it secured the r=\nemaining $450 million of its $1 billion credit line and reaffirmed its comm=\nitment to an agreement to be taken over by rival Dynegy Inc.=20\nFacing a crisis of confidence, Enron said it is in active talks with its ot=\nher lenders to restructure its debt obligation and had pushed back the dead=\nline for repaying a $690 million loan obligation to mid-December.\n\"We continue to believe that this merger is in the best interests of our sh=\nareholders, employees, and lenders,\" Enron Chairman and Chief Executive Ken=\n Lay said in a statement.=20\nEnron shares were down 28 percent after noon on Wednesday, after being down=\n 33 percent earlier in the day. Its shares fell about 23 percent on Tuesday=\n amid concerns over its liquidity and growing questions over whether the pr=\noposed takeover by Dynegy would go ahead.\n\n\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\nEnron stock free-fall continues\n\n11/21/2001\nAssociated Press Newswires\nCopyright 2001. The Associated Press. All Rights Reserved.\nHOUSTON (AP) - Shares of embattled Enron Corp. plunged another 32 percent W=\nednesday morning as analysts and investors continued to doubt the once-migh=\nty energy trader's ability to recover lost business and investor confidence=\n.=20\nIn a report released Wednesday, Goldman Sachs & Co. analyst David Fleischer=\n became the latest to question Enron's future, saying that an SEC filing by=\n the Houston-based company earlier this week \"raised new issues about liqui=\ndity and the ability of the company to even finance itself over the next se=\nveral months.\"\nAnalysts are also questioning whether Dynegy Inc.'s planned dlrs 8.9 billio=\nn acquisition of Enron will survive given the latest revelations.=20\nDocuments filed with the Securities and Exchange Commission by Enron late M=\nonday restated the company's third-quarter earnings and stated that it may =\nhave to repay a dlrs 690 million debt by next week because of decreased cre=\ndit ratings.=20\nThe filing also noted that Enron's financial woes have led to a \"reduced le=\nvel of transaction activity\" with the company by trading partners.=20\nEnron shares fell 23 percent Tuesday, then dropped another dlrs 2.25, or 32=\n percent, to dlrs 4.74 Wednesday in extremely heavy trading on the New York=\n Stock Exchange.=20\nFleischer said Enron's Nov. 16 cash balance of dlrs 1.2 billion is inadequa=\nte to meet remaining debt obligations.=20\nFleischer acknowledged, however, Enron's efforts to renegotiate next week's=\n due date for the dlrs 690 million debt, which was triggered Nov. 12 when t=\nhe company's credit rating was downgraded to BBB-, saying that there are in=\ndications that Enron's banks may be willing to roll current maturities over=\n and even make new equity investments.=20\nMichelle Foss, director of the Energy Institute at the University of Housto=\nn, said this latest round of troubles had to raise concerns about whether t=\nhe Dynegy-Enron deal will be pulled off.=20\n\"It doesn't look like it's going to be able to happen,\" Foss said. \"It did =\nlook like a decent idea when they proposed the merger, but today I'm sure t=\nhey'll look at it and see if they can salvage their attempt to buy Enron.\"=\n=20\nShares of Dynegy were off dlrs 2.55 to dlrs 39.15 in trading on the NYSE.=\n=20\n---=20\nTobacco suits by Venezuela, Brazil's Espirito Santo dropped=20\nMIAMI (AP) - Health care cost-recovery lawsuits against major U.S. cigarett=\ne makers by Venezuela and the Brazilian state of Espirito Santo have been d=\nismissed.=20\n\"This is another important reminder to American plaintiffs' lawyers that a =\nstate court won't ignore the overwhelming number of decisions by federal co=\nurts rejecting these lawsuits,\" William S. Ohlemeyer, Philip Morris Cos. vi=\nce president, said Tuesday after the decisions.=20\nAttorneys for several foreign governments have filed an assortment of lawsu=\nits in U.S. federal and state courts in an attempt to find some legal mecha=\nnism that withstands judicial scrutiny.=20\nRussia and other Brazilian states are among the foreign governments that ha=\nve sued in Miami, where a verdict of dlrs 145 billion was awarded to Florid=\na smokers against the five biggest U.S. cigarette makers.=20\nEcuador's suit in Miami was withdrawn earlier when another state judge anno=\nunced his intention to dismiss it.=20\n----=20\nGeneral Motors of Canada inks supplier agreement with Quebec rubber plants=\n=20\nEds: Dollar figures are Canadian.=20\nMONTREAL (AP) - General Motors of Canada has signed supplier agreements wit=\nh a Quebec auto-parts maker that helped create about 800 jobs, news reports=\n said Wednesday.=20\nThe deal with Saar-Gummi Automotive Group in Magog, Quebec, is part of Gene=\nral Motors' commitment to offset the jobs that will be lost when it shuts d=\nown its car assembly factory in Boisbriand, Quebec, next year, killing 1,40=\n0 jobs.=20\nGM did not reveal the value of the contracts, but German-based Saar-Gummi s=\naid Tuesday it has made a dlrs 40 million investment in its seven Magog pla=\nnts, doubling its workforce to 1,600 employees from 800 since last summer.=\n=20\nThe factories make molded rubber parts for cars, such as the rubber strips =\nand molding found along the doors of vehicles. Most of the production is so=\nld to GM, and goes into 56 GM plants in Canada, the United States and Mexic=\no.=20\nThe products will be used in several models including the Chevrolet Avalanc=\nhe, GMC Envoy, Saturn VUE and Cadillacs.\n\n\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\nEnron Closes On $450M Secured Credit Line\n\n11/21/2001\nDow Jones News Service\n(Copyright (c) 2001, Dow Jones & Company, Inc.)\nHOUSTON -(Dow Jones)- Enron Co. (ENE) closed on the remaining $450 million =\nof a previously announced $1 billion in secured credit lines and said it is=\n in active discussions to restructure its debt to improve liquidity.=20\nIn a press release Wednesday, Enron said the $450 million credit facility i=\ns secured by the assets of Enron's Northern Natural Gas Co.\nA $550 million credit facility, secured by the assets of Enron's Transweste=\nrn Pipeline Co., closed Nov. 16. The proceeds are being used to supplement =\nshort-term liquidity and to refinance maturing obligations.=20\nThe company said it was informed by the lead bank on the facility that the =\nmaturity on its $690 million note payable obligation will be extended to mi=\nd-December. Enron expects the extension to be finalized shortly.=20\nDow Jones Corporate Filings Alert reported Monday that Enron is currently p=\nreparing a restructuring plan aimed at taking aggressive steps to rationali=\nze the company's existing cost structure, accelerating the process of dives=\nting noncore businesses and assets and restructuring scheduled maturities o=\nf debt and other obligations.=20\n\nEnron's credit lines are from J.P. Morgan, the investment-banking arm of J.=\nP. Morgan Chase & Co. (JPM), and Salomon Smith Barney, the investment-banki=\nng arm of Citigroup Inc. (C).=20\nEnron also reaffirmed its commitment to the merger with Dynegy Inc. (DYN). =\nOn Nov. 9, Enron and Dynegy signed a definitive merger agreement that would=\n give Enron shareholders 0.2685 share of a Dynegy share. The merger is expe=\ncted to close by the end of the third quarter of 2002.=20\nOn Monday, Enron filed its Form 10-Q for the third quarter, which reflected=\n a wider loss by 3 cents a share. The energy company previously reported a =\nloss of $618 million, or 84 cents a share, on revenue of $47.6 billion for =\nthe third quarter ended Sept. 30.=20\n-Stephen Lee; Dow Jones Newswires; 201-938-5400\n\n\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\nUSA: UPDATE 1-Enron shares fall further on credit concerns.\n\n11/21/2001\nReuters English News Service\n(C) Reuters Limited 2001.\nNEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 33 percent in early=\n trading on Wednesday, following a 22.8 percent drop on Tuesday, amid conce=\nrns over the company's liquidity and growing questions over whether the pro=\nposed takeover by Dynegy will go ahead.=20\nEnron's shares were down $2.29 to $4.70 in early trading on the New York St=\nock Exchange. The stock was the biggest loser by percentage and the most ac=\ntive stock on the NYSE.\n\"The Dynegy deal will take a long time and a lot of things could happen ove=\nr that time period. Dynegy did their homework, but if they missed anything,=\n they have a number of exit opportunities,\" said Fulcrum Global Partners an=\nalyst Michael Barbis.=20\nDynegy was not immediately available for comment.=20\nWall Street analysts said Enron is losing market share because of credit co=\nncerns from its trading partners and questions over Dynegy Inc.'s takeover =\noffer. Enron warned on Monday it could be forced to pay by next week a $690=\n million debt triggered by a credit downgrade last week.=20\n\"Enron is definitely losing market share on credit concerns. Cash needs to =\nrun the buisness have now increased. The market perceives Enron as needing =\nmore cash,\" said Barbis.=20\nOn Monday, Enron disclosed it is up against a deadline of Nov. 26 to delive=\nr collateral against the debt owed to a third party in one of its many part=\nnerships.=20\nIf not, the partner has the right to liquidate all of the assets of the par=\ntnership, which include a Brazilian natural gas company that Enron was coun=\nting on selling to raise $250 million in cash.=20\nEnron is working to make alternative payment arrangements, since it can ill=\n-afford to pay the debt now. Enron has already already maxed out its $3 bil=\nlion credit line, secured roughly $2 billion in loans and is looking for mo=\nre cash to stay afloat.=20\nOn Monday, the Houston-based company also reduced previously reported 2001 =\nthird-quarter earnings by 3 cents per share and increased reported earnings=\n for the first 9 months of the year by a penny per share.\n\n\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\nUSA: Enron shares tumble on credit concerns.\n\n11/21/2001\nReuters English News Service\n(C) Reuters Limited 2001.\nNEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 19 percent in openi=\nng trade on Wednesday, amid concerns over the company's liquidity and growi=\nng questions over whether the proposed takeover by Dynegy will go ahead.=20\nShares were down $1.33 to $5.66 in early trading on the New York Stock Exch=\nange.\nWall Street analysts said Enron is losing market share because of credit co=\nncerns from its trading partners and questions over Dynegy Inc.'s takeover =\noffer. Enron warned on Monday it could be forced to pay by next week a $690=\n million debt triggered by a credit downgrade last week.=20\n\"The Dynegy deal will take a long time and a lot of things could happen ove=\nr that time period. Dynegy did their homework, but if they missed anything,=\n they have a number of exit opportunities,\" said Fulcrum Global Partners an=\nalyst Michael Barbis.\n\n\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\nBusiness\nUpgrades and Downgrades\nRhonda Schaffler, Charles Kadlec\n\n11/21/2001\nCNNfn: Market Coverage - Morning\n(c) Copyright Federal Document Clearing House. All Rights Reserved.\nRHONDA SCHAFFLER, CNNfn ANCHOR, MARKET CALL: Time now for upgrades and down=\ngrades.=20\nSalomon Smith Barney downgrades Microsoft (URL: http://www.microsoft.com/) =\nto neutral from outperform saying the company`s earnings estimates too aggr=\nessive in light of the economic conditions.\nGoldman Sachs, as we heard from Chris, removing three energy firms; Enron (=\nURL: http://.www.enron.com/) , Dynegy (URL: http://www.dynegy.com/) and Wil=\nliams (URL: http://www.williamsenergy.com/) , from the recommended list.=20\nDynegy was expected to buy the troubled Enron. It is still, but it`s rated =\nmarket perform now as is Enron. Williams rated market outperform. Goldman s=\nays it`s concerned about Enron`s ability to recover from the loss of signif=\nicant business deals and sees no positive catalysts for the entire group la=\nrgely due to the problems in Enron.=20\nOn the upside, Deutsche Bank is raising Xerox (URL: http://www.xerox.com/) =\nto buy from market perform saying it`s pleased with the company`s turnaroun=\nd strategy. We`re going to talk about that in detail when we speak with the=\n analyst who made that call in just a moment.=20\nFirst, we want to take a look at how these stocks are trading. Entire group=\n is down with the exception of Xerox. It`s up 15 cents.=20\nPeter Ausnit is imaging analyst at Deutsche Bank Alex. Brown and joins us.=\n=20\nAnd thanks for joining us here on MARKET CALL. What is it about Xerox you l=\nike?=20\nPETER AUSNIT, IMAGING ANALYST, DEUTSCHE BANK ALEX. BROWN: Well I think the =\ncompany`s really put its liquidity concerns behind it and now investors can=\n look at the long-term picture, which is much brighter.=20\nCHARLES KADLEC, J&W SELIGMAN: Peter, it`s Chuck Kadlec. Good morning. Is th=\nis is a heroic recommendation here? Is this - should we consider this more =\nof a speculative investment or is this something that a conservative invest=\nor ought to be interested in?=20\nAUSNIT: I think investors should be interested in this if, over the next se=\nveral quarters - in the near-term, the conditions are still quite difficult=\n but over the long-term it`s not that speculative. Xerox has a large instal=\nl base, a tremendous sales and service force and can probably return to ind=\nustry standard margins.=20\nKADLEC: As you say, this probably depends on management`s ability to execut=\ne here. Why do you believe this management is going to be able to execute t=\nheir strategy?=20\nAUSNIT: Well their track records during the turnaround has been fairly stro=\nng and the strategy has made a lot of sense. They`ve sold a lot of business=\nes. They`ve done most of the things they promised to do such as bring on ne=\nw third party equipment financing and they`re going to bring on a new CFO a=\ns well.=20\nSCHAFFLER: Peter Ausnit of Deutsche Bank Alex. Brown, thanks for joining us=\n.=20\n\n\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\nUSA: RESEARCH ALERT-Enron, Dynegy cut by Goldman.\n\n11/21/2001\nReuters English News Service\n(C) Reuters Limited 2001.\nNEW YORK, Nov 21 (Reuters) - Goldman Sachs said on Wednesday it removed mer=\nger partners Enron Corp. and Dynegy Inc. from its \"recommended list\" and do=\nwngraded the stocks to \"market perform.\"=20\nGoldman said it cut Enron's 2001 earnings estimate to $1.35 a share, and cu=\nt the 2002 estimate to 50 cents a share amid concerns about \"new and major\"=\n liquidity issues, and the company's ability to recover the business that h=\nas been lost.\nThe firm said the cash infusion from Dynegy \"appears inadequate to restore =\nthe confidence of Enron customers.\"=20\nIt said Dynegy and Williams Cos Inc. have \"excellent long-term prospects,\" =\nbut valuations throughout the sector may be under pressure until Enron's is=\nsues are resolved.=20\nShares of Enron closed at $6.99 on Tuesday, while Dynegy closed at $41.70. =\nShares of Williams closed at $29.26.\n\n\n\nCopyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09\nEnron Gets Extension on $690 Mln Note Due Next Week (Update1)\n2001-11-21 12:38 (New York)\n\nEnron Gets Extension on $690 Mln Note Due Next Week (Update1)\n\n (Updates with amount of debt in fourth paragraph.)\n\n Houston, Nov. 21 (Bloomberg) -- Enron Corp., whose shares had\ndropped 92 percent this year amid a financial crisis, said lenders\nextended to mid-December the payment date on a $690 million note\ndue next week.\n\n Enron, which agreed to be bought out by rival energy trader\nDynegy Inc. in a transaction now valued at more than $23 billion,\nsaid earlier this week a drop in its credit rating may force it to\nrepay the $690 million note. The repayment would strain cash\nreserves Enron needs to back its trading operations, investors and\nanalysts said.\n\n The Houston-based company didn't say in its release who holds\nthe note, which is owed by an affiliated partnership that owns\nBrazilian natural-gas assets and was backed by Enron.\n The note is held by a group of banks led by the Citibank unit\nof Citigroup Inc., Standard & Poor's said in a press release\nyesterday.\n\n Enron also is in discussions with other lenders on a\nrestructuring of its debt, the company said in a statement\ndistributed by PR Newswire.\n\n ``We believe the interests of Chase and Enron's other primary\nlenders are aligned in this restructuring effort,'' James Lee,\nvice president of JP Morgan Chase & Co., said in the Enron\nstatement. ``We will work with Enron and its other primary lenders\nto develop a plan to strengthen Enron's financial position up to\nand through its merger with Dynegy.'' Morgan has been advising\nEnron on its merger with Dynegy.\n\n Enron said yesterday it may have to pay $9.15 billion in debt\ndue by 2003, suggesting the company may run out of cash before the\nmerger closes. Dynegy has said the merger should close before the\nend of the third quarter of 2002.\n\n Enron said in a regulatory filing that it has less than $2\nbillion in cash or credit lines.\n\n Shares of Enron, the most active stock in U.S. trading, fell\n$1.79, or 23 percent, to $5.20 in midday trading. Before the\nannouncement that it had renegotiated the $690 million note, its\nshares had fallen as much as 42.78 percent, the lowest level in\nmore than a decade.\n\n Dynegy fell $2.50, or 6 percent, to $39.20. Shares of\nChevronTexaco Corp., which owns 26 percent of Dynegy, rose 49\ncents to $87.02\n\n\n\nEnron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)\n2001-11-21 11:49 (New York)\n\nEnron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)\n\n (Adds analyst comment in fourth paragraph.)\n\n Houston, Nov. 21, (Bloomberg) -- Shares of Enron Corp., the\nbiggest energy trader, and Dynegy Inc. fell for a second day on\nconcern Enron may run out of cash before its takeover by Dynegy\ncan be completed.\n\n Enron tumbled as much as 33 percent, and Dynegy dropped as\nmuch as 6.7 percent. Enron's bonds also fell. The company's 6.4\npercent notes maturing in July 2006 were bid at 62 cents and\noffered at 66 cents, traders said. They sold at about 72 cents\nyesterday.\n\n Institutional investors sold shares of both companies after\nGoldman, Sachs & Co. analyst David Fleischer downgraded them to\n``market perform'' from his ``recommend'' list, other analysts\nsaid.\n\n The Dynegy bid ``did not eliminate customer concerns about\nEnron's liquidity and long-term viability,'' Goldman Sachs said\nin its report. ``We now believe that it will be difficult for\nEnron shares to generate strong returns until it is clear that\nEnron can operate on a normal basis without having to provide\ncash or letters of credit to back routine transactions.''\n\n Fleischer also cut his 2002 profit estimate for Enron to 50\ncents from $1.35. Enron had been expected to make $1.90 next\nyear, the average estimate of 16 analysts surveyed by Thomson\nFinancial/First Call.\n\n Enron said Monday it may have to pay $9.15 billion in debt\ndue by 2003, suggesting the Houston-based energy trader may run\nout of cash. The company said in a regulatory filing it has less\nthan $2 billion in cash or credit lines.\n\n It also surprised some investors by saying a drop in its\ncredit rating may force it to repay a $690 million note next\nweek. Enron said yesterday the terms of the notes, which it\nguaranteed for an affiliated partnership that owns Brazilian\nnatural-gas assets, are being renegotiated and that it had a\n``verbal indications'' that the maturity of the notes will be\nextended.\n\n The company's dealings with affiliated partnerships led to\nearnings restatements, credit-rating cuts, a federal\ninvestigation and a management shakeup. Dynegy plans to complete\nits buyout by October, and Enron may have to ask lenders to\nrestructure payment schedules.\n\n Mirant Corp., Aquila Inc. and other big energy traders are\ndoing fewer transactions with Enron as concerns increase about\nits credit rating and ability to finance daily business,\nexecutives said yesterday.\n\n Enron's stock fell $2.28, or 32 percent, to $4.71 in\nlate-morning trading. Earlier, it touched $4.67, its lowest price\nin more than a decade. The shares have plummeted 92 percent this\nyear. Dynegy fell $2.70, or 6.5 percent, to $39.00. The shares\nhad dropped 26 percent this year.\n\n\n\nU.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint\n2001-11-21 10:24 (New York)\n\nU.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint\n\n New York, Nov. 21 (Bloomberg) -- The following is a list of\ncompanies whose shares are moving in U.S. markets Wednesday, Nov.\n21. The stock symbol is in parentheses after the company name.\n\nMajor Moving Stocks:\n\n Enron Corp. (ENE) fell $1.54, or 22 percent, to $5.45 and\ntraded as low as $5.44. The energy trader shares fell for a second\nday on concern Enron may run out of cash before its takeover by\nDynegy Inc. (DYN) can be completed.\n\nOther Moving Stocks:\n\n Cardiac Science Inc. (DFIB) rose 51 cents, or 16 percent, to\n$3.65 and traded as high as $3.89. The maker of equipment used to\nrestore a normal heartbeat to patients in cardiac arrest said the\nSan Diego City Council approved an agreement for the company to\ndeploy automated external defibrillators in the region. The\ncompany made the announcement in a press release distributed by PR\nNewswire. Officials couldn't immediately be reached to comment.\n\n Guidant Corp. (GDT) rose $4.18, or 8.9 percent, to $51 and\ntraded as high as $51.50. The maker of products to treat heart\ndisease said a study showed implantable defibrillators cut deaths\nby 30 percent in heart-attack survivors, potentially expanding the\n$1.9 billion market for the product.\n\n Portal Software Inc. (PRSF) fell 34 cents, or 15 percent, to\n$1.89 and traded as low as $1.64. The provider of Internet-billing\nprograms said in a release distributed by Business Wire that it\nforecasts a loss of 9 cents to 10 cents a share in the fourth\nquarter ending Jan. 31. The company is expected to lose 11 cents,\nthe average estimate of analysts surveyed by First Call. Officials\ncouldn't be reached to comment.\n\n TriQuint Semiconductor Inc. (TQNT) fell $1.99, or 10 percent,\nto $17.56 and traded as low as $17.35. The communications-\nequipment chipmaker said it would report fourth- and first-quarter\nresults at the low end of previous forecasts. TriQuint was cut to\n``neutral'' from ``buy'' in a report by U.S. Bancorp Piper Jaffray\nCos. analyst Samuel May.\n\nTickers: ENE DFIB GDT TQNT\n\n Money flows, the difference between the value of trades made\nat a higher price than the previous trade and those made at a\nlower price, may also appear for some stocks. These inflows and\noutflows show whether people are willing to pay more for a stock\nthat's rising, or to sell a stock that's falling for less. If not\nit's a signal the share price may soon change direction.\n\n\n\nEnron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid\n2001-11-21 09:57 (New York)\n\nEnron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid\n\n Houston, Nov. 21, (Bloomberg) -- Shares in Enron Corp. and\nDynegy Inc. fell for a second day on concern Enron may run out of\ncash before its takeover by Dynegy can be completed.\n\n Enron fell $1.37, or 20 percent to $5.62 in early trading.\nDynegy fell $1.95, or 4.7 percent, to $39.75.\n\n Enron bonds extended declines. The company's 6.4 percent\nnotes maturing in July 2006 were bid at 60 cents and offered at 68\ncents, traders said. They traded at about 72 cents yesterday.\n\n\n\nEnron Corp. Cut to `Market Perform' at Goldman Sachs\n2001-11-21 08:46 (New York)\n\n Princeton, New Jersey, Nov. 21 (Bloomberg Data) -- Enron Corp. (ENE US=\n)\nwas downgraded to ``market perform'' from ``recommend list'' by analyst Dav=\nid\nN Fleischer at Goldman, Sachs & Co.\n\nEarnings estimates: Period Previous estimate New estimate\nper share (USD) FY 2001 1.80 1.35\n FY 2002 2.15 0.50\n\n\n\nEnron Says Lenders Extend $690 Mln Note Payment to Mid-December\n2001-11-21 12:10 (New York)\n\nEnron Says Lenders Extend $690 Mln Note Payment to Mid-December\n\n Houston, Nov. 21 (Bloomberg) -- Enron Corp. said its lenders\nextended to mid-December the payment date on a $690 million note,\ngiving the debt-laden energy trader more time to restructure its\nfinances.\n\n Enron said it's still committed to a takeover by Dynegy Inc.\nThe company said it secured the remaining $450 million of a\npreviously announced $1 billion credit line.\n\n Enron shares pared losses after the announcement of the debt\nextension. The stock fell $1.54, or 22 percent, to $5.45 in midday\ntrading.\n\n\n\nPlunge Says End Is Near at Enron\n\nBy Peter Eavis \nSenior Columnist\n11/21/2001 12:32 PM EST\nEnron (ENE :NYSE=\n - news - commentary=\n - research - analysis) shares plunged a second straight day Wednesday as fear mo=\nunted that the struggling energy trader's bailout merger plan will unravel.=\n=20\nA potentially lethal cash crunch appears to be gripping Enron, even though =\nits planned acquirer Dynegy (DYN :NYSE - news - commentary - research - analysis) has injected $1.5 billion of cash, =\nand banks have opened new credit lines. An Enron collapse would cause weeks=\n of dislocation in the energy markets that would damage other energy trader=\ns, and it would cause big losses for the Houston company's creditors.=20\nJust before noon EST, Enron announced in a press release that it had extend=\ned to mid-December a $690 million obligation that was due next week. It als=\no said that it had agreed with its bankers to draw down the remaining $450 =\nmillion of a previously announced $1 billion secured credit line that has J=\n.P. Morgan Chase as its lead banker.=20\nInvestors have been fleeing Enron since the company last month disclosed a =\n$1.2 billion writedown to unwind some related-party hedging transactions. T=\nhe Securities and Exchange Commission is probing Enron deals with related p=\narties. The October disclosure made investors uneasy because it suggested t=\nhe company hadn't been forthcoming about the true state of its finances, an=\nd it showed that Enron was facing serious liquidity problems.=20\nThose fears were temporarily quieted earlier this month when Enron agreed t=\no be acquired by smaller rival Dynegy. But Enron's disclosure Monday that i=\nt faces additional earnings and financing troubles renewed the rush to the =\nexits. In the Wednesday release, Enron CEO Ken Lay said his company was sti=\nll committed to the merger: \"We continue to believe that this merger is in =\nthe best interests of our shareholders, employees and lenders.\" Dynegy late=\nr issued a press release indicating it is \"continuing our confirmatory due =\ndiligence\" regarding the merger. Neither Enron nor Dynegy returned calls se=\neking comment.=20\nAfter plunging 23% Tuesday to $6.99, Enron was down a staggering 34% at one=\n point Wednesday. It moved slightly higher after the midday press release t=\no trade at $4.90. Enron shares have lost more than 80% of their value since=\n the company issued its third-quarter earnings release last month. Dynegy d=\nropped $2.44, to $39.26, though it remains substantially above premerger le=\nvels.=20\nAt the heart of Enron's trouble is the sense that the company isn't letting=\n on the full extent of its troubles. The selloff in Enron shares began in e=\narnest Oct. 16, when the company disclosed in an earnings conference call t=\nhat it would take a $1.2 billion writedown to unwind some related-party tra=\nnsactions. Critics of the company said those deals, in which the company di=\nd business with separate entities involving Enron managers, raised serious =\nethical and disclosure issues.=20\nThe Dynegy merger was taken as a vote of confidence for Enron, since as a b=\nig trading partner Dynegy would appear to have a solid grasp of Enron's sit=\nuation. As a result, shares in both companies rallied after the deal's anno=\nuncement. But Monday's disclosure that Enron faced $690 million in bond pay=\nments next week reignited worries that the company faced steeper challenges=\n than it has detailed. According to a Merrill Lynch report cited in The New=\n York Times Wednesday, Dynegy wasn't aware of the $690 million obligation. =\nCritics of the deal wondered whether Enron had told Dynegy about all its ob=\nligations. =20\nLiquidity fears have also been rekindled by information contained in a fili=\nng of quarterly results that show the company consumed as much as $5 billio=\nn of cash in recent weeks. By the end of 2002, Enron has to find around $9 =\nbillion to pay back various obligations. It had $1.2 billion in cash on han=\nd as of Nov. 16, according to the filing.=20\nTellingly, Dynegy shares haven't plunged along with Enron, suggesting that =\ninvestors see a collapse of the merger as catastrophic for Enron but not fo=\nr Dynegy. At current levels, Enron shares are trading at more than a 50% di=\nscount to the Dynegy offer.=20\nJ.P. Morgan has taken a leading role in helping Enron. It has lent funds an=\nd it helped restructure the $690 million obligation. The bank's stock was d=\nown 78 cents to $38.62. \"We will work with Enron and its other primary lend=\ners to develop a plan to strengthen Enron's financial position up to and th=\nrough its merger with Dynegy,\" said James Lee, a top banker at Morgan, in t=\nhe Enron release.=20\n\nFrom CBS.MarketWatch.com, online at:\n\nDYNEGY, ENRON SAY MERGER TO PROCEED\n\nBy Myra P. Saefong\n\n1:52 PM ET Nov 21, 2001\n\nWASHINGTON (CBS.MW) -- Merger partners Enron and Dynegy restated their\ncommitment Wednesday to completing a deal, on the heels of embattled\nEnron's announcement that its lead lender granted it more time to pay\noff a $690 million note set to come due next week.\n\n\"We are continuing our confirmatory due diligence and working to\naccelerate the regulatory approvals required to complete the merger,\"\nsaid Chuck Watson, Dynegy's chairman and chief executive, in a\nstatement.\n\nShares of Enron (ENE) recovered slightly in afternoon trading but\nremained under pressure.\n\n\nOn heavy volume, the stock -- which had touched $4 earlier in the\nsession -- was down $1.83 to trade at $5.16, a new 10-year low. Some 84\nmillion shares had changed hands.\n\nEnron declined 23 percent Tuesday after the company revealed the\nupcoming debt deadline and restated its earnings.\n\nMeanwhile, Dynegy shares lost $1.83 to stand at $39.87.\n\nEnron said that the lead bank on the $690 million debt agreed to extend\nthe maturity date to mid-December, which will give the company time to\nrestructure the facility, and added it expects to further restructure\nits debt.\n\n\"We ... believe we can identify a mutually beneficial restructuring to\nenhance our cash position, strengthen our balance sheet, and address\nupcoming maturities,\" said Jeff McMahon, chief financial officer, in a\nstatement.\n\nJ.P. Morgan Chase &amp; Co. said it and other lenders are committed to\nhelping Enron improve its financial position.\n\nAlso, Enron reaffirmed its commitment to a merger with Dynegy and said\nit closed on a previously announced $450 million line of credit from\nJ.P. Morgan, collateralized by the company's Northern Natural Gas Co.\n\nEnron -- which is being acquired by its smaller rival Dynegy (DYN) at a\nfire-sale price -- revealed in a Securities and Exchange Commission\nfiling Monday that it had to pay off or refinance $690 million in debt\nobligations by next Monday or risk triggering nearly $4 billion in\nadditional payments.\n\nIf Enron had missed that deadline and didn't post collateral, investors\nhad the right to demand immediate liquidation of the assets of one of\nEnron's limited partnerships, the unusual business entities at the\ncenter of the company's murky transactions currently under\ninvestigation.\n\nThe SEC filing of Monday also contained yet another restatement of\nfinancial results on the heels of a similar filing that disclosed more\nthan four years of restated earnings figures.\n\n\nEarlier Wednesday, Goldman Sachs lowered its rating on Enron's stock to\n\"market performer\" from its \"U.S. recommended list,\" citing \"major\"\nliquidity issues and concerns over whether the company can recover the\nbusiness it has lost.\n\nCIBC World Markets also cut Enron to a \"hold\" from a \"buy.\"\n\nCommerzbank weighed in Wednesday, saying Enron's viability is in doubt.\n\n\"We believe the filing clearly shows that Enron remains in a precarious\nfinancial position and its status as a going concern is much in doubt,\"\nanalysts Andre Meade and Andrew Smith wrote. \"It appears that Enron's\nsituation could worsen in a number of ways.\"\n\nThough Enron's most recent disclosures shed more light on the fiscal\nsituation, Meade and Smith characterized the information as \"piecemeal.\"\n\n\"It appears that the full extent of Enron's problems is not currently\nknown,\" they said in a note, cautioning clients against investing in\nEnron."},"Sender":{"kind":"string","value":"courtney.votaw@enron.com"},"Receiver(s)":{"kind":"string","value":""},"__index_level_0__":{"kind":"number","value":5580,"string":"5,580"}}},{"rowIdx":2561,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/709."},"message":{"kind":"string","value":"Energy update ,\n - energy111901.doc"},"Sender":{"kind":"string","value":"msagel@home.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5581,"string":"5,581"}}},{"rowIdx":2562,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/71."},"message":{"kind":"string","value":"RE: ,\n I think that sounds awesome - I'll see if I can get out. I'll let you know ASAP! MSA\n\n -----Original Message-----\nFrom: \tArnold, John \nSent:\tMonday, October 08, 2001 10:35 AM\nTo:\tAllen, Margaret\nSubject:\t\n\nwant to play hookie and go to the bb game tomorrow at noon?"},"Sender":{"kind":"string","value":"margaret.allen@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5582,"string":"5,582"}}},{"rowIdx":2563,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/711."},"message":{"kind":"string","value":" Sunday Access ,\n YOU HAVE ACCESS TO COME IN THE BUILDING ON SUNDAY BETWEEN 2:00 PM AND 6:00 PM. YOU'RE NAME WILL BE ON A LIST AT THE DOOR ON THE 6TH FLOOR. THERE WILL BE IT SUPPORT ON THE FLOOR TO HELP YOU IF YOU HAVE ANY PROBLEMS WITH YOUR SYSTEMS. \n\nTHANK YOU\nIna Rangel\nAdministrative Coordinator\nEnron North America\n713-853-7257 Voice\n713-646-3604 Fax"},"Sender":{"kind":"string","value":"ina.rangel@enron.com"},"Receiver(s)":{"kind":"string","value":"trading <.williams@enron.com>, geoff.storey@enron.com, h..lewis@enron.com, "},"__index_level_0__":{"kind":"number","value":5584,"string":"5,584"}}},{"rowIdx":2564,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/712."},"message":{"kind":"string","value":"FW: FW: TOP 50 GAS CPS - AS OF 11-14-01 ,\n -----Original Message-----\nFrom: \tSweitzer, Tara \nSent:\tThursday, November 15, 2001 11:33 AM\nTo:\tPuthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy\nSubject:\tFW: TOP 50 GAS CPS - AS OF 11-14-01\n\nSavita,\n\nThe numbers on this report have been verified. \n\n\n \n\n\nThanks\nTara"},"Sender":{"kind":"string","value":"savita.puthigai@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5585,"string":"5,585"}}},{"rowIdx":2565,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/713."},"message":{"kind":"string","value":"RE: Trading Track - New participants (rotations assgined) ,\n Hi John,\n \nWe are not moving forward with the external offers at this point and only concentrating on internal. However, I have adivsed them I would keep in touch with them - should this change I will give you a call and give you an update.\n \nThanks,\n \nKaren.\n \n \n\n-----Original Message-----\nFrom: Arnold, John \nSent: Wednesday, November 14, 2001 8:45 PM\nTo: Buckley, Karen\nSubject: RE: Trading Track - New participants (rotations assgined)\n\n\nDid we hear a response from the guy who works on the floor of the Nymex?\n \n-----Original Message----- \nFrom: Buckley, Karen \nSent: Tue 11/13/2001 5:22 PM \nTo: Allen, Phillip K.; Arnold, John; Bentley, Corry; Black, Don; Davis, Mark Dana; Gaskill, Chris; Gossett, Jeffrey C.; Grigsby, Mike; Herndon, Rogers; Martin, Thomas A.; Meyn, Jim; McMichael Jr., Ed; Mrha, Jean; Neal, Scott; Presto, Kevin M.; Schwieger, Jim; Shively, Hunter S.; Sturm, Fletcher J.; Superty, Robert; Will, Lloyd \nCc: Lavorato, John \nSubject: Trading Track - New participants (rotations assgined)\n\n\n\n<> \n\n\nAll, \n\nThe attached spreadsheet outlines the rotations for the internal new hires to the Trading Track. I will be meeting with the new TT A&A tomorrow, and subject to them signing all associated documentation, they will join the Track immediately.\n\nLet me know if you have any questions with respect to the rotations outlined and we can make the appropriate changes as we move forward.\n\nThanks, \n\n\nKaren B. \nx54667"},"Sender":{"kind":"string","value":"karen.buckley@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5586,"string":"5,586"}}},{"rowIdx":2566,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/716."},"message":{"kind":"string","value":" TOP 50 GAS CPS - AS OF 11-13-01 ,\n Hi John,\n\n\nHere is your report for today. \n\nI also need to get your opinion on the following matter. \n\nWe have been working on a new look and feel for EnronOnline that includes expanded order functionality. This was expected to be released sometime in January. We think going ahead will act as an indicator that as far as our core businesses are concerned it is business as usual and we are contiuing to develop the platform.\n\nBefore proceeding however we would like to get your opinion on whether this is something we should even be considering at this point . I also have some screen shots that I will bring by after trading for you to take a look at. I aprreciate your help. \n\n\n \nSavita"},"Sender":{"kind":"string","value":"savita.puthigai@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5589,"string":"5,589"}}},{"rowIdx":2567,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/717."},"message":{"kind":"string","value":"RE: Monday bike workout ,\n andy, you are da man. thanks!\n\n -----Original Message-----\nFrom: \tCoyle, John \nSent:\tTuesday, November 06, 2001 9:47 AM\nTo:\tSorak, Philip; 'android@houston.rr.com'; Huff, Jeff; Niezgoda, Stephen; Romine, Brad; Arnold, Matthew; Arnold, John; Robins, Bryan\nCc:\tCocks, Christopher\nSubject:\tRE: Monday bike workout\n\nWe are riding again tonight ~6:30pm at Memorial - pacing - Andy Walker's leading 20 laps at 23mph. We can switch off behind him.\n\nThanks Andy.\n\n-John\n -----Original Message-----\nFrom: \tSorak, Philip \nSent:\tTuesday, November 06, 2001 9:02 AM\nTo:\tCoyle, John\nSubject:\tRE: Monday bike workout\n\nSorry I missed the biking - had a plumbing disaster, but was able to fix it myself!!\n\nCamera is the same resolution as yours, I believe - 3.3 Megapixel. The lens was updated - lower F-stop - lets more light in.\n\nLet me know about Pho!\n\n-------------------------------------------------\nPhilip Sorak\nManager, Enron Networks\nOffice: 713-345-6448\nCell : 713-501-9830\nEmail: phil.sorak@enron.net\n\n -----Original Message-----\nFrom: \tCoyle, John \nSent:\tMonday, November 05, 2001 2:28 PM\nTo:\tSorak, Philip\nSubject:\tRE: Monday bike workout\n\nGreat pic - is that the camera with the ultra high resolution?\n\nCurrent plans are 7pm memorial. Pho tomorrow may work...\n\n -----Original Message-----\nFrom: \tSorak, Philip \nSent:\tFriday, November 02, 2001 11:12 AM\nTo:\tCoyle, John\nSubject:\tRE: Monday bike workout\n\nI'm doing great! Tina and I just got back from a trip to Yosemite, Kings Canyon, and Sequoia National Parks. Check out this photo:\n\n << File: test0108.JPG >> \nTina bought me the Olympus c-3040 for my birthday - latest version of the one you and Jeff have.\n\nI don't have a bike, but will see if I can borrow Dan's.\n\nIf I don't make it Monday night, how about Pho on Tuesday?\n\n-------------------------------------------------\nPhilip Sorak\nManager, Enron Networks\nOffice: 713-345-6448\nCell : 713-501-9830\nEmail: phil.sorak@enron.net\n\n -----Original Message-----\nFrom: \tCoyle, John \nSent:\tFriday, November 02, 2001 10:55 AM\nTo:\tSorak, Philip\nSubject:\tRE: Monday bike workout\n\nIt is dark but they light it up pretty good. How are you buddy? Do you have a road bike?\n\n -----Original Message-----\nFrom: \tSorak, Philip \nSent:\tFriday, November 02, 2001 10:53 AM\nTo:\tCoyle, John\nSubject:\tRE: Monday bike workout\n\nIsn't it dark by then? Or do they light the loop?\n\n-------------------------------------------------\nPhilip Sorak\nManager, Enron Networks\nOffice: 713-345-6448\nCell : 713-501-9830\nEmail: phil.sorak@enron.net\n\n -----Original Message-----\nFrom: \tCoyle, John \nSent:\tFriday, November 02, 2001 10:52 AM\nTo:\tNiezgoda, Stephen; Cocks, Christopher; Huff, Jeff; Romine, Brad; Arnold, Matthew; Robins, Bryan; Arnold, John; Sorak, Philip\nSubject:\tMonday bike workout\n\n15 miles of spinning - Monday 7pm - Memorial park\n\nHuff's got the new fancy machine - check it out!"},"Sender":{"kind":"string","value":"jeff.huff@enron.com"},"Receiver(s)":{"kind":"string","value":"john.coyle@enron.com, philip.sorak@enron.com, brad.romine@enron.com, "},"__index_level_0__":{"kind":"number","value":5590,"string":"5,590"}}},{"rowIdx":2568,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/718."},"message":{"kind":"string","value":"FW: PIRA's Natural Gas Pipeline Study ,\n -----Original Message-----\nFrom: Jeff Steele [mailto:jsteele@pira.com]\nSent: Monday, November 05, 2001 1:03 PM\nTo: Fraser, Jennifer; EGMContent\nSubject: PIRA's Natural Gas Pipeline Study\n\n\nJen,\n \nDid you round up any interest at Enron in PIRA's new gas pipeline study, \"The Price of Reliability: Stretching Infrastructure to New Frontiers\"? \n \nPlease let me know.\n \nRegards,\n \nJeff\nPIRA"},"Sender":{"kind":"string","value":"jennifer.fraser@enron.com"},"Receiver(s)":{"kind":"string","value":"a..gomez@enron.com, john.arnold@enron.com, chris.gaskill@enron.com"},"__index_level_0__":{"kind":"number","value":5591,"string":"5,591"}}},{"rowIdx":2569,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/719."},"message":{"kind":"string","value":" ,\n John, \tWe are not pulling the25 million today. No one from Man\nshould have demanded anything from you today. Eddie"},"Sender":{"kind":"string","value":"edmundg@manfinancial.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5592,"string":"5,592"}}},{"rowIdx":2570,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/72."},"message":{"kind":"string","value":"25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT ,\n YA HEARING ANYTHING ON THIS\n\nGEORGE DOWN--CRUDE FLOOR EVACUATED AND BROUGHT BACK"},"Sender":{"kind":"string","value":"jennifer.fraser@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5593,"string":"5,593"}}},{"rowIdx":2571,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/720."},"message":{"kind":"string","value":"RE: Monday bike workout ,\n We are riding again tonight ~6:30pm at Memorial - pacing - Andy Walker's leading 20 laps at 23mph. We can switch off behind him.\n\nThanks Andy.\n\n-John\n -----Original Message-----\nFrom: \tSorak, Philip \nSent:\tTuesday, November 06, 2001 9:02 AM\nTo:\tCoyle, John\nSubject:\tRE: Monday bike workout\n\nSorry I missed the biking - had a plumbing disaster, but was able to fix it myself!!\n\nCamera is the same resolution as yours, I believe - 3.3 Megapixel. The lens was updated - lower F-stop - lets more light in.\n\nLet me know about Pho!\n\n-------------------------------------------------\nPhilip Sorak\nManager, Enron Networks\nOffice: 713-345-6448\nCell : 713-501-9830\nEmail: phil.sorak@enron.net\n\n -----Original Message-----\nFrom: \tCoyle, John \nSent:\tMonday, November 05, 2001 2:28 PM\nTo:\tSorak, Philip\nSubject:\tRE: Monday bike workout\n\nGreat pic - is that the camera with the ultra high resolution?\n\nCurrent plans are 7pm memorial. Pho tomorrow may work...\n\n -----Original Message-----\nFrom: \tSorak, Philip \nSent:\tFriday, November 02, 2001 11:12 AM\nTo:\tCoyle, John\nSubject:\tRE: Monday bike workout\n\nI'm doing great! Tina and I just got back from a trip to Yosemite, Kings Canyon, and Sequoia National Parks. Check out this photo:\n\n << File: test0108.JPG >> \nTina bought me the Olympus c-3040 for my birthday - latest version of the one you and Jeff have.\n\nI don't have a bike, but will see if I can borrow Dan's.\n\nIf I don't make it Monday night, how about Pho on Tuesday?\n\n-------------------------------------------------\nPhilip Sorak\nManager, Enron Networks\nOffice: 713-345-6448\nCell : 713-501-9830\nEmail: phil.sorak@enron.net\n\n -----Original Message-----\nFrom: \tCoyle, John \nSent:\tFriday, November 02, 2001 10:55 AM\nTo:\tSorak, Philip\nSubject:\tRE: Monday bike workout\n\nIt is dark but they light it up pretty good. How are you buddy? Do you have a road bike?\n\n -----Original Message-----\nFrom: \tSorak, Philip \nSent:\tFriday, November 02, 2001 10:53 AM\nTo:\tCoyle, John\nSubject:\tRE: Monday bike workout\n\nIsn't it dark by then? Or do they light the loop?\n\n-------------------------------------------------\nPhilip Sorak\nManager, Enron Networks\nOffice: 713-345-6448\nCell : 713-501-9830\nEmail: phil.sorak@enron.net\n\n -----Original Message-----\nFrom: \tCoyle, John \nSent:\tFriday, November 02, 2001 10:52 AM\nTo:\tNiezgoda, Stephen; Cocks, Christopher; Huff, Jeff; Romine, Brad; Arnold, Matthew; Robins, Bryan; Arnold, John; Sorak, Philip\nSubject:\tMonday bike workout\n\n15 miles of spinning - Monday 7pm - Memorial park\n\nHuff's got the new fancy machine - check it out!"},"Sender":{"kind":"string","value":"john.coyle@enron.com"},"Receiver(s)":{"kind":"string","value":"philip.sorak@enron.com, stephen.niezgoda@enron.com, brad.romine@enron.com, "},"__index_level_0__":{"kind":"number","value":5594,"string":"5,594"}}},{"rowIdx":2572,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/721."},"message":{"kind":"string","value":"customer positions/market ,\n hi.. i know you are under tremendous pressure. i'd like to help in any way possible to clean things up.. if you have not already completely gone down this path, i can help with the banks and marketers up here..i know all of them. for example, we are loking at unwinding a 12 year deal CSFB has on with us. most of the banks hold reserve against specific deals.. this can increase depending on the counter. in the case of csfb, this is certainly the case... it can also be in our best interest to get deals off if we are paying money out to the counter.. this is the case with catequil (hedge fund) who holds 23M of our money- we are paying them Libor but borrowing at Libor + 350..\n \n+ looking into all this because we can take some money.. also good to just clear up lines as this has been a major impediment to bigger deals this year.\n \n+ campbell- can you give me 5 minutes to give them comfort we can clear ANYTHING they want.. \n \nmarket comment.. talking to pulaski today..put on the following through the floor today- strikes could be slightly different..\njan02- short 5 calls, long 3.75 calls, short 2.75 puts- 1200 lots\njun02- long 2.75 puts, short 3.75 calls- 1500 lots\n \nbasically playing small withdrawal scenerio in nov and dec and high end march storage.. wants to be max short summer but does not see big move till mid jan- willing to risk the 2.75 line on the jan options..\n \nseems contrary to what you've been talking about.. weak front, supported back...unless you do not see weakness till jan/feb...."},"Sender":{"kind":"string","value":"caroline.abramo@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5595,"string":"5,595"}}},{"rowIdx":2573,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/722."},"message":{"kind":"string","value":"Monday bike workout ,\n 15 miles of spinning - Monday 7pm - Memorial park\n\nHuff's got the new fancy machine - check it out!"},"Sender":{"kind":"string","value":"john.coyle@enron.com"},"Receiver(s)":{"kind":"string","value":"stephen.niezgoda@enron.com, christopher.cocks@enron.com, jeff.huff@enron.com, "},"__index_level_0__":{"kind":"number","value":5596,"string":"5,596"}}},{"rowIdx":2574,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/723."},"message":{"kind":"string","value":"FW: natural gas inquiry ,\n Hey John -\n\nYou're the only guy I know in Nat Gas. Please forward this to the right person. Thanks.\n\nLenny\n\n -----Original Message-----\nFrom: \tBrown, Ron X \nSent:\tTuesday, November 13, 2001 7:22 AM\nTo:\tHochschild, Lenny\nSubject:\tnatural gas inquiry\n\nHi Lenny,\n\nDon't know if you are involved in this area or not. I think maybe. Anyway, we have a refined lead contract with Hammond. The local buyer for Pottstown, PA is interested in getting information about natural gas for possible future use from ENRON. If you could contact him or direct him to the person that is in a position to help it would be appreciated. His name is, Joe Stewartz E-MAIL address is jstewartz@hmndgroup.com\ntelephone number (610) 327-1400 Fax number (610) 327-1255\n\nThanking you in advance and hope all is well with you.\n\nRegards,\nRon Brown"},"Sender":{"kind":"string","value":"lenny.hochschild@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5597,"string":"5,597"}}},{"rowIdx":2575,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/724."},"message":{"kind":"string","value":"Computer ,\n Can you get Enron online on Matthew's laptop? You could bring it. Or Bob\nwill be out of town and you could go over there and trade all you want. Of\ncourse I would tell him. Just let me know. I heard from Uncle Elmer, he\nsaid he has not forgotten about the computer and when he gets back from\nThanksgiving he will somewhere find a box in which to ship it. Thank you\nfor your offer to buy me one, but just save your money for now. I got\ntickets for the ballet! Do you know if you are flying or driving Wed? See\nyou soon. Love you, your Mom"},"Sender":{"kind":"string","value":"klarnold@flash.net"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5598,"string":"5,598"}}},{"rowIdx":2576,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/725."},"message":{"kind":"string","value":"Password changed. ,\n Your Yahoo! ID is: nymexdesk\n\nYour password for this account has recently been changed. You don't\nneed to do anything, this message is simply a notification to protect\nthe security of your account.\n\nPlease note: your new password may take a while to activate. If it\ndoesn't work on your first try, please try it again later.\n\nDO NOT REPLY TO THIS MESSAGE. For further help or to contact support,\nsee http://help.yahoo.com/help/edit/\n\n***************************************************************\nYou can always change your password by:\n1. signing in to any Yahoo! service,\n2. clicking on any \"Account Info\" link,\n3. choosing \"Change Password.\"\n\nIf you cannot find an \"Account Info\" link, you can find a \"Change\nPassword\" link in the following ways.\n\nMy Yahoo! (http://my.yahoo.com) or Yahoo! Chat (http://chat.yahoo.com)\nClick on \"Account Information\" on the upper right corner.\n\nYahoo! Mail (http://mail.yahoo.com)\nClick on \"Options\" in the left column. In the next screen, select\n\"User Information\" from the main screen.\n\nYahoo! Finance (http://finance.yahoo.com)\nClick on the \"My Yahoo! View.\" On your My Yahoo! page, click on\n\"Account Information\" on the upper right corner.\n\n\n\n[209.0.209.220]"},"Sender":{"kind":"string","value":"my-login-request@yahoo-inc.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5599,"string":"5,599"}}},{"rowIdx":2577,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/726."},"message":{"kind":"string","value":"RE: First Call Associates Contact Information ,\n John,\n\nYou suggested that I contact you today to see if you would have an interest\nin talking about our retained client's interest in you. Are you ready?\n\nAdrian\n\n -----Original Message-----\nFrom: \tAdrian Clark [mailto:AClark@firstcallassociates.com]\nSent:\tFriday, November 09, 2001 9:56 AM\nTo:\t'jarnold@enron.com'\nSubject:\tFirst Call Associates Contact Information\n\nJohn,\n\nI am the executive recruiter you spoke with today about a new job\nopportunity. Thanks very much for your time. As discussed, I've attached\nmy contact information. If by Monday you find yourself in a position where\nyou would be interested in discussing our retained client's interest in you,\nplease let me know when you are available to talk. If you have a prepared\nresume, please send that to me as well. Be assured that our discussions\nwill be completely confidential.\n\nYou can find more information about my firm at www.firstcallassociates.com.\nWe are very familiar with the nuances of the energy trading business and\nhave built relationships with many energy companies in North America\nenabling us to present qualified employees for their consideration.\n\nIn the meantime, most of our candidates (as you were), come referred to us\nby people we have worked with in the past. If you know any good people in\nfront, mid or back office positions who may be interested in new job\nopportunities, let me know or feel free to pass along my name. Any\nreferrals that result in placements will not be forgotten. Thanks again.\n\n << Message: Adrian Clark >>\nAdrian Clark\nDirector\nFirst Call Associates, Inc.\n8 Andrew Dr.\nCanton, CT 06019\n(860)693-4122\n(860)693-4118 (fax)"},"Sender":{"kind":"string","value":"aclark@firstcallassociates.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5600,"string":"5,600"}}},{"rowIdx":2578,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/727."},"message":{"kind":"string","value":" ,\n Wishing everyone (even those I forgot to put on the list) a very safe and joyous Thanksgiving Holiday.\n \n Best Wishes,\n Bill Perkins\n \nP.S\nI can be reached via cell phone if needed.\n \n \n \n \n \n \n - William Perkins.vcf"},"Sender":{"kind":"string","value":"gamma@concentric.net"},"Receiver(s)":{"kind":"string","value":"beale'.'jeff@enron.com, bussan.jeff@enron.com, pesot.jeff@enron.com, "},"__index_level_0__":{"kind":"number","value":5601,"string":"5,601"}}},{"rowIdx":2579,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/728."},"message":{"kind":"string","value":"FW: ,\n got this from late friday. have you ever heard of him ?\n-----Original Message-----\nFrom: jeff lawson [mailto:jeffreyskilling@yahoo.com]\nSent: Wednesday, November 21, 2001 2:13 PM\nTo: Zipper, Andy\nSubject: \n\n\nFuck you, you piece of shit. I can't wait to see you\ngo down with the ship like all the other vermin.\n\nSmug, paranoid, unhappy mother fucker.\n\nEat shit.\n\n__________________________________________________\nDo You Yahoo!?\nYahoo! GeoCities - quick and easy web site hosting, just $8.95/month.\nhttp://geocities.yahoo.com/ps/info1"},"Sender":{"kind":"string","value":"andy.zipper@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5602,"string":"5,602"}}},{"rowIdx":2580,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/729."},"message":{"kind":"string","value":"FW: FW: TOP 50 GAS CPS - AS OF 11-15-01 ,\n John,\nAttached is the Daily Counterparty Report.\nIf you have any questions, call me.\nJennifer\n3-5824\n\n -----Original Message-----\nFrom: \tSweitzer, Tara \nSent:\tFriday, November 16, 2001 12:00 PM\nTo:\tDenny, Jennifer; Puthigai, Savita; Moorer, Torrey; Johnson, Adam; George, Fraisy\nSubject:\tFW: TOP 50 GAS CPS - AS OF 11-15-01\n\nJennifer,\n\nThe Arnold report has been reviewed and looks good.\n\n\n \n\nThanks\nTara"},"Sender":{"kind":"string","value":"jennifer.denny@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5603,"string":"5,603"}}},{"rowIdx":2581,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/73."},"message":{"kind":"string","value":"RE: 25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT ,\n that means nothing..uk is giving away boxter for new employees ans slicing 10% at same time\n\n -----Original Message-----\nFrom: \tArnold, John \nSent:\tMonday, October 08, 2001 11:48 AM\nTo:\tFraser, Jennifer\nSubject:\tRE: 25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT\n\nno way. we're still paying $5000 for new employee referrals\n\n -----Original Message-----\nFrom: \tFraser, Jennifer \nSent:\tMonday, October 08, 2001 10:18 AM\nTo:\tArnold, John\nSubject:\t25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT\n\nYA HEARING ANYTHING ON THIS\n\nGEORGE DOWN--CRUDE FLOOR EVACUATED AND BROUGHT BACK"},"Sender":{"kind":"string","value":"jennifer.fraser@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5604,"string":"5,604"}}},{"rowIdx":2582,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/730."},"message":{"kind":"string","value":"RE: NG deal in California ,\n custy interest from sell side? or buy? \n \nsounds like the producers are pretty hedged?\n \nwhat do you think of the fact that production is disappointing?\n \nthat fact is keeping some from selling more (my guys).. but i argue that its already priced into the curve.. and economic outlook overwhelms..\n \n??\n\n-----Original Message-----\nFrom: Arnold, John \nSent: Tuesday, October 30, 2001 7:51 AM\nTo: Abramo, Caroline\nSubject: RE: NG deal in California\n\n\nnot much from customers lately. Customers waiting for market to stabilize before doing any hedging\n\n-----Original Message-----\nFrom: Abramo, Caroline \nSent: Tuesday, October 30, 2001 6:43 AM\nTo: Arnold, John\nSubject: RE: NG deal in California\n\n\nmorning.. i wrote the top and robyn bottom.. we sent the bottom part to the customer who brought the article to our attention.. I'd like to say i read the gas daily everyday but i miss it a lot..\n \nthere are a few things going on.. the client is long cy02/short cy03 socal.. and the deal last week impacts that position.. thats their interest.\n \nour interest is whether or not there are more of these deals coming.. which i was trying to figure out.\n \nwhat have you been seeing flow-wise lately?\n \n \n\n-----Original Message-----\nFrom: Arnold, John \nSent: Tuesday, October 30, 2001 7:34 AM\nTo: Abramo, Caroline\nSubject: RE: NG deal in California\n\n\nwho wrote the market commentary are at the bottom of this and who wrote the rest?\n\n-----Original Message-----\nFrom: Abramo, Caroline \nSent: Monday, October 29, 2001 4:44 PM\nTo: Arnold, John; Maggi, Mike\nCc: Quigley, Dutch; Griffith, John; Zivic, Robyn\nSubject: FW: NG deal in California\n\n\n\nsorry not to send this earlier..\n\ni checked out the dept water resources site.. (wwwowe.water.ca.gov).. nothing too illuminating except that their power costs have come down from over $300 in march to$45 this month but due to the nature the borrowing costs associated with the LT contracts, they will not be able to pass on much savings to consumers (gotta love that).\n\nwe were supposed to have received a copy of all their LT purchases in July. checking what happened there. we know that there were 54 contracts signed .. half linked to gas which covered 1/3 of cali's total needs (looks like for 10 years). some left open the possibility of the state procuring gas supplies for the plants.. dwr has signed 6 agreements w/ gas suppliers..pretty sure cali uses 25,000-45,000 MW per year which is about 70 contracts a day in gas terms. If they locked in 1/3.. it would be about 25/day.. the deal they just did was about 16/day for just cal02..probably waiting for curve to flatten further to do more..\n\nthey purchased another 500 MW in Aug - the 17th (all 10-12 years)..and to date it looks like they have not purchased anything (have been selling into the grid daily) but not liquidating any previously negotiated LT deals (LT is anything beyond 3 months).\n\nit sounds like they are planning on buying more of their gas requirements.. Sempra (who has LT power contracts with DWR and gives them the ability to buy 80% of their gas) said DWR had not purchased any gas yet.\n\n \n\n \n\nPls note story on page 5 & 6 of todays gas daily... \n\nmentions California Dept of Water looking to hedge gas purchases for long-term contracts. \n\nover the past few days we have seen Major Inv. Bk Buying Cal 02 Nymex Calls and the same bank buying Cal 02 Socal basis calls - very good size\n\nThis, we believe, is a hedge for this DWR story. The article mentions that they were \"looking at ways to expand its gas purchases\".\n\nThe article does not mention, nor do we know, how far out they are looking to purchase. \n\nSocal basis has moved on the back of this deal.... \nLast week: \nCal 02 = 9 cents Cal 03 = 20 cents \n\nToday \nCal 02 = 18.5 cents Cal 03 = 22 cents....so the spread has moved from 11 cent contango to 3.5 cents. \n\n<<102401.pdf>> \n\nOther than the call buying we saw related to this deal, the rest of the flow we are seeing is : sellers of vol. \nLast night settles: \nCal 02 vol 51.5% and Cal 03 vol 37.25% - and we are 1 % lower in Cal 02 since the open , and 0.5 % lower Cal 03."},"Sender":{"kind":"string","value":"caroline.abramo@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5605,"string":"5,605"}}},{"rowIdx":2583,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/731."},"message":{"kind":"string","value":"S+P Commodity Index ,\n hi- not sure if you saw this with all the crap going on lately or have seen these contracts trading..one of the traders in Calgary called me Friday- one of his clients called asking about this indirectly.. said that he had heard of a $1B fund that was being set up to replicate the index.. the index is 17.7% nat gas (the highest % of any commodity).. the client wondered if that had anything to do with the nat gas rally! i am trying to find out info on this $1 B fund.. no luck yet.. it would have a nice impact on the market if the fund had to buy 177M of nat gas contracts- 17,700 contracts in first 2 months..look at the 2 websites- www.nybot.com (the futures and options) are traded there and the s+p site www.spglobal.com ... the way they manage the futures is interesting..\n\nbasic weightings: \n\nenergy: 44.29% (natty-17.7, unleaded-9.7%, heat- 12.9, crude-4.12)\n\ngrains- 19.28%\n\nmeats- 10.98%\n\nmetals- 7.96%\n\nsofts- 11.98%\n\nfibers- 5.51%\n\nplease let me know if you have any info on this.\n\nthanks, c\n\n \n\n \n\nS&P and NYBOT Launch New Index Futures and Options Contracts\n\nNew York, NY, October 19, 2001 - The New York Board of Trade (NYBOT)\n, in partnership with Standard & Poor's, began trading futures contracts this morning on the S&P Commodity Index (SPCI) - a new standard for commodities pricing. Officials from the New York City Mayor's Office for Economic Development as well as NYBOT and Standard & Poor's presided over the launch.\n\nStandard & Poor's, a leading provider of global financial information and investment analysis, and the New York Board of Trade, a global marketplace for alternative investment products, developed the SPCI to bring greater definition to traded commodities as an investable asset class. The SPCI was introduced at a ceremony at NYBOT on August 9, 2001. The SPCI futures and options allow managers and investors to add real diversification to their portfolios through a single, transparent access point to the investment opportunities found in commodity futures markets. \n\n\"The launch of this new product so soon after the events of September 11, and on a trading floor so imaginatively developed before the event, allowing NYBOT to start trading so soon after the loss of its facility in lower Manhattan, is a testament to the strength and the resilience of New Yorkers,\" said Michael G. Carey, President, New York City Economic Development Corporation. \"Let no one doubt that New York is and continues to be the financial and trading capital of the world.\"\n\n\"To contribute successfully to long-term portfolio goals, an alternative asset should have certain key characteristics, namely a proper benchmark, transparency, liquidity, simplicity, cost efficiency and flexible trading capabilities,\" said NYBOT President and CEO Mark D. Fichtel. \"SPCI futures and options are among the few investment instruments that meet all the criteria for a real alternative asset. We believe that these new contracts will prove particularly valuable to investors and managers who need alternative investment strategies in these difficult economic times.\"\n\nThe NYBOT SPCI futures contract lists six active contract months (January, February, April, June, August, November). Expiration is the second Friday of the listed futures contract month, and the contract is cash settled. The futures contract is valued at $100 x the Index (current contract value approximately $100,000). Trading hours initially will be 10:00 AM to 4:00 PM (New York Time). Options on futures are also offered (see contract specifications). \n\n\"SPCI futures and options give investors a direct means to obtain exposure to a diversified commodity basket,\" said Robert Shakotko, Standard & Poor's Managing Director of Index Services. \"Investors around the world recognize the S&P reputation for equity indices and index products. We now bring these same business strengths to commodities.\" \n\nThe SPCI tracks 17 commodities in six sectors including grains, meat and livestock, metals, softs (coffee, sugar, cocoa), fibers, and energy. The index utilizes real-time prices of the relevant futures contracts traded on the commodities futures markets in New York and Chicago. Key features of the SPCI include its geometric calculation methodology and a weighting adjustment that eliminates double counting of upstream and downstream commodities. \n\nThe new SPCI futures and options contracts will support and enhance other index-linked investment products. They offer an easy and efficient way to manage commodity index funds, commodity-linked insurance products, or commodity exposure in multi-asset products. As with its equity indices, Standard & Poor's has initiated a licensing program for the SPCI directed at financial institutions that might use the new commodity index as part of an innovative investment product.\n\nEnd-of-day index values and index history are available through both the S&P Index Services website at www.spglobal.com and NYBOT's Website at www.nybot.com . The SPCI is calculated every 15 seconds and is available through traditional real-time quote vendors via the NYBOT; the ticker symbol will be 'I'. \n\nStandard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), provides independent financial information, analytical services, and credit ratings to the world's financial markets. Among the company's many products are the S&P Global 1200, the first real-time, global equity index, the S&P 500, the premier U.S. portfolio index, and credit ratings on more than 220,000 securities and funds worldwide. With more than 5,000 employees located in 18 countries, Standard & Poor's is an integral part of the world's financial architecture. For more information, visit the Standard & Poor's Website at www.standardandpoors.com .\n\nThe New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and their subsidiaries and divisions NYBOT offers an expanding range of agricultural, currency and index products. Information about the New York Board of Trade can be found at www.nybot.com ."},"Sender":{"kind":"string","value":"caroline.abramo@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5606,"string":"5,606"}}},{"rowIdx":2584,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/732."},"message":{"kind":"string","value":"A $5 Gift to Spend on Your Wish List ,\n Dear Amazon.com Customer,\n\nThe holiday gift-giving season is almost here, but before you start\nmaking lists and checking them twice, here's an incentive to cross a\nfew things off your own list--$5 to spend toward a purchase of $50 or\nmore from your Amazon.com Wish List.\n\nhttp://www.amazon.com/wishlist\n\nWhile you're there, it's also an ideal time to get your Wish List up\nto date. You can delete any outdated items, add some new items from\nthe handy list of personal recommendations, and easily send your Wish\nList to family and friends to use during the upcoming holiday season.\n\nSo grant yourself a wish today--just check your Wish List, add the\nitems you want to your Shopping Cart, and use the claim code below to\nsave $5 on your purchase of $50 or more. But don't delay--this offer\nexpires November 8, 2001.\n\nhttp://www.amazon.com/wishlist\n\nSincerely,\n\nMatt Williams\nDirector (and Avid Wisher)\nAmazon.com\n\nDon't delete. This is your $5 Amazon.com promotional certificate.\n***********************************************************************\nAmount: $5 off your order of $50 or more at Amazon.com\nClaim Code: WL79-GXT5SD-XGPCG5\nExpires: November 8, 2001\n\nTo redeem your $5 promotional certificate, simply:\n1. Go to your Amazon.com Wish List.\n2. Select the items you want (totaling $50 or more, not including\n shipping or tax) and add them to your Shopping Cart.\n3. Click the \"Proceed to checkout\" button. You'll be taken to the\n checkout page, where you can review your order and select shipping\n options.\n4. Enter your promotional claim code in the space provided in the\n right column (located below your order total) and click the Apply\n button. The certificate will be redeemed and the page will refresh\n with your revised order total.\n5. Click the \"Place your order\" button. You're done! If you want to\n review the details of your order again, click the Your Account\n button in the upper right corner of the page.\n\nThe fine print:\n\nOffer must be redeemed at http://www.amazon.com toward the purchase\nof products sold by Amazon.com and listed in Amazon.com's online\ncatalogs. Offer cannot be redeemed at Amazon.co.uk, Amazon.de,\nAmazon.fr, Amazon.co.jp, or any other Web site operated by\nAmazon.com, its affiliates, or third-party merchants accessible from\nour site (including, for example, our Health & Beauty store operated\nby drugstore.com). Offer not valid in Amazon Marketplace, Auctions,\nor zShops.\n\nPurchase must total $50 or more, excluding shipping charges and tax.\n\nPlease use our Shopping Cart rather than our 1-Click ordering method\nif you want to apply this promotional certificate.\n\nYou must pay for the order with a credit card. If you return items\npurchased with a promotional certificate, you will not receive a\nrefund for the amount of the promotional certificate.\n\nLimit one offer per customer and one offer per purchase. Offer not\nvalid with other promotional certificates.\n\nOffer must be applied at the time of the order and cannot be applied\nto orders already placed with us.\n\nOffer cash value is 1/10th of one cent and is not for resale.\n\nThis promotional certificate will expire at 11:59 p.m. PST on\nNovember 8, 2001.\n\nIf you have any questions, please see the Help section of our site:\n\nhttp://www.amazon.com/help\n\nWe hope you enjoyed receiving this message. However, if you'd rather\nnot receive future e-mails of this sort from Amazon.com, please use\nthe link below or click the Your Account button in the top right\ncorner of any page on the Amazon.com Web site. In the Personal\nInformation box under the Account Settings heading, click the \"Update\nyour communication preferences\" link.\n\nhttp://www.amazon.com/your-account/\n\nPlease note that this message was sent to the following e-mail\naddress:\n\njarnold@ect.enron.com"},"Sender":{"kind":"string","value":"store-news@amazon.com"},"Receiver(s)":{"kind":"string","value":"jarnold@ect.enron.com"},"__index_level_0__":{"kind":"number","value":5607,"string":"5,607"}}},{"rowIdx":2585,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/733."},"message":{"kind":"string","value":" ,\n I think you have my necklace. I need to get it from you sometime. (just kidding)"},"Sender":{"kind":"string","value":"kimberly.banner@enron.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5608,"string":"5,608"}}},{"rowIdx":2586,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/734."},"message":{"kind":"string","value":" ,\n You sold 250 TAS Futures with EAGLE...I gave them up to EDF MAN #5055\nYou bought 250 LD Swaps @ 10/26 SP from Engage Canada.\n \nThanks"},"Sender":{"kind":"string","value":"fzerilli@powermerchants.com"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5609,"string":"5,609"}}},{"rowIdx":2587,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/735."},"message":{"kind":"string","value":"daily hoil & unlded cahrts 11/26 ,\n The information contained herein is based on sources that we believe to be\nreliable, but we do not represent that it is accurate or complete. Nothing\ncontained herein should be considered as an offer to sell or a solicitation\nof an offer to buy any financial instruments discussed herein. Any\nopinions expressed herein are solely those of the author. As such, they\nmay differ in material respects from those of, or expressed or published by\non behalf of Carr Futures or its officers, directors, employees or\naffiliates. ? 2001 Carr Futures\n\n\nThe charts are now available on the web by clicking on the hot link(s)\ncontained in this email. If for any reason you are unable to receive the\ncharts via the web, please contact me via email and I will email the charts\nto you as attachments.\n\n\n\nDistillate http://www.carrfut.com/research/Energy1/hoil33.pdf\nUnleaded http://www.carrfut.com/research/Energy1/unlded33.pdf\n\nJ"},"Sender":{"kind":"string","value":"carrfuturesenergy@carrfut.com"},"Receiver(s)":{"kind":"string","value":"rvujtech@carrfut.com"},"__index_level_0__":{"kind":"number","value":5610,"string":"5,610"}}},{"rowIdx":2588,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/736."},"message":{"kind":"string","value":"Nat Gas market analysis for 11-26-01 ,\n Attached please find the Natural Gas market analysis for today.\n\nThanks,\n\nBob McKinney\n\n - 11-26-01 Nat Gas.doc"},"Sender":{"kind":"string","value":"capstone@ktc.com"},"Receiver(s)":{"kind":"string","value":"bob.mckinney@capstone-ta.com"},"__index_level_0__":{"kind":"number","value":5611,"string":"5,611"}}},{"rowIdx":2589,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/737."},"message":{"kind":"string","value":"daily charts 11/26 ,\n The information contained herein is based on sources that we believe to be\nreliable, but we do not represent that it is accurate or complete. Nothing\ncontained herein should be considered as an offer to sell or a solicitation\nof an offer to buy any financial instruments discussed herein. Any\nopinions expressed herein are solely those of the author. As such, they\nmay differ in material respects from those of, or expressed or published by\non behalf of Carr Futures or its officers, directors, employees or\naffiliates. ? 2001 Carr Futures\n\n\nThe charts are now available on the web by clicking on the hot link(s)\ncontained in this email. If for any reason you are unable to receive the\ncharts via the web, please contact me via email and I will email the charts\nto you as attachments.\n\n\nCrude http://www.carrfut.com/research/Energy1/crude33.pdf\nNatural Gas http://www.carrfut.com/research/Energy1/ngas33.pdf\n\n\nJan WTI/Brent Spread\nhttp://www.carrfut.com/research/Energy1/clf-qof.pdf\nJan Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf\nJan Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf\nDec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf\nJan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf\nDec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf\nFeb Gas/Heat Spread http://www.carrfut.com/research/Energy1/hug-hog.pdf\nDec/Mar Unlead Spread\nhttp://www.carrfut.com/research/Energy1/huz-huh.pdf\n\nNat Gas Strip Matrix\nhttp://www.carrfut.com/research/Energy1/StripmatrixNG33.pdf\nNat Gas Spread Matrix\nhttp://www.carrfut.com/research/Energy1/SpreadmatrixNG33.pdf\n\nCrude and Products Spread Matrix\nhttp://www.carrfut.com/research/Energy1/SpreadmatrixCL33.pdf\n\nScott Mollner Recomendation\nhttp://www.carrfut.com/research/Energy1/recom11-26-01.pdf"},"Sender":{"kind":"string","value":"carrfuturesenergy@carrfut.com"},"Receiver(s)":{"kind":"string","value":"rvujtech@carrfut.com"},"__index_level_0__":{"kind":"number","value":5612,"string":"5,612"}}},{"rowIdx":2590,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/738."},"message":{"kind":"string","value":"Free Shipping Ends December 4--Shop Today ,\n [IMAGE] \t\n\n\n[IMAGE] \t\n[IMAGE] [IMAGE] \t\n[IMAGE] \t\n\n\n [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] Search Amazon.com for: \t\n\n\n We hope you enjoyed receiving this message. However, if you'd rather not receive future e-mails of this sort from Amazon.com, please visit the Help page Updating Subscriptions and Communication Preferences and click the Customer Communication Preferences link. Please note that this e-mail was sent to the following address: jarnold@enron.com\t\n\n\n[IMAGE]"},"Sender":{"kind":"string","value":"gift@amazon.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5613,"string":"5,613"}}},{"rowIdx":2591,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/739."},"message":{"kind":"string","value":"Upcoming Economic Development Events ,\n This winter will bring a number of opportunities to get the best training in the field of economic development. In January there are opportunities to learn the field for the first time, opportunities to learn how convention centers and stadiums can assist the development of your community, learn how to practice advanced economic development. \nIf You Build It, Will They Come? Find Out Jan. 23-26 in Tempe\n Is your community planning on building a sports facility or conference center? IEDC's annual If You Build It,Will They Come? conference, scheduled for Jan. 23-26 in Tempe, Ariz., will focus on all aspects of creating these facilities, from feasibility studies to management. This year, attendees will get to hear from communities that used lessons learned at earlier conferences and have recently completed projects. Representatives from the Dayton Dragons (a minor league baseball team in Ohio) and the city of Sanford, Fla., (a community that just completed a conference center) will discuss their projects and share important lessons learned.\n Act before December to guarantee a hotel room and early registration discounts! Visit http://www.iedconline.org/tempe/home.html for details.\n\nIEDC Economic Development Leadership Summit \nPlanned for January in Monterey\nThe IEDC 2002 Economic Development Leadership Summit will take place January 16??\"19 at the Monterey Doubletree Hotel in Monterey, Calif. This event is open to all certified economic development professionals, IEDC board members and past board members and past chairs. \nThis years Leadership Summit is designed to provide you with the opportunity to hear from your peers and guest presenters and to interact with them in both formal and informal settings. Two special guests will join the summit and lead discussions on topics of high importance. \nRob DeRocker, executive vice President of Development Counsellors International, will lead a session titled, Rethinking Economic Development in a World That Changed. Later, Dr. David A. Sampson, assistant secretary of commerce for economic development, will take part in a roundtable discussion on how the federal government has and is responding to the events of the past few months. \nPlease mark January 16 to19 on your calendar and join us in Monterey. For more information, please contact Jeff Stone at 202/942-9471 or jstone@iedconline.org or go to http://www.iedconline.org/monterey/home.html for more information.\n \nIEDC Course Calendar of Events \nUnless otherwise indicated, please call 202/223-7800 for information about conferences and training courses, or follow the available links to the IEDC Web site. \nThis course is for the person starting in the economic development profession. This gets good reviews by those entry-level practitioners who attend this event.Introduction to Economic Development \nTraining Course \nJanuary 27-30, 2002 \nTempe, AZ\nThe Congress is on the verge of proposing a new round of military base closures. What will that mean to your community? If you have an active duty facility that is not in danger, what are the opportunities for your community. This conference is a must-do for communities and their military counterparts.NAID Winter Conference: Challenges Ahead \nJanuary 27-29, 2002 \nTempe, AZ\nThe primary business of economic development is keeping what you have. Learn first hand on how to keep your existing businesses in your community. This is a must do course for community leaders of all kinds.Business Retention & Expansion \nTraining Course \nMarch 5-6, 2002 \nArlington, VA \nUpcoming Legislative Summit\nThis is the definitive program for economic developers who need to know where the money is and how to find it in Washington. Last year the administration was new and the development of program objectives and new approaches had not yet begun. Last year we were not facing a significant slow down in the economy. Last year we did not have physical attacks by terrorists on two of our largest cities and the resulting economic conditions. What are the Congressional and Administration plans to rebuild our economy. There has been a melt-down in the dot.com world. What are the new sectors that will bring real promise for the future. This conference could yield real benefits to your community. 2002 Economic Development Summit \nMarch 6-8, 2002 \nArlington, VA\nThe International Economic Development Council (IEDC) http://www.iedconline.org/ is the recent merger of The Council For Urban Economic Development (CUED) http://www.cued.org , founded in 1967, and the American Economic Development Council, http://www.aedc.org/ the oldest economic development membership association in the United States. Together this new organization has over 4000 economic development professionals as members. IEDC provides information to its members who build local economies through tools used to create, attract, and retain jobs. IEDC also manages the National Association of Installation Developers (NAID) http://www.naid.org . NAID brings together public and private sector professionals involved with the redevelopment of closing military bases and serves the needs of communities with active-duty military bases in those areas of public private partnerships and privatization of military infrastructure.\nIEDC is also a supporter and sponsor of the Bollinger Foundation. The Bollinger Foundation is a unique foundation dedicated to assisting families who have lost one or more of their parents and where one of the worked in the field of community development, public housing or economic development http://www.cued.org/bollinger/ ."},"Sender":{"kind":"string","value":"jfinkle@iedconline.org"},"Receiver(s)":{"kind":"string","value":"(Recipient list suppressed)@ENRON "},"__index_level_0__":{"kind":"number","value":5614,"string":"5,614"}}},{"rowIdx":2592,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/74."},"message":{"kind":"string","value":"Credit Watch List--Week of 10/8/01 ,\n Attached is a revised Credit Watch listing for the week of 10/08/01. Please note that Federal-Mogul Corp. was placed on \"NO TRADES\".\nIf there are any personnel in your group that were not included in this distribution, please insure that they receive a copy of this report.\nTo add additional people to this distribution, or if this report has been sent to you in error, please contact Veronica Espinoza at x6-6002.\nFor other questions, please contact Jason R. Williams at x5-3923, Veronica Espinoza at x6-6002 or Darren Vanek at x3-1436."},"Sender":{"kind":"string","value":"veronica.espinoza@enron.com"},"Receiver(s)":{"kind":"string","value":"r..brackett@enron.com, s..bradford@enron.com, r..conner@enron.com, "},"__index_level_0__":{"kind":"number","value":5615,"string":"5,615"}}},{"rowIdx":2593,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/740."},"message":{"kind":"string","value":" ,\n Did you go this morning? If not, do you want to go after work?"},"Sender":{"kind":"string","value":"houston <.ward@enron.com>"},"Receiver(s)":{"kind":"string","value":"john.arnold@enron.com"},"__index_level_0__":{"kind":"number","value":5616,"string":"5,616"}}},{"rowIdx":2594,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/741."},"message":{"kind":"string","value":"Have your FREE Cell Phone in 60 Seconds ,\n We are proud to announce another outstanding product for your consideration. MidNiteMail.com is dedicated to bringing you the best bargains, deals, new ideas, and offers that save you both time and money. Our research team strives to bring you offers that you may otherwise have missed. We are leaders in the permission based email marketing arena and we want your experience with MidNiteMail to be as positive and rewarding as possible. We think that you will find our our periodic emails both informative and exciting. However, your privacy is very important to us. You registered to receive our emails at MidNiteMail.com or by subscribing through one of our marketing partners. If for any reason you do not wish to receive our emails please click here and you will be removed within 3 business days.\n\nFree Cell Phone From Paragon Cellular[IMAGE]"},"Sender":{"kind":"string","value":"midnitemail@lists.em5000.com"},"Receiver(s)":{"kind":"string","value":"jarnold@ees.enron.com"},"__index_level_0__":{"kind":"number","value":5617,"string":"5,617"}}},{"rowIdx":2595,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/742."},"message":{"kind":"string","value":"44% off wine, Beaucastel and more!!!! ,\n Wine Library.com - E-Mail Alert!!!\nTo Place an order . . .\nPLEASE CALL 973-376-0005 ask for Order Dept.www.winelibrary.com=20\nor e-mail us at swl@winelibrary.com=20\n1. #16583 - Beaucastel 1999 Chateauneuf Du Pape Red - $45.99 On Sale =20\n91-95 Points - Robert Parker\n\"In 1999, Beaucastel`s red wine yields were average, a small 25 hectoliters=\n per hectare. The 1999 Beaucastel Chateauneuf du Pape is a profoundly rich=\n, concentrated, classic vin de garde. Made from 30% Grenache, 30% Mourvedr=\ne, 10% Syrah, 10% Counoise, and the remainder a blend of other varietals, i=\nt is one of the blackest, most opaque-colored Beaucastels of the last decad=\ne. The bouquet offers aromas of licorice, roasted meats, black cherry and =\nblackberry fruit, and a truffle-like earthy note. Broodingly backward, for=\nmidable endowed, powerful, and extremely tannic, it will require 8-10 years=\n of cellaring, and should age effortlessly for three decades or more. Fran=\ncois Perrin compares it to the thrilling 1990, but at this stage, it appear=\ns to me to be more structured and closed than the 1990 was at a similar age=\n. In any event, it is a great wine, but readers older than 55 should think=\n twice before investing in such a backward vintage.\"Have your own tasting n=\notes? Post your own review of this wine on Wine Library.com!=20\n2. #12285 - Beaucastel 1999 Chateauneuf Du Pape White - $47.99 On Sale =20\n91 Points - Robert Parker\n\"Beaucastel`s 1999 Chateauneuf de Pape blanc is a terrific success, not sur=\nprising in view of the fact that all recent vintages have been gorgeous. I=\nt is made from 80% Roussanne and 20% Grenache Blanc, fermented in 80% cuves=\n and 20% barrels, of which 10% are new, and bottled with minimal clarificat=\nion. Like a top Hermitage, the Perrins subscribe to the theory (and I tend=\n to agree) that this is a wine to drink during its first 2-4 years of life,=\n or forget it for at least a decade. It takes on an oxidized mid-life cris=\nis between 5-10 years of age, and re-emerges as a completely different anim=\nal around age ten. Of course, each vintage has its own track record, but i=\nt is a fascinating wine to drink young, as well as an impressive one to hav=\ne after ten years. The light gold-colored 1999 reveals intense marmalade a=\nnd rose petal, honeyed richness with a touch of spice and toast. Thick and=\n unctuously-textured, but supported by excellent acidity, it can be drunk o=\nver the next 4! -5 years, and then ignored for a decade. It will keep for =\n20 years.\"Have your own tasting notes? Post your own review of this wine on=\n Wine Library.com!=20\n3. #13869 - Produttori del Barbaresco 1996 - $22.99 (comes to $18.39 when y=\nou buy a case) =20\n91 Points - Wine Library\nFor months now everyone has been asking for a great Barbaresco buy and whil=\ne we have had some great buys in Barolo, here is our first in Barbaresco. T=\nhe 1996 Produttori is a massive wine with all the flavors and complexity of=\n a wine twice its price. If you are looking for a drinkable red wine that =\nhas a silky smooth finish and a very strong body,here it is!Have your own t=\nasting notes? Post your own review of this wine on Wine Library.com!=20\n*******************************\nHot Bordeaux Buy! - 44 % Off (normal price - $124.99!)\nThis could be one of the best buys all year . . . at possibly the best pric=\ne in the country!!!\n4. #12414 - Chateau Cos D`Estournel 1996 - $69.99 On Sale =20\n95 Points - Wine Spectator\n\"A classy and impressive young Bordeaux from an appellation that stepped up=\n in '96. Dark-colored, with plenty of currant and spice aromas, the wine is=\n full-bodied, with very velvety tannins and allspice, berry and currant fla=\nvors. Long, long finish. One of the wines of the vintage, it's a beauty.Bes=\nt after 2005.\" Have your own tasting notes? Post your own review of this w=\nine on Wine Library.com!=20\n*******************************\n5. #13927 - Produttori del Barbaresco 1998 Nebbiolo - $13.99 (comes to $11.=\n99 when you buy a case) =20\nThis is a great value! The 1998 Produttori is a wine that even a Cabernet d=\nrinker will love. A full bodied wine that in this day and age is true steal=\n! Ripe strawberry flavors make this a great dinner wine. If you are search=\ning for a perfect red wine for pasta and Monday Night Football, don't look =\nany further!Have your own tasting notes? Post your own review of this wine =\non Wine Library.com!=20\n6. #16449 - Parusso 2000 Barbera D`Alba Ornati - $18.99 (comes to $15.19 wh=\nen you buy a case) =20\nThe Parusso name is now famous with quality and consistency. The 2000 Barbe=\nra Ornati is a special wine, huge ripe fruit but lots of spice and pepper w=\nhich is unusual for this type of wine. Parusso is making great wine in Pei=\ndmont and this is one of their very best values. Have your own tasting note=\ns? Post your own review of this wine on Wine Library.com!=20\n7. #16407 - Le Corti 1998 \"Don Tommaso\" Chianti Classico - $21.99 (comes to=\n $17.59 when you buy a case) =20\n91 Points - Wine Spectator\n\"Intense aromas of berries, cherries and tobacco. Full-bodied, with loads o=\nf fruit, velvety tannins and a long, flavorful finish. Drink now through 20=\n06.\" Have your own tasting notes? Post your own review of this wine on Win=\ne Library.com!=20\n8. #16599 - Robert Foley Claret 1999 - $149.99 On Sale =20\n93 Points - Wine Spectator\nLimit 4 bottles per customer please!\n\"Most of Robert Foley's debut 1998 Claret perished in a warehouse fire a ye=\nar ago, so he is calling this wine his second first-release. The winemaker =\nfor Pride Mountain Vineyards made a delicious 1998 vintage, but due to its =\nloss, I never printed a formal review. As only a few bottles survived the f=\nire, the 1999 vintage will be the first wine people taste and it's a dandy.=\n Made from grapes grown at Pride, it's a sleek, plush, tightly focused wine=\n, loaded with spicy herb-laced cherry, plum and currant fruit flavors, and =\nshowing a long, persistent finish. The wine is a blend of Cabernet and Merl=\not, chosen from the best lots of wine made from Pride Mountain Vineyard.\" -=\n James Laube - Wine Spectator\"Have your own tasting notes? Post your own re=\nview of this wine on Wine Library.com!=20\n9. #13839 - Heidsieck \"Diamant\" Rose 1988 - $74.99 (comes to $59.99 when yo=\nu buy a case) =20\n94 Points - Wine Spectator\n\"Splendid. A contrast of fresh berry, apple and more mature elements of mus=\nhroom, toffee and coffee are beautifully presented on an elegant structure.=\n Dense, it coats the palate, with a long, long finish. Drink now. \"Have you=\nr own tasting notes? Post your own review of this wine on Wine Library.com!"},"Sender":{"kind":"string","value":"swl@winelibrary.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5618,"string":"5,618"}}},{"rowIdx":2596,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/743."},"message":{"kind":"string","value":"The Daily Quote ,\n [IMAGE]\tQuote.com"},"Sender":{"kind":"string","value":"dailyquote@smtp.quote.com"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5619,"string":"5,619"}}},{"rowIdx":2597,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/744."},"message":{"kind":"string","value":"Register Now For Dec. 13 HedgeFund.Net Working Conference! ,\n The response to the December 13 HedgeFund.Net Working Conference has been overwhelming! With only a few weeks to go we encourage all interested parties to reserve their spot at the conference as soon as possible! Conference details can be seen below - or visit the link below for full details: http://www.hedgefund.net/login_conf.php3\n\nHedgeFund.net is proud to announce the second in a series of half-day symposiums designed to educate accredited investors about the universe of hedge fund strategies and managers - the HedgeFund.Net Working Conferences. A detailed conference brochure is attached to this e-mail in an Adobe Acrobat PDF file for your review.\n\nThe topic of our second event is:\n\"Wealth Creation Strategies for All Seasons\"\n\nWhen:\nThursday , December 13, 8:00 a.m. to 1:00 p.m.\nWhere:\n780 Third Ave. (between 48th and 49th), New York, NY\n\nWho may attend:\nAccredited investors who pre-register with HedgeFund.net.\n\nRegistration is free for hedge fund investors and money managers, but hurry, space is limited - the last conference was \"sold out\" and many investors had to be turned away.\n\nThe HedgeFund.Net Working Conference provides a forum for a group of leading hedge fund managers to walk investors through various strategies designed to target profits in a variety of market conditions. Participating managers include:\n\nZurich Capital Markets\nGruss Arbitrage Partners\nHalcyon\nSchafer Cullen Small Cap L.P.\nBookbinder Capital Management\nStarview Partners Fund\nLife Science Group Management LLC\nand other well known hedge fund managers!\n\nAll of whom can be viewed in HedgeFund.Net's HedgePlus section.\n\nTime will be reserved to allow attendees to meet with each manager and to network with other investors and market participants. Continental breakfast and beverages will be served. The conclusion of the conference will offer additional manager discussion sessions as well as a light luncheon.\n\nSeating is limited, so please click below to register or call HedgeFund.net at (212) 888-1805 with any questions http://www.hedgefund.net/login_conf.php3\n\nThank you and see you there!\n\n\nHedgeFund.net is operated by Links Securities LLC under exclusive license. This e-mail and the attached brochure is for informational purposes only and does not constitute an offer to buy or sell or a solicitation of an offer to buy or sell any security."},"Sender":{"kind":"string","value":"conferences@hedgefund.net"},"Receiver(s)":{"kind":"string","value":"jarnold@enron.com"},"__index_level_0__":{"kind":"number","value":5620,"string":"5,620"}}},{"rowIdx":2598,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/745."},"message":{"kind":"string","value":"Last Chance for $20 Instant Rebate ,\n [IMAGE] =09\n [IMAGE] Dear JENNIFER ARNOLD, As November comes to an end, so does y=\nour chance to save $20 instantly on your Quicken\n 2002 Deluxe upgrade. As a previous Quicken user, you're entitled to a $20=\n mail-in rebate. But as a Preferred Customer, you can order now and pay ju=\nst $39.95 with your INSTANT REBATE. That's an immediate $20 off the regul=\nar price of $59.95. And there are no forms to mail in. No waiting for your=\n rebate to arrive. Time is running out. To take advantage of this specia=\nl offer you have to act fast! [IMAGE] Quicken 2002 Deluxe is packed wi=\nth powerful features to help give you a more complete and accurate picture=\n of your finances. It's easy with One Step Update,* Automatic Reconcile,* =\n Automatic Categorization, the new Portfolio Analyzer, Step-By-Step Budget=\ning, the Capital Gains Estimator and more. And, because Quicken 2002 suppo=\nrts the new tax laws and includes the updated tax rates, getting every tax=\n break you deserve is easier too. With your INSTANT REBATE OF $20, you g=\net all these great features for just $39.95! Place your order today! O=\nnline: www.orderquicken.com/save20 By Phone 1 (800) 366-0543 6 a.m.-6 p.m=\n., Monday through Friday, Pacific Time Be sure to mention Priority Code 50=\n10181 when you call. Sincerely, The Quicken Team P.S. The holidays are=\n fast approaching and Quicken Deluxe makes a great year-end gift. Stock up=\n now and take advantage of the instant rebate available only through Novem=\nber 30, 2001. Instant rebate is for previous Quicken users only. Off=\ner valid through November 30, 2001. A shipping and handling charge of $3.9=\n5 will apply. Terms, conditions, pricing, special offers, features and s=\nervice options subject to change without notice. This offer cannot be com=\nbined with any other offer. Offer applies to Quicken 2002 Deluxe only. *I=\nnternet access required for all online features. Service fees may apply. =\nOnline banking and online bill pay are subject to application approval; se=\nrvices and fees, if any, may vary by participating financial institutions.=\n ? 2001 Intuit Inc. Quicken and Intuit are registered trademarks of Int=\nuit Inc. All other trademarks are the sole property of their respective ow=\nners. =09\n [IMAGE] [IMAGE] IMPORTANT: Intuit respects the personal nature of e-mai=\nl communication. Every effort is made to offer only information that may be=\n of value to you or your business. If you do not wish to receive marketing=\n e-mail from Intuit in the future, please click here. If you would like t=\no change your e-mail address in our database, please click here. This e-=\nmail was sent to the following address: jarnold@ees.enron.com 9CD2 [IMA=\nGE] =09"},"Sender":{"kind":"string","value":"quicken@update.quicken.com"},"Receiver(s)":{"kind":"string","value":"jarnold@ees.enron.com"},"__index_level_0__":{"kind":"number","value":5621,"string":"5,621"}}},{"rowIdx":2599,"cells":{"file":{"kind":"string","value":"arnold-j/deleted_items/746."},"message":{"kind":"string","value":"Family Tree Maker Plus - the Perfect Gift Idea ,\n Family Tree Maker Plus, Including Your Special Gift - just $49.99\n * Family Tree Maker 9 - the #1-selling family tree software\n * 3 months online access to Genealogy Library\n * EXCLUSIVE BONUS - The History Channel's \"Family Tree\" video\n * Start your holiday shopping today:\n http://www.Genealogy.com/ftm-8110116\n * Or, call 1-800-548-1806 and mention 'priority code 8110116'\n\n\n\nTHIS HOLIDAY - GIVE THE GIFT THAT CELEBRATES FAMILY\n\nAs a Family Tree Maker owner, you already know how rewarding\nit is to collect and preserve family memories. This holiday\nseason, you can upgrade to version 9 with Family Tree Maker Plus,\nand enjoy 3-months online access to Genealogy Library. Act now\nand we'll include The History Channel's \"Family Tree\" video as a\nspecial gift for you and your family.\n\nAnd if you're thinking of that perfect gift for friends and loved\nones, you can't go wrong with Family Tree Maker Plus. It's the\ngift that's dedicated to family.\n\nGENEALOGY LIBRARY - THE \"PLUS\" IN FAMILY TREE MAKER PLUS\n\nFamily Tree Maker Plus comes with a 3 month subscription to\nGenealogy Library - a $29.97 value. This comprehensive online\nresource spans over 500 years and hundreds of millions of names,\nproviding 24-hour access to a variety of vital documents.\n\nSearch marriage and military records, family histories,\nsociety journals, land records, and more - including\n1850 U.S. Census images. Here you'll find the rich details\nthat add a sense of time and place to your family story.\nAnd new Genealogy Library records are added each week, so\nthere's always something new to discover.\n\nORDER TODAY AND RECEIVE A SPECIAL BONUS GIFT\n\nFamily Tree Maker Plus, including 3 months access to Genealogy\nLibrary, is just $49.99! And if you order now, we'll include\nThe History Channel's \"Family Tree\" video - a $29.97 value -\nas our special gift to you.\n\nThrough a host of compelling examples, this 100-minute video\ndemonstrates the wealth of information that is now available\nonline and through other public records. Follow along as amateur\nand professional genealogists uncover their personal history.\n\nYour gift of Family Tree Maker Plus - to your own family or\nto friends - will be appreciated long after this holiday\nseason is over.\n\nORDER TODAY by telephone, or online 24 hours a day:\n * 1-800-548-1806 (please mention \"priority code 8110116\")\n * http://www.Genealogy.com/ftm-8110116\n * AOL users click here\n\n\n=================================================================\n(c) Copyright 2001 Genealogy.com, LLC, a division of A&E Television\nNetworks. All rights reserved. Family Tree Maker and Genealogy\nLibrary are registered trademarks of Genealogy.com, LLC. All other\nproduct names are the trademarks of their respective holders.\n=================================================================\n\nYou received this message as a registered user of Family Tree\nMaker and/or Genealogy.com. Please do not reply to this message,\nas the mailbox is not monitored. If you need to contact us, you'll\nget the fastest possible assistance by using the links below:\n\nTo STOP receiving e-mail from us:\nhttp://www.Genealogy.com/unsubscribe.html\n\nTo UPDATE your e-mail address:\nhttp://www.Genealogy.com/cgi-bin/regchange.cgi\n\nFor TECHNICAL SUPPORT or CUSTOMER SERVICE:\nhttp://www.Genealogy.com/help/index.html\n--or--\nAOL link"},"Sender":{"kind":"string","value":"specials@genealogy.com"},"Receiver(s)":{"kind":"string","value":"jarnold@ees.enron.com"},"__index_level_0__":{"kind":"number","value":5622,"string":"5,622"}}}],"truncated":false,"partial":false},"paginationData":{"pageIndex":25,"numItemsPerPage":100,"numTotalItems":211169,"offset":2500,"length":100}},"jwt":"eyJhbGciOiJFZERTQSJ9.eyJyZWFkIjp0cnVlLCJwZXJtaXNzaW9ucyI6eyJyZXBvLmNvbnRlbnQucmVhZCI6dHJ1ZX0sImlhdCI6MTc1NzU4MTM2OSwic3ViIjoiL2RhdGFzZXRzL2lsaGFteHgvZGF0YV9lbnJvb24iLCJleHAiOjE3NTc1ODQ5NjksImlzcyI6Imh0dHBzOi8vaHVnZ2luZ2ZhY2UuY28ifQ.TYsbrGjGCkrVHywxlGkRRvtf-4pZOG2Zz-ns_UpiDMYw1q_kBOaVcJMDrl3SR1ARLNBuJxj9GfQU-EDPB5hiCQ","displayUrls":true},"discussionsStats":{"closed":0,"open":1,"total":1},"fullWidth":true,"hasGatedAccess":true,"hasFullAccess":true,"isEmbedded":false,"savedQueries":{"community":[],"user":[]}}">
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ALL daily charts and matrices as hot links 10/8 , The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now available on the web by clicking on the hot link(s) contained in this email. If for any reason you are unable to receive the charts via the web, please contact me via email and I will email the charts to you as attachments. Correction on the crude chart. The recommendation is to BUY (not sell) the Dec gas crack. Crude http://www.carrfut.com/research/Energy1/crude33.pdf Natural Gas http://www.carrfut.com/research/Energy1/ngas33.pdf Distillate http://www.carrfut.com/research/Energy1/hoil33.pdf Unleaded http://www.carrfut.com/research/Energy1/unlded33.pdf Nov WTI/Brent Spread http://www.carrfut.com/research/Energy1/clxqox.pdf Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf Jan/Feb Heat http://www.carrfut.com/research/Energy1/hofhog.pdf Gas/Heat Spread http://www.carrfut.com/research/Energy1/huxhox.pdf Nov/Mar Unlead http://www.carrfut.com/research/Energy1/huxhuh.pdf Nat Gas Strip Matrix http://www.carrfut.com/research/Energy1/StripmatrixNG33.pdf Nat Gas Spread Matrix http://www.carrfut.com/research/Energy1/SpreadmatrixNG33.pdf Crude and Products Spread Matrix http://www.carrfut.com/research/Energy1/SpreadmatrixCL33.pdf Scott Oblander 312-762-1015 312-762-1014 fax Carr Futures 150 S. Wacker Suite 1500 Chicago, IL 60606
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OnePass Member continental.com Specials for john arnold , continental.com Specials for john arnold Tuesday, November 20, 2001 **************************************** CONTINENTAL.COM SPECIALS Continental Airlines wishes you a safe and Happy Thanksgiving. Due to the holiday, continental.com Specials will not be available this week. OnePass members can register to earn up to 20,000 OnePass miles by purchasing your eTickets on continental.com - and that's in addition to your actual flight miles. Visit: http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9%2FA for all the details and to purchase your eTickets today. (Note: this offer does not apply to continental.com Specials fares.) FRIENDS & FAMILY SALE Continental makes it easy to get together with friends & family. Whether you're planning a quick visit or a holiday reunion, continental.com saves you time and money. We're offering 10% off select sale fares in North America & Europe when you book online through December 4, 2001. Visit: http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9-A to purchase your eTickets today. Travel Updates Be sure to check continental.com at: http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9%2CA before leaving for the airport. We're looking forward to welcoming you onboard! --------------------------------------- This e-mail message and its contents are copyrighted and are proprietary products of Continental Airlines, Inc. Any unauthorized use, reproduction, or transfer of the message or its content, in any medium, is strictly prohibited. **************************************** If you need assistance please visit: http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9%28A View our privacy policy at: http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9%2BA This e-mail was sent to: [email protected] You registered with OnePass Number: AK772745 TO UNSUBSCRIBE: We hope you will find continental.com Specials a valuable source of information. However, if you prefer not to take advantage of this opportunity, please let us know by visiting the continental.com Specials page on our web site at: http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9%29A TO SUBSCRIBE: Please visit the continental.com Specials page on our web site at: http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9*A
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daily hoil & unlded charts 11/20 , The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now available on the web by clicking on the hot link(s) contained in this email. If for any reason you are unable to receive the charts via the web, please contact me via email and I will email the charts to you as attachments. Distillate http://www.carrfut.com/research/Energy1/hoil13.pdf Unleaded http://www.carrfut.com/research/Energy1/unlded13.pdf
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NYMEX Thanksgiving Schedule , There has been some confusion as to the NYMEX schedule for this Thanksgiving week, so here is the official schedule. The NYMEX will be closed Thursday the 22nd and Friday the 23rd. Wednesday the 21st will be a FULL day (10:00 a.m. to 2:30 p.m. EST). ACCESS will be closed the evening of the 21st and reopen Sunday evening at 7:00 p.m. Happy Thanksgiving! BNP PARIBAS Commodity Futures _____________________________________________________________________________________________________________________________________ Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur. Toute utilisation de ce message non conforme a sa destination, toute 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. ---------------------------------------------------------------------------------- This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please 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. _____________________________________________________________________________________________________________________________________
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FW: We contacted the offender , -----Original Message----- From: Jeffrey Sprecher [mailto:[email protected]] Sent: Monday, November 19, 2001 4:54 PM To: Zipper, Andy Subject: We contacted the offender Andy, We pulled the log ... found the guy ... and told him to knock it off. Please let me know if there is a repeat performance. Best regards, Jeff
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Nat Gas market analysis for 11-20-01 , Attached please find the Natural Gas market analysis for today. Thanks, Bob McKinney - 11-20-01 Nat Gas.doc
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Metro Briefs , [IMAGE]=20 =09[IMAGE]=09[IMAGE]=09=09 [IMAGE] =09[IMAGE] [IMAGE]=09 [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [= IMAGE] [IMAGE] [IMAGE] [IMAGE][IMAGE] =09[IMAGE]=09 [IMAGE] =09=09[IMAGE]=09=09=09 =09=09[IMAGE]=09=09[IMAGE]=09 [IMAGE] [IMAGE] =09[IMAGE]=09[IMAGE] [IMAGE] ReisCast November 20, 2001= Reis - America's Source for Real Estate Investing Welcome to ReisCast,= our weekly email newsletter. This week's edition highlights are: Metro= Briefs Reis's 3Q01 Data [IMAGE] [IMAGE] 1. Metro Briefs "Cowt= own" Still Herds'm In - Ft. Worth Office Market - Third Quarter 2001 Despi= te the deep sense of tradition and cowboy pride pervading Ft. Worth, over t= he past decade the city has managed to transcend its image as the most "Tex= an" city in Texas--home of the ten-gallon hat, ho-down, and "longhorn" roun= dup--and establish itself as an economic powerhouse. Today's pioneers head= to the area's Alliance Airport Corridor, which has proven to be the vangua= rd of the local economy's revolutionary modernization, a transformation des= ired, though not often attained, by other post-industrial areas... To ge= t the entire market excerpt as well as an opportunity to buy the full Reis = Observer report, go to: www.reis.com/learning/insights_metro_spotlight1.cfm= Looking for a Silver Lining - Northern Virginia Industrial Market= - Third Quarter 2001 Ranked the third-largest high-tech center in the= nation after California's Silicon Alley and Boston's Route 128 Corridor, i= t is little wonder that the industrial real estate market in Northern Virgi= nia has been hard hit by the high-tech bust and current economic downturn. = Moreover, shaken by the recent nearby attack on the Pentagon, the Northern= Virginia region has been scrambling to cope with the recent turn of events= ...But the outlook may not be entirely grim... To get the entire mark= et excerpt as well as an opportunity to buy the full Reis Observer report, = go to: www.reis.com/learning/insights_metro_spotlight1.cfm#two [IMAG= E] 2. Reis's 3Q01 Data According to Reis, overall office vacancies ar= e up a sizable 130 basis points from the second quarter 2001, to 11.4%, whi= le apartment vacancies are up just 20 basis points to 3.4%--trends reflecte= d by third quarter results from NCREIF (the National Council of Real Estate= Investment Fiduciaries, Chicago, IL.), an industry benchmark for real esta= te performance. According to this source, the Apartment sector had the hig= hest quarterly return of 2.05% (comprised of income and appreciation), foll= owed by the Industrial (1.96%), Office (1.53%) and Retail (1.27%) sectors. = To find out more about real estate metros across the country, get Reis's = MetroTrend, SubTrend, and CompQuote reports, all updated with the latest 3Q= 2001 data. From Wall Street to Main Street, our clients rely on Reis fo= r comprehensive, proven transaction support. As always, we welcome your = comments and suggestions. www.reis.com [IMAGE] You are receiving th= e email because you have subscribed to this list. If you would like to rem= ove yourself from this list, please click here and you will be removed imm= ediately! Thank you! [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] ?2001 = Reis, Inc. All rights reserved. =09[IMAGE]=09[IMAGE] [IMAGE] [IMAGE] =09
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The Daily Quote , [IMAGE]=09Quote.com =09 Log In | Sign Up | Account Mgt. | Insight Center= =09[IMAGE]=09 Get Quote/LiveCharts: [IMAGE] [IMAGE] FindSymbol =09[IMAG= E]=09 [IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09 [IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09 [IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09 [IMAGE]=09 My Portfolio | LiveCharts | Stocks | News | Msg Board= s | Markets | Funds | IPO | Options =09[IMAGE]=09 [IMAGE]=09[IMAGE] The Daily Quote=09[IMAGE] =09[IMAGE]=09 [IMAGE]=09=09Brought to you every morning as of 10 AM ET. Click on the MORE= link for the most current information.=09[IMAGE]=09 =09=09=09=09[IMAGE]=09=09=09=09 =09=09 =09=09 [IMAGE] Markets Index Last Change % Chg Dow9,910.24[I= MAGE]66.22-0.66% NASDAQ1,909.35[IMAGE]25.07-1.29% S?5001,146.08[IMAGE]4.98-= 0.43% 30 Yr52.52[IMAGE]0.490.94% Russell456.02[IMAGE]1.69-0.36%- - - - - MO= RE [IMAGE][IMAGE] Enter multiple symbols separated by a space [IMAGE] = [IMAGE]=09 =09 [IMAGE] Economic Calendar Date Release 11/20 Leadin= g Indicators 11/21 Initial Claims 11/21 Mich Sentiment-Rev. 11/21 Treasury = Budget 11/26 Existing Home Sales - - - - - MORE [IMAGE] [IMAGE] [IMAGE] = [IMAGE]Qcharts =09[IMAGE]=09 =09=09 =09 Quote of the Day =09=09=09 The most valuable executive is o= ne who is training somebody to be a better man than he is.: Robert G. Inger= soll =09[IMAGE]=09 [IMAGE]=09 [IMAGE] US Stocks Pct Gainers As of 11/20/2001 11:59 = ET Symbol Last Change % Chg [IMAGE] RMTR2.39[IMAGE]0.5932.77%[IMAGE] NEO= F15.85[IMAGE]4.2036.05%[IMAGE] ARDM5.30[IMAGE]1.1026.19%[IMAGE] PROX11.89[I= MAGE]2.1421.94%[IMAGE] DTL21.55[IMAGE]3.9522.44%[IMAGE] VBNJ26.35[IMAGE]4.3= 519.77%[IMAGE]NYSE & AMEX quotes delayed at least 20 min. At least 15 min. = otherwise.- - - - -Personalize The Daily Quote: [IMAGE][IMAGE]Question of t= he Day! Q. David Reilly asks, "What are the differences between annuities a= nd regular mutual funds?"There are some important differences, and I'll tal= k a little bit about both. First........ MORE [IMAGE] Do you have a financ= ial question? Ask our editor - - - - - VIEW Archive [IMAGE] [IMAGE] [= IMAGE]=09 =09=09=09=09[IMAGE] [IMAGE] Market Outlook A Little Bull= -back By: Adam Martin There's not a lot of interest in the market today a= s cash is heading to the sidelines. Techs are weak, but mo... MORE [IMAGE= ] - - - - - MORE Breaking News [IMAGE] [IMAGE] [IMAGE]=09[IMAGE]=09 =09 [IMAGE] Today's Feature - Tuesday [IMAGE] Wanna know what exper= ts are saying about the most important stocks...yours? Get the latest ins= ide info from Wall Street Analysts and people just like you who really *kno= w* about your stocks. Click here to check out Raging Bull. [IMAGE] [IMA= GE]=09 =09 [IMAGE] Stocks to Watch Johnson to buy Unilever unit for= $1.6 bln Cleaning products company Johnson Wax Professional on Tuesday sa= id it would buy the institutional and industrial cleaning business of Anglo= -Dutch consumer products group Unilever Plc (ISEL:ULVR)(AMS:UN.C) for $1.6= billion to expand its product line and international reach Mohawk says agr= ees to buy Dal-Tile Rug maker Mohawk Industries Inc (NYSE:MHK) said on Mon= day it had agreed to buy ceramics tile maker Dal-Tile International Inc (NY= SE:DTL) for $1.66 billion, including debt, in a stock and cash deal to boos= t its position in the ceramic tile sector. Microsoft to settle private anti= trust cases Microsoft Corp. (NASDAQ:MSFT), which recently reached an antit= rust settlement with the U.S. Justice Department, is on the point of settli= ng a raft of private antitrust cases, the Wall Street Journal reported in i= ts online edition on Tuesday. Staples sees 2001 earnings meet consensus, Q4= revs flat Staples Inc. (NASDAQ:SPLS), the second-largest U.S. office supp= ly retailer, said on Tuesday it expects fiscal 2001 earnings per share in l= ine with current Wall Street estimates, although it does not anticipate a s= ignificant improvement in sales. Cruise firms P&O Princess, Royal Caribbean= merge P&O Princess Cruises Plc (ISEL:POC) and Royal Caribbean Cruises Ltd= (NYSE:RCL), two of the world's biggest cruise operators, said on Tuesday t= hey would merge to help save costs and boost investor returns. - - - - - MO= RE Breaking News [IMAGE] [IMAGE] [IMAGE]=09[IMAGE]=09 =09=09=09 [IMAGE] Your Watch List News RMTR News NEC Licenses Ram= tron's FRAM Memory Technology BusinessWire: 11/20/2001 08:37 ET RAMTRON IN= TERNATIONAL CORP FILES FORM 10-Q (*US:RMTR) EDGAR Online: 11/13/2001 12:43= ET Mushkin High-Performance SDRAM and DDR SDRAM Modules Now Available At F= ry's Electronics BusinessWire: 11/06/2001 08:31 ET - - - - - MORE [IMAGE] = NEOF News WR Hambrecht + Co Initiates Coverage of Neoforma (NEOF) With a = Strong Buy Rating and $22 Target PR Newswire: 11/20/2001 07:31 ET NEOFORMA= INC/CA/ FILES FORM 10-Q (*US:NEOF) EDGAR Online: 11/14/2001 09:37 ET Neof= orma's Third Quarter Revenue Increases 95% Over Prior Quarter PR Newswire:= 10/18/2001 05:59 ET - - - - - MORE [IMAGE] ARDM News Novo Nordisk Comple= tes Phase 2b Trial of NN1998 (AERx (R) iDMS) and Increases its Investment C= ommitment to Aradigm Corporation PR Newswire: 11/20/2001 06:15 ET UPDATE 1= -Novo Nordisk (CSE:NVO.B) completes pulmonary drug phase Reuters: 11/20/20= 01 04:26 ET Novo Nordisk (CSE:NVO.B) completes pulmonary drug tests Reuter= s: 11/20/2001 03:51 ET - - - - - MORE [IMAGE] PROX News Proxim Receives F= CC Certification for 802.11a Access Point and PCI Card; First Company to R= eceive FCC Certification for Complete 802.11a Product Family BusinessWire= : 11/19/2001 08:08 ET PROXIM INC /DE/ FILES FORM S-3/A (*US:PROX) EDGAR On= line: 11/15/2001 16:04 ET Proxim Harmony 802.11a Awarded Best of COMDEX for= Wireless Networking Systems; Harmony 802.11a Delivers 100 Mbps Wireless Ne= tworking BusinessWire: 11/15/2001 12:40 ET - - - - - MORE [IMAGE] DTL Ne= ws U.S. stocks slip further, doubts rein in bulls Reuters: 11/20/2001 11:3= 5 ET DAL TILE INTERNATIONAL INC FILES FORM 425 (*US:DTL) EDGAR Online: 11/= 20/2001 11:13 ET U.S. stocks fall, Wall Street skepticism returns Reuters:= 11/20/2001 10:53 ET - - - - - MORE [IMAGE] VBNJ News United National to = acquire Vista Bancorp Reuters: 11/20/2001 08:18 ET United National Bancorp= and Vista Bancorp Announce Plans to Merge PR Newswire: 11/20/2001 07:53 E= T United National Bancorp and Vista Bancorp Announce Plans To Merge Busine= ssWire: 11/20/2001 07:47 ET - - - - - MORE [IMAGE] [IMAGE]=09 =09 [IMAGE] [IMAGE]=09You are subscribed to this newsletter as [email protected] U N S= U B S C R I B E The Daily Quote is the free daily newsletter for Lycos Fin= ance Members. To UNSUBSCRIBE -------------------------------- To stop rece= iving this newsletter, send an e-mail to: [email protected] . = Please include only your email address in the subject line of the email. Yo= u can also change your subscription status here: http://ldbauth.lycos.com/= cgi-bin/mayaRegister?m_PR=3D4&m_RC=3D3 To SUBSCRIBE ---------------------= ----------- If you've received this e-mail from a friend and wish to be on = the Daily Quote mailing list, please go to http://finance.lycos.com and re= gister to become a Member of Quote and the Lycos Network. =09 =09 =09 [IMAGE]=09 =09 [IMAGE]Site Map | Help | Feedback | About Terra Lycos | Jobs | Adverti= se | Business Development Copyright ? 2001 Lycos, Inc. All Rights Reser= ved. Lycos is a registered trademark of Carnegie Mellon University. Privacy Policy -= Terms & Conditions
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Traditional & Internet Marketing Tool 17166 , The Ultimate Traditional & Internet Marketing Tool, Introducing the "MasterDisc 2002" version 4.00, now released its MASSIVE 11 disc set with over 145 Million database records (18-20 gigabytes of databases) for marketing to companies, people, via email, fax, phone and mailing addresses Worldwide! COMPLETE 11 DISC SET WILL BE SOLD FOR $499.00 PER DISC AFTER NOVEMBER!!! We've slashed the price for 30 days only to get you hooked on our leads & data products. The first disc ver 4.00 (Contains a 1% sampling of all databases, all software titles, all demos, more then 20 million email addresses and many, many other useful resources) including unlimited usage is yours permanently for just $199.95 (Normally $299.00) for your first disc if you order today!!! Also huge discounts from 20%-50% off of data discs ver 4.01 to ver 4.10 For More Information, and Available Records Contact us: #954-340-1018 voice Or visit the website at: http://www.datacommarketing.com/ **** MASTERDISC 2002 CONTENTS **** We've gone out of our way to insure that this product is the finest of its kind available. Each CD (ver.4.01 to ver.4.10) contains approximately 1% of the 145 million records distributed with the following files, directories and databases: **411: USA white and yellow pages data records including the following states, and database record fields; Included States...(Alaska, Arizona, California, Colorado, Connecticut, Hawaii, Idaho, Illinois, Iowa, Kansas, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Dakota, Texas, Utah, Vermont, Washington, Wisconsin, Wyoming) Included Fields...(ID, NAME, CONTACT, ADDRESS, CITY, STATE, ZIP, PHONE, TYPE, SIC1, SIC2, SIC3, SIC4, LATITUDE, LONGITUDE, POSTAL) #64,588,228 records **DISCREETLIST: Adult web site subscribers and adult webmasters email addresses. Subscribers (Email Address) #260,971 records Webmaster (Email Address) #18,104 records **DOCUMENTS: This directory contains very informative discussions about marketing and commercial email. Library: Online e-books related to marketing and commercial email Reports: Useful reports and documents from various topics #7,209 Files **EMAIL: This directory contains the email address lists broken down by groups such as domain, and more than one hundred categories into files with a maximum size of 100,000 records each for easy use. As well as several remove files that we suggest and highly recommend that you filter against all of your email lists. #31,414,838 records and #13,045,019 removes **FORTUNE: This database contains primary contact data relating to fortune 500, fortune 1000, and millions more corporations sort able by company size and sales. The fields that are included are as follows; Fortune #1 Included Fields...(ID, Company, Address, City, State, Zip, Phone, SIC, DUN, Sales, Employee, Contact, Title) #418,896 records Fortune #2 Included Fields...(EMAIL, SIC CODE, Company, Phone, Fax, Street, City, ZIP, State, Country, First Name, Last Name) #2,019,442 records **GENDERMAIL: Male and female email address lists that allow you target by gender with 99% accuracy. Male (Email Address) #13,131,440 records Female (Email Address) #6,074,490 records **MARKETMAKERS: Active online investors email addresses. Also information in reference to thousands of public companies symbols, and descriptions. #104,326 records **MAXDISC: Online website owners, administrators, and technical contacts for website domain name owners of the ".com", ".net", and ".org" sites. This database has information from about 25% of all registered domains with these extensions. MaxDisc_Canada_2.txt Included Fields...(ID, Domain, Contact, Admin Handle, Admin Name, Admin Email, Admin Phone, Admin Fax, Billing Handle, Billing Name, Billing Email, Billing Phone, Billing Fax, Tech Handle, Tech Name, Tech Email, Tech Phone, Tech Fax) #74,550 records MaxDisc_City_State_Zip_1.txt Included Fields...(ID, City, State, Zip) #39,175 records MaxDisc_Country_Codes_1.txt Included Fields...(ID, Country, Abv) #253 records MaxDisc_Email_Removes_1.txt Included Fields...(ID, Email) #163,834 records MaxDisc_Foreign_1.txt Included Fields...(ID,Domain,Contact,Address1,Address2,Country) #1,924,127 records MaxDisc_Foreign_2.zip Included Fields...(ID, Domain, Company, Address, Admin Handle, Admin Name, Admin Email, Admin Phone, Admin Fax, Billing Handle, Billing Name, Billing Email, Billing Phone, Billing Fax, Tech Handle, Tech Name, Tech Email, Tech Phone, Tech Fax) #2,412,834 records MaxDisc_Meta_1.zip Included Fields...(ID, Domain, Company, Address, City, State or Province, Zip, Country, First Name, Last Name, Email, Phone, Fax, Title, META Description, META Keywords, Body) #293,225 records MaxDisc_Meta_2.zip Included Fields...(ID, Domain, Email) #188,768 records MaxDisc_Sic_Codes_1.zip Included Fields...(Code, Description) #11,629 records MaxDisc_USA_1.zip Included Fields...(ID, Domain, Company, Contact, Address, City, State, Zip, Phone, Fax, Sic, Email) #1,389,876 records MaxDisc_USA_2.zip Included Fields...(ID, Domain, Company, Address, Billing Name, Billing Email, Billing Phone, Billing Fax, Admin Name, Admin Email, Admin Phone, Admin Fax, Tech Name, Tech Email, Tech Phone, Tech Fax) #2,998,891 records MaxDisc_USA_3.zip Included Fields...(ID, Domain, Company, Address, Billing Name, Billing Email, Billing Phone, Billing Fax, Admin Name, Admin Email, Admin Phone, Admin Fax, Tech Name, Tech Email, Tech Phone, Tech Fax) #2,005,887 records **NEWSPAPERS: National directory of newspapers from small local papers to large metro news agencies. Included Fields...(ID, Phone, Newspaper, City, State, Circulation, Frequency) #9,277 records **PITBOSS: Avid Online casino and sports book players, and casino webmasters. Players Included Fields...(ID, FIRSTNAME, LASTNAME, ADDRESS, CITY, STATE, ZIP, COUNTRY, PHONE, EMAIL, PMTTYPE, USERID, HOSTNAME, IPADDRESS) #235,583 records Webmaster Included Fields...(Domain, Date Created, Date Expires, Date Updated, Registrar, Name Server1, Name Server2, Name Server3, Name Server4, Owner Name, Owner Address, Owner City, Owner State, Owner Zip, Owner Country, Admin Contact Name, Admin Contact Name, admin_contact_address_1, Admin Contact City, Admin Contact State, Admin Contact Zip, Admin Contact Country, Admin Contact Phone, Admin Contact Fax, Admin Contact Email, Tech Contact Name, Tech Contact Name, Tech Contact Address, Tech Contact City, Tech Contact State, Tech Contact Zip, Tech Contact Country, Tech Contact Phone, Tech Contact Fax, Tech Contact Email) #82,371 records **SA: South American mailing databases from more than a dozen countries. Each mailing address belongs to a Visa or MasterCard credit card holder. Available countries such as; ARGENTINA, COSTA RICA, PERU, BRASIL, PUERTO_RICO, CHILE, PANAMA, URUGUAY, COLOMBIA, PARAGUAY, VENEZUELA Included Fields...(ID, NAME, ADDRESS, CODE) #650,456 records **SOFTWARE: This directory contains 86 software titles, some are fully functional versions and others are demo versions. Many suites of commercial email tools as well as many other useful resources will be found here to help extract, verify, manage, and deliver successful commercial email marketing campaigns. So overall the complete MasterDisc2002 will provide you with well over #150 million records which can be used for traditional marketing such as direct mail, fax transmission, telemarketing, and internet marketing such as commercial email campaigns. We look forward to providing you with the databases and software needed for your success!!! We are currently shipping our October 2001 release. Due to this incredibly discounted promotional price, we are accepting only credit card or check orders. Complete the buyer and shipping info, print and fax this form with a copy of your check attached or the completed credit card information. For More Information, and Available Records Contact us: #954-340-1018 voice Or visit the website at: http://www.datacommarketing.com/ To Order Now Return The Form Below Via Fax #954-340-1917 ------------------------------------------------------------------ BEGIN ORDER FORM ------------------------------------------------------------------ PRODUCTS OR SERVICES ORDER FORM [x] Place an X in the appropriate box for each product you want. MasterDisc 2002 (The Ultimate Marketing Database) [ ]MD2002 (ver 4.00 MasterDisc 2002) available for $199.00US (33% discount) [ ]MD2002 (ver 4.01 disc #1) available for $499.00US [ ]MD2002 (ver 4.02 disc #2) available for $499.00US [ ]MD2002 (ver 4.03 disc #3) available for $499.00US [ ]MD2002 (ver 4.04 disc #4) available for $499.00US [ ]MD2002 (ver 4.05 disc #5) available for $499.00US [ ]MD2002 (ver 4.06 disc #6) available for $499.00US [ ]MD2002 (ver 4.07 disc #7) available for $499.00US [ ]MD2002 (ver 4.08 disc #8) available for $499.00US [ ]MD2002 (ver 4.09 disc #9) available for $499.00US [ ]MD2002 (ver 4.10 disc #10) available for $499.00US [ ] MD2002 (ver 4-1 to 11 CD Set- All Discs) available for $2699.00US (50% discount) [ ] Please have a sales representative contact me for more information!!! Total:$_____________________ (Purchase of 2 data discs deduct 20%, 4 discs deduct 30%, and for full set of discs deduct 50%) __________________________________________________________________ CUSTOMER INFORMATION Company: Street Address: City: State: Zip: Country: Contact Name: Title: Phone #: Ext.: Fax #: Fax Ext.: Contact Email Address: Referred By: SHIPPING INFORMATION *if applicable* If no address is entered we will use the address listed in the billing section Ship To: Street Address: City: State: Zip: Country: Shipping Phone: Domestic Shipping Options Only [ ] Shipping & Handling via Ground Delivery UPS (Included USA Only) [ ] C.O.D. order ($17.50 C.O.D. Charge) Shipped 2nd Day Air [ ] Express Processing, and Ship Priority Overnight for an additional $29.00 International Shipping Options Only [ ] International Shipping is a flat priority fee of $49.00 CHECK PAYMENT INFORMATION [ ] Pay by check AMOUNT OF CHECK $____________ CHECK #________ ***Be sure to include shipping charges if priority overnight or COD is selected above*** Mail all payments by check to: DataCom Marketing Corp. 1440 Coral Ridge Dr. #336 Coral Springs, Florida 33071 Attn: Processing & Shipping 954-340-1018 voice ************************************************ *** WE ALSO ACCEPT PAY-PAL & E-GOLD PAYMENTS *** ************************************************ CREDIT CARD AUTHORIZATION SECTION [ ] Pay by Credit Card TOTAL CHARGE Card Type: [ ] Visa [ ] Master Card [ ] American Express [ ] Discover Card Number: Card Holder Name: (*This must be completed & signed by cardholder) Billing Address: City: State: Zip: Country: I authorize "DataCom Marketing Corporation" to charge my credit card or accept my payment for the "Products Ordered" CdRom in the amount as specified above plus shipping costs if express delivery. Also I acknowledge that any returns or credits will have a 20% restocking fee and balances (Less shipping and handling) will be applied towards replacement of products and/or applied towards my DataCom Marketing customer account. [International Only] By signing under the credit card authorization section I am authorizing the credit card submitted to be billed approximately 6 weeks after the original amount is processed for the amount of the import duties and import taxes if applicable. I acknowledge the fact that "DataCom Marketing Corporation" does not know the amount of these duties/taxes prior to shipment as they vary from country to country. Customer Signature _____________________________________ Date________________ Sales Representative: 2369 Rev. 1102 ------------------------------------------------------------------ END ORDER FORM ------------------------------------------------------------------ For More Information, and Available Records Contact us: #954-340-1018 voice Or visit the website at: http://www.datacommarketing.com/ To discontinue receipt of further notice at no cost and to be removed from all of our databases, simply reply to message with the word "Remove" in the subject line. Note: Email replies will not be automatically added to the remove database and may take up to 5 business days to process!!! If you are a Washington, Virginia, or California resident please remove yourself via email reply, phone at 954-340-1018, or by fax at 954-340-1917. We honor all removal requests. .110201
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<<Concur Expense Document>> - Rostant 112001 , The following expense report is ready for approval: Employee Name: Justin K. Rostant Status last changed by: Automated Administrator Expense Report Name: Rostant 112001 Report Total: $42.07 Amount Due Employee: $42.07 To approve this expense report, click on the following link for Concur Expense. http://expensexms.enron.com
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Deadline , If your team would like to contribute to this week's newsletter, please submit your BUSINESS HIGHLIGHT OR NEWS by noon Wednesday, October 10. Thank you! Kathie Grabstald x 3-9610
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BNP PARIBAS Commodity Futures Weekly AGA Survey , Good Morning, Just a reminder to get your AGA estimates in by Noon EST (11:00 CST). Last Year - 97 Last Week + 7 Thank You, Daryl Dworkin BNP PARIBAS Commodity Futures, Inc. _____________________________________________________________________________________________________________________________________ Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur. Toute utilisation de ce message non conforme a sa destination, toute 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. ---------------------------------------------------------------------------------- This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please 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. _____________________________________________________________________________________________________________________________________
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Enron Mentions- 11/20/01 , Enron Warns of Problems Eroding Profit The Wall Street Journal, 11/20/01 FRONT PAGE - COMPANIES & MARKETS - Wall St worries over Enron deal. Financial Times, 11/20/01 Enron drops earnings for 3rd quarter $690 million dept comes due for downgrade firm Houston Chronicle, 11/20/01 Bankers concerned Dynergy may abandon Enron deal - report AFX News, 11/20/01 IN BRIEF / ENERGY Enron May Be Forced to Settle $690-Million Debt Los Angeles Times, 11/20/01 IN BRIEF / ACCOUNTING Arthur Andersen Probe Requested Los Angeles Times, 11/20/01 U.S. Official Calls for Probe Of Andersen, 2 Problem Audits The Wall Street Journal Europe, 11/20/01 Career Journal: The Jungle The Wall Street Journal, 11/20/01 In New Filing, Enron Reports Debt Squeeze The New York Times, 11/20/01 Decision to locate ConocoPhillips in Houston enhances world's energy capital Associated Press Newswires, 11/20/01 COMPANIES & FINANCE THE AMERICAS - Energy deal savings set to increase. Financial Times, 11/20/01 U.S. Equity Preview: Enron, Hot Topic, MetLife, UAL Bloomberg, 11/20/01 Enron restates Q3 to deeper loss; toils to restructure $690M payment The Canadian Press, 11/19/01 Enron restates third-quarter earnings Associated Press Newswires, 11/19/01 USA: Enron sounds debt alarm, reduces reported earnings. Reuters English News Service, 11/19/01 Enron Warns That Raft of Problems May Hurt Its Fourth-Quarter Profit Dow Jones Business News, 11/19/01 Enron Files 10-Q For 3Q With SEC Dow Jones News Service, 11/19/01 Fears Mount Over Enron/Dynasty Deal CNNfn: Markets Impact, 11/19/01 Enron Reduces Earnings, Warns $690 Mln Payment Due (Update2) Bloomberg, 11/19/01 ChevronTexaco Sees Investor Suits as Threat to Enron (Update1) Bloomberg, 11/19/01 Enron Says It May Have to Pay Off $690 Mln Note Next Week Bloomberg, 11/19/01 Enron's Azurix May Have to Sell Assets If It Can't Borrow Bloomberg, 11/19/01 U.S.'s Dingell Seeks Probe of Arthur Andersen, Dow Jones Says Bloomberg, 11/19/01 ENRON RESTATES Q3 RESULTS CBS.MarketWatch.com, 11/19/01 Enron Warns of Problems Eroding Profit By Rebecca Smith Staff Reporter of The Wall Street Journal 11/20/2001 The Wall Street Journal B16 (Copyright (c) 2001, Dow Jones & Company, Inc.) Enron Corp. warned that continuing credit worries, a decline in the value of some of its assets and reduced trading activity could hurt its fourth-quarter earnings. The energy company said it may be forced to take a $700 million pretax hit to earnings due to a plunge in the value of assets held by one of its investment partnerships. The partnership, Whitewing LLP, held assets with a book value of $4.7 billion on Nov. 16 but a drop in the value of Enron stock held by the partnership could result in a derivative loss of $700 million, the company said. In addition, Enron, Houston, said it may have to come up with more money to honor a collateral call on a $690 million note. That note became a "demand obligation," on Nov. 12, when Enron's credit rating got lowered to triple-B-minus by Standard & Poor's. The company didn't disclose who holds the note. "We've got nine days to either repay the note or post a letter of credit or they can start liquidating assets," said company spokesman Mark Palmer. One of the assets includes C.E.G. Rio, a gas distribution company in Brazil that Enron already is in the process of selling and whose proceeds it had intended to use for other forms of debt reduction. The company said it is trying to negotiate a waiver or extension of the credit provision with lenders to preserve its cash. Enron has set up a number of partnerships over the years to hedge investment risks and, in some cases, to keep debt off its balance sheet. In the wake of a Securities and Exchange Commission formal probe into its accounting and disclosure practices launched Oct. 31, the company restated its earnings downward dating back to 1997 and has consolidated some debt back onto its balance sheet. The company on Nov. 9 agreed to merge with competitor Dynegy Inc. But its latest SEC filing said it was sued by shareholders on Nov. 12 in state court in Houston to prevent the merger from happening. The petition alleges that Enron's directors breached their fiduciary duties to Enron's shareholders by agreeing to sell Enron for inadequate consideration and without an adequate investigation of the alternatives available to Enron. Enron said it would vigorously defend itself. Yesterday's filing included numerous changes in previously reported numbers for revenues and expenses. In its original third-quarter statement, the company reported a loss of $618 million. The stated loss was increased to $635 million last week and in the latest filing, the loss for the quarter ended Sept. 30 was widened to $664 million. Enron added that the numbers contained in latest filing aren't necessarily final because its external auditor, Arthur Andersen, hasn't completed its review, nor has an internal audit committee finished reviewing the firm's accounting practices. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. FRONT PAGE - COMPANIES & MARKETS - Wall St worries over Enron deal. By ANDREW BALLS, ANDREW HILL and GARY SILVERMAN. 11/20/2001 Financial Times (c) 2001 Financial Times Limited . All Rights Reserved Senior Wall Street bankers are concerned that Dynegy could walk away from its proposed $9.8bn ( #6.8bn) rescue bid for its rival energy group Enron - a move that would have severe repercussions for the energy trading sector and financial markets. In a series of interviews with the Financial Times, bankers expressed worries that while credit rating agencies had been assured that it was extremely difficult for Dynegy to pull out, some of the company's shareholders were under the impression that the "material adverse change" clause could be triggered. "There is no way you can say that this deal is definitely going to happen, or even likely to happen," one banker said. "And the knock on effects of it not going ahead are not good," he added. None of the bankers would agree to be publicly identified. The possibility of Dynegy dropping out of the deal was discussed when senior bankers from JP Morgan Chase and Citigroup, which are advising Enron, met with officials from Moody's, the credit rating agencies, 10 days ago. The rating agency expressed concerns that it would be too easy for Dynegy to give up its bid, further undermining Enron's creditworthiness. Moody's decision to preserve Enron's investment grade rating was one of the main reasons why Dynegy was able to go ahead with its rescue bid. In justifying the all-stock bid, Chuck Watson, chairman of Dynegy, said last week that buying the company for a low price - a fraction of Enron's market capitalisation at its peak in 2000 - was a major protection against failure. But he admitted that much of the last round of negotiations with Moody's had been spent reassuring them that the material adverse change clauses in the merger agreement were not too loose. According to Dynegy, the material adverse change clauses relate to the outcome of a Securities and Exchange Commission inquiry into Enron's finances, possible litigation against the energy company, balance sheet strength and earnings forecasts. www.ft.com/enron. (c) Copyright Financial Times Ltd. All rights reserved. http://www.ft.com. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. Enron drops earnings for 3rd quarter $690 million debt comes due for downgraded firm By TOM FOWLER Copyright 2001 Houston Chronicle Enron Corp.'s financial well-being continues to be a moving target as the company made more adjustments to its earnings Monday. In a Securities and Exchange Commission filing, Enron said it reduced third-quarter earnings by 3 cents per share and increased earnings for the first nine months of 2001 by 1 cent to reflect recently discovered accounting errors. The company also said that its recent credit rating drop may force it to pay off a $690 million note by Nov. 27 if it doesn't find collateral to guarantee the debt. The revelations came in the embattled energy trader's 10-Q document, which companies must file every quarter with details of their earnings and balance sheet. Enron delayed releasing the 10-Q by five days and said the filing made Monday had not been fully audited by its accounting firm, Andersen, because of an ongoing investigation by the company's board of directors and the need for more time. "We are continuing to review the transactions in question and are making progress with our investigation," said William K. Powers Jr., chairman of Enron's special investigation committee and dean of the University of Texas School of Law. Enron's pending $690 million IOU is related to a limited partnership to buy natural gas assets in Brazil. One of the terms of the partnership requires Enron to repay the debt if its credit rating slips to BBB- on rating agency Standard & Poor's scale, which it did Nov. 12. If Enron doesn't put up collateral equal to the amount of the note or repay it, the other partners in the deal can sell off the partnership's assets. Enron officials said in the filing they are working with lenders to come up with an acceptable agreement on the debt. If Enron's debt rating continues to drop, which would put it below investment grade, the company would face another $3.9 billion in debt repayments, the company said in the filing, mainly by two other partnerships formed in recent years: $2.4 billion owed by Osprey Trust and $915 million by Marlin Water Trust. Enron is under a negative review by most rating agencies, but a cash infusion from Dynegy combined with additional lines of credit from a number of investment banks and a possible $500 million to $1 billion equity investment by other investors is expected to keep the ratings afloat. The turmoil around Enron's finances started after Oct. 16, when steep losses in its third-quarter earnings drew renewed attention to a pair of investment partnerships created by the former chief financial officer with the approval of the company's board of directors. The LJM partnerships were formed using Enron equity and outside capital as a way to hedge against the risks involved in some of the company's new lines of business and were designed to help the company grow quickly without adding too much debt to its books or diluting the value of the company's stock. The CFO's dual roles as a company executive and managing director of the entities prompted an SEC investigation as well as an internal Enron investigation that led the company to cut its earnings over the past 4 1/2 years by nearly $600 million. Those problems shook investor and trading partner confidence in Enron, which led to a sharp drop in its stock price and cuts in its credit rating. The company eventually reached a deal with rival Dynegy to be acquired for almost $9 billion in stock plus the assumption of almost $13 billion in debt and $2 billion in preferred stock. The fallout from Enron's crumble is spreading to its major service providers, including Andersen. That firm has been named as a defendant in at least one shareholder lawsuit, while on Monday Rep. John Dingell, D-Mich., called for an investigation of Andersen in connection with its audits of Enron and Houston-based Waste Management. "The best accounting standards in the world are meaningless if the accounting and audit processes are so inept or corrupt that they produce unreliable numbers and untruthful reporting," Dingell wrote in a letter to the Public Oversight Board requesting the investigation. Andersen, based in Chicago, has a large Houston office and a strong foothold in the energy industry with clients, including Enron and Dynegy. Critics of Andersen have said the firm should have done more as Enron's auditor to draw investors' attention to the company's unusual finances. A lawsuit filed in Oregon alleged Andersen's judgment was swayed by lucrative consulting fees that it received from Enron while it was auditor. In June, Andersen was fined $7 million by the SEC to settle charges that it filed false and misleading audit reports of Waste Management, the largest civil penalty against a Big Five accounting firm. Andersen did not admit or deny the charges. Reuters News Service contributed to this story. Bankers concerned Dynergy may abandon Enron deal - report 11/20/2001 AFX News (c) 2001 by AFP-Extel News Ltd LONDON (AFX) - Senior Wall Street bankers are concerned Dynergy Inc could walk away from its proposed rescue bid for its rival energy group Enron Corp, reports the Financial Times without citing sources. The FT says bankers are worried the company could trigger the "material adverse change" clause in the deal. mps/mkp For more information and to contact AFX: www.afxnews.com and www.afxpress.com Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. Business; Financial Desk IN BRIEF / ENERGY Enron May Be Forced to Settle $690-Million Debt Reuters 11/20/2001 Los Angeles Times Home Edition C-3 Copyright 2001 / The Times Mirror Company Enron Corp. warned in a regulatory filing that it could be forced to pay a $690-million debt by next week and reduced its already abysmal third-quarter earnings. The energy giant said a downgrading of its debt last week triggered a Monday deadline for it to repay or offer collateral against the $690 million owed to a party in one of its partnerships. If the debt isn't paid, the partner could liquidate the partnership's assets, which include a Brazilian natural gas company that Enron was counting on selling to raise $250 million in cash. Enron has already used up its $3-billion credit line, secured roughly $2 billion in loans and is looking for more cash. The company reduced its previously reported results for the third quarter by 3 cents a share, according to its filing with the Securities and Exchange Commission. That would put its loss at 87 cents a share. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. Business; Financial Desk IN BRIEF / ACCOUNTING Arthur Andersen Probe Requested Reuters 11/20/2001 Los Angeles Times Home Edition C-3 Copyright 2001 / The Times Mirror Company A congressman has called for an investigation of Big Five accounting firm Arthur Andersen in connection with its audits of Enron Corp. and Waste Management Inc., according to a letter released Monday. Turning up the heat under the conflict-of-interest issue among the world's largest bean-counters, Rep. John D. Dingell (D-Mich.) asked the Public Oversight Board for a "review or special investigation of Arthur Andersen LLP," said the letter. Dingell also asked the board to look into peer reviews of Arthur Andersen conducted in recent years by other accounting firms, including Deloitte & Touche, and questioned the value of a triennial peer review process in place since 1978. Arthur Andersen, based in Chicago, was auditor to Houston energy trading giant Enron, rocked in recent weeks by a Securities and Exchange Commission probe of outside partnership deals involving company officers. Enron's stock price has plunged, several managers have resigned and numerous shareholder lawsuits are pending. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. U.S. Official Calls for Probe Of Andersen, 2 Problem Audits By Judith Burns Dow Jones Newswires 11/20/2001 The Wall Street Journal Europe 22 (Copyright (c) 2001, Dow Jones & Company, Inc.) WASHINGTON -- Concerned about the accounting profession's ability to police itself, a senior House of Representatives Democrat has called for a "special investigation" of Arthur Andersen LLP and its audits of Enron Corp. and Waste Management Inc. In a letter to U.S. Public Oversight Board Chairman Charles Bowsher released Monday, Rep. John Dingell, a Michigan Democrat, requested a review of Andersen's audits of Enron and Waste Management, two high-profile audit failures. Enron, of Houston, which recently agreed to be acquired by crosstown rival Dynergy Inc., acknowledged it overstated net income by $586 million (662.5 million euros) and will need to restate financial reports dating back to 1997. The U.S. Securities and Exchange Commission is investigating Enron's treatment of investments in limited partnerships tied to former Chief Financial Officer Andrew Fastow. Enron's problems come on the heels of another audit debacle for Andersen. In June, the firm reached a $7 million settlement with the SEC in which it neither admitted nor denied allegations of fraud in its audit of Waste Management. Andersen and the waste hauler paid $220 million in 1999 to settle class-action lawsuits alleging massive accounting fraud that inflated Waste Management's reported earnings in the mid-1990s. In addition to the SEC's probe of its role in the Enron matter, Andersen is undergoing routine peer review by Deloitte & Touche. Dingell suggested that review may be clouded by the fact that Deloitte & Touche has been hired by outside lawyers representing a special committee of Enron's board of directors. Given the potential conflict of interest on the part of Deloitte & Touche, and Andersen's track record, "there appears to be little reason for the public to have faith in Andersen or the peer review process," Mr. Dingell wrote. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. Career Journal: The Jungle By Kemba J. Dunham 11/20/2001 The Wall Street Journal B10 (Copyright (c) 2001, Dow Jones & Company, Inc.) [Focus on Retirement, Pay and Getting Ahead] Passing Up Some senior executives are spurning hefty severance packages. Last week, Enron Corp. Chairman Kenneth Lay decided to forgo a $60.6 million severance payment that would have been triggered by Dynegy Inc.'s planned acquisition of the Houston energy trader. Enron initially said Mr. Lay would keep one-third of the planned payout and take it in shares of the combined company. He later decided against any severance payment after criticism by influential energy traders, who produce most of Enron's profits. "In this environment, we're seeing producers putting pressure on managers and managers putting pressure on producers to ensure that their pay is in line with their performance," says Ira Kay, executive-compensation practice leader of pay-and-benefits consultants Watson Wyatt Worldwide in New York. Alan Johnson, managing director of New York pay consultants Johnson Associates, says Mr. Lay's initial intention to accept a portion of his severance represents "the continuing trend of executives being clueless." (For the 12 months ended Aug. 31, Mr. Lay received about $70 million from exercising Enron stock options, according to disclosure reports tracked by Thomson Financial.) Three top executives of US Airways Group Inc., including Chief Executive Rakesh Gangwal and Chairman Stephen Wolf, passed up severance after deciding to stay at the company when a planned merger fell through. The trio stood to gain $45 million for resigning as a result of severance agreements triggered by shareholder approval of its now-defunct merger accord with UAL Corp. At US Airways' Sept. 19 annual meeting, they said they would remain with the company. Firm Relationship New York law firm Cadwalader, Wickersham & Taft last week rolled out an unusual formal mentoring program for first-year associates. For two hours a month for at least a year, each associate will meet with a designated mentor -- typically a midlevel associate -- to discuss issues such as career development. If the relationship doesn't click, new pairings will be made. CWT hires about 50 law-school graduates a year. Jordan Schwartz, the firm's hiring partner, says the initiative was sparked by a 2000 survey of midlevel associates at 165 U.S. law firms conducted by American Lawyer magazine. The poll, which assesses how associates perceive they are being treated, ranked the firm last. "It wasn't an accurate reflection of the firm," he says. "But it was a wake-up call." So, CWT created an "associate task force" that identified key issues and explored ways to improve the quality of work life. The mentoring program was one result. Hiring Blitz Despite rising joblessness, a few employers are hiring in a big way. ZipRealty Inc., an online real-estate broker in Richmond, Calif., recently announced plans to hire 1,000 real-estate agents within the next 18 months. It has about 135 agents, all of whom work from home. "We have large consumer demands right now, so we want to make sure we have great realtors," says Scott Kucirek, executive vice president of people and culture. Since August, zipRealty has hired nearly 30 agents a month for all its 12 markets, which include Los Angeles, Phoenix, San Diego and Chicago. The company has three full-time recruiters sending e-mails and making calls to market its recruitment effort. Its database contains 200 to 300 prospects. The job, which usually pays only commission, offers some perks. The company will pay new agents $1,500 a month for three months to give them time to make connections and sell a home. After that, pay will be entirely commission based. New hires also receive cellphone and car allowances. --- E-mail comments to [email protected] Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. Business/Financial Desk; Section C In New Filing, Enron Reports Debt Squeeze By RICHARD A. OPPEL Jr. and FLOYD NORRIS 11/20/2001 The New York Times Page 1, Column 2 c. 2001 New York Times Company The Enron Corporation told investors yesterday that it faced debt repayments over the next year vastly in excess of its available cash. It said that if any of a number of things went wrong, its ability to continue as a going concern would be called into question. In a delayed quarterly filing with the Securities and Exchange Commission, the company said that it would have to repay $690 million in debt by next Tuesday if it did not come up with collateral for a loan. Enron has about $1.75 billion in cash and credit lines now available but faces debt repayments and other obligations of $9.15 billion by the end of next year. The report for the third quarter, which was filed five days late, says the company faces immediate demand for $3.9 billion in debts if its credit rating is downgraded any further. Enron's independent auditors with the firm of Arthur Andersen have not been able to complete their review of Enron's financial statements for the third quarter. Andersen already faces lawsuits over its audits of Enron's books related to Enron's disclosure this month that it had overstated almost $600 million in profits in the last five years. Enron has said that it will restate statements that Andersen certified and that those statements should no longer be relied upon. Yesterday, Representative John D. Dingell of Michigan, the ranking Democrat on the House Energy and Commerce Committee, called for an investigation into Arthur Andersen's handling of the Enron audits. A spokesman for Andersen could not be reached last night. Enron, the nation's largest energy trader, has agreed to be acquired by Dynegy Inc., its smaller crosstown rival in Houston, and credit rating agencies have said that a failure of that deal to go through would lead to a further downgrading of Enron, which is now at the lowest investment-grade rating. Any downgrades could lead to a collapse of Enron's core energy trading business, analysts say, as other energy trading companies might stop doing business with Enron entirely. The Dynegy deal is expected to close sometime next year, and the disclosures yesterday indicate that Enron may face challenges in meeting its obligations before then, particularly if the closing of the deal is delayed. Enron said it hoped to complete the transaction by the end of next September. Enron is in talks to obtain $500 million to $1 billion in additional financing through an equity infusion from major banks and institutions. In addition, executives have said they are hoping to close deals to sell $800 million in assets by the end of the year, and perhaps a few billion dollars of assets next year. Enron is also set to receive a $1 billion infusion from ChevronTexaco, which owns a 27 percent stake in Dynegy, if the deal closes next year. Still, even after factoring in cash flow from Enron's core energy-trading operations, Enron could be left well short of what it needs to satisfy the huge obligations due by the end of next year -- meaning that Enron will probably have to work to persuade bankers to restructure debts or extend maturities. Carol Coale, an analyst for Prudential Securities in Houston, said the new disclosures indicated that Enron's troubles had run deeper than what investors and analysts believed, even as the stock crashed early this month before the merger with Dynegy was announced. ''Our initial read was that this might have been like a run on the bank,'' Ms. Coale said. ''But now it sounds like Enron's problems were actually more inherent than perceived.'' Enron's deal with Dynegy calls for Enron holders to receive 0.2685 Dynegy share for each Enron share, but in trading since the deal was announced Enron's share price has lagged Dynegy's price, reflecting investor doubts that the deal will be completed at the announced terms. In New York Stock Exchange trading yesterday, before the Enron filing was released, Enron rose 6 cents, to $9.06, and Dynegy rose $1.13, to $43.60. At those prices, the value of the Dynegy offer is 29.2 percent above Enron's share price, compared with a 20.6 percent difference when the deal was announced. Some debts that Enron might have to pay quickly if its bond rating is lowered could be satisfied by selling shares, but such sales would probably reduce the stock price further. And the merger agreement with Dynegy provides that the exchange ratio would be reduced if Enron sold stock at prices below the implied value under the merger -- currently $11.71 an Enron share. In after-hours trading yesterday, after the release of the Enron filing, the share price slipped to $9. Enron had previously said it was reducing its profits taken in previous years by more than $500 million. Yesterday's filing provided some additional details on Enron's relationships with various related partnerships whose debts Enron could be forced to pay, and it said that additional write-offs could come as early as the current quarter if it concluded that asset values in the partnerships had declined. It said that because Enron's stock value had fallen, one write-down could be $700 million. The disclosures show that Enron erected complicated financial structures that in some cases seem to have been meant to allow the company to avoid taking losses on assets and in other cases were aimed at keeping debts off its balance sheet. But the collapse of Enron's stock price has both worsened the situation for some of those entities and greatly increased the cost Enron would face if it needed to pay off the debts. ''It is not possible to predict,'' Enron warned investors, whether its asset sales or debt refinancings would be successful. ''An adverse outcome with respect to any of these matters would likely have a material adverse impact on Enron's ability to continue as a going concern.'' Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. Decision to locate ConocoPhillips in Houston enhances world's energy capital By PAM EASTON Associated Press Writer 11/20/2001 Associated Press Newswires Copyright 2001. The Associated Press. All Rights Reserved. HOUSTON (AP) - The decision to base the oil giant created by the combination of Phillips Petroleum Co. and Conoco Inc. in Houston, home of the smaller Conoco, helps cement the city's status as the nation's energy capital. "Houston already was the energy capital of the world. This just proves it," said Mark Baxter, director of the Maguire Energy Institute at Southern Methodist University in Dallas. "All the major players are in Houston and Houston can accommodate the employee growth base," he said. "It is easier to conduct the business in the Houston market because not only are all the major companies there, all the support is in Houston as well." The dlrs 15.6 billion deal announced Sunday that would create the nation's third largest oil producer may mean more prestige for Houston, even though the nation's two largest oil companies - Irving-based ExxonMobil and San Francisco-based ChevronTexaco - have their headquarters located elsewhere, each has thousands of employees working in the nation's fourth-largest city. It all began with the 1901 Spindletop strike in southeast Texas when oilmen discovered that much of the continental United States' vast oil resources lay beneath Texas soil. "Historically oil and gas centers sprang up adjacent to oil and gas discoveries," said David Bole, the vice president of Randall & Dewey, Inc., a Houston-based oil consulting firm. "But certainly with high-speed communications developed over the last 30 years, the decision making has been centralized more in the financial centers. "What has set Houston apart from many other emerging oil centers was the caliber of the early wildcatters, their vision and their ability to build mega-companies. In many cases it is their legacy that has built Houston into today's oil capital." Shell Oil Co. is based in Houston alongside several other producers and numerous offshore drilling, oil field services, pipeline, oil field firefighting and related companies. In recent years, the city also has become home to large energy trading firms such as Dynegy, Inc., Enron Corp., Reliant Inc. and others. Together, they operate dozens of computerized energy trading floors scattered throughout the city. "Consolidation is cumulative - a self-fulfilling process of centralizing all the important pieces of the oil industry in one place," Bill Gilmer, an economist in Houston for the Federal Reserve Bank of Dallas, wrote in a recent publication. "The same principles, of course, are what draw moviemakers to Hollywood, financial service providers to New York and automakers to Detroit." And, it seems, energy companies to Houston. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. COMPANIES & FINANCE THE AMERICAS - Energy deal savings set to increase. By ANDREW HILL. 11/20/2001 Financial Times (c) 2001 Financial Times Limited . All Rights Reserved ChevronTexaco yesterday increased the annual savings it expected to achieve from the merger between the two oil groups to $1.8bn by March 2003. David O'Reilly, chief executive, told analysts that the combined company would also meet its original synergy target of $1.2bn within six to nine months of the deal, which was completed last month. Mr O'Reilly also said it expected oil and gas production to grow at an annual rate of 2.5 to 3 per cent over the next five years, and dismissed worries about the falling oil price. "Our business is used to swings and volatility - if you want a stable price environment you don't want to be in this business," he told reporters after addressing analysts in New York. Mr O'Reilly said the news of the latest big merger in the industry - the $35bn deal between Conoco and Phillips Petroleum - only made him more confident that the ChevronTexaco deal was right. ChevronTexaco now claims to be the third-largest energy company in terms of global oil reserves and the fourth-largest in global oil and natural gas production. He said the synergies translated into gains of about $1 per share after tax. ChevronTexaco has an important role in Dynegy's rescue bid for Enron, the rival energy group. ChevronTexaco has a 26 per cent stake in Dynegy and immediately invested $1.5bn in convertible preferred shares of Dynegy to fund its direct equity infusion in Enron. ChevronTexaco is committed to buying a further $1bn of Dynegy common stock once Dynegy completes its takeover. If the deal fails, ChevronTexaco can redeem the convertible preferred shares for $1.5bn in cash or convert to common shares, giving it a 36 per cent stake in equity. Mr O'Reilly said yesterday the group was committed to the deal, despite worries about potential hidden liabilities at Enron. ChevronTexaco is doing its own review of potential litigation risks at Enron, and Mr O'Reilly said there was "a full suite of due diligence" that needed to be done on other issues at Enron. * Enron's lenders welcomed the energy company's openness yesterday following a meeting in New York. Greg Whalley, Enron's president, led the meeting, which was postponed when Dynegy began talks with Enron two weeks ago. "Much of senior management was there and they were doing a good job," said one. Another banker said Enron management had been "pretty upfront" about the problems at the company, although he said most lenders were reluctant to air their concerns in full at the crowded meeting. (c) Copyright Financial Times Ltd. All rights reserved. http://www.ft.com. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. U.S. Equity Preview: Enron, Hot Topic, MetLife, UAL 2001-11-20 01:25 (New York) U.S. Equity Preview: Enron, Hot Topic, MetLife, UAL New York, Nov. 20 (Bloomberg) -- The following is a list of companies whose shares may move in U.S. markets today. This preview includes news that occurred after markets closed yesterday. Stock symbols are in parentheses after the company name. Most Likely to Move: Enron Corp. (ENE) fell as low as $8.78 during after-hours trading. It closed at $9.06 in regular trading. The energy company that's being acquired by rival Dynegy Inc., cut third-quarter earnings for a second time. The company also said that a drop in its credit rating may force it to make early payment of a $690 million note this month. Dynegy rose $1.13 to $43.60. Loudcloud Inc. (LDCL) rose as high as $3.91 in after-hours trading. It closed at $3.15 in regular trading: The manager of corporate Web sites said it expects a fourth-quarter loss of 55 cents to 56 cents a share on sales of $15.5 million to $15.7 million. It was forecast to have a loss of 66 cents in the fourth quarter, the average estimate of analysts polled by Thomson Financial/First Call. Semtech Corp. (SMTC) rose as high as $39.50 in after-hours trading. It closed at $38.70 in regular trading. The maker of chips for communications equipment and personal computers said third-quarter profit from operations was 10 cents a share, from 22 cents a year ago. Including a gain, Semtech would have earned 12 cents. The company was expected to report profit of 9 cents, the average forecast of analysts surveyed by First Call. Others: Dal-Tile International Inc. (DTL): The maker of tiles said in a statement distributed by PR Newswire that it agreed to be acquired by Mohawk Industries Inc. (MHK) for a combination of cash and stock valuing its shares at $23.10 each, based on the closing price of Mohawk's shares Monday. Company officials couldn't be reached to comment. Dal-Tile shares rose 70 cents to $17.60. Delta and Pine Land Co. (DLP): The cotton-seed company said it will raise its quarterly dividend to 5 cents share, up from last quarter's payment of 4 cents, according to press release issued by PR Newswire. The increased dividend will be paid on Dec. 14 to the shareholders of record on Nov. 30. Company officials couldn't immediately be reached to comment. Delta and Pine Land rose 10 cents to $18. Fashionmall.com Inc. (FASH): The operator of an Internet shopping site for brand-name clothing, shoes and accessories cut its staff to three people as of Oct. 15 and will cut this number to one person by the end of the year. The company is reviewing its business operations, according to a statement distributed by PR Newswire. Company officials couldn't be reached to comment. Fashionmall.com shares rose 10 cents to $2.45. Hot Topic Inc. (HOTT): The seller of music-inspired merchandise said it will more than triple the number of Torrid stores for plus-size young women next year as third-quarter profit rose to 39 cents a share, from 34 cents, a year earlier. Hot Topic said profit next fiscal year will be $1.55 a share, less than the $1.59 average estimate of eight analysts polled by First Call. Hot Topic rose $1.73 to $28.58. H&R Block Inc. (HRB): The tax form-preparing company agreed to acquire EquiCo Resources LLC, an investment bank, which specializes in merger and acquisition work for middle-market companies. Terms weren't disclosed. H&R Block fell 74 cents to $37.28. MetLife Inc. (MET): The life insurer, which said it will raise about $1.25 billion in new debt, may have its credit rating cut in the future, according to Moody's Investors Service. The ratings agency changed the outlook on MetLife's debt rating to negative because of the insurer's appetite for assuming higher levels of risk. About $2 billion worth of debt was affected. MetLife fell 9 cents to $27.50. Northfield Laboratories Inc. (NFLD): The U.S. Food and Drug Administration asked for more information about the company's oxygen-carrying blood substitute, PolyHeme. Northfield said it will ``quickly'' address the issues raised by the FDA, according to a press release distributed by PR Newswire. Company officials couldn't immediately be reached for comment. Northfield fell 16 cents to $13.25. Phillips-Van Heusen Corp. (PVH): The maker of Van Heusen and Izod brand clothing said fourth-quarter sales will be 11 percent to 12 percent less than a year earlier because of the slowing economy and weak retail market. Profit in the current quarter will be 12 cents to 15 cents a share, in line with the 13-cent average estimate of a First Call poll. Phillips-Van Heusen shares rose 1 cent to $11.27. SunGard Data Systems Inc. (SDS): The software maker expects to meet its 2001 earnings forecast, excluding the purchase of Comdisco Inc.'s computer disaster-recovery business for $850 million. The company will earn 88 cents to 91 cents a share this year excluding the acquisition. Including the purchase, SunGard's earnings will be ``modestly'' lower for the rest of this year and the first half of 2002. SunGard shares rose 86 cents to $29.50. UAL Corp. (UAL): The union representing mechanics for the company's United Airlines has rejected an arbitration effort by a government board, raising the possibility of a strike. The International Association of Machinists and Aerospace Workers turned down the National Mediation Board's offer to help resolve a contract dispute between the Chicago-based carrier and 15,000 mechanics and other employees. UAL rose $2.48 to $16.72. Enron restates Q3 to deeper loss; toils to restructure $690M payment AP 11/19/2001 The Canadian Press Copyright (c) 2001 The Canadian Press. All rights reserved. HOUSTON (AP) _ As embattled Enron Corp. examines its books, the energy trader restated its third-quarter results Monday, increasing its loss for the period by three cents a share to 87 cents. The company also disclosed it is trying to restructure a $690-million obligation that could come due Nov. 27. Enron spokesman Mark Palmer said the company has the cash on hand to pay the obligation but would like to have it restructured and extended. ``We are working with the lenders to restructure or extend the term on the obligation,'' he said. Palmer said that when Enron's credit rating was reduced it triggered a clause in one of the ``limited partnership agreements that could cause that $690 million obligation to become due beginning next week.'' Houston-based Enron, being purchased by rival Dynegy Inc. to escape a spate of problems and shattered Wall Street confidence, also increased nine-month earnings by a penny to 20 cents a share. Dynegy is purchasing the company for $7.8 billion in stock. In an SEC filing Nov. 8, Enron said financial statements from 1997 through the first half of 2001 ``should not be relied upon'' and that outside businesses run by Enron officials during that period should have been included in the company's earnings reports. That would have reduced Enron's profits for those years by $586 million, from $2.89 billion to $2.31 billion. In addition, the company revised its debt upward in each year from 1997 to 2000; at the end of 2000, Enron's debt was $10.86 billion, or $628 million more than previously reported. By not disclosing the debt earlier, Enron presumably maintained a stronger credit rating and was able to vastly increase the size of its core operations _ trading natural gas and electricity on wholesale markets. In a filing with the Securities and Exchange Commission on Monday, Enron explained that auditor Arthur Andersen LLP hasn't finalized its review of the company's financial statements because of an ongoing investigation by a special committee appointed by Enron's board of directors. In the filing, Enron reiterated it is developing a plan to exit $8 billion in non-core businesses that are performing ``below acceptable rates,'' and expects to use the proceeds to repay debt. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. Enron restates third-quarter earnings 11/19/2001 Associated Press Newswires Copyright 2001. The Associated Press. All Rights Reserved. HOUSTON (AP) - As embattled Enron Corp. examines its books, the energy trader restated its third-quarter earnings, increasing its loss for the period by 3 cents a share to 87 cents. The company also disclosed it is trying to restructure a dlrs 690 million obligation that could come due Nov. 27. Enron spokesman Mark Palmer said the company has the cash on hand to pay the obligation but would like to have it restructured and extended. "We are working with the lenders to restructure or extend the term on the obligation," he said. Palmer said the obligation could come due because of Enron's lowered credit rating. When the rating was reduced, it triggered a clause in one of the "limited partnership agreements that could cause that dlrs 690 million obligation to become due beginning next week." Houston-based Enron, which is being purchased by rival Dynegy Inc. to escape a recent spate of problems and shattered Wall Street confidence, also increased nine-month earnings by a cent to 20 cents a share. Dynegy is purchasing the company for dlrs 7.8 billion in stock. In an SEC filing Nov. 8, Enron said financial statements from 1997 through the first half of 2001 "should not be relied upon" and that outside businesses run by Enron officials during that period should have been included in the company's earnings reports. That would have reduced Enron's profits for those years by dlrs 586 million, from dlrs 2.89 billion to dlrs 2.31 billion. In addition, the company revised its debt upward in each year from 1997-2000; at the end of 2000, Enron's debt was dlrs 10.86 billion, dlrs 628 million more than previously reported. By not disclosing the debt earlier, Enron presumbably maintained a stronger credit rating and was able to vastly increase the size of its core operations - trading natural gas and electricity on wholesale markets. In a filing with the Securities and Exchange Commission on Monday, Enron explained that auditor Arthur Andersen LLP hasn't finalized its review of the company's financial statements because of an ongoing investigation by a special committee appointed by Enron's board of directors. "We are continuing to review the transactions in question and are making progress with our investigation," said William K. Powers Jr., chairman of the special committee and dean of the University of Texas School of Law. The merger is expected to go through by next summer. Dynegy, backed by major investor ChevronTexaco Inc., will also assume dlrs 13 billion of Enron debt. Enron agreed to be bought after its stock price plunged about 80 percent in the weeks after it disclosed a third quarter loss followed by an acknowledgment that the Securities and Exchange Commission was investigating partnerships run by company officials. The partnerships led to a dlrs 1.2 billion reduction in shareholder equity and allowed Enron to keep about half a billion dollars in debt off its books. Credit services also have diminished Enron's long-term debt to just above junk grade. In the filing, Enron also reiterated it is developing a plan to exit dlrs 8 billion in non-core businesses that are performing "below acceptable rates," and should be able to use the proceeds to repay debt. Shares of Enron were up 6 cents to dlrs 9.06 in trading Monday on the New York Stock Exchange. Enron announced its latest filing after the market close. --- On the Net: http://www.enron.com Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. USA: Enron sounds debt alarm, reduces reported earnings. By C. Bryson Hull 11/19/2001 Reuters English News Service (C) Reuters Limited 2001. HOUSTON, Nov 19 (Reuters) - Humbled energy giant Enron Corp. on Monday warned that it could be forced to pay a $690 million debt by next week and reduced its already-abysmal third-quarter earnings. The Houston company sounded the debt and credit alarms once again in a filing made on Monday with U.S. Securities and Exchange Commission. Among the new information included is the disclosure that Enron is up against a short deadline to meet a $690 million debt obligation triggered by a credit downgrade last week. That marked the start of a nine-day period that expires on Nov. 26, during which Enron must lay down collateral against the debt owed to a third party in one of its myriad partnerships. If not, the partner has the right to liquidate all of the assets of the partnership, which includes a Brazilian natural gas company that Enron was counting on selling to raise $250 million in cash. The company is working to make alternative payment arrangements, since it can ill-afford to pay the debt now. Enron has already already maxed out its $3 billion credit line, secured roughly $2 billion in loans and is looking for more cash to stay afloat. Enron also reduced previously reported 2001 third-quarter earnings by 3 cents per share and increased previously reported earnings for the first 9 months of the year by a penny per share. The move reflects adjustments made after the quarter's end, Enron said. On Oct. 16, Enron reported a loss of $638 million or 84 cents per share for the third quarter of 2001. On Nov 8, Enron said it had restated earnings for 1997-2000 and that net income for the four-year period was more than a half a billion lower than originally reported. It also warned that a further drop in its credit rating could force it to pay $3.9 billion to other partnerships, the bulk of it to Osprey Trust and Marlin Water Trust. Such an outcome would keep Enron from paying its revolving credit accounts and "would likely have a material adverse impact on Enron's ability to continue as a going concern," the company wrote. Enron had released those figures earlier, but had yet to state in such stark terms the dire risk the debts pose to its viability. CREDIT COULD BE A KILLER Moody's Investors Service and Standard & Poor's this month cut their respective senior unsecured debt ratings for Enron to "Baa3" and "BBB-minus," just one notch above "junk" status. Each warned it may cut its respective ratings again. Moody's also cut Enron's short-term debt rating, which affects commercial paper, to "Not Prime," a junk rating. In nearly all of its partnership deals, Enron guaranteed the financing it received with a promise to issue Enron shares to its partners if its credit fell below investment grade and its stock price was under certain levels. At the close of trading Monday on the New York Stock Exchange, Enron shares were at $9.06 - well below the trigger prices. All of the partnerships, which Enron used to finance projects in a way that kept them off the balance sheet, have become the once-proud company's bane. The SEC is investigating potential conflict-of-interest issues involving two such partnerships on which ousted Chief Financial Officer Andrew Fastow served as general partner. Enron had to extract itself from those partnerships, which led to a $1.2 billion reduction in Enron shareholder equity. The revelation of the equity reduction started one of the more stunning and rapid corporate collapses in recent memory, leaving Enron to be bought on Nov. 9 by smaller cross-town rival Dynegy Inc. for the fire-sale price of $9 billion in stock. In an unusual note, Enron said that its financial statements in the filing were not audited by an independent accountant, per SEC regulations, because of "the need of Arthur Andersen LLP, Enron's independent auditors, to complete their review procedures." Arthur Andersen had no comment, but Enron said the ongoing investigation by a special committee appointed by Enron's board of directors to look into its partnership dealings precludes the audit's completion. (Additional reporting by Andrew Kelly in Houston and Jonathan Stempel in New York). Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. Enron Warns That Raft of Problems May Hurt Its Fourth-Quarter Profit 11/19/2001 Dow Jones Business News (Copyright (c) 2001, Dow Jones & Company, Inc.) Enron Corp. warned that continuing credit worries, a decline in the value of some of its assets and reduced trading activity could hurt its fourth-quarter earnings, Tuesday's Wall Street Journal reported. The energy company said it may be forced to take a $700 million pretax hit to earnings due to a plunge in the value of assets held by one of its investment partnerships. The partnership, Whitewing LLP, held assets with a book value of $4.7 billion on Nov. 16 but a drop in the value of Enron (ENE) stock held by the partnership could result in a derivative loss of $700 million, the company said. In addition, Enron, Houston, said it may have to come up with more money to honor a collateral call on a $690 million note. That note became a "demand obligation," on Nov. 12, when Enron's credit rating got lowered to triple-B-minus by Standard & Poor's. The company didn't disclose who holds the note. "We've got nine days to either repay the note or post a letter of credit or they can start liquidating assets," said company spokesman Mark Palmer. One of the assets includes C.E.G. Rio, a gas distribution company in Brazil that Enron already is in the process of selling and whose proceeds it had intended to use for other forms of debt reduction. The company said it is trying to negotiate a waiver or extension of the credit provision with lenders to preserve its cash. Enron has set up a number of partnerships over the years to hedge investment risks and, in some cases, to keep debt off its balance sheet. In the wake of a Securities and Exchange Commission formal probe into its accounting and disclosure practices launched Oct. 31, the company restated its earnings downward dating back to 1997 and has consolidated some debt back onto its balance sheet. The company on Nov. 9 agreed to merge with competitor Dynegy Inc. (DYN). But its latest SEC filing said it was sued by shareholders on Nov. 12 in state court in Houston to prevent the merger from happening. The petition alleges that Enron's directors breached their fiduciary duties to Enron's shareholders by agreeing to sell Enron for inadequate consideration and without an adequate investigation of the alternatives available to Enron. Enron said it would vigorously defend itself. Monday's filing included numerous changes in previously reported numbers for revenues and expenses. In its original third-quarter statement, the company reported a loss of $618 million. The stated loss was increased to $635 million last week and in the latest filing, the loss for the quarter ended Sept. 30 was widened to $664 million. Enron added that the numbers contained in latest filing aren't necessarily final because its external auditor, Arthur Andersen, hasn't completed its review, nor has an internal audit committee finished reviewing the firm's accounting practices. Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. Enron Files 10-Q For 3Q With SEC 11/19/2001 Dow Jones News Service (Copyright (c) 2001, Dow Jones & Company, Inc.) HOUSTON -(Dow Jones)- Enron Corp. (ENE) filed its Form 10-Q for the third quarter and said its previously reported third quarter loss of 84 cents a share was widened by 3 cents to reflect adjustments made subsequent to the end of the quarter. As reported, Enron was restating financial statements from 1997 through the second quarter of 2001 due to questions over its finances. On Oct. 16, Enron reported a loss of $618 million on revenue of $47.6 billion for the third quarter ended Sept. 30. In a press release Monday, the company said its earnings of 19 cents a share for the nine-month period of 2001 were increased by 1 cent a share. Enron said its independent auditor, Arthur Andersen LLP, hasn't finalized its review of the company's financial statements in accordance with established professional standards because of the ongoing investigation by the special committee of the board and the need for Andersen to complete its review procedures. In the third quarter, Enron wrote off more than $1 billion related to its failed investments and reduced shareholder equity by about $1.2 billion to unwind an off-balance financing vehicle once run by its former chief financial officer, Andrew Fastow. That relationship is being examined in a Securities and Exchange Commission investigation, and is the center of more than a dozen shareholder lawsuits. According to the company's Form 10-Q, the special committee's investigation may identify additional or different information concerning these matters, which would require additional or different restatements. Dow Jones Corporate Filings Alert reported Monday that Enron is currently preparing a restructuring plan aimed at taking aggressive steps to rationalize the company's existing cost structure, accelerating the process of divesting non-core businesses and assets and restructuring scheduled maturities of debt and other obligations. Enron said it is unable to estimate the timing of restructuring or the financial impact, but said fourth quarter results of operations will likely be hurt by employee severance, restructuring and other charges, according to Corporate Filings Alert. The company had $1 billion in cash and cash equivalents at Sept. 30. On Nov. 9, Enron and Dynegy Inc. (DYN) signed a definitive merger agreement that would give Enron shareholders 0.2685 share of a Dynegy share. The merger is expected to close by the end of the third quarter of 2002. -Stephen Lee; Dow Jones Newswires; 201-938-5400 Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. Business Fears Mount Over Enron/Dynasty Deal Bruce Francis, Kathleen Hays 11/19/2001 CNNfn: Markets Impact (c) Copyright Federal Document Clearing House. All Rights Reserved. KATHLEEN HAYS, CNNFN ANCHOR, MARKETS IMPACT: There are mounting fears about the fate of the Enron (URL: http://.www.enron.com/) /Dynegy (URL: http://www.dynegy.com/) deal. Financial Times once again has a scoop. Robert Thomson is the U.S. Managing Editor of the FT joining us now with details. Robert what`s going on I thought this was suppose to be a done deal? ROBERT THOMSON, FINANCIAL TIMES, U.S. MANAGING EDITOR: Well that`s right Kathleen but the interesting thing that make it perhaps not so done a deal is what we might call the materially adverse clause. That there is a change in the conditions surrounding Enron that makes (INAUDIBLE) a downgrade of them possible and really leaves the financial institutions exposed to them. And these financial institutions in conversations interviews with the Financial Times are telling us that they have deeper fears about this materially adverse clause being enacted than people out there now realize. HAYS: Well I must say I think this is very interesting and I`m surprised not that I`m an expert on the deal or even close to the deal itself but it seemed that part of the way that Enron was getting the deal done with Dynegy was to say look we dug up all the possible problems all the maybe kind of hidden not so great deals that are being investigated now and supposedly everything was on the table. So what, what do you think? What are you hearing that they`re finding now that makes things look worst than they already look? THOMSON: Well really that`s the issue. To be quite honest we don`t know but who would have known a month ago and particularly three months ago that Enron is in this situation that it`s now in and how far those problems stretch is really the issue that (INAUDIBLE) surrounding Enron still have it and that they suspect that Dynegy might have it. It looks quite more (INAUDIBLE) the deal. Now Dynegy is saying but we`re going ahead with this yes there is that clause there, yes it covers us in case we find something that we don`t like the look of or like the smell of depending on what it maybe but we don`t` feel it will have to activate it. But of course on the other hand they are going to say that but they do have that fall back clause if they need it. HAYS: Go ahead Robert I`m sorry. THOMSON: So, but the truth is you know the full extent of Enron`s exposure to various businesses really is hidden by the complexity of the transaction`s the company was engaging in markets where frankly very few people know a lot about it. HAYS: What happens if the deal falls through? What happen to Enron? THOMSON: Well there`s a real issue there that a downgrade may follow and this there`s certainly concern in the banking community. Again, that the level of exposure in counter party risk and so on to Enron isn`t fully comprehended and frankly that`s why they spoke to the Financial Times because they thought well there`s an impression that this is a done deal, that the Enron problem is solved. They`re saying actually not so. HAYS: Wow. Well I think we have just enough time to take a look at you`re you got us something in China again. You take us to that world part of the world frequently what`s going on there. THOMSON: Yeah we Beijing (INAUDIBLE) here. Essentially the IFC the International Finance Corporation arm of the World Bank is taking a large stake in Chinese Bank in Nanjing (ph). That is amazing really. It`s by far the largest stake, $27 million, 15 percent in the Nanjing(ph) City Bank and it`s really we here are going to be the first of three big investments in Chinese banks over the next year or so. There are two small ones there already where people have taken 3, 5 percent in Chinese banks but for the first time International institutions are in a position where they can think about Chinese retail banking in a serious way. HAYS: OK Robert well thank you very much I guess that`s something for investors to watch. Particularly people who are global investors. NEW INTERVIEW: NEW INTERVIEW: KATHLEEN HAYS, CNNfn ANCHOR, MARKETS IMPACT: TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 888-CNNFN-01 OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT WWW.FDCH.COM THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. Content and programming copyright 2001 Cable News Network, Inc. ALL RIGHTS RESERVED. Prepared by eMediaMillWorks, Inc. (f/k/a Federal Document Clearing House, Inc.) No license is granted to the user of this material other than for research. User may not reproduce or redistribute the material except for user`s personal or internal use and, in such case, only one copy may be printed, nor shall user use any material for commercial purposes or in any fashion that may infringe upon Cable News Network, Inc.`s copyright or other proprietary rights or interests in the material; provided, however, that members of the news media may redistribute limited portions (less than 250 words) of this material without a specific license from CNN so long as they provide conspicuous attribution to CNN as the originator and copyright holder of such material. This is not a legal transcript for purposes of litigation. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. Enron Reduces Earnings, Warns $690 Mln Payment Due (Update2) 2001-11-19 22:03 (New York) Enron Reduces Earnings, Warns $690 Mln Payment Due (Update2) (Adds in first paragraph that note payment may come next week.) Houston, Nov. 19 (Bloomberg) -- Enron Corp., which agreed to a takeover by Dynegy Inc. after a financial crisis threatened it with bankruptcy, revised third-quarter earnings for the second time this month and said it may have to make early payment of a $690 million note next week. The Houston-based company lowered results by 3 cents a share, bringing its third-quarter loss to 87 cents, or $664 million, according to a Securities & Exchange Commission filing. Liabilities from an affiliated partnership may reduce fourth- quarter earnings by $700 million before taxes, Enron said. The disclosures don't indicate that Enron is in much worse shape than on Nov. 8, said John Olson, an energy analyst at Sanders Morris Harris. That's when Enron lowered its earnings back to 1997 by $586 million, reflecting losses by affiliated partnerships that it had wrongly kept off the books. ``I don't think anyone would be particularly surprised that they had to adjust third-quarter earnings (again) considering they restated earnings for the last four years,'' said Olson, who doesn't own shares of Dynegy or Enron. ``I don't think it's a problem.'' Making good on debt owed by its Whitewing partnership may cut Enron's fourth-quarter earnings. Enron is obligated to back Whitewing by issuing junior convertible preferred stock. Because Enron's stock has plunged, it may have to write down its assets by $700 million, the filing said. Partnership Problems Enron said that the Dynegy buyout could collapse if Enron is forced to pay judgments of more than $2 billion to settle lawsuits over its dealings with affiliated partnerships. Dynegy has said it can cancel the transaction if Enron's litigation costs and other liabilities grow to $3.5 billion or more. Enron faces at least 23 such lawsuits. Enron used affiliated partnerships to raise money quickly and take debt off its books. Its shares plunged by 89 percent this year as investors questioned whether the partnerships also were being used to hide losses from failed investments. Chief Executive Officer Kenneth Lay said earlier this month that buying back 62 million shares from two such partnerships cost Enron shareholders $1.2 billion in lost equity. The company wrote off $1.01 billion in investments in water, telecommunications and retail-energy sales in the third quarter. A drop in Enron's senior unsecured debt rating to ``BBB-'' by Standard & Poor's on Nov. 12 may force Enron to pay off the $690 million note by Nov. 27 if it doesn't find collateral to guarantee the debt taken on by another affiliated partnership, the company said. Brazilian Liability Without repayment or collateral, investors in a partnership that owns Brazilian natural-gas assets can begin to liquidate the partnership's assets, Enron said. Enron said it's working with lenders to come up with an acceptable agreement on the debt. ``If we can't talk lenders into refinancing, there is the possibility that . . . note would be due next week,'' said Karen Denne, an Enron spokeswoman. As of Friday, the company had $1.3 billion in cash on hand. It expects to close on $450 million in additional financing tomorrow, and to complete $800 million in asset sales by the end of the year. It's also trying to find investors who will put $500 million to $1 billion into the company. The company has raised cash in recent weeks by using its pipelines as collateral. It received $1.5 billion from ChevronTexaco last week as part of the Dynegy buyout agreement. In return, Dynegy acquired preferred stock and other rights in an Enron unit that owns the Northern Natural Gas pipeline. Dynegy can acquire the pipeline even if the merger falls through. Enron closed on a $550 million loan from J.P. Morgan Chase & Co. and Salomon Smith Barney Inc. on Wednesday that was secured with assets of Enron's Transwestern Pipeline Co. It expects to close on another $450 million loan, secured with other Northern Natural Gas assets, this week, Denne said. The commitment for the loans was announced Nov. 1. $3.9 Billion Liability The company also has huge liabilities that could push it into financial crisis before the merger closes. A further drop in its debt rating, which would put it below investment grade, would trigger repayment of $3.9 billion in debt owed by two other affiliated companies, Enron said. The rating drop would force it to repay $2.4 billion in debt owed by Osprey Trust, and $915 million in debt taken on by Marlin Water Trust, the company said in the filing. Arthur Andersen LLP, Enron's auditor, didn't grant final approval of its financial statements in the filing because of an internal investigation of its dealings with affiliated partnerships, Enron said. The SEC is also investigating the partnerships, which were run by Enron executives. The filing was released after the stock market closed. Shares of Enron rose 6 cents to $9.06. Dynegy rose $1.13 to $43.60. ChevronTexaco Corp., which owns 26 percent of Dynegy and is providing $2.5 billion in cash as part of the Enron buyout, fell 54 cents to $82.91. ChevronTexaco Sees Investor Suits as Threat to Enron (Update1) 2001-11-19 19:53 (New York) ChevronTexaco Sees Investor Suits as Threat to Enron (Update1) (Updates with Enron reducing third-quarter results in last paragraph.) New York, Nov. 19 (Bloomberg) -- Enron Corp.'s exposure to investor lawsuits is the biggest hurdle in its proposed buyout by Dynegy Inc., said David O'Reilly, chief executive officer of ChevronTexaco Inc., which is helping to back Dynegy's purchase. ChevronTexaco is ``paying particular attention to the litigation risk,'' though ``we still think it's a good deal for Dynegy and an even better deal for ChevronTexaco,'' Reilly said at an analyst meeting in New York. ChevronTexaco, the second-biggest U.S. oil company, owns 27 percent of Dynegy. It agreed to provide Dynegy $2.5 billion as part of the Enron purchase. Dynegy can cancel the bid if Enron's legal liabilities, including investor suits, exceed $3.5 billion. Enron said today in a regulatory filing it can't calculate the cost of shareholder suits. Dynegy agreed 10 days ago to buy rival Enron, the largest energy trader, for stock and debt now valued at $20.7 billion. Enron's stock had plunged in recent weeks because of concerns it was using affiliated partnerships to mask losses and hide debt. Gold Bennett Cera & Sidner LLP filed a class action suit in Houston today alleging Enron misrepresented its business and results. Other investors have filed similar suits. ChevronTexaco will have a clearer picture of the legal risks in the next few months, O'Reilly said. ``There is no transaction that is risk free,'' he said. Shares of Enron rose 6 cents to $9.06 today. They have tumbled 89 percent this year. Dynegy gained $1.13 to $43.60. The stock has declined 22 percent this year. Both companies are based in Houston. ChenvronTexaco, based in San Francisco, fell 54 cents to $82.91. Earlier this month, Enron reduced its earnings in the past four years by $552 million because of accounting errors involving affiliates. Enron ousted its chief financial officer, and it fired its treasurer and a company attorney for making improper investments in one of the affiliates. Enron reduced third-quarter earnings for a second time and said it may have to make early payment on a $690 million note this month, according to a filing with the U.S. Securities and Exchange Commission. Enron Says It May Have to Pay Off $690 Mln Note Next Week 2001-11-19 18:16 (New York) Enron Says It May Have to Pay Off $690 Mln Note Next Week Houston, Nov. 19 (Bloomberg) -- Enron said a drop in its credit rating may force it to pay off a $690 million note by Nov. 27 if it doesn't find collateral to guarantee the debt. Repayment was triggered by the Nov. 12 downgrade in Enron's senior unsecured debt rating to BBB- by Standard & Poor's, the company said in a securities filing. Enron must post collateral equal to the amount of the note or repay it, the Securities and Exchange Commission filing said. Without repayment, partners in a Limited Partnership that owns natural gas assets in Brazil can immediately begin to liquidate the partnership's assets, Enron said. Enron said it's working with lenders to come up with an acceptable agreement on the debt. A further drop in its debt rating, which would put it below investment grade, would trigger repayment of $3.9 billion in debt owed by two affiliated companies. The rating drop would trigger repayment of $2.4 billion in debt owed by Osprey Trust, and $915 million owed by Marlin Water Trust, the company said in the filing. Enron is being bought by Dynegy Inc. for $25 billion in stock and debt. Enron also said in its filing that if shareholder lawsuits result in judgments totaling more than $2 billion, the Dynegy deal could collapse. The filing was released after the stock market closed. Shares of Houston-based Enron rose 6 cents to $9.06. Dynegy shares rose $1.13 to $43.60. Shares of ChevronTexaco Corp., which owns 26 percent of Dynegy, fell 54 cents to $82.91. Enron's Azurix May Have to Sell Assets If It Can't Borrow 2001-11-19 14:35 (New York) Enron's Azurix May Have to Sell Assets If It Can't Borrow Houston, Nov. 19 (Bloomberg) -- Azurix Corp., Enron Corp.'s water unit, may have to sell assets if it can't find financing to continue operations, the company said in a regulatory filing. Enron took Azurix public in June 1999 and then, after the water company's stock plunged, took it private and paid off investors in March. Azurix isn't sure it will be able to renew or refinance about $113.3 million in long-term debt, including bank loans, that matures before Sept. 30 at a ``reasonable'' cost, it said in a filing with the U.S. Securities and Exchange Commission. The company also had $326.3 million in short-term debt as of Sept. 30. The loans are Azurix's ``primary sources of liquidity,'' the filing said. If the company can't raise the funds, it might have to use the proceeds from planned asset sales to refinance debt and get cash, the filing said. If those asset sales don't generate enough money, ``Azurix may need to sell other assets, which could result in Azurix incurring losses in future periods,'' the company said. Azurix, though it still must file with the SEC, no longer trades as a separate stock. The shares of Houston-based Enron fell 8 cents to $8.92 in early afternoon trading. Enron agreed earlier this month to be acquired by rival Dynegy Inc. in a transaction currently valued at $24.9 billion. The buyout came after Enron's shares plunged amid an SEC investigation of the company's dealings with affiliated partnerships. U.S.'s Dingell Seeks Probe of Arthur Andersen, Dow Jones Says 2001-11-19 15:24 (New York) Washington, Nov. 19 (Bloomberg) -- U.S. Representative John Dingell, a Michigan Democrat, has requested a special investigation of Arthur Andersen LLP's audits of Enron Corp. and Waste Management Inc., Dow Jones Newswires reported. Dingell sent a letter to Public Oversight Board Chairman Charles Bowsher asking for the review, the newswire said. Andersen, the world's fifth largest accounting firm, served as Enron's outside auditor for more than a decade, assuring investors the company's financial statements conformed with generally accepted accounting principles. Earlier this month, the company reported that it overstated earnings by $586 million over four-and-a-half years, inflated shareholder equity by $1.2 billion because of an ``accounting error,'' and failed to consolidate results of three affiliated partnerships into its balance sheet. In June, Andersen reached a $7 million settlement with the Securities and Exchange Commission in which it neither admitted nor denied allegations of fraud related to its audit of Waste Management, Inc. Andersen is now undergoing a peer review by Deloitte & Touche, Dow Jones said. ENRON RESTATES Q3 RESULTS From CBS.MarketWatch.com By Leticia Williams 8:35 PM ET Nov 19, 2001 WASHINGTON (CBS.MW) - Embattled Enron Corp. restated its third-quarter earnings Monday, increasing its loss for the period by 3 cents a share to 87 cents, according to an SEC filing. Houston-based Enron (ENE), which is being purchased by rival Dynegy to escape a recent spate of problems and shattered Wall Street confidence, also increased nine-month earnings by a penny to 20 cents a share. Dynegy (DYN) is purchasing the company for $7.8 billion in stock. Enron must also pay off or refinance $690 million in debt obligations by Nov. 26 or risk triggering nearly $4 billion in additional payments, according to the SEC filing. If the company doesn't make the payment on that date, the investors have the right to immediately begin to liquidate the assets of a certain limited partnership for an amount equal to the note payable. In addition, Enron may sell the limited partnership's assets for amounts below their carrying values. "The net proceeds from the sale of such assets can be used to repay Enron's obligation, " according to the company's 10Q filed Monday with the Securities and Exchange Commission. Enron is in talks with lenders to "develop a mutually acceptable" amendment or waiver to avoid having to issue payment on the $690 million note. If the company fails to make the payment or if its credit rating falls below investment grade, it will be forced to pay off or refinance up to an additional $3.9 billion, the company said. Standard &amp; Poor's currently has the company rated at BBB-, a notch above speculative grade. Fitch rates the company's credit at BBB-, evolving. Moody's Investor services rates the company Baa3, under review. All ratings apply to the senior unsecured debt of the corporation. A note trigger would force the company to repay, refinance or cash collaterize certain facilities in the amount of $3.9 billion, which primarily consists of $2.4 billion in Osprey Trust and $915 million in Marlin Water Trust, Enron said in the filing. The company's (ENE) shares gained 6 cents to close at $9.06. Company officials didn't immediately reply to questions about where it would raise the money, since it's effectively barred from the capital markets.
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Out of Office AutoReply: , I will be out of the office Nov.19-21, 2001. Please call Joey Taylor @ 5-4647 w/ any urgent questions you may have. Thank you, Errol McLaughlin
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To learn more about VegasInsider.com's use of personal information, please read our Privacy Statement at: http://www.vegasinsider.com/privacy.html --> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <html> <head> <title>Sportsbook.com NBA Mailout</title> <STYLE TYPE="TEXT/CSS"> <!--A.BLACK {color: #000000; text-decoration: none}A.ORANGE {color: #FE5200;}A.BLUE {color: #0033CC;} ---> </STYLE> </head> <body bgcolor="#ffffff"><div align=center> <table width="562" cellspacing="0" cellpadding="0" border=0> <tr><td colspan=2><a href="http://mail.sportsbook.com/cgi-bin/nph-t.pl?U=5&M=('recip.memberid')&MS=('outmail.messageid')&SESSID=sbcom_2001_11_14_VI&OTHER=topgraphic"> <img src="http://www.sportsbook.com/images/emailgraphics/topvi.gif" width=562 height=73 alt="" border="0"></a> </td></tr> <tr> <td valign=top> <a href="http://mail.sportsbook.com/cgi-bin/nph-t.pl?U=5&M=('recip.memberid')&MS=('outmail.messageid')&SESSID=sbcom_2001_11_14_VI&OTHER=textheatingup"><img src="http://www.easyhosting.com/~players/emailgraphics/sportsbook/eleven/textheatingup.gif" width=301 height=16 alt="" border="0"></a><br> <table width="100%" cellspacing="0" cellpadding="0" bgcolor="#FFDF03" border="0"> <tr bgcolor="#FFDF03"> <td bgcolor="#FFDF03"> <img src="http://www.easyhosting.com/~players/emailgraphics/sportsbook/eleven/transparent.gif" width=8 height=8 alt="" border="0" hspace="0" align=left> </td> <td bgcolor="#FFDF03" valign=top><br><font face="arial,helvetica" color="#000000" size=2> <b>Get your Thanksgiving Bonus!</b><br> There's a 10% bonus for all new customers on your first deposit, and a 5% Thursday bonus for all reload deposits. 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If you do not want to receive these special e-mail offers you can unsubscribe by replying to this message with "unsubscribe" in the subject line. You are subscribed as [{([email protected])}]. Although we are sending this e-mail to you, VegasInsider.com is not responsible for the advertisers' content and makes no warranties or guarantees about the products or services advertised. VegasInsider.com takes your privacy seriously. To learn more about VegasInsider.com's use of personal information, please read our Privacy Statement at <a href="http://www.vegasinsider.com/privacy.html">http://www.vegasinsider.com/privacy.html</a></font> </td> </tr> </table> </div> </body> </html>
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TRV Notification: (NG - Price P/L - 11/20/2001) , The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=11/20/2001>, published as of 11/20/2001 is now available for viewing on the website.
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Your November OnePass Statement is Now Online , [IMAGE] [IMAGE] November 2001 [IMAGE] Mileage Statement [IMAGE] Thank you for choosing to receive Continental Airlines OnePass statement communications electronically. Your latest statement is now online. To view your mileage activity since your last statement, log into your account and visit the "Activity Since Your Last Statement" area. [IMAGE] To access your new statement, just visit Your Account at: https://onepass.continental.com/your-account . If you have any questions regarding your account, please e-mail the OnePass Service Center at [email protected] and make sure to include your name and OnePass number (AK772745) in your e-mail message. [IMAGE] OnePass Brings You More of Europe with New Alliance Partner KLM [IMAGE]We're pleased to increase your mileage earning and reward travel opportunities with new alliance partner KLM Royal Dutch Airlines. To celebrate we're offering double miles on KLM flights systemwide. Visit onepass.continental.com to learn more. Travel Updates Be sure to check continental.com before leaving for the airport. We're looking forward to welcoming you onboard! If you need assistance please visit www.continental.com/service . View our Privacy Policy This e-mail was sent to: [email protected] [IMAGE] [IMAGE] [IMAGE] [IMAGE]
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Essex House for just $199 per night! , Luxury and Pampering, Manhattan Style. Essex House, A Westin Hotel At $199 per night, the magnificently restored Essex House offers guests a unique blend of 1930's Art Deco elegance and style with ultra-modern conveniences. Experience the romance and style of old New York by allowing us to arrange your complimentary carriage ride through Central Park. Centrally located on Central Park and steps away from Fifth Avenue shopping, the Essex House is one of Manhattan's most prestigious addresses. Visit http://www.promo.starwood.com/essexhouse to learn more and book now. Copyright 2001 Starwood Hotels & Resorts Worldwide, Inc. Terms & Conditions: A limited number of rooms are available at these rates. When reserving this rate by phone, please call 877-782-0125 and mention promo code NYGOS1. Advance reservations required. Rates may not apply to groups. Rates do not include taxes, gratuities and any additional charges which may apply at participating hotels. Offer cannot be combined with other offers or promotions. Length of stay restrictions may apply. Rate not valid in conjunction with early arrivals or late departures. ---------------------------------------------------------------- If you would like to receive future promotional e-mails in HTML format when available, click the link below: http://spg.0mm.com/[email protected] You are subscribed as: [email protected] If you would like your e-mail to be sent to a different address, please click the link below: http://spg.0mm.com/[email protected] Click the link below to review the Starwood Preferred Guest privacy policy: http://www.starwood.com/preferredguest/privacy_policy.html Click the link below to review the Starwood Preferred Guest program terms and conditions: http://www.starwood.com/preferredguest/terms_conditions.html You have received this e-mail as a member of Starwood Preferred Guest. If you prefer not to receive future promotional e-mails from Starwood Preferred Guest, please click below. It may take up to 10 business days to completely remove you from our e-mail list and there is a slight chance that you may receive e-mail from us within that time. http://spg.0mm.com/[email protected]
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TRV Notification: (NG - PROPT P/L - 11/20/2001) , The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=11/20/2001>, published as of 11/20/2001 is now available for viewing on the website.
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A Special Offer from AT&T WorldNet(R) Service Especially for AT&T , An exciting new Internet video e-mail feature is just a click away ! Now AT?Universal Card members can get AT?WorldNet Service Plus: award-winning Internet access for only $16.95* a month! That's nearly 30% less than the leading ISP-and it includes a new feature that allows you to send and receive 300 minutes of Video E-mail every month?! When you expressed an interest in great products and services that AT?Universal Card could bring to you, this is what you had in mind! Just look at some of the features you can enjoy with AT? WorldNet Service Plus: ?Six E-mail IDs that can be accessed anytime from any computer that has an Internet connection ?Help when you need it with easy, straightforward answers from our Customer Support via http://help.att.net or 1 800 400-1447?? ?Video E-mail?--the cutting-edge, easy to use feature that allows you to create, send and receive video and voice messages with a WebCam and microphone. (See below for details) ?Direct access to your AT?Universal Card account whenever you log on. ?Automatic billing of your monthly AT?WorldNet Service charge to your AT?Universal Card. AT?WorldNet Service members can view a demo of our Video E-mail feature at www.att.talkway.com , and get a new WebCam for only $29.95 + shipping and handling by visiting www.talkway.com/d/ptk.att.m1/store.jhtml Most importantly for AT?Universal Card members, AT? WorldNet Service Plus brings you reliable Internet access with the exceptional customer service you expect! All for just $16.95* a month. It's even easy to get started. Just click here to sign up. AT?WorldNet Service: Winner, 2001 PC World World Class Award** It's easy to see why AT?WorldNet Service continues to be honored with industry awards. First, AT?WorldNet Service provides the fastest log on times and fewer disconnects***. Then, add in exciting features like Video E-mail and direct access to your AT?Universal Card account. And don't forget: live and online customer support to make sure your Internet experience is smooth sailing! AT?WorldNet Service. It's simple. Convenient. And made for AT? Universal Card members like you! Don't wait! Click here to sign up today! ABOUT THIS MESSAGE If you have difficulty linking to any of the above URLs, simply cut and paste these URLs into your browser: Video E-Mail: http://Universalcard1.m0.net/m/s.asp?HB4846180675X1152333X82307X WebCam: http://Universalcard1.m0.net/m/s.asp?HB4846180675X1152334X82307X Sign Up for AT?WorldNet Service Plus: http://Universalcard1.m0.net/m/s.asp?HB4846180675X1152865X82307X Help: http://Universalcard1.m0.net/m/s.asp?HB4846180675X1149297X82307X This is a message from Universal Card Services Corp. regarding internet access via AT?WorldNet Service. If you'd prefer not to receive future email updates about the exciting offers and services available to you, please go to: http://universalcard1.m0.net/m/u/cuc/c.asp?e=JARNOLD%40ees.enron.com HAVE QUESTIONS ABOUT YOUR CREDIT CARD? Please understand that we cannot respond to individual messages through this email address. Email is not a secure form of communication and should not be used for credit card account related questions. For questions about your credit card, please follow these steps: 1. Sign on to Cardmember Central at www.universalcard.com 2. Click on the "Help/Contact Us" menu 3. Use the "Write to Customer Care" feature UNIVERSAL CARD SERVICES CORP. IS COMMITTED TO YOUR PRIVACY As a member of Citigroup, Universal Card Services Corp. is committed to the Citigroup Privacy Promise for Consumers. We will safeguard any information customers share with us according to strict standards of security and confidentiality. For our full privacy policy, please go to: http://Universalcard1.m0.net/m/s.asp?HB4846180675X1129372X82307X * Offer includes 150 hours of Internet access per month ($0.99/each additional hour). Telephone access (including local, long distance or 800/888 facility charges) and other charges and taxes may apply. Other terms and conditions apply. ** July, 2001 PC World World Class Award *** Based on eTesting labs scores of Internet BenchmarkTM testing in the U.S., on a monthly basis. Top ratings received among national and regional ISP markets, TTL & CFR data, 10/2000 - 9/2001 ?AT?WorldNet Service Plus Video E-mail feature includes 300 minutes of recording and viewing time. Offer subject to change without notice. Video E-mail not available to Macintosh users at this time. ??Customers with hearing or speech loss can reach us via TTY devices at 1 877 TTY-WNET (889-9698). ? Universal Card Services Corp. All Rights Reserved. AT?Universal Card is registered service mark of AT?
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Fw: GREAT Thanksgiving wines, extremely limited Italian , =20 ----- Original Message ----- =20 From: Christopher's Wine Warehouse =20 To: Recipient list suppressed =20 Sent: Monday, November 19, 2001 11:19 AM Subject: GREAT Thanksgiving wines, extremely limited Italian collectable, = this week's schedule A fabulous good morning wine lovers, Well, it is that time of year again. I hope all of you have been watching= your food intake like I have, because I certainly intend to eat my fair s= hare of the Thanksgiving feast!!! And that brings me to the most asked qu= estion from last weekend, "Hey, Christopher, with all this great wine, wha= t will YOU be drinking on Thanksgiving?" Before I reveal my T-day sampler= case, I wanted to let you know what types of food we will pairing these w= ines with. We usually start with some type of shellfish, some mild, some = spicy. For my family and friends who don't do shellfish, we also offer so= me traditional stuff such as the best stuffed eggs I have ever tasted (tha= nks to Martha, don't you know), and assorted cheeses and crackers. Then c= omes the main course: TUR-DUC-KEN (always from our friends at La Boucherie= ), with all the 'fixins': jalepeno cornbread stuffing, traditional stuffin= g with sage, and a pile of different veggies. Naturally, dessert is prepa= red, but we usually stick to pretty simple, fairly tame ones, like pumpkin= pie or pumpkin something. This is where the Riesling from the sampler ca= se comes in. It is also amazing with the shellfish. To make this meal a = smashing success, I have selected the following sampler case of 12 bottles= : CHRISTOPHER'S PERSONAL THANKSGIVING SAMPLER (2 BTLS EACH): =20 Baron Foulon Sauvignon Blanc 2000 =20 (classic Sauvignon Blanc, very similar to expensive Sancer= re) 87 points =20 Estate GH von Mumm Rheingau Dry Riesling 1999 =20 (FABULOUS, semi-dry Riesling, like a crisp red apple) 88 p= oints =20 Chateau LaCroix Martelle Minervois 1999 =20 (you may remember this, my house red, serious Syrah) 89 po= ints =20 Domaine Capouilleres Ventoux 1998 =20 (so full of blue fruits, loves the spicy stuff) 87 points = =20 Domaine du Pain de Sucre Pinot Noir 1997 =20 (packed with the most amazing Pinot fruit, tastes like a $= 35 Burgundy) 88 points =20 Les Magnans Vacqueyras 1998 =20 (from our current web-site newsletter, serious Grenache, t= hink Chateauneuf-du-Pape) 88 points To make your gathering extra special, I have decided to offer this high-qu= ality sampler at a price you will never see again!!! Normally, this case would run close to 200 bucks!!! THIS WEEK, ONLY, ENJOY THE SPECIAL HOLIDAY PRICE OF: $163 PLUS TAX, EACH Please call us as soon as you are able, I have only a couple of dozen of t= hese special cases available. Have your card number ready and call me at 713-524-9144 to order. =20 "Christopher, I know I saw the subject above. Tell me about this Italian = wine you are touting." I guess I can't slip anything by y'all. ONE OF THE BEST ITALIANS FROM THE CURRENT ISSUE OF THE WINE ADVOCATE: =20 La Palazzola Rubino 1999 =20 (from Riccardo Cotarella, 80% Cabernet, 20% Merlot, except= ional wine) 94 points STRICTLY LIMITED TO 2 BOTTLES PER CUSTOMER $60 each, net Call me to order: 713-524-9144 As for this week's schedule of events: THURSDAY, NOVEMBER 22nd: CLOSED FOR THANKSGIVING FRIDAY, NOVEMBER 23RD: WINE BAR AT CHRISTOPHER'S For all of you who have visited over the past several weeks:=20 Thank you for making this such a fabulous success!!! If you have not yet visited the Wine Bar on Friday, here are some details: We offer 45 wines by the glass to include reds, whites, sparkling wines & = after dinner wines, too. Our amazingly talented Chef prepares 4 new menu items each week. In addition to the wines by the glass list, you may choose ANY wine in the= store=20 to enjoy with your foods or friends. BEST PART??? Retail prices for all wines, NOT restaurant prices!!! Our wines by the glass range from $4 to $15 & Our Chef's specials range from $10 to $22. No reservations are needed. Get here early for the best seats. Time: 6-10 PM Friday nights Location: here at Christopher's=20 YOU HAVE GOT TO CHECK THIS OUT, IT IS A BLAST!!! SATURDAY, NOVEMBER 24TH: CUSTOMER APPRECIATION DAY This Saturday, from 2-5 PM, please be our guest for this free tasting. We will be showcasing 6 new wines from around the world. California, France, Italy & Spain will all be open for tasting. No reservations are required. Super special discounts during the tasting. All new wines, never before seen at the bar. Get here early for best selection. Time: 2-5 PM Here at Christopher's No Charge Bring some friends and have a great tasting!!! That should be enough to keep you busy this week. Please call us ASAP to = order your cases or special wines. For a complete list of upcoming events and to view our newsletter for Nove= mber & December, take a moment and visit us on the web at:www.christophersw= ine.com=20 Gobble, gobble, Christopher "BEST WINE STORE" HOUSTON PRESS 2001 2516 Times BLVD Rice Village 713-524-9144www.christopherswine. com
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CFTC Commitment of Traders - Natural Gas , Attached please find this week's summary of the most recent CFTC Commitment of Traders Data for Natural Gas. Thanks, Mark - CFTC-NG-10-8-01.doc
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Reminder , Just a reminder that I will be out of the office on Wednesday 11/21/01. If you need assistance, Becky can help you and she can reach me if needed. Ina
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Nat Gas market analysis for 11-21-01 , Attached please find the Natural Gas market analysis for today. Thanks, Bob McKinney - 11-21-01 Nat Gas.doc
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daily charts 11/21 , The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now available on the web by clicking on the hot link(s) contained in this email. If for any reason you are unable to receive the charts via the web, please contact me via email and I will email the charts to you as attachments. Crude http://www.carrfut.com/research/Energy1/crude23.pdf Natural Gas http://www.carrfut.com/research/Energy1/ngas23.pdf Jan WTI/Brent Spread http://www.carrfut.com/research/Energy1/clf-qof.pdf Jan Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf Jan Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf Dec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf Jan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf Dec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf Feb Gas/Heat Spread http://www.carrfut.com/research/Energy1/hug-hog.pdf Dec/Mar Unlead Spread http://www.carrfut.com/research/Energy1/huz-huh.pdf Nat Gas Strip Matrix http://www.carrfut.com/research/Energy1/StripmatrixNG23.pdf Nat Gas Spread Matrix http://www.carrfut.com/research/Energy1/SpreadmatrixNG23.pdf Crude and Products Spread Matrix http://www.carrfut.com/research/Energy1/SpreadmatrixCL23.pdf
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FW: TOP 50 GAS CPS - AS OF 11-19-01 , -----Original Message----- From: Sweitzer, Tara Sent: Tuesday, November 20, 2001 11:28 AM To: Puthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy Subject: TOP 50 GAS CPS - AS OF 11-19-01 Savita, The Arnold report has been reviewed and it is ready to be sent out. Thanks TARA
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EFS presentation , Doug / Arturo- Below is a small presentation we made on EFS with the flow diagrams John drew out. Please call us when you are ready to discuss. Kind Regards, Caroline 212 715 2395
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RE: EFS presentation , yah yah.. this technological innovation is so impersonal. -----Original Message----- From: Arnold, John Sent: Wednesday, November 21, 2001 8:18 AM To: Abramo, Caroline Subject: RE: EFS presentation I liked my drawing better -----Original Message----- From: Abramo, Caroline Sent: Tuesday, November 20, 2001 9:04 AM To: '[email protected]'; '[email protected]' Cc: Arnold, John Subject: EFS presentation Doug / Arturo- Below is a small presentation we made on EFS with the flow diagrams John drew out. Please call us when you are ready to discuss. Kind Regards, Caroline 212 715 2395 << File: EFS.ppt >>
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daily Hoil & Unlleaded & Scott Mollner Charts 11/21 , The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now available on the web by clicking on the hot link(s) contained in this email. If for any reason you are unable to receive the charts via the web, please contact me via email and I will email the charts to you as attachments. Distillate http://www.carrfut.com/research/Energy1/hoil23.pdf Unleaded http://www.carrfut.com/research/Energy1/unlded23.pdf Scott Mollner Recomendation http://www.carrfut.com/research/Energy1/recom11-21-01.pdf
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RE: Enron EFS issues , thanks.. do we have early close today? are you going home for thanksgiving? -----Original Message----- From: Arnold, John Sent: Wednesday, November 21, 2001 8:18 AM To: Abramo, Caroline Subject: RE: Enron EFS issues Looking into it -----Original Message----- From: Abramo, Caroline Sent: Tuesday, November 20, 2001 9:37 AM To: Arnold, John Subject: FW: Enron EFS issues -----Original Message----- From: Doug York <[email protected]>@ENRON Sent: Tuesday, November 20, 2001 10:16 AM To: Abramo, Caroline Cc: Arturo Hidalgo; Terri Becks; Dick Bell Subject: Enron EFS issues Thanks for taking the time to put this PowerPoint presentation together to better outline the flow. It helps us discuss it internally. Recently our internal compliance folks have discussed the "give-up risk". Specifically, what guarantee do we have that the executor's (Enron) FCM will accept the block trade and get it to the exchange on behalf of our clients? There is some concern that there might be limits imposed by the FCM due to issues such as credit and the high volatility of NG. They have requested we sign a four (or more) party give-up agreement between Campbell, Enron, your clearing firm(s) and our clearing firm(s). Is this the SOP as you envision the NYMEX EFS? We are at the point where the specific documentation issues are the main obstacles to moving forward. If we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance of the trade for further give-up? Your legal feedback is welcome. Thanks, CDY ======================================================== The information transmitted in this email is intended for the named addressee(s) only. As this email may contain confidential and/or privileged information, if you are not the intended recipient, you are not authorized to retain, read, copy or disseminate this email or any part of it. If you received this email in error, please contact the sender and permanently delete the email and any attachments. Unless expressly stated, opinions in this email are those of the individual sender and not of Campbell & Company, Inc. - EFS.ppt << File: EFS.ppt >>
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FW: Enron EFS issues , -----Original Message----- From: Doug York <[email protected]>@ENRON Sent: Tuesday, November 20, 2001 10:16 AM To: Abramo, Caroline Cc: Arturo Hidalgo; Terri Becks; Dick Bell Subject: Enron EFS issues Thanks for taking the time to put this PowerPoint presentation together to better outline the flow. It helps us discuss it internally. Recently our internal compliance folks have discussed the "give-up risk". Specifically, what guarantee do we have that the executor's (Enron) FCM will accept the block trade and get it to the exchange on behalf of our clients? There is some concern that there might be limits imposed by the FCM due to issues such as credit and the high volatility of NG. They have requested we sign a four (or more) party give-up agreement between Campbell, Enron, your clearing firm(s) and our clearing firm(s). Is this the SOP as you envision the NYMEX EFS? We are at the point where the specific documentation issues are the main obstacles to moving forward. If we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance of the trade for further give-up? Your legal feedback is welcome. Thanks, CDY ======================================================== The information transmitted in this email is intended for the named addressee(s) only. As this email may contain confidential and/or privileged information, if you are not the intended recipient, you are not authorized to retain, read, copy or disseminate this email or any part of it. If you received this email in error, please contact the sender and permanently delete the email and any attachments. Unless expressly stated, opinions in this email are those of the individual sender and not of Campbell & Company, Inc. - EFS.ppt
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, John, Hello and good Monday morning to you. I briefly meet you while talking to Paul Racicot on Friday at Front Porch Pub. With Matt working here in Freight you probably already know we are not well off these days. Next on the chopping block is never a good place to be. This is a forward question but what the hell. I was wondering if you knew of any positions available in your area. If you can believe it I am not ready to leave Enron behind yet. Thanks for your help. Regards, Kristin Gandy Freight Markets Enron Global Markets 1400 Smith Street ECS 3657 Houston, Texas 77002 713-853-7263 [email protected]
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Reminder - NYMEX Hours Through October , This is just a reminder of the trading hours that the NYMEX has established for the balance of October. Brent Crude Oil - 9:45-2:30 WTI Crude Oil - 10:00-2:30 Natural Gas - 10:00-2:30 Heating Oil - 10:05-2:30 Unleaded Gasoline - 10:05-2:30 NYMEX Access will trade from 3:15 p.m. to 9:00 a.m. for all contracts. The Sunday night session will commence at 7:00 p.m. Thank you. _____________________________________________________________________________________________________________________________________ Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur. Toute utilisation de ce message non conforme a sa destination, toute 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. ---------------------------------------------------------------------------------- This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please 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. _____________________________________________________________________________________________________________________________________
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RE: Enron EFS issues , why are futs still so high? did you ever find anything about those s+p commodity futures contracts? -----Original Message----- From: Arnold, John Sent: Wednesday, November 21, 2001 9:16 AM To: Abramo, Caroline Subject: RE: Enron EFS issues full day today because of aga yea, going home to the Big D -----Original Message----- From: Abramo, Caroline Sent: Wednesday, November 21, 2001 7:20 AM To: Arnold, John Subject: RE: Enron EFS issues thanks.. do we have early close today? are you going home for thanksgiving? -----Original Message----- From: Arnold, John Sent: Wednesday, November 21, 2001 8:18 AM To: Abramo, Caroline Subject: RE: Enron EFS issues Looking into it -----Original Message----- From: Abramo, Caroline Sent: Tuesday, November 20, 2001 9:37 AM To: Arnold, John Subject: FW: Enron EFS issues -----Original Message----- From: Doug York <[email protected]>@ENRON Sent: Tuesday, November 20, 2001 10:16 AM To: Abramo, Caroline Cc: Arturo Hidalgo; Terri Becks; Dick Bell Subject: Enron EFS issues Thanks for taking the time to put this PowerPoint presentation together to better outline the flow. It helps us discuss it internally. Recently our internal compliance folks have discussed the "give-up risk". Specifically, what guarantee do we have that the executor's (Enron) FCM will accept the block trade and get it to the exchange on behalf of our clients? There is some concern that there might be limits imposed by the FCM due to issues such as credit and the high volatility of NG. They have requested we sign a four (or more) party give-up agreement between Campbell, Enron, your clearing firm(s) and our clearing firm(s). Is this the SOP as you envision the NYMEX EFS? We are at the point where the specific documentation issues are the main obstacles to moving forward. If we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance of the trade for further give-up? Your legal feedback is welcome. Thanks, CDY ======================================================== The information transmitted in this email is intended for the named addressee(s) only. As this email may contain confidential and/or privileged information, if you are not the intended recipient, you are not authorized to retain, read, copy or disseminate this email or any part of it. If you received this email in error, please contact the sender and permanently delete the email and any attachments. Unless expressly stated, opinions in this email are those of the individual sender and not of Campbell & Company, Inc. - EFS.ppt << File: EFS.ppt >>
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The Daily Quote , [IMAGE]=09Quote.com =09 Log In | Sign Up | Account Mgt. | Insight Center= =09[IMAGE]=09 Get Quote/LiveCharts: [IMAGE] [IMAGE] FindSymbol =09[IMAG= E]=09 [IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09 [IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09 [IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09 [IMAGE]=09 My Portfolio | LiveCharts | Stocks | News | Msg Board= s | Markets | Funds | IPO | Options =09[IMAGE]=09 [IMAGE]=09[IMAGE] The Daily Quote=09[IMAGE] =09[IMAGE]=09 [IMAGE]=09=09Brought to you every morning as of 10 AM ET. 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At least 15 min. otherw= ise.- - - - -Personalize The Daily Quote: [IMAGE][IMAGE]Question of the Day= ! Q. Mel Schwarz asks, "What do analysts mean when they talk about percent = in or out?"The percent in or out of the money is a way of expressing what t= he strike price of an........ MORE [IMAGE] Do you have a financial questio= n? Ask our editor - - - - - VIEW Archive [IMAGE] [IMAGE] [IMAGE]=09 = =09=09=09=09[IMAGE] [IMAGE] Market Outlook Holdays and Confidence = By: Adam Martin The selling pace picked up in recent action with all the m= ajor averages dropping firmly lower. The decline h... MORE [IMAGE] - - -= - - MORE Breaking News [IMAGE] [IMAGE] [IMAGE]=09[IMAGE]=09 =09 [IMAGE] Today's Feature - Wednesday v\:* {behavior:url(#default= #VML);} o\:* {behavior:url(#default#VML);} w\:* {behavior:url(#default#VML)= ;} .shape {behavior:url(#default#VML);} From Amazon.com, week of November= 18, 2001 Maverick Investing: Building Extraordinary Wealth Through Uncon= ventional Principles by Douglas Fabian [IMAGE] [IMAGE] [IMAGE]=09 = =09 [IMAGE] Stocks to Watch Hormel 4th-quarter earnings rise 13 perc= ent Hormel Foods Corp. (NYSE:HRL), maker of Spam luncheon meat and Dinty M= oore beef stew, said on Wednesday its fiscal fourth-quarter earnings rose 1= 3 percent, helped by strong turkey and Spam sales. Foot Locker third-quarte= r profits rise Athletic shoe and apparel retailer Foot Locker Inc. (NYSE:Z= ) said on Wednesday its third-quarter profits rose, as promotions launched = after the Sept. 11 attacks boosted sales. Analog Devices Q4 net falls sharp= ly Chipmaker Analog Devices Inc. (NYSE:ADI) on Tuesday reported an 88 perc= ent drop in fourth-quarter net income as sales fell below Wall Street estim= ates on weak demand for signal processors used in wireless phones and high-= speed communications networks. Chiron sepsis drug test indicates it ineffec= tive Biotechnology company Chiron Corp. (NASDAQ:CHIR) said Wednesday a lat= e-stage clinical trial of a drug designed to treat the deadly blood infecti= on syndrome sepsis failed to meet its primary goal of reducing patient deat= hs within 28 days. Verizon Offers Buyouts to Employees Verizon Communicati= ons, the long-distance and local telephone carrier, is offering voluntary b= uyouts to employees, a spokesman said, in hopes of cutting its work force b= y thousands of positions. - - - - - MORE Breaking News [IMAGE] [IMAGE] = [IMAGE]=09[IMAGE]=09 =09=09=09 [IMAGE] Your Watch List News DFIB News City of San Dieg= o Enters Into Agreement With Cardiac Science To Deploy Lifesaving Heart Dev= ices to Region PR Newswire: 11/21/2001 03:30 ET CARDIAC SCIENCE INC FILES = FORM 425 (*US:DFIB) EDGAR Online: 11/19/2001 15:17 ET Cardiac Science Anno= unces Third Quarter, Nine Months Results PR Newswire: 11/15/2001 03:31 ET = - - - - - MORE [IMAGE] VINA News OpenVoB Successfully Completes CallFests= III & IV; Participating Vendors Recognized for Superior Effort and Equipme= nt BusinessWire: 11/19/2001 08:09 ET VINA TECHNOLOGIES INC FILES FORM 10-Q= (*US:VINA) EDGAR Online: 11/14/2001 23:39 ET VINA TECHNOLOGIES INC FILES = FORM PRE 14A (*US:VINA) EDGAR Online: 11/09/2001 14:20 ET - - - - - MORE [= IMAGE] FA News FAIRCHILD CORP FILES FORM 10-Q (*US:FA) EDGAR Online: 11/= 13/2001 17:37 ET The Fairchild Corporation Reports Consolidated Sales Growt= h of 11.3% for its First Quarter, Including 17.3% in its Core Aerospace Fas= tener and Hardware Businesses BusinessWire: 11/13/2001 16:49 ET FAIRCHILD = CORP FILES FORM SC 13D/A (*US:FA) EDGAR Online: 11/05/2001 09:58 ET - - - = - - MORE [IMAGE] GB News WILSON GREATBATCH TECHNOLOGIES INC FILES FORM 10= -Q (*US:GB) EDGAR Online: 11/13/2001 13:27 ET Wilson Greatbatch Technologi= es' CEO Edward F. Voboril talks to The Wall Street Transcript BusinessWire= : 10/22/2001 14:55 ET Wilson Greatbatch Technologies' CEO Edward F. Voboril= Talks to The Wall Street Transcript BusinessWire: 10/17/2001 15:05 ET - -= - - - MORE [IMAGE] GYMB News Gymboree posts 3rd-qtr gain, raises 2001 gu= idance Reuters: 11/20/2001 16:55 ET Gymboree Reports Third-Quarter Results= BusinessWire: 11/20/2001 16:12 ET GYMBOREE CORP FILES FORM SC 13G/A (*US:= GYMB) EDGAR Online: 11/13/2001 09:08 ET - - - - - MORE [IMAGE] LXNT News= Crain's New York Business Ranks Lexent Among the New York Area's Fastest-g= rowing Companies BusinessWire: 11/16/2001 14:23 ET LEXENT INC FILES FORM 1= 0-Q (*US:LXNT) EDGAR Online: 11/07/2001 15:31 ET Wolf Haldenstein Adler Fr= eeman & Herz LLP Announces Class Action Suit Against Lexent, Inc. Business= Wire: 10/30/2001 14:54 ET - - - - - MORE [IMAGE] [IMAGE]=09 =09 [IMAGE] [IMAGE]=09You are subscribed to this newsletter as [email protected] U N S= U B S C R I B E The Daily Quote is the free daily newsletter for Lycos Fin= ance Members. To UNSUBSCRIBE -------------------------------- To stop rece= iving this newsletter, send an e-mail to: [email protected] . = Please include only your email address in the subject line of the email. Yo= u can also change your subscription status here: http://ldbauth.lycos.com/= cgi-bin/mayaRegister?m_PR=3D4&m_RC=3D3 To SUBSCRIBE ---------------------= ----------- If you've received this e-mail from a friend and wish to be on = the Daily Quote mailing list, please go to http://finance.lycos.com and re= gister to become a Member of Quote and the Lycos Network. =09 =09 =09 [IMAGE]=09 =09 [IMAGE]Site Map | Help | Feedback | About Terra Lycos | Jobs | Adverti= se | Business Development Copyright ? 2001 Lycos, Inc. All Rights Reser= ved. 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RE: , of course, I'm just tagging with you guys. Did you ever go to Christopher's? I might go pick up some wine - any requests or recommendations? And where do you want to leave from? -----Original Message----- From: Arnold, John Sent: Wednesday, November 21, 2001 11:43 AM To: Slone, Jeanie; Ward, Kim S (Houston) Subject: Is it okay to leave around 3:00?
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BNP PARIBAS Commodity Futures AGA Survey......RESULTS!! , Here are this week's survey results. AVG -1 AVG w/o High & Low 0 Median 0 Standard Deviation 11 # of Responses 44 High +25 Low - 35 Last Year -94 Thank You! Daryl Dworkin BNP PARIBAS _____________________________________________________________________________________________________________________________________ Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur. Toute utilisation de ce message non conforme a sa destination, toute 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. ---------------------------------------------------------------------------------- This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please 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. _____________________________________________________________________________________________________________________________________
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RE: , I'm at home. Let me know where you want me to meet you guys. -----Original Message----- From: Arnold, John Sent: Wed 11/21/2001 12:02 PM To: Ward, Kim S (Houston) Cc: Subject: RE: did not, but I went to my wine locker and picked out 12 bottles for the weekend so I think we're okay unless you're taking some to your friends. I'll call you when I'm ready and we'll figure it out. -----Original Message----- From: Ward, Kim S (Houston) Sent: Wednesday, November 21, 2001 11:45 AM To: Arnold, John Subject: RE: of course, I'm just tagging with you guys. Did you ever go to Christopher's? I might go pick up some wine - any requests or recommendations? And where do you want to leave from? -----Original Message----- From: Arnold, John Sent: Wednesday, November 21, 2001 11:43 AM To: Slone, Jeanie; Ward, Kim S (Houston) Subject: Is it okay to leave around 3:00?
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AGA summary for 11-21-01 , Attached please find this weeks AGA summary. Thanks, Bob McKinney - 11-21-01 AGA.doc
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MusicNews.Creed.Incubus.U2.KidRock.Jay-Z.Custom.AAF.Madonna.Nelly@ARTISTdirect , =09=09=09=09=09 Search Over 100,000 Artists ArtistAlbumSongTour DatesReco= rd LabelRadio-TraditionalRadio-InternetMusician ResourceRetail OutletMagazi= neMeta SiteVenueFestivalPromoter/AgentTicket Seller [IMAGE] [IMAGE] Novem= ber 20, 2001 [IMAGE] [IMAGE] [IMAGE] [IMAGE] Breaking News [IMAG= E]Jay-Z gets unplugged with Mary J. [IMAGE]Sigur Ros win Shortlist Prize [I= MAGE]Can guitarist dies [IMAGE]Mick Jagger plays one US show [IMAGE]No Doub= t and Destiny's Child join Billboard Awards lineup [IMAGE]Public Enemy to r= elease fan remixes [IMAGE]Waylon Jennings hospitalized [IMAGE]Billy Corgan = debuts new band [IMAGE]Slipknot cancel US dates [IMAGE]Alanis Morissette to= receive U.N award Get breaking news 24/7 from over 40 sources, all in one= great place - click here ! [IMAGE] [IMAGE] [IMAGE] New Releases Featu= red Releases: [IMAGE]Creed - Weathered $14.99 [IMAGE]Too $hort - Chase Th= e Cat $14.99 [IMAGE]Sting - All This Time $14.99 [IMAGE]Smashing Pumpkins= - Greatest Hits $16.99 [IMAGE]Pink - Misundaztood $14.99 [IMAGE]Kid Rock= - Cocky $14.99 [IMAGE]Aerosmith - Young Lust $20.99 [IMAGE]Madonna - Gr= eatest Hits Volume 2 $14.99 [IMAGE]Hoobastank - Hoobastank $9.99 [IMAGE]Va= rious - Concert For New York City $19.99 Upcoming DVDs, Pre-Order Now! [= IMAGE]Incubus - When Incubus Attacks $19.99 [IMAGE]Britney Spears - Britn= ey: The Videos $16.99 [IMAGE]Red Hot Chili Peppers - Off The Map $19.99 = [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IM= AGE] Win A Custom Cop Car! Album Network says: "Just when it seemed that= all popular music, particularly in the rock/alternative arena, was engaged= in a competition to see who could dumb it down the most, along comes a bre= ath of fresh air in the form of Fast, whose complex musical arrangements an= d sly sense of humor are, simply put, a revelation." [IMAGE]Download Cust= om's debut single "Hey Mister," watch his cool urban motocross footage and = win an undercover cop car here. [IMAGE]Check out the official Custom site= and join the Custom e-team now! [IMAGE] [IMAGE] [IMAGE] [IMAGE] Free= Incubus Ringtone Love Incubus? Now you can hear them every time your ph= one rings! For a limited time, you can download a free Incubus ringtone ri= ght to your compatible wireless phone, exclusively from AT?Wireless. The s= ong you'll hear is "Nice To Know You", from Incubus's new album Morning Vie= w. Get it now and you'll be the envy of all your friends. Click here for = more info... No purchase necessary. Must be an AT?Wireless customer wit= h a compatible Nokia phone to receive offer. Offer expires 12-02-01. [I= MAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] T= ickets On Sale Don't waste time in line. You can check tour dates and buy= your tix immediately online at ARTISTdirect! [IMAGE]Tickets now available= for: U2 Macy Gray Elton John & Billy Joel Nickelback B.B. King G= ood Charlotte & MEST Jurassic 5 Slayer Barry Manilow and more [IMAGE] = [IMAGE] [IMAGE] [IMAGE] Featured Downloads This Week's Top Downloads: = [IMAGE]Madonna - "Thunderpuss Mix" [IMAGE]Ice Cube - "$100 Bill Y'All" [IMA= GE]Nickelback - "How You Remind Me" [IMAGE]Enya - "May It Be" [IMAGE]Kid Ro= ck - "Forever" [IMAGE]Jewel - "Standing Still" [IMAGE]Pink Floyd - "Another= Brick In The Wall" [IMAGE]Deftones - "Head Up" Featured Jukeboxes: [IMAGE= ]Smashing Pumpkins - Greatest Hits [IMAGE]Dilated Peoples - Expansion Team = Player & Video [IMAGE]Mick Jagger - Goddess In The Doorway [IMAGE] [IMA= GE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] 10= -15% Off SALE! Shop this week at ARTISTdirect and save on all music and m= erch, including: [IMAGE]Neil Young - exclusive Tonight's The Night long-sle= eve tees [IMAGE]matchbox twenty - hooded sweatshirts [IMAGE]Incubus - logo = beanie, tees, and workshirts [IMAGE]Linkin Park - logo tees and new DVD [IM= AGE]Stevie Nicks - embroidered jackets and shawls [IMAGE]Metallica - Action= Figures [IMAGE]Enter Coupon at Checkout 10% off $50 Coupon Code: xx050tur= key 15% off $100 Coupon Code: xx100pilgrim Plus, check out cool new threa= ds from ADIO, Atticus, Pony, Volcom, Hurley and more. [IMAGE] [IMAGE] [= IMAGE] [IMAGE] Top Videos New Adds: [IMAGE]Alien Ant Farm - "Movies" (v.= 2) [IMAGE]Smash Mouth - "Pacific Coast Party" [IMAGE]Lifehouse - "Breathing= " [IMAGE]The Avalanches - "Frontier Psychiatrist" Viewer Faves: [IMAGE]Bri= tney Spears - "I'm A Slave 4 U" [IMAGE]Linkin Park - "Crawling" [IMAGE]Enri= que Iglesias - "Hero" [IMAGE]Dr. Dre - "Bad Intentions" from The Wash [IMA= GE] [IMAGE] [IMAGE] [IMAGE] Click here to Un_Subscribe = = =09 -MKTFI:enUS:7xWAyr3MacAfucI18I20Ss T5Sl6/KO0dAtr6HSeVdorA- [IMAGE]
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, Boone said to tell you "Happy Thanksgiving"
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FW: TOP 50 GAS CPS - AS OF 11-20-01 , -----Original Message----- From: Sweitzer, Tara Sent: Wednesday, November 21, 2001 11:52 AM To: Puthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy Subject: TOP 50 GAS CPS - AS OF 11-20-01 Savita, This report has been reviewed. It is ready to be sent out. Thanks TARA
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Enron Mentions - 10-06-01 - 10-07-01 , THE NATION States Taking the Initiative to Fight Global Warming Environment= : Unhappy with Bush's policies, local officials work to slow climate change= . Los Angeles Times, 10/07/01 Many stuck in anti-terror dragnet/Future uncertain for Houston man, 23, hel= d and cleared in attacks Houston Chronicle, 10/07/01 Enron Close to 5-Yr Contract With Equity Office, Crain's Says Bloomberg, 10/07/01 Enron Reaches a Deal to Sell Oregon Utility for $1.9 Billion The New York Times, 10/06/01 IN BRIEF / ENERGY Northwest in Talks to Buy Portland GE Los Angeles Times, 10/06/01 Enron talks utility sale in Oregon / Northwest Natural Gas is second possib= le buyer Houston Chronicle, 10/06/01 COMPANIES & FINANCE INTERNATIONAL - Northwest may buy Enron asset. Financial Times (U.K. edition), 10/06/01 NW Natural Gas in talks for Portland General The Daily Deal, 10/06/01 NW NATURAL WEIGHING PURCHASE OF PGE The Columbian, 10/06/01 Enron to Announce Sale of Portland General on Monday, NYT Says Bloomberg, 10/06/01 PUC RIGHTLY OPEN TO RECONSIDERING Portland Oregonian, 10/06/01 Civil rights advocates worry about detaining immigrants Associated Press Newswires, 10/06/01 India: LNG: Ministry willing to pare charter hire rates for Dabhol Business Line (The Hindu), 10/06/01 Gun found in car at Millard North Omaha World-Herald, 10/06/01 POWER GIANT BUYS ISLAND IN SEARCH FOR GAS PIPELINE South Florida Sun-Sentinel, 10/06/01 DIESEL BAN MAY SWAY OPPONENTS OF POWER PLANT South Florida Sun-Sentinel, 10/06/01 Enron Offshoot Leads Texas Complaints for Unauthorized Electric Accounts KRTBN Knight-Ridder Tribune Business News: Fort Worth Star-Telegram - Texas= , 10/06/01 National Desk THE NATION States Taking the Initiative to Fight Global Warming Environment= : Unhappy with Bush's policies, local officials work to slow climate change= . GARY POLAKOVIC TIMES ENVIRONMENTAL WRITER 10/07/2001 Los Angeles Times Home Edition A-40 Copyright 2001 / The Times Mirror Company More than two dozen U.S. states and cities, no longer waiting for the Bush = administration to seize the initiative against global warming, have begun t= aking steps to reduce emissions that scientists say are heating the planet.= =20 From Vermont to Oregon, state and local governments are calling for broader= use of energy-saving devices, more energy-efficient building standards, cl= eaner-burning power plants and more investment in such renewable energy sou= rces as wind and solar power--all to help reduce greenhouse gases that trap= the sun's energy near the Earth's surface. Many of the strategies being promoted mimic those endorsed in July by 180 n= ations as part of an international campaign against global warming that the= Bush administration declined to join.=20 In August, six New England states and five eastern Canadian provinces signe= d a pact to reduce greenhouse gas emissions. Under the agreement, the signa= tories pledged to cut emissions to 1990 levels by 2010 and by 10% below tha= t level by 2020. Those cuts are to be followed by even deeper reductions. I= t is the most ambitious goal set by state governments and it was supported = by three Republican governors, two Democrats and one Independent from Massa= chusetts, Connecticut, Rhode Island, New Hampshire, Vermont and Maine.=20 No single state or region can make a substantial reduction in the gases tha= t contribute to global warming. Moreover, much of the success of state and = local efforts relies on voluntary compliance from industry.=20 Still, advocates of state and local initiatives are confident that there is= enough public support to ensure broad cooperation in the private sector.= =20 "Public demand for action on climate change increased when the United State= s was not a part of the [international] agreement. It had a powerful impact= on the thinking of all kinds of people, including governors and heads of l= arge companies," said Tom Peterson, director of domestic policy for the Cen= ter for Clean Air Policy in Washington.=20 The center was created in 1985 by a bipartisan group of governors to promot= e economical solutions to air pollution.=20 "This is a way [for states] to distinguish themselves from the Bush adminis= tration," California Resources Secretary Mary Nichols said. "A lot of pract= ical, moderate people are recognizing climate change is a reality, not a th= eory, and they need to take it into account and help move the direction of = the world by doing something about it."=20 California was an early leader in reducing dependence on fossil fuels that = release greenhouse gases. Today, 12% of its electrical power comes from ren= ewable sources, more than any other state.=20 President Bush has sent mixed signals concerning global warming. Shortly af= ter he took office, he reneged on a campaign promise to cut emissions of ca= rbon dioxide, the most abundant greenhouse gas. He said he rejected the int= ernational accord, outlined in Kyoto, Japan, in 1997 and ratified last summ= er, because it would cost U.S. jobs and did not immediately impose limits o= n emissions from developing countries, including India and China.=20 Last spring, Bush announced the formation of a task force of Cabinet member= s to formulate U.S. policy. The work of the task force was slowed by disagr= eements among its members and by the Sept. 11 terrorist attacks.=20 In the meantime, several members of Congress, including Sens. James M. Jeff= ords (I-Vt.), John McCain (R-Ariz.) and Joseph I. Lieberman (D-Conn.), have= begun formulating policy. McCain and Lieberman announced in August that th= ey would develop legislation to cap greenhouse emissions and reduce them us= ing a market-based trading mechanism. But that bill, too, has been delayed = as Congress grapples with the enormous fallout from the attacks on the Worl= d Trade Center and the Pentagon.=20 Meanwhile, officials of several states say they are making measurable progr= ess.=20 In New Jersey, officials say they are on track to cut greenhouse gases by 3= .5% below 1990 levels by 2005. The plan relies on capturing emissions from = methane--which traps 20 times more heat than carbon dioxide--from landfills= , securing voluntary reductions from various industries and preserving open= space and trees, which can absorb carbon dioxide from the atmosphere, said= Amy Collings, spokeswoman for the state Department of Environmental Protec= tion.=20 New York Gov. George Pataki in June announced a series of measures to impro= ve energy efficiency and trim greenhouse gases. Specifically, the Republica= n governor ordered state buildings to get 20% of their electricity from ren= ewable sources, such as solar or wind power, by 2010.=20 In the Northwest, Seattle City Light, the local electric utility, will offs= et any carbon dioxide emissions from power generation with wider use of cle= an-fueled vehicles and other measures.=20 In Oregon, more than 20,000 people have signed up for the "Blue Sky Program= " by paying an extra $3 per month on their utility bills to ensure that Pac= ific Power and Light purchases electricity from sources that don't contribu= te to global warming, said Tim Honadel, sustainability coordinator for Gov.= John Kitzhaber.=20 The California Legislature has established a registry to track greenhouse g= as production. It gives businesses interested in reducing their emissions a= place to record their progress. Such progress will be rewarded when the st= ate, as anticipated, begins to regulate greenhouse gas emissions.=20 There are growing indications that businesses, large and small, do want to = cooperate, if only to ensure that they have a hand in crafting policies and= regulations many see as inevitable.=20 A group of Fortune 500 companies joined with the Philadelphia-based Pew Cha= ritable Trusts to study and develop market-driven solutions to global warmi= ng. Among the companies participating in the project are British Petroleum,= Boeing Co., Enron, Lockheed Martin Corp., Toyota Motor Corp. and Internati= onal Energy Corp.=20 At a carpet mill in Industry, where Interface Inc. employs 500 people, work= ers are busy producing "climate neutral" carpet for commercial buildings, w= hich is made without generating greenhouse gases. The company recently inst= alled a $1-million solar array at its plant so it can make its product with= out any adverse impact on the Earth's atmosphere, said Jim Hartzfeld, vice = president of sustainable strategies for the Atlanta-based corporation.=20 "This is about good business," Hartzfeld said. "It's not about philanthropy= or altruism. It's about delivering better value." Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Many stuck in anti-terror dragnet / Future uncertainfor Houston man, 23, he= ld and cleared in attacks=20 By DALE LEZON Staff Houston Chronicle On his Web site, Asem Atta was hip and playful, regaling friends with accou= nts of his social escapades.=20 He had plenty to tell. At 23, Atta had a good job at Enron Corp. and lived = at one of Houston's trendy midtown addresses. He wrote of sporting events a= nd fireworks shows. His computer home page featured pictures of himself and= his pet and links to Internet sites devoted to the rock bands Jane's Addic= tion and Red Hot Chili Peppers.=20 He was, he said, living "La Vida Houston."=20 That all changed after Sept. 11, when the Pakistani national was swept up i= n the government's ever-widening anti-terrorist dragnet.=20 Though federal law-enforcement officials quickly concluded that Atta was no= t connected to the attacks in New York and near Washington, D.C., he was fo= und to have an expired visa and apparently was detained by the U.S. Immigra= tion and Naturalization Service.=20 His co-workers have not seen him since at least Sept. 12, an Enron official= said. His friends have not seen him either, and they are worried. His apar= tment appears vacant. His telephone and the message service at the door to = his apartment building are disconnected. He did not tell Enron officials he= planned to leave.=20 "What on earth is going on?" one of his close friends asked the Chronicle i= n response to an e-mail message.=20 Atta's plight, similar to that of many Middle Eastern immigrants, has spark= ed worries among some civil libertarians and congressional leaders. More th= an 500 people, many of them immigrants held for possible immigration violat= ions, have been detained so far as possible suspects or material witnesses = as the government's investigation broadens almost daily.=20 Many were questioned and detained because they had Arabic-sounding names. T= he Washington Post reported on Sept. 19, for instance, that Atta was sought= for questioning because he had the same surname as one of the suspected hi= jackers, Mohamed Atta.=20 The next day, the FBI said it "has no interest in" Asem Atta, but claimed t= hat he had overstayed his visa, said FBI spokesman Bob Doguim. An expired v= isa could lead to deportation. In Atta's case, that could mean being return= ed to Pakistan, a country that is bracing for possible U.S. attacks on neig= hboring Afghanistan.=20 Carl Rusnok, an INS spokesman, said he could not comment on individual INS = cases.=20 Civil rights advocates acknowledge the need to question people to avert pos= sible terror strikes, but they fear law-enforcement officers may unjustly t= arget some immigrants simply because they are foreigners.=20 "They're supposed to be looking for terrorists, but unfortunately they are = picking up a lot of people who haven't done anything wrong or are innocent = or of Middle Eastern descent," said Bruce Coane, an immigration attorney in= Houston and past president of the American Immigration Lawyers Association= .=20 Coane said he fears that at least one of his clients, mistakenly hauled in = during the sweep, had his civil rights violated.=20 He represents a Jordanian legal immigrant who was picked up by the INS on S= ept. 21. More than a week later, the INS admitted the man had been apprehen= ded and detained without reason and should be released, Coane said.=20 Coane said he could not identify the man because INS proceedings are not pu= blic, but said his client had been convicted of two misdemeanors prior to r= eceiving a green card, a document that allows noncitizens to remain in the = United States legally.=20 INS can use criminal convictions as grounds for detaining immigrants, somet= imes indefinitely, or deporting them. But Coane said the INS knew about the= misdemeanors before issuing the man a green card.=20 U.S. Rep. Sheila Jackson Lee, D-Houston, ranking member on the House Subcom= mittee on Immigration and Claims, said that in the wake of the Sept. 11 att= acks, the government must give law enforcement powers to protect against po= ssible terrorist assaults. But it also must safeguard civil liberties for i= mmigrants, she added.=20 "We want to . . . make sure that people are not brought in unfairly for que= stioning," she said.=20 Congress is considering measures to broaden anti-terrorist police powers, s= uch as holding immigrants with possible links to terrorism longer between c= ourt appearances.=20 Edward Gillett, a Houston immigration attorney, said he does not fault the = INS for interviewing immigrants to find possible links to the hijackers or = immigration violations. Had the hijackers' immigration status been reviewed= ahead of time, he said, the attacks may have been prevented. Several of th= e suicide hijackers had immigration violations that were not uncovered unti= l after the attacks.=20 "I wish they'd done this before it happened and maybe they could have preve= nted some of it," Gillett said.=20 Efforts to reach Atta or determine his whereabouts last week were unsuccess= ful.=20 Typically, when a visa is expired, according to the INS, the agency can det= ain the immigrant but must explain to him within 72 hours why he is being h= eld and what charges he faces.=20 Soon after that, the immigrant would probably be given a bond hearing to de= termine if he should be detained while awaiting a hearing on his possible d= eportation. The INS can hold immigrants indefinitely if they are deemed a f= light risk or a danger to the community.=20 The deportation hearing may not take place for weeks or months, depending o= n the immigration judge's work load.=20 To stay in the country legally, Atta, or anyone in his situation, may be ab= le to obtain a sponsor - a relative or employer who is a U.S. citizen, for = instance - or could marry a U.S. citizen. He may be able to return to his n= ative country to apply for another visa. If his visa has been expired for m= ore than one year and he leaves the country, however, he will be barred fro= m returning for 10 years.=20 If the visa has expired for 180 days or more, and he leaves the country, he= won't be allowed to return for three years.=20 Atta could also apply for political asylum.=20 Sahdi Shalabi, 24, one of Atta's closest friends from high school, said he = had hoped to see Atta in the next few weeks. But now he is uncertain. He de= scribed his friend, whom he first met in Kuwait in 1990, as "very playful, = very easy going." He liked computers and talking to girls.=20 Shalabi said Atta attended an English-style high school in Kuwait and that = Atta's father worked for the Kuwait Oil Co. Atta moved to the United States= after graduating from high school, enrolled at Wichita State University ab= out 1994 and landed a job at Enron in Houston in 1999.=20 According to his resume, Atta played indoor soccer at college and coached a= soccer team for young girls.=20 Shalabi, who works for Nortel Networks in Ontario, Canada, said his friend = was Muslim but did not practice the religion.=20 "He's totally Westernized," he said. Enron Close to 5-Yr Contract With Equity Office, Crain's Says 2001-10-07 18:31 (New York) Chicago, Oct. 7 (Bloomberg) -- Enron Corp. is close to winning a five-year contract to supply power to Sam Zell's Equity Office Properties Trust, Crain's Chicago reported, without citing sources. Under the agreement, Houston-based Enron would deliver power to the Chicago-based property company's office buildings in Chicago, Boston, California and New York, Crain's said. Zell's company owns 30 buildings in the Chicago area, 55 in Boston, six in New York and 309 in California, Crain's said, citing a filing with the U.S. Securities and Exchange Commission. Business/Financial Desk; Section C Enron Reaches a Deal to Sell Oregon Utility for $1.9 Billion By ANDREW ROSS SORKIN 10/06/2001 The New York Times Page 4, Column 5 c. 2001 New York Times Company Enron is planning to announce on Monday that it has agreed to sell Portland= General Electric to another Oregon utility, Northwest Natural Gas, for abo= ut $1.9 billion in cash and stock, executives close to the deal said yester= day.=20 The sale is part of Enron's effort to discard lower-margin utility business= es as it focuses on the more lucrative business of trading electricity and = gas. The deal would consolidate the two gas and electricity providers in Po= rtland. Officials from Enron and Northwest Natural were still considering the detai= ls of the transaction last night and planned to vote in favor of the deal t= oday, barring a last-minute delay, the executives said.=20 Enron had reached an agreement to sell Portland General to Sierra Pacific f= or $3.1 billion, but that deal collapsed in late April when Sierra Pacific = backed out, citing regulatory hurdles.=20 Under the terms of the deal being considered last night, Northwest Natural = would pay about $1.5 billion in cash, $100 million in common stock and near= ly $300 million in preferred convertible stock to Enron, the executives sai= d. Northwest Natural would also assume about $1.1 billion in debt. Enron wo= uld retain about a 5 percent stake, the executives said. Enron bought Portl= and General in 1997 for $2.9 billion in stock and debt.=20 Shares of Enron fell $1.37, or 4.1 percent, to $31.73, after Northwest Natu= ral acknowledged that it was in talks to buy Portland General. Northwest's = shares fell $2.58, or 9.9 percent, to $23.41.=20 In its effort to sell assets to raise cash, Enron is also in talks to sell = its 65 percent stake in the Dabhol Power project in India for more than $2.= 1 billion, executives close to the company said. A deal is not yet imminent= , but Enron has held discussions with India's largest private utility, Tata= Power, the executives said.=20 A spokesman for Enron declined to comment. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Business; Financial Desk IN BRIEF / ENERGY Northwest in Talks to Buy Portland GE Reuters 10/06/2001 Los Angeles Times Home Edition C-2 Copyright 2001 / The Times Mirror Company Northwest Natural Gas Co. said it was in talks to acquire Enron Corp.'s Por= tland General Electric Co., a deal that would bring together two Oregon uti= lities.=20 A deal would be a major step in Enron's plan to shed slower-growth assets a= nd focus on its core energy marketing and trading business. A deal to sell = Portland GE to Sierra Pacific Resources collapsed five months ago. Sources familiar with the situation said Northwest was offering $1.8 billio= n in cash and stock and would also take on $1 billion of debt in the deal. = They said the talks were at an advanced stage and Northwest's board could v= ote on the deal over the weekend.=20 Northwest confirmed the talks but said there was no assurance that a deal w= ould be struck and it would not make any additional comments on the matter = unless a formal agreement was reached.=20 Enron acquired Portland GE in July 1997 for $2.1 billion.=20 Northwest shares fell $2.58, nearly 10%, to $23.41, and Enron fell $1.37, o= r 4%, to $31.73, both on the New York Stock Exchange. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 BUSINESS Enron talks utility sale in Oregon / Northwest Natural Gas is second possib= le buyer LAURA GOLDBERG Staff 10/06/2001 Houston Chronicle 3 STAR 1 (Copyright 2001) Northwest Natural Gas Co. is negotiating to buy Portland General Electric f= rom Houston-based Enron Corp., which has had a for sale sign on the power u= tility for months. The deal being discussed would be valued between $1.8 bi= llion and $2 billion, with as much as $1.5 billion in cash and the rest in = stock, a source familiar with the talks said Friday. In addition, Northwest= Natural Gas, based in Portland, Ore., would assume about $1.1 billion in d= ebt. Also as part of the deal's terms, Enron could end up with a very small= stake in Northwest Natural Gas, the person said. The person described the = talks as highly advanced and said a deal could be announced as soon as Mond= ay. Northwest Natural Gas, in a brief statement Friday, confirmed it was ta= lking to Enron. Enron spokeswoman Karen Denne declined to comment. If a dea= l is announced, it would be the second time Enron struck an agreement to se= ll Portland General. Nevada- based Sierra Pacific Resources agreed to buy P= ortland General in November 1999. It was to pay $2.1 billion, including $2.= 02 billion in cash. It also was to assume about $1 billion in debt and pref= erred stock. The deal was officially called off in April, although it had b= een considered dead for months before. Sierra Pacific planned to sell some = of its Nevada assets to raise cash for the deal, but Nevada's move to elect= ricity deregulation was delayed, and Sierra couldn't carry out the sales. E= nergy trader Enron, which as part of a general strategy is shedding certain= assets, kept looking for a buyer. "Enron needed some positive news, so thi= s should help the stock performance," Carol Coale, an analyst with Prudenti= al Securities in Houston. In a research note Friday, Robert Christensen, an= analyst with First Albany Corp. in New York, said benefits to Enron from a= sale include "removal of a low single-digit earnings grower" and balance s= heet improvement. Shares in Enron closed regular trading Friday at $31.73, = down $1.37. Northwest Natural Gas provides natural gas to more than 500,000= residential and business customers throughout Oregon and Vancouver, Wash.,= while Portland General has more than 1.4 million customers in Oregon. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 COMPANIES & FINANCE INTERNATIONAL - Northwest may buy Enron asset. By MATTHEW JONES and SHEILA MCNULTY. 10/06/2001 Financial Times (U.K. edition) (c) 2001 Financial Times Limited . All Rights Reserved Northwest Natural Gas said yesterday it was in talks to buy the Portland Ge= neral Electric Company from Enron, the US energy giant. Enron declined to c= omment.=20 Houston-based Enron is also trying to dispose of $4.5bn-$5bn in other asset= s. They are primarily international infrastructure projects in developing c= ountries where Enron believes there is little chance of developing its whol= esale and retail business around those assets. While the company has been generally doing well in Europe, Enron has said i= t will cut up to 500 jobs from its European division in the first sign of s= lowing growth since it started operating in Europe in 1989. The division em= ploys 5,000 people in 10 offices across the continent.=20 Analysts said liberalisation of European energy markets had been slower and= more patchy than some energy trading companies had envisaged. Newly traded= products such as credit risk and carbon emissions were also developing les= s rapidly than expected. Sheila McNulty, Houston, and Matthew Jones, London= .=20 (c) Copyright Financial Times Ltd. All rights reserved.=20 http://www.ft.com. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 M and A NW Natural Gas in talks for Portland General By Claire Poole in Houston 10/06/2001 The Daily Deal Copyright (c) 2001 The Deal LLC Portland, Ore.-based utility, Northwest Natural Gas, confirms it is in talk= s to acquire Portland General Electric from energy trading giant Enron Corp= .=20 Portland, Ore.-based utility Northwest Natural Gas Co. confirmed Oct. 5 it = is in talks to acquire Portland General Electric Co. from Houston energy tr= ading and marketing giant Enron Corp. In a terse statement, Northwest Natural Gas revealed no details of the nego= tiations, but warned that a deal was no certainty.=20 "There can be no assurances that any transaction will result from these dis= cussions," it said. "NW Natural does not intend to make any additional comm= ents regarding this matter unless and until a formal agreement has been rea= ched."=20 Enron spokeswoman Karen Denne would not confirm whether the company was tal= king with Northwest Natural Gas or anyone else about Portland General.=20 "It's our standard corporate policy not to comment on potential acquisition= s or divestitures," she said.=20 Enron has been trying to shed the utility since April, when its $3.1 billio= n sale to Reno, Nev., utility Sierra Pacific Resources Corp. fell through i= n the wake of California's power crisis.=20 In March, Nevada regulators, nervous about power supply problems in neighbo= ring California, backtracked from a plan to open their state to competition= , which scuttled Sierra Pacific's plan to sell seven power plants for $1.7 = billion to help pay for Portland General.=20 The Federal Energy Regulatory Commission and Oregon regulators had already = approved the sale, which only required U.S. Securities and Exchange Commiss= ion clearance.=20 Talk about another buyer reached a high pitch Sept. 5, when Chairman Kennet= h Lay said Enron was close to a sale.=20 Several companies have reportedly kicked the tires, including Scottish Powe= r plc, which already owns another Oregon-based utility, PacifiCorp.; Charlo= tte, N.C.-based Duke Energy Corp. and Juno Beach, Fla., FPL Group, whose $1= 4 billion acquisition of New Orleans-based Entergy Corp. also fell apart in= March over management control and financial disclosure issues.=20 But Northwest Natural Gas has always been the favorite to win the utility. = Portland General, which serves 725,000 electric customers in northwest Oreg= on, would fit nicely with Northwest Natural Gas, which serves more than 530= ,000 gas customers in western Oregon and Vancouver, Wash. And its chairman,= Richard Reiten, is a former top executive at Portland General.=20 Financing would be the hitch. Northwest Natural Gas had a market capitaliza= tion of just $593 million as of Friday. Investors sent its stock down 9% on= the news of a possible acquisition to $23.62 by mid-afternoon Friday.=20 Enron's wish price is reportedly $3 billion. But the Wall Street Journal, c= iting sources, reported Friday that the number was $2.8 billion, $1.8 billi= on in cash and stock plus debt assumption of another $1 billion. The articl= e also said Enron was considering taking a minority stake in the company, w= hich could explain the lower price.=20 The newspaper said the two were in "advanced talks" and an announcement cou= ld come within days. Reuters, citing unnamed sources, reported that Northwe= st's board still had to vote on the deal but that it could be announced as = early as Monday.=20 Enron acquired Portland General in July 1997 for stock valued at $2.1 billi= on in a deal hailed for combining power assets with natural gas pipelines. = But it decided to dump the business after razor-slim margins and a very pub= lic clash with the Oregon Public Utilities Commission, which blocked its at= tempts to sell the utility's electricity generating assets, including its h= ydroelectric facilities, and forced it to cut rates by $80 million.=20 Portland General is not the only asset Enron is trying to shed.=20 The company is working furiously to dump $4 billion to $5 billion worth of = assets all around the world as it refocuses on "asset-light" businesses, su= ch as trading and marketing.=20 But the effort hasn't gone well. It announced Oct. 3 it agreed to sell its = Enron Oil & Gas India Ltd. unit to BG Group plc of the U.K. for $388 millio= n. The unit owns a 30% interest in the Tapti gas field and the Panna/Mukta = oil and gas fields and almost 63% of the CB-OS/1 exploration license in wes= tern India.=20 It now looks as if that deal could also come unstuck. Indian media reports = have suggested that the government wants the operatorship of the assets to = pass to two of Enron's joint venture partners -- state-owned Oil & Natural = Gas Corp. and Reliance Industries Ltd. -- rather than remain with Enron Oil= & Gas India.=20 Such a development would render the acquisition unattractive for the U.K. c= ompany and likely scupper the deal.=20 A BG spokeswoman said the company still has "every confidence" Enron Oil & = Gas India will retain the operating license for the assets, adding that not= hing has changed since the deal was announced. Negotiations are continuing = with the joint venture partners and the Indian government, she said.=20 Enron spokesman Johan Zaayman said BG is making arrangements to take over o= peration of the fields. "Once that's done, the deal's a go," he said. "We'r= e hopeful we'll be concluded in late October, early November."=20 Enron is also trying to quit the $2.9 billion Dabhol power plant in India, = in which it owns a 65% stake.=20 Tata Power Co., India's largest private utility, told reporters Oct. 1 it h= ad been in preliminary talks with Enron to acquire the 740-megawatt facilit= y, which has been shuttered since June after its sole customer, the Maharas= htra State Electricity Board, which owns 15% of the facility, stopped purch= asing power and defaulted on payments.=20 Newspapers reported Friday that Tata plans to finalize its bid in three wee= ks.=20 -- Laura Board in London contributed to this report=20 www.TheDeal.com Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Business NW NATURAL WEIGHING PURCHASE OF PGE WILLIAM McCALL, Associated Press writer 10/06/2001 The Columbian E2 (Copyright 2001) PORTLAND -- Four years after buying its way into the Pacific Northwest mark= et, Texas energy trader Enron Corp. may be ready to sell off Portland Gener= al Electric to another Oregon utility just down the street.=20 Northwest Natural Gas confirmed Friday it is talking with Enron about buyin= g Portland General Electric, returning the headquarters of a major business= to a state that has seen several big companies head elsewhere after merger= s or acquisitions. There was no other comment from the three companies, but some analysts say = an announcement could come as early as next week.=20 "It's probably a trial balloon," said Mike Heim of A.G. Edwards & Sons. "Ei= ther they wanted to see how the market would take it, or they put up a tria= l balloon to finalize terms of the deal."=20 "It certainly leads me to believe they're in the very late stages of their = talks," said Allyson Rodgers of Wells Fargo Van Kasper.=20 Enron started shopping Portland General Electric not long after acquiring t= he Portland-based utility in 1997 for $3.2 billion.=20 Disappointed by a slower-than-expected pace of deregulation in Oregon, Enro= n tried to unload PGE to Sierra Pacific Resources, based in Reno, Nev. But = the deal faltered and was called off in March, about a year and a half afte= r it was announced in November 1999.=20 A merger with Northwest Natural Gas would be a much better fit for PGE than= either Enron or Sierra Pacific, Rodgers said.=20 Northwest Natural and PGE have worked closely together for the past two yea= rs on various projects, including joint meter-reading and joint trench-digg= ing projects, because their service areas overlap in the Portland metro are= a, she said.=20 The downtown headquarters for the two companies are just blocks apart.=20 Heim said Houston-based Enron, the nation's top natural gas trader and the = leading wholesale electricity marketer, has been trying to tighten up its b= alance sheet after being punished on Wall Street for the failure to sell PG= E, fallout from the Pacific Gas & Electric bankruptcy in California, and a = push into the Internet that took a nosedive along with the rest of the tele= communications industry.=20 "Enron has stumbled a little bit with their noncore investments," Heim said= .=20 Bob Valdez, spokesman for the Oregon Public Utility Commission, said commis= sioners have not been notified of any pending deal, but they would review i= t as soon as an offer is made. The approval process could take about 10 mon= ths if a deal is announced, he said.=20 PGE has 730,000 customers in Oregon while Northwest Natural Gas has about 5= 30,000 customers, including some in Southwest Washington. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Enron to Announce Sale of Portland General on Monday, NYT Says 2001-10-06 12:48 (New York) Enron to Announce Sale of Portland General on Monday, NYT Says Houston, Oct. 6 (Bloomberg) -- Enron Corp. plans to announce Monday an agreement to sell Portland General Electric to Northwest Natural Gas Co. for $3 billion in cash, stock and assumed debt, the New York Times reported, citing executives close to the transaction. The purchase would combine the electric and gas utilities in Portland, Oregon. Northwest would pay about $1.5 billion in cash, $100 million in common stock and almost $300 million in preferred convertible stock, the Times said. Enron spokesman Mark Palmer and Judith Wilkinson, spokeswoman for Northwest, declined to comment. Enron bought Portland General in 1997 and has been trying to sell the utility for about two years, as it sheds slow-growing businesses to focus on trading of commodities such as electricity, natural gas and lumber. A planned sale to Sierra Pacific Resources collapsed about five months ago because of regulatory snags. Trading doesn't require ownership of expensive assets such as power plants and pipelines, and Enron's profit from the business is growing at about 25 percent a year, analyst Robert Christensen of First Albany Corp. said. Portland General, while profitable, is expected to boost earnings by just 1 percent next year, he said. Houston-based Enron would retain about a 5 percent stake in Portland General, the Times said. Enron and Northwest officials plan to approve the deal today, the paper said. Northwest said yesterday the companies were in talks, confirming an earlier report by the Wall Street Journal. Northwest Debt Northwest, based in Portland, would assume about $1.1 billion in Portland General debt, the Times said. Northwest's shares fell $2.58, or 9.9 percent, yesterday to $23.41, cutting its market value to about $588 million. The company already has about $450 million in debt, said bond- rating firm Egan Jones, which yesterday lowered its credit rating on Northwest to ``A-'' from ``A,'' still investment grade. Northwest serves more than half a million Oregon and Washington customers. Richard Reiten, the company's chairman and chief executive, was president of Portland General from 1989 to 1996. The acquisition would make Northwest a bigger gas purchaser, helping it negotiate lower prices from suppliers, analysts said. The company also might reduce costs through job cuts and eliminating duplicate services. Enron also is in talks to sell its 65 percent stake in the Dabhol power project in India for more than $2.1 billion, the Times said, citing the executives. A deal isn't imminent, the paper said. Enron shares fell $1.37, or 4.1 percent, to $31.73 yesterday. They have declined 62 percent this year, mostly because of the resignation of Chief Executive Jeff Skilling, concerns about the California power market, losses at its bandwidth-trading business and a contract dispute in India. Sierra Pacific, based in Reno, Nevada, canceled its proposed $3.1 billion acquisition of Portland General on April 26 after California legislators, worried about a power shortage that had driven up prices, banned sales of generators serving the state. The move blocked Sierra Pacific from the sale of a power- plant stake needed to win clearance for the Portland General purchase. EDITORIAL PUC RIGHTLY OPEN TO RECONSIDERING 10/06/2001 Portland Oregonian SUNRISE E06 (Copyright (c) The Oregonian 2001) Watching the rapidly cooling -- and now badly shocked -- economy, Oregon bu= siness leaders and consumer advocates are understandably raising concerns a= bout the substantial utility rate hikes that went into effect this week.=20 Considering utility costs, the raises can be justified. But the fragile sta= te of the economy argues powerfully for openness to re- examine rates quick= ly -- and the Public Utility Commission seems encouragingly open to doing t= hat. Boosts ranging from 20 percent for natural gas to 31.5 percent to 53 percen= t for electricity come at a time when users will have a tougher time absorb= ing increases. The announcement that Northwest Natural Gas may acquire Port= land General Electric wouldn't have any impact on current rates. And adjust= ing rates won't be a simple matter of pleading economic duress.=20 The PUC approved the rate hike, based on the utilities' increased costs and= their legal guarantee of a regulated profit. It turned down advocates' app= eals for a postponement. But properly, it did agree to consider whether it = would revisit rate cases.=20 That's an unusual step. But it's reasonable given the worsening economy and= surrounding uncertainty.=20 Natural gas and electricity prices have fallen recently, below the forward = contract prices paid by Northwest Natural and PGE. Normally, if utilities' = costs go down, the drops are reflected in lower prices to users in the futu= re, or in rebates.=20 If the rate increases could be softened by being phased in, or reviewed mor= e frequently to take in lower costs, it could greatly help consumers and bu= sinesses.=20 The PUC has some flexibility and will decide by the end of the month on reo= pening rate cases. Its openness to the idea is proper and prudent -- and ju= st a little encouraging. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Civil rights advocates worry about detaining immigrants 10/06/2001 Associated Press Newswires Copyright 2001. The Associated Press. All Rights Reserved. HOUSTON (AP) - Before last month's terrorist attacks, Asem Atta lived in a = trendy Houston midtown address, had a good job at Enron Corp. and even had = his own Web page where he detailed his enjoyment of his life in America.=20 But the Pakistani national was one of many Middle Eastern immigrants swept = up in the government's ever-widening anti-terrorist dragnet. Atta's friends= have not heard from him since he was picked up and worry about what will h= appen to him. Though federal law-enforcement officials quickly concluded that Atta, 23, w= as not connected to the Sept. 11 attacks in New York and Washington, D.C., = he was found to have an expired visa and apparently was detained by the U.S= . Immigration and Naturalization Service.=20 Now his future is up in the air and civil rights advocates worry Atta's cas= e and those of other immigrants are growing examples of law enforcement off= icers unjustly targeting some people simply because of where they are from,= the Houston Chronicle reported in its Sunday editions.=20 "They're supposed to be looking for terrorists, but unfortunately they are = picking up a lot of people who haven't done anything wrong or are innocent = or of Middle Eastern descent," said Bruce Coane, an immigration attorney in= Houston and past president of the American Immigration Lawyers Association= .=20 Sahdi Shalabi, 24, one of Atta's closest friends from high school, describe= d him as "very playful, very easy going." He liked computers and talking to= girls. Atta moved to the United States after graduating from high school i= n Kuwait, enrolled at Wichita State University about 1994 and landed a job = at Enron in 1999.=20 Shalabi, who works in Ontario, Canada, said his friend was Muslim but did n= ot practice the religion.=20 "He's totally Westernized," he said.=20 The Washington Post reported on Sept. 19 that Atta was sought for questioni= ng because he had the same surname as one of the suspected hijackers, Moham= ed Atta.=20 The next day, the FBI said it "has no interest in" Asem Atta, but claimed t= hat he had overstayed his visa, said FBI spokesman Bob Doguim. An expired v= isa could lead to deportation. In Atta's case, that could mean being return= ed to Pakistan, a country that is bracing for possible U.S. attacks on neig= hboring Afghanistan.=20 Carl Rusnok, an INS spokesman, said he could not comment on individual INS = cases.=20 Coane said he represents a Jordanian legal immigrant who was picked up by t= he INS on Sept. 21. More than a week later, the INS admitted the man had be= en apprehended and detained without reason and should be released, Coane sa= id. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 India: LNG: Ministry willing to pare charter hire rates for Dabhol 10/06/2001 Business Line (The Hindu) Fin. Times Info Ltd-Asia Africa Intel Wire. Business Line (The Hindu) Copyr= ight (C) 2001 Kasturi & Sons Ltd. All Rights Res'd NEW DELHI, Oct. 5. THE Ministry of Shipping has expressed its willingness t= o take a cut in the charter hire rates for the LNG shipping deal for the tr= oubled Dabhol Power Company (DPC) in a bid to scale down the shipping costs= and salvage the LNG facility planned by Enron.=20 This was indicated by the Shipping Ministry during a meeting held here on T= hursday between the financial institutions and the Government in which mini= stries and departments concerned with various aspects of the deal participa= ted. The Shipping Ministry controls the Shipping Corporation of India (SCI) whic= h is a 20 per cent equity partner in the joint venture Greenfield Shipping = Company formed for owning and operating a 137,000 cubic metre capacity tank= er for transporting LNG from Oman to the Enron-promoted power plant in Maha= rashtra, now clouded in controversy.=20 While the shipbuilding cost of $220 million is unlikely to be pared down ma= inly due to the fact that the 137,000 cubic metre tanker is nearing complet= ion at Japan's Mitsubishi yard, the promoters of LNG Laxmi will have to go = for a cut in the time charter hire rate of $98,600 per day for 10 years agr= eed with the DPC, Government sources told Business Line.=20 The Greenfield Shipping Company will have to take possession of the LNG ves= sel on November 15 when the tanker will be ready for delivery as per the Sh= ipbuilding Contract (SBC) signed with the Japanese yard.=20 The Godbole Committee set up by the Maharashtra Government to review the En= ron deal had concluded, among other things, that the time charter hire rate= of $98,600 per day agreed between DPC and Greenfield Shipping Company was = very much on the higher side.=20 A section within the Government even thinks that the contracted shipbuildin= g cost of $220 million comprising a bare vessel cost of $189 million and fi= nancing cost of $21 million was higher than the market price prevailing at = the time by atleast $18,000 to $20,000.=20 With the power project facing trouble, the lenders to the LNG shipping proj= ect led by ANZ Investment Bank has declared an event of default and suspend= ed the last trance of the project loan worth $55 million out of a total loa= n component of $165 million.=20 The three promoters will now have to make up for the gap in the project fun= ding by putting in additional money in proportion to their equity holding t= o get the project going.=20 Besides SCI, Japan's Mitsui O.S.K.Lines hold 60 per cent equity while Atlan= tic Commercial Inc.(an Enron affiliate) has the remaining 20 per cent.=20 However, sources feel that SCI's additional investment in the project along= with a proposed cut in the charter hire rate (this has to be re-negotiated = with the new owner of DPC) suggested by the Shipping Ministry, would render= SCI's investment in the LNG shipping project unviable.=20 Another spot of bother for the SCI is that the time charter hire rates for = LNG shipping have gone down substantially from the time when the time chart= er party was signed with DPC at a rate of $98,600 per day.=20 With the LNG facility of DPC now put on the back- burner and given the fact= that the tanker will have to be deployed elsewhere on spot basis upon poss= ession till the fate of the proposed LNG facility is decided, sources said = that the viability of the project will not work out in the face of a declin= ing trend world-wide in the charter hire rates for LNG shipping.=20 The charter hire rates are now ruling about $67,000 per day and are expecte= d to dip even further to about $50,000 per day. "In such a scenario, SCI's = investments would fetch only a paltry 4 per cent to 4.5 per cent rate of re= turn as against the Government norm of 12 per cent for projects involving s= tate- funding", the sources said.=20 P.Manoj and Balaji C Mouli Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 News Gun found in car at Millard North Patrick Strawbridge Julie Anderson Erin Grace Paul Goodsell Todd von Kampen= Deborah Alexander Julia McCord World-Herald Staff Writers 10/06/2001 Omaha World-Herald Sunrise 2 (Copyright 2001 Omaha World-Herald Company) Parents of Millard North High School students received a letter Friday info= rming them that a gun had been found in a student's vehicle at the school e= arlier in the week.=20 Amy Friedman, a spokeswoman for Millard Public Schools, said the school's r= esource officer received a tip that the student had the gun and discovered = a hunting rifle in the student's vehicle. Friedman said state law and district policy require the expulsion of any st= udent found to have a gun on school property.=20 Sgt. Dan Cisar, an Omaha police spokesman, said a citation was issued to an= 18-year-old male in connection with the incident.=20 Friedman said the letter was sent home to combat any rumors about the incid= ent and promote the school's safety policy. - Patrick Strawbridge Helicopte= rs to place cell towers Sunday=20 Helicopters will be busy over Omaha on Sunday as a construction company pla= ces new cellular communications towers on two buildings.=20 Jim Labenz, general manager, of Digitcom Inc. in Arlington, Texas, said his= company will be placing towers for Cricket Communications, a new cellular = telephone company set to launch in the area in mid- October.=20 A helicopter will lift equipment onto a 16-story building at 72nd Street an= d Mercy Road about 7:30 a.m. Sunday. The next lift will be at 9 a.m. at the= southwest corner of 16th and Farnam Streets. - Julie Anderson Enron boosts= teacher scholarships=20 When Edna Campbell's family moved from Mexico to the United States 20 years= ago, Campbell, then a school-age child, couldn't speak English.=20 To repay the California teachers who taught her how, Campbell is trying to = become a teacher, too. An Enron grant is helping her achieve that goal in O= maha.=20 Campbell, one of four education students at the University of Nebraska at O= maha studying under scholarships from the Omaha office of Enron this year, = helped to announce the company's gift Friday.=20 A $32,000 grant from the energy company to the University of Nebraska Found= ation is helping UNO expand an existing scholarship program that encourages= minority students to become teachers.=20 The program also helps to put more students into the community because one = of the requirements is volunteer work. The Enron scholars each will spend a= t least 20 hours a semester helping a northeast Omaha after-school program = to staff a relatively new computer lab.=20 The Hope Center, 2200 N. 20th St., serves dozens of children in an after-sc= hool program that includes a hot meal, computer training, homework help and= Bible study. - Erin Grace Westside walk will help victims=20 Students, parents and residents of Westside Community Schools will particip= ate in a walk Sunday in support of the victims of last month's terrorist at= tacks.=20 The "Route 66/Walk for America" will begin at 2 p.m. at Westside High Schoo= l, 8701 Pacific St. Participants, who are encouraged to wear red, white and= blue clothing, will follow a course of less than a mile before returning t= o the school.=20 Donations will be collected for a relief fund established through the Wests= ide Foundation. - Paul Goodsell NEBRASKA Project Extra Mile seeks nominees= =20 Project Extra Mile's five Nebraska offices are seeking nominations of peopl= e or agencies that make a difference in preventing underage drinking.=20 Winners will be recognized at the organization's annual dinner Nov. 8 at Om= aha's Champions Club. Categories for nominations are education, public poli= cy, media, youth, retail businesses, law enforcement and community advocate= s. Nominations will close Oct. 26.=20 Jack Calhoun, president and chief executive officer of the National Crime P= revention Council, will speak at the dinner. Tickets are $25 each.=20 For nomination forms or information on the dinner, call or e-mail the group= 's nearest office: Omaha, (402) 963-9047, [email protected]; Grand Island, (308) 398-0413, [email protected]; Scotts-bluff, (308) 220-4137, [email protected]; Hastings, (402) 463-0558, [email protected]; Columbus, (402) 562-7089, [email protected]. - Todd von Kampen Reservists, enlistees may get tax d= eferral=20 Reservists called to active duty and new enlistees in the armed forces migh= t qualify for a deferral of taxes owed if they can show their ability to pa= y is impaired because of their military service.=20 The Internal Revenue Service announced the deferral this week. It covers ac= tive-duty members of the Army, Navy, Air Force, Marine Corps and Coast Guar= d.=20 National Guard personnel not serving in a federalized status - on state act= ive duty for disaster relief - are not covered.=20 The deferral applies to taxes due before or during military service and ext= ends the payment deadline to six months after military service ends.=20 The deferral is not automatic. It also does not extend the deadline for fil= ing any tax returns. Taxpayers may get extra time to file under other provi= sions, such as being stationed overseas or in a combat zone.=20 Further information on the tax payment deferral can be found at www.irs.gov= or calling 1-800-TAX-FORM. - Deborah Alexander Lincoln nurses to aid D.C. = burn victims=20 LINCOLN - Two nurses from the burn center at St. Elizabeth Regional Medical= Center in Lincoln left Friday for Washington, D.C., to tend patients there= who were burned in the terrorist attack on the Pentagon Sept. 11.=20 The two - Cari Steiner and Melissa Shotkoski - will spend two weeks in Wash= ington, said Jo Miller, the hospital's public relations director. - Julia M= cCord Harvest pageant winner is named=20 GRAND ISLAND, Neb. - Alysia Wardyn was named Miss Harvest of Harmony in a p= ageant Friday night that is part of the annual Harvest of Harmony festiviti= es.=20 Wardyn, the daughter of Leonard and Marcia Wardyn of Farwell, represented S= t. Paul High School. She topped 41 other high school seniors in the contest= .=20 Rachel Rowley of Grand Island Senior High was first runner-up in the pagean= t, with Meghan Bernt of Columbus Scotus as second runner- up. Jenna Johanse= n of Osceola was named Miss Congeniality.=20 Other finalists were Kayla Gross of Burwell, Stefanie Schaefer of Franklin,= Rebecca Stanczyk of Fullerton, Amy Jensen of Hastings, Jo Ella Adelung of = Nebraska City, Amanda Hageman of Overton and Mikele Boshart of Wood River. = - World-Herald News Service Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 LOCAL POWER GIANT BUYS ISLAND IN SEARCH FOR GAS PIPELINE David Fleshler Staff Writer 10/06/2001 South Florida Sun-Sentinel Broward Metro 1A (Copyright 2001 by the Sun-Sentinel) In an attempt to serve South Florida's surging energy market, an internatio= nal power company has bought a tiny Bahamas island where it plans to build = a $1.3 billion complex of electric power and natural gas plants.=20 AES Corp., which owns power plants all over the world, purchased Ocean Cay,= a manmade island about 50 miles east of Miami. The 90- acre island, part o= f the Bimini Islands, is the site of an aragonite mine. But under a proposal outlined this week to state and Broward County officia= ls, the island would become an important offshore power supplier to Florida= . Liquified natural gas would arrive in tankers. A plant would convert it t= o gaseous form and it would be sent to Port Everglades through a 70-mile un= dersea pipeline. The company also plans to build a 1,200-megawatt power pla= nt, with an undersea transmission line to South Florida.=20 "It's a good project to deliver energy into the state of Florida," said Don= Bartlett, vice president of AES Coral Inc., the company's Miami subsidiary= . "It's a very economically doable project."=20 With its proposal, AES has emerged as a rival to Enron Corp. and El Paso Co= rp. in the race to build an undersea natural gas pipeline from the Bahamas = to the United States.=20 AES Corp., based in Arlington, Va., is one of the biggest energy companies = in the world. The company owns or holds interests in 180 power plants in Ch= ina, Sri Lanka, Argentina, Hungary, Brazil and many other countries.=20 It reported revenues of $6.7 billion last year and employs 60,000 people.= =20 All three companies' proposals will face hard questions from regulators abo= ut public safety, possible damage to coral reefs and potential harm to othe= r ocean habitats.=20 Mary Murphy, a state DEP administrator who met with the AES representatives= , said she told them that they would have to explain how they would cross t= he bands of coral reefs along the coast.=20 They would have to show how the pipeline would avoid harming wetlands while= on land.=20 They would have to show whether the route would go through populated areas = or heavily trafficked sections of Port Everglades and how they would keep t= he public safe from accidents.=20 "We're looking at public health and safety, the environment, and we want to= know what they're going to do to address these concerns," she said. "We wa= nt to know if they're going through residential areas, if they're going thr= ough commercial areas. What kinds of reef are you impacting? Are you going = to drag your pipes along the reefs? They need to look at the other uses -- = beach renourishment, cables, treasure salvage leases, possible archaeologic= al sites."=20 Bartlett said the company would work with environmental officials to find a= route that minimizes environmental harm. The company plans to drill a rout= e under the reefs, using the technique of horizontal drilling, which should= leave the reefs undisturbed, he said.=20 "Our objective is to not have any environmental impact at all, and that's w= hat we're trying to achieve," he said.=20 By building a power plant offshore, AES would avoid the local opposition th= at doomed two power plant proposals in South Florida this year.=20 "The advantage to Broward County and the state of Florida is that 1,200 meg= awatts will come ashore without siting a power plant in Broward County," Ba= rtlett said. "Siting plants in South Florida is pretty tough."=20 In addition to directly supplying electricity, the project would deliver na= tural gas to the region's power plants.=20 Demand for natural gas has surged in the United States. The vast majority o= f new electric power plants use it for fuel because it generates far less p= ollution than coal or oil.=20 Two power plants proposed for Deerfield Beach would both use natural gas, a= lthough one would use diesel oil as a backup fuel in case the natural gas s= upply was interrupted.=20 But the AES proposal faces competition from two Houston energy companies. E= l Paso Corp. has proposed a natural gas pipeline from Grand Bahama Island t= o a point near the Port of Palm Beach, where it would hook up with the stat= e's gas transmission system. Enron Corp. has filed applications for permits= to construct a pipeline from Grand Bahama to Port Everglades.=20 The decision on who gets to build the pipeline could ultimately be up to th= e Federal Energy Regulatory Commission, which governs the distribution of n= atural gas throughout the country. Enron has moved the furthest in the appr= oval process, having filed applications with the commission, the state Depa= rtment of Environmental Protection and other agencies.=20 It is unclear whether all three pipeline projects could go forward, since t= hey would be seeking to sell natural gas to many of the same customers. Enr= on spokesman John Ambler said the state's demand for energy could support m= ore than one new source of supply.=20 "I think it's clear that Florida needs more gas," he said. "A diversity of = sources of supply is probably a good thing. I don't know if we need all of = the proposals that are being speculated about. But the demand projection ov= er the next 10 years is that Florida is going to need another 12,000 megawa= tts of power, and that means a lot of gas is going to be needed." MAP; Caption: Staff graphic Map: Locates Ocean Cay in Bimini Islands.=20 Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 LOCAL DIESEL BAN MAY SWAY OPPONENTS OF POWER PLANT Jeremy Milarsky Staff Writer 10/06/2001 South Florida Sun-Sentinel Broward Metro 1B (Copyright 2001 by the Sun-Sentinel) A deal in the works between top officials at City Hall and a Houston-based = power company may remove a critical sticking point for people who oppose pl= ans for a 510-megawatt energy plant here.=20 Deerfield Beach Mayor Al Capellini said representatives of Enron Corp. last= month asked to make minor changes to their financial agreement with the ci= ty. In exchange, Capellini wants the company to abandon plans to use diesel= fuel as a backup power source for their proposed power plant on Green Road= just east of Florida's Turnpike. That's an important condition for government officials in Coral Springs and= other North Broward cities, who fear that diesel fuel emissions would poll= ute the air in the region. Enron's plans call for the plant to be fueled pr= imarily by natural gas, which is relatively clean, but they want to be able= to use diesel fuel in case the gas runs out.=20 "If they want to open up their [financial] agreement, they would have to re= move the diesel fuel part of their plant," Capellini said.=20 The financial agreement calls for Enron to pay the city $1.5 million in fee= s before they build the plant, and at least $1.7 million in property taxes = annually. Enron last week paid the first $500,000 of the fees, but they hav= e asked for a different payment schedule, Capellini said.=20 Enron officials want to be able to burn diesel fuel as a backup power sourc= e because currently, only one natural gas pipeline operates in Florida. But= two other pipelines -- one coming across the Gulf of Mexico and the other = coming from the Bahamas -- are in the works.=20 Enron might be willing to drop their plans for diesel fuel, but only if "on= e or both" of those pipelines works by the time they build their plant, sai= d Eric Thode, a company spokesman.=20 "Functionally, the plant is an ambulance service," Thode said. "It has to b= e able to be used at a moment's notice."=20 If Capellini were to convince Enron Corp. to drop the diesel fuel portion o= f their plans, it would represent a political victory for him and his city.= That's because the mayor of Coral Springs, one of the cities that has chal= lenged the state's intention to give Enron an air-quality permit, has said = that he will back off if they drop their plans to burn diesel fuel.=20 So far, Coral Springs has declined to take as aggressive a stance as neighb= oring Coconut Creek, where government attorneys sued Deerfield Beach on Jul= y 13. Coconut Creek attorneys argue that a conflict in zoning laws made it = illegal for Deerfield Beach city officials to approve the Enron plant the w= ay they did.=20 Broward Circuit Judge Leonard Stafford dismissed the lawsuit last month bec= ause he said Coconut Creek had not followed proper procedure, but allowed t= he city to change the suit and file again. Last week, they did just that, s= aid Mitch Bernstein, an attorney for Coconut Creek.=20 "The claims are essentially the same, but they are more thoroughly supporte= d by the events that took place in Deerfield Beach when they considered Enr= on's application," Bernstein said.=20 Capellini said Tuesday evening there were numerous parts of Coconut Creek's= lawsuit that are inaccurate.=20 Jeremy Milarsky can be reached at [email protected] or call 954-57= 2-2020. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Enron Offshoot Leads Texas Complaints for Unauthorized Electric Accounts R.A. Dyer 10/06/2001 KRTBN Knight-Ridder Tribune Business News: Fort Worth Star-Telegram - Texas Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World= Reporter (TM) AUSTIN, Texas--An offshoot company of Houston-based Enron led the state in = "slamming" complaints on allegations of attempting to sign up electric cust= omers without their consent, state records show.=20 The Texas Public Utility Commission has received at least 14 complaints aga= inst the Enron-created NewPower Co. and one each against providers Green Mo= untain, Reliant, First Choice and Shell, according to documents filed with = state regulators. The Texas electric deregulation law prohibits the practice and sets penalti= es of up to $5,000 per day, per customer, but the PUC has taken no official= enforcement action against any of the companies.=20 "Slamming" is slang for changing customers' utility providers without their= permission.=20 A NewPower spokeswoman said the company is aware of the complaints and has = begun an investigation.=20 "NewPower has a zero tolerance policy towards slamming," said company spoke= swoman Terri Cohen. "We have more than 50,000 Texans who have chosen to swi= tch to NewPower. Even a fraction of a percent of slamming complaints -- whi= ch is what this is -- is not acceptable to us."=20 Under the state's new deregulation law, companies such as NewPower can offe= r lower prices and different service plans to lure customers away from the = state's utility companies.=20 A pilot project that began this year allows companies to compete for up to = 5 percent of customers. Most of the Texas market will open Jan. 1.=20 The process is overseen by the PUC and a nonprofit corporation that manages= the state's electric power grid.=20 Under the Texas Open Records Act, the Star-Telegram obtained information on= 68 complaints about the pilot project filed between March 1 and Sept. 27. = Other complaints involved billing, customer frustrations over delays in the= pilot project, customer service and deceptive trade practices.=20 James Pittman, 52, of Houston, said he switched to NewPower after a telepho= ne marketer told him he would have to choose a new electric company -- or t= he state would choose one for him.=20 Pittman said the telemarketer incorrectly told him he would have to pay fee= s for a forced switch but could switch to NewPower for no charge.=20 "I just flat out told her that I just got out of the hospital from a heart = attack, and I didn't feel like I was up to any of this," Pittman said.=20 "She told me that I had to change (electric service), or the state would ch= ange it for me. She said it wouldn't be our choice. It would be whatever th= e state decided."=20 Pittman said he then had difficulty switching back to Reliant.=20 Several Texas residents, including some TXU customers in North Texas, also = reported receiving switch notifications even though they had not requested = new service.=20 PUC spokesman Terry Hadley said some of the slamming complaints may have be= en prompted by computer glitches at the power grid. Others may have been ca= used by confusion by marketers and the public over the new deregulation law= .=20 Hadley said regulators will continue to monitor complaints, although it is = premature for the PUC to take enforcement actions.=20 "It's early in the game and we would expect that as education increases, we= might not see the so-called complaints in the future," Hadley said.=20 He said lawmakers had inserted strong anti-slamming language into the dereg= ulation law after witnessing similar problems with the deregulation of long= -distance telephone service. The PUC received 5,700 such complaints in one = year alone, he said.=20 But Reggie James, director of the Austin office of the Consumers Union, sai= d the PUC should have done a better job of educating consumers about their = rights under the new law.=20 He said a $12 million customer-education campaign by the PUC has focused fo= r the most part on "happy talk" to defend deregulation.=20 "If deregulation is going to work, it will require the confidence of all co= nsumers," said James. "And if people think they're going to get ripped off = by the companies that are competing, it will hurt all the competitors."=20 Complaints about slamming and other problems can be lodged with the PUC by = calling (888) 782-8477. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
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RE: Enron EFS issues , ok- i get curve shape.. but the only plausible reason i see why market totally ignoring cash- staying so high is us (Enron)- still think we are short............ have a great break.... -----Original Message----- From: Arnold, John Sent: Wednesday, November 21, 2001 9:36 AM To: Abramo, Caroline Subject: RE: Enron EFS issues everybody and their mom is short. Plus, a lot of people think the z/f is too wide so either the front needs to go up or the back down. nope -----Original Message----- From: Abramo, Caroline Sent: Wednesday, November 21, 2001 8:32 AM To: Arnold, John Subject: RE: Enron EFS issues why are futs still so high? did you ever find anything about those s+p commodity futures contracts? -----Original Message----- From: Arnold, John Sent: Wednesday, November 21, 2001 9:16 AM To: Abramo, Caroline Subject: RE: Enron EFS issues full day today because of aga yea, going home to the Big D -----Original Message----- From: Abramo, Caroline Sent: Wednesday, November 21, 2001 7:20 AM To: Arnold, John Subject: RE: Enron EFS issues thanks.. do we have early close today? are you going home for thanksgiving? -----Original Message----- From: Arnold, John Sent: Wednesday, November 21, 2001 8:18 AM To: Abramo, Caroline Subject: RE: Enron EFS issues Looking into it -----Original Message----- From: Abramo, Caroline Sent: Tuesday, November 20, 2001 9:37 AM To: Arnold, John Subject: FW: Enron EFS issues -----Original Message----- From: Doug York <[email protected]>@ENRON Sent: Tuesday, November 20, 2001 10:16 AM To: Abramo, Caroline Cc: Arturo Hidalgo; Terri Becks; Dick Bell Subject: Enron EFS issues Thanks for taking the time to put this PowerPoint presentation together to better outline the flow. It helps us discuss it internally. Recently our internal compliance folks have discussed the "give-up risk". Specifically, what guarantee do we have that the executor's (Enron) FCM will accept the block trade and get it to the exchange on behalf of our clients? There is some concern that there might be limits imposed by the FCM due to issues such as credit and the high volatility of NG. They have requested we sign a four (or more) party give-up agreement between Campbell, Enron, your clearing firm(s) and our clearing firm(s). Is this the SOP as you envision the NYMEX EFS? We are at the point where the specific documentation issues are the main obstacles to moving forward. If we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance of the trade for further give-up? Your legal feedback is welcome. Thanks, CDY ======================================================== The information transmitted in this email is intended for the named addressee(s) only. As this email may contain confidential and/or privileged information, if you are not the intended recipient, you are not authorized to retain, read, copy or disseminate this email or any part of it. If you received this email in error, please contact the sender and permanently delete the email and any attachments. Unless expressly stated, opinions in this email are those of the individual sender and not of Campbell & Company, Inc. - EFS.ppt << File: EFS.ppt >>
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RE: , John, Thanks for the note back. My title is Specialist so I am the little man on the trading floor, but since I have been here I have been kicking ass. I enjoy trading and really didn't get the chance to dig into it deep. Anyway, take care and have a Happy Holiday. Kristin Gandy Freight Markets Enron Global Markets 1400 Smith Street ECS 3657 Houston, Texas 77002 713-853-7263 [email protected] > -----Original Message----- > From: Arnold, John > Sent: Wednesday, November 21, 2001 7:25 AM > To: Gandy, Kristin > Subject: RE: > > Kristin: > Sorry for the delay. Unfotunately I don't have any openings > in my group right now. If I hear of any positions open I'll > give you a shout. Can you remind me what title you have now. > John > > -----Original Message----- > From: Gandy, Kristin > Sent: Monday, November 19, 2001 9:00 AM > To: Arnold, John > Subject: > > John, > > Hello and good Monday morning to you. I briefly meet you > while talking to Paul Racicot on Friday at Front Porch Pub. > With Matt working here in Freight you probably already know > we are not well off these days. Next on the chopping block > is never a good place to be. > > This is a forward question but what the hell. I was > wondering if you knew of any positions available in your > area. If you can believe it I am not ready to leave Enron > behind yet. Thanks for your help. > > Regards, > > Kristin Gandy > Freight Markets > Enron Global Markets > 1400 Smith Street ECS 3657 > Houston, Texas 77002 > 713-853-7263 > [email protected] >
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Wines for Autumn Nights at Winebid.com , Welcome to Winebid.com's newest auction, which begins closing Sunday, Dec. 2, at 9 p.m., US Eastern Time. With winter right around the corner, how about some soul-warming, velvety Burgundy to ward off the chill? In this collection we offer highly acclaimed 1999 vintages in full cases. Included are Chassagne Montrachet Grands Ruchottes (F. Pillot), which Wine Spectator rated at 94 points; Montrachet (Bouchard), Wine Spectator 95-100 points; and Corton Perrieres (V. Girardin), Robert M. Parker Jr. 91-94 points. Find them here: http://www.winebid.com/home/spotlight1.shtml Prefer cases of Bordeaux? These Bordeaux from history-making 1980s and 1990s vintages were recently imported directly from Bordeaux. Most earned at least 90 points from Robert M. Parker Jr. and Wine Spectator. Included is Pichon-Longueville-Comtesse de Lalande 1982, a Parker "perfect" at 100 points. Find them here: http://www.winebid.com/home/spotlight4.shtml We have more French aristocrats in this collection of top-ranked Bordeaux, Burgundy, and Rhone wines. Offered are Cheval-Blanc 1982, Robert M. Parker Jr. 100 points; Latour 1990, Wine Spectator 99 points; Climens 1988, Michael Broadbent 5 stars; La Mission-Haut-Brion 1982, Parker 99 points; Lafite-Rothschild 1982 and 1986, Parker 100 points. Find them here: http://www.winebid.com/home/spotlight3.shtml What's a party without big bottles? We have magnums, doubles and imperials in everything from 1985 Graham's Vintage Port, Michael Broadbent 5 stars, to 1988 Dom Perignon, Robert M. Parker Jr. 93 points. Find them here: http://www.winebid.com/home/spotlight5.shtml If wines that start with California sunshine are more your style, take a look at this collection of Cabs, Syrahs and Proprietary Reds from the 1990s. Included are numerous top 'cults' and always-elegant classics. Find them here: http://www.winebid.com/home/spotlight2.shtml If you click on a link in this email and it doesn't open properly in your browser, try copying and pasting the link directly into your browser's address or location field. Forget your password? http://www.winebid.com/os/send_password.shtml To be removed from the mailing list, click here: http://www.winebid.com/os/mailing_list.shtml Be sure to visit the updates page for policy changes: http://www.winebid.com/about_winebid/update.shtml
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Buy Three DVDs, Two Ship Free and $2 off select titles! , [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE][IMAGE]We've got two great ways to sa= ve for the holidays: Order three or more DVDs and get free shipping on tw= o, and take $2 off the price of select DVDs when you see our coupon icons. = Hurry - offers end soon! Plus, Planet of the Apes: Special Edition and Sta= r Wars: The Phantom Menace are both available from 20th Century Fox with h= ours of special features! [IMAGE]See all Fox DVDs [IMAGE] [IMAGE] = [IMAGE] [IMAGE] [IMAGE] [IMAGE] Willow Pre-order now! Available 1= 1/27/2001 $19.95 [IMAGE] The X-Files Season 4 Gift Pack $109.94 = [IMAGE] Entrapment $14.95 [IMAGE] Moulin Rouge Pre-order now! Availa= ble 12/18/2001 $20.95 [IMAGE] The Alien Legacy Gift Set $59.94 = [IMAGE] Michael Jordan to the Max $14.95 [IMAGE] Dr. Dolittle 2: Speci= al Edition $19.95 [IMAGE] The Home Alone Collection: 3 Pack $39.94= [IMAGE] Bedazzled $14.95 [IMAGE] The Simpsons: The Complete First= Season $29.94 [IMAGE] Die Hard Trilogy: The Ultimate Collection $= 59.94 [IMAGE] Siege $14.95 [IMAGE]M.A.S.H. - The TV Series: Season= 1 - $29.94 [IMAGE]Freddy Got Fingered - $20.94 [IMAGE]The Life and Times= of Hank Greenberg - $20.94 [IMAGE]Planet of the Apes: The Evolution = Box Set - $69.94 [IMAGE]The Rodgers and Hammerstein Collection - $99.94 [= IMAGE]The X-Files Season 3 Gift Pack - $114.94 [IMAGE]Dr. Dolittle -= $14.95 before coupon [IMAGE]Home Alone - $14.94 before coupon [IMAGE]Edwa= rd Scissorhands - $14.95 before coupon [IMAGE][IMAGE] ? 2001 Lucasfilm L= td. & ?. All Rights Reserved. "STAR WARS" and all associated characters, lo= gos and other elements are the property of Lucasfilm Ltd. "Twentieth Centur= y Fox," "Fox" and their associated logos are property of Twentieth Century = Fox Film Corporation. "The Simpsons" ? and "The Simpsons" characters ? 2001= Twentieth Century Fox Film Corporation. All Rights Reserved. Ten Thirteen = Inc. in association with Twentieth Century Fox Television. "The X-Files" ? = and ? 2001 Twentieth Century Fox Film Corporation. All Rights Reserved.Pric= es and availability are subject to change without notice. Quantities on som= e items may be limited. Copyright 2001, 800.com, Inc. ALL rights reserved.T= his email was sent to: [email protected] you prefer not to receive an= y future mailings from 800.com, simply send email to: [email protected] = . =09
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TRV Notification: (NG - Price P/L - 11/21/2001) , The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=11/21/2001>, published as of 11/21/2001 is now available for viewing on the website.
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TRV Notification: (NG - PROPT P/L - 11/21/2001) , The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=11/21/2001>, published as of 11/21/2001 is now available for viewing on the website.
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Up to 60% Off Flights This Holiday Season , [IMAGE]=09 [IMAGE] =09[IMAGE]=09 [IMAGE] =09[IMAGE] =09[IMAGE] =09 =09 Go to Amazon.com Travel or Search Amazon.com =09 =09 Expedia Special Rate (ESR) hotel room or vacation rental purchases can be= made only through the Expedia.com U.S. Web site. Qualifying stays include= a minimum purchase of one (1) night at any ESR hotel or vacation rental. = If a customer finds a lower rate on another Web site within 24 hours of p= urchase, Expedia will refund the difference. The customer should call Cust= omer Support at 1 (800) EXPEDIA to request a refund. Sample vacation packa= ges are based on per person, double occupancy. Prices vary based on dates,= availability, and departure city. Sample Las Vegas hotel rates are based = on weekday prices for select hotels on sale from November 18 through Decem= ber 20, 2001. Unless otherwise noted, all prices quoted are in U.S. dollar= s. Prices and dates subject to change. We hope you enjoyed receiving this= message. However, if you'd rather not receive future e-mails of this sort= from Amazon.com, please visit your Amazon.com account page . In the Pers= onal Information box under the Account Settings heading, click the "Updat= e your communication preferences" link. =09 Please note that this message was sent to the following e-mail address:ja= [email protected]=09
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K@W Newsletter Nov. 21-Dec. 4, 2001: What's Hot: China's Entry into , Knowledge@Wharton Newsletterhttp://knowledge.wharton.upenn.edu November 21-December 4, 2001 What's Hot China's Entry into the WTO: What Lies Ahead After years of negotiation, the World Trade Organization agreed on Nov. 10 to open its doors to the world's most populous country and bring its 1.3 billion consumers more closely into the global economy. The decision will create new sets of business winners and losers for years to come. But perhaps more important, it presents a fresh opportunity for governments, industries and individual companies to reshape the very nature of the global marketplace. In a report prepared in collaboration with Beijing-based People's Daily Online, Knowledge@Wharton interviewed experts for their assessment of what lies ahead for China.http://knowledge.wharton.upenn.edu/whatshot.cfm Special Report: Finding Business Opportunities in an Uncertain Economy The global economy was declining long before September 11. Since then, it seems to have gone into a tailspin, marked by volatile stock markets, sagging consumer confidence and widespread layoffs. Most companies are trying to figure out how long it will take for the economy to turn around, and what they can do to stay alive until then. In an effort to answer these questions, Knowledge@Wharton teamed up with CNET News.com in San Francisco to organize a panel discussion of leading business executives from the U.S. and Europe. A special report on the event.http://knowledge.wharton.upenn.edu/ss_112101.html Strategic Management Oh, the Games Enron Played The dramatic disintegration of Enron has left a lot of people wondering how this huge, publicly-traded company could have fallen so far so fast. Wharton faculty and others help explain what went on behind the scenes at Enron, where it is now clear that management exploited loopholes in accounting procedures and created questionable partnerships involving top company officials, among other tactics.http://knowledge.wharton.upenn.edu/articles.cfm?catid=7&articleid=469 Marketing Marketing Ethics in a Post-Terrorist Economy: What is the Right Pitch? Following the events of Sept. 11, marketers and advertisers must reconsider not only what products they sell but how they sell them - all against a backdrop of the War On Terror, the Anthrax scare and a badly slumping economy. What approach can companies and ad agencies adopt that is both ethical and effective? Wharton faculty, and the manufacturer of one uniquely American product, offer some suggestions.http://knowledge.wharton.upenn.edu/articles.cfm?catid=4&articleid=463 Leadership and Change Family Matters: Are Fords, Hewletts and Packards Right to Exercise Their Clout? Now that William Clay Ford Jr. has replaced Jacques Nasser as CEO of Ford, and the Hewlett and Packard families have decided to oppose H-P's merger with Compaq Computer, one wonders whether family members have become wrecking balls, spoiling the well-laid plans of professional managers and jeopardizing the company's future. Not exactly, say Wharton faculty and others, who point to the importance of values, standards and personal net worth.http://knowledge.wharton.upenn.edu/articles.cfm?catid=2&articleid=468 Managing Technology The Evolution of B2B: Lessons From the Auto Industry Only a few years ago, B2B exchanges were expected to completely alter conventional buyer-supplier relationships. The reality has been otherwise. Only 10% of the 1,000 B2B exchanges launched in the past 18 months are reportedly still in operation. Meanwhile, the important B2B action seems to have shifted to industry-wide exchanges run by incumbent firms, such as Covisint in the auto industry and Transora in the consumer products sector. In a new research study, Wharton management professor John Paul MacDuffie and colleague Susan Helper explore this evolution.http://knowledge.wharton.upenn.edu/articles.cfm?catid=14&articleid=466 Leadership and Change Reading the Signals: Janet Hanson, Founder of 85 Broads, on Networking and Success Janet Hanson, 14-year veteran of Goldman Sachs and founder of investment advisory firm Milestone Capital, described her rocky but ultimately victorious road to success at the Wharton Women in Business Conference held earlier this month. Later in the day a panel of women in international management positions talked about the cultural challenges that still confront businesswomen both here and abroad.http://knowledge.wharton.upenn.edu/articles.cfm?catid=2&articleid=464 Real Estate Real Estate Industry Poised for Recovery Despite Slowing Economy The real estate industry comes into the current slowdown in a much stronger position than it was in the 1980s. But the industry is also vulnerable to a number of stresses, ranging from scaled-down activities on the part of tenants to a significant decline in cash flows and a softening at the high end of the retail market. Earlier this month, members of Wharton's Samuel Zell and Robert Lurie Real Estate Center looked at what's ahead for real estate.http://knowledge.wharton.upenn.edu/articles.cfm?catid=8&articleid=467 ------------------------------------------------------------------------------- Links from Knowledge@Wharton Sponsors GE Capital: Join GE Capital CFO Jim Parke for a December 11th webcast on "Partnering With Our Customers To Drive Productivity." Through an exchange between our CFOs and customers, you will see and hear how we are working with our customers to solve the heightened, day-to-day challenges of operating a business and achieving success. We hope you can join us. To register, please visit: http://www.gecfo.com/webcast.html?c=Wharton&n=Webcast1&t=email ------------------------------------------------------------------------------ Help Spread Knowledge Do you know people who might be interested in these research studies and more? If you do, please forward this e-mail message to them. The Knowledge@Wharton Newsletter is a free service of The Wharton School (http://www.wharton.upenn.edu/ ) of the University of Pennsylvania. Its companion web site, Knowledge@Wharton, includes full details of the stories listed here. To read these stories, go tohttp://knowledge.wharton.upenn.edu/ To comment on these stories, go to:http://knowledge.wharton.upenn.edu/feedback.cfm To unsubscribe from this newsletter, visit:http://knowledge.wharton.upenn.edu/unsubscribe.cfm
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Fw: Schedule for the week of Monday, Sept 24, HOUSTON PRESS "BEST , ----- Original Message ----- From: Christopher's Wine Warehouse To: Recipient list suppressed Sent: Monday, September 24, 2001 12:14 PM Subject: Schedule for the week of Monday, Sept 24, HOUSTON PRESS "BEST OF HOUSTON" results Good afternoon wine lovers, Before we get to the schedule of tastings this week, I wanted to thank everyone out there for the great response to the latest issue of The Houston Press. Christopher's Wine Warehouse was named the "BEST WINE STORE" on page 97 of the September 20-26, 2001 issue. We are thankful to all our loyal friends and neighbors for this recognition of our hard work and dedication to bringing the best wines we can find to Houston's wine lovers. Thanks again for your continued support. We will continue to work hard with our unique selection to, hopefully, be honored again next year. As for the schedule this week, I believe we have perfected our website so that everyone can now view our tastings. We have two versions of the site, one in very easy to navigate form, and one that sings and dances if you have the necessary plug ins. If you don't want to re configure your system, just click on the normal site when you visit us at:www.christopherswine.com . EVERY day this week, starting tomorrow (Tuesday the 25th), we will be hosting our wine tastings. The topics, prices per person, etc, etc, are posted at our site and include the weekly schedules through October. REMEMBER: YOU MUST CALL US TO RESERVE AT 713-524-9144. We look forward to seeing all of you. As for this week's sampler case, I decided (based on popular demand) to extend the fabulous case from last week. If you missed the details, here it is again: CHRISTOPHER'S LATEST ULTIMATE SAMPLER (2 BTLS EACH): Martine Saunier's California Viognier 1999 (exotic, floral and a tremendous value) $18.50 each Merlin Macon La Roche Vineuse 1999 (THE greatest vintage for this Chardonnay) $17.50 each Chateau Ferry Lacombe Provence Rose' 2000 (remember this one from the Wine Bar?) $18.50 each Domaine Monpertuis Ramiere Cotes du Rhone 1999 (ultra-spicey Grenache) $17.50 each Domaine de Fenouillet Beaumes de Venise CDR Villages 1999 (glad my house red is back!) $21.50 each G H von Mumm Rheingau Pinot Noir 1999 (AMAZING new discovery for me) $22.50 each Normally, this case runs about $235.00 SPECIALLY PRICED FOR E-LISTERS: $197.00 plus tax As always, please call us to order at 713-524-9144. This case is one of my best ever, don't miss out!!! AS FOR SATURDAY, THE 29TH, I THOUGHT IT WOULD BE FUN TO CELEBRATE OUR REVIEW IN THE HOUSTON PRESS!!! So, from 2-5 PM, this Saturday, at no charge, come on down and have some fun with us as we host an amazing tasting of GREAT wines. I will be showcasing a dozen different wines and we will pop a few bottles of Champagne to celebrate. Get here early for best selection and bring some friends, too. This Saturday will be a blast!!! That's about it for this week. See y'all soon. Your friend in wine, Christopher 713-524-9144www.christopherswine. com 2516 Times BLVD Rice Village "BEST WINE STORE IN HOUSTON" Houston Press 2001
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option candlesticks as a hot link 10/8 , The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now available on the web by clicking on the hot link(s) contained in this email. If for any reason you are unable to receive the charts via the web, please contact me via email and I will email the charts to you as attachments. Option Candlesticks http://www.carrfut.com/research/Energy1/candlesticks33.pdf Scott Oblander 312-762-1015 312-762-1014 fax Carr Futures 150 S. Wacker Suite 1500 Chicago, IL 60606
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CFTC Commitment of Traders Data - Natural Gas , Attached please find this weeks summary of the most recent CFTC Commitment of Traders Data for Natural Gas. Thanks, Mark - CFTC-NG-11-19-01.doc
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Enron Mentions - 11/19/01 , Headed For A Fall ; Companies issued special zero-coupon bonds, assuming th= ey'd never have to pay them off. Now shareholders could be on the hook for = a $65 billion tab. Fortune Magazine, 11/26/01 Manager's Journal: What Enron Did Right The Wall Street Journal, 11/19/01 J.P. Morgan Wins (by Not Losing as Much) The Wall Street Journal, 11/19/01 German Bank Is in Talks With Enron To Buy a Unit The New York Times, 11/19/01 Bond Boom Isn't Likely to Lift Economy As Corporations Swap Old Debt for Ne= w The Wall Street Journal, 11/19/01 Preview / WEEK OF NOV. 19-25 Investors Looking for Answers in Enron Filing Los Angeles Times, 11/19/01 COMPANIES & FINANCE INTERNATIONAL - Dynegy bid faces long wait. Financial Times, 11/19/01 Russia Fund Surges Amid Global Woes The Wall Street Journal, 11/19/01 Wessex Water The Financial News, 11/19/01 India BSES:Dabhol Pwr Proj Due Diligence Done Jan -Report Emerging Markets Report, 11/19/01 India Dabhol Pwr: No Termination Notice Until Crt Verdict Dow Jones International News, 11/19/01 Fears raised on Enron deal: $15.6-billion rescue bid National Post, 11/19/01 Blackout in the power sector Business Standard, 11/19/01 Features/Toxic Bonds Headed For A Fall ; Companies issued special zero-coupon bonds, assuming th= ey'd never have to pay them off. Now shareholders could be on the hook for = a $65 billion tab. Janice Revell 11/26/2001 Fortune Magazine Time Inc. 131 (Copyright 2001) It was an irresistible proposition: Borrow billions of dollars, pay no inte= rest, reap millions in tax breaks, and then wait for the debt to simply dis= appear. That was the promise of zero-coupon convertible bonds, and companie= s from Enron to Merrill Lynch binged on what seemed like free money.=20 But, of course, there was a catch: For this scenario to play out, a company= 's stock price had to rise sharply--and quickly. That's because investors b= ought the bonds in the hope of converting them into equity--if the stock ta= nked, the bonds would no longer be worth converting. So to make them more a= ttractive to buyers, companies had to build in an escape hatch: If the stoc= k price failed to rise sufficiently, investors could "put" (that is, sell) = the bonds back to the company--in many cases, after just one year. And that's exactly what's about to happen--to the tune of some $65 billion = over the next three years. Stock prices have fallen so far that for at leas= t half of these special hybrids, the prospect of conversion is now absurd. = It simply won't happen. So bondholders are looking to get their money back = the first chance they can. And because of the put feature, that is possible= . Suddenly companies like Tyco, Comcast, and dozens more are on the hook fo= r billions of dollars in debt and interest they thought they'd never have t= o pay.=20 That could be very bad news for shareholders of these companies. After all,= they're the ones who are going to be picking up the tab when all that debt= comes due. Huge chunks of cash will disappear from balance sheets to repay= bondholders. Companies without enough cash-- and the majority fall into th= is camp--are likely to face skyrocketing interest charges when they borrow = money anew. That means sharply reduced earnings. Especially at risk are inv= estors in companies with poor credit ratings--prime candidates for killer r= efinancing costs. Some companies may even be forced to issue stock to pay o= ff the debt, creating significant shareholder dilution, especially at curre= nt depressed prices. To make matters worse, this is happening at a time whe= n the economy is barreling downhill and corporate profits are already shrin= king. "This is a ticking time bomb," warns Margaret Patel, manager of the P= ioneer High Yield Bond fund, a top-performing junk fund.=20 The seeds of this mess were sown in mid-2000, when the stock market started= to falter. Companies in search of capital balked at the thought of selling= stock while their share prices were struggling. Zero-coupon convertible bo= nds presented an attractive alternative because companies didn't have to ma= ke cash interest payments on the bonds (hence the name "zero"). Instead iss= uers offered an up-front discount--for instance, investors would buy a bond= for $700 and collect $1,000 when it matured.=20 Companies also gave investors the right to convert the bonds into a fixed n= umber of common shares. But the bonds were structured so that conversion wo= uld make sense only if the stock price rose significantly--in many cases, b= y more than 50%. With that protective feature (called the conversion premiu= m), zeros took off. Corporate issuers would pay no interest, and once their= stock prices had climbed back to acceptable levels, the debt would be swep= t away into equity. "If the bonds are converted, it's a home run for everyb= ody," says Jonathan Cohen, vice president of convertible-bond analysis at D= eutsche Bank.=20 That four-bagger, of course, depends entirely on the stock price rising. If= it doesn't, the bondholders, armed with that handy put feature, can simply= sell the bonds back to the company. Great for bondholders, but not so hot = for the company or its shareholders. But, hey, what are the odds of that ha= ppening? "CFOs and CEOs believe that their stock will just continue to go u= p," says Cohen. "They don't worry about the bond getting put."=20 If all this seems a little complicated, that's because it is. A real-life e= xample should help. California-based electric utility Calpine issued $1 bil= lion in zeros in April to refinance existing debt. At the time, the company= 's stock was trading at about $55 a share--severely undervalued in the opin= ion of company management. "We really didn't want to sell equity at that po= int," says Bob Kelly, Calpine's senior vice president of finance. So the co= mpany instead opted to sell zeros, setting the conversion premium at a heft= y 37%.=20 Still, with no cash interest payments and a stock price that had to rise si= gnificantly to make conversion worthwhile, the bonds weren't exactly a scre= aming buy for investors. So Calpine added the put feature: Investors could = sell the bonds back to the company after one year at the full purchase pric= e, eliminating any downside risk.=20 Things haven't exactly worked out as management had hoped. The stock has si= nce plummeted to $25, and it now has to triple before conversion makes sens= e. So it's looking as though Calpine will be liable for the $1 billion in b= orrowed money when investors get the chance to put the bonds this April. Th= ere's also the refinancing cost. According to Kelly, Calpine's borrowing ra= te could run in the neighborhood of 8.5%--an extra $85 million per year in = cash. "Obviously, nobody plans for their stock to go down," Kelly says. "I = don't think there was one person around who thought the bond would be put."= =20 Calpine's potential costs are particularly high because its credit rating i= s straddling junk. "If you are a borderline investment-grade company, a fin= ancing of this nature is not necessarily the most appropriate thing in the = world," notes Anand Iyer, head of global convertible research at Morgan Sta= nley. The problem is, there are a slew of companies with far worse credit r= atings out there: Jeff Seidel, Credit Suisse First Boston's head of convert= ible-bond research, estimates that about half of all zeros outstanding fall= into the junk category. And others are at risk of having their ratings dow= ngraded before the put date. Today, with junk yielding as much as 5 1/2 per= centage points above bonds rated investment grade, refinancing can be a pri= cey proposition.=20 Contract manufacturer Solectron is one that could well get hit by the high = price of junk. It has $845 million in zeros that it will probably have to b= uy back this January, and another $4.2 billion coming down the pike over th= e next couple of years. Because of slower- than-expected sales, the company= was recently put on negative credit watch by three rating agencies. And if= Solectron's credit is downgraded, the zeros would slide into junk status, = a situation that could cost the company--and its shareholders--tens of mill= ions of dollars in refinancing charges.=20 Refinancing isn't the only worrisome cost associated with these zeros. Comp= anies pay hefty investment banking fees to sell their bonds--up to 3% of th= e amount raised. If the debt is sold back, many will have spent millions fo= r what essentially amounted to a one-year loan. "They're getting bad advice= ," claims one banker who didn't want to be named. "Look at the fee the bank= er earned and look at the kind of financing risk the company got into."=20 As if those potential consequences were not scary enough, shareholders can = also get whacked when the bonds are first issued. That's because some 40% a= re bought by hedge funds, which short the company's stock (sell borrowed sh= ares with the intention of buying them back at a lower price) at the same t= ime that they buy the bonds. If the stock goes down, the shorts make money = from their position. If it goes up, they profit by converting the bond to s= tock. This hedging strategy almost always causes the stock to plummet, at l= east for a while. Grocery chain Supervalu, for example, recently lost 10% o= f its market cap the day it announced it was issuing $185 million in zeros.= =20 Despite all the pitfalls, the love affair with such Pollyanna bonds continu= es, thanks in large part to the slick tax and accounting loopholes they pro= vide. In fact, the hit on earnings per share can be the lowest of any form = of financing. Even better, thanks to a wrinkle in the tax code, companies c= an rake in huge tax savings by deducting far more interest than they're act= ually paying. All they have to do is agree to pay small amounts of interest= if certain conditions prevail. Verizon Communications, for instance, would= pay 0.25% annual interest on its $3 billion in zero bonds if its stock pri= ce falls below 60% of the issue's conversion price. In the eyes of the IRS,= oddly, that clause enables the company to take a yearly interest deduction= , for tax purposes, of 7.5%--the same rate it pays on its regular debt. (Wh= y? Trust us, you don't want to know.) That adds up to an annual deduction o= f more than $200 million, even if Verizon never shells out a dime in intere= st. Not surprisingly, more than half of the zeros issued in 2001 contain si= milar clauses. "It's an incredible deal for them," says Vadim Iosilevich, w= ho runs a hedge fund at Alexandra Investment Management. "Not only are they= raising cheap money, they're also doing tax arbitrage."=20 So despite the enormous risks to shareholders, companies continue to issue = zeros at a steady clip: According to ConvertBond.com, seven new issues, tot= aling $3.5 billion, have been sold since Oct. 1 alone. "I think the power o= f the tax advantage is going to keep them around," says CSFB's Seidel. Call= it greed or just blind optimism that the markets will recover quickly--it = doesn't really matter. Either way, it's the shareholders who'll be left pay= ing the bill.=20 FEEDBACK: [email protected]=20 The bill comes due=20 Companies issued convertible zeros, with put features, when the stock marke= t soured. Now repayment looms.=20 1999 2000 2001 2002 2003 2004=20 Amount issued, $5.2 $19.6 $37.5 in billions=20 Amount puttable, $2.4 $2.6 $4.8 $22.0 $19.1 $24.0 in billions=20 SOURCE: CONVERTBOND.COM=20 When zero is a negative number=20 The danger posed by convertible zero bonds depends on a number of factors, = according to Morgan Stanley's ConvertBond.com: the size of the bond, the pu= t date, the company's credit rating and cash on hand, and how far the stock= must rise for the bond to convert to equity.=20 [A]Date of put [B]Amount owed (millions) [C]Cash on hand[2](millions) [D]St= ock price as of 11/09/01 [E]% below conversion price=20 Company Bond rating[1] Our risk assessment [A] [B] [C] [D] [E] Tyco 11/17/0= 1 $3,500 $2,600 $54.00 49% Investment grade Not a problem--for now. The con= glomerate has cash to pay for bonds put this November. Another $2.3 billion= is puttable in 2003.=20 Solectron 1/27/02 $845 $2,800 $13.25 155% Investment grade In the danger zo= ne. May be downgraded to junk if results don't improve. Has additional $4.2= billion at risk in 2003 and 2004.=20 Calpine 4/30/02 $1,000 $1,242 $25.50 180% Inv. grade/Junk Possibly a pricey= tab. On the border between investment grade and junk, the energy company f= aces high refinancing charges.=20 Pride International 1/16/03 $276 $176 $12.50 148% Junk May need to drill fo= r cash. The oil services company already has a heavy debt load in addition = to its zeros.=20 Western Digital 2/18/03 $126 $201 $4.25 547% Junk Hard drive ahead. The tec= h outfit has already paid down some of its zeros by issuing stock. More dil= ution possible.=20 Brightpoint 3/11/03 $138 $67 $3.25 609% Junk Watch out. This mobile-phone d= istributor plans to repurchase the bonds and is likely to incur high refina= ncing charges.=20 Aspect Commun. 8/10/03 $202 $134 $2.00 1,016% Junk The credit rating of thi= s unprofitable call center company is near the lowest grade of junk. High a= lert!=20 Enron[3] 2/7/04 $1,331 $1,000 $8.50 1,413% Investment grade Very risky. Amo= ng Enron's myriad woes, its debt is on the verge of being downgraded yet ag= ain. It's already behaving like junk.=20 Verizon 5/15/04 $3,270 $3,000 $50.00 70% Investment grade Verizon faces lit= tle risk because of its strong credit rating and the long lead time on its = put dates.=20 Merrill Lynch 5/23/04 $2,541 $20,000 $49.00 124% Investment grade Also not = yet a problem. This underwriting leader made sure its own zeros could not b= e put for three years.=20 [1]Based on ratings from Moody's and Standard & Poor's; Calpine had a split= rating at press time. [2]As of most recently reported financial results. [= 3]Now expected to merge with Dynegy.=20 Quote: Contract manufacturer Solectron is one zero-bond issuer that could w= ell get hit hard. Stocks have fallen so far that for at least half of all b= onds out there, the prospect of conversion is absurd. B/W ILLUSTRATION: ILLUSTRATION BY DAVID SUTER=20 Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Manager's Journal: What Enron Did Right By Samuel Bodily and Robert Bruner 11/19/2001 The Wall Street Journal A20 (Copyright (c) 2001, Dow Jones & Company, Inc.) This is a rough era for American business icons. Subject to the vagaries of= age (Jack Welch), product failure (Ford/Firestone tires), competition (Luc= ent, AT&T), technology (Hewlett-Packard and Compaq), and dot-bomb bubbles (= CMGI), managers and their firms remind us that being an icon is risky busin= ess. The latest example is Enron, whose fall from grace has resulted in a p= roposed fire sale to Dynegy.=20 Once considered one of the country's most innovative companies, Enron becam= e a pariah due to lack of transparency about its deals and the odor of conf= licts of interest. The journalistic accounts of Enron's struggles drip with= schadenfreude, hinting that its innovations and achievements were all a mi= rage. We hold no brief regarding the legal or ethical issues under investigation.= We agree that more transparency about potential conflicts of interest is n= eeded. High profitability does not justify breaking the law or ethical norm= s. But no matter how the current issues resolve themselves or what fresh re= velations emerge, Enron has created an enormous legacy of good ideas that h= ave enduring value.=20 -- Deregulation and market competition. Enron envisioned gas and electric p= ower industries in the U.S. where prices are set in an open market of biddi= ng by customers, and where suppliers can freely choose to enter or exit. En= ron was the leader in pioneering this business.=20 Market competition in energy is now the dominant model in the U.S., and is = spreading to Europe, Latin America, and Asia. The winners have been consume= rs, who have paid lower prices, and investors, who have seen competition fo= rce the power suppliers to become much more efficient. The contrary experie= nce of California, the poster child of those who would re-regulate the powe= r industry, is an example of not enough deregulation.=20 -- Innovation and the "de-integration" of power contracts. Under the old re= gulated model of delivering gas and electricity, customers were offered a o= ne-size-fits-all contract. For many customers, this system was inflexible a= nd inefficient, like telling a small gardener that you can only buy manure = by the truckload. Enron pioneered contracts that could be tailored to the e= xact needs of the customer.=20 To do this, Enron unbundled the classic power contract into its constituent= parts, starting with price and volume, location, time, etc., and offered c= ustomers choices on each one. Again, consumers won. Enron's investors did t= oo, because Enron earned the surplus typically reaped by inventors. Arguabl= y, Enron is the embodiment of what economist Joseph Schumpeter called the "= process of Creative Destruction." But creative destroyers are not necessari= ly likable, pleasant folks, which may be part of Enron's problem today.=20 -- Minimization of transaction costs and frictions. Enron extended the logi= c of de-integration to other industries. An integrated paper company, for i= nstance, owns forests, mills, pulp factories, and paper plants in what amou= nts to a very big bet that the paper company can run all those disparate ac= tivities better than smaller, specialized firms. Enron argued that integrat= ed firms and industries are riddled with inefficiencies stemming from burea= ucracy and the captive nature of "customers" and "suppliers." Enron envisio= ned creating free markets for components within the integrated chain on the= bet that the free-market terms would be better than those of the internal = operations. The development of free-market benchmarks for the terms by whic= h divisions of integrated firms do business with each other is very healthy= for the economy.=20 -- Exploiting the optionality in networks. In the old regulated environment= , natural gas would be supplied to a customer through a single dedicated pi= peline. Enron envisioned a network by which gas could be supplied from a nu= mber of possible sources, opening the customer to the benefits of competiti= on, and the supplier to the flexibility of alternative sourcing strategies.= Enron benefited from controlling switches on the network, so that they cou= ld nimbly route the molecules or electrons from the best source at any mome= nt in time to the best use, and choose when and where to convert molecules = to electrons. This policy, picked up by others in the industry, created tre= mendous value for both customers and suppliers.=20 -- Rigorous risk assessment. The strategy of tailored contracts could easil= y have broken the firm in the absence of a clear understanding of the tradi= ng risks that the firm assumed, and of very strong internal controls. Enron= pioneered risk assessment and control systems that we judge to be among th= e best anywhere. Particularly with the advent of Enron Online, where Enron = made new positions valued at over $4 billion each day, it became essential = to have up-to-the-second information on company-wide positions, prices and = ability to deliver.=20 The unexpected bad news from Enron has little to do with trading losses by = the firm, but with fears among trading partners about Enron's ability to fi= nance its trading activity. In a world where contracts and trading portfoli= os are too complex to explain in a sound bite, counterparties look to a thi= ck equity base for assurance. It was the erosion in equity, rather than tra= ding risk, that destroyed the firm.=20 -- A culture of urgency, innovation and high expectations. Enron's corporat= e culture was the biggest surprise of all. The Hollywood stereotype of a ut= ility company is bureaucratic, hierarchical, formal, slow, and full of excu= ses. And the stodgy images of a gas pipeline company -- Enron only 15 years= ago -- is even duller and slower. Enron became bumptious, impatient, lean,= fast, innovative, and demanding. It bred speed and innovation by giving it= s professionals unusual freedom to start new businesses, create markets, an= d transfer within the firm.=20 Success was rewarded with ample compensation and fast promotion, and an ope= n-office design fostered brainstorming. The firm's organization and culture= was by all accounts not a safe haven for those who believe the role of a l= arge corporation is to fulfill entitlements for jobs. This was a lightning = rod for the firm's detractors. And yet, it could serve as a model for more = hide-bound enterprises to emulate.=20 Enron was a prolific source of compelling new ideas about the transformatio= n of American business. It created a ruckus in once-quiet corners of the bu= siness economy. It rewrote the rules of competition in almost every area in= which it did business. It thrived on volatility.=20 The proposed sale of Enron to Dynegy risks the loss of a major R&D establis= hment, especially given Dynegy's track record as a second mover following E= nron's lead. Beyond what is likely to be a difficult and time-consuming ant= itrust review, Dynegy's greater challenge will be to find a way to make Enr= on's spirit of innovation its own. Or so we all should hope, because prospe= rity depends on the ability of firms to reinvent themselves and remake thei= r industries.=20 ---=20 Messrs. Bodily and Bruner are professors at the University of Virginia's Gr= aduate School of Business Administration. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 J.P. Morgan Wins (by Not Losing as Much) By Susanne Craig Staff Reporter of The Wall Street Journal 11/19/2001 The Wall Street Journal C1 (Copyright (c) 2001, Dow Jones & Company, Inc.) You know things are bad on Wall Street when the winner of a stock-selection= contest can't come close to breaking even.=20 J.P. Morgan Chase & Co.'s portfolio was the only one in The Wall Street Jou= rnal's quarterly stock-picking survey to slide less than 10% during the thr= ee months ended Sept. 30. The value of its stock basket fell 8.6% during th= e third quarter. Just six of the 15 financial firms managed to beat the benchmark Standard &= Poor's 500-stock index, which dropped 14.7% during the period. Among the s= tar performers that came to J.P. Morgan's rescue: Northrop Grumman Corp., S= BC Communications Inc. and Procter & Gamble Co.=20 "It has turned into a real stock-picker's market," says J.P. Morgan equity = strategist Douglas Cliggott. "In the first half, the market bought cyclical= stocks, such as credit cards and brokers, in hopes of a recovery. We don't= think those stocks will get interesting until sometime in 2003." Instead, = the firm's portfolio is weighted toward health care and consumer staples, a= s well as cyclical stocks such as energy and farm equipment.=20 The quarter was among the roughest in years for Wall Street investors. The = terrorist attacks of Sept. 11 helped contribute to the stock-market losses,= which drove down the value of all portfolios in the survey, though the mar= kets have since recovered to their pre-Sept. 11 levels. The last time the g= roup posted results this bad was during the third quarter of 1998, during t= he Asian financial crisis.=20 Goldman Sachs Group Inc. and Credit Suisse Group's Credit Suisse First Bost= on finished at the bottom of the pack, falling 23.2% and 30.1% respectively= . The performance of last-place finisher CSFB was dragged down by losses at= companies such as Veritas Software Corp. (down 72.3% in the quarter), Prae= cis Pharmaceuticals Inc. (down 64.8%) and software provider Amdocs Ltd. (do= wn 51%).=20 For CSFB, "it was not a good stock-picking quarter, that's for sure," says = Al Jackson, the firm's global head of equity research. "It was our tech and= telecom . . . and the events of Sept. 11 that hurt us."=20 Credit Suisse First Boston recently changed the approach to its model portf= olio, opting against sector weightings, Mr. Jackson says. This strategy has= hurt CSFB in recent quarters, because of the steep slump in areas such as = technology and telecom. The firm recently added a number of Old Economy sto= cks to its portfolio, such as Citigroup Inc., Dow Chemical Co. and Gannett = Co. Says Mr. Jackson: "We are going back to our roots and asking what our b= est ideas are."=20 Like CSFB, Goldman was hit by a drop in the share price of technology compa= nies, such as Check Point Software Technologies Ltd. (down 56.5% in the qua= rter). Its portfolio was also dragged down by shares of embattled Enron Cor= p. (down 44.3%). Morgan Stanley and Royal Bank of Canada's RBC Dain Rausche= r, which placed 6th and 12th respectively, also have the energy company on = their lists.=20 In addition to Enron, stocks hard it by the terrorist attacks, such as lodg= ing giant Starwood Hotels & Resorts Worldwide Inc., Walt Disney Co. and air= lines such as Skywest Inc., also hurt the portfolio performance of many sec= urities firms.=20 It is unlikely people will buy any company's entire recommended list at one= time. The Journal survey is intended to give investors an idea of how thei= r portfolio would look if they let the professionals do all the picking. Ca= lculations in the quarterly survey, done for the Journal by Zacks Investmen= t Research in Chicago, take into account capital gains or losses, dividends= and theoretical commissions of 1% on each trade.=20 Overall, Edward D. Jones & Co., of St. Louis, emerged with the most consist= ent results across the board, placing second in the quarter and for the yea= r. Its 85% return over five years is the best of the group and ahead of the= total return for the S&P 500 of 62.7%. Perhaps more than any other firm, E= dwards Jones takes a buy-and-hold approach to investing, making very few ch= anges to its portfolio from quarter to quarter, or even year to year.=20 "It's the old story of the tortoise and the hare, and we believe slow and s= teady wins the race," says David Otto, Edward Jones director of research. "= We are really, really proud of the five-year number. We believe in getting = rich, slowly."=20 On a quarterly basis, the portfolio of Prudential Securities Inc., a unit o= f Prudential Financial, came in second only to J.P. Morgan, falling 11.8%. = However, investors sitting with the stocks Prudential recommends haven't do= ne as well in the long run. The value of its basket of stocks has fallen 45= .9% in the past year, finishing ahead of only Lehman Brothers Holdings Inc.= , which posted a one-year loss of 54.9%.=20 Seven firms managed to beat the S&P 500 index during the past 12 months, wh= ich fell 26.6% in the period.=20 Lehman, which finished last in the survey in the second quarter thanks to i= ts heavy weighting in technology, managed to move up in the rankings this q= uarter. This primarily stemmed from its annual shuffle of the 10 stocks in = its portfolio, known as its "Ten Uncommon Values." This time around, the fi= rm's portfolio slipped 18.4% in the quarter, for an 11th place finish. Just= one of its 10 stocks, Washington Mutual Inc., managed to eke out a positiv= e return, of 3.1%. Its biggest quarterly loser: Energy company Mirant Corp.= , which fell 36.3% in the period.=20 "It's a portfolio that has done decently since the market troughed," says J= eff Applegate, Lehman's chief market strategist. He says he believes the ma= rket hit bottom Sept. 21.=20 --- Brokerage Houses' Stock-Picking Prowess Estimated performance of stocks on the recommended lists of 15 major brokerage houses through Sept. 30. Figures include price changes, dividends, and hypothetical trading commissions of 1%. ---- Best & Worst Picks ---- ----- Returns ------ Biggest Biggest Latest One- Five- Gain Loss qtr. Year Year Raymond James CACI Intl. +49.7% Skywest -51.1% -14.2% -14.7% +56.8% Edward Jones Amr Water Wk +20.5 Celestica -47.1 -11.2 -18.7 +85.1 Merrill Lynch Triad +20.1 Amer. -34.5 -15.4 -19.8 +64.9 Hospitals Express UBS Warburg PepsiCo +9.7 BEA Systems -69.2 -12.9 -19.9 N.A. J. P. Morgan Sec. Northrop +26.6 Macrovision -58.5 -8.6 -20.0 N.A. Bear Stearns MBNA +19.2 Embraer -60.3 -15.9 -22.2 +50.9 Salomon S.B. Abbott Labs +8.5 Hewlett- -43.6 -16.0 -25.0 +17.9 Packard Morgan Stanley DW Johnson & John +11.2 EMC -59.8 -14.2 -29.0 +33.7 Dain Rauscher El Paso Energy +17.4 i2 -82.6 -19.6 -32.2 N.A. Technologies A.G. Edwards Verizon +4.4 EMC -59.8 -17.4 -33.4 +34.8 U.S. Bancorp Piper Jaf. Eli Lilly +9.4 EMC -59.8 -22.0 -39.9 +36.7 Goldman Sachs Wal-Mart +8.3 Check Pt -56.5 -23.2 -40.6 +60.0 Sftwr Credit Suisse FB Johnson & John +11.2 Veritas -72.3 -30.1 -44.9 +38.1 Prudential Sec. Kraft Foods +12.9 BMC -41.6 -11.8 -45.9 +41.3 Software Lehman Bros. Wash. Mutual +3.1 Mirant -36.3 -18.4 -54.9 +29.6 S&P 500 Index -14.7% -26.6% +62.7% *In latest quarter; holding period may be less than full quarter N.A. =3D not available Source: Zacks Investment Research Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Business/Financial Desk; Section C German Bank Is in Talks With Enron To Buy a Unit By SUZANNE KAPNER 11/19/2001 The New York Times Page 2, Column 6 c. 2001 New York Times Company LONDON, Nov. 18 -- A large German bank is in talks to buy Wessex Water from= the Enron Corporation, people close to the discussions said today.=20 Enron is looking to sell Wessex Water, of Britain, as well as other noncore= assets in India and Brazil, after a financial crisis nearly brought its ma= in energy trading business to a halt. That crisis led to Enron's decision e= arlier this month to be acquired by Dynegy Inc., a much smaller rival. The German Bank, Westdeutsche Landesbank Girozentrale of Dusseldorf, or Wes= tLB, is among several suitors for Wessex Water, people close to the discuss= ions said. The sale has also attracted the attention of industry rivals lik= e Thames Water, owned by RWE of Germany. But such a combination would most = likely incur a long review by regulators, who might either block the merger= on antitrust grounds, or exact stiff concessions, industry experts said.= =20 Wessex Water is likely to be sold for more than $:1 billion ($1.4 billion) = but less than the $:1.4 billion that Enron paid for it in 1998, analysts sa= id.=20 ''In hindsight, we made some very bad investments in noncore businesses,'' = Kenneth L. Lay, Enron's chairman and chief executive, told analysts in a co= nference call last week. Those investments ''have performed far worse than = we ever could have imagined,'' he said, citing the Azurix water business, o= f which Wessex Water is a part, and energy assets in Brazil and India.=20 Executives from Enron were not immediately available for comment today. Wes= tLB executives declined to comment.=20 WestLB has been aggressively pursuing acquisitions in Britain, bidding for = British Telecommunications' phone network and the nation's railway tracks c= ontrolled by the troubled Railtrack, which is restructuring under governmen= t supervision. Neither of those bids has progressed beyond the initial stag= es.=20 Last summer, WestLB helped finance the management buyout of the Mid Kent Wa= ter Company through Swan Capital, its private equity vehicle. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Credit Markets Bond Boom Isn't Likely to Lift Economy As Corporations Swap Old Debt for Ne= w By Jathon Sapsford Staff Reporter of The Wall Street Journal 11/19/2001 The Wall Street Journal C1 (Copyright (c) 2001, Dow Jones & Company, Inc.) When AT&T last week completed the second-biggest bond sale in history -- ca= pping one of the busiest bond periods in years -- it came as welcome news a= mid fears of a credit crunch. Here was new money, meaning new spending on p= lants, equipment and jobs that could help pull the economy out of its slump= .=20 That $10.9 billion AT&T deal, and a slew of similar bond deals from big com= panies ranging from Boeing and Anheuser-Busch to Kraft Foods and General Mo= tors, may not provide as big of a boost as economists are banking on. That = is because corporations, like homeowners, are in the midst of a refinancing= boom. Corporations are hitting the market not just because rates are cheap, but b= ecause they often can't get money in other crucial markets. In particular, = they are sidestepping the commercial paper market -- short-term corporate I= OUs used to finance day-to-day operations, where rates traditionally are lo= west -- because investors are unwilling to finance many well-known corporat= ions.=20 The result has been a huge jump in bond sales, the majority of which are us= ed to reduce existing debt. Since the Sept. 11 terrorist attacks, about $13= 5 billion in investment-grade bonds have been sold, up from about $78 billi= on in the year-earlier period. Overall issuance this year is likely to set = a record, clearing $600 billion, compared with $411 billion in 2000.=20 "The driving force behind this surge in bond issuance is refinancing short-= term commercial paper to long-term debt," says John Lonski, chief economist= at Moody's Investors Service, a credit-rating agency.=20 Usually, rising bond issuance presages economic growth. In 1991, corporatio= ns sold a record number of bonds to exploit falling interest rates. But the= n, companies poured much of the money they raised back into their operation= s, a flurry of investment that foreshadowed the economic boom of the late 1= 990s.=20 This time around, the surge in bond deals won't pump in enough new money to= the economy to make a dramatic difference. Though, as in the case of the m= illions of homeowners who are refinancing their mortgages to lower monthly = payments, it could help ease some pressure on stretched corporate-balance s= heets and help to fund some of the companies' day-to-day operations.=20 Not all of the money being raised is to refinance short-term debt, of cours= e, and the string of bond deals shows that many of the nation's biggest bor= rowers have ready access to funding if they need it.=20 But most companies are similar to AT&T, which last week provided the bigges= t refinancing example yet.=20 Over the next three months, the telecom company was facing $6.5 billion in = expiring commercial paper. Under normal conditions, corporations pay off ma= turing commercial paper by "rolling over" that debt, or issuing new commerc= ial paper to replace the old. But rolling over commercial paper became much= harder for AT&T after Moody's cut the company's short-term and long-term c= redit ratings. Through the bond deal, AT&T raised money at relatively attra= ctive rates while avoiding the difficulties of the commercial-paper market.= =20 Other companies facing downgrades also are scrambling to find alternatives = to the commercial-paper market through bonds, loans or revolving credit lin= es. "The ripple effects of this are being felt throughout the capital marke= ts," says Meredith Coffey, senior vice president at Loan Pricing Corp., a d= ebt-market-analysis company.=20 For the most extreme cases, the bond markets don't offer refuge. Enron, ham= mered by a third-quarter loss of $618 million that led to a string of downg= rades, drew down $3.3 billion from its emergency bank credit line to repay = investors in its commercial paper. It then turned to its banks for an addit= ional $1 billion loan to pay off more commercial-paper investors, thus tidi= ng it over until it could merge with rival Dynegy.=20 Most investment-grade companies aren't nearly so bad off, and thus have rea= dy access to bond investors. General Motors, for instance, had little troub= le selling $6 billion in debt last month, while Ford Motor easily sold bond= s totalling $9.4 billion.=20 But the surge in bond sales masks signs that even investment-grade companie= s are having trouble convincing investors that they are good for their mone= y.=20 Take Ford. Standard & Poor's and Moody's downgraded Ford's debt ratings las= t month to triple-B-plus and single-A-3, respectively. With that rating, Fo= rd is far enough down the spectrum of investment-grade debt that many of th= e ultraconservative investors in commercial paper won't touch it, meaning t= hat it had to turn to corporate bonds to refinance its debt. Ford concedes = that a big reason it is selling bonds was to avoid the trouble in the comme= rcial-paper market.=20 Boyce Greer, the money-market group leader at Fidelity Investments, says he= often stops buying the commercial paper of a corporation at the first sign= of eroding profitability -- even before they get downgraded. "You can't wa= it around for a rating agency [to downgrade a company]," he says.=20 Moody's has downgraded five times as many corporations as it has raised so = far this year. Thus, the market for corporate commercial paper has shrunk t= o $1.4 trillion at the end of October, down from $1.6 trillion at the end o= f last year.=20 ---=20 Friday's Credit Markets=20 Last week was a brutal time to own Treasurys. The market sold off so sharpl= y as to push yields, which move inversely to prices, almost back up to wher= e they stood before the terrorist attacks. It was the worst bond selloff si= nce 1987, according to economists at Banc One Capital Markets.=20 Losses were heaviest in issues like the two-year note, the most sensitive t= o expectations about Federal Reserve policy. Since hitting a record low of = 2.30% on Nov. 7, the two-year yield has risen 0.80 percentage point to 3.05= %. In the same period, the 30-year bond yield has risen 0.50 percentage poi= nt to 5.27%.=20 At 4 p.m. Friday, the benchmark 10-year Treasury note was down 1 3/32 point= s from late Thursday, or $10.94 per $1,000 face value, at 100 25/32. Its yi= eld jumped to 4.897% from 4.756% Thursday.=20 The 30-year Treasury bond's price fell 1 19/32 to 100 25/32 to yield 5.317,= up from 5.211% Thursday.=20 Why the selloff? People in the market cite a shift toward the view that the= U.S. economy may finally be on the brink of recovery. That means the Fed m= ay not need to employ many more rate cuts to get growth back on track.=20 -- Michael S. Derby and Steven Vames Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Business; Financial Desk Preview / WEEK OF NOV. 19-25 Investors Looking for Answers in Enron Filing Bloomberg News 11/19/2001 Los Angeles Times Home Edition C-2 Copyright 2001 / The Times Mirror Company Enron Corp. investors hope the energy trader's third-quarter report to the = Securities and Exchange Commission will answer some of the questions that s= ent its shares tumbling and led to a proposed sale to rival Dynegy Inc.=20 Enron, which has been criticized for failing to clearly explain how it make= s money, may disclose in a filing expected today more on how much is owed b= y the company and affiliated partnerships, as well as any planned job cuts = and other cost-saving moves related to Dynegy's $24-billion buyout. Enron agreed to sell after its stock plunged 67% in three weeks amid an SEC= investigation into partnerships run by Enron executives. Investors worry t= hat new disclosures, such as previously unreported debt, might threaten Enr= on's credit rating and scuttle the merger, possibly pushing Enron into bank= ruptcy.=20 Enron Chairman Kenneth Lay acknowledged last week that failed investments a= nd a loss of investor confidence forced the sale to Dynegy, and he and othe= r executives pledged to be more open with investors.=20 Enron shares fell 48 cents Friday to close at $9 on the New York Stock Exch= ange. Dynegy fell $1.53 to $42.47.=20 Enron's third-quarter earnings report, which had been expected last week, w= as delayed by the Dynegy talks and a restatement of earnings, Chief Financi= al Officer Jeffrey McMahon said.=20 Enron reduced net income for four years by a combined $586 million to inclu= de losses from affiliated partnerships.=20 Today's filing, called a 10-Q, will include a balance sheet summarizing ass= ets and debts. Enron for years has omitted balance sheets, which the SEC re= quires as part of the 10-Q, from its press releases announcing earnings. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 COMPANIES & FINANCE INTERNATIONAL - Dynegy bid faces long wait. By NANCY DUNNE and ANDREW HILL. 11/19/2001 Financial Times (c) 2001 Financial Times Limited . All Rights Reserved Dynegy's $9.8bn rescue bid for Enron, the larger rival energy group, poses = complex and unprecedented regulatory challenges for the Federal Energy Regu= latory Commission (Ferc), which is likely to lead the review of the bid.=20 Officials from the two Houston-based companies, which announced the deal 10= days ago, estimated the regulatory process would take six to nine months t= o complete. But the Ferc review could take longer, according to experts, and approval o= f the deal is further complicated by such issues as the parallel Securities= and Exchange Commission investigation into Enron's finances.=20 "It's very complicated. It will be very time-consuming," said one person cl= ose to the Ferc commissioners. As of Friday, the groups had not yet filed f= or Ferc approval.=20 "(The deal) raises issues that have never been considered before by Ferc," = said Edward Comer, general counsel to the Edison Electric Institute, the as= sociation of US electric utilities.=20 "It has never considered the merger of two huge marketers, and in the past,= marketing wasn't considered as significant a portion of the energy sector = as it has become."=20 A typical deal now takes about 200 days to win Ferc approval. But Mr Comer = said approval of the Dynegy bid could take anywhere from six months to two = years.=20 The agency's guidelines prohibit mergers if they give the new company the m= arket power to push prices above competitive levels for "a significant peri= od of time".=20 It analyses market power by identifying the products sold, the customers an= d suppliers affected and market concentration.=20 "Mergers in the past have been considered on the basis of assets," said Pat= ti Harper-Slaboszewicz of Frost & Sullivan, a market research and consultin= g firm. "The rules were written when the industry was vertically integrated= ."=20 Now the question is how ownership of energy trading services will be calcul= ated. It could be difficult to assess if the companies are exerting market = power because information on the trading books of companies such as Enron a= nd Dynegy is closely guarded, she said.=20 The two companies must also win consent from either the Justice Department = or the Federal Trade Commission, and from states where the companies have p= ipelines and provide retail services.=20 (c) Copyright Financial Times Ltd. All rights reserved.=20 http://www.ft.com. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Fund Track Russia Fund Surges Amid Global Woes By Victoria Marcinkowski Dow Jones Newswires 11/19/2001 The Wall Street Journal C17 (Copyright (c) 2001, Dow Jones & Company, Inc.) Everything is relative in the investing world, so with U.S. investors nervo= us about homeland stocks, European and Asian markets sagging and terrorism = worries abounding, Russia's risky markets seem less so these days.=20 So far this year, Pilgrim Russia Fund, which was bought by ING Groep NV lat= e last year, has been the top-performing regional mutual fund, gaining 53%,= according to fund tracker Morningstar Inc. By comparison, the Standard & P= oor's 500-stock index has slumped nearly 14%. Of course, the risks in Russia remain. Despite recent economic gains, the c= ountry still is struggling with a weak banking system, inadequate state ins= titutions to enforce contract laws and few businesses run by the "modern" r= ules of corporate governance, according to Samuel Oubadia the 37-year-old m= anager of the Russia fund.=20 "But they are getting more open," Mr. Oubadia said, though Russia's lax fin= ancial reporting standards are still one of the main roadblocks for foreign= investors. With $49 million in assets, the Pilgrim Russia fund invests bet= ween 90% and 95% in Russian stock, with the balance held in cash.=20 "While the global economy is slowing, Russia is still in an expansion mode,= " Mr. Oubadia said. After years of economic reforms, consumer spending is u= p 10% and the former Soviet Union's gross domestic product is expected to g= row 3% to 5% next year, more than twice as much as that of the U.S. and Eur= ope.=20 Two-thirds of the fund's stocks are oil and gas companies, which are still = the most liquid stocks in Russia. Utilities, mining, telecommunications com= panies and breweries make up the rest. "There's no escaping oil and gas if = you want to manage a Russia fund," Mr. Oubadia said.=20 The spike in oil prices earlier this year made the investment in oil worthw= hile, propelling earnings growth for Russia's oil and gas companies. Higher= oil prices also worked wonders for the Russian economy, which is largely d= ependent on oil and gas. More recently, however, falling oil prices have th= reatened the companies' profit growth.=20 But the fund manager, who is based in The Hague, said he doesn't think peop= le should invest in Russian oil stocks because of their earnings prospects.= "You don't invest because of earnings growth -- there will be none for Rus= sian oil companies this year. You invest because of the stocks' low valuati= on," Mr. Oubadia said, adding that most of the Russian oil companies still = trade well below the world-wide average for the sector.=20 Yukos Oil is one of the fund's largest investments, making up about 12% of = the fund's holdings. Surgutneftegaz and Lukoil Holdings also make up more t= han 5% each of Pilgrim Russia's assets. While Mr. Oubadia said the companie= s should be able to handle falling oil prices, partly by cutting production= , he worries that further price erosion could hamper a fragile Russian stoc= k market that relies so heavily on oil and gas stocks.=20 "Can Russian markets do well with lower prices for oil?" he asked. "The sho= rt answer is yes. But how low will prices drop?" Mr. Oubadia acknowledged t= hat weak oil prices might cause him to shift some investments from oil and = gas into other Russian sectors, including telecom stocks and consumer produ= cts.=20 The Russia fund isn't for the timid. In 1998, when the Russian economy coll= apsed, the fund -- then called Lexington Troika Dialog Russia, lost 83% of = its value. A year later, the fund soared 160%. In 2000 the fund finished do= wn almost 18%.=20 ---=20 JANUS STOCK SHUFFLE: Janus Capital Corp. bulked up on lower-priced value st= ocks and shed some shares of its long-held technology companies during the = third quarter, a new Securities and Exchange Commission filing showed.=20 The Denver fund firm reported that during the third quarter, it lowered its= investments in 14 of the 20 largest holdings it had owned as of June 30. T= he largest reduction was a 43.6 million-share sale of Nokia Corp. stock. Af= ter the sale, Janus still owned a large 183.2 million-share position in the= wireless-phone company at the end of the third quarter.=20 During the quarter, Janus also sold more than half of its stakes in tech co= mpanies EMC Corp. and Sun Microsystems Inc. In addition, the fund company, = a unit of Stilwell Financial Inc., trimmed its exposure to energy company E= nron Corp., selling 1.5 million shares to reduce its overall position to 41= .4 million shares at the end of September.=20 On the buying side, Janus, one of the hottest fund firms of the late 1990s = thanks to bets on leading technology stocks, about doubled its position in = software company Microsoft Corp. It also boosted its holding in the investm= ent company run by Warren Buffett, Berkshire Hathaway Inc., while starting = a small position in Philip Morris Cos., whose dividend-rich stock is usuall= y more popular with price-sensitive "value" managers. Janus has introduced = new value portfolios recently, but most of its investors' assets still foll= ow faster-growing companies.=20 -- Aaron Lucchetti and Todd Goren Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Wessex Water 11/19/2001 The Financial News Copyright (C) 2001 The Financial News; Source: World Reporter (TM) The Sunday Telegraph=20 The German state-owned bank, WestLB, is in talks to buy Wessex Water from i= ts troubled US parent Enron. WestLB is thought to be one of a number of financial buyers to have approac= hed Enron with a view to acquiring Wessex, which is valued at more than AGB= P1bn (e1.63bn).=20 Enron, the energy trading group which bought Wessex in 1998 for AGBP1.4bn, = is being bought by its much smaller US rival Dynegy after collapsing into f= inancial crisis.=20 The Independent on Sunday=20 The water and sewage company Wessex Water is understood to be up for sale f= ollowing an offer to take over its owner, Enron.=20 Three years ago, Enron spent AGBP1.4bn on Wessex Water.=20 But Dynegy is understood to want to concentrate on US and European energy a= ssets and is not interested in non-core assets.=20 Any hope to regain the same amount of money could be derailed as the indust= ry is put off by regulatory problems, and the company's results have worsen= ed due to imposed price cuts over the past year. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 India BSES:Dabhol Pwr Proj Due Diligence Done Jan -Report 11/19/2001 Emerging Markets Report (Copyright (c) 2001, Dow Jones & Company, Inc.) NEW DELHI -(Dow Jones)- India's BSES Ltd. (P.BSX) said Monday due diligence= on the 2,184 megawatt Dabhol power project is expected to be completed by = January 2002, the Press Trust of India news agency reported.=20 "The due diligence process will take six-eight weeks after signing of the c= onfidentiality agreement with Enron-promoted Dabhol Power Co.," the report = said, quoting BSES' Chairman and Managing Director R.V. Shahi. The U.S.-based energy company Enron Corp. (ENE) has a controlling 65% stake= in the Dabhol power project located in the western Indian state of Maharas= htra.=20 The Maharashtra State Electricity Board, or MSEB, has 15%, while U.S.-based= companies General Electric Co. (GE) and Bechtel (X.BTL) each own 10% in DP= C.=20 Enron wants to sell its stake in DPC because of payment defaults by its sol= e customer, the MSEB, and the Indian federal government's failure to honor = payment guarantees.=20 In August, the U.S. company said it was willing to sell its stake at cost.= =20 BSES would appoint three separate consultants for technical, financial and = legal due diligence on the Dabhol project, Shahi said.=20 After signing the confidentiality agreement, BSES will formally look into t= he books of DPC, its loans, sponsors and other assets and legal wrangles be= fore deciding on the acquisition price of the company, the report said.=20 The Dabhol project, at a cost of $2.9 billion, is India's largest single fo= reign investment to date.=20 -By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dow= jones.com Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 India Dabhol Pwr: No Termination Notice Until Crt Verdict 11/19/2001 Dow Jones International News (Copyright (c) 2001, Dow Jones & Company, Inc.) NEW DELHI -(Dow Jones)- Dabhol Power Co. will wait for the Bombay High Cour= t's verdict before sending a final termination notice to its sole customer = - the Maharashtra State Electricity Board, a source close to the company to= ld Dow Jones Newswires Monday.=20 "Nothing is going to happen until Dec. 3. The Bombay High Court has adjourn= ed all proceedings...(and)...DPC will wait for the court's verdict before d= eciding its future course of action," said the source. Enron Corp. (ENE) has a controlling 65% stake in the 2,184-megawatt Dabhol = power project in the western Indian state of Maharashtra. Enron wants to se= ll its stake in DPC because of payment defaults by the MSEB and the Indian = federal government's failure to honor payment guarantees. In August, the U.= S. company said it was willing to sell its equity at cost.=20 At $2.9 billion, Dabhol is India's largest single foreign investment to dat= e. MSEB has 15%, while U.S.-based companies General Electric Co. (GE) and B= echtel (X.BTL) own 10% each in DPC.=20 -By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dow= jones.com Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Financial Post: News Fears raised on Enron deal: $15.6-billion rescue bid Andrew Hill and Sheila McNulty Financial Times 11/19/2001 National Post National FP3 (c) National Post 2001. All Rights Reserved. NEW YORK - Companies that trade with Enron Corp., the Houston, Texas-based = energy group, are taking precautions in case Dynegy Inc., also of Houston, = withdraws its $15.6-billion rescue bid for its rival, a decision that could= trigger a crisis in the energy trading market.=20 Counter-parties to Enron, which is one of the principal market-makers provi= ding liquidity in the energy market, are seeking to limit their exposure to= the group, in spite of reassurances from both Enron and Dynegy that the ta= keover will go through. Experts also say the implications of the deal are so complex that the regul= atory review could take much longer than the six to nine months company off= icials have estimated.=20 Analysts say the 27% spread between the value of Dynegy's offer price and E= nron's share price suggests a 65% to 75% chance the bid will succeed. But b= ankers and energy executives are still worried about systemic risk, both in= the energy market and in financial markets, where companies such as Enron = use derivatives to offset the risk of energy price fluctuations.=20 Enron was close to meltdown until Dynegy stepped in with a rescue bid 10 da= ys ago, having persuaded credit rating agencies not to downgrade Enron's de= bt to below investment grade.=20 Clauses built into the merger agreement signed with Enron give Dynegy the r= ight to walk away under certain circumstances, although the two companies' = officials and advisors differ on how easy it would be for Dynegy to pull ou= t.=20 While the situation remains uncertain, companies that deal with Enron are r= eluctant to lock themselves into long-term contracts to buy or sell power, = said John Olson, an analyst at Sanders Morris Harris, the investment bankin= g arm of Houston, Texas-based Sanders Morris Harris Group.=20 Keith Stamm, chief executive of Aquila Inc., the energy marketing and risk-= management company, said his company had begun preparing contingency plans = in case the deal fell through. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Blackout in the power sector A V Rajwade 11/19/2001 Business Standard 10 Copyright (c) Business Standard Every foreign company in the Indian power sector wants to exit. Of these, t= he most controversial has been Enron and its Dabhol Power Company Ltd (DPCL= ). This apart, the experience of investors in the "reformed" power sector i= n Orissa is also unhappy. Five years ago, Orissa was the first state to ado= pt the World Bank-recommended model of separating generation, transmission = and distribution of power, and an independent regulator. The Godbole Commit= tee has recently recommended the same for Maharashtra as well.=20 Clearly, separating the three functions is a complex restructuring. Maybe i= t helps privatisation, the current fashion on the subject having been set i= n Thatcherite Britain. While some privatisations in UK have succeeded, the = experience has not been consistent all over. Take UK's rail sector. While privatising, the government in its wisdom deci= ded to separate the ownership of the rail network (Railtrack) and the owner= ship and operation of trains. The contractual relationship between the vari= ous operating companies and Railtrack were governed by a byzantine, bewilde= ringly complex system of penalties and incentives, to be monitored by an in= dependent regulator.=20 Such separation had no parallel. Besides, Railtrack suffered from poor mana= gement, cost escalation in modernisation of tracks, etc. Several serious ac= cidents occurred and fixing responsibility became difficult. The "reform" d= id not work, and Railtrack was put back under public control last month.=20 What are the chances of trifurcation of the power sector in India succeedin= g? Pretty poor, if the experience of Orissa is any guide. It faithfully sep= arated the three functions, and privatised distribution and part of generat= ion. AES, a foreign company, was 49 per cent investor in a generating compa= ny, and 51 per cent in CESCO, a distribution company. As Gajendra Haldea an= alysed in this paper on August 27, "The policy and regulatory framework was= inadequate and myopic."=20 Distribution losses, a euphemism for power theft, were much larger than the= companies had been led to believe at the time of privatisation. CESCO defa= ulted in paying the dues of GRIDCO, the transmission company, which in turn= defaulted to the generating company. Indeed, all CESCO's cash inflows are = now escrowed, leaving it no money even to pay salaries. For all practical p= urposes, the distribution companies seem to be in a difficult situation, pe= rhaps beyond redemption, and the "reform" is a total mess.=20 The crux of the problem in the power sector is not whether a unified SEB is= less efficient than trifurcated companies it is the political unwillingnes= s to charge a price which covers the cost to all consumers. For a while, cr= oss subsidisation worked with commercial consumers subsidising the househol= d and the agricultural segments.=20 However, as the burden became too large, the commercial sector started movi= ng to captive generation, further worsening SEB finances. An "independent" = regulator for power tariffs may not solve the problem. He may fix economic = prices but will the state come forward to protect the bill collectors, puni= sh power thiefs, face social unrest if power to recalcitrant consumers is c= ut off? So long as the answers to these questions are in the negative, as, = sadly, they are, the institutional restructuring is no substitute for subst= antive action. No wonder all foreign investors in the power sector want to = get out!=20 Enron too wants out but it has many more problems in its home country, over= and above its dispute with MSEB. It had attracted a lot of adverse publici= ty for gouging power consumers in California, a state in a power crisis (se= e World Money, February 2, 2001). The Internet craze also had a hand in Enr= on's misfortunes. It became an energy trader, established an electronic tra= ding platform, had broadband ambitions, went into a disastrous diversificat= ion in water supplies which, if I remember correctly, led to Rebecca Mark's= exit. Perhaps it went into too many areas too quickly under Jeffery Skilli= ng, ex-McKinsey, and was notorious for opaque, complex accounts.=20 To top it all, last month it announced that it will take an extraordinary $= 1.2 billion charge in its third quarter results for losses in financial act= ivities. Enron's chief financial officer, who was supposed to be in charge = of these, has resigned amidst reports that a private equity fund associated= with him was involved in them. The SEC is investigating the affair and Enr= on's share price is down 67 per cent since mid-October. There are some repo= rts that Shell may make a bid for Enron.=20 After its ratings were downgraded, Enron is desperate for liquidity and anx= ious to dispose its assets. DPCL was already on the platter; now a sale has= become even more urgent. Reportedly, Tatas and BSES are interested; so are= the lending institutions. Clearly, if a settlement is to be reached, this = is the optimum time.=20 But one is not very optimistic. For one, Delhi and Mumbai will be involved,= and bureaucracies never understand opportunity costs. Our byzantine decisi= on-making processes make timely decisions impossible. Further, if a deal do= es take place, there will be the inevitable allegations of corruption. It i= s much safer for the reputation of the concerned ministers in Mumbai and De= lhi to allow the drift to continue, to "let the law take its own course", w= hatever the costs! Sadly, as Jairam Ramesh said in this paper, Indian polit= icians respond to developments only out of compulsion, not conviction. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
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Enron Mentions - 11/17/01 - 11/18/01 , They left behind big piles of money Houston Chronicle, 11/18/01 Economic News Helps Stocks, Not Bonds The New York Times, 11/18/01 Bullish, and Patient, on Energy Stocks The New York Times, 11/18/01 Aquila Energy Makes Provision for Dynegy Withdrawal, FT Says Bloomberg, 11/18/01 A tale of greed and hubris Sarasota Herald-Tribune, 11/18/01 Counting Blessings Along With the Losses Los Angeles Times, 11/18/01 Don't Be A Pudd'n'head, Diversify The Washington Post, 11/18/01 Wessex Water `to be sold' The Independent - London, 11/18/01 UK PRESS: WestLB Makes Grab For GBP1B Wessex Water Dow Jones International News, 11/18/01 Quanta steels itself against takeover bid Houston Chronicle, 11/17/01 Business briefs / Houston & Texas Houston Chronicle, 11/17/01 AT ENRON, THE BIG DOGS ATE FIRST Portland Oregonian, 11/17/01 FINANCE WEEK - From dealing to reeling. Financial Times, 11/17/01 WORLD STOCK MARKETS - Bears take upper hand on Wall St. Financial Times, 11/17/01 IN BRIEF / ENERGY Pension Funds Consider Action Against Enron Los Angeles Times, 11/17/01 Enron Investors Hope Filing Will Shed More Light on Finances Bloomberg, 11/17/01 UK: Trade, bank buyers circle Enron's Wessex Water-reports. Reuters English News Service, 11/17/01 A user's guide to living in Calgary: People moving from Houston find the ci= ties much alike National Post, 11/17/01 WestLB Offers to Buy Enron's U.K. Water Unit, Newspaper Says Bloomberg, 11/17/01 Enron Closes on $550 Million Loan From J.P. Morgan, Salomon Bloomberg, 11/16/01 BUSINESS Jim Barlow They left behind big piles of money JIM BARLOW Staff 11/18/2001 Houston Chronicle 2 STAR 1 (Copyright 2001) WILL wonders never cease? Last week a couple of heavy hitters left money on= the table.=20 Mark McGwire, the home-run-hitting baseball player for St. Louis, retired. = And he let it be known that he never signed a two-year, $30 million contrac= t his agent negotiated last spring. Why? Because he wanted to find out if h= is injured right knee would allow him to play as well as he had before. It = didn't, and he decided he wasn't worth that kind of money. Then Ken Lay, chairman of Enron Corp., said he won't take the $60.6 million= he had coming to him in a severance agreement that comes into play when En= ron is sold to Dynegy Corp.=20 Of course, neither McGwire nor Lay will ever have to consider my fallback r= etirement plan - sacking groceries at the supermarket, carrying them to the= car and hoping for a big tip. Still, it was a class act on both their part= s. McGwire only hit .187 last season, well below his lifetime average. And = Lay? Well, let's say that rarely in the history of American capitalism has = a company sunk as fast as Enron.=20 Remember that earlier this year its stock hit a top of $82 a share. Now it'= s hovering in the single-digit level, and Enron is being forced to sell its= elf to a smaller rival.=20 The stock price incentive=20 How did Enron get into this position? Put the blame on the company's relent= less drive to push up its stock price. And a big reason for that push comes= from the way American companies compensate top executives.=20 In the last couple of decades, executive compensation has soared. The avera= ge chief executive officer today makes 531 times as much in salary, bonuses= and stock options as the average factory worker.=20 Apologists for executive pay say these kinds of figures really aren't relev= ant. Most of the money top executives receive doesn't come from base pay or= bonuses but from stock options.=20 Such options usually work this way. Executives are given hundreds or thousa= nds of shares of stock that they can only buy from the company at a future = date. The sales price can be anything from 10 cents to the price of the sto= ck on the date the options were granted. If the stock increases past the ex= ercise price in the option, the executive can buy the stock and then sell i= t, making big bucks. It the stock has dropped below the option price - it's= underwater, in the jargon - then those options are worthless.=20 Granting options aligns the interests of the top executives with the shareh= olders, those who favor this sort of incentive say. And that's true, if you= talking about in-and-out traders. But it's not true if we're looking out f= or the interests of the majority who hold stocks for the long term.=20 Keeping the debt hidden=20 Keeping its stock price soaring was what brought down Enron.=20 To hype the stock, Enron's execs were hiding the debt it took on to fuel it= s amazing growth and some of its dicier investments, in partnerships. Enron= was supposedly only a minority partner in these deals. That way it could m= ove a large portion of its debt off its books in that partnership. That, in= turn, made the company's earnings look better.=20 When Enron's executives finally fessed up, they had to write down their pro= fits over the past few years by 20 percent. But the real irony here is that= 80 percent is still a heck of a lot of money. But by that time, the majori= ty of shareholders simply had no faith in Enron's bookkeeping.=20 Now look at Lay's compensation. In 1999 he exercised stock options and made= $44 million on them. In 2000, sales of options brought him $123 million, a= nd this year about $26 million, according to a study published by Bloomberg= News.=20 Was Lay deliberating deceiving investors to keep his stock options profitab= le? I don't think so. He was simply following the latest fad in corporate g= overnance. He was aligning himself with the interests of the shareholders.= =20 The shareholders were happy with that high stock price. Nobody - besides so= me stock analysts - complained about Enron's often- impenetrable bookkeepin= g until that stock price started to fall.=20 Would Enron's bookkeeping have been different if top executives received fe= wer stock options? Maybe.=20 Fewer stock options would mean lower pay for the top guys. And no one would= want that job if he were only going to make $10 million a year instead of = $100 million.=20 Just kidding. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Money and Business/Financial Desk; Section 3 DataBank Economic News Helps Stocks, Not Bonds By JONATHAN FUERBRINGER 11/18/2001 The New York Times Page 17, Column 3 c. 2001 New York Times Company Stocks rallied and bonds plunged last week as investors digested some posit= ive reports about the economy. Inflation at the consumer level declined las= t month, retail sales surged after falling in September, and weekly initial= unemployment claims slowed.=20 All this news led some investors to conclude that the economy might not be = as troubled as it appeared to be in the aftermath of the terrorist attacks.= That was good for the stock market, but very bad for the many bond investo= rs who had been assuming the worst. For the week, the Nasdaq composite index rose 70.10 points, or 3.8 percent,= to 1,898.58, while the Dow Jones industrial average climbed 258.99 points,= or 2.7 percent, to 9,866.99. The Standard & Poor's 500-stock index gained = 18.33 points, or 1.6 percent, to 1,138.65.=20 But bond prices tumbled while yields, which move in the opposite direction,= soared. The yield on the Treasury's 10-year note rose to 4.85 percent, fro= m 4.31 percent a week ago, the biggest weekly move in percentage terms sinc= e the note was first regularly issued 25 years ago. The jump in rates also = showed that many investors no longer expect Federal Reserve policy makers t= o cut short-term interest rates when they meet next month. JONATHAN FUERBRI= NGER Chart: ''STOCKS IN THE NEWS'' AMR NYSE: AMR The stock of the parent company= of American Airlines, along with other airline companies, rebounded on fac= tors including lower oil prices and passage of the aviation security bill. = Friday's Close: $20.06 Week's Change: +10.65% EST. '01 P/E: -- Dynegy NYSE:= DYN As part of its planned $9 billion acquisition of Enron, Dynegy will re= ceive the right to acquire Northern Natural Gas, a potentially lucrative pi= peline system, even if the larger deal is not completed. Friday's Close: $4= 2.47 Week's Change: +9.57% EST. '01 P/E: 20.29 Home Depot NYSE: HD The nati= on's largest home-improvement chain said its third-quarter profit rose 20 p= ercent over the year-earlier period. Friday's Close: $45.80 Week's Change: = +8.76% EST. '01 P/E: 36.03 Dell Computer NNM: DELL Rebounding from a loss i= n the second quarter, Dell reported a third-quarter profit of $429 mil lion= . The company also predict d that PC sales would increase later this year. = Friday's Close: $26.60 Week's Change: +3.30% EST. '01 P/E: 41.05 SunGard Da= ta Systems NYSE: SDS An appeals court rejected the government's effort to s= top SunGard from buying a unit of Comdisco, which filed for bankruptcy prot= ection in July, while an antitrust investigation proceeds. Friday's Close: = $28.64 Week's Change: +9.56% EST. '01 P/E: 32.11 Yahoo NNM: YHOO Wall Stree= t analysts expressed confidence in the turnaround prospects of the company = after it outlined plans to increase fee-based revenue and to reduce its wor= k force. Friday's Close: $15.47 Week's Change: +12.76% EST. '01 P/E: 309.40= Philip Morris NYSE: MO Philip Morris says it plans to change its name to t= he Altria Group, pending approval by shareholders. Friday's Close: $48.13 W= eek's Change: +2.78% EST. '01 P/E: 11.90 CV Therapeutics NNM: CVTX The biot= echnology company said clinical trials of ranolazine showed that the drug, = which it developed, was effective in treating the chest pain of angina. Fri= day's Close: $51.67 Week's Change: +48.97% EST. '01 P/E: -- (Source: Bloomb= erg Financial Markets)=20 Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Money and Business/Financial Desk; Section 3 Investing Bullish, and Patient, on Energy Stocks By JAN M. ROSEN 11/18/2001 The New York Times Page 8, Column 2 c. 2001 New York Times Company DESPITE last week's plunge in the price of crude oil and in shares of big o= il companies, some Wall Street analysts remain upbeat about the long-term p= rospects for energy stocks.=20 ''These very dramatic downturns are great buying opportunities,'' said Tina= Vital, an oil and gas analyst at Standard & Poor's, who recommends a broad= group of integrated oil companies, including Exxon Mobil, ChevronTexaco, R= oyal Dutch/Shell, BP and TotalFinaElf. ''They have excellent management, a = top dividend yield and are a safe haven for investors,'' she said, provided= that investors are patient and can bear short-term swings. Last week's price declines were set off by Russian oil companies' refusal t= o accept demands by the Organization of the Petroleum Exporting Countries f= or big production cuts. They were a reminder that the sector is extremely v= olatile. ''Oil could go to $10 a barrel short term,'' she said, but there i= s no certainty of that. The oil producers could reach an agreement by Janua= ry, sending prices upward. Over the long term, she expects to see productio= n cuts.=20 Demand for energy has grown only 0.5 percent this year, and prices have bee= n declining for some time for both crude oil and gasoline -- as drivers hav= e seen at the gas pump. West Texas intermediate crude closed Friday at $18.= 03 on the New York Mercantile Exchange, up 58 cents from its Thursday close= , the lowest since June 1999. But an economic recovery, expected by late 20= 02, could cause demand to pick up, analysts say.=20 As oil prices have dropped, so have the prices of most oil stocks, but not = as much as the overall market since the beginning of 2000. Over that period= , the S.& P. energy index has lost 8 percent, while the S.& P. 500-stock in= dex is down 23 percent.=20 A report issued last week by the Energy Department said that while the Sept= . 11 terrorist attacks had intensified the country's economic slowdown, ''t= hey are not expected to result in any long-term volatility in energy market= s.'' The report estimated that commercial energy demand would rise 1.7 perc= ent a year through 2020, instead of the 1.2 percent predicted only a year a= go. Its predictions assume increased use of computers and office equipment,= and slower increases in fuel efficiency for cars and trucks.=20 WHILE they warn of the possibility of wild price shifts in the months ahead= , other analysts are similarly bullish for the long term. L. Bruce Lanni, s= enior oil analyst at A. G. Edwards & Sons in New York, said that any potent= ial price war was likely to be fairly short-lived, because neither OPEC nor= non-OPEC countries could ''withstand low oil prices for a prolonged period= of time,'' and prices should rebound sharply as a result, ''back up in the= lower to mid-$20 range.''=20 Low prices could be painful for most of the oil companies in the short term= , but Mr. Lanni, too, sees value in the stocks.=20 His top pick is Conoco, now trading at $24.30; his 12-month target is $34. = ''We remain confident,'' he said, ''that the company's annual oil and gas p= roduction should grow by about 4 percent, on average, over the next several= years.''=20 Conoco's debt, at 55 percent of capital, is relatively high, but he expects= the company's strong cash flow -- it equaled $5.33 a share last year -- to= reduce the debt level to 46 percent next year and to 38 percent in 2003. T= he company's after-tax interest cost is only 3.5 percent, he said.=20 Mr. Lanni also favors Kerr-McGee, a natural gas exploration and production = company, and BP, calling both undervalued. He regards Exxon Mobil, Royal Du= tch/Shell and ChevronTexaco as fully priced, so he is not recommending buyi= ng them now. ''If you own them, hold them,'' he said.=20 William Featherston, executive director and an oil and gas exploration anal= yst at UBS Warburg, said he felt ''near-term caution but medium-term optimi= sm for sustainably higher'' natural gas prices. He said he would encourage = investors to consider buying shares of exploration and production companies= over the next two months. His top picks are Apache, Kerr-McGee and EOG Res= ources.=20 Such stocks are highly volatile, he said. They are ''trading-oriented vehic= les, and short-term volatility in commodity prices generally provides the m= ost attractive entry and exit points,'' he said. ''While natural gas prices= declined throughout most of this year, prices rose at a startling pace, fr= om $1.75 per million cubic feet at the end of September to over $3 per mill= ion cubic feet within weeks.''=20 He cited three reasons for the price rally: a decline in gas surpluses, pre= dictions of a colder-than-normal winter and what he has called ''pathetic t= hird-quarter natural gas production,'' despite record drilling activity.=20 The tangled finances of the Enron Corporation were also a factor in the rec= ent price increase for natural gas futures, he said. Enron, which marketed = 25 billion cubic feet a day of natural gas, or more than 40 percent of the = nation's demand, is under investigation by the Securities and Exchange Comm= ission and announced a $1.2 billion reduction in shareholder equity from de= als with partnerships involving its former chief financial officer. It also= reported a third-quarter loss and restated earlier earnings. Enron has agr= eed to be taken over by Dynegy, a smaller rival, for about $9 billion in st= ock. Dynegy is also assuming about $13 billion in debt.=20 Anxiety over whether the Enron investigation would disrupt deliveries or ha= ve other market repercussions led to an increase in prices. While it is ''d= ifficult to quantify the Enron factor,'' Mr. Featherston said, the short-te= rm effects on natural gas prices seem to be over.=20 OTHER factors, of course, could also mean a bumpy ride for energy investors= over the next several months. The status of the war against terrorism, Pre= sident Bush's decision to fill the Strategic Petroleum Reserve, thus helpin= g OPEC in reducing excess global capacity, and a United Nations review of t= he food-for-oil deal with Iraq expected in December could each have a signi= ficant impact on battered oil prices.=20 Nevertheless, Ms. Vital said, for the long term, energy will probably be in= short supply, and new sources must be developed. So she also likes the pro= spects of two drilling companies, Noble Drilling and Nabors Industries. Bot= h took a beating last week, along with the oil companies, so again she sees= buying opportunities.=20 Bern Fleming, portfolio manager of the AXP Utilities Income fund in Minneap= olis, who has stakes in Dynegy, Duke Energy and Dominion Resources, said al= l three had good prospects for growth, thanks to a mix of assets, ''managem= ent I respect and solid business plans.'' Photo: Workers at an oil well near Lafayette, La. Although oil prices have = plunged, analysts say there is still good long-term potential for the stock= s of energy companies. (Marty Katz for The New York Times) Chart: ''Power P= lay'' Energy stocks have generally outperformed the overall market since th= e beginning of 2000. Graph shows CONOCO SHARES, S. & P. ENERGY COMPOSITE, a= nd the S.& P. 500 INDEX since January 2000. (Source: Bloomberg Financial Ma= rkets)=20 Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Aquila Energy Makes Provision for Dynegy Withdrawal, FT Says 2001-11-18 19:52 (New York) Houston, Nov. 19 (Bloomberg) -- Aquila Energy Corp. is one of several energy traders limiting its trading with Enron Corp. in case Dynegy Inc. pulls out of its bid for the company, the Financial Times said, citing Aquila. Aquila said it began making contingency plans in case Dynegy withdrew from its $24 billion takeover of Enron, the paper reported. Enron, the largest energy trader, decided to sell after its shares plunged this year and a federal investigation of accounting irregularities limited its ability to finance operations. Enron's collapse would have caused upheaval in energy markets, where the company does one-quarter of all gas and power trades. Dynegy's agreement to buy Enron allows it to withdraw from the transaction under certain circumstances, the FT said. PERSPECTIVES A tale of greed and hubris Waldo Proffitt 11/18/2001 Sarasota Herald-Tribune All F2 (Copyright 2001) For anyone not already disenchanted with the idea of total deregulation of = public utilities, the most recent installment of the miserable Enron story = as it unfolded last week should serve as a convincing example of the folly = of relying on unregulated profit- driven enterprises to supply our energy.= =20 A year ago Enron was the darling of Wall Street, the poster boy for the uti= lity industry, its stock selling for about $85 a share. Last week its stock= was worth about 10 percent of that and the company had agreed to be bought= by a competitor. There was fear the company's bond rating might fall to th= e "junk" level. What happened? It will take months, if not years, to untangle the details, = but it is clear that the main culprit was greed, closely followed by hubris= .=20 Not too many years ago Enron was a small, struggling, gas pipeline company = in Houston. As deregulation spread to more and more states, Enron began acq= uiring pipelines, gas producers and utilities.=20 It also acquired friends in high places, especially the Bush family and the= ir key political advisers. And, it discovered it could make money faster by= selling and trading energy than by producing it. Enron sold many of its ge= nerating plants and became the biggest "power broker" in the nation.=20 Though it was by no means the largest winner in the con game that bilked Ca= lifornia consumers of tens of billions of dollars, Enron was one of the fir= st power barons to take advantage of California's flawed deregulation law -= - virtually written by in-state and out-of- state utility companies.=20 The California fiasco soured (probably) most Americans on utility deregulat= ion, but Enron was not singled out for calumny, and management saw no reaso= n to examine its business ethics.=20 Contrarywise. management had visions of even greater profits, which it felt= no obligation to share with ordinary stockholders. The chief financial off= icer and other high-ranking executives set up affiliated or subsidiary part= nerships which made deals with Enron. I do not understand the details of th= ese arrangements, but neither do independent accountants, the Securities an= d Exchange Commission or congressional investigators. It does seem clear th= at the Enron insiders made millions for themselves.=20 Enron acknowledges, without explaining, that stockholder equity dropped $1.= 2 billion in the last quarter and that it had for the last five years overs= tated profits by some $600 million. Whether this was by design or by mistak= e is in dispute, but it is the sort of thing which tends to undermine the c= onfidence of investors.=20 So much for greed. Back to hubris. It seems not unlikely that Enron's leade= rs felt they might not be punished for a modest amount of corner-cutting be= cause they had friends in high places.=20 The chief executive, Kenneth L. Lay, was and is a personal friend of George= W. Bush and has easy access to the White House. For many months after the = new administration took office, Karl Rove, Bush's top political strategist,= owned Enron stock valued at $100,000 to $250,000, and sold it only after h= e had been able to secure a ruling that he did not have to pay capital gain= s tax immediately because he sold to avoid a conflict of interest. Lawrence= Lindsey, the president's chief economic coordinator, and I. Lewis Libby, V= ice President Cheney's chief of staff, owned stock in Enron, and Lindsey wa= s paid $50,000 last year as a consultant for Enron.=20 Enron and its employees gave more than anyone else to Bush's four political= campaigns -- one (unsuccessful) for Congress, two for governor and one for= president. In 2000, Enron and its employees gave $113,000 to Bush's campai= gn, $250,000 to the Republican National Committee, and $300,000 to the Pres= idential Inauguration Committee.=20 Cabinet appointments affecting energy policy, key sub-Cabinet appointments,= administration action or inaction in the California energy mess, and the o= verall energy policy of the administration could hardly have been more favo= rable to the interests of Enron.=20 And now a couple of questions: Is it possible the unusual financial maneuve= rs by Enron went unnoticed or even unsuspected by all the savvy Texas oilme= n in the Bush administration? Were those of them with heavy investments in = Enron unconcerned about the conduct of the company? Was Enron right in thin= king its friends in government would not be in a hurry to investigate or to= reprimand?=20 Or, in light of our preoccupation with terrorism, will the Enron case get m= uch attention from the federal government? Or from voters?=20 Waldo Proffitt is the former editor of the Herald-Tribune. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Business; Financial Desk MARKET BEAT Counting Blessings Along With the Losses TOM PETRUNO TIMES STAFF WRITER 11/18/2001 Los Angeles Times Home Edition C-1 Copyright 2001 / The Times Mirror Company Try finishing this sentence: "The best thing about my experience as an inve= stor in 2001 was ... "=20 Many Americans, contemplating the losses they've suffered this year in the = stock market, might say there was nothing "best" about what happened to the= m--in fact, nothing good at all, perhaps other than that it might have been= worse. With share prices on the rise again, the damage to portfolios has been less= ened. Even so, stocks will have to post strong gains in the next six weeks = to keep this from being the market's worst calendar year since 1977.=20 The blue-chip Standard & Poor's 500 index rose 1.6% last week, but it's sti= ll down 13.8% year to date.=20 Yet those losses, while certainly not trivial (especially when they're your= s), can obscure what arguably are some very positive aspects of this year's= experiences.=20 With investing, adversity can be a more important teacher than success. If = you're having trouble this Thanksgiving week finding reasons to be thankful= about anything investment-related, try these on for size:=20 * "Asset allocation" is no longer just a quaint theory. The paramount inves= ting rule has always been to spread your money around to reduce risk. But i= t took the worst stock bear market in 25 years to bring this lesson home fo= r many people who thought equities only rose in value.=20 Now, millions of investors have a far better appreciation for just how much= they can lose in stocks--and how bonds and short-term cash savings can off= set market losses and preserve capital.=20 It has been a hard lesson, to be sure. But investors who take asset allocat= ion to heart will be laying a much more solid foundation for their money in= the long run. And don't underestimate what that can mean for your peace of= mind long term.=20 * The wisdom of saving money on a regular basis has been relearned. In the = late 1990s, many economists lamented how the U.S. savings rate continued to= shrink. Some people felt there was little need to put significant new sums= into savings when the stocks or stock mutual funds they owned seemed to be= rising nonstop.=20 In other words, many Americans were letting the stock market do their savin= g for them when share prices were rising 20% or more each year.=20 Now, with shares down and with the likelihood of much more moderate returns= on stocks in this decade, it's clear that many people will have to find a = way to save regularly if they're going to meet their long-term financial go= als, especially retirement.=20 This may not be a pleasant reality, but it's better for most people to have= faced this fact sooner rather than later, while there may be time to make = up lost ground.=20 * A healthy skepticism has replaced mindless euphoria about stocks and thos= e who tout them. The market's slide has discredited a legion of Wall Street= analysts, money managers and others whose knowledge, understanding and jud= gment were clearly lacking, in retrospect.=20 Investors have come to see that having blind faith in those who present the= mselves as "experts" is a highly dangerous strategy, if it can be called a = strategy at all.=20 Sure, it may have been more fun when technology stocks were shooting the mo= on and nobody had much use for reviewing a company's fundamentals. But that= wasn't investing--it was speculating, and on a massive, and ultimately rui= nous, scale.=20 People have learned to be less trusting about what others say about the mar= ket, and that is more likely to be beneficial than detrimental to their por= tfolios in the long run.=20 Just ask anyone who shifted their entire 401(k) retirement savings sum into= aggressive-growth mutual funds in the first quarter of 2000--right before = the market peaked--because of the bullish comments of some 25-year-old tech= stock analyst. Those investors aren't likely to make a move like that agai= n.=20 * Free-market forces are weeding out the weak players and the phonies. Capi= talism may be harsh, but it's efficient when the good times end and it's ti= me to find out which companies truly have talent and staying power--and des= erve more capital.=20 Hundreds of dot-coms have failed, but who really misses them? Is it any har= der to find what you want on the Internet? It probably would have been much= worse for all concerned if those companies had sucked up investors' funds = for another year instead of failing when they did.=20 But the market isn't just eliminating small companies that never had much o= f a future. The financial near-collapse of energy giant Enron Corp. exposed= a business that twisted accounting rules to its own benefit--to the point = that the company now concedes that financial statements all the way back to= 1997 "should not be relied upon."=20 Also to be weeded out, though over a longer time period, will be mutual fun= d managers whose performance running other peoples' money has been a nightm= are for those investors--meaning, the returns produced have been far worse = than what the investors would have achieved in the average fund in that par= ticular sector.=20 These managers know who they are--and, hopefully, their shareholders know b= y now as well, and will vote with their feet.=20 The free market also is reminding cartels just how tough it is to control p= rices.=20 Once again, the Organization of Petroleum Exporting Countries has lost its = ability to prop up crude oil prices, which have sunk to two-year lows amid = the weak global economy. That's lousy for OPEC, but it's great for every en= ergy consumer.=20 * The market's woes have altered many investors' priorities for the better.= The wild bull market of the late 1990s demanded peoples' attention, and go= t it.=20 For some, stocks became an obsession. Their portfolios dominated their live= s, especially if they were actively trading shares. They believed they were= going to be rich, or richer, and that it was all because of how smart they= were.=20 Now, most people have been humbled by the market. In the process, some have= realized that they don't want their mood determined by their portfolio's d= ay-to-date price changes.=20 The Sept. 11 terrorist attacks, of course, also changed many peoples' view = of what truly matters to them.=20 Money is important, but you aren't your stocks, and they aren't you. Life i= s more than a daily stock quote.=20 *=20 Tom Petruno can be reached at [email protected]. For recent columns o= n the Web, go to www.latimes.com/petruno. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Financial INVESTING James K. Glassman Don't Be A Pudd'n'head, Diversify James K. Glassman 11/18/2001 The Washington Post FINAL H01 Copyright 2001, The Washington Post Co. All Rights Reserved Warren Buffett, who was probably the greatest investor of the 20th century,= is fond of quoting the salacious actress Mae West as saying, "Too much of = a good thing can be wonderful." In the market, such a motto would lead you = to avoid diversification and instead concentrate your portfolio in stocks y= ou really, really like.=20 Peter Lynch, who was probably the best mutual fund manager of the 20th cent= ury, calls spreading yourself too thin "diworseification." Smart, witty and brilliant at picking stocks, Buffett and Lynch may not nee= d diversification, but the rest of us do. When you own one stock, you're ou= t on a limb. For example, very few analysts -- with or without a conflict o= f interest -- predicted that shares of Enron, the energy and trading compan= y, would tumble by 90 percent in a year. Put all your eggs in a basket like= that and you end up with a gooey mess. The more stocks you own -- as long = as they are in different industries -- the more the overall riskiness of yo= ur portfolio is modulated.=20 The reason you don't want a super-risky portfolio is simple: While Warren B= uffett may be calm and prescient enough to ride out severe dips in the valu= e of his holdings, most investors are not. A portfolio that increases in pr= ice by 10 percent each and every year is worth exactly the same at the end = of three years as a portfolio that falls by half the first year, rises by t= hree-quarters the second and rises by 52 percent the third. But reasonable = investors prefer the consistent ride. It prevents them from doing something= stupid, such as selling all their stocks after losing half their money dur= ing that first disastrous year.=20 Consider the sad case of James D. McCall, who earlier this month resigned a= s manager of the Merrill Lynch Focus Twenty mutual fund. Two years ago, Mer= rill wanted McCall's services so desperately that the firm went to court to= pry McCall away from his previous employer, Pilgrim Baxter, where he rang = up impressive gains in the late 1990s. (His big success was called PBHG Lar= ge Cap 20.) And when they got McCall, Merrill's brokers raised more than $1= .5 billion from their clients for him to invest. While the average growth-s= tock mutual fund owns about 100 stocks, with the top 10 holdings representi= ng about one-fourth of the portfolio's total value, McCall specialized in w= hat are called "concentrated portfolios." In the case of Merrill Lynch Focu= s Twenty, he owned, as the name implies, just 20 stocks. At last report, hi= s top 10 holdings accounted for a whopping two-thirds of the fund's assets.= =20 If McCall had spread his 20 stocks among, say, a dozen different industries= , he might have smoothed his ride. Instead, 69 percent of his assets went t= o technology firms. The Focus fund and a smaller one that McCall ran called= Premier Growth were launched in March 2000. Within just 17 months, all but= $650 million of the clients' original $1.5 billion had vanished.=20 It is hard to imagine losing as much as Focus Twenty did even if you tried.= As of Nov. 9, the week McCall resigned, the fund was down 72 percent for t= he year, compared with a loss of 14 percent for the Standard & Poor's 500-s= tock index, the benchmark for fund managers. According to the latest report= from Morningstar Mutual Funds, 19 of McCall's 20 stocks had declined durin= g 2001, the only exception being Harley-Davidson. More amazing, 16 of the 1= 9 losers had fallen by at least half. (By the way, Enron was McCall's seven= th-largest holding.)=20 "This fund has had a wretched existence," wrote Morningstar analyst Kunal K= apoor, who did admit a grudging admiration for McCall's perseverance. McCal= l's "faith may turn out to be well placed over time," Kapoor said. Unfortun= ately, time ran out.=20 My point here is not to pick on McCall but to reveal the perils of concentr= ation. Buying Focus Twenty as a technology fund, and consigning it to no mo= re than one-fifth of your holdings (with the rest of your assets in diversi= fied, conventional stocks or funds) might have made sense, but Focus Twenty= was touted as a "long-term capital appreciation" fund, not a sector fund. = Here, it failed, but maybe it didn't have to.=20 The manager who made the concentrated fund popular, Tom Marsico, who ran Ja= nus Twenty, took care to spread his holdings around. His successor, Scott S= choelzel, has suffered losses lately (he is down 28 percent year-to-date, b= ut that's after a total gain of 546 percent in the preceding five years), b= ut they have not been nearly so catastrophic -- and for good reason. Schoel= zel's last report lists among his top 10 holdings three tech stocks, two fi= nancials, one drug company, one energy firm (whoops, Enron again), one indu= strial, one consumer-durables company and one services firm.=20 For investors in individual stocks, the important question is this: How muc= h diversification is enough? Some risk is inherent in even the broadest por= tfolio. This is called market, or "systematic," risk. Over the past 75 year= s, market risk, as measured in standard deviation, has been about 20 percen= t. In other words, in two-thirds of the years the annual return of the S&P = has fallen into a band ranging from 20 points lower to 20 points higher tha= n its average return of 11 percent; that is, between a loss of 9 percent an= d a gain of 31 percent. That's still volatile, but if you invest in stocks = you have to live with it.=20 What you don't have to live with is anything more volatile. So your objecti= ve in building a portfolio is to try to approximate systematic risk and avo= id what is called "idiosyncratic," or extra, risk. A portfolio with just a = few stocks, or one like McCall's, that is overloaded in a single sector, ha= s lots of idiosyncratic risk. In 1977, an influential study found that inve= stors could nearly eliminate that extra risk by owning just 20 stocks in a = wide variety of sectors; in fact, owning eight or 10 stocks depressed risk = sharply.=20 Recently, however, the market has appeared to be far more volatile, and a n= ew study by a group of economists headed by John Campbell of Harvard found = that many more stocks were needed -- around 50 -- to bring a portfolio down= to the same level of riskiness as the broad market. What Campbell's group = found was that neither the market itself nor individual sectors had become = more volatile in the 1990s, but that stocks within those sectors had, so yo= u need to own more of them.=20 But owning 50 stocks is a pain in the neck -- and it brings up the Buffett-= Lynch admonitions about too much diversification. It is hard just to take t= he time to make the selections, but even buy-and-hold investors need to kee= p track of the companies they own to spot adverse changes in management, pr= oduct failures or new competition (not to mention Enron-style accounting sh= enanigans) -- signs that it's time to sell.=20 One good answer is to achieve balance by owning a combination of mutual fun= ds and stocks. For example, you might want to put 50 percent of the money y= ou have allotted for stocks into a fund that mimics the S&P itself, like Va= nguard Index 500, which charges rock-bottom expenses and guarantees that ri= sk won't exceed systematic levels. You could also consider a broad fund tha= t's managed by human beings, such as Meridian Value or Baron Growth, which = are recommended by Sheldon Jacobs, editor of the No-Load Fund Investor news= letter. Then another 25 percent of your holdings can go into a few sector f= unds that specialize in technology, real estate, energy and small-caps, and= the final 25 percent into a portfolio of 10 to 20 individual stocks. (I ow= n 16, at last count.)=20 There are many valid variations. Just don't emulate Mark Twain.=20 In a letter to clients recently, Anthony M. Maramarco of David L. Babson & = Co., the Cambridge, Mass., investment firm, recalled the aphorism of Twain'= s Pudd'n'head Wilson: "Put all your eggs in the one basket -- and watch tha= t basket!" Unfortunately, such a philosophy emphatically does not work in s= tock investing -- as Twain himself learned when he sank nearly all his fort= une into the Paige Linotype, a machine that flopped.=20 We all make mistakes. (It was Twain, after all, who pointed out that "human= beings are the only animals that blush -- or need to.") But smart diversif= ication helps investors avoid some of the worst of them.=20 James K. Glassman invites comments at [email protected], but he cannot answ= er all queries. http://www.washingtonpost.com=20 Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Business Wessex Water `to be sold' Heather Tomlinson 11/18/2001 The Independent - London FOREIGN 1 (Copyright 2001 Independent Newspapers (UK) Limited) Wessex Water, the water and sewage company, is understood to be up for sale= following an offer to take over its owner, Enron, by Dynegy, the US energy= group.=20 Three years ago, Enron spent pounds 1.4bn on Wessex Water. But Dynegy is un= derstood to want to concentrate on US and European energy assets and is not= interested in non-core assets. Any hope to regain the same amount of money could be derailed as the indust= ry is put off by regulatory problems, and the company's results have worsen= ed due to imposed price cuts over the past year.=20 "It is not that there is going to be a fire sale but most of [the internati= onal assets] are not core to the businesses we will continue to pursue," sa= id an Enron spokesperson. "At the right price we will sell."=20 Scottish & Southern Energy and United Utilities have been touted as potenti= al buyers, yet industry insiders believe that the UK regulator, Ofwat, will= take a dim view of bids by UK water companies, as they are too large to bu= y it. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 UK PRESS: WestLB Makes Grab For GBP1B Wessex Water 11/18/2001 Dow Jones International News (Copyright (c) 2001, Dow Jones & Company, Inc.) LONDON -(Dow Jones)- German state-owned bank WestLB Panmure is in talks to = buy Wessex Water from its troubled U.S. parent Enron (ENE), reports the Sun= day Telegraph.=20 WestLB is said to have made a formal approach within the last few days. It = is thought to be one of a number of companies that have approached Enron to= buy the British water utility valued at GBP1 billion. Newspaper Web site: http://www.telegraph.co.uk=20 London Bureau, Dow Jones Newswires; 44-207-842-9289 Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 BUSINESS Quanta steels itself against takeover bid NELSON ANTOSH Staff 11/17/2001 Houston Chronicle 3 STAR 1 (Copyright 2001) Quanta Services, which builds and maintains power and communications lines,= said Friday it is fighting a "creeping takeover" by UtiliCorp United, one = of the nation's largest utility holding companies.=20 On Thursday Quanta board members changed the Houston company's shareholder = rights agreement - called a "poison pill" defense against takeovers - to de= ter UtiliCorp from acquiring a controlling stake. The action was taken after negotiations with UtiliCorp fell apart and the K= ansas City, Mo.-based company announced its intention to resume purchases o= f Quanta stock.=20 A spokesman told Bloomberg News on Oct. 4 that UtiliCorp wanted to increase= its stake to the mid-40s percentage range, which would give it effective c= ontrol, with a vote on management.=20 UtiliCorp invested $320 million in Quanta from September of 1999 through Fe= bruary of 2000, said UtiliCorp spokesman Ethan Hirsh, bringing its ownershi= p up to 28 percent, and has been adding stock since then. It owned about 38= percent when a standstill agreement stopped further purchases in early Oct= ober.=20 Part of the shareholder rights amendment limits further purchases by Quanta= by reducing the trigger point for the poison pill to 39 percent of Quanta'= s outstanding shares, instead of the 49.9 percent that has been in effect j= ust for UtiliCorp.=20 In addition to saying that UtiliCorp is no longer "an exempt" person under = the 39 percent trigger, the amendments changed the kind of securities to be= issued in the event the pill is triggered and how they could be exercised.= =20 UtiliCorp had a higher trigger point that other potential acquirers because= it already was a significant shareholder when the plan was initially draft= ed.=20 Hirsch didn't think the amendments would prevent his company from buying mo= re.=20 UtiliCorp's interest in Houston acquisitions is not limited to Quanta. Its = also said this week it would like to buy Enron's share of a United Kingdom = power station that provides electricity sufficient to light 1.88 million ho= mes.=20 It will soon get a 27 percent share in the station near London, known as th= e Teeside power station,through the purchase of a utility there. It would l= ike the 42.5 percent that Enron owns, UtiliCorp President Robert Green said= in a conference call.=20 Green said he understood that stake was on Enron's for-sale list.=20 UtiliCorp revealed in a Securities and Exchange Commission filing that it b= ought 1.538 million shares of Quanta's common stock on the open market, at = a cost of more than $24 million, between Sept. 28 and Oct. 3.=20 Quanta's stock declined 27 cents to close Friday at $15.69, while UtiliCorp= rose 10 cents to close at $27.50. Quanta's stock is down 51 percent for th= e year to date, and hit a 52-week low of $9.94 on Sept. 21.=20 "After many weeks of negotiations with UtiliCorp, we could not reach agreem= ent upon a strategy that would allow UtiliCorp to consolidate our financial= results for accounting purposes on terms acceptable to Quanta," John Colso= n, Quanta's chief executive officer, said in a written statement.=20 "In the face of UtiliCorp's communications last evening breaking off negoti= ations and stating its intent to resume open market purchases of Quanta sto= ck, the board acted to protect the best interests of all Quanta stockholder= s against a change of control transaction which did not provide an appropri= ate benefit to all shareholders," he said.=20 Quanta has a mutually beneficial relationship with UtiliCorp and hopes nego= tiations can resume, Colson said. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 BUSINESS Business briefs Business briefs / Houston & Texas Staff, Bloomberg News, Reuters, Associated Press 11/17/2001 Houston Chronicle 3 STAR 2 (Copyright 2001) Offer still on table for Canadian Hunter=20 Burlington Resources on Friday extended a $1.96 billion offer for Canadian = Hunter Exploration Ltd. until Dec. 3 while Canadian regulators study the bi= d. The cash offer was to expire Tuesday. Investment Canada, which oversees for= eign ownership of Canadian companies, won't complete its review by then, Bu= rlington said.=20 Houston-based Burlington agreed to buy Calgary-based Canadian Hunter on Oct= . 9.=20 Azurix settles suit over Dynegy buyback=20 Azurix Corp., a wastewater-services management company, won a judge's appro= val Friday in Wilmington, Del., to settle shareholders' lawsuits over paren= t Enron Corp.'s $329 million stock buyback in March.=20 Houston-based Enron, soon to be bought by Dynegy, said in October 2000 it w= ould pay $7 for each of Azurix's outstanding shares, or $275 million, to ta= ke the company private. Seven Azurix stock owners sued in Delaware Chancery= Court seeking more money.=20 Enron eventually agreed to pay $8.375 per share, adding about $54 million t= o the offer, and stockholders agreed to settle the lawsuit, lawyers said.= =20 SBC adds 2 states to long-distance rolls=20 San Antonio-based SBC Communications received permission Friday from the Fe= deral Communications Commission to begin offering long- distance service to= customers in Missouri and Arkansas.=20 The decision allows SBC to offer the service in the five states served by i= ts SBC Southwestern Bell subsidiary. SBC has already received permission to= compete in the long-distance market in Texas, Kansas and Oklahoma.=20 While the FCC's decision was unanimous, there was discussion on whether SBC= has made its DSL high-speed Internet access service available for resale a= nd if the federal law requires such resale. The commission will address the= issue in another proceeding.=20 Airline canceling 200 layoffs of pilots=20 FORT WORTH - American Airlines Friday canceled the planned Dec. 2 layoffs o= f 200 pilots because military duty was extended for pilots called up on res= erve and other employees took leaves.=20 American laid off 386 American pilots Sept. 28 and 200 more Nov. 1, as well= as 120 at TWA Airlines. Those were among 20,000 jobs AMR eliminated as pas= senger demand fell. The company said it will bring employees back as demand= improves.=20 Southwest drops suit against Orbitz site=20 DALLAS - Southwest Airlines Co. has agreed to drop a lawsuit that claimed O= rbitz, an Internet travel site owned by five rival airlines, displayed inco= rrect information about Southwest's flights and fares.=20 "It gives Southwest Airlines the right to restart the litigation at its cur= rent point if Southwest fares are ever displayed on Orbitz again," said Lin= da Rutherford, a spokeswoman for the Dallas-based airline. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 EDITORIAL AT ENRON, THE BIG DOGS ATE FIRST 11/17/2001 Portland Oregonian SUNRISE D06 (Copyright (c) The Oregonian 2001) Summary: Workers' ire over 401(k) plans is understandable=20 Watching Enron's bigwigs lose their jobs after inflating profits may offer = some satisfaction to retirees and employees at the troubled energy marketer= . But don't bank on it. When corporate insiders can sell the company and stroll away with millions = while workers and other stockholders are left with peanuts, it would be har= d not to be bitter.=20 As Oregonian business writer Jeff Manning reported Friday, local employees = of Portland General Electric, an Enron subsidiary, watched their retirement= savings sink after Enron announced on Oct. 16 that it would lose $618 mill= ion in the fourth quarter. This came after Enron officers made more than $1= 36 million selling stocks earlier in the year.=20 Then on Nov. 8, Enron dropped the other shoe: It admitted it had overstated= earnings for four years by $586 million, or 20 percent. Over those few wee= ks, Enron shares plunged from $33.84 to its $9 close on Friday.=20 The four-year overstatement developed through some novel accounting methods= . Enron and its auditor, Arthur Anderson, insist that its financial reports= were all within proper standards, but the mechanics in this case included = obscuring debt by placing it on the ledgers of other entities so that the p= arent company's profit picture appeared rosier than it actually was.=20 The weeks from mid-October to early November were wrenching for employees. = Because the company was changing its fund manager, they were powerless to m= ake any changes in their 401(k) plans. PGE chief executive Peggy Fowler poi= nts out that the change in 401(k) plan managers was announced last summer. = And although employees could have gotten out of Enron stocks over the histo= ry of the plan, Enron seemed to be an attractive investment.=20 Company executives, though, were selling. Jeffrey Skilling, who was promote= d to Enron chief executive early in the year but resigned in August, sold m= ore than $5 million in company shares according to transaction records cove= ring the first half of the year.=20 Former chief financial officer, Andrew Fastow, who was fired last month in = an action related to the financial mess, made $14 million in stock sales be= tweeen March and November of last year. Kenneth Lay, Enron's chief executiv= e, who returned after his protege Skilling left, made at least $20 million = in stock sales from late last year. He has announced that he would decline = his severance package.=20 Dynegy, another Texas energy marketing company, has made a bid to buy Enron= . That probably means the best Enron and PGE employees can hope for now is = that Dynegy will be a better corporate owner, or they can try their luck wi= th one of the many shareholder lawsuits being filed.=20 The Securities and Exchange Commission is investigating Enron's activities.= If its behavior was illegal, there will be consequences for company office= rs.=20 That's still not much to offer to workers who have seen their retirement sa= vings dissolve. But for now it's all there is. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 FINANCE WEEK - From dealing to reeling. By BARRY RILEY. 11/17/2001 Financial Times (c) 2001 Financial Times Limited . All Rights Reserved FINANCE WEEK - From dealing to reeling - The legacy of the late 1990s stock= market bubble remains with us, as does irrationality THE LONG VIEW - BARRY= RILEY.=20 Optimism is back. Stock markets around the globe have typically rallied by = 20 per cent since rock bottom was reached on September 21. Only 9 per cent = of global fund managers believe equities will be lower in 12 months, accord= ing to a Merrill Lynch survey published this week. But the legacy of the late 1990s stock market bubble remains with us. The c= hallenge is how to minimise the level of irrationality. Two of the UK's big= gest losers from crazy prices reported on Tuesday. Vodafone suffered #11.45= bn of write-downs - but curiously, made no provisions against the sky-high = #13.1bn it paid for third-generation mobile phone licences in 2000.=20 Such payments, argued Sir Christopher Gent, Voda-fone's chief executive, we= re merely what the market demanded at the time. It is interesting to note, = too, that Paul Klemperer, the Oxford professor who is an expert in "auction= theory" and advised the British government, has defended the disastrous ou= tcome by arguing that the prices reflected the capital market's view of 3G'= s prospects. The common theme here is that it is nobody's fault if crazy pr= ices are paid, because they are legitimised by the stock market.=20 Marconi, which is financially in a much worse state than the mobile phone g= iant, has written off most of the #4.1bn paid for US internet hardware comp= anies in 1999. There has also been a great deal of controversy in the US du= ring the past few weeks over the near-collapse of Enron, the power group be= ing rescued by a takeover bid from its smaller rival Dynegy. There was an o= bvious failure by investors - and by stock market analysts - to assess the = true risks at Enron.=20 Smart businessmen will sellat mad prices, but why on earth should they buy?= The trouble is, too many academics have developed theories of value based = on rational expectations. The real world is unfortunately very different.= =20 Some of the distortions had obvious technical origins. The Vodafone bubble = of 1999 reflected the cross-border takeover of Mannesmann and the artificia= l weighting shortages that developed from that transaction as Vodafone ball= ooned in market capitalisation to reach, at one stage, 16 per cent of the F= TSE 100 Index. The market price was driven not by normal corporate fundamen= tals, but by the desire of most fund managers to reach a market weighting, = at which point they were "safe" in terms of risk against the index benchmar= k.=20 That was the period when investment banks exploited the idea of low free-fl= oat new issues: internet companies, especially, were floated off with only = 15 per cent of the stock made available, although anything up to 100 per ce= nt went into the indices, creating serious shortages and bubble valuations.= Changes now being made to the main stock market indices have reduced the p= roblem, but there remains a basic irrationality in the concept that investm= ent risk resides in an index rather than in the underlying stocks.=20 Takeovers have always been plagued by irrationality, and indeed this is an = area where academics recognise the problem; over many years they have point= ed out that all the benefits of deals, and often more than all, accrue to t= he shareholders of the companies taken over, while investors in the bidding= companies suffer dilution. Investors know this, and in normal market condi= tions news of a takeover will depress the bidder's share price. But in a bu= bble market these prudent attitudes can be overwhelmed by euphoria, as well= as technical factors relating to demand by fund managers so that they can = maintain their weightings when a bidder is spraying around large quantities= of new equity.=20 Also, it is irrational that many more deals are done when the stock market = is high than when it is low. Two years ago, companies such as Marconi were = engaged in buying sprees at daft prices. Now, when prices are much lower, h= ardly any acquisitions are being made (and investment banks are dismissing = thousands of employees). An exception to the deal famine is gold mining, wh= ich just happens to have been one of the stock market's strongest sectors t= his year.=20 Another important source of irrationality has been the domination of stock = market analysis by the stockbroking offshoots of the investment banks. Over= recent years their earnings-per-share forecasts for the next calendar year= have been on average 8 per cent too high. This has not just been a mistake= ; they have been paid to be over-optimistic. Admittedly, attempts are being= made to restructure the incentives here, as the embarrassed investment ban= ks come under pressure from the regulators and the courts for their errors = of judgment during the bull market, but it remains to be seen whether much = will really change.=20 The mystery is why anybody would take notice of these forecasts, and indeed= many professional investors do not. That Merrill survey, incidentally, sho= ws that fund managers on average expect no more than 4 per cent earnings pe= r share growth over the next year, while the stockbrokers' analysts are sti= ll clinging to the hope that it will be 15 per cent.=20 A final source of distortion is the tendency of companies to offer their ex= ecutives the wrong sort of incentives. The ruin of Marconi may appear irrat= ional, when multi-billion-pound acquisitions are being declared worthless a= fter only two years. But executives with lucrative stock option plans, whic= h pay off if their gambles go right, combined with golden goodbye and pensi= on packages that are triggered if things go wrong, may well consider it per= fectly rational, from their viewpoint, to take much bigger risks than other= shareholders, or employees, would consider acceptable.=20 Moreover, Sir Christopher Gent, shareholders of Vodafone will remember, rec= eived a controversial #10m personal bonus last year for clinching the Manne= smann takeover, a deal that requires #10bn of write-offs.=20 In normal market conditions the valuation of equities may be tolerably rati= onal, but in a bubble market the rules are thrown out of the window. Many i= nvestors certainly like the idea of getting rich quickly. That is why many = people subscribe so keenly to national lotteries in which the chance of win= ning is so small as to be not worth rational consideration.=20 [email protected].=20 (c) Copyright Financial Times Ltd. All rights reserved.=20 http://www.ft.com. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 WORLD STOCK MARKETS - Bears take upper hand on Wall St. By MARY CHUNG. 11/17/2001 Financial Times (c) 2001 Financial Times Limited . All Rights Reserved After an early game of tug-of-war, the bears took the upper hand as the Dow= Jones Industrial Average closed 5.40 lower at 9,866.99. The S&P 500 index = gave up 3.59 at 1,138.65 and the Nasdaq Composite slipped 1.98 at 1,898.59.= Volume was fairly heavy with 1.34bn trades in the NYSE.=20 The indices were earlier bolstered by news that some of the leaders of the = Taliban and the al-Qaeda terrorist network had been killed in bombing raids= on Kabul and Kandahar this week. However, the momentum faded as investors found little reason to keep sendin= g stocks higher following a sharp decline in the US consumer price index. T= he index saw its steepest monthly drop since April 1986. Separately, the Fe= deral Reserve reported another drop in industrial output last month.=20 Investors appeared more hesitant to step into the market and buy stocks aft= er several weeks of sharp gains. However, the corporate picture looked to b= e improving for some companies such as Dell. The computer maker reported th= ird-quarter results that beat analysts' estimates by a penny and predicted = a small rise in sales for the current quarter. Shares, however, fell 4 per = cent at $26.60.=20 Rivals Hewlett-Packard shed 2.7 per cent at $21.50 and Compaq gave up 3.7 p= er cent at $10.30. Yahoo!, the world's largest internet portal, jumped 4.3 = per cent at $15.47 after it announced a restructuring and job cuts, but rea= ffirmed its guidance for the fourth quarter.=20 Shares in Starbucks fell 9 per cent at $17.50 in spite of the coffee compan= y reporting a 22 per cent rise in earnings for the fourth quarter.=20 Energy prices rose in spite of the continuing dispute over oil production b= etween Opec and Russia. Amerada Hess put on 2.5 per cent at $54.59 and Exxo= n Mobil added 1 per cent at $37.54. Enron, the embattled energy trading com= pany, however, slid 5 per cent at $9. Most Dow components were lower as Alc= oa slipped 1 per cent at $37.12, American Express shed 3.7 per cent to $33.= 13 and Wal-Mart fell 1.6 per cent at $55.10.=20 Toronto was little changed in morning trade in spite of a rally in technolo= gy and cyclical shares, the first sectors expected to respond to an improvi= ng economy.=20 However, at the close the S&P TSE-300 composite index was up 0.72 per cent = at 7,315.30 as tech issues continued to strengthen.=20 Overall, 11 of the market's 14 sub-indexes were higher but safe-haven gold = stocks suffered as hopes grew for a swift conclusion to the war in Afghanis= tan. The tech-heavy industrials sector enjoyed a 1.61 per cent gain. Electr= onics manufacturer Celestica charged ahead, rising 3.3 per cent to C$64.80.= =20 Telecoms equipment heavyweight Nortel Networks jumped to C$12.69 as several= investment firms raised targets.=20 (c) Copyright Financial Times Ltd. All rights reserved.=20 http://www.ft.com. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Business; Financial Desk IN BRIEF / ENERGY Pension Funds Consider Action Against Enron Reuters 11/17/2001 Los Angeles Times Home Edition C-2 Copyright 2001 / The Times Mirror Company Some big pension funds that invested in Enron Corp. said they are consideri= ng legal options in the wake of the energy giant's stock collapse and a reg= ulatory probe of its dealings.=20 Spokesmen for the New York state and city comptrollers and an official from= Amalgamated Bank, a trustee of workers' retirement funds, said they were l= ooking into lawsuits stemming from Enron's murky financial dealings and sto= ck plunge. Pension funds and mutual funds have been big holders of Enron, once a Wall = Street darling whose stock has plunged 89% this year.=20 Five New York City pension funds hold about 2.9 million Enron shares, said = David Neustadt, a spokesman for the New York City Comptroller's Office. The= funds serve teachers, police and other city workers.=20 Enron shares fell 48 cents to $9 on the New York Stock Exchange. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Enron Investors Hope Filing Will Shed More Light on Finances 2001-11-17 11:06 (New York) Enron Investors Hope Filing Will Shed More Light on Finances Houston, Nov. 17 (Bloomberg) -- Enron Corp. investors hope the energy trader's third-quarter report to the U.S. Securities and Exchange Commission will answer some of the questions that sent its shares tumbling and led to a proposed sale to rival Dynegy Inc. Enron, which has been criticized for failing to clearly explain how it makes money, may disclose in Monday's filing more on how much is owed by the company and affiliated partnerships, as well as any planned job cuts and other cost-saving moves related to Dynegy's $24 billion buyout. ``Investors will be looking for anything that affects the likelihood of the (Dynegy) deal going through and the timing of such a deal,'' said Edward Paik, who helps manage the Liberty Utilities Fund, which owns 1.6 million in Enron shares. Enron agreed to sell after its stock plunged 67 percent in three weeks amid an SEC investigation into partnerships run by Enron executives. Investors worry that new disclosures, such as previously unreported debt, might threaten Enron's credit rating and scuttle the merger, possibly pushing Enron into bankruptcy. ``There's been so much skepticism about what Enron's liabilities are with these partnerships, I'm looking to quantify this,'' said Glen Hilton, a fund manager at Montgomery Asset Management LP, which holds Dynegy shares. Enron Chairman Kenneth Lay admitted last week that failed investments and a loss of investor confidence forced the sale to Dynegy, and he and other executives pledged to be more open with investors. Lay, 59, said last week he won't accept a severance package of more than $60 million that he could have collected following the takeover. Enron shares fell 48 cents yesterday to $9. Dynegy fell $1.53, or 3.5 percent, to $42.47. Balance Sheet Enron's third-quarter report, which had been expected last week, was delayed by the Dynegy talks and a restatement of earnings, Chief Financial Officer Jeffrey McMahon said. Enron reduced net income for four years by a combined $586 million to include losses from affiliated partnerships. Monday's filing, called a 10-Q, will include a balance sheet summarizing assets and debts. Enron for years has omitted balance sheets, which the SEC requires as part of the 10-Q, from its press releases announcing earnings. Investors renewed their criticisms of the practice after Lay mentioned during a conference call last month that dealings with two partnerships had reduced Enron's shareholder equity, or its assets minus liabilities, by $1.2 billion. The disclosure led to the ouster of Chief Financial Officer Andrew Fastow. ``Everyone is trying to make their own assessment of what (Enron's) ultimate liability will need to be,'' said Commerzbank Securities analyst Andre Meade, who rates the shares ``hold'' and doesn't own them. Monday's report probably won't give a complete answer, said Louis Gagliardi, an analyst at John S. Herold Inc. While the balance sheet will list liabilities for the partnerships, which were set up to buy Enron assets and get debt off the company's books, it won't spell out Enron's share, he said. ``What is the net liability off the balance sheet?'' Gagliardi said. ``We really don't know what that number is.'' Credit Rating Dynegy has said it can back out of the acquisition if Enron's legal liabilities exceed $3.5 billion. The balance sheet ``will help us see how good a deal this is for Dynegy,'' said Kathleen Vuchetich, co-manager of the $1.4 billion Strong American Utilities Fund, which owns 284,000 Dynegy shares. Both companies are based in Houston. The filing also might offer details on the SEC probe. ``It may say what the SEC is looking for, and what the rating agencies have told them,'' said Christopher Ellinghaus, an analyst at Williams Capital Group. He added, though, ``I don't expect much.'' Enron's stock drop led Moody's Investors Service to cut the company's debt rating to the lowest investment grade. Dynegy held off on a purchase agreement out of concern that the rating would be cut to junk, jeopardizing Enron's ability to raise cash needed to settle its daily power and natural-gas trades. Enron may reveal where it expects to cut jobs and how much it will pay to departing employees, Paik said. Chief Operating Officer Greg Whalley said last week that fourth-quarter profit will be hurt by severance payments and reorganization costs. He didn't give details. Jobs likely will be eliminated in businesses the company plans to sell, including its money-losing telecommunications unit and operations in Europe, analysts said. Enron has about 21,000 employees, two-thirds in the U.S. and about a fifth in the U.K. Its 600 traders are divided between London and Houston, where Enron employs about 7,500. Many Enron workers are already preparing for layoffs, said Lyndon Taylor, a Houston-based recruiter for Heidrick & Struggles International Inc., an executive placement firm. ``I got 56 resumes last week from Enron,'' Taylor said. ``That's equal to the number I got in the past year.'' --Margot Habiby in Dallas and Jim Polson in Princeton UK: Trade, bank buyers circle Enron's Wessex Water-reports. 11/17/2001 Reuters English News Service (C) Reuters Limited 2001. LONDON, Nov 17 (Reuters) - Both financial and trade buyers are considering = bids for Wessex Water, the UK utility owned by crisis-hit U.S. energy group= Enron , weekend press reports said.=20 According to the UK trade magazine Utility Week, Enron's rescue buyer Dyneg= y wants to offload Wessex as soon as possible, and focus on integrating Enr= on's core energy businesses. A report in the Sunday Telegraph newspaper named German bank WestLB as a po= ssible buyer at a price of 1 billion pounds ($1.4 billion). WestLB is the f= inancial backer of the management buyout team that owns another southern En= gland regional utility, Mid Kent Water.=20 Utility Week raised the possibility that UK power utility Scottish & Southe= rn might be interested. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Financial Post: Canada A user's guide to living in Calgary: People moving from Houston find the ci= ties much alike Claudia Cattaneo Financial Post 11/17/2001 National Post National FP7 (c) National Post 2001. All Rights Reserved. U.S. oil companies are setting up shop all over downtown, usually picking h= igh-quality office space with lots of open space. Anadarko Petroleum Corp. = is located at Fifth Avenue Place, Burlington Resources Inc. is in Bow Valle= y Square and Devon Energy Corp. is in Canterra Tower. Some end up in the of= fices of the companies they acquire. Conoco Inc. has moved into Gulf Canada= Square.=20 The big takeover wave has led to a reshuffling of downtown space. Today, th= ere is a shortage of large spaces and an increase in small ones available f= or sublease. Some would like to get the towers they occupy named after them but landlord= s resist this because naming a building after one tenant can be a disincent= ive for others.=20 Oilmen's favourite hangout is the Calgary Petroleum Club, founded by U.S. a= nd Canadian oilmen in 1948 in the Palliser Hotel. Members have reciprocal m= embership at the Petroleum Club of Houston. But Calgary's Pete Club is a ba= rgain compared to its Texas counterpart. The initiation fee in Calgary is $= 2,000, monthly dues are $65 and the minimum amount members must spend in a = year is $600. The initiation fee for full membership at the Petroleum Club = of Houston is US$3,500, monthly dues are US$110 and the minimum house accou= nt is US$75 per quarter.=20 U.S. executives running Canadian oil and gas operations earn substantially = more than their Canadian counterparts because their compensation is competi= tive with the U.S. market.=20 When U.S. oil companies purchase Canadian operations, they like to keep as = much of the Canadian staff as possible, since they are even more aware than= their Canadian rivals of the "war for talent."=20 When recruiting locally, U.S. firms pay competitively but of course will pa= y what they must to get the best candidate. They also offer competitive ben= efits and stock-option plans. U.S. employers gulp at the generous holidays = enjoyed by Canadian oilpatch employees.=20 There's no American neighbourhood in Calgary, although many recent arrivals= are buying homes close to the city's core, particularly in such high-end n= eighbourhoods as Mount Royal, Elbow Park and Britannia, where homes sell fo= r $500,000 to $2-million.=20 Some U.S. companies purchase condominiums in such areas as Eau Claire on th= e Bow River to house U.S. executives in transit.=20 Ted Zaharko, a broker-owner with Royal LePage, says Americans are driven by= lifestyle choices and the fact that they can afford to buy expensive homes= . Living near other Americans isn't important.=20 The cost of living is lower in Calgary than in many comparable U.S. cities.= However, U.S. cities become more competitive for high-income earners becau= se personal income taxes in Canada are higher than in the U.S. at the highe= r income levels. Offsetting factors include access to health care, clean ai= r, a short commute to work and the nearby mountain playground, which tend t= o be important to affluent people.=20 U.S. oil types may have strange accents -- many come from the southern stat= es -- but oilpatch jargon is pretty much the same. Calgarians and Americans= understand one another when they talk of dry holes (no discovery), wildcat= wells (exploration wells) or roughnecks (rig workers). The language of mon= ey is also the same: barrels and U.S. dollars.=20 Oilpatch humour is also borderless. One of the latest jokes circulating by = e-mail, courtesy of oilpatch investment dealer Peters & Co., is called "Und= erstanding Enron." The U.S. energy giant is in trouble over its use of off-= balance-sheet transactions to keep debt off its books:=20 FEUDALISM You have two cows. Your lord takes some of the milk.=20 FASCISM You have two cows. The government takes both, hires you to take car= e of them and sells you the milk.=20 PURE COMMUNISM You have two cows. Your neighbours help take care of them an= d you all share the milk.=20 APPLIED COMMUNISM You have two cows. You must take care of them, but the go= vernment takes all the milk.=20 TOTALITARIANISM You have two cows. The government takes them both and denie= s they ever existed. Milk is banned.=20 MEXICAN DEMOCRACY You have two cows. The government takes both and drafts y= ou into the army.=20 EUROPEAN DEMOCRACY You have two cows. The EU commission decides which regul= ations for feeding and milking apply. If there aren't any, they invent some= . They pay you not to milk the cows. They take both cows, shoot one, milk t= he other and pour the milk down the drain. They then require you to fill ou= t forms accounting for the missing cows.=20 AMERICAN DEMOCRACY The government promises to give you two cows if you vote= for it. After the election, the President is impeached for speculating in = cow futures. The press dubs the affair "cowgate," but supports the Presiden= t. The cows sue you for breach of contract. Your legal bills exceed your an= nual income. You settle out of court and declare bankruptcy.=20 CAPITALISM You have two cows. You sell one and buy a bull. Your herd multip= lies and the economy grows. You sell them and retire on the income.=20 ENRON VENTURE CAPITALISM You have two cows. You sell three of them to your = publicly listed company, using letters of credit opened by your brother-in-= law at the bank, then execute a debt/equity swap with an associated general= offer so you get all four cows back, with a tax exemption for five cows. T= he milk rights of the six cows are transferred via an intermediary to a Cay= man Island company secretly owned by the majority shareholder who sells the= rights to all seven cows back to your listed company. The annual report sa= ys the company owns eight cows, with an option on one more. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 WestLB Offers to Buy Enron's U.K. Water Unit, Newspaper Says 2001-11-17 20:01 (New York) London, Nov. 18 (Bloomberg) -- Westdeutsche Landesbank Girozentrale, Germany's largest state-owned bank, is one of several suitors talking to Enron Corp. about its Wessex Water unit, which is valued at more than 1 billion pounds ($1.4 billion), the Sunday Telegraph said without citing sources. Dynegy Inc. of the U.S. is looking to buy Enron for $24 billion, and will sell some of its assets, including Wessex. WestLB made a formal offer to Enron in the past few days in hopes of striking a quick deal because Dynegy may want to avoid the regulatory risk in such a sale; any bid for a water company in the U.K. worth at least 30 million pounds must be referred to the Competition Commission, the newspaper said. Enron bought Wessex for 1.4 billion pounds in 1998. RWE AG of Germany, Europe's fourth-biggest power company, is also interested in Wessex, but Enron thinks U.K. regulators won't approve an RWE bid because the company already owns Thames Water, a large U.K. water company. WestLB has also been reported to be preparing a buyout for Railtrack Group Plc, the insolvent owner of the U.K.'s train tracks and stations, the paper said. Enron Closes on $550 Million Loan From J.P. Morgan, Salomon 2001-11-16 17:36 (New York) Enron Closes on $550 Million Loan From J.P. Morgan, Salomon Houston, Nov. 16 (Bloomberg) -- Enron Corp. closed Wednesday on a $550 million loan from J.P. Morgan Chase & Co. and Salomon Smith Barney Inc. that was secured with assets of its Transwestern Pipeline Co., spokesman Vance Meyer said. Enron, the largest energy trader, said Nov. 1 that it had received a commitment for $1 billion in loans from the investment banks that would be used for debt payments and to supplement cash reserves. Enron secured the loans with the assets of Transwestern and the Northern Natural Gas Co. The two pipeline systems combined are about 19,000 miles long and can deliver as much as 6 billion cubic feet of gas a day. The remaining $450 million loan, secured with the Northern Natural Gas assets, is in the documentation stage and is expected to close next week, Meyer said. Enron agreed a week ago to be acquired by Dynegy Inc. in a transaction now valued at $24.7 billion in stock and assumed debt. The move followed a loss in investor confidence -- the company's shares had fallen 90 percent this year -- and amid a federal investigation of accounting irregularities that limited its ability to finance operations. ChevronTexaco Corp., the second-biggest U.S. oil company and Dynegy's largest shareholder with 26 percent, provided Enron, through Dynegy, with a $1.5 billion cash infusion on Tuesday as part of the buyout agreement. In return, Dynegy acquired preferred stock and other rights in the Enron unit that owns Northern Natural Gas. If the merger isn't completed, Dynegy will have the right to acquire Northern Natural Gas, Enron said in regulatory filing Wednesday. ChevronTexaco will provide Dynegy with another $1 billion after the merger closes to maintain its equity stake. The shares of Enron fell 48 cents to $9, while shares of Dynegy fell $1.53 to $42.47. Both companies are based in Houston. Shares of San Francisco-based ChevronTexaco fell 35 cents to $83.45. --Margot Habiby in the Dallas newsroom (214) 954-9452
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Only Three Days Left! All Electronics on Sale! , Only Three Days Left! ALL Electronics on Sale! Our biggest sale of the season ends Nov. 28th. All PDAs, All Digital Cameras, All DVD Players, All Camcorders, All Cell Phones and ALL other electronics are on sale. Save 5 to 30% on top of other site savings. This offer will not be repeated this holiday season, so act now , this sale ends in three days! Happy Holidays, 800.com P.S. Now through December 19th get up to $200 back when you spend $299 or more. P.P.S. For great holiday gift ideas at a great price visit our holiday savings center . *Does not include, Movies, Music, Games or select Polk Audio. ************************************************************ If you prefer not to receive any future mailings from 800.com, simply send email to: [email protected] or use the link below: Unsubscribe This email was sent to [email protected] Prices and availability subject to change without notice. Quantities on some items may be limited. We strive for accuracy, but reserve the right to be held unaccountable for typographical errors. Copyright 2001, 800.com, Inc. All rights reserved.
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Are you in debt? , Are you in debt? Having trouble paying it off? We can help! We can consolidate your bills into just one monthly payment and help achieve the following: - Save you a lot of money by eliminating late fees - Settle your accounts for a substantially reduced amount - Stop creditors calling you on the phone - Help avoid bankruptcy - And more! By first reducing, and then completely removing your debts, you will be able to start fresh. Why keep dealing with the stress, headaches, and wasted money, when you can consolidate your debts and pay them off much sooner! To obtain more information, with no obligations or costs, please reply to this email, fill out the form below, and return it to us. Your submission will be processed within 10 business days and you will be shortly contacted by one of our informed staff. Thank you! Full Name : Address : City : State : Zip Code : Home Phone : Work Phone : Best Time to Call : E-Mail Address : Estimated Debt Size : ********** If this e-mail arrived to you by error, or you wish to never receive such advertisements from our company, please reply to this e-mail with the word REMOVE in the e-mail subject line. We apologize for any inconveniences 2p5wd2
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GREAT SAVINGS FROM Spec's Wines, Spirits & Finer Foods! , <html> <head> <meta name="generator" content="Microsoft FrontPage 4.0"> <title>WineISIT.com - Member E-mail</title> <style type='text/css'> <!-- .masterH { font-family: verdana, tahoma,arial; font-size: 9pt; color: #006666; } .myH { font-family: verdana, tahoma,arial; font-size: 14pt; color: #339900; } .blackH { font-family: verdana, tahoma,arial; font-size: 12pt; font-weight:bold; color: black; } .boldwh{ font-family: verdana, tahoma,arial; font-size: 10pt; font-weight:bold; color:White; text-decoration:none; } .whiteH { font-family: verdana, tahoma,arial; font-size: 12pt; font-weight:normal; color: white; } .text1{ font-family: verdana, tahoma,arial; font-size: 8pt; color: green; font-weight:bold; } .text2{ font-weight:normal; font-family: verdana, tahoma,arial; font-size: 8pt; color: Black; } .boldunderline1{ font-family: verdana, tahoma,arial; font-size: 10pt; font-weight:bold; color:black; text-decoration:underline; } .boldunderlineblk{ font-family: verdana, tahoma,arial; font-size: 10pt; font-weight:bold; color:black; text-decoration:underline; } .specialred{ font-family: verdana, tahoma,arial; font-size: 10pt; font-weight:bold; color:red; text-decoration:none; } .specialblack{ font-family: verdana, tahoma,arial; font-size: 10pt; font-weight:bold; color:black; text-decoration:none; } .headerlink{ font-family:verdana, tahoma, arial; font-size:8pt; font-weight:bold; color:white; text-decoration:underline; } .footertext{ font-family:verdana, tahoma,arial; font-size:8pt; font-weight:normal; color:Green; } .searchboxH { font-family: verdana, tahoma,arial; font-size: 14pt; color: #FF9900; } .searchbox { font-family: verdana, tahoma,arial; font-size: 8pt; color: black; } .emailH { font-family: verdana, tahoma,arial; font-size: 12pt; color: #339900; font-weight:bold; text-decoration:none; } .emailtextwhite{ font-family:verdana, tahoma, arial; font-size:9pt; font-weight:normal; color:white; text-decoration:none; } .whitelink{ font-family:verdana, tahoma, arial; font-size:9pt; font-weight:bold; color:white; text-decoration:underline; } .emailtextblack{ font-family:verdana, tahoma, arial; font-size:10pt; font-weight:normal; color:black; text-decoration:none; } .emailtextsm{ font-family:verdana, tahoma, arial; font-size:8pt; font-weight:normal; color:white; text-decoration:none; } A:link { font-family:verdana, tahoma,arial; font-size:10pt; font-weight:normal; color: green; } A:visited {font-family:verdana, tahoma,arial; font-size:10pt; font-weight:normal; color:#999999 } A:active {font-family:verdana, tahoma,arial; font-size:10pt; font-weight:normal; color: #FF6600 } body { background-color: white; } --> </style> </head> <body> <!-- master table --> <table width='535' border='0' cellspacing='0' cellpadding='0' align='center'> <tr> <td align='left' valign='top'><!-- header table--> <table width='535' border='0' cellspacing='0' cellpadding='0' align='center'> <tr> <td align='left' valign='middle'><a href='http://www.wineisit.com'> <img src='http://www.wineisit.com/ad/graphics/email_logo.gif' width='172' height='25' alt='' border='0'></a></td> <td align='center' nowrap><!-- store name--> <table width='350' border='0' cellspacing='0' cellpadding='3' align='left'> <tr> <td align='left' valign='top'><span class='masterH'><strong> Store<br> Member:</strong></span></td> <td align='left' valign='bottom'><span class='emailH'><strong> Spec's Wines, Spirits &amp; Finer Foods</strong></span></td> </tr> </table> <!-- store name--></td> </tr> </table> <!-- header table--><!-- inner table--> <table width='535' border='1' cellspacing='0' cellpadding='4' align='center' bordercolor='#01683F'> <tr> <td colspan='2' align='left' bgcolor='#01683F' class='whiteH'> Members &gt; E-mail<br> <map name='weekly link'> <area alt='' coords='24, 9, 327, 28' href= 'http://www.wineisit.com/ad/2001November/weekly/20011126/spec.html' shape='RECT'> </map> <img src= 'http://www.wineisit.com/ad/graphics/email_weekly_link_top.gif' width='585' height='46' alt='' border='0' usemap='#weekly link'> </td> </tr> <tr> <td width='160' align='left' valign='top' bgcolor='#339966'> <!-- left message text --> <table width='160' border='0' cellspacing='0' cellpadding='5' align='left' boder='0'> <tr> <td width='160' align='left' class='emailtextwhite'>Hi JOHN, <p align='left'><span class='boldwh'>Spec's Wines, Spirits &amp; Finer Foods</span> and WineISIT.com have teamed up to offer you some great savings on your favorite wines and spirits.<br> <br> We hope you enjoy these WineISIT.com specials.<br> <br> 5% discount is available for those not using credit cards. Use of debit cards earns the 5% cash discount.</p> <p>Both regular and cash discount prices are listed. Specials available at all locations.</p> <p>E-mail any questions or comments about these special offers to:<br> <br> <a href='mailto:[email protected]'><span class= 'whitelink'>[email protected]</span></a></p> <!-- store info -->Spec's largest and most famous location is at 2400 Smith St. on the south edge of downtown. 16 other locations are around Houston. <p>Spec's is famous for providing customers more wine, liquor, beer and specialty foods and at lower prices than anyone in Texas.</p> <p>Store Hours:<br> All stores are open from<br> 10AM to 9PM Monday through Saturday.</p> <p>Charge Cards Honored:<br> American Express, Mastercard, Visa, Discover cards.</p> <p>To arrange delivery, call order department at 713-526-8787 OR TOLL FREE 888-526-8787</p> <p><b><i>Spec's, for the good stuff.<br> </i></b></p> <p>Spec's is not responsible for mis-prints or typographical errors. All customers must be at least 21 years old.</p> <p><!-- store info --><br clear='all'> <!-- --> <a href= "http://www.wineisit.com/ad/2001November/weekly/20011126/spec.html"> <img src= "http://www.wineisit.com/ad/graphics/email_weekly_link.gif" width= "160" height="100" alt="" border="0"></a></p> </td> </tr> </table> <!-- --><!-- left message text --></td> <td align='left' valign='top'><!-- inner table --> <table width='350' border='0' cellspacing='2' cellpadding='5' align='left'> <tr> <td height='10' align='left' valign='top' nowrap class='emailH'> <span class='emailH'><u>Monthly Specials:</u></span></td> <td colspan='2' align='right' valign='top' class='emailH'>November, 2001<br> <font size='-2' face='verdana, tahoma, arial'>Valid 11/5 thru 12/1</font></td> </tr> <tr> <td align='left' class='text1' colspan='3'><!-- specials list--> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/honey_brown_12pk.jpg' alt='' border='0' width="120" height="108"></td> </tr> </table> <p><span class="text1">J.W. Dundee's Honey Brown Lager 12 pack</span></p> <p><span class="text2">America's first and finest honey lager, J.W. Dundee's Honey Brown Lager is brewed with pure Canadian clover honey. This delicious beer offers a smooth, full-bodied taste with just a touch of sweetness.<br> <br> 2000 World Beer Cup - Award Winner and 2001 American Tasting Competition - Award Winner.<br> <br> "Wrap yourself around your Honey!"</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $8.69</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $9.15</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/zabacologo.gif' alt='' border= '0' width="125" height="77"></td> </tr> </table> <p><span class="text1">Rancho Zabaco Sonoma Heritage Vines Zinfandel<br> 750 ml.</span></p> <p><span class="text2">One of the outstanding brands being produced at the Gallo of Sonoma winery, created to showcase the bold, intense varietals of the best Sonoma areas. They&rsquo;re best known for their Zinfandels, and this one captures the essence of the grape&rsquo;s character&mdash;lush berry fruit flavors and moderate tannins. It&rsquo;s great for everyday drinking.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $8.40</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $8.85</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/torresella_pgrigio.gif' alt='' border='0' width="40" height="150"></td> </tr> </table> <p><span class="text1">Torresella Pinot Grigio 750 ml.</span></p> <p><span class="text2">Aromas of fresh fruit, apple and melon; crisp and clean flavors; dry and beautifully balanced. An excellent complement to soups, antipasti, prosciutto, melon and light fish and pastas.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $6.10</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $6.43</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/TLeaf_chard.jpg' alt='' border='0' width="125" height="80"></td> </tr> </table> <p><span class="text1">Turning Leaf Vineyards Chardonnay 750 ml.</span></p> <p><span class="text2">As Turning Leaf wines are handcrafted for perfection, a majority of the grapes for Turning Leaf were selected from some of the finest vineyards in the Lodi region. A major winegrape-growing region since the 1850s, Lodi is increasingly looked to by leading California wineries for grapes of superior quality. The warm days and cool nights of its Mediterranean climate allow the grapes to develop excellent color and maintain crisp acid levels through to harvest. The end result is a well-balanced fruit-forward Chardonnay with excellent varietal character.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $5.97</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $6.29</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/Tostiasti.jpg' alt='' border= '0' width="56" height="200"></td> </tr> </table> <p><span class="text1">Tosti Asti 750 ml.</span></p> <p><span class="text2">Tosti was founded in 1820 and is located in Canelli, Italy in the heart of the Asti region. Produced from the Moscato grape, it has a pale straw color with golden highlights. The sparkle is soft, lively with a delicate, aromatic nose and a trace of pear and fruit with a sweet flavor.<br> <br> Enjoy Tosti Asti whenever you feel<br> like enjoying a great glass of wine.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $7.62</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $8.03</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/gallosonoma_merlot.gif' alt='' border='0' width="120" height="61"></td> </tr> </table> <p><span class="text1">Gallo of Sonoma Merlot 750ml.</span></p> <p><span class="text2">A smooth, full-bodied wine with<br> pleasant berry aromas, and an<br> excellent balance between ripe fruit<br> flavors and structured tannins.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $9.55</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $10.06</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/alicewhite_chard.jpg' alt='' border='0' width="39" height="150"></td> </tr> </table> <p><span class="text1">Alice White Chardonnay 750 ml.</span></p> <p><span class="text2">Since its introduction in 1996, millions of Americans have embraced the bold yet approachable Australian wines of Alice White, consistent Wine Spectator &ldquo;Best Buy&rdquo; selections that reflect the courage of the young adventurer herself. Join Alice in her journeys&mdash;and explore the finest in New World winemaking.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $5.56</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $5.86</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/gallosonoma_cab.jpg' alt='' border='0' width="125" height="65"></td> </tr> </table> <p><span class="text1">Gallo of Sonoma Cabernet Sauvignon 750 ml.</span></p> <p><span class="text2">This Cabernet is rich and complex with concentrated flavors of black cherries, currant, and spice. Exhibits excellent structure and appealing depth, accentuated by extended aging in American and French oak barrels. As a result, the wine has ample body and an abundance of fruit character.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $10.35</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $10.90</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/bherzog_cab.gif' alt='' border='0' width="40" height="150"></td> </tr> </table> <p><span class="text1">Baron Herzog Cabernet Sauvignon 750 ml.</span></p> <p><span class="text2">Baron Herzog wines are produced in Santa Maria, California by former J. Lohr winemaker Peter Stern in cooperation with Royal Wine Corporation, the leading distributor of kosher wines in the world. Baron Herzog Cabernet Sauvignon is a full-bodied rich wine of unmistakable depth and elegance.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $10.29</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $10.84</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/bherzog_chard.gif' alt='' border='0' width="42" height="150"></td> </tr> </table> <p><span class="text1">Baron Herzog Chardonnay<br> 750 ml.</span></p> <p><span class="text2">Baron Herzog wines are produced in Santa Maria, California by former J. Lohr winemaker Peter Stern in cooperation with Royal Wine Corporation, the leading distributor of kosher wines in the world. Baron Herzog Chardonnay is a luscious wine with distinct flavors and noble character.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $10.29</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $10.84</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/lockwoodchard.gif' alt='' border='0' width="44" height="150"></td> </tr> </table> <p><span class="text1">Lockwood Vineyard 1998 Chardonnay 750 ml.</span></p> <p><span class="text2">The Lockwood Vineyard 1998 chardonnay reflects meticulous care in the vineyards, innovation in the winery and a passion for excellence in handcrafted wines. Its tropical aromas are accented with French oak nuances. The flavors and textures are full but display balanced acidity. It's a perfect companion to a diversity of cuisines.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $9.15</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $9.64</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/bherzog_merlot.gif' alt='' border='0' width="40" height="150"></td> </tr> </table> <p><span class="text1">Baron Herzog Merlot 750 ml.</span></p> <p><span class="text2">Baron Herzog wines are produced in Santa Maria, California by former J. Lohr winemaker Peter Stern in cooperation with Royal Wine Corporation, the leading distributor of kosher wines in the world. Their Merlot is charming and well balanced, with a bursting bouquet and full flavorful finish.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $10.29</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $10.84</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/TLV99Merl750.gif' alt='' border='0' width="120" height="74"></td> </tr> </table> <p><span class="text1">Turning Leaf Vineyards Merlot 750 ml.</span></p> <p><span class="text2">Produced in the moderate climate of California&rsquo;s Central Valley, this wine was aged in oak for an average of six months to meld the ripe fruit flavors of Merlot into a soft-textured mouthfeel. Medium bodied, with rich, fruity aromas and flavors enhanced by subtle undertones of oak. Pleasing notes of ripe fruit and plum deliver a full, soft mouthfeel and a lingering finish.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $5.97</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $6.29</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/stbrendans.jpg' alt='' border= '0' width="125" height="139"></td> </tr> </table> <p><span class="text1">Saint Brendan&rsquo;s Irish Cream Liqueur 34&deg; 750 ml.</span></p> <p><span class="text2">Saint Brendan&rsquo;s Irish Cream Liqueur is unique in that it is the only Irish Cream Liqueur made by a dairy company. Its delicious, smooth blend of premium, triple-distilled, aged Irish Whiskey and the company&rsquo;s own best dairy cream ensures the ultimate freshness and creamy texture. Saint Brendan&rsquo;s uses only top quality, all-natural ingredients for an exceptionally rich, smooth and creamy flavor.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $10.44</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $10.99</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/cavitpinotgrigio.gif' alt='' border='0' width="113" height="106"></td> </tr> </table> <p><span class="text1">Cavit Pinot Grigio 1.5L</span></p> <p><span class="text2">It's all about taste. Start a tradition this summers with Cavit, America's #1 Pinot Grigio and #1 Imported Wine*. Crisp, light with appealing flavors, Cavit Pinot Grigio was awarded a 4-Star rating from the New York Times Wine Today website. A perfect companion to your favorite summer dishes. Enjoy chilled.<br> <br> *Cavit Pinot Grigio ACNielsen 52 weeks 3/31/01 FDL"</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $7.25</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $7.64</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/e&amp;j_VSOP.gif' alt='' border='0' width="120" height="116"></td> </tr> </table> <p><span class="text1">E&amp;J VSOP Brandy<br> 80&deg; 750 ml.</span></p> <p><span class="text2">" . . . richly bodied and rewardingly flavored high impact blend that gives the dual pleasures of complex oak aged flavors and lingering body. Powerful bouquet of vanilla and old sherry are demonstrated here which can only be gained by long aging. Supple flavors of cedar and berries finish with a long and satisfying smoothness that defines this blend."<br> Gregory Hill, Brandymaster<br> </span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $8.28</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $8.72</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/cricklewood_pgris.jpg' alt='' border='0' width="120" height="78"></td> </tr> </table> <p><span class="text1">Cricklewood Pinot Gris 750 ml.</span></p> <p><span class="text2">With loads of apple and pear flavors, this crisp white is beautifully balanced with a spicy, refreshing finish. The Cricklewood varietals are produced by Montonore Vineyards from its estate vineyards in the Northern Willamette Valley of Oregon.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $8.57</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $9.03</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/cricklewood_pinot.jpg' alt='' border='0' width="120" height="78"></td> </tr> </table> <p><span class="text1">Cricklewood Pinot Noir 750 ml.</span></p> <p><span class="text2">This lovely, easy drinking red offers lots of red and black cherry with light earth and chocolate notes with a velvety texture and finish. The Cricklewood varietals are produced by Montonore Vineyards from its estate vineyards in the Northern Willamette Valley of Oregon.</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $8.57</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $9.03</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/e&amp;j_vs_brandy.jpg' alt='' border='0' width="108" height="150"></td> </tr> </table> <p><span class="text1">E &amp; J Brandy 80&deg; 1.75 L.</span></p> <p><span class="text2">" ...distilled and aged to demonstrate<br> finesse and delicacy of California<br> brandy... loads of fruit and varietal<br> grape flavors dominate, with a light<br> balance of butterscotch and vanilla<br> notes recovered from carefully<br> selected barrels used in aging . . .<br> lightly bodied with a crisp clean<br> finish."<br> <br> Gregory Hill, Brandymaster</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $15.44</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $16.26</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <table cellpadding='0' cellspacing='0' border='0' align='left' width='125'> <tr> <td align='middle'><img src= 'http://www.wineisit.com/ad/graphics/moskovskaya.gif' alt='' border='0' width="39" height="150"></td> </tr> </table> <p><span class="text1">Moskovskaya Vodka<br> 80&deg; 1 L.</span></p> <p><span class="text2">From Moscow&rsquo;s famous Cristall Distillery, makers of Stolichnaya and known worldwide for exceptional quality, this is the top-selling vodka in Russia. Virtually identical to Stoli (except the label is green, not red) at a bargain price!</span></p> </td> </tr> <tr> <td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'> $12.99</span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class='text2'> Regular Price: $13.68</span></td> </tr> <tr> <td align='left' class='emailtextblack' colspan='4'> <hr size='1' width='100%' color='green'> </td> </tr> <tr> <td class='emailtextblack' colspan='3' valign="top"> <!-- specials list--></td> </tr> </table> </td> </tr> <tr> <td colspan='2' bgcolor='#01683F' class='emailtextsm'>WineISIT.com Member E-mail is a special service for WineISIT.com members. If you wish to unsubscribe to this E-mail, simply click <a href= 'http://www.wineisit.com/ad/response_form.html'><span class= 'emailtextsm'><u>here</u></span></a> and update your preferences on our E-mail preferences page. We'll remove you from our member E-mail list as quickly as possible.</td> </tr> </table> <!-- inner table--></td> </tr> </table> <!-- master table --> </body> </html>
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Enron Mentions- 11/21/01 , Dynegy Issues Statement On Enron Merger Status Business Wire, 11/21/01 Enron says repayment of 690 mln usd debt extended until mid-Dec AFX News, 11/21/01 USA: Enron secures credit line as shares fall. Reuters English News Service, 11/21/01 Enron stock free-fall continues Associated Press Newswires, 11/21/01 Enron Closes On $450M Secured Credit Line Dow Jones News Service, 11/21/01 USA: UPDATE 1-Enron shares fall further on credit concerns. Reuters English News Service, 11/21/01 USA: Enron shares tumble on credit concerns. Reuters English News Service, 11/21/01 Upgrades and Downgrades CNNfn: Market Coverage - Morning, 11/21/01 USA: RESEARCH ALERT-Enron, Dynegy cut by Goldman. Reuters English News Service, 11/21/01 Enron Gets Extension on $690 Mln Note Due Next Week (Update1) Bloomberg, 11/21/01 Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2) Bloomberg, 11/21/01 U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint Bloomberg, 11/21/01 Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid Bloomberg, 11/21/01 Enron Corp. Cut to `Market Perform' at Goldman Sachs Bloomberg, 11/21/01 Enron Says Lenders Extend $690 Mln Note Payment to Mid-December Bloomberg, 11/21/01 Plunge Says End Is Near at Enron TheStreet.com, 11/21/01 DYNEGY, ENRON SAY MERGER TO PROCEED CBS.MarketWatch.com, 11/21/01 Dynegy Issues Statement On Enron Merger Status 11/21/2001 Business Wire (Copyright (c) 2001, Business Wire) HOUSTON--(BUSINESS WIRE)--Nov. 21, 2001--Dynegy Inc. (NYSE:DYN) Chairman an= d CEO Chuck Watson today said he is encouraged by Enron Corp.'s report this= morning that it has closed the remaining $450 million credit facility secu= red by the assets of Northern Natural Gas Pipeline and has received a commi= tment from its lead bank to extend the $690 million note payable obligation= described in Enron's recent 10-Q filing.=20 "We are continuing our confirmatory due diligence and working to accelerate= the regulatory approvals required to complete the merger in accordance wit= h the previously announced agreement," he said. Watson also noted that ChevronTexaco recently reiterated that it has "full = confidence in Dynegy's disciplined management approach to complete the merg= er and to build a new company into an industry leader." ChevronTexaco owns = 26 percent of Dynegy's outstanding common stock.=20 Dynegy Inc. is one of the world's top energy merchants. Through its global = energy delivery network and marketing, trading and risk management capabili= ties, Dynegy provides innovative solutions to customers in North America, t= he United Kingdom and Continental Europe.=20 Certain statements included in this news release are intended as "forward-l= ooking statements" under the Private Securities Litigation Reform Act of 19= 95. These statements include assumptions, expectations, predictions, intent= ions or beliefs about future events. Dynegy cautions that actual future res= ults may vary materially from those expressed or implied in any forward-loo= king statements. Some of the key factors that could cause actual results to= vary from those Dynegy expects include changes in commodity prices for ene= rgy or communications products or services; the timing and extent of deregu= lation of energy markets in the U.S. and Europe; the timing of required app= rovals for the Dynegy/Enron merger and the success of integration and cost = savings measures relating to the merger; the effectiveness of Dynegy's risk= management policies and procedures and the creditworthiness of customers a= nd counterparties; the liquidity and competitiveness of wholesale trading m= arkets for energy commodities, including the impact of electronic or online= trading in these markets; operational factors affecting Dynegy's power gen= eration or Dynegy's midstream natural gas facilities; uncertainties regardi= ng the development of, and competition within, the market for communication= s services in the U.S. and Europe; uncertainties regarding environmental re= gulations or litigation and other legal or regulatory developments affectin= g Dynegy's business; general political, economic and financial market condi= tions; and any extended period of war or conflict involving the United Stat= es or Europe. Moreover, Dynegy's expectation that the acquisition will be a= ccretive to earnings in 2002 and beyond is based upon achieving certain sal= es projections, meeting certain cost targets and successfully integrating t= he acquired assets. More information about the risks and uncertainties rela= ting to these forward-looking statements are found in Dynegy's SEC filings,= which are available free of charge on the SEC's Web site at http://www.sec= .gov. CONTACT: Dynegy Inc., Houston 713/767-5800=20 13:26 EST NOVEMBER 21, 2001=20 Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Enron says repayment of 690 mln usd debt extended until mid-Dec 11/21/2001 AFX News (c) 2001 by AFP-Extel News Ltd HOUSTON (AFX) - Enron Corp said its creditor banks have granted an extensio= n on a 690 mln usd note payable by Nov 27 until mid-December, giving it eno= ugh time to restructure the debt.=20 In a statement, the troubled energy company said the extension has been agr= eed following talks with its main creditor banks on restructuring its debt = to avoid a liquidity crisis. "We have been in continuous contact with our banks and believe we can ident= ify a mutually beneficial restructuring to enhance our cash position, stren= gthen our balance sheet and address upcoming maturities," said chief financ= ial officer Jeffrey McMahon.=20 Enron first informed investors of the possibility it would be forced to rep= ay the 690 mln usd note in a filing to the Securities and Exchange Commissi= on on Monday.=20 The obligation arose after Standard & Poor's cut the company's long-term de= bt rating to BBB- last week, forcing it to either post collateral on the no= te or repay it on maturity.=20 Enron said it has also secured the remaining 450 mln usd of a previously an= nounced 1 bln usd credit line from JP Morgan and Salomon Smith Barney. The = facility is secured by the assets of Enron's Northern Natural Gas Co unit.= =20 The other 550 mln usd are secured by the assets of its Transwestern Pipelin= e Co.=20 Enron also said it is still committed to its merger with Dynegy Inc, announ= ced on Nov 9.=20 "We continue to believe that this merger is in the best interests of our sh= areholders, employees, and lenders," said chairman and chief executive Kenn= eth Lay. "It offers the opportunity to create a formidable player in the me= rchant energy business with substantial growth prospects and a strong finan= cial position."=20 JP Morgan Chase vice chairman James Lee said the bank will work with Enron = and its other creditor banks "to develop a plan to strengthen Enron's finan= cial position up to and through its merger with Dynegy", which is expected = to close in the third quarter of 2002.=20 cl/gc For more information and to contact AFX: www.afxnews.com and www.afxp= ress.com Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 USA: Enron secures credit line as shares fall. 11/21/2001 Reuters English News Service (C) Reuters Limited 2001. NEW YORK, Nov 21 (Reuters) - Enron Corp. said on Wednesday it secured the r= emaining $450 million of its $1 billion credit line and reaffirmed its comm= itment to an agreement to be taken over by rival Dynegy Inc.=20 Facing a crisis of confidence, Enron said it is in active talks with its ot= her lenders to restructure its debt obligation and had pushed back the dead= line for repaying a $690 million loan obligation to mid-December. "We continue to believe that this merger is in the best interests of our sh= areholders, employees, and lenders," Enron Chairman and Chief Executive Ken= Lay said in a statement.=20 Enron shares were down 28 percent after noon on Wednesday, after being down= 33 percent earlier in the day. Its shares fell about 23 percent on Tuesday= amid concerns over its liquidity and growing questions over whether the pr= oposed takeover by Dynegy would go ahead. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Enron stock free-fall continues 11/21/2001 Associated Press Newswires Copyright 2001. The Associated Press. All Rights Reserved. HOUSTON (AP) - Shares of embattled Enron Corp. plunged another 32 percent W= ednesday morning as analysts and investors continued to doubt the once-migh= ty energy trader's ability to recover lost business and investor confidence= .=20 In a report released Wednesday, Goldman Sachs & Co. analyst David Fleischer= became the latest to question Enron's future, saying that an SEC filing by= the Houston-based company earlier this week "raised new issues about liqui= dity and the ability of the company to even finance itself over the next se= veral months." Analysts are also questioning whether Dynegy Inc.'s planned dlrs 8.9 billio= n acquisition of Enron will survive given the latest revelations.=20 Documents filed with the Securities and Exchange Commission by Enron late M= onday restated the company's third-quarter earnings and stated that it may = have to repay a dlrs 690 million debt by next week because of decreased cre= dit ratings.=20 The filing also noted that Enron's financial woes have led to a "reduced le= vel of transaction activity" with the company by trading partners.=20 Enron shares fell 23 percent Tuesday, then dropped another dlrs 2.25, or 32= percent, to dlrs 4.74 Wednesday in extremely heavy trading on the New York= Stock Exchange.=20 Fleischer said Enron's Nov. 16 cash balance of dlrs 1.2 billion is inadequa= te to meet remaining debt obligations.=20 Fleischer acknowledged, however, Enron's efforts to renegotiate next week's= due date for the dlrs 690 million debt, which was triggered Nov. 12 when t= he company's credit rating was downgraded to BBB-, saying that there are in= dications that Enron's banks may be willing to roll current maturities over= and even make new equity investments.=20 Michelle Foss, director of the Energy Institute at the University of Housto= n, said this latest round of troubles had to raise concerns about whether t= he Dynegy-Enron deal will be pulled off.=20 "It doesn't look like it's going to be able to happen," Foss said. "It did = look like a decent idea when they proposed the merger, but today I'm sure t= hey'll look at it and see if they can salvage their attempt to buy Enron."= =20 Shares of Dynegy were off dlrs 2.55 to dlrs 39.15 in trading on the NYSE.= =20 ---=20 Tobacco suits by Venezuela, Brazil's Espirito Santo dropped=20 MIAMI (AP) - Health care cost-recovery lawsuits against major U.S. cigarett= e makers by Venezuela and the Brazilian state of Espirito Santo have been d= ismissed.=20 "This is another important reminder to American plaintiffs' lawyers that a = state court won't ignore the overwhelming number of decisions by federal co= urts rejecting these lawsuits," William S. Ohlemeyer, Philip Morris Cos. vi= ce president, said Tuesday after the decisions.=20 Attorneys for several foreign governments have filed an assortment of lawsu= its in U.S. federal and state courts in an attempt to find some legal mecha= nism that withstands judicial scrutiny.=20 Russia and other Brazilian states are among the foreign governments that ha= ve sued in Miami, where a verdict of dlrs 145 billion was awarded to Florid= a smokers against the five biggest U.S. cigarette makers.=20 Ecuador's suit in Miami was withdrawn earlier when another state judge anno= unced his intention to dismiss it.=20 ----=20 General Motors of Canada inks supplier agreement with Quebec rubber plants= =20 Eds: Dollar figures are Canadian.=20 MONTREAL (AP) - General Motors of Canada has signed supplier agreements wit= h a Quebec auto-parts maker that helped create about 800 jobs, news reports= said Wednesday.=20 The deal with Saar-Gummi Automotive Group in Magog, Quebec, is part of Gene= ral Motors' commitment to offset the jobs that will be lost when it shuts d= own its car assembly factory in Boisbriand, Quebec, next year, killing 1,40= 0 jobs.=20 GM did not reveal the value of the contracts, but German-based Saar-Gummi s= aid Tuesday it has made a dlrs 40 million investment in its seven Magog pla= nts, doubling its workforce to 1,600 employees from 800 since last summer.= =20 The factories make molded rubber parts for cars, such as the rubber strips = and molding found along the doors of vehicles. Most of the production is so= ld to GM, and goes into 56 GM plants in Canada, the United States and Mexic= o.=20 The products will be used in several models including the Chevrolet Avalanc= he, GMC Envoy, Saturn VUE and Cadillacs. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Enron Closes On $450M Secured Credit Line 11/21/2001 Dow Jones News Service (Copyright (c) 2001, Dow Jones & Company, Inc.) HOUSTON -(Dow Jones)- Enron Co. (ENE) closed on the remaining $450 million = of a previously announced $1 billion in secured credit lines and said it is= in active discussions to restructure its debt to improve liquidity.=20 In a press release Wednesday, Enron said the $450 million credit facility i= s secured by the assets of Enron's Northern Natural Gas Co. A $550 million credit facility, secured by the assets of Enron's Transweste= rn Pipeline Co., closed Nov. 16. The proceeds are being used to supplement = short-term liquidity and to refinance maturing obligations.=20 The company said it was informed by the lead bank on the facility that the = maturity on its $690 million note payable obligation will be extended to mi= d-December. Enron expects the extension to be finalized shortly.=20 Dow Jones Corporate Filings Alert reported Monday that Enron is currently p= reparing a restructuring plan aimed at taking aggressive steps to rationali= ze the company's existing cost structure, accelerating the process of dives= ting noncore businesses and assets and restructuring scheduled maturities o= f debt and other obligations.=20 Enron's credit lines are from J.P. Morgan, the investment-banking arm of J.= P. Morgan Chase & Co. (JPM), and Salomon Smith Barney, the investment-banki= ng arm of Citigroup Inc. (C).=20 Enron also reaffirmed its commitment to the merger with Dynegy Inc. (DYN). = On Nov. 9, Enron and Dynegy signed a definitive merger agreement that would= give Enron shareholders 0.2685 share of a Dynegy share. The merger is expe= cted to close by the end of the third quarter of 2002.=20 On Monday, Enron filed its Form 10-Q for the third quarter, which reflected= a wider loss by 3 cents a share. The energy company previously reported a = loss of $618 million, or 84 cents a share, on revenue of $47.6 billion for = the third quarter ended Sept. 30.=20 -Stephen Lee; Dow Jones Newswires; 201-938-5400 Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 USA: UPDATE 1-Enron shares fall further on credit concerns. 11/21/2001 Reuters English News Service (C) Reuters Limited 2001. NEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 33 percent in early= trading on Wednesday, following a 22.8 percent drop on Tuesday, amid conce= rns over the company's liquidity and growing questions over whether the pro= posed takeover by Dynegy will go ahead.=20 Enron's shares were down $2.29 to $4.70 in early trading on the New York St= ock Exchange. The stock was the biggest loser by percentage and the most ac= tive stock on the NYSE. "The Dynegy deal will take a long time and a lot of things could happen ove= r that time period. Dynegy did their homework, but if they missed anything,= they have a number of exit opportunities," said Fulcrum Global Partners an= alyst Michael Barbis.=20 Dynegy was not immediately available for comment.=20 Wall Street analysts said Enron is losing market share because of credit co= ncerns from its trading partners and questions over Dynegy Inc.'s takeover = offer. Enron warned on Monday it could be forced to pay by next week a $690= million debt triggered by a credit downgrade last week.=20 "Enron is definitely losing market share on credit concerns. Cash needs to = run the buisness have now increased. The market perceives Enron as needing = more cash," said Barbis.=20 On Monday, Enron disclosed it is up against a deadline of Nov. 26 to delive= r collateral against the debt owed to a third party in one of its many part= nerships.=20 If not, the partner has the right to liquidate all of the assets of the par= tnership, which include a Brazilian natural gas company that Enron was coun= ting on selling to raise $250 million in cash.=20 Enron is working to make alternative payment arrangements, since it can ill= -afford to pay the debt now. Enron has already already maxed out its $3 bil= lion credit line, secured roughly $2 billion in loans and is looking for mo= re cash to stay afloat.=20 On Monday, the Houston-based company also reduced previously reported 2001 = third-quarter earnings by 3 cents per share and increased reported earnings= for the first 9 months of the year by a penny per share. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 USA: Enron shares tumble on credit concerns. 11/21/2001 Reuters English News Service (C) Reuters Limited 2001. NEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 19 percent in openi= ng trade on Wednesday, amid concerns over the company's liquidity and growi= ng questions over whether the proposed takeover by Dynegy will go ahead.=20 Shares were down $1.33 to $5.66 in early trading on the New York Stock Exch= ange. Wall Street analysts said Enron is losing market share because of credit co= ncerns from its trading partners and questions over Dynegy Inc.'s takeover = offer. Enron warned on Monday it could be forced to pay by next week a $690= million debt triggered by a credit downgrade last week.=20 "The Dynegy deal will take a long time and a lot of things could happen ove= r that time period. Dynegy did their homework, but if they missed anything,= they have a number of exit opportunities," said Fulcrum Global Partners an= alyst Michael Barbis. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Business Upgrades and Downgrades Rhonda Schaffler, Charles Kadlec 11/21/2001 CNNfn: Market Coverage - Morning (c) Copyright Federal Document Clearing House. All Rights Reserved. RHONDA SCHAFFLER, CNNfn ANCHOR, MARKET CALL: Time now for upgrades and down= grades.=20 Salomon Smith Barney downgrades Microsoft (URL: http://www.microsoft.com/) = to neutral from outperform saying the company`s earnings estimates too aggr= essive in light of the economic conditions. Goldman Sachs, as we heard from Chris, removing three energy firms; Enron (= URL: http://.www.enron.com/) , Dynegy (URL: http://www.dynegy.com/) and Wil= liams (URL: http://www.williamsenergy.com/) , from the recommended list.=20 Dynegy was expected to buy the troubled Enron. It is still, but it`s rated = market perform now as is Enron. Williams rated market outperform. Goldman s= ays it`s concerned about Enron`s ability to recover from the loss of signif= icant business deals and sees no positive catalysts for the entire group la= rgely due to the problems in Enron.=20 On the upside, Deutsche Bank is raising Xerox (URL: http://www.xerox.com/) = to buy from market perform saying it`s pleased with the company`s turnaroun= d strategy. We`re going to talk about that in detail when we speak with the= analyst who made that call in just a moment.=20 First, we want to take a look at how these stocks are trading. Entire group= is down with the exception of Xerox. It`s up 15 cents.=20 Peter Ausnit is imaging analyst at Deutsche Bank Alex. Brown and joins us.= =20 And thanks for joining us here on MARKET CALL. What is it about Xerox you l= ike?=20 PETER AUSNIT, IMAGING ANALYST, DEUTSCHE BANK ALEX. BROWN: Well I think the = company`s really put its liquidity concerns behind it and now investors can= look at the long-term picture, which is much brighter.=20 CHARLES KADLEC, J&W SELIGMAN: Peter, it`s Chuck Kadlec. Good morning. Is th= is is a heroic recommendation here? Is this - should we consider this more = of a speculative investment or is this something that a conservative invest= or ought to be interested in?=20 AUSNIT: I think investors should be interested in this if, over the next se= veral quarters - in the near-term, the conditions are still quite difficult= but over the long-term it`s not that speculative. Xerox has a large instal= l base, a tremendous sales and service force and can probably return to ind= ustry standard margins.=20 KADLEC: As you say, this probably depends on management`s ability to execut= e here. Why do you believe this management is going to be able to execute t= heir strategy?=20 AUSNIT: Well their track records during the turnaround has been fairly stro= ng and the strategy has made a lot of sense. They`ve sold a lot of business= es. They`ve done most of the things they promised to do such as bring on ne= w third party equipment financing and they`re going to bring on a new CFO a= s well.=20 SCHAFFLER: Peter Ausnit of Deutsche Bank Alex. Brown, thanks for joining us= .=20 Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 USA: RESEARCH ALERT-Enron, Dynegy cut by Goldman. 11/21/2001 Reuters English News Service (C) Reuters Limited 2001. NEW YORK, Nov 21 (Reuters) - Goldman Sachs said on Wednesday it removed mer= ger partners Enron Corp. and Dynegy Inc. from its "recommended list" and do= wngraded the stocks to "market perform."=20 Goldman said it cut Enron's 2001 earnings estimate to $1.35 a share, and cu= t the 2002 estimate to 50 cents a share amid concerns about "new and major"= liquidity issues, and the company's ability to recover the business that h= as been lost. The firm said the cash infusion from Dynegy "appears inadequate to restore = the confidence of Enron customers."=20 It said Dynegy and Williams Cos Inc. have "excellent long-term prospects," = but valuations throughout the sector may be under pressure until Enron's is= sues are resolved.=20 Shares of Enron closed at $6.99 on Tuesday, while Dynegy closed at $41.70. = Shares of Williams closed at $29.26. Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09 Enron Gets Extension on $690 Mln Note Due Next Week (Update1) 2001-11-21 12:38 (New York) Enron Gets Extension on $690 Mln Note Due Next Week (Update1) (Updates with amount of debt in fourth paragraph.) Houston, Nov. 21 (Bloomberg) -- Enron Corp., whose shares had dropped 92 percent this year amid a financial crisis, said lenders extended to mid-December the payment date on a $690 million note due next week. Enron, which agreed to be bought out by rival energy trader Dynegy Inc. in a transaction now valued at more than $23 billion, said earlier this week a drop in its credit rating may force it to repay the $690 million note. The repayment would strain cash reserves Enron needs to back its trading operations, investors and analysts said. The Houston-based company didn't say in its release who holds the note, which is owed by an affiliated partnership that owns Brazilian natural-gas assets and was backed by Enron. The note is held by a group of banks led by the Citibank unit of Citigroup Inc., Standard & Poor's said in a press release yesterday. Enron also is in discussions with other lenders on a restructuring of its debt, the company said in a statement distributed by PR Newswire. ``We believe the interests of Chase and Enron's other primary lenders are aligned in this restructuring effort,'' James Lee, vice president of JP Morgan Chase & Co., said in the Enron statement. ``We will work with Enron and its other primary lenders to develop a plan to strengthen Enron's financial position up to and through its merger with Dynegy.'' Morgan has been advising Enron on its merger with Dynegy. Enron said yesterday it may have to pay $9.15 billion in debt due by 2003, suggesting the company may run out of cash before the merger closes. Dynegy has said the merger should close before the end of the third quarter of 2002. Enron said in a regulatory filing that it has less than $2 billion in cash or credit lines. Shares of Enron, the most active stock in U.S. trading, fell $1.79, or 23 percent, to $5.20 in midday trading. Before the announcement that it had renegotiated the $690 million note, its shares had fallen as much as 42.78 percent, the lowest level in more than a decade. Dynegy fell $2.50, or 6 percent, to $39.20. Shares of ChevronTexaco Corp., which owns 26 percent of Dynegy, rose 49 cents to $87.02 Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2) 2001-11-21 11:49 (New York) Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2) (Adds analyst comment in fourth paragraph.) Houston, Nov. 21, (Bloomberg) -- Shares of Enron Corp., the biggest energy trader, and Dynegy Inc. fell for a second day on concern Enron may run out of cash before its takeover by Dynegy can be completed. Enron tumbled as much as 33 percent, and Dynegy dropped as much as 6.7 percent. Enron's bonds also fell. The company's 6.4 percent notes maturing in July 2006 were bid at 62 cents and offered at 66 cents, traders said. They sold at about 72 cents yesterday. Institutional investors sold shares of both companies after Goldman, Sachs & Co. analyst David Fleischer downgraded them to ``market perform'' from his ``recommend'' list, other analysts said. The Dynegy bid ``did not eliminate customer concerns about Enron's liquidity and long-term viability,'' Goldman Sachs said in its report. ``We now believe that it will be difficult for Enron shares to generate strong returns until it is clear that Enron can operate on a normal basis without having to provide cash or letters of credit to back routine transactions.'' Fleischer also cut his 2002 profit estimate for Enron to 50 cents from $1.35. Enron had been expected to make $1.90 next year, the average estimate of 16 analysts surveyed by Thomson Financial/First Call. Enron said Monday it may have to pay $9.15 billion in debt due by 2003, suggesting the Houston-based energy trader may run out of cash. The company said in a regulatory filing it has less than $2 billion in cash or credit lines. It also surprised some investors by saying a drop in its credit rating may force it to repay a $690 million note next week. Enron said yesterday the terms of the notes, which it guaranteed for an affiliated partnership that owns Brazilian natural-gas assets, are being renegotiated and that it had a ``verbal indications'' that the maturity of the notes will be extended. The company's dealings with affiliated partnerships led to earnings restatements, credit-rating cuts, a federal investigation and a management shakeup. Dynegy plans to complete its buyout by October, and Enron may have to ask lenders to restructure payment schedules. Mirant Corp., Aquila Inc. and other big energy traders are doing fewer transactions with Enron as concerns increase about its credit rating and ability to finance daily business, executives said yesterday. Enron's stock fell $2.28, or 32 percent, to $4.71 in late-morning trading. Earlier, it touched $4.67, its lowest price in more than a decade. The shares have plummeted 92 percent this year. Dynegy fell $2.70, or 6.5 percent, to $39.00. The shares had dropped 26 percent this year. U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint 2001-11-21 10:24 (New York) U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint New York, Nov. 21 (Bloomberg) -- The following is a list of companies whose shares are moving in U.S. markets Wednesday, Nov. 21. The stock symbol is in parentheses after the company name. Major Moving Stocks: Enron Corp. (ENE) fell $1.54, or 22 percent, to $5.45 and traded as low as $5.44. The energy trader shares fell for a second day on concern Enron may run out of cash before its takeover by Dynegy Inc. (DYN) can be completed. Other Moving Stocks: Cardiac Science Inc. (DFIB) rose 51 cents, or 16 percent, to $3.65 and traded as high as $3.89. The maker of equipment used to restore a normal heartbeat to patients in cardiac arrest said the San Diego City Council approved an agreement for the company to deploy automated external defibrillators in the region. The company made the announcement in a press release distributed by PR Newswire. Officials couldn't immediately be reached to comment. Guidant Corp. (GDT) rose $4.18, or 8.9 percent, to $51 and traded as high as $51.50. The maker of products to treat heart disease said a study showed implantable defibrillators cut deaths by 30 percent in heart-attack survivors, potentially expanding the $1.9 billion market for the product. Portal Software Inc. (PRSF) fell 34 cents, or 15 percent, to $1.89 and traded as low as $1.64. The provider of Internet-billing programs said in a release distributed by Business Wire that it forecasts a loss of 9 cents to 10 cents a share in the fourth quarter ending Jan. 31. The company is expected to lose 11 cents, the average estimate of analysts surveyed by First Call. Officials couldn't be reached to comment. TriQuint Semiconductor Inc. (TQNT) fell $1.99, or 10 percent, to $17.56 and traded as low as $17.35. The communications- equipment chipmaker said it would report fourth- and first-quarter results at the low end of previous forecasts. TriQuint was cut to ``neutral'' from ``buy'' in a report by U.S. Bancorp Piper Jaffray Cos. analyst Samuel May. Tickers: ENE DFIB GDT TQNT Money flows, the difference between the value of trades made at a higher price than the previous trade and those made at a lower price, may also appear for some stocks. These inflows and outflows show whether people are willing to pay more for a stock that's rising, or to sell a stock that's falling for less. If not it's a signal the share price may soon change direction. Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid 2001-11-21 09:57 (New York) Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid Houston, Nov. 21, (Bloomberg) -- Shares in Enron Corp. and Dynegy Inc. fell for a second day on concern Enron may run out of cash before its takeover by Dynegy can be completed. Enron fell $1.37, or 20 percent to $5.62 in early trading. Dynegy fell $1.95, or 4.7 percent, to $39.75. Enron bonds extended declines. The company's 6.4 percent notes maturing in July 2006 were bid at 60 cents and offered at 68 cents, traders said. They traded at about 72 cents yesterday. Enron Corp. Cut to `Market Perform' at Goldman Sachs 2001-11-21 08:46 (New York) Princeton, New Jersey, Nov. 21 (Bloomberg Data) -- Enron Corp. (ENE US= ) was downgraded to ``market perform'' from ``recommend list'' by analyst Dav= id N Fleischer at Goldman, Sachs & Co. Earnings estimates: Period Previous estimate New estimate per share (USD) FY 2001 1.80 1.35 FY 2002 2.15 0.50 Enron Says Lenders Extend $690 Mln Note Payment to Mid-December 2001-11-21 12:10 (New York) Enron Says Lenders Extend $690 Mln Note Payment to Mid-December Houston, Nov. 21 (Bloomberg) -- Enron Corp. said its lenders extended to mid-December the payment date on a $690 million note, giving the debt-laden energy trader more time to restructure its finances. Enron said it's still committed to a takeover by Dynegy Inc. The company said it secured the remaining $450 million of a previously announced $1 billion credit line. Enron shares pared losses after the announcement of the debt extension. The stock fell $1.54, or 22 percent, to $5.45 in midday trading. Plunge Says End Is Near at Enron By Peter Eavis <mailto:[email protected]> Senior Columnist 11/21/2001 12:32 PM EST Enron (ENE <http://tscquote.thestreet.com/StockQuotes.jhtml?tkr=3DENE>:NYSE= - news <http://tscquote.thestreet.com/BBNews.jhtml?tkr=3DENE> - commentary= <http://find.thestreet.com/cgi-bin/texis/cmttkrfind/results.html?tkr=3DENE= &site=3Dtsc> - research <http://thestreet.multexinvestor.com/search.asp?Tic= ker=3DENE> - analysis) <http://www.riskgrades.com/clients/thestreet/index.c= gi?tickers=3DENE> shares plunged a second straight day Wednesday as fear mo= unted that the struggling energy trader's bailout merger plan will unravel.= =20 A potentially lethal cash crunch appears to be gripping Enron, even though = its planned acquirer Dynegy (DYN <http://tscquote.thestreet.com/StockQuotes= .jhtml?tkr=3DDYN>:NYSE - news <http://tscquote.thestreet.com/BBNews.jhtml?t= kr=3DDYN> - commentary <http://find.thestreet.com/cgi-bin/texis/cmttkrfind/= results.html?tkr=3DDYN&site=3Dtsc> - research <http://thestreet.multexinves= tor.com/search.asp?Ticker=3DDYN> - analysis) <http://www.riskgrades.com/cli= ents/thestreet/index.cgi?tickers=3DDYN> has injected $1.5 billion of cash, = and banks have opened new credit lines. An Enron collapse would cause weeks= of dislocation in the energy markets that would damage other energy trader= s, and it would cause big losses for the Houston company's creditors.=20 Just before noon EST, Enron announced in a press release that it had extend= ed to mid-December a $690 million obligation that was due next week. It als= o said that it had agreed with its bankers to draw down the remaining $450 = million of a previously announced $1 billion secured credit line that has J= .P. Morgan Chase as its lead banker.=20 Investors have been fleeing Enron since the company last month disclosed a = $1.2 billion writedown to unwind some related-party hedging transactions. T= he Securities and Exchange Commission is probing Enron deals with related p= arties. The October disclosure made investors uneasy because it suggested t= he company hadn't been forthcoming about the true state of its finances, an= d it showed that Enron was facing serious liquidity problems.=20 Those fears were temporarily quieted earlier this month when Enron agreed t= o be acquired by smaller rival Dynegy. But Enron's disclosure Monday that i= t faces additional earnings and financing troubles renewed the rush to the = exits. In the Wednesday release, Enron CEO Ken Lay said his company was sti= ll committed to the merger: "We continue to believe that this merger is in = the best interests of our shareholders, employees and lenders." Dynegy late= r issued a press release indicating it is "continuing our confirmatory due = diligence" regarding the merger. Neither Enron nor Dynegy returned calls se= eking comment.=20 After plunging 23% Tuesday to $6.99, Enron was down a staggering 34% at one= point Wednesday. It moved slightly higher after the midday press release t= o trade at $4.90. Enron shares have lost more than 80% of their value since= the company issued its third-quarter earnings release last month. Dynegy d= ropped $2.44, to $39.26, though it remains substantially above premerger le= vels.=20 At the heart of Enron's trouble is the sense that the company isn't letting= on the full extent of its troubles. The selloff in Enron shares began in e= arnest Oct. 16, when the company disclosed in an earnings conference call t= hat it would take a $1.2 billion writedown to unwind some related-party tra= nsactions. Critics of the company said those deals, in which the company di= d business with separate entities involving Enron managers, raised serious = ethical and disclosure issues.=20 The Dynegy merger was taken as a vote of confidence for Enron, since as a b= ig trading partner Dynegy would appear to have a solid grasp of Enron's sit= uation. As a result, shares in both companies rallied after the deal's anno= uncement. But Monday's disclosure that Enron faced $690 million in bond pay= ments next week reignited worries that the company faced steeper challenges= than it has detailed. According to a Merrill Lynch report cited in The New= York Times Wednesday, Dynegy wasn't aware of the $690 million obligation. = Critics of the deal wondered whether Enron had told Dynegy about all its ob= ligations. <http://www.thestreet.com/markets/detox/10003860.html>=20 Liquidity fears have also been rekindled by information contained in a fili= ng of quarterly results that show the company consumed as much as $5 billio= n of cash in recent weeks. By the end of 2002, Enron has to find around $9 = billion to pay back various obligations. It had $1.2 billion in cash on han= d as of Nov. 16, according to the filing.=20 Tellingly, Dynegy shares haven't plunged along with Enron, suggesting that = investors see a collapse of the merger as catastrophic for Enron but not fo= r Dynegy. At current levels, Enron shares are trading at more than a 50% di= scount to the Dynegy offer.=20 J.P. Morgan has taken a leading role in helping Enron. It has lent funds an= d it helped restructure the $690 million obligation. The bank's stock was d= own 78 cents to $38.62. "We will work with Enron and its other primary lend= ers to develop a plan to strengthen Enron's financial position up to and th= rough its merger with Dynegy," said James Lee, a top banker at Morgan, in t= he Enron release.=20 From CBS.MarketWatch.com, online at: DYNEGY, ENRON SAY MERGER TO PROCEED By Myra P. Saefong 1:52 PM ET Nov 21, 2001 WASHINGTON (CBS.MW) -- Merger partners Enron and Dynegy restated their commitment Wednesday to completing a deal, on the heels of embattled Enron's announcement that its lead lender granted it more time to pay off a $690 million note set to come due next week. "We are continuing our confirmatory due diligence and working to accelerate the regulatory approvals required to complete the merger," said Chuck Watson, Dynegy's chairman and chief executive, in a statement. Shares of Enron (ENE) recovered slightly in afternoon trading but remained under pressure. On heavy volume, the stock -- which had touched $4 earlier in the session -- was down $1.83 to trade at $5.16, a new 10-year low. Some 84 million shares had changed hands. Enron declined 23 percent Tuesday after the company revealed the upcoming debt deadline and restated its earnings. Meanwhile, Dynegy shares lost $1.83 to stand at $39.87. Enron said that the lead bank on the $690 million debt agreed to extend the maturity date to mid-December, which will give the company time to restructure the facility, and added it expects to further restructure its debt. "We ... believe we can identify a mutually beneficial restructuring to enhance our cash position, strengthen our balance sheet, and address upcoming maturities," said Jeff McMahon, chief financial officer, in a statement. J.P. Morgan Chase &amp; Co. said it and other lenders are committed to helping Enron improve its financial position. Also, Enron reaffirmed its commitment to a merger with Dynegy and said it closed on a previously announced $450 million line of credit from J.P. Morgan, collateralized by the company's Northern Natural Gas Co. Enron -- which is being acquired by its smaller rival Dynegy (DYN) at a fire-sale price -- revealed in a Securities and Exchange Commission filing Monday that it had to pay off or refinance $690 million in debt obligations by next Monday or risk triggering nearly $4 billion in additional payments. If Enron had missed that deadline and didn't post collateral, investors had the right to demand immediate liquidation of the assets of one of Enron's limited partnerships, the unusual business entities at the center of the company's murky transactions currently under investigation. The SEC filing of Monday also contained yet another restatement of financial results on the heels of a similar filing that disclosed more than four years of restated earnings figures. <http://cbs.marketwatch.com/news/story.asp?guid=3D%7B35D690E0%2D13BE%2D43D9= %2D9644%2D1B1CF4896115%7D> Earlier Wednesday, Goldman Sachs lowered its rating on Enron's stock to "market performer" from its "U.S. recommended list," citing "major" liquidity issues and concerns over whether the company can recover the business it has lost. CIBC World Markets also cut Enron to a "hold" from a "buy." Commerzbank weighed in Wednesday, saying Enron's viability is in doubt. "We believe the filing clearly shows that Enron remains in a precarious financial position and its status as a going concern is much in doubt," analysts Andre Meade and Andrew Smith wrote. "It appears that Enron's situation could worsen in a number of ways." Though Enron's most recent disclosures shed more light on the fiscal situation, Meade and Smith characterized the information as "piecemeal." "It appears that the full extent of Enron's problems is not currently known," they said in a note, cautioning clients against investing in Enron.
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Energy update , - energy111901.doc
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RE: , I think that sounds awesome - I'll see if I can get out. I'll let you know ASAP! MSA -----Original Message----- From: Arnold, John Sent: Monday, October 08, 2001 10:35 AM To: Allen, Margaret Subject: want to play hookie and go to the bb game tomorrow at noon?
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Sunday Access , YOU HAVE ACCESS TO COME IN THE BUILDING ON SUNDAY BETWEEN 2:00 PM AND 6:00 PM. YOU'RE NAME WILL BE ON A LIST AT THE DOOR ON THE 6TH FLOOR. THERE WILL BE IT SUPPORT ON THE FLOOR TO HELP YOU IF YOU HAVE ANY PROBLEMS WITH YOUR SYSTEMS. THANK YOU Ina Rangel Administrative Coordinator Enron North America 713-853-7257 Voice 713-646-3604 Fax
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FW: FW: TOP 50 GAS CPS - AS OF 11-14-01 , -----Original Message----- From: Sweitzer, Tara Sent: Thursday, November 15, 2001 11:33 AM To: Puthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy Subject: FW: TOP 50 GAS CPS - AS OF 11-14-01 Savita, The numbers on this report have been verified. Thanks Tara
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RE: Trading Track - New participants (rotations assgined) , Hi John, We are not moving forward with the external offers at this point and only concentrating on internal. However, I have adivsed them I would keep in touch with them - should this change I will give you a call and give you an update. Thanks, Karen. -----Original Message----- From: Arnold, John Sent: Wednesday, November 14, 2001 8:45 PM To: Buckley, Karen Subject: RE: Trading Track - New participants (rotations assgined) Did we hear a response from the guy who works on the floor of the Nymex? -----Original Message----- From: Buckley, Karen Sent: Tue 11/13/2001 5:22 PM To: Allen, Phillip K.; Arnold, John; Bentley, Corry; Black, Don; Davis, Mark Dana; Gaskill, Chris; Gossett, Jeffrey C.; Grigsby, Mike; Herndon, Rogers; Martin, Thomas A.; Meyn, Jim; McMichael Jr., Ed; Mrha, Jean; Neal, Scott; Presto, Kevin M.; Schwieger, Jim; Shively, Hunter S.; Sturm, Fletcher J.; Superty, Robert; Will, Lloyd Cc: Lavorato, John Subject: Trading Track - New participants (rotations assgined) <<Trading Track Rotations November 9th.xls>> All, The attached spreadsheet outlines the rotations for the internal new hires to the Trading Track. I will be meeting with the new TT A&A tomorrow, and subject to them signing all associated documentation, they will join the Track immediately. Let me know if you have any questions with respect to the rotations outlined and we can make the appropriate changes as we move forward. Thanks, Karen B. x54667
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TOP 50 GAS CPS - AS OF 11-13-01 , Hi John, Here is your report for today. I also need to get your opinion on the following matter. We have been working on a new look and feel for EnronOnline that includes expanded order functionality. This was expected to be released sometime in January. We think going ahead will act as an indicator that as far as our core businesses are concerned it is business as usual and we are contiuing to develop the platform. Before proceeding however we would like to get your opinion on whether this is something we should even be considering at this point . I also have some screen shots that I will bring by after trading for you to take a look at. I aprreciate your help. Savita
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RE: Monday bike workout , andy, you are da man. thanks! -----Original Message----- From: Coyle, John Sent: Tuesday, November 06, 2001 9:47 AM To: Sorak, Philip; '[email protected]'; Huff, Jeff; Niezgoda, Stephen; Romine, Brad; Arnold, Matthew; Arnold, John; Robins, Bryan Cc: Cocks, Christopher Subject: RE: Monday bike workout We are riding again tonight ~6:30pm at Memorial - pacing - Andy Walker's leading 20 laps at 23mph. We can switch off behind him. Thanks Andy. -John -----Original Message----- From: Sorak, Philip Sent: Tuesday, November 06, 2001 9:02 AM To: Coyle, John Subject: RE: Monday bike workout Sorry I missed the biking - had a plumbing disaster, but was able to fix it myself!! Camera is the same resolution as yours, I believe - 3.3 Megapixel. The lens was updated - lower F-stop - lets more light in. Let me know about Pho! ------------------------------------------------- Philip Sorak Manager, Enron Networks Office: 713-345-6448 Cell : 713-501-9830 Email: [email protected] -----Original Message----- From: Coyle, John Sent: Monday, November 05, 2001 2:28 PM To: Sorak, Philip Subject: RE: Monday bike workout Great pic - is that the camera with the ultra high resolution? Current plans are 7pm memorial. Pho tomorrow may work... -----Original Message----- From: Sorak, Philip Sent: Friday, November 02, 2001 11:12 AM To: Coyle, John Subject: RE: Monday bike workout I'm doing great! Tina and I just got back from a trip to Yosemite, Kings Canyon, and Sequoia National Parks. Check out this photo: << File: test0108.JPG >> Tina bought me the Olympus c-3040 for my birthday - latest version of the one you and Jeff have. I don't have a bike, but will see if I can borrow Dan's. If I don't make it Monday night, how about Pho on Tuesday? ------------------------------------------------- Philip Sorak Manager, Enron Networks Office: 713-345-6448 Cell : 713-501-9830 Email: [email protected] -----Original Message----- From: Coyle, John Sent: Friday, November 02, 2001 10:55 AM To: Sorak, Philip Subject: RE: Monday bike workout It is dark but they light it up pretty good. How are you buddy? Do you have a road bike? -----Original Message----- From: Sorak, Philip Sent: Friday, November 02, 2001 10:53 AM To: Coyle, John Subject: RE: Monday bike workout Isn't it dark by then? Or do they light the loop? ------------------------------------------------- Philip Sorak Manager, Enron Networks Office: 713-345-6448 Cell : 713-501-9830 Email: [email protected] -----Original Message----- From: Coyle, John Sent: Friday, November 02, 2001 10:52 AM To: Niezgoda, Stephen; Cocks, Christopher; Huff, Jeff; Romine, Brad; Arnold, Matthew; Robins, Bryan; Arnold, John; Sorak, Philip Subject: Monday bike workout 15 miles of spinning - Monday 7pm - Memorial park Huff's got the new fancy machine - check it out!
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FW: PIRA's Natural Gas Pipeline Study , -----Original Message----- From: Jeff Steele [mailto:[email protected]] Sent: Monday, November 05, 2001 1:03 PM To: Fraser, Jennifer; EGMContent Subject: PIRA's Natural Gas Pipeline Study Jen, Did you round up any interest at Enron in PIRA's new gas pipeline study, "The Price of Reliability: Stretching Infrastructure to New Frontiers"? Please let me know. Regards, Jeff PIRA
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, John, We are not pulling the25 million today. No one from Man should have demanded anything from you today. Eddie
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25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT , YA HEARING ANYTHING ON THIS GEORGE DOWN--CRUDE FLOOR EVACUATED AND BROUGHT BACK
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RE: Monday bike workout , We are riding again tonight ~6:30pm at Memorial - pacing - Andy Walker's leading 20 laps at 23mph. We can switch off behind him. Thanks Andy. -John -----Original Message----- From: Sorak, Philip Sent: Tuesday, November 06, 2001 9:02 AM To: Coyle, John Subject: RE: Monday bike workout Sorry I missed the biking - had a plumbing disaster, but was able to fix it myself!! Camera is the same resolution as yours, I believe - 3.3 Megapixel. The lens was updated - lower F-stop - lets more light in. Let me know about Pho! ------------------------------------------------- Philip Sorak Manager, Enron Networks Office: 713-345-6448 Cell : 713-501-9830 Email: [email protected] -----Original Message----- From: Coyle, John Sent: Monday, November 05, 2001 2:28 PM To: Sorak, Philip Subject: RE: Monday bike workout Great pic - is that the camera with the ultra high resolution? Current plans are 7pm memorial. Pho tomorrow may work... -----Original Message----- From: Sorak, Philip Sent: Friday, November 02, 2001 11:12 AM To: Coyle, John Subject: RE: Monday bike workout I'm doing great! Tina and I just got back from a trip to Yosemite, Kings Canyon, and Sequoia National Parks. Check out this photo: << File: test0108.JPG >> Tina bought me the Olympus c-3040 for my birthday - latest version of the one you and Jeff have. I don't have a bike, but will see if I can borrow Dan's. If I don't make it Monday night, how about Pho on Tuesday? ------------------------------------------------- Philip Sorak Manager, Enron Networks Office: 713-345-6448 Cell : 713-501-9830 Email: [email protected] -----Original Message----- From: Coyle, John Sent: Friday, November 02, 2001 10:55 AM To: Sorak, Philip Subject: RE: Monday bike workout It is dark but they light it up pretty good. How are you buddy? Do you have a road bike? -----Original Message----- From: Sorak, Philip Sent: Friday, November 02, 2001 10:53 AM To: Coyle, John Subject: RE: Monday bike workout Isn't it dark by then? Or do they light the loop? ------------------------------------------------- Philip Sorak Manager, Enron Networks Office: 713-345-6448 Cell : 713-501-9830 Email: [email protected] -----Original Message----- From: Coyle, John Sent: Friday, November 02, 2001 10:52 AM To: Niezgoda, Stephen; Cocks, Christopher; Huff, Jeff; Romine, Brad; Arnold, Matthew; Robins, Bryan; Arnold, John; Sorak, Philip Subject: Monday bike workout 15 miles of spinning - Monday 7pm - Memorial park Huff's got the new fancy machine - check it out!
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customer positions/market , hi.. i know you are under tremendous pressure. i'd like to help in any way possible to clean things up.. if you have not already completely gone down this path, i can help with the banks and marketers up here..i know all of them. for example, we are loking at unwinding a 12 year deal CSFB has on with us. most of the banks hold reserve against specific deals.. this can increase depending on the counter. in the case of csfb, this is certainly the case... it can also be in our best interest to get deals off if we are paying money out to the counter.. this is the case with catequil (hedge fund) who holds 23M of our money- we are paying them Libor but borrowing at Libor + 350.. + looking into all this because we can take some money.. also good to just clear up lines as this has been a major impediment to bigger deals this year. + campbell- can you give me 5 minutes to give them comfort we can clear ANYTHING they want.. market comment.. talking to pulaski today..put on the following through the floor today- strikes could be slightly different.. jan02- short 5 calls, long 3.75 calls, short 2.75 puts- 1200 lots jun02- long 2.75 puts, short 3.75 calls- 1500 lots basically playing small withdrawal scenerio in nov and dec and high end march storage.. wants to be max short summer but does not see big move till mid jan- willing to risk the 2.75 line on the jan options.. seems contrary to what you've been talking about.. weak front, supported back...unless you do not see weakness till jan/feb....
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Monday bike workout , 15 miles of spinning - Monday 7pm - Memorial park Huff's got the new fancy machine - check it out!
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FW: natural gas inquiry , Hey John - You're the only guy I know in Nat Gas. Please forward this to the right person. Thanks. Lenny -----Original Message----- From: Brown, Ron X Sent: Tuesday, November 13, 2001 7:22 AM To: Hochschild, Lenny Subject: natural gas inquiry Hi Lenny, Don't know if you are involved in this area or not. I think maybe. Anyway, we have a refined lead contract with Hammond. The local buyer for Pottstown, PA is interested in getting information about natural gas for possible future use from ENRON. If you could contact him or direct him to the person that is in a position to help it would be appreciated. His name is, Joe Stewartz E-MAIL address is [email protected] telephone number (610) 327-1400 Fax number (610) 327-1255 Thanking you in advance and hope all is well with you. Regards, Ron Brown
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Computer , Can you get Enron online on Matthew's laptop? You could bring it. Or Bob will be out of town and you could go over there and trade all you want. Of course I would tell him. Just let me know. I heard from Uncle Elmer, he said he has not forgotten about the computer and when he gets back from Thanksgiving he will somewhere find a box in which to ship it. Thank you for your offer to buy me one, but just save your money for now. I got tickets for the ballet! Do you know if you are flying or driving Wed? See you soon. Love you, your Mom
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Password changed. , Your Yahoo! ID is: nymexdesk Your password for this account has recently been changed. You don't need to do anything, this message is simply a notification to protect the security of your account. Please note: your new password may take a while to activate. If it doesn't work on your first try, please try it again later. DO NOT REPLY TO THIS MESSAGE. For further help or to contact support, see http://help.yahoo.com/help/edit/ *************************************************************** You can always change your password by: 1. signing in to any Yahoo! service, 2. clicking on any "Account Info" link, 3. choosing "Change Password." If you cannot find an "Account Info" link, you can find a "Change Password" link in the following ways. My Yahoo! (http://my.yahoo.com) or Yahoo! Chat (http://chat.yahoo.com) Click on "Account Information" on the upper right corner. Yahoo! Mail (http://mail.yahoo.com) Click on "Options" in the left column. In the next screen, select "User Information" from the main screen. Yahoo! Finance (http://finance.yahoo.com) Click on the "My Yahoo! View." On your My Yahoo! page, click on "Account Information" on the upper right corner. [209.0.209.220]
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RE: First Call Associates Contact Information , John, You suggested that I contact you today to see if you would have an interest in talking about our retained client's interest in you. Are you ready? Adrian -----Original Message----- From: Adrian Clark [mailto:[email protected]] Sent: Friday, November 09, 2001 9:56 AM To: '[email protected]' Subject: First Call Associates Contact Information John, I am the executive recruiter you spoke with today about a new job opportunity. Thanks very much for your time. As discussed, I've attached my contact information. If by Monday you find yourself in a position where you would be interested in discussing our retained client's interest in you, please let me know when you are available to talk. If you have a prepared resume, please send that to me as well. Be assured that our discussions will be completely confidential. You can find more information about my firm at www.firstcallassociates.com. We are very familiar with the nuances of the energy trading business and have built relationships with many energy companies in North America enabling us to present qualified employees for their consideration. In the meantime, most of our candidates (as you were), come referred to us by people we have worked with in the past. If you know any good people in front, mid or back office positions who may be interested in new job opportunities, let me know or feel free to pass along my name. Any referrals that result in placements will not be forgotten. Thanks again. << Message: Adrian Clark >> Adrian Clark Director First Call Associates, Inc. 8 Andrew Dr. Canton, CT 06019 (860)693-4122 (860)693-4118 (fax)
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, Wishing everyone (even those I forgot to put on the list) a very safe and joyous Thanksgiving Holiday. Best Wishes, Bill Perkins P.S I can be reached via cell phone if needed. - William Perkins.vcf
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FW: , got this from late friday. have you ever heard of him ? -----Original Message----- From: jeff lawson [mailto:[email protected]] Sent: Wednesday, November 21, 2001 2:13 PM To: Zipper, Andy Subject: Fuck you, you piece of shit. I can't wait to see you go down with the ship like all the other vermin. Smug, paranoid, unhappy mother fucker. Eat shit. __________________________________________________ Do You Yahoo!? Yahoo! GeoCities - quick and easy web site hosting, just $8.95/month. http://geocities.yahoo.com/ps/info1
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FW: FW: TOP 50 GAS CPS - AS OF 11-15-01 , John, Attached is the Daily Counterparty Report. If you have any questions, call me. Jennifer 3-5824 -----Original Message----- From: Sweitzer, Tara Sent: Friday, November 16, 2001 12:00 PM To: Denny, Jennifer; Puthigai, Savita; Moorer, Torrey; Johnson, Adam; George, Fraisy Subject: FW: TOP 50 GAS CPS - AS OF 11-15-01 Jennifer, The Arnold report has been reviewed and looks good. Thanks Tara
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RE: 25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT , that means nothing..uk is giving away boxter for new employees ans slicing 10% at same time -----Original Message----- From: Arnold, John Sent: Monday, October 08, 2001 11:48 AM To: Fraser, Jennifer Subject: RE: 25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT no way. we're still paying $5000 for new employee referrals -----Original Message----- From: Fraser, Jennifer Sent: Monday, October 08, 2001 10:18 AM To: Arnold, John Subject: 25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT YA HEARING ANYTHING ON THIS GEORGE DOWN--CRUDE FLOOR EVACUATED AND BROUGHT BACK
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RE: NG deal in California , custy interest from sell side? or buy? sounds like the producers are pretty hedged? what do you think of the fact that production is disappointing? that fact is keeping some from selling more (my guys).. but i argue that its already priced into the curve.. and economic outlook overwhelms.. ?? -----Original Message----- From: Arnold, John Sent: Tuesday, October 30, 2001 7:51 AM To: Abramo, Caroline Subject: RE: NG deal in California not much from customers lately. Customers waiting for market to stabilize before doing any hedging -----Original Message----- From: Abramo, Caroline Sent: Tuesday, October 30, 2001 6:43 AM To: Arnold, John Subject: RE: NG deal in California morning.. i wrote the top and robyn bottom.. we sent the bottom part to the customer who brought the article to our attention.. I'd like to say i read the gas daily everyday but i miss it a lot.. there are a few things going on.. the client is long cy02/short cy03 socal.. and the deal last week impacts that position.. thats their interest. our interest is whether or not there are more of these deals coming.. which i was trying to figure out. what have you been seeing flow-wise lately? -----Original Message----- From: Arnold, John Sent: Tuesday, October 30, 2001 7:34 AM To: Abramo, Caroline Subject: RE: NG deal in California who wrote the market commentary are at the bottom of this and who wrote the rest? -----Original Message----- From: Abramo, Caroline Sent: Monday, October 29, 2001 4:44 PM To: Arnold, John; Maggi, Mike Cc: Quigley, Dutch; Griffith, John; Zivic, Robyn Subject: FW: NG deal in California sorry not to send this earlier.. i checked out the dept water resources site.. (wwwowe.water.ca.gov).. nothing too illuminating except that their power costs have come down from over $300 in march to$45 this month but due to the nature the borrowing costs associated with the LT contracts, they will not be able to pass on much savings to consumers (gotta love that). we were supposed to have received a copy of all their LT purchases in July. checking what happened there. we know that there were 54 contracts signed .. half linked to gas which covered 1/3 of cali's total needs (looks like for 10 years). some left open the possibility of the state procuring gas supplies for the plants.. dwr has signed 6 agreements w/ gas suppliers..pretty sure cali uses 25,000-45,000 MW per year which is about 70 contracts a day in gas terms. If they locked in 1/3.. it would be about 25/day.. the deal they just did was about 16/day for just cal02..probably waiting for curve to flatten further to do more.. they purchased another 500 MW in Aug - the 17th (all 10-12 years)..and to date it looks like they have not purchased anything (have been selling into the grid daily) but not liquidating any previously negotiated LT deals (LT is anything beyond 3 months). it sounds like they are planning on buying more of their gas requirements.. Sempra (who has LT power contracts with DWR and gives them the ability to buy 80% of their gas) said DWR had not purchased any gas yet. Pls note story on page 5 & 6 of todays gas daily... mentions California Dept of Water looking to hedge gas purchases for long-term contracts. over the past few days we have seen Major Inv. Bk Buying Cal 02 Nymex Calls and the same bank buying Cal 02 Socal basis calls - very good size This, we believe, is a hedge for this DWR story. The article mentions that they were "looking at ways to expand its gas purchases". The article does not mention, nor do we know, how far out they are looking to purchase. Socal basis has moved on the back of this deal.... Last week: Cal 02 = 9 cents Cal 03 = 20 cents Today Cal 02 = 18.5 cents Cal 03 = 22 cents....so the spread has moved from 11 cent contango to 3.5 cents. <<102401.pdf>> Other than the call buying we saw related to this deal, the rest of the flow we are seeing is : sellers of vol. Last night settles: Cal 02 vol 51.5% and Cal 03 vol 37.25% - and we are 1 % lower in Cal 02 since the open , and 0.5 % lower Cal 03.
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S+P Commodity Index , hi- not sure if you saw this with all the crap going on lately or have seen these contracts trading..one of the traders in Calgary called me Friday- one of his clients called asking about this indirectly.. said that he had heard of a $1B fund that was being set up to replicate the index.. the index is 17.7% nat gas (the highest % of any commodity).. the client wondered if that had anything to do with the nat gas rally! i am trying to find out info on this $1 B fund.. no luck yet.. it would have a nice impact on the market if the fund had to buy 177M of nat gas contracts- 17,700 contracts in first 2 months..look at the 2 websites- www.nybot.com <http://www.nybot.com> (the futures and options) are traded there and the s+p site www.spglobal.com <http://www.spglobal.com>... the way they manage the futures is interesting.. basic weightings: energy: 44.29% (natty-17.7, unleaded-9.7%, heat- 12.9, crude-4.12) grains- 19.28% meats- 10.98% metals- 7.96% softs- 11.98% fibers- 5.51% please let me know if you have any info on this. thanks, c S&P and NYBOT Launch New Index Futures and Options Contracts New York, NY, October 19, 2001 - The New York Board of Trade (NYBOT) , in partnership with Standard & Poor's, began trading futures contracts this morning on the S&P Commodity Index (SPCI) - a new standard for commodities pricing. Officials from the New York City Mayor's Office for Economic Development as well as NYBOT and Standard & Poor's presided over the launch. Standard & Poor's, a leading provider of global financial information and investment analysis, and the New York Board of Trade, a global marketplace for alternative investment products, developed the SPCI to bring greater definition to traded commodities as an investable asset class. The SPCI was introduced at a ceremony at NYBOT on August 9, 2001. The SPCI futures and options allow managers and investors to add real diversification to their portfolios through a single, transparent access point to the investment opportunities found in commodity futures markets. "The launch of this new product so soon after the events of September 11, and on a trading floor so imaginatively developed before the event, allowing NYBOT to start trading so soon after the loss of its facility in lower Manhattan, is a testament to the strength and the resilience of New Yorkers," said Michael G. Carey, President, New York City Economic Development Corporation. "Let no one doubt that New York is and continues to be the financial and trading capital of the world." "To contribute successfully to long-term portfolio goals, an alternative asset should have certain key characteristics, namely a proper benchmark, transparency, liquidity, simplicity, cost efficiency and flexible trading capabilities," said NYBOT President and CEO Mark D. Fichtel. "SPCI futures and options are among the few investment instruments that meet all the criteria for a real alternative asset. We believe that these new contracts will prove particularly valuable to investors and managers who need alternative investment strategies in these difficult economic times." The NYBOT SPCI futures contract lists six active contract months (January, February, April, June, August, November). Expiration is the second Friday of the listed futures contract month, and the contract is cash settled. The futures contract is valued at $100 x the Index (current contract value approximately $100,000). Trading hours initially will be 10:00 AM to 4:00 PM (New York Time). Options on futures are also offered (see contract specifications). "SPCI futures and options give investors a direct means to obtain exposure to a diversified commodity basket," said Robert Shakotko, Standard & Poor's Managing Director of Index Services. "Investors around the world recognize the S&P reputation for equity indices and index products. We now bring these same business strengths to commodities." The SPCI tracks 17 commodities in six sectors including grains, meat and livestock, metals, softs (coffee, sugar, cocoa), fibers, and energy. The index utilizes real-time prices of the relevant futures contracts traded on the commodities futures markets in New York and Chicago. Key features of the SPCI include its geometric calculation methodology and a weighting adjustment that eliminates double counting of upstream and downstream commodities. The new SPCI futures and options contracts will support and enhance other index-linked investment products. They offer an easy and efficient way to manage commodity index funds, commodity-linked insurance products, or commodity exposure in multi-asset products. As with its equity indices, Standard & Poor's has initiated a licensing program for the SPCI directed at financial institutions that might use the new commodity index as part of an innovative investment product. End-of-day index values and index history are available through both the S&P Index Services website at www.spglobal.com <http://www.spglobal.com/indexmaincommodity.html> and NYBOT's Website at www.nybot.com <http://www.nybot.com/>. The SPCI is calculated every 15 seconds and is available through traditional real-time quote vendors via the NYBOT; the ticker symbol will be 'I'. Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), provides independent financial information, analytical services, and credit ratings to the world's financial markets. Among the company's many products are the S&P Global 1200, the first real-time, global equity index, the S&P 500, the premier U.S. portfolio index, and credit ratings on more than 220,000 securities and funds worldwide. With more than 5,000 employees located in 18 countries, Standard & Poor's is an integral part of the world's financial architecture. For more information, visit the Standard & Poor's Website at www.standardandpoors.com <http://www.standardandpoors.com/>. The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and their subsidiaries and divisions NYBOT offers an expanding range of agricultural, currency and index products. Information about the New York Board of Trade can be found at www.nybot.com <http://www.nybot.com/>.
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A $5 Gift to Spend on Your Wish List , Dear Amazon.com Customer, The holiday gift-giving season is almost here, but before you start making lists and checking them twice, here's an incentive to cross a few things off your own list--$5 to spend toward a purchase of $50 or more from your Amazon.com Wish List. http://www.amazon.com/wishlist While you're there, it's also an ideal time to get your Wish List up to date. You can delete any outdated items, add some new items from the handy list of personal recommendations, and easily send your Wish List to family and friends to use during the upcoming holiday season. So grant yourself a wish today--just check your Wish List, add the items you want to your Shopping Cart, and use the claim code below to save $5 on your purchase of $50 or more. But don't delay--this offer expires November 8, 2001. http://www.amazon.com/wishlist Sincerely, Matt Williams Director (and Avid Wisher) Amazon.com Don't delete. This is your $5 Amazon.com promotional certificate. *********************************************************************** Amount: $5 off your order of $50 or more at Amazon.com Claim Code: WL79-GXT5SD-XGPCG5 Expires: November 8, 2001 To redeem your $5 promotional certificate, simply: 1. Go to your Amazon.com Wish List. 2. Select the items you want (totaling $50 or more, not including shipping or tax) and add them to your Shopping Cart. 3. Click the "Proceed to checkout" button. You'll be taken to the checkout page, where you can review your order and select shipping options. 4. Enter your promotional claim code in the space provided in the right column (located below your order total) and click the Apply button. The certificate will be redeemed and the page will refresh with your revised order total. 5. Click the "Place your order" button. You're done! If you want to review the details of your order again, click the Your Account button in the upper right corner of the page. The fine print: Offer must be redeemed at http://www.amazon.com toward the purchase of products sold by Amazon.com and listed in Amazon.com's online catalogs. Offer cannot be redeemed at Amazon.co.uk, Amazon.de, Amazon.fr, Amazon.co.jp, or any other Web site operated by Amazon.com, its affiliates, or third-party merchants accessible from our site (including, for example, our Health & Beauty store operated by drugstore.com). Offer not valid in Amazon Marketplace, Auctions, or zShops. Purchase must total $50 or more, excluding shipping charges and tax. Please use our Shopping Cart rather than our 1-Click ordering method if you want to apply this promotional certificate. You must pay for the order with a credit card. If you return items purchased with a promotional certificate, you will not receive a refund for the amount of the promotional certificate. Limit one offer per customer and one offer per purchase. Offer not valid with other promotional certificates. Offer must be applied at the time of the order and cannot be applied to orders already placed with us. Offer cash value is 1/10th of one cent and is not for resale. This promotional certificate will expire at 11:59 p.m. PST on November 8, 2001. If you have any questions, please see the Help section of our site: http://www.amazon.com/help We hope you enjoyed receiving this message. However, if you'd rather not receive future e-mails of this sort from Amazon.com, please use the link below or click the Your Account button in the top right corner of any page on the Amazon.com Web site. In the Personal Information box under the Account Settings heading, click the "Update your communication preferences" link. http://www.amazon.com/your-account/ Please note that this message was sent to the following e-mail address: [email protected]
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, I think you have my necklace. I need to get it from you sometime. (just kidding)
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, You sold 250 TAS Futures with EAGLE...I gave them up to EDF MAN #5055 You bought 250 LD Swaps @ 10/26 SP from Engage Canada. Thanks
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daily hoil & unlded cahrts 11/26 , The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now available on the web by clicking on the hot link(s) contained in this email. If for any reason you are unable to receive the charts via the web, please contact me via email and I will email the charts to you as attachments. Distillate http://www.carrfut.com/research/Energy1/hoil33.pdf Unleaded http://www.carrfut.com/research/Energy1/unlded33.pdf J
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Nat Gas market analysis for 11-26-01 , Attached please find the Natural Gas market analysis for today. Thanks, Bob McKinney - 11-26-01 Nat Gas.doc
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daily charts 11/26 , The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now available on the web by clicking on the hot link(s) contained in this email. If for any reason you are unable to receive the charts via the web, please contact me via email and I will email the charts to you as attachments. Crude http://www.carrfut.com/research/Energy1/crude33.pdf Natural Gas http://www.carrfut.com/research/Energy1/ngas33.pdf Jan WTI/Brent Spread http://www.carrfut.com/research/Energy1/clf-qof.pdf Jan Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf Jan Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf Dec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf Jan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf Dec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf Feb Gas/Heat Spread http://www.carrfut.com/research/Energy1/hug-hog.pdf Dec/Mar Unlead Spread http://www.carrfut.com/research/Energy1/huz-huh.pdf Nat Gas Strip Matrix http://www.carrfut.com/research/Energy1/StripmatrixNG33.pdf Nat Gas Spread Matrix http://www.carrfut.com/research/Energy1/SpreadmatrixNG33.pdf Crude and Products Spread Matrix http://www.carrfut.com/research/Energy1/SpreadmatrixCL33.pdf Scott Mollner Recomendation http://www.carrfut.com/research/Energy1/recom11-26-01.pdf
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Free Shipping Ends December 4--Shop Today , [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] Search Amazon.com for: We hope you enjoyed receiving this message. However, if you'd rather not receive future e-mails of this sort from Amazon.com, please visit the Help page Updating Subscriptions and Communication Preferences and click the Customer Communication Preferences link. Please note that this e-mail was sent to the following address: [email protected] [IMAGE]
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Upcoming Economic Development Events , This winter will bring a number of opportunities to get the best training in the field of economic development. In January there are opportunities to learn the field for the first time, opportunities to learn how convention centers and stadiums can assist the development of your community, learn how to practice advanced economic development. If You Build It, Will They Come? Find Out Jan. 23-26 in Tempe Is your community planning on building a sports facility or conference center? IEDC's annual If You Build It,Will They Come? conference, scheduled for Jan. 23-26 in Tempe, Ariz., will focus on all aspects of creating these facilities, from feasibility studies to management. This year, attendees will get to hear from communities that used lessons learned at earlier conferences and have recently completed projects. Representatives from the Dayton Dragons (a minor league baseball team in Ohio) and the city of Sanford, Fla., (a community that just completed a conference center) will discuss their projects and share important lessons learned. Act before December to guarantee a hotel room and early registration discounts! Visit http://www.iedconline.org/tempe/home.html for details. IEDC Economic Development Leadership Summit Planned for January in Monterey The IEDC 2002 Economic Development Leadership Summit will take place January 16??"19 at the Monterey Doubletree Hotel in Monterey, Calif. This event is open to all certified economic development professionals, IEDC board members and past board members and past chairs. This years Leadership Summit is designed to provide you with the opportunity to hear from your peers and guest presenters and to interact with them in both formal and informal settings. Two special guests will join the summit and lead discussions on topics of high importance. Rob DeRocker, executive vice President of Development Counsellors International, will lead a session titled, Rethinking Economic Development in a World That Changed. Later, Dr. David A. Sampson, assistant secretary of commerce for economic development, will take part in a roundtable discussion on how the federal government has and is responding to the events of the past few months. Please mark January 16 to19 on your calendar and join us in Monterey. For more information, please contact Jeff Stone at 202/942-9471 or [email protected] or go to http://www.iedconline.org/monterey/home.html for more information. IEDC Course Calendar of Events Unless otherwise indicated, please call 202/223-7800 for information about conferences and training courses, or follow the available links to the IEDC Web site. This course is for the person starting in the economic development profession. This gets good reviews by those entry-level practitioners who attend this event.Introduction to Economic Development Training Course January 27-30, 2002 Tempe, AZ The Congress is on the verge of proposing a new round of military base closures. What will that mean to your community? If you have an active duty facility that is not in danger, what are the opportunities for your community. This conference is a must-do for communities and their military counterparts.NAID Winter Conference: Challenges Ahead January 27-29, 2002 Tempe, AZ The primary business of economic development is keeping what you have. Learn first hand on how to keep your existing businesses in your community. This is a must do course for community leaders of all kinds.Business Retention & Expansion Training Course March 5-6, 2002 Arlington, VA Upcoming Legislative Summit This is the definitive program for economic developers who need to know where the money is and how to find it in Washington. Last year the administration was new and the development of program objectives and new approaches had not yet begun. Last year we were not facing a significant slow down in the economy. Last year we did not have physical attacks by terrorists on two of our largest cities and the resulting economic conditions. What are the Congressional and Administration plans to rebuild our economy. There has been a melt-down in the dot.com world. What are the new sectors that will bring real promise for the future. This conference could yield real benefits to your community. 2002 Economic Development Summit March 6-8, 2002 Arlington, VA The International Economic Development Council (IEDC) http://www.iedconline.org/ is the recent merger of The Council For Urban Economic Development (CUED) http://www.cued.org , founded in 1967, and the American Economic Development Council, http://www.aedc.org/ the oldest economic development membership association in the United States. Together this new organization has over 4000 economic development professionals as members. IEDC provides information to its members who build local economies through tools used to create, attract, and retain jobs. IEDC also manages the National Association of Installation Developers (NAID) http://www.naid.org . NAID brings together public and private sector professionals involved with the redevelopment of closing military bases and serves the needs of communities with active-duty military bases in those areas of public private partnerships and privatization of military infrastructure. IEDC is also a supporter and sponsor of the Bollinger Foundation. The Bollinger Foundation is a unique foundation dedicated to assisting families who have lost one or more of their parents and where one of the worked in the field of community development, public housing or economic development http://www.cued.org/bollinger/ .
(Recipient list suppressed)@ENRON <??S(Recipient list suppressed)@ENRON>
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Credit Watch List--Week of 10/8/01 , Attached is a revised Credit Watch listing for the week of 10/08/01. Please note that Federal-Mogul Corp. was placed on "NO TRADES". If there are any personnel in your group that were not included in this distribution, please insure that they receive a copy of this report. To add additional people to this distribution, or if this report has been sent to you in error, please contact Veronica Espinoza at x6-6002. For other questions, please contact Jason R. Williams at x5-3923, Veronica Espinoza at x6-6002 or Darren Vanek at x3-1436.
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, Did you go this morning? If not, do you want to go after work?
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44% off wine, Beaucastel and more!!!! , Wine Library.com - E-Mail Alert!!! To Place an order . . . PLEASE CALL 973-376-0005 ask for Order Dept.www.winelibrary.com=20 or e-mail us at [email protected]=20 1. #16583 - Beaucastel 1999 Chateauneuf Du Pape Red - $45.99 On Sale =20 91-95 Points - Robert Parker "In 1999, Beaucastel`s red wine yields were average, a small 25 hectoliters= per hectare. The 1999 Beaucastel Chateauneuf du Pape is a profoundly rich= , concentrated, classic vin de garde. Made from 30% Grenache, 30% Mourvedr= e, 10% Syrah, 10% Counoise, and the remainder a blend of other varietals, i= t is one of the blackest, most opaque-colored Beaucastels of the last decad= e. The bouquet offers aromas of licorice, roasted meats, black cherry and = blackberry fruit, and a truffle-like earthy note. Broodingly backward, for= midable endowed, powerful, and extremely tannic, it will require 8-10 years= of cellaring, and should age effortlessly for three decades or more. Fran= cois Perrin compares it to the thrilling 1990, but at this stage, it appear= s to me to be more structured and closed than the 1990 was at a similar age= . In any event, it is a great wine, but readers older than 55 should think= twice before investing in such a backward vintage."Have your own tasting n= otes? Post your own review of this wine on Wine Library.com!=20 2. #12285 - Beaucastel 1999 Chateauneuf Du Pape White - $47.99 On Sale =20 91 Points - Robert Parker "Beaucastel`s 1999 Chateauneuf de Pape blanc is a terrific success, not sur= prising in view of the fact that all recent vintages have been gorgeous. I= t is made from 80% Roussanne and 20% Grenache Blanc, fermented in 80% cuves= and 20% barrels, of which 10% are new, and bottled with minimal clarificat= ion. Like a top Hermitage, the Perrins subscribe to the theory (and I tend= to agree) that this is a wine to drink during its first 2-4 years of life,= or forget it for at least a decade. It takes on an oxidized mid-life cris= is between 5-10 years of age, and re-emerges as a completely different anim= al around age ten. Of course, each vintage has its own track record, but i= t is a fascinating wine to drink young, as well as an impressive one to hav= e after ten years. The light gold-colored 1999 reveals intense marmalade a= nd rose petal, honeyed richness with a touch of spice and toast. Thick and= unctuously-textured, but supported by excellent acidity, it can be drunk o= ver the next 4! -5 years, and then ignored for a decade. It will keep for = 20 years."Have your own tasting notes? Post your own review of this wine on= Wine Library.com!=20 3. #13869 - Produttori del Barbaresco 1996 - $22.99 (comes to $18.39 when y= ou buy a case) =20 91 Points - Wine Library For months now everyone has been asking for a great Barbaresco buy and whil= e we have had some great buys in Barolo, here is our first in Barbaresco. T= he 1996 Produttori is a massive wine with all the flavors and complexity of= a wine twice its price. If you are looking for a drinkable red wine that = has a silky smooth finish and a very strong body,here it is!Have your own t= asting notes? Post your own review of this wine on Wine Library.com!=20 ******************************* Hot Bordeaux Buy! - 44 % Off (normal price - $124.99!) This could be one of the best buys all year . . . at possibly the best pric= e in the country!!! 4. #12414 - Chateau Cos D`Estournel 1996 - $69.99 On Sale =20 95 Points - Wine Spectator "A classy and impressive young Bordeaux from an appellation that stepped up= in '96. Dark-colored, with plenty of currant and spice aromas, the wine is= full-bodied, with very velvety tannins and allspice, berry and currant fla= vors. Long, long finish. One of the wines of the vintage, it's a beauty.Bes= t after 2005." Have your own tasting notes? Post your own review of this w= ine on Wine Library.com!=20 ******************************* 5. #13927 - Produttori del Barbaresco 1998 Nebbiolo - $13.99 (comes to $11.= 99 when you buy a case) =20 This is a great value! The 1998 Produttori is a wine that even a Cabernet d= rinker will love. A full bodied wine that in this day and age is true steal= ! Ripe strawberry flavors make this a great dinner wine. If you are search= ing for a perfect red wine for pasta and Monday Night Football, don't look = any further!Have your own tasting notes? Post your own review of this wine = on Wine Library.com!=20 6. #16449 - Parusso 2000 Barbera D`Alba Ornati - $18.99 (comes to $15.19 wh= en you buy a case) =20 The Parusso name is now famous with quality and consistency. The 2000 Barbe= ra Ornati is a special wine, huge ripe fruit but lots of spice and pepper w= hich is unusual for this type of wine. Parusso is making great wine in Pei= dmont and this is one of their very best values. Have your own tasting note= s? Post your own review of this wine on Wine Library.com!=20 7. #16407 - Le Corti 1998 "Don Tommaso" Chianti Classico - $21.99 (comes to= $17.59 when you buy a case) =20 91 Points - Wine Spectator "Intense aromas of berries, cherries and tobacco. Full-bodied, with loads o= f fruit, velvety tannins and a long, flavorful finish. Drink now through 20= 06." Have your own tasting notes? Post your own review of this wine on Win= e Library.com!=20 8. #16599 - Robert Foley Claret 1999 - $149.99 On Sale =20 93 Points - Wine Spectator Limit 4 bottles per customer please! "Most of Robert Foley's debut 1998 Claret perished in a warehouse fire a ye= ar ago, so he is calling this wine his second first-release. The winemaker = for Pride Mountain Vineyards made a delicious 1998 vintage, but due to its = loss, I never printed a formal review. As only a few bottles survived the f= ire, the 1999 vintage will be the first wine people taste and it's a dandy.= Made from grapes grown at Pride, it's a sleek, plush, tightly focused wine= , loaded with spicy herb-laced cherry, plum and currant fruit flavors, and = showing a long, persistent finish. The wine is a blend of Cabernet and Merl= ot, chosen from the best lots of wine made from Pride Mountain Vineyard." -= James Laube - Wine Spectator"Have your own tasting notes? Post your own re= view of this wine on Wine Library.com!=20 9. #13839 - Heidsieck "Diamant" Rose 1988 - $74.99 (comes to $59.99 when yo= u buy a case) =20 94 Points - Wine Spectator "Splendid. A contrast of fresh berry, apple and more mature elements of mus= hroom, toffee and coffee are beautifully presented on an elegant structure.= Dense, it coats the palate, with a long, long finish. Drink now. "Have you= r own tasting notes? Post your own review of this wine on Wine Library.com!
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The Daily Quote , [IMAGE] Quote.com
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Register Now For Dec. 13 HedgeFund.Net Working Conference! , The response to the December 13 HedgeFund.Net Working Conference has been overwhelming! With only a few weeks to go we encourage all interested parties to reserve their spot at the conference as soon as possible! Conference details can be seen below - or visit the link below for full details: http://www.hedgefund.net/login_conf.php3 HedgeFund.net is proud to announce the second in a series of half-day symposiums designed to educate accredited investors about the universe of hedge fund strategies and managers - the HedgeFund.Net Working Conferences. A detailed conference brochure is attached to this e-mail in an Adobe Acrobat PDF file for your review. The topic of our second event is: "Wealth Creation Strategies for All Seasons" When: Thursday , December 13, 8:00 a.m. to 1:00 p.m. Where: 780 Third Ave. (between 48th and 49th), New York, NY Who may attend: Accredited investors who pre-register with HedgeFund.net. Registration is free for hedge fund investors and money managers, but hurry, space is limited - the last conference was "sold out" and many investors had to be turned away. The HedgeFund.Net Working Conference provides a forum for a group of leading hedge fund managers to walk investors through various strategies designed to target profits in a variety of market conditions. Participating managers include: Zurich Capital Markets Gruss Arbitrage Partners Halcyon Schafer Cullen Small Cap L.P. Bookbinder Capital Management Starview Partners Fund Life Science Group Management LLC and other well known hedge fund managers! All of whom can be viewed in HedgeFund.Net's HedgePlus section. Time will be reserved to allow attendees to meet with each manager and to network with other investors and market participants. Continental breakfast and beverages will be served. The conclusion of the conference will offer additional manager discussion sessions as well as a light luncheon. Seating is limited, so please click below to register or call HedgeFund.net at (212) 888-1805 with any questions http://www.hedgefund.net/login_conf.php3 Thank you and see you there! HedgeFund.net is operated by Links Securities LLC under exclusive license. This e-mail and the attached brochure is for informational purposes only and does not constitute an offer to buy or sell or a solicitation of an offer to buy or sell any security.
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Last Chance for $20 Instant Rebate , [IMAGE] =09 [IMAGE] Dear JENNIFER ARNOLD, As November comes to an end, so does y= our chance to save $20 instantly on your Quicken 2002 Deluxe upgrade. As a previous Quicken user, you're entitled to a $20= mail-in rebate. But as a Preferred Customer, you can order now and pay ju= st $39.95 with your INSTANT REBATE. That's an immediate $20 off the regul= ar price of $59.95. And there are no forms to mail in. No waiting for your= rebate to arrive. Time is running out. To take advantage of this specia= l offer you have to act fast! [IMAGE] Quicken 2002 Deluxe is packed wi= th powerful features to help give you a more complete and accurate picture= of your finances. It's easy with One Step Update,* Automatic Reconcile,* = Automatic Categorization, the new Portfolio Analyzer, Step-By-Step Budget= ing, the Capital Gains Estimator and more. And, because Quicken 2002 suppo= rts the new tax laws and includes the updated tax rates, getting every tax= break you deserve is easier too. With your INSTANT REBATE OF $20, you g= et all these great features for just $39.95! Place your order today! O= nline: www.orderquicken.com/save20 By Phone 1 (800) 366-0543 6 a.m.-6 p.m= ., Monday through Friday, Pacific Time Be sure to mention Priority Code 50= 10181 when you call. Sincerely, The Quicken Team P.S. The holidays are= fast approaching and Quicken Deluxe makes a great year-end gift. Stock up= now and take advantage of the instant rebate available only through Novem= ber 30, 2001. Instant rebate is for previous Quicken users only. Off= er valid through November 30, 2001. A shipping and handling charge of $3.9= 5 will apply. Terms, conditions, pricing, special offers, features and s= ervice options subject to change without notice. This offer cannot be com= bined with any other offer. Offer applies to Quicken 2002 Deluxe only. *I= nternet access required for all online features. Service fees may apply. = Online banking and online bill pay are subject to application approval; se= rvices and fees, if any, may vary by participating financial institutions.= ? 2001 Intuit Inc. Quicken and Intuit are registered trademarks of Int= uit Inc. All other trademarks are the sole property of their respective ow= ners. =09 [IMAGE] [IMAGE] IMPORTANT: Intuit respects the personal nature of e-mai= l communication. Every effort is made to offer only information that may be= of value to you or your business. If you do not wish to receive marketing= e-mail from Intuit in the future, please click here. If you would like t= o change your e-mail address in our database, please click here. This e-= mail was sent to the following address: [email protected] 9CD2 [IMA= GE] =09
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Family Tree Maker Plus - the Perfect Gift Idea , Family Tree Maker Plus, Including Your Special Gift - just $49.99 * Family Tree Maker 9 - the #1-selling family tree software * 3 months online access to Genealogy Library * EXCLUSIVE BONUS - The History Channel's "Family Tree" video * Start your holiday shopping today: http://www.Genealogy.com/ftm-8110116 * Or, call 1-800-548-1806 and mention 'priority code 8110116' THIS HOLIDAY - GIVE THE GIFT THAT CELEBRATES FAMILY As a Family Tree Maker owner, you already know how rewarding it is to collect and preserve family memories. This holiday season, you can upgrade to version 9 with Family Tree Maker Plus, and enjoy 3-months online access to Genealogy Library. Act now and we'll include The History Channel's "Family Tree" video as a special gift for you and your family. And if you're thinking of that perfect gift for friends and loved ones, you can't go wrong with Family Tree Maker Plus. It's the gift that's dedicated to family. GENEALOGY LIBRARY - THE "PLUS" IN FAMILY TREE MAKER PLUS Family Tree Maker Plus comes with a 3 month subscription to Genealogy Library - a $29.97 value. This comprehensive online resource spans over 500 years and hundreds of millions of names, providing 24-hour access to a variety of vital documents. Search marriage and military records, family histories, society journals, land records, and more - including 1850 U.S. Census images. Here you'll find the rich details that add a sense of time and place to your family story. And new Genealogy Library records are added each week, so there's always something new to discover. ORDER TODAY AND RECEIVE A SPECIAL BONUS GIFT Family Tree Maker Plus, including 3 months access to Genealogy Library, is just $49.99! And if you order now, we'll include The History Channel's "Family Tree" video - a $29.97 value - as our special gift to you. Through a host of compelling examples, this 100-minute video demonstrates the wealth of information that is now available online and through other public records. Follow along as amateur and professional genealogists uncover their personal history. Your gift of Family Tree Maker Plus - to your own family or to friends - will be appreciated long after this holiday season is over. ORDER TODAY by telephone, or online 24 hours a day: * 1-800-548-1806 (please mention "priority code 8110116") * http://www.Genealogy.com/ftm-8110116 * <A title=http://www.Genealogy.com/ href="http://www.Genealogy.com/ftm-8110116">AOL users click here</A> ================================================================= (c) Copyright 2001 Genealogy.com, LLC, a division of A&E Television Networks. All rights reserved. Family Tree Maker and Genealogy Library are registered trademarks of Genealogy.com, LLC. All other product names are the trademarks of their respective holders. ================================================================= You received this message as a registered user of Family Tree Maker and/or Genealogy.com. Please do not reply to this message, as the mailbox is not monitored. If you need to contact us, you'll get the fastest possible assistance by using the links below: To STOP receiving e-mail from us: http://www.Genealogy.com/unsubscribe.html To UPDATE your e-mail address: http://www.Genealogy.com/cgi-bin/regchange.cgi For TECHNICAL SUPPORT or CUSTOMER SERVICE: http://www.Genealogy.com/help/index.html --or-- <A title=http://www.Genealogy.com/ href="http://www.Genealogy.com/help/index.html">AOL link</A>
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