According to Cliff Shedd, we would be covered by insurance if we terminated the contract with Furnas and Furnas failed to pay the termination payment. However the insurers will only pay after we receive an arbitration judgement against them and the refuse to honor the judgement. I assume we would also have to exhaust our remedies against trhe guarantor (Eletrobras). Also, we are required to notify the underwriters immediately of a material default.
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answer: Insurance
I am sending you an updated version of the MG VaR memo, following the discussion Grant and I had with Bjorn Thursday evening. Please, let me know if you think more changes are required. Vince
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answer: MG memo
Hi Nancy, I've misplaced your direct line - could you email it to me? The travel schedules of the Enron delegation are becoming complicated. Would it be possible for you to travel with us to Richmond tomorrow night? That would give us more flexibility in case we need to convene before the meeting on Thursday. We are staying at the Marriott in Richmond. Thanks,
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answer: Tomorrow
I had a brief conversation with Herman Manis, and he tells me that there is a different interpretation of accounting rules relating to power plants. Strangely enough, the change is one which should (I hope I hope) make power development projects easier. In the past, we ran into problems anytime we wanted to build a power plant and take megawatts off of it. Herman tells me that the current interpretation now focuses on the operation and maintenance of the plants, and not the power purchase agreement relating to the plant. This change in focus should make power development deals easier to structure. I would still like to set up an Intro to TurboPark meeting with Rose Engeldorf. Rose is currently involved in a push a couple of deals in the West this week, so it may be a bit before we can get it set up. A meeting with Herman would also be helpful. Maybe we can buy him lunch and quiz him on these new developments. Kay
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answer:
Accounting rules for power plants