Rick, thanks for taking so much of your time to explain RAC to the IPG group. You said all the right things and left them with exactly the impression we were shooting for. We are now trying to finalize a term sheet so we will be working with your folks to get this transaction down the road. If I can return the favor let me know. Thanks again.
Q: What is a potential subject line for this email?
answer: IPG visit
Mark and Jeff: Trina and i talked about the issue that you raised with me today. Our preference is to structure the language so that it would only trigger an Event of Default under the Swap if the Enron merger caused an Event of Default under the Revolver. At the end of the day, we both felt that this is a call that someone on the commercial side should make, such as either Ben Glisan or Mike Jakubik. Carol
Answer: Enron Merger Trigger
Here is an email: The following reports have been waiting for your approval for more than 4 days. Please review. Owner: Andrew Edison Report Name: AE PLI Seminar Days In Mgr. Queue: 6 Owner: Linda Guinn Report Name: LG - Portland Days In Mgr. Queue: 4
What is a potential subject line for this email?
A: Expense Reports Awaiting Your Approval
Q: Paul, FYI, you were invited to our off-site because we felt that our businesses were so linked together and that we could all get on the same page with regard to updates, vision and relationship building. We also invited Joe and Thor as the only other non-EGM people. If you can make it would be great but we do know how difficult it is to make it over. I did hear your California request and it could happen. We haven't found the right place yet. California is experiencing serious blackouts and it could be difficult. We'll be in touch. Cheers,
Propose a subject line
A: EGM offsite
IN: Here are my notes from today's call. As with Monday, I've focused on getting them out as quickly as possible rather than taking extra time to re-organize them by subject. Enron's business has been grouped into three buckets: Core, Non-core, and Under Review. Core: Wholesale energy business in North America and Europe, retail energy, pipelines Non-core: Broadband, water, and international assets (i.e. EGAS). Enron has approx. $8Bn in investments in these assets, and they have produced 'dismal' returns. Enron will be exiting these businesses and will attempt to wind them up in an orderly fashion. An aggressive divestiture program has been set in motion for these assets. Under Review: EGM, EIM. These businesses are being closely examined to determine whether they have a reasonable chance of long-term viability. Required resource levels are being carefully studied. Following review, Enron will move the different portions of these businesses to core or non-core as the analysis dictates. Approximately $800MM of asset sales are under contract and expected to close in the fourth quarter. These include a gas LDC in Brazil, EcoElectrica, and our Indian E&P assets. Enron is in active pursuit of an additional private equity infusion of $500MM-1Bn. Given the current environment, raising equity in the public markets would be 'inefficient', McMahon says. Short-term liquidity is provided by the $3Bn of credit drawn upon a few weeks ago, the $1Bn of new debt, and the $1.5Bn equity infusion from Dynegy. Longer-term, the proceeds from the sale of PGE will provide liquidity. Asset sales over the next year will be used to pay down debt. McMahon described the major off-balance-sheet vehicles: Marlin was set up to hold Azurix assets. It was initially capitalized with $950MM of 144a debt and $125MM of equity (raised from Enron and institutional investors). The debt is supported by the equity and by Azurix' assets. Enron is obligated to cover any deficit at the time the debt becomes due on 3/17/03 (the 'Enron topup' obligation). The 3/17/03 date is accelerated in the event that Enron is rated below-investment-grade by any one of the three major agencies. The primary asset of Marlin is Wessex Water. As long as Wessex is worth at least $2.6Bn, there will be no Enron topup required. If we take a 25% haircut to present book value, Enron will have to provide $650MM in consideration upon retirement of the debt. This $650MM would hit Enron cash, income, and equity balances. Osprey contains energy-related assets and 'other assets'. It was initially capitalized with $2.4Bn of 144a debt and $220MM in equity (ENE and institutionals). As with Marlin, the entity is an asset-backed structure with an Enron topup guarantee. The debt is supported by a) the assets; b) $1Bn of convertible preferred ENE (convertible into 50MM shares of ENE common); and c) additional ENE common as needed for topup. Assuming the same 25% hypothetical haircut to current book value, Enron would have to deliver approx. $600MM of topup funds--which would hit ENE cash, income, and equity. The debt must be retired by 9/17/02, with the same cut-to-junk early trigger provision as Marlin.

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OUT: Highlights from ENE Analyst Conference Call 11/14
IN: This is an email
Jessica, Attached are the Agreement for both Suzanne and Diane. The form also refers to a Confidentiality and Non-Solicitation Agreement that both Suzanne and Diane must execute. I have a call in to Michelle about those forms. I will forward as soon as I get them. We can go ahead though and forward these agreements to MTM.

What is the subject?

OUT:
Consulting Agreements