IN: I'm having our messengers walk over two copies of the NDA initialled by Leslie Hansen. If you could have one of your officers, VP or above sign them, and then when fully executed by the Company, return the original to me. Thanks!

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OUT: XUMA NDA
IN: This is an email
All Learned of an opp today for a L.T. physical toll on a peaking plant in PJM. Probably way too early for this, but we may be able to follow this one and act when we're further along. Here are the details: Plant is being developed by PPL - consists of 10 LM 6000's, due online by May 03 (~450 MW). turbines will be on site shortly w/ construction due to start in April PPL has entered an LOI to sell the completed plant to a team of investors led by John Hancock Financial (their Arclight division, or something like that) seeking 20-25 year toll Electric interconnection is South Acron bus (Lancaster, PA - eastern PJM) Gas interconnection is direct to Columbia mainline They are looking for an indicative number this monday, but admitted that it'll stretch out for at least a few weeks. I'm in Houston through end of today, so please swing by or call me tomorrow at 978-449-9936 if you wish to discuss. thanks

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OUT: long-term PJM tolling opportunity
QUESTION: We know you have questions about recent events impacting Enron and our plans for the future. Ongoing investigations and pending litigation have made it difficult, if not impossible, to share information in a timely manner. While we can't address certain issues, we can tell you about our initial plans to move Enron forward and emerge from bankruptcy, and we are eager to do that. We had planned to hold an all-employee meeting tomorrow, January 23, at the Hyatt Regency. However, we don't want to subject you to the media frenzy that would certainly surround such a meeting, so we've decided to postpone it. We are currently making arrangements to hold a series of employee meetings within the building to protect your privacy. We will provide the date and times to you as soon as the logistics for those meetings are finalized. Prior to the employee meetings, we will provide an overview of Enron's new organizational structure. You can expect that memo shortly.
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ANS: Employee Meeting Postponed
Mark: I've been asked whether ENA can enter into derivatives with an Indian company. Do you have research regarding legality/enforceability since the 1997 global review which ENA conducted through Allen & Overy? Thanks. Sara
Q: What is a potential subject line for this email?
answer: Derivatives trading in India
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.
Answer: Highlights from ENE Analyst Conference Call 11/14
Q: I also noticed the ISDA memo, and was rooting around looking for the attachments that went with it, and couldn't find them. There was also a few updates in a second memo there to some country opinions. If and when Mark calls in I was going to ask him if he knows where the attachments went, because the one will cost $100 if we have to order it.
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A:
ISDA Documents