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arnold-j/deleted_items/324.
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subject: Special Thank You Opportunity From The Wall Street Journal
content: =20
[IMAGE] Dear John Arnold, You have been a loyal subscriber to The Wall=
Street Journal and we appreciate your continued interest. We would like to=
express our appreciation with a special 50% savings offer on Barron's, our=
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You'll save Up To 50% on: 13 Weeks for $29.50 (save 35% vs. $45.50 news=
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on's single-minded purpose is to leave readers prepared to cope with the ma=
rket's twists and turns and poised to profit from them. Coming soon will b=
e a new pullout section called Technology Week, which will provide readers =
with an intense focus on this all important market sector. In the coming we=
eks, Barron's will produce a number of special features including: Mutual =
Funds Quarterly Report Best Web Sites For Investors Investing in the Vi=
rtual Office Hottest New Stocks of 2001 For its readership, Barron's is =
"News Before The Market Knows". Every subscription comes with a money back =
guarantee. Regardless of your decision, we look forward to continuing to se=
rve your business, financial and investment needs for many years to come. =
Sincerely, Thomas G. Hetzel Vice President, Circulation [IMAGE] =09
This message is being sent by The Wall Street Journal.
You received this e-mail as a valued subscriber of The Wall Street Journal.=
Occasionally, we use e-mail for fast, paperless communications with our cu=
stomers. If you do not wish to receive these notices in the future, pleas=
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arnold-j/deleted_items/325.
|
subject: TRV Notification: (NG - Price P/L - 10/17/2001)
content: The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=10/17/2001>, published as of 10/17/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/326.
|
subject: Financial Tools for Today's Economy
content: [IMAGE] [IMAGE] [IMAGE] =09
[IMAGE] Dear JENNIFER ARNOLD, If you're like many of us, economic sec=
urity is now more important than ever. Quicken
2002 Deluxe delivers new features designed to help you continue working t=
oward your financial goals in the current economy. We know you're busy, so=
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ken.com/savings and enter your Preferred Customer Priority Code 1593331 o=
n the "Billing and Shipping" page. New account-management features help y=
ou build a financial cushion. Careful monitoring of income and expenses =
can help you increase your savings. New Automatic Categorization improves =
your tracking efficiency by categorizing your transactions automatically =
as you enter them. You can then run even more accurate reports to analyze =
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fer of Quicken data to TurboTax
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ort for bonds, short sales, and other alternatives to stocks. Plus, you'l=
l find over 90 performance indicators in the Portfolio View, one-click acc=
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ls you need to respond to the changing economic landscape. Don't wait, use=
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02 Deluxe for Windows for only $39.95 after your previous-user, mail-in re=
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oday at www.shopquicken.com/savings and enter your Preferred Customer Pri=
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uicken Team *Rebate is for previous Quicken users only. Complete rebate d=
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00-366-0543 Monday through Friday, from 6 am-6 pm, Pacific Time, and menti=
on Priority Code 1593331. =09
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| ||
arnold-j/deleted_items/327.
|
subject: TRV Notification: (NG - PROPT P/L - 10/17/2001)
content: The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=10/17/2001>, published as of 10/17/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/328.
|
subject: Natural Gas Market Analysis for 10-18-01
content: Attached please find the Natural Gas Market Analysis for today.
Thanks,
Mark
- 10-18-01 Nat Gas.doc
| ||
arnold-j/deleted_items/329.
|
subject: daily charts and matrices as hot links 10/18
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude26.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas26.pdf
Distillate and Unleaded to follow.
Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG26.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG26.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL26.pdf
Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606
| ||
arnold-j/deleted_items/33.
|
subject: Enron Mentions
content: Enron to Scale Back European Operations, But Says It Won't Cut U.S. Payrolls
Dow Jones Business News, 10/04/01
Enron Seeks To Cut Staff In Europe By 5%-10%
Dow Jones Energy Service, 10/04/01
Acquisition Speeds Select Energy's Northeast Growth-Exec
Dow Jones Energy Service, 10/04/01
Pacific NW Lawmakers Gear Up To Oppose FERC RTO Mandate
Dow Jones Energy Service, 10/04/01
USA: NewPower signs up 50,000 new electric users in Texas.
Reuters English News Service, 10/04/01
States protest federal involvement in electricity competition, deregulation
Associated Press Newswires, 10/04/01
Enron to Scale Back European Operations, But Says It Won't Cut U.S. Payrolls
10/04/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Christina Cheddar
Dow Jones Newswires
NEW YORK -- Although Enron Corp. plans to scale back its European operations, the Houston energy-trading company isn't looking to pare U.S. payrolls.
"There's nothing out of (the) ordinary planned for the rest of the business," said company spokeswoman Karen Denne. "We are continuing to hire in the businesses most rapidly growing."
Those growing businesses include Enron Wholesale Services, she said.
Earlier Thursday, Dow Jones Newswires reported the company would cut between 5% to 10% of its European staff, or as many as 500 workers.
This past summer, the energy company announced staff reductions at its Enron Broadband Services division. The number of employees affected by this decision wasn't immediately available, Ms. Denne said.
Before Thursday's announcement, the company's shares were trading lower on the New York Stock Exchange. But in afternoon trading today, shares of Enron (ENE) were up $1.11, or 3.3% to $34.60. With these latest gains, the stock is now up about 40% from the three-year low of $24.46 set a week ago.
For several months, Enron shares have been under pressure as investors struggled to assess the impact of a number of negative developments, including declining energy prices, the recent and sudden departure of its chief executive, disappointing performance of its broadband unit and difficulties at its Indian power plant project.
The stock has made steady progress this week as investors shopped for bargains or were encouraged by progress Enron made in its plan to divest itself of some overseas assets.
On Wednesday, Enron announced the sale of some Indian oil and gas assets to BG Group PLC (BRG), a United Kingdom oil and gas company.
J.P. Morgan analyst Anatol Feygin said the stock also received further support by the reaffirmation of earnings forecasts at rivals Dynegy Inc. (DYN) and Aquila Inc. (ILA) in recent days.
- Write to Christina Cheddar at [email protected]
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Seeks To Cut Staff In Europe By 5%-10%
10/04/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LONDON -(Dow Jones)- Enron Corp. (ENE) is looking to cut its workforce in Europe by up to 10%, or around 500 jobs, Enron Europe Chief Executive John Sherriff said Thursday.
"We have around 5,000 employees in Europe and we are seeking to cut our headcount here by between 5% and 10%, but we will aim as far as possible to achieve this through a program of voluntary severance," Sherriff replied in a written response to questions by Dow Jones Newswires.
The cuts are the first significant retrenchment by Enron since it arrived in Europe in 1989. Enron has been the most aggressive U.S. energy company to expand into Europe's deregulating markets, but its core energy trading businesses have been held back by the slow and piecemeal progress toward market liberalization in the E.U.
The company declined to be more specific about how far it will scale back individual product lines or coverage of certain geographical businesses.
Enron's product range in Europe has mushroomed over the past year, continually giving rise to market talk, notably among its competitors, of overstretching itself prematurely in underdeveloped markets.
"Enron's business continues to grow in Europe in terms of traded volumes and numbers of transactions, but like any company we are constantly seeking ways to do more with less in order to maintain earnings growth," Sherriff said.
"It is prudent for us to keep both a close eye on our costs and to continually review the skills and resources that are available to use, to ensure that they are deployed in a way to maximize earnings," he added.
While trading volumes have exploded in core markets such as U.K. power trading since wholesale market reforms were introduced in March, liquidity in other products such as bandwidth, monomers and credit risk, is understood to have developed more slowly and restricted the volume growth needed to justify Enron's pure trading strategy.
Enron has been among the most prominent exponents of a new philosophy in energy markets that places far more emphasis on risk management skills than the physical ownership of assets, a radical change from the asset-heavy approach to energy that prevailed in Europe before the E.U.'s deregulation directive came into effect in 1999.
As such, it has in the last 18 months disposed of assets such as its stake in Sutton Bridge power station in England and has conspicuously refrained from buying 'brownfield' physical assets in markets such as Italy and Germany.
However, it has pursued various greenfield independent power projects and the acquisition of gas trading licenses in markets such as Spain and Italy.
-By Geoffrey T. Smith, Dow Jones Newswires; (+44 20) 7842 9260; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Acquisition Speeds Select Energy's Northeast Growth-Exec
By Kristen McNamara
Of DOW JONES NEWSWIRES
10/04/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Select Energy Inc.'s planned purchase of Niagara Mohawk Energy Marketing Inc. will speed up by a year or two the company's plans to expand its business beyond New England to the entire Northeast, Select's president said.
The acquisition stengthens Select Energy's position in New York and the Mid-Atlantic, boosting its efforts to become a regional leader in the business of managing energy supply for industrial and commercial customers and trading electricity in the region.
"We want to be the dominant player here," President William Schivley said in an interview with Dow Jones Newswires. "By being the dominant player in the Northeast, we'll be considered a national player."
Select, a unit of Berlin, Connecticut-based Northeast Utilities (NU), faces competition from national heavyweights like Enron Corp. (ENE), Duke Energy (DUK), AES Corp. (AES) and Exelon Corp. (EXC).
Select Energy announced an agreement Tuesday to purchase the wholesale and retail energy sales unit of Syracuse, New York-based Niagara Mohawk Holdings Inc. (NMK), which is active in the Mid-Atlantic and New York power markets.
Integration plans aren't firm, but Select Energy will work with Niagara Mohawk executives to identify best practices from both companies, Schivley said.
The companies aim to have a transition plan ready by the time federal energy regulators rule on the combination. Select Energy has said it plans to keep Niagara Mohawk's Syracuse office open.
The company won't release the terms of the deal until it closes, which is expected in late November.
Select has annual revenues of about $2.5 billion. Niagara Mohawk Energy Marketing had revenues of $635 million in 2000.
Select Energy is still looking at further acquisitions of trading operation and generating assets in New York and the Mid-Atlantic, Schivley said.
"This is more than just window shopping," Schivley said. "We are actively seeking out hard assets."
The company isn't interested, however, in the two other unregulated units Niagara Mohawk is looking to sell in advance of its acquisition by National Grid Group PLC (NGG), he added.
Within the next three to five years, more and more large companies are likely to start outsourcing management of their energy needs, especially as those needs become more complicated, Schivley said. Energy, along with labor and raw materials, are companies' three biggest expenses, he said.
"We're trying to grow this business by leaps and bounds," Schivley said. "We've taken a giant step in New York. All the products we offer will be expanded dramatically and increased to a number that, without the acquisition, would have taken us a year or two to get to."
-By Kristen McNamara, Dow Jones Newswires; 201-938-2061; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Pacific NW Lawmakers Gear Up To Oppose FERC RTO Mandate
By Bryan Lee
10/04/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
OF DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- Members of the Pacific Northwest congressional delegation are gearing up in opposition to the U.S. Federal Energy Regulatory Commission's mandate for consolidation of power-grid assets in the region.
The House Northwest Energy Caucus held an informal hearing late Wednesday to air concerns of utilities and industrial consumers in the region about FERC's effort to establish a regional transmission organization, or RTO.
The lawmakers plan to follow up the hearing with a letter to FERC voicing the concerns, which largely revolve around skepticism that the RTO will result in cost savings for the region's consumers.
FERC shouldn't force an RTO on the region without first conducting a cost-benefit analysis, said Rep. Peter DeFazio, D-Ore., who is spearheading the effort.
Speaking with reporters prior to Wednesday's hearing, DeFazio complained that "a bunch of bureaucrats" at FERC are embracing the national power-grid agenda of Enron Corp. (ENE) without assessing the costs and regardless of "what it does for local reliability."
DeFazio's complaints were echoed in the testimony presented at Wednesday's hearing.
The region already enjoys an open and competitive transmission network, thanks to the federally owned Bonneville Power Administration, according to hearing testimony expressing concern that RTO West, as the RTO proposed for the region is called, will cost more to implement than it will provide in benefits.
"We are troubled that RTO West will not achieve any net benefit for end-use consumers in the Northwest," the Public Power Council testified. "Although work is beginning on a cost-benefit study, we are troubled that a transmission system that has served us all well for so long will be disassembled because FERC has announced that RTOs, by definition, are good."
"Regional transmission organizations may be necessary to remedy the transmission ills in other regions of the country, but not in the Northwest," declared a group of transmission-dependent utilities.
"The 'balkanization' and isolation of transmission systems that characterize most other regions is simply not present in the Northwest. For this reason, the economic power-side benefits of an RTO will be relatively small," said a group of aluminum producers.
Similar cost-benefit concerns have been voiced by state utility regulators in the Eastern U.S. who oppose FERC's effort to consolidate grid assets under large RTOs in the Southeast and Northeast.
'RTO Week'
FERC Chairman Pat Wood III acknowledged the complaints Thursday, adding that he expected to address the concerns of regulators and industry during "RTO Week" Oct. 15, when the commission will hold five days of hearings on the commission's RTO mandate.
"I think I need the decisionmakers at the table. We've had the lawyers in the suits arguing about it for eight years now," Wood said at an "energy community" forum sponsored by Enron in Arlington, Va.
Wood told Dow Jones Newswires following his remarks at the Enron forum that FERC answered the complaints about the lack of a cost-benefit analysis at its Sept. 26 meeting.
The commission agreed to undertake a comprehensive analysis in support of its claim that RTOs will bring about operational efficiencies that will translate into consumer savings.
Wood also noted a study by Mirant Corp. (MIR), which concluded that combining the three independent system operators in the Northeast into a single RTO would produce $440 million in annual consumer benefits.
During the Enron forum, Edward Meyers, a regulator with the District of Columbia Public Service Commission, urged Wood to seek out the input of affected state regulators.
Meyers noted that he is in the minority among regulators in the region in supporting the Northeast RTO grid-consolidation, while most others oppose the effort as "economically dangerous."
Arnetta McRae, chairman of the Delaware Public Service Commission, told Wood that her fellow state regulators aren't so much opposed to grid regionalization but the lack of consultation by FERC.
The state regulators want "an opportunity to be at the table," McRae said. If such a process were offered, there would be a lot less opposition, she predicted.
FERC is reaching out to address the concerns of state regulators, Wood said, adding that he was "blindsided" by the opposition among state regulators to FERC's grid-consolidation mandate.
Later in the day, Wood told reporters that "RTO Week" will feature an entire hearing devoted to the concerns of state regulators.
At the Enron forum, Wood defended the commission's RTO policy, which calls for carving up the nation's interconnected electricity system under the control of four or five large RTOs, as necessary to jump-start the overly long transition from regulation to competition.
"This process needs to be goosed," said Wood, calling FERC's RTO orders "an external catalyst" to get the process moving.
"If I'm wrong, I'd love to find a better way around that," he said.
-By Bryan Lee, Dow Jones Newswires; 202-862-6647; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: NewPower signs up 50,000 new electric users in Texas.
10/04/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 4 (Reuters) - The New Power Co. said Thursday the electricity grid operator in Texas is processing requests from over 50,000 residential customers who have chosen New Power as their new electricity provider.
The Electric Reliability Council of Texas (ERCOT) is responsible for processing the requests to switch customers for all utilities and competitive retail electric service providers during the state's deregulation pilot program, NewPower said in a statement.
The switching process could take anywhere from two weeks to two months before consumers will actually begin to receive power from a competitive retail electricity provider.
New Power said it has captured more than half of the customers who decided to switch to new providers from the Reliant Energy HL&P and TXU Corp. markets.
The New Power Co., a subsidiary of NewPower Holdings, Inc. , is the first national provider of electricity and natural gas to residential and small commercial customers in deregulated power markets in the United States.
The Texas pilot power deregulation program began on July 31 after it was delayed two months due to computer problems.
The entire state is slated to begin full retail competition on Jan. 1, 2002.
A spokesman for the Public Utility Commission of Texas told Reuters previously that about 120,000 residential customers had signed up for the pilot program.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
States protest federal involvement in electricity competition, deregulation
By H. JOSEF HEBERT
Associated Press Writer
10/04/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
WASHINGTON (AP) - North Carolina and several other states told the Supreme Court the government went too far when it ordered electric utilities to open their power lines to competitors and spurred a movement toward deregulation.
But one of the country's largest power marketers, Enron, argued before the court Wednesday that the Federal Energy Regulatory Commission should have gone even further to help companies like Enron get equal access to power grids.
During the hourlong hearing, the justices gave little indication of how they will decide on a case that could dramatically affect management of the nation's power grids and the future of electricity competition.
At one point, Justice Stephen Breyer said FERC, which regulates wholesale power markets and interstate transmission of power, was being "whipsawed" from both directions.
The commission's 1996 decision, which for the first time required traditional utilities to open their transmission lines to competing power merchants, triggered a movement toward wholesale electricity competition and led numerous states to end monopolies in retail power markets.
But utility regulators in nine states, led by New York, filed suit arguing that the FERC order amounts to a federal agency attempting to regulate retail sales, usurping a traditional state function.
At the same time, Enron's lawsuit charged that FERC violated federal law because it did not require access to transmission lines when utilities continued to keep transmission and retail sales as one operation - as remains the case in many states that have yet to allow competition.
In June 2000, an appellate court essentially upheld FERC's regulation, prompting appeals from both Enron and the state regulators.
"It's an example of where an agency has overstepped its bounds," Lawrence Malone, general counsel for the New York State Public Service Commission, told the justices at Wednesday's hearing. The other states party to the lawsuit are Florida, Idaho, New Jersey, North Carolina, Virginia, Washington, Vermont and Wyoming.
Malone, appearing on behalf of all nine states, argued that FERC's order pre-empts state authority to regulate retail sales and set rates.
"This case isn't about rates," countered Louis Cohen, representing Enron Power Marketing Inc. before the court. "What we're concerned about is getting onto the (grid) system."
Cohen said that under the current access rules a dominant utility in a state that has not moved to competition may still "hog" the lines and keep Enron and similar marketers from moving power across a region.
The Justice Department, representing FERC before the court, argued that the commission only sought to strike a balance between the need to give competitors equal access to power lines and leaving retail market issues to the states.
Edwin Kneedler, deputy solicitor general, told the court that FERC, in his view, could have gone further, as Enron has argued. But, he said, to do so it would first have had to order all utilities to separate retail sales and transmission, something it chose to leave to the states.
The case, which is not expected to be decided until sometime next year, comes at a time of growing concern about electricity competition and power grid reliability in light of recent power problems in California.
About half of the states have taken some steps toward retail electricity competition.
Many power industry experts as well as the FERC commissioners have emphasized that a truly competitive electricity market will be difficult to achieve without smooth and efficient flow of electricity across large regions, if not nationally. And that, argue companies like Enron who want to compete with traditional utilities, will require more open access to transmission.
In an attempt to smooth the flow of power, FERC has embarked on a campaign to establish four large, regional transmission organizations to manage the national power grid. A court decision rolling back some of FERC's authority over open access to transmission lines could affect that effort.
Uncertainty over how far the federal government will be allowed to go in requiring transmission access also could affect state decisions on whether to embrace electricity competition, according to some industry experts.
---
On the Net:
Federal Energy Regulatory Commission: http://www.ferc.fed.us/
Enron: http://www.enron.com/corp/
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
| ||
arnold-j/deleted_items/330.
|
subject: Expense Reports Awaiting Your Approval
content: The following reports have been waiting for your approval for more than 4 days. Please review.
Owner: Henry H Quigley
Report Name: Quigley 100301
Days In Mgr. Queue: 14
| ||
arnold-j/deleted_items/331.
|
subject: RE: market
content: john- thank you.. what do you mean by storage adjusted prices? and also comment on non-discretionary stg at peak times.. why in producing region?
-----Original Message-----
From: Arnold, John
Sent: Tue 10/16/2001 11:03 PM
To: Abramo, Caroline
Cc:
Subject: RE: market
Thanks.
Surprised your shorts are still so confident. Trade shorts are quickly losing confidence based upon cash, shape of curve, and momentum. I think curve flattens a little more and then comes down in parallel shift down.
1. jan and feb are highest storage adjusted prices on curve. For market area sales, add on basis and dec and march are next. Question is whether there is enough non-discretionary stg to meet load at other times and in the producing region. A lot of stg has to come out either for tariff or engineering reasons. Million dollar question.
2. Think Nov bidweek will be weak. Don't know who baseload buyers are unless trade gets bullish. Nov is a relatively flat month as far as injections. stg operators dont have room to buy baseload gas and I think utilities will be planning to meet load using stg. At current prices, producers apply more pressure to wells, lng doesnt get diverted again, lose some load to resid, lose any momentum of industrial load coming back. Dont think gas market can handle that.
3. No clue.
-----Original Message-----
From: Abramo, Caroline
Sent: Tue 10/16/2001 10:21 PM
To: Arnold, John
Cc:
Subject: market
awesome call on cash.. it does not get any better than that.. you picked the bottom- i am getting it slowly.. lots of calls today from people i do not speak to every day.. not too much panic from guys who are short.. most looking to put more on.. selling dec01 outright or buying gas daily puts on dec and jan... except pulaski who pared down dec01 short with us from 4000 to 1000.. do not think he's got on alot elsewhere. no one has anything on longer dated.. no one can figure out economy...
questions:
1. why would any of the discretionary storage operators withdraw gas in the winter based on the current curve?
2. where do you think index gets set this month? i am thinking that utilities will overestimate loads for Nov01 and buy more during bidweek.. index gets set high and depending on Nov weather.. it could come back onto the market weakening cash again..
3. do you have a view on eastern power for the winter? i do not understand the market drivers in the winter.
thanks very much,
c
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arnold-j/deleted_items/332.
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subject: Dow Jones Newsletters' Rebuilding Wall Street
content: Dow Jones Newsletters' Rebuilding Wall Street
For the past couple of weeks, Dow Jones Newsletters has distributed copies
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Although we are no longer sending copies of the newsletter, it's easy to
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Highlights from this issue include a feature which takes a look at the
importance of Jersey City's sophisticated fiber-optic infrastructure, the
difficulties being faced by Muslim brokers since the September 11th
attacks as well as a profile on Consolidated Edison, Inc. as they begin
reconstructing lower Manhattan's electrical transmission system.
Don't miss out, subscribe to Rebuilding Wall Street today.
For more information, Dow Jones Newswires can be contacted at
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arnold-j/deleted_items/333.
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subject: Steve Forbes: Opportunities and Safe Havens in Today's Market
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Despite the tragic events of September 11th, America remains
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<SPAN class="mediumHead">Dear Investor,<BR><BR></SPAN>
<SPAN class="mediumHeadLight">Despite the tragic events of September 11th, America remains strong and resolute. But in the weeks ahead, the challenges for individual investors will be daunting.<BR><BR><BR>
<TABLE width="470" cellpadding="0" cellspacing="0" border="0">
<TR>
<TD width="15"> </TD>
<TD width="356" align="left" class="mediumHead">This is no time to go it alone. And that's why I want you to have <A href="http://offer.wd10.com/cgi-bin/mail.dll?H331
" class="mediumHeadBlue">FREE ONLINE ACCESS</A> to Forbes' latest investment report, <A href="http://offer.wd10.com/cgi-bin/mail.dll?H331
" class="mediumHeadRedItalic">Opportunities and Safe Havens in Today's Market</A>. Just click <A href="http://offer.wd10.com/cgi-bin/mail.dll?H331
" class="mediumHeadBlue">here</A>.</TD>
<TD width="84" align="left" valign="top"><A href="http://offer.wd10.com/cgi-bin/mail.dll?H330
"><IMG src="http://www.forbes.com/media/circulation/free_report_button.jpg" width="80" height="54" border="0"></A></TD>
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<BR><BR>
Forbes financial editors -- <SPAN class="mediumHead">Laszlo Birinyi Jr.</SPAN>, <SPAN class="mediumHead">David Dreman</SPAN>, <SPAN class="mediumHead">Kenneth L. Fisher</SPAN>, <SPAN class="mediumHead">Richard Lehman</SPAN>, and <SPAN class="mediumHead">Marc Robins</SPAN> -- have identified some special profit opportunities, as well as some high-yielding safe havens...<BR><BR><BR></SPAN>
<CENTER><SPAN class="mediumHeadSection">Demand for missile guidance and night vision<BR><BR></SPAN></CENTER>
<SPAN class="mediumHeadLight"><SPAN class="mediumHead">Marc Robins</SPAN> weighs in with this red-hot company destined to help us <SPAN class="mediumHead">WIN THE WAR</SPAN>. They make carbon dioxide laser systems using infrared light -- essential for our military's missile guidance and night vision systems. Access your <A href="http://offer.wd10.com/cgi-bin/mail.dll?H331
" class="mediumHeadBlue">FREE REPORT</A>!<BR><BR><BR></SPAN>
<CENTER><SPAN class="mediumHeadSection">Surprising safety in high-yield preferreds<BR><BR></SPAN></CENTER>
<SPAN class="mediumHeadLight">Our income securities advisor, <SPAN class="mediumHead">Richard Lehman</SPAN>, explains today's more sophisticated preferred stocks, offering higher yields and <SPAN class="mediumHead">LOWER RISKS</SPAN> than past counterparts. Discover the best, yielding from 8.5% to 11.1%, in your <A href="http://offer.wd10.com/cgi-bin/mail.dll?H331
" class="mediumHeadBlue">FREE REPORT!</A><BR><BR><BR></SPAN>
<CENTER><SPAN class="mediumHeadSection">Timely values in quality stocks<BR><BR></SPAN></CENTER>
<SPAN class="mediumHeadLight">Value pro, <SPAN class="mediumHead">David Dreman</SPAN>, has uncovered <SPAN class="mediumHead">GREAT BARGAINS</SPAN>...in one of the best managed oil giants, with reserves of 4 barrels per share. In a tobacco leaf processor benefiting from strong overseas demand. And in this overlooked pharmaceutical, in great shape for 2002. See your <A href="http://offer.wd10.com/cgi-bin/mail.dll?H331
" class="mediumHeadBlue">FREE REPORT!</A><BR><BR><BR></SPAN>
<CENTER><SPAN class="mediumHeadSection">Tech favorite poised for fast rebound<BR><BR></SPAN></CENTER>
<SPAN class="mediumHeadLight"><SPAN class="mediumHead">Laszlo Birinyi Jr.</SPAN> sees <SPAN class="mediumHead">SUBSTANTIAL GROWTH</SPAN> in 2002 for this quality tech bluechip, all the more attractive because of its current oversold price. Get the details in your <A href="http://offer.wd10.com/cgi-bin/mail.dll?H331
" class="mediumHeadBlue">FREE REPORT!</A><BR><BR><BR><BR></SPAN>
<SPAN class="mediumHeadLight">That's just a small sampling of the insights and opportunities you'll find in your <A href="http://offer.wd10.com/cgi-bin/mail.dll?H331
" class="mediumHeadBlue">FREE REPORT</A>. And all of the details, including company names and stock symbols, are <A href="http://offer.wd10.com/cgi-bin/mail.dll?H331
" class="mediumHeadBlue">AVAILABLE ONLINE RIGHT NOW!</A><BR><BR>
<TABLE width="470" cellpadding="0" cellspacing="0" border="0">
<TR>
<TD colspan="2" width="386" align="left" class="mediumHeadLight">Simply click <A href="http://offer.wd10.com/cgi-bin/mail.dll?H331
" class="mediumHeadBlue">here</A> for immediate access to your Forbes <A href="http://offer.wd10.com/cgi-bin/mail.dll?H331
" class="mediumHeadBlue">FREE REPORT</A>, <SPAN class="mediumHeadItalic">Opportunities and Safe Havens in Today's Market</SPAN>. It's your money. Do it now!</TD>
<TD colspan="2" width="84" align="left" valign="top"><A href="http://offer.wd10.com/cgi-bin/mail.dll?H330
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  <SPAN class="mediumHead">Yours truly,<BR><BR>
  <IMG src="http://www.forbes.com/media/circulation/steve_forbes_sig.gif" width="175" height="74" border="0"><BR><BR>
  Steve Forbes<BR>
  Chairman</SPAN>
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arnold-j/deleted_items/334.
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subject: money back on your trade-ins, and great hp lease deals
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arnold-j/deleted_items/335.
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subject: Enron Mentions
content: Enron cuts shareholder equity by 1.2 bln usd due to partnership deal
AFX News, 10/18/01
Calif Energy Panel OKs First Step For 1160MW In Projects
Dow Jones Energy Service, 10/18/01
USA: Enron's stock slides as equity reduction digested.
Reuters English News Service, 10/18/01
Brazil's Copene, Elektro Plan to Sell 820 Mln Reais of Bonds
Bloomberg, 10/18/01
Enron cuts shareholder equity by 1.2 bln usd due to partnership deal
10/18/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
LONDON (AFX) - Enron Corp said it has reduced its shareholder equity by 1.2 bln usd as the company decided to repurchase 55 mln of its shares that it had issued as part of a series of complex transactions with an investment vehicle connected to its chief financial officer, Andrew Fastow, the Wall Street Journal reported in its online edition.
Enron did not disclose the big equity reduction in its earnings release issued on Tuesday, when the Houston-based energy giant announced a 1.01 bln usd charge to third-quarter earnings that produced a 618 mln usd loss.
However, the company briefly mentioned it in a subsequent call with security analysts and confirmed it in response to questions yesterday. As a result of the reduction, Enron's shareholder equity dropped to 9.5 bln usd, the company said.
In an interview, Enron Chairman Kenneth Lay said about 35 mln usd of the 1.01 bln usd charge to earnings was related to transactions with LJM2 Co-Investment LP, a limited partnership created and run by Fastow.
In a conference call yesterday with investors, Lay said 55 mln shares had been repurchased by Enron, as the company "unwound" its participation in the transactions. In the third quarter, the company's average number of shares outstanding was 913 mln.
According to Rick Causey, Enron's chief accounting officer, these shares were contributed to a "structured finance vehicle" set up about two years ago in which Enron and LJM2 were the only investors. In exchange for the stock, the entity provided Enron with a note.
The aim of the transaction was to provide hedges against fluctuating values in some of Enron's broadband telecommunications and other technology investments. Causey did not elaborate on what form those hedges took.
Subsequently, both the value of Enron's stock and the value of the broadband investments hedged by the entity dropped sharply, the report said. As a result, Enron decided essentially to dissolve the financing vehicle and reacquire the shares. When Enron reacquired the shares, it also canceled the note it had received from the entity.
Given all the complexities of the LJM-related financing vehicle and the questions it raised outside the company, "the confusion factor wasn't worth the trouble of trying to continue this," Causey said.
Mark Palmer, an Enron spokesman, described the capital reduction "as just a balance-sheet issue" and therefore was not deemed "material" for disclosure purposes.
gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Calif Energy Panel OKs First Step For 1160MW In Projects
10/18/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LOS ANGELES -(Dow Jones)- The California Energy Commission has accepted as "data adequate" applications to build a 900-megawatt power plant and two peaker plants totaling 260 megawatts, a press release said.
The data adequacy vote means an application has been accepted as having sufficient information to proceed with the commission's approval process.
Enron Corp.'s (ENE) Roseville Energy Facility LLC unit has proposed building a 900-MW natural gas-fired plant in Sacramento, Calif., to be online by the fourth quarter of 2004. The construction cost will be $350-$450 million for the combined-cycle project, which will undergo a 12-month review process by the commission.
GWF Energy LLC has applied to build the 169-MW Tracy Peaker Project, a simple cycle plant in the San Joaquin Valley, Calif., that would be online by July 2002. Peaker plants operate during times of high electricity demand.
The company also applied to build the 91-MW Henrietta Peaker Project, 20 miles south of Hanford, Calif., which would consist of two turbine generators and come on line by June 2002.
Electricity generated from the two peaker projects will be sold to the state's Department of Water Resources under a 10-year contract.
-By Jessica Berthold, Dow Jones Newswires; 323-658-3872; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron's stock slides as equity reduction digested.
10/18/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Oct 18 (Reuters) - Enron Corp. stock fell sharply on Thursday as investors digested news of a $1.2 billion reduction in the energy giant's shareholder equity that attracted little attention when it was first disclosed earlier this week.
In afternoon trading Enron's stock was off $2.96 or, 9.2 percent at $29.24 per share.
Enron reported its first quarterly loss in over four years on Tuesday after taking charges of $1.01 billion against earnings to cover expenses and writedowns on investments that fall outside its core wholesale energy operations.
The reduction in shareholder equity was not mentioned in the company's earnings statement but was discussed by Chairman and Chief Executive Ken Lay in an earnings conference call with analysts and investors on Tuesday.
"Confidence has been shaken by the incremental disclosure. This is an extremely widely held stock and to assume that everybody listened to the conference call is probably asking too much," said one analyst who asked not to be identified.
The reduction in equity was prominently reported in the Wall Street journal on Thursday, bringing it to the attention of a wider audience, analysts said.
Lay said the equity writedown and a corresponding reduction in the number of Enron shares outstanding were related to the early termination of structured finance arrangements which had drawn criticism from some Wall Street analysts.
As a result of the operation, Enron's debt to total capitalization ratio will rise to about 50 percent, but the company expects the proceeds of asset sales to reduce the ratio to around 40 percent by the end of next year, Lay said.
Moody's Investor Service said earlier this week that it had placed all of Enron's long-term debt obligations on review for a possible downgrade because writedowns and charges had substantially reduced valuations for several Enron businesses.
Some of Enron's financing arrangements require the company to maintain investment grade credit ratings.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Brazil's Copene, Elektro Plan to Sell 820 Mln Reais of Bonds
2001-10-18 13:53 (New York)
Rio de Janeiro, Oct. 18 (Bloomberg) -- Two Brazilian
companies have asked securities regulators for permission to sell
820 million reais ($279 million) of bonds, raising the amount of
pending local market bond sales to 7.5 billion reais.
Brazil's Copene-Petroquemica do Nordeste SA, a Petrochemical
company, has asked Brazil's government for permission to sell 625
million reais of bonds according to the country's security and
exchange regulator, the CVM. Banco Citibank SA, the Brazilian unit
of Citigroup Inc., will manage the sale.
Elektro Eletricidade e Servicos SA, an electricity utility
controlled by U.S.-based Enron Corp. that distributes electricity
in Sao Paulo state, has asked for permission to sell 195 million
reais of bonds, according to a CVM filing.
No further details about the sales was immediately available.
Brazilian companies have scrambled to sell debt at home as
the local currency, the real, plunges against the dollar, making
dollar-denominated debt expensive and causing losses to mount as
the local currency value of dollar debts soars.
So far this year, about 9.1 billion reais of local market
debt has been sold. Meanwhile corporate bond sales in euros or
dollars has slipped by almost two thirds to $1.7 billion in the
third quarter from $4.5 billion in the second, not including sales
through offshore subsidiaries, according to Bloomberg data.
| ||
arnold-j/deleted_items/336.
|
subject: Hot Lots Without Bids at winebid.com
content: A quick reminder that winebid.com's current auction, including our
special auction of California Cabernet Sauvignon, begins closing Sunday,
Oct. 21, at 9 p.m. US Eastern Time.
Browse our lots without bids for these hot buys:
1996 Caymus Cabernet Sauvignon, magnum, $100
1996 PlumpJack Founders Reserve, magnum, $120
1998 Haut-Brion (Parker 93 points), $130
1982 Margaux (Wine Spectator 95 points), $320
1996 Beringer Private Reserve Cab, 6-bottle case, $340
1983 Petrus (Broadbent 5 stars), $350
1981 Haut-Brion, 12-bottle case, $960
1998 Lafite-Rothschild, (Parker 92-94 points) imperial, $1,200
And for the holidays:
1990 Comtes de Champagne Blanc de Blancs (Tattinger), $100
1993 Veuve Clicquot La Grand Dame, 6-bottle case, $550
1994 Warre Vintage Port, (Wine Spectator 95 points) 12-bottle case, $480
Find these and other terrific values at lots without bids:
http://www.winebid.com/lwb/lwb1.shtml
In our special auction of California Cabs, classic and cult, we offer the
pride of California's winemaking country. Find Cabs for every palette in
this extraordinary collection:
http://www.winebid.com/home/spotlight1.shtml
If la dolce vita is more your style, take a look at our alluring Italians.
We offer Guado Al Tasso (P. Antinori) 1997, available in 750 ml and magnum
format. Wine Spectator rated it at 96 points and placed it No. 12 of the 100
top wines of 2000. How about Ornellaia (L. Antinori) 1997, Spectator's No. 9
wine for 2000? Prefer something French? We have Chateau d'Yquem Sauternes
1981 and a rare 1959, awarded 97 points by Wine Spectator.
Find them here: http://www.winebid.com/home/spotlight4.shtml
Rhone wine fans, you may be interested in Tablas Creek Vineyard Reserve
Cuvee 1999, a Rhone-style red made in California by a partnership part owned
by the owners of Chateau de Beaucastel.
Find it here: http://www.winebid.com/home/spotlight5.shtml
If you click on a link in this email and it doesn't open properly in your
browser, try copying and pasting the link directly into your browser's
address or location field.
Forget your password?:
http://www.winebid.com/os/send_password.shtml
To be removed from the mailing list, click here:
http://www.winebid.com/os/mailing_list.shtml
Be sure to visit the updates page for policy changes:
http://www.winebid.com/about_winebid/update.shtml
| ||
arnold-j/deleted_items/337.
|
subject: APEX Principal Ownership
content: [IMAGE]=09 New Solution to Like-Kind Exchange Timing Restriction =09
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nd Exchange programs. =09
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| ||
arnold-j/deleted_items/338.
|
subject:
content: You sold 1000 TAS futures using Paribas floor given up to EDF MAN account #05055
You bought 1000 LD Swaps at 10/18 SP from JARON
Thanks
| ||
arnold-j/deleted_items/339.
|
subject:
content: You sold 1000 TAS futures with Paribas andI gave them up to EDF MAN account #05055
You bought 1000 LD swaps @ 10/18 SP from SempraDave D.
THanks
| ||
arnold-j/deleted_items/34.
|
subject: RE: morning gas views
content: John,
Sorry to have missed you--I didn't get to my e-mail in time.
Dutch filled me in on exactly what I was looking for--thanks very much.
Jeff
-----Original Message-----
From: Arnold, John
Sent: Thursday, October 04, 2001 3:17 PM
To: Andrews, Jeff
Subject: RE: morning gas views
can we meet at 4:00 instead?
-----Original Message-----
From: Andrews, Jeff
Sent: Thursday, October 04, 2001 7:35 AM
To: Arnold, John
Subject: RE: morning gas views
John,
Thanks very much.
Would 4:45ish be alright with you?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, October 03, 2001 5:46 PM
To: Andrews, Jeff
Subject: RE: morning gas views
come on up tomorrow afternoon.
-----Original Message-----
From: Andrews, Jeff
Sent: Tuesday, October 02, 2001 8:35 AM
To: Arnold, John
Cc: Fraser, Jennifer
Subject: morning gas views
John,
We have developed a "morning briefing" for Gary Hickerson that includes primarily views on the crude and products markets. Recently, Gary has asked that we include a brief overview on Nat Gas in this packet. We have worked with Chris Gaskill to get the morning briefing that he puts together for you and your traders and find it very helpful.
However, I am interested in going a step further and would like to talk with you or one of your traders on a regular basis in order to get a more trading-centric view on this morning packet. Specifically, I want to ask the question, "What do you view as most important in this information" so we can develop our own "value added" information for Gary's group.
Is there one of your traders who I might be able to meet with (after market close, of course) to discuss?
Thanks, John.
Jeff
| ||
arnold-j/deleted_items/340.
|
subject: 95 Pointer and more!!!!!
content: To Place an order . . .
PLEASE CALL 973-376-0005 ask for Order Dept.www.winelibrary.com
or e-mail us at [email protected]
1. #16063 - Rotllan Torra 1997 Tirant - $89.99 (Only $71.99 when you buy a case)
95 points Wine Spectator / Wine Library Super Tasting Star !
"Powerful and intense, this Spanish red is as ripe and rich as young Vintage Port, bursting with flavors of black cherries and blueberries, chocolate and coffee, supported by muscular yet round tannins. An impressive achievement in an age of blockbuster wines. Best after 2003. 500 cases made. (500 cases produced)." Have your own tasting notes? Post your own review of this wine on Wine Library.com!
2. #15993 - Cerro 1998 Manero ( Tuscan ) - $28.99 on sale
92 points Stephen Tanzer
Limit 2 6-packs per customer, this is a limited offer !!!
"Virtually impenetrable blackish-ruby. Potent, deep nose melds plum and berry fruit, oak spices and vanilla. Super-dense, powerful and mouthfilling; really coats the palate with flavor. Firm tannins add to the impression of structure. Long and sumptuous on the back end." Have your own tasting notes? Post your own review of this wine on Wine Library.com!
3. #16345 - Louis Bernard 1999 Chatenauf Du pape $26.99 (Only $21.59 when you buy a case)
92 Points Wine Spectator / Best Chat-Du-Pape buy in a long time
"Soft and smooth, a full-bodied, low-acidity beauty that coats the palate with its seductive flavors, cascading with roasted game, toasted coconut, ripe plum and blackberry complexity. Stunning red. Best from 2005 through 2020. 5,000 cases made." Have your own tasting notes? Post your own review of this wine on Wine Library.com!
4. #15827 - Dominus 1998 Red - $84.99 On sale
91 Points Wine Spectator / Wine Library Super Tasting Star !
"Earthy, elegant and refined Cabernet blend, delivering layers of currant, tar, black cherry, cedar, coffee and anise, all sharply focused and framed by just the right amount of tannin. Drink now through 2009. 6,000 cases made." Have your own tasting notes? Post your own review of this wine on Wine Library.com!
5. #14175 Behrens & Hitchcock 1999 Oakville "Fortuna" Merlot $65.99 (Only $52.79 when you buy a case)
90-92 Points Robert Parker
"(500 cases of 100% Merlot) is a dense, very chewy merlot with oodles of smoky blackberry and cherry fruit. The wine is unctuously-textured, with plenty of glycerin, and a heady, concentrated finish. It will be delicious when released, and age well for at least 10-12 years." Have your own tasting notes? Post your own review of this wine on Wine Library.com!
6. #15236 - Pepper Bridge 1998 Cabernet Sauvignon $63.99 (Only $51.19 when you buy a case)
The day after the "Super Tasting" people were calling like crazy for a few wines, however none more then this spectacular wine form Washington State. The 1998 pepper bridge is a massive, explosive, ripe fruit bomb. The 1998 vintage is one of the great in the Pacific North West's history. This wine is very limited so please act quickly if you were looking for it ! Have your own tasting notes? Post your own review of this wine on Wine Library.com!
*****************************
Hot Best Buy`s - Give these outstanding whites a try!
1. #16151 - Defaix 1998 Chablis Petite $12.99 on sale - reg. $19.99
Wow! This Petit Chablis is a stunning value, something not to be missed! Medium bodied with nice fruit . . . very easy drinking . . . an absolute steal for the money.If you are a chardonnay fan you will be blown away by this steal ! Have your own tasting notes? Post your own review of this wine on Wine Library.com!
2. #16149 - Defaix 1997 Chablis "Cote De Lechet" $19.99 On Sale - Reg $29.99
89 Points Robert Parker
"The sea breeze and lemon scented Chablis Cote de Lechet is a fat, ripe, medium to full bodied wine with richly strewn layers of pears, stones, and flint-like flavors. This lively wine was aged in 15% new oak barrels, and yet there are no traces of wood in either its aromas of character." Have your own tasting notes? Post your own review of this wine on Wine Library.com!
3. #16148 - Herve Seguin 2000 Pouill Fume $14.99 on sale - Reg $19.99
This wine made from 100% Sauvignon Blanc is clean, crisp and very well balanced. Tasted recently by our Wine Library staff and brought in based on it's lively flavor and value. If you enjoy wine to go with shell fish or salmon this is a great example of a super match ! Have your own tasting notes? Post your own review of this wine on Wine Library.com!
| ||
arnold-j/deleted_items/341.
|
subject: Weekend Outage Report for 10-19-01 through 10-21-01
content: ------------------------------------------------------------------------------------------------------
W E E K E N D S Y S T E M S A V A I L A B I L I T Y
F O R
October 19, 2001 5:00pm through October 22, 2001 12:00am
------------------------------------------------------------------------------------------------------
SCHEDULED SYSTEM OUTAGES:
ECS power outage
A power outage will occur in Enron Center South on Saturday, October 20, 2001 to complete repairs to the electrical riser system required to correct issues resulting from Tropical Storm Allison.
IDF's and thus network resident applications and data will be off line on all ECS floors 3 through 6 from 10:00 a.m. Saturday until 8:00 a.m. Sunday.
Trading floors 3, 4, 5 and 6 desktop power will be off beginning 2:00 p.m. Saturday until 12:00 noon Sunday.
Avaya telephony phone system will be unaffected. However, the turret system will be offline starting 11:00 a.m. Saturday until 1:00 p.m. Sunday.
Additionally, during this power outage the cooling system will be upgraded. This upgrade may take up to 2 hours. Occupants in the building may experience as much as a five degree rise in temperature.
Contacts: Stuart Fieldhouse 713-853-5699
Lance Jameson 713-345-4423
ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
AZURIX: No Scheduled Outages.
EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
EDI SERVER: No Scheduled Outages.
ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages
ENRON NORTH AMERICAN LANS:
Impact: EBS
Time: Fri 10/19/2001 at 5:00:00 PM CT thru Fri 10/19/2001 at 5:30:00 PM CT
Fri 10/19/2001 at 3:00:00 PM PT thru Fri 10/19/2001 at 3:30:00 PM PT
Fri 10/19/2001 at 11:00:00 PM London thru Fri 10/19/2001 at 11:30:00 PM London
Outage: Decommission PROWLER firewall
Environments Impacted: EBS
Purpose: Migration of EBS internal network to Corp
Backout:
Contact(s): Chris Shirkoff 713-853-1111
Impact: 3AC
Time: Fri 10/19/2001 at 6:00:00 PM CT thru Fri 10/19/2001 at 10:00:00 PM CT
Fri 10/19/2001 at 4:00:00 PM PT thru Fri 10/19/2001 at 8:00:00 PM PT
Sat 10/20/2001 at 12:00:00 AM London thru Sat 10/20/2001 at 4:00:00 AM London
Outage: Migrate 3AC 8th and 9th Floor to Corp IP space
Environments Impacted: All
Purpose: EBS Consolidation
Backout: In the event of a failure, I will put the original links and switches back in place, putting 8 and 9 back on EBS IP space.
Contact(s): Micah Staggs 713-345-1696
Impact: CORP
Time: Fri 10/19/2001 at 6:00:00 PM CT thru Fri 10/19/2001 at 7:00:00 PM CT
Fri 10/19/2001 at 4:00:00 PM PT thru Fri 10/19/2001 at 5:00:00 PM PT
Sat 10/20/2001 at 12:00:00 AM London thru Sat 10/20/2001 at 1:00:00 AM London
Outage: Change internal routing to EIN
Environments Impacted: All
Purpose: EBS Integration
Backout: Remove static route, go back through EBS environment on 44
Contact(s): Dennis McGough 713-345-3143
FIELD SERVICES: No Scheduled Outages.
INTERNET: No Scheduled Outages.
HR:
Impact: HR
Time: Sat 10/20/2001 at 7:30:00 AM CT thru Sat 10/20/2001 at 3:30:00 PM CT
Sat 10/20/2001 at 5:30:00 AM PT thru Sat 10/20/2001 at 1:30:00 PM PT
Sat 10/20/2001 at 1:30:00 PM London thru Sat 10/20/2001 at 9:30:00 PM London
Outage: Memory Upgrade for HR-DB-1, 4, and 5
Environments Impacted: All
Purpose: More memory is need on these servers for additional databases.
Backout: Restore to previous configuration.
Contact(s): Brandon Bangerter 713-345-4904
Mark Calkin 713-345-7831
Raj Perubhatla 713-345-8016 281-788-9307
MESSAGING:
Impact: EES
Time: Fri 10/19/2001 at 8:30:00 PM CT thru Fri 10/19/2001 at 11:30:00 PM CT
Fri 10/19/2001 at 6:30:00 PM PT thru Fri 10/19/2001 at 9:30:00 PM PT
Sat 10/20/2001 at 2:30:00 AM London thru Sat 10/20/2001 at 5:30:00 AM London
Outage: EES Notes Server Reboots
Environments Impacted: All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval on 1st and the 3rd Friday of each month.
Backout:
Contact(s): Dalak Malik 713-345-8219
Impact: Corp Notes
Time: Fri 10/19/2001 at 9:00:00 PM CT thru Sat 10/20/2001 at 1:00:00 AM CT
Fri 10/19/2001 at 7:00:00 PM PT thru Fri 10/19/2001 at 11:00:00 PM PT
Sat 10/20/2001 at 3:00:00 AM London thru Sat 10/20/2001 at 7:00:00 AM London
Outage: cNotes Server Reboots
Environments Impacted: All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval
Backout: Make sure server comes up.
Contact(s): Trey Rhodes (713) 345-7792
Impact: EI
Time: Fri 10/19/2001 at 9:00:00 PM CT thru Sat 10/20/2001 at 1:00:00 AM CT
Fri 10/19/2001 at 7:00:00 PM PT thru Fri 10/19/2001 at 11:00:00 PM PT
Sat 10/20/2001 at 3:00:00 AM London thru Sat 10/20/2001 at 7:00:00 AM London
Outage: EI Notes Server Maintenance
Environments Impacted: EI Local/Domestic/Foreign Sites
Purpose: Scheduled @ 2 week interval
Backout: N/A
Contact(s): David Ricafrente 713-646-7741
MARKET DATA: No Scheduled Outages.
NT: No Scheduled Outages.
OS/2: No Scheduled Outages.
OTHER SYSTEMS:
Impact: SAP
Time: Fri 10/19/2001 at 8:00:00 PM CT thru Sun 10/21/2001 at 8:00:00 AM CT
Fri 10/19/2001 at 6:00:00 PM PT thru Sun 10/21/2001 at 6:00:00 AM PT
Sat 10/20/2001 at 2:00:00 AM London thru Sun 10/21/2001 at 2:00:00 PM London
Outage: Sombra upgrade and maintenance for ACTA server adcupkilo.
Environments Impacted: ACTA
Purpose: Improve reliability with the new mirrored cache cpu module and protect against ecache parity bug. Reconfigure the disk layout.
Backout:
Fall back to old cpus
Restore the disk layout restore to old configuration
Contact(s): Malcolm Wells 713-345-3716
Impact: SAP
Time: Fri 10/19/2001 at 8:00:00 PM thru Sun 10/21/2001 at 8:00:00 AM
Fri 10/19/2001 at 6:00:00 PM PT thru Sun 10/21/2001 at 6:00:00 AM PT
Sat 10/20/2001 at 2:00:00 AM London thru Sun 10/21/2001 at 2:00:00 PM London
Outage: Sombra upgrade and maintenance for ACTA server adcupklima.
Environments Impacted: ACTA
Purpose: Improve reliability with the new mirrored cache cpu module and protect against ecache parity bug. Reconfigure the disk layout.
Backout: Fall back to old cpus
Restore the disk layout restore to old configuration
Contact(s): Malcolm Wells 713-345-3716
Impact: CORP
Time: Sat 10/20/2001 at 1:00:00 PM CT thru Sat 10/20/2001 at 5:00:00 PM CT
Sat 10/20/2001 at 11:00:00 AM PT thru Sat 10/20/2001 at 3:00:00 PM PT
Sat 10/20/2001 at 7:00:00 PM London thru Sat 10/20/2001 at 11:00:00 PM London
Outage: Patching and reboot of app server quark.
Environments Impacted: EnLighten
Purpose: Patching and reboot needed to address file system automount issues.
Backout: No back out. Task has to be completed.
Contact(s): Malcolm Wells 713-345-3716
Impact: CORP
Time: Sat 10/20/2001 at 12:00:00 PM CT thru Sat 10/20/2001 at 6:00:00 PM CT
Sat 10/20/2001 at 10:00:00 AM PT thru Sat 10/20/2001 at 4:00:00 PM PT
Sat 10/20/2001 at 6:00:00 PM London thru Sun 10/21/2001 at 12:00:00 AM London
Outage: Sombra cpu upgrade for server neptune.
Environments Impacted: TAGG
Purpose: Improve reliability with the new mirrored cache cpu module and protect against ecache parity bug.
Backout: regress to old boards
Contact(s): Malcolm Wells 713-345-3716
Impact: CORP
Time: Sun 10/21/2001 at 10:00:00 AM CT thru Sun 10/21/2001 at 2:00:00 PM CT
Sun 10/21/2001 at 8:00:00 AM PT thru Sun 10/21/2001 at 12:00:00 PM PT
Sun 10/21/2001 at 4:00:00 PM London thru Sun 10/21/2001 at 8:00:00 PM London
Outage: Memory upgrade for server emerald.
Environments Impacted: CAS
Purpose: Add resources for growth and performance.
Backout: Pull new memory and reboot under the old configuration.
Contact(s): Malcolm Wells 713-345-3716
Impact: CORP
Time: Sat 10/20/2001 at 6:00:00 PM CT thru Sat 10/20/2001 at 9:00:00 PM CT
Sat 10/20/2001 at 4:00:00 PM PT thru Sat 10/20/2001 at 7:00:00 PM PT
Sun 10/21/2001 at 12:00:00 AM London thru Sun 10/21/2001 at 3:00:00 AM London
Outage: Sombra cpu upgrade for server spectre.
Environments Impacted: BOND / Global Products
Purpose: Improve reliability with the new mirrored cache cpu module and protect against ecache parity bug
Backout: regress to old boards
Contact(s): Malcolm Wells 713-345-3716
Impact: CORP
Time: Sat 10/20/2001 at 6:00:00 PM CT thru Sun 10/21/2001 at 6:00:00 AM CT
Sat 10/20/2001 at 4:00:00 PM PT thru Sun 10/21/2001 at 4:00:00 AM PT
Sun 10/21/2001 at 12:00:00 AM London thru Sun 10/21/2001 at 12:00:00 PM London
Outage: Test/Dev maintenance for multiple servers.
Environments Impacted: All ENW test and dev environments
Purpose: General maintenance window for ENW Test and Development servers. See the list below.
Backout: roll back to any original configuration.
Contact(s): Malcolm Wells 713-345-3716
SITARA: No Scheduled Outages.
SUN/OSS SYSTEM: No Scheduled Outages.
TELEPHONY:
Impact: CORP
Time: Sat 10/20/2001 at 11:00:00 AM CT thru Sat 10/20/2001 at 12:00:00 PM CT
Sat 10/20/2001 at 9:00:00 AM PT thru Sat 10/20/2001 at 10:00:00 AM PT
Sat 10/20/2001 at 5:00:00 PM London thru Sat 10/20/2001 at 6:00:00 PM London
Outage: Telephony Apps IP Switch Replacement
Environments Impacted: All
Purpose: Replace old 2924 switch (Token Ring config) with 2 new 2948s to minimize the exposure to critical telephony applications in the event of IP switch failure. New switches can also be added to the Paging System. Critical telephony applications currently sharing 1 switch include all voice mail. Loss of network connectivity would prevent anyone from accessing their messages.
Backout: Revert to old switches.
Contact(s): Rebecca Sutherland 713-345-7192
Bruce Mikulski 713-853-7409
George Nguyen 713-853-0691
TERMINAL SERVER: No Scheduled Outages.
UNIFY: No Scheduled Outages.
SCHEDULED SYSTEM OUTAGES: LONDON
Impact: CORP
Time: Fri 10/19/2001 at 6:00:00 PM CT thru Sat 10/20/2001 at 9:00:00 PM CT
Fri 10/19/2001 at 4:00:00 PM PT thru Sat 10/20/2001 at 7:00:00 PM PT
Sat 10/20/2001 at 12:00:00 AM London thru Sun 10/21/2001 at 3:00:00 AM London
Outage: Complete Powerdown of the London Office
Environments Impacted: All
Purpose: To complete the final works and testing to install a third generator in Enron House
Backout: Switch all equipment back on once power has been restored.
Contact(s): Tracy Pearson 830-34238 London Tie Line
-----------------------------------------------------------------------------------------------------------------------------
FOR ASSISTANCE
(713) 853-1411 Enron Resolution Center
Specific Help:
Information Risk Management (713) 853-5536
SAP/ISC (713) 345-4727
Unify On-Call (713) 284-3757 [Pager]
Sitara On-Call (713) 288-0101 [Pager]
RUS/GOPS/GeoTools/APRS (713) 639-9726 [Pager]
OSS/UA4/TARP (713) 285-3165 [Pager]
CPR (713) 284-4175 [Pager]
EDI Support (713) 327-3893 [Pager]
EES Help Desk (713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call (713) 327-6032 [Pager]
|
Houston Outage Report@ENRON <??SHouston Outage Report@ENRON>
|
|
arnold-j/deleted_items/342.
|
subject: RE: Neural Networks
content: John, just a reminder, please send a sample gapping data when you get a chance.
Ravi Thuraisingham, CFA
Director, Storage Trading
Enron Broadband Services
p 713.853.3057
c 713.516.5440
pg 877.680.4806
[email protected]
| ||
arnold-j/deleted_items/343.
|
subject: PIRA Gas Survey
content: Shuttlesworth just called me again regarding Enron's feelings to a PIRA gas storage survey. I gave him your number and told him to call you directly.
Eric
| ||
arnold-j/deleted_items/344.
|
subject: Enron Deal from 17-Oct-01
content: John Arnold,
Per our conversation on Wednesday, October 17, 2001, you would be executing
the following transaction over-the-counter on October 17:
Selling US Gas Swap Nymex Dec01 USD/MM-L 100 @ $2.96125
Buying US Gas Swap Nymex Jan02 USD/MM-L 100 @ $3.13875
The trades above will be used to offset the following trades from 17-Oct-01:
Enron # = 2032181
Buying US Gas Swap Nymex Dec-01 USD/MM-L 100 @ $2.96125
Enron # = 2032182
Selling US Gas Swap Nymex Jan-02 USD.MM-L 100 @ $3.13875
If you have any questions, please contact me at (405) 553-6475.
Thanks,
Cindy Kisling
OGE Energy Resources
(405) 553-6475 - voice
(405) 553-6498 - fax
[email protected]
| ||
arnold-j/deleted_items/345.
|
subject: ALL daily charts and matrices as hot links 10/18
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude26.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas26.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil26.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded26.pdf
Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG26.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG26.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL26.pdf
Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606
| ||
arnold-j/deleted_items/346.
|
subject: Crude update
content: Continue to look for setup to go long crude. For today, ET generates a buy signal if December trades under 2187 and closes over 2210. For the January contract, it must trade below 2203 and close over 2225. If crude does not close up on the day, then a buy signal can occur tomorrow by trading above today's high. Will update any new parameters as necessary.
| ||
arnold-j/deleted_items/347.
|
subject: RE: market
content: thx
-----Original Message-----
From: Arnold, John
Sent: Thursday, October 18, 2001 8:28 AM
To: Abramo, Caroline
Subject: RE: market
stg adjusted means factoring in cost of carry and taxes
stg curve looks more realistic in market areas when you add basis on.
-----Original Message-----
From: Abramo, Caroline
Sent: Wednesday, October 17, 2001 9:50 PM
To: Arnold, John
Subject: RE: market
john- thank you.. what do you mean by storage adjusted prices? and also comment on non-discretionary stg at peak times.. why in producing region?
-----Original Message-----
From: Arnold, John
Sent: Tue 10/16/2001 11:03 PM
To: Abramo, Caroline
Cc:
Subject: RE: market
Thanks.
Surprised your shorts are still so confident. Trade shorts are quickly losing confidence based upon cash, shape of curve, and momentum. I think curve flattens a little more and then comes down in parallel shift down.
1. jan and feb are highest storage adjusted prices on curve. For market area sales, add on basis and dec and march are next. Question is whether there is enough non-discretionary stg to meet load at other times and in the producing region. A lot of stg has to come out either for tariff or engineering reasons. Million dollar question.
2. Think Nov bidweek will be weak. Don't know who baseload buyers are unless trade gets bullish. Nov is a relatively flat month as far as injections. stg operators dont have room to buy baseload gas and I think utilities will be planning to meet load using stg. At current prices, producers apply more pressure to wells, lng doesnt get diverted again, lose some load to resid, lose any momentum of industrial load coming back. Dont think gas market can handle that.
3. No clue.
-----Original Message-----
From: Abramo, Caroline
Sent: Tue 10/16/2001 10:21 PM
To: Arnold, John
Cc:
Subject: market
awesome call on cash.. it does not get any better than that.. you picked the bottom- i am getting it slowly.. lots of calls today from people i do not speak to every day.. not too much panic from guys who are short.. most looking to put more on.. selling dec01 outright or buying gas daily puts on dec and jan... except pulaski who pared down dec01 short with us from 4000 to 1000.. do not think he's got on alot elsewhere. no one has anything on longer dated.. no one can figure out economy...
questions:
1. why would any of the discretionary storage operators withdraw gas in the winter based on the current curve?
2. where do you think index gets set this month? i am thinking that utilities will overestimate loads for Nov01 and buy more during bidweek.. index gets set high and depending on Nov weather.. it could come back onto the market weakening cash again..
3. do you have a view on eastern power for the winter? i do not understand the market drivers in the winter.
thanks very much,
c
| ||
arnold-j/deleted_items/348.
|
subject: From Pros Revenue Mgmt
content: John,
This guy has been trying to get in touch with you the last few days and I have been intercepting his calls. I told him to email me the correspondance and I would make sure you received it. Is this anything that would be of interest to you?
-Ina
-----Original Message-----
From: Mark Sullivan [mailto:[email protected]]
Sent: Wednesday, October 17, 2001 4:47 PM
To: Rangel, Ina
Subject: PROS Revenue Management: Energy Profit Optimization Workshop
Dear Ina,
Please forward the following to John Armold:
John, my name is Mark Sullivan with PROS Revenue Management and we are the
world's leader in revenue management technology for the airline and energy
industries, among others. On Monday, November 5, in Houston we will be
holding an Energy Profit Optimization Workshop which will demonstrate how
you can use revenue optimization technology to increase your revenues by
10-25% in EACH of your Trading, Transportation and Storage operations while
also reducing your operating costs. This workshop has proven to be a
significant career enhancing event for people in the energy field,
particularly at the Senior Trader level, and I strongly encourage you to
attend. I would be happy to tell you more about it if you would call me
back at 713-335-5812 or you can visit our website at www.prosrm.com which
provides more information, directions and free registration.
Best regards,
Mark
Mark F. Sullivan
Director Business Development
PROS Revenue Management, Inc.
email: [email protected]
Ph: (713) 335-5812, Fax: (713) 335-8144
---------
This e-mail is for the designated recipient only and may contain privileged
or confidential information. If you have received it in error, please notify
the sender immediately and delete the original. Any other use of this e-mail
is prohibited.
| ||
arnold-j/deleted_items/349.
|
subject: FREE Shipping on ALL Digital Cameras! SanDisk Memory on Sale!
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arnold-j/deleted_items/35.
|
subject: Enron Mentions
content: Northwest Natural In Talks With Enron Over Portland Utility
The Wall Street Journal, 10/05/01
NW NATURAL CONFIRMS TALKS REGARDING PORTLAND GENERAL ELECTRIC
PR Newswire, 10/05/01
Enron in Talks to Sell Oregon Utility to Northwest Natural Gas
Bloomberg, 10/05/01
UK: Enron in talks to sell Portland to Northwest-WSJ.
Reuters English News Service, 10/05/01
Enron in talks to sell Portland General to Northwest Natural - report
AFX News, 10/05/01
Enron Considers Selling Utility Unit to Northwest Natural for $1.8 Billion
Dow Jones Business News, 10/05/01
Enron May Sell Portland for $2.8 Billion, WSJ Says (Update3)
Bloomberg, 10/05/01
USA: Northwest Natural increases quarterly common div.
Reuters English News Service, 10/05/01
Enron to eliminate 500 jobs in Europe
Houston Chronicle, 10/05/01
UK's BG Says Purchase Of Enron India Assets In Jeopardy
Dow Jones International News, 10/05/01
INDIA PRESS: Enron Offshore Field Sale To BG May Fail
Dow Jones Energy Service, 10/05/01
British Gas unlikely to get operatorship
Financial Express, 10/05/01
INDIA: India Tata to finalise Enron bid in 3 wks - papers.
Reuters English News Service, 10/05/01
INDIA PRESS: BSES Won't Buy Enron's Stake In Dabhol
Dow Jones International News, 10/05/01
Tata Power seeks 3 weeks to firm up Dabhol offer
Business Standard, 10/05/01
Tata Power, Enron set for time-bound talks on DPC stake sale
Financial Express, 10/05/01
Moody's Modi on Tata Power Plan to Buy Enron Unit: Comment
Bloomberg, 10/05/01
UK: Enron to cut up to 10 pct of European workers-WSJ.
Reuters English News Service, 10/04/01
Northwest Natural In Talks With Enron Over Portland Utility
By Wall Street Journal staff reporters Robin Sidel, Rebecca Smith and Nikhil Deogun
10/05/2001
The Wall Street Journal
B2
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron Corp. is in advanced discussions to sell its Portland General Electric utility unit to Northwest Natural Gas Co. for about $1.8 billion in cash and stock in a highly leveraged transaction that would eventually give Enron a minority stake in Northwest, according to people familiar with the matter.
The discussions are at a very delicate stage, and some important points need to be finalized, these people caution. The current environment could also make financing such a transaction quite difficult, and board approval isn't a certainty. However, should the two sides agree to terms, a deal could be announced in the next few days. Northwest Natural is also expected to assume roughly $1 billion in debt.
Enron and Northwest Natural declined to comment.
If a transaction is consummated, it would come nearly six months after the collapse of Enron's agreement to sell the utility to Sierra Pacific Resources. That transaction fell apart in part because of the California energy crisis.
A purchase of Portland General would be a very big bite for Northwest Natural, which has a market capitalization of just $650 million and supplies natural gas to more than 500,000 residential and business customers in Oregon and Vancouver, Wash. Portland General is an electric utility serving more than 1.4 million customers in Oregon.
The deal would bring together two Oregon utilities whose executives and employees know each other well. Richard G. Reiten, Northwest's chairman and chief executive, was president and chief operating officer of Portland General between 1989 and 1996, and also served on its board.
By buying a utility, Northwest would hope to have more bargaining power in its gas purchases, enabling it to buy more product and store it when prices are cheap. A deal would be accretive to Northwest's earnings, people familiar with the matter say. And the financial risk for Northwest Natural is somewhat muted because Enron is helping to facilitate and finance the transaction by agreeing to take common stock and convertible preferred stock in Northwest Natural in addition to cash. Northwest Natural would finance the transaction with debt and equity offerings.
Shares of Northwest Natural were trading up $1.04 at $25.99 in 4 p.m. composite trading on the New York Stock Exchange, while Enron stock was down 39 cents a share at $33.10.
For Enron, a deal with Northwest Natural would be the latest twist in a five-year ordeal that was supposed to help the nation's biggest energy trader break into California's deregulating electricity market. But the utility business proved less valuable than anticipated when Enron was prevented from selling off utility contracts that enabled it to buy electricity cheaply. And California's market developed serious problems last year that made it a less attractive place for Enron to do business.
Enron, which also owns a major gas-transmission pipeline system, has a history of buying assets and businesses, learning what it can from them, and then selling off the bulk of physical assets so it can reinvest capital elsewhere.
It isn't clear where Enron will put the capital to work that it garners from the sale. Its broadband telecommunications business is in the doldrums and it recently said it would invest $250 million in it this year, down from a formerly projected $750 million.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
NW NATURAL CONFIRMS TALKS REGARDING PORTLAND GENERAL ELECTRIC
2001-10-05 08:39 (New York)
(The following is a reformatted version of a press release issued by NW Natural
and received via fax. The release was confirmed by the sender.)
October 5, 2001
NW NATURAL CONFIRMS DISCUSSIONS REGARDING PORTLAND GENERAL ELECTRIC
PORTLAND, Ore. - Northwest Natural Gas Company (NYSE: NWN) ("NW Natural"), in
response to press reports, today confirmed that it is engaged in discussions
with Enron Corp. (NYSE: ENE) regarding a potential acquisition by NW Natural of
Enron's wholly-owned subsidiary, Portland General Electric Company (PGE). There
can be no assurances that any transaction will result from these discussions,
NW Natural does not intend to make any additional comments regarding this matter
unless and until a formal agreement has been reached.
Enron in Talks to Sell Oregon Utility to Northwest Natural Gas
2001-10-05 08:37 (New York)
Houston, Oct. 5 (Bloomberg) -- Enron Corp., the largest
energy trader, is in talks to sell its Portland General Electric
utility to Northwest Natural Gas Co., more than five months after
a planned sale to Sierra Pacific Resources collapsed.
Northwest didn't give a price in a faxed statement. The Wall
Street Journal put the potential price at $2.8 billion in cash,
stock and assumed debt, citing unidentified people familiar with
the matter. Enron spokesman Mark Palmer declined to comment.
UK: Enron in talks to sell Portland to Northwest-WSJ.
10/05/2001
Reuters English News Service
(C) Reuters Limited 2001.
LONDON, Oct 5 (Reuters) - U.S. energy group Enron Corp is in advanced talks to sell its Oregon-based Portland General utility to Northwest Natural Gas Co for $1.8 billion, the Wall Street Journal's online edition reported.
Citing people familiar with the matter, it said talks were at a delicate stage and financing could be a problem for Northwest, which has a market value of only about $650 million.
But a deal could be announced in the next few days with Northwest assuming also some $1 billion of debt, it said.
Earlier this year, Enron's plans to sell Portland to Sierra Pacific Resources Corp broke down amid the California power crisis.
In the aftermath of that deal's collapse, industry sources said Britain's Scottish Power Plc , which owns another Oregon-based utility PacifiCorp, had also held talks to buy Portland.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron in talks to sell Portland General to Northwest Natural - report
10/05/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Enron Corp is in advanced discussions to sell its Portland General Electric utility unit to Northwest Natural Gas Co for about 1.8 bln usd in cash and stock, the Wall Street Journal reported, citing people familiar with the matter.
The highly leveraged transaction, under which Northwest Natural is also expected to assume roughly 1 bln usd in debt, would eventually give Enron a minority stake in Northwest.
The discussions are at a very delicate stage. The current environment could make financing such a transaction quite difficult, and board approval is not a certainty.
But should the two sides agree to terms, a deal could be announced in the next few days, the Journal said.
Enron and Northwest Natural declined to comment.
jms For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Considers Selling Utility Unit to Northwest Natural for $1.8 Billion
10/05/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron Corp. is in advanced discussions to sell its Portland General Electric utility unit to Northwest Natural Gas Co. for about $1.8 billion in cash and stock in a highly leveraged transaction that would eventually give Enron a minority stake in Northwest, people familiar with the matter told The Wall Street Journal.
The discussions are at a very delicate stage, and some important points need to be finalized, these people caution. The current environment could also make financing such a transaction quite difficult, and board approval isn't a certainty. However, should the two sides agree to terms, a deal could be announced in the next few days. Northwest Natural (NWN) is also expected to assume roughly $1 billion in debt.
Enron (ENE) and Northwest Natural declined to comment.
If a transaction is consummated, it would come nearly six months after the collapse of Enron's agreement to sell the utility to Sierra Pacific Resources. That transaction fell apart in part because of the California energy crisis.
A purchase of Portland General would be a very big bite for Northwest Natural, which has a market capitalization of just $650 million and supplies natural gas to more than 500,000 residential and business customers in Oregon and Vancouver, Wash. Portland General is an electric utility serving more than 1.4 million customers in Oregon.
The deal would bring together two Oregon utilities whose executives and employees know each other well. Richard G. Reiten, Northwest's chairman and chief executive, was president and chief operating officer of Portland General between 1989 and 1996, and also served on its board.
By buying a utility, Northwest would hope to have more bargaining power in its gas purchases, enabling it to buy more product and store it when prices are cheap. A deal would be accretive to Northwest's earnings, people familiar with the matter say. And the financial risk for Northwest Natural is somewhat muted because Enron is helping to facilitate and finance the transaction by agreeing to take common stock and convertible preferred stock in Northwest Natural in addition to cash. Northwest Natural would finance the transaction with debt and equity offerings.
For Enron, a deal with Northwest Natural would be the latest twist in a five-year ordeal that was supposed to help the nation's biggest energy trader break into California's deregulating electricity market. But the utility business proved less valuable than anticipated when Enron was prevented from selling off utility contracts that enabled it to buy electricity cheaply. And California's market developed serious problems last year that made it a less attractive place for Enron to do business.
Shares of Northwest Natural were trading up $1.04 at $25.99 in 4 p.m. composite trading on the New York Stock Exchange, while Enron stock was down 39 cents a share at $33.10.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron May Sell Portland for $2.8 Billion, WSJ Says (Update3)
2001-10-05 06:34 (New York)
Enron May Sell Portland for $2.8 Billion, WSJ Says (Update3)
(Adds sale of oil field in India in sixth paragraph.)
Houston, Oct. 5 (Bloomberg) -- Enron Corp., the largest
energy trader, is in advanced talks to sell its Portland General
Electric utility unit to Northwest Natural Gas Co. for about $2.8
billion in cash, stock and assumed debt, the Wall Street Journal
said, citing unidentified people familiar with the matter.
Houston-based Enron ``is getting close to another
transaction'' involving Portland General, Chief Executive Kenneth
Lay said at a conference in New York last month. Enron spokesman
Mark Palmer wasn't immediately available to comment.
Enron has been trying to sell the utility for more than a
year as it focuses on trading. A $3.1 billion sale to Sierra
Pacific Resources collapsed in April because the California power
crisis made it hard to win approval. Northwest Natural Gas serves
more than half a million Oregon and Washington residents.
Enron shares declined as much as 2.5 euros, or 6.6 percent,
35.5 ($33) in Germany. They've have fallen 60 percent this year
and dropped 1.2 percent to $33.10 in U.S. trading yesterday.
Some terms of the transaction, which includes about $1.5
billion in assumed debt, still need to be completed, the newspaper
said. An agreement on the sale of the Portland, Oregon-based
utility may be announced in the next few days, the Journal said.
Shift in Focus
Enron earlier this week agreed to sell oil and natural-gas
fields in India to U.K.'s BG Group Plc for $388 million as it
moves away from owning assets such as power plants and pipelines
to concentrate on trading and brokering energy and other
commodities.
At a price of $2.8 billion, Portland General would fetch 1.2
times sales for Enron, less than the average of four times revenue
paid for U.S. utilities this year, Bloomberg data show.
Mergers and acquisitions in the energy industry surged at the
start of the year as electricity and natural-gas prices reached a
record high. Since then, prices of power and gas have slumped, in
turn deterring companies from making purchases.
U.S. natural-gas prices, after reaching a record high at the
end of last year, have since plunged 76 percent to $2.413 for each
million British thermal units on the New York Mercantile Exchange.
Portland General, which Enron bought in 1997 as a platform to
sell power into California's deregulating market, has 725,027
customers in 51 cities, according to the company's Web site.
Portland, Oregon-based Northwest Natural said in July second-
quarter profit more than doubled to $4.3 million amid cooler
weather and customer growth.
USA: Northwest Natural increases quarterly common div.
10/05/2001
Reuters English News Service
(C) Reuters Limited 2001.
PORTLAND, Ore., Oct 5 (Reuters) - Northwest Natural Gas Co. , a utility serving Oregon and Washington, on Friday said its board has increased the company's quarterly dividend on its common stock to 31.5 cents from 31 cents a share.
All dividends, including regular quarterly dividends on the company's outstanding series of preferred and preference stock, will be paid Nov 15 to shareholders of record on Oct 31, Northwest Natural said in a statement.
Chairman and Chief Executive Richard Reiten said the higher dividend is supported by the company's positive financial outlook including solid customer growth, additional earnings potential from the natural gas storage and electric generation markets, and continuing cost savings.
The Wall Street Journal's online edition, citing people familiar with the matter, reported on Friday that energy group Enron Corp. is in advanced talks to sell its Oregon-based Portland General utility to Northwest Natural for $1.8 billion.
A spokesman for Northwest Natural, which serves about 530,000 customers in western Oregon and southwest Washington, could not be immediately reached for comment.
Shares of Northwest Natural climbed $1.04, or 4.17 percent, to $25.99 on Thursday.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Oct. 5, 2001
Houston Chronicle
Briefs: City & State
Enron to eliminate 500 jobs in Europe
LONDON -- Enron Corp. plans to cut 500 jobs in Europe, about 10 percent of its work force there, according to the company's chief executive in Europe, John Sherriff.
The cuts are the first significant retrenchment by Houston-based Enron since it arrived in Europe in 1989. Enron has been the most aggressive U.S. energy company to expand into Europe's deregulating markets, but its core energy trading businesses have been held back by the slow progress toward market liberalization in the European Union.
UK's BG Says Purchase Of Enron India Assets In Jeopardy
10/05/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LONDON -(Dow Jones)- U.K. oil and gas company BG Group PLC (BRG) Friday said a disagreement has broken out that threatens to scuttle its $388 million acquisition of the Indian upstream assets of Enron Corp. (ENE), the U.S. energy group.
Company spokesperson Nicole McMahon said BG's goal of acquiring Enron's operatorship of the offshore Tapti gas field and the Panna/Mukti oil and gas field was being challenged by the fields' two other partners - state-owned Oil & Natural Gas Corp. (P.ONG) and Reliance Industries Ltd.(P.REL) - which jointly hold a 70% stake in the assets.
The Indian government wants ONGC and Reliance to have first option on operatorship, which was being pursued by both companies, an Indian newspaper reported Friday.
When the transaction was announced Wednesday, BG made it clear it would walk away from the deal if it didn't get outright operatorship.
McMahon said negotiations are continuing with ONGC and Reliance who "have both expressed interest in being the operator of both fields."
"We believe we have the relevant skills and experience to be the operator," she said. She didn't, however, confirm that BG will pull out of the deal if didn't inherit Enron's operatorship of both Tapti and Panna/Mukti fields, located off India's west coast.
"We would have to assess the reasons and the outcomes and consider our options," she said
She said a decision will be made by the end of October.
BG has portrayed the purchase of Enron Oil and Gas Ltd., or EOGIL, as significant, both boosting the group's global hydrocarbon production by up to 7%, and diversifying its distribution and pipeline interests in the fast-growing Indian energy market.
About 1018 GMT, BG Group shares were flat at 272.75 pence.
-By Michael Wang, Dow Jones Newswires; +44-20-7842-9386; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIA PRESS: Enron Offshore Field Sale To BG May Fail
10/05/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW DELHI -(Dow Jones)- U.S.-based Enron Corp.'s (ENE) plan to sell its 30% stake in two offshore oil and natural gas fields to British Gas India Pvt. Ltd. may fall through, the Economic Times reports.
British Gas India is a unit of U.K.-based oil and natural gas company BG Group PLC (BRG).
According to the report, the Indian government has made it clear that the existing equity holders - Oil & Natural Gas Corp. (P.ONG) and Reliance Industries Ltd. (P.REL) - will have the option to decide on the operatorship of the field once Enron exits.
ONGC and Reliance together hold a 70% stake in the joint venture exploration project and have claimed operatorship rights over the Panna-Mukta and Tapti oil and gas fields located in India's western coast.
But British Gas India, which Wednesday announced its plans to take over Enron's offshore interests for $388 million, has made it clear that the deal would fall through if it didn't get the operatorship.
"The governments role is restricted to that of a facilitator. Enron has written to us regarding their decision to exit and the new deal struck with British Gas," the report says, quoted India's Petroleum and Natural Gas Minister Ram Naik.
"However, it is for ONGC and Reliance who are existing equity holders to take a decision on the operatorship," Naik said.
Naik said BG and Enron have struck the deal keeping in mind the existing condition and the possible consequences. "It is for them to find a solution," Naik said, according to the report.
Newspaper Web site: www.economictimes.com
-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
British Gas unlikely to get operatorship
10/05/2001
Financial Express
Copyright (C) 2001 Indian Express Newspapers (Bombay) Ltd.; Source: World Reporter (TM)
New Delhi, Oct 4: BRITISH Gas, which has bought Enrons stake in Panna-Mukta-Tapti oil and gas fields for a consideration of $388 million, is unlikely to get operatorship rights of the Panna, Mukta and Tapti oil and gas fields.
The whole deal may then fall apart as transfer of the operatorship rights for these fields was set as a major condition precedent by British Gas for acquiring Enrons 30 per cent stake in the oil venture.
Speaking to newspersons, petroleum minister Ram Naik said that British Gas would not have the first claim of becoming operator of Panna-Mukta-Tapti fields by just buying out Enrons stake. Enron is one of the partners in the in the joint venture oil property along
with Reliance Industries and
Oil and Natural Gas Corporation (ONGC).
\"Even before the deal was clinched, all the three joint venture partners i.e., ONGC, Reliance and Enron had entered into an agreement according to which, if the operator company quits the
joint venture, the first right of refusal lies with the other two partners.
Therefore, the option of becoming operator in the oil property is with the remaining two partners in the joint venture,\" Mr Naik said.
British Gas India CEO Nigel Shaw told The Financial Express that the company would not accept anything short of full operatorship right. On being asked whether rotatory operatorship would be acceptable to the company, he said, \"No. It is too messy.\"
Mr Shaw had stated on Wednesday that the deal with Enron, to be transacted by October end, would fall through if it was not given the operatorship of these oil and gas field.
Mr Naik said that ONGC, which holds a 40-per cent stake in these fields had staked its claims in these fields much before the deal was sealed between Enron and British Gas.
Asked on the role of the government in the controversy, Mr Naik said that the Centre will act as a facilitator to help the joint venture companies reach an agreement.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIA: India Tata to finalise Enron bid in 3 wks - papers.
10/05/2001
Reuters English News Service
(C) Reuters Limited 2001.
BOMBAY, Oct 5 (Reuters) - India's Tata Power Co will finalise a bid in three weeks for U.S. energy giant Enron Corp's 65-percent stake in troubled Dabhol Power Co, newspapers said on Friday.
Officials at Tata Power , India's largest private utility, were not immediately available for comment.
Earlier this week, Tata managing director Adi Engineer told Reuters the company was in preliminary talks to buy Enron's controlling stake in Dabhol Power, which runs a $2.9 billion power project on India's west coast.
A Dabhol spokesman said he had no comment.
Dabhol's 740-MW generator in Maharashtra has been shut since June after its sole buyer, a loss-making local utility, stopped purchasing power and defaulted on payments.
Enron then stopped work on a near-complete second phase generation unit that would have increased production capacity to 2,184 MW.
The Financial Express said Indian lenders, who have an exposure of $1.4 billion to the project, will also finalise a revival package in three weeks.
On Thursday representatives from the Industrial Development Bank of India (IDBI) , the largest lender to the project, met finance ministry officials.
Tata Power shares were down 3.16 percent at 93.60 rupees in early afternoon trade while the Bombay index was off 0.27 percent.
The Hindu Business Line said the government had agreed in principle to a set of concessions suggested by the lenders to make the project viable.
It said these included allotting special distribution zones which would buy at least half the power generated by the project's 1,444 MW second phase.
The daily said this would involve ending the state-owned National Thermal Power Corporation's 1,400 MW sale of power to Maharashtra.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIA PRESS: BSES Won't Buy Enron's Stake In Dabhol
10/05/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW DELHI -(Dow Jones)- India's BSES Ltd. (P.BSX) won't buy U.S. energy company Enron Corp.'s (ENE) 65% stake in Dabhol Power Co., reports the Business Standard.
BSES told the Bombay Stock Exchange it has no interest in the 2,184-megawatt Dabhol due to the "uneconomical parameters of the project," the newspaper said.
Costing $2.9 billion, Dabhol, located in the western Indian state of Maharashtra, is the single largest foreign investment in India to date. Newspaper Web site: www.business-standard.com
-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Tata Power seeks 3 weeks to firm up Dabhol offer
Our Economy Bureau NEW DELHI
10/05/2001
Business Standard
1
Copyright (c) Business Standard
Tata Power is expected to firm up its offer for buying foreign equity in Dabhol Power Company in three weeks.
The Indian lenders to the project, which will meet the Centre after three weeks, have asked for a heavy discount on the equity besides several concessions for taking over the $2.9 billion power project, government officials said.
Tata Power had earlier informed the lenders that it would require four weeks from the time discussions were initiated with Enron for buying its equity in Dabhol.
At a meeting with the finance and power ministry officials here today, Indian financial institutions led by Industrial Development Bank of India (IDBI) said that payment by the prospective buyer for 85 per cent held by Enron, GE and Bechtel be made in instalments.
Enron had earlier proposed to sell the foreign equity to domestic lenders in three instalments of 40 per cent, 50 per cent and 10 per cent extending up to January 1, 2003. Indian institutions have an exposure of over Rs 6,000 crore to the 2,184 mega watt project.
Indian lenders have said that the dispute between all the stakeholders should be resolved before the sale of foreign equity. They have also suggested that the new promoter be provided relief like lowering the interest rate on borrowings, according DPC mega power project status and tax concessions. IDBI chairman PP Vora said after the three-hour long meeting that the lenders have been asked to explore alternatives and revert to the Centre after three weeks. Sources said that during the period, Indian lenders would prepare the roadmap for revival of the project. Negotiations with other possible suitors would also be initiated, they added.
The institutions have said that the sale of equity be directly negotiated between Enron and the prospective buyers. While BSES has finally decided not to go ahead with its plans to take over DPC, National Thermal Power Corporation has said the project was not economically viable for it. Akin to Godbole Committee recommendations, the institutions have also recommended conversion of dollar-denominated debt to rupee loans to prevent tariff escalation. With DPC having already initiated arbitration proceedings against Maharashtra State Electricity Board (MSEB), the Indian lenders would also look at the legality of sale while the issue was sub-judice.
Today's meeting, convened by finance secretary Ajit Kumar, was attended by power secretary A K Basu, Vora and other senior executives from IDBI, ICICI, IDFC and State Bank of India apart from government officials.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Tata Power, Enron set for time-bound talks on DPC stake sale
10/05/2001
Financial Express
Copyright (C) 2001 Indian Express Newspapers (Bombay) Ltd.; Source: World Reporter (TM)
Mumbai, Sept 28: Tata Power and Enron are understood to be close to an agreement on entering into time-bound negotiations for Tata Power to buy Enrons stake in the troubled Dabhol Power Company (DPC). A time-frame is being talked about in this connection, wherein no other party would be talked to and discussions would take place only between the two sides.
Industry sources said the Industrial Development Bank of India (IDBI), which is acting as a major facilitator to the stake sale, is a key player in the agreement between Tata Power and Enron. Discussions on the sale of the equity would directly take place between Tata Power and Enron, the sources said.
Tata Power managing director Adi Engineer confirmed his meeting with the Enron India managing director K Wade Cline in the presence of IDBI chairman PP Vora on Thursday. "We have had a preliminary meeting where both the parties were apprised of the situation. We will have to wait for further developments," he added.
According to sources, a time-bound agreement between Enron and Tata Power would provide an easy access to the various deals which Enron had struck at the time of commencment of work on the 2,184 mw Dabhol project. Tata Power would have to look into over 500 documents related to the Dabhol project and do the due deligence before giving a concrete offer to Enron.
Tata Power, in a bid to expand its presence across the state, is also keen to hold hard, bargaining over the "acceptable" tariff of the project which would have to be restructured. Investment banking major JM Morgan Stanley, which is understood to be advising the Tatas on the deal, has already swung into action and has started collecting necessary back-up information from various sources including the Maharashtra State Electricity Board, for Tata Power.
While no comment was available from Enron on the issue, financial institution sources said: "Tata Power is interested in talks. It is a good thing if things work out between the two sides." JM Morgan boss Nimesh Kampani had no comments to offer to The Financial Express when asked about the developments.
The FIs, led by IDBI, had been keen that they would play the role of facilitator in the sale of the Enron stake in DPC, since huge sums of money are stuck in the project for the borrowers. While even BSES Ltd was being mentioned earlier as one of the contenders, the company does not seem inclined to proceed with it now. That leaves Tata Power as the chief contender for the stake sale.
The FIs are also expected to play a role in roping in a partner for the LNG facility which is to be hived off. The names of some of the gas majors like British Gas, BP, Shell, Reliance in addition to the state-run Gas Authority of India (Gail) are being mentioned as potential partners in this connection, the sources said. The FIs are clear that any discussion on the LNG facility will have to include the new sponsor of the project.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Moody's Modi on Tata Power Plan to Buy Enron Unit: Comment
2001-10-05 06:20 (New York)
Mumbai, Oct. 5 (Bloomberg) -- Chetan Modi, an analyst with
Moody's Investor's Services in London, speaks on plans by Tata
Power Ltd. to bid for Enron Corp's India unit, Dabhol Power Co.
Tata Power is India's biggest power producer and has bonds
worth $240 million trading overseas. The bonds are rated at two
levels below investment grade by Moody's, at ``Ba2'' or same as
the country's sovereign rating.
``Its inevitable for Tata Power to be interested in buying
Dabhol. Power is their core business and they have the expertise.
I'd be surprised if they weren't interested.
``Tata Power management told us they've indicated an interest
but have had no formal discussions with Enron.
``We will look at the deal holistically if -- and that's a
big if -- Tata decides to buy Dabhol and its implications on the
company's finances, its debt levels.
``We don't see a need to flag (Tata's) bonds as nothing has
happened yet. Dabhol is a big project and the problem will take a
long time to resolve. There are a number of players involved and
all are adamant not to take a haircut.
``From Tata Power's point of view the tariff has to be
adjusted to a level that's accepted by its customers without
external supports. The project must stand on its feet.''
Enron wants to sell Dabhol because of a payment dispute with
the Maharashtra State Electricity Board, its sole customer. MSEB
stopped buying the power in May, saying it was too expensive. It
owes Dabhol $64 million in unpaid bills.
Dabhol unit is India's biggest foreign direct investment.
UK: Enron to cut up to 10 pct of European workers-WSJ.
10/04/2001
Reuters English News Service
(C) Reuters Limited 2001.
LONDON, Oct 5 (Reuters) - Enron Corp N) is looking to cut its work force in Europe by up to 10 percent, or around 500 jobs, in a move to cut costs and maintain earnings growth, the Wall Street Journal reported on Friday.
"We have around 5,000 employees in Europe and we are seeking to cut our headcount here by between 5 percent and 10 percent, but we will aim as far as possible to achieve this through a program of voluntary severance," John Sherriff, chief executive of Enron Europe told the newspaper.
The cuts are the first significant retrenchment by Enron since it arrived in Europe in 1989.
Enron has been the most aggressive U.S. energy company to expand into Europe's deregulating markets, but its core energy-trading businesses have been held back by the slow and piecemeal progress toward market liberalisation in the European Union, the paper reported.
The company declined to be more specific about how far it would scale back individual product lines or coverage of certain geographical areas, the Wall Street Journal said.
"Enron's business continues to grow in Europe in terms of traded volumes and numbers of transactions, but like any company we are constantly seeking ways to do more with less in order to maintain earnings growth," Sherriff told the paper.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
| ||
arnold-j/deleted_items/350.
|
subject: TRV Notification: (NG - PROPT P/L - 10/18/2001)
content: The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=10/18/2001>, published as of 10/18/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/351.
|
subject: RE: Neural Networks
content: Here is the EOL information
Dutch
-----Original Message-----
From: Arnold, John
Sent: Thursday, October 18, 2001 5:21 PM
To: Quigley, Dutch
Subject: FW: Neural Networks
This guy is working on an EOL project for me right now. Can you send him a file with our EOL trades for today or yesterday with product, price, buy/sell, and timestamp but counterparty names deleted
-----Original Message-----
From: Thuraisingham, Ravi
Sent: Thursday, October 18, 2001 4:26 PM
To: Arnold, John
Subject: RE: Neural Networks
John, just a reminder, please send a sample gapping data when you get a chance.
Ravi Thuraisingham, CFA
Director, Storage Trading
Enron Broadband Services
p 713.853.3057
c 713.516.5440
pg 877.680.4806
[email protected]
| ||
arnold-j/deleted_items/352.
|
subject: TRV Notification: (NG - Price P/L - 10/18/2001)
content: The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=10/18/2001>, published as of 10/18/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/353.
|
subject: RE:
content: John,
Are you kidding! I'm lonely as hell up here. When Greg is out, I have no one to talk too. Missing those trading floor days. Stop by any time and check out the view from here. Greg will be back in the office tomorrow. I'm sure he'd welcome a friendly face after two days with those brutal analysts!
-Liz
-----Original Message-----
From: Arnold, John
Sent: Thursday, October 18, 2001 5:19 PM
To: Taylor, Liz
Subject:
Liz:
Just wanted to thank you for the astros playoff tix. Thanks for thinking of me. Maybe you'll invite me up to see your new digs before the move....
John
| ||
arnold-j/deleted_items/354.
|
subject: RE: wednesday
content: OK. See you at 7 PM.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, October 15, 2001 6:34 AM
To: Bob Shiring
Subject: RE: wednesday
How about 7:00
-----Original Message-----
From: "Bob Shiring" <[email protected]>@ENRON
Sent: Monday, October 15, 2001 8:09 AM
To: Arnold, John
Cc: Randy Aucoin
Subject: wednesday
See you wednesday at Sambuca. What time? Randy Aucoin will be
joining
us. Really look forward to seeing you.
Bob
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of
the intended recipient (s). Any review, use, distribution or disclosure
by others is strictly prohibited. If you are not the intended recipient
(or authorized to receive for the recipient), please contact the sender
or reply to Enron Corp. at [email protected] and
delete all copies of the message. This e-mail (and any attachments
hereto) are not intended to be an offer (or an acceptance) and do not
create or evidence a binding and enforceable contract between Enron
Corp. (or any of its affiliates) and the intended recipient or any other
party, and may not be relied on by anyone as the basis of a contract by
estoppel or otherwise. Thank you.
**********************************************************************
| ||
arnold-j/deleted_items/355.
|
subject: Solar Migration - October 13-14, 2001 - Second Notice
content: Second Notice ---- Second Notice ---- Second Notice ---- Second Notice
The Enterprise Storage Team will be migrating UNIX home directories and applications to new hardware on October 13 and 14, 2001. The migration will begin on Saturday the 13th at 7:00 PM and will be completed by 1:00 AM on Sunday, October 14, 2001.
The migration requires a total system outage; so home directories and applications will not be available during the above time period. Please log off before you leave for the weekend.
Development teams members will test migrated applications on Sunday, October 14, 2001.
If you encounter or observe abnormal behavior with any application used in your normal course of business, please contact the resolution center at 713-853-1411. The resolution center can escalate to the appropriate resource.
Bob Ambrocik
Enterprise Storage Team
EB 3429F
x5-4577
[email protected]
| ||
arnold-j/deleted_items/356.
|
subject: FW: houston severe weather information
content: New feature added to Research page for severe weather....
-----Original Message-----
From: Bennett, Steve
Sent: Thursday, October 11, 2001 9:24 AM
To: Roberts, Mike A.
Subject: houston severe weather information
Can now be found on the research web page:
http://fundamentals.corp.enron.com/commodityWebs/ENA/Research/Weather/portal/mainWeather.asp
Click Under:
"SPECIAL WEATHER ALERT"
steve
| ||
arnold-j/deleted_items/357.
|
subject: RE: Neural Networks
content: I'll drop by shortly after 4:30 pm.
Ravi Thuraisingham, CFA
Director, Storage Trading
Enron Broadband Services
p 713.853.3057
c 713.516.5440
pg 877.680.4806
[email protected]
-----Original Message-----
From: Arnold, John
Sent: Wednesday, October 10, 2001 6:06 PM
To: Thuraisingham, Ravi
Subject: RE: Neural Networks
I've got a mtg from 4-4:30ish so either before or after
-----Original Message-----
From: Thuraisingham, Ravi
Sent: Wednesday, October 10, 2001 6:01 PM
To: Arnold, John
Subject: RE: Neural Networks
John, I can cover that time frame. I will call you around 3:30 or just drop by if its okay with you.
Ravi Thuraisingham, CFA
Director, Storage Trading
Enron Broadband Services
p 713.853.3057
c 713.516.5440
pg 877.680.4806
[email protected]
-----Original Message-----
From: Arnold, John
Sent: Wednesday, October 10, 2001 5:58 PM
To: Thuraisingham, Ravi
Subject: RE: Neural Networks
Any time tomorrow afternoon around 3 or 4:45 to discuss?
-----Original Message-----
From: Thuraisingham, Ravi
Sent: Wednesday, October 03, 2001 6:29 PM
To: Arnold, John
Subject: RE: Neural Networks
John, here is a power point slide that provides a draft outline of the problem at hand. It is very draft in nature but I wanted to get the working version over to you ASAP. I wanted to get this discussion going via written format so that I (or others who may implement this) can stay focused on what you want and not get into broader research, etc....
I think I can put a model together if we can define what parameters, the interface (levers) and model (transfer functions) to use that would be useful for you as phase I product.
I will fire off updates to this document as I make them. If you have a spec doc or ideas that you want to hand write on a print out, please do so and I will update the document.
I will like to make sure that I am on the same page before beginning to code the program and to start linking to additional moths (month 2, 3, ..) and different curves, etc.
My Job search has gone well with the Crude desk and I am waiting compensation indication from them to make my decision. Also, Kevin Presto feels that I could potentially help his power group with new market or spread trading. John Suarez is a director who came from the power desk to EBS is going back to work for Kevin Presto. I may have an opportunity to build the southeast market by supporting John.
I am very grateful that I met you and other key Enron traders during this job search.
<< File: Neural Ideas.ppt >>
Ravi Thuraisingham, CFA
Director, Storage Trading
Enron Broadband Services
p 713.853.3057
c 713.516.5440
pg 877.680.4806
[email protected]
-----Original Message-----
From: Arnold, John
Sent: Monday, October 01, 2001 3:47 PM
To: Thuraisingham, Ravi
Subject: RE: Neural Networks
not necessarily looking for predictive power. that's a 3 year project. just for market making skillset. The work that Dave Forster did was just for front month. That creates month 1. Then, similar logic has to create a month 1/month 2 spread to create a month 2 outright market. Same for month 2/ month 3 to create month 3. There might be 24-36 individual markets to create a forward curve. Sometimes month 1 has correlation to the month 1/ month 2 spread. Sometimes it does not. Must create a system that is mechanical but very easy for a human to add bias.
-----Original Message-----
From: Thuraisingham, Ravi
Sent: Monday, October 01, 2001 10:20 AM
To: Arnold, John
Subject: Neural Networks
John, I just wanted to give you heads up that I did look into the subject system to learn from what your trading activities and then figure ways to automate some aspects of you daily activities. I will try to send you a few power point slides showing my initial thoughts on the system.
It appears that neutral network (AI is a subset of this class of learning systems) type of model that takes input from all available sources (including actual market feedback, weather and other fundamentals) and uses curve building functions and other existing tools as transfer functions, along with your own thinking (your processing functions that your neurons are wired up to do), could help the neural network to learn and eventually provide the necessary predictive power.
Ravi Thuraisingham, CFA
Director, Storage Trading
Enron Broadband Services
p 713.853.3057
c 713.516.5440
pg 877.680.4806
[email protected]
| ||
arnold-j/deleted_items/358.
|
subject: Workstation Upgrade
content: What: Workstation upgrade for security enhancements and standardization efforts
When: Schedule as below
How: Small updates will be performed at login; other larger updates can be performed at your convenience.
This message box will be presented at the end of the upgrade process and provides important information for the larger updates.
If you have any question or issues with this update, ETS users should call the ETS Solution Center at 5-4745 and all others should contact the Resolution Center at 3-1411.
Desktop Architecture
Tentative schedule for update:
Houston Floors Begin after 12:00 noon on
ECN 1 - 10 (except 6) Thursday, October 11
ECN 11 - 15 (except 14) Monday, October 15
ECN 16 - 20 Wednesday, October 17
ECN 21 - 28 (except 24) Friday, October 19
ECN 33 - 38 Monday, October 22
ECN 39 - 43 (except Gas Control) Wednesday, October 24
ECN 46 - 50 Monday, November 5
All (including trading floors) Wednesday, November 7
|
All Enron Houston@ENRON <??SAll Enron Houston@ENRON>
|
|
arnold-j/deleted_items/359.
|
subject: FW: Hello from David Hsu
content: -----Original Message-----
From: "David HSU" <[email protected]>@ENRON
Sent: Wednesday, October 17, 2001 10:35 AM
To: [email protected]
Subject: Hello from David Hsu
Mike,
It was nice to meet you last night. At PanCanadian, I'm the gas options
trader, where much of my work is focused on clearing stuff for customer
business. If you have the opportunity, let me know of any new options
products you guys are working on that I might be able to sell to our
producer, pipeline, and LDC customers for hedging.
David Hsu
- David_Hsu.vcf
| ||
arnold-j/deleted_items/36.
|
subject: option candlesticks as a hot link 10/5
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Option Candlesticks
http://www.carrfut.com/research/Energy1/candlesticks34.pdf
Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606
| ||
arnold-j/deleted_items/360.
|
subject: Put the fun back on your desktop - FREE!
content: Unsubscribe at bottom[IMAGE]
[IMAGE] [IMAGE] Click here to download RealArcade. [IMAGE] [IMAGE] Experience the Internet's first personal game arcade! [IMAGE] Discover the best games in every category and genre [IMAGE] Acquire games easily and reliably [IMAGE] Play games with greater ease and knowledge [IMAGE] Click here to download RealArcade.
remove me privacy policy You are receiving this e-mail because you downloaded RealPlayer(R) or RealJukebox(R) from Real.com(TM) and indicated a preference to receive product news, updates, and special offers from RealNetworks(R). If you do not wish to receive e-mails from us in the future, click on the "remove me" link above. RealPlayer(R), RealJukebox(R), Real.com(TM), RealArcade(TM) and RealNetworks(R) are trademarks or registered trademarks of RealNetworks, Inc. All other companies or products listed herein are trademarks or registered trademarks of their respective owners.
| ||
arnold-j/deleted_items/361.
|
subject: The Downtown Club Events
content: Members You can participate in the tradition of membership by sponsoring a
new member into the club and having your name put into the drawing for
great giveaways. To name a few, "a year of complimentary dues; a day at
Bella Rinova Spa"
The next drawing will be at the Traditional Member Holiday Party on
December 3, 2001 @ The Met
Contact membership at
713.652.0700 or 713.890.8823
for Information on a Special Initiation Fee Offer
for New Members Through October 31, 2001.
The Downtown Club's Customary Initiation Fee will be Satisfied with a
Donation to the
New York Police & Fire Widows' & Children's Benefit Fund
Friday, October 12, & 26
Friday, November 2
Learn Basic Salsa, Merengue, Cha-Cha and Mambo
with Gerald Morris
Two-Time World Dance Champion and Ten-Year Year Studio Owner
Center Club
Six Two-Hour Sessions (Come for One or Come for All)
$300.00/couple $60.00/class
$150.00/singles $30.00/class
Happy Hour with Complimentary Draft Beer, Wine and Snacks
Gerald Morris will teach couples two-step, polka, and waltz
Reservations: Kelley in Athletics 712-654-0877
Tuesday, October 23
Special Day of Golf
At Houston Area Golf Courses
All Proceeds Benefit
The New York Police & Fire Widows' and Children's Benefit Fund
Visit or Call the Club for More Details
Thursday, October 25
Chef Russell's Cooking Class
Center Club
6:00 p.m.
Reservations: Rudy, 713-654-0877
Thursday, October 25
Budget, Balance, & Beautify
The Met
7:00 p.m.
Food Demonstration & Tasting
Reservations Required
713-652-0700
Menu
Soup
Garden Fresh Cauliflower and Roasted Garlic Soup
Cinnamon Scented Roasted Butternut Squash Soup
Salad
Crisp Cucumber and Vine Ripe Roma Tomatoes
With Bermuda Onions
Tossed in Fresh Lemon-Dill Vinaigrette
Entree
Herb Rubbed Lemon-pepper Breast of Chicken
Wrapped in Whole Wheat Phyllo Dough
Hand-Selected Fresh Field Greens
Tossed in Raspberry Vinaigrette
Fresh Grilled Halibut Fillet
Orange Chili Pepper Glaze
Garden Vegetable Cous Cous
Accompaniments
Ripe Mango Salsa
Saturday, October 27
Halloween Party
The Met
8:00 - 12:00 p.m.
Food, Costumes, Awards, Music Drink Specials
$10.00 Cash at the Door
Benefits "Small Steps"
A center for at risk inner city children
For more information and for reservations, contact:
Keith Robinson 713 -652-0700
Saturday, October 27
Sky Dive
Meet at the City Club (by Compaq Center)
7:30 a.m.
Sky Dive Spaceland
Rosharon, TX (30 Minutes)
One Hour of Training, Then You
JUMP
Tandem, with a 1 minute "free-fall"
Join Members from The Downtown Club, City Club
and University Club for This Great Opportunity
For more information and for reservations, contact:
Kristin Hawkinson @ City Club
713-840-9001
LUNCH SEMINAR
"THE FUTURE OF INVESTMENT and ESTATE PLANNING"
Presented by:
Laurie A. McRay, CPA,RIA
Principal Investment Officer ? McRay Money Management, L.L.C.
Ms. McRay will cover investment planning topics, retirement planning under
the new tax act, state of the economy and where
to invest now.
Scott A. Morrison, JD
Estate Tax Attorney ? Brown McCarroll, L.L.P.
Mr. Morrison will discuss estate planning topics
under the new tax act, education planning with 529
plans, estate and gift tax planning
plus more informative topics
Date & Time:
Tuesday, October 30, 2001 at 11:30 a.m.
Where:
The Downtown Club at the MET
RSVP
713-652-0700
281-788-0817 or 713-861-8253
Limited seating available. Please feel free to bring a friend.
Luncheon cost is $20.00 per person
1 hour of CLE/CPE credit provided
St. Luke's Life Enhancement Program
For More Information, Times or Reservations, Call: 713-791-8680
Blood Screenings
November 15 (Met)
December 13 (Plaza Club)
Choice of: cholesterol* (with or without glucose), thyroid screen, full
wellness profile* (basic chemistry, cholesterol, glucose, complete blood
court + thyroid, cancer screens, hepatitis panel, HIV screen, blood type
*12-hour fast required for these tests
Downtown Blood Drive
November 6 (Plaza Club)
December 19 (Met)
Participants receive a free T-shirt plus drink and cookies.
Blood type & total cholesterol reading will be sent via mail.
Mobile Mammography
October 30 (Plaza Club)
December 7 (Met)
This program requires advance registration & doctor's orders for women aged
35 +.
Please have your paper work into St. Luke's two weeks prior to your
appointment.
Insurance will be accepted (when approved by your plan)
Osteoporosis Heel Scan
November 4 (Plaza Club)
For men or women ages 25 +.
CPR Certification Training
October 26 (Plaza Club)
Adult Infant/Child
Also available...
Smoking Cessation Program
Wellness/Nutrition Counseling (by registered nutritionist and/or RN)
Personal Wellness Profiles
Fitness Screens
Infra-red Body Fat Testing
Bella Rinova Day Spa
New Hours
Closed Mondays (Massages available by appointment)
Tuesday - Wednesday, 11 a.m. - 8 p.m.
Thursday - Friday, 9 a.m. - 8 p.m.
Saturday, 9 a.m. - 4 p.m.
Complimentary Fall Updates Available
Choose New Make-Up Colors to Enhance Your New Wardrobe
Call 713-571-9216 to schedule your complimentary fall update and
application.
For those mid-week blues, try...
Squash Night -- Margarita Mixers
Every Wednesday night is squash and margarita night at the Met!
All Members and their guests are welcome.
6:00 - 8:00 p.m.
$10.00 Entry Fee
And Mark Your Calendar for These Upcoming Events ...
Thursday, November 1
Wine Committee
6:00 p.m.
Houston Center Club
Friday, November 9, 10, 11
Squash Classic
The Met
Saturday, November 10
Paintball Vs. City Club and U-Club
Contact: Jennifer Mangini
713-654-0877
Thursday, November 15
Annual Nouveau Beaujolais Wine
Cocktail Party
Plaza
5:30 p.m. - 7:30 p.m.
Monday, November 19
Order Turkeys To Go
Houston Center Club
Pick-Up by 5:00 p.m.
Wednesday, November 21
713-654-0877
Thursday, November 22
Thanksgiving Brunch
Plaza Club
11-2 p.m.
713-225-3257
(See attached file: cycle studio-a 2001.doc) (See attached file:
multipurpose studio C 2001.doc) (See attached
file: soft studio -b 2001.doc) (See attached file: october
center club schedule.doc)
- cycle studio-a 2001.doc
- multipurpose studio C 2001.doc
- soft studio -b 2001.doc
- october center club schedule.doc
| ||
arnold-j/deleted_items/362.
|
subject: Expense Reports Awaiting Your Approval
content: The following reports have been waiting for your approval for more than 4 days. Please review.
Owner: Henry H Quigley
Report Name: Quigley 100301
Days In Mgr. Queue: 15
| ||
arnold-j/deleted_items/363.
|
subject: ALL daily charts and matrices as hot links 10/19
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude25.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas25.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil25.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded25.pdf
Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG25.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG25.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL25.pdf
Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606
| ||
arnold-j/deleted_items/364.
|
subject: Natural Gas Market Analysis for 10-19-01
content: Attached please find the Natural Gas Market Analysis for today.
Thanks,
Mark
- 10-19-01 Nat Gas.doc
| ||
arnold-j/deleted_items/365.
|
subject: The Daily Quote
content: [IMAGE]=09Quote.com =09 Log In | Sign Up | Account Mgt. | Insight Center=
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MAGE]69.89-0.76% NASDAQ1,632.37[IMAGE]20.35-1.23% S?5001,059.05[IMAGE]9.56-=
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RE [IMAGE][IMAGE] Enter multiple symbols separated by a space [IMAGE] =
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[IMAGE]=09 [IMAGE] US Stocks Pct Gainers As of 10/19/2001 12:05 =
ET Symbol Last Change % Chg [IMAGE] QLTI22.46[IMAGE]4.0822.19%[IMAGE] IC=
CC4.75[IMAGE]0.398.94%[IMAGE] SFA20.21[IMAGE]3.0117.50%[IMAGE] ZRAN23.74[IM=
AGE]3.220115.69%[IMAGE] GNSS38.38[IMAGE]4.9814.91%[IMAGE] ITRI26.25[IMAGE]3=
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. otherwise.- - - - -Personalize The Daily Quote: [IMAGE][IMAGE]Question of=
the Day! Q. Phyllis A. McDermitt asks, "Just what is a Value Stock?"A valu=
e stock, or value investing, is an investing strategy that tries to pick go=
od........ MORE [IMAGE] Do you have a financial question? Ask our editor =
- - - - - VIEW Archive [IMAGE] [IMAGE] [IMAGE]=09 =09=09=09=09[IMAGE]=
[IMAGE] Market Outlook Dow , Nasdaq , S?: As Of: Oct 19 2001 9:10=
AM ET The pre-market bias remains negative. S?futures at 1069, trade two =
points below fair value while the Nasdaq 100 pre-market indicator is lower =
by 5.7 points. Last night, software giant Microsoft (MSFT) posted first qu=
arter earnings of $0.43 per share excluding charges, exceeding the consensu=
s estimate by four cents. On the conference call, management indicated PC d=
emand has deteriorated further, especially in the consumer PC market. .. M=
ORE [IMAGE] - - - - - MORE Breaking News [IMAGE] [IMAGE] [IMAGE]=09[IM=
AGE]=09
=09 [IMAGE] Today's Feature - Friday The Wisdom of Don Carnage C=
arnage on the real price of petty theft, roller coasters, and self help aut=
hors, help thyselves! [IMAGE] [IMAGE]=09 =09 [IMAGE] Stocks to Wat=
ch As Of: Oct 19 2001 9:15AM ET Stocks To Watch : The pre-market tone =
is weaker but off the worst levels of the morning as the market sifts throu=
gh the barrage of earnings news. The always highly anticipated report from =
Microsoft (MSFT +0.66) has elicited a modestly favorable reaction as the co=
mpany beat by $0.04 for the Sep qtr but guided down slightly for the Dec qt=
r. While XP and Xbox success are eventually anticipated by the company, wea=
ker consumer demand has put a damper on the roll out enthusiasm. Also in th=
e software sector we have PeopleSoft (PSFT +1.4.. MORE [IMAGE] - - - - - =
MORE Breaking News [IMAGE] [IMAGE] [IMAGE]=09[IMAGE]=09
=09=09=09 [IMAGE] Your Watch List News QLTI News Visudyne(TM) the=
rapy reimbursement in U.S. expanded to include patients with occult form of=
wet age-related macular degeneration PR Newswire: 10/19/2001 03:55 ET QLT=
says Visudyne sales normalized after attacks Reuters: 10/11/2001 08:36 ET=
QLT announces Visudyne(TM) sales for third quarter of 2001 PR Newswire: 1=
0/11/2001 03:03 ET - - - - - MORE [IMAGE] ICCC News IMMUCELL CORP /DE/ FI=
LES FORM 4 (*US:ICCC) EDGAR Online: 10/04/2001 10:39 ET IMMUCELL CORP /DE/=
FILES FORM 4 (*US:ICCC) EDGAR Online: 10/04/2001 10:38 ET IMMUCELL CORP /=
DE/ FILES FORM 10-Q (NASDAQ:ICCC) EDGAR Online: 08/14/2001 17:43 ET - - - =
- - MORE [IMAGE] SFA News Scientific-Atlanta stock soars on cost controls=
Reuters: 10/19/2001 11:50 ET U.S. stocks slump, investors struggle with c=
loudy outlook Reuters: 10/19/2001 11:36 ET U.S. stocks slip on murky earni=
ngs outlook, anthrax Reuters: 10/19/2001 10:44 ET - - - - - MORE [IMAGE] =
ZRAN News Hot stocks highlights -- Oct. 19 Reuters: 10/19/2001 10:19 ET Z=
oran sees 10-15 pct fourth-quarter revenue growth Reuters: 10/18/2001 16:4=
2 ET Zoran Corporation Reports Third Quarter 2001 Results With Record Reven=
ues And Units Sold PR Newswire: 10/18/2001 16:02 ET - - - - - MORE [IMAGE]=
GNSS News U.S. stocks slump, investors struggle with cloudy outlook Reu=
ters: 10/19/2001 11:36 ET U.S. stocks slip on murky earnings outlook, anthr=
ax Reuters: 10/19/2001 10:44 ET Hot stocks highlights -- Oct. 19 Reuters:=
10/19/2001 10:19 ET - - - - - MORE [IMAGE] ITRI News Hot stocks highligh=
ts -- Oct. 19 Reuters: 10/19/2001 10:19 ET Itron results boosted by automa=
tic meter readers Reuters: 10/18/2001 17:02 ET Itron Reports Record Third =
Quarter Financial Results; Revenues For The Quarter And Year-To-Date Were =
Up 45% And 19%, Respectively Over Last Year BusinessWire: 10/18/2001 16:0=
0 ET - - - - - MORE [IMAGE] [IMAGE]=09 =09
[IMAGE]
[IMAGE]=09You are subscribed to this newsletter as [email protected] U N S=
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arnold-j/deleted_items/366.
|
subject: Yahoo! Newsletter, October 2001
content: [IMAGE]
[IMAGE][IMAGE] [IMAGE] Market Coverage and World News Live Yahoo! Fin=
anceVision brings you the latest from Washington, New York, and across the =
globe. Coverage is live and interactive, including news conferences with =
the President, the Pentagon, and the FBI. Guests and analysts answer your q=
uestions. View continuous financial updates from the New York Stock Exchan=
ge and the NASDAQ Marketsite. No television in your office? No problem. Wa=
tch FinanceVision at your desk. Movies in Your Mailbox Find out what's n=
ew at the movies via email updates from Yahoo! Movies. Local showtimes, inf=
ormation about new releases, and the latest buzz from Hollywood -- delive=
red direct to your inbox. Subscribe for free today. Take Control of Your =
Remote Tune in to Yahoo! TV for what 's new on the tube. Survivor is back=
, and so is our popular Survivor Pick'em Game . Play with a group of frie=
nds, family, or co-workers, or join a public group to compete with fans acr=
oss the United States. For an opinionated look at this year's TV lineup, do=
n't miss the Fall TV Guide . Make a Personal Connection Looking for someon=
e special? A new friend to hang out with? Millions of people use Yahoo! Per=
sonals -- the person you're looking for might be on Yahoo! looking for you=
! Search the ads or post your own for free. Then connect for less than $20=
per month. Take advantage of this special for new members: Join ClubConn=
ect now and get your first month free. Offer available until November 30, 2=
001. More Great Ways to Yahoo! Short Takes * Take the Court - =
Basketball season is just around the corner. Get in on the action with Yaho=
o! Sports Fantasy NBA . Run your own team of real National Basketball Asso=
ciation players from the season's opening tip to the final battles in Apri=
l. * My Red, White, and Blue Yahoo! - Update your personalized My Yahoo!=
page with a custom theme. Choose from Stars & Stripes, Old Glory, Pink Rib=
bons, your favorite NBA team theme, Sanrio's Hello Kitty, or Yahoo!Delic, a=
perennial favorite. * Yahoo! Travel - Find easy air, hotel, and renta=
l car reservations, vacation and cruise packages, and the latest resources =
for travelers. * Yahoo! Finance Bond Center - Everything you need to k=
now about bonds and their increasing popularity among investors in today's =
uncertain markets. * Make Yahoo! Your Home Page - If your browser lived =
here , you'd be home now . Cool Stuff * Halloween Central - Shop f=
or costumes, decorations, candy, and treats for the spookiest day of the ye=
ar. * Bobbing for Bargains - Bid on scary stuff in the Halloween Showcase=
from Yahoo! Auctions. * Can't Wait to Read? - Try an ebook -- a digital =
version of a print book that you can download and read. We've got your fav=
orites, from Nora Roberts to Stephen King (Riding the Bullet -- only $2).=
* Yahoo! Photos - Need more room for your digital pictures? Sign up f=
or 50MB more photo storage -- only $29.95 per year. * Sit Courtside With S=
pike Lee - Bid for the chance to watch Michael Jordan and the Wizards batt=
le the Knicks in New York on October 30. To support the families of those=
most affected by the tragic events of September 11th, all proceeds from th=
e winning bid will be donated to the UFA Widows and Children Fund. Co=
pyright ? 2001 Yahoo! Inc. =09
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arnold-j/deleted_items/367.
|
subject: Do you owe money?
content: Do you owe money? Is it getting troublesome keeping track
of all those bills and whom you owe how much and when? Would
it not be easier if you could just make 1 monthly payment
instead of several? We can help!
If your debts are $4,000 US or more and you are a United
States citizen, you can consolidate your debt into just one
easy payment! You do not have to own a home, nor do you need
to take out a loan. Credit checks are not required!
To receive more information regarding our services, please
fill out the form below and return it to us, or provide the
necessary information in your response. There are absolutely
no obligations. All the fields below are required for your
application to be processed.
**********
Full Name :
Address :
City :
State :
Zip Code :
Home Phone :
Work Phone :
Best Time to Call :
E-Mail Address :
Estimated Debt Size :
**********
Please allow upto ten business days for application
processing.
Thank You
Note: If this e-mail arrived to you by error, or you wish
to never receive such advertisements from our company,
please reply to this e-mail with the word REMOVE in the
e-mail subject line. We apologize for any inconveniences
ls2fd8x
| ||
arnold-j/deleted_items/368.
|
subject: [Cortlandtwines.com] New WebSite Items
content: Hello
Just a note to let you know that I put up quite a few new items on our web site this past week.
Check it out at
www.cortlandtwines.com
Cheers,
Patrick Cipollone, President
Cortlandt Wines.Spirits
***************************************************************************
You received this email because you are subscribed to cortlandtwines.com list.
To be removed from this list email <mailto:[email protected]>
***************************************************************************
| ||
arnold-j/deleted_items/369.
|
subject: TRV Notification: (NG - Price P/L - 10/19/2001)
content: The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=10/19/2001>, published as of 10/19/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/37.
|
subject: Email Retention Policy
content: This is a reminder of Enron's Email retention policy. The Email retention policy provides as follows:
Message Location - Maximum Retention
Inbox - 30 days
Sent Mail Folder - 30 days
Trash/Deleted Items - Rollover from Inbox for one day
Folders - All Email messages placed in folders will be destroyed after one calendar year. This includes public folders in Outlook.
Furthermore, it is against policy to store Email outside of your Outlook Mailbox and/or your Public Folders. Please do not copy Email onto floppy disks, zip disks, CDs or the network. Such actions are prohibited and will not be supported by the IT Department.
There will be no exceptions to this policy.
|
All Enron Employees N America@ENRON <??SAll Enron Employees N America@ENRON>
|
|
arnold-j/deleted_items/370.
|
subject: SUPPLEMENTAL Weekend Outage Report for 10-19-01 through 10-21-01
content: ------------------------------------------------------------------------------------------------------
W E E K E N D S Y S T E M S A V A I L A B I L I T Y
F O R
October 19, 2001 5:00pm through October 22, 2001 12:00am
------------------------------------------------------------------------------------------------------
SCHEDULED SYSTEM OUTAGES:
ECS power outage
A power outage will occur in Enron Center South on Saturday, October 20, 2001 to complete repairs to the electrical riser system required to correct issues resulting from Tropical Storm Allison.
IDF's and thus network resident applications and data will be off line on all ECS floors 3 through 6 from 10:00 a.m. Saturday until 8:00 a.m. Sunday.
Trading floors 3, 4, 5 and 6 desktop power will be off beginning 2:00 p.m. Saturday until 12:00 noon Sunday.
Avaya telephony phone system will be unaffected. However, the turret system will be offline starting 11:00 a.m. Saturday until 1:00 p.m. Sunday.
Additionally, during this power outage the cooling system will be upgraded. This upgrade may take up to 2 hours. Occupants in the building may experience as much as a five degree rise in temperature.
Contacts: Stuart Fieldhouse 713-853-5699
Lance Jameson 713-345-4423
ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
AZURIX: No Scheduled Outages.
EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
EDI SERVER: No Scheduled Outages.
EES:
Impact: EES
Outage: EESHOU-DBPCCS - Sat 8-10am CT
EESTEST-DBPCCS - Sun 9:30-11:30 am CT
EESTEST-WBPCCS - Sun 10am-12pm CT
EESHOU-EEIS - Fri 6-8pm CT
EESHOU-WBPCCS - Sun 8:30-10:35am CT
EESHOU-DBRPS3 - Sat 9-10am CT
EESHOU-OMS01 - Fri 5:30-7:30pm CT
Environments Impacted: EES
Purpose: Install monitoring tools.
Backout: Uninstall
Contact(s): David DeVoll 713-345-8970
Animesh Solanki 713-853-5147
ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages
ENRON NORTH AMERICAN LANS: ALSO SEE ORIGINAL REPORT
Impact: ECN 46
Time: Sat 10/20/2001 at 9:00:00 AM CT thru Sat 10/20/2001 at 4:00:00 PM CT
Sat 10/20/2001 at 7:00:00 AM PT thru Sat 10/20/2001 at 2:00:00 PM PT
Sat 10/20/2001 at 3:00:00 PM London thru Sat 10/20/2001 at 10:00:00 PM London
Outage: Telecom Closet Clean Up ECN 46
Environments Impacted: ECN 46
Purpose: IDF and port management
Backout:
Contact(s): Mark Trevino 713-345-9954
FIELD SERVICES: No Scheduled Outages.
INTERNET: No Scheduled Outages.
HR: SEE ORIGINAL REPORT
MESSAGING: SEE ORIGINAL REPORT
MARKET DATA: No Scheduled Outages.
NT: No Scheduled Outages.
OS/2: No Scheduled Outages.
OTHER SYSTEMS: ALSO SEE ORIGINAL REPORT
Impact: nahou-wwirf01t nahou-wwirf01d nahou-wwjrn01d nahou-wwjrn01tnahou-wwiwn01d
Time: Thu 10/18/2001 at 5:00:00 PM CT thru Fri 10/19/2001 at 7:00:00 PM CT
Thu 10/18/2001 at 3:00:00 PM PT thru Fri 10/19/2001 at 5:00:00 PM PT
Thu 10/18/2001 at 11:00:00 PM London thru Sat 10/20/2001 at 1:00:00 AM London
Outage: SP2 Hotfix 301625 WINS-DNS update
Environments Impacted: Developers and Testers of the server listed below
Purpose: This is our new standard for ALL Web and App servers in our group.
Backout: Rollback SP2 Hot Fix and put old WINS and DNS entries back
Contact(s): Clint Tate 713-345-4256
Impact: CORP
Time: Sun 10/21/2001 at 6:00:00 AM CT thru Sun 10/21/2001 at 6:00:00 PM CT
Sun 10/21/2001 at 4:00:00 AM PT thru Sun 10/21/2001 at 4:00:00 PM PT
Sun 10/21/2001 at 12:00:00 PM London thru Mon 10/22/2001 at 12:00:00 AM London
Outage: RMSPROD table/index reorg
Environments Impacted: Corp
Purpose: reduce fragmentation and increase performance.
Backout: Disable restricted session.
Contact(s): Emmett Cleveland 713-345-3873
SITARA:
Impact: Production
Time: Sat 10/20/2001 at 7:00:00 PM CT thru Sun 10/21/2001 at 7:00:00 AM CT
Sat 10/20/2001 at 5:00:00 PM PT thru Sun 10/21/2001 at 5:00:00 AM PT
Sun 10/21/2001 at 1:00:00 AM London thru Sun 10/21/2001 at 1:00:00 PM London
Outage: New Hardware - Trinity
Environments Impacted: Corp
Purpose: Improve Sitara performance with Hardware enhancement.
Backout: revert to Madrid as primary.
Contact(s): SitaraonCall 713-288-0101
SUN/OSS SYSTEM: No Scheduled Outages.
TELEPHONY: SEE OIGINAL REPORT
TERMINAL SERVER: No Scheduled Outages.
UNIFY: No Scheduled Outages.
SCHEDULED SYSTEM OUTAGES: LONDON
Impact: CORP
Time: Fri 10/19/2001 at 6:00:00 PM CT thru Sat 10/20/2001 at 9:00:00 PM CT
Fri 10/19/2001 at 4:00:00 PM PT thru Sat 10/20/2001 at 7:00:00 PM PT
Sat 10/20/2001 at 12:00:00 AM London thru Sun 10/21/2001 at 3:00:00 AM London
Outage: Complete Powerdown of the London Office
Environments Impacted: All
Purpose: To complete the final works and testing to install a third generator in Enron House
Backout: Switch all equipment back on once power has been restored.
Contact(s): Tracy Pearson 830-34238 London Tie Line
----------------------------------------------------------------------------------------------------------------------------
FOR ASSISTANCE
(713) 853-1411 Enron Resolution Center
Specific Help:
Information Risk Management (713) 853-5536
SAP/ISC (713) 345-4727
Unify On-Call (713) 284-3757 [Pager]
Sitara On-Call (713) 288-0101 [Pager]
RUS/GOPS/GeoTools/APRS (713) 639-9726 [Pager]
OSS/UA4/TARP (713) 285-3165 [Pager]
CPR (713) 284-4175 [Pager]
EDI Support (713) 327-3893 [Pager]
EES Help Desk (713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call (713) 327-6032 [Pager]
|
Houston Outage Report@ENRON <??SHouston Outage Report@ENRON>
|
|
arnold-j/deleted_items/371.
|
subject: TRV Notification: (NG - PROPT P/L - 10/19/2001)
content: The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=10/19/2001>, published as of 10/19/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/372.
|
subject: Notice Regarding Arnold Family Web Site at MyFamily.com
content: This is an important notice regarding your site, Arnold Family Web Site, on MyFamily.com.
***************************
Please DO NOT reply to this message. Your reply will not be received by MyFamily.com.
***************************
You are currently a member of Arnold Family Web Site, a free site at MyFamily.com. This site has not been visited in more than 90 days.
As you are likely aware, MyFamily.com allows members to share photos, news, family trees, and more on a private, interactive website.
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arnold-j/deleted_items/373.
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subject: Discussion Time
content: John,
Please let me know what time to come up this afternoon. Thanks-Jeb x-5-3609
| ||
arnold-j/deleted_items/374.
|
subject: Enron Mentions
content: Enron Shares Fall on Concern Over CFO's Partnerships (Update4)
Bloomberg, 10/19/01
USA: UPDATE 1-Enron stock sustains further heavy losses.
Reuters English News Service, 10/19/01
Enron Corp. Cut to `Hold' at A.G. Edwards
Bloomberg, 10/19/01
BANDWIDTH BEAT: Enron Broadband Unit Takes A Beating
Dow Jones Energy Service, 10/19/01
Dynegy Chief: Bandwidth Growth Won't Wait For Trading
Dow Jones Energy Service, 10/19/01
UK: Jobs in base metals down but definitely not out.
Reuters English News Service, 10/19/01
New Power Hldg Sees Meeting 3Q Loss Estimate
Dow Jones News Service, 10/19/01
Enron Shares Fall on Concern Over CFO's Partnerships (Update4)
2001-10-19 16:24 (New York)
Enron Shares Fall on Concern Over CFO's Partnerships (Update4)
(Updates with Chief Financial Officer Fastow didn't
immediately return a call for comment in fifth paragraph.)
Houston, Oct. 19 (Bloomberg) -- Enron Corp.'s shares have
fallen 26 percent in the past three days on concern the biggest
energy trader's dealings with partnerships run by its chief
financial officer contributed to investment losses.
Enron's stock dropped 10 percent today. Enron's board cost
the company at least $35 million by allowing Chief Financial
Officer Andrew Fastow to manage LJM Cayman and LJM2 Co-Investment,
partnerships that bought Enron assets, a shareholder alleged
Wednesday in a lawsuit.
The lawsuit came the day after Enron reported $1.01 billion
in third-quarter losses from failed investments. The Wall Street
Journal reported $35 million of the losses were connected with the
two limited partnerships. Enron also reduced shareholders' equity
by $1.2 billion when it bought back 55 million shares from the
partnerships, the paper reported yesterday.
``It looks sleazy,'' said Roger Hamilton, a manager at John
Hancock's Value funds, which own 600,000 shares. ``If you are
someone who invests in a company's management, it's almost time to
punt with Enron.''
Enron spokeswoman Karen Denne didn't return calls or written
requests seeking comment. Fastow didn't immediately return a
telephone call for comment.
Fastow and a handful of associates made more than $7 million
last year in management fees and about $4 million in capital
increases on an investment of about $3 million in one of the
partnerships, the Journal reported today.
Buying Enron Assets
Fastow is involved in 17 other similar companies and
partnerships that appear to have ties to Houston-based Enron,
based on filings with the Texas secretary of state.
The foreign business corporations and limited liability
companies have directors, officers or managers whose address is
listed as 1400 Smith Street in Houston, Enron's corporate address,
according to Texas records.
Fastow is listed as a director, officer or managing member in
each one. At least one of the companies bought and sold Enron
assets, including foreign power plants.
Whitewing Management, which lists Fastow as its managing
member, received $807 million from the sale of Enron debt last
year.
Under the terms of the debt sale, Whitewing is allowed to use
the proceeds to buy power plants from Enron or make other
``permitted investments.'' Whitewing has bought 14 Enron plants or
companies since 1999 and sold four.
Enron's Denne has not responded to written requests about
Fastow's role at Whitewing or whether he used his knowledge of the
value of Enron assets to benefit outside investors or company
executives at Enron's expense.
Shares of Enron fell $2.95 to $26.05. They have fallen
69 percent this year.
--Russell Hubbard in the Princeton newsroom, 609-750-4651 or
[email protected], and Jim Kennett in Houston,
(713) 353-4871 or [email protected]/pjm/alp/pjm
USA: UPDATE 1-Enron stock sustains further heavy losses.
10/19/2001
Reuters English News Service
(C) Reuters Limited 2001.
(New first paragraph, adds additional analyst comment)
By Andrew Kelly
HOUSTON, Oct 19 (Reuters) - Enron Corp. stock sustained further heavy losses on Friday as investor confidence in the former Wall Street favorite was rocked by reports about the company's relationship with a limited partnership that was run until recently by Enron's chief financial officer.
The energy giant's stock closed down $2.95 or 10.2 percent at $26.05 per share, making a cumulative loss of 27 percent for a week in which Enron reported a third-quarter loss of $638 million, its first quarterly loss in over four years.
Analysts said confidence was shaken by several articles in the Wall Street Journal this week alleging possible conflicts of interest on the part of Chief Financial Officer Andrew Fastow, who until recently ran a limited partnership that bought assets worth hundreds of millions of dollars from Enron.
"I don't think this thing passes the smell test," said one analyst who spoke on condition of anonymity. "I think the CFO should be out of there right now. In the interest of the stockholders, that CFO should be gone," he said.
Enron has rejected the suggestion that there was anything improper about the arrangements, but Fastow severed his ties with the LJM2 partnership earlier this year to allay concerns raised by investors and analysts about his dual responsibilities.
POOR JUDGMENT?
Analysts said that at the very least, the arrangement showed poor judgment by senior managers at Enron, which recently pledged to be more open with investors and analysts following a series of high-profile stumbles that culminated with the shock resignation of new chief executive officer Jeff Skilling in August.
"For a company that had a lot of question marks around it already, these questions about financial dealings are really worrisome for investors," said Commerzbank Securities analyst Andre Meade. "It points to poor decision-making on behalf of the board and top management at Enron," he said.
Enron, North America's biggest buyer and seller of natural gas and electricity, was one of Wall Street's high flyers last year, when its stock posted a gain of 87 percent.
The stock's ascent was driven by enthusiasm for the company's plans to build a broadband telecommunications business and the success of its EnronOnline Internet energy trading platform.
This year Enron's shares have fallen 69 percent as sentiment toward broadband and the Internet soured, Skilling resigned after only six months as CEO, and the company's Dabhol power plant project in India became mired in a payments dispute.
Moody's Investors Service said earlier this week that it had placed all of Enron's long-term debt obligations on review for a possible downgrade after Enron took $1.01 billion in write-downs and charges that substantially reduced valuations for several non-core businesses, including broadband and water services.
Some of Enron's financing arrangements require the company to maintain investment grade credit ratings.
Analysts said Enron's credibility has been severely damaged and the recent reports about the LJM2 partnership had raised concerns that more unpleasant surprises may lie ahead.
"What don't we know that went on at that company? Where's the credibility?" asked one frustrated analyst. "We don't know if it's limited to this," he said.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Corp. Cut to `Hold' at A.G. Edwards
2001-10-19 16:27 (New York)
Princeton, New Jersey, Oct. 19 (Bloomberg Data) -- Enron Corp. (ENE US)
was downgraded to ``hold'' from ``buy'' by analyst Michael C Heim at A.G.
Edwards & Sons Inc.
BANDWIDTH BEAT: Enron Broadband Unit Takes A Beating
By Michael Rieke
10/19/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column
HOUSTON -(Dow Jones)- Early last year, Enron Corp.'s (ENE) hype and skyrocketing share price enticed a number of other energy companies into the telecommunications business.
Now investors are wondering whether Enron is leading the charge out of telecom.
The company announced Oct. 16 that its broadband unit lost $80 million before interest and taxes in the third quarter on revenue of $4 million. In the third quarter of last year, the unit lost $20 million on revenue of $162 million.
Enron also recorded a $180 million non-recurring charge for restructuring its broadband unit in the third quarter of this year. That amount included severance costs for cutting 400-500 jobs, loss on sale of inventory and the reduced value of Enron's content services.
At an analysts meeting Oct. 16, Enron Chairman and Chief Executive Ken Lay said the broadband business is "not that robust" right now. Industry revenue is low and there's substantial overcapacity in the bandwidth market, "more than even we anticipated," Lay said.
The company still has a problem finding creditworthy counterparties for bandwidth trading. Consolidation in the telecom sector has also eliminated potential trading partners.
"A year ago it looked like an excellent business to get into," he said. "Others thought so, too."
Looking back, Enron could have gotten into the broadband business with less capital, Lay said. It spent "too much too soon."
An Ominous Comparison
He compared Enron's move into telecom with its move into the water business with its Azurix unit. That comparison probably won't be good news to those who still have broadband jobs at Enron.
Azurix caused Enron to take a bigger writedown - $287 million - than broadband in the third quarter. The water business has been a bigger and longer-lasting headache than broadband.
Maybe Enron's surviving broadband employees will feel better knowing that Lay told analysts the company is exploring alternatives to preserve its play in telecom at a reasonable price so it will be ready when the business recovers.
It's trying to reduce general and administrative costs in broadband to $40 million a quarter and is on track to reach that goal next year, he said. It could cut those costs even more in order to sustain the business.
Meanwhile, the company is trying to determine which parts of the telecom business it wants to be in, he said.
Enron President and Chief Operating Officer Greg Whalley told analysts the company needs to determine how much network and hardware it needs.
At one time, they had thought that they wanted to use physical network assets as a springboard, Whalley said. Now they "wouldn't want to forever be in the network business."
Both executives mentioned the possibility of joint ventures in telecom. Lay said other companies are asking Enron to do them. Whalley said the company has talked about exchanging fiber and other assets.
The one part of the telecom business Enron still seems committed to is broadband intermediation. "Intermediation" is a term the company uses in most of its commodity businesses, said an Enron spokeswoman. It's a combination of trading and deal origination - wholesale and enterprise customers.
More Bad News Expected
Rebecca Followill, a research analyst for Howard, Weil, Labouisse, Friedrichs Inc., she had expected a larger writedown in broadband for the third quarter.
"If you look at how much the stocks of their peers in broadband have fallen, you've got to figure that their assets' values have fallen similarly," Followill told Bandwidth Beat. "I was expecting more like an 80% writedown in broadband."
Another analyst, who didn't want to be identified, said he also expects more broadband writedowns from Enron. "To the extent that they can take more writedowns, I think it would make eminently good sense to do it."
He predicted "a $200 million haircut" in the first quarter of next year because of a goodwill valuation issue.
And that might not be the end of it. Enron had a net of $948 million of broadband property, plant and equipment at the end of last year, he said. They had another $600 million of risk management asset receivables, inventories and working capital items.
Followill doesn't see much future in broadband for Enron.
"I think the business will shrink to the point where it won't be shown as a key sector in their reporting," she said.
Enron might keep a small broadband group in case the market rebounds, she said. Her investor clients don't expect broadband to contribute to Enron's earnings within the next three years.
She thinks Enron is looking for an exit strategy.
The other analyst said Enron is trying to preserve some value in broadband. "It doesn't look like there's any right now, to be honest," he said. "They'll carry the trading operation to some degree."
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Chief: Bandwidth Growth Won't Wait For Trading
By Erwin Seba
Of DOW JONES NEWSWIRES
10/19/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Dynegy Inc. (DYN) Chairman and Chief Executive Chuck Watson understands why some think he is mistaken in believing the bandwidth sector has reached its bottom and is recovering.
But those critics don't understand his bandwidth business, Watson told Dow Jones Newswires in an exclusive interview. They don't understand how the business world has changed since the Sept. 11 terrorist attacks, he said.
In announcing third-quarter results for Dynegy Monday, Watson said the bottom in bandwidth demand was reached on Sept. 11 and that the market would begin recovery in the fourth quarter of this year.
Businesses are reassessing where to store data and how to distribute operations to avoid losing everything in a sudden catastrophic event, be it of natural or human origin. That's what's driving the recovery, he said.
Also, businesses will avoid travel, he said, relying instead on video conferencing.
Enron Corp. (ENE) Chairman Kenneth Lay said Tuesday that he hasn't seen any signs of recovery in telecom. The bandwidth market is suffering, in part, because there are few creditworthy companies to trade with, he said.
"They're trying to find trading partners for broadband," Watson said. "That's going to be tough to do." Dynegy isn't concentrating on bandwidth trading because there isn't "a realistic model" for it yet, he said. "I said two years ago it was at least two years away. I still think it's probably at least two years away, before we actually call it a trading commodity."
The metro-area infrastructure that Dynegy and other companies are building will create connections between networks, which are needed in order to trade bandwidth as a commodity, Watson said.
It's unfortunate that Enron's model for bandwidth as a traded commodity is the dominant image for the entire market, Watson said. Dynegy's model includes telecom contracts, negotiated directly with customers for long-term supply of bandwidth.
Dynegy's bandwidth trading desk is staffed by four people. For the past several months, they have been buying bandwidth for Dynegy's customers. The goal has been to build a customer base. "We're looking at being an intermediary, and really looking at the same customers that we feed energy today."
Since Dynegy lit its 16,000 route-mile network two weeks ago, the trading desk has been trying to fill the company's network instead of buying bandwidth from others. "I'm trying to find enterprises that have communication requirements," Watson said.
He pointed to ChevronTexaco Corp. (CHX) as a target for those services. "They have offices that never talked to each before," he said. "Now they've got to talk to each other. I would say that the credit quality of Chevron and Texaco is pretty reasonable."
ChevronTexaco owns about 26% of Dynegy, said a Dynegy spokesman. Dynegy and ChevronTexaco already have a large energy trading relationship which includes natural gas and gas liquids.
The average burn rate of Dynegy Global Communications, the corporation's telecommunications unit, is $20 million to $25 million a quarter, Watson said. In the third quarter, it lost $15 million, down from $20 million in the second quarter.
Dynegy predicts that Global Communications will break even or record a small loss before interest and taxes in the fourth quarter.
"If we can get to (income of) $10 million per month - that's what we need really," he said. "If we can get there by the end of next year, I'll be very happy. I think by '03, this market will have righted itself."
Watson believes telecommunications has the potential to transform Dynegy.
"Dynegy is an energy company," he said. "Our energy merchant company is doing very well and business is growing like a weed...(Telecommunications) is not our core business by any stretch right now. But I'd love to be able to tell you it's going to be. I'd love to be able to tell you it is someday."
-By Erwin Seba, Dow Jones Newswires; 713-547-9214; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
UK: Jobs in base metals down but definitely not out.
By Amanda Cooper
10/19/2001
Reuters English News Service
(C) Reuters Limited 2001.
LONDON, Oct 18 (Reuters) - Dismal industrial demand and the fickleness of hedge funds seduced by more volatile markets have slashed London Metal Exchange members' profits over the past year and set off a gathering wave of job cuts.
The decline and fall of base metal prices in the past year and a half has prompted a series of high-profile companies to withdraw from the market, casting a pall over next week's yearly LME Week industry gathering in London.
Jobs have gone from front office to back in trading houses and banks, raising questions about the prospects for those now seeking work.
"Good people can always be placed. As long as there is a job to fill and the company has a budget to hire," Sarah Gilley of London-based recruitment group Exchange Consulting said.
"Where the situation starts to get difficult is where everyone is cutting budgets, people are not being replaced when they leave and there have been an awful lot of redundancies."
Last week, ScotiaMocatta, a subsidiary of the Bank of Nova Scotia and a key ring dealing member, unveiled its decision to give up open outcry trading on the LME floor, prompting around 25 job losses among traders, phone jockeys and clerks.
Then blue-blooded banker N.M. Rothschild & Sons closed its London and New York base metals units. It left its core precious metals business intact, but 20 base metals staff were laid off in the process.
In the same week, the LME's largest floor trader, Enron Metals, said it planned to cut 10 to 20 percent of its metals staff as part of an exercise to cut 250 to 500 jobs in the Enron Group .
SECURITY
With three big market players and several major banks with commodities divisions slashing jobs at the same time, competition in the labour market will intensify and those in work are becoming wary about job security.
"What we're finding at the moment is that there is still demand for traders with a track record, which is possibly increasing because people are nervous about their jobs and so they're keen to stay put," Gilley said.
"So whereas someone who might be a big money-spinner with a track record would have previously stayed in their job for two to three years, they are now staying for three to five years.
"They probably feel that they're reasonably safe where they are, they're well recognised and not going to stick their necks out," she said.
BONUS FEARS
October has never traditionally been a strong month for the the jobs market in base metals as players are often distracted by LME week functions and conferences
Also, traders tend to be looking towards their annual performance-linked bonuses, which are usually announced at the end of the year.
"Those who are in work at the moment are sticking. Often at this time of year, people are hanging on for their bonuses. But I don't think any of them are anticipating good bonuses. They're probably just happy to have a job," Sian Griffiths of Exchange Consulting said.
LME volumes traded have been fallen over the past 18 months as the powerful hedge funds that once took a shine to the metals swarmed into areas such as hi-tech and telecomms stocks.
Metals traders who handled the large volume of fund activity have begun to focus again on moree traditional clients, and this may yet prove a boon for the jobs market.
Companies are seeking to fill a shortage of staff schooled in the traditional practices of trading physical metal.
"A lot of companies who had sidelined the traditional physical business are now re-aligning their focus and need poeple who understand the physical market and know how to set up a hedge and manage it, " Gilley said.
"The other area where demand has markedly increased in comparison to a few years ago is marketing," she added.
As for morale in the industry, individuals' confidence in their future is seemingly undimmed.
"Just because I've lost my job doesn't mean I'm going to sell my Porsche," one trader said.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
New Power Hldg Sees Meeting 3Q Loss Estimate
10/19/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
PURCHASE, N.Y. -(Dow Jones)- New Power Holding Inc. (NPW) expects to meet its prior third quarter loss estimates; and said it has revised an agreement with Enron Corp. (ENE), lowering the collateral New Power must post under a master netting agreement.
In a press release Friday, New Power said the amendment to the Enron pact and cost-cutting efforts will allow the company to continue to conduct business until it secures ongoing asset-backed financing.
The company reiterated its earlier expectations of a third quarter loss of $65 million to $70 million, or $1.12 to $1.20 a share.
Analysts put the company's third quarter loss at $1.16 a share, according to Thomson Financial/First Call.
Third quarter revenue will be "slightly lower" than the $60 million to $65 million forecast in August, New Power said.
In the year-ago third quarter New Power lost $1.23 a share on revenue of $18.19 million.
The amendment to the master netting agreement with Enron North America Corp., Enron Energy Services Inc. and Enron Power Marketing Inc. affects the master cross-product netting, setoff, and security agreement, and expands through Jan. 4 the types of collateral that New Power is permitted to post to the Enron units.
Under the amended pact, the first $70 million of posted collateral must be in the form of cash, while amounts in excess of $70 million may consist of not more than $40 million of eligible receivables and inventory of New Power, valued at discounts specified in the amendment, and subject to a $25 million limit for October 2001.
Shares of New Power traded recently on the New York Stock Exchange at $1.67, up 1 cent, or 0.6%, on early composite volume of 7,900 shares. Average daily volume is 223,800 shares.
-Bill Platt; Dow Jones Newswires; 201-938-5400
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
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arnold-j/deleted_items/375.
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subject: Do you owe the IRS money?
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arnold-j/deleted_items/376.
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subject: GREAT SAVINGS FROM Spec's Wines, Spirits & Finer Foods!
content: <head>
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Hi JOHN,
<p align='left'>
<span class='boldwh'>Spec's Wines, Spirits & Finer Foods</span> and WineISIT.com have teamed up to offer you some great savings on your favorite wines and spirits.
<br><br>
We hope you enjoy these WineISIT.com specials.
<br><br>
5% discount is available for those not using credit cards. Use of debit cards
earns the 5% cash discount.
<p>
Both regular and cash discount prices are listed. Specials available at all
locations.
<p>
E-mail any questions or comments about these special offers to:<br><br>
<a href='mailto:[email protected]'><span class='whitelink'>[email protected]</span></a></p>
<!-- store info -->
Spec's largest and most famous location is at 2400 Smith St. on the south edge of
downtown. 16 other locations are around Houston.
<p>
Spec's is famous for providing customers more wine, liquor, beer and specialty foods and at lower prices than anyone in Texas.
<p>
Store Hours:<br>
All stores are open from<br>
10AM to 9PM Monday
through Saturday.
<p>
Charge Cards Honored:<br>
American Express, Mastercard, Visa, Discover cards.
<p>
To arrange delivery, call order department at 713-526-8787 OR TOLL FREE 888-526-8787
<p>
<b><i>Spec's, for the good stuff.<br></i></b>
<p>
<p>
Spec's is not responsible for mis-prints or typographical errors. All customers must be at least 21 years old.
<p>
<!-- store info -->
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<a href="http://www.wineisit.com/ad/2001October/Weekly/20011022/spec.html">
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<td height='10' align='left' valign='top' nowrap class='emailH'><span class='emailH'><u>Monthly Specials:</span></a></u></td>
<td colspan='2' align='right' valign='top' class='emailH'>October, 2001<br><font size='-2' face='verdana, tahoma, arial'>Valid 10/8 thru 11/3</font></td>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/turningleafcab.gif' alt='' border='0' width="125" height="79"></td>
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<p><SPAN class=text1>Turning Leaf Cabernet Sauvignon 750 ml.</span>
<p><SPAN class=text2>This wine expresses itself with dark plum and black currant flavors layered with spicy oak and a slight chocolate finish. The wine is full bodied with structured tannins providing balance and elegance for a pleasurable drinking experience.<br></P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$5.79</span> <span class='text2'>Regular Price: $6.09</span></td>
</tr>
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<td class='emailtextblack' colspan='3' vAlign=top>
<table cellpadding='0' cellspacing='0' border='0' align='left' width='125'><tr>
<td align='middle'><img src='http://www.wineisit.com/ad/graphics/torresella_pgrigio.gif' alt='' border='0' width="40" height="150"></td>
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<p><SPAN class=text1>Torresella 2000 Pinot Grigio 750ml.</span>
<p><SPAN class=text2>Aromas of fresh fruit, apple and melon; crisp and clean flavors; dry and beautifully balanced. An excellent complement to soups, antipasti, prosciutto, melon and light fish and pastas.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$6.49</span> <span class='text2'>Regular Price: $6.83</span></td>
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<td align='left' class='emailtextblack' colspan='4'><hr size='1' width='100%' color='green'></td>
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<td class='emailtextblack' colspan='3' vAlign=top>
<table cellpadding='0' cellspacing='0' border='0' align='left' width='125'><tr>
<td align='middle'><img src='http://www.wineisit.com/ad/graphics/Bella_pinot.jpg' alt='' border='0' width="120" height="138"></td>
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<p><SPAN class=text1>Bella Sera Pinot Grigio 1.5 L</span>
<p><SPAN class=text2>The new Bella Sera Pinot Grigio is clean, crisp and refreshing. Utilizing fruit from the Tre Venezie region and subtle winemaker influence, Bella Sera captures the essence of the Pinot Grigio varietal and is a wine that is "true to the grape". The 1999 Pinot Grigio has a clear, straw color and a pleasant nose with delicate aromas of apricot and tropical fruit. This wine is refreshing and crisp with a light to medium body that will allow it to pair well with dishes of all types. Particularly good pairings include grilled vegetables, light pasta dishes and seafood. The refreshing style of the wine makes it a must for hot summer months.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$7.99</span> <span class='text2'>Regular Price: $8.41</span></td>
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<td align='left' class='emailtextblack' colspan='4'><hr size='1' width='100%' color='green'></td>
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<td class='emailtextblack' colspan='3' vAlign=top>
<table cellpadding='0' cellspacing='0' border='0' align='left' width='125'><tr>
<td align='middle'><img src='http://www.wineisit.com/ad/graphics/Bella_merlot.jpg' alt='' border='0' width="120" height="137"></td>
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<p><SPAN class=text1>Bella Sera Merlot 1.5L</span>
<p><SPAN class=text2>The new Bella Sera Merlot clearly attests to the rising notoriety of Merlot in general, and Italian Merlot in particular, by offering a full flavored style without the more astringent tannins found in Cabernet Sauvignon. Ruby red in color, with aromas of currants and cherries, Bella Sera Merlot offers supple plum and blackberry flavors on the palate, and a ripe, rich finish. The vibrant fruit flavors and good acidity of this Merlot make it an excellent match with a wide range of foods, including tomato-based pasta dishes, grilled meats and poultry.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$7.99</span> <span class='text2'>Regular Price: $8.41</span></td>
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<td align='left' class='emailtextblack' colspan='4'><hr size='1' width='100%' color='green'></td>
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<td class='emailtextblack' colspan='3' vAlign=top>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/tosti_asti.gif' alt='' border='0' width="42" height="150"></td>
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<p><SPAN class=text1>Tosti Asti 750 ml.</span>
<p><SPAN class=text2>Tosti was founded in 1820 and is located in Canelli, Italy in the heart of the Asti region. Produced from the Moscato grape, it has a pale straw color with golden highlights. The sparkle is soft, lively with a delicate, aromatic nose and a trace of pear and fruit with a sweet flavor.<br><br>Enjoy Tosti Asti whenever you feel like enjoying a great glass of wine.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$7.69</span> <span class='text2'>Regular Price: $8.09</span></td>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/ecco_pgrigio.gif' alt='' border='0' width="83" height="150"></td>
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<p><SPAN class=text1>Ecco Domani Pinot Grigio<br>750 ml.</span>
<p><SPAN class=text2>This Pinot Grigio has a clear, straw color and a pleasant nose with delicate aromas of apricot and tropical fruit. The wine displays crisp subtle flavors with excellent balance and a snappy finish. With its harmonious flavors and crisp acidity, this wine is an excellent match with seafood, poultry, pasta and vegetarian dishes.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$7.88</span> <span class='text2'>Regular Price: $8.29</span></td>
</tr>
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<td align='left' class='emailtextblack' colspan='4'><hr size='1' width='100%' color='green'></td>
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<td class='emailtextblack' colspan='3' vAlign=top>
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<p><SPAN class=text1>Ecco Domani Merlot 750 ml.</span>
<p><SPAN class=text2>Ecco Domani Merlot displays a deep red color tinged with ruby-red reflections. Aromas of blueberry and blackberry are evident, with a hint of jam on the nose. This wine is well-balanced, soft and harmonic wine on the palate. Our Merlot is a perfect match for a wide range of foods, particularly tomato-based pasta dishes, poultry and grilled meats.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$7.99</span> <span class='text2'>Regular Price: $8.41</span></td>
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<p><SPAN class=text1>Lockwood 1998 Cabernet Sauvignon, Monterey 750 ml.</span>
<p><SPAN class=text2>All of the grapes used in this 1998 Cabernet Sauvignon came from Lockwood's San Lucas vineyard. Two percent Cabernet Franc and a touch of Merlot enhance its complexity. This is a powerful wine that beams with bright, jammy fruit and rich layers of cocoa, eucalyptus, and leather that will soften and grow more elegant over the next 5-7 years.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$9.99</span> <span class='text2'>Regular Price: $10.52</span></td>
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<td class='emailtextblack' colspan='3' vAlign=top>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/monthaven_cab.jpg' alt='' border='0' width="116" height="115"></td>
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<p><SPAN class=text1>Monthaven Coastal 1998 Cabernet Sauvignon <br>750 ml.</span>
<p><SPAN class=text2>Monthaven Coastal wines are produced using fruit grown along California's Central Coast. A region best known for its warm, sunny days, foggy evenings, and cool ocean breezes, the Central Coast's mild climate and longer growing season enhance the grapes' varietal characteristics and allow the rich, complex and decidedly distinctive flavors to show themselves in each and every bottle of Monthaven Coastal.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$8.99</span> <span class='text2'>Regular Price: $9.46</span></td>
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<td align='left' class='emailtextblack' colspan='4'><hr size='1' width='100%' color='green'></td>
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<tr>
<td class='emailtextblack' colspan='3' vAlign=top>
<table cellpadding='0' cellspacing='0' border='0' align='left' width='125'><tr>
<td align='middle'><img src='http://www.wineisit.com/ad/graphics/monthavenchard.jpg' alt='' border='0' width="108" height="108"></td>
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<p><SPAN class=text1>Monthaven Coastal 1998 Chardonnay 750 ml.</span>
<p><SPAN class=text2>Monthaven Coastal wines are produced using fruit grown along California's Central Coast. A region best known for its warm, sunny days, foggy evenings, and cool ocean breezes, the Central Coast's mild climate and longer growing season enhance the grapes' varietal characteristics and allow the rich, complex and decidedly distinctive flavors to show themselves in each and every bottle of Monthaven Coastal.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$8.99</span> <span class='text2'>Regular Price: $9.46</span></td>
</tr>
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<td align='left' class='emailtextblack' colspan='4'><hr size='1' width='100%' color='green'></td>
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<td class='emailtextblack' colspan='3' vAlign=top>
<table cellpadding='0' cellspacing='0' border='0' align='left' width='125'><tr>
<td align='middle'><img src='http://www.wineisit.com/ad/graphics/gallo_ej_caskcream.gif' alt='' border='0' width="55" height="150"></td>
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<p><SPAN class=text1>E & J Cask & Cream<br>Liqueur 34? 750 ml.</span>
<p><SPAN class=text2>"? a smooth, easy-to-drink cream liqueur made from blending E&J - and rich, imported cream to give it a uniquely delicious flavor. The brandy provides lingering delights of vanilla and butterscotch, which are enriched with velvety, Dutch cream."<br><br>Gregory Hill, Brandymaster</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$9.99</span> <span class='text2'>Regular Price: $10.52</span></td>
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<td align='left' class='emailtextblack' colspan='4'><hr size='1' width='100%' color='green'></td>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/moskovskaya.gif' alt='' border='0' width="39" height="150"></td>
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<p><SPAN class=text1>Moskovskaya Vodka<br>80? 1 L.</span>
<p><SPAN class=text2>From Moscow's famous Cristall Distillery, makers of Stolichnaya and known worldwide for exceptional quality, this is the top-selling vodka in Russia. Virtually identical to Stoli (except the label is green, not red) at a bargain price!</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$12.99</span> <span class='text2'>Regular Price: $13.67</span></td>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/bacardi8.gif' alt='' border='0' width="113" height="122"></td>
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<p><SPAN class=text1>Bacardi 8 Yr Rum 80?<br>750 ml.</span>
<p><SPAN class=text2>From its origins in Cuba in 1862, Bacardi has always been considered one of the world's finest rums. It has a slight hint of banana in the nose, with a warm, syrupy palate.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$16.99</span> <span class='text2'>Regular Price: $17.88</span></td>
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<td align='left' class='emailtextblack' colspan='4'><hr size='1' width='100%' color='green'></td>
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<td class='emailtextblack' colspan='3' vAlign=top>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/jagermeister.gif' alt='' border='0' width="89" height="150"></td>
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<p><SPAN class=text1>J?germeister 70? 750 ml.</span>
<p><SPAN class=text2>Named after Germany's patron saint of hunting, this unique herbal liqueur is made with 56 different spices for a pleasantly bitter taste. It's enjoyed cold (some bars feature it on tap with a chiller that keeps it at 4 degrees!) or in mixed drinks such as the German Chocolate Cake (1/2 oz. each Jagermeister and chocolate liqueur, with splashes of coconut rum and butterscotch schnapps).</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$16.99</span> <span class='text2'>Regular Price: $17.88</span></td>
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<td align='left' class='emailtextblack' colspan='4'><hr size='1' width='100%' color='green'></td>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/disaronno750.gif' alt='' border='0' width="78" height="150"></td>
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<p><SPAN class=text1>Amaretto Di Saronno 56?<br>750 ml.</span>
<p><SPAN class=text2>When Bernardino Luini painted a fresco of the Madonna in 1525, his model, a young inkeeper, fell in love with him and created this liqueur as a gift of her love. It's still made according to that original recipe, from the highest quality natural ingredients - alcohol, burnt sugar and the pure essence of 17 selected herbs and fruits soaked in apricot kernel oil. The sweet almond flavors have notes of honey, chocolate and orange. </P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$17.99</span> <span class='text2'>Regular Price: $18.94</span></td>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/remyvsop.gif' alt='' border='0' width="47" height="150"></td>
</tr></table>
<p><SPAN class=text1>Remy Martin VSOP Cognac 80? 750ml.</span>
<p><SPAN class=text2>The flagship of the brand. One bottle alone contains hundreds of blend components, ranging from four to 15 years in age. The brand itself is a Fine Champagne Cognac taken from the two best crus. It has a golden amber color (old pale), great smoothness and complexity; balanced and perfectly mature. </P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$27.99</span> <span class='text2'>Regular Price: $29.46</span></td>
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<td align='left' class='emailtextblack' colspan='4'><hr size='1' width='100%' color='green'></td>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/coveyrun_cabmerlot.gif' alt='' border='0' width="39" height="150"></td>
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<p><SPAN class=text1>Covey Run Cab-Merlot 750 ml.</span>
<p><SPAN class=text2>Founded in 1982, Covey Run has established itself as a leading producer of outstanding varietal wines from Washington state's fertile Yakima Valley. Year after year, wine lovers and critics continue to recognize the unmatched quality and value found in Covey Run wines, honoring them with growing popularity and acclaim.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$6.99</span> <span class='text2'>Regular Price: $7.36</span></td>
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<td align='left' class='emailtextblack' colspan='4'><hr size='1' width='100%' color='green'></td>
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<td class='emailtextblack' colspan='3' vAlign=top>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/zabaco.gif' alt='' border='0' width="120" height="193"></td>
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<p><SPAN class=text1>Rancho Zabaco 1998 Sonoma Heritage Vines Zinfandel<br>750 ml.</span>
<p><SPAN class=text2>One of the outstanding brands being produced at the Gallo of Sonoma winery, created to showcase the bold, intense varietals of the best Sonoma areas. They're best known for their Zinfandels, and this one captures the essence of the grape's character-lush berry fruit flavors and moderate tannins. It's great for everyday drinking.</P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$8.99</span> <span class='text2'>Regular Price: $9.46</span></td>
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<td align='middle'><img src='http://www.wineisit.com/ad/graphics/skyy_vermeer.gif' alt='' border='0' width="60" height="150"></td>
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<p><SPAN class=text1>Vermeer Dutch Chocolate Cream 34? 750 ml.</span>
<p><SPAN class=text2>Winner of the GOLD MEDAL for taste and the BEST OF SHOW Award from the American Tasting Institute. VERMEER is a superior tasting liqueur made from real Dutch chocolate, premium vodka, and fresh dairy cream. This holiday season, treat your friends and family to VERMEER Dutch Chocolate Cream. Enjoy it straight up or on the rocks. </P></span>
</td></tr><tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price: <span class='specialred'>$18.49</span> <span class='text2'>Regular Price: $19.46</span></td>
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<td colspan='2' bgcolor='#01683F' class='emailtextsm'>WineISIT.com Member E-mail is a special service for WineISIT.com members. If you wish to unsubscribe to this E-mail, simply click <a href='http://www.wineisit.com/ad/response_form.html'><span class='emailtextsm'><u>here</u></span></a> and update your preferences on our E-mail preferences page. We'll remove you from our member E-mail list as quickly as possible.
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arnold-j/deleted_items/377.
|
subject: EnronOnline- Change to Autohedge
content: Effective Monday, October 22, 2001 the following changes will be made to the Autohedge functionality on EnronOnline.
The volume on the hedge will now respect the minimum volume and volume increment settings on the parent product. See rules below:
? If the transaction volume on the child is less than half of the parent's minimum volume no hedge will occur.
? If the transaction volume on the child is more than half the parent's minimum volume but less than half the volume increment on the parent, the hedge will volume will be the parent's minimum volume.
? For all other volumes, the same rounding rules will apply based on the volume increment on the parent product.
Please see example below:
Parent's Settings:
Minimum: 5000
Increment: 1000
Volume on Autohedge transaction Volume Hedged
1 - 2499 0
2500 - 5499 5000
5500 - 6499 6000
| ||
arnold-j/deleted_items/378.
|
subject: Expense Reports Awaiting Your Approval
content: The following reports have been waiting for your approval for more than 4 days. Please review.
Owner: Henry H Quigley
Report Name: Quigley 100301
Days In Mgr. Queue: 18
Owner: Andrew A Zipper
Report Name: Zipper 101501
Days In Mgr. Queue: 6
| ||
arnold-j/deleted_items/379.
|
subject: All-Employee Meeting
content: I want to remind you about our All-Employee Meeting this Tuesday, Oct. 23, at 10 a.m. Houston time at the Hyatt Regency. We obviously have a lot to talk about. Last week we reported third quarter earnings. We have also been the subject of media reports discussing transactions with LJM, a related party previously managed by our chief financial officer. Today, we announced that we received a request for information from the Securities and Exchange Commission regarding related party transactions.
I know you will have a number of questions about these issues and events, which I will address. As usual, I will be as candid as I can. I will do my best to provide answers and talk about where we go from here. I encourage each of you to attend or tune in tomorrow.
|
All Enron Worldwide@ENRON <??SAll Enron Worldwide@ENRON>
|
|
arnold-j/deleted_items/38.
|
subject: resend-(01-333) Trading Hours Through November 2
content: NOTICE # 01-333
October 4, 2001
TO: All Exchange Members
All Exchange Member Firms
FROM: J. Robert Collins, Jr., President
RE: Trading Hours Through November 2
The New York Mercantile Exchange, Inc., today announced that it will abide
by the following trading hours, beginning Monday, October 8, through
Friday,
November 2:
OPEN OUTCRY SESSIONS
COMEX Division futures and options contracts:
Contract Time
Copper 9:00 AM to 1:00 PM
Aluminum 9:05 AM to 1:05 PM
Gold 9:05 AM to 1:05 PM
Silver 9:10 AM to 1:10 PM
Eurotop 100
and 300
futures 8:45 AM to 11:00 AM
NYMEX Division futures and options contracts:
Contract Time
Palladium Futures 8:40 AM to 1:00 PM
Platinum 8:45 AM to 1:05 PM
Propane Futures 9:20 AM to 1:10 PM
Natural Gas 10:00 AM to
2:30 PM
Brent Crude Oil 9:45 AM to 2:30 PM
Light, Sweet Crude Oil 10:00 AM to 2:30 PM
Heating Oil 10:05 AM to
2:30 PM
Unleaded Gasoline 10:05 AM to
2:30 PM
Crack Spread Options 10:05 AM to
2:30 PM
Brent/WTI Spread Options 10:00 AM to 2:30 PM
Coal Futures 10:30 AM to
2:00 PM
NYMEX ACCESS
TRADING
Internet-based NYMEX ACCESS
will be available from 7:00 PM Sunday night
and
3:15 PM Monday through Thursday until 8:00 AM for the next morning for
metals futures and 9:00 AM the next morning for all energy futures
contracts
other than propane. Propane will be traded on the system from 5:00 PM to
7:00 PM Monday through Thursday.
There will be a 20-minute pre-opening session for orders to be entered
immediately prior to each evening session.
FUTURE _PLANS
The Exchange anticipates resuming regular trading hours beginning on
Monday,
November 5. Please stay posted for further information.
| ||
arnold-j/deleted_items/380.
|
subject: RE:
content: That would be great.
| ||
arnold-j/deleted_items/381.
|
subject:
content: DENVER -3
ARIZ +2.5
MINN +3.5
PHILI +9 UNDER 41.5 TEASE
ALL 150
| ||
arnold-j/deleted_items/382.
|
subject:
content: early games 150
indi -10.5
carolina -3.5
chicago +1
tb -4.5
detroit/tenn under 39
| ||
arnold-j/deleted_items/383.
|
subject: Nat Gas market analysis for 10-22-01
content: Attached please find the Natural Gas market analysis for today.
Thanks,
Bob McKinney
- 10-22-01 Nat Gas.doc
| ||
arnold-j/deleted_items/384.
|
subject: All-Employee Meeting
content: The All-Employee Meeting will be held Tuesday, Oct. 23, at 10 a.m. Houston time at the Hyatt Regency Houston Imperial Ballroom.
As one of the enhanced security measures we have recently employed, we will be checking employee badges at the entrance to the ballroom. All employees will be required to present a valid Enron badge with a photo. If you do not currently have a photo on your badge, please go to the badge office on the third floor of the Enron Building and have your photo added to your badge. We also suggest allowing a bit more time in getting to the Hyatt and we request your patience, as these security measures may create some backup at the entrance to the ballroom.
Accessing the Meeting via Streaming Audio/Video
If you are a Houston-based employee and can't attend the meeting, or if you are located in London, Calgary, Toronto, Omaha, New York or Portland (ENA), you can access the live event at <http://home.enron/employeemeeting>. Enron Europe employees will receive a follow-up message from their Public Relations team concerning online access to the meeting.
Video Teleconferencing
The meeting will be made available by video teleconference to employees in Sao Paulo, Buenos Aires, Dubai, Rio de Janeiro, Bothell, Wash., Denver, San Ramon, Calif., and Chicago. If your location would like to participate by video teleconference, please contact Yvonne Francois at (713) 345-8725.
|
All Enron Worldwide@ENRON <??SAll Enron Worldwide@ENRON>
|
|
arnold-j/deleted_items/385.
|
subject: NEWS Deadline
content: If your team would like to contribute to this week's newsletter, please submit your BUSINESS HIGHLIGHT OR NEWS by noon Wednesday, October 24.
Thank you!
Kathie Grabstald
x 3-9610
| ||
arnold-j/deleted_items/386.
|
subject: RE:
content: I almost bet all the underdog - wouldn't been 11-1. Instead bet mostly favorites. Yadda Yadda
-----Original Message-----
From: Arnold, John
Sent: Monday, October 22, 2001 7:12 AM
To: Lavorato, John
Subject: RE:
3-5
-----Original Message-----
From: Lavorato, John
Sent: Sunday, October 21, 2001 2:30 PM
To: Arnold, John
Subject:
DENVER -3
ARIZ +2.5
MINN +3.5
PHILI +9 UNDER 41.5 TEASE
ALL 150
| ||
arnold-j/deleted_items/387.
|
subject: CFTC Commitment of Traders Data - Natural Gas
content: Attached please find this weeks summary of the most recent CFTC Commitment of Traders data for Natural Gas.
Thanks,
Mark
- CFTC-NG-10-22-01.doc
| ||
arnold-j/deleted_items/388.
|
subject: Cash fo r leaving ENE
content: calculate your london package
http://home.enron.co.uk/vr/vr_calculator.xls
| ||
arnold-j/deleted_items/389.
|
subject: resend - ALL daily charts and matrices as hot links 10/22
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude24.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas24.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil24.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded24.pdf
Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG24.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG24.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL24.pdf
Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606
| ||
arnold-j/deleted_items/39.
|
subject: Solar Migration - DATE CHANGE - VERY IMPORTANT
content: The migration of UNIX home directories and applications (Solar) scheduled for this weekend has been moved to the weekend of October 13 and 14, 2001.
Further information as to times and problem escalation procedures will be posted early next week.
Bob Ambrocik
Enterprise Storage Team
EB 3429F
x5-4577
[email protected]
| ||
arnold-j/deleted_items/390.
|
subject: Credit Watch List--Week of 10/22/01
content: Attached is a revised Credit Watch listing for the week of 10/22/01. Please note that US Steel Corporation was placed on "Call Credit" this week.
If there are any personnel in your group that were not included in this distribution, please insure that they receive a copy of this report.
To add additional people to this distribution, or if this report has been sent to you in error, please contact Veronica Espinoza at x6-6002.
For other questions, please contact Jason R. Williams at x5-3923, Veronica Espinoza at x6-6002 or Darren Vanek at x3-1436.
| ||
arnold-j/deleted_items/392.
|
subject: daily charts and matrices as hot links 10/22
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude24.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas24.pdf
Distillate and Unleaded charts to follow.
Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG24.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG24.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL24.pdf
Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606
| ||
arnold-j/deleted_items/393.
|
subject: FW: Apology
content: -----Original Message-----
From: Brawner, Sandra F.
Sent: Monday, October 22, 2001 12:38 PM
To: Herndon, Rogers; Schwieger, Jim; Martin, Thomas A.; Arnold, John
Cc: Brawner, Sandra F.
Subject: Apology
Where do I begin? I guess I could start with several excuses or reasons to justify my behavior on Friday, but the truth is there aren't any. I only am left with total humiliation and embarrassment for my actions, words, and behavior. Please accept my sincere apology.
Sandra
| ||
arnold-j/deleted_items/394.
|
subject: Apology
content: Where do I begin? I guess I could start with several excuses or reasons to justify my behavior on Friday, but the truth is there aren't any. I only am left with total humiliation and embarrassment for my actions, words, and behavior. Please accept my sincere apology.
Sandra
| ||
arnold-j/deleted_items/395.
|
subject: (01-349) Unleaded Gasoline, Heating Oi, and Natural Gas Options E
content: PLEASE NOTE SPECIAL HOURS
Notice No. 01-349
October 22, 2001
TO: All NYMEX Members/Member Firms
All NYMEX Clearing Members
All NYMEX Floor Traders
All NYMEX Operations Managers
FROM: George Henderson, Vice President
RE: Options Expiration Operational Procedures for the Trading
Floor and Clearing Members - Revised Hours
________________________________________________________________
The expiration date for the November 2001 options contract for Unleaded
Gasoline (GOX1), Heating Oil (OHX1) and Natural Gas (ONX1) is Friday,
October 26, 2001.
GENERAL OPERATIONAL PROCEDURES
All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized
representative present at their normal work station promptly at 4:40 p.m.
until released by the Exchange staff as specified below. All adjustments
and/or corrections, must be accompanied by relevant supporting
documentation
prior to being incorporated into expiration processing, in essence making
the expiration processing an extension of the afternoon trade resolution
procedures. All input to the NYMEX Clearing Department will conclude no
later than 30 minutes after floor representatives are released.
Exchange Clearing (299-2110), Floor Trade Processing (299-2068 and
299-2169)
personnel, as well as a representative of the Floor Committee will be
available to assist with the processing of notices of Exercise and
Abandonment, position transfers, trade corrections and other questions or
problems you may have.
CLEARING DEPARTMENT OPERATIONAL PROCEDURES
The Option Expiration process is a screen based process for which all
information is provided on the screens on C21 terminals. No Option
Expiration Reports will be provided. The following screens will assist you
through the Option Expiration process:
MEMBER TRADE INQUIRY
Contains real-time top day trade information, trade information for the
previous 4 business days and trade=s adjusted for the previous 4 business
days by adjustment date.
SINGLE POSITION MAINTENANCE
Contains a real-time snapshot for each option series from the start of day
position to the projected end of day position.
REVIEW ACCEPT REJECT TRANSFERS
Contains all trade and position transfers TO your firm and the status of
each transfer.
REVIEW SUBMITTED TRANSFERS
Contains all trade and position transfer FROM your firm and the status of
each transfer.
EXERCISE NOTICE SUBMISSION
Contains your available long position and an input field to enter the
number
of long positions you wish to exercise.
DO NOT EXERCISE SUBMISSION
Contains your available long position and an input field to enter the
number
of long positions you wish to abandon.
POSITION CHANGE SUBMISSION
PCS may be submitted either by manual input or by electronic transmission.
Any PCS input on a Clearing 21 terminal will be the input processed by the
system. This input may be made at any time prior to 5:55 p.m. Any PCS
input via transmission for that contract series will be disregarded.
ALL POSITIONS ARE DEEMED FINAL
Upon completion of all PCS input, all positions will be deemed final.
EXERCISE/ASSIGNMENT INFORMATION
Will be available to you on the Single Position Maintenance window by
contract series or the Assignment List window which contains all your
Assignments on one window. You will be notified of its availability by C21
E-Mail and by Fast Facts. This should occur within 1 hour of the last PCS
input.
All Clearing Members are required to have an authorized representative(s)
at
their C21 workstations in preparation for any communication during the
expiration process.
FAST FACTS
Clearing Members should call the Fast Facts information service 301-4871,
access code 700 for event messages advising Members of the event status.
E-MAIL
Clearing Members should read their C21 E-Mail messages immediately to be
aware of event status.
The standard event Fast Facts and/or E-Mail messages and the sequence in
which they will be announced are:
STANDARD EVENT APPROXIMATE TIME USUAL FAST
FACTS(F)
MESSAGES OF MESSAGE EVENT TIME
E-MAIL (E)
AVAILABILITY
BOTH (B)
Announce Out-of-the 4:45PM 4:45PM F
Money Exercise and In-the-Money
Do Not Exercise Submissions
Announce Final Input to C21 5:40PM 5:55PM E
Cutoff Time
All positions are deemed final 6:30PM 5:55PM F
Announce Exercise/Assignment 7:15PM 7:15PM B
Information Available on the Single
Position Maintenance Windows
All Report Distribution is 11:30PM 11:30PM F
completed
The times appearing in the Usual Event Time column are based on normal
operational conditions and could vary.
If you have any questions concerning these procedures, please contact
Anthony Di Benedetto at 299-2152 or John Ramos at 299-2142 prior to the
expiration date.
<<EXPFORMSPEC.XLS>>
(See attached file: EXPFORMSPEC.XLS)
- EXPFORMSPEC.XLS
| ||
arnold-j/deleted_items/396.
|
subject: ene
content: I just bought ENE at 20.20. I think its called "opportunity".
| ||
arnold-j/deleted_items/397.
|
subject: Enron Mentions
content: Stocks Close Higher As Investors Cheer Earnings News
Dow Jones Business News- 10/22/01
Enron Faces Holder Suit From Fincl Chief Pacts
Dow Jones News Service- 10/22/01
Shapiro Haber & Urmy Files Class Action on Behalf of Purchasers of Enron Corporation Stock (NYSE: ENE) in The Period From July 13, 2001 Through October 16, 2001
PR Newswire- 10/22/01
Enron Board Approved Partnerships Run by Chief Financial Officer
PR Newswire- 10/22/01
USA: UPDATE 3-SEC looks into Enron deals, stock slides 20 pct.
Reuters English News Service- 10/22/01
Enron shares plunge 20 percent after acknowledging SEC inquiry
Associated Press Newswires- 10/22/01
STOCKWATCH Enron lower after SEC questions transactions; AG Edwards downgrades
AFX News- 10/22/01
Enron Corp. Information requested by SEC.
Regulatory News Service- 10/22/01
Enron Shares Slide as SEC Seeks Information on Deals With CFO's Partnership
Dow Jones Business News- 10/22/01
Enron Says SEC Asks About Related-Party Transactions (Update8)
Bloomberg- 10/22/01
UniPrime Signs Letter of Intent for Wind Energy Park Project
Business Wire- 10/22/01
Stocks Close Higher As Investors Cheer Earnings News
By Peter Edmonston
10/22/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
The Wall Street Journal Online
Stocks rallied sharply Monday despite the widening anthrax scare, as a batch of better-than-expected quarterly earnings reports cheered investors.
The Dow Jones Industrial Average gained 172.92, or 1.9%, to close at 9377.03 after gaining 40.89 points Friday. The Nasdaq Composite Index rose 36.75, or 2.2%, to 1708.06 after climbing 18.59 points in the previous session.
Other major stock indexes gained ground Monday. The Standard & Poor's 500-stock index added 16.42 to 1089.90, the New York Stock Exchange Composite Index rose 7.13 to 561.45, and the Russell 2000 Index gained 4.80 to 430.50.
Bonds were mixed and the dollar strengthened.
The stock market's gains were tempered briefly by news that a postal worker in Washington, D.C., was diagnosed with anthrax contracted by inhalation. Additionally, two other postal workers in Washington have died and their deaths are being investigated to determine if they died of that same ailment.
But stocks took the anthrax reports in stride, suggesting a new and surprising level of confidence among market participants, some analysts said Monday. "The market is really shrugging off this news," said Mark Donahoe, a managing director at U.S. Bancorp Piper Jaffray.
Upbeat earnings news from American Express, released Monday afternoon, seemed to give stocks an additional lift.
Investors may be shifting their focus away from concerns about anthrax exposure and U.S. military maneuvers in Afghanistan to take a closer look at quarterly earnings results, said Steven Kroll Sr., managing director at Monness, Crepsi & Hardt.
The uncertainty on the global front "looks like it is going to be a long, drawn-out affair," Mr. Kroll said. "I think stocks will revert back to being earnings-driven."
Although dismal by ordinary standards, last week's flood of quarterly earnings reports got a reasonably upbeat reception from investors, who seem to have approached them with extremely low expectations. "The markets acted pretty well last week in light of some very ugly earnings," said Mr. Donahoe of U.S. Bancorp. That resilience might be giving hope to investors this week, he added.
Still, investors will be carefully sifting through quarterly results in the coming week to get a fix on how the fourth quarter is shaping up, Mr. Kroll argued.
Third-quarter earnings showed several pockets of strength on Monday, with big companies such as Minnesota Mining and Manufacturing and U.S. Steel posting results that met or topped analysts' estimates.
The Dow industrials got an additional boost shortly after 2 p.m. EDT when index component American Express reported earnings that, excluding certain items, beat Wall Street previously lowered estimates.
The financial-services concern posted net income of $298 million, or 22 cents a share, down 60% from $737 million, or 54 cents a share, a year earlier. Excluding charges related to a corporate restructuring and the September 11 attacks, American Express said it would have earned $595 million, or 45 cents a share, for the latest quarter. Analysts had been expecting earnings of 30 cents a share, according to Thomson Financial/First Call.
Shares of American Express surged after the quarterly earnings release, closing up 3.4% at $30.32.
Chip stocks helped lead the Nasdaq composite higher, with the Philadelphia semiconductor index gaining 5.4%. The rally seemed to be a continuation of Friday's gains in the sector, sparked by positive earnings news from KLA-Tencor.
U.S. Steel, the nation's No. 1 steelmaker, said it swung to a third-quarter loss from a profit a year earlier, hurt by oversupply and a weak economy. But excluding charges related to the closure of one mill and damage at another, U.S. Steel said its loss was much narrower than what was forecast by analysts surveyed by Thomson Financial/First Call. Shares of U.S. Steel rose 9.7% to $14.74.
Investors also sent 3M shares nearly 5% higher after the maker of chemical and adhesive products squeaked by Wall Street estimates, despite a 21% decline in net income. And oil producers Conoco and USX-Marathon Group handily beat analysts' forecasts.
But not all the earnings news was cheery. Local phone company SBC Communications recorded net income that was slightly below estimates. Shares of SBC, a component of the Dow industrials, fell 5.1% to $41.40.
Meanwhile, the outlook for corporate profits in the fourth quarter seems discouraging, some analysts noted. On Monday, 3M guided Wall Stret's earnings expectations lower for the upcoming quarter, and a top executive at U.S. Steel told analysts that the company's fourth quarter would be "difficult."
Companies "are meeting third quarter expectations, but they are talking down the fourth quarter," said Mr. Kroll of Monness Crespi & Hardt. He said that some of the rise in Monday's markets might be a carryover from Friday's buying activity related to the expiration of U.S. stock option and index option contracts, an event known as "double witching."
One of the hardest-hit stocks on Monday was Enron, an energy concern that said that the Securities and Exchange Commission was seeking information about certain complex transactions it undertook with a limited partnership organized by its chief financial officer. Shares of Enron plunged 21% to $20.65.
Overseas, stocks closed higher. London's Financial Times-Stock Exchange 100-Share Index gained 1.1%, while Frankfurt's Xetra DAX index rose 2%. Earlier in the day, Japan's Nikkei 225 average closed with a gain of 0.3%, but Hong Kong's Hang Seng Index ended 0.3% lower.
In economic news, the Conference Board reported that its index of leading indicators for the month fell 0.5% in September, matching the estimates of economists surveyed by Thomson Global Markets. The index -- a composite of measurements aimed at forecasting likely changes in the economy -- included some data gathered after the Sept. 11 attacks.
The decline, which was the index's largest one-month drop since January 1996, confirmed that the widespread weakness in the U.S. economy is deepening, the Conference Board said. Falling stock prices and rising initial unemployment claims were two of the index components that contributed most negatively to the September reading.
In August, the leading-indicators index slipped 0.1%, less than the previous estimate of a 0.3% decline. Even so, the back-to-back declines paint a bleak economic picture, said Conference Board economist Ken Goldstein.
The two-month decline in the index suggests that the already-weak economy is likely to remain weak into next year, Mr. Goldstein said. The overall reading from these numbers indicates that manufacturing and services are experiencing a significant slowdown.
In major U.S. market action:
Stocks rose. On the Big Board, where 1.09 billion shares were traded, 1,813 stocks rose and 1,291 fell. On the Nasdaq, 1.49 billion shares changed hands.
Bonds were mixed. The 10-year Treasury note rose less than 1/16 point Monday, or 62.5 cents for each $1,000 invested. The yield, which moves inversely to its price, fell to 4.618%. The 30-year bond fell 1/16 point to yield 5.364%.
The dollar rose. The dollar bought 122.56 yen, compared with 121.20 yen late Friday. The euro traded at 89.18 U.S. cents, down from 89.84 cents late Friday.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Faces Holder Suit From Fincl Chief Pacts
10/22/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- A shareholder of Enron Corp. (ENE) filed a derivative suit in Texas court alleging that Enron's board breached their fiduciary duties to the company by allowing Chief Financial Officer Andrew Fastow to create and run certain limited partnerships.
In a press release Monday, a law firm representing the unnamed shareholder said that Enron's board lost over $35 million by allowing Fastow to run these partnerships, which engaged in transactions with Enron and presented a conflict of interest.
The suit alleges that the limited partnerships bought Enron assets, permitting Fastow to use his inside knowledge of the company's financial condition to earn millions of dollars.
On Oct. 16, Enron announced that it will take a $35 million charge relating to the limited partnerships and revealed that the company had to repurchase 55 million of its shares in order to unwind its involvement in the partnerships, thereby reducing the company's shareholder equity by $1.2 billion.
On Monday, Enron said the Securities and Exchange Commission recently requested additional information regarding the limited partnerships.
On Oct. 19, The Wall Street Journal reported that Fastow, and possibly a handful of partnership associates, realized more than $7 million last year in management fees and about $4 million in capital increases on an investment of nearly $3 million in the partnership, which was set up in Dec. 1999 principally to do business with Enron.
Fastow has been finance chief of Enron since 1997 and has been with the firm 11 years, which included extensive work setting up and managing company investments.
Enron's New York Stock Exchange listed shares fell to a 52-week low on Monday following news that the SEC requested additional information.
A spokeswoman from Enron said the company has not seen the lawsuit and it does not comment on pending litigation.
-Thomas Gryta; Dow Jones Newswires; 201-938-5400
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Shapiro Haber & Urmy Files Class Action on Behalf of Purchasers of Enron Corporation Stock (NYSE: ENE) in The Period From July 13, 2001 Through October 16, 2001
10/22/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
BOSTON, Oct. 22 /PRNewswire/ -- The law firm of Shapiro Haber & Urmy LLP has filed a class action suit alleging securities fraud in the United States District Court for the Southern District of Texas (Houston Division), 515 Rusk Ave., Houston, Texas 77002, against Enron Corporation ("Enron") (NYSE: ENE) and certain of its officers and directors.
The case was filed on behalf of all purchasers of the common stock of Enron during the period from July 13, 2001 through October 16, 2001, inclusive (the "Class Period").
The complaint alleges that the defendants violated section 10(b) of the Securities Exchange Act of 1934 ("the Exchange Act"), and Rule 10b-5 promulgated thereunder, and that defendants' wrongful conduct artificially inflated the price of Enron common stock during the Class Period. The complaint charges that the defendants misrepresented and concealed material facts concerning the Company's financial transactions with two partnerships established by Enron's Chief Financial Officer, which resulted in substantial losses to Enron and a reduction in shareholders' equity of over $1 billion. The price of Enron's common stock plummeted over 20% in just three trading days following disclosure of the financial losses resulting from Enron's dealings with these partnerships.
Plaintiff seeks to recover damages suffered by class members and is represented by the law firm of Shapiro Haber & Urmy LLP, which has successfully prosecuted numerous securities class actions on behalf of defrauded investors. More information about the firm and its qualifications is available on the firm's website at www.shulaw.com.
If you are a member of the class described above, you may wish to join the action. You may move the court to serve as a lead plaintiff no later than December 21, 2001.
If you would like a copy of the complaint, would like to discuss joining this action as a lead plaintiff, or would like to inform us that you are a member of the proposed class, please contact Thomas G. Shapiro, Esq. or Liz Hutton, paralegal, Shapiro Haber & Urmy LLP, 75 State Street, Boston, MA 02109, (800) 287-8119, fax at (617) 439-0134, or e-mail at [email protected].
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X66791593
/CONTACT: Thomas G. Shapiro, Esq. or Liz Hutton, paralegal, Shapiro Haber & Urmy LLP, +1-800-287-8119, [email protected]/ 16:54 EDT
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Board Approved Partnerships Run by Chief Financial Officer
10/22/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
NEW YORK, Oct. 22 /PRNewswire/ -- An Enron (NYSE: ENE) shareholder has filed a derivative suit in Texas state court which charges that Enron's board of directors breached their fiduciary duties to the Company by allowing its CFO, Andrew Fastow to create and run certain limited partnerships. The Enron board lost the Company over $35 million by allowing Fastow to run these partnerships, which engaged in transactions with Enron and presented a clear conflict of interest for the Enron CFO.
In addition to other transactions, the limited partnerships bought Enron assets, permitting Fastow to use his inside knowledge of the Company's financial condition to earn millions of dollars for himself and the limited partnerships. On October 16, 2001 the Company announced that it would take a $35 million charge relating to the limited partnerships. It was also revealed that the Company had to repurchase 55 million of its shares in order to unwind its involvement in the partnerships, thereby reducing the Company's shareholder equity by $1.2 billion.
On October 22, 2001, the Company announced that the SEC recently requested additional information regarding these limited partnerships.
If you would like additional information regarding this lawsuit, you may contact Murielle Steven Walsh at Pomerantz Haudek Block Grossman & Gross LLP, New York, New York, 888-476-6529 ((888) 4-POMLAW) or [email protected].
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X60348122
/CONTACT: Murielle Steven Walsh, Esq. of Pomerantz Haudek Block Grossman & Gross LLP, +1-888-476-6529 (+1-888-4-POMLAW), [email protected]/ 15:41 EDT
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 3-SEC looks into Enron deals, stock slides 20 pct.
By David Howard Sinkman
10/22/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 22 (Reuters) - Shares of Enron Corp. slumped more than 20 percent on Monday after it said U.S. regulators are looking into company transactions, another blow to a company whose chief executive resigned in August.
A spokesman for North America's biggest buyer and seller of natural gas and electricity declined to discuss an inquiry by the U.S. Securities Exchange Commission, but said it was cooperating. The SEC also declined to outline details of its inquiry.
Investor confidence in the company has been rocked by reports from The Wall Street Journal about its relationship with two limited partnerships that were run until recently by Enron's chief financial officer, Andrew Fastow. The company also reported last week its first quarterly loss in more than four years, and took $1.01 billion in charges and writedowns on ill-fated investments.
Problems at Enron surfaced two months ago when CEO Jeff Skilling resigned after only six months at the helm.
Enron shares declined $5.49, or 21 percent, to $20.56 in Monday afternoon trade on the New York Stock Exchange, shaving off almost $4.2 billion of its market capitalization. The stock, the biggest decliner by percentage loss on the NYSE, fell as much as 22.8 percent on Monday, when it opened at its lowest level since September 1998.
Shares declined 23 percent last week after the Journal ran its first story about the limited partnerships on Wednesday.
Enron declined to comment on whether the SEC's inquiry into "certain related party transactions" involved the partnerships.
"Related party transactions" is the heading used by Enron in its 1999 and 2000 annual reports to discuss dealings with its limited partnerships, LJM Cayman LP and the larger LJM2 Co-Investment LP, which engaged in complex hedging transactions involving company assets worth hundreds of millions of dollars.
Fastow severed his ties to the partnerships in June. LJM was set up in June 1999 for energy-related investments, and LJM2 in December 1999 for energy-and communication-related investments.
The Journal reported $35 million of its third-quarter loss of $638 million were connected with the limited partnerships
Curt Launer, an analyst at Credit Suisse First Boston, said investors should question Enron's use of real value accounting when the value of certain assets, "most notably in telecommunications," have declined precipitously.
"Investors have had several opportunities to question Enron's credibility and at each of those turns the share price has declined," Launer said.
Some analysts, though, cautioned against assuming fire when there might only be smoke.
"This is an inquiry, not an investigation, and I cannot imagine Enron's attorneys or accountants would allow it do to something illegal," said Merrill Lynch analyst Donato Eassey.
"It's easy for the market to kick a company when its down, but these challenges do not last for a solid company, and we think Enron is one."
Shares in the company are down 75 percent this year.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron shares plunge 20 percent after acknowledging SEC inquiry
10/22/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - Shares of Enron Corp. plunged more than 20 percent Monday after the energy trading giant said the Securities and Exchange Commission had sought information company's transactions with limited partnerships, which were managed by an Enron senior officer.
In a statement, Enron said it had provided the regulatory agency with information in response to an inquiry last week.
"We welcome this request," Enron chairman and chief executive officer Kenneth L. Lay said in a statement Monday. "We will cooperate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest."
Investors were upset by the news, however, sending shares of Enron down dlrs 5.30 to dlrs 20.75 in heavy trading on the New York Stock Exchange.
The transactions took place in 1999 and 2000, according to Houston-based Enron's 2000 annual report. They resulted in a dlrs 16 million pre-tax gain to Enron in 1999 and a dlrs 36 million loss in 2000.
Enron officials declined to provide details about the transactions or name the limited partnerships, instead referring questions to a section of the annual report on related party transactions.
"Enron entered into transactions with (limited partnerships) to hedge certain merchant investments and other assets," according to the section in the annual report.
Enron spokesman Mark Palmer said the SEC first contacted Enron last week and described the request is an "informal inquiry."
"This is not an investigation," he said. "We see the request as an opportunity to put this issue behind us."
SEC spokesman John Heine said he could not comment on the filings. "We can't confirm or deny that type of activity," Heine said.
The electricity marketer and natural gas provider says both internal and external auditors and attorneys reviewed the related party arrangements, the company's board was fully informed of and approved the arrangements, and they were disclosed in the company's SEC filings.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron lower after SEC questions transactions; AG Edwards downgrades
10/22/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were down sharply in late morning trade, after the Securities and Exchange Commission requested the company to provide information on certain related-party transactions, prompting AG Edwards to downgrade the stock to 'hold' from 'buy', dealers said.
At 11.10 am, Enron was down 4.29 usd, or 16.47 pct, at 21.76. The DJIA was up 57.57 points at 9,261.68, and the S&P 500 composite index was up 5.57 points at 1,079.05.
In a statement this morning, Enron confirmed that the SEC had requested documents, and said it would "cooperate fully" with the commission.
However, the company did not give any details of the transactions concerned or of the reasons behind the SEC's request.
According to AG Edwards analyst Mike Heim, Enron "significantly reduced" its equity to unroll a partnership arrangement with a partially-owned subsidiary formerly run by Enron's chief financial officer.
"This arrangement, which was not discussed in past SEC filings, has led to a growing distrust of the company by the financial community.
"In our opinion, the market is most likely overreacting to the news being disseminated over the last few days.
"However, we can give no assurances that all the problems at Enron have been fully disclosed," Heim said.
In its statement this morning, Enron said although its internal and external auditors and attorneys have reviewed the related-party arrangements, adding that the Board was "fully informed of and approved these arrangements", which were disclosed in the company's SEC filings.
"We believe everything that needed to be considered and done in connection with these transactions was considered and done," said chief executive Kenneth Lay.
ng/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Corp. Information requested by SEC.
10/22/2001
Regulatory News Service
(C) 2001
INTNTH 22 October 2001
ENRON ANNOUNCES SEC REQUEST, PLEDGES COOPERATION
HOUSTON - Enron Corp. (NYSE: ENE) announced today that the Securities and Exchange Commission has requested that Enron voluntarily provide information regarding certain related party transactions.
"We welcome this request," said Kenneth L. Lay, Enron chairman and CEO. "We will cooperate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest. In the meantime, we will continue to focus on our core businesses and on serving our customers around the world."
Enron noted that its internal and external auditors and attorneys reviewed the related party arrangements, the Board was fully informed of and approved these arrangements, and they were disclosed in the company's SEC filings. "We believe everything that needed to be considered and done in connection with these transactions was considered and done," Lay said.
Enron is one of the world's leading energy, commodities and services companies. The company markets electricity and natural gas, delivers energy and other physical commodities, and provides financial and risk management services to customers around the world. Enron's Internet address is www.enron.com. The stock is traded under the ticker symbol "ENE."
END
'MSCEAFEAALXFFFE.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Shares Slide as SEC Seeks Information on Deals With CFO's Partnership
10/22/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -- Shares of Enron Corp. slumped Monday after the energy-trading concern said the Securities and Exchange Commission has asked for information about "certain related party transactions," including those between Enron and a limited partnership organized by its chief financial officer.
Enron promised to cooperate fully with the SEC request and said in a prepared statement that it "welcomes" the request and looks forward to put "any concern about these transactions to rest."
In 4 p.m. EDT trading on the New York Stock Exchange, Enron (ENE) shares fell $5.40, or 21%, to $20.65.
Last week The Wall Street Journal reported that a limited partnership organized by Andrew Fastow, Enron's chief financial officer, made millions in profits in transactions with the firm. The story cited information reported in an internal partnership document.
Enron also said last week it will repurchase up to 55 million shares that it had issued as part of transactions with LJM2 CO-Investment LP, the limited partnership created by Mr. Fastow.
In addition, Enron took a $1.01 billion charge in the third quarter, mostly connected with write-downs of bad investments, producing a loss of $618 million, or 84 cents a share. Excluding charges, income was $393 million, or 43 cents a share, in the quarter.
The charge covers a wide range of items including costs related to the limited partnerships that were, until recently, by Mr. Fastow.
The company said the costs connected with the partnerships total $35 million and involve the early termination of "certain structured finance arrangements."
The partnerships were set up two years ago, and while the company maintains that they are perfectly proper, some have suggested that it is a conflict of interest for Enron's chief financial officer to be involved in a partnership that was looking to purchase Enron assets, the Journal reported.
The energy company said its auditors reviewed the arrangements and its board was fully informed and approved the deals, which were disclosed in SEC filings.
"We believe everything that needed to be considered and done in connection with these transactions was considered and done," Enron Chairman and Chief Executive Kenneth Lay said on Monday.
Separately, an Enron shareholder filed a derivative lawsuit in Texas court alleging Enron's board breached its fiduciary duties to the company by allowing Mr. Fastow to create and run certain limited partnerships.
A law firm representing the unnamed shareholder said in a prepared statement that Enron's board lost over $35 million by allowing Mr. Fastow to run these partnerships, which engaged in transactions with Enron and presented a conflict of interest.
The suit alleges that the limited partnerships bought Enron assets, permitting Mr. Fastow to use his inside knowledge of the company's financial condition to earn millions of dollars.
-- Bill Platt of Dow Jones Newswires contributed to this report.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Says SEC Asks About Related-Party Transactions (Update8)
2001-10-22 17:10 (New York)
Enron Says SEC Asks About Related-Party Transactions (Update8)
(Adds in sixth paragraph that analyst estimates dissolving
affiliated companies would cost $3 billion.)
Houston, Oct. 22 (Bloomberg) -- Enron Corp.'s shares fell 21
percent after the Houston-based company said the Securities and
Exchange Commission requested information on partnerships run by
Chief Financial Officer Andrew Fastow and other executives.
Enron, the largest energy trader, created partnerships and
other affiliated companies to buy and sell assets such as power
plants to lower the debt on its books. An investor sued Enron's
board Wednesday, saying two partnerships cost the company $35
million and Fastow's leadership of them was a conflict of
interest.
Investors today said they were concerned that Enron may be
forced to dismantle the affiliated companies by paying off the
owners in cash or stock. Chief Executive Ken Lay said last week he
may be have to ``unravel'' agreements that created the companies
if Enron's debt ratings fall too far.
``We need confidence their long-term credit rating won't go
below investment grade,'' said Roger Hamilton, an analyst at John
Hancock's value funds, which own 600,000 Enron shares.
Enron reduced shareholders' equity by $1.2 billion when it
repurchased 55 million shares of two such partnerships controlled
by Fastow, LJM Cayman and LMJ2 Co-Investment, the Wall Journal
reported last week.
Dismantling more of the affiliated companies and partnerships
would cost Enron or its shareholders as much as $3 billion, Ray
Niles, a Salomon Smith Barney analyst, wrote in a report to
investors today.
Enron shares fell $5.40 to $20.65. They touched $19.67 during
the day's trading, the lowest level since Jan. 15, 1998.
Shares Plunge
The stock has fallen 75 percent this year amid concerns about
failed investments in trading of space on fiber-optic
communications networks and a water company, and the resignation
of Jeff Skilling as CEO in August after seven months on the job.
While Skilling said he resigned for personal reasons,
investors say his departure led them to question whether the
company was concealing problems, including possible liabilities
from affiliated companies.
On Tuesday, Enron surprised many investors when it reported a
$618 million third-quarter loss, the result of writing off $1.01
billion in failed investments.
Moody's Investors Service placed the company's debt on watch
for possible downgrade. The company's debt is rated at investment
grade by Fitch, Standard & Poor's and Moody's.
The company received a faxed request for information from the
SEC on Wednesday asking for information, spokesman Mark Palmer
said, and will respond ``as soon as possible.''
``We will cooperate fully with the SEC and look forward to
the opportunity to put any concern about these transactions to
rest,'' Lay, who is also Enron's chairman, said in a statement.
Dilution Fears
Enron has formed at least 18 companies to serve as financing
vehicles for its projects, based on filings with the Texas
secretary of state. Fastow and other Enron executives are named as
the controlling partners or the board members in the companies.
Some have bought Enron assets such as power plants, removing
the debt for those projects from Enron's books. That allows Enron
to keep cash earned from the main trading business from supporting
what it views as secondary businesses, Standard & Poor's debt
analyst Todd Shipman said.
Enron brokers trades of electricity, natural gas and other
commodities as well as owns power plants and natural-gas
pipelines.
Dismantling the affiliates would be costly. Whitewing
Management, an affiliated company that has bought 14 Enron power
plants and lists Fastow as managing director, holds 250,000
preferred shares of Enron.
Enron may have to convert the preferred shares to common
stock if share prices fall below a certain level and the credit
rating drops below investment grade, according to company filings.
That would dilute the value of common shareholders' investment.
``The concern is how many of these dilutive structures are
out there?'' Shipman said. ``Investors are worried they might have
to share their Enron earnings with a lot more people than they
originally thought.''
Worrisome Financing
Enron's auditors and attorneys reviewed the company's
``related party arrangements,'' the board approved them, and they
were disclosed in SEC filings, Enron said in its statement.
That hasn't eased concerns. The reduction of shareholder
equity by $1.2 billion from the LJM partnerships is reason to
worry about Enron's other financing vehicles, wrote Niles, the
Salomon analyst. Enron also may take another $2.4 billion in
losses from investments in the Dabhol power plant in India and
projects in South America, he wrote.
Enron's 8 percent coupon bonds due in 2005 fell $34 per
$1,000 face value to be offered at $1,022 today from $1,056 on
Friday, traders said. Yield on the debt rose to 7.33 percent from
6.33 percent.
Based on Bloomberg composite ratings, most of Enron's long-
term debt is rated at BBB2 and BBB1, two or three levels above
investment grade.
Fastow continues to work, and Enron hasn't punished him,
Palmer said. Fastow declined to be interviewed, spokeswoman Karen
Denne said. SEC spokesman John Heine declined to comment on the
agency's request to Enron.
``We believe everything that needed to be considered and done
in connection with these transactions was considered and done,''
Lay said in the statement.
UniPrime Signs Letter of Intent for Wind Energy Park Project
10/22/2001
Business Wire
(Copyright (c) 2001, Business Wire)
APACHE JUNCTION, Ariz.--(BUSINESS WIRE)--Oct. 22, 2001--UniPrime Capital Corporation Inc. (NQB:UPRC) announced today that it has signed a Letter of Intent (LOI) with Jessel Enterprises Inc. of Los Angeles for a partial interest in a wind park ground lease.
This ground lease, owned by Enron Wind Development Corp., a subsidiary of Enron Corp. (NYSE:ENE), represents in excess of 3,000 acres of prime natural land in the Tehachapi Valley, possessing an extremely high-quality wind source. The output at this particular location is rated at approximately 64 megawatts, and can service roughly 40,000 residential customers. Revenue generation from the Jessel Enterprises wind park is estimated to be $96 million per year.
UniPrime Capital Corporation president and CEO Randy Russo stated, "We are very pleased to have this opportunity to assist in providing a clean, environmentally favored alternative power supply to California consumers, especially in view of the recent crisis condition that many west coast markets have been experiencing."
Additional information about this particular wind park project, and the industry in general, can be found at the American Wind Energy Association's website at http://www.awea.org. UniPrime Capital Corporation is a publicly traded investment holding company trading under the symbol UPRC.
Statements contained in this document that are not historical in nature are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause future results to differ materially from those set forth in such forward-looking statements. UniPrime Capital Corporation undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof. Such risks and uncertainties with respect to UniPrime Capital Corporation include, but are not limited to, its ability to successfully implement internal performance goals, performance issues with suppliers, regulatory issues, competition, the effect of weather, exposure to environmental issues and liabilities, variations in material costs and general and specific economic conditions.
| ||
arnold-j/deleted_items/398.
|
subject: TRV Notification: (NG - Price P/L - 10/22/2001)
content: The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=10/22/2001>, published as of 10/22/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/399.
|
subject: eProcurement Shopping Cart Approval Required
content: You are receiving this message because an eProcurement purchase request
requires your action. You are identified as an Approver based on the
reporting structure of your organization and monetary approval limits.
Please review, and approve or reject the items in your eProcurement
Inbox by logging into eProcurement at
http://spr5wb02.enron.com/scripts/wgate/bbpstart/!?%7Elanguage=en
Tip: User ID & Password are your PID & Password (same as
your eHRonline and Payables logon information). Your initial
Password is Enron1 or your birth date YYYYMMDD.
Access quick reference cards and step-by-step documentation from
http://isc.enron.com/site/doclibrary/user/default.asp
Access online, interactive eProcurement courses from
http://iscedcenter.enron.com
For help, call ISC Customer Care at 713-345-4727
|
undisclosed-recipients:;@ENRON <??Sundisclosed-recipients:;@ENRON>
|
|
arnold-j/deleted_items/4.
|
subject: ELM Course Offering
content: Good morning,
ENW Global Messaging would like to apologize for the previous version of the mailing. Below is the intended version.
Signature Service: The Key To Customer Satisfaction ( Wilson Learning)
Come join us and learn more about what it means to provide Excellent Service!
(2 Classes have been scheduled with 20 slots available for each date.)
October 18-19; November 1-2
in EB 560 Cost: $740.00
8:00 a.m.-5:00 p.m. (1st day)
8:00 am - 12 noon (2nd day)
Topics Covered Include:
Discovering the Opportunities in Customer Satisfaction
Managing Myself
Opening the Interaction
Determining Needs and Expectations
Managing the Interaction
Satisfying Customers in Comfortable & Indecisive Conditions
Satisfying Customers in the Insistent & Irate Conditions
Please log onto http://elm.enron.com to sign up for the class of your choice. The class is listed under "By Invitation" Category. If you have problems registering or have any questions, please call 713-853-0357.
|
All Enron Houston Special@ENRON <??SAll Enron Houston Special@ENRON>
|
|
arnold-j/deleted_items/40.
|
subject: IntercontinentalExchange Index Swaps
content: Today, IntercontinentalExchange launched financial swaps settling against o=
ur Power and Natural Gas indices. Two new products, NG Fin Sw Swap, FP for=
ICE and Fin Swap-Peak, FP for ICE are now listed for the Henry Hub in Natu=
ral Gas and for Cinergy and PJM-West in Power. Please include these new ma=
rkets in your portfolios.
=
=
=
=
=
=
=
=
=
=
=
=
=
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arnold-j/deleted_items/400.
|
subject: We've dropped prices! Come see.
content: [IMAGE] =09
[IMAGE] [IMAGE] [IMAGE] Dear John, Save even more on computer acc=
essories and electronics at buy.com. We've lowered prices, not standards, =
on many of our top selling items! Take advantage of great rebate offers, to=
o!As always, we thank you for choosing buy.com. Robert R. Price President, =
buy.com [IMAGE] [IMAGE] [IMAGE] Microsoft Windows XP Pro Upgra=
de with FREE SHIPPING $199.00 [IMAGE]more info Free Shipping! [IMAGE] =
Windows XP Home Upgrade with FREE SHIPPING $99.00 [IMAGE]more info Free S=
hipping! [IMAGE] [IMAGE] [IMAGE] [IMAGE] Franklin Electronics=
eBookMan EBM-911 $211.95 [IMAGE]more info BEFORE $50 REBATE OFFER! [=
IMAGE] Canon CanoScan D660U $117.95 [IMAGE]more info SAVE $11.05 [=
IMAGE] Iomega 100MB Zip ATAPI Drive $74.99 [IMAGE]more info [IMAGE]=
Sony 12x/8x/32x External FireWire CD-RW $215.95 [IMAGE]more info REBA=
TE OFFER! [IMAGE] Roxio Easy CD Creator $73.99 ($43.99 after $30 re=
bate) [IMAGE]more info $30 REBATE w/ purchase of Windows XP! [IMAGE] S=
ony KV-36FV26 36" FD Trinitron=20
WEGA? Television $1,599.95 [IMAGE]more info SAVE 24% [IMAGE] Son=
y DVP-NS400D DVD/CD Player $199.95 [IMAGE]more info SAVE 14% [IMAGE=
] Sony 12-Device Universal Remote with LCD Touch Screen $149.99 [IMAGE]=
more info SAVE 17% [IMAGE] In addition to computer and software =
products, buy.com also offers top-of-the-line electronics , best-selling bo=
oks , videos , music and much more. [IMAGE] - I would like to unsubscrib=
e to this eMail - I would like to visit buy.com now - I would like to vie=
w my account - I would like to contact customer support All prices an=
d product availability subject to change without notice. Unless noted, pric=
es do not include shipping and applicable sales taxes. Product quantities =
limited. List price refers to manufacturer's suggested retail price and m=
ay be different than actual selling prices in your area. Please visit us a=
t buy.com or the links above for more information including latest pricing,=
availability, and restrictions on each offer. "buy.com" and "The Internet=
Superstore" are trademarks of BUY.COM Inc. ? BUY.COM Inc. 2001. All right=
s reserved. =09
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| ||
arnold-j/deleted_items/401.
|
subject: TRV Notification: (NG - PROPT P/L - 10/22/2001)
content: The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=10/22/2001>, published as of 10/22/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/402.
|
subject: Corporate RE Online
content: Currently there is a greater emphasis being placed on programs and projects that lower a company's cost structure; eliminate low value or non-strategic work; accelerate the extraction of capital from assets for redeployment in the business; use of vendors for value add work in which their fees are attached to performance; and the like.
Originally posted to cbb.com in March 2001, "A Sampling of Trends in the Corporate Services Industry" holds more truth now than ever before. John Dues and Clive Mendelow of Binswanger/CBB's Advisory Group discuss current trends in real estate that corporations should be considering right now. Click here to read the full article: http://www.cbb.com/CorporateREOnline
| ||
arnold-j/deleted_items/403.
|
subject: Re:
content: I think it went well. I am in Florida today and Argentina until Thursday so I will have Richter give you an update. GP
Greg Piper
| ||
arnold-j/deleted_items/404.
|
subject: RE:
content: John-
Have you had the chance to speak to Louise about individuals trading on EOL?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, October 17, 2001 4:41 PM
To: Vanek, Darren
Subject:
Darren:
I think Dutch Quigley spoke to you about an individual who is trying to get set up with EOL for his personal account. The person is Tony Annunziata from the Smith Barney AAA fund. He meets the suitability tests as far as net worth and knowledgable investor. He is also willing to post via LC or wire. I gave him your number. I would appreciate if you could expedite his credit application.
Thanks,
John
| ||
arnold-j/deleted_items/405.
|
subject: FW: Final Schedule - Thursday, October 18, 2001 - Marc Findsen
content: Fyi
Thanks,
Johnny
-----Original Message-----
From: South, Chad
Sent: Friday, October 19, 2001 8:29 AM
To: Delgado, Lydia; Palmer, Johnny
Subject: RE: Final Schedule - Thursday, October 18, 2001 - Marc Findsen
Let me know if you have any questions.
Chad
-----Original Message-----
From: Delgado, Lydia
Sent: Wednesday, October 17, 2001 11:02 AM
To: Shankman, Jeffrey A.; Arnold, John; Friedman, Douglas S.; South, Chad; O'Neal, Timothy; White, Bill
Cc: Palmer, Johnny; Weatherford, April; Taylor, Helen Marie
Subject: Final Schedule - Thursday, October 18, 2001 - Marc Findsen
Importance: High
Attached please find the following documents:
<< File: Marc Findsen - Interview Schedule.doc >> << File: Evaluation Form - Johnny Palmer.xls >> << File: Marc Findsen - resume.doc >>
Thank you,
Lydia Delgado
x3-9338
| ||
arnold-j/deleted_items/406.
|
subject: Enron Mentions
content: Enron CFO's Partnership Had Millions in Profit
The Wall Street Journal, 10/19/01
Enron CFO Profited From Partnerships With Company, WSJ Reports
Bloomberg, 10/19/01
The New Power Company Revises Its Netting Agreement With Enron; Provides Fo=
r Receivables and Inventory Financing
Business Wire, 10/19/01
The Five Dumbest Things on Wall Street This Week
TheStreet.com, 10/19/01
K Street's Top 10: The Shifting Lineup
National Journal, 10/20/01
Houston entrepreneurs added to Texas Business Hall of Fame
Houston Chronicle, 10/20/01
Recession, Budget Cuts, Travel Fears To Subdue LME Week
Dow Jones Commodities Service, 10/19/01
HC to hear DPC's plea
The Times of India, 10/19/01
Enron CFO's Partnership Had Millions in Profit
By Rebecca Smith and John R. Emshwiller
Staff Reporters of The Wall Street Journal
10/19/2001
The Wall Street Journal
C1
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A limited partnership organized by Enron Corp.'s chief financial officer, A=
ndrew S. Fastow, realized millions of dollars in profits in transactions it=
did with Enron, according to an internal partnership document.=20
The partnership, in some instances, benefited from renegotiating the terms =
of existing deals with the Houston energy company in ways that improved the=
partnership's financial positions or reduced its risk of losses.
Mr. Fastow, and possibly a handful of partnership associates, realized more=
than $7 million last year in management fees and about $4 million in capit=
al increases on an investment of nearly $3 million in the partnership, whic=
h was set up in December 1999 principally to do business with Enron.=20
The profits from the deals were disclosed in a financial report to investor=
s in the partnership, LJM2 Co-Investment LP, that was signed by Mr. Fastow =
as the general partner and dated April 30. In one case, the report indicate=
s the partnership was able to improve profits by terminating a transaction =
early.=20
The LJM2 arrangement has become controversial for Enron, as shareholders an=
d analysts have raised questions about whether it posed a conflict by putti=
ng the company's chief financial officer, who has a fiduciary duty to Enron=
shareholders, in a position of reaping financial rewards for representing =
LJM2 investors in business deals with Enron. Investors in LJM2 include Wach=
ovia Corp., General Electric Co.'s General Electric Capital Corp. and Credi=
t Suisse Group's Credit Suisse First Boston.=20
Attention has focused on Mr. Fastow's partnership activities at a tumultuou=
s time for Enron, which over the past decade grew enormously by becoming th=
e nation's biggest energy-trading company.=20
This year, though, it has been hit by a string of troubles, from soured bus=
iness initiatives to executive departures. On Tuesday, Enron announced a $6=
18 million third-quarter loss, because of a $1.01 billion write-off on inve=
stments in broadband telecommunications, retail energy services and Azurix =
Corp., a water company. A small chunk of that write-off, about $35 million,=
was attributed to ending certain LJM2-related transactions. That terminati=
on also produced a $1.2 billion reduction in Enron shareholder equity as th=
e company decided to repurchase 55 million shares that had been part of LJM=
2 deals.=20
At 4 p.m. in New York Stock Exchange composite trading, Enron was down 9.9%=
, or $3.20, to $29 a share. Within the past year, the stock had topped $80 =
a share.=20
Enron officials didn't have any comment about the LJM2 partnership document=
. Enron has consistently said its dealings with LJM2 have been proper. They=
said the LJM2 deals, like ones done with other parties, were aimed at help=
ing hedge against fluctuating market values of its assets and adding source=
s of capital.=20
Mr. Fastow has declined several requests for an interview about LJM2. In la=
te July, he formally severed his ties with LJM2, as a result of what Enron =
officials said was growing unease by Wall Street analysts and major shareho=
lders. Mr. Fastow has been finance chief of Enron since 1997 and has been w=
ith the firm 11 years, which included extensive work setting up and managin=
g company investments.=20
Michael Kopper, a former Enron executive who an Enron spokesman said is now=
helping to operate LJM2, declined to comment. He also wouldn't describe hi=
s relation to LJM2.=20
In his April 30 report, Mr. Fastow said the partnership, which raised $394 =
million, had invested in several Enron-related deals involving power plants=
and other assets as well as company stock. The document said LJM2 sought a=
29% internal rate of return. That was down from a 48% targeted rate of ret=
urn at the end of 2000, which the document said was due in part to a declin=
e in the value of LJM2's investment in New Power Co., an Enron-related ener=
gy retailer. In some transactions, LJM2 did much better than the 29% target=
, though this sometimes involved renegotiating individual deals.=20
In September 2000, the partnership invested $30 million in "Raptor III," wh=
ich involved writing put options committing LJM2 to buy Enron stock at a se=
t price for six months. Four months into this deal, LJM2 approached Enron t=
o settle the investment early, "causing LJM2 to receive its $30 million cap=
ital invested plus $10.5 million in profit," the report said. The renegotia=
tion was before a decline in Enron's stock price, which could have forced L=
JM2 to buy Enron shares at a loss of as much as $8 each, the document indic=
ated.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron CFO Profited From Partnerships With Company, WSJ Reports
2001-10-19 01:00 (New York)
Houston, Oct. 18 (Bloomberg) -- Enron Corp.'s Chief Financial
Officer Andrew Fastow realized profits through a limited
partnership that did business with Enron, the Wall Street Journal
reported, citing an internal partnership document.
LJM2 Co-Investment LP, of which Fastow is a general partner,
made millions of dollars on transactions with Enron, the paper
said. Fastow and possibly a handful of partnership associates made
$7 million last year in management fees and about $4 million in
capital increases on an investment of about $3 million in the
partnership, the paper said.
Enron shareholder Fred Greenberg filed a lawsuit yesterday,
alleging that Enron's board cost the company at least $35 million
by allowing Fastow to manage partnerships that bought Enron
assets. Enron reported $1.01 billion in third-quarter losses from
failed investments.
The Five Dumbest Things on Wall Street This Week
By K.C. Swanson <mailto:[email protected]>
Staff Reporter
TheStreet.com
10/19/2001 06:59 AM EDT
URL: <http://www.thestreet.com/markets/dumbest/10002661.html>
1. Bayer Fighting the Bears?
One beneficiary of the anthrax scare has been Bayer AG (BAYZY:OTC BB ADR - =
news - commentary) , the German chemical maker, which has seen its share pr=
ice gain 10.4% since the terrorist attacks. But investors bidding up the st=
ock might be getting ahead of themselves.=20
Bayer makes Cipro, a leading treatment for anthrax. But while the demand fo=
r Cipro is high, sales from the drug are only a small portion of the compan=
y's overall revenue, which totaled 30.9 billion euros last year (and, accor=
ding to analysts, will increase even more this year, due to its acquisition=
of Aventis CropScience, a crop protection and production company). To put =
the demand for Cipro in context, J.P. Morgan expects U.S. sales of the drug=
to be approximately 1.2 billion euros for 2001.=20
Even emergency purchases of Cipro probably won't add that much to Bayer's o=
verall revenues. The president has asked for $643 million for antibiotics t=
o combat bioterrorist attacks. While it's possible that sum will be increas=
ed, not all the money would be spent on Cipro.=20
Besides, it's not even clear that Bayer will remain the only producer of Ci=
pro. Though the company holds the patent for the drug, there's some pressur=
e in Congress for the government to purchase a generic version from other m=
anufacturers.=20
On another front, Bayer is currently battling a class-action lawsuit relate=
d to an anti-cholesterol drug implicated in a number of deaths. It was forc=
ed to withdraw the drug from the market.=20
Bayer may offer protection against anthrax, but that doesn't mean it's a re=
fuge for investors.=20
2. Losses at Twice the Price
You know things are bad for a company when its losses per share are double =
the price of the shares themselves. That's the case for i2 Technologies (IT=
WO:Nasdaq - news - commentary) , the supply-chain software maker. After mar=
ket close on Tuesday, the company posted losses under generally accepted ac=
counting principles that amounted to $5.5 billion, or $13.25 per share, for=
the latest quarter, including all charges.=20
In other words, i2's losses were more than twice the value of its share pri=
ce, which closed at $5.69 before the announcement.=20
Much of the huge writedown reflects amortized goodwill from the purchase of=
Aspect Development in March 2000.=20
To be fair, investors in companies that have made big acquisitions like i2 =
typically focus on pro forma earnings, which exclude charges and extraordin=
ary items. By that measure, i2's losses didn't look quite so bad: The compa=
ny met analysts' consensus expectations with a loss of $55.3 million, or 13=
cents per share.=20
Still, investors met i2's earnings with disapproval, knocking the stock dow=
n 25% the day after they were reported.=20
3. Microsoft's Bag of Tricks
In times like these, there's comfort in knowing business goes on as usual a=
t many U.S. companies. Just like the old days, Microsoft (MSFT:Nasdaq - new=
s - commentary) is in the hot seat for its sharklike behavior toward a comp=
etitor.=20
It stands accused of sending 3,000 fake cereal boxes emblazoned with the wo=
rds "Microsoft Server Crunch" to customers of rival server software maker N=
ovell. The boxes, according to Novell, contained "a number of false and mis=
leading statements" intended as putdowns of Novell products.=20
Among the attempted insults were some not-so-clever plays on packaged food.=
For example, in a reference to Novell's flagship software product, a line =
on the Microsoft boxes read: "What's the expiration date on that NetWare pl=
atform?" (A round of applause, please, for those gut-splittingly funny engi=
neers.)=20
The boxes also said Novell is shifting its focus from software to consultin=
g services, which Novell says isn't true.=20
Microsoft spokesman Jim Desler said the cereal boxes were primarily intende=
d to advertise Microsoft services, not to slight Novell. "It was all in the=
theme of a mock cereal box," he said. "It was a modest campaign."=20
In response to Novell's complaints, he says Microsoft sent out a letter in =
September to recipients of the boxes to clarify some of its statements, and=
it's just agreed to send another letter to appease the company. For the re=
cord, Novell said it's not calling off its lawsuit for unspecified money da=
mages.=20
4. AMD's Feisty Pledge
CEOs don't get their jobs by being eloquent, and it probably would be too m=
uch to expect them to sound statesmanlike. But sometimes their oratorical r=
ough edges cross the line into embarrassing.=20
Case in point: Comments from Jerry Sanders, the CEO of Advanced Micro Devic=
es (AMD:NYSE - news - commentary) , which earlier this week reported a loss=
for the first time in almost three years. The company, facing harsh pricin=
g competition from Intel (INTC:Nasdaq - news - commentary) , said its reven=
ue was down 22% from a year ago and it expects a likely operating loss for =
the fourth quarter.=20
Given recent declines in consumer confidence, the downturn is likely to be =
extended by several quarters, Sanders admitted. But in a conference call, h=
e indulged in some spirited fist-shaking. Citing the company's so-called "H=
ammer" architecture for processors, Sanders declared, "We feel that when th=
e upturn comes, we're going to kick ---."=20
Does this guy carry around a surfboard in his car or what? Mr. Sanders, mee=
t Mr. Reeves.=20
OK, so we actually kind of admire Sanders' never-capitulate spirit. But his=
comment seems a little redundant, because just about everybody will look b=
etter when the economy turns around. Because that may not be anytime soon, =
what matters is how companies weather the interim -- feisty pledges notwith=
standing.=20
5. Enron's Rabbit-From-a-Hat Style
Analysts have complained for some time about Enron's (ENE:NYSE - news - com=
mentary) rabbit-from-a-hat style accounting, with which the company produce=
d results that wowed investors without making it quite clear where they cam=
e from. Now that its business has taken a sour turn, that tendency has gott=
en even more unsettling.=20
To cap off its disappointing earnings results this week -- Enron posted a s=
teep loss after taking a $1.01 billion charge -- the company let drop that =
its shareholder equity had decreased by $1.2 billion.=20
In a conference call, CEO Kenneth Lay attributed the reduction in equity to=
the "removal of an obligation to issue a number of shares." According to a=
report in The Wall Street Journal, Enron repurchased 55 million shares iss=
ued through a series of transactions involving LJM Capital, a partnership t=
hat until recently was headed up by Enron's CFO.=20
TSC's Peter Eavis has written that it appears Enron lent LJM money to buy E=
nron stock.=20
Ironically, the company boasted in its earnings release this week that it h=
ad expanded reporting of its financial results, presumably to quiet its acc=
ounting critics.=20
Enron's transactions have been so labyrinthine that it's hard to identify e=
xactly if or how they were inappropriate. But the latest revelation, to say=
the least, does nothing to bolster the company's credibility. Enron, whose=
CEO resigned unexpectedly in August, had seen its stock fall 59% for the y=
ear leading up to its latest earnings release. Since then, it's dropped ano=
ther 12.6%=20
The New Power Company Revises Its Netting Agreement With Enron; Provides Fo=
r Receivables and Inventory Financing
10/19/2001
Business Wire
(Copyright (c) 2001, Business Wire)
PURCHASE, N.Y.--(BUSINESS WIRE)--Oct. 19, 2001--The New Power Company ("New=
Power"), a wholly owned subsidiary of NewPower Holdings, Inc. (NYSE: NPW) t=
oday filed a Form 8-K with the Securities and Exchange Commission reporting=
that it has revised its master netting agreement with Enron North America =
Corp., Enron Energy Services, Inc., and Enron Power Marketing, Inc. (togeth=
er, the "Enron Subsidiaries").=20
The amendment affects the Master Cross-Product Netting, Setoff, and Securit=
y Agreement (the "Master Netting Agreement") among NewPower and the Enron S=
ubsidiaries, and expands through January 4, 2002, the types of collateral t=
hat NewPower is permitted to post to the Enron Subsidiaries.
The effect of the amendment is to reduce, through January 4, 2002, the amou=
nt of cash collateral that NewPower is required to post to the Enron Subsid=
iaries. Under the amended Master Netting Agreement, the first $70 million o=
f posted collateral must be in the form of cash, while amounts in excess of=
$70 million may consist of not more than $40 million of eligible receivabl=
es and inventory of NewPower, valued at discounts specified in the amendmen=
t, and subject to a $25 million limit for October 2001. Pledging receivable=
s and inventory is consistent with NewPower's previously announced intentio=
n to secure asset-backed financing.=20
With the amendment and NewPower's cost reduction efforts, and absent a simi=
lar rate of decline in commodity prices or other significant events, NewPow=
er believes that it has sufficient financial resources to conduct its busin=
ess until it secures ongoing asset-backed financing, which will be necessar=
y upon the expiration of the amendment. NewPower has been and is actively s=
eeking to arrange asset-backed financing with other parties, although to da=
te no such arrangements have been secured.=20
The Company expects to meet its previous estimate of net loss and loss per =
basic and diluted share for the third quarter ended September 30, 2001. How=
ever, customer count and revenues are expected to be slightly lower than pr=
eviously forecast.=20
The Company will provide revised guidance for the fourth quarter 2001 and a=
n outlook for 2002 on its third quarter conference call scheduled for Thurs=
day, November 8.=20
Cautionary Statement=20
This press release contains certain forward-looking statements within the m=
eaning of the Private Securities Litigation Reform Act of 1995, Section 27A=
of the Securities Act of 1933, and Section 21E of the Securities Exchange =
Act of 1934. These statements involve risks and uncertainties and may diffe=
r materially from actual future events or results. Although we believe that=
our expectations are based on reasonable assumptions, we can give no assur=
ance that our goals will be achieved. The Company undertakes no obligation =
to publicly release any revisions to these forward-looking statements to re=
flect events or circumstances after the date hereof or to reflect the occur=
rence of unanticipated events. Important factors that could cause actual re=
sults to differ from estimates or projections contained in the forward-look=
ing statements include our limited operating history; delays or changes in =
the rules for the restructuring of the electric and natural gas markets; ou=
r ability to attract and retain customers; our ability to manage our energy=
requirements and sell energy at a sufficient margin given the volatility i=
n prices for electricity and natural gas; the effect of commodity volatilit=
y on collateral requirements and liquidity; our dependence on third parties=
to provide critical functions to us and to our customers; and conditions o=
f the capital markets affecting the availability of capital. Readers are re=
ferred to the Company's Annual Report on Form 10-K for the year ending Dece=
mber 31, 2000 and our Registration Statement on Form S-1 (No. 333.41412) on=
file with the Securities and Exchange Commission for a discussion of facto=
rs that could cause actual results to differ materially from these forward-=
looking statements.=20
About NewPower Holdings, Inc.=20
NewPower Holdings, Inc. (NYSE: NPW), through its subsidiary, The New Power =
Company, is the first national provider of electricity and natural gas to r=
esidential and small commercial customers in the United States. The Company=
offers consumers in restructured retail energy markets competitive energy =
prices, pricing choices, improved customer service and other innovative pro=
ducts, services and incentives.
CONTACT: The New Power Company Investors Kathryn Corbally, 914/697-2444 Kat=
[email protected] Patrick McCoy, 914/697-2431 Manager, Investor Re=
lations [email protected] Media Gael Doar, 914/697-2451 [email protected]=
m Terri Cohen, 914/697-2457 [email protected]=20
08:32 EDT OCTOBER 19, 2001=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
LOBBYING
K Street's Top 10: The Shifting Lineup
Shawn Zeller
10/20/2001
National Journal
Copyright 2001 by National Journal Group Inc. All rights reserved.
How do the Washington lobbying firms with the heftiest incomes put themselv=
es in the upper echelon of K Street practitioners? Van Scoyoc Associates In=
c. does it by signing up a stable of smaller clients and working hard to re=
tain them. Quinn Gillespie & Associates doesn't have a long client list, bu=
t it is at the top of the heap in terms of average fee per client. Greenber=
g Traurig, meanwhile, lured away a rival firm's top rainmaker-and his lucra=
tive book of clients.=20
These are just some of the business strategies revealed in National Journal=
's survey of the 10 Washington lobbying firms with the highest fee income f=
rom January 1 to June 30. The four top firms at midyear 2001 are the same o=
nes as a year earlier: perennial powerhouses Cassidy & Associates Inc.; Pat=
ton Boggs; Akin, Gump, Strauss, Hauer & Feld; and Verner, Liipfert, Bernhar=
d, McPherson and Hand.
But two new players-boasting huge growth rates-are among the firms nipping =
at the heels of these top dogs.=20
Greenberg Traurig, which came in at No. 5 in National Journal's midyear 200=
1 rankings, had never before been in the top tier of Washington lobbying fi=
rms. According to PoliticalMoneyLine, which compiles a comprehensive annual=
list of all lobbying firms, Greenberg Traurig had the 35th-highest income =
during the first six months of last year.=20
And No. 7 in the midyear 2001 rankings is Quinn Gillespie, another first-ti=
me member of the top 10. Formed just a year and a half ago by former Clinto=
n White House Counsel Jack Quinn and Ed Gillespie-a one-time adviser to Hou=
se Majority Leader Dick Armey, R-Texas-the firm has seen its fortunes rocke=
t upward. Quinn Gillespie was No. 13 in the first six months of 2000.=20
In between these two newcomers is Van Scoyoc Associates, ranked at No. 6. T=
here has been a steady rise for Van Scoyoc, which was No. 28 in fee income =
at the end of 1996, the year in which the 1995 Lobbying Disclosure Act firs=
t took effect.=20
Rounding out the top 10 at midyear 2001 are stalwarts Williams & Jensen; Wa=
shington Council Ernst & Young; and Barbour Griffith & Rogers.=20
National Journal ranks the top-10 lobbying firms every six months by tallyi=
ng the fees that firms report to the House and Senate as required under the=
1995 legislation. National Journal tabulates total fees for only the 25 to=
p firms in PoliticalMoneyLine's comprehensive annual survey.=20
With its $16.68 million in fees for the first six months of the year, Cassi=
dy & Associates continued to blow away the competition. The last time any f=
irm reported a six-month total larger than Cassidy's was during the first h=
alf of 1998, when Verner, Liipfert led the way. During the first six months=
of this year, Cassidy & Associates received a massive fee of $1 million fr=
om the Taiwan Studies Institute, a think tank with close ties to the Taiwan=
ese government; Boeing Co. paid Cassidy & Associates $600,000; and Tiffany =
& Co. paid it $400,000 to lobby on legislation that would bar diamonds mine=
d in conflict-ridden areas of the world from entering the global market.=20
Despite the economic downturn and the terrorist threat, lobbying goes on, c=
ompany Chairman Gerald S.J. Cassidy said. "During difficult times, people c=
ome to Washington with their problems. During more-robust times, they come =
seeking opportunities."=20
But the biggest story at midyear was the rise of Greenberg Traurig. The fir=
m, which posted just $1.71 million in lobbying fees during the first half o=
f 2000, saw that amount more than quadruple to nearly $8.7 million this yea=
r. Much of the credit goes to Jack Abramoff, the conservative K Street move=
r and shaker who is an ally of House Majority Whip Tom DeLay, R-Texas. Last=
year, Abramoff left his old firm, Preston Gates Ellis & Rouvelas Meeds, an=
d brought $3 million in business with him to Greenberg Traurig. Preston Gat=
es, which was ranked in the top five during Abramoff's tenure, dropped out =
of National Journal's rankings this year. The lobbying firm's fees fell by =
nearly 50 percent.=20
Abramoff continued to make rain at Greenberg Traurig, billing $860,000 to t=
he Mississippi Band of Choctaw Indians, $500,000 to the Commonwealth of the=
Northern Mariana Islands, and $300,000 to garment manufacturers that opera=
te in that U.S. territory. A few new clients also forked over big bucks: th=
e Coushatta Tribe of Louisiana ($440,000); Voor Huisen Project Management, =
a homebuilder with international operations ($300,000); and the American In=
ternational Center ($100,000). Despite initial concerns among some Greenber=
g Traurig partners about whether Abramoff would fit in, Abramoff insists th=
at his team of lobbyists has been "totally integrated" into the firm.=20
But Abramoff wasn't the only one responsible for Greenberg Traurig's higher=
earnings. Ronald W. Kleinman, a former State Department lawyer, persuaded =
Congress with the help of several Greenberg Traurig colleagues to pass Sect=
ion 2002 of the 2000 Victims of Trafficking and Violence Protection Act. Th=
is section of the law ordered the Treasury Secretary to use Cuban governmen=
t funds that are frozen in U.S. banks to compensate the families of three m=
en who had won multimillion-dollar judgments against Cuba under a 1996 amen=
dment to the Foreign Sovereignty Immunities Act. The amendment allows victi=
ms of terrorism or their families to sue states that are on the U.S. list o=
f state sponsors of terrorism.=20
Greenberg Traurig represented the families of Armando Alejandre, Carlos Alb=
erto Costa, and Mario M. de la Pena-three members of Brothers to the Rescue=
, a Cuban-American group that rescues Cubans in the waters off Florida. The=
three men died when their plane was shot down over international waters on=
February 24, 1996. The families sued Cuba and were awarded $96.7 million i=
n damages by a U.S. District Court judge in 1997. The State Department oppo=
sed payment, but President Clinton signed the trafficking bill. Greenberg T=
raurig reported a fee of $4 million.=20
Fred W. Baggett, the chair of Greenberg Traurig's governmental practice gro=
up, said this was a one-time fee, but he added that the Cuban case "establi=
shed a platform so that the firm can support undertaking those one-time eff=
orts in the future," and noted, "We have a few coming down the pipeline."=
=20
Baggett said the firm has cases involving an American killed in Jerusalem b=
y the Palestinian group Hamas, and Americans who were used as human shields=
in Iraq during the Persian Gulf War. None of the Americans was killed, and=
all were eventually released.=20
Taking the flip side of the mega-fee approach was Van Scoyoc Associates, wh=
ich reported receiving no fee above $180,000. Nonetheless, the firm continu=
ed its steady rise. A key reason, said firm President H. Stewart Van Scoyoc=
, was the ability to recruit and retain clients. The firm signed up 34 clie=
nts between January 1 and June 30, while only nine out of 159 clients termi=
nated contracts during the period.=20
"We work hard at defining the relationship with a client before we sign a c=
ontract," said Van Scoyoc. "We make sure we're clear on the goals and objec=
tives, and in a typical relationship, we don't guarantee that we can do eve=
rything." The firm's $6.24 million total for the first half of 2001 was 23 =
percent higher than its fees for the same period last year.=20
Quinn Gillespie's ascent into the top 10 was more along the lines of Greenb=
erg Traurig's. Quinn Gillespie's billings were almost $6.09 million at midy=
ear 2001, a 71 percent rise over the same period last year. The firm has on=
ly 34 paying clients, but the average fee per client-$180,000-is the highes=
t among the top 10. During the six months, the British Columbia Lumber Trad=
e Council paid a fee of $540,000 to Quinn Gillespie, while Enron Corp. paid=
$525,000. The Canadian group hoped its high-powered lobbyists would win gr=
eater access for Canadian lumber in the United States, but U.S. tariffs wer=
e reinstated earlier this year. Lobbying for Enron focused on energy deregu=
lation, particularly in California. Enron is a major creditor of Southern C=
alifornia Edison, the utility whose financial woes resulted in power shorta=
ges in California last summer.=20
Quinn Gillespie's staff has grown from nine at the time of the founding to =
nearly 30 today. "We like to think we have a toolbox here-people who may be=
Republicans or Democrats but who also have different skills that benefit t=
he client," Quinn said.=20
Patton Boggs had fees of $10.26 million in the first six months of 2001, bu=
t that was just a 5 percent rise over the same period in 2000. Still, the f=
irm leapfrogged over Verner, Liipfert to capture the No. 2 ranking. Patton =
Boggs earned $360,000 from Russia's government-owned NTV television network=
, which was at the center of a controversy earlier this year when the gover=
nment took over the independent network and ousted its staff.=20
Akin, Gump also jumped past Verner, Liipfert to No. 3 in the rankings, post=
ing $9.48 million in fees-a 16 percent increase over a year earlier. Akin, =
Gump's biggest client was the troubled tire manufacturer Bridgestone/Firest=
one Inc., which paid just over $1.5 million in fees. Akin, Gump also earned=
big money from AT&T ($800,000) and the Gila River Indian Community ($620,0=
00).=20
At No. 4, Verner, Liipfert saw the biggest drop in fees, taking in $8.84 mi=
llion in the first six months of 2001-down 16 percent from the same period =
in 2000. Verner, Liipfert lost lucrative contracts with Puerto Rico after t=
he government there changed hands last year. (See this issue, p. 3273.)=20
Rounding out the top-10 rankings, Williams & Jensen at No. 8 billed $5.68 m=
illion, a 12 percent increase over the first half of 2000, while Washington=
Council Ernst & Young saw its fees drop 11 percent to $5.5 million. The fi=
rm fell four places to No. 9 in the rankings. Barbour Griffith & Rogers's f=
ee income was up 7 percent to $5.48 million, putting the firm at No. 10.=20
Falling out of the midyear top-10 rankings were Preston Gates-No. 6 at midy=
ear 2000-and PricewaterhouseCoopers, No. 7 last year. PricewaterhouseCooper=
s's billings were $5 million for the period, a 6 percent drop from the firs=
t half of 2000.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Oct. 19, 2001
Houston Chronicle
Houston entrepreneurs added to Texas Business Hall of Fame=20
By TOM FOWLER=20
Copyright 2001 Houston Chronicle=20
The Texas Business Hall of Fame's annual awards ceremony Thursday night hon=
ored four Houston business leaders.=20
The event at the George R. Brown Convention Center put the spotlight on Wei=
ngarten Realty Investors Chairman Stanford Alexander; Compaq Computer found=
er and former Chief Executive Officer Rod Canion; retired Reliant Energy Ch=
airman and CEO Don Jordan; and Dynegy Chairman and CEO Chuck Watson.=20
This is the 19th year the nonprofit Texas Business Hall of Fame Foundation =
has honored the state's business leaders with a dinner and induction event.=
=20
As chairman of Weingarten Realty Investors, Stanford Alexander built the co=
mpany into one of the nation's largest publicly traded real estate companie=
s.=20
After serving in the U.S. Air Force, Alexander joined J. Weingarten, a Hous=
ton-based chain of 87 supermarkets. He later became an executive with Weing=
arten Markets Realty Co., an affiliated real estate firm that developed fre=
e-standing supermarket stores.=20
The firm later changed its name to Weingarten Realty. The Houston-based com=
pany is now publicly traded on the New York Stock Exchange.=20
Weingarten owns shopping centers, warehouses and other property in 17 state=
s from coast to coast.=20
Weingarten's notable developments in Houston include the upscale Village Ar=
cade near Rice University and the Centre at Post Oak, across from the Galle=
ria.=20
Rod Canion came up with the idea behind Compaq in 1982 after a trip to a lo=
cal ComputerLand store. Along with colleagues from Texas Instruments, Jim H=
arris and industrial designer Ted Papajohn, Canion envisioned a portable co=
mputer that ran all the programs that operated on the IBM PC.=20
By the next year, the company was producing the original Compaq luggable co=
mputer, a move that essentially created the modern PC industry. By 1987, it=
s fifth year, the company made business history by breaking $1 billion in s=
ales, the fastest pace ever for a corporate startup.=20
Canion left Compaq in October 1991 but continued to be active in other vent=
ures. In 1992, he founded Insource Technology Group, a consulting services =
and network engineering firm, and continues to serve as chairman.=20
Don Jordan has been in the forefront of Houston business and society for de=
cades. And even though he retired from the post of chairman and chief execu=
tive at Reliant Energy in late 1999, he has remained active in the city's g=
rowth and development.=20
Jordan was with Reliant and its predecessor Houston Industries for 44 years=
and helped position the company for its eventual split between the company=
's regulated businesses, such as HL&P and Entex, and unregulated business t=
hat is now called Reliant Resources.=20
Jordan, along with his corporate rival Ken Lay of Enron, was instrumental i=
n the successful campaign last year to convince voters to approve the use o=
f public funds to build a new arena downtown for the Houston Rockets.=20
Jordan has spent a lot of time on the Houston Livestock Show & Rodeo board =
and many other civic groups.=20
Chuck Watson has built Dynegy into one of Houston's leading energy companie=
s, but he is more well-known for his forays into the world of sports.=20
Watson established NGC Corp., Dynegy's predecessor, in 1985 and served as p=
resident until becoming chairman and chief executive officer in 1989.=20
Recently Watson was revealed to be the largest investor in the limited part=
nership assembled to put together the Texans, Houston's National Football L=
eague franchise. It begins playing next year.=20
Watson also owns the Aeros, Houston's American Hockey League team.=20
Watson's support was also pivotal to getting voters last year to approve th=
e use of public funds for the new downtown arena. Watson had opposed an ear=
lier deal to use public money to build the facility.=20
Watson has also been a strong supporter of Houston's bid to land the 2012 O=
lympic Games.=20
To date, the foundation has awarded more than $1.8 million in scholarships =
to students pursuing business degree at Texas colleges and universities.=20
Recession, Budget Cuts, Travel Fears To Subdue LME Week
By Mark Long
Of DOW JONES NEWSWIRES
10/19/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LONDON -(Dow Jones)- The many travails of the metals industry will dampen t=
he spirits of those who make it to the annual round of meetings and parties=
at London Metal Exchange Week, which starts Monday.=20
In what is expected to be a much smaller group of delegates than usual, con=
versations will be dominated by fears of global recession smothering alread=
y-lousy demand, the increasingly pressing need for production cuts, and the=
exit of several important participants from the metals business.
Cuts in companies' travel budgets and fears of flying are keeping many of t=
he usual attendees away from London this year, dealers and analysts said.=
=20
"Sentiment is going to be bearish, and we've just heard in the past few day=
s of people who were previously going to come along not coming, largely on =
their companies' advice," said Adam Rowley, an analyst at MacQuarie Bank in=
London.=20
Indeed, a representative at another major bank said fully half of the guest=
s expected at its satellite activities have canceled.=20
Forecasts for base metals demand and average prices have been widely revise=
d downward in the past few weeks, particularly since the impact of the Sept=
. 11 terror attacks accelerated the world economic slowdown.=20
Just this week, Standard Bank ratcheted its expectations lower, with LME ca=
sh copper - a bellwether for the complex that's especially sensitive to ind=
ustrial productivity - seen at $1,350 a metric ton in December 2001, down f=
rom an actual year-to-date average in 2001 of $1,619/ton.=20
Producers are reluctant to cut copper output, and declining Chinese imports=
and weak demand in the west mean there is still further downside potential=
for copper, Standard Bank analyst Robin Bhar said.=20
With demand for base metals slumping so sharply, eyes have been turning to =
the producers to make moves on the supply side.=20
In copper, analysts say U.S. producers are the most likely to cut back, as =
the recent strength in the dollar hits their bottom line the hardest. Howev=
er, a recent slump in energy prices has kept the wolves from the door so fa=
r for some producers in an industry that's energy-intensive.=20
Elsewhere, zinc is suffering from a supply glut that recently pressured the=
LME three-month price to a 17-year low of $766 a metric ton.=20
The troubles of Australian zinc producer Pasminco Ltd. (A.PAS) will surely =
be a hot topic, following the company's move to voluntary administration du=
e to its large debt load, dealers said.=20
But aside from all the market concerns, the most worrisome topic will likel=
y be the recent succession of companies bailing out of or reducing their co=
mmitment to the metals business, market participants said.=20
In the past week, N.M. Rothschild & Sons Ltd. quit the base metals business=
and ScotiaMocatta - the metals trading arm of the Bank of Nova Scotia (T.B=
NS) - removed itself from open-outcry ring trade at the LME. Earlier this m=
onth, Enron Metals said it would cut staff by 10%-20% in Europe, and all th=
ese moves follow Mitsui Bussan Commodities Ltd. ditching its market-making =
activities in the metals business earlier this year.=20
Who's next?=20
"It could be anyone," is the refrain from nearly all market participants su=
rveyed.=20
-By Mark Long, Dow Jones Newswires; +44 (0)20 7842 9356; mark.long@dowjones=
.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
HC to hear DPC's plea
10/19/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)
MUMBAI: The Bombay high court will, on December 11, begin hearing a petitio=
n filed by Enron-promoted Dhabol Power Company (DPC), challenging the juris=
diction of the Maharashtra Electricity Regulatory Commission (MERC) to adju=
dicate the US-based multinational's dispute with Maharashtra State Electric=
ity Board (MSEB).=20
A division bench headed by Justice Ajit Shah decided to hear the matter at =
a stretch for a week beginning from December 11. The court permitted MERC m=
embers P. Subrahmanyam and Venkat Chary to be impleaded as respondents. The=
y have been asked to file affidavits by November 9.
The multinational power giant had levelled certain allegations of bias agai=
nst an MERC member Jayant Deo. Mr Deo urged the court that he would like to=
recluse himself from the proceedings.=20
DPC was allowed to amend its main petition in view of the allegations level=
led against Mr Deo and were asked to amend it within week.=20
In his affidavit replying to allegations of bias by the DPC, Mr Deo said he=
was neutral in his stand as a MERC member.=20
The court has made it clear that when the hearing in the case commences, tw=
o intervening parties, US Exim Bank and a consortium of 11 offshore lenders=
of DPC would not be allowed to make any pleadings. The court, however, sai=
d they would be permitted to assist the court by making oral submissions.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
| ||
arnold-j/deleted_items/407.
|
subject: Shuttlesworth
content: Greg Shuttlesworth
212 686 6808
| ||
arnold-j/deleted_items/408.
|
subject: Reminder - Phone Interviews
content: All -
Please wrap up the phone interviews ASAP.
If you are having trouble getting a hold of anyone, please let me know so that I may try to reach them.
Please call me if you have any questions.
Thank you,
Adrianne
x57302
| ||
arnold-j/deleted_items/409.
|
subject: Phone Interview Results
content: Good Afternoon!
Please send me the results of your phone interviews.
I need to begin to contact these candidates to arrange their transportation to Houston.
Please e-mail a yes or no for your candidates.
John Arnold - Michael Scarlata/Donald Timpanaro/Jeffrey Zaun
John Forney/Frank Ermis - Brandon Cochran/Ruben Lorenzo/Nicholas Watson
Dana Davis - Carl Zavaretti/Sam Zhou/Yvan Go
Doug Gilbert-Smith - Augustin Leon/Brian McNamara/Zoya Raynes
Thank you!!!
Adrianne
x57302
| ||
arnold-j/deleted_items/41.
|
subject: Welcome to the new ussoccerfan.com!
content: U.S. Soccer Fans,
We've added lots of new features to ussoccerfan.com as part of our
recent redesign of the U.S. Soccer online community. In order to take
advantage of these new offerings, please visit
http://www.ussoccerfan.com/ and update your user preferences using the
registration form.
Here is an overview of some of the exciting new features:
* Wallpaper - Decorate your desktop with images from U.S. Soccer events.
Show off the pride you have in your National Teams.
* E-Postcards - ussoccerfan.com members can send e-postcards of the U.S.
National Teams to their friends and family.
* Special Promotions / Ticket Offers - As a member, you'll have
exclusive opportunities to buy tickets for select matches before they go
on sale to the general public and win prizes from us and our partners.
* Live Chat - This is the place where we give our fans the opportunity
to interact with their favorite U.S. Soccer personalities.
* Center Circle - Center Circle is U.S. Soccer's brand new monthly
e-zine giving fans a look at the personalities that make up your
National Teams.
As a member, you'll have access to more information on your favorite
U.S. National Teams than ever before and if you sign up to our
ussoccerfan.com news subscriptions, the latest news will be delivered
directly to you via e-mail. With a click of your mouse, you can register
to receive regular updates and news regarding the national teams of your
choice.
The following U.S. Soccer News Services are available for
ussoccerfan.com members to receive via e-mail:
* General News - Our weekly U.S. Soccer Wire overviews what has been
happening in and around U.S. Soccer and what to keep your eye out for in
the upcoming weeks.
* Open Cup News - Keep up-to-date on the latest happenings in U.S.
Soccer Federation's National Championship tournament.
* TV Announcements - We'll let you know when to "Turn U.S. On" for
national television broadcasts of the U.S. National Teams and other U.S.
Soccer events, including our affiliated leagues and partners.
* MNT News - Follow the Men's National Team with schedule announcements,
rosters, training camp notes and match reports.
* WNT News - Find out which players April Heinrichs has her eye on as
she prepares the Women's National Team to defend its Women's World Cup
title in China in 2003.
* YNT News - Catch a glimpse at the future stars of U.S. Soccer as they
work their way up the ranks with the Youth National Teams.
* State-Specific Announcements - Occasionally we'll have something
special to offer to fans who live in a specific part of the country. For
example, at last month's Nike U.S. Women's Cup match in Chicago, fans
from Illinois, Indiana, Wisconsin and Michigan had the opportunity to
win a "Weekend with the Team" from a Chicago radio station.
All of the members will be contacted via e-mail when we have a
ussoccerfan.com feature to introduce - a guest being scheduled for a
Live Chat session, a special ticket offer, a promotion from one of our
partners, the latest issue of Center Circle - or any other special
opportunity that we don't want you to miss out on.
You'll need to go to the http://www.ussoccerfan.com/ registration form
to update your preferences, reserve a chat alias, and let us know which
of the newsletters you'd like to receive. After your registration is
complete, you'll also gain access to the members-only areas of
ussoccerfan.com.
Our ultimate goal is to bring fans together as part of our soccer
family, and to bring them closer to the teams and personalities they
love. We're always looking for feedback from our fans so feel free to
share your thoughts with us using the feedback form on the web site -
http://www.ussoccer.com/feedback/default.sps.
Thank you for supporting U.S. Soccer!
----------------------------------------------------------------------------
To end your membership in ussoccerfan.com, please visit http://membership.ussoccer.com/member/unsubscribe.sps?msmid=1 and fill out an unsubscribe request. Thank you for supporting U.S. Soccer!
| ||
arnold-j/deleted_items/410.
|
subject: ng: z1,f2.g2,h2
content: any thoughts?
| ||
arnold-j/deleted_items/411.
|
subject: UPDATE - Supported Internet Email Addresses
content: Earlier this week, Enron Global Technology announced the plan to decommission the use of all non-standard Internet Email address formats. As mentioned in the previous communication, this was the first of several communications to be sent by the Enron Global Technology group and we will continue to provide more details in the coming weeks regarding this significant but necessary change to our Email environment.
We are working toward a cut-off date of January 14, 2002, at which time we will no longer support Email addresses that do not follow the standard format of [email protected] (or [email protected] if your name in Lotus Notes or Outlook has a middle initial in it). We understand that it will take time to make the necessary arrangements to begin using the standard Email address format, but it is important to begin making the change now.
If you have questions, please send an Email to [email protected].
Thank you for your support.
Enron Global Technology
-----Original Message-----
From: Enron Announcements/Corp/Enron@ENRON on behalf of Enron Messaging Administration
Sent: Mon 10/15/2001 9:15 PM
To: All Enron Worldwide@ENRON
Cc:
Subject: Supported Internet Email Addresses
Enron Global Technology is in the process of decommissioning the support for all non-standard Internet Email address formats. The only Internet Email address format that will be supported, once this effort is completed, is [email protected]. We will no longer support Internet Email address formats such as [email protected], [email protected], [email protected] (where "name" is an abbreviation, acronym or alternative to an employees firstname and/or lastname). Every Enron employee has an Internet Email address of [email protected] and must begin making the necessary arrangements to start using this Internet address format if they are not using it already.
Any new/existing application systems or business cards that reference a non-supported Internet Email address will need to be changed to reference the only supported [email protected] Internet address format. It is important to remember to also notify any external contacts who are currently sending Internet email to any non-supported Internet Email addresses.
To determine what your supported Internet Email address is, take your name as it appears in Outlook or Lotus Notes and replace any "spaces" that appear in your name with periods and append @enron.com. For example in Outlook, Alan Smith, Robert (firstname = Robert, Lastname = Alan Smith) will have a supported Internet Email address of [email protected].
IMPORTANT : If you need to update your business card(s) to reflect your supported Internet Email address, please ensure you test & confirm the delivery of Internet email to your supported email address prior to updating your business cards. If you experience any issues with delivery of Internet email to your supported Internet email address, please contact the Resolution Center.
We will communicate further details, including the cut-off date, in the coming weeks. Meanwhile, it is imperative that you begin making the necessary arrangements to change over to using the [email protected] Internet Email address format. If you have questions regarding this email, send an Email to [email protected].
Thank you for participation, cooperation and support.
Enron Messaging Administration
|
All Enron Worldwide@ENRON <??SAll Enron Worldwide@ENRON>
|
|
arnold-j/deleted_items/412.
|
subject: ENA Trading Track - Interviews November
content: All -
The below interviews have been rescheduled from Monday, October 29 to Thursday, November 1 in the afternoon (2:00 pm onward).
Please mark your calendars accordingly.
Let me know if you have any questions.
Kind regards,
Adrianne
x57302
| ||
arnold-j/deleted_items/413.
|
subject:
content: hey stupid-it is almost yr-end. please do your mid-year reviews or i'm never going to squeeze limes for you again.
i can't believe i've been reduced to pathetic begging and empty threats. you're killing me.
| ||
arnold-j/deleted_items/414.
|
subject: Trader Performance Report
content: John:
Attached please find the September MTD, YTD Trader Performance Report for your desk. The ranking was against the whole north America natural gas trader pool.
If you have any questions, please call Frank Hayden or me.
Thanks,
|
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