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A good wit is a terrible thing to waste... As for the pick up, the Sissy Crawford taxi is at your service. Just name the time and place. Also, there is no need to forego the nice fun restaurant for tomorrow night just because I have to be a smart-ass every once in a while. Ted Noble

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OUT: Hit Me Baby One More Time...

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With the Dynegy announcement on November 9th, the U.S Trustee's office removed Enron from the PG&E Official Unsecured Creditor's Committee. Dynegy is already on the Committee. Important hearings in the PG&E bankruptcy are scheduled for December. These hearings should begin to vet the issue of preemption, or the ability of the federal bankruptcy court to preempt state law under the bankruptcy code, thus freezing out the CPUC from ruling on the transfer of PG&E's generating assets to FERC jurisdiction. We continue settlement discussions PG & E. Including offsets in our trading contracts, our net nominal exposure to PG&E is $511 million. The claim is disputed primarily due to the pending FERC refund case. In initial discussions, Enron offered a $85 million discount. PG&E has countered with a $237 million discount, a $152 million gap. We are meeting with the company in an attempt to narrow the difference. Southern California Edison (SCE) has broken off settlement negotiations. The are forwarding a position that the Direct Access customers should pay a share of the IOU's undercollection, even though many Direct Access customers were sourcing their power via ESP's at that time. Enron Government Affairs believes that the CPUC is behind SCE's position. This regulatory scheme would have Enron owing SCE money on a net basis. The Power Exchange (PX) Bankruptcy continues. Enron has taken a visible role on the PC Official Unsecured Creditors Committee. A liquidating plan in the bankruptcy should be filed shortly.

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OUT: California slide for BOD package

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UBS have organized an important meeting will be held tomorrow for all employees who : 1) have accepted offers or 2) intend to accept offers ( to the best of their knowledge) but who have issues that are being resolved All employees in these categories should attend Buses will be provided for those who do not have their own transport and will pick up from the south side of the north building - please assemble in the Java plaza area from 8.30am to 9.30am ( last bus leaves @ 9.30 am ) The meeting will last until approximately 1pm and will be presented by senior managers from UBS on the firm and it's strategy. There will be breakfast available at the Hotel from 9am to 10am and there will be sandwiches afterwards. If traveling independently please make sure you leave sufficient time to park (it will be very busy) and get to the Grand ballroom Employees need to bring their id's or drivers license with them to gain access to the meeting I'm sorry for the short notice on this - please call out to anyone who should be attending who will not get this message in time Tammie Schoppe on behalf of UBS HR

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OUT:
URGENT REQUIRES IMMEDIATE ACTION : Welcome to UBS meeting tomorrow 10.15 am @ the Houstonian