Attached is an email I got from the lawyer for Fletcher Challenge. Obviously, he is on a short time frame, so we need to respond rather quickly. Russell, we need some direction from Credit on how we want to proceed on this assignment. Do you want to meet to go over this, and maybe give Bert a call, or what...? Please let us know.
Answer: Assignment of Fletcher Challenge Swaps; Response to inquiry letter
Many of you have asked about procedures to evaluate employee performance. We are finalizing a performance process designed to track and provide feedback on individual accomplishments for the benefit of each employee, the company and the unsecured creditors' committee. A very simple and straight-forward online performance assessment system (PAS) will allow us to automate parts of the process. PAS will open next week on Monday, May 13, and remain open through Friday, May 24, 2002. As an employee of a debtor company, you should access the system and complete your self assessment by Friday, May 17, 2002. Your supervisor will review and approve submitted accomplishments and schedule a face-to-face meeting to discuss your contributions, offer feedback, set priorities for the upcoming period, discuss challenges and potential development opportunities, and if applicable, confirm your quarterly retention payout and project a target for the upcoming quarter. PAS will be accessible through the HR Global Launch Zone. We'll send a reminder with more details next week. In the meantime, if you have questions about the process you can contact your HR Representative.
Answer: Performance Process for All Employees in Debtor Companies
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
Lech - A high priority Master Netting and Setoff Agreement (see attached) is in the late stages of negotiation with the below-referenced AEP affiliates. The agreement is currently intended to be limited to masters/ transactions between ENA &/or EPMI and two major AEP trading affiliates, American Electric Power Service Corporation as Agent for the AEP Operating Companies ("AEP") and AEP Energy Services, Inc. ("AEPESI"). The Netting Agreement explicitly identifies enabling agreements between those entities relating to trading physical gas, physical power, and financial swaps. Earlier today the Enron Credit group indicated that ENA trades (using GTCs) physical coal and physical synfuel with American Electric Power Service Corporation. Please contact me with any questions. -- David
Answer:
AEP Master Netting Agr