Lorie - Attached for your review is a first draft of a proposed LOI for Chisholm. I have added provisions that mirror the items laid out in the product description information as these are the types of things that will be addressed in the final definitive agreements. Please review at your convenience and let me know your thoughts. Mark
Answer: Robert Chisholm LOI
I am not sure, that in any of the calls that we have had during the crisis = surrounding Enron, that I have been able to fully express the depth of my g= ratitude to each of you. I am as grateful as one can be. Like many of you= , I loved this place and feel an immense sense of loss at what is occurring= . My heart also aches for the financial losses that so many have suffered,= not only in our group, but also throughout the company, particularly given= how much all of us have given to this place, some for many years. I have = been searching for a way to capture what we've done here and was reading a = book the other day about Teddy Roosevelt, former President of the United St= ates, and saw a quote that I thought was appropriate to our group and circu= mstances?the quote is,=20 "the credit belongs to the person who is actually in the arena?who strives = valiantly, who knows the great enthusiasms, the great devotions and spends = himself in worthy causes. Who, at best, knows the triumph of high achievem= ent and who, at worst, if he fails, fails while daring greatly so that his = place shall never be with those cold and timid souls, who knew neither vict= ory nor defeat." The work that we did here was great. The way we did it, I believe, sets an= example for those who will attempt to fill our shoes?and we fought for the= right cause, i.e., competitive markets around the world. Our victories we= re many and often directly due to our presence and leadership?the failure t= hat we are experiencing as a company, however, that is so deep and so thoro= ugh, was not of our making. I don't know exactly what the days and weeks a= head hold for any of us, but I am quite confident that the good work that w= e do and the way that we do it, and the sense of community that we were abl= e to create in this group, will show up in new places and new companies all= around the world over the next months and years. I hope to speak to many,= if not all of you, on a one to one basis over the next several weeks to ex= press my thanks and gratitude for having had the opportunity to work with y= ou, but I also want to take this opportunity to wish each of you the best i= n the future and during this holiday season. Thank you
Answer: My Thoughts
In order to bring better legal coordination and standardization to Enron's Risk Assessment and Control (RAC) group, we have formed a new legal group, which will initially include Lisa Mellencamp (Finance), Marcus Nettelton (Power Trading), Carol St. Clair (Broadband/Power Trading), Mary Cook (Financial Swaps), Peter Keohane (Canada), Ed Essandoh (Retail), Paul Darmitzel (Retail) and Elizabeth Sager (Power Trading) (Team Leader). This group will focus on, among other things, managing Enron's exposures with bankrupt counterparties, working out credit solutions with distressed counterparties and standardizing our overall credit practices. The initial members in this group have been drawn from Enron's numerous legal groups in order to gain a broader perspective. Each of these members will provide support to this new group in addition to their current responsibilities. Within RAC, Michael Tribolet will focus on distressed counterparties, in conjunction with Bill Bradford, who continues to manage the Credit Risk Management group. Please join us in supporting the efforts of this new group.
Answer: New Legal Team to Assist RAC
I can access the global compensation system from London. Today I have been able to log on and to review as read only the info that I submitted on Friday for bonus and LTI. I assume that I will be able to access the screens for merits as well. Please get back with me via e:mail and let me know our instructions and time deadlines for merit increases. I will want to give my direct reports access to the system so that they can input their recommendations. I will also want to send them an e:mail with instructions and expectations. Having asked for more funds for the bonus pool, I would like for us to be within the guidelines for merit increases. Outside this process, we can address any increases that may be warranted given the market data gathered by Todd Burke. We can process those agreed upon requests, but will not include those dollars within our merit totals. That way, won't have to request additional dollars for these worksheets. Better not to ask for exceptions on everything!!! What is the word on bonus dollars? Is everything finalized as I submitted? Let me know. If we need to talk directly, contact Patti for a number where you can reach me. Thanks.
Answer:
Merit Increases