IN: This is an email
Mike, Attached please find a draft confidentiality agreement which we would propose to use with the financial information required to be provided pursuant to the guaranty. If acceptable, please print and start execution, we will sign when we receive the other documents. Sorry for the delay, I had requested this from our credit department and forgot to follow thru. M

What is the subject?

OUT: Ormet Confidentiality Agreement
QUESTION: As requested at the meeting, the last couple years of history of our ethane content has been analyzed. The data provided by Denis Alters were for four locations: Perry from the West Leg side, Perry from the old or East Leg Side, Brooker (East Leg) and West Palm Beach. The table below shows the percent of the time the ethane content was above a given percentage at each of the locations. For example, at Brooker, the ethane content was greater than ( > ) 3% about 25% of the time. On the East leg, the ethane content has been greater than 2% all of the time. On the West Leg side, it has been over 2% about 44% of the time, over 3% about 17% and almost never over 4%. Basically, the West Leg runs about 1.5 to around 2% when all the Destin and Mobile Bay processing is operating. Even last winter, when running processing plants was not economical, the West Leg gas exceeded 4% only one day. If you look at the plot below (I hope it comes thru), you can see that thru July of this year, the West Leg ethane content had not returned to the levels seen prior to the gas price spike last year. This is consistent with the Btu analyses on Mobile Bay. Apparently they have the ability to reduce the level of ethane removal when iethane is more valuable as pipeline gas than as a chemical feedstock and are therefore have been leaving more in the gas this year than last.
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ANS: Ethane Content Various Locations July 99 thur July 01
Our last match of the season is on Wednesday. We are playing at Lee LeClear, but I don't know what times yet. Most likely, it will be all 4 lines at 7:00pm. Can you play? Cindy Madi
Q: What is a potential subject line for this email?
answer: Wed. Night
I was just speaking to Edmund Cooper about various swap matters, and he wanted me to ask the group to not make changes to his entries (for ECT International) in the Master Swap Agreement Database. Someone went into one of his and added a note that the Trade Option Exemption was deleted when it wasn't. If you think something is in error or needs to be added, please consult with him. Thanks
Answer: London Master Swap Agreement Entries
Here is an email: Regarding BC Utility, I have discussed a GISB with Mr. Wong and we have been unable to come to agreement due to their choice of law restriction. Because they are a utility they are by statute required to bind agreements subject to British Columbia. Conversely as this would be an agreement subject to state laws of Texas as well as the United States, it will not work to agree to British Columbia as jurisdiction for this contract. Please let me know if you have any questions, or I can be of further assistance.
What is a potential subject line for this email?
A: BC Utility
QUESTION: Rick/Mark: As discussed with you yesterday, the Enron Credit book has exposure to industries which have been negatively impacted by the events of last week. Credit spreads have widened out in most sectors that demonstrate liquidity and remain unchanged in markets that have yet to find liquidity. The Enron Credit book is net long protection/short risk which should be beneficial to P/L in the short-term, but there is significant default risk remaining in the book. The exposures quoted below are gross notional exposures. There will likely be significant recovery in the event of a default. The primary risk is in the following sectors: Airlines AMR Corp/Del - Short $10MM protection Boeing Co. - Long $20MM protection British Airways Plc - Short $3MM protection Delta Airlines - Short $30MM protection Deutsche Lufthansa AG - Long $17MM protection Quantas Airways Ltd - Short $10MM protection Southwest Airlines - Net flat The positions that we are concerned about are Delta and AMR. Continental has announced that it may miss an interest payment early next week. Insurance/Reinsurance Axa - Short $10MM protection; short $5mm bonds; net short $5mm protection Conseco Inc. - Short $5MM protection; short $4mm bonds; net short $1mm protection Additionally, we have mark-to-market counterparty credit exposure of $5.7mm to CNA, $5.8mm to Ace, 10.7mm to FSL,$3.6mm to MBIA, $10 mm to Mitsui. Reserves have been taken for all counterparty exposure. The biggest concern here is CNA. Lodging/Leisure Carnival Corp. - short $20MM protection Hilton Hotels Corp. - Short $25MM protection Many of the short positions are in the insurance portfolios where we have purchased 2nd loss protection and retain the 1st loss. Please let me know if you need additional information. Ted
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ANS:
Credit Exposure-Enron Credit