Q: Gentlemen - Following the Dabhol dictate that "bad news is good news," Dabhol is getting some good news this week. As reported in the press, DPC did receive a two-page letter from MSEB purporting to rescind the PPA with immediate effect because DPC materially misrepresented the capabilities of the power plant (i.e., 6 hour actual ramp-up time vs. 3 hour ramp-up schedule in the PPA). However, the letter goes on to state that MSEB is "agreeable to continue the present arrangement of power and payment until disputes are resolved by the appropriate forum." We are not entirely sure what this last part means and are asking MSEB for clarification. Obviously, this letter is quite a buttress to our already-delivered PTN contending that MSEB has evidenced an intention not to be bound by the PPA. While MSEB's letter seems to state that they will still honor some aspects of the PPA, the letter adds that "payments would be subject to adjustments on the basis of determination of reasonable compensation and quantum meruit by a competent authority." We hear rumors that MSEB will approach the Maharasthra Energy Regulatory Commission (MERC) for a "how much should we pay DPC" determination. If they do so and MERC accepts jurisdiction, this would help our expropriation, political force majeure and default arguments. DPC seems to have managed to avoid a construction contractor termination in May by agreeing to extend the required completion date for Block B by 9 days. While this action does not have long-term benefits to the project, I believe that it was a considerable sign of good faith that DPC is trying to give the lenders some time to assess whether they want to begin curing project agreement defaults on an ongoing basis. Bruce
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A: Dabhol -- A Brief Legal Update

Q: We will continue to offer REORIENTATION sessions to keep you updated on changes to Enron's business policies and procedures since filing for bankruptcy. This is a short session designed for employees to outline current benefits and services, and to provide a better understanding of the bankruptcy process. Agenda items include: - An update on the Credit Union - A Legal Overview, including some things you should know about bankruptcy - Status of the Enron Building, including space management, churns and building services - A review of Employee Benefits - A presentation from the Resolution Center - An update on existing Employee Services - An overview Employee Self Service, including how to access or change your own employee information The next session will be held on Wednesday, April 24th in EB5C2 from 9:00-11:00am, and is limited to 50 participants, so you must RSVP if you would like to attend. Simply select the button above to indicate that you would like to attend. You will then be sent a confirmation email. If you have a question about this program or a suggestion for a future program, please contact Sarah Austin at 5-3791.
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A: Reorientation - Wednesday, April 24th

Q: Rick, Jim, Harry: You will have the first status report for California by COB on Monday. We will update that report weekly. If there's anything you need between now and Monday, please let me know. Have a good weekend. Best,
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A: First Status Report for California

Q: Dear PIRA Client: Our Europe and Japan Economy presentations on PIRA Online have recently been updated with the latest available data. These charts illustrate trends in key regional economic indicators. They are maintained on PIRA Online as a courtesy to our retainer clients. You can access these presentations via PIRA Online (www.pira.com) by logging in and, from the Client Home page, choosing a topic from the "Macro Data" drop-down menu at the top of the screen. If you need a user name and password for PIRA Online, or if you need help logging in, please contact Dyana Rothman at (212) 686-6808, email: support@pira.com. PIRA Energy Group
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A:
PIRA Macro Economic Presentations