The phone call to Intermesa and Votorantim should emphasize the following points: 1. The transaction was never consumated. We have consistently stated that we do not consider the transaction a "done deal" until final documents are executed. 2. We are no longer willing to consider the proposed transaction. The reason is simple: the market has moved and they failed to act quickly. 3. All markets,pet coke markets in particular, are time sensitive. Because Votorantim has delayed in the execution of final documents, it accepted the risk that, over time, market prices would change and Enron would no longer be willing to sign a deal. 4. Again, we never had a final, enforceable deal. Their only claim is that we misrepresented to them our willingness to do the deal and therefor they didn't pursue negotiations with a third party. Our response is: we never made any misrepresetation and it is not reasonable to rely on our negotiations as a basis to forego discussions with third parties when Enron never sent them a binding offer.
Answer: Intermesa/Votorantim
Ken, I can't begin to tell you how much I admire you. I still trust you, I still believe in you, I still think you are making the right decisions for the future of this company. Do you know why? Because I absolutely love the Enron that you built. Enron believed in me. Enron took a chance on me. Enron made me into what I am today. I'm a single mom that started in the back office, worked her way up onto the Weather Derivatives Desk and finally onto the Natural Gas Trading Floor in Energy Risk Management. Where else could anyone get these sort of opportunities? NO-WHERE. I'm so proud of this company. I know that it will rise from the ashes and be reborn into something new. Warmest regards,
Answer: Thank you so much!~!~!~!
Tickets are available for the BEAVERS game tonight against the Oklahoma Redhawks at 6:30pm. First Come, First Served! Please See Theresa Villeggiante in Origination for tickets!
Answer: Beavers Baseball!'
This morning Enron's credit rating was downgraded to junk status which is below investment grade. This is very bad news for Enron's future prospects. The flurry of activity that you see from the trading and scheduling team is a direct result of our credit downgrade. Many of our contracts have provisions that allow our customers to stop performing on their contracts with us if Enron's credit rating falls below investment grade and if we are unable to post sufficient collateral. The trading, scheduling, and legal team are working together to figure out how to meet our physical delivery obligations over the next several weeks. This is our number one priority right now. I will still be holding the floor meeting at 1 PM today. I would like to hold the meeting earlier but am not sure that I will be able to do so. I know that people are very concerned about our ever-worsening status. I know that you want information as soon as possible. If I am able to meet before 1 PM I will send out an e-mail announcing an earlier meeting. Tim
Answer:
Update