IN: This is an email
Northwest Natural In Talks With Enron Over Portland Utility=20 By Wall Street Journal staff reporters Robin Sidel, Rebecca Smith and Nikhi= l Deogun 10/05/2001 The Wall Street Journal B2 (Copyright (c) 2001, Dow Jones & Company, Inc.)= =20 Enron Corp. is in advanced discussions to sell its Portland General Electri= c utility unit to Northwest Natural Gas Co. for about $1.8 billion in cash = and stock in a highly leveraged transaction that would eventually give Enro= n a minority stake in Northwest, according to people familiar with the matt= er.=20 The discussions are at a very delicate stage, and some important points nee= d to be finalized, these people caution. The current environment could also= make financing such a transaction quite difficult, and board approval isn'= t a certainty. However, should the two sides agree to terms, a deal could b= e announced in the next few days. Northwest Natural is also expected to ass= ume roughly $1 billion in debt.=20 Enron and Northwest Natural declined to comment. If a transaction is consu= mmated, it would come nearly six months after the collapse of Enron's agree= ment to sell the utility to Sierra Pacific Resources. That transaction fell= apart in part because of the California energy crisis. A purchase of Port= land General would be a very big bite for Northwest Natural, which has a ma= rket capitalization of just $650 million and supplies natural gas to more t= han 500,000 residential and business customers in Oregon and Vancouver, Was= h. Portland General is an electric utility serving more than 1.4 million cu= stomers in Oregon. The deal would bring together two Oregon utilities whos= e executives and employees know each other well. Richard G. Reiten, Northwe= st's chairman and chief executive, was president and chief operating office= r of Portland General between 1989 and 1996, and also served on its board. = By buying a utility, Northwest would hope to have more bargaining power in= its gas purchases, enabling it to buy more product and store it when price= s are cheap. A deal would be accretive to Northwest's earnings, people fami= liar with the matter say. And the financial risk for Northwest Natural is s= omewhat muted because Enron is helping to facilitate and finance the transa= ction by agreeing to take common stock and convertible preferred stock in N= orthwest Natural in addition to cash. Northwest Natural would finance the t= ransaction with debt and equity offerings. Shares of Northwest Natural wer= e trading up $1.04 at $25.99 in 4 p.m. composite trading on the New York St= ock Exchange, while Enron stock was down 39 cents a share at $33.10. For E= nron, a deal with Northwest Natural would be the latest twist in a five-yea= r ordeal that was supposed to help the nation's biggest energy trader break= into California's deregulating electricity market. But the utility busines= s proved less valuable than anticipated when Enron was prevented from selli= ng off utility contracts that enabled it to buy electricity cheaply. And Ca= lifornia's market developed serious problems last year that made it a less = attractive place for Enron to do business. Enron, which also owns a major = gas-transmission pipeline system, has a history of buying assets and busine= sses, learning what it can from them, and then selling off the bulk of phys= ical assets so it can reinvest capital elsewhere. It isn't clear where Enr= on will put the capital to work that it garners from the sale. Its broadban= d telecommunications business is in the doldrums and it recently said it wo= uld invest $250 million in it this year, down from a formerly projected $75= 0 million. =09 =09 =09 =09

What is the subject?

OUT: WSJ Article on Enron/Portland General Sale to Northwest Natural
QUESTION: John: I hear that you are trying to trade in the name of Enron North America Corp. while you sit in London. Althought both ECT Investments, Inc. and Enron North America Corp. have agreements with Instinet Corporation, those companies are all U.S. companies without any presence in the U.K. (those companies do not pay U.K. taxes!) I have asked the ENA tax lawyers to review the implications of your proposed activity. I will try to speak with you Monday before things go too far. Please provide an immediate response and copy the tax lawyers noted above. Thanks. Sara
Propose a subject line for this email?
ANS: Instinet Corporation
I have sold Frontera a financial swap for $28.50 for hours ending 7-12. The first 3 hours are for size (300 mw's). I would buy hours 7-9 tomorrow for up to $20. I could buy up to the 300 mw's. Schedule this to load in the North. I could also use 200 mw's for he 10 and 150 mw's for he 11. Calpine has had an offer recently for hours ending 7-9. If you have questions, please give me a call, as this is a very important issue. Words of advice: Dont go into the market with a $20 bid for 300 mw's. Quietly accumulate these mw's if possible. Do not tip your hand on this deal, as that would contribute to spiking RT prices. Thanks,
Q: What is a potential subject line for this email?
answer: Frontera position for tomorrow
Rusty, Attached is the amendment to the Dow Brine Agreement which extend the period from 160 to 190 days. I used an amendment form instead of a letter form for the sake of clarity. Sorry for the delay.
Answer: Amendment to Dow Agreement
Here is an email: Bart: This is Fred. I am working on Kathleen's computer to facilitate easy Livelink access. It appears that an Unconditional Guarantee Agreement was executed between the City of Deerfield and DBEC, L.L.C. prior to the execution of the Agreement Related to The Use and Development of Real Property (dated June 29, 2001). We do not have a copy of the executed version of the Guarantee Agreement, but Greenberg & Traurig should have one. The Guarantee Agreement obligates DBEC to make a non-refundable payment on or before 9/30/01 (this payment was made) and a second payment of $1,000,000 "subsequent to DBEC's application but prior to its receipt of the first building permit or engineering work permit for the Facility". Kay has more detailed knowledge of this Guarantee and other Deerfield and Pompano documents through her role in the development of these projects. Please call her for specific information on project Agreements. Call Kathleen or I if we can help in this process. Fred
What is a potential subject line for this email?
A: Deerfield Guarantee
QUESTION: Mr. Skilling, I realize this message may seem quite unexpected, but I could not resist. It's been a long time since I knew you at FoxFire Cabins. Since then I have completed my undergraduate degree at Trinity University and recently my MBA at the University of Texas San Antonio. In my current job search for a marketing career, I found a marketing position open at Enron and applied for it. As I researched the company, one that I have watched in the past because of your connection, I saw that you are now President and CEO. Your success is quite remarkable. I just wanted to re-introduce myself to you as an adult and recent graduate and hope that somewhere in the future there may be an opportunity to work at Enron. Also, as a very successful MBA yourself, I welcome any advice you may provide a newcomer to the business world. Hope you are doing well with all your endeavors. Sincerely,
Propose a subject line for this email?
ANS:
From FoxFire, To an MBA -- I've Come A Long Way