IN: Charlie, Joe Parks told me that you would be handling the Clebure deal for the estate team. Attached are the forms you will need and some other basic information about the deal. Let me know when you would like to go over it all. Mike

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OUT: Tenaska IV
IN: This is an email
Ken, See attached. If Universal can provide the document online, I can insert the appropriate language for all these comments. Please review and let me know if you have any questions.

What is the subject?

OUT: Comments to Compression Rental Agreement
QUESTION: Steve, I think you may have heard a request last week re working closely with Dynegy. I think we just need to treat them like other counterparties. Basically, West Power would like to enter into arms length physical power and service transactions with Dynegy. My understanding is that Dynegy is a separate, unrelated party until the merger closes. Therefore, we can not "collaborate" with them commercially and our transaction policy is dictated by customary credit, legal and risk management procedures. Is this correct? If so, how do you feel about the following? An Enron customer wants to buy power and related services for one year. The customer requires Enron to post collateral. Enron does not want to post collateral but suggests that Enron can provide the product/services to Dynegy and Dynegy can then sell to the customer. The Enron marketer calls the Dynegy marketer and proposes a "back to back" transaction. Dynegy adds a small service fee, the Enron/Dynegy contract is executed and a Dynegy/Customer contract is executed. This type of deal happens frequently - it is usually driven by the third party having better credit, transmission access or a complementary service. We could do this with anyone, but the obvious choice is Dynegy - customers think it makes sense, and ultimately if we merge we have retained a customer. Do you think this works? Regards,
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ANS: Potential Dynegy Transactions
COLLEGE STATION, Texas (AP) - Football practice was delayed on Tuesday for nearly two hours at Texas A&M University. One of the players, while on his way to the locker room, happened to look down and notice a suspicious looking, unknown white powdery substance on the practice field. Practice was immediately suspended by Coach R.C. Slocum while the FBI was called in to investigate. After a complete field analysis, the FBI determined that the foreign white substance that they found was the goal line.
Q: What is a potential subject line for this email?
answer: Important News Flash
Something for us to talk about during our next staff meeting. There are three projects which have significant cash flow problems and thus= difficulties in meeting debt obligations: these are: SECLP, Panama and Gaz= a. In the past, as I suppose we have done in Dabhol, we have taken the pos= ition that we would not inject cash into these companies and would be prepa= red to face a default and possible acceleration of the loans. SECLP has be= en the biggest issue/problem. Panama is much less (a few million of floati= ng of our receivables from the company) would be sufficient to meet the cas= h crunch in April of this year. Note that, in Panama, the debt is fully gu= aranteed by the government and is non-recoursed to the operating company, B= LM. In the past, we have discussed letting the debt default, which would c= ause the bank to potentially seek complete payment and acceleration from th= e GoPanama. The reason: the vast majority of BLM's problems stem from acti= ons taken by the regulator that have effectively amended our PPA's with pri= vate parties; those actions resulted in significant loss of revenues, which= although today have stopped or have been limited, have left a "mark" on th= e company's liquidity position. =20 Now the question is: come April of 2002, should any of our actions in Panam= a or decisions related thereto (which we would have otherwise taken or made= ) be affected in any way by either the proposed merger or an effort by Enro= n to preserve efforts to re-establish investor/creditor confidence? The sa= me could go for SECLP and Gaza. This is simply an overall "guidance" question. Let's take it up during our= staff meeting next week, if that's ok with you. Many thanks, Mariella
Answer: Confidential - Decision tree on projects
Q: Chris - Looks like these deals might have been entered for the wrong term. I'll check with Jeff on this, but if you recognize that the terms are wrong, please let me know and I can fix them. Here are the deals: 576274 STCA buys ARCO SP-15 May-01 On Peak 15 MW @ $260 576275 STCA buys ARCO SP-15 May-01 Off Peak 15 MW @ $135 Thanks for checking on this.
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A:
Atlantic Richfield Company 4/9/01