IN: This is an email
The Bankruptcy Court has approved our sale of the IM Project to AEP. The C= ourt's formal order will be entered sometime Friday morning. With this app= roval, we expect to close the sale either Friday or Saturday. Approval was= conditioned upon our agreement to the following procedures with respect to= the net sale proceeds (approximately $108mm): =20 =09-=09$25mm will be returned to Enron (repayment of the post-petition work= ing capital loans made to EW);=20 =09-=09$10mm will be retained by EW for working capital to use over the nex= t 2 weeks;=20 =09-=09$78mm (the remaining balance) will be set aside in a restricted acco= unt of EW, pending approval by the creditor's committee of the use of those= funds for payment of existing obligations and for ongoing working capital = by EW. =20 We have until 15 January to obtain creditors' committee approval for the us= e of the remaining balance, at which time if no approval is obtained, we ca= n ask the BK Court to rule on the matter. Obtaining creditors' committee a= pproval will require that we (a) demonstrate that the continued operation o= f EW as a going concern is in the bankruptcy estate's best interest (becaus= e it will enhance or at least maintain the value of EW for sale) - this dem= onstration will need to be made by Enron (Mark) and CSFB (Matt), and will n= eed to include an overview of EW's value on sale, including arguments why t= here is significant value in the EW - Americas business unit notwithstandin= g the short-term issues facing the US business, and an update on the sale p= rocess; and (b) demonstrate the legitimacy of EW's current obligations and = future working capital needs - this will need to be done by Umanoff and Wes= tbeld (we initially projected that we would need approximately $54mm of the= $78mm through the end of Q1, a likely closing date for sale of EW; Mike an= d his team will be scrubbing these numbers over the next week). We are tar= geting early in the week of Jan 7 to make our case to the creditors' commit= tee, although no firm date has been set. One final note - a representative of GE attended the BK court hearing and i= s aware that our request to use the remaining balance to pay our past due o= bligations (including $9mm owing to GE) was denied pending implementation o= f the above procedure. We can expect continued pressure from GE. Call me with any questions.

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OUT: Indian Mesa Sale - Bankruptcy Court Approval

IN: This is an email
This is scheduled to close on Friday (don't know what time). It's Gareth's deal. Enron Corp. is swap CP with a trust. Don't know who is signing for Enron Corp. Please C me to discuss and raise logistical issues. Thanx. SS

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OUT: Project Ghost

IN: This is an email
Hello everyone, More upsets in the college and pro games this week sent most people into double digit incorrect picks this week. Most people missed the Washington St/Stanford game won by Washington St; most people missed the Kansas St/Texas Tech game, won by Texas Tech; most people missed the South Carolina/Arkansas game won by Arkansas; and everyone missed the Florida/Auburn game won by Auburn. The Texas A&M/Colorado game was missed by a fair amount of people as well. In the pros, quite a few people picked Baltimore to beat Green Bay, but Green Bay won; also Kansas City was picked by some people to beat Pittsburgh, however, the Steelers won; San Diego was picked by many people to beat the Patriots, however, New England won again; the Miami/Jets and Denver/Seattle games were missed by most people and even the Oakland/Indy game was commonly missed as well. Through all that, I managed to get only 7 games wrong; Stanford, Kansas St, Florida, San Diego, Miami, Denver and Indianapolis. I am in the lead currently with 7 missed games with Dallas tonight, while 2 people missed 8 games with Washington tonight. The other 2 people still alive tonight are Steve Pan and Daniel Muschar. If Dallas wins tonight, I will win outright, if Washington wins, then it will come down to total points scored. I picked 31 total points, Steve picked 35 and Daniel 37. Therefore, I will win with 32 or fewer pts scored, Steve and I will split with Washington and 33 pts. and Steve will win with 34-35 points scored and tie with 36 pts. Daniel will win with Washington and 37 or more total points scored. I came in a close second place last week to Joe Step. My picks were given as always to Todd or Dave on Friday for verification. There were a record 34 people in the pool this week, therefore the prize is $68. This coming week and next week there is a pro game on Thursday night because of the baseball playoffs. Therefore, I will hand out the pools this week and next week on Tuesday and they will be due before I leave on THURSDAY afternoon. Finally, here are the results of this past weekend's picks with the number missed by each person after their name. Andy Andy Pace 7 Daniel Muschar 8 Steve Pan 8 Jason Kaniss 8 Paul Broderick 8 Rick Broussard 8 Bryce Schneider 9 Joe Step 9 Pat Hanse 9 Larry Campbell 9 Todd DeCook 9 Joe Brewer 10 Joe Quenet 10 Valerie Ramsower 10 Ryan Williams 10 Russell Ballato 10 Michele Wilks 10 Reagan Mathews 10 Miguel Garcia 11 Rob Benson 11 Paul Thomas 11 Jaime Gualy 11 Dean Laurent 11 Dave Ryan 11 Larry Jester 11 J.D. Kinser 11 Rudy Acevedo 11 Kevin Cline 11 Mike Roan 11 Thomas Lowell 12 Carter Ellis 12 Gerald Gilbert 12 Don Baughman 12 Mike Grubbs 12

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OUT:
results of football pool