Jordan, in response to your questions concerning the issuance of letters of credit starting today, I think that the response needs to address two situations: the committed lc facilities [Chase and West LB] and the uncommitted facilities. Since the uncommitted facilities involve minimal representations, they are not typically an issue [although we still need to review each circumstance individually], and unless there is a specific representation to Enron Corp.'s audited financials for the period 97-00 being prepared in accordance with GAAP, we should be able to issue letters of credit from an uncommitted facility. However, sections 4.1(d) of each of the West LB Facility and the Chase Facility contain a representation that Enron Corp.'s financial statements were prepared in accordance with GAAP. This representation was false when made, and will always be false. Thus, there is an issue with an officer being able to make the representations and warranties necessary for an issuance of a letter of credit under one of these facilities [or for an extension of an existing letter of credit]. In order to utilize the committed facilities, it will be necessary to obtain an amendment or waiver of this representation, since simply adjusting the representation on an officer's certificate gives the agent a defense to issuance on the face of the certificate. [An amendment is preferable from Enron's perspective.] [Note that as we previously discussed, there is not an event of default under the facilities, since that provision has a materiality qualifier.]
Answer: Issuance of Letters of Credit
On Wednesday, October 31, I sent an email to all Enron employees worldwide in order to ensure that Enron employees retained documents that might be relevant to ongoing litigation. New lawsuits have been filed that enlarge the scope of the information that Enron will need to retain. The following list includes both the topics in the earlier email and the topics related to the new lawsuits.
Answer: Important Announcement Regarding Document Preservation.
Can you call him about this? I wouldn't worry too much about the tone of this letter or stepping on his toes. Jim overreacts at times.
Answer: DPC - Privileged and Confidential
Notice No: 02-60 February 20, 2002 NYMEX HOLDINGS, INC. CANDIDATES' FORUM Please be advised that a NYMEX Holdings, Inc. candidates' member forum is scheduled to be held on THURSDAY, MARCH 7, 2002 at 3:00 p.m. on the 10th Floor of the Exchange, One North End Avenue, New York City. At that time, each candidate will be given the opportunity to address the membership regarding the 2002 Annual Elections scheduled to be held on Tuesday, March 19, 2002.
Answer:
(nms-60)NYMEX HOLDINGS, INC. CANDIDATES' FORUM