Mark and Greg, I hope that you are receptive to unsolicited advice. 1) Give a single officer the authority to say "no" to deals before they get to your Office of the Chairman. Rick Buy may not want the job, but it should be someone in a similar position with real authority. Perhaps, each business unit should have such a person. Key to making this work is to find a person who will try all ideas to make a deal "good" before killing it. 2) EIM may need a new CEO. If Bowen is not going to take the job, then you should strongly consider Shankman for the post. I think that he has done a fine job at EGM in the last 12 months, and this could be his chance to step up and run his own shop. 3) Stop paying a dividend!!!!!!! Given that we are not appealing to an institutional investor base that requires a dividend, we should keep the hundreds of millions of dollars. 4) We probably have too much metal in inventory in London. We should consider getting out of a business that requires that much physical inventory. Thank you for taking the time to read my suggestions. James C. Lewis VP Finance and Structuring EGM
Q: What is a potential subject line for this email?
answer: General Suggestions
Ed: For purposes of this "omnibus" Transaction, Con Ed requests cross-default to ENA's guarantor and elimination of setoff for the non-defaulting party's affiliates. Samantha needs a worksheet for the Transaction before she can prepare Annex B and B-1. We're sending tonight together with the ISDA Schedule and CSA. Sam: We need to use the same carve-out for setoff in Annex B-1 as in the Schedule. Sara
Q: What is a potential subject line for this email?
answer: Consolidated Edison Company of New York, Inc.
Attorney Work Product/Not Discoverable Top Legal Risks 1. Power Forms - Trading contracts in the power industry are very weak. Typical problems include, trading under multiple masters, no liquidated damages for non-delivery, no events of default or calculation of termination damages, broad performance outs. 2. Agency - Several of our major trading partners operate through an agent acting on behalf of several operating companies. This creates uncertainty as to which entity is liable for which trades. 3. Municipalities - Difficult authorization issues associated municipalities. 4.Complexity of transactions - Power transactions can be very complex as a result, in part, of difficult delivery mechanics and volatile pricing. 5.Timing of transactions - Power transactions typically must be completed on a very tight time schedule. 6. Lawyer Training - Difficult, time consuming process to train lawyers on how to document transactions involving power. 7.Process for approval of transactions - Uncertain procedures for making sure everybody understands risks associated with transactions. Documentation Projects 1. EEI - cont'd work to make EEI the trading contract for power/lessen reliance on WSPP. 2. One-off Power Form - creation of contract to be used for individual transactions that are not part of a master. 3. Product Definition - cont'd work on creating/building acceptance for power product definitions. 4. Platform Trading - Encourage use of EEI as trading platform for all e-trading. 5. Single master contract for all physical commodities/financial trading - work with ISDA to develop single contract for physical trading and then roll that into single contract for physical and financial trading
Q: What is a potential subject line for this email?
answer: Quarterly Legal Review -Power
Dear Mr. Lay: I'm writing this note to you as a show of support to you during your dire times. The reason that I share this with you is my respect for you as a CEO, a business leader and a person. My wife is one of your employees who routinely shares stories about you that are nothing less than inspiring. I know that during difficult times, sometimes words emerge that can help people through difficult times. I believe that you are sincere man and know that you must be broken hearted, but I hope that this article can help you lead a dispirted workforce to see things more clearly. My wife, Shelly Pierce, has worked for Enron for the past two years and like many of your employees, has lost a great deal of her life savings. Of course, I accept most of the blame for this for reasons related to this article. I lost my investment discipline and held out the false hope that Enron could not falter. After reading the article to her while I was out of town, I believe that her spirit was a bit rejuvenated and she was ready to face the challenges that lay before you. Mr. Lay, I appreciate the opportunity that you have given my wife and our family and hope that this story inspires you to regain your successes.
Q: What is a potential subject line for this email?
answer:
A Supportive Note