email_body
stringlengths 93
39k
| subject_line
stringlengths 1
117
|
|---|---|
The Enron Management Conference will be held Wednesday through Friday, November 14-16, 2001, at the Westin La Cantera Resort in San Antonio.
While the business agenda is still being finalized, there is one thing that is certain ... we want to inject some humor into the event.
The past year has been eventful, and at times challenging, for Enron and its employees.
However, it's not in Enron's corporate fabric to focus on the past.
Instead, we want to look ahead, and even laugh at ourselves.
The Management Conference will provide a platform for just that.
We want to challenge each of the business units to develop and submit a humorous "Home Video" to be presented at the Management Conference.
The video can address any Enron-related topic that your business unit chooses.
However, there are a few rules to follow.
1.)
The videos should be no more than five minutes long.
2.)
Business units should spend as little as possible on the videos, and no more than $10,000.
Innovision Communications (Beth Stier) has agreed to work with any business unit to help them create an original, inexpensive video.
Innovision can be contacted at 713-446-4424.
3.)
The videos should be fun, but not disparaging.
They should adhere to Enron's values of respect, integrity, communication and excellence.
4.)
By Monday, October 15, business units need to notify me of their intention to submit a video.
To avoid duplication, business units will also need to identify a topic they intend to address.
5.)
To ensure inclusion in the Management Conference agenda, videos need to be submitted to me by Friday, November 9.
6.)
Awards will be given for creativity and humor.
The first annual, and soon-to-be-coveted, "Enny" will also be awarded for "Best Overall Video."
If you have any questions about the "Home Video" project, please contact myself or Mary Clark.
| Enron Management Conference - Home Video Project |
Here is my initial perspective.
I am still waiting for call backs on some information.
Bull Case Best positioned among emerging backbone carriers Core network build done Cash EBITDA positive (adjusted for IRU sales) Broad network coverage Reasonable liquidity: $2.6B forecast YE01 Potential upside $21 Bear Case: Extreme capacity supply/demand imbalance Pricing pressure, no apparent elasticity Low visibility in IRU and dark fiber sales business (28% revenue) $9B debt & pref Hard to make a constructive case on demand in intermediate term Potential issue with cash movement between Parent and Subs, covenant test Seems fairly valued on peer group risk-adjusted basis, absolute fair value $6 Conclusion: Debt yielding 23%, why would you buy equity?
Probability of recap: 50% Chance of survival without restructuring: 25% If a proposed deal involved some cash exchange for equity upside I would be hard pressed to recommend that transaction.
I don't understand all the dynamics of a deal so if you want me to do any more in-depth work let me know.
I will pass on the additional information as I get it.
Regards,
| View on Global Crossing |
Greg and Mark: Attached is a draft of the very short story that will accompany your profiles in Enron Business.
(PR management has approved.)
The purpose is simply to introduce you and quickly address the issue that's on everyone's mind, the stock price.
Please review your individual quotes and let me know if you have any revisions as soon as possible.
The quotes were extracted from your interviews with us a few weeks ago.
If I have not heard back from you by the end of the day tomorrow, I'll assume it's OK to print as is.
Thanks again for taking the time to meet with us.
Warm regards and cheers,
| Enron Business Article |
Sorry for the late notice.
Enclosed is an invitation to all West Point alumnae to join The Academy Network breakfast tomorrow morning at 7:00 a.m. at the Houston Metropolitan Raquet Club.
This is an excellent opportunity to get acquainted with graduates from all academies who are interested in helping one another promote their businesses.
I look forward to seeing many of you tomorrow morning!
This is a reminder for the TAN G to G business breakfast, Friday September 21, 2001 at 7:00 AM at the Houstonian Metropolitan Racquet Club.
RSVP <mailto:mortega@hdinc.com> via e-mail is appreciated.
The agenda for the meeting is as follows: 0700-0730 Coffee Open 0730-0745 Walk through the Breakfast buffet Open Introductions-Acknowledgements-Requests Tom Solomon 0745-0800 Business Intro TBA 0800-0815 Business Intro TBA 0815-0825 Update on ABE Everyone 0825-0830 Wrap up-agenda next meeting Tom Solomon 0830 Adjournment Tom Solomon We need two more volunteers to present their businesses and requests to the group for the October Breakfast meeting.
Please email Tom Solomon <mailto:tsolomon@tomsolomon.com> if you can be a presenter.
First come first serve!
Please pass along to any fellow academy graduate that would be interesting in attending.
For clarifications, this breakfast is FREE for all first time nonmembers/visitors.
A nominal charge of $10 for second time visitors and regular membership is to cover the cost of the breakfast and the meeting room.
Metropolitan Racquet Club -- directions
| Academy Networking Breakfast Meeting Tomorrow |
Attached is a draft of our proposed EGS 'Organization Changes' announcement and organization chart for your review and comments by COB Friday, September 21.
I am anticipating on distributing this communication Monday afternoon, September 24.
Thanks,
| DRAFT - EGS ORGANIZATION CHANGES MEMORANDUM AND ORG CHART |
Greg, As you asked, I have taken a quick look at Global Crossing.
I think it is a close call, but they certainly have a decent shot of making it (by "making it" I mean the equity will have value and the company will not be restructured through bankruptcy).
Their assets, customers, and cash might marginally outweigh the debt load that the company has.
Most importantly, they definitely have a currency (Global Crossing stock) that has more value than anything in EBS.
If there is a potential deal to contribute assets of EBS into Global Crossing in exchange for equity, then I would recommend pursuing it even if it means contributing up to $100 million in cash to get it done.
However, I would make sure that Enron has no more contingent liabilities, consolidated burn or cash commitments.
The real question is will Global Crossing want what we have at any price.
I suspect that once they perform due diligence, they will "run away" (just as the knights did when faced with the killer rabbit in Monte Python's Search for the Holy Grail).
Thanks,
| Assessment of Global Crossing |
Greg, Below are a list of economists that we may want to consider for the Management Conference.
You may have thoughts or insights on one or more of them.
I've looked into Robert Rubins, but he is not accepting speaking engagements at the present time.
Of those listed below, I like Todd Buchholz, William Freund, Ron Insana and Paul Volcker.
(I really like Louis Rukeyser, but he's very expensive.)
I welcome your input on this.
I'm going to begin checking availability on those I mentioned tomorrow.
Regards,
| Economists for the Management Conference |
Dear All, The business units are operating on a lean G&A budget and cut costs whenever we can and making sure that we are efficient.
Are there any initiative to do likewise for all corp functions?
As an accountant in the business unit, we received corp allocations.
The total for corp was more than $700MM.
This, of course, excludes Enron Net Work, Enron Property, and Global Finance, which if we include those, the G&A to Enron could well be over $1Billion (not counting the business units G&A).
The number just blew me away.
I think we need to make sure all functions are needed and are run efficiently.
We cannot say it's OK just because we can allocate to the business units because the business units may not receive benefits for these costs.
We sure don't want Enron, as a whole, to be growing so fat and so fast that it will hurt our bottom line.
I'm sorry if I'm out of line, but I really do care about Enron and am very proud to be its employee.
Thank you for your time.
| cost cutting measures - from an Employee/shareholder point of view |
Liz, Below is a memo to be distributed to Enron worldwide from the Office of the Chairman of Enron Corp.
Please ask Greg to review and approve.
After his approval, would you please make arrangements for its distribution.
Thanks,
| Enron Principal Investments - Organizational Memo |
President Bush spoke to the nation and the world on Friday, September 14, 2001, during the National Day of Prayer and Remembrance for the Victims of the Terrorist Attacks.
The National Cathedral Washington, D.C. 1:00 P.M. EDT, September 14, 2001 THE PRESIDENT: We are here in the middle hour of our grief.
So many have suffered so great a loss, and today we express our nation's sorrow.
We come before God to pray for the missing and the dead, and for those who love them.
On Tuesday, our country was attacked with deliberate and massive cruelty.
We have seen the images of fire and ashes, and bent steel.
Now come the names, the list of casualties we are only beginning to read.
They are the names of men and women who began their day at a desk or in an airport, busy with life.
They are the names of people who faced death, and in their last moments called home to say, be brave, and I love you.
They are the names of passengers who defied their murderers, and prevented the murder of others on the ground.
They are the names of men and women who wore the uniform of the United States, and died at their posts.
They are the names of rescuers, the ones whom death found running up the stairs and into the fires to help others.
We will read all these names.
We will linger over them, and learn their stories, and many Americans will weep.
To the children and parents and spouses and families and friends of the lost, we offer the deepest sympathy of the nation.
And I assure you, you are not alone.
Just three days removed from these events, Americans do not yet have the distance of history.
But our responsibility to history is already clear: to answer these attacks and rid the world of evil.
War has been waged against us by stealth and deceit and murder.
This nation is peaceful, but fierce when stirred to anger.
This conflict was begun on the timing and terms of others.
It will end in a way, and at an hour, of our choosing.
Our purpose as a nation is firm.
Yet our wounds as a people are recent and unhealed, and lead us to pray.
In many of our prayers this week, there is a searching, and an honesty.
At St. Patrick's Cathedral in New York on Tuesday, a woman said, "I prayed to God to give us a sign that He is still here."
Others have prayed for the same, searching hospital to hospital, carrying pictures of those still missing.
God's signs are not always the ones we look for.
We learn in tragedy that his purposes are not always our own.
Yet the prayers of private suffering, whether in our homes or in this great cathedral, are known and heard, and understood.
There are prayers that help us last through the day, or endure the night.
There are prayers of friends and strangers that give us strength for the journey.
And there are prayers that yield our will to a will greater than our own.
This world He created is of moral design.
Grief and tragedy and hatred are only for a time.
Goodness, remembrance, and love have no end.
And the Lord of life holds all who die, and all who mourn.
It is said that adversity introduces us to ourselves.
This is true of a nation as well.
In this trial, we have been reminded, and the world has seen, that our fellow Americans are generous and kind, resourceful and brave.
We see our national character in rescuers working past exhaustion; in long lines of blood donors; in thousands of citizens who have asked to work and serve in any way possible.
And we have seen our national character in eloquent acts of sacrifice.
Inside the World Trade Center, one man who could have saved himself stayed until the end at the side of his quadriplegic friend.
A beloved priest died giving the last rites to a firefighter.
Two office workers, finding a disabled stranger, carried her down sixty-eight floors to safety.
A group of men drove through the night from Dallas to Washington to bring skin grafts for burn victims.
In these acts, and in many others, Americans showed a deep commitment to one another, and an abiding love for our country.
Today, we feel what Franklin Roosevelt called the warm courage of national unity.
This is a unity of every faith, and every background.
It has joined together political parties in both houses of Congress.
It is evident in services of prayer and candlelight vigils, and American flags, which are displayed in pride, and wave in defiance.
Our unity is a kinship of grief, and a steadfast resolve to prevail against our enemies.
And this unity against terror is now extending across the world.
America is a nation full of good fortune, with so much to be grateful for.
But we are not spared from suffering.
In every generation, the world has produced enemies of human freedom.
They have attacked America, because we are freedom's home and defender.
And the commitment of our fathers is now the calling of our time.
| Remarks by the President at Prayer and Remembrance Service |
Please see attached Resolutions for use in this afternoon's board meeting at 2:00 pm.
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) dcagle@mariner-energy.com <<RESOLUTIONS 9-12-01 Mtg.doc>> - RESOLUTIONS 9-12-01 Mtg.doc
| Resolutions for the Special Telephonic Board Meeting |
Lawrence, I hope you and your family are fine.
Is there someone from your friends and relatives, who is involved in this terrible strikes in New York and Washington?
I hope not, if yes let me know who.
You may remember Dan Plice, who made a joke on Hub's party as he told us, that Ronald Reagen is his uncle.
He lives since 10 years in NewYork, doing business in IT.
At the moment I have no living sign form him but hope he is ok. Unfortunatly this is a bad time to congratulate and feel happy with someone, who did a great step foreward in his career, but I want to use this email to do so.
Believe me, all members of the Stammtisch are proud to have you, the new COO of ENRON, as a friend.
Say hello to Kathrin, Mary and Nicolas.
Servus Ferdl PS: You missed a big trinking time on the weekend of the 25th aniversary of the Stammtisch.
More info's and pictures will follow later.
| News |
Greg, we maybe should discuss - I don't know that I disagree with Rogers action.
My understanding is that we have added $10/MWhr premium on all deals until further notice; however, the impact of possible customer decision delays, un-available curves and the resulting idle sales force could cause a significant issue for Q3 retail financials.
If the net result is some downtime for a couple days probably no problem - if it is more than a couple days it is very difficult to catch up.
I will keep you in the loop.
Regards
| Real Time Pricing In Effect |
Since 1/1/99, 84 people at an MD or above level left the company.
The only executives who maintained an office in an Enron building after they left were Cliff Baxter, David Haug and Ken Rice.
Cliff's runs through 10/31/01, David through 9/30/01 and Ken's access will probably be turned off in a week.
If you need any other information, just give me a call at x33993.
Also, David mentioned that you all had discussed potential changes to the PRC/Bonus process.
It might be very helpful if the 3 of us could brainstorm and I'd be happy to go through the Board/Shareholder approval process.
We may be limited in what we can do given how late in the year it is.
Thanks!
!
| Consultants - Office Space |
RADR EMP, L.L.C.
was formed in Delaware on August 23, 1999 and acquired on August 31, 2001.
Particulars are: Members: TLS Investors, L.L.C.
- 50% Joint Energy Dev.
Investors II Limited Partnership - 50% Business: Company acquired to unwind financing structure to facilitate sale of Southwest Power, L.L.C.
Employees: No Foreign Qualifications: None Company No.
: 1741 RADR NOTE: Sylvia Hu - evidence to follow by hand.
| Acquisition of RADR EMP, L.L.C. |
I have attached the evaluation form for the Scott Waddle interview held on Tuesday, September 4, 2001.
Please return form to my attention at EB 1010D or by e-mail.
Thank you,
| Evaluation form for the Scott Waddle interview held on Tuesday, September 4, 2001 |
Dear Greg, I have worked for Enron South America for 3 years and currenty running my own company called Xcedentes.com.
Also, I spent a great deal of my time at Enron Houston and know a lot of people that can bring real value to the table.
In case I can be of any assistance at any time, do not hesitate to reach me.
For references you can check with the following people in Houston: Scott Neal (East gas Desk, trading), Ted Noble (Financial Trading), Elsa Piekelniek, Darren Maloney.
Good luck with your new position.
Regards,
| references Pablo Acevedo. |
Greg, My Thursday just filled up.
But I'm still targeting either Tuesday or Wednesday to be in the neighborhood.
I have to turn in my TA-50 to my former unit, 4-112 Armor, which is in Bryan.
Houston is just another hour from there.
I suspect your schedule is going to be swamped for the next few months, if not years.
If next week is too soon, my long-term calender is not too difficult to sort out at this time.
Just let me know so I won't inconvenience you.
Were you planning on coming up for the TCU game?
Woody
| Next Week |
Greg: Congratulations - I knew it was only a matter of time.
Good luck and hope to see you soon.
Hope your family is well.
Jay
| How's the 5 year? |
Greg- I read about your recent promotion at Enron and I wanted to congratulate you.
Based upon the time we spent together last year, I think it's well deserved.
Next time you're in New York, give me a ring.
I'd like to buy you lunch and see if they are ways we can work together going foward.
| Congratulations |
Greg- I realize you are probably up to your a** in aligators with the recent management shifts(not that you weren't before).
Would you have time for a brief call this weekend?
If so, when and what number are convenient?
Thanks,
| call? |
Enron taps credit line; stock slides 10/27/2001 Associated Press Newswires Copyright 2001.
The Associated Press.
All Rights Reserved.
HOUSTON (AP) - After Enron Corp. tapped into more than $3 billion in credit in an effort to boost confidence of investors and customers, stock prices dropped.
Enron Corp.'s stock price hit its lowest point in more than five years Friday.
Shares fell 95 cents on Friday to $15.40, a level not seen since 1995, as analysts continued to muddle through a complicated series of bookkeeping issues revealed after the company's earnings announcement earlier this month.
The stock is down more than 50 percent in two weeks, and the company lost almost $14 billion in market value.
Late this week the company decided to convert $3 billion in revolving credit it has through various banks into cash.
The company put about $1.1 billion in the bank in an effort to reassure business partners and investors of its liquidity and is using the $2.2 billion balance to begin an orderly repurchase of a certain kind of short-term corporate IOU known as commercial paper.
"Nothing spells confidence quite like cash, which is what we want investors to understand," said Enron spokesman Mark Palmer of the $1.1 billion banked this week.
Palmer could neither confirm nor deny that the company is negotiating further lines of credit with banks but described such actions as "good management decisions."
On Oct. 16 Enron's third-quarter earnings release drew renewed attention to an issue investors and analysts had previously been unhappy about: Then-Chief Financial Officer Andrew Fastow, with the Enron board's approval, had formed and run two investment partnerships that could have created a conflict of interest.
The partnerships, LJM Cayman and LJM2 Co-Investment, did complex financing and hedging deals with Enron.
Fastow had resigned from his roles in the partnerships months ago when Wall Street began to question whether he could watch out for the interests of Enron's shareholders and the investment partnership simultaneously.
But last week when the company reported a $35 million loss related to ending its LJM ties as well as a $1.2 billion reduction in shareholder equity, new questions began to arise.
The Securities and Exchange Commission's Division of Enforcement launched an informal inquiry into the partnerships, and earlier this week Fastow was put on a leave of absence.
Reducing the company's debt exposure through commercial paper and putting it back into more traditional financial tools, like a revolving line of credit, could give great peace of mind to Enron's investors, said Anatol Feygin, an analyst with J.P. Morgan.
"It helps them shore up their support behind their energy trading business, which is really the core of their operations," Feygin told the Houston Chronicle for Saturday's editions.
Carol Coale, an analyst with Prudential Securities, still sees the move as somewhat confusing.
"Just last week they were touting their unused lines of credit as a plus, but the fact that they tapped those now sends a strange, mixed message," she said.
"Do they need the cash to keep the rating agencies off their back?
Is it a gesture for customers?
It first struck me as another one of these strangely timed actions on the part of management."
..................................................................................................................................... BARRON'S: REVIEW & PREVIEW 10/27/2001 Capital Markets Report (Copyright (c) 2001, Dow Jones & Company, Inc.) Turning Up the Heat: Energy trader Enron ousted its chief financial officer days after it said the SEC was conducting an inquiry into billions of dollars of transactions it made with entities tied to the CFO, Andrew S. Fastow.
Enron said Fastow took a leave of absence to restore investor confidence.
Enron shares have plunged 50% recently, after it announced the probe and reported a $618 million loss.
BARRON'S: The Trader 10/27/2001 Dow Jones Commodities Service (Copyright (c) 2001, Dow Jones & Company, Inc.) Bulls Look To Recovery, As Techs Lead The Surge By Andrew Barry
| Saturday Articles |
Surprising and disappointing news although it certainly provides opportunity for the "next generation".
In case you didn't listen to the conference call with analysts last night, Ken gave you a very nice plug.
Neil.
| Jeff |
George McClellen asked that I send to you a brief description of the NOxTech process and the TVA Transaction.
Please see the attachments.
I would be glad to answer any questions you may have.
| Brief Description of NOxTech & TVA Deal |
Dear Greg, I'm sure you've had easier days in the office.
If you are ever up here and need a beer, give me a call.
Regards,
| Just a note of support |
Greg, Thanks for taking our call this morning.
As we all agreed on the call, this topic is extremely time sensitive.
The appropriate contacts at CSFB are:
| Credit Suisse First Boston contacts - Strategic InvestmentOpport unity |
Greg, Condolences for the turbulent times Enron is going through.
We remain excited and optimistic about the possibilities of a joint project.
We realize that you and Vince may have limited bandwidth in the immediate future, but when you have time we hope you will consider the draft proposal we sent Vince.
We are still fully behind it.
Yours truly, Norman
| Enron and Prediction Company |
I've attached two versions of the financing release; one with a quote from Citibank, one without.
We plan to release by 09:30 CST tomorrow, Wednesday, October 31, 2001.
Please respond with comments prior to 09:00 CST via email or my voicemail at 713-853-4738.
Citibank will notify me overnight as to which release they approve.
JPMorgan has approved both.
Thank you,
| Bank release |
FYI.
Enron Principal Investments has completed the sale of Enron's ownership in COPEL.
Total proceeds for the last 5 months from this sale is over $95 million in cash.
Steven Sheldon managed this process.
In the last 5 months, EPI has sold or otherwise disposed of 20 investments, with total proceeds to Enron of over $250 million in cash.
We intend to sell another 5-10 by year end, generating an additional $50 million to $100 million in cash.
The team is very focused on selling of the portfolio, creating cash and minimizing losses.
Kevin Garland
| Sale of COPEL Shares |
Energy Service Companies Explore Smart-Home' Technology as Means to Secure, Expand Services to Residential, Small Business Consumers; Special Workshop to Review Smart-Home' Automation for Energy Industry HOUSTON, TEXAS (10/30/01): Energy services firms, such as Reliant Resources Inc. and The New Power Company, have been exploring new home-automation systems to determine if these technologies will offer new ways to serve their retail customers.
Both companies have launched pilot tests in states leading in energy deregulation, such as Texas and Pennsylvania.
Home-automation (HA) promises to bring advancements to households the way networked servers and telecommunications have transformed office places.
Through centralized controllers, wireless communications networks, broader bandwidth and even artificial intelligence, technology firms, such as Microsoft and IBM, are working to centralize and digitally automate the control of many household functions.
"We've identified at least 14 areas where home-automation is in full development," said Bob Nimocks, president of Zeus Development Corporation and organizer of the workshop.
"If successful, these companies will give home and business owners the means to improve the functionality of their environments in amazing ways while reducing their need for energy, water and other resources."
Home automation (HA) is linking many household electronic systems, such as phone, computing, entertainment and sound systems, thermostats, lighting, security and irrigation into a centrally controlled network that can be managed remotely via the Internet or cell phone.
These systems allow homeowners to more effectively manage their energy usage as well as improve their lifestyle.
Allied Business Intelligence predicts this market will rise from US$267 million in 2000 to $7.1 billion in 2007.
"I live in a home in the Woodlands that is kind of a pilot home.
I can control my thermostat, turn on my lights and access my meter on the Internet from downtown Houston," said Joe Flynn, an e-business executive at Reliant Resources.
"From virtually anywhere in the world, I can use my cell phone or PDA to turn on my lights, set my air conditioner or see what's going on in my home."
"The Internet is being extended to everyday household appliances that we don't normally associate with computing," IBM's Michel Mayer told the NewsFactor Network in a recent interview.
"The technology to enable this is available today but requires companies to come together to build end-to-end solutions."
Microsoft Corporation has been working on intelligent software systems that will sense and automatically adjust household systems to the occupant's needs throughout the day.
Likewise, IBM and National Semiconductor Corporation are partnering to help companies develop home networking software that will enable high-speed Internet connectivity throughout the home for computers, household appliances and electronics.
"Energy is not going to be about wires and pipes anymore," Flynn predicted.
"It's going to be about information.
How you use your energy and when you use it will be as valuable as how many kilowatts you use, and the time-of-day pricing models will be set up that way."
Home Automation Workshop Tuesday, Dec. 4, a workshop, entitled "Home Automation: The New Frontier for Retail Energy Services," will be held at the Houston George R. Brown Convention Center to review and demonstrate how home automation is changing the management of homes and small businesses as well as the service expectations of their owners.
The workshop will be held in advance of the Interactive Energy conference and exhibition.
Delegates will learn of the various types of HA innovations and where they apply to energy services.
A large multi-city pilot implementation will be reviewed.
Last, a panel of researchers will discuss what is on the horizon and reflect on what may further emerge.
Companies participating in the workshop include IBM, Microsoft, Sargent Electric, EGT Technologies and others.
For program details, see www.interactiveenergy.com.
About Interactive Energy Interactive Energy will be held at Houston's George R. Brown Convention Center, Dec. 4-7.
The annual conference and exhibition covers information technology (IT) advancements in the energy industry and features numerous case studies of technology implementations, new software demonstrations, business plans and special workshops.
Conference Sponsors of Interactive Energy 2001 already include Enermetrix (www.enermetrix.com), SAIC (www.saic.com), AT&T (www.att.com), Microsoft (www.microsoft.com), Luminant Worldwide (www.luminant.com), Oracle (www.oracle.com), Unisys (www.unisys.com), Conchango (www.conchango.com), Proclarity (www.proclarity.com) and Silicon Energy (www.siliconenergy.com).
Supporters include PR Newswire, Energy Central, TIPRO, Techxans and the Houston Business Journal.
| Smart-Home Workshop |
Today, The American Coal Company paid Enron $113.5 million in principal and interest, which included a prepayment of the remaining $110.7 million balance on its debt with Enron ($75.7 million Senior Note, $35.0 million Subordinated Note).
These two notes, with maturities of July 2004 and July 2008 respectively, were established in July 1998 to provide financing for the acquisition of the Galatia Mine by Bob Murray.
Despite the termination of the credit relationship, the physical relationship remains in place through December 2006 with projected deliveries of 1,900,000 tons of Galatia coal and 1,200,000 tons of Maple Creek Coal.
The value in the remaining coal, supported by puts and fixed price arrangements, is in excess of $25 million.
Beyond the value in the transaction, this deal, along with the DPR transaction with Cline in 1998, provided the foundation for Enron's coal business.
With this prepayment, Enron has now received over $250 million from its coal investments.
The breakdown of the funding and cash flow is shown below: Approved Commitments $275 million Funded Commitments $271 million Enron Funding (Net of Calpers) $240 million Enron Cash Flows Principal $188 million Interest $ 44 million Equity Distributions $ 8 million Marketing Fees $ 7 million Margin on Physical Coal $ 3 million Total $ 250 million In addition to the cash flow received to date, the investments are projected to provide minimum future cash flows as follows: Principal and interest $ 20 million Loans secured by assets Marketing fees $ 39 million Minimum marketing fees Coal commodity margin $ 25 million Value of American Coal physical transaction Equity distributions ???
42% interest in Dakota & Remington 20% interest in BMR Total $ 84 million + equity distributions
| The American Coal Company $113 Million Debt Prepayment |
All; Attached for your review is a draft memorandum from the ENE OTC to employees on the upcoming year-end 2001 process, specifically addressing clarifications to the process and highlighting changes as a result of the Lay-it-on-the-Line survey .
The memo is intended to demonstrate the three components that comprise the review process: feedback and evaluations, talent discussions and bonus, and provides you with choices on how you wish to proceed for YE01.
For example, doing all three in the above order, or alternatively feedback/ bonus and thereafter talent discussions or feedback and bonus only.
Please note that this memo would not be sent to EEL - since EEL is administering their review process slightly differently (i.e.
it is not holding meetings at year-end).
In conjunction with the ENE memo we have also prepared a draft template for each business unit/function to use in communicating the details and mechanics of their process to their employees.
The purpose of this template will be to enumerate the choices each Business Unit/Function has in administering their processes - feedback and evaluations, talent discussions and bonus process.
We look forward to your comments.
Thank you,
| Draft PRC Memo for Approval |
Mark and Greg, I hope that you are receptive to unsolicited advice.
1) Give a single officer the authority to say "no" to deals before they get to your Office of the Chairman.
Rick Buy may not want the job, but it should be someone in a similar position with real authority.
Perhaps, each business unit should have such a person.
Key to making this work is to find a person who will try all ideas to make a deal "good" before killing it.
2) EIM may need a new CEO.
If Bowen is not going to take the job, then you should strongly consider Shankman for the post.
I think that he has done a fine job at EGM in the last 12 months, and this could be his chance to step up and run his own shop.
3) Stop paying a dividend!!!!!!!
Given that we are not appealing to an institutional investor base that requires a dividend, we should keep the hundreds of millions of dollars.
4) We probably have too much metal in inventory in London.
We should consider getting out of a business that requires that much physical inventory.
Thank you for taking the time to read my suggestions.
James C. Lewis VP Finance and Structuring EGM
| General Suggestions |
Ken, Greg and Mark, I wanted to provide you a suggested agenda for the rescheduled Management Conference.
After working with Joannie Williamson to coordinate open dates on your calendars with hotel availability, here is what we are proposing: Location: Westin La Cantera Resort, San Antonio (The Woodlands still will not have enough rooms to hold our group in February.
We are concerned that if we don't have people committed to stay over, especially on a weekend, we risk weak participation.
Also, by rebooking with the Starwood property, we hope to potentially recoup some of the loss incurred by canceling our November date and maintain a positive relationship with the company.)
Dates: Friday, February 22 and Saturday, February 23 (We received feedback that employees may not appreciate being asked to sacrifice a weekend right now.
However, these are the dates that the hotel is available.
Available dates the previous week would interfere with Valentines Day and coincide with the peak of the Winter Olympics in Salt Lake City.)
Agenda: DAY 1 Friday, February 22 2pm - 5pm Registration 6pm - 9pm Reception and Chairman's Dinner Speaker: General Norman Schwarzkopf (The General is currently available on this date, but has not accepted the engagement.
I feel that, if we can reschedule him, he would be a significant draw to ensure people arrive in time for the evening activities.)
DAY 2 Saturday, February 23 8am - 2pm Business Agenda (I will keep Ken and the brief business unit presentations/panel on the agenda.
I also hope to reschedule Gary Hamel.
Otherwise, I will remain flexible on the agenda.)
2pm Meeting Adjourns No planned activities (The activities are perceived as an unnecessary extravagance at this time.)
We'd like to issue a memo about postponing the Management Conference to invitees as soon as possible.
While details on the agenda can be resolved later, please let me know if you are comfortable with the dates and location so we can include that information in the memo.
Regards,
| Rescheduled -- Management Conference |
During this critical time, it is imperative that our management team remain focused on our business and continue to address the challenges currently facing our company.
For that reason, I have decided to postpone the Enron Management Conference.
The Conference will now be held Friday, February 22 - Saturday, February 23, 2002 at the Westin La Cantera Resort in San Antonio.
While the Saturday meeting allows some Enron executives who cannot be away from the office during business hours to attend the Management Conference for the first time, I also recognize that it requires many of you to forfeit additional personal time on behalf of Enron.
I truly appreciate your sacrifice and I sincerely encourage your attendance.
The new agenda, while still being finalized, will be abbreviated but every bit as informative and worthwhile as previously planned.
We'll be in touch soon with more details.
Regards,
| 2001 Management Conference |
As a reminder, the mandatory Annual Compliance Meeting was rescheduled to Thursday, November 8, 2001 from 8:30 - 10:00 am at the Doubletree Hotel, LaSalle Room B.
The agenda is as follows: Robert George Board Seats Richard Lauer ECT Securities LP Cassandra Schultz Risk Management Policy Bob Bruce Chinese Wall Policy Chip Schneider Transaction Approval Process Rick Carson RAC Reporting Tools Please confirm your attendance at this year's meeting either by responding to this email message or contacting Donna Wackerle at ext.
39755.
If you have already RSVP'd, thank you and we will see you Thursday.
If you have any questions, please contact me directly at ext.
31939.
I look forward to seeing you this year.
PLEASE FORWARD THIS MESSAGE TO YOUR ADMINISTRATIVE ASSISTANT TO ENSURE IT IS SCHEDULED ON YOUR CALENDAR.
| Annual Compliance Meeting |
AT&T's Enabling the enterprise is coming to Houston November 29th, and we have not yet received your registration.
As anticipated, interest in this session has been great...and seats are limited...so register today!
If you have registered already, please disregard this email.
| Register for AT&T's Enabling the Enterprise - Houston, TX |
Greg: Implement Tradeco.
Determine if Dynegy is willing to lend $850 to $900 million against TransWestern Contact Moody's and ask how much equity we need Tap all potential sources of equity: - Dynegy - Federal Reserve/Treasury - Banks (Citi, Chase) - Industry players (unlikely in time required) If funds are likely, get stay from Moody's until Monday Tell me what you want me to do and I'll get after it.
Jeff
| Some thoughts |
Knowledge Management (KM) Systems Changing with the Demands of Oil & Gas Industry; Houston Workshop Examines New Paradigm Houston, Texas (November 7, 2001) A more practical KM model is emerging for the oil and gas industry that catalogs and networks a company's experience rather than documenting its practices.
Under this model, a firm's collective experience and its members' specialized knowledge and credentials are cataloged to allow users to quickly and efficiently leverage the extended organization.
This approach helps with two macro trends in oil and gas: (1) the trend towards core competency development, and (2) the creation of an extended workforce as a large proportion of management reach retirement.
Management are able to create a dynamic network of experts and resources that spread across many partnering organizations as well as semi-retired employees.
Entitled "Creating Successful Knowledge Management (KM) Systems: Communicating Experience Rather than Documenting Practices," a workshop on December 4, 2001 at Houston's George R. Brown Convention Center will present this new KM approach in advance of the Interactive Energy conference and exhibition.
www.interactiveenergy.com/2001/workshopfour.asp "What we've found is that linking people is the most important element in knowledge management," said Richard Fletcher, a senior KM consultant in the energy practice at Deloitte Consulting.
"The second most important element is capturing learning rather that abstract procedures or static information."
| Knowledge Management Workshop to Examine New Paradigm |
Greg, I can not even imagine all the tension and activity that have kept you busy these past weeks.
Maybe you can give me a call when the dust settles a little.
Sunday PM might be good, I will be at home.
There is nothing critical just thought you might want to vent.
Liz has been a champ and if anything went critical I would let her know.
Cash margins are getting thin with all the rate cuts, but you are liquid and getting the best available.
Ben
| checking in |
We are prepared to get with you as soon as you would like after your return from New York to review projected cost savings from ENW.
For each business unit that we support (EA, EGM, EIM, EES, EBS), we have prepared cost savings on expense and capital based on the three scenarios below.
Scenario 1: Enron exits the line of business, with immediate headcount reductions and cost savings quantified; skeleton staff remains for orderly exit of business; then final headcount reductions and cost savings quantified (Lights Out) Scenario 2: Enron retains and maintains line of business, but does not invest for growth; assumes no further systems enhancements; support is scaled back from current level and is minimal (Lights On - But Dim) Scenario 3: Enron retains line of business and invests modestly to accommodate known market changes; service levels are scaled back from current level and are a step above minimal (Lights On - Brighter) Cost savings in all three scenarios have been quantified at the following level of detail by commodity for EGM and EIM: EGM: Freight Markets EIM: Forest Products FX/IR/Equity Steel Domestic Crude & Products International Crude & Products Domestic Coal International Coal Cost savings have been identified for ENW's unallocated expense and capital as well.
We have worked with HR to adjust cost savings for anticipated severance costs.
| Enron Net Works - Cost Savings |
Please find attached the EEOS / NEPCO weekly project update for week ending November 9, 2001.
If you have any questions, you can call me at (713) 646-6106.
Mark
| Weekly Project Update... W/E November 9, 2001 |
I think we urgently (next 2 days) need to have a meeting to discuss where we allocate capital and risk.
Counterparties are very nervous and many are not extending us credit so we are having to prepay extensively to do business, both in the US and UK.
I have two suggestions:
| Allocation of Capital |
We are prepared to file the Hart-Scott-Rodino ("HSR") Form with the Federal Trade Commission and Department of Justice on Tuesday, Nov. 13th.
I have received the necessary statutory notice from Dynegy that was a prerequisite to our filing.
Please confirm to me that since Friday, Nov. 12th, we have not prepared any additional HSR Item 4(c) documents in connection with the proposed merger or Northern Natural Gas transactions with Dynegy.
Item 4(c) requires the parties to the filings to provide to the FTC and to the DOJ the following: "all studies, surveys, analyses and reports which were prepared by or for any officer(s) or director(s) (or, in the case of unincorporated entities, individuals exercising similar functions) for the purpose of evaluating or analyzing the acquisition with respect to market shares, competition, competitors, markets, potential for sales growth or expansion into product or geographic markets..." Please also circulate this E-Mail to any other member of the Working Group who may have knowledge or possession of any Item 4(c) documents.
Thanks for your help!
| HSR Filing - Tuesday, Nov. 13th - URGENT |
Hi Greg, Today I'll be kicking off our merger strategy from an IT perspective.
The goal of this will be to position Enrons IT group as the obvious choice to take the merged company forward.
This is in everyones best interest, even if they don't know it yet.
This will be focussed purely at IT, but alligns with the overall goals of ENW.
You and Greg Whalley have my commitment to making this work and hence making the future merged company a success.
What I need from you and Greg and David is help in quickly coming up with a retention policy to ensure our best people don't walk.
Regards
| IT Merger Strategy |
Greg, ACTION - PLEASE CALL TODD REID AT DUKE BACKGROUND: Below is the situation with Duke and subs: Exposure Line Cash L/C Duke Energy Marketing LP / ECC ($43mm) $10mm $52.35mm $20.5mm Duke Energy Trading & Marketing / ENA ($56mm) $5mm $61mm Duke Energy Trading & Marketing / EPMI ($260mm) $20mm $171mm $100mm The expiration of the letters of credit are 11/30/01.
Duke believes that since these L/C's have less than 20 days to expiry their value should be zero and are asking for additional cash collateral.
Our view of the contract is that these L/C's are good collateral until expiry and should be counted in our outgoing collateral.
The roll of the letter of credit has been delayed as Haedicke/Mintz get comfortable with the reps under the L/C facility.
Duke credit guys are saying that Todd Reid has not received a return call from you and this holding up a resolution.
Bill and Louise
| Duke Situation |
No matter how young he is, it is conforting to hear that a grad is now the ranking Enron employee.
Good Luck.
Max B. Kelly ?70 BLM Corp. Enron?s Panamanian Subsidiary
| GO ARMY |
Lawrence G. Whaley Vice President Enron Gas Services P. O.
Box 1188 Houston, TX 77251-1188 November 12, 2001 Dear Lawrence: We are so pleased that Steve Kean will be speaking at our conference on Winning Globally: Organizing for Global Growth on January 23, 2002.
As you may know, Steve will be speaking on a panel on "Maintaining Gold-Standard Ethics in a Global Era."
We hope that you will be able to join us at the conference.
We would also like to invite you or a company representative to participate in the 2002 International Career Fair at Stanford Graduate School of Business, which will be held on the previous evening, Tuesday, January 22, 5:00pm - 8:00pm.
The goal of the International Career Fair is to facilitate interaction between leading global companies and our talented MBAs looking for positions of international scope.
The International Career Fair is strategically timed to coincide with our second -year students' full time job searches and
| Invitation to the Stanford Graduate School of Business International Career Fair, Tuesday, January 22, 2002 |
Dear Greg, I appreciate you coming down to the gas floor and providing us some information about what is going on.
One of the questions that kept getting asked had to do with who will be retained, and what we will be paid when we are retained.
We were told that star performers will be retained.
At what profit level do we become star performers?
I understand you and your staff have a tremendous number of things that need to be accomplished.
As I talk with my peers, the most important thing on our minds is if we will have a job and what we will be paid.
John was saying that in a few months this issue would be addressed.
My immediate concern is to secure employment while there are still positions available with other companies.
I will accept the first lucrative offer that is made to me.
My peers have expressed the same sentiment.
In a few months, there may not be any jobs left.
We have to may hay while the sun shines.
We all have been bombarded with calls from executive search firms.
We are all racing for a limited number of jobs that promise substantially higher salaries.
What we need on this floor is some assurances.
Maybe it should be in the form of granting bonuses now and offering employment contracts.
We need some exact numbers in the form of dates, salaries, and bonus plans.
Scott Neal brought up this same question several times and John said he understood how critical this situation is.
If there are only trader track personnel left to run this company, will Dynegy still be interested?
Getting a bonus this year that reflects the work I put in is critical.
It is no where near as critical the issue of making sure my children have food on the table.
I do not have two months to wait to find out that the compensation I will be offered ends up being less than what a third party is willing to pay, or the bonus program is a based on a amount to appease me when I may have passed up a percentage deal.
Please sense the urgency that my peers and I are feeling.
Tom Donohoe
| Employee retainment |
Mark, Jeff and Greg, There has been some recent noise at CalPERS regarding Enron, some of which you may be aware.
I wanted to update you in case any questions were raised tomorrow on the conference call.
In October CA state Senator Steve Peace sent a letter to the CEO of PERS raising "questions about the prudence of CalPERS continuing to invest and partner with Enron under its current management".
I discussed this with the Alternative Investment (AIM) staff (with whom I deal with regularly regarding JEDI II).
They indicated at the time that a senior staff meeting was being held (on Friday Nov 2nd) to discuss the letter and how PERS might respond.
Subsequent to that, staff informed me that the board had put Enron on the agenda to discuss during today's (Tuesday the 13th) Investment Committee meeting.
I have not received an update as yet today on today's meeting.
The fact that the board was meeting to discuss Enron has been reported in the media.
Meanwhile, on Friday the 9th, Dan Szente the CIO resigned from PERS.
Articles indicate it may be a result of 7.2 percent loss in the funds' investments.
PERS holds approx 2.6 million shares of Enron.
This has also been mentioned in articles discussing Dan's resignation - thus attempting to link his resignation with our poor performance??
Earlier in the year their proxy vote indicated they owned 3.5 million shares.
[BTW - they voted against Item 1 - specifically mentioning Lay, Wakeham and Winokur as having relationships with Enron that could cause conflicts of interest.}
PERS assets total $151 billion.
It appears they may have liquidated some of their position.
I am not sure but I think their position has been one they have held for a long time - possibly since beginning our relationship with JEDI back in 1993.
The JEDI II partnership has been a successful partnership for PERS and current IRRs indicate they could earn in excess of 50% on their investment based on the September 30 capital account.
This of course, assumes we can liquidate the assets in JEDI I for their current fair value.
Also - PERS purchased approx.
7.2 million shares in NPW for $40 million - a cost basis of $5.50 a share.
If you have any questions, I am available this evening at 713-218-6460.
Shirley
| CalPERS |
Tuesday, November 13, 2001 Enron will be hosting our previously scheduled bank meeting on Monday, November 19th at 2:00 p.m. EST.
The meeting will take place at the Waldorf Astoria Hotel in midtown Manhattan.
As previously stated, this meeting will be for Enron's bank relationship and credit officers only.
As such, identification will be checked at the door.
If you have not already returned your institution's Confidentiality Agreement, please fax it back to Mary Border's attention at 713.646.3422 by noon, Friday, November 16th.
Please note that there will not be a call-in number or video-conference for this meeting.
Please reconfirm your attendance with Mary either by email (mary.border@enron.com) or by phone (713.853.0941) as soon as possible.
We will be covering information on the pending merger, our current financial situation, and more details on our structured financings.
I realize that all of you have requested more information than we have been able to provide over the last few weeks.
Thanks for your patience and I look forward to seeing you Monday.
Regards,
| Rescheduled: Enron Bank Meeting |
Greg, I know that you have more challeging issues than Mariner to consume your time; however, I wanted to advise you that I believe that we have at least made some short term gains at the company.
First, we have reduced the workforce by about 20%.
I will know before year end if further reductions are needed.
Second, we have sold 100% of Mariner's interest in Aconcagua for $51 million.
Originally, Mariner intended to sell 50% of its interest.
Expectations were $35-$40 million (100%).
Allan brought in the buyer
| Mariner Progress |
Attached is a new draft press release.
First thing in the morning, we need to discuss whether to release this.
Please contact Steve Kean, Mark Palmer or me with your comments.
Thank you.
| Draft Press Release |
Greg, While Enron's management teams are reviewing actions plans for the upcoming six to nine months, I understand that functional transition teams will be assembled to address the planned merger.
I would like to register my strong interest in assisting any transition team where my skills could add value.
Prior to developing and supporting corporate as well as enterprise systems at Enron my career has spanned across General Electric Capital Services and ABB on a global basis.
Much of this experience has included system integration and change management.
Let me know if you have any questions to the above.
Otherwise, I wanted to let you know of my interest and desire in working towards a successful transition for Enron.
Regards,
| Merger Transition Teams |
I would like to move forward with what we are calling Phase III for EOL.
Most of the work is done but in this environment, I don't want to prepare to roll it out in January without your views.
However, if we are to roll it out in mid-January, we need to agree soon.
Richter has sent you the outline/presentation on e-mail and he and Savita and Jay can describe it all in greater detail if you like.
Savita discussed the presentation and the plan with John Arnold and he is supportive of the rollout and the new look and functionality.
Basically it will include a new home page and a new garden page, but the key parts are the expanded quotes screen and the order manager which are a much better use of real estate than the static Reuters content down the side (which will be put in a MyContent button).
This isn't expensive, most of the work is done anyway, but it is a new look and the quotes screen will now be expanded.
I think it would be positive to do.
It looks better, the Reuters content can be found in a MyContent button and we can use the entire quotes screen to enhance order flow and improve the counterparty experience.
It also shows business as usual with EnronOnline.
Your thoughts?
Greg Piper President & CEO Enron Net Works LLC
| EnronOnline |
Juniper GP, LLC This limited liability company was formed in Delaware on November 5, 2001.
Particulars are: Parent Company: To be confirmed.
Business: Acquisition of 100% of the general partnership interest in Juniper Energy L.P. Employees: No Foreign Qualifications: None Company No.
: 1791-JUNP Information not yet confirmed by LLC Agreement.
Please circulate this information to all interested parties in your group.
For more information, see attached Corporate Data Sheet.
PLEASE NOTE: Mary Heinitz - copy of evidence being sent by interoffice mail Angie Ramirez - please apply for FEIN Sylvia Hu - Minute Book and one seal have been ordered Lillian R. Bailey Administrator Corp. Services EB4863 Ext.
33577 Telephone 713/853-3577 Fax 713/646-8007 lillian.bailey@enron.com
| Juniper GP, LLC - New Formation |
Greg, I have been a dedicated Enron employee for two years.
I was originally part of the Research group and now work for EIM Fundamentals.
This is a very difficult and exciting time both for our company and for me as an employee.
I would like to be more involved in this process.
Does your office currently have ANY type of position where I can make most contribution to the company.
Thank you,
| Job openings |
ENE: Adjust Historical EPS As Per Restatements; Lower 4Q & 2002 Ests.
* We adjust Enron's historical EPS for the restatements filed in their 8K published on November 8th.
* We revise our stand-alone 2002 EPS estimates to $1.50 from $2.15.
We think this could prove conservative, but await further data on Enron's ongoing performance in their energy trading & marketing business.
* Enron is currently trading at a relatively large 20% discount to their implied merger value of $12.40.
We think this spread could contract as certainty improves over accounting issues, stand-alone earnings power, and the scope of hurdles to merger completion.
<<ENE EPS adjustments 11-14-01.pdf>> <<ENE EPS adjustments 11-14-01.doc>>
| ENE: Adjust Historical EPS As Per Restatements; Lower 4Q & 2002 Ests. |
Greg, I'm sure these days have been tremendously busy for you and I hope that, whatever the outcome, it turns out to be the best for you, your family and colleagues.
I've been following the news very closely and it really unfortunate to read about it.
I am still shocked how a handful of people can cause so much trouble.
Hope everything pulls through; if anyone is the right for the job, it's got to be you.
With this said, I realize that you probably have very little "bandwidth" for matters outside of Enron these days.
However, it is that season again where MBA applications are due and I would be honored if I could get another recommendation from you.
Unfortunately, I did not get into Harvard last year.
To make your life easier, I WILL DO ALL OF THE WORK - i.e.
write the letter and fill out the forms, etc.
- and only ask for your John Hancock (signature).
Since I have a rather extensive list of applications, it will be perfectly appropriate to draft a general letter of recommendation that addresses topics from all of the schools.
I will write this letter and if you accept my request, I would send you ten-personalized copies (one for each school that I am applying to) for you signatures.
That's all!
This way, you will spend very little time in providing me superb letters of recommendations, and both you and I will be very happy.
Anyway, I would actually like to speak with you about this and just "life in general" if possible.
I know your schedule at work probably doesn't permit you to have free-time (god forbid).
I do have your home number, but I like to save it only for special occaisions.
I think this might be one!
Please advise.
| Hi! |
Ken and Greg I am part of the Enron Tax Department, assigned currently to Enron Global Assets, previously to Enron India.
Your comment regarding the very bad investments Enron made in international assets is absolutely true.
Perhaps the assets themselves are not all that bad, Enron just over-paid, over-built or over-leveraged.
In some cases, I suspect we did all three!
But that's not the point of this message.
When you make statements like you did in yesterday's Investor conference call it erodes EGA's ability to sell those assets (who wants to buy a very bad investment ?)
and chokes the spirit of the employees who have remained loyal to Enron and continue to support the needs of EGA.
The 100 or so members in the EGA support group did not make the bad decisions.
Those were made by former and current executives, RAC, Enron's Board of Directors, and others who were well-qualified to make such decisions.
I cannot begin to tell you how hard Tax, Legal, Accounting, PR, etc.
worked to make the best of what often-times looked to us to be a stupid if not bad investment.
Many of those who remain have devoted several years to Enron's international experiment.
We've given up dinner with our families, weekend soccer games and campouts, in many cases we have even sacrificed our good health.
I suspect we will continue to make those sacrifices in order to close asset sales and efficiently return to Enron the remaining value.
Please, when you proclaim to the World the very bad investments Enron made, take some time to remind those of us who are left to unwind these investments that Enron is fortunate to have some very bright and dedicated employees diligently working to contain the damage already done.
Sincerely,
| ... we definitely made some very bad investments ... |
Greg: A rumor is going around that Andy Fastow's employment contract had language that would allow him to be paid $9,000,000 or some amount if a change of control of the corporation occurred.
Several questions come to mind related to this issue that I would appreciate your response: 1) Please confirm the existence of such a clause or similar clause in Mr. Fastow's contract that would allow him a claim of additional money from an Enron entity.
2) If such a clause does exist what is Enron's intent as far as payment or litigation?
3) What other Enron employee's have such clauses that would allow them to benefit from the merger?
Your clarification of the above questions would be appreciated!
Thanks, Jim
| Fastow Rumor |
Today's message points are attached.
Attached is a copy of the Form 12B-25 Filing (Notification of Late Filing) PLEASE NOTE - the call will take place daily at 10:30 am in EB 4701.
If you are unable to attend, please send someone from your group in your place.
DAILY CALL: TIME: 10:30 am (Central) PLACE: EB 4701 (for those in Houston)
| Message Points from Today's Meeting |
We sleeeved some of the P Plus with DYN today.
That's the good news.
The bad news, they charged us 10 cents /bbl versus 3-4 cents that we got from others.
To add insult they wanted 20-25 cents for size.
Understand 2 seperate entities but they should not take advantage of any info they have to take advantage of us.
Don said the trader was told to quote the higher numbers, it was not his decision.
| Dynegy P Plus |
The total bonus pool needed for EGS is $54,800,000.
The amount charged and paid by joint ventures is $5,091062.
The Enron portion would thus be $49,708,938.
This is a reduction of $14,846,779 for 2001 bonuses charged to Enron.
| 2002 Budget pool |
Greg: Last summer you had a book on Landstar on your desk.
Do you remember who was trying to peddle them at that point?
We are trying to find a way to get us out of here mostly intact.
dan
| Landstar |
We've prepared the attached draft press release for possible issuance Monday in conjunction with the 10Q filing.
Wilmer Cutler has reviewed the release, but they do not want to include a quote.
Please let me know your views and if you have any changes.
Thank you.
| Draft 10Q Release |
Dear top management, We know how serious is the situation but please don't fire us now.
Our families are waiting for a happy chrismas and new year!!
Sato Enron Japan
| Please don't fire Enron Japan staff, we do nothing wrong! Please!!! |
Greg, with the end of the year approaching we may want to look at some tax loss selling.
Nov30 is a key date to avoid wash sale rules.
Let's talk about the possibilities.
Ben PS Happy Thanksgiving
| tax loss selling |
Headline: "Unocal, Tesoro, Pioneer, Equiva, Reliant Among Energy Companies Providing Opening-Day Insights at Interactive Energy 2001" HOUSTON, TEXAS, November 19, 2001 - The opening-day program for Interactive Energy has been set with presentations from SAP, Booz Allen Hamilton and case studies and panel discussions from management from such companies as Reliant, Equiva, Tesoro, Unocal and SAIC.
Les Amidei, VP of business development for process from SAP America, will open the session to discuss how energy companies are working to gain maximum returns from their current investments.
Many of the larger companies committed to SAP's enterprise resource planning (ERP) systems during the past 15 years, and new innovations must interface with SAP to access and uplink enterprise data.
"With all the great promises of the internet, the energy industry has made numerous investments in information technology," notes Amidei.
"The reality is that while many have delivered, many [others] have not.
As a result, the overall climate has changed dramatically where any investment in technology will be driven by measurable and quantifiable ROI.
Leveraging existing investments such as ERP into new arenas will be critical in assuring maximum value is delivered.""
A panel of senior technology officers, including Xavier Flinois, president, Schlumberger Network Solutions; Tom Halbouty, CIO, Pioneer Natural Resources; Paul Cuneo, CIO, Equiva Services LLP; and Ray Cline, CTO, SAIC, will follow Amidei's presentation.
Each panelist will be asked how he or she is prioritizing IT spending and levering from investments made in previous years to maximize profitability.
Accenture Partner Jeff Sakaguchi will direct the discussion.
Then, Eduardo Alvarez, partner of Booz Allen Hamilton will wrap up the morning with a presentation on how some energy companies have managed innovation more effectively and what can be learned from their strategies.
In the afternoon, the conference will feature the results of an IT survey conducted by Booz Allen Hamilton and Zeus Development Corporation, which investigates how the upstream, refining and gas and power sectors are prioritizing IT spending.
The two firms have joined in the research project to interview information officers at many of the world's leading energy firms to understand how they are currently managing IT investment.
The report will enhance and build upon the earlier presentations, providing a broader industry perspective.
Then, four case studies will be presented: The first entitled, "Dropping the 'E:' Moving E-Business to Just Business" by Tim Pownell, general manager, e-procurement project, will discuss how Unocal is in the process of fully integrating their e-business systems into the mainstream practices of the company.
The second, entitled "Rapid ERP Integration: A New Supervisory Application to Reduce Training Time and Improve Inventory Accuracy," which will be presented by Mark Evans, CIO, Tesoro, will discuss how Tesoro was able to integrate its marine logistics unit into the broader SAP ERP to improve performance, inventory accuracy and employee satisfaction.
The third and fourth presentations will be made by management from Reliant Resources Inc. to describe how they are using IT to prepare for Texas' forthcoming deregulated marketplace.
Will Symmes, director - energy information systems, will describe how Reliant has developed an internet-based energy information and analysis portal for large industrial customers, entitled "Energy Commander."
Then, Ron Orsini, vice president - eBusiness, will discuss how Reliant is investigating home automation technology to better serve residential and small business accounts.
"We're very pleased with the lineup for Wednesday and believe it provides a most important full-day forum for the opening discussion of Interactive Energy," said Nimocks.
"In the final analysis, our job is to facilitate the exchange of information and ideas so advancements can be made more efficiently, and this lineup promises to do that."
About Interactive Energy Interactive Energy will be held at Houston's George R. Brown Convention Center, Dec. 4-7.
The annual conference and exhibition covers information technology (IT) advancements in the energy industry and features numerous case studies of technology implementations, new software demonstrations, business plans and special workshops.
To register, please phone Mel Ladin at 832-200-3704 or go to www.interactiveenergy and click on "Register Now".
Conference Sponsors of Interactive Energy 2001 already include Enermetrix (www.enermetrix.com) SAIC (www.saic.com), AT&T (www.att.com), Microsoft Corporation (www.microsoft.com), Luminant Worldwide (www.luminant.com), Unisys (www.unisys.com), Conchango (www.conchango.com), Proclarity (www.proclarity.com), Silicon Energy (www.siliconenergy.com), Avocent (www.pixelvision.com), documentum (www.documentum.com), appropria (www.appropria.com) and Oracle (www.oracle.com).
Supporters include PR Newswire, Energy Central, TIPRO, Techxans and the Houston Business Journal.
| Unocal, Tesoro, Pioneer, Equiva, Reliant to Provide Opening-Day Insights at IE2001 |
Below is a summary of the organizational changes that we discussed yesterday.
Note: some changes have already been made - please note your agreement or disagreement.
Research to North America (original discussion was to put it under RAC) Competitive Intelligence to North America Chief Accounting Officer to Chief Financial Officer Investor Relations to Chief Financial Officer Insurance to Chief Financial Officer Interest Rates and Currencies to Chief Financial Officer Corporate Responsibilities and Community Relations to HR (or PR)?
Xcelerator - closed Principal Investments to Chief Financial Officer Associate & Analyst Program to HR Compensation and Benefits to HR Regards,
| Organizational Announcements |
Please find attached the most recent Speech List for Mr. Lay.
Should you have any questions, please do not hesitate to contact me.
Tori L. Wells Executive Assistant Office of Ken Lay Chairman & CEO ENRON
| Lay Speech List 11/20/01 |
AT&T's Enabling the enterprise is coming to Houston November 29th, and we have not yet received your registration.
As anticipated, interest in this session has been great...and seats are limited...so register today!
If you have received this reminder in error, please disregard.
Thank you!
If you have registered already, please disregard this email.
| Register for AT&T's Enabling the Enterprise - Houston, TX |
The following announcement was sent out from the ENW Office of the Chair on Sunday, October 21: As a follow-up to the Enron Net Works All Employee meeting on October 5, we are pleased to announce a number of organizational changes.
Beth Perlman, currently CIO for EA Systems, will work closely with Mark Pickering on a number of key projects for Enron Net Works.
Additionally, Beth plans to explore various commercial opportunities within Enron.
Replacing Beth in her current role will be Steve Hotte, currently CIO for EGS.
Anthony Dayao will continue as CIO for EES Systems.
In addition to his current responsibilities, Anthony will assume responsibility for creating a combined Wholesale/Retail Power Trading and Risk Management system.
Jeff Johnson will move into the new role of CIO for EGM/EIM Systems.
John Paskin will transfer to the Houston office from London to take up the new role of CIO for Corporate Systems.
His group will include the ISC, Enterprise Portal, Intranet Solutions, CRM strategy, Treasury Systems, Development Support and will matrix into HR IT Systems.
Continuing in their current positions are Inja Chun, CIO for EBS Systems; Paul Freeman, CIO for Enron Europe; Jay Webb, CIO for eCommerce, which now includes Commodity Logic Systems; and Jenny Rub, CIO for Infrastructure.
All of the above positions report into to Mark Pickering in the Office of the Chairman for Enron Net Works.
Transitions into their new positions will begin within the next two weeks and should be complete by the end of the year.
We are currently interviewing individuals to serve as CIO for EGS, as well as an individual to serve as head of our Enterprise Framework group.
We will keep you posted on the progress of these searches.
Please join us in congratulating all of these individuals on their new responsibilities.
| Organizational Announcement |
Attached is the language we are proposing to Dynegy for their release tomorrow.
Please send me your comments tonight, and I will send the final release to Rosie to forward to Chuck Watson from Ken.
Thank you.
| Draft Dynegy Release |
Take Control Of Your Investing with a FREE BusinessWeek Investing Seminar!
(...and get the Knowledge and Information you need to beat the market and build personal wealth.)
Dear Lawrence Whalleyq, Congratulations, you've been selected to receive two FREE tickets to an Online Investing Education seminar hosted by BusinessWeek Investor Workshops.
In your free 90-minute seminar, you'll learn powerful investing strategies that every investor needs to capitalize on their investing.
You'll learn how to use the tools and resources of the Internet, along with proven investing formulas and strategies, to build personal wealth and secure a financial future that can help you to retire early and retire wealthy.
To meet the high demand for this free seminar, we have scheduled the event in various locations in your area.
Seating is limited at each location, and the event will fill up quickly, so we recommend you claim your FREE tickets within the next 48 hours to assure your seat.
| FREE SEMINAR: Take Control of Your Investing! |
Attached are two versions of a press release.
We plan to issue one of these before market open tomorrow.
The second version assumes financial close on the remainder of the secured credit facility (I need someone to confirm or deny).
The first version speaks only to the merger and our debt restructuring efforts.
Please review and provide comments as soon as possible to me and Karen Denne (karen.denne@enron.com).
I understand that Jeff McMahon and Jimmy Lee will discuss the attached at 7:00 CST tomorrow.
| Possible press release before market open on 11/20/01 |
Please review the attached press release, which we'd like to issue as soon as possible this morning.
Please confirm that we have, in fact, closed on the $450 million, and let me know if you have any additional comments.
Thank you.
| Revised Press Release |
Enron Fuels International, Inc., company #494-EFII, has withdrawn its authorization in the following state(s) on the date(s) given: Colorado September 4, 2001 Florida September 4, 2001 Illinois September 5, 2001 Indiana September 4, 2001 Iowa August 31, 2001 Kansas November 5, 2001 Nebraska September 5, 2001 Please circulate this information to all interested parties within your group.
PLEASE NOTE: Nony Flores - copy of evidence being sent by interoffice mail Vicsandra Trujillo - copy of evidence being sent by interoffice mail Sylvia Hu - original certificate(s) delivered by messenger Lillian R. Bailey Administrator Corp. Services EB4863 Ext.
33577 Telephone 713/853-3577 Fax 713/646-8007 lillian.bailey@enron.com
| Enron Fuels International, Inc. |
Dear Greg We met some time ago for dinner in London together with Bruce Farmer.
Since a lot of things at Enron are fluid at the moment I wanted to contact you to express Glencore's interest to acquire Enron's copper concentrates and metal book if this is an option Enron would consider.
We understand that the staff in London responsible for these areas are working on a MBO and there is thus little interest from their side to be open or co-operative.
This is the reason why I contact you directly and would appreciate hearing from you at your earliest convenience.
regards
| metals business |
A full list of articles will be sent on Monday, but here is some initial co= verage from yesterday and today...
IN THE MONEY: Enron - From Energy Trader To Spinmeister By Carol S. Remond 11/23/2001 Dow Jones News Service=20 (Copyright (c) 2001, Dow Jones & Company, Inc.)=20 A Dow Jones Newswires Column=20 (This column was originally published Wednesday.
)=20
| Articles |
Mark: In the last two days, three private equity firms have told me they would be prepared to make all-cash offers for EW's European operations before December 31.
These are Babcock & Brown (London), Alchemy (Frankfurt) and FBR (Washington DC).
Based on what I know about Enron Wind, I would bet that the price for the European operations alone would be signicantly more attractive for Enron than the price for the combined US and European operations.
I don't want to waste their time if it's too late.
What should I tell them?
| Cash Offers For Enron Wind Europe |
Please find attached the EEOS / NEPCO weekly project update for week ending November 23, 2001.
If you have any questions, you can call me at (713) 646-6106.
Mark
| EEOS Weekly Report... W/E November 23, 2001 |
<<CSFB_EnergyTech_nov2601.pdf>> Summary: * A quick look at the correlation between the performance of the Energy Technology stocks and the price changes in both natural gas and oil.
* Our conclusion is that there is no meaningful statistical correlation over time.
Commodity price shocks may however exert short term influences on the shares but should not be used as a predictor.
Regards,
| CSFB: Energy Technology Bulletin - Issue 87 |
The below listed Delaware limited partnerships that were formed but never utilized are being considered for dissolution.
Please let me know by Wednesday, December 5, 2001, if there is any reason not to terminate.
If I receive no responses, we will proceed with dissolution.
EGC 1999 Holding Company, L.P. EGC 2000 Holding Company, L.P.
| Proposed dissolutions |
AT&T's Enabling the enterprise is coming to Houston November 29th, and we have not yet received your registration.
As anticipated, interest in this session has been great...and seats are limited...so register today!
If you have received this reminder in error, please disregard.
Thank you!
If you have registered already, please disregard this email.
| Register for AT&T's Enabling the Enterprise - Houston, TX |
Although this entity was sold earlier this year, an announcement e-mail was not issued at that time due to lack of documents.
On May 11, 2001, Haywood Power I, L.L.C.
( 86G-HPWR) sold; 100 percent of the ownership interest was assigned to AES Greystone, L.L.C.
Please share with interested individuals within your groups.
Corporate Records - - Evidence to be hand delivered.
| Sale of Haywood Power I, L.L.C. |
Although this entity was sold earlier this year, an announcement e-mail was not issued at that time due to lack of complete documentation.
On March 30, 2001, Fountain Valley Power, L.L.C.
(87V-FVPL) sold; 100 percent of the ownership interest was assigned to Black Hills Fountain Valley, L.L.C.
Please share with interested individuals within your groups.
Corporate Records - - Evidence to be hand delivered.
| Sale of Fountain Valley Power, L.L.C. |
Ken, Greg, Mark - Thank you for your leadership over the last several weeks and this morning.
We appreciate it.
Following are some additional thoughts and some more detail on my comments from this morning: The leadership group in that room needs to feel the sense of responsibility to lead our businesses.
Everything we say & do - including all written, verbal and "body language" - are signals.
We must communicate and lead all day, every day.
As an organization, and as part of our culture, we lead with our chin - always have and probably always will.
We are going to take our share of bumps and bruises.
We have some great businesses here....and we are fortunate.
We have grown the size and profitability of our core businesses substantially, and in a market where many companies have not been as successful.
Most of our wounds are self - inflicted.
We can and should do a better job.
I believe this leadership team needs to make an absolute commitment in the following areas: Vision - define what we want this company to be in the next 3-5 years Value - as part of building the World's Leading Company, my vote is that we dedicate our energy towards building long term, sustainable value.
This is not about just creating value in the eyes of Wall Street - this is about creating real value, perhaps as defined by "after tax operating profit minus the real cost of capital".
Market cap will follow this type of economic value creation.
We need to measure it and incent people this way.
Teamwork - we are a leadership team.
I don't feel as though everyone buys into that nor is it clear that everyone around that table feels a sense of responsibility to lead across the business.
I would like to discuss how we improve as a team.
Many of our employees (at an average age of 33 years) have never been through: an economic downturn a global military conflict problems like the ones we are currently experiencing at Enron We need big time leadership now....from all who are around that table Clear Demonstration of our leadership - in clear view of our employees, customers and shareholders People - we must make sure to retain and enhance the interest of the employees that add value to Enron everyday.
These people need to believe - with our actions - that we are absolutely focused on making sure they have an environment that is conducive to building and creating value over the short, medium and long term.
The ball is in our court.
We have to lead and be perceived as credible leaders.
We've got to dig deep and get down the road - together.
If you wish, I would be pleased to discuss this further.
Thank you again for your leadership.
| Management & Leadership |
Kevin, given the track record of mis-behaviour, I don't fault you with the = premise of guilt before understanding.
But I would like to assure you that= despite the high valuations externally, which I probably agree are fantasy= , The Facility Services Group has a clear vision/market; it has a quality m= anagement team; it will be under my thumb and it is conservatively valued i= n the books.
It is much more that a Blockbuster or other like structure.
= If you would like to discuss in detail do not hesitate to give me a call an= d I will take you through it - both overall strategy and tactics.
Even tho= ugh it has been a confluence of events which has caused our problems, the f= undamental root of most issues is an inactive management team which hasn't = managed the detail as well as we would like.
New Power in my view would no= t have been as big a loser if we had kept it private and managed it closely= as a key part of the business.
Instead we took it public and let it run a= mok.
I think you can see parallels across the company.
Initially well int= entioned and thought out strategies fall apart when not managed appropriate= ly.
Regards
| ServiceCo |
The latest Q4 Target Sheet can now be accessed via S\Forecast Target Sheet\.
The resolution centre has given read access to all recipients of this report, including those in the US.
If you have any problems contact myself with any questions.
Earnings to date are $36.2m.
With expected trading results of $138.0m and other expected transactions of $44.1m, we are currently showing a shortfall of $74.2m to our target of $292.5m Please contact Buddy Aiken or myself with any questions or comments.
Regards,
| Target Sheet sent 221001 |
Dear Enron's topmanagement, We are not only concerned on the crashed stock but also Enron's situation in Japan.
The business here is too difficult!!!
How do you know the current situation here: > Bad Reputation in Japan - if you say you are from Enron people will say "No" > Ignorance of Japanese Business - wasting many time on TOCOM, a market controlled by mafia, those minor comnies want to cheat Enron's money > Unsatisfactory business environment - deregulation will not proceed in three years > Poor manegment - the office is like a kindergarden, the so called "experts" have serious discrimmination with local staff; They do nothing themselves just ask the local "slave" to work hard and they go to vacation or business trip > "Sato" means sweet in Japanese but Sato Project is not so sweet as you think!
Have you expected another "E-power"?
I have to say we are so dispointed with Enron!!!!
Enron Japan is at the entrance of "Bermuda Triangle", we worry when will it dispear?
Sato Enron Japan
| Enron Japan is at the entrance of "Bermuda Triangle"!!! |
As a follow-up to the Enron Net Works All Employee meeting on October 5, we are pleased to announce a number of organizational changes.
Beth Perlman, currently CIO for EA Systems, will work closely with Mark Pickering on a number of key projects for Enron Net Works.
Additionally, Beth plans to explore various commercial opportunities within Enron.
Replacing Beth in her current role will be Steve Hotte, currently CIO for EGS.
Anthony Dayao will continue as CIO for EES Systems.
In addition to his current responsibilities, Anthony will assume responsibility for creating a combined Wholesale/Retail Power Trading and Risk Management system.
Jeff Johnson will move into the new role of CIO for EGM/EIM Systems.
John Paskin will transfer to the Houston office from London to take up the new role of CIO for Corporate Systems.
His group will include the ISC, Enterprise Portal, Intranet Solutions, CRM strategy, Treasury Systems, Development Support and will matrix into HR IT Systems.
Continuing in their current positions are Inja Chun, CIO for EBS Systems; Paul Freeman, CIO for Enron Europe; Jay Webb, CIO for eCommerce, which now includes Commodity Logic Systems; and Jenny Rub, CIO for Infrastructure.
All of the above positions report into to Mark Pickering in the Office of the Chairman for Enron Net Works.
Transitions into their new positions will begin within the next two weeks and should be complete by the end of the year.
We are currently interviewing individuals to serve as CIO for EGS, as well as an individual to serve as head of our Enterprise Framework group.
We will keep you posted on the progress of these searches.
Please join us in congratulating all of these individuals on their new responsibilities.
| Organizational Announcement |
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
| Military Visit - please read |
Please find attached the EEOS / NEPCO weekly project update for week ending October 26 , 2001.
If you have any questions, you can call me at (713) 646-6106.
Mark
| EEOS / NEPCO Weekly Project Update... W/E October 26, 2001 |
Please be advised: 2 lawsuits were filed in Harris County, Texas on Thursday, October 18th, against Enron Corp. and the Board of Directors relating to the issues discussed in the Wall Street Journal over the past several days.
This issue will be discussed at the Enron Corp. Board of Directors meeting scheduled for today, Friday, October 19th at 11:00 a.m.
(C.D.T.)
Thank you very much and we look forward to your participation in today's meeting.
cc: James V. Derrick, Jr. Richard N. Foster Mark A. Frevert L. Greg Whalley
| Additional Information for Today's Board Meeting |
Afghanistan Ground War We believe plans are progressing for ground action in Afghanistan to begin over the next week.
Rumsfeld and Bush are both overseas and it is unlikely that the attack would commence prior to their return.
Forces earmarked for deployment include US Marines, US Rangers and British Marines.
The Pentagon has reportedly suggested to London that it reclassify its marine commandos and paratroopers as "special forces" so the operation may still be depicted as an SF one.
The tactical aims of such operations - which will see troops inserted by helicopter from Pakistan and then extracted via the same route - will be to destroy identified Al Qaeda targets in areas theoretically under Taleban control.
Anthrax More incidents today with media outlets and politicians being the primary targets.
There is a wide variety of media reporting on this, most of it unreliable.
We reiterate that the U.S. government is equipped to handle isolated incidents of cutaneous anthrax exposures, but is not equipped to handle air-dispersed anthrax attacks on a wider scale, or more contagious biological weapons such as smallpox.
The main impact of the current incidents (aside from those directly affected) is psychological; a further escalation of the sense of worry, which increases both political and economic pressure on the Bush Administration.
Politically, there will be increased pressure "to do something" not only against the bin Laden network, but possibly Iraq.
Economically, the anthrax incidents are simply another serious blow to consumer confidence.
The Congressional incidents also are delaying passage of the fiscal stimulus package.
Terrorist Sophistication Targeting Critical Infrastructure Not to be Overlooked The anthrax incidents also represent yet another attack against US critical infrastructure.
Just as the World Trade Center and Pentagon attacks represented attacks on our transportation infrastructure, financial infrastructure, and government infrastructure, so too do the anthrax attacks target our government infrastructure (Congress, Gov.
Pataki) and our communications infrastructure (Fox/CBS/ABC/NBC & mail delivery).
Both the September l1th attacks and the anthrax incidents have hit targets that are significant both as critical infrastructure and as symbols of American power.
The threat at Three Mile Island reported last night suggests that the possibility of attacks against energy infrastructure should certainly not be ignored and should probably be expected.
| US Responds to Terror #5 |
Just wanted to drop you a note and congratulate you on your recent appointment (or should I say "anointment").
Also wanted to (on the QT) have a discussion about our two company's and float an idea.
I've been at Harvard for the past two months at the AMP program and have had a chance to really look at the direction, gait and opportunities for Cinergy and during that same time frame Enron has also gone through some dramatic change.
As is said "a little bit of knowledge is a dangerous thing".
It would be a good to see you at the very least and grab a good bourbon and cigar.
I'll be out of the program in the middle of November and back in Cincinnati.
Send me your number and I'll give you a call sometime and we can see if there is a reason to do anything but have the bourbon and cigar.
Congratulations again on the obvious wisdom of the Enron empire.
I'm sure they're braced for ignition.....
Regards,
| Belated congratulations... |
House Speaker Hastert has decided to close the entire Capitol complex, including the office buildings on the House side, at the end of the working day today through Monday, as a precautionary move to allow for special agents and germ experts to conduct a sweep of the ventilation systems and all remaining unopened mail.
The Senate side is expected to do the same.
It has also been confirmed that the anthrax-laden letter sent to Senate majority leader Daschle's office was of a particularly potent, high grade military quality anthrax that quickly spread once opened.
Some 29 staff in Dachle's office or the mail room have tested positive, and some anthrax spores were found in the ventilation system of the Hart building (where Daschle's office is located) and in one of the tunnels leading to the Capitol itself.
If there is even a hint that this military grade anthrax came from Iraq, there will be a strike by the U.S. against Iraq.
Another possibility is that the anthrax is of Russian origin and was somehow illicitly acquired by Al Qaeda or the Taliban.
There has not been a second anthrax letter or a new outbreak of anthrax, nor is there any evidence of anthrax spores spreading to committee rooms located in the other Senate or House buildings.
This was a pre-cautionary move by House Speaker hastert, though it in no way diminishes how ugly the situation is.
| Anthrax Scare in DC |
Greg: In August I submitted an idea to Enron's ThinkBank "Idea Vault" for a new business opportunity for Enron.
My idea is to develop a new commodity market for exchanging wireless spectrum rights.
The idea is categorized under "Commodities" and is accompanied by a report which explains in more detail the idea, background information, market conditions and why it's a tremendous opportunity for Enron.
It's been 2 months since I submitted the idea, but I haven't yet received a response from anyone who may have evaluated it.
I'm contacting you now for two reasons.
First, it is my understanding that the Net Works group develops and launches ideas like this.
And second, it's my effort to "jump start" the review process, for fears that the idea may have fallen between the cracks somewhere in the "Idea Vault" process.
Included below is the preface to my report which introduces the idea for trading wireless spectrum.
The entire report can be accessed and printed from the Idea Vault site, or I could send the report document electronically if that's easier.
If it's not appropriate for me to have sent you this email directly, then I sincerely apologize for the mistake.
If you're typically not the person who would review an idea like this, again please accept my apology, and recommend who you think that person might be.
Thanks for your consideration,
| Wireless Spectrum - Creating a New Commodity Market |
In order to ensure that our communications with the investment community are consistent, Stephen Moore of Moody's and I have agreed to publicly state the following as it pertains to the Moody's rating action taken today: Full Review To Occur - The action is intended to be the catalyst for a full review of our business operations to occur in the coming months.
The company's appropriate rating will be determined during this time frame; Primary Areas of Concern - Moody's will be focusing on the following items during the review: Potential Future Equity Write downs: Dhabol California Broadband Fiber Network Wessex/Azurix Slow Progress in Asset Sales - we have been discussing sales for the past 18 months with limited closings Material Working Capital/Margin Expansion - has resulting in negative cash flow from operations The Equity Adjustment - Moody's was unaware of the potential of an equity adjustment of this magnitude Please let me know if you would like to discuss any of the points in detail.
Regards:
| Moody's Basis for Placing Enron Securities on "Review for Downgrade" |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.