Q: Mike: Here is the resume I told you about. Also, if you could have another talk with Brandon, I think that he may still be interested in a position. Thanks! Ben
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A: Barry Steinhart's Resume

Q: Dear Vince, In view of all the turmoil at your company these days, I thought that it might be a good idea to check in with you and confirm that you are still planning to come to campus on 11/15-11/16. We have you scheduled to present to students on 11/15 from 11-2, and on 11/16 to present a seminar to the finance faculty. We also have a room reserved for you at the Judge Baylor house in Waco for the evening of 11/15. Besides confirming your visit, I am wondering whether you would recommend that I have my students read any articles in preparation for your talk. Would it be okay for me to assign your paper with John Martin (forthcoming in the JACF) entitled "Transforming Enron Corporation - the Value of Active Management"? Also, would there be a seminar paper that I could distribute for the faculty seminar, or would you prefer to have more of a free flowing presentation along the lines of what you did for me during spring 2000 at LSU? Finally, if you want me to distribute any other materials to the students or faculty, please let me know. We are looking forward to your visit! Sincerely,
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A: your upcoming visit

Q: PLEASE KEEP THIS NOTE, AND THE INFORMATION CONTAINED IN THE NOTE CONFIDENTIAL. As folks are aware, we have been engaged in closed-door negotiations for the past two weeks regarding a possible market-based solution to California's electricity crisis. In the room are the major large customer groups, environmentalists, small customers (TURN), Independent Energy Producers, labor, the Western States Petroleum Association, and Enron. The negotiations were convened by the Speaker of the Assembly (Bob Hertzberg). When Hertzberg convened the meeting, he told the parties that he wanted to achieve a core/noncore structure, similar to the structure in place in California's gas market (i.e., large customers are required to buy gas from the market, with Direct Access available to all other customers). In effect, "core" customers (rez and small business) would be served by the utilities' retained generating assets and QF contracts; and large customers would go to market. The core/noncore structure would begin 1.1.03. The negotiating group has struggled over the past two weeks, but is close devising a framework for core/noncore in Californis (but who pays for the utilities' past debts and the costs of DWR power purchased between January and today remain very contentious). Unfortunately, with the release of the information regarding the DWR contracts last Friday, it is now clear that achieving a core/noncore structure will be very difficult unless something is done to mitigate the contracts. The problem is that, if core is served by utility gen and QFs, and large customers are in the market, there is no (or very little) need for the DWR contracts. Instead, they look like a signficant stranded cost. Hertzberg and the negotiating group are looking to Enron for creative ways to address "the DWR contract problem" in order to prevent the contracts from 1) killing the core/noncore deal and 2) forcing California to accept a structure focused on a state power authority headed-up by David Freeman that does not include Direct Access. Christian Yoder and Steve Hall are reviewing the contracts to analyze any "out clauses" that the buyer and/or the seller might have under the contract provisions. (My cursory review of the contracts suggests that "outs" for the state are minimal or nonexistent.) In addition, we've started batting around ideas about how the State might reform the contracts. All this said, want to let everyone know that we have made it extremely clear that Enron fundamentally opposes any and all attempts to unilaterally abrogate anyone's contract rights. We'd like to have a quick call tomorrow (30-60 minutes) to brainstorm some options that we can offer Hertzberg to handle the contracts and keep the core/noncore solution alive. We'd like to try to have the the call at 1 PM PDT. Please let me know if this works for you, and if it doesn't, please let me know if there's a time after 1 PM PDT that works for you. Thanks,
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A: Call to Discuss Possible Options to Mitigate Effect of DWR Contracts--Privileged and Confidential

Q: Dear Sir; Passed Suez canal. Captain Oe Hansen relieved by Captain Knut Bentzr?d. Commenced sea voyage at N 29,8? E 032,5?, 1630 LT (1330 GMT) A) Position at noon : NA B) Dist. from last noon : NA C) Dist. to go to next port: 2472 nm D) Eta next port : 13 May 0900 LT Brgds Knut Bentzr?d Master E-mail: master.gall@hoegh.no Teleph: Inmarsat tel.no.+874 330853910 Fax : Inmarsat fax no.+874 330853913 Telex : Inmarsat B telex no.+584 330853915 Telex : Inmarsat C telex no.+584 430853910 (24hrs.watch)
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A:
Departure report 7 May