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Louise, Sempra Energy has called and asked to "cover' outstanding positions with Enron. They have done some deals with me this morning via EOL, as well as a "sleeve" with EPNG in order to minimize their exposure with us. Indications were that they have longer dated power and other gas positions that they want to minimize as well, I advised them to call the respected traders first, as apposed to calling voice brokers, to see what they can facilitate.
Concerned Counter parties
As I sit here this Wednesday morning and watch ENE trade $15.80 I can not begin to explain the pit in my stomach. I have been an employee of Enron since June of 1984, I have never written a memo to my CEO to express opinions and or ask direct questions. I can not believe that the individuals that are responsible for this catastrophe are still employed. And I guess I need to understand why? FIRED THEM ! It is apparent to me that the information we have given to the market place is not sufficient enough. "THEY" don't trust us anymore. Get a plan of action, attack it, and save this company.
Enron
Brad, I really don't know where to begin other than just to say it. Enron is having some extremely difficult times now. I have been trying to focus on helping Enron stay together. This is not a good time for you or anyone else to try and seek employment here. I am sorry if I am letting you down. I was only wanting to help. I will always keep you in mind, and hopefully when things turn around here I will be able to address you coming here.
Summer Enron Internship
Please make sure that your things are packed and ready to be moved before you leave today. The move should start first thing tomorrow morning! Please let me know if you need any help packing and I will be more than happy to help you. Thank you,
Tomorrow's Move
Sandra, Your ICE access has been completed from previous request #61174: User ID: sabrawner Password: gig9raw5 Please contact the ICE help desk at 770-738-2101 should you have any questions. The answer to your secret question is ASTROS. Let me know if you have any questions. Thank you,
Intercontinental Exchange - User ID and Password
Jeff, Just a quick note to say "thank you" for your comments at year end. I sincerely appreciated your comments and support. I hope your Holidays were safe, healthy, and happy. Say when am I going to see that new home of yours? You know it is hard to continue to live vicariously through you if I don't know what to picture! Sandra
"Thank You !!"
Wanted to say Hello. I must tell you I miss you, I don't have anyone to shake my head at anymore. Hoping all is well with the new position. Also wanted to thank you for calling Pam I do appreciate that . There are plans are for my husband and I to meet some friends of yours this weekend. We are getting together with the Schnitzers and they have invited the Kushnicks . Jon and Susan really enjoy them and have wanted to introduce us for some time now. Looking forward to the introduction. Again, I hope the job is treating you well. Best Regards,
Greetings
Hello Kenny, Just a couple of things. One our stock is up again today now it is up 2 at 62$ I was wondering if we should sell some? What is your opinion. Also I have some reading for you tonight - The Skiliing Story is all over the Gas Market. (I told Ya). I know that Clayton has soccer tonight - dont worry about dinner , I would actually prefer some of that Turkey tonight. I love you
Misc
Hello Kenny, Just a note to say Hello and that I love you . I enjoyed yesterday afternoon. And I also wanted to thank you for getting up early this morning and fixing my coffee and my slim fast. That meant alot to me, more than you know. Enjoy your day - I will see you after my hair appointment tonight. Love and Kisses
Happy Tuesday
April 8, 2001, 10:45PM Learn the ins and outs of filing after mid-April deadline By GARY KLOTT Tribune Media For the many millions of individuals who have yet to file their 2000 income tax returns, there is no reason to panic. If you need more time to file your return, you can easily get a filing extension. And if you can't afford to pay your tax bill now, you can buy more time to pay up. While you may be subject to interest and penalties for payments made after April 16, you can put off the day of reckoning for months without fear that IRS collection agents will come after you. There is even a loophole in the law that will enable many individuals to get an extra month to pay up without being assessed interest or penalties. Nevertheless, April 16 is a critical deadline for anyone who has yet to file his tax returns. You'll need to file either your tax return or an extension request by the deadline. And to avoid interest and penalties, you'll generally need to pay any taxes owed by April 16. April 16 is also the deadline for making IRA contributions for 2000 returns and for making the first installment of quarterly estimated taxes for 2001. Filing extension: If you'd like more time to file your return, getting a filing extension is simple. In fact, the IRS has expanded the options this year for obtaining a filing extension. You can now do it by phone, computer or mail.
Income Tax - Information
Attaches are the marks for New Power as of COB 9/25/01. We continue to send a margin call on a daily basis however payment has not been received. Please let me know if you need any additional information. Thank you
New Power
Please note the following addition to the domestic credit reserve for September 2001: CP: Williams Energy Marketing & Trading Deal No: 786765.1 EOL No: 1902659 Deal Date: 9/24/2001 Deal Specifics: EPMI buy Term: 1/1/2004 thru 12/31/2004 Volume: 50 MWs Off-Peak Price: $19.00 Delivery Point: Entergy Trader: Mike Carson Credit Reserve Amount: $7,000 (seven thousand US dollars) RAC: transaction confirmed under Master dated 2/1/1997. Please call w/any questions. Ed Sacks
Credit Reserve - Williams Energy Marketing & Trading
You are in the New York Times today, page C6. Can't tell if it's good or bad cuz I don't understand business jargon. I'm about to go for a little run. It's beautiful out. Met a new professor today, Russian but nice. Ready for summer vacation already! At least we have a three day weekend. Hope you're having a good day. Cheers,
Famous Dad
SCA is pleased to inform you there are still available seats in an upcoming "Quick Look Techniques for Prospect Evaluation" class scheduled in Houston, Texas on October 30-31, 2001. The class will be held at SCA's offices, 2500 Tanglewilde, Suite 120, from 8:00 a.m.-5:00 p.m., Tuesday and Wednesday. Below is the description of the course. Quick Look Techniques for Prospect Evaluation A Must Course for Anyone who Generates or Evaluates Interpretations and Prospects!!! Description: This course addresses the need for a systematic approach for quickly screening prospects and identifying fundamental mapping errors. The application of the methods used in our Applied Subsurface Geological Mapping course as quick look techniques is the core of this course. The most common errors found on subsurface prospects are illustrated with numerous examples from throughout the industry. It's easy to drill a dry hole on a good prospect; it only has to be mapped a little bit wrong. QLTs are powerful and efficient tools for recognizing sometimes subtle mapping errors that lead to poorly located drilling locations. The course begins with a review of examples of mapping errors that lead to poorly located wells that were uneconomic or dry. Methods used to address the risk factors that can cause dry holes are reviewed. Specific QLTs that can be used to identify critical mapping errors are covered in the remainder of the course. The course manual is our textbook, "Quick Look Techniques for Prospect Evaluation." Who should attend? Supervisors, managers, vice-presidents, prospect evaluators, and anyone involved in preparing, reviewing or evaluating subsurface interpretations and prospects. Attendees who have a background knowledge of mapping techniques will derive a more complete benefit from this course. Course Content . QLT Overview with Examples . Philosophical Doctrine of Mapping . Dry Hole Analysis . Effect of Contouring Method Choice . General Structure Map QLTs . Faulted Structure Map QLTs . Fault Surface Section Pitfall . Vertical Separation versus Throw . Directional Well QLTs . TVT for Fault Cuts and Net Pay . Isochore Map QLTs Instructors: Daniel J. Tearpock, CEO Joseph L. Brewton Larry Walker, Ph.D. Tuition: $600 (includes textbook, exercise manual, and light refreshments) You may pay by company check or by MasterCard, Visa, American Express, or Diner's Club. Payment must be received two weeks in advance of the class. Enrollment Deadline: October 12, 2001 For your convenience, I am attaching a registration form, or you may visit our web site to enroll, www.scacompanies.com. We look forward to meeting you in Houston. If you have any questions, please contact me by e-mail, [email protected] or by telephone, 001-713-789-2444. Sincerely, Patricia K. Geary Training Operations Manager
Quick Look Techniques class- Good Seats Still Available
As you all know, the recruiting season is in full swing and the AA Program's recruiters are hitting campus as we speak. One of the most important parts of the process and a key to Enron's future success are the Fantastic Friday and Super Saturday interview dates where we make the selections on those candidates who will receive offers from Enron for the 2002 recruiting class. It is important that these candidates be interviewed by business leaders from each business unit and specifically those who utilize AA pool members. Our goal is for each business unit to identify a core group of interviewers for each of the four interview weekends which will be held as follows: Dates Total Number of Interviewers Needed** October 25-26 Fantastic Friday - Analysts 100 30 for dinner/70 for interview November 2 -4 - Super Saturday - Associates 100 30 for dinner/70 for interview
Fantastic Friday/Super Saturday Interviewers
The EIU Country Reports on Afghanistan, Pakistan, and India are now available in our Resource Library. To access the Resource Library: O:\RAC\RESOURCE LIBRARY\20 - Sovereign Investment Issues\India Pakistan Afghanistan Research The library has been temporarily moved from the RAC website but will be available through the website later this week. Thanks!
EIU Country Reports on Afghanistan, Pakistan, and India
I have been advised that the board meeting will most likely last until 4:30 p.m. I have adjusted the departure from White Plaines to 4:45 p.m.; which will have you arriving into Houston at approximately 7:00 p.m. A hot dinner aboard the plane has been arranged. Please let me know if you have any questions. Tori L. Wells Executive Assistant Office of Ken Lay Chairman & CEO ENRON
Updated Itinerary for 09/28/01 - 12:50 pm
Here is a final itinerary. Please let me know if you have any questions. Tori L. Wells Executive Assistant Office of Ken Lay Chairman & CEO ENRON
Updated Itinerary for 09/28/01 - 4:25 p.m.
I hope this finds you and all your close ones well. What a crazy world we seem to be in at the moment. We want to communicate to friends and associates some of our current perspectives. Pre September 11 We had already been operating under the assumption that our economy has been in a recession for a while. Although the technical definition of recession may not have been achieved, we can't see much difference between positive 0.2% and negative 0.1% economic growth. We also thought the trillion dollar plus loss in stock market wealth had to manifest itself into a general economic contraction. We had not expected to see the trends of growing lay offs and shrinking cash flows to turn around until the third quarter of 2002. Our perspectives have been more pessimistic than the general market up until September 11. We believe both expansions and contractions can feed off themselves. The current contraction seemed to validate this. We also believe it is usually significant events that provide the catalyst to turning these trends. Post September 11 The events of September 11 will certainly put us in a technical recession. Now though, we don't expect to see the cash flow contractions and lay offs draw themselves out for as long a period. The economic contraction will now be steeper, but with the bottom reached sooner. In crisis mode, Washington is being very proactive at providing stimulus to the economy. We don't think this would have been the case outside of a crisis. A significant event has provided us with the stimulus for renewed growth. We now believe light at the end of the tunnel may appear in the second quarter of 2002, a modest growth environment to appear in the third quarter of 2002 and possible robust growth by the end of next year. The hole we fall in will be deeper, but now we have much more of a helping hand from Washington. The Future There's a lot we all have to be grateful for at this point in time. We've all benefited from a very long expansion period. We've lived during the most amazing time in all of human history. The social, cultural and technologi cal advances man has made over the last two generations are unparalleled in history. We live in a great country where freedom and prosperity have only grown since our inception. Our social consciousness has certainly been violated. We grieve for all those who are suffering. We pray for them, for our families and ourselves. We pray for peace and logic to prevail. This event provides our country with an opportunity to show the strength of our character. We have faith that operating under the veil of our great value systems, America's leadership will do the best thing for most all world constituencies. We will set the best example of fairness, yet resolve. The seeds of our next great economic growth cycle have now been planted. It is not our technology, or our wealth, or our military strength that will inspire the world. It's our value systems that will inspire them. Underneath all the trappings of American culture and prosperity are the foundations of freedom, opportunity, fairness and justice. These are the American "products" that inspire the world to emulate us. Over time, the world's desire to be more and more like America will drive even greater demand for everything American. We wish everyone well with the challenges ahead. Fear not, as an even more fair and honest world, and an even stronger economic growth environment, are right around the corner. Doug Douglas A. Leyendecker
A New View
Attached, please find our revised presentation for the October 8th Board Meeting. In addition, I have attached a replacement page for the DASH that Chip Schneider asked to be distributed. The change is a correction of the mill's power service territory. The original DASH stated that the mill is in the Entergy service territory - the correct region is SERC. The Board Resolution has not changed since the Sept 25th Executive Committee presentation. I believe that Rebecca Carter has the final version. I currently have the signed DASH and will sending it to RAC to be archived. Let me know if you have questions. - Matt (3-9166)
Leaf River Information for Board Presentation
Rick, I wanted to summarize for you my budget meeting with Michael on Wed. I will send you the whole pack under separate cover, but here are the highlights: Relatively speaking, it was constructive - he has made unequivical cut demands of other groups Original (adjusted) headcount budget for 2001 was 52, he is asking me to freeze heads at current 44 which includes: not replacing recent leaver - Karin Levin not replacing scheduled Houston rotation - Oliver Harrison Scheduled new arrrivals - John Collenette, Karl Sees, Blair Van Zant, Adam Bauer, Michel Gantois Tracy Ngo, plus 5 new in last month. 2002 budget looks much larger than 2001, despite lower headcount due to: $1.6MM increase due to full costing of expats @ salary plus 4x salary (instead of just salary) $500k for communications allocated increase in benefit costs from 10% to 23% All other expenses lowered - Budget not finalized. Michael requested: reduce Travel by a significant amount ($100k?) get more precise justification of allocations from RAC Corp - Credit - $350k looks a little low (includes you, bill, debbie, credit reserve,CAS..) Market - $660 looks a little high/ok UndWr - $499 looks too high Portfolio - $108 ?? be prepared to shed under 2 scenarios a) 5 heads b) 10 heads 5 heads can be accomodated with little change in service, provided we continue to shed 'operational' credit responsibility and the current low level of large underwritten transactions and revals. Specific coverage holes and weakness will continue to be: EBS, German speaking credit person, depth in international markets, depth in market risk management. 10 heads would be quite disruptive and my recommendation would be to re-assess the role of RAC with an eye towards much less process work and immunity from finger pointing. Budget to be finalized a more comprehensive business review is completed over the coming few weeks. Perhaps we can discuss next week after you have reviewed. Ted
2002 Budget
Please see attached. Thank you. Donna M. Cagle Executive Administrator to President & CEO Mariner Energy, Inc. 580 WestLake Park Blvd., Suite 1300 Houston, TX 77079 281/584-5511 (phone) 281/584-5515 (fax) [email protected] <<Mtg. Notice to BOD - Exec..doc>>
Notice of Special Telephonic Meeting of the Executive Committee
Last week we completed preliminary ROCAR calculations on the following deals: ROCAR Georgia Pacific/Leaf River 29.03% Owens DSM 10.75% Project Oz 2.74% These results place Georgia Pacific at the high end of all of the deals we have looked at so far. The ROCAR for GP includes the impact of the swap which only slightly improved the return (versus the asset only) due to the credit risk associated with a BBB minus credit. Owens is about on par with other energy management deals we have seen coming out off EES. Operational risk (implementation/contract risk) is considered low due to the ongoing nature of the project. Project Oz is one of the worst deals we have analyzed. Margins are very thin, and due to the illiquid nature of the asset, market risk is very large (1 day VAR $45MM). Since most of the ROCAR's are still not included on the DASH, I will provide you with weekly updates on the current deals we are analyzing. Regards,
ROCAR Update
Following is a status of RAC initiated audits in 2001 and year-to-date cash recoveries related to the Merchant Investment Portfolio: Oil & Gas Joint Venture Audits Completed: Program Operator Gross Claims Net Claims Vastar BP Amoco $177,432 $ 88,716 Hughes-Rawls EPL $285,176 $129,954 E. Sour Lake Adobe $285,126 $256,613 Total $747,734 $475,283 Oil & Gas Joint Venture Audits Scheduled: Program Operator Date Cypress Meridian Resources 10/01 Juniper Bois D'Arc Resources 10/01 Vastar Key Production Co. 12/01 Coal Venture Audits Completed: Program Operator Gross Claims Net Claims Jupiter Cline $ 66,250 $ 66,250 Jupiter Cline $126,000 $126,000 Total $192,250 $192,250 DPR Cline The audit determined that, contrary to the agreement; excess funds were transferred to an investment account in Chris Cline's name rather than DPR. Potentially $5.5 million was at risk to Enron. The situation has been corrected. Cash recovered in 2001 from Audits as of 9/30/01: Oil & Gas - 2000 $315,579 Oil & Gas - 2001 $ 43,913 Coal $ 66,250 Total $425,742
Status of Audits & Cash Recoveries
With respect to future Enron guarantees, there are at least three issues to be addressed in addition to the pervasive objective of transitioning out of the parent guarantee: 1. Excluding the value of major equipment from the guarantee. I believe this is already being done for new bids. 2. Carving out at least part of the guarantee as within Enron's/Nepco's discretion to establish performance or other bonding instruments. 3. Negotiating transferability of the guarantee, i.e. the guarantee can be assumed by another credit-worthy entity with at least investment grade or, if necessary, at least a rating equal to Enron's at the time of assumption. Since the substantive financial protection afforded by an Enron parent guarantee to the contract value would not be compromised if these are implemented, Enron's corporate position is very likely to push very hard on these points. Logically, owners and project lenders should be willing to accept these structures--even though there undoubtedly would be strong initial pushback. On the other hand, there may be a real question whether to accept contracts that do not provide for these relatively small steps away from the traditional hell or high water parent guarantee that Enron has approved in the past. Discussion of these issues should be included in the DASH. In any event, each new contract requiring an Enron guarantee will have to be approved by Rick Buy personally.
Enron parent guarantees
Attached please find the weekly summary for week beginning Sep 24. Please note a format change in summary. The rolling 30 day late graph is no longer included as part of the summary as the data is now published as part of the Executive Reports Viewer. If you have any questions related to the log please feel free to contact me at ext 54751. Regards,
Weekly Summary for 09/24/01
PVRC'S WORKSHOP ON TIGHTNESS-BASED BOLTED FLANGE GASKET CONSTANTS AND DESIGN RULES February 6 & 7, 2002, Safety Harbor Florida REGISTER NOW AND WATCH FOR FUTURE ANNOUNCEMENTS ON PVRC'S WEBSITE AT WWW.FORENGINEERS.ORG Description You must attend this workshop to help keep your job knowledge useful by understanding the new design rules for bolted flanged joints! Are you ready for the New Tightness-Based Gasket constants and flange design changes that are about to replace the traditional constants and rules? This workshop will get you ready with focus on three critical areas that apply to both ASME Section VIII flanges and standard B16 Joints. The New Tightness-Based Rules Gasket Qualification and Selection Latest On Analysis and Assembly of Bolted Joints This Two-Day Workshop is a "must" for those needing advance information and know-how about applying the recently developed gasket constants and flange design rules. The tightness-based rules accommodate levels of permissible joint leakage, representing a new basis for design criteria and opening additional choices and decisions for users and designers. Attendees will gain detailed knowledge about several topics focussing on the new gasket constants and design rules and particularly on issues relating to leakage criteria and associated choices. The tightness concept is also extended to elevated temperature gasket qualification and selection, and know-how for efficient joint assembly and making zero leakage plant operation a realistic goal is presented. Several industry experts will lead workshop sessions including: Bob Mikitka, Jim Payne, Michel Derenne, Yves Birembaut, Ron winter, Jerry Waterland, Rod Mueller, Anita Bausman, Jim Frew Hildegarde Zeres, Warren Brown, Ed Hayman, Bill Koves, and David Reeves. Attendees will receive a bound collection of the presentations and guidelines and recommendations. For additional information contact Welding Research Council at 212-591-7956 or www.forengineers.org/pvrc
PVRC Workshop
All: Attached is a draft of the NewPower DASH. The maximum amount available against AR and Inventory may adjust slightly based on projected eligible accounts receivable versus ineligble. We also need to coordinate the legal risk memo. Regards,
NewPower DASH
Attached are the marks for New Power for COB 10/02/01. The exposure as increased by $24.5MM due to a large number of capacity deals that have rolled-off bringing our total Net Exposure after collateral to $36.6MM. Please let me know if you would like any additional information. Thank you
New Power
PRIVILEGED AND CONFIDENTIAL - ATTORNEY/CLIENT COMMUNICATION As we said in our initial meetings with you, it is very important that you preserve your records relating to Enron. Attached is a letter we received from one of the plaintiffs' lawyers requesting that we preserve all documents relating to Enron. We have already responded to the letter, but we are passing it on to you because, despite its tone, it provides a useful outline of the types of records you should preserve and the places where such documents might be found. Please do not hesitate to call me if you have any questions.
Retention of Documents
Management Committee Offsite Wednesday, October 24 11:30a - 5:00p Four Seasons Hotel, Whitney Room Lunch will be provided An agenda will be distributed prior to the meeting. Please call if you have any questions. Thanks,
Confirmation of Management Committee Offsite - Wednesday, October 24, 11:30a - 5:00p
It is already time to begin preparation for another regular Board meeting on Tuesday, Feb. 12 with Committee meetings on the afternoon of Monday, Feb. 11. We need to set the schedule this week in order for the members of the Board to get nonrefundable airfares. By Thursday, please advise me of how much time you will need for the Committee meetings (or for your portion) on Feb. 11: Audit Andrew Compensation Mary Finance Rick Ray Thanks. Paula
Board Committee Meetings
The Management Committee is invited to join the Enron Corp. Board of Directors on Tuesday, October 9th, for it's open Board session and lunch. Among other agenda items, management briefings will be made for both Enron Americas and Enron Energy Services. Please come to EB5001 at 9:20 a.m. on Oct. 9. A seated lunch will be held in the 50M dining room following the meeting. Thanks.
ENE Board Meeting - October 9th - NEW TIME!
The resume for Jeff Huff was inadvertently dropped from the message we sent yesterday evening. The resume is attached below for your convenience. Below are a few points for your review: Resume: Currently the second most productive Partner at Diamond-Cluster, a technology consulting firm. He has been a consultant dedicated to Enron for the last 2+ years, first for Tom Gros in EBS and Net Works and then for Dan Reck in Freight, developing trading systems. The Job: We are looking to bring Jeff in as VP, Commercial Support. The demands of growing the group require a consistent focus on technology, expenses, front and back office productivity, as well as constant re-analysis of growth strategies. Justification: Jeff's capabilities in these areas make him extremely qualified. We rely on him heavily already, but at consulting rates he costs us more than $1.3mm per year and his focus is limited to technology. Most importantly, the lead commercial folks in the group are overburdened with administrative issues and spending too little time bringing in earnings. Thank you.
Jeff Huff Resume
Sorry for the inconvenience. The 10/5/01 Turbine Position Report had a minor revision after distribution. The revised report is attached. Please call Becky Caudle at 3-9749 with any questions.
REVISED - Turbine Position Report
Rick, I am writing in regards to a training seminar I am developing on enterprise risk management for the power/energy sector. I am inviting speakers for the course and would very much like for you to participate as an instructor. Our training seminars are structured as interactive workshops. We limit the audience to about 20 people and bring in 2-3 instructors to facilitate the course - generally speakers present for half-day sessions. I'm attaching a draft of topics that could be covered. I will follow up with more details but please let me know if you have an initial interest in participating. <<agenda.doc>> Thank you,
course instructor
Good morning. Per Michael Tribolet's request, I am forwarding you graphs that display the high level detail of bankruptcy exposure by 1) Business Unit and 2) Enron Corp consolidated. Regarding the Portland General graph, please note that we currently have knowledge of only one counterparty exposure - PG&E. Please call me if you have any questions or comments. Thank you and have a great day. Regards,
Bankruptcy Exposure Graphs
The EES/EWS Process Meeting will now be held EVERY THURSDAY at 3:00. We have also changed the location since we were bumped the last two meeting dates. The NEW LOCATION is EB2868.
EES/EWS Process Meeting
Please note the following addition to the credit reserve for October 2001: CP: Talisman Energy Inc. Deal No: 813319 Deal Date: 10/10/01 Deal Specifics: ECC sells financial swap to CP Term: 1/1/2002 thru 12/31/2010 Volume: 2 MW/h, 7x24 Price: Fixed $41.90 CAD Region: Alberta Power Pool Trader/Mid-Marketer: John Zufferli/Derek Davies Credit Reserve Amount: $65,000 CAD RAC: transaction confirmed under 3/4/99 ISDA Master Agreement between ECC and Talisman Energy Inc. Please call with questions or comment. Thank you
October Reserves - Talisman Deal #813319
All: We have set up the following recurring meetings: 1. One hour on Thursdays with Mark Haedicke and his legal team 2. One half hour on Monday and Wednesday with Bill, Molly, Teresa, Sharon, Tracey, and Lisa. Also Rita Bohner, Paul Darmitzel and Ed Essandoh of EES legal will attend. This meeting will be primarily for the dealing with the high volume of small EES deals. The aim is to define the process and drill on implementation (notices, termination, physical disconnection, proofs of claim, etc.). Molly has made great strides here. 3. Sharon Sullo and Tracey Kozadinos are developing a standardized database for the effort. Debbie Brackett has gotten involved on system feeds. More to come on this. The initial thoughts with Mark Haedicke were to parse the debtors into two or three baskets. Smallest size would be a process. We are grappling with whether we need a mid size and a large size process. As not all these deals show up on the Hot Deals Report. I have scratched out the top ten, high touch, efforts below: 1. PG&E 2. Edison 3. 360 4. NPW 5. Polaroid 6. California PX 7. Global Crossing 8. DPC LNG 9. EPIK 10. Cuiab? Turbine 11 Regards,
Getting organized
Please note the following addition to the Credit Reserve for October 2001. CP: PG&E Energy Trading - Power L.P. Deal No: 817705.1 Deal Date: 10/12/01 Deal Specifics: Enron to Buy Financial Swap from PG&E Energy Trading - Power L.P. Term: 01/01/2004 - 12/31/2006 Volume: 50 Mw On-Peak Price: $49 Region: NY Zone G (East) Trader/Mid-Marketer: Fletch Sturm Credit Reserve Amount: $60,000 USD RAC: transaction confirmed under ISDA Master Agreement executed 6/27/01 between ENA and PG&E Energy Trading, Power L.P. Please call with questions or comment. Thank you
Credit Reserve - PGET Deal #817705.1
I will likely begin polling the Board tomorrow for availability for a special meeting to consider Project Southwood (again!). Please advise if you are aware of any other agenda items that are critical in terms of timing. Thanks. Paula
Board Meeting
The following comprises the minutes of the PRC Committee Meeting of 11 October, and the template for PRC recommendations provided to the HR VPs for meetings with their OTCs. Please don't hesitate to contact me should you have any questions or concerns. Gina Corteselli
Minutes of 11 October 2001 PRC Committee Meetingi
I left a voice mail for David since he's out, but I have a suggestion on our reporting for this meeting (not that I'm reporting anymore...). I wasn't included in the discussions on how this report started up again, so I may not have all the facts on why we're doing what we're doing. - at a minimum, we should use the Commodity DPR instead of the Business Unit DPR - for example, he was unable to see the 850 Bcf NA Gas NOP, or the components thereof as the Business Unit DPR is used - would it be worthwhile to do a report that shows a week on week comparision of NOP, M/G, and VaR, with a 5-day P/L, based on the Concentration Limit DPR? It seems to me that is what he's looking for - what happened this past week, and why, not just what our current position is. This type of report is also consistent with how Credit presents their information (week on week change). Let me know if you agree, and maybe Veronica can have that ready for you next week. Regards,
Frevert's Market Risk Report
If these look OK, let me know and I will print for your signature. I have sent Murphy a copy of David Port's. Let me know. Thanks.
Employment Agreements on Port and Gorte
Tim/Mary/Naveen, David Port and I are working with Accenture to benchmark and analyze our Liquidity and Collateral Management Process. We have asked them to analyze the metrics currently utilized at Enron relative to our internal needs and relative to other leading companies. During this process they may wish to meet with the two of you to gain a better understanding of the Treasury group's Liquidity management process. Please advise if you have any questions before I give them the go ahead to contact you regarding this project. Bill
Liquidity Analysis
Please see attached. Thank you. Donna M. Cagle Executive Administrator to President & CEO Mariner Energy, Inc. 580 WestLake Park Blvd., Suite 1300 Houston, TX 77079 281/584-5511 (phone) 281/584-5515 (fax) [email protected] <<Special BOD Mtg. Notice - 10-17-01.doc>>
Notice of Rescheduled Special Telephonic Meeting of the BOD
We plan to hold a special meeting of the Enron Corp. Board of Directors next week. We expect the meeting will last less than an hour. Following are the proposed dates and times: October 22nd 3:00 p.m. - 4:00 p.m. (CDT) October 23rd 8:30 a.m. - 9:30 a.m. (CDT) October 23rd Noon - 1:00 p.m. (CDT) Please reserve the above on your calendars. We will notify you of meeting date and time once it has been established.
Special Board of Directors Meeting - Week of October 22nd
Rick, One thought to absorb some of the budget would be to purchase Blackberry mobile devices for some of the RAC staff. With many of the business units migrating to the new building, it is likely to be beneficial to have continuous e-mail access when Underwriters and others in the group are away from the floor. The cost of the units, which seem to be the technology of choice, is about $300 apiece; monthly charges are about $30. Please let me know your opinion. Regards,
Blackberry Mobile Devices
Please plan to attend the Quarterly Managing Director Meeting scheduled for Monday, October 22. An agenda will be distributed at the meeting. Meeting details are as follows: Monday, October 22 8:30 - Noon Hyatt Regency Dogwood Room (located on the 3rd floor) A video connection will be made from the London office. Please call if you have any questions. Joannie 3-1769
Quarterly Managing Director Meeting - Monday, October 22
Been following the Enron story as everyone else. I am sure that is another side to it. Hope things are going OK for you. Lets catch up when things calm down. Regards,
How are you?
I think "gremlins" got ahold of that last e-mail or else I need a long rest (this is true)!! I do apologize. I meant to offer the dates of Tuesday, January 22 beginning with the Management Committee meeting and extending to approx. 4:00 p.m. OR the date of Wednesday, January 23 - beginning morning or afternoon!! Thanks.
PLEASE DISREGARD THE PREVIOUS E-MAIL RE: MC EXTENDED MEETING
Hello to all, In an effort to maintain correct data and effectively handle transitions, please notify your appropriate HR Rep of any known future terminations that may happen within the next 60 - 90 days. These terminations should include both Voluntary and Involuntary terms. Please let me know if there are any questions. Thank you,
Future Terminations
Please be advised that a copy of a Congressional Subpoena issued January 9, 2002, and accepted for you by Robert S. Bennett on January 11, 2002 is being hand delivered to your office. In the event you are represent by counsel, please provide a copy of this Subpoena to your counsel. Please be advised that responsive documents are due by February 1, 2002.
Service of Congressional Subpoenas
There will be an Enron Management Committee meeting in the boardroom on Monday, January 14, 2002 at 11:00 a.m. Please let me know whether you plan to attend in person or via conference call. Thanks.
Enron Management Committee meeting, Monday, January 14, 2002
Just to give you a heads up, the Tom James of Houston office will be moving to a new location on February 1, 2002. We have bought a building, and our beautiful new office will be located in the Brookhollow area, close to 610 and 290. Our new information:
Moving
Ernesto, can you please provide the following information: 1. Please confirm that the date that Accro commenced commercial operation was 7/6/2001. 2. At the time Accro payouts were approved for payment relative to financial close, the projected NPV of cash flows related to Enron's interest was $18.331 million. An updated NPV calculation, reviewed and signed off on by RAC is required, to determine what, if any, additional payments might be presented to the Compensation Committee for approval. Norm Spalding has supplied December financials to Compensation and can supply them to the appropriate RAC individual. By copy of this email to Rick Buy, I am asking who in RAC is available to review the financials. Have you spoken to anyone in RAC about this project? I think the process will entail: 1. Sign off by RAC. 2. Sign off by Jim Hughes and Stan Horton. 3. Sign off by Compensation Committee. 4. Sign off by Creditor Committee and possibly E&Y even though these are bonuses associated with non-debtor entity. Thanks for your help.
Accro
J.C. asked me to send you the following note and attached letter: Please note the attached letter to Bob Bennett from the U.S. Senate Permanent Subcommittee on Investigations. We are told that the return date for the subpoena will be February 1st. I will be calling each of you within the next few days to discuss this. J.C. This e-mail and any attached files may be confidential and subject to attorney/client privilege. If you received it in error, please immediately notify the sender by return e-mail or by calling (713)654-7600.
Senate Subpoenas
Respond by January 10, 2002 and no later than 4:00 p.m. Enron Corp. is circulating this Questionnaire to directors, executive officers and key employees to develop and verify information that will be used in connection with the sale by the Company of its business of wholesale trading of natural gas and electricity with customers in North America. In a nutshell, we need to disclose any transactions between you and Enron Corp., Enron North America Corp. or Enron Net Works relating to the trading business since September 30, 1999. We expect to be in position to sign the purchase documents upon completion of the auction scheduled for Thursday, January 10, 2002. Unfortunately, that means we need your responses to the questionnaire as soon as possible, and in no event later than 4:00 p.m. of January 10, 2002. Regards,
Sent on behalf of James Derrick, Jr.
PRIVILEGED AND CONFIDENTIAL: Mike Peterson asked me to send you the following note, with attached order: Attached is an Order signed yesterday and entered this morning by Judge Rosenthal on Plaintiffs' Motion for TRO and Preliminary Injunctive Relief (including a freeze of defendants' "insider trading proceeds") - i.e., the matter on which there was a hearing with attendant media hoopla last month. You probably recall that at the end of the hearing, Judge Rosenthal asked for briefing on a rather arcane legal point concerning whether or not the Court had authority to issue the requested preliminary relief, and the parties submitted briefs on this matter on December 15 and December 21. In the attached Order, Judge Rosenthal concludes that the Court does have the requisite authority, but the present record does not contain evidence warranting a freeze of any individual defendant's proceeds from the sale of Enron stock. You might take further comfort from two additional points in the Court's opinion: (a) at several places, the Court clearly indicates that any "freeze" or other such injunctive relief as to any defendant would have to be predicated on an individualized evidentiary showing as to that defendant; and (b) the Court indicates that plaintiffs would have to satisfy a very difficult "tracing" requirement to establish a right to a constructive trust or freeze (i.e., "trace" a specific asset or fund of money held by any defendant back to the profits of an improper insider trade). The aspects of the Court's opinion that arguably are favorable to the plaintiffs are (a) the discussion of "an equitable accounting," wherein the Court suggests that the plaintiffs might be able to satisfy the requirements for an order that defendants account for profits earned by trading Enron securities between October 1998 and November 2001; and (b) providing an opportunity (through January 23) for plaintiffs to file a brief addressing whatever expedited discovery they believe they are entitled to as to the individual defendants, "particularly as to . . . Kenneth Lay, Jeffrey Skilling, and Andrew Fastow." We will, of course, advise you of any further developments. - Mike Peterson As always, please do not hesitate to call or e-mail us if you have questions or comments. Terri This e-mail and any attached files may be confidential and subject to attorney/client privilege. If you received it in error, please immediately notify the sender by return e-mail or by calling (713)654-7600.
Judge Rosenthal's Order entered this morning
This has got to be the last time. Tomorrow morning a new team will arrive for due diligence purposes. Tom Martin will be hosting this team The Schedule outline is based on initial overview discussions/presentations and then more detailed discussion can occur in individual groups the outline is as follows. It may be better to split up earlier but I leave all those decisions to Tom . 9:00 Introduction John Lavorato & Louise Kitchen 9:30 Financial Overview Wes Colwell 10:00 Risk Overview Buy / Port 10:30 Credit Bradford 11:00 Back Office Beck/Hall 11:30 Systems (EnronOnline) Jay Webb 12:00 Mid/Back Office Systems Jay Webb 12:45 Infrastructure Jenny Rub / Bob 1:15 HR Oxley Afternoon Dataroom and Trader discussions Please make yourselves available. Tammie - please check availability. Thanks for your continued understanding.
The Maple Leaves
ASME Offshore & Arctic Engineering Division - Houston Technical Chapter January Dinner Meeting Tuesday, January 29th at 6:30 PM Raising of the Kursk Frans van Seumeren President and CEO of Mammoet The Kursk sank in the Barents Sea following an explosion in August 2000. The Ministry of Defense of the Russian Federation contracted with Mammoet to recover the Kursk. The scope included cutting away the bow section, raising and suspending the main section below pontoons, and towing the main section to a drydock in Murmansk. Extensive simulations and model testing were conducted to develop and validate the lifting and towing operations. Managing the project required close cooperation with the Russian Navy and the submarine designer to design the overall lifting program. Frans van Seumeren initiated, negotiated and concluded the Kursk contract with the Russian Government for the operation to salvage the Russian nuclear submarine Kursk. He will describe the technical and operational aspects of the recovery.
[ASME-OMAE-Houston] REMINDER - Raising of the Russian Submarine Kursk, ASME Jan02 Dinner Meeting
We remain in the process of gathering information sought by various governm= ental agencies. Please search your files and collect all records and documents covered by o= r relevant to the following requests: (1)=09All records relating to any investigations/review of the allegations = raised by Sherron Watkins in her August memo to Ken Lay, including but not = limited to: (A) =09=09The review conducted by V&E in relation to which you were intervi= ewed. (B)=09=09Any review conducted by AA. (C) =09Any relevant internal Enron review. (2)=09All records from investment bankers or other financial advisors, oth= er than AA, regarding the structuring, financing or accounting relating to= Enron's SPEs, subsidiaries, and/or partnerships including but not limited = to LJM1, LJM2, JEDI, CHEWCO, RAPTOR ENTITIES, OSPREY, BLUE DOG, and their s= ubsidiaries. In the context of the above requests, "records" includes, whether in electr= onic or hard copy form, all and any emails or regular mail/memoranda you ma= y have sent or received, notes you may have made, documents (including draf= ts) on shared/hard drives, meeting notes or minutes or actual opinions/advi= ce from any of the above sources. A full definition provided by the govern= ment is attached hereto. If you discover any records/documents, or if you have any questions, please= contact the RAP TEAM at [email protected] or ext. x5-3723. =20 We appreciate that you may have received what appear to be similar requests= in relation to other governmental lines of inquiry but it is very importan= t that we respond, and are seen to respond, to each governmental request as= specifically, fully and promptly as possible. Thank you in advance for your continuing assistance in this matter. Regards,
TEAM 4 - HR ENERGY & COMMERCE SUBPOENA (1) (01/14/02) AND (2) (12/10/01)
As discussed in the Management Committee meeting this morning, Ken would like to have an extended meeting of the Committee on Friday, January 11 from 8:00 a.m. to approximately 2:00 p.m. He is inviting Gary Hickerson, Dan Leff, Cindy Olson, Paula Rieker, Jeff Sherrick and Beth Tilney as observers. We will provide a Continental breakfast and lunch. Please let me know if you can attend. Rosie
Enron Management Committee Meeting
Everyone, J.C. asked me to send you the attached Notice that Judge Rosenthal entered on 12/21/01, and to remind you that this, like everything else in the case, is not a matter for public discussion. If you have trouble opening the attachment (which is in Adobe format), please let me know and I will try something else. Also, please do not hesitate to e-mail us or call if you have questions or comments. Terri This e-mail and any attached files may be confidential and subject to attorney/client privilege. If you received it in error, please immediately notify the sender by return e-mail or by calling (713)654-7600.
Judge Rosenthal's Notice of December 21, 2001
Please let me know as soon as possible if you can attend this meeting in person or if you want to call-in. I will provide the call-in number. Thanks.
Enron Management Committee Meeting, Monday, January 7, 2002 @ 11:00 a.m.
All, Attached is a draft of a revised DASH template to better reflect some of the considerations required for asset divestitures in light of Enron's Chapter 11 status. Please let me know if you have any comments; after any comments have been incorporated, we will plan to use this as the DASH template going forward. Thanks and regards,
Draft Revised DASH Template
can you do lunch on monday? if not, i will be gone on holiday - paris. so, then how about the week of 1/21? joan
lunch?
Will you please let me know your boss' availability for Friday, January 11 from approximately 8:00 a.m. to 2:00 p.m. for an off-site meeting or a meeting here in the Enron building. As this is short notice, I would appreciate your response as soon as possible. Many thanks!! Rosie
Enron Management Committee Off-site or Extended Meeting
Rick - As we discussed, I have an outstanding tax liability with the Australian government, and I need your help in this matter. Working for Enron Ex-Pat Services, I incurred additional tax liabilities which Enron was to pay on my behalf. In simple terms, Enron agreed to make up the difference between my U.S. income tax liability and that charged by Australia. My full U.S. tax liability was withheld from my paychecks and Enron was to make up the difference between this and the 48% charged by the Australian government. As of today, the incremental tax liability has not been addressed by Enron, and I need to resolve this issue immediately. It appears that the easiest solution is for Enron Corp. to wire Enron Australia the estimated tax liability, with Enron Australia passing the money to the Australian tax authority. I will have the final estimate from PWC first thing Monday morning, but it has been indicated that the liability in total will be less than $50,000 U.S.. I appreciate any help you can provide in getting this matter resolved. I will provide you the specific estimates Monday morning, and in the interim, if there is anything else you need from me, I am at your disposal. Thanks -
Australian Tax Liability
Good news for Body Shop members! The Body Shop will reopen Monday, January 7, 2002. While we recognize that the Body Shop is a tremendous asset to all of our employees' health and wellness, we must reopen it without an Enron subsidy. Therefore, the membership fee will increase from $25 to $30 per month for all Enron employees and contractors. Spouse memberships will remain at $15 per month. Locker fees will remain at $10 per month and members may keep their current locker. (If you emptied your locker after the Body Shop closed in December, please notify the Body Shop reception desk that you would like to reoccupy it.) The overall price increase, coupled with reduced expenses, will enable the Body Shop to reopen and remain open on a cash-neutral basis to meet creditors' requirements. Payroll deductions will be reactivated with the January 15th payroll and will include the increased fee. If you do not wish to continue your membership, please contact the Body Shop to cancel your membership via email only at <mailto:[email protected]>. Membership information and enrollment forms can be accessed below: The Body Shop's new hours will be 6:00 a.m. - 7:00 p.m. Monday through Thursday, and 6:00 a.m. - 6:00 p.m. on Friday. Saturday hours are not offered at this time. Although laundry service has been discontinued, towels will continue to be available for your convenience. Once the ongoing membership base and associated revenues have been stabilized to support staffing and housekeeping, exercise classes will be scheduled. We anticipate exercise classes to be available within a few weeks. Massage therapy services will continue and are available by appointment by calling extension 3-3047. Whether you are a continuing member or considering new membership, there is no better time for you to take advantage of the Body Shop and to take care of your personal health and well being than right now, at the beginning of 2002. Your continued support is greatly appreciated.
FROM CINDY OLSON, COMMUNITY RELATIONS: Body Shop Reopening
Attached is The New Power Company's Notice of Final Settlement amount pursuant to the Master Netting Agreement. We have also sent hard copies of these materials via Federal Express overnight delivery for receipt on Thursday, January 3, 2002. (See attached file: Notice of Final Settlement Amount.doc)(See attached file: Final Settlement Sheet.xls) Supporting documentation: (See attached file: TAB1_EPMI_Power.xls)(See attached file: TAB2_EES_Power.xls)(See attached file: TAB3_EES_Gas.xls)(See attached file: TAB4_ENA_Gas.xls)(See attached file: TAB5_ENA_ISDA.xls)(See attached file: TAB6_EPMI_ISDA.xls)(See attached file: TAB7_EES_ISDA.xls)(See attached file: Tab 8.xls)(See attached file: Tab 9.xls)(See attached file: Tab 10.xls)
Final Settlement Statement
The Post Petition Meeting which took place every Tuesday and Thursday at 9:00 am is being cancelled. We are currently organizing an Enron Wholesale Meeting and will communicate once finalized. Issues that were addressed at the post petition meeting will be handled at either the Management Committee Meeting or the new Wholesale Meeting. Thank you.
Canceling Post Petition Meeting
I would like to request carryover of 7 vacation days from 2001 to 2002. This reflects usage of only 8 vacation days in 2001. Best regards,
Vacation Carryover from 2001 to 2002
Thursday, December 27, 2001 Richard B Buy Enron , Dear Richard Here's to wishing you a Merry Christmas and a Happy New Year!!!!! I think that 2002 is going to be a much better year than 2001!!!!! Here's a great article from the most recent issue of Fast Company. All indicators point towards a turnaround. PS I apoligize if you got this email message twice; I have two email databases and they overlap.
Merry Christmas & a Happy New Year!!!!
Please see attached. Thank you. Donna M. Cagle Executive Administrator to President & CEO Mariner Energy, Inc. 580 WestLake Park Blvd., Suite 1300 Houston, TX 77079 281/584-5511 (phone) 281/584-5515 (fax) [email protected] <<Memo to BOD - 12-21-01.doc>> <<RESOLUTION for 401(k) PLAN.doc>> <<RESOLUTION for Cafeteria Plan.doc>>
Resolutions for Special Telephonic BOD Meeting - 12/21/01
Rick, As discussed earlier, most of the Research group does not want to come along. Given that, here are some names of people who are capable, and who may be more willing to stay on board. I have put folks with a valuation focus, who could help out on deal revaluations, etc. Naveen Members for Estate Alex Huang (valuation) Jaesoo Lew (risk for estate) Paolo Issler (valuation) Robert Lee (valuation) Nelson Neale Tom Barkley (valuation) Currently Laid-off Stig Faltinsen (UK) Kirstee Hewitt (UK)
Research Members
J.C. asked me to send the following: We are sending you by messenger today a subpoena that we received last night asking that you produce documents and appear to give testimony before the SEC. IGNORE THE DATES INDICATED IN THE SUBPOENA. We will negotiate significant and reasonable restrictions on the documents produced and different deadlines and appearance dates. These negotiations will likely result in new such dates from mid- to late-January. To the extent you have not already done so, please segregate and assemble any documents that you might have, even for the broadest request. I will be in touch with more details. Please do not be overly alarmed. This subpoena issued to nineteen others merely indicates that the SEC believes that you have material information relative to its investigation. It does not mean that you are a target of that investigation. J.C. Nickens This e-mail and any attached files may be confidential and subject to attorney/client privilege. If you received it in error, please immediately notify the sender by return e-mail or by calling (713)654-7600.
SEC Subpoena
Paul Flack asked me to ask each of you if you have received any materials relating to lawsuits about which you have not yet informed us. Paul's question arises from our learning about a motion that was filed in federal court in Texarkana in a case styled Davis, et al. v. Enron, et al., in which you were named as defendants, and about which we have received no prior notice. Thank you for your assistance.
"New" Lawsuits
The Post Petition Lead Meeting will occur every Tuesday and Thursday through the end of December (excluding 12/25). Please note, going forward, all meetings will take place in EB49c1. The agenda for Tuesday, December 18 will be proposed retention plan. Please call me only if you are unable to attend. Many thanks, Lucy
Meeting Reminder
Announcement Kevin Garland has joined the Sterling Group as a Principal. Kevin spent the last 7 years at Enron, where he most recently was Managing Director in charge of Enron's private equity business. Since its founding in 1982, Sterling has focused on making equity investments in LBO transactions and other acquisition-related financings, primarily in industrial operating businesses. Sterling has sponsored the buyouts of 26 companies and 20 add-on acquisitions for a total transaction value of $6.0 billion. Kevin joins the other Principals of Sterling: Frank Hevrdejs, William Oehmig, Hunter Nelson, and John Hawkins, who have a combined 50 years at the firm. Contact Information:
Kevin Garland Joins The Sterling Group
Tim, I have just recieved my pay stub for the period ending 11/30/01. For the first time, it shows an incredibly disturbing number related to imputed income. Total Earnings = $352,171 Total Earnings plus Imputed = $1,338, 394.08 Taxes withheld = $19,895. I do not have any clue as what this imputed income is or why it may be attributed to me. However, as I understand it, I am liable for the taxes to the IRS even though I received no benefit. From our last conversation, I was told that $57k was sent to IRS to settle this amount and ?86k for uK liabilities. My calculation of the liability is much higher - somewhere in the neighborhood of 40% x 1,338,395 or $535,358. Please give me a full accounting of the taxable liabilities incurred by Enron on my behalf for the tax year 2001 for both the us and uk and the tax payments made. I would appreciate that this could be done in the next 24 hours as it is causing immense stress. I also spoke to PWC in the UK 2 minutes ago who told me that they were not doing any work for Enron at the moment. Ted
Personal Tax Liabilities
I will be out of the office from December 14th until next year. In my absence, your New HR Rep will be Frank DeJesus at Ext 53662 and Sonja Galloway, Ext 35796, will assist him. Please feel free to call either of them with any questions you may have. Thanks and Happy Holidays to all of you. Sheila Walton
New HR Rep
Reminder Please have your Corporate Governance material to me by 2:00 p.m. this afternoon in order to put together in booklet form and deliver to each team member this same afternoon. A hard copy would be much appreciated, but if need be please send via email. Thank you in advance.
Corporate Governance
J.C. asked that I send you the following message: In light of rumors that investigations into Enron's financial difficulties may be launched or expanded, including investigations by the civil plaintiffs or by the FBI on behalf of the SEC or Congress, we believe it prudent to advise you that if anyone contacts you and seeks to question you (even someone with a badge and an authoritative demeanor), don't answer their questions. Refer them to us for the purpose of arranging an interview. Second, if you know of any individuals who you believe might be interviewed in connection with these investigations, please call us so we can discuss how such information should be forwarded to the appropriate people. Please call if you have any questions. This e-mail and any attached files may be confidential and subject to attorney/client privilege. If you received it in error, please immediately notify the sender by return e-mail or by calling (713)654-7600.
Confidential communications
Attached is the Agenda for the Enron Corp. Board of Directors Meeting. Please advise if you have additional agenda items or changes before 10:00 a.m. Friday, December 14, 2001. Thank you.
BOARD AGENDA FOR DECEMBER 20, 2001 BOARD MEETING
Everyone, J.C. asked me to send the following message: Yesterday, the Houston federal court (U.S. District Court for the Southern District of Texas) entered an Order consolidating all cases "involving or related to the financial difficulties of Enron" before one Judge, Lee Rosenthal (who was the Judge to whom the earliest-filed case had been assigned and who conducted the hearing last Friday). The consolidation order grants a motion that we and other defense counsel had made. It means that all cases in the Houston federal court should proceed in a more orderly, coordinated fashion. A technical detail - the Order provides for three separate consolidated proceedings before Judge Rosenthal: (i) the federal securities cases; (ii) the derivative cases (at least those that have been filed in federal court); and (iii) the employee benefit plan cases. Finally, the Order allows parties ten days to file objections to consolidation. While someone may well file an objection, we cannot think of any meritorious grounds for an objection. As always, if you have any questions, please don't hesitate to call us. Terri Richardson Assistant to J.C. Nickens This e-mail and any attached files may be confidential and subject to attorney/client privilege. If you received it in error, please immediately notify the sender by return e-mail or by calling (713)654-7600.
Order of Consolidation
Attached is the draft presentation of the internal controls component of the audit. We are only planning on including the first 4 of 8 pages. The last 4 pages were built anticipating Andersen being involved and are included here for reference only. Page 4 is the RAC component. Thanks,
Internal Controls presentation
As we move forward in the planning stages for NETCO we need to identify all systems which need to be moved or copied into the entity. We have identified the great majority of the systems to be moved but we may not be able to identify particular tools used by your group or you individually. This would include spreadsheets etc. Please send lists of systems and software required to Anne Koehler by close of business today. To be clear we can (subject to the negotiation) move/copy systems and some data however, we CANNOT move either transaction data if counterparty specific or data obtained from a counterparty under a confidentiality agreement. For Houston traders, Geof Storey is compiling your lists. Thanks
NETCO
Good evening, everyone. Mike Peterson, who many of you have met and who is working with J.C. on your case, asked me to send the following e-mail to you: The lawyers for Amalgamated Bank filed an amended class action complaint yesterday. Based on our initial comparison of the amended complaint versus the original one (our comparison was "line by line" but not "word for word"), it appears that the only change was to add four specific requests for relief at the very end of the complaint - namely, "to order an accounting of insider-trading proceeds," "disgorgement of insider-trading proceeds," "restitution of investors' monies of which they were defrauded," and "as to the section 11 claims, awarding rescission or a rescissionary measure of damages." These additions are technical in nature and probably were designed principally to preempt any copycat suits by other plaintiffs' attorneys. The amended complaint does not appear to contain any revision of the factual allegations or asserted causes of action. If you nonetheless would like your own copy of the amended complaint (all 78 pages), just let me know and I will send it to you. This e-mail and any attached files may be confidential and subject to attorney/client privilege. If you received it in error, please immediately notify the sender by return e-mail or by calling (713)654-7600.
Amended Complaint in Amalgamated Bank v. Lay, et al.
Bob Bennett, the Skadden Arps lawyer who has been retained by the Company to represent it in the Congressional Committees' investigations, will be here next Thursday and Friday, December 20-21, to meet with you about the interviews the staff attorney for the House Energy and Commerce has requested with you. I will let you know the time and place. Please call me with any questions.
Congressional Committees' Investigations
All, Jim requested I get everyone a copy of the bankruptcy document he referred to in Tuesday's meeting. Can you please confirm your current location so that I can send you a copy or if you prefer to have a copy picked up, my location is EB4522. Many thanks, Lucy
Bankruptcy Document
Holly: The instructions for access to ECN 2886 provided by Sharon Sullo should remain in effect and Sharon and myself are now the authorized approvers of access authority. These changes were authorized by Rick Buy, Chief Risk Officer. Please call me if you have questions. Regards! Rick Carson
Security for ECN 2886
Agenda Meeting of the Board of Directors Enron Corp. 5:00 p.m., C.S.T., December 11, 2001 1. Review of Bankruptcy-Related Matters - Messrs. Lay and McMahon 2. Update on Sale of Wholesale Trading Operations - Messrs. McMahon and Whalley 3. Consideration of Employee Retention Proposal - Ms. Joyce 4. Other Business 5. Adjournment
Board Meeting Today @ 5:00 p.m., C.S.T.
Attached please find information which has been sent to active and inactive deferral plan participants regarding the status of their deferred compensation accounts. The information consists of a letter which provides details of account balance(s) by plan, life-to-date contributions under most plans, general Q&A's regarding top hat non-qualified deferral plans, the process for preserving a claim with the bankruptcy court and a sample claim form. We have received many calls and think that this will answer most questions. Any additional questions regarding deferrals may be forwarded to [email protected], voice mail 713-345-7960, or to P. O. Box 1188 in care of the Deferral Plan Administration group for a written response. We will continue to work with Weil, Gotshal, and Manges LLP to exhaust any reasonable effort as it relates to making payments to the participants of Enron's deferral plans. If you have questions, please call me at x35816. Pam Butler
Communication of Deferral Plan Status for Active and Inactive Employees
We are scheduling an Enron Corp. Board of Directors meeting for tomorrow. Time to be advised as soon as possible. Please advise of any agenda items that need to be addressed by the end of the day. Thank you.
Agenda Items for Tomorrow's Board of Directors Meeting
We now have a structure in place dealing with Enron Americas estate and ensuring that we best maximize all of our contractual and asset positions. This team will be headed by Don Miller going forward please help him and the team as this is our highest priority. Some areas of this organization remain blank and will be completed by Don and the head of the appropriate business unit. There are some areas which will also be dual tasking for a period. Louise
New Organisation for maximising ENA positions
J.C. asked me to send you the following message: "The hearing has concluded. The Court has not frozen anyone's assets or ordered any discovery at this point in time. The Court made no final decision today except to deny any relief against Arthur Andersen. The Court expressed skepticism that the plaintiffs had met the required showing of particularity as to each defendant. The Court wanted additional briefing on preliminary legal issues before she reaches a decision on any issue, and gave the parties until December 20th to complete the briefing on those issues. We think it went well and hope to talk to you in more detail over the next few days." This e-mail and any attached files may be confidential and subject to attorney/client privilege. If you received it in error, please immediately notify the sender by return e-mail or by calling (713)654-7600.
Hearing concluded
Everyone, Paul Flack called from the courthouse at 3:40. The Judge had taken a break, and they were to reconvene in a few minutes. Paul said it was going well, but would likely last for some time longer. Apparently there are around 50 lawyers in the court room. I will send you an email as soon as the hearing is concluded, or, if I receive another update from the courthouse, I will pass that along as well. In the meantime, please don't hesitate to call me if you need to.
1 p.m. Hearing
IF YOU ARE A DIRECTOR OR OFFICER OF A NON-US CORPORATION WITHIN THE ENRON GROUP, PLEASE NOTE THE FOLLOWING: As you are aware, Enron Corp. and some of Enron's subsidiaries have voluntarily filed for Chapter 11 earlier this week. We are in the process of evaluating the effect of the filing on the company in which you serve as a director or officer. It is possible that the filing may trigger default or cross default provisions under contracts and other instruments to which your company is a party or otherwise subordinated. With that respect, we request that you DO NOT TAKE ANY STEPS TO FILE FOR ANY LOCAL INSOLVENCY PROCEDURE UNTIL YOU HAVE NOTIFIED THE ENRON IN-HOUSE ATTORNEY WITH WHOM YOU NORMALLY WORK AND ALSO HAVE SPOKEN TO CHRIS MALLON ([email protected]) OR MARGARITA COALE ([email protected])OR RAM BURSHTINE ([email protected]) AT WEIL, GOTSHAL & MANGES LLP,PHONE NUMBER: +713 546 5000). **********NOTE********** The information contained in this email message is intended only for use of the individual or entity named above. If the reader of this message is not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please immediately notify us by telephone (212-310-8000), and destroy the original message. Thank you.
Foreign Insolvency Procedures