Here is an email: We will need to discuss how to adjust physical risk to match the flow constraints on EPNG. The currrent capacity cuts in the SJ and Socal topock delivery points are 50%. I would like my P&L to show this risk. Please find a way to adjust the positions according to a daily flow curve that can be set in newcurrentday by either myself or Monique. Also, We will need to set up a new physical curve for Mojave Topock. Our transport is currently being reallocated by EPNG for deliveries to Mojave instead of Socal topock. I would like to show the transport on EPNG value as SJ plus cost to Mojave and have the value roll out each month, if any. The risk is showing the value of SJ to Socal topock (currently wide spreads for 2001) on the transport when it actually has less value delivering to Mojave topock. Sincerely,
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A: IM WEST Book
Q: 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.
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A: Highlights from ENE Analyst Conference Call 11/14
IN: I can't believe you're leaving! I hope wherever you go next brings you joy and fulfillment, but you'll definitely be missed here. Thanks for all your help. Good luck! Kate

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OUT: Bummer!
IN: At the request of Sara Shackleton, I am enclosing drafts of the following documents: 1. Clean and blacklined copies of the ISDA Schedule showing revisions from the 9/22/00 draft. Please note that RBC needs to complete the notice information. 2. Copies of the Interest Rate and Commodity Confirmations. Please note that certain dates, rates and pricing need to be determined early tomorrow. Please call me or Sara with any questions or comments with respect to the enclosed.

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OUT:
RBC Prepay Documents