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arnold-j/hp/2.
|
subject: Connectivity contact at HP
content: Patrick:
As we discussed this morning, Greg Pyle, Gerry Cashiola, and I spoke this
morning. Greg Pyle will be getting back to us next week regarding the HP
contact on Connectivity issues discussed at our last meeting. He is well on
the way to identifying the appropriate person who could speak with our EBS
team .
We'll catch up on the Storage Services conference call December 7th at 10 AM!
Sarah-Joy Hunter
| ||
arnold-j/hp/3.
|
subject: Hewlett Packard/Enron Conference call regarding STORAGE SERVICES
content: Conference call participants:
At Ravi Thuraisingham's request due to an unanticipated business trip, the
conference call regarding storage initiatives set for 12/7 at 10 AM CST has
been cancelled. As soon as Ravi proposes an alternative time, we will
reschedule the conference call.
Sarah-Joy Hunter
#(713)-345-6541
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/06/2000
06:36 PM ---------------------------
Sarah-Joy Hunter
11/30/2000 05:45 PM
To: Ravi Thuraisingham/Enron Communications@Enron Communications, Patrick
Tucker/Enron Communications@Enron Communications, Matt Harris/Enron
Communications@Enron Communications, [email protected],
[email protected], [email protected], Moe Barbarawi/Enron
Communications@Enron Communications, Peter Goebel/NA/Enron@Enron, Jeff
Youngflesh/NA/Enron@ENRON
cc: Jennifer Medcalf/NA/Enron@Enron, Sally Slaughter/Enron
Communications@Enron Communications, [email protected], [email protected]
Subject: Hewlett Packard/Enron Conference call regarding STORAGE SERVICES
12/7 at 10 AM CST
A conference call regarding STORAGE SERVICES will be held Thursday, December
7th from 10-11AM CST. Please note the conference call in and passcode
numbers below.
Ravi Thuraisingham, Director, Enron Broadband Services (EBS) will lead
discussions regarding EBS' storage initiatives and Chris Roberson, Hewlett
Packard Storage Solutions Architect, will lead HP storage solutions
discussions. Matt Harris, Vice President, EBS and Patrick Tucker, Manager,
EBS are leading the origination efforts between HP and Enron.
Conference Call Dial Up Number: 1-800-991-9019
Passcode #: 6835918 # (Note: the # sign must be input after the passcode)
Subsequent to the conference call, future meetings and strategy on Enron/HP
storage initiatives will be decided.
Please call if any questions or agenda changes
Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing, Business Development
#(713)-345-6541.
| ||
arnold-j/hp/4.
|
subject: Re: non-disclosure agreement with HP
content: Matt:
Moe had suggested waiting on rescheduling the conference call until a
non-disclosure agreement is signed with Hewlett Packard. I have just
forwarded the non-disclosure framework from HP to you and Patrick Tucker.
Once I hear back from Ravi on this question, we'll let you know.
Thanks.
Sarah-Joy Hunter
Global Strategic Sourcing
Business Development
#(713)-345-6541
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/07/2000
12:46 PM ---------------------------
Matt Harris@ENRON COMMUNICATIONS
12/07/2000 11:16 AM
To: Sarah-Joy Hunter/NA/Enron@ENRON
cc: Moe Barbarawi/Enron Communications@Enron Communications, Patrick
Tucker/Enron Communications@Enron Communications, Peter
Goebel/NA/Enron@Enron, Ravi Thuraisingham/Enron Communications@Enron
Communications, Sally Slaughter/Enron Communications@Enron Communications
Subject: Re: Hewlett Packard/Enron Conference call regarding STORAGE SERVICES
12/7 at 10 AM CST CANCELLED
Lets make this happen ASAP.
If Ravi is not available - how about Raj or Moe.
Thanks
Matt
Sarah-Joy Hunter@ENRON
12/06/00 04:39 PM
To: Ravi Thuraisingham/Enron Communications@Enron Communications, Patrick
Tucker/Enron Communications@Enron Communications, Matt Harris/Enron
Communications@Enron Communications, [email protected],
[email protected], [email protected], Moe Barbarawi/Enron
Communications@Enron Communications, Peter Goebel/NA/Enron@Enron, Jeff
Youngflesh/NA/Enron@ENRON
cc: Jennifer Medcalf/NA/Enron@Enron, Sally Slaughter/Enron
Communications@Enron Communications, [email protected], [email protected]
Subject: Hewlett Packard/Enron Conference call regarding STORAGE SERVICES
12/7 at 10 AM CST CANCELLED
Conference call participants:
At Ravi Thuraisingham's request due to an unanticipated business trip, the
conference call regarding storage initiatives set for 12/7 at 10 AM CST has
been cancelled. As soon as Ravi proposes an alternative time, we will
reschedule the conference call.
Sarah-Joy Hunter
#(713)-345-6541
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/06/2000
06:36 PM ---------------------------
Sarah-Joy Hunter
11/30/2000 05:45 PM
To: Ravi Thuraisingham/Enron Communications@Enron Communications, Patrick
Tucker/Enron Communications@Enron Communications, Matt Harris/Enron
Communications@Enron Communications, [email protected],
[email protected], [email protected], Moe Barbarawi/Enron
Communications@Enron Communications, Peter Goebel/NA/Enron@Enron, Jeff
Youngflesh/NA/Enron@ENRON
cc: Jennifer Medcalf/NA/Enron@Enron, Sally Slaughter/Enron
Communications@Enron Communications, [email protected], [email protected]
Subject: Hewlett Packard/Enron Conference call regarding STORAGE SERVICES
12/7 at 10 AM CST
A conference call regarding STORAGE SERVICES will be held Thursday, December
7th from 10-11AM CST. Please note the conference call in and passcode
numbers below.
Ravi Thuraisingham, Director, Enron Broadband Services (EBS) will lead
discussions regarding EBS' storage initiatives and Chris Roberson, Hewlett
Packard Storage Solutions Architect, will lead HP storage solutions
discussions. Matt Harris, Vice President, EBS and Patrick Tucker, Manager,
EBS are leading the origination efforts between HP and Enron.
Conference Call Dial Up Number: 1-800-991-9019
Passcode #: 6835918 # (Note: the # sign must be input after the passcode)
Subsequent to the conference call, future meetings and strategy on Enron/HP
storage initiatives will be decided.
Please call if any questions or agenda changes
Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing, Business Development
#(713)-345-6541.
| ||
arnold-j/hp/5.
|
subject: Just an FYI
content: Ravi:
Thanks for the clarification so we can go forward with the call. Details of
the call-in number will be e-mailed this afternoon.
Sarah-Joy
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/07/2000
01:01 PM ---------------------------
From: Therese Candella@ENRON COMMUNICATIONS on 12/07/2000 12:47 PM
To: Sarah-Joy Hunter/NA/Enron@Enron
cc: Sally Slaughter/Enron Communications@Enron Communications
Subject: Just an FYI
================================
Therese A. Candella
Admin. Assistant
Global Bandwidth Risk Management
(713) 853-5245
(713) 646-8795 Fax
[email protected]
==================================
----- Forwarded by Therese Candella/Enron Communications on 12/07/00 12:49 PM
-----
[email protected]
12/07/00 11:52 AM
To: Therese Candella/Enron Communications@Enron Communications
cc:
Subject:
Reply Message:
Reply from THURAISINGHAM, RAVI is We should be okay w/o non-disclosure
agremnt since we won't discuss details.
Ravi.
to [email protected]|FYI|
per Sarah-Joy HP
Original Message:
[email protected]|FYI|
per Sarah-Joy HP has not signed a nondisclosure yet. Does that do anything to
the conference call for tomorrow. Matt Harris's team is working on getting
that
signed.
| ||
arnold-j/hp/6.
|
subject: Hewlett Packard/Enron Conference call regarding STORAGE SERVICES
content: Conference Call Participants:
A conference call regarding STORAGE SERVICES originally scheduled for
Thursday, December 7th from 10-11AM CST has been rescheduled to Friday, 12/8
from 11AM-12 noon, CST. Please note the conference call in and passcode
numbers below.
Ravi Thuraisingham, Director, Enron Broadband Services (EBS) will lead
discussions regarding EBS' storage initiatives and Chris Roberson, Hewlett
Packard Storage Solutions Architect, will lead HP storage solutions
discussions. Matt Harris, Vice President, EBS and Patrick Tucker, Manager,
EBS are leading the origination efforts between HP and Enron.
Conference Call Dial Up Number: 1-800-991-9019
Passcode #: 6835918 # (Note: the # sign must be input after the passcode)
Subsequent to the conference call, future meetings and strategy on Enron/HP
storage initiatives will be decided.
Please call if any questions or agenda changes
Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing, Business Development
#(713)-345-6541.
| ||
arnold-j/hp/7.
|
subject: Todays Meeting -- Dale Clark's email to HP following Ravi's storage
content: ---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/12/2000
08:03 AM ---------------------------
[email protected] on 12/08/2000 04:39:50 PM
To: [email protected]
cc:
Subject: Todays Meeting
----- Forwarded by Patrick Tucker/Enron Communications on 12/08/00 02:42 PM
-----
|--------+----------------------->
| | Dale Clark |
| | |
| | 12/08/00 |
| | 11:10 AM |
| | |
|--------+----------------------->
>----------------------------------------------------------------------------|
| |
| To: [email protected],
[email protected] |
| cc: Patrick Tucker/Enron Communications@Enron
Communications, |
| Matt Harris/Enron Communications@Enron
Communications |
| Subject: Todays Meeting
|
>----------------------------------------------------------------------------|
Gentlemen:
Thank you for your time this morning. Patrick and I feel this call swayed a
bit
off track, and would like to make some corrections to the messages that were
delivered today.
Enron is looking for a much deeper and more strategic relationship with HP
than
a quick storage trade. We see value in working to define a big picture which
both HP and Enron find rewarding. Ravi did a great job explaining our trading
model, so now you understand the role of the trading desk. Our job is to
uncover
how best to use the trading desk in whatever strategic structure we build
together.
As we are both Fortune 20 companies, we feel there is a world of opportunity
for
us together. Your internal initiative of "always on", fits well with our
bandwidth and storage on demand initiatives. We look forward to working with
you
to figure out the best way to put them all together.
***********************************************************
Dale Clark
Manager: Enterprise Marketplace Solutions
Phone: (503) 886-0493
Fax: (503) 886-0441
Cell: (503) 708-6909
[email protected]
| ||
arnold-j/hp/8.
|
subject:
content: Gerry:
Per your voicemail, your suggestion to kick off the conference call at 1PM
with Peter and have Mike Hegeman join the call at 1:30 PM is fine.
Sarah-Joy
| ||
arnold-j/hp/9.
|
subject: HP -- confidential internal document
content: Matt:
As GSS Business Development transitions the HP relationship for broadband to
your team, there are several issues I wanted to clarify in terms of how the
relationship has been developed and who the contacts have been to date.
Additionally, I outlined the discussion points/action items from this
morning's meeting you held with Jennifer Medcalf and myself. Per your
request, the HP presentation complete with a listing of HP's business
partners was e-mailed to you this morning.
HP contacts to date:
Bill Lovejoy, Western Gulf Area Sales Manager
Houston, TX
#(713)-439-5587
(Gerry Cashiola's boss)
Gerry Cashiola, sales representative
Houston, TX
#(713)-439-5555
(To date, HP person coordinating the relationship--seeking a short term play)
Greg Pyle, Solution Control Manager
Southeast Region
Austin, TX
(#(512)-257-5735
(Pyle has been playing the business developer role but continues to defer
leadership of the process to Gerry Cashiola)
Daniel Morgridge, Manager of Internet - E-Services long term alliances
Austin, TX
#(512)-257-5736
(Interested in E-services/wireless longer term alliances)
Bill Dwyer, Chief Architect, e-Services Solutions
Cupertino, CA
#(408)-447-5240
(To date, clearly the most knowledgeable person on HP's business
propositions; strong technical, financial background to craft value
propositions. Gerry Cashiola and Greg Pyle deferred to his judgement in the
11/16th meeting)
Matt,
On November 10th, GSS Business Development took HP through a tour of Enron's
trading floor, the gas control center, and the peaking power plant unit
center on the trading floor. This tour was one meeting, amongst several,
held in October and November to provide HP a full overview of Enron's
products and services and introduce them to appropriate contacts at Enron
(EBS, GSS buy side -- Peter Goebel).
On November 16th GSS Business Development, Patrick Tucker, and Dale Clark
outlined 3 possible EBS/HP focus areas -- connectivity, storage, and
wireless. Three EBS action items were defined in that meeting:
1) HP was to provide an HP contact on connectivity (to date, Gerry Cashiola
has stalled on providing this). Sarah-Joy will continue to pursue this
information and get a sense from Gerry Cashiola of what he means by short
term opportunity. What is HP's time horizon for short term?
2) EBS and GSS/BD was to facilitate a conference call on Storage with Ravi to
explore size and potential scope of opportunity (completed 12/8)
3) GSS/BD was to facilitate a conference call with Peter Goebel, GSS IT
Sourcing Portfolio Leader (set for 12/14)
In conversations with you, Jennifer Medcalf and myself this morning, several
decisions on forward-looking strategy with HP/EBS were confirmed:
Gerry Cashiola has been unable to take control of the process. More
importantly, despite numerous visits to Enron in which he has had overviews
of Enron's products and services; met with Peter Goebel and his team on the
GSS buy side, and participated in an Experience Enron tour, Gerry has been
unable to define an HP business proposition. The coordination between
Cashiola (short term initiative) Morgridge (long term, 12-24 months) has
remained unorganized. These initiatives need to be developed separately.
Clearly, the conversations with HP need to be elevated to a more senior
level so EBS can work with HP decision makers who can move the relationship
forward at a strategic level. As the relationship is developed at this
strategic level, shorter term opportunities will crop up along the way. But
Gerry's short term plans will not be the focus of the EBS/HP relationship,
rather a by-product. To facilitate this process of elevating the
relationship, Jennifer Medcalf and I are following up with Bill Lovejoy and
Greg Pyle. Lovejoy's boss is Dan Sytsma, VP of HP's America's Central
Region.
In the conference call Thursday, 12/14 with Peter Goebel and HP regarding
wireless initiatives, Peter will support the GSS/BD push for the HP/EBS
initiative by reiterating the following two points:
a) Enron is already an HP customer; the onus is on HP to move forward on
the process of building a strategic relationship (IBM and Lexmark are only
some of the HP competitors who could push them out of the running)
b) HP's ability to bring the right people to the table will influence HP's
business relationship process with Enron
Patrick Tucker and Dale Clark could build their relationship with Bill
Dwyer, Chief Architect e-Services Solutions, (met at the meeting 11/16) in
the near term. Perhaps, plan a visit to Cupertino, California to see Dwyer
in person.
We look forward to continuing close collaboration with your team on this and
other opportunities.
Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing - Business Development
#(713)-345-6541
| ||
arnold-j/human_resources/1.
|
subject: Re: Benefits
content: Done.
JENNIFER MEDCALF@ENRON
12/11/2000 05:30 PM
To: Trang Dinh/HOU/ECT@ECT
cc:
Subject: Re: Benefits
I am sending the documents now.
Jennifer
Trang Dinh@ECT
12/11/2000 03:43 PM
To: Jennifer Medcalf/NA/Enron@ENRON
cc:
Subject: Re: Benefits
Fax: (713) 646-2113
JENNIFER MEDCALF@ENRON
12/11/2000 03:08 PM
To: Trang Dinh/HOU/ECT@ECT
cc:
Subject: Re: Benefits
Trang,
What is your fax number?
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
Trang Dinh@ECT
12/11/2000 02:10 PM
To: Jennifer Medcalf/NA/Enron@ENRON
cc:
Subject: Re: Benefits
If you have the copies of the paperwork, please forward it to me. I will go
to benefits w/ it to see why the changes have not been made. Thanks!
JENNIFER MEDCALF@ENRON
12/11/2000 10:06 AM
To: Trang Dinh/HOU/ECT@ECT
cc:
Subject: Re: Benefits
Trang,
I am having a very difficult time getting the right Employee Term Life and
Accidental Death and Dismemberment in my 2001 Confirmation Statement. I have
sent the appropriate paperwork to Johnny but nothing changes. What can we do
to make the changes happen?
Jennifer
| ||
arnold-j/inbox/1.
|
subject: Just so I don't forget
content: I have you buyiing 1000 NY Football Giants from me at $12 and paying Horowitz $8000 from which leaves a balance of $4000. I can just get it sometime when I see you I just don't want to forget.
| ||
arnold-j/inbox/10.
|
subject: FW: friend of Bill McIlwain
content: John
At your leisure can you interview this guy. He is in Houston in a couple of weeks. You may need him to resend his reume as I deleted it. Read the email traffic below.
Thanks
-----Original Message-----
From: Alex Pritchartt <[email protected]>@ENRON [mailto:IMCEANOTES-Alex+20Pritchartt+20+3Calex+5Fpritchartt+40yahoo+2Ecom+3E+40ENRON@ENRON.com]
Sent: Tuesday, September 11, 2001 1:02 AM
To: Lavorato, John
Subject: RE: friend of Bill McIlwain
John,
I appreciate your candor. While I acknowledge my lack
of industry experience, I would have no problem
putting in needed time to gain a full knowledge of the
underlying products. I'm not too proud or too old to
do my homework.
I would welcome the opportunity to talk with one of
your associates in more depth and am available at your
convenience. I plan to be in Houston September 25-27
and have a pretty flexible schedule. I can be reached
by phone at 415.776.3035 or 312.286.8977.
Thanks again for your feedback.
Best Regards,
Alex Pritchartt
--- [email protected] wrote:
> Hi
>
> You have great experience trading. We certainly
> need traders but you would
> need to spend a lot of time learning the industry.
> If you are up for this
> and up for moving to Houston I will have someone do
> a phone interview with
> you.
>
> Thanks
>
> John Lavorato
>
> -----Original Message-----
> From: Alex Pritchartt
> <[email protected]>@ENRON
>
>
[mailto:IMCEANOTES-Alex+20Pritchartt+20+3Calex+5Fpritchartt+40yahoo+2Ecom+3E+40ENRON@ENRON.com]
>
>
> Sent: Sunday, August 26, 2001 10:52 PM
> To: Lavorato, John
> Cc: bill mcilwain
> Subject: friend of Bill McIlwain
>
> Dear John,
>
> My friend, Bill McIlwain, suggested that I write
> you
> in an effort to find out more about trading
> opportunities in the energy field and more
> specifically at Enron.
>
> I have ten years experience in the trading
> business
> primarily trading listed options on futures and
> stocks. I have traded both proprietary positions
> and
> individual accounts as well as providing risk
> management control for other traders in a
> corporate
> environment.
>
> I have attached a copy of my resume for your
> review.
> I would appreciate the chance to talk with you at
> your
> convenience about opportunities with Enron and
> the
> overall energy market. I can be reached by
> email([email protected]), phone
> (415.776.3035
> or 312.286.8977), or fax (415.771.9035).
>
> Thank you in advance for your consideration.
>
> Best Regards,
>
> Alex Pritchartt
>
> =====
> Alex Pritchartt
> 3725 Divisadero St.
> San Francisco, CA 94123
> 415/776-3035 (home)
> 415/771-9035 (fax)
> 312/286-8977 (mobile)
>
>
> __________________________________________________
> Do You Yahoo!?
> Make international calls for as low as
> $.04/minute with Yahoo! Messenger
> http://phonecard.yahoo.com/
> - alex_pritchartt_resume.doc << File:
> alex_pritchartt_resume.doc >>
>
>
>
>
**********************************************************************
> 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.
>
**********************************************************************
=====
Alex Pritchartt
3725 Divisadero St.
San Francisco, CA 94123
415/776-3035 (home)
415/771-9035 (fax)
312/286-8977 (mobile)
__________________________________________________
Do You Yahoo!?
Get email alerts & NEW webcam video instant messaging with Yahoo! Messenger
http://im.yahoo.com
| ||
arnold-j/inbox/100.
|
subject: Market update
content: Happy New Year and best wishes.
- Energy010102.doc
| ||
arnold-j/inbox/11.
|
subject: ENA Trading Track Interviews
content: All -
In preparation for another round of Trading Track interviews for the ENA group, please be aware of the following dates...
October 10 - October 16 : Initial phone interviews by two traders for External candidates.
October 24, 3:00 - 6:00pm : Final interviews for internal and external candidates.
Please send either Karen Buckley or me the names of internal individuals who you feel would be a great candidate for the ENA Trading Track.
We look forward to your active participation.
Kind regards,
Adrianne Engler
Human Resources
x57302
| ||
arnold-j/inbox/12.
|
subject: REFCO Project Update
content: Gentlemen
I wanted to provide you an update on the status of the Refco private label platform deal. We have had several meetings since I first presented the idea to you all. Unfortunately, Refco's headquarters was in One World Financial Center which was severely damaged by debris from the World Trade Center collapse. They suffered no human losses from the disaster, but their offices are off limits and all their computers and paper files are inaccessible for the time being. They are up and running out of a Jersey City location with some back up capability.
To briefly summarize the discussion so far, ENW would build a Refco branded platform similar to EOL that would be accessed by Refco's customers. Enron would provide transactable prices to the site with wider spreads and potentially smaller minimum volumes. Refco customers would transact on the site with Refco as their counterparty and Refco would sleeve the transactions to Enron allowing us to consolidate our credit risk to a singular credit, Refco. The products contemplated include various Nymex look-a-like products and other liquid swaps in oil, natural gas, and electricity. Revenue would come to Enron in the form of license fees for the platform, transaction fees, and origination from the additional volume create by the wider margin products. Revenue would come to Refco in the form of transaction fees. Refco has a similar arrangement in place for FX with Dresner bank and have announced a similar platform for bonds and securities with Cantor Fitzgerald/E-speed.
All that being said, they are anxious to move the discussion forward and we have planned a visit for them to come to Houston in 2 weeks. Attending will be Gary Weiss, SVP Refco Group Ltd. LLC and President & CEO of Refco F/X Ltd LLC, and Joe Murphy, CEO Refco Futures Ltd. LLC. The purpose of this visit is for them to give us a presentation on the Refco Group of companies, discuss the products and estimations of revenue streams based on their current futures business, and discuss the possible structure of the deal. The meeting is scheduled to begin at 2:30pm Thursday Oct 4 and expected to last the balance of the day and possibly into the next morning. I will approach you all individually to get your feedback on how you would like to interact with them and when. I realize there are significant issues to be addressed.
Refco currently has some 175,000 collateralized customer accounts ranging from Institutional Investors & locals down to individuals. We have put these into 2 buckets which have different profiles. Phase 1 would include the Top 2000 accounts which are largely substantial institutional investors, locals, and high net worth individuals. If this proves successful, phase 2 would be rolled out with products designed to attract activity from the smaller investors. The idea would be to automate the products as much as is practical.
Mark Tayor in Legal has already spoken with their counsel and is comfortable that they have reviewed all the legal angles thoroughly. Refco advises that if the have accounts back up by collateral guaranteed by them, they become Eligible Contract Participants (ECPs) able to execute derivatives. So, they believe that the majority of the 175,000 accounts they have could be ECPs for the purposes of this deal. Credit is reviewing the Refco financials and we plan to discuss this thoroughly during their visit.
Please do not hesitate to contact me at x36413 if you have any questions or comments and I will be getting in touch with you early next week to get your feedback.
Regards
John Cummings
| ||
arnold-j/inbox/13.
|
subject: RE:
content: Good morning my SLED. How's it going? Just woke up...I know. I know. Must be
nice. Anyway, Just wanted to leave you a quick message before I get out of
here. Thanks for dinner. I had a really good time and it was good to meet
cha in person.
Have a great day!!
d
>From: [email protected]
>To: [email protected]
>Subject: RE:
>Date: Fri, 21 Sep 2001 15:21:20 -0500
>
>I'm running out the door to go drinking with the boys at front porch, right
>next to my apartment.
>
>I don't think your dad would like me so much. Will explain later.
>
>Sorry about your day. Maybe you can find some happiness in the book of
>prayers. Maybe you can find more happiness in the money.
>
>Talk to you later.
>
> -----Original Message-----
> From: "Dana P" <[email protected]>@ENRON
>
>[mailto:IMCEANOTES-+22Dana+20P+22+20+3Cdanaggie+40hotmail+2Ecom+3E+40ENRON@ENRON.com]
>
>
> Sent: Friday, September 21, 2001 2:54 PM
> To: Arnold, John
> Subject: Re:
>
> Sure, just remind me. It should cut down on your "depends" expenses as
> well...
>
> Today. Definitely in the top 10 as far as crappy days go. Started out
> great.
> Breakfast with Dad was nice (LePeep by my house). He was very happy I
> broke
> up with the energy guy. Wasn't too keen on him being Jewish. Dad's
> pretty
> religious in his elder years. Gave me a book of prayers and
> money....That's
> what I'm talkin' about!! (I'm going to he@@). Anyway, my boss calls me
> as we
> are finishing up and asks me if I knew anything about a meeting I was
> supposed to be working for NP's (nurse practitioners) at the Westin and
> I'm
> like "Uh, No...never got the message". Well, never got the message
> because
> she never sent it. Bottom line, I had to blow off all my plans(I was
> actually planning on calling on doctors today and getting ready for my
> monday program) and go work this meeting which isn't that big of deal.
> We
> just stand around at display tables and answer questions from the
> doctors/NP's. I was there for and hour and then went to lunch. I came
> back
> for an hour and have to do some things here. The good thing about my
> boss is
> she's very "hand's off". She stays out of your business unless you call
> her
> for something. She has a life outside of this job which is rare for
> managers. The bad thing is she can be "flighty" sometimes and forgets
>to
> send things on or lets them pile up and we get the messages a week late
> (which is probably what happened in this case)
>
> Anyway, sorry about all the griping but I was on a roll!!
>
> Hope your day has been good. You workin' out or goin' out after work?
> Decisions. Decisions. Your gym sounds cool. Laughed at the physique
> comment.
> So something I would have said.
>
> Later,
>
> d
>
>
> >From: "Arnold, John" <[email protected]>
> >To: <[email protected]>
> >Date: Fri, 21 Sep 2001 10:42:44 -0500
> >
> >P.S. - Can you bring me some free samples of the bladder control
> >medicine. It'll save me some money.
> >
> >
> >**********************************************************************
> >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.
> >**********************************************************************
>
>
> _________________________________________________________________
> Get your FREE download of MSN Explorer at
> http://explorer.msn.com/intl.asp
>
>
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp
| ||
arnold-j/inbox/137.
|
subject:
content: John,
I would like to swap out some cal 04 with you. We are long 2 a day with you
out there. We are under new parameters here. So this will allow us to
continue to trade with you.
Thanks,
Steve
302-452-6930
| ||
arnold-j/inbox/138.
|
subject: stuff
content: i hpe thingsa re ok for you.obviously a shit load of rumours circulating .
we both know youll be ok personally but cant be fun. if i can help you know
where im at. be cool
| ||
arnold-j/inbox/139.
|
subject:
content: John,
As you are aware, there was some confusion on the 2 Peoples trades we did on 10/15/01. We did not find out there could be a problem until yesterday, 15 days after the trade was input into the system. I consider this unacceptable so I wanted to find out what happened to our processes internally.
A person named Richard in the physical confirm area was the one that let Amy know the trade wasn't a financial trade but a physical trade. I called him to ask him why it took 15 days to find this out. He said that the deal was entered into as a financial deal so he didn't know about the trade until yesterday. The person in charge of financial confirms is Diane Anderson and I called her to ask what happened. She said she didn't know but would check into it. She left me a message yesterday evening saying that for about 5 days in October they were shorthanded and they didn't confirm any financial trades. THIS IS UNACCEPTABLE, especially in the situation we are currently in. I haven't talked to her again but I wanted you to know about this. Not to put any more problems on your desk, but this needs to be fixed.
Amy yesterday found a person at Peoples that knows the trades as we know them (financial). So the trade is okay, but it could have been a $500,000 hit to Mike's book.
Please let me know if I can do anything. Thanks.
John
| ||
arnold-j/inbox/14.
|
subject: Trade idea
content: Front to backs are huge
Is the delivered basis market holding value or is it getting crushed?.
Heard about el paso oct feb roll, from where I'm at, thinking selling Oct and going long Feb phys is better than feb merc, rather stack length in winter front and bet on hording of existing storage given forecast
At these levels I like owning winter physical against NYMEX short?Is the bias that the EFP's blow out further?
Frank
| ||
arnold-j/inbox/140.
|
subject: RE: Refco Update
content: Our initial proposal will be for them to keep all their commission and incremental float, and for Enron to keep our spread. We have talked about it quite a bit and I expect that they will ask for more than this, but we would hesitate giving them the ability to widen our spreads as this could work against the venture if they got too greedy. Do you have a preference to work into the negotiation?
JC
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 30, 2001 5:41 PM
To: Cummings, John
Subject: RE: Refco Update
Are we proposing to pay refco for order flow, like a tick per trade, or are we going to give them our prices and then they widen them to add their juice?
-----Original Message-----
From: Cummings, John
Sent: Tuesday, October 30, 2001 2:06 PM
To: Arnold, John; Nowlan Jr., John L.; White, Bill; Goughary, Jim; Wilson, John L.
Cc: Shults, Bob; Eichmann, Marc; Richter, Brad; Palmer, Mark S. (ENW)
Subject: Refco Update
Gentlemen
We met last week with their management and CTO. We have determined the hardware and software requirements for the deal. We are in the process of drawing up a term sheet and proposing a financial structure. We have set a meeting for Nov 12 in NYC to get into the details of financial terms and structure.
The deal is going well and we are working with the following hi-level parameters:
Initially 8 Nymex look-a-like-products: Natural Gas (prompt, prompt+1, prompt+2), WTI (prompt), Gasoline (prompt, prompt+1), Heating Oil (prompt, prompt+1)
2 customer buckets with different spreads and volumes: Institutional and Retail
Volumes for Institutional will be 1 contract moving towards 0.5 contract and 0.2 contract possibly to match Nymex mini concept, Volumes for retail will be 0.5 contracts moving to 0.2 contract to match Nymex mini concept
Data feed with price and volumes sent from EnronOnline to Refco system customized and powered by EnronOnline software
Initially target scope is designed for a capacity of 5000 customers, 500 simultaneous
Refco will take credit risk for their customers and post daily collateral with Enron
Refco will pay Enron a one-time license fee for a 3 year contract with an additional annual maintenance & support fee
Enron will keep all additional margin generated by the transactions and Refco will keep the commissions generated and float from additional margin held.
Obviously, the above parameters are the preliminary thoughts and subject to change and negotiation. We are just beginning to model the potential revenue and cost streams and there will likely be some adjustments that will come out of this exercise. There are also a number of alternative technology scenarios to pursue if we have more or less money to work with.
Please feel free to call me x36413 if you have any questions or comments.
Regards
John Cummings
| ||
arnold-j/inbox/141.
|
subject: BCP Seat Assignments
content: All:
Attached you will find a list that reflects your seat assignments for Business Continuity Planning (BCP). These seats are located on the 30th and 31st Floors of Enron Center North (ECN). As previously communicated, you will report to these designated seats in the event of an outage in ECS.
The exception to this is as follows:
If your seat assignment is located on the 31st Floor, you will report to your original location that you occupied prior to your move into ECS. This will hold true until the Monday after Thanksgiving, as we will have the 31st floor seats set up at that time.
Testing:
Once you have moved to ECS, if you would like to test your BCP location, you will be able to test your seat for functionality every Thursday from 3-6pm. Testing is not required, but is highly recommended.
If anyone has any questions or concerns about these procedures, please feel free to contact me at any time.
Regards,
Stephen R. Harrington
Technical Project Manager, ECS Project
Enron Net Works, LLC
w: 713-853-7619
p: 877-651-7361
c: 713-444-7279
[email protected]
| ||
arnold-j/inbox/142.
|
subject: You are a bad bad boy!
content: Don't make me pull tapes on whether you understood our fee...j.a. Always
understands. Happy to help you guys anyways (I know you'll thank me later)
J. Robert Collins
[email protected]
--------------------------
Sent from my BlackBerry
| ||
arnold-j/inbox/143.
|
subject: RE: Slide reports
content: I agree. Lavorato has made it official that nothing goes out without his approval, as has all traders. David Port requested that I continue to monitor option book so that was reason for my request. No external parties involved.
Frank
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 14, 2001 8:54 PM
To: Hayden, Frank
Subject: FW: Slide reports
Frank:
Can you explain in detail the reasons you need this info. Not that I don't trust you, but I won't release this data to anybody unless I know the rationale.
John
-----Original Message-----
From: Griffith, John
Sent: Tue 11/13/2001 9:04 AM
To: Maggi, Mike; Arnold, John
Cc:
Subject: FW: Slide reports
FYI
-----Original Message-----
From: Hayden, Frank
Sent: Tuesday, November 13, 2001 9:02 AM
To: Griffith, John
Subject: RE: Slide reports
Thanks.
Currently it is for my own purpose. Lavo wants heads up on everything before it goes external
Frank
-----Original Message-----
From: Griffith, John
Sent: Tuesday, November 13, 2001 8:55 AM
To: Hayden, Frank
Subject: RE: Slide reports
The problem probably relates to the Exotica add-in. Do you have that add-in?
Also, are you looking at the position for your own purposes or is someone asking about them?
Thanks.
John
-----Original Message-----
From: Hayden, Frank
Sent: Monday, November 12, 2001 5:49 PM
To: Griffith, John
Subject: Slide reports
John,
I'm going into Financial trading/position directory and when I open file the macro's crash. Am I in the right file/directory?
Thanks
Frank
| ||
arnold-j/inbox/144.
|
subject: FW: Slide reports
content: John,
David's feedback regarding looking at option book...
Frank
PS. The free lunch for me ends Monday, care to intercede with Ina, she's tough?
-----Original Message-----
From: Port, David
Sent: Thursday, November 15, 2001 8:38 AM
To: Hayden, Frank
Subject: RE: Slide reports
we just need to understand the option position - its not for external consumption - just our own
in particular the funding implications of close to expiry options etc.
-----Original Message-----
From: Hayden, Frank
Sent: Thursday, November 15, 2001 7:46 AM
To: Port, David
Subject: FW: Slide reports
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 14, 2001 8:54 PM
To: Hayden, Frank
Subject: FW: Slide reports
Frank:
Can you explain in detail the reasons you need this info. Not that I don't trust you, but I won't release this data to anybody unless I know the rationale.
John
-----Original Message-----
From: Griffith, John
Sent: Tue 11/13/2001 9:04 AM
To: Maggi, Mike; Arnold, John
Cc:
Subject: FW: Slide reports
FYI
-----Original Message-----
From: Hayden, Frank
Sent: Tuesday, November 13, 2001 9:02 AM
To: Griffith, John
Subject: RE: Slide reports
Thanks.
Currently it is for my own purpose. Lavo wants heads up on everything before it goes external
Frank
-----Original Message-----
From: Griffith, John
Sent: Tuesday, November 13, 2001 8:55 AM
To: Hayden, Frank
Subject: RE: Slide reports
The problem probably relates to the Exotica add-in. Do you have that add-in?
Also, are you looking at the position for your own purposes or is someone asking about them?
Thanks.
John
-----Original Message-----
From: Hayden, Frank
Sent: Monday, November 12, 2001 5:49 PM
To: Griffith, John
Subject: Slide reports
John,
I'm going into Financial trading/position directory and when I open file the macro's crash. Am I in the right file/directory?
Thanks
Frank
| ||
arnold-j/inbox/145.
|
subject: Positions with Enron
content: Here are the positions that you requested from John.
| ||
arnold-j/inbox/146.
|
subject: Security access
content: Attached is the list of employees who should be allowed access to ECS on Sunday afternoon to test trading applications and for access to the Office of the Chair.
Thanks!
Tammy
| ||
arnold-j/inbox/147.
|
subject: FW: ENA Q4 Settlement
content: John,
I called Ben and left a msg to call you in reagrds to the below email.
Dutch
-----Original Message-----
From: Thomason, Ben
Sent: Friday, November 16, 2001 9:55 AM
To: Quigley, Dutch
Cc: Burkhart, Paul; Araoz, Jaime
Subject: ENA Q4 Settlement
Dutch,
I am working on pulling together due diligence information for Global Finance in regards to ENA trading activity. One number that stood out to us on the ENA PRMA detail was the Q4 2000 settlement of approximately negative $500MM. We discussed possible reasons for this figure with the ENA accounting group, and they suggested it might be the Dec 2000 Nymex settlement, which was more that negative $600MM. They suggested that I could contact you for further insight. Would you have a few minutes sometime today to talk about that settlement?
Thanks,
Ben
5-2047
| ||
arnold-j/inbox/148.
|
subject:
content: I need to give you a task. Figure out what I lost last week.
Also, why don't we have the rest of month henry hub swap up on weekends.
this week
150 each
indi +5.5
jets +5.5
phili -7
seattle -3.5
tenn +2
sd +9
jack +5.5 -----> 250
st louis -8
st louis/ne england over 46.5
| ||
arnold-j/inbox/149.
|
subject: AIG positions
content: John,
As discussed, the AIG exposure is $57MM, and it is distributed among the price, option, and exotic books.
The attached spreadsheet details the dollar value and volume by month by book. Please call if you have questions.
Tanya
| ||
arnold-j/inbox/15.
|
subject: FW: Fantastic Friday/Super Saturday Interviewers
content: Ted,
The people included in the cc: are those people we nominate to interview on the below mentioned days. We have not checked their availability and should you not find enough people from the list above please revert to John or I, but I think you have enough.
Louise
-----Original Message-----
From: Bland Jr., Ted C.
Sent: Wednesday, September 26, 2001 1:39 PM
To: Causey, Richard; Buy, Rick; Glisan, Ben; McCarty, Danny; Piper, Greg; Beck, Sally; Lavorato, John; Kitchen, Louise; Dietrich, Janet; Bowen Jr., Raymond; Mcconnell, Mike; Shankman, Jeffrey A.; Fallon, Jim
Cc: Oxley, David; Olson, Cindy; Pieper, Kalen; Barnard, Marla; Lemmons Jr., Billy; Davies, Neil; Jones, Robert W.- HR Exec
Subject: Fantastic Friday/Super Saturday Interviewers
As you all know, the recruiting season is in full swing and the AA Program's recruiters are hitting campus as we speak. One of the most important parts of the process and a key to Enron's future success are the Fantastic Friday and Super Saturday interview dates where we make the selections on those candidates who will receive offers from Enron for the 2002 recruiting class. It is important that these candidates be interviewed by business leaders from each business unit and specifically those who utilize AA pool members. Our goal is for each business unit to identify a core group of interviewers for each of the four interview weekends which will be held as follows:
Dates Total Number of Interviewers Needed**
October 25-26 Fantastic Friday - Analysts 100 30 for dinner/70 for interview
November 2 -4 - Super Saturday - Associates 100 30 for dinner/70 for interview
November 15-16 Fantastic Friday - Analysts 100 30 for dinner/70 for interview
November 30-Dec 1 Super Saturday - Associates 100 30 for dinner/70 for interview
I have attached a list of those individuals in various business units that have participated in the interview process in the past for your review (as a sample of the type of individual we are looking for as interviewers). Please provide me a list of your business unit's interviewers by date by Friday, October 5. Individuals are encouraged to interview more than one selected date and we will forward details to them at least a week prior to the interview date. If you have any questions, please do not hesitate to give me a call. Thanks again for all your help. Ted and Traci
** We do not expect you to provide all the interviewers. This number reflects to total needed from all business units and will include those needed for both the evening and interview days..
| ||
arnold-j/inbox/150.
|
subject: RE:
content: Well the way things are going around here lately I may want to cut my losses with the Big E and take my skills elsewhere. Know any good headhunters? :-)
Kristin Gandy
Freight Markets
Enron Global Markets
1400 Smith Street ECS 3657
Houston, Texas 77002
713-853-7263
[email protected]
> -----Original Message-----
> From: Arnold, John
> Sent: Wednesday, November 21, 2001 8:40 AM
> To: Gandy, Kristin
> Subject: RE:
>
> The reason I asked is, this sounds bad, but right now the
> cheaper you are the easier time I'll have finding you a job.
>
> -----Original Message-----
> From: Gandy, Kristin
> Sent: Wednesday, November 21, 2001 8:30 AM
> To: Arnold, John
> Subject: RE:
>
> John,
>
> Thanks for the note back. My title is Specialist so I am the
> little man on the trading floor, but since I have been here I
> have been kicking ass. I enjoy trading and really didn't get
> the chance to dig into it deep. Anyway, take care and have a
> Happy Holiday.
>
> Kristin Gandy
> Freight Markets
> Enron Global Markets
> 1400 Smith Street ECS 3657
> Houston, Texas 77002
> 713-853-7263
> [email protected]
>
> > -----Original Message-----
> > From: Arnold, John
> > Sent: Wednesday, November 21, 2001 7:25 AM
> > To: Gandy, Kristin
> > Subject: RE:
> >
> > Kristin:
> > Sorry for the delay. Unfotunately I don't have any openings
> > in my group right now. If I hear of any positions open I'll
> > give you a shout. Can you remind me what title you have now.
> > John
> >
> > -----Original Message-----
> > From: Gandy, Kristin
> > Sent: Monday, November 19, 2001 9:00 AM
> > To: Arnold, John
> > Subject:
> >
> > John,
> >
> > Hello and good Monday morning to you. I briefly meet you
> > while talking to Paul Racicot on Friday at Front Porch Pub.
> > With Matt working here in Freight you probably already know
> > we are not well off these days. Next on the chopping block
> > is never a good place to be.
> >
> > This is a forward question but what the hell. I was
> > wondering if you knew of any positions available in your
> > area. If you can believe it I am not ready to leave Enron
> > behind yet. Thanks for your help.
> >
> > Regards,
> >
> > Kristin Gandy
> > Freight Markets
> > Enron Global Markets
> > 1400 Smith Street ECS 3657
> > Houston, Texas 77002
> > 713-853-7263
> > [email protected]
> >
| ||
arnold-j/inbox/151.
|
subject:
content: gb -7 200
denver -7 200
| ||
arnold-j/inbox/152.
|
subject: Expense Reports Awaiting Your Approval
content: The following reports have been waiting for your approval for more than 4 days. Please review.
Owner: Justin K Rostant
Report Name: Rostant 112001
Days In Mgr. Queue: 5
| ||
arnold-j/inbox/153.
|
subject: Farewell Drinks
content: As our last day is Friday, November 30th, we would love to toast the good times and special memories that we have shared with you over the past five years. Please join us at Teala's (W. Dallas) on Thursday, November 29th, beginning at 5pm.
Looking forward to being with you,
Lara and Janel
Lara Leibman
713.851.7770 (cellular)
713.528.5281 (home)
[email protected] <mailto:[email protected]>
Janel Guerrero
713.851.3778 (cellular)
713.524.1534 (home)
[email protected] <mailto:[email protected]>
| ||
arnold-j/inbox/154.
|
subject: comments
content: morning
i sent you a bunch of bloombergs from ospraie..the most recent is the most relevant..what's your response to it?
| ||
arnold-j/inbox/155.
|
subject: FW: Margin by Commodity 11/19/01 Trade Date
content: -----Original Message-----
From: Cernosek Jr., Frank
Sent: Monday, November 26, 2001 8:46 AM
To: Quigley, Dutch
Subject: Margin by Commodity 11/19/01 Trade Date
Dutch,
We are in the process of updated Tuesday/Wednesday activity and will send when completed. Anticipated completion 10:00am today....
Frank F. Cernosek
Exchange Accounting
Financial Operations
713-853-1581
| ||
arnold-j/inbox/156.
|
subject: Fimat/Soc Gen
content: John - you may have already heard this but on Friday, NYMEX increased margins for clearing brokers posting for Enron by 50%. Also Soc Gen cancelled their margin line on Friday (Warren wants to make it very clear that it was Soc Gen and not Fimat.) So far, Fimat is not reducing its trading limit with us but is passing through the NYMEX requirement. All of our brokers will have the right to do this and I expect them to do so. Sarah
| ||
arnold-j/inbox/157.
|
subject: RE: Farewell Drinks
content: I'll be there in spirit if not in person. Cheers to all!! =20
-----Original Message-----
From: Leibman, Lara=20
Sent: Monday, November 26, 2001 5:52 AM
To: Shapiro, Richard; Steffes, James D.; Dernehl, Ginger; McVicker, Maureen=
; Kean, Steven J.; Linnell, Elizabeth; Binns, Darran; O'connell, Earlene; S=
ullivan, Kathleen; Ibrahim, Amr; Petrochko, Mona L.; Gottfredson, Bryan; Do=
lezal, Regan; Enochs, Fred; Racicot, Paul; Garrett, Bryan; Phillips, George=
; Philipp, Meredith; Denne, Karen; Palmer, Mark A. (PR); Palmer, Sarah; Cla=
rk, Mary; Votaw, Courtney; Schmidt, Ann M.; Richter, Brad; Piper, Greg; Wou=
lfe, Greg; Frey, Gunnar; La, Nicole; Marshall, Lucy; Fallon, Jim; Edison, S=
usan; Sidler, Shirley; Zimmerman, Grant; Schneider, Richard; Barnes, Corbin=
; Harris, Michael; Santikos, Mark; Harkness, Cynthia; Hicks, Michelle; Ross=
i, Robbi; Gardner, Wayne; Gartner, Julie S.; Gresham, Wayne; Mcgowan, Kevin=
; Hochschild, Lenny; Wilhite, Jane; Clayton, Paul; Puchot, Paul; Koogler, D=
avid; Madaras, Tom; McDonald, Rob; Heintzelman, Pete; Arnold, Matthew; Arno=
ld, John; Noble, Ted; Korioth, Ann; Tobor, Rachael; Kalmans, Elyse; Olson, =
Cindy; Shankman, Jeffrey A.; Reck, Daniel; Metcalf, Kellie; Charvel, Ricard=
o; Brown, Jeff; Bolton, Stacey; Huson, Maggy; Perez, Carmen; Nord, Sue; Rey=
na, Margo; Barnes, Lynnette; Lawrence, Linda L.; Noske, Linda J.; Yeung, Ch=
arles; Burns, Stephen; Robertson, Linda; Hartsoe, Joe; Hardy Jr, John; Rizz=
o, Helen; Hawkins, Bernadette; Novosel, Sarah; Fulton, Donna; Cooney, Carol=
yn; Sullivan, Lora; Long, Chris; Buerger, Rubena; Kingerski, Harry; Keene, =
Patrick; Ogenyi, Gloria; Frank, Robert; Neustaedter, Robert; Pharms, Melind=
a; Moore, Bill; Allen, Joe; Mara, Susan; Dasovich, Jeff; Montovano, Steve; =
Migden, Janine; Rishe, Frank; Ferlic, Suzanne; Reinfeld, David; Spector, Br=
ian; Seeligson, Stewart; Woody, Rus; Manuel, Scott; Jachimiak, Matthew; She=
ldon, Steven; Kaufman, Paul; Perlman, Beth; Wenz, Michelle; Lindberg, Susan=
; Roan, Michael; Nicolay, Christi L.; Warner, Geriann; Alamo, Joseph; Lawne=
r, Leslie; Allegretti, Daniel; Boston, Roy; Hueter, Barbara A.; Stroup, Ker=
ry; Jacobson, Lisa; Baxter, Ashley; Pollock, Adam; Pagan, Ozzie; Lewis, Wil=
liam Patrick; Bradley, Rob; Benson, Eric; Hemstock, Robert; Chapman, Tom; H=
etrick, Nancy; Fromer, Howard; Floris, Vinio; Levy, Alberto; Kishigami, Kik=
umi; Knight, Laurie; Landwehr, Susan M.; Mangskau, David; Hamilton, Allison=
; Palmer, Germain; Robinson, Marchris; Stransky, Joan; Hartfield, Rita; Twi=
ggs, Thane; Letzerich, Palmer; Watanabe, Luiz; Walton, Steve; Grimes, Micha=
el; Grant, Fiona; Stephens, Sharonda; Perez, Gus; Sarkissian, Arshak; Suare=
z, John; Cantrell, Rebecca W.; Burton, Katrina; Miles, Andrew; Arnell, Doug=
; Marvin, Michele Nezi; Wapner, Beth; Estrada, Roger; Masani, Zal; Hill, Jo=
Ann; Thome, Jennifer; Thome, Stephen; Costello, Zachary; Commons, Matthew;=
Hilgert, Chris; Lebeau, Paul; Walt, John; Warner, Traci; Lemmons Jr., Bill=
y; Reichelderfer, Thomas; Magruder, Kathleen; Merola, Becky; Derecskey, Cin=
dy; Williams, Robert C.; Parks-Foutch, Michelle; Edison, Andrew; Corman, Sh=
elley; King Jr., Frazier; Baker, Marilyn N; Barbarawi, Moe; Betzer, Evan; L=
eff, Dan; Maurer, Luiz; Cross, Edith; Mainzer, Elliot; Martin, Amanda; Mata=
moros, Joseph; Mcconnell, Mike; Siegel, Misha; Schwartz, Laura; Taylor, Gar=
y; Andraca, Marc; Snyder, Brad J.; Capestany, Mari; Wagner, Joseph; Lewis, =
James W.; Persson, Roger; Baukney, Scott; Aucoin, Berney C. ; Golden, Jeff;=
Brown, Michael (EES); Massey II, John; Woods, Trevor; Ferrara, Julie; Gilb=
ert-smith, Doug; Coulter, Kayne; Dean, Clint; Pizzolato, Paul; Litton, Todd=
; McCaffrey, Deirdre; Konur, Sanjay; Wagner, Vincent; Gupta, Gautam; Mulhol=
land, Sarah; Rigney, Brandon; Reagor, Rodney; Huertas, Alfredo; Canovas, Gu=
illermo; Alvarez, Ray; Bestard, Jose; Comnes, Alan; Ingersoll, Richard; Hoa=
tson, Tom; Shelk, John; Shortridge, Pat; Staines, Dan; Ryall, Jean; Haizman=
n, Jan; Wilson, Angela; Duffy, Matthew; Kimberly, Kelly; James, Terrie; Cur=
ran, Greg; Sharp, Vicki; Buchanan, Harold; Van Gelder, John; Van Chau, Mich=
ael; Felix, Bob; Franz, Kathy; Caplan, Ilan; Mansfield, Shelly; Vann, Suzan=
ne
Cc: Guerrero, Janel; Leibman, Lara
Subject: Farewell Drinks
As our last day is Friday, November 30th, we would love to toast the good t=
imes and special memories that we have shared with you over the past five y=
ears. Please join us at Teala's (W. Dallas) on Thursday, November 29th, be=
ginning at 5pm. =20
=20
Looking forward to being with you,
=20
Lara and Janel
=20
=20
Lara Leibman
713.851.7770 (cellular)
713.528.5281 (home)
[email protected] <mailto:[email protected]>
=20
Janel Guerrero
713.851.3778 (cellular)
713.524.1534 (home)
[email protected] <mailto:[email protected]>
=20
| ||
arnold-j/inbox/158.
|
subject: FW: Hello!
content: -----Original Message-----
From: Gosnell, Gerri
Sent: Monday, November 26, 2001 11:20 AM
To: Quigley, Dutch
Subject: FW: Hello!
Hope this helps!
gg
-----Original Message-----
From: Shoup, Cynthia
Sent: Fri 11/23/2001 10:11 AM
To: Gosnell, Gerri
Cc:
Subject: Hello!
It's Friday, and I'm here settling Nymex. I got a phone call from Evelyn Wednesday before Thanksgiving to come in today. It's o.k. I don't mind. I get Monday off. Just a few notes to let you know what's going on. EDF Mann, Paribas and Carr Futures London pulled a fast one. They set the margin at 150% more of what it would have been. Here are the numbers incoming and outgoing.
OUTGOING
Smith Barney Financial $232,499.00
Paribas $46,026,588.00
EDF Mann $760,515.00
Carr Futures $12,331,010.66
INCOMING
ABN Amro $33,852.00
Saul Stone $19,800.00
HSBC $291,325.00
HSBC Canada No Margin Call
R. J. Obrien $12,320.00
J.P. Morgan $292,827.00
Credit Suisse $200,261.00
Lori at Smith Barney was not in Friday, so we did not settle.
FIMAT was not in, and the numbers came out like this. They were supposed to have paid down on the loan by $2,931,087.24. I don't know how you handle this. Hopefully they will do this on Monday.
I know this is a terrible welcome back, but it was something that had to be done.
| ||
arnold-j/inbox/159.
|
subject: FW: TOP 50 GAS CPS - AS OF 11-21-01
content: -----Original Message-----
From: Sweitzer, Tara
Sent: Monday, November 26, 2001 12:46 PM
To: Puthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy
Subject: FW: TOP 50 GAS CPS - AS OF 11-21-01
Savita,
This report has been reviewed. It is ready to be sent out.
Thanks
TARA
| ||
arnold-j/inbox/16.
|
subject: MNF settle
content: all with perkins:
Q1 pass under 36 yards +100
Q1 points under 11 +100
instant replay reversal -120
Q2 over 11 points +250
SF TD drive lay 6:1 +100
2nd half kickoff < 30 +100
TOTAL +530
thanks.
| ||
arnold-j/inbox/160.
|
subject: EOL Code Update
content: John,
I am performing code updates to the stand-alone EOL workstation WNAEOL-48101 this evening and wanted to check with you to see at which point it would be convenient for you. I assume after the business day would be acceptable and my intent is to start near 6:00 p.m. or, at any time you decide is convenient for you.
I called a short while ago and will do so again before proceeding, but if you receive this email and need to contact me, you may reach me at extension 5-7004. Thanks.
Chris Jeska
Terminal Server Operations.
| ||
arnold-j/inbox/161.
|
subject:
content: tb + 9.5 for 250
| ||
arnold-j/inbox/162.
|
subject: RE: EOL Code Update
content: John,
It appears that you have StackManager up an running. Discretion being the better part of valor, I will put the code update on hold pending an okay from you. I will be in early tomorrow morning and coordinating with your desktop support staff as well. Thanks.
Chris
-----Original Message-----
From: Jeska, Christopher
Sent: Monday, November 26, 2001 5:20 PM
To: Arnold, John
Subject: EOL Code Update
John,
I am performing code updates to the stand-alone EOL workstation WNAEOL-48101 this evening and wanted to check with you to see at which point it would be convenient for you. I assume after the business day would be acceptable and my intent is to start near 6:00 p.m. or, at any time you decide is convenient for you.
I called a short while ago and will do so again before proceeding, but if you receive this email and need to contact me, you may reach me at extension 5-7004. Thanks.
Chris Jeska
Terminal Server Operations.
| ||
arnold-j/inbox/163.
|
subject: Willow Lane
content: Tracy called me at work. A water pipe broke under the street between her house and the old Hamilton house. She said water was shooting everywhere and that they were to turn off the water for at least 5 hours. Well, they worked fast because when I got home at 6:00, I had water. So I made some turkey soup. But Willow Lane will be torn up for a while as it just buckled the cement. The hole was about 7 feet down according to Tracy. Good thing this didn't happen on Thanksgiving! I have a foundation man coming out next week to check the foundation. Tracy seems to have a similar problem. Maybe we can get a two for one deal. John, I need your book list at Amazon.com this week. No excuses! Oh, tell Jeannie that I finished her soup this evening for dinner. She's a good cook! Have a good week guys. Love, Mom
| ||
arnold-j/inbox/164.
|
subject: Expense Reports Awaiting Your Approval
content: The following reports have been waiting for your approval for more than 4 days. Please review.
Owner: Justin K Rostant
Report Name: Rostant 112001
Days In Mgr. Queue: 6
| ||
arnold-j/inbox/165.
|
subject: RE:
content: Flight is at 2:35 PM Friday. We arrive back at 4:40 PM Monday.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, November 27, 2001 11:25 AM
To: [email protected]
Subject: RE:
give her my email.
when are we leaving?
-----Original Message-----
From: "White, J. (Jennifer)" <[email protected]>@ENRON
Sent: Tuesday, November 27, 2001 9:59 AM
To: Arnold, John
Subject:
Kelly Busch (from Energy Argus) asked for your contact info. Is it OK
to
give it to her? Email and/or cell?
The information contained in this communication is confidential and
proprietary information intended only for the individual or entity to
whom
it is addressed. Any unauthorized use, distribution, copying, or
disclosure
of this communication is strictly prohibited. If you have received this
communication in error, please contact the sender immediately. If you
believe this communication is inappropriate or offensive, please contact
Ocean Energy`s Human Resources Department.
**********************************************************************
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.
**********************************************************************
The information contained in this communication is confidential and
proprietary information intended only for the individual or entity to whom
it is addressed. Any unauthorized use, distribution, copying, or disclosure
of this communication is strictly prohibited. If you have received this
communication in error, please contact the sender immediately. If you
believe this communication is inappropriate or offensive, please contact
Ocean Energy`s Human Resources Department.
| ||
arnold-j/inbox/166.
|
subject: keeping the lights on
content: John-
Was lovely meeting you this weekend. Sorry I was...less then effusive by Sullivan's. It wasn't the company -- I assure you.
And what about this white elepha...trading floor? I want to get it while it lasts.
look forward to it
-Kelly
Kelly C. Busch
Market Analyst
Energy Argus
713 622 3996 [email protected]
| ||
arnold-j/inbox/167.
|
subject: FW: TOP 50 GAS CPS - AS OF 11-26-01
content: -----Original Message-----
From: Sweitzer, Tara
Sent: Tuesday, November 27, 2001 12:57 PM
To: Puthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy
Subject: FW: TOP 50 GAS CPS - AS OF 11-26-01
Savita,
This report has been reviewed. It is ready to be sent out.
Thanks
TARA
| ||
arnold-j/inbox/168.
|
subject: FW: CNN show about Enron
content: -----Original Message-----
From: Dalia, Minal
Sent: Tuesday, November 27, 2001 1:53 PM
To: Davenport, Lacrecia; Hayden, Frank; Port, David; Hagelmann, Bjorn; Khanna, Bharat
Subject: FW: CNN show about Enron
-----Original Message-----
From: Gustafson, Mollie
Sent: Tuesday, November 27, 2001 9:35 AM
To: DL-Portland World Trade Center
Subject: FW: CNN show about Enron
FYI?
-----Original Message-----
From: Thome, Stephen
Sent: Tuesday, November 27, 2001 9:33 AM
To: Gustafson, Mollie
Subject: FW: CNN show about Enron
Note that there will be a show on CNN about Enron today at 6pm (Eastern)
AIRS <http://www.cnn.com/CNN/Programs/moneyline/images/icon.triangle.gif>6:00 p.m. ET on CNN, CNNfn
Replays at 10 p.m. ET on CNNfn
Tuesday, November 27, 2001
<http://www.cnn.com/CNN/Programs/moneyline/images/2001/11/enron.ap.jpg>
What to do when your company's stock has dropped 90 percent? Find out how a Houston energy company is making a comeback and moving forward on a controversial buyout. Join Lou Dobbs for a report on the troubles at Enron.
Click here <http://www.cnn.com/SPECIALS/2001/trade.center/> for CNN.com's complete coverage
| ||
arnold-j/inbox/169.
|
subject: Enron Mentions- 11/27/01
content: Enron Fights To Find Near-Term Sellers,But Still Trading
Dow Jones Energy Service, 11/27/01
USA: UPDATE 3-Dynegy says in talks on Enron merger structure.
Reuters English News Service, 11/27/01
RPT Dynegy confirms in talks on structure of Enron merger deal
AFX News, 11/27/01
Merger Traders Wary Even If Enron, Dynegy Cut New Terms
Dow Jones News Service, 11/27/01
Dynegy confirms in talks on structure of Enron merger deal
AFX News, 11/27/01
STOCKWATCH Enron slightly higher on hopes for new deal price
AFX News, 11/27/01
IN THE MONEY: Hedge Funds Say Yes To New Enron Terms
Dow Jones News Service, 11/27/01
Dynegy Confirms Talks On Enron Deal Structure - Source
Dow Jones News Service, 11/27/01
USA: Enron shares down despite talk of new Dynegy deal.
Reuters English News Service, 11/27/01
Enron Credit Rating to Remain Unchanged for Today, Moody's Says
Bloomberg, 11/27/01
Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
Bloomberg, 11/27/01
Liberty Funds Analyst Paik Comments on Dynegy and Enron Talks
Bloomberg, 11/27/01
A.G. Edwards Analyst Heim Comments on Dynegy and Enron Talks
Bloomberg, 11/27/01
Commerzbank Analyst Meade Comments on Dynegy's Talks With Enron
Bloomberg, 11/27/01
ENRON SHARES RECOVER FROM A.M. SLUMP
CBS.MarketWatch.com, 11/27/01
Enron In Free Fall
Forbes.com
Enron Fights To Find Near-Term Sellers,But Still Trading
By Mark Golden
Of DOW JONES NEWSWIRES
11/27/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) continued to struggle Tuesday to find willing sellers of near-term gas and power in North America, but the one-time market maker was still able to trade on a limited basis, according to market sources.
"It's not getting any better," said one major energy broker.
Many energy trading companies aren't selling to Enron and are only buying from it near-term. These include Aquila Inc. (ILA), Mirant (MIR), Royal Dutch/Shell Group (RD) subsidiary Coral Energy, Sempra Energy (SRE), and Morgan Stanley Dean Witter's energy trading subsidiary, said the broker. The broker estimated Enron's over-the-counter trading volume to be about 25% of what it was a month ago. Companies are willing to buy from Enron in the spot gas and power markets, because taking delivery on commodity and paying for it a month later poses no credit risk for the buyer.
Some other companies, like Dynegy Inc. (DYN), Duke Energy Corp. (DUK) and BP PLC. (BP), continue to trade with Enron fairly freely, the broker said. Dynegy has reached an agreement to acquire Enron, though the terms of that deal are being renegotiated. The trading subsidiaries of troubled California utility-holding companies PG&E Corp. (PCG) and Edison International (EIX) also are trading with Enron.
The third and largest group of companies are trading with Enron on a very limited basis to reduce exposure by taking off-setting trades against deals done long ago. These include El Paso Corp. (EPG), Reliant Resources (RRI), Tractebel SA's (B.TRB) U.S. trading unit and regulated utilities, the broker said.
Several energy traders said that both power and gas were being sold at prices lower than Enron was offering.
"They've been cut off from so many people," said one electricity trader.
Enron Says Just Slight Reduction In Transactions
An Enron spokesman said he has seen a slight reduction in transactions but not to 25% of the one-month-ago level.
The notional value of Enron's 30-day rolling average of transactions is $2.8 billion, said Enron spokesman Eric Thode. Thode declined to give volume data for Tuesday or Monday, although the company was giving daily information two weeks ago.
"We're not doing daily information. We're only speaking in terms of 30-day rolling averages. ... It's not fair to speak in terms of daily because of daily volatility," Thode said.
Traders and brokers said they hope Dynegy will offer some kind of guarantee to Enron's trading to restore confidence. But, after Enron's ability to transact took a severe turn for the worse Nov. 20, Dynegy said that the companies must continue to operate independently until their merger is approved and completed.
Energy companies began shying away from Enron over the past month, as concerns about its finances precipitated a 75% drop in its stock price and left its bonds trading at levels typically associated with junk-rated debt.
But Enron saw its ability to trade seriously damaged last week following the late release of its quarterly financial report with the U.S. Securities Exchange Commission. For the first time since Enron's troubles began a month ago, energy companies stopped selling to Enron in the spot markets for fear that Enron might not be able to pay its bills as soon as next month based on the quarterly filing.
Moody's Investors Service and Standard & Poor's all rate Enron one notch above speculative grade. Moody's has Enron's ratings on review for a downgrade, and S&P has Enron on negative credit watch. Fitch calls Enron's credit rating "evolving." Enron's ability to do business in the energy markets depends on its maintaining investment-grade ratings.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; [email protected]
(John Edmiston in Houston and Jon Kamp in Chicago also contributed to this article.)
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 3-Dynegy says in talks on Enron merger structure.
By C. Bryson Hull
11/27/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 27 (Reuters) - Energy trader Dynegy Inc. confirmed on Tuesday it was in talks with floundering rival Enron Corp. over their proposed merger, as sources familiar with the negotiations indicated the final buyout price may be slashed some 40 percent.
"I can confirm that we are in discussions with the parties involved in the transaction related to the deal," Dynegy spokesman John Sousa told Reuters. He declined to give further details.
Dynegy had planned to buy its Houston rival for $9 billion in stock and is currently in a "due diligence" examination of Enron's complex financial books that began before the Thanksgiving holiday last Thursday.
The buyout offer, finalized Nov. 9, would have had Dynegy paying about $10.41 for each share of Enron, but Enron's shares have since cratered to near $4, stoking investor fears the merger will not go through as planned - if at all.
The stock exchange ratio under discussion could fall from the originally proposed valuation of 0.2685 of each Dynegy share for each Enron share to around 0.15 instead, sources familiar with the matter told Reuters. Enron is willing to accept the lower valuation, given the pressure on its stock price, the sources said.
Enron's shares bounced on Dynegy's confirmation of the restructuring talks, trading up 22 cents at $4.23 in late afternoon action on the New York Stock Exchange. The shares had dipped as low as $3.84 in late-morning dealings and as high $4.49. Dynegy's shares gained 4.7 percent or $1.83 to move to $41.08 on the NYSE.
Also on the table were negotiations to extend maturation of Enron's debt past the close of the merger, expected in the third quarter of 2002. The sources said an announcement was possible on a new infusion of at least $500 million in cash, which Enron has said it was seeking.
There also seemed to be an accord over who gets first crack at the Northern Natural Gas Pipeline, which would be Dynegy's consolation prize if the deal fell apart, a source said. Published reports have said that investment banks J.P. Morgan and Salomon Smith Barney had already accepted the pipeline as collateral in other loans, and may dispute Dynegy's ownership if the deal breaks up.
"The pipeline is far more valuable than what has already been collateralized. There's a solid earnings stream from that thing," said one source familiar with the discussions.
ONE TRADING UNIT SHUT DOWN
Two sources confirmed to Reuters that Enron's equity trading unit has been told it is being closed and that the roughly 60 employees there are being laid off. Enron was not immediately available for comment.
Those layoffs, part of broader job cuts expected as part of the Dynegy buyout, point to an acute problem for Enron - the loss of volume in its premier trading franchise. Enron's trading partners have been cutting back transactions with North America's largest energy trader because of credit concerns.
"This business is hugely dependent on volumes and volume growth. It is the principal reason that Dynegy is making the deal. If it's worth a lot less then Enron is worth less. It's vital to stop the bleeding in its core trading and marketing business," said Commerzbank analyst Andre Meade.
But as Enron's stock continued to lose value, down over 50 percent since Dynegy's initial bid, it seemed likely the purchase price would fall as well. Enron has seen its market capitalization drop to around $3 billion, from $60 billion at the start of 2001. (additional reporting by Jeff Goldfarb, Janet McGurty and Jonathan Stempel in New York).
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
RPT Dynegy confirms in talks on structure of Enron merger deal
11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
(Repeating to clarify lead)
NEW YORK (AFX0 - Dynegy Inc confirmed it is in talks with Enron Corp on the terms of their two week-old acquisition deal.
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of a deal," Dynegy spokesman Steve Stengel said.
Enron declined to comment.
Citing people familiar with the matter, the Wall Street Journal reported today that Enron is in advanced talks with Dynegy to cut the price of the all-stock transaction by more than 40 pct to about 5 bln usd.
Enron is also trying to extend the maturity dates of some of its borrowings to stem a growing liquidity crisis, the Wall Street Journal said.
lwl/gc
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Merger Traders Wary Even If Enron, Dynegy Cut New Terms
By Christina Cheddar
Of DOW JONES NEWSWIRES
11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Even if Dynegy Inc. (DYN) revises the terms of its acquisition of Enron Corp. (ENE), some takeover traders say the stock remains too risky.
Earlier Tuesday, a Dynegy spokesman confirmed the company was in talks to restructure the Enron acquisition. Separately, a person familiar with the negotiations said the talks are centered on creating a package that includes a lower exchange ratio for Enron shareholders, a provision for additional funding for Enron, and the refinancing of Enron's existing debt.
Even with the boost Enron shares have received from the reports, they continue to trade at a sharp discount to the original deal's value. Enron shares recently traded at $4.30, up 29 cents, or 7.2%, while Dynegy shares changed hands at $41.50, up $2.25, or 5.8%.
Under the original terms of the deal, Enron shareholders will receive 0.2685 of a Dynegy for each share outstanding, or $9.47 billion. At current trading levels, Enron shares are at a 61% discount to the offer price.
According to The Wall Street Journal, Dynegy and Enron are contemplating an exchange ratio of less than 0.15 of a Dynegy share, or about $5.29 billion.
The rejiggered deal is an attempt to restore confidence in Enron's ability to carry on its core energy marketing and trading business as the deal moves toward completion, the person said.
As the market waits for more details from the two companies, some say it will take more than a revised offer to provide takeover traders, also known as arbitrageurs, with enough confidence to play the deal in the typical fashion.
Often arbitrageurs bet on pending mergers by selling short shares of the acquiring company and buying shares of the target. In this way, the traders hope to profit as the target's share price moves toward the buyer's offer.
But according to some traders, there is too much risk, even for those accustomed to uncertainty, to play the Dynegy-Enron deal in this way.
Several traders said they were still wary that the deal could collapse and potentially push Enron into bankruptcy.
Enron's fortunes took a sharp turn for the worst after investors began to realize the company liberally used accounting loopholes to move its debts into off-balance-sheet financing vehicles, including partnerships run by its former chief financial officer, Andrew Fastow.
"There's nothing like accounting to scare people," said one trader, who said there is still a perception in the market that there is more bad news yet to come from Enron.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy confirms in talks on structure of Enron merger deal
11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX0 - Dynegy Inc confirmed it is in talks with Enron Corp to renegotiate the terms of a deal with Dynegy Inc in an attempt to save their two week-old acquisition deal.
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of a deal," Dynegy spokesman Steve Stengel said.
Enron, meanwhile, declined to comment on the report.
Citing people familiar with the matter, the Wall Street Journal reported that Enron Corp is in advanced talks with Dynegy to cut the price of the all-stock transaction by more than 40 pct to about 5 bln usd.
Enron is also trying to extend the maturity dates of some of its borrowings to stem a growing liquidity crisis, the Wall Street Journal said.
lwl/gc
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron slightly higher on hopes for new deal price
11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were slightly higher in midsession trade on reports that the company is trying to renegotiate the terms of a deal with Dynegy Inc, by cutting the price of the all-stock transaction to 5 bln usd, or 40 pct, from 9 bln usd, dealers said.
At 12.19 pm, amid broad declines in the market, Enron shares were trading up 5 cents at 4.04 usd. Dynegy was up 1.26 usd, or 3.26 pct, at 40.51.
The DJIA was down 111.48 points at 9,871.28. The S&P 500 was down 10.40 points at 1,147.02. The Nasdaq composite was down 20.25 points at 1,920.98.
Earlier, the Wall Street Journal said Enron was in advanced talks with Dynegy in an attempt to salvage their two week-old acquisition deal. The companies are discussing a new price for the all-paper deal, following the sharp fall in Enron's share price of the past few weeks.
Enron had hoped to finalise the deal and make an announcement yesterday that would calm investors -- the shares are trading at a small fraction of their record high last year of 87.50 usd.
As of today, however, the revised deal still has not been formalised.
The current agreement with Dynegy contains a "material adverse change" clause, which could be invoked to call the deal off.
As part of its due diligence, Dynegy is examining details of Enron's filing with the Securities and Exchange Commission last week, which reportedly contained information it had not received previously.
"Enron is a black hole, and I don't know how deep the bottom is," said Fadel Gheit an analyst at Fahnestock & Co.
Only four weeks ago, Enron's stock was trading at the 8 usd mark, Gheit said, noting that if the Dynegy had done their homework the stock would not have continued to collapse.
"The market sees this and somebody has to figure out the potential exposure, it could be several billion dollars," said Gheit.
If the deal is to go through then the two companies must arrive at a new stock-exchange ratio, said Gheit. Under the current acquisition agreement, Dynegy would exchange 0.2685 share for each Enron share tendered.
According to the Wall Street Journal, the new ratio is expected to be less than 0.15 share of Dynegy stock for every share of Enron stock, which would value Enron at less than 6 usd a share, or about 5 bln usd.
blms/cl/gc
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
IN THE MONEY: Hedge Funds Say Yes To New Enron Terms
By Carol S. Remond
11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column
NEW YORK -(Dow Jones)- News that Enron Corp. (ENE) and would-be suitor and savior Dynegy Inc. (DYN) are working to renegotiate their merger agreement has done little to assuage market jitters about Enron's fate.
And so far, even professional arbitrageurs, who normally thrive on placing bets on whether a merger is going to go through, continue for the most part to stay clear of Enron's stock and bonds because of the uncertainty surrounding the once mighty energy trader.
Still, reports that the equity swap ratio offered by Dynegy could be revised down to below 0.15 from 0.2685, has some hedge funds, often willing to take more risks, looking to place trades on the deal.
"We're trying to figure out a good play," said a trader at a New York hedge fund.
So far, bets under consideration seem to be those that would include a combination of stock and debt trading, somehow hedging a short position on Enron's shares with a long position in some of its bonds.
"People that are playing the debt are definitely playing the stock against it," a hedge fund manager at another fund said. This manager added, "We're still trying to evaluate different risk/reward scenario on the debt and equity sides."
Investors that sell stock short borrow shares in the hopes of replacing them later by purchasing them at a lower price.
Arbitrageurs typically sell short shares of the acquirer, while taking long positions in the stock of the target company. But there is nothing typical about Enron's financial woes and the rescue efforts launched by Dynegy and large banks like J.P. Morgan Chase & Co. and Citigroup Inc.
Traders reported increased activity in the still mostly illiquid Enron debt market. "Some bids are coming in, especially on the lower priced bonds," said a trader at a large New York investment bank that makes a market in Enron's bonds.
Enron bonds, which had fallen in value in recent weeks, gained five to seven points early Tuesday as investors continue to await confirmation from Enron and Dynegy that their merger deal remains on track, albeit at a lower price. Enron's 6.4% bonds due 2004 were recently trading at about 55 cents on the dollar, up from 48 cents Monday.
Under the original terms of the deal, Enron holders would have gotten 0.2685 of Dynegy shares for each of their Enron shares. Quoting people close to the discussions, The Wall Street Journal reported Tuesday that the new ratio is expected to be less than 0.15 share of Dynegy stock for every share of Enron stock. That lower exchange was also mentioned in a Dow Jones Newswires story last Friday. At current prices a 0.15 exchange ratio would value Enron at less than $6 a share.
Essentially this new value, if true, means that it has now become easier for hedge funds and other risk takers to play the merger odds.
When a hedge fund shorting Enron stock at $4 a share risked losing more than $6 if the merger went through at the 0.2685 ratio, it now stands to lose only $2 a share (based on the $6 value of Enron stock under the new 0.15 ratio). At the same time it has become much easier to hedge that loss potential by going long on Enron bonds. If the merger doesn't happen, Enron is seen by many as heading for bankruptcy with an ultimate share value of 0. That means that hedge funds shorting Enron at $4 stand to benefit by that amount.
Hedge fund managers and traders said that current thinking puts the value of Enron bonds at about 20 cents on the dollar if the merger fails and about 80 cents on the dollar if it goes through. Meanwhile, the value of Enron stock is capped at about $6 a share if the merger goes through with a new conversion ratio of 0.15.
"A lot of the guys are still very skeptical," said a bond trader at a New York bank. "But this is really making the hedge trade easier and we've seen more customers short the stock and buy the bonds."
Still, this type of bets isn't for the faint of heart, and most investors are likely to wait for more news before taking a position.
"We're nibbling a little bit at the bonds right now. But the situation is so volatile that it's difficult to be aggressive," the manager of a large New York hedge fund said.
Carol S. Remond; 201-938-2074; Dow Jones Newswires
[email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Confirms Talks On Enron Deal Structure - Source
By Christina Cheddar
Of DOW JONES NEWSWIRES
11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Dynegy Inc. (DYN) confirmed the company is in talks with a number of parties regarding the structure of its transaction with Enron Corp. (ENE).
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of the deal," said John Sousa. "I can't elaborate any further at this time."
An Enron official wasn't immediately to comment.
Earlier Tuesday, a report in The Wall Street Journal quoted people familiar with the matter who said Enron and Dynegy were in advanced discussions to cut the price of the all-stock transaction by more than 40% to about $5 billion. Sousa, the Dynegy spokesman, didn't comment on the newspaper report.
Dynegy shares recently traded at $40, up 75 cents, or 1.9%, while Enron shares changed hands at $3.94, down 7 cents, or 1.7%.
Under the original terms of the transaction, Enron shareholders are to receive 0.2685 of a Dynegy share, or $10.78, for each share outstanding, or about $9.14 billion, based on Dynegy's recent stock price.
According to the Journal report, the new terms could be below 0.15 of a Dynegy share.
The deal is critical for Enron, which also simultaneously carrying out talks to receive between $500 million to $1 billion in additional funding to support its operations, while carrying on negotiations to restructure its debt, which totals about $13 billion.
While Dynegy has already provided Enron with a cash infusion, it is uncertain how long Enron's current funds will allow it to remain solvent.
Meanwhile, a third employee lawsuit has been filed against Enron over lost 401(k) retirement savings due to the recent collapse of Enron's stock, which has declined more than 90% in the trailing 12 months. The suit claims Enron "locked down" the plan, which prevented employees from being able to sell the shares, and seeks $850 million for plan losses.
Although the other recently filed employee suits didn't disclose the amount of compensation the plaintiffs are seeking, it is possible the suits seek a similar level of damages, a CreditSights report said.
If this is true, the CreditSights report said, it is possible the clause that allows Dynegy to walk away from the deal if the liabilities from "pending"' or "threatened" litigation may exceed $3.5 billion may be invoked.
In addition, to the employee lawsuits, more than a dozen shareholder suits have been filed against Enron.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; [email protected]
The discussions between Enron and Dynegy aren't merely focused on revising the consideration Dynegy will pay. They are also aimed at providing Enron with additional funding and at restructuring its debt, said a person familiar with the negotiations.
The moves are aimed at restoring confidence in Enron and relieving "the perceived liquidity crisis," the source said.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron shares down despite talk of new Dynegy deal.
11/27/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 27 (Reuters) - Shares of financially troubled energy trading giant Enron Corp. slipped back into the red on Tuesday after gaining in opening trade following news of a new rescue deal from Dynegy Inc. .
Enron shares were down 2 cents at $3.99 after rising 19 cents, or 4.7 percent, to $4.20 in early dealings on the New York Stock Exchange.
Analysts questioned the viability of the original proposal for Dynegy to acquire Enron in a deal worth about $9 billion.
The Wall Street Journal reported that the companies were discussing reducing the price of the all-stock deal by more than 40 percent, to about $5 billion.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Credit Rating to Remain Unchanged for Today, Moody's Says
2001-11-27 16:12 (New York)
Enron Credit Rating to Remain Unchanged for Today, Moody's Says
New York, Nov. 27 (Bloomberg) -- Enron Corp.'s credit rating
will remain at ``Baa3,'' the lowest investment grade, by Moody's
Investors Service, which said it won't take any ratings action
today on the largest energy trading company.
David Stimpson, Moody's managing director for ratings
communication, said although there was speculation in the market
that Moody's would make a ratings change, the company won't take
any action on Enron today. Stimpson declined further comment.
Moody's had been expected to make a statement on Enron's
credit as bankers sought to raise as much as $2 billion for the
energy trader in private equity.
Bankers led by J.P. Morgan Chase & Co. Vice Chairman James B.
Lee have been unable for two weeks to raise the money because of
concern Enron won't be able to meet its obligations. That concern
was heightened after Enron disclosed a $690 million payment due
this week. Enron needs the money to operate as it completes an
acquisition by Dynegy Inc.
Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
2001-11-27 15:16 (New York)
Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
New York, Nov. 27 (Bloomberg) -- Enron Corp.'s bankers,
seeking to raise as much as $2 billion for the energy trader, have
been turned down by investors including Prince Alwaleed Bin Talal,
the Carlyle Group Inc. and Blackstone Group LP.
``I was approached by several people to invest in the
company, but we declined,'' said Alwaleed, a billionaire investor
from Saudi Arabia. The fall in Enron's shares, which have declined
95 percent this year, didn't necessarily make it a good
investment, he said.
Bankers led by J.P. Morgan Chase & Co. Vice Chairman James B.
Lee have been unable for two weeks to raise the money because of
concern Enron won't be able to meet its obligations. That concern
was heightened after Enron disclosed a $690 million payment due
this week. Enron needs the money to operate as it completes an
acquisition by Dynegy Inc.
The prospect that Enron will fail to line up financing,
jeopardizing its plan to be acquired by Dynegy, has weighed on its
stock and bonds. The company's securities gained today as talks
between Enron and Dynegy to renegotiate terms of the transaction
convinced some investors the takeover was more likely to take
place.
Enron 6.4 percent bonds that mature in 2006, which closed
yesterday at 48 cents on the dollar, rebounded to trade at about
55 cents on the dollar. At that price, the bonds yield 22.5
percent. Enron shares rose 21 cents, or 5 percent, to $4.22. The
stock finished yesterday at $4.01, its lowest level in 14 years.
Declining to Invest
J.P. Morgan and Citigroup Inc., Enron's largest lenders, plan
to provide $250 million to Enron each as part of a $2 billion
package. The bankers have been seeking additional investments,
which would be made in the form of convertible stock, for more
than two weeks.
Questor Management Co., a $1 billion private-equity fund that
invests in troubled companies, and buyout funds such as Carlyle
Group and Blackstone have balked at investing, said people
familiar with the situation. Blackstone and Questor declined to
comment. Christopher Ullman, a spokesman for Carlyle, said: ``We
are not in discussions with Enron about financing.''
``More equity would leave Enron with a stronger balance sheet,
which should reassure their trading partners,'' said Kathleen
Vuchetich, who helps manage $1.4 billion in assets at the Strong
American Utilities Fund. Vuchetich has 4.2 percent of her
portfolio invested in Dynegy shares.
Enron and Dynegy discussed revising the terms of their merger
over the weekend, said Steve Stengel, spokesman for Dynegy. Dynegy
is now talking about paying less than 0.15 share for each of
Enron's, valuing the company's equity at about $5 billion, or less
than $6 per share, the Wall Street Journal reported, citing people
close to the discussions.
Terms
``The concern is that the Dynegy deal breaks down,'' said
Paul Tice, co-head of U.S. high-grade credit research who covers
the energy market for Deutsche Bank.
Current terms call for an exchange ratio of 0.2685 share of
Dynegy stock for each Enron share. Given recent disclosures about
Enron's debt and the drop in the stock price, a fairer ratio would
be 0.15 share of Dynegy, said Ronald Barone, a UBS Warburg analyst
who rates Dynegy a ``strong buy.''
Under current terms, the deal makes sense for Dynegy only if
Enron earns 85 cents or more next year, said Gordon Howald, an
analyst at Credit Lyonnais who rates Dynegy a ``buy.'' UBS
Warburg's Barone has reduced his estimate of Enron's 2002 earnings
to 75 cents a share from $1.65.
Enron needs an infusion in part because it has $9 billion of
payments due before the end of 2002 and less than $2 billion in
cash and credit lines. The decline in reserves has also raised the
prospect that Moody's Investors Service may cut Enron's credit
rating. A lower rating would trigger $3.9 billion in debt
repayments for two affiliated partnerships.
Cash Question
``The main question is: `What is the cash position right
now?''' said Tice at Deutsche Bank. ``Is the falloff in the cash
position of the company stabilizing or not?''
Moody's hasn't issued a report on Enron since the company
filed a quarterly report with the Securities and Exchange
Commission last week announcing it had a $690 million note due
this week. On Wednesday, Enron got a three-week reprieve from
lenders on the $690 million note and closed on a $450 million
credit line. Dynegy Chief Executive Officer Chuck Watson said he
was ``encouraged'' by the developments.
Liberty Funds Analyst Paik Comments on Dynegy and Enron Talks
2001-11-27 11:56 (New York)
Boston, Nov. 27 (Bloomberg) -- Edward Paik, an analyst at
Liberty Funds Group, comments on Dynegy Inc.'s proposed
$23 billion acquisition of Enron Corp., the largest energy trader.
Paik has Enron shares among the $3.6 billion in assets he
helps manage at Liberty.
Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday.
``The stock market is clearly 100 percent certain the Dynegy
deal won't go through as negotiated,'' Paik said. ``We're just
waiting.''
``If they announce they've renegotiated the deal, it will be
implicit that due diligence has been done, and that Dynegy won't
walk away for anything that's happened up until now. If they were
to impose more conditions, what good is that? Dynegy needs to
resuscitate Enron back to health.''
A.G. Edwards Analyst Heim Comments on Dynegy and Enron Talks
2001-11-27 11:00 (New York)
St. Louis, Missouri, Nov. 27 (Bloomberg) -- A.G. Edwards &
Sons Inc. analyst Michael Heim comments on Dynegy Inc.'s proposed
$23 billion buyout of Enron Corp., the largest energy trader.
Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday. Heim rates Enron ``sell'' and Dynegy ``hold'' and
doesn't own shares of either company.
The market is waiting for confirmation and details of a
renegotiated bid, Heim said.
``We'd need to know why they'd agreed to a new price,'' Heim
said. ``It also needs to be combined with some sort of shoring up
of Enron's trading business, which needs to be stabilized for the
deal to have real value.''
Commerzbank Analyst Meade Comments on Dynegy's Talks With Enron
2001-11-27 10:42 (New York)
New York, Nov. 27 (Bloomberg) -- Commerzbank Securities
analyst Andre Meade comments on Dynegy Inc.'s proposed
$23 billion buyout of Enron Corp., the largest energy trader.
Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday. Meade rates both companies ``hold'' and owns no shares.
``If they are renegotiating, it confirms our fears that
Enron's crown jewel, its marketing and trading business, is
deteriorating,''
Investors are waiting for a sign on the state of the
business, Meade said.
Enron's trading business was worth more than $10 billion
before partners began shunning it on credit concerns, Meade said.
A lower price struck by Dynegy may reveal how much business has
fallen, and whether Dynegy believes Enron can regain it, Meade
said.
A New York Times report that banks may extend payments on
some loans until after Dynegy purchases Enron ``raises concern
that Dynegy will be hurt by taking on the vast liabilities of
Enron,'' Meade said.
ENRON SHARES RECOVER FROM A.M. SLUMP
By Lisa Sanders
CBS.MarketWatch.com
4:10 PM ET Nov 27, 2001
HOUSTON (CBS.MW) -- Shares of Enron recovered from the morning's sub-$4
a share level Tuesday amid reports that the embattled energy merchant is
working with Dynegy to renegotiate its takeover offer.
Enron (ENE), which once hit $84.88 during the last holiday season,
added 13 cents to close at $4.14 on volume of 68.4 million shares. The
stock was the most actively traded on the New York Stock Exchange
Tuesday.
Dynegy shares added $1.64 to close at $40.89.
The New York Times reported that Houston-based Dynegy (DYN) and Enron
are renegotiating Dynegy's bid, once valued at $9 billion in stock.
According to the report, Dynegy is worried that Enron's core business --
energy trading -- is deteriorating. See full story.
Getting it done
_______________________________________________________________________
Glen Hilton, portfolio manager of the Montgomery New Power Fund, said
it's a "crapshoot" as to whether the deal gets done.
"I think that regardless of the outcome Dynegy is still in a good
position for the long-term," he said. His fund liquidated its Enron
holdings completely in mid to late-October. "Enron was the leader (in
energy trading), and it's clearly suffering so Dynegy is in a good shot
to take up the mantle."
Hilton pointed to Enron's 10-Q, filed last Monday with the Securities
and Exchange Commission, and the falling share price as potential
triggers of the deal's material adverse affect clause. Those two things
could very well make Dynegy walk away from the merger. If that happens,
Hilton said, an Enron bankruptcy is a very real possibility.
"Very few companies understand what Enron does and Dynegy is one of the
few that could make something out of it," Hilton said. "If Dynegy can
restore confidence in Enron's trading business and get Northern Natural
Gas, it looks like it might be worth the headache."
Dynegy has the rights to Enron's Northern Natural Gas, a pipeline
system, whether the merger goes through or not.
Enron wasn't immediately available for comment. Dynegy, through a
company spokesman, confirmed that it was in discussions with "the
parties involved in the transaction" related to the structure of the
deal.
Top Of The News
Enron In Free Fall
Dan Ackman <javascript:newWindow('Ackman')>, Forbes.com <http://www.forbes.com/news>, 11.27.01, 9:00 AM ET
NEW YORK - If not for Sept. 11, Enron would be a major scandal; as it stands, it's a minor scandal. The Houston-based energy company, whose Chairman Kenneth Lay is a personal friend of and top fundraiser for President George W. Bush <http://www.forbes.com/2001/10/12/gwbush.html> and Vice President Dick Cheney, is in free fall. The bailout by rival Dynegy made public three weeks ago appears to be unraveling.
Dynegy's (nyse: DYN <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=DYN> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=DYN> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=DYN>) buyout of Enron (nyse: ENE <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=ENE> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=ENE> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=ENE>) was originally valued at $9 billion. But just as the deal was announced, Enron said its prior financial reporting was inaccurate and that it had overstated earnings by $586 million over the past four years.
While the companies have not said the merger is off, investors don't believe it will happen, at least not at the stated price; they have bid Enron shares down to the point where the company has a market value of less than $3 billion. The shares closed yesterday at $4.01, down from $78 a year ago.
The situation is in flux, as it has been for months. During that time, several top Enron executives have been forced to resign. Jeffrey Skilling, Enron's former chief executive officer, left in August for "personal reasons."
Company officials said they hope to announce, perhaps as early as today, a series of changes: a lower price for the takeover; a cash infusion of $500 million; new, extended loan terms by Enron's bankers; and somehow, an agreement that prevents Dynegy from walking away in the face of litigation over Enron's devastated employee-retirement plan. Lawsuits by shareholders are sure to follow, considering Enron's restatement and the pay it lavished on executives, including Lay who received $135 million from salary, bonus and the exercise of stock options in 2000 alone.
For now, Dynegy says it still wants to do a deal for its crosstown rival with 2000 revenue of $101 billion.
Even more alarming than the deterioration in the share price is the crisis of confidence in Enron's reliability as a trading partner in worldwide energy markets. Last year, Enron was the dominant player in natural gas and electricity trading--a fast-paced, complex business quite removed from the company's history as a gas- and oil-pipeline builder and operator. The fear now is that other companies will refuse to trade with Enron out of trepidation that it will file for bankruptcy and not pay its bills.
The company had $10.5 billion in debt as of its last annual report, and that number has likely grown by 20%. Already, credit agencies have cut their ratings on Enron debt.
Dynegy and its partner, ChevronTexaco (nyse: CVX <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=CVX> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=CVX> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=CVX>), may pump billions of dollars into Enron's operations if the purchase goes through. But the deal will certainly undergo regulatory scrutiny and will take months to close. Investors and energy traders are increasingly doubtful that Enron can hang on by itself.
Enron bills itself as one of the world's leading energy, commodities and services companies. It says it "markets electricity and natural gas, delivers energy and other physical commodities, and provides financial and risk management services to customers around the world." While all this may be true, its popularity with investors was based largely on its fast-growing revenue--much like the Internet companies whose collapse it mirrors.
Few shareholders had any understanding of what Enron did to generate that revenue, and indeed Enron's own auditors at Arthur Andersen were confused. Most of the revenue was generated from trading, but the company's shares sold as if it was still an industrial company and not a financial firm.
Enron was famous for being famous. Before the start of the 2000 baseball season, it purchased the rights to have its name on Houston's new ballpark. By 2002, Enron Field may need a new name.
The name Enron itself sounds like it has something to do with energy, but it means nothing. At the time the company was formed from the merger of InterNorth of Omaha and Houston Natural Gas, the idea was to call the company Enteron. But the namers then looked in the dictionary and found out that Enteron means "intestines;" they decided to drop the "te" in the middle and go with Enron. Soon Enron may be part of Dynegy, a much smaller company in terms of revenue. If the deal falls apart, it may want to go back to Enteron.
| ||
arnold-j/inbox/17.
|
subject: RE: Neural Networks
content: 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.
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/inbox/170.
|
subject: Give a gift that will get used!
content: [IMAGE]
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arnold-j/inbox/171.
|
subject: Site59 Top Picks | Ready for your "I Ate All The Leftovers"
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arnold-j/inbox/172.
|
subject: FOOTBALL
content: Suzanne,
can you forward to Lori and Joe Gordon.
Terri,
Can you forward to Pierce, Stacy, and Donna?
|
houston <[email protected]>
|
[email protected], houston <[email protected]>, [email protected],
|
arnold-j/inbox/173.
|
subject: TRV Notification: (NG - PROPT P/L - 11/27/2001)
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=11/27/2001>, published as of 11/27/2001 is now available for viewing on the website.
| ||
arnold-j/inbox/174.
|
subject: RE:
content: you still here?
-----Original Message-----
From: Arnold, John
Sent: Monday, November 26, 2001 6:17 PM
To: Ward, Kim S (Houston)
Subject: RE:
good try at the lingo but an inappropriate usage due to the fact monday morning is when YOU'RE SUPPOSED TO WORK OUT.
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Mon 11/26/2001 4:01 PM
To: Arnold, John
Cc:
Subject: RE:
thanks for the look
-----Original Message-----
From: Arnold, John
Sent: Monday, November 26, 2001 2:05 PM
To: Ward, Kim S (Houston)
Subject: RE:
I went already lazy
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Monday, November 26, 2001 1:48 PM
To: Arnold, John
Subject:
Did you go this morning? If not, do you want to go after work?
|
houston <[email protected]>
| |
arnold-j/inbox/176.
|
subject: TRV Notification: (NG - Price P/L - 11/27/2001)
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=11/27/2001>, published as of 11/27/2001 is now available for viewing on the website.
| ||
arnold-j/inbox/177.
|
subject: Book list
content: Need your book list from amazon.com!!!! May sleet and snow tonight but I
think the ground is too warm to stick or get icy. Although I could use a
day off work! Send me your christmas list! Also, I see that Enron and
Dynegy have been negotiating for days.....this concerns me. they cannot
seem to come up with a new price. Are you continuing to lose trading?
what % of normal trades are you now doing a day? I just hope you and
Matthew are OK. And Jeannie. Let me know. Love you, Mom.
| ||
arnold-j/inbox/18.
|
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: 4
| ||
arnold-j/inbox/19.
|
subject: RIBFEST -5- (Nov. 3rd)
content: The World Wide RibFest "celebration of the Rib" is coming up. This will be the 5th annual ribfest, and John Mee has his work cut out for him to defend the title he won last year (for the second time). I believe he will have a tough time, as the competition looks increasingly focused on unseating the former Bostonian from his Throne.
For those of you who haven't been to a ribfest in the past, it's a barbeque competition where 5 to 7 cooks compete to see who can produce the best Baby Back Ribs (if you want those Fred Flintstone beef ribs, you ain't getting them here). A blind-judging takes place to determine the winner, but often the crowd gets up in arms and nominates a "peoples choice" (though this is not officially recognized by the sanctioning body).
Every year, my wife asks the following: "So, besides Ribs, beer and margaritas, what else will be served?"
I reply: "Nothing comes to mind."
She replies: "No."
As you might expect, she wins this discussion year in, year out. So, appetizers, sides, desserts and food & drink for the kids are also served. The competition around the grills gets a little rough, so I recommend that the young and faint-of-heart maintain a safe distance while the cooking and competition is taking place. The appropriate College football games will be broadcast, so you don't have to worry about missing any games.
There are a couple of changes to this year's competition:
The competition will be held at the John Mee/Laura Benjamins compound in Bellaire
Mike Paradise (who won the very first ribfest) has stepped out of the competition this year citing "personal reasons"
Date & Time
Saturday November 3rd. We fire the grills up around 12:00, and the judging takes place between 3:00 and 3:30.
Where
4807 Elm Street in Bellaire
Directions (from John Mee himself)
From downtown, take 59s to 610s. The first exit is the Bissonette//Fournace exit. Take this exit and go through the light, noting the gouging in the lamppost from that freak cherry-picker accident from last April. Before the Bisonette light, there is a big Chase Bank Building. Right before that building is Elm Street. Take a right on Elm Street exactly 236 yards to 4807 Elm Street. Go inside and ask for directions there, cause I really don't have a clue...
KIDS
Bring 'em! We'll have the Moonwalk set up for them again this year, and we'll have hot dogs, burgers, popcorn and drinks for them. The more kids the better.
What you need to bring
Nothing, except maybe some attitude to heckle the cooks while they try to concentrate.
RSVP
Call John and Laura 713 839 8700 -or-
Greg and Martha 713 861 2766
We need to make sure we stock up enough ribs to go around.
| ||
arnold-j/inbox/2.
|
subject: Supervisor Evaluation Forms
content: ARNOLD, JOHN D:
Attached below you will find the final Evaluation forms for your direct reports; these forms have been pre-populated with your employees' basic data. If you have already completed your employees' final Evaluations, you may disregard these forms.
When completing the Evaluation, carefully consider employee input, consolidated feedback and your observations of their performance and contribution, and encourage employee participation in the evaluation discussion. For many employees, this will be the only formal opportunity to discuss their performance with their supervisor.
Final Evaluations should be completed and returned to your HR representative by August 17 (July 31 for all those in Business Units reporting to Enron Europe) for employees in job groups below Vice President level.
If you have any questions, please contact your HR representative or the PEP help desk at x34777, option 4.
We recommend saving all the below attachment[s] at once in the following manner:
Outlook Users: Go to File -> Save Attachments, click OK if prompted, then choose which directory to save the documents under.
Lotus Notes Users: Go to Attachment -> Detach All, then choose which directory to save the documents under.
- DISTURNAL, JOHN.doc
- GRIFFITH, JOHN H.doc
- MAGGI, MICHAEL J.doc
- MAY, LAWRENCE J.doc
- QUIGLEY, HENRY H.doc
- RANGEL, INA R.doc
| ||
arnold-j/inbox/20.
|
subject: credit from buy.com
content: Hello John,
Thank you for shopping at buy.com.
We guarantee your satisfaction with our high quality products
and customer support. Since your experience with order #11673325
did not live up to our high standards, we have issued you a credit in
the amount of $101.47.
Please allow 3-5 days for your bank to apply this credit to
your account.
If you have any questions, please visit customer support at
https://www.us.buy.com/corp/support.
Thank you again for shopping with us. We look forward to serving
you in the future.
Sincerely,
buy.com
http://www.buy.com
================================================
Please use the link below for your Customer Support questions. Please
do not reply to the buy.com email address. For anytime Help click:
www.us.buy.com/corp/support.
================================================
| ||
arnold-j/inbox/208.
|
subject: TRV Notification: (NG - Price P/L - 11/26/2001)
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=11/26/2001>, published as of 11/26/2001 is now available for viewing on the website.
| ||
arnold-j/inbox/209.
|
subject: OnePass Member continental.com Specials for john arnold
content: continental.com Specials for john arnold
Tuesday, November 27, 2001
****************************************
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****************************************
TABLE OF CONTENTS
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2. Continental Vacations Offers
3. Hilton Hotels & Resorts, Doubletree Hotels & Resorts, & Embassy Suites Hotels Offers
4. Alamo Rent A Car Offers
5. National Car Rental Offers
****************************************
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********************************
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The following rates are available December 1 - December 3, 2001 and are priced per night.
--------------------------------------
Fort Lauderdale, FL - Hilton Fort Lauderdale Airport, Dania, FL. - $119
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------------------------------------------
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CONTINENTAL.COM SPECIALS RULES:
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---------------------------------------
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****************************************
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| ||
arnold-j/inbox/21.
|
subject: RE: wheres the love?
content: hey man no problem.i know youre a busy man.its getting ahrder to say how to
play this thing. sprds are massive contango-minimal inverses in the winter.
indeed there shudnt be any problems to supply gas this winter but suply
growth hasnt been stellar and prob wont rise from here now.im not a raging
bull but the past couple of aga and the cashs trength. and the mkt
structure(no sellers in the forward), leads me to beleive there cud be more
upside. mkt is prob a range mkt for a time. but overall i think this is a
weather bet. if we have a winter it will suport the whole curve if its warm
i will be awful-stay in that 2.00-2.50 rnage for spot prices.
i think the prompt is out of the woods-if so long as we have normal
weather nov cash will be ok -wont trade lower than oct cash as long as we
have big incentive to roll storage mar/apr? i bailed. basically washed. in
the long term its prob ok but they arent gonna let me make any serious money
on it in the next few weeks prob longer so why have it on esp when this
winter is such a big discount to next-i guess theres some risk h/j moves
higher if they y on y sprds come in much?? not sure so i bailed. i dont
disagree with you on the calender sprds but i just dont think the entry pt
is attractive. about the only thing im running is nov long agaisnt dec and
jan shorts. pretty netrual no big bets on for now-first time in a awhile.
nothing is that obvious to me. if mktstays sort of balanced until end dec i
mite take a shot on the long side late dec early jan. i struggle paying
sucha big premium for the forward curve
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, October 08, 2001 7:58 PM
To: LaFontaine, Steve
Subject: RE: wheres the love?
Sorry,sorry, sorry.
Havent had internet access at home for past 5 weeks. Much easier to write
these at home as when I'm done trading I don't want to look at my computer.
For november, very neutral. Cash is impressive. Agree shutins, switching,
and some weather are making market look more like equilibrium. Think with
cash/futures at 20 cents, x/z looks crazy. As soon as z becomes prompt,
the fear factor/risk premium of it will decrease and the whole winter will
come off. Like your h/j trade. Hard to see it really being worth 9 cents
at settlement. Been buying a lot of y/y cantango as I think next summer
will be a piece but longer term gas story still very real and customers
know it. Wouldnt be surprised to see 2/3 go to 50+. I think x has some
room to go up, but not a lot. Dont want to play the market from the long
side as been burned before trying to get long a market that is still in a
downtrend. Seems like the curve will just keep rolling down with each
expiry. All the winter months might settle 2.25. As such, the best thing
to be short is jan.
-----Original Message-----
From: "Lafontaine, Steve" <[email protected]>@ENRON
[mailto:IMCEANOTES-+22Lafontaine+2C+20Steve+22+20+3Csteve+2Elafontaine+40ban
[email protected]]
Sent: Friday, October 05, 2001 12:32 PM
To: Lafontaine, Steve; [email protected]
Subject: RE: wheres the love?
well the mkts changed a bit since this writing. im more neturalish now i
guess. suprised about the cash strongth. and i guess it doesnt mattr CUZ
YOU
DONT ANSWER YOUR EMAILS ANYWAY.
regards
> -----Original Message-----
> From: LaFontaine, Steve
> Sent: Friday, September 21, 2001 4:40 PM
> To: John Arnold (E-mail)
> Subject: whats up young man?
>
> johnny hope all is well. is ok here. new york a little stranger than
> normal for obvious reasons.. wwe're trying to get back to normal.
pretty
> stressful cupla weeks. business has been pretty good(trading anyway)
in
> natgas and oil. certainly have been some changes in natgas
fundamentals
> but too littl too late im afraid to get bullish . market sucks and the
> newest shock to macr economics im starting to think are mitigating
what
> mite have been some postive bullish changes like gas/oil relationship
and
> gas shut ins. looks shitty i think. im not as short as ive been but
> starting to think this witer is waaay too high priced. just funtction
> timing i guess. i sold a few march aprils again. just doesnt fit the
curve
> and i think 80% probabitly we end march with over 1.3 tcf in the
ground.
> wud keep things ugle for awhile.
> anyway curious your thots as always. also wanted to say hi.have a
good
> weekend
**********************************************************************
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/inbox/22.
|
subject: RE:
content: Dear Mr. Arnold:
Thank you for your email.
Yes, recruiting season is now in full swing. I am now waiting to hear from
Ms. Chenee Franklin, hoping to secure an interview. Eva was very helpful
and informative; through her I learned a good deal about Enron's trading
businesses.
Once scheduled for an interview, I would appreciate it if we could talk over
the phone at your convenience.
Again, thank you, and I will keep you updated.
Sincerely,
Gad Caspy
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, October 10, 2001 6:59 PM
To: [email protected]
Subject: RE:
Just following up to see if the recruiting season has started and to make
sure everything is going okay. If you need anything, just say the word.
-----Original Message-----
From: "Gad Caspy" <[email protected]>@ENRON
[mailto:IMCEANOTES-+22Gad+20Caspy+22+20+3Cgcaspy+40mba2002+2Ehbs+2Eedu+3E+40
[email protected]]
Sent: Monday, September 24, 2001 2:29 PM
To: Arnold, John
Subject: RE:
Dear Mr. Arnold:
Please let me know if I can call you this week at your convenient.
Sincerely,
Gad Caspy
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, September 13, 2001 8:02 PM
To: [email protected]
Subject: RE: Potential employment opportunities with Enron
Gad:
Sorry for the extremely late response. Despite the fact that Eva
referred
you, we would have interest in meeting with you about emplyment opps. I
was
planning on going to NY in a couple weeks but at this point, I don't
know.
I would highly recommend that you follow the formal recruitment program
in
addition to any talks we have. Although I can recommend to make you an
offer, it is much easier if it is done in parallel with the associate
recruitment program. After the current events calm down, we can talk
via
phone about my experience here and why I think there are some good
opportunities here.
-----Original Message-----
From: "Gad Caspy" <[email protected]>@ENRON
[mailto:IMCEANOTES-+22Gad+20Caspy+22+20+3Cgcaspy+40mba2002+2Ehbs+2Eedu+3E+40
[email protected]]
Sent: Tuesday, September 04, 2001 5:29 PM
To: [email protected]
Subject: Potential employment opportunities with Enron
Dear Mr. Arnold:
I was referred to you by Ms. Eva Pao. I am a second year MBA student
at
Harvard Business School, writing to express interest in exploring
potential
employment opportunities with Enron. In particularly, I am
interested
in
derivatives trading.
I have attached my resume for your convenience. As you can see, my
professional experience has been in a variety of roles within
financial
institutions and specifically, managing a currency trading-desk,
before
starting my MBA.
I would appreciate an opportunity to meet with you or with one of
your
colleagues, on a formal or informal basis, who might be in the Boston
or
NYC
areas in the next few months.
Thank you for your time and consideration.
Sincerely,
Gad Caspy
24 Peabody Terrace # 1801
Cambridge, MA 02138
H (617) 876 2306
Harvard Business School
MBA 2002
- Gad_Caspy_Resume.doc << File: Gad_Caspy_Resume.doc >>
**********************************************************************
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/inbox/23.
|
subject: Increasing EOL liquidity in West Basis
content: I would like to set up a brief meeting in the afternoon this week or next, to discuss increasing the liquidity in west basis on EOL. It would be helpful for our desk to sit down with John Arnold and John Lavorato to openly discuss the importance of continuing to increase liquidity on EOL.
I would also like to put to rest the notion that increasing liquidity leads to negative P&L and that a Trader's support of EOL liquidity will go unrecognized at year end PRC.
Please email me with a response of when we could set up such a meeting.
Sincerely,
Mike Grigsby
| ||
arnold-j/inbox/24.
|
subject: RE:
content: Here are the four decimals while keeping the spread the same
1985332 2.6763
1985333 2.8788
-----Original Message-----
From: Arnold, John
Sent: Monday, October 15, 2001 11:14 AM
To: Taylor, Joey
Subject:
Joey:
Can you round the price of following EOL deals from 10/9 with Cargill to four decimals while keeping the spread price the same:
1985332
1985333
Thx,
John
| ||
arnold-j/inbox/25.
|
subject: Supported Internet Email Addresses
content: 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/inbox/26.
|
subject: RE: Spark Spread Options
content: Hi,
The power options trading desk is beginning to structure deals and to make markets in spark spread options ( options on the spreads between power prices and natural gas prices). Please refer to the attached file for further information.
It would be most helpful to meet with the relevant individuals on the Gas desk who would be interested in spark spread options.
Thank you in advance for your assistance.
Kind regards,
Iris Mack, MBA/PhD
Enron Power Options Trading Desk
x3-6711
| ||
arnold-j/inbox/27.
|
subject: Slide for John Sheriff
content: Hi John,
I was wondering if you had a chance to put together that slide for us. I know you are really busy and we appreciate your help. Thanks.
Savita
| ||
arnold-j/inbox/28.
|
subject: FW: Enron Deal from 17-Oct-01
content: John,
Will you advise if you have completed the transactions per our discussion on
October 17, 2001:
Selling US Gas Swap Nymex Dec01 USD/MM-L 100 @ $2.96125
Buying US Gas Swap Nymex Jan02 USD/MM-L 100 @ $3.13875
We have not received any confirmation that these transactions have been
completed.
Thanks,
Cindy Kisling
OGE Energy Resources
(405) 553-6475 - voice
(405) 553-6498 - fax
[email protected]
> -----Original Message-----
> From: Kisling, Cynthia E
> Sent: Thursday, October 18, 2001 9:27 AM
> To: '[email protected]'
> Cc: Schurman II, Rankin; Burrows, Phil W; Mercer, Donna S; Gencheva,
> Daniela I
> Subject: Enron Deal from 17-Oct-01
>
> 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/inbox/29.
|
subject: 3 announcements-Tasting,Catalog,Big Sale!!!
content: To Place an order . . .
PLEASE CALL 973-376-0005 ask for Order Dept.www.winelibrary.com
or e-mail us at [email protected]
3 BIG announcements!!!
1. Gary Vaynerchuk of the Wine Library has signed on to host a wine tasting dinner at Cafe Brand of Jersey City this Wednesday October 24 at 6:30PM. The $70 entry fee includes tax, gratuity and an elegant "World Bistro" style 7-course meal prepared by Executive Chef Seth Coburn. The menu will feature Seared Nori Tuna, Crusted Salmon Filet, & Grilled Fillet Mignon. Fedway Associates is providing the matching Californian & French wines, including the 1999 Stonegate Napa Merlot and the 1997 Rene Renou Bonnezeaux Trie de Vendanges. Call 201-459-9947 for reservations & directions.
Event: 7 Course Wine Tasting Dinner
Date: Wednesday, October 24, 2001
Time: 6:30 PM Reception Start
Price: $70 (includes tax & gratuity)
Place: Cafe Brand
611 Jersey Ave., Jersey City NJ 07302
Located in Downtown Jersey City
at the Corner of 5th and Jersey Ave.
Phone: 201-459-9947
2. If you didn't receive last years Wine Library Catalog and would like to this year, please e-mail (by replying to this e-mail) us your name and address
3. This Friday, live on our website, we will unveil our 2001 Customer Appreciation Sale on www.winelibrary.com , the sale will start on Friday and run through the month of November. There will be a large selection of wines discounted 30-50 % and this is a real bargain hunters paradise! We want to run these sales for 2 reasons. 1, to thank all of you for shopping Wine Library and 2, To reduce our inventory on random bottles going into the holidays. There will be small quantities on most wines, so please act very quickly if you have interest. If you stop by the store these wines will be marked with special sale tags (starting Saturday)...Happy Hunting and make sure you stop by or log on to www.winelibrary.com on Friday @ 11 am!
| ||
arnold-j/inbox/3.
|
subject: FW: Robotrader/Autotrader
content: John,
Attached is an email which I have sent to Savita (who will not be able to attend today). It addresses the Robotrader concept. I will bring some hardcopy to hit the high points this afternoon.
Dave
-----Original Message-----
From: Forster, David
Sent: Monday, July 16, 2001 4:06 PM
To: Puthigai, Savita
Subject: Robotrader/Autotrader
Savita,
Attached is the latest Robotrader spreadsheet.
As you may recall, we tried several different approaches to minimizing the cost of the market running up and then down again.
The solution which gave the best solution was also the simplest one.
Principles as follows:
- Basically an advanced Offset to Last Trade
- Definitions
- Intensity: Measures the length of time between transactions as a rolling average over the last x number of transactions (the Intensity Factor)
- Intensity Factor: The number of transactions used in calculating the rolling average Intensity
- Dead Interval: The period of time in which (if nothing occurs), an event or transaction is deemed to take place.
- Offset Reversion Ratio: The percentage by which the Offset will be reduced if a Dead Interval passes
- Spread Minimum: The minimum spread which can be used.
- Offset Minimum: The minimum offset which may be used.
- Spread-Offset Minimum: The minimum amount by which the spread must exceed the offset
- Spread Reversion Rate: The amount in dollars by which the spread will decrease if a Dead Interval passes
- Position Sensitivity: The position which, if exceeded, will cause the V Factor Adjustment to increase
- V-Factor adjust: The amount by which the Momentum will be increased if the Position Sensitivity is exceeded.
- Momentum: The measure of the degree to which the market is either just buying or just selling
- Adjusted Momentum: A Momentum number which may be boosted, causing a larger price reaction when the Position Sensitivity is exceeded.
- Offset: The amount by which a bid or offer will be increased/decreased when a transaction occurs.
- Spread: The difference between the bid and the offer
- General Principles and Mechanics
- As each Sell (Buy) occurs, the Momentum decreases (increases).
- The Adjusted Momentum is the same as the Momentum, unless the Position Sensitivity is exceeded.
- If the Position Sensitivity is exceeded, then the Adjusted Momentum is boosted by the V-Factor Adjustment
- The Offset is calculated by looking up the Offset value on a table for the specified Adjusted Momentum
- The Spread is calculated by looking up the value to boost (decrease) the Spread on a table for the Specified Intensity
- As the Intensity value drops, the Spread widens. As it increases, the Spread decreases.
- In a running market, the offset will increase quickly. If it establishes a new level, the Offset will slowly decrease
- If the market runs up and whipsaws back, the offset will stay large
- If a market range trades, the offset will trend to zero.
- If there are a large number of transaction in succession, the spread will widen
- If there are a small number of transactions in succession, the spread will tighten.
Dave
| ||
arnold-j/inbox/30.
|
subject: NYMEX
content: Who can I call to get access to NYMEX when I'm there next week? I'll want to take photos!!!
How was your weekend? MSA
| ||
arnold-j/inbox/31.
|
subject: New Link for All-Employee Meeting
content: Attached is a new link for employees unable to attend the all-employee meeting today at 10 a.m. (CDT) at the Hyatt Regency Houston, Imperial Ballroom. If you are located in London, Calgary, Toronto, Omaha, New York, Portland (ENA) or Houston, you can access the live event at http://home.enron.com/employeemeeting.
|
All Enron Worldwide@ENRON <??SAll Enron Worldwide@ENRON>
|
|
arnold-j/inbox/32.
|
subject: RE:
content: I completely understand and thanks for letting me know. Maybe when I become a famous rock star and leave Enron you will reconsider. I don't know if I can make it on Friday. I am singing in a good friends wedding this weekend and the rehearsal dinner is Friday night. If you are going to be out any other time this week let me know and if not I can get it next week. How was your weekend with your friend?
Talk to you soon.
-----Original Message-----
From: Arnold, John
Sent: Monday, October 22, 2001 11:43 PM
To: Banner, Kimberly
Subject:
Ok, so I'm an asshole. Sorry for not responding earlier. There really were some things I needed to think about.
As I spend the majority of my life at or around Enron, the majority of the people I know professionally, socially, and romantically have been from Enron. The further I get professionally, the harder it seems to continue the other two: socially to keep my sanity, and romantically for so many other reasons. Although I do really like you and am very attracted to you, it is just really tough for me to ask you out right now. Your only fault in my eyes is your place of employment. As such, I would prefer to try to be friends for a while.
I still do have your necklace. I'll promise to have it Friday at the front porch if you're there.
John
| ||
arnold-j/inbox/33.
|
subject: RE:
content: John,
Bo Collins would like to speak with you. Can you forward me your phone # or
call him at 212-299-2260?
Dan
-----Original Message-----
From: Arnold, John [mailto:[email protected]]
Sent: Tuesday, October 23, 2001 9:30 AM
To: [email protected]
Subject:
Daniel:
Can you include me in the nymex nat gas advisory panel meeting today?
John Arnold
Enron
**********************************************************************
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/inbox/34.
|
subject: URGENT - ENA Associates & Analysts
content: All,
The below Analyst & Associate recruiting dates require ENA participation at Manager level at above. In order to resource each of your departments it is important to have ENA's involvement and participation in the interviews and debrief sessions on Fantastic Friday and Super Saturday events. These de-brief sessions will allow you the opportunity to select candidates you wish to join your groups. The target is to assign potential candidates to business units and departments from the outset.
As ENA has the highest percentage of A&A rotating in its business unit, the participation of ENA at interview should reflect this. Therefore, please encourage your direct reports and managers to participate in the below events in order to secure candidates for your business area.
Associate Recruiting: Saturday November 3 Total - 70 Candidates for Interview
Analyst Recruiting: Friday, November 16 Total - 70 Candidates for Interivew
Associate Recruiting: Saturday, December 1 Total - 70 Candidates for Interview
The above spreadsheet represents ENA's particpation today which I believe highlights the need for much additional support in these efforts.
Please confirm by return participation of your respective groups.
Regards,
Karen Buckley
HR - ENA
| ||
arnold-j/inbox/35.
|
subject: Confidential - Voicemail Messages
content: These were the messages in your voicemail:
1. 10/18/01 - Margaret Allen ....needed your advice on whether her sister should take job with Cal-Pine or Kinder Morgan
2. 10/19/01 - Adrianne Engler ....regarding candidantes that you were suppose to phone interview. (you have sent her an email since this)
3. 10/23/01 - Bob Shults(X3-0397)....they met with Nymex last week and are getting ready send the proposal ont eh document you saw last week. He wants to make sure that you
are okay with this and dont have any issues.
| ||
arnold-j/inbox/36.
|
subject: hi
content: Hey there. We are going to be at Front Porch today if you aren't busy later. You are invited to stop by and wear my necklace if you want. Has your week been better than last week?
Talk to you soon.
Kim
| ||
arnold-j/inbox/37.
|
subject: ENE EQUITY CN GO
content: not good.....
-----Original Message-----
From: Arnold, John
Sent: Thu 10/25/2001 5:42 PM
To: Fraser, Jennifer
Cc:
Subject: RE: what are u up to later?
I''ll be drinking either at front porch or little woodrows
-----Original Message-----
From: Fraser, Jennifer
Sent: Thursday, October 25, 2001 3:34 PM
To: Arnold, John
Subject: what are u up to later?
| ||
arnold-j/inbox/38.
|
subject: FW: Gas Trades
content: The only thing that may save us is that Dutch gave me those numbers during EOL problems..
Frank
PS Lavo's VAR is over again
-----Original Message-----
From: Hayden, Frank
Sent: Thursday, October 25, 2001 1:33 PM
To: Lavorato, John
Cc: Port, David
Subject: Gas Trades
East Power (500)
West Power 50
Canada 100
Central (1000)
East (1600)
West (380)
Texas (300)
Lavo 2000
Fin 2500 Dec. - Mar.
3650 Cal 2 & Cal 3
total 4,520
PS. Arnold's EOL died on him. Not good
| ||
arnold-j/inbox/39.
|
subject: Enron Mentions
content: Enron Taps $3 Billion From Bank Lines In Pre-Emptive Move to Ensure Liquidi=
ty --- Firm Will Pay Debt, Keep Cash Cushion
The Wall Street Journal, 10/26/01
Deals & Deal Makers: Enron Officials Sell Shares Amid Stock-Price Slump
The Wall Street Journal, 10/26/01
Enron's Financial Troubles Reverberate to Bonds With Poor Liquidity and Cre=
dit-Rating Concerns
The Wall Street Journal, 10/26/01
Most Analysts Remain Plugged In to Enron
The Wall Street Journal, 10/26/01
Enron Draws Down $3 Bln in Credit to Boost Investor Confidence
Bloomberg, 10/26/01
Enron Liked By Analysts Despite Complicated Dealings, WSJ Says
Bloomberg, 10/26/01
Enron Draws Down $3 Billion From Its Credit Lines, WSJ Reports
Bloomberg, 10/26/01
Action by Enron halts stock's fall
Houston Chronicle, 10/26/01
Corporate US on track for bailout
The Guardian, 10/26/01
Harvey Pitt's S.E.C.: From Guard Dog to Friendly Puppy?
The New York Times, 10/26/01
Enron draws down at least 1 bln usd from credit lines to boost mkt confiden=
ce
AFX News, 10/26/01
The Five Dumbest Things on Wall Street This Week
TheStreet.com, 10/26/01
Stocks Post Gains After A Rough Morning
The Washington Post, 10/26/01
Sudhakar will head Enron probe panel
The Times of India, 10/26/01
Enron Taps $3 Billion From Bank Lines in Pre-Emptive Move to Ensure Liquidi=
ty
Dow Jones Business News, 10/25/01
Enron chief executive resigns from board of i2 Technologies
Associated Press Newswires, 10/25/01
As Enron's woes unnerve investors about energy sector, analysts say its pro=
blems are isolated
Associated Press Newswires, 10/25/01
Enron's Credit Outlook Downgraded to Negative by S&P (Update1)
Bloomberg, 10/25/01
Enron's Trading Partners Say It's Business as Usual (Update2)
Bloomberg, 10/25/01
Enron Broadband Begins Closing London, Singapore Offices
Dow Jones Energy Service, 10/25/01
Calpine:No Exposure To Enron; No Calif Pwr Contract Talks
Dow Jones Energy Service, 10/25/01
Spector, Roseman & Kodroff, P.C. Files Class Action Suit Against Enron Corp=
oration
PR Newswire, 10/25/01
TGS Q3 net profit up 22 pct yr-on-yr on higher NGL sales, transport revenue=
s
AFX News, 10/25/01
Enron Draws Down Credit Facility
Dow Jones News Service, 10/25/01
Enron Employees Watch Options Devalue as Shares Fall (Correct)
Bloomberg, 10/25/01
Enron Taps $3 Billion From Bank Lines In Pre-Emptive Move to Ensure Liquidi=
ty --- Firm Will Pay Debt, Keep Cash Cushion
By Wall Street Journal staff reporters John R. Emshwiller, Rebecca Smith an=
d Jathon Sapsford
10/26/2001
The Wall Street Journal
C1
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron Corp. drew down about $3 billion, the bulk of its available bank cred=
it lines, in a bid to restore confidence in its financial strength and liqu=
idity.=20
Enron will use part of the money to offer to redeem about $1.85 billion of =
outstanding commercial paper -- short-term corporate IOUs -- according to a=
person familiar with the matter, with the remainder providing the energy c=
oncern with a cash cushion. Some observers believe the move is a pre-emptiv=
e step by Enron to ensure that it had adequate liquidity should its access =
to bank lines be interrupted. The person also said Enron was talking to its=
banks about a new, multibillion-dollar credit line.
Enron insists its business operation and financial condition remain strong.=
But, "when the market is reacting as irrationally as it has been the last =
few days, we thought that cash was better than a commitment from a bank," s=
aid an Enron spokesman. In a statement, the company's new chief financial o=
fficer, Jeff McMahon, said that by drawing down the bank lines, "we are mak=
ing it clear that Enron has the support of its banks and more than adequate=
liquidity to assure our customers that we can fulfill our commitments."=20
The move underscored the tumultuous conditions that have been sweeping over=
the Houston energy-trading concern in the past 10 days. Enron is the natio=
n's largest energy trader and is a principal in nearly one-quarter of all e=
lectricity and natural-gas trades. Yesterday, for example, Enron was involv=
ed in about $4 billion of deals through its EnronOnline unit.=20
Since early last week, Enron's share price has plummeted 50%. Last week, it=
reported a $618 million third-quarter loss and a reduction in shareholder =
equity of $1.2 billion. It also disclosed that the Securities and Exchange =
Commission is conducting an inquiry into billions of dollars of transaction=
s it did with entities connected to its former chief financial officer, And=
rew S. Fastow, who was replaced Wednesday.=20
The draw-down of the credit facilities came as one rating agency, Fitch, pu=
t Enron on review for a possible downgrade, while another, Standard & Poor'=
s, changed Enron's credit outlook to negative from stable. Moody's Investor=
s Service already has said it is looking at a possible downgrade of Enron. =
In order to fall below investment grade, Enron's credit rating would have t=
o fall several notches.=20
If that were to happen, however, a host of bad consequences could follow. T=
ogether with the sharp decline in its stock price, a noninvestment-grade ra=
ting would throw the company into default on obligations involving billions=
of dollars of borrowings. In that event, Enron could be forced to issue mi=
llions of shares of stock to holders of that debt, diluting the value of ex=
isting shares. At 4 p.m. in New York Stock Exchange composite trading, Enro=
n was down six cents at $16.35.=20
Liquidity is a key issue for Enron, which handles energy-trading volumes mo=
re than triple its next-biggest competitor, American Electric Power Co. Enr=
on's EnronOnline Internet-based trading platform has transacted more than $=
884 billion of trades since it was created in November 1999.=20
The company's wildly successful wholesale unit has been dragged down by und=
erperforming assets elsewhere in the company, chiefly the approximately $6.=
5 billion of international assets such as its Dabhol power project in India=
. Raising cash and retiring debt largely is a timing issue. The cash needs =
of its trading operation are immediate; it takes time to sell assets, parti=
cularly in today's slower economy.=20
The company also is suffering from a string of disclosure controversies tha=
t have damaged its credibility, particularly in connection with its dealing=
s with Mr. Fastow, the former chief financial officer. Internal documents r=
elated to one of the Fastow partnerships disclose that Enron also did as mu=
ch as hundreds of millions of dollars of business with an entity connected =
to another company official, who has since left Enron. While Enron disclose=
d its Fastow-related transactions in SEC filings, a computerized search of =
the SEC's database of public filings produced no reference to this other em=
ployee-related entity known as Chewco.=20
Chewco was established in 1997 "with approximately $400 million in capital =
commitments" to buy an interest in Enron assets, according to one of the pa=
rtnerships documents. The document didn't further specify what assets were =
purchased, and it didn't disclose the financial impact of the transactions =
for either Chewco or Enron. Chewco was being run by Michael Kopper, a manag=
ing director in Enron's Global Equity Markets Group, according to the docum=
ent.=20
Enron, which has maintained that its complex financial transactions with em=
ployee-related entities were legal and properly disclosed, didn't have any =
comment regarding its dealings with Chewco.=20
Mr. Kopper, who Enron says left the company this year to focus on helping t=
o run the Fastow-related partnerships, didn't return phone calls. A person =
at his office in Houston yesterday said Mr. Kopper was traveling. In respon=
se to questions about Chewco, an Enron spokesman would say only that "Micha=
el Kopper was never an executive officer of Enron." Mr. Fastow repeatedly h=
as declined interview requests. He severed his relationships with the partn=
erships in July.=20
This statement is an apparent reference to SEC disclosure regulations regar=
ding related-party transactions. Under SEC rule S-K, a company has to repor=
t any transaction that exceeds $60,000 and involves "any director or execut=
ive officer." By contrast, Mr. Fastow, as CFO, would have fallen into that =
category, but Mr. Kopper, as managing director of a business unit, presumab=
ly wouldn't have.=20
However, reporting guidance issued by the Financial Accounting Standards Bo=
ard seems to have a broader definition, one that might include Mr. Kopper. =
According to FAS Statement 57, a related-party transaction involves a "mate=
rial" piece of business between the company and a member of management. The=
statement defines management as directors, top officers, vice presidents i=
n charge of major business units and "other persons who perform similar pol=
icy-making functions. Persons without formal titles may also be members of =
management."
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Deals & Deal Makers: Enron Officials Sell Shares Amid Stock-Price Slump
By Theo Francis and Cassell Bryan-Low
Staff Reporters of The Wall Street Journal
10/26/2001
The Wall Street Journal
C14
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Officials at Enron Corp., whose unusual transactions with its chief financi=
al officer are under regulatory scrutiny, have steadily sold sizable amount=
s of their holdings of company stock as the share price has fallen this yea=
r.=20
Corporate officials had sold 1.8 million shares valued at about $106 millio=
n through July, as the stock fell to less than $45 a share from $83 at the =
start of the year. Since July, the stock has plummeted an additional 63% to=
$16.35, including a 50% plunge since the beginning of last week.
Kenneth Lay, chief executive of the Houston energy-trading company, cashed =
in shares for $25.7 million so far this year, usually in transactions paire=
d with options exercises. He sold 429,614 shares, leaving him with some 2.8=
million shares as of July, the latest data available on his sales, accordi=
ng to Thomson Financial/Lancer Analytics.=20
The dollar amount for his 2001 sales is approaching the total for all Mr. L=
ay's sales of Enron shares for 2000, which reached $30.7 million. In 1999, =
he sold shares for a total of $26 million.=20
In Houston, an Enron spokeswoman declined to comment on the figures, saying=
the company doesn't keep a running tally of stockholdings by corporate off=
icials. Enron also wouldn't comment on the number of options held by compan=
y insiders and called the sales "a personal decision." Many sales by Enron =
insiders were concurrent with options exercises or sales followed soon afte=
r option exercises.=20
Strong selling by company officers and directors amid share-price declines =
should raise red flags for investors, says Jonathan Moreland, research dire=
ctor of InsiderInsights.com, who uses insider-trading data to zero in on in=
vestment ideas.=20
Among other insiders selling during the year, Kenneth Rice, former chairman=
and CEO of Enron's broadband unit, sold shares for $23.7 million. Mr. Rice=
has sold 456,966 shares of the 1.5 million shares he was listed as owning =
in Enron's March proxy filing. Former Enron Chief Executive Jeffrey Skillin=
g -- who resigned in August -- sold 160,000 shares for $9.8 million during =
the year. In March, Mr. Skilling owned 1.9 million shares.=20
Messrs. Rice and Skilling couldn't be reached to comment.=20
Overall, Enron's insiders were busier selling shares last year, when they s=
old 5.8 million shares for about $449 million. During 1999, insiders sold 3=
.4 million shares for $123.1 million.=20
Since December 1999, only one Enron executive has reported buying company s=
hares. The buyer was Andrew Fastow, who was ousted during the week as Enron=
's chief financial officer after the company disclosed it was under a Secur=
ities and Exchange Commission investigation into financial ties between the=
company and Mr. Fastow.=20
Mr. Fastow reported purchasing 10,000 Enron shares in August at $36.98 each=
, or a total of $369,800. Today, those shares are valued at $163,500, based=
on Enron's stock price of $16.35 in 4 p.m. New York Stock Exchange composi=
te trading. After the purchase, Mr. Fastow owned 110,586 shares, Thomson Fi=
nancial/Lancer Analytics says.=20
Enron said Mr. Fastow wasn't available to comment.=20
On Monday, a New York law firm filed suit in U.S. District Court in Houston=
, alleging that Enron misrepresented its performance by failing to disclose=
problems with its broadband division and failing to properly write down th=
e value of investments in limited partnerships managed by Mr. Fastow. The s=
uit, which seeks class-action status, also says Enron insiders sold $73 mil=
lion of their own Enron holdings during parts of 2000 and 2001.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Credit Markets
Enron's Financial Troubles Reverberate to Bonds With Poor Liquidity and Cre=
dit-Rating Concerns
By Jathon Sapsford and Suzanne McGee
Staff Reporters of The Wall Street Journal
10/26/2001
The Wall Street Journal
C15
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -- Enron Corp.'s bonds have held up better than its battered stock=
amid escalating financial woes at the energy-trading powerhouse.=20
Not for long, some bond traders say.
In trading yesterday, the Houston company's five-year bond, a $250 million =
issue due in July 2006 carrying a coupon of 6.4%, was quoted at 82 cents on=
the dollar, down from a bid of 88 late Wednesday, and representing a 16% d=
rop during the past two weeks.=20
That is far less than the 50% decline in Enron's stock price since the Oct.=
16 disclosure of a $1.01 billion charge linked to soured investments, resu=
lting in a $618 million third-quarter loss. But the fall in the bond's pric=
e translates to a yield of 7.7 percentage points above bellwether U.S. gove=
rnment bonds, which is a widening from about three percentage points two we=
eks ago. Although Enron still is an investment-grade credit, that kind of "=
spread" is more characteristic of a junk bond with a credit rating of singl=
e B or lower.=20
Enron sought to assure the markets that its finances were sound, disclosing=
late yesterday that it drew down more than $1 billion on its bank credit l=
ines to shore up its finances. Yet even as Enron was tapping its lifeline, =
investors were finding it difficult to trade big blocks of Enron bonds. Yes=
terday's 82 bid, for instance, was for a block of less than $2 million in b=
onds, a small percentage of a typical trade.=20
Fueling the uncertainty surrounding Enron were fears that credit-rating con=
cerns will lower ratings on Enron debt after it recently conceded a slew of=
troubles, including losses, a Securities and Exchange Commission investiga=
tion, and the sudden resignation of its chief financial officer.=20
"Even at these levels, there's very little buying interest," said Harold Ri=
vkin, a principal at distressed-debt trader H. Rivkin & Co. in Princeton, N=
.J.=20
In one sign of the ripple effects, the price investors pay to protect thems=
elves from losses on Enron debt was surging. The cost of a "default swap" -=
- in which an investor pays another investor to take a chunk of debt at fac=
e value in the event of default -- rose to 10% of the size of the credit be=
ing insured. That was up from 8% a day earlier, and more than holders of Lu=
cent Technologies Inc. debt had to pay at the height of that technology com=
pany's troubles earlier during the year.=20
Even with its woes, Enron remains an investment-grade company. Most credit-=
rating agencies rate Enron's senior unsecured debt at several notches above=
the noninvestment-grade level.=20
Yet Fitch said yesterday it put Enron's credit rating on watch for a possib=
le downgrade, following a similar move by Moody's Investors Service last we=
ek. (Standard & Poor's, a division of McGraw Hill Cos., stopped short of pu=
tting the company on its Creditwatch list, opting instead to revise its lon=
g-term ratings outlook to "negative," citing concerns about the company's f=
inancial flexibility.)=20
Meanwhile, the weak bond prices are a sign that the markets are bracing for=
the worst. "These are investment-grade bonds that are migrating toward dis=
tressed levels," said Glenn Reynolds, an analyst at Credit Sights Inc., an =
independent fixed-income research firm in New York. "They aren't distressed=
yet, but they are headed in that direction."=20
If Enron's credit ratings fall, it would have implications far beyond the c=
ompany's ability to raise money. For an energy trader, a credit downgrade s=
ends a signal to other participants in crucial markets about its ability to=
make good on its commitments.=20
Enron makes markets in a variety of commodities. Though it is best known fo=
r trading electricity and natural gas, the company also is a huge force in =
the markets for other commodities such as lumber, metals, bandwidth capacit=
y and steel. As a market maker matching buyers and sellers, Enron handles a=
bout a quarter of all the trading in the nation's energy and gas markets.=
=20
Enron's credit-worthiness is hugely important. The better its credit rating=
, the cheaper it can hedge, or offset, its positions in all these commoditi=
es markets through derivatives and pass on savings to customers. Without th=
at credit rating, the cost of this high-margin, high-volume business starts=
to rise. A derivative is an instrument whose value is linked to, or derive=
d from, that of an underlying security or asset, such as a stock, bond or c=
ommodity.=20
"Even if the company does retain its investment-grade rating, the perceptio=
n that this might be at risk will start to affect their core businesses," s=
aid Mr. Reynolds at Credit Sights Inc. "Any prudent risk [manager] at Enron=
's counterparties" -- any institution on the other end of a financial agree=
ment with Enron -- "is going to be examining their exposure to Enron, and l=
ooking for ways to minimize it or offset it," Mr. Reynolds said.=20
To be sure, Enron, despite its recent woes, remains a strong company, credi=
t analysts said. "I don't think anyone's seriously thinking that this is a =
company that would ever default," Mr. Reynolds said.=20
"So far, our research shows that their counterparties and their banks are s=
ticking with them," said Ron Barone, managing director of Standard & Poor's=
utility energy project finance group. "No one has cut credit lines or aske=
d for additional collateral that we have identified. And customers have pub=
licly stated that it's business as usual."=20
Yet analysts say the arrival of distressed-debt traders on the scene could =
make life more difficult for Enron and its management. Traders expect Enron=
's new Chief Financial Officer Jeffrey McMahon and Chairman Kenneth Lay to =
make the rounds of Wall Street next week, meeting with rating agencies, deb=
t-trading desks, big bond holders and banks, including J.P. Morgan Chase & =
Co. and Citigroup Inc.=20
Treasurys=20
Treasurys rallied on optimism that the Federal Reserve may cut interest rat=
es more than previously expected after a spate of economic reports that doc=
umented how weak the economy was after the Sept. 11 terrorist attacks.=20
Prices also gained as the market finished digesting the week's flood of Tre=
asury, corporate and agency debt issues.=20
At 4 p.m. EDT, the benchmark 10-year Treasury note was up 13/32 point, or $=
4.0625 per $1,000 face value, at 103 20/32. Its yield fell to 4.537% from 4=
.588% Wednesday, as yields move inversely to prices.=20
The 30-year Treasury bond's price was up 22/32 point at 101 11/32 to yield =
5.284%, down from 5.330% Wednesday.=20
Fed policy makers are slated to meet on Nov. 6. Also providing support for =
longer maturities, the Treasury Department made another repurchase of issue=
s outstanding. It received offers for $5.04 billion in callable 30-year bon=
ds, of which it accepted $1 billion. The offer-to-cover ratio, an indicatio=
n of demand, was 5.04.=20
TREASURY BUYBACK
Par Par High Wtd Avg
Coupon Mat Amt Amt Accept Accept
% Date Offer Accept Price Price
7.125 02/23 807 0 N/A N/A
11.750 02/10 235 0 N/A N/A
10.000 05/10 490 0 N/A N/A
12.750 11/10 471 0 N/A N/A
13.875 05/11 104 0 N/A N/A
14.000 11/11 203 0 N/A N/A
10.375 11/12 587 0 N/A N/A
12.000 08/13 974 0 N/A N/A
13.250 05/14 473 0 N/A N/A
12.500 08/14 725 39 3152.20 152.19
11.750 11/14 7826 0 7148.25 148.13
Amounts in millions, prices in decimals.
*Amount outstanding after operation. Calculated using amounts
reported on announcement.=20
Corporate Bonds=20
Motorola Inc.'s offering of three-year mandatory convertible securities, ex=
pected late yesterday was boosted from a planned $875 million and could tot=
al as much as $1.15 billion (proceeds) if investors exercise their overallo=
tment option.=20
The securities were expected to have a dividend of between 6.75% and 7% and=
a conversion premium of 20% to 22%. Earlier indications were a dividend of=
7% to 7.5% and a conversion premium of 18% to 22%. The deal was to come th=
rough Goldman Sachs, J.P. Morgan Chase and Salomon Smith Barney.=20
Separately, LSI Logic Corp. repriced an offering of $450 million of five-ye=
ar convertible subordinated notes, lowering the price to 99 from par, peopl=
e familiar with the Rule 144a private placement said.=20
The notes have a 4% coupon and a 41% conversion premium and now offer a yie=
ld-to-maturity of 4.22%. They were quoted lower at 98 1/2 early yesterday, =
a sign that the deal wasn't well-received after being brought overnight by =
Lehman Brothers.=20
---=20
John Parry and Tom Barkley contributed to this article.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Heard on the Street
Most Analysts Remain Plugged In to Enron
By Susanne Craig and Jonathan Weil
Staff Reporters of The Wall Street Journal
10/26/2001
The Wall Street Journal
C1
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron: Rarely have so many analysts liked a stock they concede they know so=
little about.=20
In recent years, Wall Street researchers have been overwhelmingly -- critic=
s would say blindly -- enthusiastic about Enron, even as they acknowledge n=
ot always understanding the complex financial transactions that accounted f=
or its soaring profits. Now, Enron is reporting steep losses from some of i=
ts most complicated transactions, which many on Wall Street still can't fig=
ure out.
In a research note Wednesday, Goldman Sachs analyst David Fleischer concede=
d that scant corporate disclosure at the Houston energy trader makes it dif=
ficult to value the company. The company's "lack of disclosure and transpar=
ency," he says, is "a longstanding Enron hallmark."=20
So is this a stock to avoid, in his view? Hardly. Goldman on Wednesday did =
bump Enron off its "U.S. Select List," which consists of a few dozen top st=
ock picks -- but Mr. Fleischer continued to keep the stock on the firm's la=
rger but prestigious "Recommended List" of 200 or so favored stocks, where =
it has been since he joined Goldman in 1993.=20
"Just because I can't be specific in being able to create a simple model . =
. . doesn't mean that you write off that industry and say `I can't analyze =
it' or `I can't figure it out,' " says Mr. Fleischer, who owns an undisclos=
ed number of Enron shares. "If that were the case, there would be an awful =
lot of industries we couldn't follow."=20
Enron's shares have dropped about 50% since last week.=20
"Every sell-side analyst we spoke to early in 2001 admitted that this was a=
black box," says Jim Chanos, principal of Kynikos Associates in New York, =
who has been selling Enron stock short -- trading it with an eye to profiti=
ng from its fall -- throughout this year. "It was really a trust-me story, =
when all the evidence was mounting that there was reason to question that l=
evel of trust."=20
True, no stock picker is immune from bad calls. And Wall Street analysts lo=
ng have been criticized for their overwhelmingly bullish bias, particularly=
on stocks in hot sectors with lots of investment-banking deals to be had.=
=20
But Enron stands apart, precisely because so many of the analysts still rec=
ommending the stock have acknowledged that the company's disclosure practic=
es are lacking. Which raises the question: How can an analyst recommend tha=
t others purchase a stock when key information about the company's operatio=
ns is so often either unavailable or indecipherable?=20
Concerns about the way that Enron runs its business aren't new. Many of the=
issues now plaguing Enron's stock were first raised more than a year ago b=
y bearish hedge-fund managers and independent accounting experts. Yet time =
and again, Wall Street analysts dismissed as unimportant many of the linger=
ing questions about the company's various partnership transactions.=20
Besides those partnerships, Enron also has been dogged by concerns about th=
e secretive valuation techniques it uses to record its assets and earnings.=
=20
Through it all, most analysts have stuck by this onetime stock-market darli=
ng, publicly dismissing questions about the firm's accounting practices and=
level of disclosure. As of yesterday, of the 17 analysts who following the=
stock, 10 had a "strong buy" or equivalent rating on the stock, according =
to Thomson Financial/First Call. Five others rated the stock a "buy," thoug=
h not strongly.=20
Only Prudential Securities, which downgraded the stock this week, has a "se=
ll" rating on Enron.=20
The bullish treatment is the latest and one of the most high-profile exampl=
es of Wall Street taking a glass half-full stance, despite what in retrospe=
ct seems to be ample warning that a less-enthusiastic approach was warrante=
d.=20
Over the past year in the wake of the Nasdaq Composite Index's general coll=
apse, analysts have been widely assailed for a lack of independence -- part=
icularly those who, like Goldman's Mr. Fleischer, own shares in the compani=
es they cover. Regulators have raised concerns that analysts have compromis=
ed themselves to help their firms land lucrative investment-banking fees an=
d other revenue.=20
Enron has spread the wealth across many Wall Street firms. For instance, fo=
r one $865 million equity offering in 1999 led by `Credit Suisse First Bost=
on, Enron retained seven co-managers, including Donaldson Lufkin & Jenrette=
, Lehman Brothers and Merrill Lynch.=20
"Enron is a big company, and I don't think you're going to find a firm that=
hasn't been involved," says Credit Suisse First Boston analyst Curt Launer=
, who still rates the stock a "strong buy" with a $40 price target. "They p=
ay a lot of investment-banking fees to Wall Street."=20
He adds, "We do our analysis every day based on the information we have. Ar=
e we here strictly to defend companies? That's ludicrous. We're here to pro=
vide information to investors. . . . Yes, I have the wrong recommendation o=
n the stock. I don't think my analysis has been as wrong as the stock has p=
erformed."=20
Mr. Fleischer, whose firm also has served as an investment banker to Enron,=
calls his holding "a meaningful investment" that is "not small." But he di=
sputes any suggestion that his objectivity is compromised. Mr. Fleischer sa=
ys his clients "are happy to know" he has a stake in Enron, because it show=
s he puts his money where his mouth is.=20
In his research note Wednesday, Mr. Fleischer called for complete disclosur=
es of Enron's off-balance sheet partnerships. Despite the resulting difficu=
lty he acknowledged facing in developing financial models for the company, =
he wrote that he and many other investors historically "have given Enron th=
e benefit of doubt because of its strong growth in earnings" and position a=
s an industry leader.=20
"There's not information to really model this and be able to predict accura=
tely where revenues are going to come from and where they're going to make =
their money, but every quarter they do," he says. "It's hard to get inside =
to know all the transactions, but they do deliver."=20
CSFB's Mr. Launer also has been a longtime defender of the company, occasio=
nally issuing research reports to rebut critical stories about Enron in the=
financial press. On Monday, he wrote that he expects questions about Enron=
's partnerships and accounting disclosures to continue, but that he remains=
"confident in the businesses and operating growth prospects for [Enron] an=
d an ultimate recovery in the share price."=20
"I know I'm wrong on the stock," Mr. Launer says. But he says that at these=
prices, he isn't ready to throw in the towel because he figures that even =
in a worst-case scenario -- under which he envisions Enron having to issue =
as much as $2 billion worth of shares, diluting current holders -- the stoc=
k doesn't have much further to fall.=20
Clearly, Messrs. Launer and Flesicher aren't alone. "Even in relative terms=
, analysts remain very bullish on this stock," says Chuck Hill, director of=
research at Thomson Financial/First Call. The average rating for a stock o=
n Wall Street is 2.2, or slightly shy of a "buy" rating. Enron scores a 1.6=
. "This may turn into a classic case of locking the barn door after the bad=
news is out," Mr. Hill says.=20
In downgrading the stock this week, Prudential analyst Carol Coale bumped i=
t to "sell" from "buy," with a brief stop at "hold." While she is the only =
analyst to recommend investors sell the stock, she openly concedes her rece=
nt downgrades come "too little, too late."=20
Ms. Coale says Enron has been difficult to cover for years. She says the co=
mpany's disclosure practices fall far short of ideal, and senior executives=
are often evasive, even when presented with direct questions. For instance=
, she says three weeks ago she asked Enron management if the company was un=
der investigation by the Securities and Exchange Commission. They said "no,=
" she says.=20
In light of the company's acknowledgment this week of an SEC "inquiry," she=
asked Enron about the previous denial. "They told me it is an inquiry, not=
an investigation," she says. An Enron spokeswoman says the company learned=
of the SEC's inquiry only last Wednesday.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron Draws Down $3 Bln in Credit to Boost Investor Confidence
2001-10-26 08:52 (New York)
Enron Draws Down $3 Bln in Credit to Boost Investor Confidence
Houston, Oct. 26 (Bloomberg) -- Enron Corp., whose stock has
fallen on concern about the largest energy trader's transactions
with affiliates, drew down $3 billion in credit to restore
confidence in its financial strength.
The Houston-based company will use about $2.2 billion to pay
off commercial paper obligations and keep the rest as cash,
spokesman Mark Palmer said.
``Nothing instils confidence like cash,'' he said.
Enron's shares have dropped 52 percent in the past 10 days as
investors worry that the company's credit rating will be cut after
$1.01 billion in third-quarter losses from failed investments.
Enron needs good credit to raise cash daily to keep trading
partners from demanding collateral and to settle transactions.
Investors say they are worried about $3.3 billion in
liabilities from affiliates formed to buy and sell Enron assets.
Enron ousted Chief Financial Officer Andrew Fastow on Wednesday
amid a Securities and Exchange Commission inquiry into
partnerships he ran that cost the company $35 million.
Jeff McMahon, head of Enron's industrial markets group, was
named CFO in a bid to restore investor confidence, Chairman and
Chief Executive Officer Kenneth Lay said in a statement.
Enron shares fell 6 cents to $16.35 yesterday.
--Mark Johnson in the Princeton newsroom (609) 750-4662, or at
Enron Liked By Analysts Despite Complicated Dealings, WSJ Says
2001-10-26 06:12 (New York)
Houston, Oct. 26 (Bloomberg) -- Enron Corp. is liked by many
Wall Street analysts despite lingering questions about the power
trading company's complicated partnership transactions and the
techniques used to record earnings, the Wall Street Journal
reported in its ``Heard on the Street'' column.
Goldman Sachs Group Inc. analyst David Fleischer, who owns an
undisclosed number of Enron shares, said that even though
inadequate corporate disclosure makes it difficult to value the
company, that doesn't mean he will write off the industry or not
analyze Enron.
Of the 17 analysts who follow the stock, 10 had a ``strong
buy'' or equivalent rating, according to Thomson Financial/First
Call, the paper said. Five rated it ``buy'' and one had a ``sell''
on Enron.
Most analysts have stuck by the company, publicly dismissing
questions about Enron's accounting practices and level of
disclosure, the Journal said.
The Securities and Exchange Commission is inquiring about
partnerships run by former Chief Financial Officer Andrew Fastow.
Enron Draws Down $3 Billion From Its Credit Lines, WSJ Reports
2001-10-26 00:28 (New York)
New York, Oct. 26 (Bloomberg) -- Enron Corp. drew down about
$3 billion of its available credit, the bulk of its bank credit
lines, to restore confidence in the financial strength of the
company, the Wall Street Journal reported.
The energy trading company, whose shares have fallen 52
percent since Oct. 16, will use part of the money to redeem about
$1.85 billion short-term commercial debt, the Wall Street Journal
reported, citing an unidentified person familiar with the matter.
Enron is talking to banks about a new, multi-billion line of
credit, the paper reported, citing the unidentified person. The
steps are seen as an effort by the energy trader to ensure that it
has adequate liquidity in case its access to bank credit is
disrupted, the paper said.
Enron said in a statement distributed by PR Newswire that it
drew on its credit lines to provide more than $1 billion in cash
liquidity. The steps come a day after Chief Financial Officer
Andrew Fastow resigned amid a Securities and Exchange Commission
probe of partnerships he ran.
--William Selway in the San Francisco newsroom at (415) 743-3511,
Oct. 25, 2001, 11:22PM
Houston Chronicle
Action by Enron halts stock's fall=20
But credit ratings are being reviewed=20
By LAURA GOLDBERG=20
Copyright 2001 Houston Chronicle=20
The recent freefall of Enron Corp.'s stock price stabilized Thursday, a day=
after the world's largest energy trader replaced its chief financial offic=
er.=20
Enron, under a cloud for a number of reasons, including an Securities and E=
xchange Commission inquiry, also made two announcements Thursday night aime=
d at reassuring the financial community.=20
In the announcements, Enron said it had drawn more than $1 billion from its=
lines of credit and said that energy-trading business done through EnronOn=
line on Thursday was above average levels.=20
Houston-based Enron banked the money and has no plans to spend it, a spokes=
woman said.=20
"We are making it clear that Enron has the full support of its banks and mo=
re than adequate liquidity to assure our customers that we can fulfill our =
commitments in the ordinary course of business," Jeff McMahon, who took ove=
r Wednesday as chief financial officer, said in a written statement.=20
Enron said it recorded more than 8,300 transactions through EnronOnline on =
Thursday.=20
Ken Lay, chairman and chief executive officer, said: "Enron continues to be=
the market-maker of choice in wholesale and gas power markets, our custome=
rs continue to put their confidence in us, and our core businesses are stro=
ng and performing well."=20
Earlier Thursday, two credit rating agencies took actions regarding Enron's=
ratings, which J.P. Morgan Securities analyst Anatol Feygin described as "=
just more negative sentiment."=20
At one point in Thursday morning trading on the New York Stock Exchange, sh=
ares in Enron were up more than $1.50, but they closed down 6 cents at $16.=
35. As recently as Oct. 16, the stock closed at $33.84.=20
Before the market closed, international credit-rating agency Fitch put Enro=
n, which currently holds investment-grade credit ratings, on review for a p=
ossible downgrade. Then after the market closed, Standard & Poor's took two=
steps: It affirmed Enron's current ratings, but it also revised its long-t=
erm ratings outlook to negative.=20
Moody's Investors Service put all of Enron's long-term debt on review for p=
otential downgrade last week.=20
Enron, which noted that losing its investment-grade rating would take downg=
rades of three notches, said Thursday it will do everything in its power to=
defend its current rating.=20
In the SEC inquiry, federal securities regulators are reviewing transaction=
s between Enron and two private investment partnerships formerly run by And=
rew Fastow, who was removed as Enron's chief financial officer Wednesday. E=
nron removed Fastow as part of its bid to repair its damaged credibility.=
=20
Wall Street is also questioning certain of Enron's financing vehicles and i=
s wondering whether the company will face hits to its balance sheet in the =
months ahead.=20
S&P said it was concerned that the sizable drop in Enron's market capitaliz=
ation has negatively affected its financial flexibility and could hurt the =
company's plans to rebuild its balance sheet.=20
But it also noted that the "fundamental strength" of Enron's energy marketi=
ng and trading business has remained steady.=20
Unless Enron's rebuilds confidence among investors and business partners, F=
itch said, it could "impair Enron's financial flexibility and access to cap=
ital markets," which would hurt its ability to conduct business.=20
Carol Coale, an analyst at Prudential Securities in Houston, said the actio=
ns by S&P and Fitch might make some of Enron's energy customers skittish.=
=20
Corporate US on track for bailout
DAVID GOW IN NEW YORK
10/26/2001
The Guardian
Copyright (C) 2001 The Guardian; Source: World Reporter (TM)
Battered corporate America will receive an immediate Dollars 25bn (pounds 1=
8bn) tax rebate under a Dollars 100bn eocnomic stimulation package just app=
roved by the Republican-controlled House of Representatives.=20
The controversial package, worth an estimated Dollars 212bn over three year=
s, includes Dollars 70bn for companies next year alone. It was approved by =
the House late on Wednesday by 216 votes to 214, but faces significant amen=
dment in the Senate, which is now under Democrat control.
It has reopened a wide ideological rift between Republicans, who favour cor=
porate and individual tax cuts to reboot an economy mired in recession, and=
Democrats - who, in a reprise of the Roosevelt "new deal", prefer to see i=
ncreased public spending on unemployment and infrastructure projects.=20
Liberal lobby groups such as the Citizens for Tax Justice and the Center on=
Budget and Policy Priorities claim the bill would hand back Dollars 6.3bn =
to the 14 biggest corporations - which, they say, are renowned for paying l=
ittle or no tax.=20
The most hotly contested measure is the repeal of the corporate alternative=
minimum tax, or AMT, introduced in 1986 to make sure firms could not avoid=
all tax payments. This, strongly supported by President Bush, would be mad=
e retroactive so that all AMT payments would be refunded.=20
The lobby groups and the non-partisan Congressional Research Service calcul=
ate that this would give a Dollars 1.4bn boost to computer group IBM alone,=
while General Motors would get back Dollars 833m and General Electric Doll=
ars 671m.=20
Others to benefit include TXU, the Texas-based utility that is the US's thi=
rd largest energy supplier, which would would be given Dollars 608m. United=
Airlines, the US's second largest carrier - which is warning of bankruptcy=
- would receive Dollars 371m, and Enron, the energy trading group forced t=
o sack its finance director this week, would be given Dollars 254m.=20
Democrat leaders in the Senate are determined to erase this measure and dis=
like other proposals to boost firms, which include a 30% tax break for capi=
tal investment over three years worth Dollars 39.3bn this year alone. They =
say these amount to a "giant corporate giveaway".=20
Mr Bush and other Republican leaders argue these fiscal concessions would h=
elp companies making hundreds of thousands redundant avoid further lay-offs=
and invest more, prompting an economic recovery that, at best, is likely t=
o start in the new year.=20
"Businesses are America's employers. They're the hardware store, the diner =
down the street, the gas station on the corner. They're not the enemy of wo=
rking families," the author of the plan, Representative Bill Thomas of Cali=
fornia, said.=20
Democrats are especially incensed with the alleged paucity of the package's=
provisions for the growing numbers of jobless, arguing that much of the Do=
llars 12bn foreseen would not go to individuals but into the reserves of st=
ates.=20
* A fresh round of global trade talks is essential to revitalise the world =
economy after the terrorist attacks on the US, trade secretary Patricia Hew=
itt said yesterday, writes Charlotte Denny=20
As a new report predicted that global trade growth will collapse this year,=
Ms Hewitt warned that the world must not retreat into protectionism or iso=
lationism in the wake of the attacks. WTO trade ministers are gathering in =
Doha, Qatar, in two weeks' time to discuss launching a new round of talks, =
the first since the collapse of their meeting in Seattle, nearly two years =
ago.=20
Full coverage of the downturn at www.guardian.co.uk/recession/
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business/Financial Desk; Section C
Harvey Pitt's S.E.C.: From Guard Dog to Friendly Puppy?
By FLOYD NORRIS
10/26/2001
The New York Times
Page 1, Column 2
c. 2001 New York Times Company
CAN the new, friendlier Securities and Exchange Commission enforce the laws=
and assure investors that corporate financial reports are trustworthy?=20
Harvey L. Pitt, the new S.E.C. chairman, set out this week to show that he =
is not like his predecessor, Arthur Levitt. In a speech to the American Ins=
titute of Certified Public Accountants -- an organization whose senior lead=
ership led a bitter and ultimately unsuccessful fight against Mr. Levitt's =
reform efforts -- Mr. Pitt praised his listeners and took a few swipes at h=
is predecessor.=20
From now on, he promised, ''the commission will make sound decisions, in a =
respectful, affirmative way, not in a demeaning, demanding or demonizing wa=
y.'' He spoke favorably of ''pro forma'' earnings reports, in ways that no =
doubt heartened accountants who have worked so hard to find ways to make ev=
en the worst profit figures look pretty. There was no mention of Mr. Levitt=
's concerns about improper management of earnings.
On the heels of Mr. Pitt's speech, the S.E.C. used a minor enforcement acti=
on to herald a policy of not cracking down on companies that come forward t=
o report their own errors. The decision itself was reasonable, although one=
could wonder if top management did something wrong in failing to detect a =
fraud that went on for years. But the way the S.E.C. trumpeted it raised qu=
estions about whether the agency is turning into a friendly puppy rather th=
an a guard dog. ''Is this amnesty for financial fraud?'' Jane Adams, the ac=
counting analyst at Credit Suisse First Boston and a former S.E.C. staff me=
mber, asked in a report to clients. She was not sure of the answer.=20
In an interview yesterday, Mr. Pitt dismissed such worries. ''No one is goi=
ng to get away with anything,'' he said. ''What we are trying to do is crea=
te an environment where people feel comfortable'' and can talk to the S.E.C=
. ''without feeling we are looking for a big splash.''=20
A major embarrassment for accountants is having the S.E.C. force a client t=
o restate its numbers. Mr. Pitt and his chief accountant, Robert Herdman, a=
re sending signals that fewer such demands will be made. ''I am very much i=
n favor of a vigorous enforcement program,'' Mr. Pitt said in the interview=
, ''but I am not in favor of having investors barraged by conflicting state=
ments and restatements.''=20
Mr. Pitt talks of companies ''getting it right the first time,'' which woul=
d certainly be nice. But there is a risk that companies will become more ag=
gressive in their accounting, figuring there will be no real penalty, like =
a restatement, if they are caught. That would make life harder for auditors=
who try to resist misleading accounting.=20
In trying to sound comforting to the accountants' group -- an organization =
that, as he noted, he had represented as a lawyer for two decades -- Mr. Pi=
tt has done little to reassure investors of his independence.=20
The proof, of course, will come in the performance. Fortunately, the mess a=
t Enron gives the S.E.C. a golden opportunity to counter the puppy image. I=
t will take time for the commission to determine if the company's accountin=
g was proper. But there need be no delay in forcing Enron to clearly explai=
n -- rather than obfuscate as it has so far -- the strange deals it made wi=
th partnerships run by the executive just ousted as chief financial officer=
.=20
''This could,'' a former S.E.C. staff member said, ''focus the issue on whe=
ther companies can make completely correct but totally misleading disclosur=
es.'' And it would indicate that this watchdog still has a bite.
Photo: Harvey L. Pitt=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron draws down at least 1 bln usd from credit lines to boost mkt confiden=
ce
10/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
HOUSTON (AFX) - Enron Corp said it drew on committed lines of credit to pro=
vide cash liquidity in excess of 1 bln usd as part of moves to restore mark=
et confidence in the company.=20
"We are making it clear that Enron has the support of its banks and more th=
an adequate liquidity to assure our customers that we can fulfill our commi=
tments in the ordinary course of business," said newly appointed Chief Fina=
ncial Officer Jeff McMahon.
"This is an important step in our plan to restore investor confidence in En=
ron. Additionally, we will update investors over the next several days rega=
rding our plans to maintain our long-term credit rating."=20
According to the Wall Street Journal, Enron drew down about 3 bln usd and w=
ill use part of the money to offer to redeem about 1.85 bln usd of outstand=
ing commercial paper, with the remainder providing the energy concern with =
a cash cushion. The newspaper cited a person familiar with the matter.=20
It quoted observers as saying the move may be is a pre-emptive step by Enro=
n to ensure that it had adequate liquidity should its access to bank lines =
be interrupted.=20
The source also said Enron is talking to its banks about a new, multi-billi=
on-dollar credit line.=20
jms For more information and to contact AFX: www.afxnews.com and www.afxpre=
ss.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
The Five Dumbest Things on Wall Street This Week
By K.C. Swanson <mailto:[email protected]>
Staff Reporter
10/26/2001 07:08 AM EDT
URL: <http://www.thestreet.com/markets/dumbest/10003035.html>
TheStreet.com
1. United Airlines Just a Little Too Honest
Rule No. 1 in CEO school: Never say that your company may soon collapse.=20
Seems kind of obvious, but that rule was flouted by United Airlines chief J=
ames Goodwin, who warned in a letter to employees that the company "will pe=
rish" next year unless it can stanch its tremendous losses, which have wors=
ened since the terrorist attacks. "Today, we are literally hemorrhaging mon=
ey," he wrote.=20
In raising concerns about the financial viability of United, a unit of UAL =
(UAL:NYSE - news - commentary) , Goodwin only put into words what outsiders=
have speculated about. Since Sept. 11, the airline has laid off about 20,0=
00 of its 100,000 employees and cut flights by as much as 25%. It's expecte=
d to announce massive losses when it reports third-quarter earnings.=20
But in response to the disclosure, Goodwin has been roundly attacked. Feeli=
ng that he had been all too honest, investors have knocked an additional 24=
% off the stock's value. The shares are down 54% since Sept 11. Meanwhile, =
UAL union leaders reportedly say Goodwin has exaggerated company difficulti=
es to gain bargaining leverage in union negotiations. The leaders of one un=
ion have petitioned the company's board of directors to have him sacked.=20
Bottom line: CEOs may get pilloried when they try to dodge the truth, but s=
ometimes it doesn't pay to be too candid about worst-case scenarios, either=
. Especially when that scenario is the company's own demise.=20
2. Forget the Victory Gardens; Let's Have a Comfortable War=20
Sure, we're at war with a band of cave-dwelling outlaws hell bent on our an=
nihilation. But would all freedom-loving Americans please go out and buy so=
me DVD players? Maybe even a nice new car?=20
That was basically the message from the Treasury Department, on news that C=
ongress had voted for the creation of war bonds to finance antiterrorism ef=
forts and rebuilding following the attacks. Officials at Treasury applauded=
the sentiment, then politely suggested it would be even better for the eco=
nomy if Americans just went to stores and bought stuff. "The economy is per=
haps our greatest asset as we move forward in these efforts to fight the wa=
r on global terrorists," says Betsy Holahan, a department spokesperson. "Wa=
r bonds are an additional way for Americans to show their patriotism."=20
For the record, we don't think an issue of war bonds would be dumb, just su=
perfluous. After all, nothing's stopped Americans from buying generic savin=
gs bonds -- or better yet, Treasuries -- all of which finance spending by t=
he federal government.=20
In the meantime, it's a little dislocating to hear politicians talk up war =
bonds -- which most people associate with hardship and sacrifice -- at the =
same time top economic gurus are practically begging people to shop. War bo=
nds notwithstanding, we're a long way off from the era of ration books.=20
3. Enron Again
Last week, we noted the extent of alarm about Enron's (ENE:NYSE - news - co=
mmentary) revelation that its shareholder equity had dropped $1.2 billion, =
following some unusual and possibly inappropriate high-level transactions. =
Following that disclosure, besieged CFO Andrew Fastow has finally left the =
company on what's delicately termed a "leave of absence."=20
In July, Fastow exited a limited partnership, from which he had reportedly =
reaped large profits, after shareholders and analysts objected to his invol=
vement. Concerns about those dealings and others had increased in the wake =
of the disclosure about the charge to equity until even management acknowle=
dged Fastow would have to go as a prerequisite to restoring investor confid=
ence.=20
But that won't be an easy task, given the resentment about Enron's disincli=
nation to explain its problems. One analyst called Fastow's departure "unse=
ttling," noting that management had given the CFO its endorsement only the =
day before. Sounding a note of exasperation, analysts at J.P. Morgan Chase,=
Banc of America Securities and Prudential all downgraded the stock. And th=
ere could be more trouble to come: The Securities and Exchange Commission h=
as issued Enron a letter of inquiry related to some of its transactions.=20
4. Gold Diggers=20
It's understandable that investors felt panicky in September. Unfortunately=
, some reacted by shoving their hard-earned money into gold funds. Accordin=
g to Financial Research Corp., which tracks fund flows, the specialty preci=
ous-metals category was the best-selling equity category during September, =
with net inflows of $101 million.=20
Granted, that's not a huge sum in the mutual fund world. By comparison, dur=
ing the same month, large growth funds saw net redemptions of $7.4 billion.=
But the fact that so many people are jumping into precious metals is notew=
orthy, given that gold funds have performed so badly for so long.=20
Sure, under the bizarre circumstances of late, they've enjoyed somewhat of =
a pop. According to Morningstar, the average precious-metals fund is up 10.=
08% year to date. But over the past five years, the same category lost an e=
mbarrassing 14.68%. By comparison, even large-cap growth funds -- everybody=
's favorite whipping boy -- managed to post a positive return. In the same =
period, they were up 7.13%.=20
Moreover, circumstances that would seem to be the most favorable in decades=
-- a combination of attacks on the U.S. government and war -- still don't =
seem to have boosted gold prices significantly. Despite an initial surge in=
prices after the terrorist attacks, they're again approaching their pre-Se=
pt. 11 levels. It's too early to say, but it's likely the gold bugs will co=
nfront disappointment once again.=20
5. Amazon Amazes Once Again
Amazon (AMZN:Nasdaq - news - commentary) still maintains it will become pro=
fitable by the fourth quarter. Well, at least it will post a pro forma oper=
ating profit.=20
OK, so maybe that wouldn't include Amazon's service on $2.17 billion in lon=
g-term debt or extraordinary charges. In fact, a pro forma operating profit=
is basically just an accounting concept that would lend a fuzzy, meaningle=
ss aura of minor triumph. The company still hasn't said when it will turn a=
n economic profit.=20
For that matter, even the fourth-quarter prediction is iffy. After announci=
ng the company expected to turn the pro forma operating profit, CFO Warren =
Jenson added the humble qualifier, "There are no guarantees." Amazon simult=
aneously lowered its forecast for fourth-quarter revenue, predicting that s=
ales would be somewhere between flat and up by 10% compared with a year ago=
.=20
Third-quarter trends weren't encouraging. Though sales overall were up slig=
htly in the third quarter from a year ago, revenue from the company's core =
books and music business actually fell 12%. At least the company has made p=
rogress in cutting costs: A spokesperson says pro forma operating expenses =
have decreased by 20% over the past year.=20
Incidentally, in the wake of Amazon's earnings report, two analysts made th=
e belated decision to cut their ratings on the stock, which has fallen 93% =
from its high back in December 1999. Merrill Lynch analyst Henry Blodget an=
d SG Cowen analyst Scott Reamer downgraded the stock to "neutral" from prev=
ious buy ratings. "We thought there might be upside to our estimates," note=
d Blodget. "There wasn't."=20
Financial
Stocks Post Gains After A Rough Morning
Associated Press
10/26/2001
The Washington Post
FINAL
E03
Copyright 2001, The Washington Post Co. All Rights Reserved
NEW YORK, Oct. 25 -- Selected buying of technology and energy shares pulled=
the stock market higher today, reversing a morning slide triggered by a pa=
ir of grim economic reports.=20
Shares of semiconductor makers and equipment manufacturers did particularly=
well, as did energy traders, led by a surprisingly strong performance from=
Williams Cos., a Tulsa-based energy firm that had an 83 percent jump in th=
ird-quarter net earnings.
The Dow Jones industrial average closed rose at 9448.78, up 103.16, reversi=
ng an earlier deficit of 167 points. The Nasdaq composite index rose 36.29,=
to 1767.83, and the Standard & Poor's 500 index was rose 12.79, to 1097.99=
.=20
Earlier, a pair of dismal economic reports had compounded worries about the=
fallout from last month's terrorist attacks to send stocks lower. As in re=
cent sessions, however, investors absorbed the bad news and focused on good=
news regarding individual companies.=20
Williams Cos. surpassed analysts' estimates for the third quarter and raise=
d its forecasts for full-year earnings for 2001 and 2002. Investors rewarde=
d the company by driving its shares up $1.42, to $27.32, bringing several o=
ther parts of the energy sector along with it.=20
Even the shares of Enron rose, a day after the embattled company dismissed =
its chief financial officer and replaced him with an another executive from=
within the company. Enron rose 28 cents, to $16.69.=20
Semiconductor shares also rebounded, led by industry bellwether Intel, up 4=
4 cents at $25.92, and Applied Materials, up $1.35 at 36.69. Leading data-s=
torage maker EMC rose $1.06, to $13.54.=20
Traders said the Senate's passage this afternoon of an anti-terrorism measu=
re also helped lift investor sentiment. Late Wednesday, the House passed a =
$100 billion economic stimulus package to combat the effects of the terrori=
st attacks on the economy.=20
A surprisingly large drop in orders for durable goods had weighed heavily o=
n the market in the morning, as did poor earnings results from American Int=
ernational Group and WorldCom.=20
The Commerce Department reported orders plunged in September for the fourth=
consecutive month. The 8.5 percent decline was far worse than the 1.3 perc=
ent dip many analysts had forecast.=20
The Labor Department also reported that the number of newly laid-off Americ=
ans filing for unemployment benefits rose by 8,000 last week, to 504,000, t=
he second-highest figure in nearly a decade and a level that is generally a=
ssociated with recessions.=20
Other Indicators=20
* The New York Stock Exchange composite index rose 5.88, to 562.96; the Ame=
rican Stock Exchange index rose 5.10, to 828.67; and the Russell index of 2=
,000 small stocks rose 8.31, to 435.96.=20
* Advancing issues outnumbered declining ones by 9 to 7 on the NYSE, where =
trading volume rose to 1.38 billion shares, from 1.35 billion on Wednesday.=
On the Nasdaq, advancers outnumbered decliners by more than 3 to 2 and vol=
ume totaled 2.2 billion, up from 1.84 billion.=20
* The price of the Treasury's 10-year note rose $4.38 per $1,000 invested, =
and its yield fell to 4.54 percent, from 4.59 percent late Wednesday.=20
* The dollar rose against the Japanese yen and the euro. In late New York t=
rading, a dollar bought 122.87 yen, up from 122.76 yen late Wednesday, and =
a euro bought 89.25 cents, down from 89.42 cents.=20
* Light, sweet crude oil for December delivery settled at $22.01 a barrel, =
up 32 cents, on the New York Mercantile Exchange.=20
* Gold for current delivery rose to $277.80 a troy ounce, from $275.90 on W=
ednesday, on the New York Mercantile Exchange's Commodity Exchange.
http://www.washingtonpost.com=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Sudhakar will head Enron probe panel
10/26/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)
MUMBAI: Retired supreme court judge Sudhakar Kurdukar will head the judicia=
l panel set up by the Maharashtra government to investigate into the contro=
versial Enron deal.=20
An announcement in this regard was made by chief minister Vilasrao Deshmukh=
at a press conference held at Mantralaya on Wednesday.
The ruling Democratic Front (DF) coalition had differences over the appoint=
ment of the judge, with the Nationalist Congress Party (NCP) demanding that=
a retired judge of the Bombay high court head the judicial panel. The Cong=
ress and the Left Front partners in the DF, however, insisted on a supreme =
court judge.=20
The issue was hotly debated in the coordination committee of the DF. The NC=
P members in the DF finally left the decision to Mr Deshmukh.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron Taps $3 Billion From Bank Lines in Pre-Emptive Move to Ensure Liquidi=
ty
10/25/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Embattled Enron Corp. drew down about $3 billion, the bulk of its available=
bank credit lines, in a bid to restore confidence in its financial strengt=
h and liquidity, Friday's Wall Street Journal reported.=20
Enron (ENE) will use part of the money to offer to redeem around $1.85 bill=
ion in outstanding commercial paper -- short-term corporate IOUs -- accordi=
ng to a person familiar with the matter, with the remainder used to provide=
a cash cushion. This person also said that Enron was talking to its banks =
about a new multibillion-dollar credit line. Some observers thought the mov=
es were a pre-emptive step by Enron to ensure that it had adequate liquidit=
y should its access to bank lines be interrupted.
Enron insists its business operation and financial condition remain strong.=
But "when the market is reacting as irrationally as it has been the last f=
ew days, we thought that cash was better than a commitment from a bank," sa=
id an Enron spokesman. In a prepared statement, the company's new chief fin=
ancial officer, Jeff McMahon, said that by drawing down the bank lines, "we=
are making it clear that Enron has the support of its banks and more than =
adequate liquidity to assure our customers that we can fulfill our commitme=
nts."=20
The move underscored the tumultuous conditions that have been sweeping over=
the Houston energy-trading firm in the past 10 days. Enron is the nation's=
largest energy trader and is a principal in nearly one-quarter of all elec=
tricity and natural-gas trades. Thursday, for example, Enron was involved i=
n about $4 billion worth of deals through its EnronOnline unit.=20
Since early last week, Enron's share price has plummeted 50%. It has report=
ed a $618 million third-quarter loss and a reduction in shareholder equity =
of $1.2 billion. It also disclosed that the Securities and Exchange Commiss=
ion is conducting an inquiry into billions of dollars of transactions it di=
d with entities run by its former chief financial officer, Andrew S. Fastow=
, who was replaced Wednesday.=20
The draw-down of the credit facilities came as a major rating agency, Fitch=
, put Enron on review for a possible downgrade while Standard & Poors chang=
ed Enron's credit outlook to negative from stable. Moody's Investors Servic=
e has already said it is looking at a possible downgrade. In order to fall =
below investment grade, Enron's credit rating would have to fall several no=
tches.=20
If that were to happen, however, a host of bad consequences could follow. T=
ogether with the sharp decline in its stock price, a noninvestment grade ra=
ting would throw the company into default on obligations involving billions=
of dollars of borrowings. In that event, Enron could be forced to issue mi=
llions of shares of stock to holders of that debt, diluting the value of ex=
isting shares. As of 4 p.m. in New York Stock Exchange composite trading, E=
nron shares were down six cents at $16.35.=20
Copyright (c) 2001 Dow Jones & Company, Inc.=20
All Rights Reserved.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron chief executive resigns from board of i2 Technologies
10/25/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
DALLAS (AP) - Kenneth Lay, the chairman and chief executive of embattled En=
ron Corp., has resigned from the board of software company i2 Technologies.=
=20
"This is a very painful decision," Lay said in a statement issued Thursday =
by Dallas-based i2 Technologies. "But now that I am again taking on the CEO=
responsibilities at Enron, I must reduce my outside activities."
Lay resumed the chief executive's job at Enron in August after Jeff Skillin=
g surprised investors by leaving the Houston-based energy company.=20
Enron officials did not immediately return calls from The Associated Press.=
=20
In the past week, Enron has been rocked by questions surrounding partnershi=
ps that did business with Enron while they were managed by the company's ch=
ief financial officer. The official was replaced on Tuesday.=20
Enron's stock price has fallen nearly 50 percent since interest in the part=
nerships intensified, and the company acknowledged that the U.S. Securities=
and Exchange Commission was investigating the arrangements=20
I2 makes software to help companies manage their supply chains, and its cli=
ents include Texas Instruments, Ford Motor Co. and Dell Computer Corp.=20
I2 stock plunged nearly 25 percent on Oct. 17 after the company reported a =
$5.53 billion third-quarter loss and said it would cut 1,000 jobs, about on=
e-fifth of the work force.=20
Lay joined the board in October 2000. No replacement was announced.=20
In trading Thursday, i2 shares rose 24 cents to $4.95, and Enron shares fel=
l 6 cents to $16.35.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
As Enron's woes unnerve investors about energy sector, analysts say its pro=
blems are isolated
By BRAD FOSS
AP Business Writer
10/25/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
NEW YORK (AP) - As it grew over the past decade into the country's largest =
natural gas and power marketing company, Enron Corp. became the de facto ba=
rometer of health within the energy trading sector.=20
Wall Street buoyed the stock prices of Enron's competitors based in part on=
the huge success of the Houston-based company's business model. Now, execu=
tives and industry analysts hope to prevent Enron's internal tumult and fre=
e-falling stock price from undermining investors' confidence in the sector.=
They say the Houston-based company's problems should be viewed in isolatio=
n and not as a broader indicator of the marketplace.
"The marketplace for natural gas and power trading is as vibrant as it was =
yesterday, a week ago or a month ago," said Jim Donnell, president of Duke =
Energy North America, a division of Duke Energy Corp. that generates and tr=
ades power.=20
That opinion appeared to gain acceptance on Thursday as shares of Dynegy In=
c., El Paso Corp. and Duke Energy Corp. rebounded from losses on Wednesday,=
when Enron's latest woes appeared to spill over into the stock prices of i=
ts rivals.=20
Enron's stock has fallen about 50 percent in the past week (and nearly 80 p=
ercent since January) and analysts said its recovery is not expected anytim=
e soon.=20
The latest troubles began Oct. 16 when Enron reported third quarter earning=
s, and a longtime concern among Wall Street analysts that executives were n=
ot entirely forthcoming only got worse.=20
First came reports that some of the company's losses stemmed from partnersh=
ips managed by Enron's chief financial officer at the time, Andrew Fastow. =
That raised concerns about a potential conflict of interest and touched off=
an inquiry by the Securities and Exchange Commission.=20
Then on Wednesday, one day after Enron Chairman Kenneth Lay defended Fastow=
, the company ousted him and said he would take a leave of absence.=20
"They created an environment in which their credibility was put to the test=
and they didn't come through with flying colors," said Christopher Ellingh=
aus, an analyst at Williams Capital Group in New York.=20
Enron shares have been falling all year for reasons new and old, which have=
little to do with the company's wholesale energy business, which accounts =
for roughly 80 percent of profits.=20
Analysts insist wholesale energy marketing can be profitable even in the fa=
ce of an economic downturn and falling natural gas and electricity prices.=
=20
"Even though (Enron) shot themselves in the foot, the basic business is sti=
ll sound and not likely to disappear," Ellinghaus said.=20
UBS Warburg analyst Ronald Barone echoed that sentiment.=20
"The collateral damage to the rest of the space - Dynegy and El Paso - is o=
verdone," Barone said.=20
On Thursday, Williams Companies Inc. of Tulsa, Okla., reported net income o=
f $760 million and Reliant Resources Inc. of Houston reported $133 million =
in profits.=20
"It's business as usual," said Dynegy spokesman Steve Stengel.=20
Not for Enron, whose stock price began a steady descent 10 months ago when =
its nascent high-speed Internet unit failed to live up to the hype. The dow=
nward momentum was further propelled by difficulties collecting money from =
power customers in India and the surprise departure in August of then-chief=
executive Jeff Skilling was considered another bad sign.=20
On Oct. 16, Enron reported a net loss of $638 million in the third quarter,=
taking a one-time charge of $1.01 billion attributed to investment losses,=
troubled assets and unit restructurings. Excluding the charge, Enron earne=
d $393 million on $47.6 billion in revenues for the three months ending Sep=
t. 30.=20
Ellinghaus said the stocks of Enron's competitors were brought down Wednesd=
ay because of "dire" speculation that Enron's troubles might be so bad that=
it could have difficulty paying hundreds of millions of dollars worth of r=
eceivables to companies such as Duke and Dynegy.=20
"All I'm hearing is doomsday type stuff and doomsday is not reality," Ellin=
ghaus said.=20
Enron did not return calls seeking comment Thursday.=20
Donnell of Duke Energy said the Charlotte, N.C.-based company is paying clo=
se attention to the Enron situation and that there has been no indication o=
f receivables not being paid.=20
"They continue to be one of the best functioning companies as it relates to=
credit," he said. "They've never missed a deadline."
AP Graphic ENERGY STOCKS=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron's Credit Outlook Downgraded to Negative by S&P (Update1)
2001-10-25 18:59 (New York)
Enron's Credit Outlook Downgraded to Negative by S&P (Update1)
(Adds analyst comment in fourth paragraph.)
Houston, Oct. 25 (Bloomberg) -- Enron Corp.'s long-term
credit ratings outlook was changed to negative from stable by
Standard & Poor's after the largest energy trader's shares fell
49 percent in the past week.
S&P affirmed the Houston-based company's ratings of
``BBB+/A2,'' which are investment grade.
The ratings company cited lost market capitalization and the
possibility that Enron won't generate enough money from selling
assets outside the main trading business to repay debt. S&P did
say that ``the strategic direction of the company is likely to
become more credit-positive in the wake of recent management
changes.''
Enron reported $1.01 billion in losses from investments
outside the principal business of trading commodities such as
electricity and natural gas. Chief Financial Officer Andrew
Fastow resigned yesterday as the U.S. Securities and Exchange
Commission asks for information about related-party transactions
he conducted.
``The S&P write up was very positive,'' said Dorothea
Matthews, an analyst at CreditSights Inc., a research firm. ``It
seems that the ratings company went out of its way to tray and
calm things down.''
Shares of Enron fell 6 cents to $16.35.
--Russell Hubbard in the Princeton newsroom, 609-750-4651 or
Enron's Trading Partners Say It's Business as Usual (Update2)
2001-10-25 19:38 (New York)
Enron's Trading Partners Say It's Business as Usual (Update2)
(Adds new Enron CFO in 14th paragraph.)
Houston, Oct. 25 (Bloomberg) -- Concerns Enron Corp. will run
short on cash haven't prevented commodities traders from doing
business with the largest energy broker, customers say.
The company handles about 25 percent of U.S. power and
natural-gas trading, said John Kilduff, vice president of energy
risk management for Fimat USA. It's also a leader in complex
derivatives that allow others to hedge against the risk of
fluctuating commodities prices.
Enron's credit rating is on watch for possible downgrade at
Moody's Investors Service, and Standard & Poor's lowered Enron's
long-term credit outlook to negative after $1.01 billion in third-
quarter losses from some soured investments. The company needs
good credit to raise cash every day to keep trading partners from
demanding collateral and to settle transactions.
So far, there are no signs that Houston-based Enron is
handling less business, Kilduff said.
``If they were unable to perform, it would be a major
problem,'' he said. ``It could get like Long-Term Capital if
things really broke down because the numbers are that big.''
Long-Term Capital Management, a private investment fund for
the wealthy, incurred massive losses making bond trades during the
1998 Russian currency crisis. The fund's portfolio plunged. More
than a dozen banks bailed out the fund at a cost of $3.6 billion
to avoid a collapse.
Needs Cash Daily
Enron trades electricity, natural gas, coal and other
commodities worldwide, as well as complex financial instruments to
hedge against price swings in the goods.
``As of now, Enron is active in the markets,'' Kilduff said.
``No one is cutting trading lines that I can see, or demanding
different terms than before.''
Companies that trade as heavily as Enron require cash every
day to settle positions, said Kilduff, whose company swaps natural
gas and other energy investments with Enron.
Some days, Fimat will bet that natural-gas prices will fall,
while Enron bets that they will rise. Natural gas usually does one
or the other every day, and someone pays the difference.
``The liquidity of your trading partners is a risk factor,''
Kilduff said. ``Someone is paying someone else every day.''
Enron said on a conference call Tuesday that it has enough
money to operate normally, and can fall back on $3.4 billion in
bank credit lines if necessary. The company is determined to
protect the credit rating, Enron has said.
``We aren't even going to entertain worst-case scenarios at
this point,'' said Enron spokeswoman Karen Denne.
Investor Questions
Enron, based in Houston, ousted Chief Financial Officer
Andrew Fastow yesterday, two days after the U.S. Securities and
Exchange Commission began asking questions about partnerships he
ran that invested in company shares. Those trades cost Enron $35
million. Jeff McMahon, head of Enron's industrial markets unit,
replaced Fastow, who went on leave of absence.
Enron shares have fallen 49 percent in the past week. They
fell 6 cents to $16.35 today.
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. Fitch, Standard & Poor's and Moody's all rate
the company's debt at investment grade.
The company also faces questions from investors about $3.3
billion in potential liabilities from affiliated companies formed
to buy and sell Enron assets such as power plants.
The affiliates owe payments to bond investors and plan to
meet them by selling assets. Enron doesn't know if the sale
proceeds will cover the debt. The company would have to make good
on any shortfall.
Little Time
Enron asked Citicorp Inc. on Tuesday to arrange a $750
million loan to ensure access to credit if the company gets shut
out of the money markets.
Enron had about $1.85 billion of commercial paper, or short-
term unsecured debt, outstanding as of Tuesday, traders said. The
company, which has a $3 billion program, has had difficulty
finding buyers for new commercial paper sales since the SEC
investigation was announced, the traders said.
Today, Enron offered two-week commercial paper at a 3 percent
yield, 10 to 15 basis points above comparably rated companies.
``There appears to be enough liquidity to give them enough
time to get their house in order,'' said Jon Kyle Cartwright,
senior energy credit analyst at Raymond James & Associates.
``There's a point where a credibility crisis becomes a self-
fulfilling prophecy, so they have less time than they think to
pacify the market.''
Ripple Effect
Some investors are concerned that Enron's complex book of
hedges, swaps, options and other derivative contracts involves so
many partners, participants and companies that a failure would
pose a risk to the economy, and force a bailout like Long-Term
Capital Management's.
``The talk in the financial markets is that some counter
party to Enron could fail if Enron can't perform,'' said Jeff
Caughron, manager of $400 million in investments for Tinker
Federal Credit Union in Oklahoma City. ``If it goes down, there
could be a big ripple effect.''
The effect has already spread as investors worry Enron won't
be able to pay bills owed to power producers such as Calpine
Corp., Dynegy Inc., Mirant Corp. and NRG Inc., said Chris
Ellinghaus, an analyst at Williams Capital Group. As a group,
shares of the four have fallen 11 percent in the past week.
``Rumors that these companies have receivables with Enron are
fueling a sell-off,'' he said. ``Both traders and companies
selling power to Enron are suffering.''
All four companies said they're trading with Enron as they
have in the past.
Market Maker
Enron supplies services some customers consider
irreplaceable. The Sacramento Municipal Utilities District hedges
weather risk through Enron, said risk manager Jim Tracy.
The district entered into an agreement that forces it to pay
Enron if rainfall is abundant and hydroelectric dams can operate
at peak efficiency and capacity; in dry seasons, when the dams
can't operate as well, Enron pays the district.
``If Enron's credit went bad, or they folded up, that
agreement wouldn't get picked up by someone else,'' Tracy said.
Enron also helps many U.S. utilities protect themselves from
electricity and natural gas price fluctuations in the same way it
helps the Sacramento utility district hedge against too little
rainfall. Any impairment on Enron's part to continue doing so
would trickle down to Main Street utilities, Tracy said.
``Utilities would start reserving more on their balance
sheets for price swings,'' Tracy said.
--Russell Hubbard in the Princeton newsroom at 609-750-4651, or at
Enron Broadband Begins Closing London, Singapore Offices
By Erwin Seba
Of DOW JONES NEWSWIRES
10/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Corp.'s (ENE) telecommunications unit will clos=
e down its trading offices in London and Singapore over the next six months=
.=20
Enron Broadband Services executives have quietly begun to inform employees =
overseas and haven't made a public announcement of plans to consolidate Asi=
an and European bandwidth trading operations at the company's Houston headq=
uarters.
"It's a way to structure the business to fit the opportunities that are out=
there in the market now," Enron Broadband Services spokeswoman Terrie Jame=
s said in response to questions from Dow Jones Newswires.=20
The London office has 20 or fewer employees, James told Dow Jones. The Sing=
apore office has 15 or fewer employees.=20
Americans working in the offices would probably choose to relocate in the U=
.S., James said. She didn't know how many of the employees are U.S. citizen=
s. She didn't know what options might be offered to the non-American employ=
ees.=20
James didn't know how much money Enron might save by closing the offices.=
=20
The decision by Enron, the leading bandwidth market-maker, shows that inter=
national bandwidth markets are having tough times like the U.S. market.=20
Earlier this year, as the U.S. market went sour, Enron executives had said =
that European and Asian telecommunications carriers might be more open to b=
andwidth trading, making the markets in those regions ripe for growth.=20
-By Erwin Seba, Dow Jones Newswires; 713-547-9214; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Calpine:No Exposure To Enron; No Calif Pwr Contract Talks
10/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Calpine Corp. (CPN) has no credit exposure to tradin=
g partner Enron Corp. (ENE), Calpine said Thursday in an earnings conferenc=
e call. And the company hasn't been contacted by the state of California ab=
out renegotiating the billions of dollars in long-term supply contracts the=
company signed with the state earlier this year.=20
Calpine's diluted net earnings for the third quarter were 88 cents a share =
compared with 48 cents for the same quarter last year. Setting Calpine's co=
nsistent earnings growth aside, Wall Street analysts in Thursday's conferen=
ce call focused their questions on trouble spots in the energy industry, li=
ke Enron, California, and whether the U.S. will have a surplus of electric =
power stations in a few years.
Moody's has put Enron's credit on watch for possible downgrade, and some of=
the company's debt is trading like junk bonds in the secondary market this=
week. Trading partners like Calpine have been asked about their exposure t=
o Enron.=20
"We continue to assess the situation, but right now don't have any net expo=
sure to Enron," said Calpine's vice president of corporate risk management,=
Paul Pasoli. "We continue to trade with them. We will adjust our credit th=
reshold based on how their bonds are trading and their credit rating."=20
When asked if there would be any exposure to Enron if trading were to be ha=
lted immediately, Pasoli said that, in fact, Calpine would owe Enron a litt=
le money.=20
In another energy industry area of concern, Calpine was asked about the sta=
te of California's stated desire to renegotiate tens of billions of dollars=
of long-term power contracts. Calpine is by far the biggest supplier under=
those contracts, which on a mark-to-market basis are worth far less now th=
an when California bought this past winter and spring.=20
"Nobody has come to us directly or indirectly with regard to the Calif cont=
racts. In general, we respect our contracts and expect our counterparties t=
o do so as well," said Calpine cheif executive, Peter Cartwright. "If there=
are any contract renegotiations that can result in a win-win, we would be =
happy to look at that, if California asks. We've done that many times."=20
As for future power prices, Calpine said that it's going forward with its p=
rogram to build a portfolio of 70,000 megawatts of generation, which is abo=
ut three times its current capacity and would be about 7% of all U.S. capac=
ity. The critical determinant of profitability in power generation is the d=
ifference between natural gas prices and power prices, and Calpine said tha=
t difference, or "spark spread," has grown the past few months. Furthermore=
, the company executives said they are holding to a requirement that all pr=
ojects generate an after-tax return of 18% on the investment.=20
As a result, the company expects earnings to grow at least 40% annually thr=
ough 2005. Calpine will fund near-term cash needs in the debt markets and w=
on't issue new stock until its stock price rises substantially.=20
-By Mark Golden, Dow Jones Newswires; 201-938-4604; [email protected]=
m
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Spector, Roseman & Kodroff, P.C. Files Class Action Suit Against Enron Corp=
oration
10/25/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
PHILADELPHIA, Oct. 25 /PRNewswire/ -- The law firm of Spector, Roseman & Ko=
droff, P.C. announces that a class action lawsuit has been commenced in the=
United States District Court for the Southern District of Texas, Houston D=
ivision, against defendants Enron Corporation ("Enron" or the "Company") (N=
YSE: ENE), Kenneth L. Lay, Jeffrey K. Skilling, and Andrew Fastow, on behal=
f of purchasers of the common stock of Enron during the period between Janu=
ary 18, 2000 and October 17, 2001, inclusive (the "Class Period").=20
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of =
the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder,=
by issuing a series of material misrepresentations to the market between J=
anuary 18, 2000 and October 17, 2001, thereby artificially inflating the pr=
ice of Enron common stock. Specifically, the complaint alleges that Enron i=
ssued a series of statements concerning its business, financial results and=
operations which failed to disclose (i) that the Company's Broadband Servi=
ces Division was experiencing declining demand for bandwidth and the Compan=
y's efforts to create a trading market for bandwidth were not meeting with =
success as many of the market participants were not creditworthy; (ii) that=
the Company's operating results were materially overstated as result of th=
e Company failing to timely write-down the value of its investments with ce=
rtain limited partnerships which were managed by the Company's chief financ=
ial officer; and (iii) that Enron was failing to write-down impaired assets=
on a timely basis in accordance with GAAP. On October 16, 2001, Enron surp=
rised the market by announcing that the Company was taking non-recurring ch=
arges of $1.01 billion after-tax, or ($1.11) loss per diluted share, in the=
third quarter of 2001, the period ending September 30, 2001. Subsequently,=
Enron revealed that a material portion of the charge related to the unwind=
ing of investments with certain limited partnerships which were controlled =
by Enron's chief financial officer and that the Company would be eliminatin=
g more than $1 billion in shareholder equity as a result of its unwinding o=
f the investments. As this news began to be assimilated by the market, the =
price of Enron common stock dropped significantly. During the Class Period,=
Enron insiders disposed of over $73 million of their personally held Enron=
common stock to unsuspecting investors.
If you purchased Enron securities during the Class Period, you may, no late=
r than December 21, 2001, move to be appointed as a Lead Plaintiff in this =
class action. A Lead Plaintiff is a representative, chosen by the Court, th=
at acts on behalf of other class members in directing the litigation. The P=
rivate Securities Litigation Reform Act of 1995 directs Courts to assume th=
at the class member(s) with the "largest financial interest" in the outcome=
of the case will best serve the class in this capacity. Courts have discre=
tion in determining which class member(s) have the "largest financial inter=
est," and have appointed Lead Plaintiffs with substantial losses in both ab=
solute terms and as a percentage of their net worth. If you have sustained =
substantial losses in Enron securities during the Class Period, please cont=
act Spector, Roseman & Kodroff, P.C. at [email protected] for a more =
thorough explanation of the Lead Plaintiff selection process. If you have r=
elatively small losses, your ability to participate in any recovery will be=
protected by the Lead Plaintiff(s), and you need take no affirmative steps=
at this time.=20
If you wish to discuss this action or have any questions concerning this no=
tice or your rights or interests, please contact plaintiff's counsel Robert=
M. Roseman toll-free at 888-844-5862 or via E-mail at classaction@srk-law.=
com. For more detailed information about the firm please visit its website =
at http://www.spectorandroseman.com.=20
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and=
San Diego, California, concentrates its practice in complex litigation inc=
luding actions dealing with securities laws, antitrust, contract and commer=
cial claims. The firm is active in major litigation pending in federal and =
state courts throughout the United States. The firm's reputation for excell=
ence has been recognized on repeated occasions by courts which have appoint=
ed the firm as lead counsel in numerous major class actions involving viola=
tions of the federal securities laws and the federal antitrust laws, and co=
nsumer fraud. As a result of the efforts of the firm, and its members, hund=
reds of millions of dollars have been recovered on behalf of thousands of d=
efrauded shareholders and companies.=20
MAKE YOUR OPINION COUNT - Click Here=20
http://tbutton.prnewswire.com/prn/11690X17742762
/CONTACT: Robert Roseman of Spector, Roseman & Kodroff, P.C., +1-888-844-58=
62/ 19:00 EDT=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
TGS Q3 net profit up 22 pct yr-on-yr on higher NGL sales, transport revenue=
s
10/25/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
BUENOS AIRES (AFX) - Perez Companc SA and Enron Corp pipeline joint venture=
, Transportadora de Gas del Sur SA, said its net profit in the three months=
to September rose 22 pct year-on-year to 37 mln pesos on the back of stron=
g growth in sales of natural gas liquids (NGL) and increased revenue from t=
ransport.=20
Total revenue grew 24 pct year-on-year to 147 mln pesos, as "TGS continues =
to grow its revenues in all of its business segments," CEO Eduardo Ojea Qui=
ntana said.
NGL sales surged 86 pct year-on-year to 31.1 mln pesos, after a partial tak=
eover of the Cerri complex's production at Bahia Blanca, although volumes d=
eclined as a result of the start-up of the Mega project at the beginning of=
2001, Ojea Quintana said.=20
Gas transport revenue rose 11 pct year-on-year to 109.6 mln pesos as averag=
e gas transportation contracted capacity rose 6 pct to 62.5 mln cubic metre=
s daily, following a capacity expansion completed in June.=20
However, he also noted "important challenges, mostly associated with the re=
levant regulatory issues that remain unresolved, as well as the deep econom=
ic crisis that Argentina is currently undergoing."=20
"These negative factors have adversely affected our investment plans for th=
e current year and for 2002," Ojea Quintana added.=20
lac/zr For more information and to contact AFX: www.afxnews.com and www.afx=
press.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron Draws Down Credit Facility
10/25/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Corp. (ENE) drew on committed lines of credit t=
o provide cash liquidity of more than $1 billion.=20
In a press release Thursday, the energy company said it has "more than adeq=
uate" liquidity to fulfill business commitments.
Enron said the credit action is a step to restore investor confidence, and =
it plans to update investors in several days regarding plans to maintain it=
s long-term credit rating.=20
Earlier Thursday, Standard & Poor's revised its long-term ratings outlook f=
or Enron to negative due to concerns that the company's significant drop in=
market capitalization has hurt the company's flexibility and could impair =
plans to rebuild the balance sheet.=20
Over the past week, Enron's shares have fallen more than 40% amid negative =
news from the company.=20
The company's New York Stock Exchange-listed shares closed Thursday at $16.=
35, down 6 cents, or 0.4%, on composite volume of 39,212,300 shares. Averag=
e daily volume is 7,832,606 shares.=20
Early last week, the company reported a $618 million third quarter loss, re=
sulting from $1.01 billion in write-offs. Enron also disclosed a $1.2 billi=
on reduction in shareholder equity for the quarter as a result of terminati=
ng certain transactions related to a partnership that for a time was headed=
by Chief Financial Officer Andrew Fastow.=20
On Wednesday, Enron replaced Fastow with Jeff McMahon, effective immediatel=
y.=20
The Wall Street Journal reported Thursday that some bond traders believe En=
ron's bonds won't continue to hold up better the company's stock.=20
The company's five-year bond has decreased about 16% in the past two weeks,=
much less than the 50% decline in Enron's stock price since the Oct. 16 di=
sclosure of the $1.01 billion charges.=20
But the fall in the bond's price translates to a yield of 7.7 percentage po=
ints above bellwether U.S. government bonds, which is widening from about 3=
percentage points two weeks ago. Although Enron is still an investment-gra=
de credit, that kind of "spread" is more characteristic of a junk bond with=
a credit rating of single B or lower, the Journal said.=20
On Wednesday, Fitch put Enron's credit rating on watch for a possible downg=
rade, following a similar move by Moody's Investor Service earlier this wee=
k.=20
Several energy trading companies said Thursday that although they have conc=
erns about Enron's credit quality, they have made almost no changes in poli=
cy concerning the company.=20
Dynegy Inc. (DYN), Williams Cos. (WMB) and Aquila Inc. (ILA) said they have=
n't changed their credit policy concerning Enron, which accounts for about =
a quarter of the trade in U.S. power and gas markets.=20
The Journal reported that bond traders expect Enron executives to meet with=
rating agencies, debt-trading desks, big bond holders and banks next week.=
=20
Company Web site: http://www.enron.com=20
-Susan Willetts; Dow Jones Newswires; 201-938-5388
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron Employees Watch Options Devalue as Shares Fall (Correct)
2001-10-25 18:41 (New York)
Enron Employees Watch Options Devalue as Shares Fall (Correct)
(Company corrects structure of standard compensation package
in second paragraph.)
Houston, Oct. 25 (Bloomberg) -- Enron Corp. prided itself on
sharing the wealth with employees when the company was posting
record profits last year. Now, from the boardroom to the mailroom,
employees are sharing the pain.
Enron, the largest energy trader, grants stock options to the
bulk of its 20,000 employees. Under Enron's standard compensation
package, most employees get stock options equal to
5 percent of their annual base salary, spokeswoman Meredith
Philipp said.
Employees held 46.8 million exercisable options as of the end
of 2000, all at average prices above the company's current share
price. The stock has dropped 80 percent this year.
``Virtually every option is under water right now,'' Enron
spokeswoman Karen Denne said.
Enron's board sets the strike price for the options in
December or January. Employees can't cash the options in and make
a profit unless the stock is trading above the strike price. At
the end of 2000, Enron shares were trading at $83.13. In December,
the board set a strike price of about $80.
Shares of Houston-based Enron fell 6 cents to $16.35 today.
They have lost 37 percent of their value so far this week.
Enron said Monday that the Securities and Exchange Commission
was asking questions about partnerships run by Andrew Fastow, who
was ousted as Enron's chief financial officer yesterday. One
partnership cost the company $35 million, and Enron bought back 62
million shares from a partnership at a cost of $1.2 billion.
Enron named Jeff McMahon, head of its industrial markets
group, as CFO late yesterday.
Unvested Options
Another 96.1 million options granted to Enron employees
hadn't vested as of the end of last year. About 15.4 million of
them, or 16 percent, were at prices ranging from $6.88 to $20 a
share. The rest vest at levels well above the current share price.
Experts who have watched the devaluation of stock options in
other industries, such as technology and telecommunications, say
it becomes demoralizing for workers to watch share prices fall
below their options.
``It looks bad,'' said Mark Edwards, chairman of IQuantic
Buck, a Mellon Financial Corp. unit that provides compensation
consulting. ``Employees look at (the stock price) every day, and
it's a continued disincentive to them.''
While Denne said Enron doesn't have any plans to reprice its
employees' options, the company did issue a one-time stock option
grant at $36.88 in August, when Ken Lay resumed his former role as
the company's chief executive. Lay, who had held the job for 15
years, turned the position over to Jeffrey Skilling in February.
Skilling quit in August, citing family reasons.
The August grant, which was equivalent to 5 percent of
employees' base salary, didn't require a vesting period, but was
exercisable immediately. Enron's shares haven't closed above
$36.88 since Aug. 29.
--Margot Habiby in the Dallas newsroom (214) 954-9452, or
| ||
arnold-j/inbox/4.
|
subject: LNG Update
content: John, Would you have 45 minutes later this week for Eric and myself? We'd like to give you a quick update on whats happening in the Atlantic basin in LNG, and also get an update from you on where the US Natgas market is heading.
Thanks,
Jonathan
| ||
arnold-j/inbox/40.
|
subject: FW: Please Register to Attend the Enron Management Conference
content: -----Original Message-----
From: Williamson, Joannie On Behalf Of Lay, Kenneth
Sent: Monday, October 22, 2001 3:25 PM
To: Williamson, Joannie
Subject: FW: Please Register to Attend the Enron Management Conference
-----Original Message-----
From: Enron Announcements/Corp/Enron@ENRON On Behalf Of Ken Lay- Chairman of the Board@ENRON
Sent: Monday, October 08, 2001 10:39 PM
To: VP's and Above- Enron Management Conference List@ENRON
Subject: Please Register to Attend the Enron Management Conference
As you know, the Enron Management Conference will be held Wednesday through Friday, November 14-16, 2001, at the Westin La Cantera Resort in San Antonio, Texas.
This has been an eventful and challenging year for Enron. Now, more than ever, it is fitting to bring Enron's leaders together. After all, it is up to our management team to lead our company through these challenging times. Together, we will define Enron's character and determine Enron's destiny.
We have a great program planned for this year's conference. I'm delighted that General Norman Schwarzkopf will join us as a keynote speaker on leadership. I'm equally pleased to welcome back Gary Hamel, who will help us process the past year and prepare for future success. As I've said before, we are a company that continues to look to the future, and there are many exciting things in store for us.
I look forward to seeing you at this very important meeting.
Regards,
Ken Lay
NOTE: This year, registration for the Management Conference will be conducted electronically. Below is a link to the online registration website along with instructions for navigating the site. Everyone must register by Friday, November 2.
http://www.mplanners.com/enron
When you access the Management Conference online registration website, enter your eMail Address and Password (password: enron) in the specified boxes. The first time you access the site, you will be prompted to enter your First Name and Last Name. Once completed, click Submit.
On the next page, click Sign Up Now to register. You will be prompted to enter your basic information and make selections for your hotel room, travel and preferred activity. In the scroll box to the right, you can review and print the conference agenda, a list of activities, as well as travel arrangements and other general information.
After you have entered the necessary information, you can Review Your Registration or simply Log Out. Your registration information will be automatically submitted.
Once registered, you can reaccess the site at any time to review or change previous elections. When reentering the site, you only need to enter your eMail Address and Password.
If you experience any problems accessing the site, please contact Marge Nadasky at 713-853-6631.
| ||
arnold-j/inbox/41.
|
subject: Increased Security at Enron Center
content: Late on October 25th, we received information about a nonspecific threat to the Enron Center. We communicated with law enforcement officials who found the threat unsubstantiated and without merit. Nonetheless we take all threats seriously and have increased the security presence at the Enron Center still further.
Once again, if you observe suspicious behavior, please call security at 3-6200.
|
All Enron Houston@ENRON <??SAll Enron Houston@ENRON>
|
|
arnold-j/inbox/42.
|
subject: Email Problems
content: My email system has recently developed a glitch. It has come to my
attention that some emails have been sent to me, but I never received them.
When this happens, the system does not return a 'mail not delivered' message
to the sender. If you have sent an email to me in the last couple weeks
expecting a response, but did not hear back from me or my office, please
call us. I apologize for any misunderstanding or inconvenience. Of course,
issues requiring a timely response are always best handled over the phone,
and until my email system is fixed it is best to either call me or email
Rafael ([email protected]). Thank you for your
understanding.
> Michael Gapinski
> Account Vice President
> UBS PaineWebber, Inc.
> Corporate Employee Financial Services
> 713-654-0365
> 800-553-3119 x365
> Fax: 713-427-7539
> Cell: 281-435-0295
[email protected]
******************************************************
Notice Regarding Entry of Orders and Instructions:
Please do not transmit orders and/or instructions
regarding your UBSPaineWebber account(s) by e-mail.
Orders and/or instructions transmitted by e-mail will
not be accepted by UBSPaineWebber and UBSPaineWebber
will not be responsible for carrying out such orders
and/or instructions.
Notice Regarding Privacy and Confidentiality:
UBSPaineWebber reserves the right to monitor and
review the content of all e-mail communications sent
and/or received by its employees.
| ||
arnold-j/inbox/43.
|
subject:
content: You sold 250 TAS Futures with EAGLE...I gave them up to EDF MAN #5055
You bought 250 LD Swaps @ 10/26 SP from Engage Canada.
Thanks
| ||
arnold-j/inbox/44.
|
subject:
content: I think you have my necklace. I need to get it from you sometime. (just kidding)
| ||
arnold-j/inbox/45.
|
subject: Mtg. regarding Index Postings
content: When: Tuesday, October 30, 2001 3:30 PM-4:00 PM (GMT-06:00) Central Time (US & Canada).
Where: EB3308
*~*~*~*~*~*~*~*~*~*
Attendees: Hunter Shively
John Lavorato
John Arnold
Scott Neal
Tom Martin
Mike Grigsby
| ||
arnold-j/inbox/46.
|
subject:
content: You buy 20,000 mmbtu/d Nov1-Mar2 @ $3.21from Connective
You sell 20,000 mmbtu/d Nov1-Mar2 @ $3.21to JARON
You buy 25,000 mmbtu/d Cal 2 @ $3.305from Connective
You sell 25,000 mmbtu/d Cal 2 @ $3.305to JARON
| ||
arnold-j/inbox/47.
|
subject: Reminder:Interivews Thursday Trading Track
content: All
A reminder that you are scheduled to interview for the Trading Track Thursday, November 1st, from 2.00 pm onwards. Resumes and schedules will be forwarded to you shortly.
Regards,
Karen Buckley
| ||
arnold-j/inbox/48.
|
subject: A $5 Gift to Spend on Your Wish List
content: Dear Amazon.com Customer,
The holiday gift-giving season is almost here, but before you start
making lists and checking them twice, here's an incentive to cross a
few things off your own list--$5 to spend toward a purchase of $50 or
more from your Amazon.com Wish List.
http://www.amazon.com/wishlist
While you're there, it's also an ideal time to get your Wish List up
to date. You can delete any outdated items, add some new items from
the handy list of personal recommendations, and easily send your Wish
List to family and friends to use during the upcoming holiday season.
So grant yourself a wish today--just check your Wish List, add the
items you want to your Shopping Cart, and use the claim code below to
save $5 on your purchase of $50 or more. But don't delay--this offer
expires November 8, 2001.
http://www.amazon.com/wishlist
Sincerely,
Matt Williams
Director (and Avid Wisher)
Amazon.com
Don't delete. This is your $5 Amazon.com promotional certificate.
***********************************************************************
Amount: $5 off your order of $50 or more at Amazon.com
Claim Code: WL79-GXT5SD-XGPCG5
Expires: November 8, 2001
To redeem your $5 promotional certificate, simply:
1. Go to your Amazon.com Wish List.
2. Select the items you want (totaling $50 or more, not including
shipping or tax) and add them to your Shopping Cart.
3. Click the "Proceed to checkout" button. You'll be taken to the
checkout page, where you can review your order and select shipping
options.
4. Enter your promotional claim code in the space provided in the
right column (located below your order total) and click the Apply
button. The certificate will be redeemed and the page will refresh
with your revised order total.
5. Click the "Place your order" button. You're done! If you want to
review the details of your order again, click the Your Account
button in the upper right corner of the page.
The fine print:
Offer must be redeemed at http://www.amazon.com toward the purchase
of products sold by Amazon.com and listed in Amazon.com's online
catalogs. Offer cannot be redeemed at Amazon.co.uk, Amazon.de,
Amazon.fr, Amazon.co.jp, or any other Web site operated by
Amazon.com, its affiliates, or third-party merchants accessible from
our site (including, for example, our Health & Beauty store operated
by drugstore.com). Offer not valid in Amazon Marketplace, Auctions,
or zShops.
Purchase must total $50 or more, excluding shipping charges and tax.
Please use our Shopping Cart rather than our 1-Click ordering method
if you want to apply this promotional certificate.
You must pay for the order with a credit card. If you return items
purchased with a promotional certificate, you will not receive a
refund for the amount of the promotional certificate.
Limit one offer per customer and one offer per purchase. Offer not
valid with other promotional certificates.
Offer must be applied at the time of the order and cannot be applied
to orders already placed with us.
Offer cash value is 1/10th of one cent and is not for resale.
This promotional certificate will expire at 11:59 p.m. PST on
November 8, 2001.
If you have any questions, please see the Help section of our site:
http://www.amazon.com/help
We hope you enjoyed receiving this message. However, if you'd rather
not receive future e-mails of this sort from Amazon.com, please use
the link below or click the Your Account button in the top right
corner of any page on the Amazon.com Web site. In the Personal
Information box under the Account Settings heading, click the "Update
your communication preferences" link.
http://www.amazon.com/your-account/
Please note that this message was sent to the following e-mail
address:
[email protected]
| ||
arnold-j/inbox/49.
|
subject: RE:
content: My wife is in New York and will not return until 4:40 on Sunday. I am keeping my boys and will work on getting a babysitter in the morning. I will call you tomorrow.
Grigsby
-----Original Message-----
From: Arnold, John
Sent: Sat 10/27/2001 1:21 PM
To: Shively, Hunter S.; Neal, Scott; Grigsby, Mike; Martin, Thomas A.
Cc:
Subject:
There will be a desk head mtg tomorrow, Sunday, at 3:00 on the 33rd floor per Lavorato to discuss positions and strategy. Please confirm via email. My cell # is 713 557 3330 if there are any problems.
| ||
arnold-j/inbox/5.
|
subject: LNG
content: John:
The Enron deal at Elba Island amounts to a sendoout capacity of 160mmcf/d for 17 years. This will be tough to fill as the majority of existing supply exceeds the max heat rate-I would look for Enron to get out of this in some way. Enron is currently having discussions with El Paso as to whether this contract goes into effect Oct 1st 2001 or Jan 1st 2002. Elba Island has recently said that they will be running in Q4 although many still doubt it.
Attached is a file that lists the terminals, their capacity owners, facility owners, expansion plans, and supply situation. Let me know if you have any more questions.
| ||
arnold-j/inbox/50.
|
subject:
content: current -260
all 150
jack +7
minn +3
cinci+3
sf+2.5
new orleans +12
car +2.5
dall +3
oak +1.5
new eng +7
buff +7
seattle +2.5
wash +8
| ||
arnold-j/inbox/51.
|
subject: S+P Commodity Index
content: hi- not sure if you saw this with all the crap going on lately or have seen these contracts trading..one of the traders in Calgary called me Friday- one of his clients called asking about this indirectly.. said that he had heard of a $1B fund that was being set up to replicate the index.. the index is 17.7% nat gas (the highest % of any commodity).. the client wondered if that had anything to do with the nat gas rally! i am trying to find out info on this $1 B fund.. no luck yet.. it would have a nice impact on the market if the fund had to buy 177M of nat gas contracts- 17,700 contracts in first 2 months..look at the 2 websites- www.nybot.com <http://www.nybot.com> (the futures and options) are traded there and the s+p site www.spglobal.com <http://www.spglobal.com>... the way they manage the futures is interesting..
basic weightings:
energy: 44.29% (natty-17.7, unleaded-9.7%, heat- 12.9, crude-4.12)
grains- 19.28%
meats- 10.98%
metals- 7.96%
softs- 11.98%
fibers- 5.51%
please let me know if you have any info on this.
thanks, c
S&P and NYBOT Launch New Index Futures and Options Contracts
New York, NY, October 19, 2001 - The New York Board of Trade (NYBOT)
, in partnership with Standard & Poor's, began trading futures contracts this morning on the S&P Commodity Index (SPCI) - a new standard for commodities pricing. Officials from the New York City Mayor's Office for Economic Development as well as NYBOT and Standard & Poor's presided over the launch.
Standard & Poor's, a leading provider of global financial information and investment analysis, and the New York Board of Trade, a global marketplace for alternative investment products, developed the SPCI to bring greater definition to traded commodities as an investable asset class. The SPCI was introduced at a ceremony at NYBOT on August 9, 2001. The SPCI futures and options allow managers and investors to add real diversification to their portfolios through a single, transparent access point to the investment opportunities found in commodity futures markets.
"The launch of this new product so soon after the events of September 11, and on a trading floor so imaginatively developed before the event, allowing NYBOT to start trading so soon after the loss of its facility in lower Manhattan, is a testament to the strength and the resilience of New Yorkers," said Michael G. Carey, President, New York City Economic Development Corporation. "Let no one doubt that New York is and continues to be the financial and trading capital of the world."
"To contribute successfully to long-term portfolio goals, an alternative asset should have certain key characteristics, namely a proper benchmark, transparency, liquidity, simplicity, cost efficiency and flexible trading capabilities," said NYBOT President and CEO Mark D. Fichtel. "SPCI futures and options are among the few investment instruments that meet all the criteria for a real alternative asset. We believe that these new contracts will prove particularly valuable to investors and managers who need alternative investment strategies in these difficult economic times."
The NYBOT SPCI futures contract lists six active contract months (January, February, April, June, August, November). Expiration is the second Friday of the listed futures contract month, and the contract is cash settled. The futures contract is valued at $100 x the Index (current contract value approximately $100,000). Trading hours initially will be 10:00 AM to 4:00 PM (New York Time). Options on futures are also offered (see contract specifications).
"SPCI futures and options give investors a direct means to obtain exposure to a diversified commodity basket," said Robert Shakotko, Standard & Poor's Managing Director of Index Services. "Investors around the world recognize the S&P reputation for equity indices and index products. We now bring these same business strengths to commodities."
The SPCI tracks 17 commodities in six sectors including grains, meat and livestock, metals, softs (coffee, sugar, cocoa), fibers, and energy. The index utilizes real-time prices of the relevant futures contracts traded on the commodities futures markets in New York and Chicago. Key features of the SPCI include its geometric calculation methodology and a weighting adjustment that eliminates double counting of upstream and downstream commodities.
The new SPCI futures and options contracts will support and enhance other index-linked investment products. They offer an easy and efficient way to manage commodity index funds, commodity-linked insurance products, or commodity exposure in multi-asset products. As with its equity indices, Standard & Poor's has initiated a licensing program for the SPCI directed at financial institutions that might use the new commodity index as part of an innovative investment product.
End-of-day index values and index history are available through both the S&P Index Services website at www.spglobal.com <http://www.spglobal.com/indexmaincommodity.html> and NYBOT's Website at www.nybot.com <http://www.nybot.com/>. The SPCI is calculated every 15 seconds and is available through traditional real-time quote vendors via the NYBOT; the ticker symbol will be 'I'.
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), provides independent financial information, analytical services, and credit ratings to the world's financial markets. Among the company's many products are the S&P Global 1200, the first real-time, global equity index, the S&P 500, the premier U.S. portfolio index, and credit ratings on more than 220,000 securities and funds worldwide. With more than 5,000 employees located in 18 countries, Standard & Poor's is an integral part of the world's financial architecture. For more information, visit the Standard & Poor's Website at www.standardandpoors.com <http://www.standardandpoors.com/>.
The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and their subsidiaries and divisions NYBOT offers an expanding range of agricultural, currency and index products. Information about the New York Board of Trade can be found at www.nybot.com <http://www.nybot.com/>.
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