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Information Seeking
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safe
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FLAN
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My broker called and we are definitely in for Tina Turner. He is waiting unitl the last week to give me the tickets so we get premo seats. Have fun this week-end.
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Tina Turner
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Information Seeking
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safe
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FLAN
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Here is an email: Attached is the working file for responding to the data request received on January 11, 2002. FGT's response needs to be sent out on January 25 for filing on the 28th, therefore, responses will need to be in by January 23rd. Responsibility is identified on each question, but in recap here is what you will be responsible for: Levelized Depreciation - Question 1 Teb Lokey and Blair Lichtenwalter AFUDC - Question 1 Mike Smith or Dave Rosenberg Escalation - Question 1 Mike Smith or Dave Rosenberg Cost of Removal - Question 1 Steve Veatch & Tim Bayles Cost of Removal - Question 2 Jon Lohmann General - Question 1 John Keiser
What is a potential subject line for this email?
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Data Request on Phase VI - Non Environmental
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Information Seeking
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safe
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FLAN
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Here is an email: 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.
What is a potential subject line for this email?
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New Legal Team to Assist RAC
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Information Seeking
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safe
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FLAN
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Write a subject line for this message:
Today's Hottest Travel Deals from Bestfares.com! =20 There are just hours left to take advantage of some of the best fares for s= ummer 2001 travel. This could be your last chance to take advantage of free= stopovers in London, three free hotel nights in London and discounts up to= $700 off for travel to Dublin, Shannon, Amsterdam, Brussels, Paris, Madrid= , Rome, Milan, Frankfurt, D?sseldorf and several other European cities. For= travel across the U.S., you just can't beat our $174-178 roundtrip or less= airfares through October 26, 2001. From the East Coast to the West Coast, = pick the right cities and we've got you covered. Also, Australia, New Zeala= nd, the Caribbean, Mexico, Central America, Hawaii and Tokyo are all on sal= e. Now, for the bad news--unless we can convince our suppliers to extend th=
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Final 2 days; usa, europe summer super sale
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Information Seeking
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safe
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FLAN
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Write a subject line for this message:
[email protected] writes to the NYISO_TECH_EXCHANGE Discussion List: Dear Market Participants: The NYISO is pleased to inform you about the following enhancements to the public web server (www.nyiso.com), MIS and SPIDER that will be implemented on September 12, 2001. Generation Supplier Issues Development Project: ? Units may operate as Energy Limited Resources (ELR). Qualifying units that have their schedules modified will NOT be subjected to any financial harm from the obligation to cover energy balancing charges. ? Units may operate as Capacity Limited Resources (CLR). Bid rules will be modified such that units may indicate an upper MW operating limit separate from the Upper Operating Limit (UOL). SCUC, BME, and SCD will honor this limit under certain environmental and operating situations. ? Payment rules for start-up will be modified. Units will receive start-up payments for both the Day Ahead and Real-Time market if they are economically qualified and are scheduled in each market.
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NYISO - Software Release for September 12, 2001
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Information Seeking
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safe
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FLAN
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Write an email with the subject line "Tabors".
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Kevin Richard Tabors number is 617 543 5304. John Basinger and Barrett Reasoner with the Gibbs and Brun law firm would like to get a hold day with him ASAP. Thanks for your help
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Information Seeking
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safe
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FLAN
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Write an email with the following subject:
The Center for Houston's Future -- Capital Campaign
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Susie Lewis in Exxon-Mobil's Public Affairs Department called me today for an update on The Center's capital campaign. Terry Koonce has just passed on to her The Center's funds solicitation packet for consideration and Susie wanted to know how corporations, other than Enron, are responding to The Center's request. I indicated to her that the follow-up calling was just beginning and that as soon as I could give her an update, I would. I tried to get information from her regarding Exxon-Mobil's take on the request. She hesitated a bit. I said that the request was for an effort of the business community that was unprecedented in the history of Houston. She agreed and said that Exxon-Mobil has two guiding factors in funding any effort: 1) the potential for impact on E-M business 2) the philanthropic value. She went on to indicate that attracting workforce to the Houston region was a key necessity of E-M. She also agreed that unless this region had a plan, it would be left behind. She was upbeat, asked intelligent questions and appeared genuinely interested in and enthusiastic about The Center's efforts. She has asked that I call her back next week. In addition, Dennis Winkler, Manager, Community Relations - Houston for Shell (and Partnership liaison for Steve Miller) approached me at the Partnership's board meeting on Tuesday to chat about The Center. He mentioned the fact that Steve Miller had asked him to go to Shell's Foundation and put Center for Houston's Future in line to receive funding. Note: Dennis did this prior to our solicitation packet being mailed. I asked Dennis if Steve had received The Center's solicitation packet and if so, had Dennis heard any comment. He said that he didn't know, but asked for a copy of the packet. This was sent to him. I am setting up a lunch with Dennis next week at his request to talk about The Center. Please let me know how to proceed. At this point, I have not received the final list of your calling preferences. If I can fill-in or customize the list for you to facilitate your follow-up telephone calling effort, please let me know. I would be more than glad to help. Thank you for all of your help.
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Information Seeking
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safe
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FLAN
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Write a subject line for this message:
I heard that NE Hub made it through the Oriskany without blowing anything up. Siggy must have been so pleased, and Penn Fuel and CNG so disappointed! Hey, I'm gonna be down the week of May 30-June 3 and would like to get together with you guys. What's going on that week? Would there be any reason, say, to bring golf clubs? I hear that my much ballyhooed former law partner David Hill might be down in Houston the same time and I need to have a few beers on his expense account as well. Pat, I don't think you've met this guy but you need to, if for no other reason because he buys beers. DF
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Siggy
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Information Seeking
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safe
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FLAN
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Chris, Here are the additional manual entry meters. Those highlighted in blue should already be in the database, while green highlighting designates new records. Those without web DRN numbers need Enron designations which I will leave up to you. Let me know if you have any questions. Mat
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manual entry meters
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Information Seeking
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safe
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FLAN
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Here is an email: Jeff: If you are in town this week, the weather should be great for golf. Let me know if you are available and we can go hit the ball. Best regards,
What is a potential subject line for this email?
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Golf
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Information Seeking
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safe
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FLAN
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Write a subject line for this message:
Ken, Greg, Mark - Thank you for your leadership over the last several weeks and this morning. We appreciate it. Following are some additional thoughts and some more detail on my comments from this morning: The leadership group in that room needs to feel the sense of responsibility to lead our businesses. Everything we say & do - including all written, verbal and "body language" - are signals. We must communicate and lead all day, every day. As an organization, and as part of our culture, we lead with our chin - always have and probably always will. We are going to take our share of bumps and bruises. We have some great businesses here....and we are fortunate. We have grown the size and profitability of our core businesses substantially, and in a market where many companies have not been as successful. Most of our wounds are self - inflicted. We can and should do a better job. I believe this leadership team needs to make an absolute commitment in the following areas: Vision - define what we want this company to be in the next 3-5 years Value - as part of building the World's Leading Company, my vote is that we dedicate our energy towards building long term, sustainable value. This is not about just creating value in the eyes of Wall Street - this is about creating real value, perhaps as defined by "after tax operating profit minus the real cost of capital". Market cap will follow this type of economic value creation. We need to measure it and incent people this way. Teamwork - we are a leadership team. I don't feel as though everyone buys into that nor is it clear that everyone around that table feels a sense of responsibility to lead across the business. I would like to discuss how we improve as a team. Many of our employees (at an average age of 33 years) have never been through: an economic downturn a global military conflict problems like the ones we are currently experiencing at Enron We need big time leadership now....from all who are around that table Clear Demonstration of our leadership - in clear view of our employees, customers and shareholders People - we must make sure to retain and enhance the interest of the employees that add value to Enron everyday. These people need to believe - with our actions - that we are absolutely focused on making sure they have an environment that is conducive to building and creating value over the short, medium and long term. The ball is in our court. We have to lead and be perceived as credible leaders. We've got to dig deep and get down the road - together. If you wish, I would be pleased to discuss this further. Thank you again for your leadership.
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Management & Leadership
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Information Seeking
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safe
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FLAN
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This is an email
Good Morning, For those interested, there is a replay available of our Power Generation Conference Call which took place yesterday. The replay number is: 402/220-0140 Pin Number: 7493 The called featured Judah Rose with ICF Consulting. Topics discussed included: 1. Our private market valuation analysis for the IPPs; 2. Recent trends in the US power market; 3. Their impact on the generation supply chain; 4. The relationship between power demand and GDP. Please email us if you would like a copy of the slides that go along with Judah's presentation. Regards,
What is the subject of this email?
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Replay Available for Power Generation Conference Call
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Information Seeking
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safe
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FLAN
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Here is an email: This counterparty came across on my online list for today. I took a look at the master you have in your office, and to me it seems to be approved for all products, including weather & pulp & paper, just not FX. In Susan Flynn's email she said no pulp & paper. Which is correct?
What is a potential subject line for this email?
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HS Energy Services
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Information Seeking
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safe
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FLAN
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Write a subject line for this message:
Attached is the form I'd like everyone to use for tomorrow's reports. We will probably modify this and the ones to follow, so be prepared! Fletch
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Utility Term Sheet Form 1
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Information Seeking
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safe
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FLAN
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What is the subject line for this email?
All, As you have some visa condition associated to your employment with UBS, we will shortly be forwarding to you an assignment letter that allows you to provide services to UBS whilst still an employee of Enron. This assignment letter will only be applicable until your visa is approved by the INS. Therefore, if any of you will be out of the office this week/early next week, can you please let me know. Kind regards,
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Transfer to UBS
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Information Seeking
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safe
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FLAN
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Do you want to go to Austin tonight? I have an extra ticket to the game tomorrow. We will be back to Houston by 5 tomorrow. Let me know. Eric
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Austin
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Information Seeking
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safe
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FLAN
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This is the content of an email: There seems to be some confusion around which DPR captures credit reserve and consumption premium reserves and which balance sheet these items fall on. My understanding in talking with both Don and Kevin is that since EES is, on a go-forward basis, being granted origination (which would be the residual after all reserves are applied) that all prudency/reserve items will rest on the WhEES DPR. The EES DPR will be just a single line net origination number. We do need to capture the activity related to DSM in the EES DPR (including some portion of credit reserve and drift) but until we have the system capability to capture this it may just have to be part of the whole WhEES bucket. This tracks with the idea that all future exposures (be they be wholesale price movement, tariff movement, credit exposure, etc.) be borne by EWS. If so, they need the reserves to properly offset any realized activity. The balance sheet reserves associated with these items already rest in the ledgers that are rolling up underneath EWS now. Reflecting the positions on the WhEES DPR will make them consistent with how we are capturing them from an accounting perspective. If anyone disagrees with this treatment, please respond to all the parties above so we can resolve this issue. If there are no objections I would recommend moving the credit reserve over at the next possible point. Wade P.S. This thinking only reflects how things are currently contemplated, if the mix around what is with EWS vs. EES (i.e., accounts receivable) we may want to rethink the credit reserve portion.
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Credit Reserve
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Information Seeking
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safe
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FLAN
|
Write a subject line for this message:
It was very small and petty of me, but I couldn't resist. Start with the last message and work your way up to get the full story. Good luck studying, Susan
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The victory is small but substantial
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Information Seeking
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safe
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FLAN
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This is the content of an email: This message is forwarded on behalf of Artis G. Hampshire-Cowan, Esq., Secretary of the Board of Trustees. Please review the attached action alert and resolution and respond by facsimile. Thank you. <<advisory.jackson.treasurer.doc>> <<BD Action-Treas.doc>> - advisory.jackson.treasurer.doc - BD Action-Treas.doc
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Approval of Interim CFO as Board Treasurer
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Information Seeking
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safe
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FLAN
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This is the section they wish to change.=20 =01&11.1. Except with regard to a party's obligation to make payment due un= der=20 Section 7. and Imbalance Charges under Section 4, neither party shall be=20 liable to the other for failure to perform a Firm obligation, to the extent= =20 such failure was caused by Force Majeure. The term "Force Majeure" as=20 employed herein means an event not anticipated as of the date hereof, which= =20 is not within the reasonable control of the Party (or in the case of third= =20 party obligations or facilities, the third party) claiming suspension, and= =20 which such Party (or third party) by the exercise of due diligence is unabl= e=20 to overcome, or which such Party (or third party) by the exercise of due=20 diligence is unable to obtain or cause to be obtained a commercially=20 reasonable substitute performance. Subject to the foregoing sentence, even= ts=20 of Force Majeure shall include the events as further defined in Section 11.= 2=20 and shall include an event of Force Majeure occurring with respect to the= =20 facilities or services of Buyer's or Seller's Transporter.=018 =20
Generate a subject line for this email.
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Ogle
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Information Seeking
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safe
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FLAN
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To all Energy Operations employees: ENA has experienced extraordinary growth thus far in 2000. I am especially proud of the accomplishments of Energy Operations in supporting this growth. I wanted to express my appreciation for all the hard work and dedication that you have demonstrated. We have done great work and I want to recognize you for that. Although we have done much, we have additional goals to accomplish within ENA and Energy Operations this year. Therefore, as we go forward, I want to make sure that you have all the necessary tools to do the best possible job, and that any barriers that may impede your work are removed. To help in this effort, I have asked a consulting organization -- S.J. Bashen
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Note from Sally
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Information Seeking
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safe
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FLAN
|
What is the subject line for this email?
To all of the Victims of Genia's Pranks: It's time to get her back for all of the pain, anguish and embarrassment that Genia has caused us! If we approach this as a group, we can get her good. Does anyone have any ideas? I'm game for anything!! !
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Payback
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Information Seeking
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safe
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FLAN
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Here is an email: [email protected] writes to the NYISO_TECH_EXCHANGE Discussion List: Dear Pricing Issues Task Force Members, After today's meeting of the Pricing Issues Task Force it was decided that the meeting previously scheduled for 9/25 should be cancelled in favor of bringing the issue to a larger group in the form of a joint S&P and Market Structure meeting on October 4th. Short term recommendations for actions in response to the BME/SCD pricing issues will be considered under the scope of the S&PWG while longer term BME/SCD issues, which has been a topic on the MSWG's agenda, will continue to be addressed by that working group. Regards,
What is a potential subject line for this email?
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NYISO Pricing Issues Task Force Meeting, September 25, 2001, CANCELLED
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Information Seeking
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safe
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FLAN
|
What is the subject line for this email?
I have put all of the liquidations for GD Central in the Fred Liquidations file. There is a variance of ($13,950) on the gas daily between what we flashed and what detail we now have. We will have to take this adjustment to the P&L(wil be expense). I do not have detail for Basis Capacity Hedges or LT Transport. I am under the impression that these numbers are given to you each month by Cernosek's group. For Basis Capacity Hedges, we flashed ($31,074) and for LT Transport we flashed ($130,735). The detail in this file plus these three numbers should tie out. If not, please let me know. Shout with any questions. Thanks for your help. PL
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GD CEntral Fin Liq 0800
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Information Seeking
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safe
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FLAN
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Write an email with the following subject:
Enron Portland - Dec. Futures
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Dave - I'm the new Deal Control staff person here in the Portland office, and I've been told you're the person to contact regarding counterparty match-ups for our futures deals this month. The futures were done today, and if you could let me know of the corresponding counterparties as soon as you find out, that would be very helpful. If there is anything I should know about your job or how we might help each other work better, please let me know. Thanks a lot,
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Information Seeking
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safe
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FLAN
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Write an email with the subject line "CNG Fuel Waivers".
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Hey Z, would you show Beavy how to request the CNG Fuel waivers for July? I want Beavy to do it for a couple of months so she will be aware of our operational flexibility. Remember, you need to keep track of all of this on your 2000 accomplishments for your year end review. Thanks.
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Information Seeking
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safe
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FLAN
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Here is the latest Kinder-Morgan update from Scott. As you know, these guys have alot of generation and are under pressure to get several projects done soon. I also think that your price risk management structure would be a good product for them. Ben
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KN Energy Update
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Information Seeking
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safe
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FLAN
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Write an email with the following subject:
Special Session Notes
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Hi all, We spoke to Rick Simpson in Hertzberg's office who related the following: The last meeting of Senate, Assembly, and Governor's staff was last Wednesday. The Senate staff has been advised that the Governor is not interested in having a bill that could only pass the Senate. He wants one that can get 41 votes in the Assembly as well, which means direct access would have to be included. Rick spoke to Brian Kelly of Burton's office on Friday. Brian said they are working on securitizing the interest costs. They are looking at something like 50-60 kw for the core/non-core number which would still be able to be financed even with fewer customers, although the transaction costs would be higher with a smaller customer base. I asked Rick if they expect all of their members to return and he said most of them would. I suggested that it had better be the right ones, or they'd have trouble getting to 41 votes. He said he wasn't sure at this point if a compromise bill could be ready by next Tuesday, but the Assembly is willing to try with the right bill. I spoke to John Burton a few minutes ago who reiterated that he will not look favorably upon including direct access although he understands that some business democrats in the Assembly need it to vote for a bailout. He said he spoke to an Assembly leader this morning who told him that even 78xx would get only 36 votes today if it came up for a vote (it squeeked through on 41). He is considering putting up 78xx for a vote on Tuesday (it will fail) and continuing discussions with the Governor's office after that. He said to tell you all that the bailout bill can't pass next week because it interferes with Scott and Gayle's wedding on the 14th, and coincidentally that is the last day for the Governor to sign or veto bills.
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Information Seeking
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safe
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FLAN
|
Write a subject line for this message:
Attached for your review and comment, please find Defendant's proposed discovery requests: <<discovery requests.doc>> <<med.rel.doc>> Christine Neely, Secretary to Lynn Paul Mattson and Kristen L. Brightmire Doerner, Saunders, Daniel & Anderson, L.L.P. Information in this message may be privileged or confidential. Information is intended for the sole use of the addressee. No consent is given for unauthorized viewing or distribution. - discovery requests.doc - med.rel.doc
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Casey v. NEPCO
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Information Seeking
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safe
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FLAN
|
What is the subject line for this email?
Attached is a memo that I am currently working on with Rick Johnson. Please review and provide me with any comments. Rick will be in the Houston office for the next two days. Thanks
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Employee Labor Relations Memo
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Information Seeking
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safe
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FLAN
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Here is an email: Dear Mr. Lay, May the Holy Spirit guide you and give you strength. There are still people who have faith in you. I am one of them. God bless. Yours truly, Vicky Cleveland
What is a potential subject line for this email?
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GOD BLESS
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Information Seeking
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safe
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FLAN
|
What is the subject line for this email?
Hi again, Delta Power will be making revisions to the LLC for tax purposes. I've given them your email address to include you in the distribution. Kay
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Delta (Salmon)
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Information Seeking
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safe
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FLAN
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Write an email with the subject line "Restricted List".
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Neither EWS/RAC/EGF employees nor family members or others living in their household or financially dependent on the EWS/RAC/EGF employee may purchase or sell securities of any entity (or derivatives thereof) listed on the Restricted List for your or their personal or related accounts or recommend the purchase or sale of such securities to any person, except with the prior approval of the Compliance Department in consultation with the ENA Legal Department. In addition to the trading restrictions above, should you at any time possess non-public material information about any public company, you, your family members and anybody that is financially dependent on you, are restricted from trading in that issue, and you may not disclose the non-public material information to anyone that does not have a business need to know. With respect to investments in privately held companies, you are responsible for complying in all respects with the policy entitled "Conflicts of Interest, Investments, and Outside Business Interests of Officers and Employees" in the July, 2000 Enron Corp. Code of Ethics. Please consult the Compliance Department with any questions you may have regarding a potential investment in a privately-held company. Company Name Stock Symbol 3 TEC Energy Corp. TTEN Active Power ACPW Adrian Resources ADRRF Applied Terravision Systems, Inc. TER CanFibre Group Ltd. CFGL Carrizo Oil & Gas Inc. CRZO Catalytica Energy Systems, Inc. CESI Crown Energy CROE CyNet, Inc. CYNE Enserco Energy Service Company, Inc. ERC eSpeed, Inc. ESPD FuelCell Energy, Inc. FCEL Hanover Compressor Co. HC ICE Drilling Enterprises Inc. IDF Impact Energy IEY Industrial Holdings, Inc. IHII Kafus Environmental Industries, Inc. KS KCS Energy KCS Nakornthai Strip Mill Public Co Ltd NSM SET Paladin Resources PLC PLR LD Southwest Royalties SWROY Syntroleum Corp. SYNM Tejon Ranch Corp. TRC TransCoastal Marine Services, Inc. TCMS Verado VRDO The Restricted List is solely for the internal use of EWS/RAC/EGF. No one may engage in discussions regarding whether a security is or is not on the Restricted List with persons outside EWS/RAC/EGF without specific clearance from the Compliance Department in consultation with the ENA Legal Department. No employee of any Enron Business Unit may engage in the trading of any Position for the benefit of any party other than an Enron Business Unit (whether for their own account or for the account of any third party) where such Position relates to (i) any financial instrument, security, financial asset or liability which falls within such employee's responsibility at an Enron Business Unit, or (ii) any other commodity not covered by (i) included in any Commodity Group. Position shall mean, collectively, the risk components (including, but not limited to, price risk, basis risk, index risk, credit risk and liquidity risk) of all products (commodities, financial instruments, securities, equities, financial assets or liabilities) which have been authorized for trading in the Enron Corp. Risk Management Policy, any of the Enron Corp. Policies or approved for trading through any amendments to this Policy. The prohibitions listed above do not replace or modify the policies set forth in EWS's Policies and Procedures Regarding Confidential Information and Securities Trading, Enron Corp.'s Risk Management Policy, or Enron Corp.'s Code of Ethics . Should you have any questions regarding the above, please contact me at ext. 31939
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Information Seeking
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safe
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FLAN
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Write an email with the following subject:
Employment Agreements and Final Rankings
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Vince, I am attachings the revised Employment Agreement forms for Mike, Vasant, and Krishna so that you can review the numbers with Whalley. Please just let me know when you are ready to pull the trigger or if any changes need to be made. Additionally, I am attaching the final ratings for all of your people. Some people have NR by their names, but that is only because they have not been here long enough to be reviewed. If you need any additional info from me, please let me know. Thanks.
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Information Seeking
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safe
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FLAN
|
Ken, Enron Corp was a great empire that found itself vulnerable -- the same as the World Trade Center -- the same as our country's security. The cost of exposure has been high but a cheap price to pay in the long run for our future generations. I see Enron in the future.
Propose a subject line for this email?
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Heartfelt Appreciation - Biography
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Information Seeking
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safe
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FLAN
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Hello Chris: I am just curious to find out if you are planning to release the 35,465 dth back to Boston Gas this month. Please let me know. Thanks. Ivy
Generate a subject line for this email.
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Capacity release
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Information Seeking
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safe
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FLAN
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Write an email with the subject line "Greely".
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I have been in contact with your customer Greely regarding a GISB and or Master. It is my understanding they wish to trade firm long term (1 year or greater) I have related to them ENA will not go past 30 days on firm delivery with a GISB and suggest consideration of a Master. Please advise how you want to proceed.
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Information Seeking
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safe
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FLAN
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This is an email
Beth, I have a favor to ask. Do we have copies of Harvard Business School case studies about Enron? We use these case studies during Super Saturdays. I need a few copies. This is for Prof. John Martin. Vince
What is the subject of this email?
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Harvard Business School case studies
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Information Seeking
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safe
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FLAN
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Grimes Development, LLC This limited liability company was formed in Delaware on May 2, 2001. Particulars are: Parent Company: Enron North America Corp. - 100% Business: To acquire land for and/or develop a coal fired generation facility. Directors and Officers: See Attachment Employees: No Foreign Qualifications: None Company No. : 1605-GRDL Please circulate this information to all interested parties in your group. For more information, see attached Corporate Data Sheet. Merchant Energy Ventures II, LLC This limited liability company was formed in Delaware on May 2, 2001. Particulars are: Parent Company: Enron North America Corp. - 100% Business: To facilitate the transfer of electric power generation. Directors and Officers: See Attachment Employees: No Foreign Qualifications: None Company No. : 1606-MEV2 Please circulate this information to all interested parties in your group. For more information, see attached Corporate Data Sheet. Montague Development, LLC This limited liability company was formed in Delaware on May 2, 2001. Particulars are: Parent Company: Enron North America Corp. - 100% Business: To acquire land for and/or develop a coal fired generation facility. Directors and Officers: See Attachment Employees: No Foreign Qualifications: None Company No. : 1606-MTGD Please circulate this information to all interested parties in your group. For more information, see attached Corporate Data Sheet. PLEASE NOTE: Kathleen Carnahan - copy of evidence being sent by interoffice mail Monica Butler - please apply for FEIN Sylvia Hu - Minute Book and two seals have been ordered Lillian R. Bailey Administrator Corporate Services EB4804A Phone 713/853-3577 Fax 713/646-8007 [email protected]
Generate a subject line for this email.
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EWS-ENA Group - New Formations (3)
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Information Seeking
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safe
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FLAN
|
Write an email with the subject line "Enron consent and opinion/Delta".
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Team Salmon, Carlos will be working the Enron consent/opinion docs. I suspect he is looking for a seat at the closing dinner, but the help is appreciated regardless of motive. Carolyn, the form of the escrow instruction letter looked fine. I spoke with GE about the turbine contract, and I am optimistic that we will have the "final form" today. Ciao, Kay
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Information Seeking
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safe
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FLAN
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Here is an email: I don't see a year to date p&l for Judy. My worksheet shows NYMX position to be flat and her yeart to date P&L is about ($146,000.00). Would you just verify that for me please. Thanks
What is a potential subject line for this email?
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Judy Townsend's P&L
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Information Seeking
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safe
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FLAN
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I finished a spreadsheet for calculating historical correlations on forward curves. It gives the correlation matrix for contracts going out an arbritary number of months out. I think it might be a handy tool for some of you. You may get that on O:\RESEARCH\CUSTOM\CORRELMATRIX\ It demands that you have access to our EGSPROD32 database. You must have that configured in your ODBC. It is a large spreadsheet, so it may take some computing resorces. Let me know if you find any problem. Thanks.
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Historical Correlation Calculator
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FLAN
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Here is an email: Kevin - Attached below is a version of the 3PARdata Beta Agreement which I have marked to reflect the appropriate Enron comments. Please forward this to your contact at 3PARdata, together with my name and number or, alternatively, provide me with your contact's information and I will work with him/her directly. Mark
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3PARdata
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FLAN
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Michael - I have attached below a revised version of the Channel Marketing Agreement with Deloitte. This document is the most current form of agreement that needs to be used for these deals and also reflects my comments. These comments are based upon the comments submitted by Deloitte. I have incorporated those that we discussed and made some additional comments. You will note that in the "Fee Payment" section, I have included the present value concept that you requested. I have not, however, defined this concept, but would assert that it should be defined in the agreement. Accordingly, please let me know how you want to define it. As I indicated above, this is a bit of a different form than the one you submitted to Deloitte for review. So that we can ensure that accurate documents are distributed, please allow us to prepare the drafts for distribution to potential channel marketing partners. Like the preparation of NDA's, this will enable the Legal Dept. to keep track of the agreement and ensure the right version is used. Please let me know if you should need anything further. Mark
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Deloitte Agreement
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Please replace the prior version of the capacity release with the attached version. I found a typo. In the 5th line of the Section 2.1, the number was incorrect.
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Capacity Release
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FLAN
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For April 2000: Your mind is so active, inventive, and unlimited this month that you're capable of almost anything! (You've privately believed that the rules don't necessarily apply to you.) This month, your incredible adaptability and powers of persuasion help you shed the status quo and break out of the corral. Unless you catch your foot in a bear trap, nothing can stop you. People are fascinated by your mind, wit, ideas, and conversation. (Don't forget: Oprah Winfrey is an Aquarius!) Your views are welcomed and provoke others to investigate things they may have taken for granted. Speak up during the first week, especially if it's to announce you're starting a new venture. Business travel is likely during the first and third weeks, especially if contractual issues need to be finalized. Travel is actually enjoyable this month and can open your eyes to fresh horizons. Aquarius. . . you've dragged your tin cup across the bars long enough. I smell a prison break. . . .
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monthly forecast
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You had to hit below the belt. We were having a friendly shit talking contest, which, by the way, you started, and then you took the gloves off. What's up with that?
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BRUTAL
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Are you tired of feeling over weight and sluggish? Shave off 8-10 INCHES OF UGLY FAT IN ONE HOUR *Guaranteed*!! !Breakthrough technology helps you **Lose INCHES NOW**, Tightens Skin, Cleanses and Detoxifies your System. The heavier you are, the more you will lose. If you are 20 pounds or more overweight, you should EXPECT to lose 8 or more inches of Fat!! !Women lose inches from their arms and thighs Men lose inches in their belly area!! !CLICK HERE to melt away inches NOW! Please click here to be excluded from further communication
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Major Breakthrough For Fat Removal! 7944
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This is the content of an email: Cindy, take all the M2 production gas into our M2 tabs and lets go long in the pool. We will sell the gas over the holidays or next week after we see what Dominion is producing. We will not have this gas for January.
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TETCO Pipe Line Restrictions
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In preparation for the upcoming move to Enron Center South we are moving your Home Directories to a new trading cluster. WHAT YOU NEED TO DO: This will occur for you this EVENING after 6:30PM. We will need to restart your computer in order to complete this action. Please log out or your computer by 6:30PM, if the machine is not logged off we will reboot the machine in order to complete these actions. Save your data before going home this evening. If you have outstanding circumstances and cannot be down, please speak to the tech when he comes to your desk. HERE ARE A FEW OF THE BENEFITS OF THIS ACTION: Newer, more stable environment More disk space available for common data Faster network connections HOW THIS WILL EFFECT YOU: If you are a laptop user and have to work at home, you should save any work to your 'C:' drive on the laptop. DO NOT use the "My Documents" folder. When you return to work and reconnect to the network, any changes made to files/folders in the "My Documents" folder may be deleted from the laptop. Laptops reconnecting to the network for the first time will receive a synchronization error. RESOLUTION: Please call the Resolution Center (x3-1411) and they will correct the problem ASAP. We will have additional Technicians available on the floor if the Resolution Center has any problems.
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IMPORTANT! Actions needed Tuesday.
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Here is an email: Larry Anderson with Carr has called to inquire about ENA financials and an Enron Corp. guaranty. From an historical perspective, it has always been my understanding that Enron Corp. did not wish to provide guaranties to brokers and we have been successful in that regard with several recent exceptions. In particular, Enron Corp. provided Carr with a "comfort letter" reciting the corporate "policy of general financial responsibility and interest in seeing that subsidiaries act responsibly." [letter dated February 16, 1999] Such letter is no longer sufficient to satisfy Credit Agricole which owns Carr. Joe, I believe that Larry may have already spoken with you. I don't know if your conversation included discussion of a guaranty. Please let me know how you would like to proceed. Thanks.
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Carr Futures, Inc. ("Carr") request for guaranty
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Frank, Mark asked me to handle this. Can you forward to me the name and phone number of the person that signed the password application? Thanks.
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EOL Customer Review
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I got a call from Tino Monaldo today passing on the results of Dennis Langley's meeting with DOE in Albuquerque. DOE indicated that their current PNM rate is "5.3 cents, exclusive of the demand charge." Tino's consultant claims that factoring in the demand charge yields an effective rate of approximately 7 cents/KWh. Assuming we need to come in at 10% less than the current rate, our bogey is 6.3 cents/KWh. This is at the high end of the range we hoped they'd be in. Additionally, DOE indicated that they need "redundancy" and don't want to rely on PNM for back up power. They want a multiple turbine facility--i.e.,
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Pueblo
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Anne, After NX1 going forward, I would like to load my final positions in the LIQBasis tab in NCD. The positions will include basis, physindex and gd index positions. We can then run settlement index scenarios to see what my risk will be to index postings. This will be a huge benefit. Gracias, Mike
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LIQBAsis tab
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Here's the current redline, incorporating most of the comments made last week. Herman, the language to address your biggest issue is in 2.3, page 7 on the marked version. Thanks,
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Enron/VEPCO CEC
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This is the content of an email: Thank you all for being so responsive. I'm still waiting for claims on: Ameren AIG CLECO Colonial ConAgra Dominion Enterprise Chase Noble Cornerstone Occidental Carolina Power and Light Southern Co. Western Gas Resources Anyone? Please let me know by noon today. Thanks again for your help.
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Counterparties
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Jon: Here is the first of six e-mails regarding the inventories of the peakers. Regarding, the output and heat rates on the turbines, we copied for you the performance tests, which should have summary information on the output and heat rates at the end of each of the performance tests. Please let me know if you do not find them. Thanks! Ben
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Brownsville
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Hello everyone, It was a tough week overall this week with several games going down as upsets. College games were overall better than the pros this week. No one correctly picked the Clemson victory over Georgia Tech. Also no one picked New England over Indy, Cleveland over Jacksonville or Baltimore over Denver. We have a 3 way tie heading into the Monday night game tonight, with Rick Broussard, Rob Benson and Todd DeCook still alive, all with 5 incorrect picks. Rick picked San Francisco tonight with 37 total points scored, Rob picked San Fran with 41 points and Todd picked the Jets with 52 total points. Therefore, it will first come down to who wins the game tonight, as if the Jets win, Todd will win it outright. If the 49ers win, then it will come down to total points. If there is 40 or more points scored, Rob will win, 38 or less, Rick will win, 39 there will be a tie. We had 28 entries this week, therefore the prize is $56. The following is who played this week with total incorrect picks next to each person's name. Andy Rick Broussard 5 Rob Benson 5 Todd DeCook 5 Larry Jester 6 Steve Pan 7 Valerie Ramsower 7 Andy Pace 7 Bryce Schneider 7 Joe Brewer 8 Joe Quenet 8 Miguel Garcia 8 Larry Campbell 8 Don Baughman 9 Dave Ryan 9 Pat Hanse 9 Kayne Coulter 9 Daniel Jenkins 9 George Phillips 9 Gautam Gupta 9 Kevin Cline 10 Mark Symms 10 Michele Wilks 11 Jaime Gualy 11 Russell Ballato 11 Paul Broderick 12 Carter Ellis 12 Diana Allen 12 Ryan Williams 13
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results of football pool
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Here is an email: Short-form FCPA clause as follows - Both parties agree that they will not, and shall procure that its Affiliates and their respective employees will not, make, cause to be made, or promise or offer to make, in connection with this Agreement, any payment, loan, gift or transfer of anything of value, directly or indirectly: (i) to or for the use or benefit of any government official or government employee (including employees of government-owned entities or corporations); or (ii) to any political party, official of a political party or candidate; or (iii) to an intermediary for payment to any of the foregoing, in order to obtain or retain business or to secure any improper advantage. I think the full one-page clause plus one-page schedule is a bit much for a confidentiality agreement but the above might be appropriate. I will be around for a little while this evening so any other problems give me a call. Thanks
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FCPA
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I have revised the option form consistent (except where noted) with comments sent by Herman and Lisa, and have attached a redline version. Herman, I dealt with your comment regarding the defn of Optionee by tinkering a little with the 1st paragraph. I also construed your comment regarding Enron's right to terminate the option to NOT preclude termination if our counterparty is in default. Please confirm that this is acceptable. Lisa, I did not change the notice info since the first entity will the the project co, with ENA Legal receiving a copy. Please advise if you have any comments. Kay
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Rev option form
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ISDA PRESS REPORT - NOVEMBER 12, 2001 CREDIT DERIVATIVES * ISDA survey reveals strong upward trend - IFR * ISDA's new supplement includes converts in default swaps - Dow Jones RISK MANAGEMENT * The Basle perplex - The Economist * Supervisors review cross-sectoral practice - IFR ISDA survey reveals strong upward trend IFR - November 10, 2001 The global notional outstanding volume of credit derivatives transactions hit US$631.497bn for the first half of 2001, according to the International Swaps and Derivatives Association's first survey of credit derivatives transactions. "While still modest in relation to interest rate products, this figure is expected to remain on a strong upward trend compared to more mature derivative product areas," ISDA said. ISDA surveyed total notional outstanding volumes for single name credit default swaps, default swaps on baskets of up to 10 credits, and portfolio transactions of 10 credits and more. Eighty-three member firms supplied data for the survey. Interest rate and currency derivatives growth clocked in at just above 3.5% in the first half of the year among members that also reported at year-end 2000, ISDA said. For these firms, total notional outstanding volumes increased to about US$55.2trn from roughly US$53.3trn. Total notional principal of interest rate swaps, interest rate options and currency swaps for all surveyed firms slid to US$57.3trn from US$G3trn at year-end last year. Among the top 10 dealers, a minor decrease in volume from US$35.6trn to US$35.Strn was recorded, ISDA noted. According to Thomas Montag, chair of ISDA's market survey committee, the shifting product use reflected greater uncertainty in the global market environment. "The market for credit protection has an obvious appeal during times of economic downturn," he added. ISDA's survey is compiled twice a year by Andersen. Sixty-seven of the 83 member firms that participated in this survey also participated in the previous survey. ISDA's new supplement includes converts in default swaps Dow Jones - November 12, 2001 By Joe Niedzielski NEW YORK -(Dow Jones)- The International Swaps and Derivatives Association has published a supplement to its 1999 document for credit derivatives which incorporates convertible bonds and zero-coupon bonds, among others, as deliverable securities in these contracts. The trade group said late Friday that it had finalized and published its Supplement Relating to Convertible, Exchangeable or Accreting Obligations. The supplement addresses the treatment under the 1999 ISDA Credit Derivatives Definition of certain types of convertible and exchangeable obligations, as well as the treatment of accreting obligations, such as zero-coupon bonds, low coupon bonds issued at a discount and non-discounted bonds that accrete during their term, ISDA said. "The Convertibles Supplement represents the consensus of a diverse range of constituents in the credit derivatives markets, including portfolio managers, credit protection sellers and dealers," said Robert G. Pickel, ISDA's executive director and CEO. Credit default swaps allow buyers to transfer the risk of a default on obligations like bonds or loans, or other types of credit events like a debt restructuring. They have had a growing influence in the broader fixed-income universe, at times playing a role in the pricing of corporate bonds. And some convertible-bond investors will lay off the credit risk from the fixed-income portion of a convertible security by buying credit default swap protection. ISDA's supplement was expected. A group of U.S.-based dealers submitted a proposal to ISDA a few months ago to include obligations like convertible bonds as deliverable securities in these contracts. And in mid-October, ISDA told members that convertible bonds were deliverable under standard credit derivatives contracts. The group's memorandum to members came in response to questions from members following the appointment of a railway administrator for Railtrack PLC (U.RTK). Holders of convertible bonds issued by Railtrack had complained that some sellers of credit protection weren't paying claims on default swap contracts on the Railtrack credit. The Basel perplex The Economist - November 8, 2001 The arcane world of banking supervision is not usually the talk of German chancellors on tours of Asia. Gerhard Schr?der made an exception recently when he threatened that Germany would veto any new European directive based on the latest proposals from the Basel committee of big-country bank supervisors. In its present form, said Mr Schr?der in Bangalore, Basel 2 (as the proposals are known) is "unacceptable to Germany". Basel 2 attempts to formulate more precisely than before the levels of "regulatory" capital that banks must hold as a cushion against the credit and other risks that they run. After more than three years of talks, the Basel boffins have developed rules which are still not acceptable to commercial banks. That is strange, since they are supposed to mirror the way the world's most sophisticated banks themselves calculate their risks. The whole exercise has shades of Heath Robinson about it. The banks are up in arms, this week bearding the Basel committee for its latest draft rules, which get ever more complicated and prescriptive. By the time they are implemented, in 2005 at the earliest, the rules look likely to burden banks with extra costs (ie, through the need to run parallel reporting systems) and perverse incentives to "game" the system. Basel 2 could thus aggravate the very thing it set out to correct, a distortion of financial markets. Germany's grouse has to do with the Mittelstand, the 3m small and medium-sized companies that are the economy's backbone. The Basel 2 formulae for credit risk are based on credit ratings applied to company debt, either by rating agencies or internally by banks themselves. But few smaller companies are rated in this way. Moreover, German companies are more than usually dependent on medium-term bank loans, and the longer the loan the more it is penalised under the proposals. The Germans-but also the Italians and the Japanese-fear that their medium-sized companies will lose under the new capital regime. Many of the 2,800 German banks are not equipped to rate the companies to which they lend: equipping them would drive up the cost of lending. German bank associations plan to help by pooling credit data for their members. But Mr Schr?der's advice to banks last week was that they should not be overhasty in applying the new Basel principles ahead of time. Already the committee is working on a fix. On November 5th it posted a clutch of new suggestions on its website that included new risk weightings for smaller companies, and proposals that physical collateral, receivables and even leased assets be used to lessen a particular company's credit charge. These were interim ideas, it said, which needed to be tested and even revised. All well and good. But the Basel committee is getting into knots trying to address every objection as it arises. Each time, it seems, the committee adds another layer of complexity for banks and their supervisors to master. Most recently, after strident objections by banks, there was the shifting of the "w-factor" (the possibly unquantifiable residual risk in a credit derivative) from one supervisory category to another, and also the setting of arbitrary minimum risk weights for unrated securitised assets. The figure for operational risk (non-market risks such as the loss of data, a rogue trader or the destruction of a bank's headquarters) has been slashed, after objections from banks. The November 5th pabulum came in response to a "quantitative impact study" (a live study of how the proposed capital charges would affect a sample of 138 banks in 25 countries). The Basel committee has always said that the scale of charges needs to be properly calibrated. In fact, it gave itself an extra year to get the calibration right. It has invited some banks to take part in a fresh impact study using its latest proposed adjustments. The results should help the Basel committee to tweak its formulae to get results. Its declared goal is not to increase or decrease the overall capital charge imposed on the banking system, merely to allocate it more efficiently. But some regulators are worried that the more risk-sensitive the regime is, the more reluctant banks will be to lend in a downturn, aggravating economic cycles. There are attempts to fix this too. For example, Spain allows its banks to make a provision at the inception of a loan-putting money aside for a rainy day. Some countries need to fix their accounting regimes before they can follow suit. Regulators appear stoically optimistic that all these fixes will work, and that a credible new framework will be established-not without flaws, perhaps, but better than what exists today. The timetable may slip, but the plan is to produce a final draft framework early next year, allowing consultation until the end of March, which should result in a firm set of rules by the end of 2002. That, in theory, still allows time for the European Union to draft and finalise a matching directive on capital adequacy for banks and financial firms, to be in force by January 2005. With Basel 2, bank supervisors are trying to do three main things. They want to devise formulae that bring capital charges closer to the banks' own measures of risk. They want to establish continuous review of banks' management, and especially of their risk management, as a factor in adjusting the capital charge. And they want to create incentives for greater public disclosure of banks' risk exposures. This is an attempt to let markets take on more of a supervisory role. Yet, in reality, the supervisors are becoming micro-managers. A member of the Basel committee insists that most of the world's 36,000 banks will be governed by a regime no more complex than Basel 1, in force today. The more sophisticated financial groups that aspire to a so-called "advanced" approach will be treated differently. "We'll be crawling all over them initially," says the supervisor, "because ultimately we're giving them more freedom." All the same, in between the lowest and the highest, thousands of banks will be graduating from a standardised to a more sophisticated approach, with heavy demands on supervisors' time. Only America and Britain already have a culture of continuous review by supervisors. Most other regimes are either less sophisticated, or they are hamstrung by non-adjustable capital charges that are set at a minimum by law. Then there is the Brussels hurdle. Whatever the Basel committee decides works for banks must be applied in the European Union to all investment firms, including broker-dealers and asset managers. The scope is huge for further descent into mind-boggling detail. Supervisors and financial firms may well end up thanking Mr Schr?der if he vetoed the lot. Supervisors review cross-sectoral practice IFR - November 10, 2001 The Basle Committee on Banking Supervision, the International Organisation of Securities Commissions and the International Association of Insurance Supervisors last week released, under the banner of the Joint Forum, two reports comparing risk management practices and principles in the sectors they supervise. Both reports were principally aimed at the supervision of conglomerates that incorporate businesses in banking, securities and insurance, but one also took a close look at risk transfer practices. The first report, Risk Management Practices and Regulatory Capital, compared the approaches in each sector in an effort to "gain a better understanding of current industry practices in all three sectors". The main sections of the report focus on: differences in core business activities, similarities and differences in risk management tools, approaches to capital regulation in the three sectors and cross-sectoral risk transfers and investments. It is in relation to the latter two sections that the report provided what some may regard as its sting. The Joint Forum suggested that as supervisors evaluate the extent of cross-sectoral activity, in terms of risk transfer using derivatives, securitisation and other techniques: "It may become important for the individual sectoral frameworks to be updated to better reflect the contemporary risk profiles of the firms subject to those frameworks. It would not be surprising, for example, for some jurisdictions in the near future to consider greater convergence in the frameworks applied to the different sectors." The report explained that supervisors should consider the potential for existing capital regulations to provide incentives for capital arbitrage. "To the extent that some firms are engaging in activities that are not addressed through capital requirements, supervisors need to ensure that other measures are in place to ensure that the associated risks are being appropriately managed and are supported by sufficient economic capital," it added. As a result, the report said, supervisors should continue to evaluate approaches that could be taken to address crosssectoral investments within the various capital frameworks. The second report, Core Principles, compared the core principles each supervisor has issued to its respective sector as risk management guidelines. The Joint Forum found that each set of core principles provided an overview of the essential elements of the supervisory regime in that sector at the time they were written (1997-2000). However, the pace of developments in the financial sector since then has required consideration of the need to keep the core principles updated. The report found no evidence of underlying conflict or contradiction between the three sets of core principles at the highest levels. However, in some cases there are significant differences in the application of similar principles. **End of ISDA Press Report for November 13, 2001** THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA ONLY. THIS PRESS REPORT IS NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION), AND ISDA IS NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT.
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ISDA PRESS REPORT - November 13, 2001
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FLAN
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MDEA
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Kay at this time MDEA has $292,544.40 that they owe us. We have approximately $360,000 that we have made in profit according to our P&L from Risk. At this time we are not doing any buying or selling for MDEA. We run the load forecast, determine the position and then we get a market price from WRI. We then call MDEA and inform them of the Market and their position. They then tell us to buy the power from WRI. We call WRI and they bill MDEA, not us. We then do the tag.
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Write an email with the following subject:
Enron Isda
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The following points. All final revisions accepted other than as noted below. Please provide us by separate cover the generic risk disclosure as we do not intend to use it as an exhibit. Rounding: I added liters at 5 decimal places (to coordinate with gallons). Cross Default Threshold is at 150,000,000 for all Enron parties. Part 7 revisions not completely accepted. Please review and call, I will explain. Note the ETA currently is between ENA on its behalf and on behalf of all affiliates. It does not make sense to assign it. We are verifying our consent to your change in the Interest Rate definition. Please review collateral threshold to be sure it is as our credit departments agreed. I believe it is. Gaffney will attach form of guaranty in the execution process. As and when finally approved, our paralegal, Stephanie Panus, will commence final version paperwork and send to Gaffney for our execution and guaranty supplement, and he will forward to you.
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Hi Sara How are you doing? I am so sorry to hear about all the stress happening over there. I am thinking about and hope you can take a vacation soon! Things here are fine. Just getting ready for the holidays. I was hoping to talk to you about gifts for my dad. I am not sure what to get him. I got him a subscription to Sports Illustrated and was thinking about getting him DVD player. What are your suggestions? Anythign would be a huge help! And I am excited to see you in New Orleans too. I am there for a week and hoping to spend some time with you all. Have a good day. Oh and Park's friend is Nick Barnard and he is in the financial dept. Scottie
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Hey
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We just have been asked to review on an expedited basis all material contracts of ENE and ENA for change-of-control type provisions. Please let us know what contracts or guidance you may have or know of; we need to begin reviewing/collecting information ASAP, i.e., this weekend. If you know of someone who should receive this e-mail but who has not, please forward. You may contact me at any of the below numbers. Thanks for your help. Regards, NJD
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Material Contract Review -- ASAP
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Write an email with the following subject:
talk
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Hey Mat, I would like to talk with you some more about some of the things we talked about the other day on the phone. I hope that you didn't think that I was calling you all this time because there was a problem. I have been calling because I think we had a good time, and you are a great guy. I would love to keep in touch with you and chat. I know things are hard because you are far away ( and I am far away from you! ), but I would like to continue talking with you. I'll try to get ahold of you in the next couple of days. Hope you day is good! Christine:)
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FLAN
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All, see attached 2002 Blanco Hub O&M Budget with Overheads calculated to reflect Payroll Only. Lindy/John/Darrell, I need to find out who to send this budget to for 2002 monthly billings (Billings should be 12 equal payments made on Budget Figures, not Actuals). I know in the past Je Chang did these billings, but don't know who does them now. If you could let me know I would appreciate it. Thanks, tj
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2002 Blanco Hub O&M Budget
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This is an email
Please let me know if you have any comments or if I can provide additional info. re the attached. The DASH will circulate this afternoon or Monday. Esmeralda -- Please printo out and fax to my attention at the Woodlands the attachment.
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Legal Risk Memo re Siemens Repair and Parts Agreements
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> Political Philosophies Explained in Simple "Two Cow" Terms > > Socialism: You have two cows. You keep one and give one to your neighbor. > > Communism: You have two cows. The government takes them both and provides you with milk. > > Fascism: You have two cows. The government takes them and sells you the > milk. > > Bureaucracy: You have two cows. The government takes them both, shoots > one, milks the other, pays you for the milk, and then pours it down the > drain. > > Capitalism: You have two cows. You sell one and buy a bull. > > Corporate: You have two cows. You sell one, force the other to produce > the milk of four cows and then act surprised when it drops dead. > > Democracy: You have two cows. The government taxes you to the point that > you must sell them both in order to support a man in a foreign country > who has only one cow which was a gift from your government
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Political Philosophies
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FLAN
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This is the content of an email: Dear Mr. Lay, My manager and I were discussing the possibility of doing a fund raiser for Enron. We contributed an absorbant amount of money to charities this year and last, would it not be possible to raise money to help our company. Do a little belt tightening. We could do without the Christmas party, do without our bonuses and next year at this time, when we are back on top, it would be a sweeter glory knowing that the employees helped turn everything around. I have spoken with my HR rep and several other employees about this possibility and we feel that we would be able to raise a substantial amount of money. Please let me know what your view on this would be and we will work on what steps we need to take to make it happen. Thank you for your time.
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Fund raiser for Enron
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Write an email with the following subject:
Sivy on Stocks: Construction project
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Please respond to Sivy on Stocks SIVY ON STOCKS from money.com April 25, 2001 Construction project The need for aggressive oil exploration and new electrical power plants should be a bonanza for firms like Fluor that can manage such projects on a global basis. By Michael Sivy It may seem hard to believe today, but back in the 1970s, one of the hottest stock groups was Construction and Engineering. These C&E firms managed mega-projects, including oil refineries and pipelines in the Middle East, and were minting money because of the oil shortage. But during the past decade, the energy crisis seemed like only a distant memory. And even the best C&E firms, such as Fluor [FLR], ran into trouble. For most of the late 1990s, Fluor's earnings were stagnant. The company over-expanded in 1994 and subsequently began missing its growth targets. As the problems got worse, the stock fell from a high of $75 a share in 1997 to less than $23 early last year. To fix these problems, Fluor decided it would be smart to split the company in half, separating its C&E businesses from its coal-mining operations, which now trade as Massey Energy [MEE]. Since the split late last year, Flour has been doing well and appears poised for even better times to come. But this improved performance has gone unnoticed by many investors because the division of the company and the shift of its reporting schedule from a fiscal to a calendar year have made earnings comparisons difficult. In fact, some research sources have stopped following the stock altogether. That's a pity because the outlook for energy is better than it's been in a decade. The scare of higher crude prices should greatly improve prospects for oil projects, while electricity shortages in California -- and possibly
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Out of the Office
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I will be out of the office starting late this afternoon and will not be back in the office until Monday January 7th. I will be out of town on starting the 1st of January and will be returning to town on January 5th. My contact information is below in blue. I will be checking voice mail regularly and will be carrying the Blackberry. I may not have email access other than the Blackberry. A list of people to contact for certain matters is below: Tracy Geaccone (X37372) EGS Cash, Planning, or Forecasting and Coordination of same with Corporate Morris Brassfield (X67006) ETS Operations Support Jim Saunders (X33532) ETS Accounting Pam Daily (X36135) EGS Space Planning, Move Coordination Have a very Happy, Safe and Prosperous New Year!
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This is the content of an email: Hey, Clem: Hope you had a great New Year! I'll try to make this easy so that you can respond "yes" or "no": (1) FUNB wants ENE remain liable for payments covering "any other damages, costs and attorney's fees". Do you agree? (2) FUNB only wants to make a demand for payment with no strings attached. I'll try to whittle the demand period down from five days to three. Do you agree: (3) Guaranty to be governed by NY law. Agreed? I'm sure you enjoyed this little exercise if I hear back from you. Thanks. Sara
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Enron Corp. Guaranty in favor of First Union National Bank ("FUNB")
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Despite the postponement of company presentations this week by PWC-FAS, Goldman Sachs, and Wells Fargo, all three companies as of today still plan to conduct their on-campus interviews as scheduled. Thus, to ensure that they receive your resumes with time to prepare their interview lists, the resume drop deadline for these companies, as well as Citigroup, will remain Friday, September 14th, at 11:59 p.m. We are currently working with the companies to reschedule their presentations as soon as possible. Please don't hesitate to contact me if you have any questions or concerns. Mark Friedfeld Account Manager MBA & MFE Recruiting Haas School of Business University of California, Berkeley
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CSO-Finance Presentation & Resume Drop Update
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MIDC SCHEDULE GOING REAL-TIME 6/20/01
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There is a 25 mw heavy load schedule that BPA is generating (contract# 23299) and PGE sinks at system. The schedule is going real-time because BPA transmission group did not build the proper account for this path. We bought from BPA Deal # 308337.1 and sold to EPME Deal # 489735.1. Please refer to EPME tag number #10416. I spoke with Matt at BPA Power side who agreed this was a good schedule. Be sure to call everyone in the path to check out. Thanks,
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Here's the Risk Management Policy Gregg has been working on for MEH. Jeff, I don't know if you have seen this, so I thought I would float it by you. David, I'm sending it to you so that you can comment about any concerns you might have relating to the LLC agreement. Thanks,
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MEH Risk Management Policy - Revised
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Hi Greg, I just wanted to mention that if we are going to bust the percentage rule on the option payment, there is no incremental damage in having the option payment credited to the purchase price of the land. As for officers of the development company, I would use Dave Duran. Ben holds a power of attorney, but isn't an officer. Hope you get email! Kay
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We are prepared to file the Hart-Scott-Rodino ("HSR") Form with the Federal Trade Commission and Department of Justice on Tuesday, Nov. 13th. I have received the necessary statutory notice from Dynegy that was a prerequisite to our filing. Please confirm to me that since Friday, Nov. 12th, we have not prepared any additional HSR Item 4(c) documents in connection with the proposed merger or Northern Natural Gas transactions with Dynegy. Item 4(c) requires the parties to the filings to provide to the FTC and to the DOJ the following: "all studies, surveys, analyses and reports which were prepared by or for any officer(s) or director(s) (or, in the case of unincorporated entities, individuals exercising similar functions) for the purpose of evaluating or analyzing the acquisition with respect to market shares, competition, competitors, markets, potential for sales growth or expansion into product or geographic markets..." Please also circulate this E-Mail to any other member of the Working Group who may have knowledge or possession of any Item 4(c) documents. Thanks for your help!
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HSR Filing - Tuesday, Nov. 13th - URGENT
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I am going to run w/holly at 7:00 on saturday and then meet her for breakfast at 8 at the IHOP. Lucinda is going to join us for breakfast. I thought maybe if it met w/your running schedule you might want to join us...
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breakfast saturday
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sometimes things really suck out loud, don't they? I still plan on coming into the office tomorrow. Like I said, maybe we just need to ride it out and things will be fine...and we'll all live happily ever after! (keeping my finger and legs crossed) Still feel like going out on Friday? Maybe we should do it downtown somewhere. Comedy works first then dancing? Keep your chin up you handsome devil!
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Bummer...
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Sir I am an Enron employee. I tried to send this e-mail using name of your high office as e-mail ID, however the same came back as undelivered with the fatal error message from server. Since the matter is very serious, I am respectfully marking it to your direct attention and consideration. With Kind Regards Ravi Garg
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Dabhol India - Illegal Action and Criminal Conduct / violation of human rights
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Marc, Here's a draft reply to your latest e-mail, which I would send to all those copied on your note to me. What do you think? Marc, We have sought, and paid for, advice from Indian counsel concerning commodity derivative transactions with Indian counterparites. We have had that advice updated and confirmed in connection with this proposed transaction. The result of that advice is that we will require an opinion from DPC's outside counsel that the proposed transaction is enforceable against DPC before the transaction can proceed. While I have no legal objection to sending a form of L/C that would be acceptable to us, it doesn't make much sense to go through the exercise if DPC will not be providing the necessary opinions. Mark
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POSREP HOEGH GALLEON, DATE: 09 MAY 0900 UTC (1200LT) A) Position at noon : N 18,0? E 040,2? B) Dist. from last noon : 459 nm C) Dist. to go to next port: 1642 nm D) Eta next port : 13 0900 LT E) 1:Average sea/weather : Wind: NW 4 Sea: NW3 2:Average speed :19.13 knots / average RPM 92.31 3:B.O.G. consumed :nil B.O.G. Total : 4:F.O. consumed : 162 5:G.O. consumed : nil Brgds Knut Bentzr?d Master E-mail: [email protected] Teleph: Inmarsat tel.no.+874 330853910 Fax : Inmarsat fax no.+874 330853913 Telex : Inmarsat B telex no.+584 330853915 Telex : Inmarsat C telex no.+584 430853910 (24hrs.watch)
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POSREP RESEND FOR 9 MAY
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Sally - Thanks for your call. Attached is the Gas Risk data Jeff provided me today. I may not have mentioned it in our conversation, but Louise is also looking for a brief explanation as to why a person should be nominated for a promotion. For any promotions you propose, please develop a few bullets to explain the reasons for this action. Please call if you or Bob have any questions. Thanks - Tana
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Gossett Promotion Data
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Camping
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Brian, Thanks for the camping trip this weekend. It did help me clear my mind and sort some things out. This is a tough time right now, but having good friends like you will help me get through this. Thanks again.
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Good Morning, Starting tomorrow we will be posting the morning VaR report to the web. You will receive an e-mail once it has been posted and you can access it through the link in the email or the attached icon (copy to your desktop). To access the website you will use your NT login and password. If you have any problems please let me know. Thanks
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morning VaR report
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Write an email with the subject line "Financial Trading Issues in Brazil".
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Although I am still waiting for another Brazilian visa, I would like to pose several potential dates to meet with you regarding Enron North America Corp. trading issues. I am presently considering several time periods: September 9,10, 12-17,19-24 Obviously, I can be available at any time during the month of Septermber as well as future months. But I would like to get started as soon as possible. If you could kindly e-mail or call me (713/853-5620), I can elaborate further. Thank you. Sara
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This is the content of an email: Enron Federal Credit Union Stands Ready to Assist You Enron Federal Credit Union would like you to know that we stand ready to assist our members affected by the recent events. We are committed to those who may need special assistance during this difficult time. The State of Enron Federal Credit Union We are dedicated to providing our members with all the services they would normally expect to receive. Business will continue to be conducted as it always has. We will continue to provide loans. In the event you have an EFCU loan or credit card, we will negotiate a workable agreement for its repayment if necessary. These arrangements will be made on an individual basis. ATM withdrawals and Debit Card transactions will carry the same daily limits. EFCU will be conducting "business as usual." EFCU is a not-for-profit financial institution (a cooperative) owned and operated by you, the member. And, although we are here exclusively to provide financial services to the employees of Enron Corp. and their family members, we remain financially independent from Enron Corp. And, your accounts at the Credit Union are insured to $100,000.00 by the National Credit Union Share Insurance Fund (NCUSIF), supervised by the National Credit Union Administration (NCUA), an agency of the U.S. Government. How To Access The Credit Union You may continue to access your funds in the Credit Union at EB 399, through our electronic services, or at any of our Texas Credit Union Service Center branches:
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Enron Federal Credit Union Stands Ready to Assist You
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ISDA PRESS REPORT - NOVEMBER 6, 2001 EURO * Italy rebuts claims over swap contract - Financial Times (North American Edition) * Rome 'did not cheat over deficit' - Financial Times (European Edition) EMERGING MARKETS * Cavallo defends Argentina's plan for debt swap - Financial Times OPERATIONS * After Liffe - The Economist TRADING PRACTICE * Cut Short - The Economist Italy rebuts claims over swap contract Financial Times (North American Edition) - November 5, 2001 By James Blitz The Italian Treasury firmly rebutted allegations on Monday that it had structured a complicated swaps contract with the aim of deflating its 1997 budget deficit figure and qualifying for the single European currency. In a formal statement, the Treasury said that swap contracts - in which a bond issuer can trade his obligation to make payments in one currency rather than another - were a regular method of "improving management of public debt". Privately, meanwhile, Treasury officials sought to explain why Italy had undertaken a swap contract highlighted over the weekend by a report for the International Securities Market Association. On May 15 1995 the Italian government issued a bond for Y200bn. At the time, after the dramatic 1992 devaluation of the lira, the Italian Treasury was gradually seeking to regain credibility in international markets, and did so by issuing bonds in a range of currencies. When the Y200bn bond was issued, the yen-lira exchange rate was at L19.3. By December 1996, however, the yen had depreciated by 30 per cent to a level of L13.4 to the yen. The Treasury then sought to lock in its currency gains over this period. Treasury officials say they could have undertaken to start buying back the Y200bn bond issue, but given its sheer size, this was unrealistic. They therefore decided to undertake a cross-currency swap in which the Treasury could convert its yen liabilities into lira. The Treasury faced a serious technical problem, however. Under European Union statistical rules pertaining at the time, the debt of all EU countries could only be reported in the original currency in which the bonds had been issued, in this case yen. Any swap contract agreed by the Treasury in order to close its foreign exchange risk would thus be irrelevant when it came to calculating the overall debt figure. This was highly pertinent to how the swap agreement had to be structured. The Italian Treasury could have simply closed the swap transaction when the Y200bn bond matured in September 1998, realising all its exchange rate gains at that date. But a strong appreciation of the yen during the course of 1997 might have left Italy's official debt looking higher at the end of that year than it did at the end of 1996. This could have seriously undermined the country's bid to enter the eurozone. The Treasury therefore needed to keep the formal calculation of its debt consistent by realising their exchange rate gain during the lifetime of the bond. Both the exchange rate and the interest rate of the swap contract were structured to allow this. Treasury officials say the 30 per cent foreign exchange gain from the Y200bn bond was highly unusual. They dismissed any notion that this could be a regular phenomenon in debt management as absurd. Nor, say officials, could the swap be judged as a way of "window dressing" the deficit figure. If window dressing had taken place, Italy would have seen its deficit and debt shoot up after it had successfully entered the single currency. The fact remains that Italy's deficit and debt have both been on a steadily downward path since 1996. Rome 'did not cheat over deficit' Financial Times - November 6, 2001 (European Edition) By Peter Norman The European Commission and Eurostat, the European Union's statistical agency, yesterday rejected suggestions that Italy had used the over-the-counter derivatives market to camouflage the true size of its budget deficit and so help its admission to the European single currency. Gerassimos Thomas, spokesman for Pedro Solbes, the economic and monetary affairs commissioner, said the Commission's preliminary evaluation was that the use of interest rate swap transactions by one member state in 1997, as highlighted in an International Securities Market Association (ISMA) report, did not amount to cheating on the budget deficit figures. Mr. Thomas said the purpose of such swap transactions was to save money for governments and they were therefore not discouraged by regulators. Although the ISMA report referred only to an unnamed member state, it was understood to be Italy. Yves Franchet, the director-general of Eurostat, said his agency knew in 1997 about the Y200bn Italian bond issue and swap transaction mentioned anonymously in the report. The effect of that deal was to reduce Italy's deficit of around 2.7 per cent of gross domestic product in 1997 by a marginal 0.02 percentage points. The swap deal was therefore not of a size to influence significantly Italy's ability to produce a deficit well below the 3 per cent ceiling set in the Maastricht Treaty. Mr. Franchet said Eurostat consulted widely on how to treat swaps before defining the deficit of Italy and other member states. The agency had to work out the public deficits of member states for economic and monetary union at a time of statistical transition between national accounts based on a standard known as ESA79, which took no account of swaps, and before formal adoption of the ESA95 system, which recognised swaps. After consulting with expert committees, Eurostat decided to apply the ESA95 standard in calculating member states' suitability for Emu. Aware that swaps could have a positive or negative effect on deficits, Eurostat also conducted a survey of swap use by member states. According to Mr. Franchet, the practice was not widespread. Cavallo defends Argentina's plan for debt swap Financial Times - November 6, 2001 By Thomas Catan Domingo Cavallo, Argentina's economy minister, yesterday mounted a defence of his country's controversial debt swap plan, saying investors must accept lower interest payments if his country was to avoid an outright default on its Dollars 132bn debt. "Any reasonable person knows that Argentina cannot grow if it has to pay interest on its debt that ranges between 11 per cent to 25 per cent - and in the case of some provinces, up to 30 per cent a year," he told an audience of businessmen. "We . . . seek to ensure payment on the basis that Argentina is viable and to stop trying to pay (interest rates) that only reflect the march of Argentina towards default. It's a question of telling the truth." Starting today, Argentina will offer private creditors new bonds backed by future tax revenues that will pay a maximum of 7 per cent. Repayment on bonds coming due in the next 10 years will also be pushed forward by three years, Mr. Cavallo said. This leg of the debt restructuring appears to be aimed mainly at domestic investors - local pension funds, insurance companies and banks - that hold at least a third of Argentina's Dollars 95bn in bonds. These local institutions, often units of international banks, are heavily exposed to Argentine debt and are seen as more susceptible to government pressure. A second "global exchange" for all of Argentina's bonds should be ready within 2-4 months, Mr. Cavallo said. By then, Argentine officials hope to have additional guarantees from multilateral lending agencies to offer foreign investors in return for accepting lower-interest bonds. Argentina hopes this will enable it to avoid an outright default on its debt. Investors entering the first, mainly local, exchange will be entitled to enter any subsequent deal, Mr. Cavallo said. Pension fund managers had feared being taken to court by future retirees for having acted against their interests. "Those who have confidence in Argentina are going to have two opportunities because no one knows if the global exchange will have better or worse terms," Mr. Cavallo said. Argentina is attempting to cut its annual interest bill by at least Dollars 4bn to free up resources to restart its ailing economy, now in its fourth year of recession. To do so, the government is implementing a range of tax cuts and other measures to spark spending, such as cutting employees' private pension contributions. Investors remain concerned that Argentina's debt proposal effectively constitutes a default. However, Mr. Cavallo is now putting them on notice that they must accept lower interest payments if the country is to continue to service its debt. The government is also pressing the 23 provinces to accept a cut in their guaranteed monthly tax transfers. After Liffe The Economist - November 1, 2001 JEAN-FRANCOIS THEODORE, the head of Euronext, is a surprise winner. The London Stock Exchange (LSE) was widely expected to triumph in the bidding for Liffe, London's derivatives exchange. Yet on October 29th the board of Liffe recommended that its shareholders accept a ?555m ($806m) offer from Euronext, the three-way merger between the Paris, Amsterdam and Brussels stock exchanges. Although Euronext's offer was less than the LSE's, it was all in cash (not in combination with shares). It also promised to retain Liffe's management, and to shift all of Euronext's derivatives business to London to trade on Connect, Liffe's trading system. That combination made it unbeatable. Euronext's coup is a blow for the LSE, which had hoped that buying Liffe would strengthen its position in the forthcoming consolidation of European stock exchanges. But the LSE misplayed its hand, advertising its interest for too long in advance and then quibbling over too many details with Liffe's management. It will now have to find some other strategic option if it is not to become prey to one of its rivals. Setting up its own derivatives business will be hard: it might instead seek to buy one of the American exchanges, perhaps the Chicago Mercantile. The third big European stock exchange, Deutsche B?rse, which had also bid for Liffe, will also have to find an alternative. Yet one obvious idea, to resurrect last year's abortive marriage between it and the LSE, will be hard to do under the two exchanges' present management, because the bust-up was so acrimonious. That may put Euronext in the best position to become the dominant European exchange. Europe's investors may not care so long as trading becomes cheaper and easier. Anyway, most of them fret more about improving clearing and settlement in Europe, which is much more expensive than in America and so offers greater scope for savings. The Liffe/Euronext deal immediately triggered speculation about which European clearing houses might now merge. The London Clearing House (LCH), which clears trades on Liffe, had inconclusive talks last year with Clearnet, which clears Euronext trades. A merger would now be logical. Less obvious is which way the Luxembourg-based Clearstream will jump. On October 31st it received offers from Deutsche B?rse (which already owns 50%) and Brussels-based Euroclear, the biggest clearer of international bonds. Deutsche B?rse is keen to own all of Clearstream. This would create the first big European "silo", in which trading, clearing and settlement have a single owner. Werner Seifert, chairman of Deutsche B?rse, has long championed silos, which he thinks provide the reliability required by the market. Critics reckon vertical silos distort competition. Benn Steil at the Council on Foreign Relations in New York says that Deutsche B?rse might impose discriminatory tariffs on non-German-based traders in German shares if it were to own all of Clearstream. Others point to possible cross-subsidy from the monopolised settlement arm to the trading platform. One alternative is the horizontal integration of settlement agencies and clearing-houses, to create large central counterparties-maybe two or three for the whole of Europe. Traders would then be able to net their cash and derivatives positions on several exchanges with a single clearing house, saving capital. Don Cruickshank, chairman of the LSE, thinks the European Commission in Brussels should go further and impose a single European clearing and settlement system like America's. That is a very long shot. It took the intervention of Congress and the Securities and Exchange Commission to set up the Depository Trust and Clearing Corporation-which moved American non-government securities markets from seven settlement agencies to one settlement organisation and one central counterparty. Besides the defenders of silos, the European Commission would have to contend with a different regulatory and legal system in each member country. More realistically, market forces will drive clearing and settlement houses to join forces, because it is more cost-efficient when buyer, seller and security are linked. Cut short The Economist - November 1, 2001 The American Treasury's announcement that it will issue no more 30-year bonds should delight corporate treasurers and depress fund managers. Cynics also suggest that Peter Fisher, under-secretary at the Treasury, made this move to help Alan Greenspan, chairman of the Federal Reserve Board, bring down long-term interest rates, in a fair imitation of a bull market. The 30-year Treasury bond has been illiquid for some time because until recently America had been retiring debt. Now that the country is a net borrower again, it is the wrong time to take long-term debt off the menu, say Mr. Fisher's critics. Many have a vested interest, however. The Chicago Board of Trade, which usually carries great clout in Washington, immediately protested that economic uncertainty since September 11th obliges the Treasury to keep all its funding options open, including at the long end. It is worried about losing its flagship 30-year-bond futures market. Bond traders, as well as inter-dealer brokers, such as Cantor Fitzgerald, will now have to satisfy themselves with shorter maturities-these are more liquid, but with less of the volatility that dealers love. Those traders and investment banks that cover their 30-year trading positions with repos (bond sales and repurchases) will find life more expensive-they will ultimately have to buy and sell corporate bonds, which carry credit risk, rather than supposedly risk-free government bonds. Perhaps they will use British 30-year gilts instead. There are winners. Swap dealers and long-term bond issuers, notably two government agencies, Fannie Mae and Freddie Mac, should find more demand for their 30-year bonds. It will please, too, those who think interest-rate swap rates a better benchmark than Treasuries for pricing fixed-income securities. The biggest gripe will come from insurance companies and pension funds with long-term liabilities-especially defined-benefit pension plans. Long-term rates may be lower but will now come with credit risk attached. Surely Mr. Fisher read a paper published in July by the American Academy of Actuaries entitled "The Impact of Inordinately Low 30-year Treasury Rates on Defined Benefit Plans"? If he did, this plea to spare the life of 30-year Treasuries failed to move the man of steel. **End of ISDA Press Report for November 6, 2001** THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA ONLY. THIS PRESS REPORT IS NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION), AND ISDA IS NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT.
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ISDA PRESS REPORT - NOVEMBER 6, 2001
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San Juan control modifications for fuel savings
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I have spent a significant amount of time reviewing the operations and SCAD= A on the San Juan lateral over the last couple of weeks. I've uncovered so= me issues that could significantly reduce fuel consumption on this system. = Listed in order of priority are: Resolve La Plata Unit #2 flame-out problem. Currently this unit is running= in manual control to limit flame-outs. This prevents the station from run= ning with only one unit at low flow conditions. According to the La Plata = team, this will require the replacement of the fuel control valve and unit = control software changes. Running in the manual mode is costing an additio= nal 550 MSCF/D in fuel plus the extra O&M costs associated with the fired h= ours on unit #1. The team is expecting the new fuel valve soon but anticip= ates that they will not get the necessary downtime to install the valve unt= il after the end of the tariff months. Due to the potential emissions issu= es associated with its current operating mode, we may have to expedite the = modifications to this unit. Auto calculate a suction pressure setpoint for La Plata. There are three f= low controlled interconnects on the suction side of La Plata. Using the me= ter run pressures and/or the flow control valve position, we can maximize t= he suction pressure setpoint to achieve the interconnect flow rates. The h= igher suction pressure reduces the power required at La Plata with an avera= ge expected fuel savings of 175 MSCF/D. Auto calculate a suction pressure setpoint for the Bloomfield Low service s= imilar to the La Plata modification recommended above. Estimated fuel savi= ngs of 80 MSCF/D. Modify the controls at Gallup to enable a quick turndown for a power peak. = Currently when a power peak is predicted, the Gas Control operators manual= ly transmit a lower discharge pressure setpoint. It may take a long time f= or the new setpoint to actually gain control of the unit. The suggested mo= dification would have the Peak Power alarm I calculate automatically retran= smitted to the field and unit/station controls were modified to quickly ram= p down the unit in a controlled manner (minimize recycle and prevent unit t= rips) to minimum power. Gas Control could then send an override signal tha= t would allow the unit to operate at higher loads if required. Likewise, i= f my Peak Power alarm clears automatically, the unit would return back to i= ts normal process setpoint conditions. Note that if Gas Control overrides = my alarm, the override needs to latch until my Peak Power alarm clears. Th= e suction and discharge setpoint rate ramp limiter logic should be modified= to make them more responsive when they are far from the process values. B= ob McChane, Todd Ingles, and myself can develop this logic. Modify the La Plata station control for improved load sharing. Recommend t= he load share method be based on matching compressor flow range margins. I= will work with Todd Ingalls to develop the logic and code. This control m= ethod will ensure both units are operating as close to their high efficienc= y point as possible and minimize surge recycle. Modify the station control process setpoints logic at La Plata (Bloomfield,= Bisti too?) to include rate ramp limiters. Currently, when Gas Control tr= ansmits a new setpoint, the station accepts the new value and quickly chang= es operating conditions to try and reach the new setpoint. However, these = changes may be occurring too fast and may contribute to the flame-out probl= ems. Again, I will work w/ Todd to develop the controls to achieve this. In addition, it appears that the Compressor Performance utility would be he= lpful for the operating personnel in determining when one unit could handle= all the flows at La Plata. I'll try and package a version that can be ins= talled locally and send it to Todd Ingalls. Todd, I looked and I do not have a copy of the existing station control for= La Plata. Could you please zip it up and send it to me? Additionally, I finally got a copy of the drawings for the Griffith Interco= nnect. It appears our flow swings at this point can be reduced significant= ly by changing the operation of the flow control valve to a downstream pres= sure control valve with a maximum flow control override. Todd, who is resp= onsible for the programming of the RTU for this point? Gary Choquette
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I've had a request from Matt Motley to begin receiving this table on a daily basis. Carla Hoffman said Bob Badeer had asked for it before, and for whatever reason she held off distributing it to all the traders. I'd like to know if there is some reason why we don't send the EOL table to all the traders on a daily basis. If not, may I copy them on this in the future? Thanks,
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Eric, The agreement needs to be bi-directional. The subject is an exchange of information concerning Petroglyph's transportation contract Colorado Interstate Gas Company. Paul is going to provide the date of the contract and the contract #.
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Confidentiality Agreement
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Please begin to develop a list of issues (your top ten) that we need to be worrying about in ETS for 2002. We will jointly develop your lists into a larger list for ETS. I would like to think you caould have this done by the end of next week.
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2002 Issues
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I wanted to introduce myself and let you know that the Portland West Desk has a new person in Deal Control. I'm sure you know from working with Carla Hoffman that the position requires quite a bit of communication with your group regarding Enpower program development; so if there is anything I can do to facilitate the speed or success of your tasks, please let me know. The first Enpower question I have is regarding the Enron Online Report. Apparently Carla had requested a few changes, which were then put into a stage version of the program. I'm wondering if we can get that report into production, and more importantly, if we can make a few more minor changes to it. Right now I'm running reports by logging on as Carla, which is fine, but eventually we'd like to see the EOL report up and running for everyone to use. I know that Carla and Nicolay have worked on it in the past, and I think it would be relevant to talk with them about issues and obstacles they found in the report. I look forward to meeting you (via telephone or otherwise!). Thanks,
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Enron Online Report
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When: Thursday, October 25, 2001 4:15 PM-4:45 PM (GMT-06:00) Central Time (US & Canada). Where: eb689b *~*~*~*~*~*~*~*~*~* Jennifer-initiate call to Richard Ring at ext. 4:15PM x33561
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Updated: Richard Ring/Jennifer Medcalf re: A'lones Teaming Agreement
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This is an email
Re: Organizational Changes Over the last several quarters, EES has successfully implemented a number o= f new business models, organizational structures and processes. The result= has been tremendous customer contracting in the U.S., Canada and Western E= urope in 2001. In all cases, EES's large consumer market share has expande= d and we have rapidly increased our market penetration in the small consume= r market - Enron Direct. This effort, in itself is impressive, especially = given that at the same time, EES has had to significantly restructure and r= e-tool its execution capabilities, systems and mid and back offices. I can= assure you that these processes, systems and capabilities are improving. = This is only the result of a lot of hard work from back to front across EES= , EES risk and Enron Networks. In that light, I am pleased to announce a number of organizational changes = which demonstrate our continued commitment to the European market and the c= reation of a new exciting channel in the Enron Direct USA business. A)=09EES Europe: Effective immediately, Sean Holmes will be moving to London to manage EES E= urope. We believe that Sean has the broad based experience in the EES busi= ness model, products, retail energy risk management and demand side managem= ent to take the European business to next level. Charlie Crossley-Cooke wil= l manage our small consumer (Enron Direct) franchise. This franchise has c= ontinued to grow, in the UK and on the continent, and has provided signific= ant income to EES in 2001. Enron Direct will also continue to provide mid a= nd back office services to EES Europe. Paul Turner will manage our large co= nsumer business in Western Europe. Paul will be replacing Stuart Rexrode w= ho will be returning to EES in Houston. Over the last few quarters, our pe= netration of this market, primarily in the UK, has grown dramatically with = completed contracts with Sainsbury, Guiness, Kraft and Pirelli. Many of th= ese transactions include gas, power and demand side management. We would l= ike to thank Stuart for all his hard work toward the continued growth of th= e European franchise. We are also pleased to announce the formation of the European Product Group= led by Roy Poyntz. This group will lead the development of new products a= nd services for both the large and small consumer markets. As in North Ame= rica, its main role will be to ensure viable and innovative products are co= ntinually available in the pipeline to ensure the continued growth of the E= uropean business. The Product Group will also ensure product diversity betw= een gas, power and energy efficiency products. We continue to be committed= to the development of the demand side management aspects of our business t= o differentiate us from our competitors. On a final note, the EES Europe co= mmodity structuring and DSM groups will now report to Sean in addition to C= harlie, Paul and Roy.=20 As part of this change, Deb Merrill will be assuming the lead role in Deal = Management in EES USA replacing Sean. Deb has been an integral part of EES= from many years and we believe she has all the experience and skill sets t= o effectively manage and build on this integral function in EES USA. B)=09Enron Direct USA - Dealer Network Effective immediately, Stuart Rexrode will manage this new sales channel in= side Enron Direct USA. Stuart will be building this new more sophisticated= agent selling channel by creating franchise like relationships with numero= us "dealers" across the US. This dealer network will consist of small know= ledgeable entrepreneurs and consultants that have been in the energy market= s for many years and have great regional expertise and customer relationshi= ps. EES will provide a franchise like program where we provide resources an= d products to this agent base in exchange for exclusive provision of sales = services and customer aggregation. We hope that this network can provide t= he customer acquisition velocity and low cost acquisition model benefits of= the mass market agents but provide a more sophisticated agent in front of = larger clients in order to sell higher value products that include gas, pow= er and DSM. Phyllis Anzalone and her team are already working on the devel= opment of this dealer network and will become part of this group reporting = to Stuart. Phyllis and her team deserve a lot of credit for the identifica= tion and build out to date of this newest business model in EES. In conclusion, everyday we are getting better and more effective. We shoul= d be very pleased with the financial and operating performance of EES for 2= 001. We have an EBIT target of $75 million for Q4 which is only $4 million= higher than Q3, We will finish the year at approximately $247 million. Th= is is approximately 10% over 2001 plan and 120% growth in recurring earning= s year on year. The business model is working and we are one step closer t= o the goal of becoming the leading global energy retailer. The All-Employe= e meeting will be on November 1 where we look forward to discussing with yo= u our operational and financial results for 2001 and our plan, strategies a= nd objectives for 2002.
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Organizational Changes
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Terra Industries
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Here is your Guaranty. Have them sign two letters and attach copies of the original Gty as Exhibit A. Call me if you have any questions.
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I wish it were more clear. I am trying to get down there to talk to the commercial people about the business direction and support we can provide but until then I don't know that we should get their hopes up. I had hoped to come this week but Randy is here in Houston. Maybe second half of next week? Do you know if everyone will be in those days? (I was thinking Sao Paolo Wed/Thurs and B.A. Thurs/Fri). Brent Hendry@ENRON_DEVELOPMENT
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Trading Attorney in Brazil
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Gentlemen, I'm attaching what we are calling an override letter to accompany the breakout contracts. This letter is intended to preserve the lender requirements/accounting treatment from the WestLB agreement so long as the equipment is a part of the financing package. I believe we also want to address an issue regarding assignment, but we are still discussing Mike's version internally. Kent, I look forward to talking to you tomorrow at 300 CST. If you would like to discuss any of this in the am, please give me a call. Thanks,
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Override letter
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Hi guys, I'm faxing you some changed pages as requested for the CA Development deal. For some reason my email wouldn't go through. I should have an answer to the invoice question tomorrow. If all else fails you can send the invoices to Ben and we can process them here. Kay
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revisions to CA invoicing
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