Problem: BODY: Kim: I was hoping to catch up with you after Stan's meeting to discuss TW financing arrangements. Their is still a very good possibility that TW could be added to the Cpt. 11 companies sometime in early Jan. (the Revolving Credit Agreement would be paid off as part of that process). Two things to remember on new projects - (i) likelihood of TW cash for equity in deal is very low and (ii) If TW is put into Cpt. 11, the implications of its credit on the other counterparties. If we can find other people's money and structure around the TW credit risk, we have a better chance (but still will be extremely tough). As you heard this morning, cash is at a very high premium right now (especially with Red Rock expansion). Thanks,
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A: SUBJECT: Financing Arrangements

Problem: BODY: Sovereign Bond Spreads: =20 Significant New Issuance - CSFB Commentary: ?=09The emerging debt markets were less volatile this week following the st= abilization in the Argentine financial sector. Although there was no real p= rogress in improving the country's fundamentals, international reserves and= private sector deposits stopped falling, generating positive momentum for = the market. As a result, Argentina broke through an important 1400 resistan= ce level this week and the positive tone spilt over into other markets. The= Turkish Eurobond market had a very strong week supported by dramatic impro= vement in the local market: the Central Bank cut its overnight lending rate= from 62% to 60% after a successful T-Bill auction on Friday and local debt= yields declined sharply. Most of the Turkish curve was very well bid again= st the background of revived investor activity. The Turkey 2030 benchmark r= eached its high since the beginning of July at +935 bps spread on Thursday.= The Russian market also gained this week on the back of both the general E= M sentiment and local news on the incorporation of the "financial reserve" = (designed to accumulate US$1.8bn to help the government service its debt in= 2003) into the draft budget for 2002. Russian assets are now trading only = 1 point below their highs since the 1998 crisis. For Central and Eastern Eu= ropean assets this was a strong week with good demand especially for sovere= ign bonds, although there was no significant move in prices. Despite the ov= erall positive sentiment, Friday witnessed some weakening in all the emergi= ng markets, caused mainly by the technical factor of profit taking once the= market reached two month highs. The EMBI+ Index closed only 4 bps tighter = on the week at +882 bps after touching +861 bps during the Thursday session= . ?=09On its 30th August meeting, the European Central Bank lowered its bench= mark repo rate by ? point to 4.25%. European benchmark bonds reacted positi= vely to the announcement and now are pricing in at least another ? point ra= te cut this year. This is good news for issuers of *uro denominated bonds a= s the long awaited rate cut will lower European benchmark yields going forw= ard. ?=09Fitch upgraded the Republic of Estonia's rating to "A-" from "BBB+" on = Thursday reflecting its strong GDP growth, fiscal deficit reduction and goo= d fiscal prospects.
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A: SUBJECT: Sovereign Bond Spreads, 31 August 2001

Problem: BODY: We know you have questions about recent events impacting Enron and our plans for the future. Ongoing investigations and pending litigation have made it difficult, if not impossible, to share information in a timely manner. While we can't address certain issues, we can tell you about our initial plans to move Enron forward and emerge from bankruptcy, and we are eager to do that. We had planned to hold an all-employee meeting tomorrow, January 23, at the Hyatt Regency. However, we don't want to subject you to the media frenzy that would certainly surround such a meeting, so we've decided to postpone it. We are currently making arrangements to hold a series of employee meetings within the building to protect your privacy. We will provide the date and times to you as soon as the logistics for those meetings are finalized. Prior to the employee meetings, we will provide an overview of Enron's new organizational structure. You can expect that memo shortly.
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A:
SUBJECT: Employee Meeting Postponed