Q: Bob, On the Texas desk, the majority of our deals are nominated manually (on Excel or preprinted forms), with most of the information pulled from Sitara instead of Unify. So, these noms were not late. For a couple of 3rd party pipelines, we do use Unify. But we did not have nom changes for 5/4. Our only problem was sending noms to HPL. Which is sending information to yourself, but it still delays the confrimation process for the pipeline. This nom was sent about 30 minutes late. Let me know if you have any questions. Daren
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A: Unify

Q: I have received questions about interpreting the ratio. Let me use yesterday's closing price. The merger probability is derived from a two scenario test, merger closure or merger non closure (there is also a competing offer scenario in reality). Let's use a closing DYN price of $46.20 yesterday (note I had a typo), at the exchange ratio, (not taking into account timing and dividends), this yields a merged ENE price of $12.40 ($46.20 * .2685). ENE closed at $10.00 yesterday. Thus if the market thought there was complete certainty of merger, the prices would converge at $12.40. Now comes the artful part, the non merger ENE price. I included another tab (Merger) to sensitize this. Say we pick an ENE price with no merger of $4.00. Looking at a deterministic probability, one can look at the distance (difference) in dollars to calculate the probability. For instance: ENE merged 12.40 ENE close 14-Nov 10.00 ENE no merger 4.00 Probability of merger = (1-((12.40-10.00) / (12.40 - 4.00))) or 71.4%. Said another way, there is a 71.4% chance of being worth $12.40 and a 28.6% chance of being worth $4.00, which yields a weighted price of $10.00 ($12.40 * 71.4%)+($4.00 * 28.6%). I also included a $1 distressed ENE price and a $7 previously observed low end ENE price as scenarios. Regards,
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A: Exchange ratio prices and probability

Q: All: Ken Rice has suggested that we schedule an evening to get together in the near future. Sherri and I have determined that earliest date would be the first week of October. Please let me know your availability the first two weeks of October and I'll get this scheduled. The attendees would be: Jeff Skilling/Sherri Sera Ken Rice/Dorothy Dalton Kevin Hannon/Carol Brown Cliff Baxter/Susan Skarness Please note: this e:mail address will only work through next Monday (9/10/01) after that date, please reply to ddalton34@aol.com. Thanks!
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A: Get Together

Q: Guys, this is the real deal - we need to be ahead of this!!! How are we making out on acquiring brownfield sites and formulating a strategy? Regards
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A:
Dow Jones Gas vs. Coal feature