I made a couple of minor revisions. Jake has given us until when he gets in tomorrow. I changed Turbine Agreement to Turbine Contract (one place in the LOI), and added responsibility for filing fees in the llc agreement. Perhaps it it redundant. I'm not sure I'm on top of the LLC agreement. Maybe we can discuss in the am.
Answer: Panda documents
Here is an email: Mark Attached is a draft of the chart of power risks. Let me know if there is anything else you would like me to do on this. We are still in the process of reviewing top exposures with credit. Elizabeth 36349
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A: Chart - Power risk areas
Q: Barry and Kim, Attached is my first go at our European option model. It is capable of valuing monthly physical or financial calls/puts. I've tried to make it user friendly by using a similar format as we are using for our swap/spread models. Please let me know if you like its functionality, and provide me some input on how you might want to fiddle with it when doing real time pricing. Phil
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A: Euro Option 11-2-01.xls
IN: Mark, In the course of two conversations with Paul Chymiy, he identified 5 credit issues. They are: 1) The Credit Agreement is for a term of 364 days so it terminates on 12/21/01. They will enter into a new credit agreement but not on identical terms and not necessarily with the same lenders. 2) NUI Corp. does not have credit rating since the reorganization. The credit rating should be tied to NUI Utilities. 3) The MAC should be BBB instead of BBB- for Customer. 4) NUI Utilities no longer owns the common stock of Elizabethtown and City Gas. They are now divisions of NUI Utilities. 5) The treasurer will not agree to (xiii) in Section 5 of the Transaction Agreement concerning additional debt. Stacy

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OUT: NUI Credit Issues
IN: This is an email
market_relations@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List: Dear Market Participants On October 17, 2001, the NYISO web servers will be upgraded. This will require both software and hardware changes. While these changes will be transparent to the users, these changes will require that the MIS system be unavailable for approximately 60 minutes. The outage will begin at approximately 11:35 AM. Market Participants planning on submitting HAM transactions or modifying Day Ahead bids should act accordingly. The NYISO will minimize the duration of the outage as much as possible as we recognize the inconvenience caused by system outages. Ultimately, these changes will result in a more stable environment and provide enhanced services that the current web servers are unable to perform.

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OUT: NYISO - MIS Outage - October 17, 2001 - Reminder Notice
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