IN: This is an email
Dean: Several deals are missing in Enpower for various counterparties. There is nothing in the Hourly P&L so I am letting you know because each transmission was submitted under your ID. Please check them out and get back to me as soon as possible with deal numbers. We are in the last week of the month and need to get these fixed asap. If you need help or have questions, please let me know. Thanks,

What is the subject?

OUT: Missing Deals
QUESTION: 1. COMMENT & ANALYSIS: Stretching the figures: Calculating accurate values for companies in the new economy takes more than a grasp of mathematics - a dash of economics, politics and logic would not go amiss, says John Kay: COMMENT & ANALYSIS: Stretching the figures: Calculating accurate values for companies in the new economy takes more than a grasp of mathematics - a dash of economics, politics and logic would not go amiss, says John Kay: 87% match; Financial Times ; 24-Apr-2000 12:00:00 am ; 1170 words Do the math. The slogan favoured by Jim Clark, creator of Silicon Graphics, Net-scape and Healtheon, has become the mantra of a generation of consultants and investment bankers. The new economy, they claim, requires new principles of valuation. C.com is one of the most exciting prospects in business-to-business commerce. It is the world leader in a growing market - annual sales by 2010 are likely to be Dollars 500,000bn. If C.com can maintain a 5 per cent share and earn only 1 per cent net margin its prospective annual earnings will be Dollars 250bn. If we assume that market growth after 2010 is 5 per cent and discount future revenues at 10 per cent, the prospective value of C.com is Dollars 5,000bn - about 10 times the recent market capitalisation of Microsoft, Cisco or General Electric. You don't have to wait for the IPO. You can buy shares in C.com right now for less than 5 per cent of that value. C.com is called Citigroup and in addition to its foreign exchange trading, which is the business I have described, you get its other wholesale, retail and investment banking activities and a leading insurance company thrown in. Of course, nobody would be so stupid as to value Citigroup in this way. Yet I have followed more or less exactly the methodology recommended in the latest McKinsey quarterly for the valuation of new era companies. They use precisely analogous calculations to arrive at a valuation of Dollars 37bn for Amazon.com. Paul Gibbs, head of merger and acquisition research at J.P. Morgan, recently used similar principles to confirm that assessment of Amazon. He then performed the same calculation for internet service provider Freeserve. Assume that UK retail sales grow at 5 per cent a year, that 25 per cent of sales take place on the net, that portals capture 50 per cent of these, that Freeserve gets 30 per cent of the portal share and maintains an 8 per cent commission on sales. Multiply these together and you establish that in 2017 Freeserve will make profits of o2bn (Dollars 3.2bn). This, he argues, justifies a value today of o6.50 per share.
Propose a subject line for this email?
ANS: Valuation of Internet companies
George, I would suggest that the necessary language be added to the Special Conditions block of the Transaction Confirmation. I would suggest the following language be inserted in each applicable Transaction Confirmation. "Notwithstanding anything to the contrary otherwise contained in the sentences previously added to the end of Section 13.5, the parties agree that the price to be applicable with regard to any volumes outside of the +/-10% tolerance shall be the Gas Daily "Daily Mid-point" price for the day following the day that the parties discover the existence of volumes outside of the +/-10% tolerance."
Q: What is a potential subject line for this email?
answer: Spinnaker language
The financial trading group has a recurring request by our conterparties to add a provision addressing the admissability of trader tapes into evidence in court or other proceedings. Our current language merely states: "Each party consents to the recording, at any time and from time to time, by the other party of any and all communications between officers or empoyees of the parties, and waives any further notice of such recording." Here are the facts and issues: 1. Our agreements provide for arbitration (most likely) or jurisdiction in specific courts or are silent as to jurisdiction. 2. ENA policy is to destroy trader tapes after 6 months. 3. If we are doing our job, a written and signed confirmation should exist in our files for each and every financial transaction. On occasion, we have not confirmation signed by ENA's counterparty. By agreeing to add "admissability" language, are we waiving the parol evidence rule? Do we always want the ability to introduce existing recordings? Can you provide us with language acceptable to ENA that we might propose to a counterparty (when asked)? Here's an example of a recent request: "Any such recordings may be submitted in evidence to any court or in any proceedings for the prupose of extablishing any matters pertinent to the [ISDA] Agreement."
Answer: Admissability of tapes into evidence
Here is an email: Dear Potential Gas Supplier As some of you may know our authority to buy gas off our existing spot agreement will come to an end on December 31, 2001. While we will honor current commitments for gas to be delivered after that date, but we will not be able to use the spot agreement to buy any more gas. The reason that this is happening is that our City Attorney has interpreted the new City Charter as not allowing delegations of authority such as employed in the way we buy gas now. We are seeking approval for an ordinance which must be approved by the City Council that will restore our former ability to buy gas with the kind of agreement most gas suppliers are familiar. We have the ordinance approved by the City Attorney and it will shortly be in the pipeline for approval by our Board and the City Council, but until then, this contract is a stop gap to keep us operating. I've attached the new contract and a cover letter which explains what we are doing. The deadline is November 8, 2001 at 4:00 PM. We will take the executed contracts to our Board with the counterparties listed on a Board Resolution and, if it is approved, we will be allowed to buy gas from this group after the new year begins. This is not the ideal contract but one we feel our Board will be comfortable with until we can get around the Charter problem. I can't make any changes to this contract. There is a notice published in the LA Times about the availability of the contract but I am sending it to you directly as someone we have already done business with (and undoubtedly have satisfied all our boilerplate requirements) and will probably be interested in what we are trying to do here. I Hope most of you will respond. Thanks (See attached file: Spot Gas Cover Letter.doc)(See attached file: New Spot Gas Contract.doc) - Spot Gas Cover Letter.doc - New Spot Gas Contract.doc
What is a potential subject line for this email?
A: LADWP Gas Contract
QUESTION: Attached is draft escrow language for Black Hills that I made up in an attempt to be sympathetic to Black Hills's desire for certainty on the release of funds - please review and call Shari with comments first thing on Wed. I will be travelling Wed but will check messages on Wed afternoon. Good luck
Propose a subject line for this email?
ANS:
Black Hills - Draft Escrow Language