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Subject: Request for Freeze on E-Mail Destruction
Body: At Richard Sanders' request, we ask that you freeze destruction of electronic mail for the following individuals (effective immediately).
This request is made in regard to the Bid/Ask patent litigation.
We should retain their e-mail communications going back as far as possible.
Jay Webb Kevin Montagne Jarod M. Jenson Mark E. Taylor (legal) Michael Guadarrama Louise Kitchen Marcello Romano (London) Rennu G. Varghese David Forster We will be sending an additional list of IT persons on Tuesday.
Please let me know what else I need to do to expedite this process.
Thank you for your help.
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Subject: Trial Lawyer
Body: I anticipate that Enron may have some legal issues in New York similar to the issues Enron has faced in California.
Can you recommend a top notch trial lawyer (similar to yourself) at any firms in New York?
Thanks
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Subject: laptop computer
Body: Janette: Please order a new IBM laptop computer for Linda Guinn as soon as possible and charge to my RC 0630.
If you have any questions, feel free to contact me or Linda.
Thanks.
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Subject: printer
Body: Janette: Please also note that we will need to move the printer currently located in Marianne's cubicle to the litigation war room on 5.
Thanks.
Richard
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Subject: Sun Devil Pipeline storage service
Body: Hi Steve and Bob, Happy New Year!!
Steve, based on our meeting in Houston, I met with our engineering and operations folks to discuss the possibility of putting together a new firm (or limited firm) Park N Ride storage service on the pipeline project.
Everyone agreed it is likely doable under certain conditions not the least of which is FERC approval.
The question I have for you is: how much volume and for how long a period?
For example, on any given day, assuming there is no Copper Eagle storage available, it will likely be easier to borrow (ride) gas off the system than to park gas on it.
I think this was your greater concern.
In your ideal world, how much volume would you like to be able to pull off Sun Devil say if your MDQ was 100,000?
Would you want an additional 25,000/day, more or less?
and for how long?
Also, how much would you want to Park on the system and for how long?
For purposes of evaluation, assume the cost would be significantly less than a storage option.
If you give me some parameters, we will build a service offering that meets your needs as close as possible.
I will be out of the office on Friday 1/4 but look forward to hearing from you early next week.
Best Regards,
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Subject: Outage Coordination Commercial Review Meeting (NNG)
Body: FYI, The next Outage Coordination Commercial Review meeting is today, 03/13/02.
The purpose for the meeting is to discuss outages that have a flow impact for the month of April & May 2002.
Please review the attached outage report.
If you have any questions, please give me a call.
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Subject: Centana Storage
Body: I do not know if you guys are checking email or voice mail.
In any event, please check your voice mail for a message from me regarding the storage.
Thanks!
Ed
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Subject: Organization Announcement
Body: We are pleased to announce that Sally Beck has been named Chief Operating Officer for Enron Net Works.
She will join Greg Piper, President and Chief Executive Officer and Mark Pickering, Chief Technology Officer in the Enron Net Works Office of the Chair.
In her current role as Managing Director for Enron Net Works, Sally heads up Enron's Global Risk Management Operations.
Ms. Beck brings more than 20 years professional experience to Enron, joining the Company in 1992.
She graduated from the University of Texas at Austin with a B.B.A.
in Marketing and an MBA with a concentration in Finance.
Please join us in congratulating Sally on her new role.
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Subject: Media Reports
Body: As you know, the U.S. government is investigating hundreds, if not thousands, of relatives, acquaintances and associates of the individuals who may have been involved in the terrorist attacks on Sept. 11.
We believe that the media will soon be reporting that one of the many individuals being questioned is an Enron employee in Houston.
It is appropriate for us to withhold judgment and to continue to cooperate fully with federal authorities.
Because this is a matter in the hands of the federal authorities, we cannot provide additional information at this time.
However, we will keep you informed, to the greatest extent possible.
Please keep in mind that thousands of people who may or may not have any information about the terrorist attacks are being questioned as part of this investigation.
We continue to have every reason to believe that our employees and facilities are safe.
If you have concerns, please call Corporate Security at (713) 345-2804.
If you receive any media or external inquiries about this matter, please call Public Relations at (713) 853-5670.
At Enron, diversity is one of our strengths, and we respect and embrace all people of all faiths and beliefs.
Please continue to keep our employees who have been impacted by this tragedy in your thoughts and prayers.
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Subject: EnronOnline -Stack Manager Changes
Body: We have made the following modifications to the EnronOnline applications.
Stack Manager Changes Fill Order Enhancements - (Effective Tuesday September 25) ?
To fill a Top of Stack order in Stack Manager, Right click on the pink shaded order in the depth window of Stack Manager and select fill.
?
The trader now has the ability to fill limit orders that appear at the top of the trader's stack on both sides.
?
The order will now be filled at the full order volume regardless of the trader's stack volume.
?
Filling an order will not move the trader's price or cause a hedge to occur.
Resize floated stack windows- (Effective Tuesday September 25) You will now have the ability to resize the stack window to the desired extent.
Website Changes ( Effective Monday September 24) Limit Order Restrictions on Physical Transactions - ?
Customers will not be allowed to transact with themselves on physical transactions.
If a top of stack limit order has been placed on a physical product the counterparty or desk that placed the order will not be allowed to transact on it.
?
If a customer or desk has top of stack limit orders at different prices on both the bid and offer and subsequently moves the price of one so that they are at the same price, both orders will be cancelled.
The customer would have effectively transacted with himself.
Please call me if you have any questions.
Thanks.
Savita ( X 31787)
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Subject: celebrating the Army's birthday
Body: Celebrating the Army's Birthday!
Chuck, and the other soldiers in Korea report that their morale is much improved by the change in headgear.
Do You Yahoo!?
Yahoo!
Buzz Index - Spot the hottest trends in music, movies, and more .
- beret.jpg
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Subject: Important Information About Security & ClickAtHome
Body: Dear ClickAtHome Participant, ClickAtHome is interested in making sure you have the latest security tools available to you.
As part of the ClickAtHome program, you may download and update Norton Anti-Virus and BlackICE Defender software from the ClickAtHome Portal.
Norton AntiVirus software repairs computer virus infections automatically.
It scans and cleans your hard drive, diskettes and both incoming and outgoing email.
BlackICE Defender is an industrial-strength anti-hacker system that protects your PC by scanning your DSL, cable modem, or dial-up Internet connection looking for hacker activity.
When it detects an attempted intrusion, it automatically blocks traffic from that source, keeping intruders from accessing your system.
By installing and updating both Norton AntiVirus and BlackICE Defender, your ClickAtHome PC will have the latest security offered by these two products.
Instructions for accessing the Portal and downloading the software are provided below.
If you have any questions or wish to provide feedback, please email clickathome@enron.com.
Thank you for your participation in ClickAtHome.
The ClickAtHome Team!
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Subject: A.Word.A.Day--cecity
Body: cecity (SEE-si-tee) noun Blindness.
[From Latin caecitas, from caecus (blind).]
"I mean that my love for you, which cries out for a physical expression you tolerate brutishly, induces a cecity to your inefficiency and your bad behavior."
Earthly Powers, Anthony Burgess, 1980.
It's that time of the year again, the time when we feature odds-and-ends.
One-of-a-kind words.
Words that are unusual, picturesque, whimsical, esoteric, or intriguing.
And like all the creatures in this world, these words serve a purpose (as shown by the accompanying citations).
They make our verbal universe richer and more diverse.
So here they are.
We've coaxed them out of the dictionary -- it's not often that one finds them in the
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Subject: address
Body: hey sus- when you get a chance could you send me your address and your parents?
i know i have yours and lisa's somewhere, but i better start a new list.
thanks!
!
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Subject: EnronOnline- Change to Autohedge
Body: Effective Monday, October 22, 2001 the following changes will be made to the Autohedge functionality on EnronOnline.
The volume on the hedge will now respect the minimum volume and volume increment settings on the parent product.
See rules below: ?
If the transaction volume on the child is less than half of the parent's minimum volume no hedge will occur.
?
If the transaction volume on the child is more than half the parent's minimum volume but less than half the volume increment on the parent, the hedge will volume will be the parent's minimum volume.
?
For all other volumes, the same rounding rules will apply based on the volume increment on the parent product.
Please see example below: Parent's Settings: Minimum: 5000 Increment: 1000 Volume on Autohedge transaction Volume Hedged 1 - 2499 0 2500 - 5499 5000 5500 - 6499 6000
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Subject: Lucky Fares 43
Body: This NetClub offer includes: 1) Lucky Fares Week 43 2) Icelandair Holidays - Thanksgiving Express / CHECK-MATE in Iceland / Scandinavia / Icelandair Open Bridge Tournament 3) Icelandair/Hertz Car Rental and Icelandair Hotels.
4) British Booking Center - South East England Tour 5) eurobreaks.net - London on sale!
6) icelandtotal.com - All You Want To Know About Iceland.
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Subject: Natural Gas Origination
Body: Our natural gas business continues to benefit from effective account management and resource allocation focused on identifying and responding to the needs of our varied customers.
In order to keep our organization optimally structured and to facilitate additional growth, we are making the following changes: Producer/Wellhead Group The current mid-market, origination and wellhead pricing activity currently within the Central and Eastern Gas Regions will be consolidated with the Derivatives group under Fred Lagrasta.
This will create a single business unit focused upon the needs of the producing industry within the Eastern U.S.
The producer focus in the Western U.S. and Texas will remain unchanged reporting to Mark Whitt and Brian Redmond respectively.
Strategic Asset Development Laura Luce will move from her role in the Central Region to lead an effort focused strictly on identifying and entering into long-term strategic arrangements within the Central and Eastern Regions.
This initiative will focus on a limited number of selected markets that provide strategic opportunities for partnering in asset development, asset management and optimization.
This effort will continue to work very closely with the regional leads.
Central Origination and Mid-Market Frank Vickers will continue his current role in the Eastern Region and will assume the leadership role for Mid-Market and Origination activity in the Central Region.
There will be no changes to the West and Texas Origination groups headed respectively by Barry Tycholiz and Brian Redmond.
Please join us in congratulating Fred, Laura and Frank in their new roles.
Louise & John
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Subject: New Stock Symbol
Body: Enron announced today that its common stock will now be traded as an Over-the-Counter (OTC) equity security under the symbol "ENRNQ."
This follows a decision by the New York Stock Exchange (NYSE) to file an application to delist Enron's common stock, which means that Enron's common stock and related securities are suspended from trading on the NYSE.
Enron is considering whether to appeal the NYSE's decision.
The NYSE has standard criteria for listing stocks, which can be found on their website at www.nyse.com.
Enron recently fell below the following listing criteria: average closing price of a security less than $1.00 over a consecutive 30 trading-day period.
Quotation service for Enron's stock will now be provided by the National Quotation Bureau, LLC "Pink Sheets."
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Subject: duh
Body: ok, so i never gave you your b-day gift....as though there wasn't enough time on friday....it IS very exciting, and know you've been on pins and needles....let me know when you want it.
will prob be mia for a few days soon- visit nans and gramps, plus major down swing in dad- first mr. brown's death yesterday, then this morn, he had a needle puncture him thru his gloves, and the guy has hepititis (plus- is "very feminine and unmarried at age 33!!!
"- ie, he's GOT to be gay, and w/ AIDS, so now dad KNOWS he's dying of AIDS, and blood tests cannot be sure til 4 weeks later.....am ready for another fabulous, upbeat month!)
tata... e
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Subject: PNM filing: shipper must have title
Body: When the Commission granted Texas Eastern authority to hold capacity on another pipeline in Texas Eastern Transmission Corporation, 74 FERC P 61,074 (1996), it stated that when a pipeline holds capacity on an upstream pipeline, the downstream pipeline's customers may hold title to the gas transported on the upstream pipeline.
The Commission recognized this as one of the limited exceptions to the shipper must have title rule.
Specifically, the Commission stated: The downstream pipeline will not hold title to gas shipped on capacity it has acquired on an upstream pipeline.
Rather, shippers on the downstream pipeline will hold title to the gas on the upstream pipeline.
We will allow a pipeline to hold the upstream capacity; we will not, however, allow the pipeline to hold title to the gas being shipped.
Thus, the downstream pipeline will be the shipper on the upstream pipeline, but will not hold title when the gas is being shipped.
This results in a limited exception to the rule that a shipper must hold title to gas being shipped.
I believe that if we can address the Commission's other concerns about this filing, they will grant a similar waiver for this transaction.
You can feel free to pass this along to your contact at PNM.
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Subject: The El Paso Controversy Continues
Body: I'm attaching an article that I just received about the CPUC's and Indicated Shippers' protests of the recent ENA deal on El Paso.
I have a call in to Drew Fossum to talk about formulating a formal response, and I will keep you in that loop in case you get any inquiries.
(My initial, unofficial reaction is that with the marketing affiliate rules and other safeguards in place, the fact that ENA and Transwestern have the same parent company should make no difference to the FERC.)
Until further notice, I would avoid any communication with ENA on these issues.
If you have any questions, please e-mail or call me (x30596).
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Subject: thoughts on Enrononline
Body: Tony, I thought there would be a case that stated that if an interstate pipeline posts the criteria under which it will evaluate capacity bids, it must stick to those criteria and not award the capacity to a bidder on some other basis.
It seems a simple enough extension of the principle that capacity must be awarded on a nondiscriminatory basis.
However, I did not find any case that stands for that exact proposition.
As you may be aware, the Commission made Natural Gas Pipeline Company of America (NGPL) come up with a way to ensure that it awarded capacity one a nondiscriminatory basis...because NGPL was found to have been giving preferential treatment to its shippers.
NGPL's solution was to come up with an auction process, and there is a whole line of cases if you're interested.
The underlying presumption is that if you set up a system under which all capacity is awarded and stick with that system, there is no way you could be acting discriminatorily.
But of course the Commission never comes out and says this even though it should be obvious.
Probably the best we can do is extrapolate from 1) the tariff and 2) the NGA (doesn't it also say we have to provide service on a not unduly discrim.
basis?).
Also, in your memo I'd give an example; i.e., if we notify shippers of our auction process and set a deadline for bidding, but then award the capacity to Sempra (assuming Sempra requested capacity after the posting), we will have unduly discriminated against all the other shippers who had to participate in the auction process.
Maybe in future postings on Enrononline we should include a statement to the effect that the capacity posted will not be awarded except thru the Enrononline process.
Now for some trivia.
Remember we were discussing with Shelley whether we could post a different method (other than that prescribed in the tariff) for determining best bid?
In my Westlaw search I ran across the relevant case.
In Northwest Pipeline, 85 FERC P 61,335, the Commission stated: "The Commission has previously given pipelines the leeway, in open season provisions, to either include in their tariff a single non-discriminatory bid evaluation methodology, or provide themselves the flexibility of choosing different non-discriminatory bid evaulation methods for different transactions, provided that the pipeline posts the bid evaluation methodology before the bidding process begins."
The only problem is I am not sure we have that "flexibility" since the tariff does not expressly allow us to post a different method.
Maybe next time we do a tariff cleanup we could add some language allowing us to do so.
I have to move on to my next project but if you want me to comment on what you write I'd be happy to.
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Subject: PNM reply comments
Body: Steve, apparently I'm developing an overactive imagination when it comes to FERC decisions.
In Panhandle Eastern Pipe Line Company, 74 FERC ?
61,102, reh'g denied, 75 FERC ?
61,272 (1996), and Transwestern, 90 FERC P 61,044, in which FERC approved LFT services, the Commission accepted the pipelines' statements that they would not sell capacity that is not available (i.e., will not double-sell), rather than limit the service in some way or reject the filings.
In Iroquois Gas Transmission System, L.P., 79 FERC ?
61,394 (1997), the Commission approved of the pipeline's selling of capacity that becomes operationally available for various reasons from time to time.
But I have not been able to locate the general statement along the lines of "pipelines can use their own discretion to determine whether capacity is available" that I thought existed.
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Subject: Employee transfer
Body: David Foti, currently of ET&S, has accepted a position at EES effective August 1, 2000.
To ensure that ET&S continues to be in compliance with the marketing affiliate rules, Dave's access to any ET&S or GPG-related LANs or applications should be removed at the close of business on July 31.
In addition, Dave's email profile should be changed and any GPG or ET&S mass distribution lists should be changed.
Please send a reply email to me after these changes have been completed, verifying and indicating the date that employee was: - removed from the LAN - EBB password was changed/canceled (if applicable) - removed from ET&S or GPG-related applications - email post office box was transfered.
If you have questions, or if you believe there is someone else I need to contact in order to accomplish the above, please let me know.
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Subject: ears
Body: Hi Mum!
Sorry I have not called you back.
I have been out late every nite and trying just to keep myself in constant motion.
Am on the trading floor this week and can't really talk b/c too many ears.
But I'll give you a call this afternoon.
Our little bar examinee is alive and well.
They've changed the schedule so the exam was over yesterday instead of Fri. She joined me and my work crowd last night at La Griglia and we ordered champagne.
So I've already celebrated appropriately!
What do you think of my Destin idea?
talk to you soon Love,
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Subject: Red Cedar
Body: OK, here's my first attempt.
Although I think Red Cedar's lawyers might be looking for more, they have not specifically requested it, so I decided to stick to making only the statements Ed Meaders mentioned in his 2 voice mails.
I believe this may suffice.
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Subject: Operating Agreement
Body: Chad, attached is the draft of the Measurement and Control Facilities Operating Agreement for Calpine's review.
As we discussed, because the exhibits are still being finalized, I have not included them in this draft.
If you have any questions or comments, please do not hesitate to contact me.
Thank you.
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Subject: Max rate issue on TW
Body: Steve and Lindy, as I mentioned in our staff meeting, it is probably not=20 going to be possible to solve our max rate cap dilemma by making a tariff= =20 filing unless we can 1) get FERC to change its mind about its policy that= =20 recourse rates always be available as an alternative to negotiated rates or= =20 2) prove that Transwestern lacks market power and should therefore be allow= ed=20 to charge market based rates.
The following is a very brief outline of what would be required to prove la= ck=20 of market power.
A warning: lack of market power is very difficult to=20 prove.
Koch, a pipeline that most in the industry would agree does lack=20 market power, tried and failed.
The deck is already stacked against us in= =20 TW's case given the withholding of capacity by El Paso's affiliate and the= =20 price conditions in California.
However, we do need to analyze the=20 possibilities for TW, if not to the Cal.
border, then on other parts of our= =20 system.
Additionally, we need to discuss acceptable incentives for shipper= s=20 to pay negotiated rates if we do not end up changing our tariff.
Would you be availabile on Tuesday to discuss this?
Please let me know.
I= n=20 the meantime, here is a summary of FERC's policy on market based rates.
*** To obtain authority to charge market based rates, TW would first have to=20 request a declaratory order, and in its application provide information=20 showing it meets the requirements outlined below.
If the Commission finds= =20 all requirements have been met, it will issue an order and TW would then ma= ke=20 the appropriate tariff filing to put market based rates into effect.
=20 Application for declaratory order must include: 1.
Detailed description of the services proposed for market-based rate=20 treatment.
I assume in our case it would be firm transportation service.
2.
A statement defining the relevant product and geographic markets=20 necessary for establishing the applicant lacks market power with respect to= =20 the services at issue.
The Commission requires a narrow definition of the= =20 market=01("firm transportation" is probably narrow enough, but for our purp= oses=20 we might want to narrow it down more (i.e., firm transportation East of=20 Thoreau).
We have to define substitute services available to shippers=01(o= ther=20 pipelines are a "good substitute" only if shippers can obtain the same=20 quality of service on a timely basis, and if the other pipelines offer such= =20 service at a price that would deter TW from raising its prices more than=20 10%.
All relevant "origin markets" must be defined (Panhandle; West Texas)= =20 as well as "destination markets," and alternatives for shippers in those=20 markets identified.
Transportation alternatives are only good alternatives= =20 if they provide a netback to shippers that is roughly the same as if they= =20 used TW.
Note that the Commission has rejected capacity release as a good= =20 alternative since it does not guarantee a shipper its desired contract=20 quantity.
3.
Market share and HHI calculations; discussion of other relevant=20 competitive factors.
Commission looks at size of market share, mitigating= =20 factors such as ease of entry, and market concentration as measured by HHI.= =20 Market concentration has to be calculated for each relevant receipt point a= nd=20 delivery point.
HHI is calculated by adding up the total market share and= =20 squaring it.
There is a presumption of no ease of entry for transportation= =20 services because of the expense involved in constructing facilities.
4.
Proposal for accounting for costs and revenues.
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Subject: Gallup update
Body: On January 13, 2000, FERC issued a Section 7(c) certificate for Transwestern's Gallup Expansion.
The Commission's order contained two conditions: 1) that Transwestern file its discounted rates within 15 days of the order, and 2) that Transwestern restructure its relationship with Enron Compression Services so that Transwestern will have sufficient operation control over the motor at the Gallup compressor station to assume regulatory responsibility for the motor's operation, and that Transwestern file a report with the Commission stating how it complied with this condition.
Transwestern accepted the certificate January 14, 2000 but reserved the right to seek rehearing or clarification of the order.
On January 18, 2000, Transwestern filed a motion for extension of time to comply with the condition that Transwestern file its discounted rates.
Transwestern has already filed with the Commission the discounted rates it will charge its expansion shippers, subject to a request for confidentiality.
Transwestern intends to file a request for rehearing of the January 13 order explaining why the Commission erred in ordering Transwestern to publicly disclose its discounted rates in advance of the normal time for making such disclosure through a discount report.
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Subject: Apartment Lease
Body: Hey Chris, I was wondering if there was a fax number at the base so that my apartment complex can send you some info.
regarding getting your name taken off of our lease.
If there is, just shoot me off an email with the number and I'll pass it along to them.
Hope things are going well and that you're not too homesick with Thanksgiving and all.
I have a feeling I will be talking to you guys tomorrow along with both of our parents and extended family members.
Have a great holiday and root on the Horns ( I think this is going to be a tough one).
Love,
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Subject: Topock
Body: John Buchanan and I discussed TW's transfer of gas from the PG&E/Topock receipt/delivery point to the PG&E/Topock Park N' Ride point to implement TW's use of PG&E's Market Center service.
My understanding is that physically the points are one and the same, and that the transaction will simply be a paper transfer.
Since a contract is required in our system as a formality to implement the transfer, the rate TW will "charge" itself for the transfer is $0.
This message is to confirm that I see no legal or regulatory problems with the above scenario.
If you have any further questions, please do not hesitate to e-mail or call me (x30596).
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Subject: Congratulations
Body: I just got the email from our UT recruiter naming all of the Super Saturday candidates.
Kudos.
I'm so glad we didn't embarrass ourselves by overlooking you a second time.
I'll see what I can do about getting assigned to your dinner group.
See you this weekend.
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Subject: One more thing
Body: Do you know where the Texas Exes watch the games in London?
It might be kind of fun to watch the OU game somewhere...even if just for a bit of it.
Just a thought.
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Subject: London or Bust
Body: Hey Darren, I wanted to try and touch and base with you before my arrival in London.
I talked to Emily late last week and she seemed to think Friday night was a good night to try and get together.
I know you have a bunch of people that are going to be in London this weekend, but maybe we could just make it one big group outing.
Get back to me when you get a chance and we'll try and set something up.
Susan
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Subject: You hit the nail on the head...he is a weirdo.
Body: Well, we met and had dinner last night.
NOTHING of importance was discussed during our entire meal and it was only when I brought things up as we were leaving that any actual talking occurred.
Here are the basics... - There is definitely no "us" anymore...and I quote "sometimes these things just fade out" - There is much I didn't know about him and I am sure even more that I still don't - Case in point...He was MARRIED before (yes, you read correctly married) - Turns out he's been divorced about three years, it didn't end well and he hasn't had a relationship that has lasted beyond 2 mos.
in those three years (even though, by his own admission, he has dated a lot) - Can you say issues?
- He told me "I know this sounds so trite, but this really has nothing to do with you, it's all me."
Of course I agreed with him saying "I know it's you Ted, I don't have any problems."
(He got a chuckle out of that one) - I told him about my frustrations and disappointment with how he had handled things and he apologised (evidently Kevin told him about our exchange at Steak Night) and I also let him know how much I appreciated his handling of things in the beginning - I said I really hated animosity and hard feelings and that as long as he hadn't done anything truly horrible to me (i.e.
murder a family member, etc.)
I would really like to leave things on a good note...He agreed.
- He said I was a fantastic girl and that he still enjoyed hanging out and talking with me (although I don't see us doing a lot of that) So all in all I walked away with three very important things 1.
A lightened load (I got everything of my chest that I wanted to and needed to) 2.
My dignity (I handled it just as I'd hoped...with composure and wit) 3.
A clearer since of Ted as a person (He definitely has a lot of issues in his life he has not completely dealt with yet, and who knows if he ever will?)
Anyway, I'm okay with everything and surprisingly feel pretty good.
I'll talk to you soon.
Susan By the way, I told him about the shirt idea (he thought it was funny, and maybe just a little harsh)
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Subject: Mine's good, but check out his.
Body: Mine: For September 28: An agreement or legal matter improves today.
You are able to reach an understanding in a previously tense affair.
Do your best to maintain peace and tranquility, instead of giving into resentment or suspicion.
Behind the scenes finagling will be required to keep others on track and out of trouble.
Batten down the hatches during late afternoon and evening, and don't let any important info get into the wrong hands.
Someone may place their trust or future in your custody.
Make them glad they did.
Find weekly and monthly horoscopes His: For September 28: Something you already own or have access to provides even more satisfaction and enrichment.
Take advantage of this opportunity.
Squeeze every drop of juice out of a cosmic orange.
You never lost this chance, but may have temporarily misplaced it.
You could be sitting on a virgin diamond mine.
Dig a little deeper.
Later today, you and a partner or advisor may clash.
Don't slam the door on existing relationships, no matter how trying things get.
FYI: No bridges should be burnt today.
Find weekly and monthly horoscopes
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Subject: tariff question
Body: The reservation charge reduction applicable to TW's failure to deliver gas under certain circumstances does NOT apply to either force majeure events or periods of unscheduled maintenance less than 10 days in any calendar quarter.
Unscheduled maintenance is defined as unanticipated or unplanned maintenance on the pipeline system required to be performed to ensure that gas continues to flow in months other than Dec., Jan., Feb., July and Aug.
Assuming we could even classify the proposed activity as "maintenance," I'm not sure we could get away with saying it was unanticipated or unplanned, as the Gallup expansion has been in the works for some time.
I am also not completely comfortable calling this "force majeure" because part of the tariff definition is that the event was not within the control of either party; however, since the definition does include "binding order of any court or governmental authority," we could possibly say this is force majeure if we're reducing the pressure in order to comply with a DOT pipeline safety rule.
(In that event, our notice on the EBB would be a force majeure notice.)
If not, we can argue that since this is not "maintenance," but simply being done to construct the expansion in a safe and prudent manner, the shippers' rights are not triggered under the reservation charge reduction provisions.
In that case, damages (if any) would have to be pursued under ordinary contract law.
I realize that this is not a very satisfactory answer; however, the outage is going to be relatively short, and no shipper in recent memory has availed itself of the reservation charge reduction.
I recommend we give shippers reasonable notice of the pressure reduction so that they can make alternate plans -- this will reduce the likelihood that they will feel revengeful.
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Subject: And this one time at band camp...
Body: Hey, I know you are monumentally busy this week, but if you get five minutes today shoot me back an email and let me know if you know any of the Associates below.
They are all going to be at the dinner tonight so any info that would boost my B.S.
factor would be much appreciated.
I seem to remember you mentioning John Massey on a couple of occasions but I have, albeit very rarely, been known to be wrong.
Hope your day is going well and that you aren't having to carry Darren too much.
Evan Betzer Jay Epstein Bill Keeney John Massey Milind Pasad Kevin Ruscitti Jennifer Adams Farzad Farhangnia Gautam Gupta Claudio Ribeiro Doug Sewell
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Subject: Every day needs a little dose of levity...
Body: Fifth grade assignment The teacher gave her fifth grade class an assignment: Get their parents to tell them a story with a moral at the end of it.
The next day the kids came back and one by one began to tell their stories.
Kathy said, "My father's a farmer and we have a lot of egg-laying hens.
One time we were taking our eggs to market in a basket on the front seat of the pickup when we hit a bump in the road and all the eggs went flying and broke and made a mess."
"And what's the moral of the story?"
Asked the teacher.
"Don't put all your eggs in one basket!"
"Very good," said the teacher.
"Now, Lucy?"
"Our family are farmers too.
But we raise chickens for the meat market.
We had a dozen eggs one time, but when they hatched we only got ten live chicks.
And the moral to this story is, don't count your chickens until they're hatched."
"That was a fine story Lucy."
"Johnny do you have a story to share?"
"Yes, ma'am, my daddy told me this story about my uncle Bob.
Uncle Bob was a pilot in Vietnam and his plane got hit.
He had to bail out over enemy territory and all he had was a bottle of whiskey, a machine gun and a machete.
He drank the whiskey on the way down so it wouldn't break and then he landed right in the middle of 100 enemy troops.
He killed seventy of them with the machine gun until he ran out of bullets, then he killed twenty more with the machete till the blade broke and then he killed the last ten with his bare hands."
"Good heavens," said the horrified teacher, "What kind of moral did your daddy tell you from that horrible story?"
"Don't fuck with Uncle Bob when he's been drinking."
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Subject: Montey
Body: O.K.
Just wanted to see if we're still on for Saturday night.
Let me know if anyone else wants to come because I think I'm just going to order the tickets today over the phone or on the internet.
Also, I was trying to remember how much I covered of your meal the other night at Sabroso's.
I think it was around $15, so if it's okay with you I'll just pay for your ticket and then take the difference from the amount you sent in that email and cut you a check for that amount (I know I'm very delinquent).
I promise I'm good for the money.
Also, was wondering if you're still interested in the Bruce Cockburn concert on the 11th.
Just let me know.
Hope your having a wonderful day.
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Subject: Is it worth $200?
Body: Just found out from Minal that you guys are going to Osteria D'Aldo for your shower.
I hope you have a wonderful time but I have to warn you that the wine selection is extensive and the food is fantastic (although not very low-cal).
I know you're in the final stretch of the bet, however this just might be cause for a loss.
Bon Appetit!
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Subject: Here's to the Journey
Body: "For a long time it had seemed to me that life was about to begin - real=20 life.
But there was always some obstacle in the way, something to be gotten through first, some unfinished= =20 business, time still to be served,=20 or a debt to be paid.
Then life would begin.
At last it dawned on me that= =20 these obstacles WERE my "life."
=20 So, treasure every moment that you have...and remember that time waits for = no=20 one...
So stop waiting until you finish school, until you go back to school, until you lose ten pounds, until you gain ten pounds, until you have kids, until your kids leave the house= , until you start work, until you retire, until you get married, until you get divorced, until Friday night, until Sunday morning, until you get a new car or home= , until your car or home is paid o= ff, until spring, until summer, until fall, until winter, until you are off welfare, until the first or fifteenth= , until your song comes on, until you've had a drink, until you've sobered up, until you die, until you are born again to decide that there is no better time than=20 right now to be happy=01( Happiness is a journey, not a=20 destination.
=20
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Subject: recieved your inquirey....
Body: Hello Cara, Hope this finds you well.
I received your e-mail message.
Are you interesting in purchasing a home in this area or another area?
What price range are you looking at?
Have you been preapproved for a loan?
Are you currently working with a real estate agent?
are there a minimum number of bedrooms, bathrooms, etc.
let me know, I would be happy to assist you in your search.
Take care,
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Subject: hello stranger
Body: Hello.
How's life?
Mine is pretty good.
I have a face to face interview with Merch Pharmaceuticals.
I guess I did ok on the phone interview even though I didn't think they'd call me back.
Question for you.
I was wondering if you could change the first sentence in my letter of recommendation because it talks about FMLA leave and the dates I worked at Enron, which I have on my resume, but I'd rather they didn't know that I have a little one because I don't want them to judge me by that.. or think I'll be a slacker because I won't, and I already have the same babysitter set up and ready to go.
(if I get lucky and get the job)... :) I could come by one afternoon this week to pick it up because my interview is Tuesday.
What do you think?
No big deal if not, just thought I'd try.
Also, I'm taking Emily to Gymboree (a baby class) and Chris Calgar's(spelling???)
wife and son are in it.
I just met her Tuesday for the first time.
I guess they are moving to Houston the end of March.
Hope all is well and maybe we'll see you soon.
Emily is such a chunk now.
Susie Wilson
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Subject: New User Note Item and Form Change
Body: Please see attached new user notes.
See last sentence of item 3 applicable to contracts for certain physical trading product types.
Also see revised form change, 14(a) where we have added a safety net provision covering contracts that may allow any type of cherrypicking.
No change to Form of Collateral Annex.
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Subject: New Process Agent
Body: All, ENA has a new registered agent as of its February 2001 filing of a "Certificate of Change" with the Delaware Secretary of State.
As a result, I have updated those SWAP FORMS which include a "process agent" provision.
For your convenience, attached are REDLINED versions of the following documents: 1.
Deemed ISDA 2.
Schedule to the ISDA Master Agreement Regards,
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Subject: CommodityLogic Amendments
Body: Brent - I have attached both the Williams and Bank of America amendment forms for you to take a look at when you have a chance.
It is interesting to note that the Williams schedule skips Part 5 and contains the general provisions in Part 4.
Also, with the BofA document, there were some terms in Part 5(h) that looked to have been negotiated terms.
These have basically been incorporated into the Amendment so that the integrity of the agreement remains intact.
Please take a look at the attached is necessary.
I have both files in my office if you should need them.
Thanks.
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Subject: Comment needed: Debra Garcia (111901) Rozycki
Body: Your comments are needed for Debra Garcia who sat in for Joanne Rozycki.
Please return as soon as possible.
Thank you!-Becky Excellent = 5 Above Average = 4 Average = 3 Below Average = 2 Poor = 1 Initiative Cooperation Punctuality Attendance Quality of Work Would you request this person again Y/N?
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Subject: Enserco energy Inc.
Body: Bill: Here is what Enserco is willing to do: They are willing to extend the term of the $million LC to January 31st if we agree to extend the January due dates on settlement payments for physical gas and financial trades to January 31st.
They believe that they have a good argument against our right to declare an Event of Default based on their failure to renew and the LC will expire on 12/31.
It is questionable under the ISDA whether they are required to renew while we are in default.
Leslie: I need to know what payments are owed in December and January between ENA and Enserco for physical gas and financial trades under the ISDA.
Lisa, Julia and Lou: Would EY need to approve this?
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Subject: Summary of LC Issues
Body: Here is where I understand things stand based on our discussions this morning: 1.
Vitol SA - Tom Moran sent an e-mail to Mark Leskowitz asking if Vitol has paid Enron.
I have not heard from Mark or Tom.
The LC expires on 12/28.
2.
El Paso - I just sent an e-mail summarizing the netting situation.
If the netting was proper then our only grounds for drawing is failure to renew the LC.
We sent them a letter yesterday about this.
Credit was going to contact them.
We can draw as early as next Wednesday.
3.
Great Bay - same as El Paso absent the netting issue.
4.
LG&E Energy Marketing - they owe us a payment next Wednesday.
We will wait to see if they have paid and if they haven't we can declare them in default and draw.
If they have, we can draw based on a failure to renew the LC.
5.
Enserco - I will draft for Monica a follow up letter to send to them.
Credit will begin calculating Exposure/termination Amounts in anticipation of a termination as of Thursday, December 27th.
The letter today will give them until Wednesday to renew.
6.
Niagra Mohawk/ENA, Metromedia energy/ENA, Simpson Tacoma/ENA, The Energy Authority/ENA, Energy Production/ENA, Rising Star Energy LLC/ENA - I am waiting on payment history info from Leslie to see if we have any right to draw.
Could someone in credit confirm that we are in-the-money on all of these?
7.
City of Santa Clara - Harlan to send out default notice.
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Subject: Enron North America and Enron Credit
Body: Mike, May I get a status on the $159,022.86 wire request for Enron North America for account 102-06159-26, for our Hedge book?
Also, do you know if BS has liquidated all the positions held in the Enron Credit Inc accounts?
I believe that they were working on a sale of the 91,674 long shares of MLMG.
When can we get a release of the residual balances held in the Bear Stearns accounts for ECT Investments, Inc. and Enron Credit Inc.?
Would you please have someone fax me copies of all of our current statements at 713-646-2196?
Many thanks, Sheila
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Subject: Entergy-Koch
Body: Bill and Ed: On 12/21, we received a letter from Entergy-Koch stating that their calculation of the Final Settlement Amount under the Master Netting Agreement results in a payment from them to Enron of $10,384,673.
They are awaiting payment instructions.
Can we verify this amount?
Lisa, If we are okay with this amount, can they pay it to us without getting E&*Y's approval?
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Subject: Media Reports
Body: As you know, the U.S. government is investigating hundreds, if not thousands, of relatives, acquaintances and associates of the individuals who may have been involved in the terrorist attacks on Sept. 11.
We believe that the media will soon be reporting that one of the many individuals being questioned is an Enron employee in Houston.
It is appropriate for us to withhold judgment and to continue to cooperate fully with federal authorities.
Because this is a matter in the hands of the federal authorities, we cannot provide additional information at this time.
However, we will keep you informed, to the greatest extent possible.
Please keep in mind that thousands of people who may or may not have any information about the terrorist attacks are being questioned as part of this investigation.
We continue to have every reason to believe that our employees and facilities are safe.
If you have concerns, please call Corporate Security at (713) 345-2804.
If you receive any media or external inquiries about this matter, please call Public Relations at (713) 853-5670.
At Enron, diversity is one of our strengths, and we respect and embrace all people of all faiths and beliefs.
Please continue to keep our employees who have been impacted by this tragedy in your thoughts and prayers.
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Subject: PLEASE READ - IMPORTANT INFORMATION FOR PARTICIPANTS IN THE ENRON SAVINGS PLAN
Body: Due to current business circumstances, on November 28, 2001, Enron's Board of Directors adopted an amendment to the Enron Corp. Savings Plan.
The amendment includes the following changes, which became effective on November 29: ?
Savings Plan contributions that are deducted from your November 30 paycheck will be matched by Enron in cash rather than Enron stock.
The cash match will be placed into the Fidelity Freedom 2000 fund, the default fund for the Plan.
?
After November 30, Enron will no longer match your savings plan contributions.
As an exception, the company will continue the union matching contributions to the Plan.
?
The Savings Plan has always permitted employees to place their contributions in Enron stock or one or more alternative investment options.
Effective immediately, diversification within the Plan will ALSO be allowed, regardless of your age, from COMPANY contribution accounts.
This removes the restriction for all employees under the age of 50 to diversify the company contributions held in their account.
These accounts include all prior company contributions, QNEC, and company match accounts.
To move funds: On the Web, choose "Savings Plan--Restricted Employer Acct Transfer/Reallocation" from the drop down menu.
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Subject: Metzler Capital Markets - Executing broker agreement
Body: To all, We have expanded equity trading into the European Markets.
Along with that, you will see an increase of executing broker agreements that specialize in foreign equities.
We plan on executing a broker agreement with Metzler Capital Markets for the purposes of order flow and specialty in Italian equities.
Currently no documentation is required and we would still clear all transactions with our existing Primebrokers, Goldman, Morgan Stanley and Bear Stearns.
In addition, Metzler clears their transactions through Paribas Milan.
Thanks,
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Subject: ENRON/ALLEGHENY ISDA
Body: Sara - As per Marie's instructions, please find attached a blackline incorporating the changes that will be required to be made in the final form of ISDA (modifications to the Notice and Set-Off provisions).
The attached is the last version that I have but if the changes are acceptable, I would suggest that you take the changes and incorporate it into your form of agreement since it is the final version.
<<ENRON ISDA.REVISED 9.26.01.doc>> Once reviewed, please let me know if the changes are acceptable - at which point you can forward to me a revised Schedule (without the signature page) via e-mail and I can have the agreement countersigned and replace the Schedule with your revised Schedule.
Thank you for your patience.
Regards,
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Subject: Equity Forward Contract
Body: Sara, Thank you for reviewing and returning the equity forward confirmations so promptly.
We have reviewed the handwritten comment on page 8 of the contract and unfortunately cannot accept the language as presented.
Our concern is that if we are unable to get through to Clint for any reason (either speaking to him directly or getting voice mail), the termination notice would not be effective.
We propose to insert the following language instead:
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Subject: Your Birthday
Body: Hi Sara: Happy Birthday.
I had a great time in New Orleans but was unable to hook up with Monty.
Hopefully, I was able to succesfully forward to you my reply to Donna's email about getting together this Thursday.
I can not wait to see you both.
My cell number is 281-435-3672 if our plans need to be changed.
I will be out of town tomorrow and Wednesday, but back Thursday.
You can email me or leave a message at my office or call me on my cell.
Take Care and see you Thursday, Carson
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Subject: Revised clean draft
Body: Here is the clean revised draft as we discussed.
Please let me know if you or the counterparty have any further questions or comments.
Regards,
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Subject: Sam Chawkin
Body: Sara - Please let me know if you are going to be ok in all the upheaval and if you will ever agree to see me?
(those are 2 separate inquiries).
Sam
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Subject: ECT Europe Finance, Inc. ("ECT Europe")
Body: Ms. Lemont: It is our understanding that in connection with the opening of the referenced account, Bear Stearns has agreed to allow ECT Europe to sign the same form of Institutional Account Agreement that Enron Credit Inc. signed in April, 2001.
Please forward execution copies of such agreement to us and we will obtain execution on behalf of ECT Europe.
Additionally, we are in the process of adopting resolutions on behalf of ECT Europe allowing for the opening of brokerage accounts.
Will Bear Stearns be able to open the ECT Europe account prior to receiving the corporate documentation?
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Subject: Trading Agreements with Enron
Body: Jackie, Legal is reviewing the Terms of Business document for Credit Lyonnais and Monument Derivatives.
For Equities and Options, we will trade as ECT Investments, Inc. with all clearing through Goldman Sachs International and Morgan Stanley & Co. For Futures, we will trade as Enron North America Corp. with Give-up to Carr Futures and Deutsche Banc Alex Brown Inc. We are currently in the process of setting up the Deutsche Bank agreement.
Rob Manders, 212-469-2034, Rob.Manders@db.com, may be contacted for more information.
Legal thought that for the futures we only require your give-up agreements to Carr and DB and will not need the Terms of Business Agreement on the Futures side.
Please advise.
Sheila
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Subject: Put Confirmations
Body: Clint, Just FYI, we are revising the two put confirmations we sent out to you earlier to reflect the discussions you previously had with Russ around settlement.
We will correct the confirms to include only physical settlement at maturity, and we will send them out shortly.
Regards,
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Subject: IMPORTANT-To All Domestic Employees who Participate in the Enron Corp Savings Plan
Body: If you are a participant in the Enron Corp. Savings Plan, please read this very important message.
We understand that you are concerned about the timing of the move to a new Savings Plan administrator and the restricted access to your investment funds during the upcoming transition period scheduled to take place beginning at 3:00PM CST on October 26 and ending at 8:00AM CST on November 20.
We have been working with Hewitt and Northern Trust since July.
We understand your concerns and are committed to making this transition period as short as possible without jeopardizing the reconciliation of both the Plan in total or your account in particular.
Remember that the Enron Corp. Savings Plan is an investment vehicle for your long-term financial goals.
The Enron plan will continue to offer a variety of investment opportunities with different levels of risk.
As always, we advise you to review your overall investment strategy and carefully weigh the potential earnings of each investment choice against its risk before making investment decisions that are aligned with your long-term financial plans and your risk tolerance.
For that reason, it is critical that ALL trades among your investment funds be completed by 3:00 PM CST Friday, October 26 before the transition period begins.
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Subject: rmt
Body: the tax issue that we discussed at the rmt meeting has been cleared.
now we need to see if the $250 million is somehow at the rmt level or would be trapped in some way in a rmt filing.
i keep thinking that i will have time to track down with weil and has not happened.
can you track this down and then let the group know.
add stuart to this list.
can you do?
?
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Subject: Mahonia Limited
Body: Has anyone taken the Mahonia Limited file from our termination notices?
If so, please make copies of what you need and return the file to our files.
As these are the originals and the only complete files of the termination notices received, it is important that these files be preserved.
Thanks,
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Subject: NYMEX Seats
Body: A woman called Elaine Schield (x35476) from Accounting has been calling me over the past week or two about the status of the two NYMEX seats and I told her as soon as we heard what was going to happen to them we would let her know.
She also wanted copies of the "seat documents".
Pursuant to my conversations with you and Mark yesterday, I left her a voicemail telling her it was now our understanding that the seats would stay with the Estate and that she needed to contact you in the future.
I left her your phone number.
I told her that the "evidence" of the seats consisted only of the application and the letter received back from the NYMEX approving the application.
There is no other formal evidence of the seats.
I am going to go ahead and copy the seat applications for her (except for the personal applications of Haedicke and Lavorato since it contains personal information such as bank accounts and the like).
I will generally not provide such personal information to anyone unless it is absolutely necessary to do so.
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Subject: Credit Union Changes
Body: What's Next for Enron Federal Credit Union Over the years, Enron Federal Credit Union has been proud to share the Enron name and support many wonderful employees and their family members around the world.
Here are some of the exciting changes slated for the Credit Union in the coming months.
New Name We believe it is important to change our name for the sake of our members and our organization.
Our new name will reflect everything that we stand for: trustworthiness, outstanding service, innovative products, value and convenience.
You can expect to hear about our official new name later this month.
Expanded Field of Membership Also, being a single sponsor Credit Union for Enron Corp., it has become necessary to expand our field of membership.
We continue to welcome and serve current Enron employees and their families, but we will now also invite individuals and businesses that live, work or worship in Downtown Houston and the surrounding areas to become members of our Credit Union.
Additional Location Another immediate area of focus for the Credit Union is our location.
We have made plans to open an additional full-service facility that will be located in close proximity to the Enron Building in the downtown area with easy access.
More information about our new location will be announced as soon as it becomes available.
At this time, our current office facility will remain open and accessible for all of our members.
We are excited about the changes that 2002 will bring and look forward to sharing the experience with each of our members.
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Subject: Register for OpTech Early & Save
Body: The FIA Futures Services Division presents OpTech 2002 Tuesday, April 16 At the New York Marriott Marquis Hotel Register before March 15 and save $55!
Early rate: $345 members; $400 non-members Register online today: www.futuresindustry.org More information for operations professionals in one place, on one day than any other conference?
New York Exchange presidents (NYBOT, NYMEX, BrokerTec) discuss their plans for the future.
Security futures update: the latest regulatory developments and how they impact operations professionals.
Plus: Clearing Developments Disaster Recovery Anti-Money Laundering Managing Risk in a Real-time Environment And the ever-popular "Ask Your Regulator" Luncheon Full program details are now available at www.futuresindustry.org .
If you do not wish to receive emails from us in the future, you may opt out by notifying us via e-mail at optout@futuresindustry.org or by writing us at 2001 Pennsylvania Avenue N.W., Suite 600, Washington, DC 20006.
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Subject: Daimon Partners I, III
Body: Rene with Daimon Partners at 512-327-6122 has requested that the financial gas contracts with Enron be terminated for April and May.
She wanted to know who she could speak with regarding this issue.
Per our conversation, I have placed a call to her and given her your name as well as Sara Shackleton.
Thanks for your help.
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Subject: Owensboro Municipal Utilities
Body: Per, Robert Hunzinger from Owensboro gave me a call this morning to find out the status of his contingent call option with Enron.
I told him that since ENA was one of the bankrupt entities, that it would be highly unlikely that he would get paid if his option were to strike this summer.
His determination period is June 17, 2002-August 30, 2002.
Not sure if you'd like to give Robert a call or not, just wanted to let you know that he had called in regarding his swap.
Sara--I gave Robert you name and numbers in case he wanted to talk to an attorney, or send in a letter terminating the transaction.
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Subject: Argentina recap phone call tomorrow
Body: Brent: sorry for my poor "attaching abilities."
Hopefully we will have a lot to discuss tomorrow.
Lynn has a suggested the use of a separate "action list" to present to Mike.
SS
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Subject: MUNDER FUNDS DAILY PRICE (NAV) CLOSINGS
Body: Did you ever receive any paperwork from this fund on behalf of Zachary?
How was NY?
Mother sure is talkative these days.
Hope all is well Sass
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Subject: Argentine Memo
Body: PLEASE DISREGARD THE DRAFT MEMO SENT ON 3/16/00.
I have reworked a new memo which prints on 3 pages and which I hope is brief and to the point.
Let's try to talk before Friday so that we can send the memo before then.
I still have not heard from Patricia Lopez.
SS
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Subject: ABN AMRO margin line agreement
Body: Attached are copies of the drafts sent to ABN AMRO Incorporated in January, 2000.
I have been out of town and apologize for the delay.
Sara
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Subject: Alternative language for "Transfer" provision of ISDA Schedule
Body: Transfer.
Section 7 is hereby amended by adding the following Subsection (c): "(c) Party A may transfer its rights and obligations under this Agreement, in whole but not in part, to any Affiliate so long as the obligations of such Affiliate are guaranteed by Enron Corp. pursuant to a guaranty substantially similar to the one provided on behalf of Party A, provided that such transfer will not give rise to a Termination Event or an Event of Default."
Rod and I will follow up on the Letter of Credit issues.
Have a nice weekend.
Regards.
Sara
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Subject: Brokerage Agreements
Body: Marie: Per my voice mail, please let me know when you will have your memo regarding brokerage agreements and the updated list available.
I would like to include Susan Flynn, Sheila Glover and Laurel Adams in a meeting since they are all involved in the brokerage agreement process from time to time.
I'll try to gather the group if you provide me with some suggested times.
Thanks.
Sara
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Subject: Consulting Agreement
Body: Michelle: Could you please send me the latest form of agreement that ENA should be using with its outside consultants?
Thanks.
If you have any questions, please give me a call.
Sara
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Subject: Party for Marie
Body: I just learned that I have a conflict on June 2.
So I have already consulted with Marie who has agreed to Friday, June 9.
I hope this works for the majority of the group.
Thanks.
Sara
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Subject: Vitol
Body: At end of first paragraph, add: Terms used but not otherwise defined herein shall have such meaning as set forth in the Agreement.
Insert in "Credit or Other Special Provisions": On or before 5:00 p.m. (Houston time) on Wednesday, May 17, 2000, Counterparty shall deliver to ENA Performance Assurance in the form of a Letter of Credit in the amount of $10,000 which amount shall be maintained in favor of ENA in accordance with the terms of Annex A to the Agreement and which may be aggregated together with other amounts required for other Transactions subject to the Agreement in order to establish a single Letter of Credit.
Further, at any time during the term of this Transaction, upon the request of ENA in its sole discretion, Counterparty shall deliver additional Performance Assurance in the form of a Letter of Credit in the amount of $10,000, subject to the provisions of the foregoing sentence.
In addition to such Performance Assurance, Counterparty shall establish, maintain, renew, substitute and increase such Performance Assurance in accordance with the terms and provisions of Annex A to the Agreement and the failure to do so shall constitute an Event of Default under Section 5A(6) of the Agreement.
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Subject: price correction language for omnibus (60 day true up for paper and pulp transactions)
Body: Jarrod: Attached is the price correction language.
There is a 60 day true up with a 30 day notification period after the correction is announced.
Upon notification by a party, there is a 3 Business Day period for payment.
This language tracks the ISDA so that our approach in each instance will be identical.
We will need to add "Calculation Agent" to the confirmation.
Please call if you have any questions.
Sara P.S.
you should use a paralegal for Annex B purposes and if the omnibus is for a cross-border transaction
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Subject: Statoil Marketing & Trading (US) Inc. ("Statoil")
Body: Mark and Paul: ENA has just finalized an ISDA Master Agreement with Statoil.
I had advised you several months ago that Statoil also wanted to negotiate with ECTRIC, using the ENA agreement as a model.
Chuck O'Brien is the inhouse counsel and can be reached via email or phone (203/978-6988).
Please contact Chuck and let me know if there is anything that I can do to help.
Regards.
Sara Chuck: Mark and Paul can be reached in London at 011-44-20-7783-6552 (Mark) and 011-44-20-7783-6566 (Paul).
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Subject: Enron Investments PLC
Body: Susan: I am told that the name of the Enron company is "Enron Investments PLC" and Lance Schuler set it up for the acquisition.
Please check on corporate database.
I'll try to get you a contact.
SS
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Subject: Enron Investments plc ("EIplc") - new brokerage account
Body: All: Sheila and I have been trying to coordinate the account(s) to receive the shares of the above entity.
I can't locate the company on the corporate database.
My understanding is that CF First Boston will receive the shares and then transfer to our Morgan account (upon our instructions).
CF First Boston has an Enron Corp. account (pre-1994) and can open a subaccount for EIplc.
However, two (2) items are required: (1) a letter of beneficiary ownership (2) Is EIplc a regulated UK company?
If the answer is no, then it (or the company reporting for it) must provide a net asset valuation
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Subject: Lehman Brothers Finance S.A.
Body: Rod: Forgive my redundancy, but did I already request (and did you send) a credit worksheet for this counterparty?
This is another Clint Freeland/Jeff Nogid push for Fastow.
Thanks.
Sara
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Subject: high volume trading counterparties
Body: Jeff and Larry: Last year, Mary Gosnell prepared a one page summary which was used by legal and credit to target the preparation of ISDA Master Agreements.
The summary was divided into two parts: "Without Master Agreements" and "With ECT Master Agreements" and included the number of trades for the first half of the year.
It is our objective once again to put new agreements into place and upgrade existing ECT Master Agreements to ISDA Master Agreements.
I don't know if EOL trades have impacted the numbers this year and I'm not sure whether we need to create a line item for EOL (I'll leave that to your discretion).
Please let me know if you have any questions.
Thanks.
Sara P.S.
We were very successful in negotiating masters appearing on Mary's list!
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Subject: Sonoco enclosure letter for July, 1999 payment
Body: Attached is a new letter for the July 17 payment which ECT owes Sonoco.
Please review for accuracy.
If it's OK, one of us can fax (with the settlement statement) on the payment date.
Thanks.
Sara
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Subject: Aquila Risk Management Corporation ("Aquila")
Body: Melissa: Brant Reves has just confirmed for me that financial power deals in the name of Aquila will change to Utilicorp United Inc. when the ISDA Master is signed (any day now).
Of course, the confirm will be an ISDA confirm, as well.
SS
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Subject: Twister Omnibus/Assignment
Body: Carol: John sent the email to all paralegals after he and I spoke in the morning (6/2) since we didn't know who would handle.
I remember, now, I checked the log in book while Susan was at lunch and it wasn't there so when I asked her about it, she told me she was holding a prior confirm for Twister ( apparently inactive until further notice) and she was now going to handle this one.
I reminded her that I was leaving early to fly to NO so that I'd have enough time to review.
The rest is history.
Sara
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Subject: Enron India LLC
Body: We do not have any executed docs to send to Morgan Stanley to open the account.
Lauren is awaiting signatures.
Ted Murphy is the only signature required outside the India group.
Morgan will open the account with faxed signatures.
Did Anthony ever give you an account number?
Sara
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Subject: Your workload
Body: Rod: I'm thinking ahead with respect to Enron Corp./Hickerson matters.
A few current issues include: (1) Nogid/Freeland seem to be entering into more equity swaps.
I have asked that copes of all equity transactions be forwarded to my attention immediately.
The first order of business includes transacting with the following parties in the following order: 1. Credit Suisse First Boston ("CSFB").
We have an ECT ISDA with Credit Suisse Financial Products which I believe is the predecessor to CSFB.
Can you verify?
Do we need to amend or create a new master?
2.
Bear Stearns (I believe that it will be Bear Stearns International Limited because equities are done offshore) 3.
Lehman Brothers Finance S.A. (you already provided credit) Please let me know about 1 and 2 above.
(2) Credit derivatives and distressed loan transactions On May 18, 2000, I provided you with a list of the types of transactions originating in Kinneman's group by ECT Investments.
Do these guys ever need to communicate with credit?
How do you monitor?
Please let me know who I should be speaking with about these transactions.
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Subject: OK Tedi Mining Limited
Body: Mary: We deleted this counterparty from the legal/credit list yesterday.
Since commercial is not pushing, we determined that it would be imprudent to hire outside counsel at this time.
Sara
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Subject: Margin leverage and Enron Guarantee
Body: Hi, Clem!
Please see below message from Sheila Glover.
I believe that in the past ENE has only issued a guaranty to Paribas, ED&F Mann and Bank One in connection with ENA's futures/special margin arrangements.
I'll be speaking with Paul Radous in credit.
Do you see any issues here?
Sara
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Subject: Intelligent Markets / Buy Side Direct
Body: Mark: Do we have any special considerations/expertise with respect to the evaluation of "internet trading platform" agreements?
I am starting to see more of these from Gary's group.
Please let me know.
Currently, I have Jason evaluating two of these.
Sara
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Subject: Authorized trader list/electronic notices
Body: Mark: (1) Did you consider my voice mail about updating authorized trader lists and resolutions (by Samantha or Tana)?
(2) Have you thought about electronic notice provisions?
Shouldn't default/termination notices be in writing to the appropriate counsel/Corp.
secretary?
And, can we agree to "electronic notices" at all?
There is no electronic address for a Documentation Desk or Assistant General Counsel.
I am seeing this type of provision in electronic trading agreements.
Thanks.
Sara
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Subject: Raptor - confirm - blackline
Body: All: Please review for content.
This deal has been recast as a "Price Return Swap" and I hope it is self-explanatory (i.e., you won't have to drag out the 1996 Equity Definitions).
I will forward a draft letter shortly.
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Subject: Midwest Energy Hub LLC ("Midwest")
Body: Kay: I left you a voice mail yesterday at Sheila's suggestion regarding Midwest.
Greg and I discussed the use of ENA's format of ISDA documentation by Midwest and I have a couple of questions about how our docs will be used, whether Midwest will be competing with us and who will be negotiating hedge agreements on behalf of Midwest (i.e., will ENA swap lawyers be involved?).
Please call me so that I can comply with Greg's request..
Thanks.
Sara
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Subject: Raptor
Body: Kristina: As you may have heard, some Raptor issues have been raised to a new level.
I have waited to further revise the confirm pending the V&E response; Also V&E suggested edits on the confirm format for all Raptor deals.
As you will see from Scott's memo, the unilateral right of termination is a potential issue.
Sara
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Subject: Deutsche Bank
Body: Tana: Can you make a copy of the most recent draft and get on my calendar before Monday so that we can discuss.
Thanks.
Sara
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Subject: electronic trading agreements
Body: Mark: I left you a voice mail last week about the comments from IT about the "Enron Corp. mandate" from Jim Derrick regarding negotiation of these agreements.
Have you a solution?
Sara
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