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germany-c/all_documents/2989.
|
Hey are you still breathing? ,
-
From the Birmingham Sunday Mercury (7th Jan 2001)
Worker dead at desk for 5 days
Bosses of a publishing firm are trying to work out why no one
noticed that one of their employees had been sitting dead at
his desk for FIVE DAYS before anyone asked if he was feeling
okay. George Turklebaum, 51, who had been employed as a
proof-reader at a New York firm for 30 years, had a heart attack
in the open-plan office he shared with 23 other workers. He
quietly passed away on Monday, but nobody noticed until
Saturday morning when an office cleaner asked why he was
still working during the weekend. His boss Elliot Wachiaski
said "George was always the first guy in each morning and the
last to leave at night, so no one found it unusual that he was in
the same position all that time and didn't say anything. He was
always absorbed in his work and kept much to himself. "A post
mortem examination revealed that he had been dead for five
days after suffering a coronary. Ironically, George was
proofreading manuscripts of medical textbooks when he died.
You may want to give your co-workers a nudge or kick
occasionally.
| 126,779 |
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maggi-m/deleted_items/413.
|
RE: golf ,
sounds good to me, let me know what time
-----Original Message-----
From: "Corey Ayers" <[email protected]>@ENRON
Sent: Tuesday, January 15, 2002 10:27 AM
To: "mike.maggi" <[email protected];foster.smith;;>
Subject: golf
anybody have the cahones to play some golf on friday afternoon. probably
champions
| 298,460 |
||
sager-e/all_documents/1086.
|
Re: ECT LEGAL CONFERENCE ,
large
thanks
esager
| 384,300 |
||
dasovich-j/all_documents/1420.
|
Re: SDG&E Requirements Deal ,
Jeff:
Re: you comment below that "...they'll be subject to a considerable amount
of pressure to pre-approve if a deal is offered that can be show to shield
San Diegans from volatility and that looks"attractive." The CPUC did not
pre-approve either SDG&E or SCE recent attempts to buy forward. I don't
think they ever will give pre-granted reasonableness review for purchases.
That is why boith utilites decided not to execute as part of their recent
RFPs. PG&E RFP is up next...I expect more of the same.
Chris
Jeff Dasovich@EES
09/14/2000 08:54 AM
To: Chris H Foster/HOU/ECT@ECT, James D Steffes/HOU/EES@EES
cc:
Subject: Re: SDG&E Requirements Deal
Thanks for the update. Just want to add that 1) if we're uneasy about
wearing the full requirements risk, then focusing on offering a purely
wholesale deal can still be very attractive, given SDG&E's blunders w.r.t.
procurment wholesale power on behalf of its customers. And 2) the CPUC has
been beat up pretty well for tying the IOUs hands in attempting to hedge, so
they'll be subject to a considerable amount of pressure to pre-approve if a
deal is offered that can be show to shield San Diegans from volatility and
that looks"attractive."
Appreciate being kept in the loop on the details. Thanks.
Best,
Jeff
To: James D Steffes/HOU/EES@EES
cc: Tim Belden/HOU/ECT@ECT, Greg Wolfe/HOU/ECT@ECT, Jeff Dasovich/SFO/EES@EES
Subject: Re: SDG&E Requirements Deal
J
I think we could get below $60 on a 5 year deal with a bell shaped load
profile at SP-15. I do not think we can get there for the SDG&E zone. In
fact, I don't think Tim will want to sell the SDG&E zone at all. If we offer
it, it will be at a significant premium to SP-15.
We just showed SCE $58 for a 5 year peak (By the way, like the SDG&E RFP, the
SCE RFP resulted in no transactions because they did not get pre-approved
reasonableness review and they were too chicken to do it at shareholder
risk. The PG&E RFP for essentially the same deal structure is due tomorrow
and we will be responding. With the PG&E RFP, prices can be changed oon
October 11 so the prices we will show them now are indicative only).
Get me that load profile data and I will put together a deal structure. I
wil also be working with the traders to address this "new zone" issue as it
exists for all three utilities, not just SDG&E.
C
James D Steffes@EES
09/12/2000 07:39 AM
To: Chris H Foster/HOU/ECT@ECT
cc: thane twiggs
Subject: SDG&E Requirements Deal
Chris --
I agree with you on the difficulty of a "true" full requirements deal. I
assume what you are talking about is some pre-agreed to 100% load factor
energy delivery that could be different for each hour during the year (a sort
of "load profile solution"). SDG&E would be responsible for +/- around this
delivery? Maybe offer SDG&E an option on wide variations.
The other key issue I guess that is important is transmission congestion
risk. Would EPMI be willing to agree to deliver the energy into the SDG&E
load zone or just to SP15? It is my understanding that there is a
significant economic difference the SP15 and specific load zones? Am I
correct in my thinking?
We probably need to beat $60/Mwh and leave $5/Mwh for the load following. We
may need to go even lower (if possible) to give SDG&E room to recover this
summer's high cost of power with the retroactive retail ratemaking back
through July 1, 2000.
On your issue of CPUC approval, that is exactly the play. We need to walk
into the CPUC with an offer that it can't pass up (with or without SDG&E).
I've asked Thane Twiggs to get you the appropriate 8760 load profile for
SDG&E residential customers. While the rate deal was broader, we could just
supply this customer group.
I'll call when we have the information.
Jim
To: James D Steffes/HOU/EES@EES
cc: Christopher F Calger/PDX/ECT@ECT, Tim Belden/HOU/ECT@ECT
Subject: Re: SDG&E Bilateral Authority Delay
Jim:
A couple thoughts...
I don't think Tim would be interested in a true "Full Requirements" deal that
would put us at risk for actual load. If we could define "Full Requirements"
as a load profile that has been set ahead of time, and have SDG&E be at risk
for deviations from that profile, then I think we would be interested. With
this structure, we could offer a fixed price equal to the weighted average
price of their load profile. If that fixed price was lower than the SDG&E
embedded generation cost in rates we might have an angle. "Winning" such a
deal still seems like a pretty low probability event, given SDG&E's desire to
RFP everything. However, SDG&E's (and SCE's) main objective seems to be
pre-approved reasonableness review. Since they can't make money on
commodity, at least they don't want to lose money. Maybe we could get the
approval of the CPUC? SDG&E wouldn't mind buying from us if this is what it
took to get pre-approved reasonableness review.
If someone could get me that load profile information, I would be willing to
price it up.
Let me know what you think.
C
---------------------- Forwarded by Chris H Foster/HOU/ECT on 09/11/2000
01:09 PM ---------------------------
James D Steffes@EES
09/11/2000 01:12 PM
To: Chris H Foster/HOU/ECT@ECT
cc: Christopher F Calger/PDX/ECT@ECT, Tim Belden/HOU/ECT@ECT, David
Parquet/SF/ECT@ECT, Jeff Dasovich/SFO/EES@EES, Steven J Kean/NA/Enron@Enron,
Mark Palmer/Corp/Enron@ENRON, Richard Shapiro/HOU/EES@EES
Subject: Re: SDG&E Bilateral Authority Delay
Chris --
Given this development, now may be the right time for Enron to come in and
make a "public" offer to SDG&E. We may be able to put some pressure on the
CPUC to approve a full requirements offer that works with the legislative
rate cap.
I'll be in contact with you to discuss.
Jim
To: James D Steffes/HOU/EES@EES, Christopher F Calger/PDX/ECT@ECT, Tim
Belden/HOU/ECT@ECT, David Parquet/SF/ECT@ECT, Jeff Dasovich/SFO/EES@EES
cc:
Subject: SDG&E Bilateral Authority Delay
Surprise, surprise.
SDG&E is afraid to do anything without the pre-approved reasonableness from
the CPUC which I don't think will be obtained.
Chris
Chris
---------------------- Forwarded by Chris H Foster/HOU/ECT on 09/11/2000
05:59 AM ---------------------------
Enron Capital & Trade Resources Corp.
From: "Firooz, Sharon" <[email protected]>
09/08/2000 05:32 PM
To: "Hart, Dana" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>
cc:
Subject: SDG&E Bilateral Authority Delay
SDG&E would like to inform you that we did not gain authority from the
commission on 9/7 and cannot enter into bilateral trades at present; (2) we
anticipate receiving that approval on September 21; we will solicit new
proposals between now and then and look forward to your continuing
participation, as well as your assistance in gaining the necessary
regulatory approvals. Thanks
| 59,290 |
||
arnold-j/deleted_items/750.
|
Enron Mentions - 11/26/01 ,
Dynegy Seems To Have Options In Enron Deal
The Wall Street Journal, 11/26/01
Volatility Fell Slightly in Light Holiday Trading As Enron Calls, Lilly Put=
s Attracted Interest
The Wall Street Journal, 11/26/01
The Other Instant Powerhouse in Energy Trading
BusinessWeek, 11/26/01
ALL EYES ON THE ENRON PRIZE If the deal holds, Dynegy will walk away with s=
ome juicy assets
BusinessWeek, 11/26/01
CONFUSED ABOUT EARNINGS? You're not alone. Here's what companies should do-=
-and what investors need to know
BusinessWeek, 11/26/01
END THE NUMBERS GAME
BusinessWeek, 11/26/01
FREE AND CLEAR OF ENRON'S WOES
BusinessWeek, 11/26/01
COMPANIES & FINANCE INTERNATIONAL - Enron still optimistic of averting fina=
ncial meltdown.
Financial Times, 11/26/01
Schwab Chief's Main Theme: Diversification
The Wall Street Journal, 11/26/01
Enron Pursuing a Cash Infusion Energy: Company is seeking as much as $1bill=
ion as it tries to shore up its endangered acquisition by Dynegy.
Los Angeles Times, 11/26/01
Dynegy Optimistic That Enron Merger Will Succeed - FT
Dow Jones International News, 11/26/01
Dynegy Purchase Prompts Antitrust Concerns, L.A. Times Says
Bloomberg, 11/26/01
Enron hopes for infusion of capital: Seeks US$500M as talks of Dynegy merge=
r continue
National Post, 11/26/01
India's Aditya Birla Not Eyeing Enron's Stake In Dabhol
Dow Jones International News, 11/26/01
The Enron scandal
Business Standard, 11/26/01
India's Mehta Comments on Birla Group Offer to Buy Enron Stake
Bloomberg, 11/26/01
Dynegy Seems To Have Options In Enron Deal
By Rebecca Smith and Robin Sidel
Staff Reporters of The Wall Street Journal
11/26/2001
The Wall Street Journal
A3
(Copyright (c) 2001, Dow Jones & Company, Inc.)
With the stock market telling Dynegy Inc. that energy trader Enron Corp. is=
n't worth even half what Dynegy has offered to pay, analysts and investors =
are paying close attention to the circumstances under which Dynegy could ba=
rgain a lower price or even walk away from the merger deal.=20
Earlier this month, Houston-based Dynegy offered to buy its far larger cros=
s-town rival in an all-stock deal that currently values Enron shares at $10=
.85 apiece, or a total of about $9.2 billion. But in the wake of post-agree=
ment disclosures by Enron that its future earnings are likely to be substan=
tially less than expected, the company's stock has been hammered. In 1 p.m.=
trading on the New York Stock Exchange on Friday, Enron shares fell 30 cen=
ts to $4.71. The stock is down 94% so far this year and far short of the pe=
r-share takeover price. Dynegy shares rose 64 cents to $40.40.
Although Dynegy and Enron both say they are going ahead with the deal under=
the terms negotiated, Dynegy does appear to have other options. The agreem=
ent with Enron contains a broad "material adverse change" clause as well as=
some specific trigger points that could be invoked.=20
Dynegy officials performed "due diligence" throughout the holiday weekend, =
seeking to learn more about the intimate workings of Enron, which has suffe=
red a series of damaging blows. Since mid-October, Enron has disclosed that=
some of its officers participated in personally enriching deals that moved=
assets off Enron's balance sheet, for a time, to several private partnersh=
ips. Those deals are now the subject of a Securities and Exchange Commissio=
n investigation. Past treatment of some of those deals has been termed an "=
accounting error" by Enron and it twice has rejiggered its earnings since O=
ct. 16. At one point, Enron restated downwards nearly five years of earning=
s.=20
An Enron spokeswoman said the company was proceeding in the belief that the=
deal would be completed as agreed. Dynegy spokesman John Sousa said the tw=
o sides are forging ahead although he acknowledged that the walk-away provi=
sions "are broad, by design, to ensure adequate protection for Dynegy share=
holders." Shareholders of both firms must still vote on the merger agreemen=
t.=20
Clauses related to a "material adverse change," also known as a "material a=
dverse effect," have been the focus of much attention among merger professi=
onals this year, due, in part, to the stock market's fluctuations and the e=
conomic slowdown that have caused some buyers to reconsider planned acquisi=
tions.=20
But such clauses rarely are invoked by a buyer or seller because they are c=
onsidered extremely difficult to prove. Both parties typically are reluctan=
t to lay out specific terms for canceling a deal, much the way a bride and =
groom often balk at negotiating a prenuptial agreement since it appears to =
envisage a breakup of the marriage even before it begins.=20
Furthermore, a key court case earlier this year affirmed widespread views t=
hat a buyer can't easily walk away from a merger. In that case, meat-proces=
sing concern Tyson Foods Inc. sought to cancel a planned acquisition of mea=
t-packer IBP Inc. due to a drop in IBP's earnings and a write-down of an IB=
P subsidiary. But a Delaware judge refused to let Tyson cancel the pact, sa=
ying Tyson had been aware of the cyclical nature of IBP's business and the =
accounting issue.=20
In a lengthy June 18 opinion, Delaware Chancery Court Vice Chancellor Leo E=
. Strine Jr. wrote that " . . . the important thing is whether the company =
has suffered a Material Adverse Effect in its business or results of operat=
ions that is consequential to the company's earnings power over a commercia=
lly reasonable period, which one would think would be measured in years rat=
her than months."=20
That interpretation has created ripples in the deal-making community, promp=
ting some transactions to include more details about circumstances under wh=
ich deals can be terminated. Since the Sept. 11 attacks, for example, a han=
dful of merger agreements have specified that future terrorist activity wou=
ld qualify as a "material adverse change," or MAC.=20
A key issue for any firm alleging there has been a material adverse change =
is "whether the new facts go to the guts of the strategic opportunity or is=
it just a hiccup," says Meredith Brown, co-chairman of the mergers and acq=
uisitions group at law firm Debevoise & Plimpton in New York. He adds that =
a court "may be skeptical" if Dynegy claimed that Enron's post-merger agree=
ment disclosures were a surprise.=20
The Enron-Dynegy merger agreement includes several triggers permitting eith=
er side to seek termination. Enron can quit the deal if it receives a subst=
antially better offer, although it is prohibited from soliciting one. In su=
ch a case, it could be required to pay a $350 million "topper fee" to Dyneg=
y and its co-investor, ChevronTexaco Inc.=20
Dynegy can alter the deal if Enron faces "pending or threatened" litigation=
liabilities that are "reasonably likely" to cost Enron $2 billion. If thos=
e liabilities hit $3.5 billion "an Enron material event will be deemed to h=
ave occurred," presumably allowing Dynegy to call the whole thing off. In s=
ome situations, Dynegy would be liable for a $350 million fee, as well.=20
Karen Denne, the Enron spokeswoman, said her firm doesn't believe that loss=
es arising from the normal course of business would qualify as a material e=
vent. The liability must result from litigation. Currently, the company fac=
es more than a dozen shareholder suits alleging breach of fiduciary duty by=
officers and directors, issuing false and misleading reports and other off=
enses.=20
Deal makers who aren't involved in the combination say the steep drop in En=
ron's stock price since the merger agreement was signed wouldn't by itself =
give Dynegy the ability to cancel the pact or force Enron to renegotiate it=
s terms. Instead, they say, Dynegy would likely have to prove that Enron's =
worsening financial condition was an unanticipated event, which could be di=
fficult in light of the company's highly publicized problems and Dynegy's f=
requent statement that it clearly understands Enron's businesses. Still, th=
ere is another standard clause in the merger document that would allow Dyne=
gy to terminate the deal if "any representation or warranty of Enron shall =
have become untrue."=20
Other energy companies have abandoned deals following a widening gap in sto=
ck prices that changed an acquisition premium. Western Resources Inc. of To=
peka, Kansas last week sued Public Service Co. of New Mexico seeking hundre=
ds of millions of dollars in damages after it failed to buy Western's utili=
ties. The lawsuit accused Public Service of breaching its "duty of good fai=
th and fair dealing" and said the New Mexico company tried to "sabotage" th=
e deal as the two companies' stock prices diverged. Public Service denies t=
he accusations.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Options Report
Volatility Fell Slightly in Light Holiday Trading As Enron Calls, Lilly Put=
s Attracted Interest
By Cheryl Winokur Munk
Dow Jones Newswires
11/26/2001
The Wall Street Journal
B8
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -- The options market dozed, as many participants stayed home to r=
ecover from too much turkey and football.=20
The Chicago Board Options Exchange's market volatility index, or VIX, which=
measures certain Standard & Poor's 100 Index option prices to gauge invest=
or sentiment, remained in a tight range during the abbreviated trading sess=
ion the day after Thanksgiving. It fell 0.53 to 24.79.
VIX typically ranges between 20 and 30. A rise indicates traders and money =
managers are becoming anxious about the stock market; a fall shows investor=
optimism.=20
Volatility has been dropping from post-Sept. 11 levels in recent weeks amid=
victories over the Taliban in Afghanistan and interest-rate cuts by the Fe=
deral Reserve and other central banks. VIX ranged between 30 and 40 for sev=
eral weeks following the attacks.=20
Volatility is likely to remain low, said Mika Toikka, head of options strat=
egy at Credit Suisse First Boston. "Typically, going into the Thanksgiving =
and December holidays, we tend to experience a seasonal drift lower in impl=
ied volatility. We would expect the same this year, especially in markets o=
utside the U.S. where volatility is still lingering at high levels," Mr. To=
ikka wrote in a recent research note.=20
The CBOE's Nasdaq Volatility index, or VXN, a sentiment barometer for the t=
echnology sector, fell 1.86 to 50.82 while the American Stock Exchange's Na=
sdaq volatility index, or QQV, dropped 1.03 to 42.74.=20
Elsewhere in the options market:=20
Calls in Enron Corp., the embattled Houston energy and trading company, con=
tinued to trade briskly, with one investor buying 10,000 January 5 calls an=
d simultaneously selling 12,250 January 10 calls.=20
More than 14,800 of the January 5 contracts traded, compared with open inte=
rest of 3,640, as shares fell 33 cents, or 6.6%, to $4.68. These calls cost=
$1.40 on the American Stock Exchange where most of the volume was traded.=
=20
More than 15,000 of the January 10 contracts traded, compared with open int=
erest of 30,674. These out-of-the-money calls cost 30 cents on the Amex.=20
Eli Lilly & Co.'s December 80 out-of-the-money puts also were popular Frida=
y, as shares fell 91 cents, or 1.1%, to $82.42. Morgan Stanley cut its rati=
ng on the company to neutral from outperform, saying the stock has become t=
oo expensive even with Food and Drug Administration approval of its potenti=
al blockbuster drug Xigris, which treats septic infections. More than 3,000=
of these puts traded, compared with open interest of 6,427. They cost $1.2=
5 on the CBOE, which saw much of the volume.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
The Corporation: Acquisitions
The Other Instant Powerhouse in Energy Trading
By Louise Lee in San Mateo, Calif.
11/26/2001
BusinessWeek
96
(Copyright 2001 McGraw-Hill, Inc.)
It's not easy being No. 4. Despite a $35 billion merger completed in Octobe=
r, ChevronTexaco Corp. is still not one of the oil superpowers. Nor, at mor=
e than $90 billion a year in revenues, is it a scrappy little guy. So Chair=
man David J. O'Reilly has been searching for a strategy beyond just drillin=
g for more oil and gas.=20
Now, he may have something: a big stake in the No. 1 energy-trading company=
. Chevron Corp. has owned 26% of Dynegy Inc. since 1996, and with Dynegy's =
planned acquisition of Enron Corp., the top energy trader, ChevronTexaco is=
making the oil industry's most aggressive push yet into this fast-growing =
business. It plans to eventually pump $2.5 billion into the combined Dynegy=
and Enron to maintain its 26% stake, and it might raise that share. So, wh=
ile ChevronTexaco's much bigger rivals run small in-house trading operation=
s, energy trading may soon account for more than 10% of ChevronTexaco's ear=
nings. ``Chevron is now positioned to be a leader in the business,'' says a=
nalyst Arjun Murti at Goldman, Sachs & Co.
The deal would certainly dovetail with ChevronTexaco's strategy of becoming=
a more integrated energy company, with a hand in everything from pumping o=
il at the wellhead to trading natural-gas futures. By acquiring Texaco, Che=
vron picked up, for instance, a big refining-and-marketing business --which=
should balance out the bad times in oil and gas production, says Eugene No=
wak, an analyst at ABN Amro. ``When crude-oil prices are down, they'll have=
margin improvements on refining and marketing,'' he says. O'Reilly and oth=
er ChevronTexaco executives declined to comment.=20
Until now, Dynegy wasn't a big deal for Chevron. Chevron purchased the stak=
e for $700 million when Dynegy was still called NGC Corp., and it filled th=
ree of the 14 board seats--positions it will keep. Since then, Chevron has =
sold nearly all its domestic natural-gas production to Dynegy. The stake ha=
s been a good investment: it is now worth $3 billion, ChevronTexaco says.=
=20
Sitting on $2.9 billion in cash as of the end of the second quarter, Chevro=
nTexaco can well afford the Dynegy deal, analysts say. And they expect O'Re=
illy to use some of that to make more buys; the most likely target is a nat=
ural-gas company. Maybe it's not so bad being No. 4.
Illustration: Chart: CHEVRON'S GROWING CASH HOARD=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
The Corporation: Acquisitions
ALL EYES ON THE ENRON PRIZE If the deal holds, Dynegy will walk away with s=
ome juicy assets
By Stephanie Anderson Forest, with Wendy Zellner in Dallas, and Peter Coy a=
nd Emily Thornton in New York
11/26/2001
BusinessWeek
94
(Copyright 2001 McGraw-Hill, Inc.)
As Houston-based Enron Corp. imploded amid a dizzying scandal over its fina=
nces, few would have blamed Dynegy Inc. CEO Charles L. Watson if he had sat=
back and gloated. After all, Watson had watched as his bigger, brasher cro=
sstown rival sniffed at Dynegy's more cautious strategy, all the while garn=
ering most of the credit for reshaping the energy-trading business.=20
Instead, Watson picked up the phone on Oct. 24 and called Enron Chairman, C=
EO, and longtime acquaintance Kenneth L. Lay to ask how he could help. Lay =
didn't respond immediately, but as Enron's stock continued to plunge and th=
e company faced a cash squeeze, it became clear what the only realistic ans=
wer could be: Bail us out.
So two days later, Lay invited Watson to his River Oaks home near downtown =
Houston for breakfast to discuss a deal. Over muffins and ``a bad cup of co=
ffee'' the next day, Watson recalls, they sketched the outlines, and by 10 =
p.m. that night, the investment bankers were called in. On Nov. 9, Dynegy a=
nnounced that it would pay about $10 billion, plus the assumption of $13 bi=
llion in debt, to buy Enron, which is nearly four times its size. The key t=
o the deal was Dynegy's immediate $1.5 billion infusion of cash to shore up=
Enron's balance sheet and save its credit rating. The money came from Dyne=
gy's 26% owner, ChevronTexaco Corp.=20
Without that help, Enron--the seventh-largest U.S. company, based on its $1=
00 billion in sales last year--may well have faced bankruptcy. Watson says =
that he never would have imagined such an outcome in his wildest dreams. ``=
I don't think anybody foresaw the problems [at Enron],'' he says. ``It's be=
en incredible to watch.''=20
Watson, 51, has to make good on what may well be his riskiest investment ye=
t. If he can pull it off, the new Dynegy will have revenues of more than $2=
00 billion and $90 billion in assets, including more than 22,000 megawatts =
of power-generating capacity and 25,000 miles of pipeline. It would control=
an estimated 20% to 25% of the energy-trading market, up from about 6% now=
.=20
That would be sweet vindication for Watson's strategy. Dynegy backs trading=
operations with hard assets such as power plants, which allows the company=
to guarantee a supply of electricity to a buyer. In contrast, Enron has wo=
rked furiously to shed power plants and oil- and gas-generating fields, bel=
ieving it could earn higher returns using its trading and technology expert=
ise to tap assets owned by others in markets including steel, pulp, and pap=
er. IRRESISTIBLE BARGAIN. As Enron's stock slid below $9 from its August, 2=
000, high of $90, it became a bargain that Watson couldn't pass up. It woul=
d have taken years for Dynegy to build up a market-making operation to matc=
h Enron's. Its risk-management systems are top-of-the-line. Enron's commerc=
ial-services unit, which manages power supplies for corporate customers suc=
h as Wendy's International Inc., is three or four years ahead of Dynegy's, =
says Steve Bergstrom, president of Dynegy. Watson says he still plans to ge=
t rid of the $8 billion worth of assets Lay had earmarked for sale, includi=
ng the Portland (Ore.) General Electric plant and oil and gas assets in Ind=
ia. For the $1.5 billion, though, if the deal falls through Dynegy will hav=
e the right to Enron's prized Northern Natural Gas pipeline, worth an estim=
ated $2.25 billion. And Dynegy can walk away if Enron's legal liabilities e=
xceed $3.5 billion.=20
Watson firmly believes that Enron suffered from a crisis of confidence, not=
a meltdown of its core business. Indeed, Enron's wholesale-trading operati=
on earned $2.3 billion last year. Says Watson: ``We know the business. We l=
ooked under the hood, and guess what? It's just as strong as we thought it =
was.''=20
But the trading profits were obscured in recent weeks by Enron's accounting=
tricks. The biggest danger for Watson is that there are other time bombs t=
icking away. Already, the company has slashed its reported earnings since 1=
997 by $591 million, or 20% of its total, to account for controversial part=
nerships involving Enron officials. The Securities & Exchange Commission is=
still investigating. ``We believe it will take more than just a couple of =
weeks and a long-term relationship [between Watson and Lay] to do all the n=
ecessary due diligence,'' says analyst Carol Coale of Prudential Securities=
Inc. Dynegy's Bergstrom counters: ``We're pretty certain that most everyth=
ing of material consideration has been disclosed.'' If not? The massive ear=
nings boost provides ``a high margin of error,'' he says. A WANNABE. Of cou=
rse, regulators may object to the concentration of trading operations. And =
Watson will have to mesh two very different cultures. Enron is known for it=
s intense, even cutthroat entrepreneurial spirit. Dynegy's operations are m=
ore conservative; some compare it to a fraternity. Dynegy's decision to iss=
ue new stock options to some Enron employees may soothe battered egos. It s=
hould help, too, that Lay decided not to take the $60 million golden parach=
ute he could have received in a buyout. As it is, Lay will not have a manag=
ement job with the new company.=20
Dynegy often seemed to be an Enron wannabe, following it into online tradin=
g and commercial services. Still, Dynegy's 361% stock gains last year eclip=
sed Enron's 87% rise, and it rankled some that Lay's execs got more credit.=
``Chuck Watson may not have been in the spotlight, but he has always been =
at the forefront of this business,'' says Bruce M. Withers, who sold his Tr=
ident NGL Inc. to Dynegy in 1995. Watson will get more attention next year-=
-he's a 15% owner of the new Houston Texans pro football team. But with his=
bold takeover of Enron, Watson has ensured that he's off the sidelines for=
good.
Photograph: DYNEGY'S WATSON He says Enron's core business is strong. But ot=
hers worry that more accounting tricks will turn up PHOTOGRAPH BY NAJLAH FE=
ANNY/CORBIS SABA Illustration: Chart: POWERING UP AT DYNEGY CHART BY LAUREL=
DAUNIS-ALLEN/BW=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Cover Story
CONFUSED ABOUT EARNINGS? You're not alone. Here's what companies should do-=
-and what investors need to know
By Nanette Byrnes and David Henry=20
With Mike McNamee in Washington
11/26/2001
BusinessWeek
76
(Copyright 2001 McGraw-Hill, Inc.)
In an age when giant earnings write-offs have become commonplace, it's hard=
to shock Wall Street. But on Nov. 8, Enron Corp. managed to do it. After y=
ears of high-octane growth that had seen earnings surge by up to 24% a year=
, the Houston-based energy company acknowledged that results for the past t=
hree years were actually overstated by more than a half-billion dollars. It=
was confirmation of investors' worst fears. Three weeks earlier, Enron had=
announced a big drop in shareholders' equity, sparking fears that its hide=
ously complex financial statements were distorting its true performance. Ma=
nagement pointed to a number of factors, including a dubious decision to ex=
clude the results of three partnerships from its financial statements and a=
billion-dollar error several years earlier that had inflated the company's=
net worth.=20
Enron may be an extreme example of a company whose performance fell far sho=
rt of the glowing picture painted by management in its earnings releases, b=
ut it is hardly alone. This year, Corporate America is expected to charge o=
ff a record $125 billion, much of it for assets, investments, and inventory=
that aren't worth as much as management thought (chart, page 79). Even if =
companies don't go back and restate earnings, as Enron is doing, those char=
ges cast doubt on the record-breaking earnings growth of the late '90s.
Not since the 1930s has the quality of corporate earnings been such an issu=
e--and so difficult for investors to determine. There's more at stake than =
the fortunes of those who bought shares based on misleading numbers. If eve=
n the most sophisticated financial minds can't figure out what a company ac=
tually earns, that has implications far beyond Enron. U.S. financial market=
s have a reputation for integrity that took decades to build. It has made t=
he U.S. the gold standard for financial reporting and the preeminent place =
to invest. It has also ensured ready access to capital for U.S. corporation=
s. That a company such as Enron, a member of the Standard & Poor's 500-stoc=
k index and one of the largest companies on the New York Stock Exchange, co=
uld fall so far so fast shows how badly that gold standard has been tarnish=
ed. ``The profession of auditing and accounting is, in fact, in crisis,'' s=
ays Paul A. Volcker, former chairman of the Federal Reserve and now one of =
the leaders of the International Accounting Standards Board.=20
Sometimes, as in the case of Enron, fuzzy numbers result from questionable =
decisions in figuring net earnings. More often, though, the earnings chaos =
results from a disturbing trend among companies to calculate profits in the=
ir own idiosyncratic ways--and an increasing willingness among investors an=
d analysts to accept those nonstandard tallies, which appear under a variet=
y of names, from ``pro forma'' to ``core.'' (Enron offers its own such vers=
ion. Before investors untangled the importance of Enron's first announcemen=
t, its stock rose briefly because it told investors that its ``recurring ne=
t income'' had met expectations.) The resulting murk makes it difficult to =
answer the most basic question in investing: What did my company earn?=20
Why calculate a second set of earnings in the first place? Because the numb=
ers reached by applying generally accepted accounting principles (GAAP) are=
woefully inadequate when it comes to giving investors a good sense of a co=
mpany's prospects. Many institutional investors, most Wall Street analysts,=
and even many accountants say GAAP is irrelevant. ``I don't know anyone wh=
o uses GAAP net income anymore for anything,'' says Lehman Brothers Inc. ac=
counting expert Robert Willens. The problem is that GAAP includes a lot of =
noncash charges and one-time expenses. While investors need to be aware of =
those charges, they also need a number that pertains solely to the performa=
nce of ongoing operations.=20
That's what operating earnings are supposed to do. But because they're calc=
ulated in an ad hoc manner, with each company free to use its own rules, co=
mparisons between companies have become meaningless. ``No investor--certain=
ly not any ordinary investor--can read these in a way that's useful,'' says=
Harvey L. Pitt, chairman of the Securities & Exchange Commission. The SEC =
is examining whether new rules are needed to clarify financial reports and =
perhaps restrict use of pro formas.=20
What's badly needed is a set of rules for calculating operating earnings an=
d a requirement to make clear how they relate to net income. In the end, in=
vestors need two numbers--a standardized operating number and an audited ne=
t-income number--and a clear explanation of how to get from one to the othe=
r. ``OUT OF HAND.'' A widespread consensus is building to do just that. In =
early November, S&P proposed a set of rules for companies to follow when ta=
llying operating earnings. Only the week before, the Financial Accounting S=
tandards Board, the rulemakers for GAAP, had announced that they, too, woul=
d be taking up this issue. Volcker says the International Accounting Standa=
rds Board is also seeking a uniform definition of operating earnings.=20
``Over the past two or three years, the use of creative earnings measures h=
as grown and grown and grown to the point where it has really gotten out of=
hand,'' says David M. Blitzer, S&P's chief investment strategist. ``Earnin=
gs are one of the key measures that anybody looks at when they're trying to=
evaluate a company. If people want to use an operating-earnings measure, w=
e better all know what we're looking at.''=20
Without those standards in place, the gap between earnings according to gen=
erally accepted accounting principles and earnings according to Wall Street=
is only going to grow wider and more confusing. Look at the variance in ea=
rnings per share calculated for the S&P 500 for the third quarter: It's $10=
.78 according to Wall Street analysts as tallied by Thomson Financial/First=
Call, $9.17 according to S&P, and $6.37 according to numbers reported to t=
he SEC under GAAP. (S&P, like BusinessWeek, is owned by The McGraw-Hill Com=
panies.)=20
The lack of a standard measure can be costly to those who choose wrong. Use=
First Call's earnings for the past four quarters and you get a relatively =
modest price-earnings ratio of 23 for the S&P 500. But run the numbers usin=
g GAAP earnings, and suddenly the market has a far steeper p-e of 38.=20
How did we get into this mess? Investors and analysts have been calculating=
operating earnings for years, and for years, reasonable people could more =
or less agree on how to do it. Then came the dot-com bubble, along with inc=
reased pressure from Wall Street for companies to meet their quarterly earn=
ings forecasts. Suddenly, companies that hadn't turned a profit by any conv=
entional measure started offering ever more inventive earnings variants. Th=
ese customized pro forma calculations excluded a grab bag of expenses and a=
llowed upstart companies to show a profit. ``TOWER OF BABEL.'' Pro forma fo=
rmulas vary wildly from company to company and even from quarter to quarter=
within the same company, casting doubt on their validity. And these days, =
the gulf between net earnings and pro forma earnings is wider than ever. S&=
P's tallies fall between the two: S&P's numbers are more systematic than pr=
o forma, but they aren't followed widely enough to be a standard. ``Investo=
rs are facing a Tower of Babel,'' says Robert K. Elliott, former chief of t=
he American Institute of Certified Public Accountants (AICPA) and a retired=
KPMG partner. ``It's not standardized, and the numbers are not audited.''=
=20
That makes it tough to evaluate a company's performance. In the quarter end=
ed on Sept. 30, Nortel Networks Corp. offered shareholders at least three e=
arnings numbers to choose from. By conservative GAAP accounting, the teleco=
mmunications giant lost $1.08 a share. The company also provided two possib=
le pro forma options: a 68 cents loss that excluded ``special charges,'' in=
cluding some acquisition costs and restructuring charges, and a still bette=
r 27 cents loss that further excluded $1.9 billion of ``incremental charges=
,'' such as writing down inventories and increasing provisions for receivab=
les. Wall Street chose the rosiest one.=20
Confusing? You bet. Companies defend their pro forma calculations by pointi=
ng out that they're merely filling a void: Investors are clamoring for a me=
asure that gives them better insight into their company's future. The goal =
is to get to the core of the business and try to measure the outlook for th=
ose operations. ``There are good reasons why there is an emphasis on operat=
ing earnings,'' says Volcker. ``It is an effort to provide some continuity =
and some reflection of the underlying progress of the company.'' Besides, a=
s companies like to point out, they still have to report GAAP earnings, and=
investors are free to ignore everything else.=20
There's no starker lesson in the shortcomings of GAAP than the $50 billion =
asset write-downs by JDS Uniphase Corp., the biggest charge of the year. Ne=
ar the height of the telecom bull market in July, 2000, the San Jose (Calif=
.) maker of fiber optics topped off a buying spree by acquiring competitor =
SDL Inc. for $41 billion in stock. When the deal closed in February, its as=
sets ballooned from $25 billion to $65 billion. But by then, shares of JDS =
and other fiber-optics makers were collapsing. To bring its acquisitions in=
to line with their new value, the company took charges of $50 billion. Desp=
ite the fact that the bulk of its losses stemmed from stock transactions an=
d involved no cash paid, GAAP required that the charges be taken out of net=
income. So according to GAAP, JDS lost $56 billion in the fiscal year endi=
ng in June--a staggering figure for a company whose revenues over the past =
five years added up to only $5 billion.=20
Analysts and the company argue that besides not involving cash, the charge-=
off was all about the past, a right-sizing of values that had gotten out of=
hand. To analyze the company's prospects, they excluded the $50 billion ch=
arge. ``The accounting is not designed to make things look better but to de=
scribe what happened,'' says JDS Uniphase Chief Financial Officer Anthony R=
. Muller, ``and we'll live with the consequences, whatever they are.'' Anal=
ysts make a similar defense. ``My goal is to figure out what the business i=
s going to produce so that we can value the company,'' says Lehman Brothers=
analyst Arnab Chanda. GLACIAL PACE. Are JDS's pro forma numbers realistic-=
-a fair gauge of JDS's ongoing operations? Right now, it's hard for investo=
rs to judge. And that's the kind of ambiguity S&P and others would like to =
eliminate. In November, S&P circulated a memo on how to standardize operati=
ng earnings. Under the proposal, operating earnings would include the costs=
of purchases, research and development, restructuring costs (including sev=
erance), write-downs from ongoing operations, and the cost to the company o=
f stock options. It would exclude merger-and-acquisition expenses, impairme=
nt of goodwill, litigation settlements, and the gain or loss on the sale of=
an asset.=20
When S&P applied roughly that formula to JDS Uniphase, it split the differe=
nce between Wall Street and GAAP. Because of differences in what each group=
included in their earnings calculations, the results were chaotic. Using G=
AAP, the company lost $9.39 a share. S&P figures it lost $3.19, while the c=
ompany put the loss at 36 cents. Meanwhile, Wall Street says it made 2 cent=
s.=20
The S&P standard may make sense, but it raises the question: Where is the F=
inancial Accounting Standards Board, the group in charge of GAAP? Chairman =
Edmund L. Jenkins says FASB will be addressing the problems. Still, investo=
rs shouldn't expect any improvement soon. The pace of change at FASB tends =
to be glacial. It typically takes four years to complete a new standard. In=
1996, for example, the board realized that standards on restructuring char=
ges had some big loopholes and it resolved to put the issue on its agenda. =
In June, 2000, the board finally issued a draft of a new standard, asked fo=
r comments, and held a public hearing. In October, 2001, the board said it =
still wasn't ready to put a fix in place. Now, the recession has set off an=
other wave of restructuring charges, and the FASB still doesn't have new ru=
les.=20
The slow pace means the standard-setters sometimes fail to react to sudden =
changes in the market. The most recent failure followed the terrorist attac=
ks on September 11. An FASB task force, unable to come up with a set of rul=
es for separating September 11 costs from general expenses, instead told co=
mpanies that the disaster could not be treated as an extraordinary item. So=
GAAP earnings include costs stemming from the disaster as part of a compan=
y's general performance. Many companies have nevertheless broken those cost=
s out in their unaudited press releases.=20
Many more are likely to do so in the fourth quarter. Indeed, 2001 is shapin=
g up to be one for the record books. A poor economy and the devastating aft=
ereffects of September 11 have resulted in a slew of unusual charges that a=
re unlikely to recur and that no one could have foreseen. But there's a gro=
wing concern that the earnings fog is providing managers with cover to hide=
missteps of the past within that vast category of supposedly one-time char=
ges. The temptation will be to take as big a charge as possible now, while =
investors are braced for bad news. Not only can managers sweep away yesterd=
ay's errors, but tomorrow's earnings will look even better.=20
The basic question comes down to what constitutes a special expense--a char=
ge so unusual that to include it in the earnings calculation would be to di=
stort the truth about a company's performance. Usually, big charges fall in=
to a few categories, including charges for laying off workers and restructu=
ring a company, charges for assets that have lost value since they were pur=
chased, charges for investments that have lost value, and charges for inven=
tory that has become obsolete. In a recent study, Harvard Business School p=
rofessor Mark T. Bradshaw found that companies are increasingly calling the=
se charges unusual. That gives them a rationale for excluding them from the=
ir pro forma calculations.=20
Lots of critics disagree, saying such charges are often an inevitable part =
of the business cycle and should be reflected in a company's earnings histo=
ry. They certainly should not be ignored by investors. ``Charges are real s=
hareholder wealth that's been lost,'' argues David W. Tice, manager of the =
Prudent Bear Fund, a mutual fund with a pessimistic bent that's up 17% so f=
ar this year. ``It's money they spent on something no longer worth what it =
was, a correction of past earnings, or a reserve for costs moving forward. =
Whatever the reason, it's a real cost to the company, and that hurts shareh=
olders.'' Without standards, excessive write-offs from operating earnings c=
an obscure actual performance. Without any rules, companies calculate opera=
ting earnings inconsistently in order to put their companies in the best po=
ssible light. Dell Computer Corp. is a good example of this ``heads I win, =
tails you lose'' school of accounting. For years, Dell benefited from gains=
in its venture-capital investments and was happy to include those gains in=
its reported earnings, where they appeared as a separate line on the incom=
e statement. But this year, when those gains turned to losses, the computer=
maker issued pro forma numbers that excluded that $260 million drag. Dell =
spokesman Michael Maher says the company's press releases and SEC filings b=
reak out investment income and give GAAP numbers as well as pro forma. ``In=
our view, the numbers are reported clearly,'' says Maher. ``It's all out t=
here for the consuming public.'' PAST PUFFERY. Many experts believe special=
charges are a sign that past performance was exaggerated. What should inve=
stors make of a company such as Gateway Inc.? Two restructuring charges in =
the first and third quarters, minus a small extraordinary gain, totaled $1.=
12 billion, or about $100 million more than the company made in 1998, 1999,=
and 2000 combined. Which is the truer picture of its performance and poten=
tial? The write-offs or the earnings? Write-offs for customer financing are=
another example. When Nortel increased its reserves for credit extended to=
customers by $767 million in September, it effectively admitted it had boo=
ked sales in the past to companies that couldn't pay--in effect overstating=
its performance in those earlier periods. In addition, Nortel says booking=
sales and accounting for credit are unrelated issues. Tech companies blame=
the sharp downturn in their industry for the big write-offs. And these are=
n't isolated examples. Peter L. Bernstein, publisher of newsletter Economic=
s & Portfolio Strategy, found that from 1989 to 1993, 20% of earnings vanis=
hed into write-offs.=20
Big charge-offs can also distort future performance. Critics contend that e=
xcess reserves are often used as a sort of ``cookie jar'' from which earnin=
gs can be taken in future quarters to meet Wall Street's expectations. Or c=
harges taken this year, for example, which is apt to be a lousy one for mos=
t companies anyway, might include costs that would otherwise have been take=
n in future periods. Prepaying those costs gives a big boost to later earni=
ngs. Rules for figuring operating earnings would help, but this is an area =
that will always involve a certain amount of judgment--and therefore invite=
a certain amount of abuse. ``People are going to write off everything they=
can in the next two quarters because they're having a bad year anyway,'' s=
ays Robert G. Atkins, a Mercer Management consultant.=20
Part of the lure of big special charges is that investors tend to shrug the=
m off, believing that with the bad news out in the open, the company is poi=
sed for a brighter future. Since Gateway detailed its third-quarter charge =
of $571 million on Oct. 18, Wall Street has bid the stock up 48%, compared =
with a 6% runup for the S&P 500.=20
Often, though, investors should take exactly the opposite message. If, for =
example, part of a restructuring involves slashing employee training, infor=
mation-technology spending, or research and development, the cuts could dep=
ress future performance, says Baruch Lev, a professor of accounting at the =
Stern School of Business at New York University. ``Are these really one-tim=
e events?'' he asks. ``Or is this the beginning of an avalanche?'' Indeed, =
Morgan Stanley Dean Witter & Co. strategist Steve Galbraith has found that =
in the year following a big charge-off to earnings companies have underperf=
ormed the stock market by 20 percentage points. ``LA LA LAND.'' Investors a=
re apt to be faced with more huge write-offs next year, even if the economy=
doesn't continue to worsen. Why? The transition to a new GAAP rule that ch=
anges the way companies account for goodwill--a balance-sheet asset that re=
flects the amount paid for an acquisition over the net value of the tangibl=
e assets. Under the new rule, companies will have to assess their propertie=
s periodically and decrease their worth on the balance sheet if their value=
falls. An informal survey by Financial Executives International of its mem=
ber controllers and financial officers found that at least a third expect t=
o take more charges.=20
But figuring out the proper value of those assets is no easy task. Unless t=
here is a comparable company or factory with an established market price, v=
aluing them involves a lot of guesswork for which there are no firm rules. =
``What this is really coming down to is corporations and their auditors com=
ing up with their own tests for impairment,'' says the Stern School's Profe=
ssor Paul R. Brown. ``It's La La Land.''=20
While the tidal wave of special charges is providing cover for earnings gam=
es, it could also be an impetus for change--especially in the wake of the d=
ot-com fiasco. Indeed, there are some signs of a backlash. The real estate =
investment trust industry was a pioneer of engineered earnings, with its ``=
funds from operations,'' or FFO. But now some REITs have begun to revert to=
plain old GAAP earnings. Hamid R. Moghadam, CEO of San Francisco-based AMB=
Property Corp., shifted back to GAAP in 1999. ``The reason I don't like FF=
O is very simple,'' says Moghadam. ``One company's numbers look better than=
another one's even if they had identical fundamental results.''=20
There are other steps FASB could take to improve financial reporting and re=
store GAAP's status. Trevor S. Harris, an accounting expert at Morgan Stanl=
ey, says it could force companies to make clear distinctions between income=
from operations and income from financial transactions. Lehman's Willens s=
ays companies should provide more information on cash expenses and how they=
bear on earnings. An easy step would be to require companies to file their=
press releases with the SEC.=20
At the least, says Lev, companies must clearly explain how their pro forma =
numbers relate to the GAAP numbers. Otherwise, he says, investors ``see num=
bers floating there, and where did they come from?'' In today's environment=
of unregulated pro forma calculations and supersize write-offs, no questio=
n is more important to investors.
High-Gloss Glossary
Companies are using a variety of accounting practices to put the best spin =
on
their results. Here's what those terms mean:
DEFINING EARNINGS:
NET INCOME
The bottom line, according to generally accepted accounting principles (GAA=
P).
Sometimes called ``reported earnings,'' these are the numbers the Securitie=
s &
Exchange Commission accepts in its filings.
OPERATING EARNINGS
An adjustment of net income that excludes certain costs deemed to be unrela=
ted
to the ongoing business. Although it sounds deceptively like a GAAP figure
called ``operating income'' (revenue minus the costs of doing business), it=
is
not an audited figure.
CORE EARNINGS
Another term for operating earnings. Neither core nor operating earnings ar=
e
calculated according to set rules. They can include or exclude anything the
preparer wishes.
PRO FORMA EARNINGS
The 1990s term for operating earnings. Popularized by dot-coms, it sometime=
s
excludes such basic costs as marketing and interest.
EBITDA
Earnings before interest, taxes, depreciation, and amortization. The
granddaddy of pro forma, it was initially highlighted by industries that
carried high debt loads, such as cable TV, but has since come to be widely
quoted.
ADJUSTED EARNINGS
A new term for pro forma.
DEFINING COSTS:
SPECIAL CHARGES
A general term for anything a company wants to highlight as unusual and
therefore to be excluded from future earnings projections.
ASSET IMPAIRMENTS
Charges taken to bring something a company paid a high price for down to it=
s
current market value. Many companies are now taking these charges on intern=
al
venture-capital funds that bought Internet and other high-tech stocks at
inflated prices.
GOODWILL IMPAIRMENTS
The same idea as asset impairments except they're used to write down the
premium a company paid over the fair market value of the net tangible asset=
s
acquired. These charges will explode in the first quarter of 2002 because o=
f a
change in mergers-and-acquisitions accounting that eliminates goodwill
amortization and requires holdings to be carried at no more than fair value=
s.
RESTRUCTURING RESERVES
An accrued expense (not usually cash) to cover future costs of closing down=
a
portion of a business, a plant, or of firings. These are projected costs an=
d
if overstated can later become a boost to earnings as they are reversed.
WRITE-DOWN
Lowering the value of an asset, such as a plant or stock investment. It is
often excused as a bookkeeping exercise, but there may have been a real cos=
t
long ago that now proves ill spent, or there may have been associated cash
costs, such as investment-banking fees.
Illustration: Chart: THE BIG BATH CHART BY ERIC HOFFMANN/BW=20
Illustration: Chart: EARNINGS CHAOS CHART BY ERIC HOFFMANN/BW=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Editorials
END THE NUMBERS GAME
11/26/2001
BusinessWeek
130
(Copyright 2001 McGraw-Hill, Inc.)
What did the company earn? That's the most basic question an investor can e=
ver ask. The equity culture that has generated so much growth over the year=
s depends on a clear answer, but getting one has become impossible. Enron C=
orp. just announced that its earnings for the past three years were oversta=
ted by half a billion dollars. How did one of the biggest companies on the =
New York Stock Exchange manage to inflate its earnings by 20% without audit=
ors, analysts, ratings agencies, and the business press (BusinessWeek inclu=
ded) discovering it? In part, blame the breakdown of standardized accountin=
g rules and the anarchy that runs rampant in the financial statements of Co=
rporate America. The U.S. needs a new set of accounting rules that gives a =
clear picture of financial performance. Without integrity in financial repo=
rting, the U.S. cannot hope to remain the preeminent place to invest in the=
global marketplace (page 76).=20
The dot-com bubble was the first indication that there was something seriou=
sly wrong with accounting standards. Companies without much of a business m=
odel customized their quarterly statements to exclude a grab bag of expense=
s in order to put a positive financial spin on their operations. Wall Stree=
t conspired in this and encouraged big companies to join in. Soon, the meth=
od of calculating earnings began to vary from company to company and even f=
rom quarter to quarter within a company. It is now chaos.
A stricter adherence to accounting rules won't solve the entire problem. GA=
AP, the generally accepted accounting principles, allow all kinds of one-ti=
me expenses and noncash charges. This obscures the performance of ongoing o=
perations. No one can fathom what are true operating earnings because there=
are no guidelines as to what constitutes an extraordinary expense. The res=
ult is total confusion. Take earnings per share for the Standard & Poor's 5=
00-stock index for the second quarter. Under Thomson Financial/First Call s=
tandards, it is $11.82. But it's $9.02 according to S&P and $4.83 under GAA=
P. How can investors make intelligent decisions?=20
The Financial Accounting Standards Board clearly is failing to do its job. =
It has promised to write a set of rules that calculates operating earnings =
and relates them to net earnings, but it hasn't delivered. The rating agenc=
y Standard & Poor's (owned by The McGraw-Hill Companies, as is BusinessWeek=
) is doing a better job. It recently drew up a definition of ``operating ea=
rnings'' that includes restructuring costs (including severance), writedown=
s from ongoing operations, and the cost of stock options. It excludes merge=
r and acquisition expenses, litigation settlements, impairment of goodwill,=
and gains or losses on asset sales. This is a beginning that FASB should b=
uild on. The accounting anarchy has to end.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Up Front: AFTERLIVES
FREE AND CLEAR OF ENRON'S WOES
Edited by Sheridan Prasso=20
By Stephanie Anderson Forest
11/26/2001
BusinessWeek
16
(Copyright 2001 McGraw-Hill, Inc.)
Back in Enron's heyday, one of its rising stars was Rebecca Mark. Nicknamed=
``Mark the Shark'' because of her ferocious ambition, she made her name in=
the early '90s building the energy giant's international operations, inclu=
ding the now-troubled Dabhol power plant in India. Once rumored to be a suc=
cessor to Enron CEO Ken Lay, she resigned from Enron in August, 2000, after=
two years of heading Enron's ailing water company spin-off, Azurix.=20
These days, as Enron struggles to stay afloat, Mark-Jusbasche (who hyphenat=
ed her name with that of her husband of two years) is watching the action f=
rom the sidelines. And she'd like to keep it that way. ``I'm very surprised=
and saddened by [what has happened at Enron], and I wish them all the best=
,'' she says. Beyond that, Mark-Jusbasche, 47, is not much interested in ta=
lking about Enron, which is being acquired by a small rival after a spectac=
ular Wall Street flameout. Mark left Enron with millions of dollars worth o=
f Enron shares, although she says she has sold them since.
Mark-Jusbasche spends most of her time serving on advisory boards, both at =
Yale and Harvard business schools, as well as the school where her 16-year-=
old twin sons from a previous marriage are sophomores.=20
In her spare time, she seeks out opportunities for investing. Currently, Ma=
rk-Jusbasche is considering alternative-energy and water-technology compani=
es. A farm girl from Missouri, she has one investment focus that's especial=
ly dear to her heart: looking into expanding her cattle ranches. She now ow=
ns 15 acres in New Mexico. ``I'm doing things that are fun, interesting, an=
d important to me--family and community,'' she says. Sure beats being anywh=
ere near Enron.
Photograph: MARK: Now just a bystander PHOTOGRAPH BY BRETT COOMER/AP/WIDE W=
ORLD=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
COMPANIES & FINANCE INTERNATIONAL - Enron still optimistic of averting fina=
ncial meltdown.
By ANDREW HILL and SHEILA MCNULTY.
11/26/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
Enron said yesterday it was still expecting outside investors to inject $50=
0m to $1bn into the group, as talks continued to avoid a financial meltdown=
at the energy trading group.=20
Dynegy, whose rescue bid for its Houston rival is crucial to Enron's surviv=
al, spent last week's Thanksgiving holiday and the weekend reviewing Enron'=
s operations and finances.
Dynegy said it remained "optimistic for the potential of the merger to be c=
ompleted, and in the time-frame we originally announced - six to nine month=
s".=20
Enron's fate depends on a delicate, unofficial pact between its lenders, Dy=
negy, and credit ratings agencies, which have resisted downgrading the grou=
p's debt while the deal is pending.=20
If the pact stays in place, at least $500m is likely to be invested in Enro=
n by JP Morgan Chase and Citigroup, Enron's key lenders and advisers. A fur=
ther $500m is being sought from private equity firms.=20
But if Dynegy pulls out of the deal, the cash infusion could be put in jeop=
ardy and the ratings agencies could downgrade the debt to junk, triggering =
debt repayments across a network of partnerships and off-balance-sheet vehi=
cles linked to Enron.=20
Enron confirmed yesterday that it was still seeking additional liquidity fr=
om new equity investors, but would not discuss their identities.=20
Enron's crisis of confidence became more acute last week when the shares fe=
ll from $9 to $4.74 following a regulatory filing that revealed the extent =
of the group's debt burden.=20
Completion of a $1bn secured credit line from JPM Chase and Citigroup, and =
the postponement of a $690m notes repayment due tomorrow were not sufficien=
t to prop up the share price. The bonds also fell to levels consistent with=
a potential bankruptcy filing.=20
The slide in the share price has encouraged speculation that Dynegy is prep=
aring to renegotiate its all-stock bid, now worth $9.3bn, compared with Enr=
on's market value of $3.5bn.=20
But people close to Enron say renegotiation of the deal would not in itself=
have any impact on the energy group's finances. Latest news, www.ft.com/en=
ron.=20
(c) Copyright Financial Times Ltd. All rights reserved.=20
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Schwab Chief's Main Theme: Diversification
By Lynnette Khalfani
Dow Jones Newswires
11/26/2001
The Wall Street Journal
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -- More than two months after the Sept. 11 terrorist attacks, many=
investors remain edgy. But the stock market, after an initial selloff, has=
shown remarkable resilience.=20
Few observers expect stock-market volatility to subside soon. Still, expert=
s say that now, more than ever, is the time for skittish investors to keep =
their wits about them.
In a recent interview, Charles R. Schwab, chairman and co-chief executive o=
f Charles Schwab & Co., the San Francisco-based online and discount brokera=
ge firm, gave his views on what investors should be doing -- and what mista=
kes they should avoid.=20
Here are some excerpts from the interview:=20
In the wake of the Sept. 11 attacks, how much more risk, if any, do you thi=
nk is in the financial markets? Or do you think it's just that people's per=
ceptions about risk have changed?=20
I've been investing since 1959, and I have to say that, year after year, th=
e risk hasn't changed. The risk is always there. There's risk in investing =
in stocks, bonds and even U.S. Treasuries because of interest-rate [fluctua=
tions]. There's risk in real estate, too.=20
So the question is: How do you handle it? The best way is to diversify. Ove=
r a long period of time, people who diversify their investments do pretty d=
arned well. When they don't . . . sometimes it's fatal. If the only stock a=
n investor owned was Enron . . . or Cisco at 70, that was pretty fatal.=20
What do you say to people who say they're too scared to invest right now? T=
hat because of the threat of terrorism, the anthrax scares, the war in Afgh=
anistan, the recession, and so forth, there's just too much uncertainty in =
the markets?=20
I remember back during the Cuban missile crisis, we all feared the worst. W=
e were all building bomb shelters. It was a scary time. This terrorist thin=
g is no different. It's awful -- particularly for our children. But this co=
untry is so wealthy, in terms of its resources, intellectual capital and th=
e strength of our government.=20
There is no more uncertainty today than in times past. For example, we've h=
ad many recessions. It's not fun, especially when you begin reading about a=
ll these layoffs. In fact, I think the unemployment rate [now at 5.4%] pret=
ty easily might get to 6.5% before it gets better. And it probably won't ge=
t better until March or April. Also, the stock market will go up, hopefully=
before the economy goes up.=20
There's $2 trillion sitting in money-market accounts. That's a huge resourc=
e and buying power that's definitely available for new investments.=20
What do you think is the biggest mistake investors have made over the past =
two or so months?=20
They let their emotions take over. With the fear that people had, they didn=
't use their rational thinking. They used their emotional thinking. [After =
Sept. 11], they sold at the low, and fear was the driver.=20
Just a year and a half ago, the driving emotion was greed. You're not going=
to avoid this stuff. So the issue is how you manage through these cycles o=
f fear and greed. Even when I'm fearful of something, I say to myself: "Thi=
s is still the time to invest."=20
My biggest worry right now is that people will give up and say, "I just don=
't want to be in the stock market at all." And it's just the time that peop=
le should be hanging on and keeping a diversified portfolio.=20
Some other mistakes: A lot of people hang on to the stock that was the post=
er child of the last cycle. Or people say, "I'll get back in [the market] w=
hen I see the economy turn around." Well, by the time they see that, it's t=
oo late. They will have missed the whole ride back up.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business; Financial Desk
Enron Pursuing a Cash Infusion Energy: Company is seeking as much as $1bill=
ion as it tries to shore up its endangered acquisition by Dynegy.
From Bloomberg News
11/26/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company
HOUSTON -- Enron Corp. said talks are continuing with potential investors f=
or an infusion of as much as $1 billion as the biggest energy trader tries =
to avoid a collapse of its planned purchase by Dynegy Inc.=20
An investment would ease concern that Enron's weakened finances may prompt =
Dynegy to pull out of or renegotiate the terms of the transaction, which is=
valued at $23 billion in stock and assumed debt.
Enron is seeking an additional $500 million to $1 billion in cash but would=
n't divulge details. "We are not going to discuss the particulars of who we=
are talking to," Enron spokeswoman Karen Denne said Sunday.=20
Shares of the Houston company fell by 48% in the last three trading session=
s on the New York Stock Exchange. At Friday's closing price of $4.71, the s=
tock sells for less than half the $10.85 that Dynegy is slated to pay in th=
e acquisition. That's a sign investors are skeptical the transaction will g=
o through as planned.=20
Enron is likely to have approached Kohlberg, Kravis Roberts & Co., Blacksto=
ne Group and Carlyle Group for a private equity investment, said industry a=
nalyst David Snow of PrivateEquityCentral.Net.=20
The firms have declined to comment.=20
In a conference call Nov. 14, Enron Chief Financial Officer Jeffrey McMahon=
said the company is in talks with several private investors and expects to=
receive $500 million to $1 billion from those sources.=20
On Wednesday, Enron got a three-week reprieve from lenders on a $690-millio=
n note due this week, gaining more time to restructure its finances. Dynegy=
Chief Executive Chuck Watson said he was "encouraged" by the commitment to=
extend the note payment as well as the closing of a $450-million credit fa=
cility. He said Dynegy remained committed to the purchase.=20
Enron already received $1.5 billion in cash Nov. 13 from ChevronTexaco Inc.=
as part of the Dynegy buyout agreement. In return, Dynegy received preferr=
ed stock and other rights in an Enron unit that owns the Northern Natural G=
as Co. pipeline. Under the deal's terms, if Dynegy and Enron fail to merge,=
Dynegy can acquire the pipeline company.=20
But Barron's reported over the weekend that Dynegy's right to the pipeline =
might be challenged by J.P. Morgan Chase & Co. and Salomon Smith Barney Inc=
., which accepted the asset as collateral for $1billion in loans to Enron.=
=20
Dynegy spokesman John Sousa declined to comment on Enron's attempts to secu=
re financing or whether more cash for Enron is a condition of keeping the m=
erger alive.=20
Enron's dealings with affiliated partnerships have led to a federal investi=
gation of the company, which restated its earnings and saw its credit ratin=
gs cut.=20
The company said in a Securities and Exchange filing a week ago that it has=
less than $2 billion in cash and credit lines left.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Dynegy Optimistic That Enron Merger Will Succeed - FT
11/26/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LONDON -(Dow Jones)- Dynegy Inc. (DYN) remains optimistic, after further re=
view of Enron Corp.'s (ENE) finances last week, that it will be able to buy=
the company, the Financial Times reported Monday.=20
Dynegy said that it, "remained optimistic for the potential of the merger t=
o be completed, and in the time frame we originally announced - six to nine=
months," the FT reported.
Critical investment in Enron by J.P. Morgan Chase and Citigroup will procee=
d only if an unofficial pact between Enron, Dynegy, and Enron's lenders and=
credit rating agencies remains intact, the report said. Investment from th=
ese two is likely to total between $500 million and $1 billion, while Enron=
continues to look for a further $500 million from private equity firms.=20
The deal suffered a setback last week, when a regulatory filing revealed a =
greater debt burden than some investors had realized. Enron's share price f=
ell following the report, to $4.74 from $9.00.=20
A $1 billion secured credit line from J.P. Morgan Chase and an extension of=
a $690 million repayment due Tuesday weren't enough to keep the share pric=
e from falling. This led to speculation that Dynegy was considering renegot=
iating its all-stock bid, now at $9.3 billion, compared with Enron's market=
value of $3.5 billion, said the report.=20
Renegotiating the deal wouldn't have any impact on Enron's finances, unname=
d sources told the FT.=20
But if Dynegy pulled out of the deal altogether, there might be no cash inf=
usion from J.P. Morgan chase and Citigroup. Credit ratings agencies could t=
hen downgrade Enron's debt to junk, forcing partners to repay debts, the re=
port said.=20
-By Sarah Spikes, Dow Jones Newswires; +44-(0)20-7842-9345; sarah.spikes@do=
wjones.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Dynegy Purchase Prompts Antitrust Concerns, L.A. Times Says
2001-11-26 07:36 (New York)
Washington, Nov. 26 (Bloomberg) -- California Attorney
General Bill Lockyer is examining Dynegy Inc.'s proposed
acquisition of rival energy seller Enron Corp. for possible
antitrust violations, the Los Angeles Times reported.
The California Independent System Operator, which manages the
state's electric grid, has asked federal regulators to ban Dynegy
and other major power sellers, including Mirant, and AES Corp.'s
Williams Cos., from selling electricity at market prices in the
state, the Times said.
Throughout the state's power crisis, Governor Gray Davis and
other officials accused Dynegy, Enron and other power companies of
withholding electricity and manipulating the cost of wholesale
power to gouge consumers, the Times said.
Enron is negotiating with bankers to restructure $9.15
billion in debt.
``I would hope that the people who look at the antitrust
implications would consider this one carefully,'' California State
Senator Steve Peace, a Democrat, told the Times. ``If anything,
Dynegy would be in an even stronger position to be able to
manipulate markets than it was before.''
Financial Post: News
Enron hopes for infusion of capital: Seeks US$500M as talks of Dynegy merge=
r continue
Andrew Hill and Sheila McNulty
Financial Times
11/26/2001
National Post
National
FP3
(c) National Post 2001. All Rights Reserved.
Enron Corp. said yesterday it was still expecting outside investors to inje=
ct US$500-million to US$1-billion into the group, as talks continued to avo=
id a financial meltdown at the energy trading group.=20
Dynegy Inc., whose rescue bid for its Houston-based rival is crucial to Enr=
on's survival, spent last week's U.S. Thanksgiving holiday and the weekend =
reviewing Enron's operations and finances.
Dynegy said it remained "optimistic for the potential of the merger to be c=
ompleted, and in the time-frame we originally announced -- six to nine mont=
hs."=20
Enron's fate depends on a delicate, unofficial pact between its lenders, Dy=
negy, and credit ratings agencies, which have resisted downgrading the grou=
p's debt while the deal is pending.=20
If the pact stays in place, at least US$500-million is likely to be investe=
d in Enron by JP Morgan Chase and Citigroup, Enron's key lenders and advise=
rs. A further US$500-million is being sought from private equity firms.=20
But if Dynegy pulls out of the deal, the cash infusion could be put in jeop=
ardy and the ratings agencies could downgrade the debt to junk, triggering =
debt repayments across a network of partnerships and off-balance-sheet vehi=
cles linked to Enron.=20
Enron confirmed yesterday it was still seeking additional liquidity from ne=
w equity investors, but would not discuss their identities.=20
Enron's crisis of confidence became more acute last week when the shares fe=
ll to US$4.74 from US$9 after a regulator filing that revealed the extent o=
f the group's debt burden.=20
Completion of a US$1-billion secured credit line from JPM Chase and Citigro=
up, and the postponement of a US$690-million notes repayment due tomorrow, =
were not sufficient to prop up the share price. The bonds also fell to leve=
ls consistent with a potential bankruptcy filing.=20
The slide in the share price has encouraged speculation Dynegy is preparing=
to renegotiate its all-stock bid, now worth US$9.3-billion, compared with =
Enron's market value of US$3.5-billion.=20
But people close to Enron say renegotiation of the deal would not in itself=
have any impact on the energy group's finances.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
India's Aditya Birla Not Eyeing Enron's Stake In Dabhol
11/26/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW DELHI -(Dow Jones)- India's Aditya Birla Group on Monday denied local m=
edia reports that said it is considering acquiring U.S. energy company Enro=
n Corp.'s (ENE) stake in Dabhol Power Co.=20
"I have checked with our directors and can tell you that the Aditya Birla G=
roup has shown no expression of interest in Dabhol," said group spokeswoman=
Pragnya Ram.
The Economic Times and Financial Express reported the group is exploring th=
e possibility of submitting an expression of interest with Indian financial=
institutions to buy Enron's stake in Dabhol.=20
Dabhol is a 2,184-megawatt power plant located in Maharashtra state.=20
Enron holds a controlling 65% stake in Dabhol. Costing $2.9 billion, the po=
wer project is the single largest foreign investment in India to date.=20
Aditya Birla Group is a leading Indian conglomerate whose interests include=
textiles and cement. Its two joint ventures with Britain's Powergen PLC (P=
WG) to produce more than 1,000 MW of electricity in two Indian states haven=
't made much progress since their announcement in the mid-1990s.=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
The Enron scandal
A V Rajwade
11/26/2001
Business Standard
10
Copyright (c) Business Standard
Enron has always been recognised by other companies as best practice in ris=
k management. It put in systems to manage risks on a real-time basis and ha=
d very strong management." James Lam, founder of eRisk, a consulting firm.=
=20
As an occasional teacher and more regularly a student of the subject of man=
agement of price risks, I have been an admirer of Enron's elaborate disclos=
ure of its risk management practices. And yet, in a cascade of events over =
a period of just three weeks from mid-October, it lost two-thirds of its sh=
are value, became the subject of a US Securities Exchange Commission (SEC) =
investigation, and was taken over by a rival a third in size. (Latest repor=
ts create some doubt about whether this will go through.) What went wrong?
No, the events had nothing to do with Dabhol. Indeed, if, for us in India, =
Enron will always be associated with the controversial power project, elsew=
here it is likely become a case study for students of accounting, finance a=
nd general management. (On second thoughts, even its Indian adventures woul=
d make an excellent case study!)=20
But first, a recount of what happened. After announcing on October 16, with=
out much explanation or transparency, that it has taken a charge of $ 1.2 b=
illion against equity, Enron's share price started tumbling. Apparently, th=
e charge was the result of some financial transactions, and the SEC launche=
d an investigation. The chief financial officer (CFO), who was directly inv=
olved with the transactions, the company's treasurer and a couple of other =
senior officials were sacked.=20
Perhaps most damagingly, Enron revised its accounts from 1997 onwards, redu=
cing profits by about $ 600 million and increasing debt by a somewhat simil=
ar amount. As a result, Enron's credit rating was downgraded.=20
It seems the root problem was not in its basic business of power and gas tr=
ading, but in its investment activities controlled by the CFO. These compri=
sed private equity, and Enron's share in each of the investee companies was=
kept artificially below 50 per cent to avoid consolidation of accounts. To=
this end, outside investors were brought in and assured of equity in Enron=
itself, should the value of the investee company(ies) fall below agreed th=
reshold(s).=20
All this was done to keep the losses in investments off-balance sheet, and =
mitigate their impact on reported profits. Many other US corporations inclu=
ding J P Morgan Chase, which had large private equity investments, have suf=
fered on this score (see World Money October 15). Enron wanted to avoid thi=
s and, last year, paid its since-dismissed CFO $ 30 million for his creativ=
e accounting genius.=20
Incidentally, those enamoured of US GAAP and its alleged superiority over t=
he rest of the world should note that all these gimmicks were blessed by th=
e company's auditors one of the Big Five firms, which was paid $ 25 million=
as audit fees and $ 27 million for other services by Enron last year.=20
The restatement of the accounts from 1997 onwards became necessary as the E=
nron management/board and the auditors were forced, on review, to admit tha=
t at least some of the transactions should have been on, rather than off, b=
alance sheet. Details of all the transactions in question are yet to come o=
ut, but what has come out is bad enough.=20
But this apart, a billion dollar hit for a company of the size ($ 300 billi=
on) or cash flow ($ 3 billion) of Enron is, by itself, hardly a death warra=
nt. But it turned out to be just that for Enron.=20
Perhaps because it was too arrogant? Perhaps also because its accounts lack=
ed transparency and their opaqueness ensured that investors' confidence was=
always somewhat fragile?=20
But there are two other points worth noting: the professionalism of equity =
analysts and whether the event restores somewhat the balance between tradin=
g and producing. As for the first, the professional analysts were surely aw=
are of the opaqueness of the accounts,but few questioned the management agg=
ressively on the subject. Perhaps the stock was too glamorous and typified =
the spirit of the times trading assets was what the "masters of the univers=
e" did, not the boring old business of producing oil or power or cars. The =
Enron management itself was proud of the way it operated in its principal a=
ctivity of trading in power and gas, with Skilling, the former CEO, claming=
that "we are on the side of angels. We are taking on the entrenched monopo=
lies. We are bringing the benefits of choice and free markets to the world.=
" (The quotation is from an interview in BusinessWeek, prior to Skilling's =
inglorious exit from Enron a couple of weeks before the bubble burst).=20
For the analysts, there was also safety in numbers. Skilling claimed that "=
Enron's operations are built around the integration of modern financial tec=
hnologies and physical technologies", bringing derivatives theory to tradin=
g in power and gas! Obviously, the fate of Long Term Capital Management has=
not led to more sober management of trading risks.=20
Surely the role of "markets" should be to reduce the distance, and cost, be=
tween producer and consumer? One does feel that there is something perverse=
in a society that values, in terms of compensation, the trader (don't forg=
et this is just a euphemism for the speculator) over the producer whether i=
n the bond, currency or power and gas markets. The markets and, indeed, gre=
ed obviously have a role to play, but surely the pendulum needs to swing a =
little bit to the left?
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
India's Mehta Comments on Birla Group Offer to Buy Enron Stake
2001-11-26 03:42 (New York)
Mumbai, Nov. 26 (Bloomberg) -- Jaywantiben Mehta, India's
union minister of state for power, comments on reports of Aditya
Birla Group, which owns Grasim Industry Ltd., the nation's third-
biggest cement maker, bidding for Enron's stake in Dabhol Power
Co.
Enron wants to sell its 65 percent stake in Dabhol Power,
India's biggest foreign investment, at cost. The project is mired
in a tariff dispute over $64 million in bills that haven't been
paid by the Maharashtra State Electricity Board, its only
customer, for eight months.
``One more bidder will increase competition, which is
welcome.
``Any step in the national interest is good.
``Cheap energy is always in the national interest since we
want to increase electricity generation and sell it at a
reasonable price.
``I can't comment on the time-frame of buying out the Enron
stake until the legal wrangles are solved. Once that's cleared,
then we will try and clear the proposal quickly.''
--Gautam Chakravorthy in the Mumbai newsroom (91-22) 233-9027
| 5,627 |
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beck-s/all_documents/706.
|
Request Submitted: Access Request for [email protected] ,
You have received this email because you are listed as a security approver.
Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000009688&Page=
Approval to review and act upon this request.
Request ID : 000000000009688
Request Create Date : 12/8/00 11:01:42 AM
Requested For : [email protected]
Resource Name : EOL US Risk Management Application Product Data Manager
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| 24,511 |
||
shapiro-r/deleted_items/1260.
|
FW: Quote for Howard Fromer ,
Late last week, the NYISO distributed a set of General Principles for Installed Capacity (ICAP) and draft Regional ICAP Validation Procedures that were developed by staff's of the three northeast ISOs. (I have already circulated these within Enron for review, but don't see serious problems with them, given that the principles simply attempt to harmonize the treatment of ICAP transactions between the three ISOs.) The NYISO has contacted me, as Chairman of the ICAP working group, and requested to include the attached quote from me in a press release they plan to issue announcing the release of the draft principles. I have no problem with the quote, but wanted to know whether we have any sensitivity to being part of any press releases at this time, either because of our current situation, or because we continue to oppose ICAP? I'd appreciate it if you could get back to me today so that I can let the NYISO know where we stand. Thanks. Howard
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, November 26, 2001 12:05 PM
To: [email protected]
Subject: Quote for Howard Fromer
Howard,
Can you stand behind this statement?....I tried to keep it as innocent as
possible yet to get the point across that the NYISO collaborative process
really works for all Market Participants.
JohnC
(See attached file: ICAP Press Release Quote.doc)
| 436,356 |
||
shackleton-s/all_documents/4780.
|
(00-398) Large Trader Position Reporting For Thanksgiving Day ,
Notice No. 00-398
November 17, 2000
TO:
ALL NYMEX/COMEX DIVISION MEMBERS AND MEMBER FIRMS
ALL NYMEX/COMEX DIVISION CLEARING FIRMS
ALL NYMEX/COMEX DIVISION OPERATIONS MANAGERS
FROM: Neal Wolkoff, Executive Vice President
RE: NYMEX Rule 9.33/COMEX Rule 4.46 =01) Large Trader Position Reporting Fo=
r=20
Thanksgiving Day Holiday
___________________________________________________________
This is a reminder that the New York Mercantile Exchange ("the "Exchange")=
=20
and its COMEX Division will be closed on Thursday, November 23 and Friday,=
=20
November 24, 2000. The Compliance Department=01,s modem lines can accept=
=20
NYMEX/COMEX large trader data transmissions for the close of business=20
Wednesday, November 22, 2000, any time after 8:00 P.M. on Wednesday, Novemb=
er=20
22 until 8:00 A.M. on Monday, November 27, 2000.
If your large trader data for the trade date November 22, 2000 is=20
transmitted on any day other than Thursday, November 23, 2000, please ensur=
e=20
that the trade date that appears in each record is November 22, 2000. The=
=20
computer system will accept no other date. There have been problems in the=
=20
past when the Exchange was closed because clearing members=01, computer sys=
tems=20
automatically counted ahead one day. In such cases, the data transmitted o=
n=20
the first business day following the Exchange holiday incorrectly reference=
d=20
the trade date as the date of the holiday instead of the date preceding it.
Should you have any questions, please contact Bonnie H. Yurga at (212)=20
299-2879, or Nick Falcone at (212) 299-2919.
__________________________________________________
Please click on the link below to indicate you have received this
email.
"http://208.206.41.61/email/email_log.cfm?useremail=3Dsara.shackleton@enron=
.com&
refdoc=3D(00-398)"
Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.
| 417,447 |
||
shackleton-s/all_documents/848.
|
Re: Cata ,
Yes, and I assume that Sean still has the Annexes previously prepared. SS
David P Dupre
11/08/99 07:17 AM
To: Larry Joe Hunter/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Cata
May I forward this to Sean Black?
| 418,294 |
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jones-t/all_documents/10996.
|
PLEASE READ: Sonoco Products Company ,
The referenced counterparty is on the list below for online approval to trade
us gas financial products. This counterparty came through before on the
1/20/00 list and we did not approve them for financial trading because of a
"payment dispute". Is anyone out there aware of the payment dispute with
this counterparty, and has it been resolved? Can we open this counterparty
up to trade financial? They are an ESP...
----- Forwarded by Tana Jones/HOU/ECT on 04/17/2001 01:21 PM -----
Walter Guidroz/ENRON@enronXgate
04/12/2001 05:21 PM
To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom
Moran/ENRON@enronXgate, Claudia Clark/HOU/ECT@ECT, William S
Bradford/ENRON@enronXgate, Lisa Lees/HOU/ECT@ECT, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ECT, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Amy Heffernan/Enron Communications@Enron Communications,
Molly LaFuze/Enron Communications@Enron Communications, Danny Clark/Enron
Communications@Enron Communications, Stephanie Panus/NA/Enron@Enron,
Mandola@/O=ENRON/OU=NA/CN=RECIPIENTS/CN=NOTESADDR/CN=BCBC586C-1D5A658C-862568C
D-532EF3@EX@enronXgate,
Kyle@/O=ENRON/OU=NA/CN=RECIPIENTS/CN=NOTESADDR/CN=97746094-1B0A69C0-86256945-5
803A9@EX@enronXgate
cc:
Subject: EOL approvals, 04-12-01
Please see attached.
| 180,003 |
||
kean-s/deleted_items/23.
|
NAM Briefing by E-mail -- October 19, 2001 ,
Today's Briefing brings you the latest information on issues affecting your
bottom line, including economic-stimulus legislation, trade promotion
authority, OSHA recordkeeping and other news.
Read today's issue at www.nam.org/briefing_newsletter.
**Link not working properly?**
Sometimes links are broken when they are transmitted via e-mail
or if your e-mail program does not support hyperlinks. When this
happens we suggest you copy and paste the URL into your browser.
This way you can get the whole link as sometimes it carries over
onto the next line. When you do this, make sure there are no
spaces in the link.
| 244,113 |
||
maggi-m/all_documents/39.
|
Summary of CFTC commitment of traders data for Nat Gas ,
Attached please find this weeks summary of the CFTC commitment of traders
data.
?
Thanks,
?
Bob McKinney
- CFTC-NG-5-14-01.doc
| 297,436 |
||
bass-e/_sent_mail/237.
|
Re: FFL Lineup ,
done
Enron North America Corp.
From: Steve Venturatos 10/26/2000 03:57 PM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject: FFL Lineup
Since I am not going to be here tomorrow, could you please approve my
pick-ups for this week today or do I need to pay you first????????????????????
| 10,554 |
||
stclair-c/all_documents/636.
|
Development Center Class Reminder - Enron North America ,
Suzannne:
Here is another class that I reserved for Samantha.
Carol
----- Forwarded by Carol St Clair/HOU/ECT on 06/05/2000 09:12 AM -----
Ernie
Sent by: Ernie
06/04/2000 07:01 AM
To: Carol St Clair/HOU/ECT@ECT
cc:
Subject: Development Center Class Reminder - Enron North America Orientation
You are scheduled to attend:
Enron North America Orientation
Class Days and Times:
6/15/2000 08:30:00 AM - 04:00:00 PM
Room # & Location: EB552, Houston
Participant Fee: $ 300
Note:
If you are unable to attend this class, the registration must be canceled by
5:00 p.m. on June 9, 2000 to prevent a charge of $ 300 to your RC number.
We look forward to seeing you at 08:30:00 AM on June 15, 2000. Please call
the Development Center Team at 713-853-0357 if you have any questions.
Thank you.
| 451,319 |
||
jones-t/all_documents/9363.
|
Re: Meeting Scheduled; Re: Financial Procedures ,
no.
Anthony Campos
02/13/2001 02:54 PM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Meeting Scheduled; Re: Financial Procedures
Tana,
I did not mean to leave anyone out, but should anyone else be present?
Brent Hendry
Sara Shackelton
Carol St. Clair
Samantha Boyd
Susan Bailey
Stephanie Panus
Just Curious,
Anthony
---------------------- Forwarded by Anthony Campos/HOU/ECT on 02/13/2001
02:44 PM ---------------------------
Holly Keiser @ ENRON_DEVELOPMENT 02/13/2001 02:07 PM
To: Mark Taylor@ECT, Tana Jones@ECT, Anthony Campos@ECT, Kim S Theriot@ECT,
Linda S Bryan@ECT, Stephanie Sever@ECT, Lisa Lees@ECT, Jennifer deBooisblanc
Denny@ECT
cc:
Subject: Meeting Scheduled; Re: Financial Procedures
A meeting has been scheduled for 2:00 PM on Wednesday, February 14,
Conference Room 38C2, to discuss financial procedures.
Thank you,
Holly Keiser
Enron Americas
Legal Department - EB 3887
713-345-7893 (ph)
713-646-3490 (fx)
[email protected]
| 187,566 |
||
keavey-p/inbox/189.
|
crude & product spreads and heat & gas cracks as hot links 4/24 ,
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 Spread http://www.carrfut.com/research/Energy1/crudespread81.pdf
Heat Spread http://www.carrfut.com/research/Energy1/heatspread81.pdf
Unleaded Spread
http://www.carrfut.com/research/Energy1/unleadspread81.pdf
Heat Crack http://www.carrfut.com/research/Energy1/heatcrack81.pdf
Gas Crack http://www.carrfut.com/research/Energy1/gascrack81.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| 254,074 |
||
davis-d/deleted_items/fyi/14.
|
Spine ,
Nicole Mendez
| 84,676 |
||
jones-t/all_documents/5484.
|
(00-393)Notice of Availability of Demutualization Rules ,
Notice No. 00-393
November 20, 2000
TO: ALL NYMEX AND COMEX MEMBERS AND MEMBER FIRMS
FROM: Neal L. Wolkoff, Executive Vice President
DATE: November 20, 2000
RE: Notice of Availability of Demutualization Rules
____________________________________________________________________
The purpose of this Notice is to advise Members and Member Firms that the=
=20
bylaws for NYMEX Holdings and for NYMEX Inc., along with related rule chang=
es=20
for NYMEX Inc., which implement the demutualization transaction, can be fou=
nd=20
on the Exchange=01,s website at=20
http:\\www.nymex.com\refernce\notices\ntm393.htm. In addition, hard copies =
of=20
the new bylaws for NYMEX Holdings, a "black-line" version of the bylaws for=
=20
NYMEX Inc. showing all actual changes to such bylaws, and the rule changes=
=20
for NYMEX Inc. can be obtained from Kelly Ann Neeson in the Legal=20
Department. The Commerce Clearing House, which reprints the NYMEX rulebook=
,=20
also will distribute an update in the near future containing these by-laws=
=20
and rule changes.
If you have any questions concerning these rules, please contact Christophe=
r=20
K. Bowen, Senior Vice President and General Counsel, at (212) 299-2200 or=
=20
Robin Zablow, Associate General Counsel, at (212) 299-2212.
__________________________________________________
Please click on the link below to indicate you have received this
email.
"http://208.206.41.61/email/[email protected]&=
refdo
c=3D(00-393)"
Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.
| 186,240 |
||
jones-t/inbox/750.
|
RE: Party ,
Is that a 'yes' or a 'no'?
What is up with Harry?
Good for you on running 12 miles. How did you feel?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, October 31, 2001 9:47 AM
To: [email protected]
Subject: RE: Party
I would like to attend. God knows if Harry can/will come. We'll see. I
did 12 (slow) miles last weekend...
-----Original Message-----
From: "Patti Young" <[email protected]>@ENRON
Sent: Wednesday, October 31, 2001 1:31 PM
To: Jones, Tana
Subject: Party
Hey, Miss Tana,
Do you think you will make the party on Nov. 10 at Monnie's????? Bring
your
beau, too...
Let me know.
Patti
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at [email protected] and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************
| 189,004 |
||
corman-s/sent_items/542.
|
Aeros Plans ,
Mike - Alina & I have decided to join Kim & Chad at the Aeros game tomorrow night, so we'll get the boys together for another event soon.
Shelley
| 53,678 |
||
giron-d/sent_items/41.
|
FW: Enron's Texas Style Trading ,
-----Original Message-----
From: Thomas, Sheri
Sent: Thursday, January 24, 2002 9:38 AM
To: Neuner, Dale; Davis, Frank L.; Denny, Jennifer; Earnest, Scott; Frank and Wanda Kelemen (E-mail); Denise Perry (E-mail); Laura & Dave Fortin (E-mail); Kenne, Dawn C.; Dawn & Martin McDonald (E-mail); Holly Wright (E-mail); Giron, Darron C.; Stevens, Mechelle; Debbie D McNutt (E-mail); Lori Cook (E-mail); Rick Horrocks (E-mail); Sever, Stephanie
Subject: Enron's Texas Style Trading
You have two cows. You sell three of them to your publically listed company using letters of credit opened by your brother-in-law at the bank.
Then, you execute a debt-equity swap with an associated general officer, so you get all four cows back, with a tax-exemption for the fifth cow, of course.
The rights to the estimated future value of the milk cash flow stream of the six cows are monetized and transferred via an intermediary to the Caymen Islands, secretly owned by a majority shareholder who sells the rights to all seven cows back to your listed company, off-balance sheet, of course.
The annual report says the company owns eight cows and recognizes milk revenue for the 20 year life of the cows.
This is hedged with derivative cow life insurance policy through a Caymen Island bank, and these hedges are arranged through EnronOnline's commodity storefront with an option to buy one more cow, no balance sheet provided.....
The company says it will file all footnotes at a later date.
| 139,437 |
||
fossum-d/_sent_mail/205.
|
Re: FW: Drew Fossum ,
Not that I know of. DF
Martha Benner
08/08/2000 10:31 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc:
Subject: FW: Drew Fossum
Have you received this bill as yet?
Thanks.....Martha
---------------------- Forwarded by Martha Benner/ET&S/Enron on 08/08/2000
10:31 AM ---------------------------
Al Wilcox <[email protected]> on 08/03/2000 10:25:58 AM
To: Membership <[email protected]>
cc: "'[email protected]'" <[email protected]>
Subject: FW: Drew Fossum
Please send a new invoice to ID:412238 to the new address listed below.
thanks
al
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, August 03, 2000 11:21 AM
To: Al Wilcox
Subject: RE: Drew Fossum
It is not correct, it should be:
Drew Fossum
VP & General Counsel
Enron ET&S
1111 So. 103 Street
Omaha, NE 68124-1000
What do we do now?
Thanks...Martha
Al Wilcox <[email protected]> on 08/03/2000 10:05:40 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: Drew Fossum
This is the address the address we have on file for you:
Mr Drew J Fossum
1702 Drewlaine Dr (B)
Vienna, VA 22182-2101
If this is correct you should be seeing a second invoice by early next
week.
Regards
al wilcox
mgr it
dcbar
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, August 03, 2000 10:15 AM
To: Al Wilcox
Subject: RE: Drew Fossum
DC #412238 - let me know if this is not correct as I do not have his card
but this is on his file.
Al Wilcox <[email protected]> on 08/03/2000 09:08:51 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: Drew Fossum
Ms Benner would it be possible to get your Bar Id, so I match your address
with the one we have.
al wilcox
mgr it
dcbar
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, August 03, 2000 10:02 AM
To: [email protected]
Subject: Drew Fossum
Importance: High
Still have not received a response on this. Please respond as soon as
possible - like today!
---------------------- Forwarded by Martha Benner/ET&S/Enron on 08/03/2000
09:01 AM ---------------------------
Martha Benner
07/10/2000 02:06 PM
To: [email protected]
cc:
Subject: Drew Fossum
We have not received a bill for Mr. Fossum's bar dues but would be more
than happy to pay them if you could submit a bill to the following:
Drew Fossum
VP & General Counsel
Enron ET&S
1111 So. 103 Street
Omaha, NE 68124-1000
If you have any questions or concerns please call me (402) 398-7330.
Thank you.
Martha Benner
Assistant to Mr. Fossum
| 114,946 |
||
meyers-a/deleted_items/308.
|
Start Date: 1/26/02; HourAhead hour: 2; ,
Start Date: 1/26/02; HourAhead hour: 2; No ancillary schedules awarded. No variances detected.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012602.txt
| 337,727 |
||
whalley-g/inbox/68.
|
Military Visit - please read ,
Hi Greg,
We are hosting a meeting from 9-11am on Friday 26th October for a number of people from your Military. They are coming to see us as a reference sight for TIBCO software, which they may want to use within their operations. Given the current state of the nation I thought this might be a good opportunity for Enron to help out. I also wanted to know if you or Mr Lay may want meet them. Let me know, they are on a very tight schedule and are visiting NASA directly after us.
These guys are Washington based employees.. Stratcom controls our nuclear
arsenal..
Uniformed Military
Lt. Col Hal Ellis
Major Kenryu Bryson
Lt. Commander Doug Koekkoek
Civilian Military Employees
Tom Price
Mark Roth
Mark Pickering
Chief Technology Officer
Enron Net Works, LLC
_____
| 499,945 |
||
jones-t/all_documents/423.
|
Re: Matt ,
No, I haven't met Matt, in fact, I don't know much about him. Is he here
now? For how long? Thru the Legal Conference? I would be happy to help in
whatever way I can. As you know, we've recently revised our forms, so this
would be a good time to get him indoctrinated.
I will, of course, be sad to have you leave us. You have been wonderful to
work with from both a personal and professional standpoin. Your baby's gain
in your time is a loss to Enron, because are a most valued asset to our
company. I hope our lives will cross again some time! Best wishes for your
future, you deserve the best!
| 184,862 |
||
bailey-s/deleted_items/125.
|
Thiele Kaolin Company ,
Diane,
Please advise if there are any financial transactions between ENA & the captioned counterparty.
Thanks
Cordially,
Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3803A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
Email: [email protected]
| 9,508 |
||
baughman-d/all_documents/210.
|
RE: Hi All ,
Hi guys,
Sorry my phone number has been changed. It is now 212-429-2345.
Thanks,
Jeff
> -----Original Message-----
> From: Lenamon, Jeffrey
> Sent: Thursday, February 08, 2001 15:27
> To: '[email protected]'; '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]';
> '[email protected]'; '[email protected]'; '[email protected]'
> Subject: Hi All
>
>
> Just passing along my updated contact information. Hope all is going
> great, speak to you soon.
>
> Best regards,
>
> Jeff B. Lenamon
> Vice President
> Dresdner Kleinwort Wasserstein
> Credit & Counterparty Risk Mgmt
> 75 Wall Street, 33rd Floor
> New York, NY 10005
> Tel: 212-429-2118
> fax: 212-429-2018
If you have received this e-mail in error or wish to read our e-mail
disclaimer statement and monitoring policy, please refer to
http://www.drkw.com/disc/email/ or contact the sender.
| 17,886 |
||
lucci-p/sent_items/228.
|
RE: FW: Cactus READ STORY BEFORE OPENING ATTACHMENT ,
I just hung out yesterday and worked around the house and watched football.
-----Original Message-----
From: [email protected]
[mailto:[email protected]]
Sent: Monday, November 05, 2001 10:52 AM
To: Lucci, Paul T.
Subject: Re: FW: Cactus READ STORY BEFORE OPENING ATTACHMENT
Yea you sent that one out and I actually have had it sent to me before!
Whats up! Today I am feeling tired...Did you do anything yesterday! I
think I need a complete week of detox in order to feel normal? I actually
ran the last two days but instead of the comfort feeling I just feel ache!
I hate mon and tuesday because they are such long ass day10-8? Well at
least the game is on tonight!
Later
| 297,246 |
||
kean-s/all_documents/643.
|
Subscriptions & Pub. ,
This is a list of subscription & publication information, compiled by
different regions, regarding developments in energy and broadband.
INDIA
Leena Mathews @ ENRON_DEVELOPMENT 06/13/2000 06:23 AM
We do not specifically subscribe for broadband/commnunications related
magazines. News items related to the above are always covered in the business
magazines below. They are equivalent to the Fortune and Forbes
PUBLICATIONS SUBSCRIPTION RATE ONLINE WEBSITE
Business India us $85
10, Pearl Mansion,
91, Maharashi Karve Road
Bombay - 400 020
Tel # 91 22 200 9274/206 9276
Fax # 91 22 200 6669
Businessworld www.businessworldindia.com
Business Today www.Business-today.com
Powerline www.indiapoweronline.com
Indian Infrastructure US $ 150 (1 yr)
PowerLine, D-4/5 Vasant US $ 270 (2 yrs)
Vihar, New Delhi - 57 US $ 350 (3 yrs)
Tel # 91 11 615 2322
Fax # 91 11 615 2344
e-mail: [email protected]
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ASIA & AFRICA
From: John Ambler@ENRON_DEVELOPMENT on 06/07/2000 02:54 PM
We do not currently subscribe to such trade publications for Asia and
Africa. We do deal with and monitor a number of publications, but many are
not in English. Two useful online publications are www.nni.nikkei.co.jp and
www.energyasia.com.
As for major magazines, Nikkei Business is the premier business magazine in
Japan. In most areas there are major newspapers that are more influential.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++
EUROPE
Iona Maclean@ECT
05/23/2000 03:33 AM
We think that the following are the best publications for you to access (this
can be done on-line)
- FT On-line http://www.business.ft.com/energy_login.html
This site covers all the financial times publications. Enron Europe have a
special deal with FT on-line where everyone can access the service for free.
You can also access the following on-line
- Utility Week and Utility Europe www.utilityweek.com
- The Economist http://www.economist.com/
If you are interested in specific coverage I would be happy to include you in
my distribution lists. Please call me on +44 207 783 5331 if you have any
further questions.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++
LATIN AMERICA
Dennis Vegas@ENRON_DEVELOPMENT
05/09/2000 08:53 AM
International/Regional
Global Finance
Latin Trade
Latin Finance
Newsweek Americas
WSJ Americas
Financial Times (great intl coverage)
Newsletters
Latin America Monitor (online we subscribe for CALME only to Andean Region,
Central America, Caribbean and Middle East editions)
Latin America Power Watch
Latin America Energy
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
JAPAN
From: Michael Grimes@ENRON_DEVELOPMENT on 05/08/2000 08:38 AM
I'm trying to get a subscription to the Nikkei, which has an electronic site
at:
http://www.nni.nikkei.co.jp/
I also have a free subscription to the PMA news site, which has proved
useful. http://www.powermarketers.com/main.htm
I would call the Nikkei the closest to Forbes in Japan.
|
earlene.o'[email protected]
| 231,110 |
|
farmer-d/inbox/21.
|
Mid-Year 2001 Feedback Deadline ,
JERRY FARMER,
The PEP system will be open through Friday, June 1st so that you may complete or decline your reviews.
Our records indicate that you have one or more requests for feedback that have not yet been submitted. Please complete or decline these requests as soon as possible by logging into PEP at http://pep.enron.com and selecting Complete Feedback from the Main Menu.
If you have any questions, please contact the PEP Help Desk at:
Houston: 713.853.4777, Option 4 or email: [email protected]
London: 44.207.783.4040, Option 4 or email: [email protected]
Thank you for your participation in this important process.
| 108,413 |
||
shackleton-s/all_documents/11158.
|
Re: AIG ,
Caroline,
The original AIG-Bermuda confirms that I did a few weeks ago that were sent
to them had the opinion attached. They have seen it because they commented
on it.
Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
[email protected]
Caroline Abramo@ENRON
05/22/2001 07:37 AM
To: Carol St Clair/HOU/ECT@ECT
cc:
Subject: Re: AIG
They do not have the document yet.. do they need for the confirm??
Carol St Clair @ ECT 05/21/2001 06:00 PM
To: Caroline Abramo/Corp/Enron@ENRON
cc: Frank Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul
Radous/Enron@EnronXGate, Sara Shackleton/HOU/ECT@ECT
Subject: Re: AIG
We need the Bermuda law legal opinion. What is the hold up?
Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
[email protected]
Caroline Abramo@ENRON
05/21/01 03:33 PM
To: Carol St Clair/HOU/ECT@ECT
cc: Paul Radous/Corp/Enron
Subject: AIG
Carol= Paul is OK with raising the cross default amount... can we get out
draft ISDAs to them???? AIG Commodity Arbitrage Ltd. and AIG Commodity Fund
L.P.
Thanks,
Caroline
---------------------- Forwarded by Caroline Abramo/Corp/Enron on 05/21/2001
04:29 PM ---------------------------
Carol St Clair @ ECT 05/10/2001 09:00 AM
To: Caroline Abramo/Corp/Enron@Enron
cc: Frank Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brent
Hendry/NA/Enron@Enron, Sara Shackleton/HOU/ECT@ECT, Paul
Radous/Enron@EnronXGate
Subject: AIG
Caroline:
I have received and reviewed their comments. On the legal front, they are
objecting to the Bermuda law opinion. We cannot do this without an opinion.
If we need to recommend Bermuda counsel to them we can. On the credit side,
for AIG Commodity Arbitrage Fund LP they want to increase the cross default
threshold from $1,500,000 to $2,500,000. Paul, are you okay with this? I am
okay with their other comments.
Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
[email protected]
| 413,013 |
||
cash-m/sent_items/445.
|
RE: Hi ,
What a delightful and welcome change of pace in my email today!
Definitely count us in. We'd love to join you.
By the way, do you have Mata Kroger's new phone number? Or, is she still with Comsys?
Thanks!
Michelle
-----Original Message-----
From: "Deborah Rank" <[email protected]>@ENRON
Sent: Wednesday, November 07, 2001 11:42 AM
To: Cash, Michelle
Subject: Hi
Hi stranger -- I am checking to see if you and Trey can join the Krummes and us for champagne brunch on Sunday, Dec 16 at 10:30 at Cafe Noche. Rob is coming in for our Christmas party and is leaving for Austin right after brunch. We are both excited to have a whole night and next morning without kids. Let us know if you guys can join us.
DEB
Deborah Rank
Martin, Disiere, Jefferson & Wisdom, L.L.P.
808 Travis, Suite 1800
Houston, Texas 77002
(713) 632-1710
Fax: (713) 222-0101www.mdjwlaw.com << File: http://www.mdjwlaw.com >>
- MDJW.jpg << File: MDJW.jpg >>
| 50,095 |
||
jones-t/all_documents/4984.
|
,
A reminder to everybody -- I will be at RAC's offsite tomorrow -- I should be
back in the office around lunchtime -- thanks, Bob
Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
[email protected]
| 185,690 |
||
solberg-g/deleted_items/721.
|
Start Date: 1/7/02; HourAhead hour: 17; ,
Start Date: 1/7/02; HourAhead hour: 17; No ancillary schedules awarded. No variances detected.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010717.txt
| 448,936 |
||
kitchen-l/_americas/esvl/502.
|
FW: Response to Data Request ,
-----Original Message-----
From: Kitchen, Louise
Sent: Monday, November 19, 2001 5:17 PM
To: Fallon, Jim
Cc: Lavorato, John
Subject: Response to Data Request
| 257,614 |
||
geaccone-t/inbox/236.
|
RE: Azurix 2002 Plan Review ,
Stan's day just opened up for this Thursday the 4th, or we could do 2:30 to 5:00PM on Monday, October 29, or 2:30 to 5:00PM on Tuesday, October 30. Otherwise, that's it. Please advise asap.
-----Original Message-----
From: Geaccone, Tracy
Sent: Tuesday, October 02, 2001 4:28 PM
To: Stark, Cindy
Subject: FW: Azurix 2002 Plan Review
What else can we do?
-----Original Message-----
From: Angela Ramirez/HOU/AZURIX@AZURIX@ENRON On Behalf Of Angela Ramirez@ENRON
Sent: Tuesday, October 02, 2001 4:10 PM
To: Anderson, Michael
Cc: Garrison, John L; Hayslett, Rod; Geaccone, Tracy
Subject: Re: Azurix 2002 Plan Review
John is on vacation from Thursday, October 18th and will return on Wednesday, October 24th.
Angela
Michael Anderson 10/02/01 03:10 PM To: Tracy Geaccone/ENRON@enronXgate@ENRON cc: Rod Hayslett/ENRON@enronXgate, John L Garrison/HOU/AZURIX@AZURIX, Angela Ramirez/HOU/AZURIX@AZURIX Subject: Re: Azurix 2002 Plan Review << OLE Object: StdOleLink >>
This will work for me - I will check with John Garrison
Tracy Geaccone/ENRON@enronXgate 10/02/01 10:18 AM To: Michael Anderson/HOU/AZURIX@AZURIX cc: Rod Hayslett/ENRON@enronXgate Subject: Azurix 2002 Plan Review
Stan is available October 18 from 1:00-3:00 in his office. Will this work?
| 122,240 |
||
shackleton-s/all_documents/1051.
|
GHOST ,
The account number in the confirmation is correct.
Please add "without duplication" language to the Floating Amount calculation.
| 412,307 |
||
germany-c/all_documents/3004.
|
Re: Trco Backhaul Rates ,
I'g going to have Judy work Tansco over for a backhaul discount for the
summer.
---------------------- Forwarded by Chris Germany/HOU/ECT on 02/05/2001 10:29
AM ---------------------------
Suzanne Calcagno@ENRON
02/05/2001 08:52 AM
To: Chris Germany/HOU/ECT@ECT
cc: Rebecca W Cantrell/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Judy
Townsend/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT
Subject: Re: Trco Backhaul Rates
Chris-
This rate change implements a rate settlement reached in 1999, so we don't
have grounds for protest. I'll bookmark the issue for review when Transco
files it's next Section 4 on March 1st. We can argue that the backhaul rates
should be cost based, as opposed tothe full forward haul rate that's being
charged.
Suzanne
Enron North America Corp.
From: Chris Germany @ ECT 02/01/2001 03:28 PM
To: Rebecca W Cantrell/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Judy
Townsend/HOU/ECT@ECT, Suzanne Calcagno/NA/Enron@Enron
cc:
Subject: Trco Backhaul Rates
Transco confirmed that effective 2/1/2001, the forward haul and back haul
commodity rates will be the same on both IT and FT.
---------------------- Forwarded by Chris Germany/HOU/ECT on 02/01/2001 03:25
PM ---------------------------
From: Chris Germany 02/01/2001 12:22 PM
To: Rebecca W Cantrell/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Judy
Townsend/HOU/ECT@ECT
cc:
Subject: Trco Backhaul Rates
I left a message for the manager of Transco's Rates Department to call me.
If I'm reading this correctly, the forwardhaul and the backhaul commodities
are the same now. In Jan, the "true backhaul" rate from Zone 6 to Zone 4 was
$.0448 plus surcharges, today its $.3037 plus surcharges. We actually did
some deals based on the backhaul rate of $.0448 for the summer.
I suppose its too late, is there anyway this could be postponed until
October, after the summer period?
Media Inquiries: Chris Stockton
(713) 215-2010
Other Inquiries: Rate Dept. 1-800-248-0404, Option #7January 29, 2001
To: Transcontinental Gas Pipe Line Corporation Customers and
Shippers
Re: FT and IT Rates effective February 1, 2001
On January 24, 2001, the Commission issued an order in Docket
Nos. RP97-71-020 and RP97-71-021 which, among other things,
approved the pro forma tariff sheets included with the filing.
The Commission's order also directed Transco to file actual
tariff sheets to be effective February 1, 2001. Transco intends
to file the revised tariff sheets with the Commission on February
1, 2001. If accepted as proposed, outlined below for your
convenience are Transco=s Rate Schedule FT and IT rates effective
February 1, 2001.
Summary of Rate Schedule FT Demand Maximum Rates
(Excluding Surcharges)
Demand Rates ($/Dt)
Del. Zone
Zone 1 Zone 2 Zone 3 Zone 4 Zone 5 Zone 6
Rec. Zone
Zone 1 2.1284 2.7625 3.6820 7.0221 9.4933 10.8315
Zone 2 2.7625 2.2262 3.1457 6.4858 8.9570 10.2952
Zone 3 3.6820 3.1457 2.5116 5.8517 8.3229 9.6611
Zone 4 7.0221 6.4858 5.8517 4.9322 7.4034 8.7416
Zone 5 9.4933 8.9570 8.3229 7.4034 4.0633 5.4015
Zone 6 10.8315 10.2952 9.6611 8.7416 5.4015 2.9303
Zone 4A (Mobile Bay) Demand Rate $2.4072
Commodity Rates (cents/Dt)
Del. Zone
Zone 1 Zone 2 Zone 3 Zone 4 Zone 5 Zone 6
Rec. Zone
Zone 1 0.24 0.50 0.75 1.86 2.74 3.20
Zone 2 0.50 0.30 0.55 1.66 2.54 3.00
Zone 3 0.75 0.55 0.29 1.40 2.28 2.74
Zone 4 1.86 1.66 1.40 1.15 2.03 2.49
Zone 5 2.74 2.54 2.28 2.03 0.92 1.38
Zone 6 3.20 3.00 2.74 2.49 1.38 0.50
Zone 4A (Mobile Bay) Commodity Rate 0.34
Summary of Rate Schedule IT Commodity Maximum Rates
(Excluding Surcharges)
Commodity Rates (cents/Dt)
Del. Zone
Zone 1 Zone 2 Zone 3 Zone 4 Zone 5 Zone 6
Rec. Zone
Zone 1 06.37 08.72 12.00 24.10 33.10 37.96
Zone 2 08.72 06.76 10.04 22.14 31.14 36.00
Zone 3 12.00 10.04 07.69 19.79 28.79 33.65
Zone 4 24.10 22.14 19.79 16.51 25.51 30.37
Zone 5 33.10 31.14 28.79 25.51 13.41 18.27
Zone 6 37.96 36.00 33.65 30.37 18.27 09.27
Zone 4A (Mobile Bay) Commodity Rate 7.39
For additional information please contact your Customer Service
Representative or Rate Department Representative.
Charlotte Hutson
Manager - Rate Department
(713)215-4060
| 126,798 |
||
germany-c/bankrupt/transport/sonat/13.
|
RE: Sonat Park & Loans and Sale to Sonat ,
Mark Ellenberg is working on the response.
Kay
-----Original Message-----
From: Germany, Chris
Sent: Monday, February 25, 2002 1:34 PM
To: Mann, Kay
Cc: Concannon, Ruth
Subject: FW: Sonat Park & Loans and Sale to Sonat
Could you tell me who in legal is assigned to this?
thanks
-----Original Message-----
From: Germany, Chris
Sent: Wednesday, February 20, 2002 2:39 PM
To: McMichael Jr., Ed; Concannon, Ruth; Garza, Maria; Dicarlo, Louis; Boyt, Eric
Cc: Olinger, Kimberly S.; Germany, Chris
Subject: FW: Sonat Park & Loans and Sale to Sonat
These are my notes on the Sonat Park & Loan. I have not spoken with any legal counsel representing ENA.
Summary: Sonat has netted our Parked Gas Balance with our Loaned Gas Balance and filed a motion with the courts to retain the remaining Parked Gas Balance, 92,949 dth per my conversation with Sonat, to offset $879,030.42 ENA owes Sonat for the purchase of gas in October 2001. According to Sonat, the payment was due November 26, 2001 but ENA did not pay. Sonat's motion is set to be reviewed by the court on March 6th.
ENA recognizes a balance of 197,537 dth - the difference is ENA is not netting the 96,000 dth Loan with the park and Sonat is showing an additional day of withdrawal of 8,588 dth in January 2002.
Chris's notes:
Sonat Park & Loans
2/19/02 History - Per Dave Dyer (205-326-2007) at Sonat
ENA has 2 Park & Loan (PAL) contracts with Sonat. All PAL's with Sonat are under master contract PAL1001. Sonat assigns a deal number to each deal under this contract.
Deal #1424 - ENA borrowed a total of 96,000 dth from Nov 3rd-5th and has not paid this back. ENA still owes Sonat 96,000 dth. The terms of the deal were to payback Sonat anytime with 3 days notice on any 3 days on 2002, SONAT ONLY CHARGED ENA $96.00 FOR THIS DEAL, because Sonat needed to get gas off the system.
Deal #1222 - ENA parked 309,192 dth in August to come out in Jan 2002. Sonat let ENA withdraw 42,951 on 11/29/01 leaving a balance of 266,241 dth. In Jan 2002, ENA withdrew 8,588 dth per day for the 1st-9th. That left a balance of 188,949 dth. On Jan 8th, 2002, Sonat sent a letter stating that Sonat will hold on to the remaining to balance to offset 1) the Loaned gas on deal #1424 (96,000 dth) and 2) to offset dollars ENA has not paid Sonat for gas Sonat sold to ENA in October 2001. According to Sonat, the remaining balance on this deal is 92,949 dth = [309,192 parked in Aug - 42,951 w/d in Nov - 77,292 w/d in Jan - 92,000 balance on #1424]. According to Sonat's letter, Sonat has filed the appropriate motion for court approval for the offsets. According to Dave, ENA is being billed $.00305 x daily balance in this account. ENA should have paid some bigger amount went the gas was parked in August.
Other items;
ENA purchased system supply from Sonat in October 2001. ENA purchased 286,998 at an average price of $3.063 = $879,030.42. According to Sonat, ENA did not pay for this before Enron declared bankruptcy. ENA also sold Sonat gas - 16,000 dth day at $2.885 (sitara #1172076) in January 2002 and 10,000 dth day at $2.955 in May 2002 (sitara #1172087). ENA used 77,292 dth (8,588 dth per day for Jan 1st - 9th) of the parked gas on deal #1222 to supply the 16,000 dth before Sonat stopped ENA from withdrawing from the park. ENA defaulted on 418,708 dth of the Sonat deal in January.
Sonat's in house legal counsel is Patti Frances (205-325-7696). I left a message for Patti to call me.
2/20/02
Patti Frances returned my call. Patti said the motion is currently set to be reviewed by the court on March 6th. I asked Patti if there were any penalties for not performing on the Jan 2002 sale to Sonat and if Sonat was going to pay for the 77,292 dth that ENA did supply. Patti said she didn't think there were penalties but she would verify that and see if they were going to pay. I also asked her if Sonat is still honoring the ENA sale to Sonat in May 2002 and if Sonat would pay ENA if ENA performed. She will check on it and call me back.
| 128,363 |
||
baughman-d/inbox/82.
|
New Years ,
There is a pretty large group of us going to the Firehouse for New Year's eve this year. Most of the people that attended the Christmas party and most of the people who went to Schroeder Hall last year. Anyway just wanted to spread the word to a few of you who may not have gotten the word. Tickets are $25 apiece and probably need to be purchased before the end of next week. Roger thinks it will sell out before Christmas. Hope everyone has a great day. Joe if you would like for us to buy you a ticket let me know.
Thanks
Scott T.
| 19,609 |
||
dasovich-j/inbox/604.
|
THIS WEEK'S GAMES START ON THURSDAY. PLEASE HAVE YOUR PICKS IN BY ,
Here are:
1) the results of this week's football games
2) your pick sheet for next week
1st place - Mike & Lisa with 102 points - they also moved up into a tie for
5th place with Cary
2nd place - Cary with 100 points - he also moved up to a tie for 5th place
with Mike & Lisa
3rd place - Scott & Val - with 85 points
4th place - Cindy with 84 points
Congratulations to all - and especially to "rookies" Scott & Val Deitrick on
their first winning week.
In a very strange week of football - NOBODY sat down - so 12 people continue
in the Last Person Standing Pool.
This week's games start on Thursday at 5:30 - so please have your picks in
by 5 p.m. on Thursday.
Thanks and good luck!
|
e-mail <'.'[email protected]>, e-mail <'.'[email protected]>,
| 70,159 |
|
ward-k/inbox/162.
|
Hey Kim! ,
Hey....I am sad...we will not come home until Christmas Day. Will you back
after that? I would love to spend some time with you!
How is Houston? I know you liked it there before but had grown to love the
west. Are you looking anywhere special for a job?...like Memphis?
Have you heard from any one who worked in the World Trade Center? Of course,
I thought immediately of visiting your workplace there. It was unbelievably
horrible!
Talk to you soon....I am so glad we are e-mailing!
Love ya,
Yonnie
|
houston <[email protected]>
| 492,787 |
|
buy-r/inbox/495.
|
Risk 2002 USA - The annual congress! ,
This is a message from The Risk Waters Group
<http://pull.xmr3.com/p/175-1378/25854771/title.gif>
Boston, 11 & 12 June 2002
Risk magazine's 8th annual US derivatives and risk management congress
Dear Rick Buy,
As you attended this year's event, I would like to give you advance notification of Risk 2002 USA and offer you an exclusive early bird discount package consisting of 15% discount* on the price of the two, three or four day congress.
Once again this prestigious event will take place in Boston in June. The two-day conference will be on June, 11 & 12 with additional seminars taking place on the 10th & 13th.
Four streams featuring leading industry practitioners and academics:
STREAM ONE: Portfolio credit risk measurement and management
STREAM TWO: Advanced risk management techniques and strategies
STREAM THREE: Derivatives modelling and analysis
STREAM FOUR: Risk measurement and management for investment managers and plan sponsors
The Risk team will be undertaking intensive research over the next few months to fully update the conference programme, and to bring you the most cutting-edge information in a diverse range of topics. For constant updates and more information, please visit the Risk 2002 USA website at: http://www.risk-conferences.com/risk2002usa?caller=em <http://pull.xmr3.com/p/175-1378/25854765/http-www.risk-conferences.com-risk2002usa.html>
We hope you enjoyed this year's event and will take advantage of this special offer to attend what promises to be North America's largest and most comprehensive derivatives and risk management congress next year. I look forward to seeing you again in June.
Regards,
Sumreen Salim
Deputy Head of Events Marketing - RISK 2002 USA
Risk Waters Group
P.S. If any of your business associates or colleagues would like to attend this event, please forward them this message for us. To register instead of you (or as well as), simply type over the details in the form below and press BOOK NOW. Thank you.
IMPORTANT: Are your details correct?
If your details are correct, press BOOK NOW and you will receive a PROFORMA invoice at your company address. Alternatively leave this box ticked and we will call you to process your booking with a credit card (If you have any other payment enquiries, please email us on <mailto:[email protected]>).
Please note: If you are viewing a text only message and cannot see the form below, please click this link to visit the event website:
<http://www.risk-conferences.com/risk2002usa/index.htm?caller=em> (*If you register from the website, please quote CRXP85/PD to guarantee your 15% discount. This offer is valid until 31st December 2001).
<http://pull.xmr3.com/p/175-1378/25854764/Front.gif>
Investment management stream sponsors:
<http://pull.xmr3.com/p/175-1378/25854760/Askari2.gif>
<http://pull.xmr3.com/p/175-1378/25854769/state.gif>
FIRST NAME:
LAST NAME:
YOUR EMAIL:
COMPANY NAME (in full):
YOUR TITLE:
STREET 1:
STREET 2:
CITY/TOWN:
STATE/COUNTY:
ZIP/POSTAL CODE:
COUNTRY:
TELEPHONE:
FAX:
YOUR VIP BOOKING CODE*:
*This offer is valid until 31st December 2001
(Please note: your details are transferred using a secure connection).
Risk Waters Group
28-29 Haymarket
London, UK
SW1Y 4RX
Tel: 00 44 (0)20 7484 9700
Mailto: [email protected]
---------------------------------------------------------------------
If you would prefer not to receive further messages from this sender:
1. Click on the Reply button.
2. Replace the Subject field with the word REMOVE.
3. Click the Send button.
You will receive one additional e-mail message confirming your removal.
| 38,875 |
||
bass-e/_sent_mail/792.
|
Re: Aeros ,
i will probably be able to make it.
"Larry W. Bass" <[email protected]> on 05/16/2000 09:57:32 AM
To: jason <[email protected]>
cc: eric preston bass <[email protected]>, kathy bass
<[email protected]>
Subject: Aeros
Hi guys. We have access to 4 Aeros tickets Friday night. It is a sky box,
food and booze. Ken Hebert's son is putting the deal together. Your Mother
and I are going(Kathy, Kenny said Cheryl was going, You might want to
verify) and will pick up your cost if you are interested. I thought
originally that you could bring your dates, but there are only 4 tickets
available to us. I must let Kenny know today, so let me know ASAP.-Dad
| 11,141 |
||
kean-s/all_documents/5499.
|
Re: Press Clipping - Germany (Enron Mention) ,
The quotes are accurate, but I did not say California does not have a supply
problem.
Mark Schroeder@ECT
03/19/2001 06:04 AM
To: Steven J Kean/NA/Enron@Enron
cc: Jackie Gentle/LON/ECT@ECT, Alex Parsons/EU/Enron@Enron
Subject: Press Clipping - Germany (Enron Mention)
Steve - FYI, and presumably they misquoted you on the problem (at least in
California) not being a function of indaequate capacity (it is one of the
root causes we have been pointing to over here, among others). mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 19/03/2001
12:07 ---------------------------
Katy Lomax
15/03/2001 16:31
To: Eva Hoeffelman/LON/ECT@ECT, Peter Styles/LON/ECT@ECT, Paul
Hennemeyer/LON/ECT@ECT, Viviana Florio/FRA/ECT@ECT, Bart Lyon/LON/ECT@ECT,
Peter Kreuzberg/FRA/ECT@ECT, Sven Becker/FRA/ECT@ECT, Michael
Schuh/FRA/ECT@ECT, Gregor Baumerich/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT,
John Oliver/LON/ECT@ECT, Kathryn Corbally/Corp/Enron@ENRON, Andrew
Green/LON/ECT@ECT, Meindert Witteveen/LON/ECT@ECT, [email protected],
[email protected], Soenke Becker/EU/Enron@Enron, Eric
Shaw/LON/ECT@ECT, Helge-J_rgen Beil/FRA/ECT@ECT, Carsten Haack/FRA/ECT@ECT,
Mark Schroeder/LON/ECT@ECT, Barbara Thompson/FRA/ECT@ECT, Ann M
Schmidt/Corp/Enron@ENRON, Cindy Derecskey/Corp/Enron@Enron
cc:
Subject: Press Clipping - Germany (Enron Mention)
Please find attached the following article/s:
"Missing the goal" - Financial Times Deutschland
Kind Regards,
Katy Lomax
| 230,088 |
||
martin-t/deleted_items/67.
|
RE: Chris Germany ,
I think that would be great. Let me know if i can help out. I received an email from Chris also, I will definately encourage him to stay with us.
-----Original Message-----
From: Martin, Thomas A.
Sent: Thursday, January 10, 2002 3:03 PM
To: Neal, Scott
Subject: Chris Germany
Just a heads up, I lost Daren Farmer as my Logistics Manager/Transportation person on Thursday. I have asked Chris if he would be interested. He said he would give me an answer on Monday.
Tom
| 323,071 |
||
rogers-b/_sent_mail/634.
|
,
Here is the presentation Bruce was referring to. Thanks
ben
| 375,145 |
||
dasovich-j/all_documents/13041.
|
SBX2 27 - Direct Access ,
Attached, please find a mocked up version of SBX2 27 (Bowen), regarding
direct access, as it is proposed to be amended in the Senate
Appropriations Committee today. A new element to this bill would require
ESPs to pay a reinstatement fee to DWR if they return customers to an
IOU.
- SB 27xx - mockup.doc
| 58,710 |
||
corman-s/sent_items/592.
|
TECO Visit ,
Please let me know if there is a time in the day that you would like me to meet with or great your TECO guests.
| 53,733 |
||
kaminski-v/all_documents/1697.
|
The February issue of Reactions is now live online ,
Dear Colleague,
The latest edition of the financial magazine for the global insurance market
is now live at;
http://www.Reactionsnet.com
Our monthly analysis of all the financial issues to affect the insurance
industry could be just what you were looking for.? With unique data and
superb supplements such as the A-Z of Reinsurers, Asia Cover magazine and S &
P's Top 150, Reactions brings expert comment and analysis to the issues that
affect you.
Visit our website today for an 8 week Free Trial ; simply click on the link
to enter the site, Http://www.reactionsnet.com
You can contact us for help at mailto:[email protected] or +44 (0)20
7779 8006.?
February 2001's Cover Story??
?
Insurance tax battle: The war of the loophole
Although a handful of US insurers failed last year in their attempt to make
rivals owned by offshore parents pay more tax, they have vowed to fight on.
They are confident of victory. Simon Challis looks at the loophole that is
tying politicians and businessmen in knots.
http://www.reactionsnet.com/viewStory.asp?id=975
February 2001's This Issue Features
ACE's INA gamble: Duperreault's risky bet
ACE took a very big risk when it acquired the property/casualty operations of
Cigna back in July 1999. So far, the gamble appears to have paid off, but can
ACE keep it up?
http://www.reactionsnet.com/viewStory.asp?id=976
Captives: Havens from a hard market
http://www.reactionsnet.com/viewStory.asp?id=977
Bermudian performance survey: Bermuda marches again
http://www.reactionsnet.com/viewStory.asp?id=978
OECD Initiative: Fighting spirit
http://www.reactionsnet.com/viewStory.asp?id=979
Profile: Stockton Re - Widening the net
http://www.reactionsnet.com/viewStory.asp?id=980
Plus all this month's biggest stories
?----------------------------------
For your conference diary
++++++++++++++++++++++++++++++++++++++
New World Old World
Risks have changed - 15-16 March, 2001, Berkeley Court hotel, Dublin, Ireland
The @ revolution is driving changes in the business practice of buyers,
service providers and providers of risk finance.? What are the key
practitioners doing and what are the implications?? Dublin 2001 will explore
the emerging new dimensions of risk financing, the threats and opportunities
and present practical strategies for addressing these issues.
For a programme and registration form contact Hannah Bassally on:? +44 20
8895 3258 or e-mail: [email protected].
+++++++++++++++++++++++++++++++++++++++
Don't miss IASA 2001!? IASA is recognized as one of the premier providers of
insurance industry education.? And, IASA's Annual Educational Conference and
Business Show is one of the most important industry conferences of the year.
During June 3 - 6, 2001, choose from over 100 educational sessions, meet more
than 200 exhibiting companies, and network with 4,000 of your industry
colleagues. Earn CPE credits, learn about new technologies and hear from
industry experts. Register today at www.iasa.org!? Or, for more information,
call (919) 489-0991. We hope to see "y'all" in San Antonio, Texas during IASA
2001!
+++++++++++++++++++++
Weather Derivatives and Risk Management
April 2-4, 2001, London Crowne Plaza, St James
This two-day Weather risk management conference and half-day workshop on
Valuation of weather derivatives organised by Euromoney Energy Events, in
association with Weather Risk Advisory, will bring together the most
experienced decision-makers in the weather risk market, and will give
delegates a thorough education on the use of weather products.
To find out more;
E mail: mailto:[email protected]? Online:
www.coaltransconferences
+++++++++++++++++++++++++++++
* PLUS! *? Industry Publications - Read the Executive Summaries Online!
Reinsurance 4th Edition - The definitive Industry-Standard Textbook
https://ecommerce.waterside.net/reactions/Reins_Fourth.asp
@Risk - Internet & E-commerce Insurance and Reinsurance Legal Issues
https://ecommerce.waterside.net/reactions/Risk.asp
Insurance Risk Securitisation - A Guide for Issuers and Investors
https://ecommerce.waterside.net/reactions/books.asp
To advertise or link your company website to this industry circular please
contact Nick Lipinski
tel: + 44 (0)20 7779 8199 or e-mail mailto:[email protected]
If you have any problems logging onto or using? www.reactionsnet.com please
call our dedicated help desk
+44 (0) 20 7779 8006 or email mailto:[email protected]
We send this email because we believe you will find our magazine of value,
however if you do not wish to continue receiving our monthly updates please
reply to this email with unsubscribe in the title bar.
| 204,139 |
||
steffes-j/sent_items/1381.
|
RE: FPL ,
I'll ask around floor. Given my background, this position does not sound like the best fit - I'd rather be more on the long-term contracting (origination) side or business development. Thanks for the inquiry.
As you know, things are pretty crazy right now here at Enron. I intend to take the week off after Thanksgiving and intend to give you a call during that period. Have a great Thanksgiving.
Jim
-----Original Message-----
From: "Barbara Eustis" <[email protected]>@ENRON
Sent: Tuesday, November 20, 2001 9:40 AM
To: [email protected]
Subject: FPL
Hi Jeff.
Hope all is well. I have a position coming up for a trader at FPL in West
Palm Beach - don't have many specifics yet, but they are dying for someone
from Enron. Would this be of interest to you or anyone you know? Let me
know.
Hope you have a great Thanksgiving. I look forward to hearing from you.
Cheers,
Barbara
Barbara Eustis
Principal
Management and Capital Partners
805 Third Avenue
New York, NY 10022
office: 646-735-8872
fax: 646-735-8888
cell: 914-419-6590
www.romcapital.com
[email protected]
- Barbara Eustis.vcf << File: Barbara Eustis.vcf >>
| 455,387 |
||
dasovich-j/sent_items/1425.
|
Edison ,
Give a call when you get in. Let's discuss this further in prep for my follow-up call with Fielder tomorrow.
Best,
Jeff
| 78,302 |
||
ruscitti-k/inbox/233.
|
Kobra Application ,
Kevin,
I installed the Kobra application on your machine. If you have any questions, please give me a call.
Thanks,
Sonya
Sonya L. Johnson
Enron Networks
Market Data Analyst/IT
(713) 345-4540
[email protected]
| 383,744 |
||
maggi-m/deleted_items/1495.
|
RE: ,
are you trying to get me in trouble charlie brown?
-----Original Message-----
From: Maggi, Mike
Sent: Monday, November 26, 2001 10:08 AM
To: Nelson, Michelle
Subject: RE:
really?
-----Original Message-----
From: Nelson, Michelle
Sent: Monday, November 26, 2001 10:07 AM
To: Maggi, Mike
Subject: RE:
you find me the explanation to all and i will find the day!
-----Original Message-----
From: Maggi, Mike
Sent: Monday, November 26, 2001 10:06 AM
To: Nelson, Michelle
Subject: RE:
i am serious, you can find one day
-----Original Message-----
From: Nelson, Michelle
Sent: Monday, November 26, 2001 9:59 AM
To: Maggi, Mike
Subject: RE:
are you being serious? i am not my own boss you forget.
-----Original Message-----
From: Maggi, Mike
Sent: Monday, November 26, 2001 9:58 AM
To: Nelson, Michelle
Subject: RE:
you tell me, my schedule is pretty open
-----Original Message-----
From: Nelson, Michelle
Sent: Monday, November 26, 2001 9:57 AM
To: Maggi, Mike
Subject: RE:
ok when?
-----Original Message-----
From: Maggi, Mike
Sent: Monday, November 26, 2001 9:54 AM
To: Nelson, Michelle
Subject: RE:
cant we just go for one day
-----Original Message-----
From: Nelson, Michelle
Sent: Monday, November 26, 2001 9:51 AM
To: Maggi, Mike
Subject:
they are lighting the tree on wednesday in ny! we are going to miss it.
| 297,994 |
||
presto-k/sent_items/236.
|
RE: TEA - into MEAG ,
Will he let us go hourly at least 5 times per month and change the source if we go hourly. This essentially would require they provide parking and lending for up 20 MW in the Cal and 40 MW in the June-Sept. Can we at least get a 50 MW block in the June-Sept period?
-----Original Message-----
From: Braddock, Billy
Sent: Monday, October 08, 2001 2:44 PM
To: Presto, Kevin M.
Subject: RE: TEA - into MEAG
An offer from any Scherer unit(s) would work. He understands the odd lot will demand a premium, but I can't talk him into a round 50MW. So, 2 pieces of energy:
1) June-Sep'02, 20MW, 5x16
2) Cal'02, 20MW, 5x16
-----Original Message-----
From: Presto, Kevin M.
Sent: Monday, October 08, 2001 11:33 AM
To: Braddock, Billy
Subject: RE: TEA - into MEAG
Ask him if Scherer 1,2,3 and/or 4 would work? Let him know that an odd lot would command a $2.50-3.00/Mwh premium on top In addition, even if we used Scherer, it would be from any one of the facilities therefore the transmission would need to be able to use any of the Scherer units as a source.
-----Original Message-----
From: Braddock, Billy
Sent: Monday, October 08, 2001 10:21 AM
To: Presto, Kevin M.
Subject: TEA - into MEAG
TEA is looking to buy 20MW, 5x16, June-Sep'02, into MEAG. Also looking to buy 20MW, 5x16, Cal'02, into MEAG. I told them we may be more willing to offer into GTC. His response was he would need to know which facility or interface would be the source (I suspect this is so he can reserve ahead to use his network transmission).
Any interest?
Billy Braddock
Manager - Enron Power Marketing Inc.
713-345-7877 (work)
713-646-4940 (fax)
713-503-2166 (cell)
| 365,753 |
||
bass-e/sent_items/148.
|
,
http://www.ticketcity.com/ticketbuy.asp?unique=UT100601&teamreq=tlong
| 16,197 |
||
kitchen-l/_americas/netco_eol/13.
|
Simulation Email ,
You mentioned that you wanted to reword it.
Have you had a chance to do so?
I'm keen to get this communication out to the company by Monday morning.
Dave
| 259,086 |
||
dasovich-j/deleted_items/155.
|
RE: omigod ,
175.
-----Original Message-----
From: Dasovich, Jeff [mailto:[email protected]]
Sent: Monday, August 27, 2001 11:49 AM
To: Nancy Sellers
Subject: RE: omigod
the secret is old vine gravensteins and a great chef! thanks so much
for your help. i'm sending a check for $200 for propant and....how much
for prentice to be in the pool???
-----Original Message-----
From: Nancy Sellers [mailto:[email protected]]
Sent: Monday, August 27, 2001 10:38 AM
To: 'Jeff Dasovich'; Prentice @ Berkeley; Prentice Sellers
Subject: omigod
Importance: High
That is the best apple pie I have ever had!! Thank you so much,
Jeffrey!!!!!!!!!!!!!!!!!!!!
Nancy
(707) 251-4870 (phone)
(707) 265-5446 (fax)
"Plus je bois, mieux je chante"
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at [email protected] and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************
| 67,578 |
||
dasovich-j/all_documents/4621.
|
Re: California Deregulation Summary ,
thanks very much.
| 64,365 |
||
mcconnell-m/_sent_mail/136.
|
Re: Envera Press Release For Your Approval ,
Haven't i already done this. This went out a while ago didn't it?
m
| 326,205 |
||
kaminski-v/deleted_items/2491.
|
Hanging Cisco firewalls ,
NETWORK WORLD NEWSLETTER: JASON MESERVE
on SECURITY AND BUG PATCH ALERT
10/29/01 - Today's focus: Hanging Cisco firewalls
Dear Wincenty Kaminski,
In this issue:
* Hardware flaws reported in Cisco firewalls
* Patches and alerts for Linux-Mandrake and SuSE kernel, Red
Hat print spooler, others
* The infamous Ethan Frome virus
* Tivoli aims to plug security holes, plus other interesting
reading
_______________________________________________________________
This newsletter sponsored by Microsoft
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of the Internet and your data. Our commitment to you is that we
will not rest until your business is secure. Period. Call 1-
866-PC SAFETY for FREE Virus-Related IT Support.
Click here to learn more: http://nww1.com/go/3504898a.html
_______________________________________________________________
TIME IS MONEY
The adage is as true for teleworkers as it is for anyone else.
Check out our "Telework Top 10" series where we provide you
with a clear picture of the interrelated capabilities of
today's critical, must-have technologies, and how your adoption
of those technologies can help or hurt your bottom line.
http://nww1.com/go/ad168.html
_______________________________________________________________
Today's focus: Hanging Cisco firewalls
By Jason Meserve
Today's bug patches and security alerts:
* Hardware flaws hang some Cisco firewalls
Hardware flaws in some Cisco firewalls for corporate central
and branch offices have caused the systems to hang or shut
themselves down and forced Cisco to replace the affected boxes.
Some Cisco Pix 515, 515-DC and 506 Firewalls have suffered
system hangs when traffic on the network becomes too heavy,
requiring IS staff to manually restart the firewall, Cisco
reported in an Oct. 18 field notice on its Web site.
http://www.nwfusion.com/news/2001/1029cisfire.html
IDG News Service, 10/29/01
* Linux-Mandrake releases new version of kernel 2.2
A flaw in the ptrace module of the Linux kernel version 2.2
could lead to a local user gaining root privileges. The kernel
is also vulnerable to a symlink attack that could lead to a
denial of service. Linux-Mandrake users should download this
kernel update:
http://www.linux-mandrake.com/en/security/2001/MDKSA-2001-082.php3
* SuSE patches kernel
SuSE's kernel suffers from the same ptrace root privileges and
symlink denial-of-service attack vulnerabilities as other Linux
flavors. Kernel versions 2.2 and 2.4 have been updated:
http://lists2.suse.com/archive/suse-security-announce/2001-Oct/0003.html
* New RWhois patch available
ARIN Engineering has released an updated version of its RWhois
code to fix a recently discovered vulnerability. The patch can
be downloaded from:
ftp://ftp.arin.net/pub/rwhois/rwhoisd-1.5.7-1.tar.gz
* Red Hat patches print spool
According to a Red Hat alert, when used in a spooling
environment, it is inappropriate to allow programs to read
arbitrary files as a result of print requests. Ghostscript, a
postscript interpreter, can read arbitrary system files with
the same permissions as the print spooler, potentially exposing
the system to an information compromise. For more and links to
the appropriate patch, go to:
http://www.redhat.com/support/errata/RHSA-2001-112.html
Today's roundup of virus alerts:
* W32/Antset - This Windows virus comes as an attachment called
"ants3set.exe" in a message titled "ANTS Version 3.0." It
spreads by sending itself to everyone listed in an Outlook
address book as well as by searching Web-related files for e-
mail addresses. The virus uses the infected user's SMTP server
as well as a number of hard-coded servers. (Panda Software,
Computer Associates, Sophos)
Troj/Septer - This is the Trojan Horse program that pretends to
be a Red Cross donation system. It steals credit card data and
other personal information. (Sophos)
I-Worm/Redesi.A - A worm that displays a dialog box on the
infected machine's screen and e-mails itself out to everyone in
the computer's address book. Its cousin, Redesi-B, also
modifies the autoexec.bat system to reformat the C: drive on
Nov. 11, 2001. (Panda Software)
W32/Toal@MM - An e-mail worm that spreads via an attachment
called "BINLADEN_BRASIL.EXE." It creates several files in the
Windows directory of the infected machine. No word on what
other damage it causes. (Panda Software)
Win32/Krn132 or Win32/Klez - A Windows virus that comes in a
randomly named e-mail with random attachment names from a list
of specific addresses. The worm spreads via e-mail and open
network shares. (Computer Associates, Sophos)
W98/Elkern - This virus is dropped by Win32/Klez (see above).
It only infects Windows 98 and ME machines. (Sophos)
WM97/Thus-FB - A Word macro virus that displays the following
message on the 12th of any month: "It's TOO much violence in
this world! Have MOT to stop it!" (Sophos)
WM97/Marker-JT - Another Word macro virus that has a 1-in-3
chance of changing a document's summary information so that the
title will read "Ethan Frome," the author will be listed as
"EW/KN/CB" and the keywords field will show up as "Ethan."
(Sophos)
>From the interesting reading department:
* Tivoli aims to plug security holes
IBM software subsidiary Tivoli Systems last week unveiled
products to automate user approval and authorization, and help
network managers find and plug security holes.
http://www.nwfusion.com/archive/2001/126817_10-29-2001.html
Network World, 10/29/01
* McAfee horns in on Norton antivirus turf
Network Associates' McAfee division next week will unveil an
updated version of its antivirus management console that now
exerts policy control over its main competitor, Symantec's
Norton AntiVirus.
http://www.nwfusion.com/archive/2001/126815_10-29-2001.html
Network World, 10/29/01
* President Bush signs antiterrorism bill
President George W. Bush Friday signed into law an
antiterrorism measure designed to heighten national security
and to temporarily give U.S. law enforcement officials and
investigators more provisions for tracking down and detaining
suspected terrorists.
http://www.nwfusion.com/news/2001/1026bushbill.html
IDG News Service, 10/26/01
* Archives online
Find out which virus changes a Word document's author
information to "Ethan Frome" in our online archives:
http://www.nwfusion.com/newsletters/bug/index.html
_______________________________________________________________
To contact Jason Meserve:
Jason Meserve is the Multimedia Editor of Network World
Fusion and writes about streaming media, search engines and
IP Multicast. Jason can be reached at mailto:[email protected].
_______________________________________________________________
Outsource your next IT project with Buy IT! Thousands of
qualified vendors are listed in the directory and you choose
the one you want to work with. Post a project, review
proposals, and get your project done right. It's that easy!
http://www.nwfusion.newmediary.com/091201nwwbuyernwltr2
_______________________________________________________________
FEATURED READER RESOURCE
Network World Fusion's The Edge site
Network World Fusion's The Edge is a resource devoted to the
advances in service-provider networks that are shaking up the
old telecom order. In classic Network World fashion, we focus
on the hardware, software and services coming to market - but
this time from the vendors targeting legacy carriers, new
alternative local carriers, ISPs and application service
providers. http://www.nwfusion.com/edge/index.html
_______________________________________________________________
May We Send You a Free Print Subscription?
You've got the technology snapshot of your choice delivered
at your fingertips each day. Now, extend your knowledge by
receiving 51 FREE issues to our print publication. Apply
today at http://www.nwwsubscribe.com/nl
_______________________________________________________________
SUBSCRIPTION SERVICES
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Subscription questions? Contact Customer Service by replying to
this message.
Have editorial comments? Write Jeff Caruso, Newsletter Editor,
at: mailto:[email protected]
For advertising information, write Jamie Kalbach, Fusion Sales
Manager, at: mailto:[email protected]
Copyright Network World, Inc., 2001
------------------------
This message was sent to: [email protected]
| 212,828 |
||
ermis-f/inbox/475.
|
E-Confirm GTSA Exhibit - California Gas Transmission ,
Your GTSA Exhibit 0202BOF016 with Pacific Gas and Electric Company is now available in INSIDEtracc. If you have any questions prior to confirming* this exhibit, please call a California Gas Transmission Representative (http://www.pge.com/pipeline/custserv/reps.html).
Steps to E-Confirm your GTSA Exhibit:
1. At the Pipe Ranger Home page (http://www.pge.com/pipeline/index.html), log on to INSIDEtracc. You will be prompted to enter your ID and password at two different log on screens.
2. At the INSIDEtracc main window, select Navigate, Contracts, Contracts. Click the Retrieve button to retrieve your customer-specific contract information.
3. Click the arrow next to the GTSA Contract Code to open up a list of Exhibit types (e.g. Transportation, Storage, Park/Lend).
4. Click the arrow next to the appropriate Exhibit type for a list of Exhibits.
5. Select the desired Exhibit from this list (single-click) or open the Exhibit by double-clicking on it.
6. Click the "View Contract" button on the Contract Controller screen, or "View Exhibit" button on the Exhibit screen to review the full text of the Exhibit.
7. Click the "E-Confirm" button when you are ready to electronically confirm your Exhibit.
8. Click the "View Contract" or "View Exhibit" button after you E-Confirm the Exhibit. Print or save the Exhibit text with the Date/Time/User ID stamp of your E-Confirmation.
* As a "contact" identified on Exhibit B (Access Request Form), you are authorized to confirm contracts under the Electronic Commerce System User Agreement executed with Pacific Gas and Electric Company. If you are not a "contact" identified on Exhibit B, please call a CGT representative to let them know you received this e-mail in error.
| 98,966 |
||
beck-s/all_documents/399.
|
Summer Internship ,
This candidate is currently working in Houston. Since our schedules are full
on-campus, it would be very easy to bring him in-house for interviews.
Please let me know if you are interested.
Thank you,
Lexi
---------------------- Forwarded by Lexi Elliott/NA/Enron on 02/09/2001 09:09
AM ---------------------------
Judd Eisenberg <[email protected]> on 02/06/2001 01:11:05 AM
To: [email protected]
cc:
Subject: Summer Internship
Lexi Elliot,
Hi, my name is Judd Eisenberg, and I am a business student at the
University of Texas who is seeking the summer analyst internship at Enron.
I received an opportunity to meet you at a reception dinner that Enron
hosted last semester in Austin. I have always been intrigued with the
analyst and associate rotational programs that Enron offers. The courses I
take in school, accounting and particularly finance, my extensive job
experience, and my leadership positions have provided me with valuable
skills for the summer analyst position. I have a good friend at UT who
will start working full-time for Enron in the IT division in a few months,
and I know he is truly looking forward to the challenges and opportunities
that Enron provides. Because I am currently interning with
PricewaterhouseCoopers in Houston, I am not able to go through the
recruiting process at the university. I am sending an attachment of my
resume in this e-mail since I am going to be in Houston until mid-March.
Please e-mail me if there are any openings for the position I am seeking or
if you have any questions. I look forward to hearing from you soon.
Thanks,
Judd Eisenberg
- Job Resume00-01.rtf
| 24,125 |
||
dasovich-j/all_documents/10864.
|
NEWS: PG&E Issues Statement After State And Southern California ,
* PG&E statement below
* they say they will continue with the bankruptcy court to resolve their
situation
* I heard on NPR this morning (trying to get the transcript right now) that
if PG&E doesn't sell their transmission system to the state, it will cause
SCE and SDG&E to go bankrupt as well....again, I'm trying to verify
that....I'm not whole-heartedly trusting my early-morning listening skills
---------------------- Forwarded by Jennifer Rudolph/HOU/EES on 04/10/2001
10:14 AM ---------------------------
From: Jeff Dasovich@ENRON on 04/10/2001 10:12 AM
?Home?>News & Information > News Releases
News Release
FOR IMMEDIATE RELEASE April 9, 2001
CONTACT: PG&E News Department (415) 973-5930
PG&E Issues Statement After State And Southern California Edison Reach An
Agreement
San Francisco, CA -- Pacific Gas and Electric Company today issued the
following statement after the State and Southern California Edison reached an
agreement:
"We are pleased that Southern California Edison, given its set of facts, and
the State have been able to reach an agreement and are hopeful that this
agreement will contribute to the solution of the State's energy crisis.
"Given our set of facts, we continue to believe that a Chapter 11
reorganization is the most feasible means to reach a solution.
"We will proceed at the direction of the bankruptcy court."
| 56,343 |
||
white-s/meetings/464.
|
meet w/ Michelle Atwood (new director in Wes' group) EB1936 ,
CALENDAR ENTRY: APPOINTMENT
Description:
meet w/ Michelle Atwood (new director in Wes' group) EB1936 -"58174" Grace
Date: 12/4/2000
Time: 10:00 AM - 10:30 AM (Central Standard Time)
Chairperson: Outlook Migration Team
Detailed Description:
| 506,079 |
||
hayslett-r/_sent_mail/27.
|
Preliminary 2001 Objectives ,
---------------------- Forwarded by Rod Hayslett/FGT/Enron on 12/11/2000=20
04:24 PM ---------------------------
James Saunders
12/08/2000 07:02 PM
To: Rod Hayslett/FGT/Enron@ENRON
cc: Bob Chandler/ET&S/Enron@ENRON, John Cobb/FGT/Enron@ENRON, Patricia=20
Wiederholt/NPNG/Enron@ENRON=20
Subject: Preliminary 2001 Objectives
Rod - below is a prliminary list of 2001 objective ideas.
SAP
a. Participate in Enron's Project Sunrise to improve utiliation of SAP, SAP=
=20
"bolt ons" and SAP/accounting related processes.
b. Enhance ETS SAP user groups to remedy post implemetation "bugs" and=20
improve user understanding and utilization
of the system.
AUDITS AND CONTROLS
a. Implement an ETS approval authorization policy (and ensure compliance),=
=20
incorporating all possible ETS transaction
commitments
b. Implement improved ETS project controls (beyond workorder authorizations=
)
c. Establish improved financial risk management procedures (interrelated to=
=20
a. above)
d. Utilize internal audit resources to provide process improvement ideas=20
(versus traditional audit findings) and drive process changes.
e. Achieve no material financial effects from external audit negotiations
FINANCE
a. Refinance TW note with Enron
b. Issue 144A or equivalent to meet FGT cash requirements in 2001.
REPORTING
a. Meet year end external reporting requirements and deadlines, complicated=
=20
the mid 2000 MSA/SAP conversion.
ACCOUNTING
a. Implement FAS133 with no adverse effect to income.
BUSINESS SUPPORT
a. Provide innovative accounting solutions in support of:
a1. pipeline regulatory initiatives
a2. pipeline expansions
a3. pipeline and ETS new business/deal initiatives (including divestments)
a4. unique business projects, ie. TW Navajo ROW settlement negotiations, NN=
G=20
South End opportunities
b. Develop improved upfront accounting linkage on pending ETS business=20
transactions
ORGANIZATION
a. Implement and document process and reporting improvements; realizing the=
=20
benefits of the 2000 ETS accounting functional realignment. (There are=20
opportunities in financial accounting, property accounting, reporting,=20
reconciliations/ controls, and staff development)
=20
b. Implement an ETS acounting analyst program
Patricia Wiederholt
12/05/2000 10:47 AM
To: Jerry Peters/NPNG/Enron@ENRON, James Saunders/FGT/Enron@ENRON
cc: =20
Subject: 2001 Goals & Objectives
My input for items I believe need to be accomplished in the year 2001:
Improve timing of accounting close to 5th workday
Complete refund for NBPL rate case
Develop manageable allocation methodology for new organization structures
Implement financial forecasting model for NBPL SFV tariff
Establish additional Audit Committee member for NBP by June 2001 to meet n=
ew=20
audit committee requirements
These are in addition to our "standard" objectives for reporting deadlines,=
=20
financial targets, etc.
=20
=09
=09
=09From: Bob Chandler 12/05/2000 01:05 PM
=09
=09
To: James Saunders/FGT/Enron@Enron
cc: =20
Subject: 2001 Goals & Objectives
Here's a laundry list of various potential 2001 Goals/Objectives per Rod's=
=20
request below:
Implementation of FAS 133
Possible 3rd party refinancing of $150MM TW note to Enron Corp.
Implementation of Datamarts to replace DSS.
Implementation of Risk Management System (Lee Ferrell - Commercial)
Filing of Forms 2 using 6 mos. MSA and 6 Mos. SAP.
Completion of year 2000 audited financials using 6 Mos. MSA and 6 Mos. SAP
Progress toward resolution of TW ROW renewal issue.
Completion of NNG depreciation study in support of south end strategy
Establishment of SLA recovery mechanism through Order 637 settlement=20
discussions.
Implementation and fine-tuning of new ETS Finance organization.
---------------------------------------------------------------------------=
---
---------------------------------------------------------------------------=
---
--------------------------
John Cobb
2001 Goals & Objectives Consideration
December 8, 2000
1. Develop and implement a Citrus Board capital report for Phase V and VI=
=20
similar
to the current Phase IV reports and support the expansion construction team=
=20
in the monitoring and reporting of costs, etc.
2. During the First Quarter, 2001 identify any Year End / FERC Form 2=20
reporting issues and implement solutions to meet reporting deadlines and as=
=20
necessary improve on any interim solutions prior to year end, 2001.=20
3. During the First Quarter, 2001 confirm the accuracy and FERC compliance =
of=20
the Composite Depreciation and AFUDC calculations.=20
4. Manage the quarterly CTC contract valuations (FAS 133/138) so as to=20
minimize any adverse earnings impact.
5. Support the implementation of an ETS Accounting =01&Analyst=018 Program
6. Identify and implement at least one (per department) =01&best practice=
=018=20
procedural improvement as a result of the new functional organization with=
=20
identified cost savings, efficiencies and/or revenue enhancements.
7. During the First Quarter, 2001 review the =01&Assessments=018 (Fixed=20
Distribution) in conjunction with the new organization and initiate changes=
=20
as appropriate.
| 161,205 |
||
taylor-m/all_documents/883.
|
Vacation Contact Info. ,
As you know, I will be out of the office next week. I will have the cell
phone with me:
011 44 7881 512 535
but unfortunately no way to recharge the thing after Sunday morning and no
guarantee that it works in the Virgin Islands. I suggest that if you try
that number and do not get an answer that you NOT leave a message there. It
will be much more likely to get to me if you leave it here at the office
(x37459).
There will be a cell phone on the boat, however, and I will call my assistant
in Houston (Taffy - x57373) Monday morning with the number.
| 477,513 |
||
davis-d/2_trash/candis/18.
|
Cover Letter ,
---------------------- Forwarded by Dana Davis/HOU/ECT on 05/23/2000 05:49 PM
---------------------------
Rebecca Sanchez
05/17/2000 09:42 AM
To: Dana Davis/HOU/ECT@ECT
cc:
Subject:
There now can you leave me alone so I can get some work done!!!!!
| 83,740 |
||
lay-k/deleted_items/890.
|
Demand Ken Lay Donate Proceeds from Enron Stock Sales ,
Michael Wilson
1310 Turk St. 304
San Francisco, CA 94115
[email protected]
To Mr. Lay,
I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills. Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.
Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out. And Enron made an astronomical profit during the California energy crisis last year. As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.
The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it. Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.
Sincerely,
Michael Wilson
| 270,220 |
||
dean-c/all_documents/63.
|
FW: True Orange Fax/E-Mail #56 ,
---------------------- Forwarded by David M Gagliardi/TTG/HouInd on
06/23/2000 09:01 AM ---------------------------
Tracy Ralston <[email protected]> on 06/22/2000 10:30:48 PM
To: [email protected]
cc:
Subject: FW: True Orange Fax/E-Mail #56
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, June 21, 2000 8:45 PM
To: [email protected]
Subject: True Orange Fax/E-Mail #56
True Orange Fax/E-Mail Service
Volume 8, Fax/E-Mail #56, Wednesday, June 21, 2000
Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 -
Phone
512-795-8536
Longhorns Get Pledge from Euless Trinity Defensive Back
Braden Johnson, 6-2, 200, 4.4, a defensive back from Euless Trinity who
came
to one of Texas' three-day summer camps earlier this month, committed to
the
Longhorns Wednesday.
Johnson, a hard-hitting safety who had 42 tackles last season for the 9-2
Trojans, who had one of the top defenses in the Dallas-Fort Worth area, is
moving to quarterback this season.
His father, David, told me his son decided to commit to the Longhorns
because
"the Texas coaches really impressed him with their coaching methods and
with
the classy way they operate. They were very open and very straightforward."
David Johnson said his son also attended a TCU camp this summer and went to
a
Texas A&M camp last summer. He said several schools called his son in May,
the month the NCAA allows schools to make one phone call to each recruit.
He
said calls came from coaches at Notre Dame, Oklahoma, Nebraska, Arkansas,
TCU
and others, but he said his son decided to commit to Texas and get the
recruiting process behind him so he could concentrate on his senior season.
Braden Johnson has strong athletic blood lines. David Johnson was on a
football scholarship at Oklahoma State when he suffered a career-ending
shoulder injury and David has two famous uncles for old-time football fans.
One is Bill Johnson, who had a 20-year career as a player and coach with
the
San Francisco 49ers and who also coached with Paul Brown on the Cleveland
Browns' staff. The other is Gil Johnson, the quarterback on the great SMU
teams that featured Doak Walker and Kyle Rote.
Braden Johnson is a three-sport star. He plays centerfield in baseball and
runs on the 400-meter relay in track. He also is a good student.
Johnson is the fifth high school star to commit to Texas this month. The
others are WR-DB Brian Carter of The Woodlands, and OLs Jonathan Scott of
Dallas Carter, Abe Robinson of Houston Jersey Village and Will Allen of
Houston Cypress Falls. In addition, Alfio Randall, a super OL recruit a
year
ago, is on track to graduate from Blinn JC in December and he told me he
will
enroll at Texas in January.
All five of the high school prospects who committed did so after attending
one of the Longhorns' summer camps.
Scott and Robinson are on virtually all of the national top 100 lists.
RECRUITING NOTES: The top running back and the top quarterback in Texas
both
say they would like to commit early and the Longhorns are in strong
contention for both. The RB is Cedric Benson of Midland Lee, who rushed for
3,526 yards and 51 touchdowns in leading Lee to a 16-0 season and it's
second
straight Class 5A state championships. Both those incredible totals are
Class
5A records. The QB is Matt Nordgren of Dallas Bishop Lynch, who threw for
2,500 yards as a sophomore before suffering a broken collarbone last season
that knocked him out of his teams' final five games. He still passed for
1,170 yards. . . The Longhorns already have commitments from two of the 24
members of the "Super Team" in Dave Campbell's Texas Football Magazine.
They
are Scott and Robinson. The only other member of the "Super Team" who has
committed is Madisonville RB David Underwood, the Aggies' No. 1 RB target
who
announced last week that he is going to be a Michigan Wolverine. Allen made
the second team and Carter made the third team. . . There are at least five
super players I have seen who will be big recruiting targets next year.
That's right ? they were so good as sophomores that every school in the
country already knows about them. They are QB Vincent Young, 6-5, 195, 4.5,
of Houston Madison; RB Selvin Young, 5-11, 188, 4.4, of Houston Jersey
Village; DL Marco Martin, 6-4, 290, 4.7, of Mesquite; DE Travis Leitko,
6-5,
250, 4.7, of The Woodlands, and TE-OL Eric Winston, 6-6, 265, 5.0, of
Midland
Lee. Young ran for 2,204 yards last year in a tough district. Young threw
for
1,007 yards and ran for 730 more as a sophomore, also in a tough league.
Martin is so agile that he also plays fullback and so quick that he's a
terrific pass rusher and run stopper. Leitko was a dominating force as a
sophomore last year on The Woodlands' playoff team. Winston is a great
athlete who was one of the stars on Lee's title team as a sophomore. Leitko
and Young came to Texas' summer camp earlier this month.
In the "did-you-know" department: Nebraska was 81-8 in the last seven
football seasons. That makes the Huskers 80-5 against the rest of the world
during that span, but only 1-3 against our Longhorns.
* * * *
My next fax will be whenever events warrant.
* * * *
The True Orange Fax Service includes at least 99 faxes a year and costs
$99 ($79 by E-Mail). The True Orange Newsletter includes 26 newsletters
and
is published weekly during football season and twice monthly during most of
the other months. It costs $45. Save by subscribing to both for $130 (or
$110
if you take the faxes via E-Mail or $99 if you take the faxes and
newsletter
via E-Mail). Send check to address at the top of page. I also update my
900 number ? 1-900-288-8839 ? frequently with recruiting news. My E-Mail
address is: [email protected]
| 86,142 |
||
hodge-j/inbox/162.
|
Legal Specialist Position ,
Mr. Hodge,
Eric Boyt mentioned that you would assist in making sure my resume was
forwarded to the right people regarding the Legal Specialist position
posted on the Enron website. I want to take this opportunity to thank you
for doing so. You will find a copy of my resume attached below.
I worked as a consultant in the Law Department of one of the larger Energy
companies here in Houston for over two years. In this role, I assisted in
the management of three FTC document productions regarding mergers and
acquisitions, gathered relevant documents to assist in the divestiture
process related to these mergers, and also monitored a docket of over 100
cases. These cases involved bankruptcy, environmental, garnishments,
employment, and other general litigation issues. Additionally, I was
responsible for monthly status reports to the client regarding my team's
work efforts and conducted in-depth interviews of several of the business
units as part of the merger productions.
Recently, I have been working on document reviews to assist in building
economic damages models.
Again, I would like to thank you for your attention to this matter. If you
have any questions, please feel free to contact me via email or via my work
phone (713.646.5014).
Sincerely,
Jeff Coltharp
(See attached file: Jeff Coltharp - General Resume.doc)
- Jeff Coltharp - General Resume.doc
| 170,230 |
||
hyatt-k/sent_items/274.
|
FW: ,
-----Original Message-----
From: JoEllen Krejci [mailto:[email protected]]
Sent: Friday, November 02, 2001 2:55 PM
To: Hudler, Cindy; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; Brand, Mark; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; Spalding, Norm; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]
Subject:
>>I know you'll all have an opinion about this and we all know what Kent's opinion is going to be!
A group of girlfriends went on vacation and they see a five-story hotel
>>with a sign that reads "For Women Only". Since they were without their
>>boyfriends, they decide to go in.
>>
>>The Doorman, a very attractive guy, explains to them how it works, "We
>>have 5 floors. Go up floor by floor, and once you find what you are
>>looking for, you can stay there. It's easy to decide, since each floor
>>has signs telling you what's inside. The only rule is, once you leave a
>>floor, you can't return to it."
>>
>>The women talk it over and decide to go for it. They start going up, and
>>on the first floor the sign reads "All the men here are horrible lovers,
>>but they are sensitive and kind". The friends laugh and without
>>hesitation move on to the next floor.
>>
>>The sign on th! e Second floor reads "All the men here are wonderful
>>lovers, but they generally treat women badly".
>>This wasn't going to do so again they head for the stairs.
>>
>>The friends move up to the Third floor where the sign read "All the men
>>here are great lovers and sensitive to the needs of women." This was good
>>but there were still two more floors...
>>
>>So on to the Fourth floor, the sign was perfect. "All the men here have
>>perfect builds; are sensitive and attentive to women; are perfect lovers;
>>they are also single, rich and straight"
>>The women seemed pleased but they decide that they would rather see what
>>the fifth floor has to offer before they settle for the fourth.
>>
>>When they reach the Fifth floor, there is only a sign that reads:
>>"There are no men here. This floor was built only to prove ! that there is
>>simply no way to please a woman."
Jo Krejci
_____
Get your FREE download of MSN Explorer at http://explorer.msn.com <http://go.msn.com/bql/hmtag_itl_EN.asp>
| 175,427 |
||
mann-k/_sent_mail/2068.
|
Re: Prototype Letter Agreement ,
I would like to have a chance to read it, which I haven't. I still finishing
up the Intergen docs.
The reason we were using a summary is that we don't know how GE is going to
react, which might result in some changes to the contract. In the case of
the LM's we had already agreed with GE concerning the terms applicable to the
equipment after assignment.
Kay
From: Ben F Jacoby @ ECT 01/10/2001 10:42 AM
Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@Enron
cc: [email protected]
Subject: Prototype Letter Agreement
Kay:
Is there any reason we would attach a summary of the master 7EA facility
agreement rather than a redacted copy? Other than that, it looks good to me.
Are you OK with us sending this out?
Also, it would be helpful to have all exhibits to send with the letter (i.e.,
LLC Agreement, Facility Agreement summary, escrow agreement, etc.) Please let
me know the status of these.
Thanks,
Ben
---------------------- Forwarded by Ben Jacoby/HOU/ECT on 01/10/2001 09:28 AM
---------------------------
From: Suzanne Adams on 01/09/2001 02:54 PM
To: Fred Mitro/HOU/ECT@ECT, Ben Jacoby/HOU/ECT@ECT
cc:
Subject: Prototype Letter Agreement
I'm forwarding this per Kay's request.
----- Forwarded by Suzanne Adams/HOU/ECT on 01/09/2001 02:53 PM -----
"Campbell, Carolyn" <[email protected]> on 01/08/2001 05:18:16 PM
To: "'[email protected]'" <[email protected]>
cc: "Keffer, John" <[email protected]>
Subject: Prototype Letter Agreement
<<2rz503!.DOC>> <<2RZ5RED.DOC>> <<2R6LRED.DOC>>
Kay:
Enclosed is a revised draft of the proposed letter agreement for the 7EA
turbines reflecting Ben's business points and the matters discussed in our
telephone conference earlier today. Also enclosed is a blacklined copy
reflecting revisions from the December 15, 2000 draft of the prototype
letter agreement. Although we have enclosed a blacklined draft reflecting
revisions from the final draft of the CA/ED-I letter agreement, this is
difficult to read due to our re-arrangement of the reps and warranties. If
you have any questions or comments, please advise. (I have received the
courier package with the GE Facility Agreements).
Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
[email protected] <mailto:[email protected]>
Enclosures: 129569v3
129569vR3/2
129569v3 R 128541v18
Confidentiality Notice
This message is being sent by or on behalf of a lawyer. It is intended
exclusively for the individual or entity to which it is addressed. This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure. If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it. If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.
- 2rz503!.DOC
- 2RZ5RED.DOC
- 2R6LRED.DOC
| 300,563 |
||
shackleton-s/all_documents/2742.
|
Transfer of Merrill Lynch International Bank FX Business ,
Are you aware of this? I don't know the relationship between these two banks
and whether our 7/1/95 ISDA will be transferred to the UK bank. Let me know
if you have any information. Thanks. Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 07/25/2000 09:30 AM -----
Tana Jones
07/24/2000 04:56 PM
To: Tanya Rohauer/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT
cc: Gary Hickerson/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron, Sara
Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT,
Susan Bailey/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron
Subject: Transfer of Merrill Lynch International Bank FX Business
We have received a notice dated 7/10/00 from Merrill Lynch International Bank
that it intends to transfer their FX business to Merrill Lynch International
Bank Ltd., a United Kingdom incorporated bank regulated by the SFA,
effective as of the fourth quarter of 2000. We do have an ISDA Master
Agreement in place with Merrill Lynch International Bank.
I am sending a copy of the notice to Gary Hickerson & Tanya Rohauer (I am
also sending Tanya the financials of the new entity). We will await Credit's
instructions as to how they would like to proceed after reviewing the
documentation.
| 415,207 |
||
germany-c/sent_items/781.
|
RE: Gerald ,
thanks
-----Original Message-----
From: "Tori Kuykendall" <[email protected]>@ENRON
Sent: Wednesday, February 13, 2002 9:47 AM
To: Germany, Chris
Subject: RE: Gerald
I do know him and I just left him a note to call you.
-----Original Message-----
From: Germany, Chris [mailto:[email protected]]
Sent: Wednesday, February 13, 2002 8:21 AM
To: Tori Kuykendall
Subject: Gerald
I'm trying to get in touch with Gerald Gilbert. He started working
there on 2/1 I think. You may not know him but if you do, ask him to
call me at 713-853-4743.
Thanks
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of
the intended recipient (s). Any review, use, distribution or disclosure
by others is strictly prohibited. If you are not the intended recipient
(or authorized to receive for the recipient), please contact the sender
or reply to Enron Corp. at [email protected] and
delete all copies of the message. This e-mail (and any attachments
hereto) are not intended to be an offer (or an acceptance) and do not
create or evidence a binding and enforceable contract between Enron
Corp. (or any of its affiliates) and the intended recipient or any other
party, and may not be relied on by anyone as the basis of a contract by
estoppel or otherwise. Thank you.
**********************************************************************
| 132,910 |
||
martin-t/inbox/462.
|
FW: MOVE INFO ,
-----Original Message-----
From: Rangel, Ina
Sent: Friday, November 02, 2001 10:37 AM
To: Rybarski, Amanda; Moore, Kevin G.; Hogan, Irena D.; Bates, Kimberly; Villarreal, Alexandra; Presas, Jessica; Young, Becky; Vuittonet, Laura; Quezada, Daniel
Cc: Hardy, Kimberly; Panos, Jason; Hernandez, Jesus A
Subject:
Please forward to your groups
There is only 1 week left before moving into the new building. There are two shredco containers located at EB3206E and in the freight elevator for documents that need shredding. Also there will be a couple of large trash containers located on the 32nd floor today 11/2/01 and next Friday 11/9/01. Please start the cleanup process.
Remember:
1. You can only move 6 boxes per person plus equipment
2. Take home all IPAQ'S, Blackberry's, Palm Pilots and Laptops Friday 11/9/01 so that nothing is misplaced
3. If you have a cellular phone charger on your desk....don't forget to pack
4. Clean out all Voicemails by 5:00 PM on Friday 11/9/01
5. The new Enron Building will be closed to all until 5:00 AM on Monday Morning. If you try to come up here, you will not be allowed in the building.
6. Please give your User ID and Password to your assistant so she/he can make sure that everything is up and running for you on Monday morning.
7. If you have a headset, please pack it. They will not be installed until Monday morning.
8. Since there are no amtels moving, please be sure you have MSN messenger installed in your computer because this is what your assistant will use to give you your
messages. If you do not have it, your assistant can help you install it.
9. Please label your PC, Boxes (on the ends), and cradles, scanners, etc. You will have a new mouse and keyboard in the new building and your monitors will have speakers on them so you don't have
If you have any other questions or concerns, please let me know.
Many thanks!
Ina Rangel
Administrative Coordinator
Enron North America
713-853-7257 Voice
713-646-3604 Fax
| 323,538 |
||
mann-k/_sent_mail/919.
|
Re: Salmon Energy: Consent and Assignment Agreement ,
Thanks, I'll pass along your comments.
Kay
| 303,513 |
||
kaminski-v/_sent_mail/4249.
|
Re: Agency Futures ,
Lynn,
Thanks a lot. I appreciate the information I am receiving from you.
Vince Kaminski
"Lynn Sieben" <[email protected]> on 03/21/2000 12:30:59 PM
To: "Lynn Sieben" <[email protected]>
cc: (bcc: Vince J Kaminski/HOU/ECT)
Subject: Agency Futures
I wanted to pass along our latest research note to you. The topic is the
new agency futures contracts. Open the .pdf file to read it. The .xls
file contains the daily report that we will be releasing on our web page
that will enable the user to analyze the basis for richness-cheapness of
the contracts or to create the DV01s to figure hedge ratios.
(See attached file: AgencyFutures.pdf)(See attached file: AgencyPrint.xls)
- AgencyFutures.pdf
- AgencyPrint.xls
| 201,155 |
||
beck-s/all_documents/960.
|
FYI: Online Financial Tool StatementOne Has $15 Million Round Two ,
Online Financial Tool StatementOne Has $15 Million Round Two
LAWRENCEVILLE, N.J. -- StatementOne, which provides
brokers, financial advisors, and investors with
data aggregation services and consolidated financial
statements, said it raised $15 million in its second
round of funding. Investors include Boston Ventures
Management, Charterhouse Group International, Allianz
of America, Desai Capital Management, and Axiom
Venture Partners. The company will use the funds
for software development and to rollout its first
product, an online portal that provides financial
advisors and their clients statements and performance
reports.
http://www.statementone.com/
| 24,720 |
||
perlingiere-d/all_documents/2367.
|
,
Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
[email protected]
Phone 713-853-7658
Fax 713-646-3490
----- Forwarded by Debra Perlingiere/HOU/ECT on 03/14/2001 09:46 AM -----
Genia FitzGerald
03/07/2001 10:26 AM
To: Debra Perlingiere/HOU/ECT@ECT
cc:
Subject:
http://route66traders.com/index.htm
| 358,815 |
||
sager-e/all_documents/1168.
|
Re: Exxon ,
John
Your interpretation is correct based on my understanding. You may want to
call Dennis to just check in. Dennis did say that he would include Enron in
any bid packages prepared.
| 384,390 |
||
dasovich-j/all_documents/2219.
|
Re: Retreat Reminder ,
They've asked me to be on a gas panel. I've said yes, but hadn't planned at
this point on attending any of the conference other than the panel.
| 60,162 |
||
mann-k/all_documents/2040.
|
Change Order #1 to ABB Purchase Agreement LM6K-2001 ,
Kay,
This note is to advise that I signed the referenced Change Order ,
executing the cancellation of 2 transformers from the contract, and faxed it
back to your attention on Monday morning, Nov. 20, 2000. I understand that
you
are out of the office today, and wondered if you or another person at Enron
had
put the Change Notice into the paperwork process in your offices.
When the cancellation deal and charges were negotiated and finalized
earlier this month, we anticipated that Enron would as promised, be able to
forward a wire transfer of the $323,200.00 cancellation fee to ABB this week.
If any of those copied on this memo are working this week, or are
electronically in contact with your offices, I would appreciate notification
that the documents were received, and what is the status of the Change Notice
and cancellation payment.
Thank You and Happy Thanksgiving to all!
Frank Chmiel
| 304,758 |
||
derrick-j/inbox/128.
|
REVISED ,
Jim - The option number was previously understated - should have been $252,010, for a total avg. comp. package of $384,000 in 2000. Separately, I will forward document you may send externally.
| 92,674 |
||
kaminski-v/all_documents/223.
|
Re: Corporate Card ,
Yes Tony ,
Mike authorized you for a Corp. Card ,however that's
something your asst. can do in London for you.
If you need further Asst. please inform.......
Kevin Moore
Tony Hamilton@ENRON
04/30/2001 07:28 AM
To: [email protected], [email protected], [email protected]
cc:
Subject: Corporate Card
Is it possible for me to get a corporate card, and if so, who do I need to
contact regarding this?
Thanks
Tony
| 204,652 |
||
germany-c/all_documents/80.
|
RESTRICTIONS, SEALS, OUTAGES FOR MAY THROUGH OCTOBER 2001 ,
APRIL 6, 2001 9:30 AM CCT
TO: ALL TENNESSEE CUSTOMERS
RE: RESTRICTIONS, SEALS, OUTAGES FOR MAY THROUGH OCTOBER 2001
This notice updates the RESTRICTION, SEALS AND OUTAGES notice posted on
March 30. Projects that have been added or updated are preceded with ***
followed by a description of the change.
Tennessee has planned the following activities between May 1 and October 31
that may result in restrictions, seals or meter outages. Some of these
projects are in the planning stages and may be altered or postponed.
Tennessee will inform you of any material change at least 15 days in
advance.
ANOMALY INSPECTION BETWEEN MLV 329 & 330
--On May 5 with possible extension to May 6, nominations will not be
accepted for meter 020293 (Pearl River)
--On May 5 with possible extension to May 6, may restrict and seal pro-rata
Secondary services (IT-X, IT, AOT, PAT, Payback, EDS/ERS, Secondary) to
meters located downstream of MLV 330 in Zone 5; 020101 (Transco -
Rivervale), 020201 (Tappan), 020477 (Knollwood), 020093 (White Plains),
020344 (Rye),
*** Nominations will not be allowed for meter 020629 (Elizabeth Oakdale
Sales) RELOCATION OF MLV 825 PROJECT (Louisiana state highway expansion)
--From May 9 through 14, may restrict and seal pro-rata Secondary services
(IT-X, IT, AOT, PAT, Payback, EDS/ERS, Secondary) from meters located
upstream of Station 834, including the Zone 800L pool meter (020998),
excluding meters located on the west and southwest legs of the Blue Water
System.
-- From May 9 through 14, nominations will not be accepted for meters 011271
(Sevarg Glenmora Dehyd), 012354 (OXY Glenmora Dehyd), 012393 (Olympic
Hickman #1), 012426 (James Laddie #1), 012498 (Hogan Glenmora), 012514
(South Glenmora Roy O. Martin), 020406 (Elizabeth), 020530 (United
Glenmora), 020629 (Elizabeth Oakdale Sales)
Installation of Pig Launchers and Receiver on the La Rosa Lateral
-- From May 14 through 31, nominations will not be accepted for meters
010069 (Mustang Island #1 Dehyd), 010075 (Mustang Island #2 Dehyd), 010184
(Red Fish Bay Dehyd), 010188 (Mustang Island #3 Dehyd), 010803 (Stedman
Island Dehyd), 010990 (Ingleside Dyhyd), 011476 (Mustang Island 774), 011593
(Mustang Dehyd), 011683 (Nugget Ingleside Dehyd), 012018 (Larosa Field
Dehyd), 012021 (Redfish Bay Transport), 012566 (Mustang Island), 020634
(Ingleside Sales), 020709 (Alkali Plant Sales), 020716 (Ingleside Sales),
020729 (Ingleside Big 3 Transport), 020856 (Reynolds)
*** DATE CHANGES / METER 020658 ADDED TO JULY 9 TO 14 OUTAGE
Installation of Pig Launchers and Receiver downstream of MLV 270
-- From May 22 through 26, nominations will not be accepted for meters
012538 (Dracut M&N), 020572 (Dracut Colonial), 020909 (Dracut M&N)
-- From June 7 through 14, nominations will not be accepted for meter 020134
(Concord)
-- From June 19 through 30, nominations will not be accepted for meter
020121 (Lawrence)
-- From July 5 through 9, nominations will not be accepted for meters 020119
(Gloucester), 020138 (Wenham), 020323 (Essex), 020389 (W Peabody)
-- From July 9 through 14, nominations will not be accepted for meters
020136 (Reading), 020532 (Wilmington), 020658 (Peabody Power & Light),
020808 (Camp Curtis)
-- From August 10 through 31, nominations will not be accepted for meters
020118 (Beverly - Salem), 020658 (Peabody Power & Light)
Concord Lateral Replacement Project
-- Time to time, from May 30 through October 31, may restrict and seal
pro-rata Secondary services (IT-X, IT, AOT, PAT, Payback, EDS/ERS,
Secondary) to meters located on the Concord Lateral
*** NEW PROJECT
Replace MLV 235-1 & 236-1
-- From June 21 through 26, nominations will not be accepted for meters
011106 (Honeoye), 020526 (Honeoye), 020617 (Hopewell).
*** NEW PROJECT
Installation of Pig Launcher and Receiver
-- From July 17 through 19, nominations will not be accepted for meter
020107 (Agawam).
800 Line MLV and Pig Launcher and Receiver Project
-- For a 2 to 3 week period in September, may restrict and seal Secondary
services (IT-X, IT, AOT, PAT, Payback, EDS/ERS, Secondary) from meters
located upstream of Station 860 on the 800 Line, including the Zone 800L
pool meter (020998) and the Zone 1 800 Leg pool meter (020829), excluding
meters located on the west and southwest legs of the Blue Water System.
If you have any questions, please contact your Account Representative or
Volume Analyst.
Craig Harris
Manager, Operations Control
******************************************************************
This email and any files transmitted with it from the
ElPaso Corporation are confidential and intended solely
for the use of the individual or entity to whom they are
addressed. If you have received this email in error
please notify the sender.
******************************************************************
| 127,548 |
||
richey-c/personal/12.
|
RE: ,
Well I am in but not in. I am going to Kelowna tonight and tomorrow but
will be in town Sunday to Tuesday but I will be out again till Friday. I
know I am in next weekend. From there on I am not too sure what is
happening but let me know if any of that works for you.
How was your holidays. How are things at work or are you working right now
I heard a lot of people go laid off and others are still not steady. I see
your address is still Enron. Well let me know.
Always,
Corinna
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, January 04, 2002 9:53 AM
To: [email protected]
Subject: RE:
Hey- i just got back into town from almost 3 weeks vacation. sorry i
didn't get in touch over the holidays, but do you want to get together
sometime soon? my schedule is very easy-going at them moment - hopefully
you are in town.
cooper
-----Original Message-----
From: "Johnston, Corinna" <[email protected]>@ENRON
Sent: Thursday, December 20, 2001 2:02 PM
To: Richey, Cooper
Subject:
Hello and how are you? Are you going away for the Christmas Holidays?
Let
me know maybe we will get together for some egg nog sometime.
Corinna Johnston
Client Relationship Officer
Tel: (403)221-6021
Fax: (888)272-0007
Email: [email protected]
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at [email protected] and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************
| 369,781 |
||
kaminski-v/sent_items/2591.
|
FW: JA Aichi ,
FYI
Vince
-----Original Message-----
From: Hirl, Joseph
Sent: Wednesday, August 22, 2001 10:22 PM
To: Kaminski, Vince J
Cc: Thirsk, Jeremy; Kinoshita, Naoshige
Subject: FW: JA Aichi
Vince,
Nothing like a real deal to focus our thoughts on JCC. JA Aichi is an agricultural association that purchases over 200,000kl per year of Heavy A. They would like Enron to price a JCC swap (our offer) that would help them manage their Oct 2001 to Mar 02 position as given below. I'd like to see what we could offer given the volumes and term. We can then compare with the JCC offers shown by MS. We are checking the credit of this company.
It would be good to put a live deal in front of Shankman that wasn't too huge or of too long term. Concept of minimizing the cost of our education and testing our hedging strategy for JCC.
Let me know if you need additional info. I presume that you are fairly far along with evaluation of JCC and that we should be able to derive an offer? If not, please let me know. If possible we'd like to send out an offer next week.
thanks.
Joe
-----Original Message-----
From: Kinoshita, Naoshige
Sent: Thursday, August 23, 2001 11:29 AM
To: Hirl, Joseph
Subject: FW: JA Aichi
Joe-San
Please refer to the conversation we just had.
Customer (JA Aichi) is looking for to hedge Heavy A (Low Sulphar A) with Index as follows :
I am already contacting Singapore Office for Dubai Index or Singapore Gas Oil Index but not JCC.
The condition is as follows:
1. Enron sells swap to JA Aichi (Financially Swap settled monthly)
2. Index : JCC
3. Period : Oct 2001 to March 2002
4. Volume : Oct 2001 : 1,000 KL ( 6,289 Barrel)
Nov 2001 : 1,000 KL ( 6,289 Barrel)
Dec 2001 : 5,000 KL (31,447 Barrel)
Jan 2002 : 5,000 KL (31,447 Barrel)
Feb 2002 : 5,000 KL (31,447 Barrel)
Mar 2002 : 3,000 KL (18,868 Barrel)
Total 20,000 KL (125,787Barrel)
Please let me know if you need further information.
Thanks / Nao Kinoshita
-----Original Message-----
From: Kinoshita, Naoshige
Sent: Thursday, August 23, 2001 9:53 AM
To: Slovenski, Richard; Wong, Hans
Subject: JA Aichi
Richard-San, Hans-San
Hi, How are you doing ?
Have received an inquiry form JA Aichi (Different from UNICOOP) in Japan as follows:
In order to hedge the price of Low Sulphur A, they want to enter the swap based on
Crude Oil Index or Gas Oil Index, since it has a correlation with the product.
It would be very appreciated if you could give me a price as following.
1. Enron sells swap to JA Aichi (Financially Swap settled monthly)
2. Index : Dubai Crude Oil, Platts Singapore Gas Oil Reg. 0.5%
3. Period : Oct 2001 to March 2002
4. Volume : Oct 2001 : 1,000 KL ( 6,289 Barrel)
Nov 2001 : 1,000 KL ( 6,289 Barrel)
Dec 2001 : 5,000 KL (31,447 Barrel)
Jan 2002 : 5,000 KL (31,447 Barrel)
Feb 2002 : 5,000 KL (31,447 Barrel)
Mar 2002 : 3,000 KL (18,868 Barrel)
Total 20,000 KL (125,787Barrel)
Should you have any question, please feel free to call me (81-3-5219-4629)
Regards,
Nao Kinoshita (Enron Japan)
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, August 22, 2001 8:48 PM
To: Kinoshita, Naoshige
Subject: ????????????????
???????A???????????????????????B
???????????????????A??????????????????????????
?M?????????????????????????????????B
?????????????????v???????B
?????????????????????B
?P?D?X???b?v
?E???i?G?k?r?`?d??
?E???????G?Q?O?C?O?O?O????
?E?C???f?b?N?X?G?b?h?e?????h?o?C???????V???K?|?[???K?X?I?C???O?D?T
?E?????????G13?N10???`14?N3??
?Q?D?V???f???o?e?B?u
?E???i?G?k?r?`?d??
?E???????G?Q?O?C?O?O?O????
?E?????G12???`3??
?E?w?W?G?C???????m?????????????????N?l
?E?w?W?l???P???????????????????????_?????d???w???????????????R?X?g?????w?b?W????
?B
?E?????I???C???P???????????w???????P?O???????????B
?s?????_???A?s?d?k???????B
?@****************************************
?@*?@?i?`???????o???A?@?R?????@?????? *
?@*?@?@?@?@???@???@?@?@?@?? *
?@*?@TEL?@0566-98-1781?@FAX?@0566-98-4794 *
?@*?@E???[???@[email protected] *
****************************************
| 222,372 |
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mims-thurston-p/deleted_items/608.
|
Tell me where to send your 24-Piece Tool Kit ,
[IMAGE]
NCI Marketing Web Alert =09
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rom the American Homeowners Association. It's FREE. But I need to know wher=
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e quote on low members rates for Home and Auto Insurance. - get free access=
to over 50,000 money-saving grocery coupons. Try AHA and experience the b=
enefits for yourself. Our members save on repairs, insurance, groceries, sp=
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on the line. Sincerely, Richard Roll American Homeowners Association (AH=
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| 339,469 |
||
campbell-l/_sent_mail/54.
|
absolutely beautiful ,
---------------------- Forwarded by Larry F Campbell/NA/Enron on 12/12/2000
04:33 PM ---------------------------
Richard Hrabal@ECT
12/12/2000 10:46 AM
To: Joe Errigo/Corp/Enron@Enron, Jay Wills/Corp/Enron@ENRON, Don
Baughman/HOU/ECT@ECT, Rudy Acevedo/HOU/ECT@ECT, Cyril Price/HOU/ECT@ECT, John
Kinser/HOU/ECT@ECT, Jason Choate/Corp/Enron@ENRON, Juan
Hernandez/Corp/Enron@ENRON, Wayne Herndon/Corp/Enron@ENRON, Lawrence
Clayton/Corp/Enron@Enron, Kayne Coulter/HOU/ECT@ECT, Chad
Starnes/Corp/Enron@Enron, Keller Mayeaux/Corp/Enron@Enron, Joe
Stepenovitch/Corp/Enron@Enron, Miguel L Garcia/NA/Enron@ENRON, Russell
Ballato/NA/Enron@Enron, Larry F Campbell/NA/Enron@Enron
cc:
Subject: absolutely beautiful
OPEN IN PRIVATE
- NicoleVanCroft01.jpg
- NicoleVanCroft02.jpg
- NicoleVanCroft03.jpg
- NicoleVanCroft05.jpg
- NicoleVancroft04.jpg
- NicoleVanCroft06.jpg
| 40,142 |
||
shackleton-s/all_documents/4976.
|
Re: SITA ,
Of course. You probably forgot that SITA requested both
settlement'termination in Euros. SS
Tanya Rohauer
11/30/2000 10:34 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: SITA
How can the contractual currency be USD and the invoicing be in FF as
indicated below. I guess I don't really care what currency is used as ECTRIC
will be responsible for hedging its currency risk with Hickerson; however,
shouldn't the contractual and termination currency be the same?
From: Sara Shackleton on 11/30/2000 10:26 AM
To: Tanya Rohauer/HOU/ECT@ECT
cc:
Subject: Re: SITA
Tanya: Is Lee the right person to approve this change for SITA? Remember,
SITA is acutally with ECTRIC (nto ENA) and SITA wanted to settle in Euros.
Thanks. Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 11/30/2000 10:23 AM -----
Lee Munden
11/30/2000 09:44 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: SITA
Sara
Sorry for delayed response.
Tom says below that the invoice is likely to be in French Francs (FF) ,
therefore, I would have thought that having contractual currency as FF (or
Euro as / when it replaces the FF) is the most sensible.
As the early termination value is likely to be calculated in FF or Euro, I
think that this would not be a problem either.
Please feel free to give me a call if you wish to discuss 207 783 6755
regards
Lee
---------------------- Forwarded by Lee Munden/LON/ECT on 30/11/2000 15:41
---------------------------
Enron Europe
From: Tom Bruce-Jones 29/11/2000 08:13
To: Lee Munden/LON/ECT@ECT
cc:
Subject: Re: SITA
FF
Lee Munden
27/11/2000 18:04
To: Tom Bruce-Jones/LON/ECT@ECT
cc:
Subject: Re: SITA
Tom
What currency will we invoice in?
Lee
Enron Europe
From: Tom Bruce-Jones 27/11/2000 16:07
To: Lee Munden/LON/ECT@ECT
cc:
Subject: SITA
Lee
As you are perhaps aware, the Master for this CP has been arranged thru
Houston. Would you cast your eye over the comments laid out below and revert
to either Sara or Tanya with your comments.
As background, Houston has negotiated all the docs and were intending to
trade out of Houston. This CP has now been handed over to us and all trades
will be generated from here.
Any help much appreciated.
Tom
---------------------- Forwarded by Tom Bruce-Jones/LON/ECT on 27/11/2000
16:06 ---------------------------
From: Michael Moulton@ENRON COMMUNICATIONS on 27/11/2000 06:57 PST
To: Tom Bruce-Jones/LON/ECT@ECT
cc:
Subject: SITA
----- Forwarded by Michael Moulton/Enron Communications on 11/27/00 06:05 AM
-----
Sara Shackleton@ECT
11/22/00 01:41 PM
To: Tanya Rohauer/HOU/ECT@ECT
cc: Michael Moulton/Enron Communications@Enron Communications
Subject: SITA
Tanya:
SITA now insists on having the Termination Currency and the Contractual
Currency, except as otherwise agreed in any Transaction/Confirmation, as the
Euro. They will not agree to USD. [By the way, SITA's lawyers had already
agreed to USD] Effectively, if we agree to this, the trader will need to
confirm each deal in USD (Contractual Currency) but if we early terminate,
the currency will be Euro's (Termination Currency).
What do you want to do? Other than the Enron Corp. guaranty, we are finished.
Sara
| 417,659 |
||
shankman-j/deleted_items/565.
|
btu effects : coal, ng, resid -FYI ,
-----Original Message-----
From: Mulholland, Sarah
Sent: Thursday, July 05, 2001 2:57 PM
To: Fraser, Jennifer
Cc: Arnold, John
Subject: RE: coal and gas calculations
As for Fuel Oil, it doesn't seem to be working to hold the switching demand like we thought it would. Prices are coming off but with Natty not moving much in the past few days it has made little effect. On Mon seeing FP&L selling almost 500,000 bbls of NYh 1% in Aug and Sep. Mirant has been out the whole week buying and the utilities are also long Cal 02, Cal 03 but have yet to dump it. Seeing utilities switch in the NYC region, even though prices are slowly coming off. Woudl expect if you get heat to see some utilities use their storage and burn some fuel but unless Natty goes back up to 4 ish I think we may be off the mrkt for a little bit here. Watchign for signs that may come back on after summer. Additional issue being that demand as a whole is very weak, so even w/o Natty at such low levels, we would be just a weak. As of tonight:
NYH Jul 19.00/bbl = 3.025 (w/o taxes and transport, right off the barge)
-----Original Message-----
From: Fraser, Jennifer
Sent: Thursday, July 05, 2001 2:37 PM
To: Arnold, John
Cc: Mulholland, Sarah
Subject: coal and gas calculations
coal (EAST
45$/t + 10$ freight = 55$
12,000btu/lb
therefore 55/(12*2)= 2.29/ MMBTU
heat rate 10
therfore 22.90/MWH
nagural gas (NYMEX)
3.14
most efficient new gen heat rate 7.0
therefore 21.98/mwh
all back of the envelope--but when we get heat will gens increase coal (push limits)--or will gas become more of the baseload
| 432,020 |
||
kean-s/all_documents/568.
|
Presentation ,
Attached please find an updated presentation. Louise has expressed concern
about the slides containing spreads, # of products and # locations. I know
this is the message you want to deliver. I'm trying to touch base with
Louise on this.
| 230,287 |
||
haedicke-m/deleted_items/255.
|
V&E ,
I spoke with Joe Dilg over the weekend regarding V&E's assistance with respect to questions/issues surrounding our structured finance vehicles. He advised that V&E retained Williams & Connally to represent them in connection with inquiries made of V&E by the Special Committee. Williams & Connally apparently has interviewed the V&E individuals involved in the vehicles/transactions and has compiled quite a bit of info re the same. Joe advised that as we pose questions to V&E, they will involve Williams & Connally to make certain that the answers that we receive are consistent with information provided to the Special Committee. Please keep this in mind as inquiries are made to V&E. Thanks and hope that each of you have a very happy new year! Regards, Julia
Julia Heintz Murray
Enron Global Finance
Phone: 713/853-3439
Fax: 713/853-9252
[email protected]
| 153,990 |
||
dasovich-j/all_documents/2930.
|
Fwd: Nov. 1, 2000 DOE Press Release re Clinton/Gore Initiatives to ,
fyi
----- Forwarded by Susan J Mara/NA/Enron on 11/01/2000 02:19 PM -----
"Ronald Carroll" <[email protected]>
11/01/2000 02:22 PM
To: <[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>
cc:
Subject: Fwd: Nov. 1, 2000 DOE Press Release re Clinton/Gore Initiatives to
Assist California
----- Message from "Tracey Bradley" <[email protected]> on Wed, 01 Nov
2000 15:52:06 -0600 -----
To: <[email protected]>, "Charles Ingebretson"
<[email protected]>,
<[email protected]>,<[email protected]>, <[email protected]>,
"Gene Godley" <[email protected]>, <[email protected]>,
<[email protected]>, "Marc Hebert" <[email protected]>,
<[email protected]>, "Paul Fox" <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>
cc: "Nancy Pickover" <[email protected]>
Subject: Nov. 1, 2000 DOE Press Release re Clinton/Gore Initiatives to Assist
California
Administration Helps Electricity Consumers by Proposing Reliability Standards
and Working to Lower Costs
Clinton/Gore Administration Takes Action to Help Californians
Secretary of Energy Bill Richardson today announced a series of initiatives
that the Clinton/Gore Administration is taking to help California reduce the
strain on their electricity system and protect consumers. Most significantly,
Richardson said the Administration will likely send a proposed rule-making to
the Federal Energy Regulatory Commission (FERC) to establish mandatory
reliability standards for electricity * doing administratively what Congress
failed to accomplish this year.
"California's electricity market has become dysfunctional -- and it's time to
make it right," said Secretary Richardson. "More than once, California was
close to having blackouts rolling throughout the state. In San Diego,
residents and businesses saw their electric bills double almost overnight.
Consumers need an electricity system that is reliable and they should not be
facing this kind of price volatility."
Richardson made the announcement in Sacramento this morning with California
Gov. Gray Davis.
Richardson said the Energy Department will take several initiatives to help
the reliability of California's electricity system and protect consumers from
dramatic price volatility, including:
Establish mandatory reliability standards for electricity * The Energy
Department will seek public comment on a proposed rulemaking that would
require utilities to follow mandatory rules to protect the reliability of the
electric grid in California and elsewhere. The Administration and others have
been pressing Congress to enact these much-needed rules to protect consumers.
The purpose of this rulemaking is to break the impasse in Congress and
authorize establishing the standards necessary to make electricity supplies
more reliable and energy markets more efficient;
Improve California's ability to import power * The Western Area Power
Administration, an Energy Department agency that co-owns a major substation
in Northern California, will provide $2 million to add a second transformer
there. This will help California bring in much-needed power from the Pacific
Northwest;
Provide millions to improve energy efficiency * The department is releasing a
half million dollars in grants to the California Energy Commission to support
programs that will make California buildings, which account for approximately
8 percent of all the energy used in buildings in the U.S., more energy
efficient. In addition to the $3.7 million the Energy Department has provided
the state this year to help weatherize 3,081 lower-income California
households, the department will provide $4.2 million next year to weatherize
homes and help lower the electricity bills of those that can least afford
high prices;
Work to add renewable sources * The department is working with the state and
local governments to help develop the tremendous renewable resources in
California, such as wind, solar, geothermal and biomass. To this end,
Richardson said the department's budget for next year contains $3 million for
wind projects and $5.6 million for geothermal projects in California;
Reduce electricity consumption at key times * Participate, along with
representatives from other federal agencies with facilities in California, in
meetings in Sacramento today to develop a process for reducing electricity
consumption during heat waves; and
Get federal power to California * Continue the work of the department's
Bonneville Power Administration and Western Area Power Administration with
California to get federal power to the state when it is needed the most.
Richardson announced that Bonneville's contract to provide low-cost power to
Bay Area Rapid Transit will continue;
Further cooperation with California * The Energy Department will also form a
partnership with the state of California to ensure that the department's
programs and resources are put to use to help the state with its electric
problems.
Separately today FERC released a report that examines the causes of
California's electricity problems. FERC also issued a proposed order that
will help reduce wholesale electricity prices in California. Richardson urged
the Commission to move quickly to help protect California's citizens and
businesses.
Media Contact: April Kaufman, 202/586-5806
Release No. R-00-283
| 62,461 |
||
shackleton-s/sent_items/608.
|
RE: ECT Investments, Inc. ("ECT") agreement wtih Monument ,
at your convenience. I understand entirely. SS
-----Original Message-----
From: Glover, Sheila
Sent: Tuesday, October 30, 2001 10:26 AM
To: Shackleton, Sara
Subject: RE: ECT Investments, Inc. ("ECT") agreement wtih Monument Derivatives Limited ("MDL")
Sara,
It is unlikely I will be able to get back to you today on this.
I have some other requests I have to fulfill today.
Thanks,
Sheila
-----Original Message-----
From: Shackleton, Sara
Sent: Tuesday, October 30, 2001 9:50 AM
To: Glover, Sheila
Subject: ECT Investments, Inc. ("ECT") agreement wtih Monument Derivatives Limited ("MDL")
Sheila:
A few points:
(1) I've sent a request to London to review the SFA reps and LIFFE provisions; Jonathan Marsh is out of the office until Nov. 5. Jonathan is the regulatory expert.
(2) Page 5 - 7.1 (MDL and CLR fees/charges) and 7.2 (direct payment by CLR of MDL costs). Do you already have a fee schedule? Since ECT will be clearing through GSI and MC&Co., should we delete references to CLR? or shoudl we markup the CLR references as if we would be clearing through CLR? I suppose you may decide to clear throug CLR.
(3) Page 6 - 7.5 (account debit for fees)
(4) Page 11- 15.2. I don't think we would object if CLR had the right to assign to Credit Lyonnais, but does ECT need to right to assign to another entity (without first obtaining consent)?
(5) Page 16- 4 and 5.2. Also, will we be settling outside the U.K. per 6.2? I didn't know if this could be an issue.
(6) Page 19- 8.1. Have you agreed to alternative interest arrangements?
(7) What exchanges will you be trading on through MDL? This terms of business contains a Schedule 3 (LIFFE terms) and 7.3 of that Schedule will apply to all other exchanges per 3.3 on page 3 of the terms of business.
Thanks.
Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX 77002
Ph: (713) 853-5620
Fax: (713) 646-3490
| 426,415 |
||
jones-t/all_documents/3141.
|
Re: H.Q. Energy Services (U.S.) Inc. ISDA Master ,
I have gotten a phone call from Hydro-Quebec checking on the status of this.
Can we expect a credit worksheet for an ISDA comparison?
----- Forwarded by Tana Jones/HOU/ECT on 08/09/2000 02:55 PM -----
Sara Shackleton
07/21/2000 11:26 AM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: H.Q. Energy Services (U.S.) Inc. ISDA Master
Tana: look in lotus notes. I think you should contact Russell for Canada
(since Rod is gone). Cyntia Pastega is the business person. SS
Tana Jones
07/14/2000 02:27 PM
To: William S Bradford/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Nidia
Mendoza/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Rod
Nelson/LON/ECT@ECT, Tracy Ngo/HOU/ECT@ECT, John Suttle/HOU/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT, Veronica
Espinoza/Corp/Enron@ENRON, Paul Radous/Corp/Enron@ENRON, Wendi
LeBrocq/Corp/Enron@Enron, Brad Schneider/Corp/Enron@Enron, Brent
Hendry/NA/Enron@Enron, Sara Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT,
Susan Flynn/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Susan
Bailey/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron
cc:
Subject: H.Q. Energy Services (U.S.) Inc. ISDA Master
Hydro Quebec has forwarded to us their form of ISDA Schedule for the
referenced counterparty for review. There is no indication of what Enron
business person is interested in this counterparty. I will forward a copy of
the ISDA to Mr. "Canada" Suttle, and open a Lotus Notes entry with the
contact information. We won't do anything until we receive a credit
worksheet from Credit.
| 183,663 |
||
lenhart-m/sent_items/386.
|
RE: jobs ,
have you heard back from enron?
-----Original Message-----
From: "Andy Shackouls" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Andy+20Shackouls+22+20+3Cashackouls+40hotmail+2Ecom+3E+40ENRON@ENRON.com]
Sent: Monday, June 04, 2001 8:45 PM
To: Lenhart, Matthew
Subject: jobs
Matt,
To refresh your memory from Friday night, I got laid off and am doing independent work right now. Although the money is good, the stability is a factor. So, if there is anyone you might know at Enron to help me get an interview for that associate program, I would appreciate it. My resume is attached. Thanks for helping me out. Take care.
DAS
P.S. LSU preseason ranked #8 in CBS Sportsline power poll. Not sure how I feel about that.
Get your FREE download of MSN Explorer at http://explorer.msn.com << File: http://explorer.msn.com >>
- DASResume5.doc << File: DASResume5.doc >>
| 277,231 |
||
haedicke-m/inbox/464.
|
RE: Resolution ,
Thanks Jeff - I made some change to make it line up with the changes we have already made and the proposed changes
-----Original Message-----
From: Hodge, Jeffrey T.
Sent: Wednesday, October 31, 2001 4:03 PM
To: Buy, Rick; Port, David
Cc: Haedicke, Mark E.
Subject: Resolution
Rick and David:
Attached you will find the proposed resolution. Let me know what changes you need to make.
Jeff << File: Enron Corp Res.doc >>
| 154,406 |
||
dasovich-j/all_documents/720.
|
Re: Daily Update/Information on CA Legislative Activity ,
Bruno --
We should contact Mike Day as soon as possible and have him prepared to dra=
ft=20
legislative fixes for any bill that would come out looking like the Wood=20
Draft Decision consistent with the issues you outlined below. I want to ma=
ke=20
sure that we are prepared for this possibility. =20
FYI, given the information I have, the Wood Draft Decision is more favorabl=
e=20
for Enron's attempt at becoming the wholesale supplier to SDG&E. It looks=
=20
pretty tough to beat the Duque Decision.
Jim
Bruno Gaillard
08/22/2000 09:02 PM
To: Edward Hamb/HOU/EES@EES, Jennifer Rudolph/HOU/EES@EES, Chris=20
Hendrix/HOU/EES@EES, Greg Cordell/HOU/EES@EES, Harold G Buchanan/HOU/EES@EE=
S,=20
Martin Wenzel/SFO/HOU/EES@EES, Douglas Condon/SFO/EES@EES, James M=20
Wood/HOU/EES@EES, Gary Mirich/HOU/EES@EES, Dennis Benevides/HOU/EES@EES,=20
Roger Yang/SFO/EES@EES, David Parquet@ECT, [email protected], SF Directors, Pa=
ul=20
Kaufman/PDX/ECT@ECT, Marcie Milner/Corp/Enron@ENRON, Mary Hain@Enron, Harry=
=20
Kingerski/HOU/EES@EES, James D Steffes/HOU/EES@EES, Richard=20
Shapiro/HOU/EES@EES, Peggy Mahoney/HOU/EES@EES, Karen Denne@Enron, Mark=20
Palmer/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron
cc: =20
Subject: Daily Update/Information on CA Legislative Activity =20
The events described below represent what has happened today. The situation=
=20
is in constant flux. However, we need to know our position in case any of t=
he=20
bellow does occurred.
=20
Scott Baugh, Republican Assembly Leader, had a press conference in which th=
e=20
republicans declared that:
They accept Duque's Decision as is.=20
They are going to, request a special legislative session starting September=
1
The legislative session is going to look into supplementing focusing on=20
granting the Governor emergency power for supply side issues and streamlini=
ng=20
sitting. Furthermore, they will propose to provide relief in addition to=20
Duque's decision, by providing an extra $300 MM, retroactive to June 1,=20
2000, to schools, hospitals and local government in the form of a tax cred=
it=20
or cut and from the general fund. =20
They do not support the Davis/Alpert Bill (SDG&E Rate Freeze). (However, th=
e=20
San Diego Republicans will probably vote for it).
This also seems to take some wind out of the Pescetti bill (Freeze Extensio=
n).
This seems to be a political play. We do not believe that the republicans=
=20
think that the Governor will actually declare a special session. The Alpert=
=20
bill will most likely be heard tomorrow. We do not know in which form and=
=20
whether or not it will be amended.
There also is a current rumor that a new bill may be introduce that would p=
ut=20
the Wood Draft Decision into a bill. Our comments on the Wood decision focu=
s=20
mostly on the recovery mechanism, limiting the application of the cap to=20
bundled customerrs, and insuring that only those that benefited from the ca=
p=20
paid for the costs associated with the cap.
Attached is a brief summary of Woods proposal.
caps the energy component of bills for residential, small commercial and=20
street lighting customers at 6.5 cents/kwh
creates a balancing account to ensure that SDG&E is "made whole"
uses all revenues generated by SDG&E-owned or managed assets (e.g. qualifyi=
ng=20
facilities, San Onofre Nuclear Generating Station, bilateral and interutili=
ty=20
contracts) to finance the cap (large customers likely to feel cheated by th=
is=20
provision)
offers large customers a voluntary "bill smoothing" option (but no caps)
states that purchases made by SDG&E from the PX are no longer per se=20
reasonable and indicates that the Commission will investigate SDG&E=01,s pa=
st=20
procurement practices (seems to counter previous promises of keeping SDG&E=
=20
=01&whole=018)
goes through December 2003
Please provide comments as to our position on Wood's proposal
| 64,776 |
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