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12/6/01: Lord, how excellent is Your name in all the earth! You are so incredibly good to Mr. Lay!! Look at what you gave us today!!! Colossians and 1 Thessalonians. What an encourager You are Lord!! Who can know You!!!??? Your ways are certainly NOT our ways! Thank you, Jesus!!! Ok, Lord, this is what is in my heart today for them. Lord, just like you gave Noah a rainbow (from the throne room of God, by the way! )-I am asking You to give them an assurance that this kind of disciplining will not happen again. Yes, Lord, they need to trust in You. I know that but every time the stock goes down they will panic. So, I guess first of all, they need grace to put their trust in YOU but remembering that we are dumb sheep, please do something in their hearts to not go into panic every time the stock goes nuts. I guess what I am asking is for You to supernaturally restore confidence in the leadership of Enron. Give them supernatural favor in the hearts of the people. BUT You must also command Your Word in the hearts of the leadership. Let them NEVER get into this kind of mess again. You tell us to look well to the state of our flocks (Prov 27:23 Be thou diligent to know the state of thy flocks, and look well to thy herds.) Thank you, Lord, that YOU bear such wonderful witness of your child, Ken Lay. Make him see that Your heart is so good towards him. Make him see, Lord. We need to know that our Father is on our side. We come into agreement with you that YOU ALONE are GOD. AND we ask your forgiveness for our being seduced by "foreign gods" (things of this world since we are children of the KINGDOM OF GOD) and THANK YOU SO MUCH FOR YOUR GRACE!!!!!!!! !

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OUT: Prayer Journal 12/6/01
QUESTION: Tanya: Our FX desk has requested an ISDA Master Agreement for ENA's FX trades with: Credit Suisse First Boston, London Branch. The entity with which ENA already has an executed master (effective 4/21/93) is Credit Suisse First Boston International, which trades derivatives. I will have the name of the CSFB lawyer this afternoon. Can you please prepare a credit worksheet? Thanks.
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ANS: ISDA request for FX desk
Troy, I'm out of the office this morning. I'll get back to you later about the variance. But just so you know, Kevin's reported P&L was understated by the $188K on the OA Flash tab. He made an error in the sharing calculation. DG
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answer: Jan-01 P&L
Russell: Here is a summary of the ownership chain of Global Companies LLC: 1. Its members are Global Petroleum Corp. ("GPC"), YPF Distribution Company ("YPF") and Montello Oil Corporation ("Montello"). From what they sent to us, I could not tell the ownership percentages. 2. The affairs of Global are managed by a "Board of Governors" who are selected by the members. Specifically, GPC and Montello collectively get to choose 3 board members and YPF gets to choose 3 board members. I your credit worksheet, you had specified as a "MAC" trigger if YPF, SA fails to own at least 51% of Global Companies. Is this the same entity as YPF Distribution Company? Do you want this as a MAC or as an Additional Event of Default or Termination Event? Carol
Answer: Global Companies LLC
Here is an email: P.S. - If you do get in touch with Kartini, please send her my regards. I'm pretty sure she still likes me in spite of the way Skadden's relationship with her ended.
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A: Kartini
QUESTION: On tuesday of this week after EOTT's staff meeting, I was made aware of a potential environmental estimate problem (too big). I am looking at ways of potentially dealing with the problem so that Lawrence will feel comfortable not booking a reserve in the 3rd qtr, which may have consequences on the plans we have underway to recapitalize the entity. This means coming up with an answer very quickly. There are a number of potential alternatives and I am sure there are more than I will attempt to lay out here. 1) We could simply make a contribution to EOTT for the sole purpose of environmental cleanup, and if unused will be returned. Seems like an expense item, but doable. 2) We could provide an insurance policy to EOTT to provide for environmental expenses in excess of the existing policy, for a fee. Better expense treatment (we get to manage the reserve) and appears to cover the EOTT issue. Because this is an affiliated deal, I guess it would have to go through the audit committee. Potentially the captive could be used. 3) Provide an accounting answer that might give EOTT a one-time gain to offset the one time reserve set-up. i.e., there is a least an argument that the recapitalization proposed will result in the extinguishment of a portion of the debt on the books represented by the API's. Since we are getting a conversion of less than a dollar for dollar deal, this should be doable. For Lawrence: Jim Bouillion has indicated that the insurance proposal may have merit, and so I will need some input from you regarding the coverage that exists now and what we would want going forward. If you want us to talk directly with Susan, we will. I am thinking that you are getting a quote for increasing the cap on the existing policy and that we could give you the same deal, or maybe even slightly better, to satisfy the audit committee. I am obviously looking for any help that I can get here, so if there any more ideas I would like to hear them. If you have questions, feel free to ask. Stan is aware of what we are discussing. 1) and 3) were his requests to review.
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EOTT Issue