postbot/aeslc_kw huggingface dataset:
Subject: Good Buying Opportunity????

Stamos,  I don't think many buying opportunities out there.
The economy is going to  get  crushed this year.
There's only one place to put one's money now, and that  is in cash.
The manufacturing sector is in dire straits and you will continue to see an  increase in plant shutdowns and company layoffs.
The Fed could continue to lower rates  but there'll be little capital investment if consumer spending dries up.
I feel we've  just seen the beginning.
I think the Dow will be trading under 8000 by the end of April.
Psychologically, the California crisis will add to consumer fear.
The crisis  is not a short term problem.
As a result, barring any Federal bailout, you could kiss that  state's economy goodbye.
Let me ask you a question; if you were paying (1) the highest real estate  prices in the country, and  (2) the highest energy prices for the least reliable power, in (3) the midst  of a hi-tech meltdown, what would keep you or your company from closing shop and moving to a different state??
If you own any CA real estate, sell.
The only way to solve the CA energy crisis is to  reduce demand or increase supply.
Since CA doesn't want any power plants in its backyard, the supply issue  likely won't be solved anytime soon.
So, how do impact demand??
You have to price energy(power/gas) so  high that the discretionary user (household, manufacturer, commercial store) conserves  by closing its plant, cutting back on the thermastat or running the commercial operation during off-peak  hours.
California will see this reduction in demand over time.
If the blackouts subside it's because so  many businesses have closed their doors for good or moved to another state.
Without this, the  blackouts will get much worse.
If the state tries to get into the business of buying and selling electricity  and gas, I would bet it will go bankrupt within 2-3 yrs.
Could you imagine the impact on the national  economy from the bankruptcy  of the U.S.'s most prosperous state.
Obviously this is only my opinion, but  I would keep my eyes on the energy markets - that's where the key to the turnaround lies.
Take Care  and thanks for the email.
Kevin
Subject: Portable Generator

BL,  Have you experienced any blackouts yet?
I think you'll see a lot this summer.
What does everyone think about the situation?
Do they think it's a threat or  not?
I think the state is in for a horrific summer - I hope it doesn't turn out that way,  but it'll be incredibly difficult to avoid.
Hope everything's going well with work and with the family.
When's the next  time you'll be in Dallas?
Let me know.
KR
Subject: Bid Week Prices for March '01

Attached is a list of all non-index, bid week trades for Michcon, Consumers,  and ML7.
Please let me know if you have any questions.
Thanks,
Subject: Gray Davis

Bri,  What's the deal with this Gray Davis guy?
What's your opinion on him?
He's pretty much out to lunch on this whole energy crisis thing.
I was wondering  how the citizens of California viewed him.
Hope everything is going well with Kim, Kendall and yourself.
Talk to you  soon.
Send an updated picture if you have one.
Kevin
Subject: <Irene Pappas

Hope all is well.
I haven't forgot abt the Hawaiin Electric position.
I'll  try to get in touch with my friend today.
I've been out of town for the last few days.
Kevin
Subject: PRC

Hunter,  Per your request.
1.)
Traded the Gulf Coast region starting in Sept/Oct 1999.
-  Developed valuable customer relationships        -  Managed Gulf position with Tom Donahoe        -  Gulf book was profitable during this time period.
2.)
Moved to Market Book in January 2000.
-   Responsible for trading Michigan and Wisconsin markets        -   Managed Market Book w/ Patrice Thurston.
-   Market book is profitable  3.)
Managed own book starting in May 2000.
-  More than doubled daily volume traded in both Michcon            and Consumers.
-  Developed and managed multiple products on EOL including
Subject: Wedding

TJ,  Thanks for the congratulatory message you left on our voicemail - it made us  feel great.
We actually didn't go on a honeymoon - we will take one sometime next year.
We've just been swamped with the house we recently bought.
We bought an old small  bungalow in the city.
What a money pit.
Hope everything is going great.
Tell  everyone we said hi.
Thanks again,
Subject: Contracts

Susan,  Could you please provide me with copies of the attached contracts.
I think  you received a similar request from Tom Donaho.
Contact me if you have any questions.
Thanks for  your help.
Kevin  P.S.
My desk # is 3234D and my telephone number is 3-6320.
Subject: Wedding

Chump,  Long time no hear.
Sorry it's taken me so long to touch base with you.
Between work, the wedding, and the fact that we just purchased a house (pending inspections) I've been  pretty stressed.
As far as the wedding goes Lisa and I have decided to scale down  considerably.
We're only going to have immediately family and the folks in the wedding party.
For me that  includes you of course, Moller, Kampy and Peremes (even though she won't be in the wedding).
Don't tell her  though, she's the only one I haven't mentioned anything to.
I'll make sure you and Moller get to  share a room.
I feel kinda bad about not inviting Lowery since I was in his wedding, but I don't feel like  dealing with Kim.
She's really  annoyed me the last few times I've seen her.
We still plan on having it at the B&B in Long Beach Island.
We'll have a  catered dinner for about 45 folks.
It should be more manageable and cheaper this way.
Do you have the exact date when you'll move back to the states?
I'm psyched  you'll be a lot closer.
You could swing over to Houston and check out the new house.
By that time we  should have it in decent shape.
We bought the ugliest, most beat-up house on the block.
It definitely needs  a lot of work.
We'll be busy for the next year working on it.
I think when it's done,  it'll look pretty cool.
Anyway,  send me an email and let me know how everything's going and when  you'll be back.
Take care and tell Marie we said hi.
Kevin
Subject: FTEnergy

Could you please extend the guest id that expired for FTEnergy, the publisher  of gas daily.
Please call me when this is completed.
We need to have these folks view our daily indices.
Thanks,
Subject: What's up?

Dave,  It was great getting a chance to finanlly meet the other night.
Hope you  enjoyed dinner.
Since then, I've been thinking abt some of our conversation re: the PBR.
I  have a quick question - why wouldn't you under withdraw in Feb and over withdraw in Mar if  Mar is currently higher than Feb.  You could lock this in by buying Mar forward.
Also,  what  happens if you withdraw in Mar and the Summer peaks higher than what you withdrew at?
How  is this accounted for?
I'll talk to you after you get back from Houston.
Kevin
Subject: Potential Dynegy Transactions

Steve,   I think you may have heard a request last week re working closely with Dynegy.
I think we just need to treat them like other counterparties.
Basically, West Power would like to enter into arms length physical power and service transactions with Dynegy.
My understanding is that Dynegy is a separate, unrelated party until the merger closes.
Therefore, we can not "collaborate" with them commercially and our transaction policy is dictated by customary credit, legal and risk management procedures.
Is this correct?
If so, how do you feel about the following?
An Enron customer wants to buy power and related services for one year.
The customer requires Enron to post collateral.
Enron does not want to post collateral but suggests that Enron can provide the product/services to Dynegy and Dynegy can then sell to the customer.
The Enron marketer calls the Dynegy marketer and proposes a "back to back" transaction.
Dynegy adds a small service fee, the Enron/Dynegy contract is executed and a Dynegy/Customer contract is executed.
This type of deal happens frequently - it is usually driven by the third party having better credit, transmission access or a complementary service.
We could do this with anyone, but the obvious choice is Dynegy - customers think it makes sense, and ultimately if we merge we have retained a customer.
Do you think this works?
Regards,
Subject: Master Netting Agreement

Pursuant to Lora Kinner's request, I am attaching our form master netting agreement.
The lawyer who will be working with you is Anne Koehler (713/853-3448; anne_koehler@enron.com).
She is out of the office at a seminar and will be returning on Thursday, November 29.
Please let me know if you have any questions or need anything else.
Subject: Amendment

Mr. Bonnell: At Tanya's request I am sending you a draft of the amendment agreement which would include cash as eligible collateral.
I look forward to hearing from you and your attorney.
The reason why a cash margin payment is not a preference under the Bankruptcy Code is because Section 546 (g) specifically excludes payments made under swap agreements from the preference provisions.
I would be happy to speak with your attorney about this.
Subject: Meeting today at 9:00 a.m. with Louise

Please plan to attend a meeting today at 9:00 a.m. with Louise in ECS 06736.
The subject is "Default Letters".
Attendees:  Carol St. Clair Elizabeth Sager Bill Bradford Debbie Brackett  Thanks!
Subject: Updated cash receipts

The non-payment list has been updated for cash receipts and conversations as of 4:00 today.
If you have questions, let me know.
Thanks, Leslie   .
Subject: closing list.DOC

<<closing list.DOC>> Attached is a list of closing documents which I told Joe I would send.
We have copies of the necessary UCC search certificates in our office.
Lisa Mellencamp asks that you return the executed documents to our offices so that we may review them and coordinate execution by the Enron Parties.
The UCC filing statements need not be signed.
As to the changes requested in the Sager draft, Lisa, Robert and I agree that the language suggested for 2(e) of the Second Amendment was, as stated, only clarifying and need not be inserted in light of the balance of the text of the 2 (e) and the statements made in your proposed 8K.
We understand that the other changes in the Sager draft were made in drafts subsequent to the one she was reviewing or are corrective only and will be made by you.
Thanks for all the hard work.
- closing list.DOC
Subject: Drafting Committee Meeting - November 12

The consensus of the group is to hold our meeting in  Washington on November 12.
We'll meet from 10-4.
John Crespo  has graciously offered to host the meeting at Hess'  offices in Alexandria,  Va. located at:   Amerada Hess Corporation  2800 Eisenhower Avenue -- Third  Floor
Subject: New Power Financial Gas Confirmations

The 6 financial gas confirms have been returned to us, signed by New Power.
I have not heard whether we have received all the physical gas confirms yet and we are still trying to find out what financial power deals were concluded.
Marcus
Subject: this is way funny

Subject: 11 Importance: High   You have got to read this..........too much......read until the end......   > Original Letter: > > The date of the attack: 9/11 - 9 + 1 + 1 = 11 > September 11th is the 254th day of the year: 2 + 5 + 4 = 11 > After September 11th there are 111 days left to the end of the year.
> 119 is the area code to Iraq/Iran.
1 + 1 + 9 = 11 > Twin Towers - standing side by side, looks like the number 11 > The first plane to hit the towers was Flight 11 > > I Have More....... > State of New York - The 11th State added to the Union > New York City - 11 Letters > Afghanistan - 11 Letters > The Pentagon - 11 Letters
Subject: EWS Legal Year End PRC Meeting

The EWS Legal Year End PRC Meeting is scheduled for Tuesday, December 11, beginning at Noon and lasting until all PRC matters are completed.
The meeting will be held in ECN49C1.
A conference bridgeline will be set up and lunch will be provided.
Please plan to attend.
Thank you.
Subject: Forward Contract Advice

David: We need your and your firms' assistance regarding various forward contract issues that we continually seem to face as we develop new trading products and as we deal with our existing contracts in a distressed counterparty or bankruptcy situation.
I thought that it would be helpful to summarize what we need done before we talk to you.
Here are the areas that we need your advice on:  1.
Obtaining Forward Contract Status	  	a.
All requirements deals 	b.	bundled service contracts 	c.	can only forward contract merchants terminate?
If enter into single output contracts, does that affect our status as a forward contract merchant?
(ewg, QF issues) 	d.	review of Polaroid contract 	e.	Review of EES retail contracts in general 	f.	spot masters - are they forward contracts?
2.
Termination Payments - is it considered a pre-petition or post-petition claim?
3.
Utility Status - is any Enron entity a utility under the Code?
4.
Swaps - can some of our "physical" contracts be recharacterized as swaps?
5.
Collateral other than cash and LC's - can it be liquidated without relief from the stay?
Ed Essandoh, an attorney with EES, will be faxing to you a copy of the Energy Management Agreement that EES has with Polaroid Corporation.
We would like for you to review it and give us your thoughts on whether it would qualify as a forward contract.
Ed's direct dial number is 713-345-8939.
Can you contact my assistant, Sandy Haldeman, to schedule some time for Ed and I to talk to you about the above?
Sandy's direct dial number is 713-345-3879.
I will be out of pocket most of tomorrow morning but feel free to call Ed directly with respect to the Polaroid contract.
We have assumed that your firm will not have a conflict on this but if this is a problem, please let us know.
Subject: PG&E Standstill

I spoke with Jack Foley at PG&E regarding rolling the standstill agreement until end of November.
We are renewing our l/c's until Nov 30 and Dave Sena will be sending an amendment to the standstill through Nov 20.
I will let you know when I receive something.
Bill
Subject: NRG Dispute

On Thursday afternoon, I received from NRG all of the transcripts of communications that they  recorded between the parties.
Here is my short summary:   There are six transcripts.
Five of them seem pretty good for us.
One is truly awful.
Transcript 1 (May 4, 2001):   NRG's Bill Stone talks to John Zurita about trying to come to terms on the deal.
No terms are finalized.
Transcript 2 (May 4, 2001):  Stone calls Zurita back and proposes a price that Zurita agrees to.
However, Zurita makes it clear that although many of the terms have been agreed to, "obviously we have to get agreements signed and get the lawyers involved and all that good stuff."
Stone appears to recognize that the deal is not complete:  "So we're really not done.
Fuck."
Transcript 3 (May 8, 2001):  Stone simply leave a voicemail for Chuck Decker asking to get a confirm of the deal.
Transcript 4 (May 8, 2001):  Stone talks to Decker.
Decker says: "Rogers Herndon is in charge of that.
Okay?
He has to put the pressure on the credit guys to get the credit shit put to bed.
His words, and they're not exact, but they're pretty close to this, I consider the deal done, tell Bill the deal is done, assuming that the back offices communicate the needed information."
Discussions are had about getting the credit folks together to iron out details.
Transcript 5 (May 16, 2001) (THE BAD TAPE):  Stone calls Zurita and sets him up, asking him a number of questions aimed at determining if there really is a binding and enforceable deal between the parties.
When Stone asks "why don't you just tell me where you guys think the deal is?," Zurita replies:  "I think -- I say the deal is done."
Stone's next question:  "Well, let me ask a question.
What happens if gas goes to two bucks tomorrow?
Do you still consider the deal done?"
Zurita's answer:  "Yep."
And there's more.
Stone next asks: "Are you guys going to stand on the deal for $70 for the five years?
I mean, I just -- I mean, I just gotta know exactly where you stand."
Zurita's answer:  "The deal is done, yes."
Ouch.
This is not good.
Subject: Updated EPMI/EES draft ICAP paper

Attached is the final draft of this paper for comment.
It incorporates the comments of those who responded but there is time for further redrafting.
However, given the filing deadline (Wednesday) further changes are likely to be wordsmithing unless someone vehemently objects to the structure.
regards
Subject: Halloween Festival

You forgot the small reminder on the festival Friday.
Must have been all the football excitment at the end there.
Anyway, the Houstonian carinval thing is Sunday October 28 from 4-6 pm.
They request RSVPs at 713-685-6888 (although I'm sure they'd let you come anyway).
There is also a "costume party" for the bigger kids one of those nights.
If Ella and Sam were going I'm sure Eleanor would love to go (Alice is too young).
I think it might be on that Friday or Saturday night (there is info.
in the MDO on it).
Have a good week.
Subject: EPMI/EES draft ICAP paper

Attached is the second draft of Enron's comments to FERC on ICAP.
The structure of the paper is summarised below:  1.
RTO's are a positive step forward for the industry.
2.
Spot markets are a necessary part of RTO development to ensure that the RTO can manage real time realiability.
3.
A well functioning spot market eliminates the need for separate capacity type products such as ICAP, reserve margin (i.e.
it achieves the objectives of iCap).
The paper incorporates theoretical and emperical evidence from other sectors of the economy and deregulation in other parts of the world to support this conclusion.
4.
During the transition from a regulated environment to RTO's there may be a 'political' need for ICAP.
Specifically states that any interim proposal should be limited to 2 years after RTO implementation.
5.
If that is the case, the paper sets out the two common theoretical platforms which can be used as a basis for ICAP.
6.
Proposes two options based on the theroetical platforms.
We would appreciate input on two issues.
Firstly, Enron needs to make a decision on whether to limit our position to reliance on spot markets (i.e.
don't suggest an interim solution).
While this is attractive, it is unlikely that Enron will get support from other participants (ICAP payments subsidize generation investment so no support from IPP's and consumers are not as confident as Enron that competitive markets will maintain reliability so they will want to sustain ICAP).
Secondly, drafting comments on the paper generally.
Please note that the final section, that proposes the Enron solution, requires substantial redrafting which will be done if the consensus is to propose such a solution.
A final draft will be sent out on the morning of Tuesday 10/16, the paper will be filed Wednesday.
regards
Subject: Upcoming EEI Contract Activities

To All:   The following was decided at the conference call on  October 3:   (1) The participants asked that the organization plan   reflect that the Drafting Committee performs the executive function and heavy  lifting for the EEI Contract Working Group.
The Drafting  Committee will be redesignated the Executive Committee and the Working  Group called the Membership Group.
New members of the Drafting  Committee will be appointed by the Co-Chairs and ratified by the Membership  Group.
I've attached a revised  organizational plan to reflect these  and other points raised during the conference call.
(2)  The Drafting Committee should meeting sometime  during the first two weeks of November.
Both AEP and Jones Day  have offered to host the meeting in Columbus, Ohio.
The dates under  consideration are 11/6,11/7, 11/8, 11/13, 11/14, or 11/15.
The Drafting  Committee would give final approval for the optional provisions and collateral  annex before they are posted on the EEI website.
In addition, the Drafting  Committee would discuss the future organization of the contract group and a  proposal for non-EEI members to contribute membership fees.
(3) Subject to any objection by those not on the call, Noel  Trask of the Exelon Power Team will be permitted to join the Drafting  Committee.
Finally for those who do not know yet, I will be taking a  position with Constellation Power Source effective November 5.
At this time it is not clear who will be the EEI point of contact for the Master  Contract group.
EEI, however,  is committed to continued sponsorship  of the agreement and related activities.
It is unclear what role I  will have with the group's activities as a Constellation employee.
I've  thoroughly enjoyed working with you over the past three years and hope to stay  in contact with all of you.
Regards,
Subject: Settlement Agreement

Attached is the template settlement agreement for the EPMI assignment transactions.
Bill and Tanya, can we get an updated copy of the transaction list (I think you may have identified some additional transactions since you ran the copy that I have in front of me).
Bill, has anyone discussed with you the "message" that these transactions may be sending to counterparties ...  you have probably already discussed this with Louise and John and others, but if not, we may want to make sure we are on the same page as to communications with counterparties before we get the ball rolling.
Subject: Master Netting Agreement

All, attached is a redline of Master Netting Agreement against the previous Cook c draft and the proposed Collateral Annex.
Please review and provide your comments to me by first thing Tuesday morning.
Major issues for resolution:  1.
We have determined that we should file on cash collateral in Canada.
Peter Keohane is reviewing the forms and processes for such, including how to determine and establish priority with respect to same.
Peter will coordinate with Credit concerning the mechanics of accomplishing the filings.
2.
Due to the continued concern by some counsel in respect of mutuality issues for setoff and netted settlement (another form of setoff) "aggregate liability clauses" set forth in 3a and 3b have been included for our consideration.
We must come to a consensus as to whether this language/concept should/must be included.
If the answer is yes, is the language included the best tactic?
3.
Mary Perkins is reviewing LC matters with banks to be sure the modified format set forth in this draft is satisfactory.
Timing Objective:  Our objective is to provide everyone another draft on Tuesday and finalize on Wednesday.
This will require a conference call sometime Monday afternoon.
Carol, Rick, David, Peter and Elizabeth please provide Esmeralda Gonzalez, my assistant, at 713 345-7621 with your Monday afternoon availability and she will set a time and advise you.
For those of you who had a prior draft of the Collateral Annex, I could not get this redlined for some reason, I apologize.
Carol, since I am out Friday will you please call Cadwalader and be sure they received this.
Further, will you ask them to review the NY choice of law provision in light of Canada cash collateral issue.
Thank you.
David and Rick, in your review please give special attention to the calculation mechanisms utilized for the determination of the Collateral Requirement.
Esmeralda, after you have determined availability, please send email to Carol, Elizabeth, Rick Antonoff, David Mitchell and Peter Keohane advising of the time (Houston time).
We will call other parties and do not need a call in number.
Subject: ENA Teams

Attached is an Excel spreadsheet for ENA Legal Expenses (% allocation to teams).
Please fill in the apporpriate percentages for your cost center for ENA and return them to me at your earliest convenience.
If you have questions, please call Edie Leschber at 30669.
Thanks.
Subject: Ride to Brownies

Elizabeth, I just spoke to Sheryl Rapp.
She didn't know  if she was suppose to take Ella to Brownies or not.
Please confirm with  her on her cell phone 713-859-5950 on way or another.
Joy Lee