Eric, This is to update you on the current situation with the OSTRIP function in Exotica. After some lengthy analysis of the function, its inputs and the documentation associated with it, it was brought to our attention in the Research Group that the OSTRIP function was being utilized in different manners by different people within Enron. In order to remedy this situation, the documentation of Exotica was revised and more details were added, so as to make explicitly clear the distinctions between the fixed price options and forward start options. (You will find attached a copy of the most recent version of the Exotica documentation.) In addition to discussions with Santiago Garcia in structuring, it was seen to be important to ensure that those responsible for booking the options in ERMS (specifically, Jeremy Wong) be updated on the changes. By pure coincidence, the two ways that inputs were made for fixed price options gave the same values for the premiums. However, one methodology is really incorrect as far as the documentation is concerned, and the attempt has been made to rectify this. The forward start option pricing has not changed in any way. I would like to arrange a meeting tomorrow afternoon (Thursday) between all those parties concerned to ensure uniformity of pricing across the board. If you are available, I would appreciate it if we could meet at around 4:00 PM. Regards,
Answer: OSTRIP Function in Exotica
Here is an email: I am totally remiss! I am only now sending you the email you asked for with the breakdowns, etc. The total sale was $50,000, and I devised net prices as such: KPM set: $25,000 Royal Copenhagen vase: $3,000 Mars Vallet bronze: $11,000 Rozenburg vase: $11,000 I've attached the original invoice for you as well. My Dear Jeff, I hope you are holding up through all this shit that your company is putting you through and I am truly sorry that it's happening to you. You deserve a whole lot better than this. Love,
What is a potential subject line for this email?
A: hi
Q: I called Edmund Cooper and he is out on vacation til Monday. Do you think I should email him the certificate, have him print it out there in London, I guess Anita has to initial the two ISDA Master Agreements for signature, then Edmund could get them initialled by Credit in London, and then bring the certificates and agreements up to Mark Frevert for signature. What do you think?
Propose a subject line
A: Master Signing
IN: Ladies: I just wanted to thank you again for your thoughtfulness, support and hard work in making today such a special event for me and Charles Eugene! As I said at the shower, I'm lucky to have people like you as friends and co-workers and each of you throughout the last year has helped me get through this pregnancy and the events leading up to it, for which I am extremely grateful. I am truly overwhelmed by everyone's generosity and look forward to finally putting all of my gifts to good use in the upcoming weeks. Carol

Generate a subject line.

OUT: Thank You Again
IN: This is an email
Per our conversation with Dan F., ENA needs to understand issues related to the distinction between "investor owned utilities" (or "IOUs") and municipal utilities (or "municipals") in connection with derivatives activity. In the U.S., this distinction enables us to treat IOUs as general corporates. Thus, we negotiate our standard ISDA Master with an IOU, except that we add an Additional Termination Event to prevent the IOU from taking an adverse stance in its state public utility commission proceedings. A copy of that Additional Termination Event is attached for your review. Our approach with respect to municipals is dramatically different. When negotiating an ISDA Master with municipals, we use a Schedule modeled after the 1992 U.S. Municipal Counterparty Schedule, having additional reps, the added concept of "Incipient Illegality" and an enforceability opinion. A copy of that Schedule is also attached for your reference. We would like to understand whether this distinction also exists in Canada, and if so, in all Canadian provinces, and whether there is a distinction when a municipal is an investor in an IOU (as we understand that the government may assist a utility to emerge from bankruptcy). In that regard, would you recommend that ENA use distinct ISDA Schedules for these types of entities and/or would you recommend specific changes to our format?

What is the subject?

OUT: I'd suggest the following:
Hi Jeff - Here's the deal, I've had a cold for a few days. I'm probably past the contagious stage but this is not an exact science. I'm up for teaching today but I figure it's fair to let people know in case they're concerned. I'll see you at 4:30 unless I hear from you in which case I'll understand. Hey, thanks for facilitating this little DAW discussion group. I think I understand the procedure now. I had to hunt around a little for the "reply to all" command(not on my tool bar), but I found it. Now I'm ready. I'm still learning about a lot of this stuff. Later - Avram
Answer:
today