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arnold-j/inbox/53.
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subject: RE: Rasheed
content: Goldstein.
-----Original Message-----
From: Arnold, John
Sent: Saturday, October 27, 2001 11:55 AM
To: Hochschild, Lenny
Subject: RE: Rasheed
that kid is hilarious. Do you know what his last name is?
-----Original Message-----
From: Hochschild, Lenny
Sent: Friday, October 26, 2001 10:59 AM
To: Arnold, John
Subject: Rasheed
I'm gonna GETCHA
| ||
arnold-j/inbox/54.
|
subject: Enron Mentions
content: Enron Discusses Credit Line of $1 Billion to $2 Billion With Banks
The Wall Street Journal, 10/29/01
Manager's Journal: How Enron Ran Out of Gas
The Wall Street Journal, 10/29/01
Enron Seeks Additional Financing
The New York Times, 10/29/01
GLOBAL INVESTING: Enron stock plunge deals a heavy blow to mutual funds=20
Financial Times; Oct 29, 2001
COMMENT & ANALYSIS - Enron flickers.
Financial Times, 10/29/01
FRONT PAGE - COMPANIES & MARKETS - Enron asks banks for additional credit.
Financial Times, 10/29/01
Enron Seeks Further Credit to Reassure Investors, WSJ Says
Bloomberg, 10/29/01
USA: REPEAT-Electric cowboys get roped in at the energy corral.
Reuters English News Service, 10/29/01
Enron seeks new credit line; reportedly for 1-2 bln usd
AFX (AP), 10/29/01
Enron Said Seeking New Credit Lines
American Banker, 10/29/01
USA: Enron in talks for $1-2 bln credit line - WSJ.
Reuters English News Service, 10/29/01
JAPAN: Japan's Teijin, Enron study coal-fired power plant.
Reuters English News Service, 10/29/01
Enron, Teijin to Build Power Plant in Japan, Report Says
Bloomberg, 10/29/01
Once-Mighty Enron Strains Under Scrutiny
The New York Times, 10/28/01
Plumbing Mystery Of Deals By Enron
The New York Times, 10/28/01
Investors Seem to Ignore Discouraging News
The New York Times, 10/28/01
Enron Asks Banks for More Credit After Stock Slide, FT Reports
Bloomberg, 10/28/2001
Enron Asks Banks For Additional Credit -FT
Dow Jones Energy Service, 10/28/01
Week in Review TOP STORIES OCT. 22-26 Lockheed Edges Out Boeing for Contrac=
t
Los Angeles Times, 10/28/01
Devon Energy makes building its own with major lease
Houston Chronicle, 10/28/01
INDIA PRESS: Enron Plans To Exit LNG Shipping JV
Dow Jones International News, 10/28/01
Enron Taps All Its Credit Lines To Buy Back $3.3 Billion of Debt
The New York Times, 10/27/01
COMPANIES & FINANCE INTERNATIONAL - Enron's bond prices drop to warning lev=
els.
Financial Times, 10/27/01
SHORTS - Enron bond prices under pressure.
Financial Times, 10/27/01
Enron taps credit line; stock slides
Associated Press Newswires, 10/27/01
Enron Decline Continues
Los Angeles Times, 10/27/01
Enron taps credit line; stock slides / Company says cash will boost confide=
nce
Houston Chronicle, 10/27/01
Enron says Microsoft breached contract
Houston Chronicle, 10/27/01
How to Lose a War
The New York Times, 10/27/01
City - Enron directors cash in shares.
The Daily Telegraph, 10/27/01
INDIA: Lenders to meet over Enron's Dabhol on Nov 3.
Reuters English News Service, 10/27/01
Enron sues Microsoft for breach of contract ; Move could block high-speed s=
ervice
The Seattle Times, 10/27/01
Enron Discusses Credit Line of $1 Billion to $2 Billion With Banks
By Jathon Sapsford and John Emshwiller
Staff Reporters of The Wall Street Journal
10/29/2001
The Wall Street Journal
A10
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron Corp., scrambling to restore confidence in its finances, is negotiati=
ng with banks for a new credit line of between $1 billion and $2 billion, a=
nd is likely to close a deal within days, according to officials familiar w=
ith the matter.=20
The new credit line is intended to bolster Enron's financial condition and =
head off a potentially devastating loss of investor and business confidence=
. The new credit would supplement existing lines, which are largely tapped =
out after Enron last week drew down about $3 billion to increase cash reser=
ves and calm fears in the stock, bond and energy markets.
An Enron spokesman confirmed that the company is negotiating a new credit l=
ine, but said he couldn't supply any further details.=20
Houston-based Enron is the nation's biggest energy trader and a principal i=
n nearly one-quarter of all electricity and natural-gas trades. Once a favo=
rite of Wall Street, the company now is in the unfamiliar position of convi=
ncing a deeply concerned investment community that, despite difficulties, i=
ts finances remain sound.=20
Confidence in Enron's financial situation was shaken after Enron earlier th=
is month announced a $618 million third-quarter loss and disclosed a $1.2 b=
illion erosion of shareholder equity related to controversial transactions =
it had done with entities connected to its then-chief financial officer, An=
drew Fastow.=20
Last week, Enron replaced Mr. Fastow and said that the Securities and Excha=
nge Commission was looking into the transactions. The company has consisten=
tly said that the transactions were proper and legal.=20
Enron's stock price fell again Friday. As of 4 p.m., in composite trading o=
n the New York Stock Exchange, Enron shares were down 95 cents at $15.40. E=
nron shares have fallen 50% in the past two weeks and are down 83% from a S=
ept. 18, 2000, high of $89.63.=20
Late last week, Enron tapped its existing credit lines, with part of that m=
oney being used to redeem nearly $2 billion of its outstanding commercial p=
aper, or short-term corporate IOUs. Ron Barone of credit-rating agency Stan=
dard & Poor's said he believes that Enron was "getting a bit more resistanc=
e" recently in rolling over its commercial paper as it came due. Thus, Enro=
n probably decided it would be easier simply to redeem the paper outstandin=
g, he said.=20
The Enron spokesman yesterday said that paying off the commercial paper and=
still leaving the company with an additional roughly $1 billion cash on ha=
nd would give it more financial flexibility.=20
Also last week, credit-rating agencies warned investors they were reviewing=
Enron's debt and commercial-paper ratings for a possible downgrade. A lowe=
r rating could hamper Enron's core trading businesses.=20
Behind the worries among these agencies, in part, is the loss of investor c=
onfidence, which one of the rating companies, Fitch, said in a report last =
week could impair "Enron's financial flexibility and access to capital mark=
ets, therefore impacting its ability to conduct its business."=20
The Enron spokesman said yesterday that the company's trading partners are =
doing business with Enron on "essentially the same terms" as they have in t=
he past. "There has been no significant change in the credit conditions," h=
e said. Trading partners demanding significantly stricter terms from Enron =
would be a sign of further deteriorating confidence in the energy giant's f=
inances.=20
The banks involved in the current negotiations, including J.P. Morgan Chase=
& Co. and Citigroup Inc., are asking Enron for stricter covenants on the n=
ew credit line than they had asked for in the past, one official said.=20
Bankers involved with the company say the goal of the new credit line is to=
show the investment community that Enron can meet its commitments. "Confid=
ence in this company was lost," said one bank official involved in the nego=
tiations for a new credit line. "But confidence will be restored."=20
Corporations of Enron's size commonly establish credit lines only to demons=
trate to the investment community that in case of an emergency, they have a=
ccess to cash. In practice, few companies actually make use of these lines.=
Thus, drawing down credit lines, while providing immediate cash, also illu=
strates the pressure Enron is feeling.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Manager's Journal: How Enron Ran Out of Gas
By Paul Kedrosky
10/29/2001
The Wall Street Journal
A22
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Is troubled Enron Corp. the Long Term Capital Management of the energy mark=
ets, or merely yet another mismanaged company whose executives read too man=
y of their own press releases? Or is poor Enron just misunderstood? Those a=
re the questions after another week of Chinese water torture financial rele=
ases from the beleaguered Houston-based energy concern.=20
A year ago Enron was the hottest of the hot. While tech stocks were tanking=
, Enron's shares gained 89% during 2000. Even die-hard Enron skeptics -- of=
which there are many -- had to concede that last year was a barnburner for=
the company. Earnings were up 25%, and revenues more than doubled.
Not bad, considering where the company came from. A decade ago 80% of Enron=
's revenues came from the staid (and regulated) gas-pipeline business. No l=
onger. Enron has been selling those assets steadily, partly fuelling revenu=
es, but also expanding into new areas. By 2000, around 95% of its revenues =
and more than 80% of its profits came from trading energy, and buying and s=
elling stakes in energy producers.=20
The stock market applauded the move: At its peak, Enron was trading at arou=
nd 55 times earnings. That's more like Cisco's once tropospheric valuation =
than the meager 2.5 times earnings the market affords Enron competitor Duke=
Energy.=20
But Enron management wanted more. It was, after all, a "new economy" Web-ba=
sed energy trader where aggressive performers were lucratively rewarded. Ac=
cording to Enron Chairman and CEO Ken Lay, the company deserved to be value=
d accordingly. At a conference early this year he told investors the compan=
y's stock should be trading much higher -- say $126, more than double its p=
rice then.=20
Then the new economy motor stalled. The company's president left under stra=
nge circumstances. And rumors swirled about Enron's machinations in Califor=
nia's energy markets. Investors pored over Enron's weakening financial stat=
ements. But Enron analysts must have the energy and persistence of Talmudic=
scholars to penetrate the company's cryptic financials. In effect, Enron's=
troubles were hiding in plain sight.=20
It should have been a warning. Because of the poor financial disclosure the=
re was no way to assess the damage the economy was doing to the company, or=
how it was trying to make its numbers. Most analysts blithely concede that=
they really didn't know how Enron made money -- in good markets or bad.=20
Not that Enron didn't make money, it did -- albeit with a worrisomely low r=
eturn on equity given the capital required -- but sometimes revenues came f=
rom asset sales and complex off-balance sheet transactions, sometimes from =
energy-trading revenues. And it was very difficult to understand why or how=
-- or how likely it was Enron could do it again next quarter.=20
Enron's financial inscrutability hid stranger stuff. Deep inside the compan=
y filings was mention of LJM Cayman, L.P., a private investment partnership=
. According to Enron's March 2000 10-K, a "senior officer of Enron is the m=
anaging member" of LJM. Well, that was a puzzler. LJM was helping Enron "ma=
nage price and value risk with regard to certain merchant and similar asset=
s by entering into derivatives, including swaps, puts, and collars." It was=
, in a phrase, Enron's house hedge fund.=20
There is nothing wrong with hedging positions in the volatile energy market=
-- it is crucial for a market-maker. But having an Enron executive managin=
g and benefiting from the hedging is something else altogether, especially =
when the Enron executive was the company's CFO, Andrew Fastow. While he sev=
ered his connection with LJM (and related partnerships) in July of this yea=
r -- and left Enron in a whirl of confusion last week -- the damage had bee=
n done.=20
As stories in this paper have since made clear, Mr. Fastow's LJM partnershi=
p allegedly made millions from the conflict-ridden, board-approved LJM-Enro=
n relationship. And recently Enron ended the merry affair, taking a billion=
-dollar writedown against equity two weeks ago over some of LJM's wrong-foo=
ted hedging. Analysts, investors, and the Securities & Exchange Commission =
were left with many questions, and very few answers.=20
To be fair, I suppose, Enron did disclose the LJM arrangement more than a y=
ear ago, saying it had erected a Chinese wall between Fastow/LJM and the co=
mpany. And in a bull market, no one paid much attention to what a bad idea =
that horribly conflicted relationship was -- or questioned the strength of =
the wall. Now it matters, as do other Enron-hedged financings, a number of =
which look to have insufficient assets to cover debt repayments due in 2003=
.=20
We didn't do anything wrong is Mr. Lay's refrain in the company's current r=
ound of entertainingly antagonistic conference calls. That remains to be se=
en, but at the very least the company has shown terrible judgment, and hero=
ic arrogance in its dismissal of shareholders interests and financial trans=
parency.=20
Where has Enron's board of directors been through all of this? What kind of=
oversight has this motley collection of academics, government sorts, and r=
etired executives exercised for Enron shareholders? Very little, it seems. =
It is time Enron's board did a proper investigation, and then cleaned house=
-- perhaps neatly finishing with themselves.=20
---=20
Mr. Kedrosky is a professor of business at the University of British Colomb=
ia.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
National Desk; Section A
Enron Seeks Additional Financing
By RICHARD A. OPPEL Jr.
10/29/2001
The New York Times
Page 9, Column 4
c. 2001 New York Times Company
DALLAS, Oct. 28 -- The Enron Corporation, still struggling to reassure inve=
stors it can weather a financial crisis over complicated transactions invol=
ving its former chief financial officer, is seeking $1 billion to $2 billio=
n in additional financing from banks, an industry official said today.=20
Last week, Enron, the nation's largest energy-trading concern, used about $=
3 billion in available credit lines and spent about $2 billion to pay off c=
ommercial paper. Now, by obtaining even more financing, Enron is hoping to =
convince investors and other energy-trading firms that it will not face a c=
ash squeeze that could lead trading partners to refuse to extend credit or =
do business with it.
Enron's board, which has been holding meetings by telephone over the last t=
wo weeks to monitor the company's financial situation, held another meeting=
this afternoon. ''The board is meeting frequently and will announce any ac=
tions when appropriate,'' an Enron spokesman said.=20
Two weeks ago, Enron disclosed that its shareholder equity had been reduced=
by $1.2 billion because of deals with investment partnerships involving it=
s former chief financial officer, Andrew S. Fastow, who was ousted last wee=
k. The company also disclosed about $1 billion in separate write-offs, and =
it said last week that the Securities and Exchange Commission had made an i=
nquiry into its financial accounting.=20
Enron hopes to maintain its investment-grade credit rating, which is crucia=
l to ensuring that other energy traders continue to do business with it. La=
tely, Enron's bonds have been trading at prices more like junk bonds, and t=
wo major credit-rating agencies are considering whether to downgrade the co=
mpany's rating.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
GLOBAL INVESTING: Enron stock plunge deals a heavy blow to mutual funds=20
Financial Times; Oct 29, 2001
By AGENCIES: AGENCY MATERIAL and ELIZABETH WINE
Enron shares plunged 40 per cent in the last week,doing severe damage to mu=
tual funds, the company's largest institutional ownership bloc, and the hav=
oc may continue.=20
More than 15 per cent of the 4,000 US equity funds held shares in the embat=
tled company's shares as of the most recent reporting period, according to =
fund tracker Morningstar.=20
Mutual funds held a fifth of Enron's shares, but that percentage is likely =
to be much lower now, say fund analysts, who suggest much of the stock's ha=
lving in October is due to large sales by institutional holders.=20
Janus, the growth fund specialist, was the largest institutional shareholde=
r according to the most recent filings, dated June 30, with more than 42m s=
hares representing a stake worth Dollars 2.1bn.=20
The stake - if still held in its entirety - would be worth Dollars 659m at =
Friday's closing price of Dollars 15.40. Enron shares dropped 95 cents, or =
5.81 per cent on Friday, taking its total fall to nearly 41 per cent last w=
eek on concerns over accounting questions and some limited partnerships cre=
ated by Andrew Fastow, former chief financial officer. On Friday, several l=
eading rating agencies put the company's debt on credit watches, and Enron =
bond prices plunged. The company's stock is down 81 per cent since January.=
=20
Most fund managers, including those at Janus, refuse to discuss a company i=
n which they are actively trading. However, several mutual fund groups with=
large Enron stakes have said their listed positions are "dated", implying =
that the funds' positions in the company have changed.=20
Morningstar analyst Christine Benz, who follows the Janus funds, said manag=
ers of the group's larger funds had been "lightening up" their Enron holdin=
gs this year. She said Blaine Rollins, who manages the Dollars 23bn flagshi=
p Janus fund, said that in September he had sold some of his stake - listed=
as 2.15 per cent of outstanding shares as of April 30 - but did not say wh=
en.=20
Ken Zschappel, manager of the Dollars 11bn Aim Constellation fund, also dec=
lined to discuss his holdings, listed as 0.27 per cent of outstanding share=
s as of March 31. But Aim said the position had since been "trimmed substan=
tially".=20
Other top fund owners, as of the most recent filings, included the Alliance=
Premier Growth fund, the Janus Twenty, Janus Mercury and Janus Growth & In=
come funds, Fidelity Magellan, AXP New Dimensions Fund, Putnam Investors, P=
utnam Voyager and Putnam New Opportunities funds and Morgan Stanley Dividen=
d Growth fund.=20
Copyright: The Financial Times Limited
COMMENT & ANALYSIS - Enron flickers.
By SIMON LONDON and SHEILA MCNULTY.
10/29/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
COMMENT & ANALYSIS - Enron flickers - Once a paragon of the new economy, th=
e US energy group is under scrutiny for its opaque accounting and free-whee=
ling management, write Simon London and Sheila McNulty.=20
Enron has some explaining to do. For the past decade or more, the Texas-bas=
ed company has basked in the admiration of investors and business school pr=
ofessors eager to understand its transformation from staid utility to fast-=
growing energy trader. Now it faces scrutiny of a more unwelcome kind.
Its share price has been falling since the beginning of this year. The US S=
ecurities and Exchange Commission is investigating multi-million dollar dea=
ls with a private equity fund associated with its own chief financial offic=
er, which resulted in a $1.2bn reduction in shareholders' equity. A hastily=
-convened conference call last week with analysts raised as many questions =
as it answered about these "related-party transactions". The departure of A=
ndy Fastow, the aforementioned CFO, soon followed.=20
With its credit rating under review by two leading ratings agencies, Enron =
has also been forced to draw down bank credit lines. Yesterday if confirmed=
it was trying to establish additional lines of liquidity.=20
"This marks the end of Enron's walk on the wild side," observes Curt Launer=
, an analyst with Credit Suisse First Boston, the investment bank.=20
On the surface, events at Enron can be explained by the combination of dete=
riorating trading conditions, a complex capital structure and poor investor=
relations. But the root causes go back further. The entrepreneurial cultur=
e and dynamic management that fuelled Enron's growth in the 1990s appear to=
have also sown some of the seeds of the present crisis. Therein may lie a =
cautionary tale for all executives trying to sprinkle "new economy" magic o=
n to old economy companies.=20
Enron's transformation began in earnest in 1990 with the arrival of Jeffrey=
Skilling, who was hired from McKinsey, the management consulting firm, to =
develop energy trading.=20
For the previous decade Enron had been emerging as a force in the deregulat=
ing US energy markets under the guidance of Kenneth Lay, a former deputy un=
der-secretary of energy. Mr Lay remains chairman. But it was Mr Skilling wh=
o spearheaded the move into trading energy as well as generating and supply=
ing it.=20
The two sides of the business - trading and generation/supply - have always=
been strange bedfellows. The former demands an entrepreneurial spirit more=
likely to be found on Wall Street than in a utility. Mr Skilling's answer =
in the early 1990s was to bring in talent from outside the company. One of =
his first recruits was Mr Fastow, an expert in securitisation, the repackag=
ing of financial assets so they can be traded in financial markets.=20
The energy trading division tried from the start to differentiate itself. A=
management structure was introduced with only four layers - vice-president=
, director, manager and associate/ analyst - much like a consulting firm. E=
mployees were free to take as much holiday as they liked, so long as they d=
elivered results. As one of Mr Skilling's early recruits recalled: "It was =
all about creating an atmosphere and deliberately breaking the rules."=20
The seemingly free-wheeling style was based on a "loose-tight" management m=
odel expounded by Tom Peters and Bob Waterman, the management writers and M=
cKinsey alumni. At Enron this meant that employees in the merchant energy b=
usiness were encouraged by huge bonuses to pursue new ideas and innovate in=
existing markets.=20
Up-and-coming employees moved freely between projects in pursuit of glory. =
Louise Kitchen, the 32-year-old British executive who was the creative forc=
e behind Enron Online, the group's internet-based trading platform, changed=
jobs or was promoted seven times in five years.=20
Balancing these loose management practices were tight central control of ri=
sk, legal commitments, finance and performance evaluation/remuneration. Mr =
Skilling once described the approach in this way: "As long as you clear you=
r deals or business ideas through those screens, you can do whatever you wa=
nt around here."=20
This approach did deliver growth and innovation. As well as making markets =
in its core energy products, Enron now trades everything from weather deriv=
atives - which enable companies to insure themselves against unfavourable c=
limatic conditions - to broadband telecommunications capacity and metals. T=
he success of Enron Online allows the group to describe itself as the world=
's leading e-commerce company.=20
It has also started marketing electricity to US consumers through a joint v=
enture with International Business Machines and America Online, the interne=
t service provider.=20
In February this year Mr Skilling got his reward: he became chief executive=
of a group ranked seventh in Fortune magazine's list of the 500 most power=
ful US corporations - ahead of such corporate giants as IBM, AT&T, Bank of =
America and Boeing.=20
In retrospect, however, this breakneck pace of growth and innovation was ac=
hieved at a price. First was the personal cost to Mr Skilling. In August he=
abruptly resigned after only six months in the top job. Personal, non-heal=
th related reasons were cited and investors have received no further explan=
ation.=20
A second cost was an enormous increase in financial complexity. In order to=
avoid a ballooning of assets and liabilities as the group expanded, Enron =
used a range of off-balance sheet vehicles to help finance expansion. LJM, =
the private equity fund in which Mr Fastow played a role, is just one of a =
cast of characters to be found in the footnotes to Enron's accounts. Other =
financing vehicles include Osprey, Marlin, Whitewing, Atlantic Water Trust =
and Azurix. "They went after too many things too quickly," says Stephen Moo=
re of Moody's Investors Service, the credit ratings agency.=20
A third cost, associated with the last, was a loss of financial transparenc=
y. The group's extensive use of swaps, options and other derivative financi=
al instruments in its merchant energy business means that investors have li=
ttle idea of how Enron actually makes its money - or the underlying risks t=
o which it is exposed.=20
David Fleischer, an analyst at Goldman Sachs, summed up the views of many i=
nvestors during last week's conference call. He told the group's management=
: "The company's credibility is being severely questioned and there is a ne=
ed for much more disclosure. There is an appearance that you are hiding som=
ething or that there is something going on beneath the surface that may be =
questionable."=20
The fourth cost was a loss of strategic focus. "The problems, in our view, =
stem from Enron venturing too aggressively in areas outside of its core ski=
lls," argues Raymond Niles, analyst at Salomon Smith Barney. "Power plants =
in India, water companies, extension of their franchise to the mass retail =
market, and using a fibre-optic network to deliver content over the interne=
t are all unrelated, or only tangentially related, to their core merchant e=
nergy business."=20
Enron executives also appeared to get carried away with the prospects for s=
ome of these ventures. This time last year Mr Skilling was arguing that Enr=
on Broadband was a business worth $35bn ( #24bn) in its own right. This hel=
ped push the share price to all-time highs - and storing up trouble when tr=
ading volumes failed to materialise.=20
"They over-promised on the new business they created," says Chris Bartlett,=
a professor at Harvard Business School and long-time watcher of the compan=
y. "Enron was trying to ride the dotcom bubble with Enron Online and the br=
oadband business. To some extent they are now paying the price."=20
Will Enron weather the storm? Notwithstanding the risk of further out-of-th=
e-blue financial shocks, most analysts believe that it will. The merchant e=
nergy business remains powerful and profitable. Mr Niles at Salomon Smith B=
arney points out that this side of the group drives more than 80 per cent o=
f earnings and has shown consistent 30-40 per cent annual growth over the p=
ast three years. Assets totalling more than $4bn were also earmarked for di=
sposal before the current crisis erupted, underlining that there is plenty =
of realisable value within the group's portfolio of physical energy assets.=
=20
And yet the doubts remain. It is, ultimately, a question of confidence and =
credibility. Investors suspect that the balance between loose and tight man=
agement methods has tilted too far towards the former. Mr Lay and his team =
will have to tighten up.=20
(c) Copyright Financial Times Ltd. All rights reserved.=20
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
FRONT PAGE - COMPANIES & MARKETS - Enron asks banks for additional credit.
By SHEILA MCNULTY and GARY SILVERMAN.
10/29/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
Enron, the troubled US energy group, was attempting yesterday to persuade b=
anks to provide additional credit to bolster its position after a sharp fal=
l in its share price.=20
The Houston-based company was also due last night to hold a special board m=
eeting to consider confidence-building measures after surprise financial di=
sclosures damaged its reputation among US investors.
Last week the company raised $3.3bn (Euros 3.7bn) in cash to bolster its fi=
nancial position but Enron admitted yesterday that it was still looking for=
additional finance. The company insisted, however, that it was in good fin=
ancial health and that its core energy trading business remained strong.=20
Mark Palmer, an Enron spokesman, said he hoped the company would have somet=
hing to announce in coming days from its latest effort to "establish additi=
onal lines of liquidity". "Once we are able to get the liquidity position s=
hored up, that will put a lot of fears of the unknown to rest," Mr Palmer s=
aid.=20
The company's problems have become public since an announcement on October =
16 that it would take a $1.01bn special charge and write down shareholders'=
equity by another $1.2bn. The moves followed losses arising from a private=
equity operation run by Andrew Fastow, its former chief financial officer,=
who was forced to take a leave of absence last week.=20
Enron's share price has fallen more than 50 per cent since the October 16 a=
nnouncement and its bonds have been trading at levels that are technically =
"junk" status, though its official ratings are still investment grade.=20
"Our concern is that a reduction in the debt rating could impair their abil=
ity to operate their trading and marketing operations," said Raymond Niles =
of Salomon Smith Barney. "These activities require at least an investment g=
rade credit rating, or Enron could be subject to an increase in margin requ=
irements."=20
The controversy over Enron's balance sheet adjustment has resulted in a req=
uest for information from the Securities and Exchange Commission. Enron fli=
ckers, Page 22.=20
(c) Copyright Financial Times Ltd. All rights reserved.=20
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron Seeks Further Credit to Reassure Investors, WSJ Says
2001-10-29 04:30 (New York)
Houston, Oct. 29 (Bloomberg) -- Enron Corp., the largest
energy trader, asked banks to provide a further credit line of as
much as $2 billion in a bid to restore investor confidence in the
company, the Wall Street Journal reported, citing unidentified
officials close to negotiations.
The new credit line is additional to the $3.3 billion credit
line it tapped last week, the paper said, and should be completed
within days.
Investors have shunned the company since Oct. 16 when Enron
reported a third quarter loss of $618 million and wrote down
shareholders' equity by another $1.2 billion, the Journal said.
The stock has fallen by 54 percent since the announcement.
The company's shares were further dented after an investor
sued Enron last month, saying dealings with two partnerships run
by former Chief Financial Officer Andrew Fastow, cost the company
$35 million. The suit also called Fastow's leadership of the
partnerships, set up to cut Enron's debt, a conflict of interest.
USA: REPEAT-Electric cowboys get roped in at the energy corral.
By Janet McGurty
10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 26 (Reuters) - Last year, Enron Corp. was a darling of invest=
ors and analysts, but the freewheeling trader of electricity and natural ga=
s now faces a credibility crisis due to a lack of transparency in its busin=
ess dealings.=20
Enron, trying to shake investor jitters over a possible downgrade of its cr=
edit worthiness and their unease over the company's complex financial trans=
actions, has seen its shares shed more than half their market value in the =
past week.
But the largest natural gas and electricity marketer in the United States i=
s not alone in getting its wings clipped as energy prices come down and the=
market volatility that drove earnings last year eases.=20
While Enron's problems differ from more traditional utilities, many other p=
ower producers are returning to their roots. They are scrapping plans for s=
plitting operations and questioning whether more risky overseas operations =
can be supported by lower prices brought on by a slowing economy.=20
Paul Patterson, an energy analyst with ABN Amro, said there are common them=
es affecting the industry.=20
"One is lower power prices and the margins that are associated with them. A=
nd two is lower stock prices and the ability to finance more asset driven g=
rowth," Patterson said.=20
As earnings fall and forward earnings guidance is revised downward, some po=
wer companies are seeking strategies to address the bleaker environment. An=
d plans to spin off units have been postponed or called off.=20
Shares of Enron slid $1.05, or 6.4 percent, to $15.30 in afternoon trade on=
the New York Stock Exchange on Friday.=20
THE WORLD HAS CHANGED=20
AES Corp. , a global power producer whose earnings fell for a second consec=
utive quarter on a poor showing from operations in Brazil and Britain, said=
Thursday it would revamp its organization and did not rule out selling off=
assets.=20
"It's a different place," AES' chief executive officer Dennis Bakke said of=
the business climate facing utilities today compared with last year's powe=
rful growth. On Friday, Constellation Energy Group , parent company of Balt=
imore Gas & Electric, scrapped plans to split its power generation and trad=
ing operations into two company because of economic changes. Constellation =
also hired a new chief executive and severed ties with Goldman Sachs, which=
planned to make an equity investment in the company.=20
"The utility industry and energy markets, and indeed the entire U.S. econom=
y, have changed considerably in the past year. As a combined company, we wi=
ll be better positioned to seize opportunities to grow and deliver," said C=
hristian Poindexter, Constellation's chairman.=20
RETURN TO TRADITIONAL VALUES=20
Bakke said one prong of AES's brave, new world scenario was a renewed empha=
sis on the traditionally profitable, long-term contract generation business=
.=20
It makes sense for power generating companies to sign about 75 percent to 8=
0 percent of their generating capacity into long-term contracts because it =
provides stability and a level of profitability in a period of flat growth,=
according to Gordon Howald, energy analyst with Credit Lyonnaise.=20
"Calpine does it already," he said, referring to the California-based indep=
endent power producer that has the lion's share of the power it generates c=
ontracted out. "What drove the valuations in all these companies last year =
was that power markets were very inefficient. Physical reserve margins were=
low. But with flat to down demand in 2001 - as it appears to be the case -=
there is very little to lead us to believe that power prices will be anywh=
ere near that level," he added.=20
Howald said with all the new generation coming on, natural gas prices shoul=
d remain high but power prices should come down further, squeezing spark sp=
reads, or profit margins, for solely gas fired companies.=20
SMALLER COMPANIES ALSO RETHINK STRATEGIES=20
As lower power prices impact earnings, many power companies are turning bac=
k to U.S. markets to try to maximize their bottom line.=20
"Earnings for the quarter is not the big deal. The big deal is that for 200=
2 they are not going to earn as much as people expected. It's a downward re=
vision of earnings guidance." said Patterson.=20
Michigan-based CMS Energy Corp. cut its earnings estimates for the second t=
ime to $2 to $2.05 for 2002, down from $2.79 and said it would sell off cer=
tain overseas assets and focus future growth primarily in North America.=20
CMS, whose earnings were down for the third quarter, said it took a charge =
for planned divestitures, includingdiscontinued South American energy distr=
ibution units as well as other international investments.=20
Allegheny Energy Inc. also changed its strategy after reporting a fall in t=
hird quarter earnings.=20
The Maryland-based company said while it is continuing to work towards gett=
ing necessary regulatory approvals for a initial public offering to hold it=
s unregulated assets, it will not proceed with the offering at this time.=
=20
"The company will integrated until market conditions are such that demonstr=
ated value can and will be created for shareholders," Allegheny said.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron seeks new credit line; reportedly for 1-2 bln usd
10/29/2001
AFX (AP)
Copyright 2001 AFX News; Source: World Reporter (TM)
NEW YORK (AFX) - Enron Corp is negotiating with banks for a new credit line=
, a spokesman told the Wall Street Journal.=20
The company is in talks to raise between 1-2 bln usd and is likely to close=
a deal within days, it quoted officials familiar with the matter as saying=
.
The deal, which is intended to head off a potential loss of investor and bu=
siness confidence, would supplement existing lines. These are largely tappe=
d out after Enron last week drew down about 3 bln usd to increase cash rese=
rves and calm market fears.=20
Enron earlier this month announced a heavy third quarter loss and erosion o=
f shareholder equity related to controversial transactions it had done with=
entities connected to its then chief financial officer, Andrew Fastow.=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
Markets
Enron Said Seeking New Credit Lines
BY LAURA MANDARO and ALISSA SCHMELKIN
10/29/2001
American Banker
31
Copyright (c) 2001 Thomson Financial, Inc. All Rights Reserved.
The Texas energy and telecommunications giant Enron Corp. was reportedly ne=
gotiating with its lenders about new credit lines Friday, a day after it dr=
ew down billions on its existing lines.=20
J.P. Morgan Chase & Co. and Citigroup Inc. are the two banking companies wi=
th the largest lending exposure to the $67 billion-asset Houston company, w=
ith an estimated $400 to $500 million in bank debt outstanding "in addition=
to derivatives and other structured product exposures," according to Goldm=
an Sachs Group Inc. analyst Lori Applebaum.
Morgan Chase and Citi were the book runners on a 364-day, $2.25 billion loa=
n facility to Enron that closed in May, according to Thomson Financial Secu=
rities Data. Credit Suisse First Boston was the sole bookrunner on a $582 m=
illion loan to the company that closed in March and matures in March 2004, =
the data company said. Bank of America, Citigroup, and Deutsche Bank also p=
articipated, Securities Data said.=20
On Thursday, Enron issued a statement that "in order to dispel uncertainty =
in the financial community," it had drawn on its committed lines of credit =
to provide over $1 billion of cash liquidity. The Wall Street Journal repor=
ted on Friday that Enron drew down about $3 billion from a credit line and =
was in talks about obtaining a new multibillion-dollar line.=20
"We continue to have conversations new our creditors about new liquidity --=
that's nothing out of the ordinary," said Enron spokesman Eric Thode.=20
The developments followed a $638 million loss for the third quarter, the de=
parture of Enron's chief financial officer, and a Securities and Exchange C=
ommission inquiry.=20
Enron, a natural gas company that has broadened its focus to include energy=
trading, transport, risk-management, and telecommunications products and s=
ervices, has relationships with banks that extend beyond credit lines.=20
"Citi, J.P. Morgan, and possibly Wachovia and Bank of America also invested=
along with Enron in some of its partnerships," said Ms. Applebaum. A spoke=
sman for Morgan Chase confirmed that the bank was a lender but said he did =
not know the amount of its exposure.=20
Many other regional banks have participated in credit facilities to Enron. =
Bank of America Corp. is estimated to have about $200 million to $300 milli=
on of exposure; Bank One Corp. about $100 million; and Wachovia Corp., SunT=
rust Banks Inc., and FleetBoston Financial Corp. about $50 million each, ac=
cording to Goldman Sachs estimates. Bank of New York has between $50 to $10=
0 million of exposure, and Northern Trust, U.S. Bancorp and KeyCorp also ha=
ve some lending exposure, Ms. Applebaum said.=20
Representatives of these banks would not comment on their relationships wit=
h Enron, or did not return phone calls by deadline.
http://www.americanbanker.com=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
USA: Enron in talks for $1-2 bln credit line - WSJ.
10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. is negotiatin=
g with banks for a new credit line of between $1 billion and $2 billion and=
could close a deal within days, the Wall Street Journal reported in its on=
line edition on Monday.=20
According to officials close to the situation, the new credit would supplem=
ent existing credit lines, largely tapped out after the company drew down a=
bout $3 billion last week to increase cash reserves and calm jittery invest=
ors' fears, the Journal reported.
The paper said that an Enron spokesman had confirmed that the company is ne=
gotiating a new credit line, but could not supply any further details.=20
Confidence in Enron has been shattered following disclosures about its invo=
lvement in complex partnerships. Its stock has tumbled amid a U.S. Securiti=
es and Exchange Commission inquiry into the company's ousted Chief Financia=
l Officer's links to some of the partnerships.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
JAPAN: Japan's Teijin, Enron study coal-fired power plant.
10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
TOKYO, Oct 29 (Reuters) - Japan's major polyester manufacturer, Teijin Ltd =
, said on Monday it would conduct a feasibility study with U.S. energy gian=
t Enron Corp on building a coal-fired power plant.=20
Teijin said in a statement that it and E Power Corp, a Japanese affiliate o=
f Enron Corp, would look into building the 70,000 kilowatt coal-burning the=
rmal power plant in Matsuyama, Ehime prefecture, on the southwestern island=
of Shikoku, where Teijin has a polyester plant.
"We are beginning to consider selling surplus power to third parties other =
than our own plants, with eyes on further deregulation in Japan's power mar=
ket," a Teijin spokesman said.=20
Japan is in the process of deregulating its power market. Since March last =
year, large-lot consumers have been free to choose their suppliers.=20
In its polyester business, Teijin has expanded overseas output while reduci=
ng domestic production, a trend which would leave it with surplus power. It=
is thus looking at how to make good use of any surplus.=20
The two firms were also considering expanding the capacity of Teijin's exis=
ting power generator in Matsuyama, Teijin said. It hopes to reduce costs at=
the inefficient small plant with the help of Enron.=20
Enron Corp said earlier this year it had presented plans to build a liquefi=
ed natural gas (LNG) fired power plant in northern Japan, aiming to become =
the first foreign company to build such a power plant in Japan.=20
The Teijin spokesman said the two firms hoped to conclude the feasibility s=
tudy by June 2002.=20
Teijin's shares ended the day down 13 yen or 2.68 percent at 472 yen.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron, Teijin to Build Power Plant in Japan, Report Says
2001-10-28 23:39 (New York)
Tokyo, Oct. 29 (Bloomberg) -- Enron Corp. and Teijin Ltd.
will jointly build a coal-fired power plant in southwestern Japan
as early as 2004, the Nihon Keizai newspaper said on its wire
service, without citing sources.
Enron, the world's biggest energy trader, and synthetic-
fiber maker Teijin will together spend 1 billion yen ($8.16
million) to build the 70,000-kilowatt plant in Ehime, southwest of
Tokyo, the report said.
Enron wants to eventually build bigger plants and sell
electricity directly to large commercial users without going
through exiting utilities, the report said.
Money and Business/Financial Desk; Section 3
Once-Mighty Enron Strains Under Scrutiny
By ALEX BERENSON and RICHARD A. OPPEL Jr.
10/28/2001
The New York Times
Page 1, Column 2
c. 2001 New York Times Company
IS time running out for Enron?=20
At the beginning of this year, the Enron Corporation, the world's dominant =
energy trader, appeared unstoppable. The company's decade-long effort to pe=
rsuade lawmakers to deregulate electricity markets had succeeded from Calif=
ornia to New York. Its ties to the Bush administration assured that its vie=
ws would be heard in Washington. Its sales, profits and stock were soaring.
And under the leadership of Jeffrey K. Skilling, its chief executive, Enron=
's arrogance had grown even more quickly.=20
The company, based in Houston, dripped contempt for the regulators and cons=
umer groups that stood between it and fully deregulated markets -- for elec=
tricity, water and everything else. Everyone would win under deregulation, =
Enron said -- especially its shareholders, whose stock would soar as the co=
mpany profited from creating new markets.=20
''We are on the side of angels,'' Mr. Skilling said in March, dismissing th=
ose who saw the company as a profiteer in California's energy crisis. ''Peo=
ple want to have open, competitive markets. They want fair competition. It'=
s the American way.''=20
But less than a year later, everybody seems to have lost, especially Enron'=
s investors. Enron's stock is plunging, and questions about its finances ar=
e mounting.=20
Some experts in the energy industry worry that if the crisis at the company=
worsens, trading in natural gas and electricity could be seriously disrupt=
ed and energy prices could grow more volatile. In a worst-case outlook, Enr=
on could become the 2001 version of Long-Term Capital Management, the huge =
hedge fund whose collapse roiled financial markets during the fall of 1998.=
Enron's shares have fallen more than 80 percent this year, erasing $50 bil=
lion in shareholder value.=20
Enron closed on Friday at $15.40, down 95 cents, after hitting a 52-week lo=
w of $15.04 earlier in the day.=20
The future of electricity deregulation is in doubt, thanks to blackouts and=
soaring power prices in California earlier this year -- a crisis that ende=
d only when that state contradicted deregulation's basic tenets by interven=
ing deeply in the power market. Enron's efforts to become a profit-making w=
ater supplier and to create a new market in broadband communications capaci=
ty have been expensive failures. In August, Mr. Skilling quit, forcing Kenn=
eth L. Lay, his predecessor as chief executive and still Enron's chairman, =
to resume day-to-day control of the company.=20
The company declined to make senior executives, including Mr. Lay, availabl=
e for comment, and asked that questions be submitted in writing. Mr. Skilli=
ng could not be reached.=20
Enron's problems boiled over earlier this month, when it disclosed that its=
shareholders' equity, a measure of the company's value, dropped by $1.2 bi=
llion in the last quarter because of a deal disclosed only very hazily in E=
nron's regular financial statements. The Securities and Exchange Commission=
is looking into the company's financial reporting, and some investors ques=
tion whether Enron has overstated profits at its primary business of tradin=
g electricity and natural gas.=20
THE slump in the company's shares accelerated after Enron revealed the fall=
in its shareholders' equity. On Wednesday, the company forced out its chie=
f financial officer, Andrew S. Fastow, who is at the center of the controve=
rsy over Enron's confusing finances. The company, which six months ago seem=
ed to be reaping billions of dollars from California's energy crisis, today=
faces a potential cash crunch.=20
The surprise about shareholder equity inflamed investors' smoldering concer=
n about Enron's opaque financial statements. Now, with Wall Street analysts=
and bond-rating agencies demanding more information about the complex tran=
sactions that have fueled the company's profits, Enron has been reduced to =
issuing news releases assuring investors that it has adequate access to cas=
h.=20
Enron does not appear to be in immediate danger of running out of cash. On =
Thursday, the company drew down a $3.3 billion credit line it had previousl=
y arranged with a group of banks led by Citigroup and J. P. Morgan Chase, w=
hich have each extended at least $400 million. But because of Enron's impor=
tance in the natural gas and electricity markets, industry experts say that=
any problem at the company could disrupt energy trading nationwide.=20
The supply of natural gas and electricity would probably not be affected ev=
en if the company failed, because Enron is mainly a trader, rather than a p=
roducer, of energy. But a crisis at the company might increase the volatili=
ty of energy prices, which have swung wildly in the last year.=20
Philip K. Verleger Jr., an energy-markets economist, emphasized that he tho=
ught Enron would survive this crisis. But he said it was not clear what wou=
ld happen if Enron ran out of cash or if traders that use the company's Enr=
onOnline Internet trading marketplace defaulted on their obligations.=20
''You suddenly have all these positions they have taken on there -- are the=
y good? Are the firm's hedges good? What's the situation?'' Mr. Verleger sa=
id. ''It's got everyone scared.''=20
In the short run, Enron's credit rating may be its biggest problem. If the =
company's rating falls below investment grade, Enron could be forced to iss=
ue tens of millions of shares of stock to cover loans that it has guarantee=
d. But creating new shares would make the shares that already exist less va=
luable, because those shares would no longer represent full ownership of th=
e company.=20
A drop in the company's credit rating could also prompt other energy trader=
s and producers to back away from doing business with Enron, hurting the co=
mpany's sales and profits.=20
Enron's credit rating stands several notches above the critical point. But =
its bonds, which are publicly traded, have fallen so low that they are now =
offering interest rates of almost 10 percent, comparable with many junk bon=
ds. Two of the three major credit-rating agencies, Moody's Investors Servic=
e and Fitch Investors Service, have put Enron's bonds on review for possibl=
e downgrades.=20
''The issue that's in the front of everybody's mind right now is credit,'' =
said Mark Gurley, senior vice president and general manager for trading at =
Aquila Inc., one of the nation's largest energy traders. Aquila is based in=
Kansas City, Mo.=20
For now, Aquila and other major energy traders and producers, including Rel=
iant Energy, the El Paso Corporation and Dynegy, are continuing to do busin=
ess with Enron. And Mr. Gurley said that Enron's own trading in the electri=
city and natural gas markets did not suggest the sort of frenzied selling r=
eminiscent of the collapse of Long-Term Capital Management in 1998.=20
''They haven't done anything trading-wise that gives me any indication they=
are closing their books down,'' he said.=20
Still, some executives at other companies said they were looking more caref=
ully at transactions with Enron, especially long-term contracts. They also =
said risk-management and credit officers were calling each other regularly =
to discuss the situation.=20
Mark Palmer, an Enron spokesman, said on Friday that no energy-trading comp=
any had stopped doing business with Enron. He declined to say whether any o=
f the company's trading partners had suspended or altered credit terms. He =
said the company was continuing to see normal volumes of business.=20
But the crisis that Enron will face if its credit rating is downgraded is j=
ust a symptom of the bigger problem the company must confront. For years, t=
he details of Enron's finances have been a mystery even to the Wall Street =
analysts whose job it is to follow the company, and to the investors who ow=
n its stock and bonds. When Enron's profits were soaring and it was creatin=
g lucrative new markets, shareholders did not seem to care about the impene=
trability of its financial statements.=20
Now they do. Yet the company seems incapable of offering straight answers t=
o the questions investors ask.=20
To others in the industry, the opaqueness of the company's financial statem=
ents parallels Enron's efforts to keep its energy-trading business lightly =
regulated and free of disclosure requirements. Though they do not expect En=
ron to crumble like Long-Term Capital Management, they say that, like the g=
iant hedge fund, Enron uses a lot of debt, regulatory oversight is limited =
and outsiders have a difficult time figuring out its finances.=20
The most pressing concerns are a series of partnerships and trusts Enron cr=
eated to move some of its assets and debt off its balance sheet. With names=
like Marlin and Osprey, the partnerships have at least $3.3 billion in bon=
ds outstanding, backed by assets like a stake in Azurix, Enron's water comp=
any subsidiary. Enron has promised that if the partnerships' debts exceed t=
he value of their assets, Enron will issue enough new shares to make up the=
difference.=20
DEALS with partnerships formed by Mr. Fastow, who was chief financial offic=
er when they were organized, led to the $1.2 billion write-off in sharehold=
ers' equity that Enron announced last week. The company has offered only sk=
impy details of its transactions with those partnerships.=20
Enron ended its relationships with those partnerships in the last quarter, =
after being criticized by shareholders. In the process, it wrote off a prom=
issory note that it had carried on its books, reducing its shareholders' eq=
uity by $1.2 billion. But, because of complex accounting rules, the transac=
tion was not apparent in Enron's quarterly earnings report.=20
The transaction disturbs investors because it suggests that Enron may have =
found a way to hide losses, throwing the accuracy of its financial statemen=
ts into question. When Enron released third-quarter earnings on Oct. 16, it=
reported a loss from $1 billion in write-offs on failed investments. The e=
arnings statement did not mention the additional $1.2 billion equity write-=
down. But the company said its core business had been solidly profitable, a=
nd its shares rose.=20
In a conference call with analysts after the announcement, Mr. Lay, Enron's=
chairman, also disclosed the reduction in shareholder equity. The referenc=
e was a brief one, however, and some listeners did not catch it. Those anal=
ysts were angered when they found out the next day what Enron had done, and=
many were confused by the accounting procedure. Enron's stock began to sli=
de, and investors clamored for more information about the write-off. But so=
far, the company's efforts to clear up the situation have further unnerved=
investors.=20
Mr. Lay has met with investors during the last two weeks to try to explain =
the deals, but some on Wall Street say they have come away with doubts abou=
t Mr. Lay's grasp of the situation. They say that the two people at Enron w=
ho appear to have been most knowledgeable about the deals -- Mr. Skilling a=
nd Mr. Fastow -- have both left the company.=20
In an interview in late August, Mr. Lay said he did not know some details a=
bout the deals involving Mr. Fastow. In response to one question about them=
, he said, ''You're getting way over my head.''=20
Mr. Palmer of Enron disputed any suggestion that Mr. Lay did not have a gra=
sp of the investments at issue, saying Mr. Lay was handicapped in talking a=
bout them because of the S.E.C. investigation. ''There is not a whole lot w=
e can say, or should say, about them,'' Mr. Palmer said. He also said the c=
ompany expected to generate about $3 billion in cash through asset sales by=
the end of next year.=20
In a conference call on Tuesday, analysts pressed Mr. Lay and other top Enr=
on executives to reveal more information about the LJM write-down and its o=
ther partnerships. Instead, they offered only vague explanations of the dea=
l, leaving Wall Street worried that more write-offs might be coming.=20
David Fleischer, a Goldman, Sachs analyst and a longtime supporter of the c=
ompany, was among those who came away concerned. ''If Enron is unable to cl=
arify its off-balance-sheet transactions and restore confidence in the very=
near term by assuring investors that no more surprises are forthcoming tha=
t would affect the balance sheet or liquidity position, then the company wi=
ll likely lose access to the capital markets,'' he wrote in a research note=
after the call.=20
To try to reassure investors, Enron said late Thursday that EnronOnline, it=
s Internet-based trading exchange, executed more than 8,400 trades that day=
, a higher-than-normal volume.=20
''We know we have our work cut out for us if we are to rebuild our credibil=
ity with the investment community -- and we're working on that,'' Mr. Lay s=
aid in a statement. ''But in the meantime, the best evidence of our strengt=
h is the willingness of customers to bring their business to Enron.''=20
But those reassurances apparently are no longer enough for Wall Street. Enr=
on's stock tumbled almost 6 percent Friday, to its lowest levels in six yea=
rs.=20
Now analysts are scrambling to figure out the extent of Enron's off-balance=
-sheet debt and to assess the risk that the company will have to issue new =
shares to make good on its partnership guarantees.=20
Carol Coale, an analyst at Prudential Securities in Houston, calculates tha=
t Enron may have close to $9 billion in off-balance-sheet debt. She said th=
at Enron had for two years been trying to sell about $6 billion in foreign =
assets -- including properties in Latin America and a power plant in India =
embroiled in a dispute with the state government -- and she worries about t=
hose prospects for sale in light of Enron's problems and the souring econom=
y.=20
''As Enron is forced to sell assets to keep the ratings agencies off their =
backs, they may have to write those assets down,'' Ms. Coale said. On Wedne=
sday, she downgraded her rating on Enron to ''sell'' from ''neutral.''=20
''The bottom line is, it's really difficult to recommend an investment when=
management does not disclose the facts,'' Ms. Coale said.=20
Short-sellers, who attacked Enron's accounting even before the company disc=
losed the write-off, say the company's problems may run even deeper than an=
alysts fear. Enron may have used the partnerships not just to finance money=
-losing investments but to hide losses in its core trading business, they s=
ay.=20
''The company still isn't disclosing enough to know whether the core busine=
ss, the trading business, is profitable,'' said Mark Roberts, director of r=
esearch at Off Wall Street, which recommended shorting Enron's stock on May=
7, when it stood at $59.43. ''The issue remains: why are they doing these =
transactions? Our theory has been that the core operations aren't that prof=
itable.''=20
James Chanos, a leading short-seller who has bet that Enron's stock will fa=
ll, said, ''Is Enron booking gains when it has real profits, but hiding the=
losses when deals go against it?'' Mr. Palmer of Enron said the company st=
ood by its reported energy-trading profits.=20
Even traders at other energy companies say they do not have a clear picture=
of Enron's positions. Enron maintains that it is in no danger of being wip=
ed out by a sharp move in electricity or gas prices because it keeps its tr=
ading book balanced -- meaning the energy it has agreed to sell is offset, =
in roughly equivalent amounts, by energy it has agreed to buy.=20
''With these guys, they tell us -- and all you've got is their word -- that=
they're hedged,'' said Mr. Verleger, the economist.=20
IN fact, Enron has lobbied forcefully over the years to limit regulation an=
d disclosure of its trading operations. Last year, the company successfully=
lobbied Congress to effectively ensure that its Internet-trading platform =
would be exempted from regulation by the Commodity Futures Trading Commissi=
on.=20
Enron and other power traders do file limited information in reports to the=
Federal Energy Regulatory Commission, the agency that oversees wholesale e=
lectricity and natural gas markets. But the commission does not keep track =
of specific transactions and prices.=20
Large-scale energy trading has existed for only about a half-dozen years. E=
nron pioneered the business, and now dominates it, accounting for about one=
-quarter of all trading in the United States.=20
Before Congress and federal regulators opened up the market for wholesale e=
lectricity, a process that began in earnest a decade ago, the power busines=
s was a simpler affair. Utilities were given areas of monopoly service, and=
their rates -- and ability to deliver enough electricity -- were overseen =
by state regulators. But with the move to deregulate the business, independ=
ent and unregulated generators and traders have flourished, providing an ev=
er-growing portion of the nation's power.=20
Beginning in the 1980's, the sale and transportation of natural gas was als=
o deregulated, spurring Enron, which used to be primarily a gas-pipeline co=
mpany, to move into the trading business.=20
The company's shift to trading gas and electricity accelerated in the mid-1=
990's, with the ascension of Mr. Skilling, who became chief executive in Fe=
bruary, just six months before his unexpected resignation. Underscoring the=
change in direction, in securities filings this year Enron described its p=
rincipal business as ''security brokers, dealers and flotation.'' Before, i=
t had said it was in the business of ''wholesale-petroleum and petroleum pr=
oducts.''=20
For most of its ascent, Enron reported outstanding profit figures and Wall =
Street accepted them with pleasure. A year ago, when it disclosed the first=
transactions with partnerships led by Mr. Fastow, the company's former chi=
ef financial officer, analysts who asked questions were told that the deals=
were routine and were being disclosed only because of Mr. Fastow's involve=
ment.=20
Enron does not appear to face an immediate cash crunch. But the bank credit=
lines that it drew on last week to pay off its short-term debt will have t=
o be renegotiated next spring. The controversial partnerships do not have t=
o pay their debts until the following year -- unless Enron loses its invest=
ment-grade credit rating before that.=20
ENRON will also need to maintain its large trading positions, which could s=
uffer if participants in those markets grow more nervous about Enron's cred=
it. When Long-Term Capital was stumbling in 1998, some Wall Street rivals s=
old the securities they thought Long-Term owned, trying to force Long-Term =
to sell its positions quickly and at a loss. Something similar in energy ma=
rkets might be possible. If so, Enron might find, as Long-Term did, that po=
sitions that should offset each other do not.=20
Enron's new chief financial officer may yet persuade investors that in fact=
the company's profits are real, and that its condition is better than the =
short-sellers believe. As questions are answered, confidence, and the share=
price, could rebound.=20
But for now, investors are skittish, and some competitors are eager to take=
advantage of Enron's plight.
Photos: Enron, which is building a new headquarters in Houston, grew with d=
eregulation. But with deregulation in doubt, Enron stock has dropped. (Phil=
lippe Diederich for The New York Times); Enron owns 65 percent of the power=
plant in Dabhol, India, but has had trouble collecting payments. (The New =
York Times)(pg. 13); 'We know we have our work cut out for us,' says Kennet=
h L. Lay, Enron's chief. (WGBH/''Frontline'')(pg. 1) Chart: ''Enron's Board=
'' Directors have not addressed the company's current difficulties, a spoke=
sman said. KENNETH L. LAY: 58 Chairman JOHN H. DUNCAN: 73 Former chairman o=
f the executive committee, Gulf and Western Industries ROBERT A. BELFER: 65=
Chairman, Belco Oil & Gas CHARLES A. LEMAISTRE: 77 President emeritus, M. =
D. Anderson Cancer Center, University of Texas ROBERT K. JAEDICKE: 72 Profe=
ssor emeritus, Graduate School of Business, Stanford RONNIE C. CHAN: 51 Cha=
irman, Hang Lung Group WENDY L. GRAMM: 56 Director, Mercatus Center, George=
Mason University JOHN MENDELSOHN: 64 President, M. D. Anderson Cancer Cent=
er, University of Texas PAULO V. FERRAZ PEREIRA: 46 Executive vice presiden=
t, Group Bozano JOHN WAKEHAM: 68 Former British Secretary of State for Ener=
gy NORMAN P. BLAKE JR.: 59 Chief executive, Comdisco KEN L. HARRISON: 58 Fo=
rmer chief executive, Portland General Electric (FORMER ENRON EMPLOYEE) JER=
OME J. MEYER: 63 Chairman, Tektronix FRANK SAVAGE: 62 Chairman, Alliance Ca=
pital Management International JOHN A. URQUHART: 72 Adviser to the chairman=
, Enron HERBERT S. WINOKUR JR.: 57 President of Winokur Holdings (FORMER EN=
RON EMPLOYEE) (pg. 13)=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Money and Business/Financial Desk; Section 3
Plumbing Mystery Of Deals By Enron
By FLOYD NORRIS
10/28/2001
The New York Times
Page 13, Column 6
c. 2001 New York Times Company
AT the heart of the sudden collapse in investor confidence in the Enron Cor=
poration are unusual trades it entered into with partnerships led by its ch=
ief financial officer, Andrew S. Fastow, beginning in the summer of 1999. B=
ecause they were transactions among related parties, the company was requir=
ed to disclose them, but the disclosures raised as many questions as they a=
nswered. Following are some questions that investors are asking, and the cu=
rrently available answers.=20
Q. Why did Enron enter into the deals?
A. Enron's first disclosures, in 1999, gave no reason. In later reports, it=
said it was seeking to ''hedge certain merchant investments and other asse=
ts,'' by which it apparently meant investments in technology and telecommun=
ications companies.=20
Q. How did those investments do?=20
A. It looks as if they plunged in value, although there is no clear disclos=
ure on that.=20
Q. Why can't that be discerned?=20
A. The company never said just what the investments were. And the transacti=
ons with the partnerships were complicated, involving a variety of derivati=
ve securities, Enron stock and various promissory notes. Enron's financial =
disclosures do not provide enough information to understand the arrangement=
s completely.=20
Q. Why were they so complicated?=20
A. One reason may have been to use accounting rules to its advantage. One a=
ccounting rule dictates that companies may not record profits or losses on =
transactions in their own stock. If a company sells its shares at $10 each =
and then buys them back -- whether for $1 or $50 -- there is no gain or los=
s. But shareholder equity does go up or down on the balance sheet -- in tha=
t case reflecting how much extra cash the company took in, or paid out, on =
the transactions. Enron's transactions appear to have been structured to fa=
ll under that rule.=20
Q. Who made money from these transactions?=20
A. Enron reported some profits along the way from the deals, although not a=
ll of the profits were spelled out in its quarterly filings. And it appears=
that the partnerships distributed money to investors.=20
Q. If the deals began in 1999, why all the uproar now?=20
A. Many investors and analysts were not curious about them when everything =
seemed to be going well. As long as Enron was exceeding its forecasted prof=
its each quarter, they were willing to assume that what was not being discl=
osed was not really important.=20
Q. When were concerns raised with Enron?=20
A. The complaints grew as Enron's share price fell earlier this year. By th=
is summer, Enron decided that Mr. Fastow would sell his stake in the partne=
rships. Then, because the partnerships would no longer be considered relate=
d to Enron, the company would no longer have to disclose anything about the=
transactions. But investors were still worried, and Enron later closed out=
its deals with the partnerships.=20
Q. How did Enron do?=20
A. Badly. It took a $35 million loss, which, given the size of the transact=
ions involved and the previous profits taken, was not very much. But it als=
o reduced shareholder equity by $1.2 billion.=20
Q. How did that happen?=20
A. That, like so much else, is not clear. But it looks as if the partnershi=
p owed Enron that much money, could not pay and was let off the hook by Enr=
on. In return, Enron terminated ''previously recorded contractual obligatio=
ns to deliver Enron shares in future periods.'' Enron treated that like a s=
hare buyback, even though the shares in question had not been issued, and d=
etermined that there was no need to treat it as a loss that would reduce re=
ported earnings.=20
Q. Is that legal under the accounting rules?=20
A. Presumably it is. But Enron's limited disclosures make it impossible to =
say for sure. Enron may have discovered ways to use the accounting rules to=
enable it to keep losses off income statements, while leaving profits on t=
hem. That may become clearer when the Securities and Exchange Commission, w=
hich has begun preliminary inquiries, completes its work. FLOYD NORRIS
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Money and Business/Financial Desk; Section 3
DataBank
Investors Seem to Ignore Discouraging News
By MICHAEL BRICK
10/28/2001
The New York Times
Page 17, Column 3
c. 2001 New York Times Company
Investors sent stocks markedly higher last week, despite reports on the eco=
nomy and corporate profits that were resoundingly poor.=20
The Dow Jones industrial average, strengthened by triple-digit rallies on M=
onday and Thursday, ended the week nearly back to its level of Sept. 10, on=
e day before the attacks on the World Trade Center and the Pentagon. Broade=
r indicators ended slightly higher than they were on Sept. 10.
Investors overcame their initial discouragement about reports that orders f=
or durable goods and sales of existing homes were deteriorating faster than=
expected. They also seemed unfazed by reports of corporate profits declini=
ng from a year ago, at some companies by more than 30 percent.=20
All the bad news, investors seemed to surmise, meant that the government wa=
s more likely to act aggressively in stimulating the economy, with tax brea=
ks, spending and lower interest rates.=20
The Dow average gained 341.06, or 3.7 percent, to close at 9,545.17. The Na=
sdaq composite index rose 97.65 points, or 5.8 percent, to 1,768.96. The St=
andard & Poor's 500-stock index rose 31.13, or 2.9 percent, to 1,104.61.=20
MICHAEL BRICK
Charts: ''STOCKS IN THE NEWS'' Enron NYSE: ENE The energy trading company o=
usted its chief financial officer, Andrew S. Fastow, whose involvement in c=
omplicated transactions with Enron caught the attention of the S.E.C. Frida=
y's Close: $15.40 Week's Change: -40.88% EST. '01 P/E: 8.52 SBC Communicati=
ons NYSE: SBC The company posted a 30 percent decline in earnings and said =
it would cut thousands of jobs because of the weak economy and strong compe=
tition. Friday's Close: $39.20 Week's Change: -10.17% EST. '01 P/E: 16.82 W=
alt Disney NYSE: DIS After trimming $100 million from the price, Disney com=
pleted its purchase of the Fox Family Worldwide cable television operation.=
The deal included $2.9 billion in cash and $2.3 billion in assumed debt. F=
riday's Close: $18.71 Week's Change: +1.19% EST. '01 P/E: 25.28 Microsoft N=
NM: MSFT Microsoft introduced its computer operating system, Windows XP, th=
e latest version of its flagship product. Friday's Close: $62.20 Week's Cha=
nge: +7.43% EST. '01 P/E: 33.88 Vysis NNM: VYSI The drug maker Abbott Labor=
atories has agreed to acquire Vysis, a laboratory products maker, in a stoc=
k deal worth about $355 million. Friday's Close: $30.25 Week's Change: +47.=
13% EST. '01 P/E: -- WorldCom NNM: WCOM The long-distance telephone company=
posted a 44 percent drop in its third-quarter profit and warned that sales=
growth in its core data and Internet business would slow in the final quar=
ter and in 2002. Friday's Close: $13.38 Week's Change: +1.59% EST. '01 P/E:=
12.15 Affymetrix NNM: AFFX Affymetrix settled a patent lawsuit over DNA an=
alysis technologies with a rival, Hyseq, and the companies plan to form a j=
oint venture. Friday's Close: $31.70 Week's Change: +72.66% EST. '01 P/E: -=
- Overture Services NNM: OVER The Internet search service, formerly called =
GoTo.com, reported a profit in the third quarter and higher sales, as its p=
ay-per-listing service remained popular with advertisers. Friday's Close: $=
25.50 Week's Change: +32.88% EST. '01 P/E: -- (Source: Bloomberg Financial =
Markets)=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron Asks Banks for More Credit After Stock Slide, FT Reports
2001-10-28 20:20 (New York)
Houston, Oct. 28 (Bloomberg) -- Enron Corp., the largest
energy trader, asked banks to provide further credit after tapping
a $3.3 billion credit line last week to bolster investor
confidence, the Financial Times reported, citing company sources.
Enron's stock has fallen more than 50 percent since Oct. 17
when an investor sued the company for conflict of interest over
transactions with affiliates run by Enron's former Chief Financial
Officer Andrew Fastow.
The company has been shut out of the leading market for low-
interest, short-term loans since announcing Oct. 16 it would take
a $1.01 billion special charge and write down shareholders' equity
by another $1.2 billion, the FT said.
Enron spokesman Mark Palmer said he hoped the company would
announce the new financing facility in coming days, the newspaper
said.
Enron Asks Banks For Additional Credit -FT
10/28/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) is attempting to persuade banks to=
provide additional credit, The Financial Times reported on its Web site Su=
nday.=20
The company was also due to hold a special board meeting Sunday to consider=
confidence-building measures after surprise financial disclosures damaged =
its reputation among U.S. investors, The Financial Times reported.
The Financial Times quoted Enron spokesman Mark Palmer as saying he hoped t=
he company could have something to announce in coming days as a result of i=
ts latest effort to "establish additional lines of liquidity."=20
"Once we are able to the liquidity position shored up, that will put a lot =
of fears of the unknown to rest," The Financial Times quoted Palmer as sayi=
ng.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business; Financial Desk
Week in Review TOP STORIES OCT. 22-26 Lockheed Edges Out Boeing for Contrac=
t
Abigail Goldman; Joseph Menn; Jesus Sanchez; Jeff Leeds; Chuck Philips; Meg=
James; Nancy Rivera Brooks; Evelyn Iritani; James F. Peltz; Myron Levin; P=
eter Pae
10/28/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company
The vote is in. Lockheed Martin Corp. won the coveted right to build the na=
tion's next-generation fighter aircraft, beating out Boeing Co. for what co=
uld be the biggest military contract ever.=20
Culminating a five-year battle between two of the world's largest defense c=
ontractors, Pentagon officials picked Lockheed Martin to begin development =
of the Joint Strike Fighter, with plans to purchase 3,000 of the planes at =
a cost of more than $200 billion.
With the potential for foreign sales topping another $200 billion, the cont=
ract is considered the most lucrative in U.S. history. "This really is the =
contract of the millennium," said Christopher Hellman, analyst with the Cen=
ter for Defense Information. "Nothing has or will come close. "=20
Peter Pae=20
Ford Settles Lawsuit Over Faulty Part=20
In the largest automotive class-action settlement in history, Ford Motor Co=
. will reimburse customers who paid hundreds of millions of dollars to repl=
ace a faulty part that caused their vehicles to stall.=20
It was uncertain how many consumers would qualify for reimbursements in the=
range of $160 apiece.=20
The settlement caps six years of litigation. Plaintiffs' lawyers said the c=
ost to Ford would be as high as $2.7 billion.=20
Myron Levin=20
AMR Posts Record Loss in Quarter=20
Even though more Americans are flying again, the airline industry continues=
to reel and its problems are expected to worsen this holiday season.=20
AMR Corp., the parent of American Airlines, the world's largest airline, po=
sted a record loss for the third quarter, even after getting $508 million i=
n federal financial aid.=20
Although the number of passengers has kept growing each week since the Sept=
. 11 attacks, about 20% fewer people are flying.=20
Less than a month before the busy Thanksgiving weekend, American Airlines s=
ays advance bookings for November are down 6% from a year earlier.=20
Meanwhile, the airlines are now reporting a little-noticed aspect of the go=
vernment rescue package: They have to pay federal taxes on the cash grants.=
=20
James F. Peltz=20
ITC Says Imports Hurt Steel Industry=20
The International Trade Commission ruled that foreign imports pose a seriou=
s threat to the domestic steel industry, paving the way for punitive sancti=
ons that are likely to raise steel prices and intensify trade tensions with=
Europe and Asia.=20
The independent U.S. agency has until mid-December to provide the White Hou=
se with a list of proposed remedies, which could include import quotas or h=
efty tariffs on foreign steel.=20
Beleaguered U.S. steelmakers applauded the decision.=20
President Bush, who instigated the ITC investigation, is expected to approv=
e the protective measures, though critics warn they could harm a weakened d=
omestic economy and complicate efforts to launch a new round of global trad=
e talks.=20
Evelyn Iritani=20
Shares of Enron Plummet Amid Losses=20
Enron Corp.'s stock was pummeled by investors following disclosures of loss=
es and shrinking shareholders' equity related to failed investments and a c=
omplicated hierarchy of limited partnerships used to shelter some Enron ass=
ets.=20
The stock slide was compounded by disclosure of a Securities and Exchange C=
ommission inquiry into two of the partnership arrangements and by Wall Stre=
et worries about future cash flow and credit problems that might be caused =
by the investment vehicles.=20
Two conference calls with analysts and investors failed to calm nerves, and=
several analysts lowered their recommendations on Enron.=20
Enron has reiterated that its finances are strong. And although analysts no=
te that Enron's core businesses remain sound, some analysts doubt that the =
usually taciturn company has revealed all of its problems.=20
To mollify investors, Enron replaced its chief financial officer, who until=
recently headed the two partnerships the SEC is eyeing.=20
Nancy Rivera Brooks=20
Pentagon OKs Northrop Bid for Newport News=20
Northrop Grumman Corp. was all but assured of winning the bid to acquire Ne=
wport News Shipbuilding Inc. as the Pentagon endorsed the deal and the Just=
ice Department, citing antitrust concerns, blocked a rival bid by General D=
ynamics Corp.=20
It marked a stunning turn of events for Northrop, which got the nod to acqu=
ire the Virginia builder of nuclear submarines and aircraft carriers despit=
e having been the underdog.=20
The Los Angeles-based defense contractor made an unsolicited offer for Newp=
ort News after the shipbuilder had inked a $2.1-billion deal with General D=
ynamics.=20
Separately, Northrop said third-quarter earnings fell 22% because of a larg=
e drop in pension fund investments.=20
Peter Pae=20
Hollywood Production Jobs Fall to 4-Year Low=20
Skittishness following the Sept. 11 terrorist attacks has exacerbated an al=
ready slow season in Hollywood, pushing employment in the movie, television=
and film industry to a four-year low in September, state statistics show.=
=20
Cutbacks and delayed projects by the major studios has trickled down throug=
h the industry, leading to a spate of layoffs at small companies that provi=
de equipment and services for the industry.=20
Meg James=20
Grammy Officials Urge Greene Settlement=20
High-ranking officials at the Grammy organization recommended a settlement =
of more than half a million dollars to resolve sexual assault and battery a=
llegations against the nonprofit group's chief executive, C. Michael Greene=
, Grammy sources said.=20
The proposed settlement, subject to approval by the group's board of direct=
ors, has ignited an internal revolt, with at least a dozen of the 41 truste=
es privately calling for Greene's firing, the sources said.=20
Greene declined to comment. Attorneys for the Grammy nonprofit group previo=
usly denied that Greene assaulted or had any sexual contact with Jill Geime=
r, the Grammy executive who has threatened to sue over Greene's alleged mis=
conduct.=20
Chuck Philips=20
EMI Ousts Record Label Executive Nancy Berry=20
British music conglomerate EMI Group sacked Nancy Berry, the vice chairwoma=
n of its worldwide Virgin Records division.=20
Berry's exit came a week after the London-based record company ousted its g=
lobal record chief, Ken Berry, who is Nancy Berry's former husband.=20
The shake-up follows a dispiriting period for EMI, including a disastrous s=
ales debut from pop icon Mariah Carey, who suffered a nervous breakdown mon=
ths after signing an $80-million contract with the company this year. Nancy=
Berry spearheaded the elaborate marketing campaign for Carey's album, "Gli=
tter," which has sold fewer than 400,000 copies since its Sept. 11 debut.=
=20
Jeff Leeds=20
Management Buyout of G&L Realty Approved=20
Stockholders of G&L Realty Corp. approved a management-led buyout of the re=
al estate investment trust despite a higher offer by a rival group and conc=
erns that the deal unfairly favors top executives.=20
The company's co-chairmen, Daniel Gottlieb and Steven Lebowitz, plan to tak=
e the small Beverly Hills-based company private after a majority of shareho=
lders backed their $12-a-share offer.=20
The management-led offer triggered a shareholder lawsuit this year that cla=
imed G&L's board breached its fiduciary duty=20
Jesus Sanchez=20
Internet Archive Turns Back Web Pages of Time=20
The nonprofit Internet Archive launched its so-called Wayback Machine, allo=
wing Web surfers to check out most Internet sites that have vanished and ol=
der versions of sites that are still around.=20
The San Francisco effort is the brainchild of Brewster Kahle, a millionaire=
technologist who wants to preserve the Internet's ephemera for generations=
to come.=20
Like many Internet pioneers, however, Kahle faces unfamiliar risks along wi=
th the opportunities: the archive might be the most massive violation of co=
pyright law since ownership rights over words came into being.=20
More than 10 billion pages are available at http://web.archive.org.=20
Joseph Menn=20
Job Cuts, Make-Over in Store for Sears=20
Sears, Roebuck & Co. is getting a new look, borrowing from competitors that=
have been biting into Sears bottom line.=20
In a bid the company says will increase operating income by $1 billion duri=
ng the next three years, Sears will look more like a mass merchant, with mo=
re self-serve areas and centralized checkouts.=20
As part of its financial realignment, Sears will cut 4,900 jobs in the next=
18 months.=20
The company's challenge, analysts say, is to offer something unique within =
its niche of serving middle-income consumers--an ever difficult proposition=
against innovative rivals such as Kohl's and Target.=20
Abigail Goldman
PHOTO: Newport News builds nuclear submarines and aircraft carriers.; ; PHO=
TOGRAPHER: Associated Press; PHOTO: Sears is cutting nearly 5,000 jobs and =
launching a new strategy.; ; PHOTOGRAPHER: Associated Press; PHOTO: The ree=
ling airline industry is expecting its problems to worsen.; ; PHOTOGRAPHER:=
Agence France-Presse; GRAPHIC: Dimming Power, Los Angeles Times;=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
BUSINESS
Ralph Bivins
Devon Energy makes building its own with major lease
RALPH BIVIN
Staff
10/28/2001
Houston Chronicle
2 STAR
10
(Copyright 2001)
HOUSTON is known as the "Energy Capital of the World." And a glance around =
the downtown skyline proves the nickname is appropriate. Houston skyscraper=
s bearing the names of Enron, Chevron, Exxon and Shell make significant con=
tributions to the view.=20
Now another name is being added to the downtown mix, enhancing the energy c=
apital image even further. The 36-story Two Allen Center has been renamed D=
evon Energy Tower.
Devon Energy has just signed a lease for 193,000 square feet of space, more=
than doubling its presence in the building, and as part of the deal, Devon=
gets to put its name on the structure.=20
The lease also gives Oklahoma City-based Devon the right to take more space=
in the 1 million-square-foot building, at 1212 Smith St.=20
Devon recently announced its plans to acquire Mitchell Energy & Development=
, but it will maintain Mitchell's offices in The Woodlands, said Klay Kimke=
r, manager of office administration for Devon.=20
Kevin Snodgrass and Tim Relyea of Cushman & Wakefield represented Devon in =
the transaction. Paul Frazier and Margaret Sigur negotiated the deal on beh=
alf of TrizecHahn Office Properties, the owner of the building.=20
TrizecHahn owns both the Allen Center and Cullen Center office complexes, a=
total of 6 million square feet of space in downtown. The TrizecHahn office=
space is nearly full right now, but Enron will be vacating large amounts o=
f space there next year when the nearby Enron building is complete.=20
Teamsters to build facilities=20
Teamsters Union officials are planning to build new headquarters facilities=
after the union sells its building on the Katy Freeway.=20
To replace the Katy Freeway building, the union expects to build two smalle=
r structures near Bush Intercontinental Airport to house different chapters=
, said A.W. Parker, secretary treasurer of Local 968.=20
Parker's group is expecting to build a 13,000-square-foot building at Ella =
Boulevard at Beltway 8.=20
Another Teamsters group has purchased 4.5 acres on Beltway 8 at Diplomatic =
Plaza Drive, in the World Houston Business Center. The land was purchased f=
rom the Licha Family Trust. Tony Patronella and Marc Drumwright, both of So=
uthwest Realty Advisors, handled the sale.=20
Chicago firm buying property=20
A Chicago real estate investment firm is on a quest to acquire suburban off=
ice buildings in Houston.=20
ML Capital Ventures has purchased two small office structures: the 71,736-s=
quare-foot building at 5500 Northwest Central Drive and the 66,338-square-f=
oot building at 5301 Hollister. The building on Northwest Central Drive is =
the headquarters of BJ Services energy company.=20
Mike Luecht, president of ML Capital, said his firm will acquire two additi=
onal Houston office buildings before the end of the year.=20
ML Capital, which has been in business for eight months, will exceed Luecht=
's initial plan to buy more than $22 million worth of suburban office space=
in Houston in the company's start-up phase.=20
Luecht said his firm was bullish on two types of real estate: buying wareho=
uses in Chicago and buying office buildings in suburban Houston. Houston's =
economy has been adding jobs and it is a promising market that is overlooke=
d by many investors, Luecht said. Many investors have been too slow to forg=
et the devastating meltdown of Houston realty market in the 1980s, Luecht s=
aid.=20
In its most recent deal, ML Ventures bought the 5500 Northwest Central buil=
ding in partnership with Avgeris & Associates of Chicago. Tom Bousquet of C=
B Richard Ellis brokered the deal.=20
Woodlands opens new section=20
Several $1 million home sites go up for sale this weekend as The Woodlands =
opens a new section of its Carlton Woods gated community.=20
The premium lots will be facing the new Jack Nicklaus Signature golf course=
.=20
Custom lots will range in price from $150,000 to $1 million and range in si=
ze from one-fifth of an acre to two-and-three-fourths acres.=20
The Carlton Woods community is the first gated community in The Woodlands a=
nd has been well received by upper-end home buyers, said Paul Lazzaro, vice=
president of marketing for The Woodlands.=20
Thirty-two homes are under construction in Carlton Woods and all of them ar=
e priced at more than $1 million.=20
A total of 208 lots have been sold in Carlton Woods, which opened about a y=
ear ago.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
INDIA PRESS: Enron Plans To Exit LNG Shipping JV
10/28/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW DELHI -(Dow Jones)- Enron Corp. (ENE) has decided to exit its Indian sh=
ipping joint venture, Greenfield Holding Co., the Financial Express reports=
, quoting the Press Trust of India news agency.=20
Enron's affiliate, Atlantic Commercial Inc., holds a 20% stake in Greenfiel=
d. Mitsui OSK Lines Ltd. (J.OSM) holds 60%, while India's state-owned Shipp=
ing Corp. of India (P.SPG) holds the remaining 20%, the report said.
"Atlantic Commercial has expressed a desire to its partners to exit...," th=
e PTI quoted a shipping industry source as saying.=20
Greenfield's liquefied natural gas carrier "Laxmi" would have brought gas f=
or Enron's Indian unit, Dabhol Power Co., the Financial Express reports.=20
Enron has a controlling 65% stake in the 2,184 megawatt Dabhol power projec=
t, located in the western Indian state of Maharashtra.=20
Newspaper Web site: http//www.financialexpress.com=20
-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dow=
jones.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business/Financial Desk; Section C
Enron Taps All Its Credit Lines To Buy Back $3.3 Billion of Debt
By FLOYD NORRIS
10/27/2001
The New York Times
Page 2, Column 5
c. 2001 New York Times Company
The Enron Corporation, trying to reassure investors that it has ample liqui=
dity, began to repurchase all its outstanding commercial paper yesterday, u=
sing $3.3 billion it borrowed from banks by depleting its lines of credit.=
=20
An Enron spokesman said that when the commercial paper repurchases are comp=
leted the company will retain more than $1 billion in cash.
The moves did not appear to reassure investors, as Enron's share price fell=
to another six-year low. Shares traded as low as $15.04 yesterday, before =
ending the day at $15.40, down 95 cents.=20
The move will raise the interest expense for the company, because banks nor=
mally charge more than companies have to pay in the commercial paper market=
, and because its outstanding debt will rise by the additional $1 billion.=
=20
Enron's debt is rated investment grade. But its bonds now trade below inves=
tment grade levels, although not so low that it appears investors fear an e=
arly default. But with the bonds trading so low, it is unlikely Enron will =
be able to sell more commercial paper.=20
Enron's stock has been plunging since Oct. 17, shortly after it disclosed t=
hat its third-quarter balance sheet, which has yet to be released, will sho=
w a $1.2 billion reduction in shareholder equity as a result of complicated=
transactions involving partnerships formerly controlled by Andrew Fastow, =
who was the company's chief financial officer until he was replaced on Wedn=
esday.=20
The stock has lost more than half its value since the earnings announcement=
, and the company has disclosed that the Securities and Exchange Commission=
has asked questions about its accounting practices.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
COMPANIES & FINANCE INTERNATIONAL - Enron's bond prices drop to warning lev=
els.
By ROBERT CLOW, SHEILA MCNULTY and JENNY WIGGINS.
10/27/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
Enron, the Houston-based energy trading group, continued to pay a heavy pri=
ce for its lack of financial transparency yesterday as its bond prices plum=
meted.=20
Investor confidence in Enron has declined sharply since the company announc=
ed a $1.2bn reduction of shareholder equity stemming from a complex off-bal=
ance sheet structure. The Securities and Exchange Commission has also launc=
hed an informal investigation into the company's finances.
Enron's five-year bonds were trading yesterday at 77 cents in the dollar wi=
th a yield of 11.13 per cent, down from 83 cents on Thursday. Bond prices a=
t these levels normally suggest that investors expect a company to file for=
bankruptcy.=20
Late on Thursday, Enron announced that it would draw on its bank lines to b=
uy back its outstanding commercial paper after two ratings agencies put the=
company on negative watch.=20
Commercial paper financing, which normally has to be rolled every 90 days, =
is one of the first forms of financing to disappear in a crisis.=20
"What they want to do is assure their clients and other trading partners th=
at they are creditworthy and continue with business," said Robin West, chai=
rman of the Petroleum Finance Company, the industry consultants. "In a situ=
ation like this, cash is king."=20
Enron's biggest immediate business risk is that its major trading counterpa=
rties, such as Duke Energy and Reliant Resources, start asking it for more =
collateral, increasing the cost of its everyday business.=20
If Enron were downgraded to junk, the counterparties could do just that.=20
So far, credit rating analysts say, Enron's core business is holding up wel=
l. But their actions over the past few days acknowledge that the company co=
uld still be severely damaged by the scandal.=20
Enron has long faced criticism of its opaque financial reporting, but its m=
ost recent problems stem from the LJM private equity fund run by Andy Fasto=
w, the company's former chief financial officer.=20
Enron compensated its partners in this complex off-balance sheet structure =
by promising to give them Enron shares, if the value of private equity inve=
stments in The New Power Company, technology and other things fell below a =
certain level.=20
Those investments fell $1.2bn in value from the threshold level, which shou=
ld have triggered the issue of 62m shares if the deal had not been reversed=
.=20
The complex deal was designed to make sure Enron did not experience the sam=
e balance sheet volatility that JP Morgan Chase and others have suffered fr=
om marking their private equity investments to market.=20
(c) Copyright Financial Times Ltd. All rights reserved.=20
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
SHORTS - Enron bond prices under pressure.
10/27/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
Enron, the Houston-based energy trading giant, continued to pay the price f=
or financial opacity as its stock slumped to its lowest level since 1995 an=
d its five-year bonds traded at 77 cents in the dollar with a yield of 11.1=
3 per cent, down from 83 cents on Thursday. Bond prices at these levels nor=
mally suggest that investors expect a company to file for bankruptcy. Page =
10.=20
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron taps credit line; stock slides
10/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - After Enron Corp. tapped into more than $3 billion in credit=
in an effort to boost confidence of investors and customers, stock prices =
dropped.=20
Enron Corp.'s stock price hit its lowest point in more than five years Frid=
ay. Shares fell 95 cents on Friday to $15.40, a level not seen since 1995, =
as analysts continued to muddle through a complicated series of bookkeeping=
issues revealed after the company's earnings announcement earlier this mon=
th.
The stock is down more than 50 percent in two weeks, and the company lost a=
lmost $14 billion in market value.=20
Late this week the company decided to convert $3 billion in revolving credi=
t it has through various banks into cash. The company put about $1.1 billio=
n in the bank in an effort to reassure business partners and investors of i=
ts liquidity and is using the $2.2 billion balance to begin an orderly repu=
rchase of a certain kind of short-term corporate IOU known as commercial pa=
per.=20
"Nothing spells confidence quite like cash, which is what we want investors=
to understand," said Enron spokesman Mark Palmer of the $1.1 billion banke=
d this week.=20
Palmer could neither confirm nor deny that the company is negotiating furth=
er lines of credit with banks but described such actions as "good managemen=
t decisions."=20
On Oct. 16 Enron's third-quarter earnings release drew renewed attention to=
an issue investors and analysts had previously been unhappy about: Then-Ch=
ief Financial Officer Andrew Fastow, with the Enron board's approval, had f=
ormed and run two investment partnerships that could have created a conflic=
t of interest.=20
The partnerships, LJM Cayman and LJM2 Co-Investment, did complex financing =
and hedging deals with Enron.=20
Fastow had resigned from his roles in the partnerships months ago when Wall=
Street began to question whether he could watch out for the interests of E=
nron's shareholders and the investment partnership simultaneously. But last=
week when the company reported a $35 million loss related to ending its LJ=
M ties as well as a $1.2 billion reduction in shareholder equity, new quest=
ions began to arise.=20
The Securities and Exchange Commission's Division of Enforcement launched a=
n informal inquiry into the partnerships, and earlier this week Fastow was =
put on a leave of absence.=20
Reducing the company's debt exposure through commercial paper and putting i=
t back into more traditional financial tools, like a revolving line of cred=
it, could give great peace of mind to Enron's investors, said Anatol Feygin=
, an analyst with J.P. Morgan.=20
"It helps them shore up their support behind their energy trading business,=
which is really the core of their operations," Feygin told the Houston Chr=
onicle for Saturday's editions.=20
Carol Coale, an analyst with Prudential Securities, still sees the move as =
somewhat confusing.=20
"Just last week they were touting their unused lines of credit as a plus, b=
ut the fact that they tapped those now sends a strange, mixed message," she=
said. "Do they need the cash to keep the rating agencies off their back? I=
s it a gesture for customers? It first struck me as another one of these st=
rangely timed actions on the part of management."
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business; Financial Desk
Enron Decline Continues
Bloomberg News
10/27/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company
HOUSTON -- Enron Corp. bonds and shares fell after the largest energy trade=
r tapped a $3-billion credit line because it has been shut out of the leadi=
ng market for low-interest, short-term loans.=20
The company's stock has fallen 54% in the last 14 days after investors ques=
tioned its transactions with affiliates run by Enron's former chief financi=
al officer. The shares fell 95 cents, or 5.8%, to $15.40 on the New York St=
ock Exchange.
Investors said Chief Executive Kenneth Lay has failed to reassure them that=
the company's credit rating won't be cut. Enron can no longer borrow in co=
mmercial paper markets, where short-term loans carry lower rates than banks=
offer.=20
"Do they have the financial flexibility they once had? No," said John Cassa=
dy, who helps manage $3 billion in bonds at Fifth Third Bancorp. "People ar=
e questioning the credibility of management."=20
The company will use its credit line to pay off $2.2 billion in commercial =
paper it has outstanding, Enron spokesman Mark Palmer said.=20
The price of Enron's 6.75% bonds, which mature in 2009, declined 11/2 point=
s to a bid of 84 cents on the dollar and an offer of 86 cents. At that pric=
e, the bonds, which carry a rating of BBB+, yield 9.53%.=20
Investors have grown concerned that the firm's credit rating will be cut af=
ter $1.01 billion in third-quarter losses from failed investments. Enron ne=
eds good credit to raise cash daily to keep trading partners from demanding=
collateral and to settle transactions.=20
Enron's decision to tap its credit line was "a smart financial move," said =
Stephen Moore of Moody's Investors Service. "It took away the hassle and ti=
me-consuming nature of rolling commercial paper and insured access to capit=
al."
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
BUSINESS
Enron taps credit line; stock slides / Company says cash will boost confide=
nce
TOM FOWLER
Staff
10/27/2001
Houston Chronicle
3 STAR
1
(Copyright 2001)
Enron Corp.'s stock price hit its lowest point in more than five years Frid=
ay after it tapped into more than $3 billion in revolving credit in an effo=
rt to re-assure investors and customers.=20
Shares fell 95 cents on Friday to $15.40, a level not seen since 1995, as a=
nalysts continued to muddle through a complicated series of bookkeeping iss=
ues revealed after the company's earnings announcement earlier this month. =
The stock is down more than 50 percent in two weeks, and the company lost a=
lmost $14 billion in market value.
Late this week the company decided to convert $3 billion in revolving credi=
t it has through various banks into cash. The company put about $1.1 billio=
n in the bank in an effort to reassure business partners and investors of i=
ts liquidity and is using the $2.2 billion balance to begin an orderly repu=
rchase of a certain kind of short- term corporate IOU known as commercial p=
aper.=20
"Nothing spells confidence quite like cash, which is what we want investors=
to understand," said Enron spokesman Mark Palmer of the $1.1 billion banke=
d this week.=20
Palmer could neither confirm nor deny that the company is negotiating furth=
er lines of credit with banks but described such actions as "good managemen=
t decisions."=20
Enron's most recent woes began Oct. 16 when its third-quarter earnings rele=
ase drew renewed attention to an issue investors and analysts had previousl=
y been unhappy about: Then-Chief Financial Officer Andrew Fastow, with the =
Enron board's approval, had formed and run two investment partnerships that=
could have created a conflict of interest.=20
The partnerships, LJM Cayman and LJM2 Co-Investment, did complex financing =
and hedging deals with Enron and were formed originally as a way to offset =
risks associated with some of the company's newer businesses such as broadb=
and trading.=20
Fastow had resigned from his roles in the partnerships months ago when Wall=
Street began to question whether he could watch out for the interests of E=
nron's shareholders and the investment partnership simultaneously. But last=
week when the company reported a $35 million loss related to ending its LJ=
M ties as well as a $1.2 billion reduction in shareholder equity, new quest=
ions began to arise.=20
The Securities and Exchange Commission's Division of Enforcement launched a=
n informal inquiry into the partnerships, and earlier this week Fastow was =
put on a leave of absence.=20
Now Enron will begin repurchasing its commercial paper. This is a way for c=
ompanies to raise money over a short period at rates that are usually sligh=
tly better than what banks offer, and often with more flexible terms.=20
"To some extent, redeeming the commercial paper is at the expense of the ca=
pital markets, which look at it negatively," said Anatol Feygin, an analyst=
with J.P. Morgan.=20
But reducing the company's debt exposure through commercial paper and putti=
ng it back into more traditional financial tools, like a revolving line of =
credit, could give great peace of mind to Enron's investors, he said.=20
"It helps them shore up their support behind their energy trading business,=
which is really the core of their operations," Feygin said.=20
Carol Coale, an analyst with Prudential Securities, still sees the move as =
somewhat confusing.=20
"Just last week they were touting their unused lines of credit as a plus, b=
ut the fact that they tapped those now sends a strange, mixed message," she=
said. "Do they need the cash to keep the rating agencies off their back? I=
s it a gesture for customers? It first struck me as another one of these st=
rangely timed actions on the part of management."=20
Jeff Dietert, an analyst at Simmons & Co., said Enron management needs to c=
ontinue to make clear the issues that have investors confused and concerned=
.=20
In a worst-case scenario, investor fears could create a vicious cycle that =
continues to drive the stock down, which would force bond rating agencies t=
o consider downgrades of Enron. That could lead to lower credit ratings, wh=
ich would force Enron's energy trading partners to limit their exposure to =
the company and cut back on business with it.=20
"Thus, we see a big incentive for Enron to clarify the issues," Dietert wro=
te in a report Friday. "Our gut feel is that Enron can pull it off."=20
Feygin said he also believes the company will continue to do better in reve=
aling its financial dealings but thinks there may be more surprises in stor=
e.=20
For example, a Wall Street Journal article Friday discussed for the first t=
ime another business entity with ties to Enron known as Chewco. It was form=
ed in 1997 with about $400 million in financial backing to buy interests in=
unnamed Enron assets.=20
Chewco was run by Michael Kopper, a managing director of Enron's Global Equ=
ity Markets Group.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
BUSINESS
Enron says Microsoft breached contract
Staff
10/27/2001
Houston Chronicle
3 STAR
2
(Copyright 2001)
Enron Corp. filed suit against Microsoft Corp. in state district court in H=
ouston this week, claiming the software giant breached a contract over a ne=
w high-speed Internet service.=20
The companies entered into an agreement last June in which Enron would prov=
ide Internet bandwidth to Microsoft as it rolled out its MSN Broadband serv=
ice. Enron's broadband network would link MSN customers in over two dozen s=
tates, including Texas.
Qwest Communications is providing the Internet infrastructure in 14 other s=
tates for MSN.=20
On Oct. 23, Microsoft said that Enron would have breached the contract if i=
t didn't provide an operational bandwidth system by Oct. 25, according to B=
loomberg News. In the lawsuit, Enron claims Microsoft failed to deliver the=
ordering and billing system it needed to deliver its end of the project's =
first phase.=20
The lawsuit appears to be blocking the launch of the MSN service in all but=
the 14 states served by Qwest.=20
Enron officials declined to comment. A Microsoft spokesman said the company=
had not reviewed the filing but was "confident that we have upheld our agr=
eement with Enron."
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Editorial Desk; Section A
Journal
How to Lose a War
By Frank Rich
10/27/2001
The New York Times
Page 19, Column 2
c. 2001 New York Times Company
Welcome back to Sept. 10.=20
The ''America Strikes Back'' optimism that surged after Sept. 11 has now be=
en stricken by the multitude of ways we're losing the war at home. The F.B.=
I. has proved more effective in waging turf battles against Rudy Giuliani t=
han waging war on terrorism. Of the more than 900 suspects arrested, exactl=
y zero have been criminally charged in the World Trade Center attack (thoug=
h one has died of natural causes, we're told, in a New Jersey jail cell). T=
he Bush team didn't fully recognize that a second attack on America had beg=
un until more than a week after the first casualty. The most highly trumpet=
ed breakthrough in the hunt for anthrax terrorists -- Tom Ridge's announcem=
ent that ''the site where the letters were mailed'' had been found in New J=
ersey -- proved a dead end. And now the president is posing with elementary=
-school children again.
Given that this is the administration that was touted as being run with C.E=
.O. clockwork, perhaps it should be added to the growing list of Things Tha=
t Have Changed Forever since Sept. 11. But let's not be so hasty. Not every=
thing changes that fast -- least of all Washington. The White House's home-=
front failures are not sudden, unpredictable products of wartime confusion =
but direct products of an ethos that has been in place since Jan. 20.=20
This is an administration that will let its special interests -- particular=
ly its high-rolling campaign contributors and its noisiest theocrats of the=
right -- have veto power over public safety, public health and economic pr=
udence in war, it turns out, no less than in peacetime. When anthrax struck=
, the administration's first impulse was not to secure as much Cipro as spe=
edily as possible to protect Americans, but to protect the right of pharmac=
eutical companies to profiteer. The White House's faith in tax cuts as a pa=
nacea for all national ills has led to such absurdities as this week's Hous=
e ''stimulus'' package showering $254 million on Enron, the reeling Houston=
energy company (now under S.E.C. investigation) that has served as a Bush =
campaign cash machine.=20
Airport security, which has been enhanced by at best cosmetic tweaks since =
Sept. 11, is also held hostage by campaign cash: As Salon has reported, Ser=
viceMaster, a supplier of the low-wage employees who ineptly man the gates,=
is another G.O.P. donor. Not that Republicans stand alone in putting fat c=
ats first. In a display of bipartisanship, Democrats -- lobbied by Linda Ha=
ll Daschle, the Senate majority leader's wife -- joined the administration =
in handing the airlines a $15 billion bailout that enforces no reduction in=
the salaries of the industry's C.E.O.'s even as they lay off tens of thous=
ands of their employees.=20
To see how the religious right has exerted its own distortions on homeland =
security, you also have to consider an administration pattern that goes bac=
k to its creation -- and one that explains the recent trials of poor Tom Ri=
dge.=20
Mr. Ridge is by all accounts a capable leader -- a successful governor of a=
large state (Pennsylvania) who won the Bronze Star for heroism in Vietnam.=
A close friend of George W. Bush, he should have been in the administratio=
n from the get-go, and was widely rumored to be a candidate for various job=
s, including the vice presidency. But after being pilloried by the right be=
cause he supports abortion rights, he got zilch. Instead of Mr. Ridge, the =
administration signed on the pro-life John Ashcroft and Tommy Thompson -- w=
ho have brought us where we are today.=20
The farcical failures of these two cabinet secretaries are not merely those=
of public relations -- though Mr. Thompson often comes across as a Chamber=
of Commerce glad-hander who doesn't know his pants are on fire, and Mr. As=
hcroft often shakes as if he's not just seen great Caesar's ghost but perha=
ps John Mitchell's as well. Both have a history of letting politics overrid=
e public policy that dates to the start of the administration. They've seen=
no reason to reverse their partisan priorities even at a time when the pat=
riotic duty of effectively fighting terror should be their No. 1 concern.=
=20
Pre-Sept. 11, Mr. Thompson, in defiance of science, heartily lent his credi=
bility to the Bush administration's stem cell ''compromise'' by going along=
with its overstatement of the viability and diversity of the stem cell lin=
es it would deliver to researchers. Post-Sept. 11, he destroyed his credibi=
lity by understating the severity of the anthrax threat, also in defiance o=
f science. Now he maintains that the $1.5 billion the administration is req=
uesting to plug the many holes in our public health system -- almost all of=
it earmarked for stockpiling pharmaceuticals, not shoring up local hospita=
ls -- is adequate for fighting bioterrorism. This, too, is in defiance of a=
ll expert estimates, including that of the one physician in the Senate, the=
Republican Bill Frist.=20
It should also be on Mr. Thompson's conscience that for the first two weeks=
of the anthrax crisis he kept the federal government's house physician -- =
David Satcher, the surgeon general and a much-needed honest broker of publi=
c health -- locked away, presumably because Dr. Satcher, a Clinton appointe=
e, became persona non grata in the Bush administration for issuing a June r=
eport on teenage sexuality that angered the religious right. Only after Mr.=
Ridge arrived on the scene was the surgeon general liberated from the gula=
g.=20
As for Mr. Ashcroft, he has gone so far as to turn away firsthand informati=
on about domestic terrorism for political reasons. Planned Parenthood, whic=
h has been on the front lines of anthrax scares for years and has by grim n=
ecessity marshaled the medical and security expertise to combat them, has s=
ought a meeting with the attorney general since he took office but has neve=
r been granted one. This was true not only before Sept. 11 but, says Ann Gl=
azier, Planned Parenthood's director of security, remains true -- even thou=
gh her organization, long targeted by such home-grown Talibans as the Army =
of God, has a decade's worth of leads on ''the convergence of international=
and domestic terrorism.''=20
Ms. Glazier found the sight of Mr. Ashcroft and other federal Keystone Kops=
offering a $1 million reward for anthrax terrorists a laughable indication=
of how little grasp they have of the enemy. ''Religious extremists don't r=
espond to money,'' she points out. Such is the state of the F.B.I., she add=
s, that one agent told a clinic to hold onto a suspect letter for a couple =
of days ''because we have so many here we're afraid we're going to lose it'=
' (perhaps among the Timothy McVeigh documents).=20
If either the attorney general or the secretary of health and human service=
s inspired anything like the confidence that, say, Mayor Giuliani does, the=
re wouldn't have been a need to draft Mr. Ridge. Even so, he's mainly a P.R=
. gimmick -- a man who should have been in the administration in the first =
place reduced to serving as a fig leaf for lightweights. As director of hom=
eland security, he's allegedly charged with supervising nearly 50 governmen=
t agencies -- so far with roughly a dozen staff members. When asked to defi=
ne Mr. Ridge's responsibilities, Ari Fleischer said on Wednesday that it wa=
s ''a very busy coordination job,'' but so far Mr. Ridge is mainly sowing s=
till more confusion.=20
The one specific duty that he has claimed -- in an interview with Tom Broka=
w -- was that he'd be the one ''making the phone call'' to the president to=
shoot down any commercial airliner turned into a flying bomb by hijackers.=
That presumably comes as news to Donald Rumsfeld, who made no provision fo=
r any homeland security czar in the Air Force chain of command he publicly =
codified days after Mr. Ridge's appointment.=20
Since the administration tightly metes out the news from Afghanistan, we ca=
n only hope that the war there is being executed more effectively than the =
war here -- even as Mr. Rumsfeld and his generals now tell us that the Tali=
ban, once expected to implode in days, are proving Viet-Cong-like in their =
intractability. The Wall Street Journal also reported this week that ''inst=
ead of a thankful Afghan population, popular support for the Taliban appear=
s to be solidifying and anger with the U.S. growing.''=20
Maybe we're losing that battle for Afghan hearts and minds in part because =
the Bush State Department appointee in charge of the propaganda effort is a=
C.E.O. (from Madison Avenue) chosen not for her expertise in policy or pol=
itics but for her salesmanship on behalf of domestic products like Head & S=
houlders shampoo. If we can't effectively fight anthrax, I guess it's reass=
uring to know we can always win the war on dandruff.
Drawing=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
City - Enron directors cash in shares.
By Simon English.
10/27/2001
The Daily Telegraph
P31
(c) Telegraph Group Limited, London, 2001
LEADING executives at Enron, the troubled US energy giant, cashed in shares=
worth more than $100m ( #70m) this year in the run-up to a financial crunc=
h that has left the company's credibility in ruins.=20
Research by Thomson Financial shows that Kenneth Lay, chief executive, sold=
about 400,000 shares this year, netting him more than $25m. He still held =
2.8m shares until July.
Other executives made similar sales, a revelation likely to anger investors=
who have seen the shares fall from $83 at the start of the year to $45 by =
July. They halved again this week and fell to below $16 yesterday. Enron de=
clined to comment on the share sales.=20
Mr Lay said in a statement that he is seeking to "dispel uncertainty in the=
financial community" by drawing on lines of credit to restore faith in Enr=
on's financial strength. Enron will pay off debts of $2.2 billion and keep =
another $800,000 in cash. He said: "We know we have our work cut out for us=
if we are to rebuild our credibility with the investment community."=20
The company is facing an inquiry by the Securities & Exchange Commission in=
to partnerships managed by Andrew Fastow, former chief financial officer.=
=20
Mr Fastow was ousted on Wednesday night as part of the company's moves to r=
estore confidence, though Enron insists he has done nothing wrong.=20
Enron lost $1 billion in the third quarter on what it has called "failed in=
vestments".
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
INDIA: Lenders to meet over Enron's Dabhol on Nov 3.
10/27/2001
Reuters English News Service
(C) Reuters Limited 2001.
BOMBAY, Oct 27 (Reuters) - Lenders to power plant in India majority owned b=
y Enron Corp have called a meeting next week in London to discuss ways of r=
eviving the beleaguered project, a banking source said on Saturday.=20
They will examine offers that two Indian companies have put forward for buy=
ing the U.S. energy giant's 65 percent stake, and those of two other U.S. f=
irms, in Dabhol Power Company (DPC), which is building the controversial pr=
oject, the source told Reuters.
The meeting of lenders, who include multinational banks such as Citibank an=
d Bank of America , will be held on November 3, the source added.=20
At stake is not just the fate of the $2.9 billion, 2,184 MW project, which =
is India's largest foreign direct investment, but also the over $600 millio=
n investment of Enron, General Electric Co and Bechtel.=20
All three companies are founders of DPC, which in 1995 got permission from =
India's Maharashtra state government to set up the plant on its coast.=20
The plant's first phase of 740 MW was completed in 1999, but work on the se=
cond phase of 1,444 MW, which is 97 percent complete, was abruptly stopped =
in June this year following a blazing row with cash-strapped state utility =
MSEB.=20
MSEB, which agreed in 1995 to take the plant's entire output, said it can n=
o longer do so because Dabhol's power is too costly.=20
Dabhol, in turn, accused MSEB of defaulting on its monthly payments and ser=
ved a preliminary notice to terminate the power purchase contract.=20
Under this notice, both companies are given six months time to settle the m=
atter through negotiations. If talks fail, Dabhol has the right to issue a =
final termination notice and take the matter to arbitration in London. That=
six month period expires on November 19.=20
Houston-based Enron, which owns 65 percent of Dabhol, further announced tha=
t it intends to exit the project and offered to sell its equity to the Indi=
an government.=20
TIME RUNNING OUT=20
The Business Standard newspaper reported that next week's meeting would als=
o discuss a request by Dabhol to finally terminate the contract after Novem=
ber 19.=20
"It is one of the items on the agenda," the paper quoted a senior banker as=
saying.=20
The paper said once Dabhol serves the final notice, the matter proceeds to =
arbitration, which would not help India.=20
"The widespread view among the government and lenders is that in such a sit=
uation DPC will win hands down," the paper added.=20
A Dabhol spokesman could not be contacted immediately.=20
The source said the meeting would review the progress made in resolving the=
dispute so far.=20
The Indian government has not responded to Enron's offer to buy its equity,=
but two Indian companies, BSES Ltd and Tata Power Ltd , have shown interes=
t.=20
They have agreed to take over the project if the cost is reduced, and if th=
e founders agree to sell their stake at a discount.=20
Local business daily, the Economic Times reported on Friday that Tata Power=
and BSES are willing to pay the founders $450-$600 million for the 85 perc=
ent stake held by Enron, GE and Bechtel.=20
Enron has rejected the offer and is not ready to settle for anything less t=
han $1 billion, the paper added.=20
Officials of Tata Power and BSES were not immediately available for comment=
.=20
($1=3D48.00 Indian rupees).
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business
Enron sues Microsoft for breach of contract ; Move could block high-speed s=
ervice
The Associated Press,Bloomberg News
10/27/2001
The Seattle Times
Fourth
E4
(Copyright 2001)
HOUSTON -- Enron has sued Microsoft, alleging it breached a contract for br=
oadband services, in a move that could temporarily block the largest softwa=
re company's MSN high-speed Internet service in some U.S. regions.=20
Microsoft said the dispute temporarily blocks the company from providing th=
e high-speed service in areas where Enron provides broadband access, leavin=
g MSN fully operational only in the 14 states -- including Washington -- wh=
ere Qwest Communications International operates, said Bob Visse, director o=
f marketing for MSN.
Enron's lawsuit was filed Thursday, the same day Microsoft had planned to o=
ffer fast Internet access in 45 cities to give it access to potential custo=
mers in 29 million homes. Microsoft, the No. 2 U.S. Internet provider, is m=
aking a push to win customers from AOL Time Warner.=20
"We are trying to resolve the issues with Enron, as quickly as possible and=
at the same time we are evaluating other providers," Visse said.=20
Enron spokeswoman Karen Denne declined to comment on the lawsuit, citing co=
mpany policy on pending litigation. Enron, based in Houston, is the largest=
energy trader.=20
Enron in June signed an agreement with Microsoft to provide bandwidth for M=
SN Internet service. Under the agreement, Enron isn't required to deliver o=
perational broadband services if Microsoft hasn't first provided a billing =
and ordering system, Dow Jones news wire reported.=20
Enron claims in its lawsuit that Microsoft failed to deliver the ordering a=
nd billing system required in the initial phase of the deal, Dow reported.=
=20
Alternative browser-users denied Microsoft entry=20
NEW YORK -- Microsoft's premier Web portal, MSN.com, denied entry to millio=
ns of people who use alternative browser software such as Opera and told th=
em to get Microsoft's products instead.=20
The decision led to complaints from the small but loyal Opera community tha=
t Microsoft was abusing its status as the Internet's browser leader. Micros=
oft later backed off and said yesterday that it would support the other bro=
wsers after all.=20
Browser products affected by the shutout, which was triggered by a face-lif=
t of the MSN.com Web site, included Opera, Mozilla and Amaya, said Kevin Re=
ichard, editorial manager for Internet.com's BrowserWatch site.=20
Mike Pettit, president of ProComp, an anti-Microsoft group, urged state and=
federal investigators to look into the matter as part of its lawsuit accus=
ing Microsoft of anti-competitive practices.=20
-- The Associated Press=20
MicrosoftSF to shut down; Sony will run retail store=20
SAN FRANCISCO -- Sony will take over a retail store it manages with Microso=
ft next month, when the biggest software maker's Xbox goes up against Sony'=
s PlayStation 2 in a contest for control of the $20 billion video-game mark=
et, a Sony spokeswoman said.=20
The two companies agreed to shut down MicrosoftSF, a retail outlet in Sony'=
s San Francisco Metreon entertainment complex. It will be replaced with a D=
igital Solutions electronics store run by Sony on Thursday, Metreon spokesw=
oman Kirsten Maynard said.=20
In April 1998, the companies said they would open the store that displays a=
nd sells Microsoft products alongside Sony electronics that run the softwar=
e. In March 2000, Microsoft announced the Xbox, a game console with an adva=
nced-graphics chip that goes on sale Nov. 15.=20
"A lot has changed with both companies," Maynard said. "It sort of became n=
ot-a-fit anymore."=20
Sony Metreon won't carry the Xbox or Game Cube, a new video console from Ni=
ntendo that goes on sale Nov. 19, she said. Officials at Microsoft couldn't=
be reached for comment on the shutdown.=20
-- Bloomberg News=20
Copyright [copyright] Seattle Times Company, All Rights Reserved. You must =
get permission before you reproduce any part of this material.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
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arnold-j/inbox/55.
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subject:
content: Do you know who the headhunter was that called on Maggi to do the El Paso thing?
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arnold-j/inbox/56.
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subject:
content: WASHINGTON, Oct 29 (Reuters) - Federal futures regulators on Monday accused two former Coastal Corp. <CGP.N> vice presidents with fraud in an illegal trading scheme in 1996.
A complaint filed by the Commodity Futures Trading Commission accused Clay Krhovjakand Paul Cochran with defrauding Coastal, which merged with El Paso Corp. <EPG.N> earlier this year.
Over a five-month period in 1996, the two allegedly shifted $89,228 from profitable Coastal trades to accounts controlled by other, unnamed participants,the CFTC said in a complaint filed as an internal administrative complaint.
The scheme "ensured Cochran, Krhovjakand other participants risk-free personal profits," the CFTC said.
The two
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arnold-j/inbox/57.
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subject: nov nymex
content: Our group has been selling NOV to hedge our short basis position. Our phys fixed priced liquidity this morning put us in a longer nov nymex position. We have sold 872 since 11:00 am.
Grigsby
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arnold-j/inbox/58.
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subject: Enron Mentions
content: USA: Enron shares in stay in doldrums after downgrade.
Reuters English News Service, 10/29/01
USA: US companies' credit quality to worsen-Moody's.
Reuters English News Service, 10/29/01
Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
Bloomberg, 10/29/01
USA: Enron shares drop despite further triage attempts.
Reuters English News Service, 10/29/01
USA: Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
USA: UPDATE 1-Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
POWER POINTS:Enron May Have To Rethink Asset-Light Focus
Dow Jones Energy Service, 10/29/01
OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's
AFX News, 10/29/01
USA: Moody's cuts Enron to 2 notches above "junk".
Reuters English News Service, 10/29/01
UK: Europe energy firms wary of Enron on credit worries.
Reuters English News Service, 10/29/01
BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
Dow Jones Energy Service, 10/29/01
USA: Enron shares in stay in doldrums after downgrade.
10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 29 (Reuters) - Enron Corp.'s share price hovered above seven-year lows touched in earlier trade Monday after Moody's Investor Service cut the credit status of its senior unsecured debt of North America's largest energy trader to two ratings above junk status.
Enron, the largest electricity and natural gas trader in North America, also on Monday said it was in talks with banks to expand its credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron shares were down $1.40, or 9.03 percent, to $14.10 on the New York Stock Exchange, after earlier in the session trading below $14 for the first time since December 1994.
Moody's also warned that it could cut the debt rating again, now downgraded to Baa2, as well as its rating for the Enron's commercial paper.
Enron's credit-worthiness will have a direct affect on its day-to-day trading operations and its trading partners' perception of making good on trades. With a credit rating hovering above junk status, the cost of doing business will soar as trading partners look for increased collateral to back trades.
Last week Enron shares lost almost $14 billion in market value as a series of piecemeal disclosures about the company's involvement in complex partnerships began to trickle out.
Investors have fled Enron's stock in droves following disclosures that the company did off-the-balance sheet transactions with two limited partnerships run by former chief financial officer Andrew Fastow in deals the U.S. Securities and Exchange Commission is now looking into for possible conflict of interest.
Enron compensated its partners in this off-balance sheet structure with the promise of Enron shares, if the value of private investments in several of its units fell below a certain level.
Many industry observers see Enron's request for additional credit, after the company tapped its banks for $3.3 billion last week, as a sign a weakness.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carol Levenson, an analyst with independent research firm gimmecredit.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: US companies' credit quality to worsen-Moody's.
By Jonathan Stempel
10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 29 (Reuters) - U.S. corporate credit quality is likely to grow much worse before it gets better, a leading credit rating agency said in a report issued on Monday.
Moody's Investors Service said that in the third quarter, it put on review for downgrade its credit ratings for 122 U.S. companies. At the same time, it put on review for upgrade its ratings for just 22 companies.
That 5.5-to-1 ratio is far greater than the 1.3-to-1 ratio in the second quarter.
In dollar terms, the situation looks more dire. Moody's warned it may downgrade $543 billion of debt, dwarfing the $66 billion Moody's said it may upgrade by 8.2-to-1.
"Particularly in light of September 11, the fourth quarter will be particularly weak for credit rating changes," said John Puchalla, Moody's senior economist. "A wide excess of rating reviews for downgrade over upgrades in the third quarter suggests credit deterioration will persist at least into early next year."
Rating reviews are significant because, unlike actual rating changes, they are not a "lagging" indicator, and suggest the future direction of corporate credit. Moody's normally wraps up its reviews within three months.
U.S. corporate credit quality is falling for many reasons. These include the weakening U.S. economy, an inability of marginal companies to raise cash, debt-financed merger activity and fallout from the Sept. 11 attacks on such industries as airlines, insurance, and travel.
For example, Moody's in July warned it may cut Comcast Corp.'s ratings after the Philadelphia-based company bid $44.5 billion for AT&T Corp.'s cable TV operations.
Then last month, Moody's warned it may cut Chicago-based Boeing Co.'s ratings because of the attacks' potential impact on demand for commercial airplanes.
In the third quarter, Moody's warned it may cut its ratings of 54 speculative-grade, or "junk"-rated, companies, and raise the ratings of just 11. For investment-grade companies, the gap was even more yawning: 68-to-11.
And in the fourth quarter? Through Friday, Moody's warned it may downgrade 47 companies and raise a mere four. On Monday, it downgraded embattled energy trading giant Enron Corp., and put all of its ratings on review for another downgrade.
Puchalla, however, said the decline could slow next year, in part because interest rates are low and companies are managing their balance sheets more conservatively.
"Lower borrowing costs and slowing debt growth should reduce debt servicing costs, and fiscal stimulus from the federal government should boost business revenues," he said. "That is a positive for credit quality."
The third quarter was the 14th in a row when corporate rating downgrades outpaced upgrades. The record is 19 quarters, set between 1988 and 1993.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
2001-10-29 12:16 (New York)
Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
(Updates with analyst comment in fifth paragraph.)
Houston, Oct. 29 (Bloomberg) -- Enron Corp., which can't get
low-interest, short-term loans, faces skeptical lenders who will
demand increasingly harsher terms as the largest energy trader
tries to get cash in the bank, credit analysts said.
``Anyone providing new funding is going to be nervous,'' said
Sean Egan, managing director at Egan-Jones Ratings Co. ``It's
likely that lenders are going to demand collateral.''
Enron is trying to get $1 billion to $2 billion in loans from
Citigroup Inc., J.P. Morgan Chase & Co. and other banks to calm
investors after a 52 percent drop in the company's stock since
Oct. 17, the Wall Street Journal reported. The company needs cash
every day to settle commodities transactions and to keep trading
partners.
The company on Thursday tapped $3.3 billion in bank credit
lines last week to pay off about $2 billion in commercial paper,
or short-term corporate loans. A week ago, the Enron said the U.S.
Securities and Exchange Commission had began an inquiry into
related-party transactions. They cost the company $35 million and
$1.2 billion in lost shareholder equity.
``Banks are in the driver's seat, and Enron is a little
desperate,'' said Peter Petas, a debt analyst at CreditSights Inc.
``I think their interest rates for loans would go up.''
Sells Assets for Cash
Companies in Enron's situation often agree to other bank
terms in order to secure loans, Petas said. Those can include
agreeing to use proceeds from selling assets to pay debt and
putting up assets as collateral.
Enron is attempting to sell assets to raise cash. Two related
partnerships, Osprey and Marlin, depend on selling power plants
and similar assets to repay $3.3 billion borrowed to buy the
plants. Enron may have to pay any difference between the debt and
sales proceeds.
The company plans to complete the $2.9 billion sale of
Portland General Electric, an Oregon utility, to Northwest Natural
Gas Co. next year.
Shares of Houston-based Enron fell $1.30, or 8.4 percent, to
$14.10 in midday trading. Earlier, they touched $13.55, down 12
percent. The company's credit rating was cut by Moody's Investors
Service after it wrote down the value of its assets.
The stock had tumbled 80 percent in the past 12 months.
--Russell Hubbard in the Princeton newsroom, 609-750-4651
USA: Enron shares drop despite further triage attempts.
10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 29 (Reuters) - Enron shares slipped to a new six-year low in early trade as North America's largest natural gas and electricity trader said it was talking to banks about tapping additional credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron's shares were trading down 90 cents, or 5.8 percent, to $14.60 in early morning trade on the New York Stock Exchange. Shares crashed through $15, a low not seen since February 1995.
Last week, Enron shed almost $14 billion in market value as its stock price tumbled more than half since last week, when a series of piecemeal disclosures about its involvement in complex partnerships began to trickle out.
However, many industry observers see Enron's request for an additional credit after tapping its banks for $3.3 billion last week after as a sign a weakness not of strength.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carole Levenson, research analyst with independent research firm gimmecredit.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron says in talks with banks for new credit line.
10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a move to shore up investor confidence.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on a new credit line.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
Enron shares sank 50 cents, or 3.2 percent, to $15 in early morning trade on the New York Stock Exchange. ((David Howard Sinkman, New York Newsdesk 646-223-6094)).
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Enron says in talks with banks for new credit line.
10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a new move to shore up investor confidence after it tapped about $3 billion in credit last week, and to stop a plunge in the company's stock that set new six-year lows.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on the new credit line.
Enron shares crashed through a psychological barrier of $15 a share, shedding $1.66, or 10.65 percent, to $13.85 in early morning trade on the New York Stock Exchange. The stock has lost more than half of its value in the past two weeks, losing more than $14 billion in market capitalization.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer in Houston.
Enron shares have tumbled since the company reported its first-quarterly loss in more than four years on Oct. 16. The company also wrote down $1.2 billion in equity, including transactions with partnerships formerly run by its chief financial officer who was forced to step down from Enron last week.
The sell-off was sparked by investor concern about the transparency of the transactions, which the Securities and Exchange Commission is examining. Enron last week replaced CFO Andrew Fastow as part of efforts to restore investor confidence.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
"Clearly, both the stock and bond market view Enron as being in dire straits," said independent research firm Gimme Credit analyst Carol Levenson.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead it's an act of desperation."
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
POWER POINTS:Enron May Have To Rethink Asset-Light Focus
By Mark Golden
10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column
NEW YORK -(Dow Jones)- On the face of things, it's hard to understand the stock market's headspinning reaction to Enron Corp.'s (ENE) revelation of some bad news in recent weeks.
Why the talk of a "death spiral" for North America's premier energy trading company? The stock price of Cisco Systems Inc. (CSCO), for example, saw an almost identical drop over a similar 12-month period. Nobody questioned the viability of Cisco.
The difference is that over the past few years, Enron has redefined itself as a company that runs on financial and intellectual muscle - not hard assets - and that focus is getting the company into trouble now that its credibility is in question.
If you're buying network components, you can probably stand some ambiguity in the finances of your supplier. After all, you're buying something you can touch. But if you're buying power or gas, what you're really buying is a commitment to deliver. If your supplier doesn't come through when the market gets tough, you're left totally exposed. In Enron's energy trading business, then, credibility at every level is critical.
For now, Enron looks to be more than viable. But the company's asset-light strategy might not be. Gross profits from trading have shrunk to 1.65% in the third quarter from 5.26% in the first quarter of 1998. Meanwhile, asset-heavy energy companies like Mirant Corp. (MIR) and Calpine Corp. (CPN) successfully use trading to optimize the performance of power plants and other infrastructure.
Two weeks ago, Enron reported a $618 million third-quarter loss, resulting from $1.01 billion in write-offs. That didn't send investors running, however. In fact, its stock price rose a bit on the news.
What hurt was the disclosure that Enron had reduced its net assets, or "shareholders' equity," by $1.2 billion as a consequence of unwinding positions in partnerships headed by former Chief Financial Officer Andrew Fastow. That, along with warnings of possible downgrades by credit ratings agencies and an inquiry by the Securities & Exchange Commission produced a $15.6 billion drop in Enron's market value.
On Monday, Moody's Investors Service followed through by downgrading its rating on Enron's senior, unsecured long-term debt to Baa2 from Baa1, leaving it two steps above junk-bond levels. The agency kept Enron's ratings on watch for further downgrade.
Long-Running Concerns
A 50% hit to shareholder value still seems like an overreaction to a 10% reduction in shareholders' equity. The stock price reflects the expectation of additional losses to be reported and Enron's loss of credibility. Enron executives in a conference call Tuesday insisted that the worst was behind them, but few on the call believed that.
For some analysts, Enron's revelations only fed long-running concerns about the company's lack of financial disclosure.
Cary Wasden, managing partner of Reed Wasden Research, has had a "sell" recommendation on Enron since March. Unlike the analysts at big Wall Street firms, Wasden isn't in the business of selling stock. His firm isn't involved in brokerage and isn't a hedge fund. Wasden gets paid for his research, and the company doesn't invest in the securities it covers.
A main Wasden concern with Enron is that the company has regularly included the proceeds from one-time sale of physical assets in operating income. His belief is that Enron has dramatically inflated its earnings for the past couple of years - a concern to which an Enron spokeswoman couldn't immediately respond.
"Don't believe by any means this is the end of the story," Wasden said.
Wall Street sell-side analysts have largely kept Enron as a "buy" or "strong buy" as the stock fell from $90 to $20. But even they are expressing concerns about the quality of Enron's reporting.
For now, the plunge in the price of Enron's shares and bonds, which last week started trading like junk-rated debt, hasn't hurt its credit standing with energy trading partners.
"We haven't changed our thinking regarding Enron or our policies and practices. We're watching it, and so is everybody else, but they are a solid company," Reliant Energy Inc. (REI) spokesman Richard Wheatley said in a typical reaction. "This is unfortunately a feeding frenzy regarding some dealings that I'm sure Enron will be able to come out of at some point."
Keeping Talent A Challenge
Enron is a big company - far too big to ignore. But continued deterioration in the price of its shares and bonds could lead counterparties to restrict their traders' transactions with Enron. If the company's investment-grade bonds continue to trade near levels traditionally considered distressed, risk managers won't be able to ignore it, whatever else Moody's does.
Assuming that doesn't happen, Enron still faces a tough road ahead. Like all companies, Enron is the combination of capital and talent. For financial companies, talent is the more important ingredient, and Enron has been suffering damage to its talent for some time.
New Chief Executive Jeff Skilling left in August, and a handful of his key lieutenants left earlier in the year. The losses can be expected to continue. Much of the top management cashed out when the company's stock price was high and moved on. Now middle management on down is angry and anxious to move on, if they haven't already.
Over the years, Enron has compensated its very talented labor with stock options to make up for base pay considered low by the industry. Those options are now nearly worthless. If Enron's debt-service costs rise, the company could struggle to attract the talent needed to generate income in its core business of trading energy in North America.
Some analysts would like to see more turnover at the very top. When Skilling left, nobody believed Skilling or Chairman Kenneth Lay's assurances that it was for "personal reasons." When CFO Fastow was forced out of his position last week, Lay said, "In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO."
That's putting words in Wall Street analysts' mouths. Who thought scapegoating Fastow was really the answer?
"I don't know anybody who said that," Wasden said. "What did the CFO do, what did Skilling do, that Ken Lay wasn't part of?"
Real change will have to come from without, Wasden said.
"Enron has been a cult, more than a company," he said. "Recruiting from within does nothing to change the company, it just changes the disciples. Enron needs to pull some top talent from outside."
Nevertheless, Wasden thinks Enron's stock has reached its natural floor and, if the company starts disclosing how it really makes money, it can recover over time.
"There are a lot of earnings that can be wrung out of really strong operating assets, like pipelines and power plants," he said.
That means paying more attention to the assets that Enron has spent the past few years denigrating. Given the bind Enron is in, Lay won't have much choice. Enron will survive, but it won't be the same company at all.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's
10/29/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
(Moody's corrected its stance on Enron ratings to a downgrade)
NEW YORK (AFX) - Moody's Investors Service said it has lowered the senior unsecured long-term debt ratings of Enron Corp from Baa1 to Baa2 following a deterioration in Enron's financial flexibility since the company announced significant writedowns as well as equity charges in previously undisclosed partnership investments.
The long-term debt ratings remain on review for further downgrade, Moody's said.
Moody's also placed the company's Prime-2 rating for commercial paper on review for downgrade.
Moody's initially placed Enron's long-term debt ratings on review on Oct 16. The write-downs and equity charges led to a substantial loss in investor confidence that has led to a more than halving of Enron's share price and difficulties in rolling over commercial paper, according to Moody's.
In response to these events, Moody's said Enron has shored up its near-term liquidity position by drawing down on all of its committed revolving credit facilities and buying back its outstanding commercial paper, leaving the company with a net cash position of approximately 1.2 bln usd.
Moody's said it plans to focus on management's success in lining up further liquidity support and on their ability to retain credit availability from their major counterparties.
aw/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Moody's cuts Enron to 2 notches above "junk".
10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 29 (Reuters) - Moody's Investors Service on Monday cut embattled energy trading giant Enron Corp.'s senior unsecured debt rating to two notches above junk status, and warned it may cut that rating again, as well as its rating for Enron's commercial paper.
The rating agency cut Houston-based Enron's senior unsecured debt to "Baa2" from "Baa1," and said it may cut Enron's "Prime-2" commercial paper rating, which affects short-term debt. Its rating actions affect $13 billion.
Moody's said Enron is suffering from deteriorating financial flexibility since it announced big write-downs and equity charges from previously undisclosed partnership investments this month. This triggered "difficulties in rolling over commercial paper," Moody's said.
Enron, which has about $63.4 billion in energy assets, said on Monday it is talking with banks to get more credit, after last week drawing down $3 billion from a bank credit line to buy back its outstanding commercial paper.
Its shares traded Monday on the New York Stock Exchange at $13.75, down $1.75, or 11.3 percent. They have fallen 62 percent since Oct. 12, from $35.81.
Rating agency, Standard & Poor's, on Thursday revised its outlook for Enron's ratings to "negative" from "stable."
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
UK: Europe energy firms wary of Enron on credit worries.
By Stuart Penson
10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
LONDON, Oct 29 (Reuters) - Energy companies in Europe are shying away from trading with troubled U.S. energy group Enron amid concerns about the company's credit status, industry sources said on Monday.
Several large energy groups have frozen their dealings with Enron - one of Europe's biggest gas and power traders - as they hold urgent talks with the U.S. group about setting up new credit arrangements, the sources said.
"I think Enron's approach is to get the major counterparties back on board as quickly as possible and then hope the smaller ones will follow," said the head of risk management at one UK utility that halted its trade with Enron last week.
"They are talking with us about bank letters of credit," he said. "The people that are still trading with them are doing so on a very restrictive basis."
A spokesman for Enron's European headquarters in London headquarters declined to comment.
Reluctance to trade with Enron in Europe comes as the company tries to rebuild investor confidence after its stock hit five-year lows.
Triggering the slide was news last week the U.S. Securities and Exchange Commission is investigating huge losses relating to a private equity operation run by its former chief financial officer.
Houston-based Enron trades a large amount of its volume in the U.S. and Europe through its Internet EnronOnline system.
Last Friday the company said trade on EnronOnline was above average levels with more than 8,400 transactions at a notional value of approximately $4 billion.
Traders said Enron's plight could hit liquidity in European gas and power markets, where liberalisation has unleashed rapid growth in energy trading in the last couple of years.
One industry source cited a brokers list showing eight companies in the UK electricity market had put on hold their trading Enron, which is among the biggest five traders in the market.
In mainland Europe, where Enron has been a major driver of liquidity, potential counterparties are treading with care.
"We are avoiding them as counterparties - either by not trading with them or by using a 'sleeve' (a third party trader)," said a senior trader at one of Germany's big utilities, who declined to be named.
French traders said wariness about dealing with Enron had dampened liquidity although Enron was still in the market on Monday morning.
"Enron is a major player so counter parties are looking to see if there is a problem," said one French trader.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
By Michael Rieke
10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column
HOUSTON -(Dow Jones)- Thanks to Enron Corp. (ENE), the broadband sector again looks like a place to make money.
But it won't be traders who will cash in on this new potential. It will be class-action attorneys. They're already lining up to sue Enron in at least five shareholder suits.
As of Oct. 25, two of lawsuits had been filed against Enron in federal court and three more in Texas state court. Most of them name as defendants Ken Lay, Enron's longtime chairman, former Chief Executive Jeff Skilling and Andrew Fastow, Enron's chief financial officer until he was put on leave of absence Oct. 25.
Still another suit, which isn't a class action suit, was filed naming as defendants members of Enron's board of directors.
All the lawsuits concentrate on private investment partnerships Enron set up, many of them managed by Fastow. Most of the suits contend that it was a conflict of interest to have the Fastow partnerships doing complicated hedging transactions with Enron.
The transactions named in the lawsuits involved billions of dollars of underperforming assets in broadband, water and other Enron investments.
Fastow operated on both sides of some of those transactions. As Enron's chief financial officer, he was being paid to manage the corporation's finances. As general partner of two LJM partnerships, he managed the counterparties to billions of dollars of trades with Enron. He shared in profits of those partnerships.
When investors began demanding information about the transactions, Enron's share price began to slide. With the heat on, Enron recently unwound the trades with the partnerships and booked $544 million related to losses from early termination of the deals, among other things.
That's when the class action attorneys went to work. So far, at least 14 law firms are representing the plaintiffs. Enron didn't respond to calls asking about the lawsuits.
Among the law firms representing plaintiffs is Milberg Weiss Bershad Hynes & Lerach, which put out a news release announcing its lawsuit. The release points out that the firm has been responsible for recovering more than $30 billion from class action lawsuits.
The lawsuits bring up questions about the bandwidth trading market. Some of the deals with the LJM partnerships run by Fastow "purportedly involved hedging transactions in the broadband market," according to Abrams and Franks v. Enron et al.
That could tie into questions that have lingered in the bandwidth market for months. Market skeptics have said Enron and other energy companies are the only ones trading bandwidth.
Enron has reported that it has been trading with a growing number of counterparties, a total of 120 in the second quarter of this year, according to Enron.
Now market watchers will want to know if any of Enron's trades were done with the LJM partnerships managed by Fastow.
They will also want to know how many bandwidth trades were done with Chewco Investments. That Houston company, according to a report in The Wall Street Journal, was managed by Michael Kopper and was set up in 1997 when Kopper was a managing director with Enron's Global Equity Markets Group. He left Enron earlier this year to work for partnerships run by Fastow.
Do the plaintiffs' attorneys know whether Enron was trading bandwidth with any of those investment partnerships?
"I think if is too early to tell," Thomas Bilek of Hoeffner & Bilek told Bandwidth Beat. "As you know, (information) is coming out in drabs and dribbles from Enron."
It could be several months before plaintiffs' attorneys get a chance to ask Enron officials those questions, Bilek said.
It's also too early to tell what potential damages plaintiffs could win, said Steven Schulman, an attorney with Milberg Weiss. "At this point, you can only talk about it in terms of (shareholder) losses, and the losses are in the billions."
Total losses will depend on the price each shareholder plaintiff paid for the stock and the price at which each shareholder later sold the stock.
Enron's share price topped out between $90 and $91 in the summer of last year. It set a 52-week low Oct. 26 at $15.04. That spread leaves plenty of room for losses.
Schulman told Bandwidth Beat that the record for losses in shareholder cases is $11 billion in a case involving Cendant Corp. (CD). Damages are usually a substantial portion of losses, Schulman said.
"Whether (the Enron case) is bigger or less, I couldn't opine," he said. "This is a big case, by any means."
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
| ||
arnold-j/inbox/59.
|
subject: FW: Presentation Announcement
content: -----Original Message-----
From: Crenshaw, Shirley
Sent: Thursday, October 25, 2001 2:15 PM
To: Black, Tamara Jae; Rangel, Ina; Coneway, Betty J.
Subject: Presentation Announcement
Hello everyone:
Would you please forward this announcement to your groups? I really appreciate your help!
Thanks!
Shirley Crenshaw
*************************************************************************************************************************************************
You are invited to attend the following presentation:
PSIM: A Power Simulation Tool
PSIM is a proprietary model developed by Enron Research Group.
? It takes Power, Gas, Weather and demand information into consideration and
uses Monte-Carlo simulation to assess the expected deal value and risk distribution.
? It evaluates complex electricity related contracts such
as Full Requirement and load following contract.
? It also provides a valuation tool for power assets and asset management deals.
? It works for both deal specific or portfolio issues.
In this presentation we will show how the model can be used to deal with various types
of contracts, explain the model structure and point out further applications.
Date: October 30, 2001
Time: 4:00 pm
Location: EB5C2
Presenter: Alex Huang
Registration is required for a head count.
Please call Shirley Crenshaw at 3-5290 to register.
Pizza and soft drinks will be served.
| ||
arnold-j/inbox/6.
|
subject: FW: LNG deal summaries
content: John,
Here are the deals that the LNG group are currently working on. We can discuss whenever you have time, also, if you want Eric Groves to come up to discuss let me know. Thanks.
John
-----Original Message-----
From: Groves, Eric
Sent: Wednesday, July 18, 2001 8:57 AM
To: Griffith, John
Subject: LNG deal summaries
John,
Some of this may require some expanation. Please let me know if you want me to come up and discuss with your crew.
Thanks,
Eric
| ||
arnold-j/inbox/60.
|
subject: Sleave
content: From enron's perspective:
Buy 1095 Jan 02 from williams, sell to koch
Buy 550 Feb02 from williams, sell to koch
buy 6/day cal 03 from williams, sell to koch
buy 1/day cal 5 from williams, sell to koch
buy 1/day cal 6 from williams, sell to koch
I will be in a meeting from 3-4:30 so if you can't get to it today I will just call you tommorrow to check it out
Thanks
| ||
arnold-j/inbox/61.
|
subject: Phone Numbers
content: Mine # is 918-573-5821
Brenden is 713-544-4214
| ||
arnold-j/inbox/62.
|
subject: FW: Top 50 Counterparties by Volume - US GAS as of 10-25-01
content: Hi John,
Here is the information you were looking for. We are still working on the buy sell breakouts. For the buy/sell breakouts do you need it broken down by product type as well?
Savita
-----Original Message-----
From: Johnson, Adam
Sent: Monday, October 29, 2001 1:33 PM
To: Puthigai, Savita; Moorer, Torrey; Sweitzer, Tara; Denny, Jennifer
Subject: Top 50 Counterparties by Volume - US GAS as of 10-25-01
Adam Johnson
EnronOnline
| ||
arnold-j/inbox/63.
|
subject:
content: tenn+3 200
| ||
arnold-j/inbox/64.
|
subject: TRV Notification: (NG - PROPT P/L - 10/29/2001)
content: The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=10/29/2001>, published as of 10/29/2001 is now available for viewing on the website.
| ||
arnold-j/inbox/65.
|
subject:
content: John:
Bank of Montreal would like to take Enron up on the offer you made this
afternoon to help balance our short swap exposure with your organization and
replace it with a third party Enron may have offsetting transactions with.
Per our conversation, to offset the contracts that we are short to Enron,
our position would allow us to accommodate the following transactions:
Buying five and a half (5.5) contracts a day December 2001 (Z01) natural gas
last day swaps from Enron and selling to a third party
Buying sixteen and a half (16.5) contracts a day January 2002 through
December 2002 (F02-Z02) natural gas last day swaps from Enron and selling to
a third party
Buying four (4) contracts a day April 2003 through October 2003 (J03-V03)
natural gas last day swaps from Enron and selling to a third party
Buying two (2) contracts a day January 2004 through December 2008 (F04-Z08)
natural gas last day swaps from Enron and selling to a third party
If you find an appropriate offsetting positions please contact me at
212-605-1475.
Thank you,
David DeVeny
Bank of Montreal
Commodity Derivatives Group
<FONT SIZE = 1>****************************************************************************
This e-mail and any attachments may contain confidential and privileged information. If you are not the intended recipient, please notify the sender immediately by return e-mail, delete this e-mail and destroy any copies. Any dissemination or use of this information by a person other than the intended recipient is unauthorized and may be illegal. Unless otherwise stated, opinions expressed in this e-mail are those of the author and are not endorsed by the author's employer.</FONT>
| ||
arnold-j/inbox/66.
|
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: JRostant 10/24/01
Days In Mgr. Queue: 5
| ||
arnold-j/inbox/67.
|
subject: Small world!
content: Hey John!
How are you?? I've been following the Enron story closely, which means I've
thought of you a lot recently. I hope things are going well, despite the
uncertainty.
I ran into someone from our Enron days today, which made me think of a funny
story. Do you remember when John Mee tried to eat 8 Big Macs and hurled
instead? John was talking to my boss, Chuck Clough, today, who he's known
since childhood and is a mentor of sorts. When he got off the phone, Chuck
told me who he was talking to and the name John Mee struck me as familiar.
I asked Chuck if he was a big kid who'd gone to Harvard and he said yes. So
I tell him the Big Mac story and Chuck picks up the phone and calls John to
ask him if that was him because if so, I knew him. Poor thing says "yeah,
that was me, but not one of my finer moments..." I could tell he was
embarrassed. I guess there are some things in life you just never live
down.
I also ran into some friends of yours in Bermuda last month. We shared a
cab to the airport and realized we had all been at Enron, though not at the
same time. I mentioned that I really loved the company, especially how
young it was and that I had a friend who joined right out of undergrad and
is now doing really well. They immediately said "John Arnold!" Shocked the
hell out of me, honestly. They were very funny in saying that I had made a
"bad trade" by marrying my husband instead of you. I told them I would keep
that in mind.... ;-} I would tell you their names, but I can't remember
off the top of my head. They both work for a weather trading firm in the
Northeast now, with Lynda Clemmons.
Well, gotta run to the gym - been putting it off as long as I could today.
I really do hope you're doing well. Please drop me a line when you aren't
trading up a storm...
Warm regards,
Heather
_______________________________
Heather Lockhart Robertson, Director
Clough Capital Partners, LP
260 Franklin Street, 19th Floor
Boston, MA 02110
P: 617-204-3409
F: 617-204-3434
E: [email protected]
| ||
arnold-j/inbox/68.
|
subject: Greetings
content: Hi John,
The events surrounding the Enron demise are quite disturbing not only to
me but to many of us over here. Our hearts go out to all the employees
who will not only loose their employment but also most, if not all, of
their savings. As you know, I've always thought a lot of you; not only
for your trading skills, but also as a person. You are one of the
largest and most influential traders in the market, yet do not have the
annoying ego so often found in traders of your stature. I'm absolutely
sure that you'll do well no matter where your career takes you. I just
wanted you to know that if there is ever anything I can do for you,
please don't hesitate to call. This is not a solicitation for
employment. This is from a person who always felt you treated me
honestly and fairly and if the occasion arises, would like to
reciprocate.
| ||
arnold-j/inbox/69.
|
subject: Messages
content: John:
Here are the messages on your voicemail.
11:30 PM 11/30/01 - Todd Apple ...pls call
1:24 PM 11/30/01 - Frank Giby/ Time in New York...wants to talk off the record 212-522-0040
4:32 PM - 12/3/01 - Lucinda called Mattress in and ready to be delivered 713-990-2400 or cell# 713-906-1200
4:01 PM - 12/4/01 - Lucinda called....mattress will be delivered at 4:00 on Wednesday 12/5/01
5:10 PM -12/4/01 - Eric Macada...he interviewed with you last month and wanted to keep touch with you in case there were possiblities in the future 212-737-8090
5:42 PM - 12/4/01 - Foster called and said backoffice tried to confirm 17 direct deals for Friday 11/30/01 and he doesn't have this recorded....he already spoke to Dutch and he is suppose to look into it.... please call him anyway.
7:16 PM - 12/4/01 Dawn Ray with Sidadel 312-696-2081 ...would not leave any messages
| ||
arnold-j/inbox/7.
|
subject:
content: http://fundamentals.corp.enron.com/main.asp
| ||
arnold-j/inbox/70.
|
subject: Broker Quotes - PLEASE READ
content: John and Dutch -
This email is sent to discuss what is needed with respect to NYMEX quotes from the broker market. Simply put, we need quotes on every forward term for which we currently have positions. It seems that the best way to obtain relevant information would be to ask for the following:
1. Annual quotes (a quote for 2003, a quote for 2004, etc.)
2. Seasonal quotes (winter '03, summer '04, etc.)
In short, try to obtain pricing to match any positions which we currently have in the books. I know that this will be difficult to accomplish, but please do what you can. We need these quotes for every day starting with Nov 28 through today. We will continue to need daily updates for the immediate future.
Also, I am aware that our current position doesn't give us much stroke to ask for a lot of pricing data. However, this information is critical as it will be needed for calculation of termination values. Please do whatever you can to obtain as much data as possible. Additionally, we need to get quotes from as many different brokers as possible to help verify pricing.
Please let me know if the brokers are not accomodating your requests; we may need to ask John or Louise to place calls into the brokers to move this process along.
If you have any questions or comments, you can normally find me in the "war room" next to Louise's office. If I'm not there, please call me at (713) 927-3003 or at ext 53923.
Thanks,
Jay
|
credit <[email protected]>
| |
arnold-j/inbox/71.
|
subject: Contact
content: I left a message earlier with your assistant. My contact information is
below, please touch base with me as soon as possible. I am working on a
project that is very pressing.
Lyndon A. Taylor
Principal
Heidrick & Struggles, Inc.
1221 McKinney, Suite 3050
Houston, Texas 77010
Office: (713) 751-3048
Fax: (713) 751-3018
Cell: (713) 303-3177
VM: (800) 964-5445
[email protected]
www.heidrick.com
| ||
arnold-j/inbox/72.
|
subject: re
content: john, i think it really really is to your benefit to speak to me asap . to
have a brief phone conversation. i called you a last week but you were off
the desk. not sure if you got the message. i have a sense of whats going on
there, its still worth calling. regards, things are looking rosy for you
dude.
212-933-2030
cell ph 917-374-6760
| ||
arnold-j/inbox/73.
|
subject: FW: re
content: > -----Original Message-----
> From: LaFontaine, Steve
> Sent: Tuesday, December 11, 2001 12:43 PM
> To: LaFontaine, Steve
> Subject: RE: re
>
> hey man-in the end good luck to whatever way you decide. youre a good guy
> in my book. when i left cargill it was intersting to see who in the
> industry would continue to talk to me w/out a big infrastructure backing
> me. you were one of them who did. some others did not. i wont forget that.
> i think this really would be a good fit for you but cant blame you for
> looking at the other option as well.
> if you go the other way-the primary advantage as i see it is you can
> trade alot of non correlated risks. i can tell you this is huge. trading
> oil and natgas has made me much bettr and much more consistent. so if yu
> go that way id recommend going somewher you can learn petroleum, metals,
> equities, grain etc rather than just feeling limited do to experience by
> trading natgas only. make sense? my opinion
> anywy-whatever yo do ill be glad to help anyway i can. hope youll be on
> the east coast for my sake
| ||
arnold-j/inbox/74.
|
subject: Wholesale Power and Gas Trading operation
content: 8214 Colonial Oaks Lane
Spring, Texas 77379
December 13, 2001
Regarding: energy trading positions
To Kevin Presto, Harry Arora, and John Arnold:
I am writing to you to express my desire to be apart of the Wholesale Power and Gas Trading operation that will potentially be created with an entity that has a high credit rating. I have been working for Rogers Herndon in Enron Wholesale Services on the Options Desk. In this role I have modeled the power options that are embedded in the various deals done through Enron Energy Services with large industrial and commercial clients. In addition, I profitably managed the positions and priced deals for structurers and originators. I realize that now is a difficult time but am confident that I would make an excellent addition to your team for several key reasons:
? Proven experience in the financial markets and direct trading experience in various markets, including electricity and natural gas, mortgage backed securities, U.S. Treasury securities, foreign exchange, EuroCurrency and EuroDollar deposits
? Team player and high work ethic, successfully balancing trading opportunities with managing risk
? Solid portfolio management and risk management experience in electricity and mortgage banking
? Five years direct experience in trading, risk management, structured products and marketing of electricity for the United States
? Actively involved in the physical markets and strong understanding of the western grid
? Experience trading OTC forwards and options at major hubs in other NERC regions such as Cinergy, Entergy, ERCOT, NEPOOL and PJM
? Worked for both unregulated power marketers and regulated utility
? Extensive experience in derivatives and structured products
? Ability to effectively work with marketers pricing and structuring deals for industrial and commercial end users of energy
? Strength in mentoring junior traders
Thank you,
Rick J. Wurlitzer
Home: (281)251-6210, Work: (713)853-5049
E-Mail: Home: [email protected] <mailto:[email protected]>, Work: [email protected]
| ||
arnold-j/inbox/75.
|
subject: Yahoo! ID Search Results
content: The search results for your forgotten Yahoo ID are listed below:
jarnold5329
nymexdesk
You can request a new password for your account
by going to the Forgot Password screen.
http://edit.my.yahoo.com/config/eval_forgot_pw
Thank you for using Yahoo!
| ||
arnold-j/inbox/76.
|
subject: ATTENTION: Changes in Remote Access
content: Please be aware that remote connectivity into the Enron network has changed, IPASS is no longer available. Remote Connectivity into Enron may be obtained by using the eConnect solution. Authorization to use eConnect may be requested via the eRequest system (you will find a link to eRequest on http://itcentral.enron.com).
Email is accessible from any computer with internet connectivity by logging into Outlook Web Access http:\\mail.enron.com with your NT login ID and password. Accessing OWA does not require an eConnect connection.
Please direct all questions or concerns to the Resolution Center at 713-853-1411
ETS customers should direct inquiries to the ETS Solution Center at 713-345-4745
We appreciate your cooperation in advance
|
All Enron Worldwide@ENRON <??SAll Enron Worldwide@ENRON>
|
|
arnold-j/inbox/77.
|
subject: info
content: John,
I will have my cell with me until Saturday the 22nd. 713-569-4684. From the 22-29th please reach me at 781-830-9199. I will be out of the country but checking in at that number. I will call you tonight to make sure that this information has made it to you. Thanks-Jeb
| ||
arnold-j/inbox/78.
|
subject: Private Equity Fund
content: John -
I want to confirm that you received the literature on the UBS PaineWebber
Private Equity Fund III and the Tamarack Fund. The Private Equity III
literature refers to a December 17 closing date; however, we have extended
that closing, so you may still be able to participate. Have you reviewed
the material, yet?
Thanks,
> 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]
<<Michael Gapinski (E-mail).vcf>>
******************************************************
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.
- Michael Gapinski (E-mail).vcf
| ||
arnold-j/inbox/79.
|
subject: NYMEX Holiday Hours
content: Friends:
The NYMEX will be open for a normal trading day today, closing at 2:30 p.m. EST.
The market
will remain closed Monday December 24 and Tuesday December 25. NYMEX ACCESS
will
reopen the evening of the 25th at 7:00 p.m. The Exchange will reopen Wednesday
morning the 26th
at 10:00 a.m. EST.
Happy Holidays!!
BNP PARIBAS Commodity Futures
_____________________________________________________________________________________________________________________________________
Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur.
Toute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf autorisation expresse.
L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS (et ses filiales) decline(nt) toute responsabilite au titre de ce message, dans l'hypothese ou il aurait ete modifie.
----------------------------------------------------------------------------------
This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender.
Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval.
The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified.
_____________________________________________________________________________________________________________________________________
| ||
arnold-j/inbox/8.
|
subject: Beaver Creek Settlements
content: Folks,
Here's the long awaited settlements chart.
I'm not assuming any credit risk.
--anthony
| ||
arnold-j/inbox/80.
|
subject: Orbitz Travel Purchase Confirmation
content: [IMAGE]=09[IMAGE]=09[IMAGE]=09[IMAGE]=09[IMAGE]=09[IMAGE]=09[IMAGE]=09
[IMAGE]=09=09=09=09=09[IMAGE]=09[IMAGE]=09
[IMAGE]=09=09=09=09=09[IMAGE]=09[IMAGE]=09
[IMAGE]=09Dear John, Thanks for booking your flight on Orbitz. Please n=
ote: You cannot use this document to pass through airport security. Withi=
n the next 24 hours we'll send you an "Itinerary Companion" e-mail that wil=
l include your airline ticket number(s), and all the information you will n=
eed to check in for your flight and pass through security. Please review =
carefully: Your Orbitz record locator is OLJ7LV. Airfare Quoted: USD $1,4=
93.40 (including taxes) Shipping Fee: USD $15.00 Total: USD $1,508.40 These=
tickets may carry restrictions. Houston George Bush International (IAH=
) to Philip S.W.Goldson Int (BZE) [IMAGE] Saturday, December 29 [IMAG=
E] Flight: Taca International Airlines 411 [IMAGE] Departure: Decembe=
r 29 2:20 PM CST (IAH) [IMAGE] Arrival: December 29 4:50 PM GMT-06:00 (=
BZE) [IMAGE] Class: Economy [IMAGE] [IMAGE] [IMAGE] Philip S.W.Golds=
on Int (BZE) to Dallas/Fort Worth International (DFW) [IMAGE] Tuesday, =
January 1 [IMAGE] Flight: Taca International Airlines 2140 (Operated by=
: AMERICAN -- AA2194) [IMAGE] Departure: January 1 4:40 PM GMT-06:00 (B=
ZE) [IMAGE] Arrival: January 1 7:44 PM CST (DFW) [IMAGE] Class: Eco=
nomy [IMAGE] [IMAGE] [IMAGE] Dallas/Fort Worth International (DFW) to Ho=
uston George Bush International (IAH) [IMAGE] Tuesday, January 1 [IMA=
GE] Flight: American Airlines 372 [IMAGE] Departure: January 1 8:51 P=
M CST (DFW) [IMAGE] Arrival: January 1 10:03 PM CST (IAH) [IMAGE] C=
lass: Economy [IMAGE] [IMAGE] [IMAGE] Please note: changes to your itiner=
ary may result in additional fees. If you are interested in purchasing tra=
vel protection for this trip, click here for an introduction to Access Amer=
ica . Again, thanks for choosing Orbitz. To show our appreciation, we've=
arranged for you to get special savings on great gifts -- $10 off any purc=
hase at FTD.COM and $30 off popular Omaha Steaks products. There's no minim=
um purchase required and you can take advantage of one or both of these gre=
at offers. Get $10 off any purchase at FTD.COM. You could save as much as=
50% off the regular price! Here's how to take advantage of this great offe=
r: If you want to place your order online, click here . Your $10 discount =
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r order by phone, call 1-800-SEND-FTD. Mention promotion code 7069 when ord=
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fer, click here . Get $30 off popular Omaha Steaks products. You could sa=
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er by clicking here . Your $30 discount will be applied automatically when =
you check out. For more information about this special offer, click here . =
Not ready to shop now? These offers are good until June 30th, 2002, so be=
sure to save this e-mail if you want to take advantage of these great savi=
ngs at a later date. In addition to your savings at FTD.COM and OMAHASTEA=
KS.COM, you've also earned 100 entries per booking into Orbitz' "Happy Hula=
-days" promotion.* Watch your email to see if you've won. *Subject to e=
ligibility restrictions. See official rules for details. =09[IMAGE]=09[IMA=
GE]=09[IMAGE]=09Friday, Dec 21 PASSENGERS ON THIS RECORD [IMAGE] John Arn=
old [IMAGE] Jennifer White [IMAGE] BILLING/DELIVERY INFO [IMAGE] Orbitz Mem=
ber Name: [IMAGE] Mr. John Arnold [IMAGE] Address: [IMAGE] 2000 Bagby #15=
403 Houston, Texas 77002 United States [IMAGE] E-Mail: [IMAGE] john.arnold@=
enron.com [IMAGE] We've listed all kinds of helpful information in our Freq=
uently Asked Questions (FAQs) at the Help and Customer Support page at Orb=
itz. =09[IMAGE]=09
| ||
arnold-j/inbox/81.
|
subject: Re:
content: So what have you decided for your team?
| ||
arnold-j/inbox/82.
|
subject: Re-establish ENA's account
content: Brian,
As we discussed earlier today, Enron North America Corp. (ENA) desires to re-establish its account with Paribas. The purpose of this account would be to sell no more than 2,500 NYMEX natural gas futures contracts to hedge natural gas storage inventory for the months of February, March and April, 2002. Please advise me as soon as possible regarding what ENA will need to do to re-establish its account. Please call me with questions at (w) 713-853-7657 or (m) 713-582-8379.
Regards,
Ed McMichael
Vice President
| ||
arnold-j/inbox/83.
|
subject: Re-start/Integration Planning
content: We have for the last couple of weeks started to compile the Re-start/Integration Plans for Netco. So far, we have primarily focussed on the mid/back plans where the technology requirements have been the driving factors. Several plans are in the final stages of completion including:-
+ Infrastructure Jenny Rub
+ Development Jay Webb
+ EnronOnline Webb / Forster
+ HR David Oxley
+ Cash Management Tom Myers
+ Credit Debbie Brackett
The rest will be completed shortly.
We now need to focus on the commercial plans which have a slightly different focus. John and I would like to receive the plans "Re-start/Integration" plans by January 7th, 2002 in order to go through them individually with each of you or in groups. The focus should be to ensure that we have as much of the business up and running in the shortest time possible. I have a suggested outline which you do not have to use but I thought it might help. Please decide within yourselves the areas you will cover together or individually.
Customer Side
+ Customers Phase 1 - First Week (eg top 10)
Phase 2 - First Month (eg top 50)
Phase 3 - First Quarter (eg top 100)
+ Action Plan Phase 1 Customers
Phase 2 Customers
Phase 3 Customers
+ Contracts by customers (pre-prepared with credit terms etc)
+ Customer visit schedule
Product Side
+ List of Products Phase 1 - First Week
Phase 2 - First Month
Phase 3 - First Quarter
Target Number of Transactions
+ Phase 1
+ Phase 2
+ Phase 3
IT transfer
Louise
| ||
arnold-j/inbox/84.
|
subject: Please Read: Resolution Center to Disconnect Toll Free number
content: The Resolution Center will be decommissioning one of its 888 numbers (888-877-7757) as of January 7, 2002.
You can continue to contact the Resolution Center, Toll Free, by using the following steps:
To contact the ENW IT Resolution Center:
? Call 1-800-973-6766 (1-800-97-ENRON)
? Select 1 to transfer to an extension within the Enron Building
? Select 31411 and you will be transferred to the helpdesk.
The following options are also available through the toll-free number:
0: Connect to voice directory
1: Transfer to an extension in the Enron building
2: Access voicemail in the Enron building
3: Transfer to 3 Allen Center
4: Transfer to Omaha
5: Transfer modem or fax with 646 prefix
6: Speak to an Enron operator
7: Transfer to a fax machine in the message center
8: Transfer to Aviation
9: Leave a confidential message for Enron Chairman
Please contact the Resolution Center at 3-1411 for assistance
ETS customers should continue to contact the ETS Solution Center-Houston at 713-345-4745 or 888-465-4745, and the ETS Solution Center-Omaha at 402-398-7454.
|
Announcement Group@ENRON <??SAnnouncement Group@ENRON>
|
|
arnold-j/inbox/85.
|
subject: Daily Charts 12/28
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude28.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas28.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil28.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded28.pdf
Feb. WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clg-qog.pdf
Feb Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Feb Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Feb Gas/Heat Spread http://www.carrfut.com/research/Energy1/hug-hog.pdf
June Gas/Heat Spread
http://www.carrfut.com/research/Energy1/HUM-HOM.pdf
March Gas/Heat Spread
http://www.carrfut.com/research/Energy1/HUH-HOH.pdf
Feb/May Unlead Spread
http://www.carrfut.com/research/Energy1/HUG-HUK.pdf
Feb/July Crude oil Spread
http://www.carrfut.com/research/Energy1/CLG-CLN.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG28.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG28.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL28.pdf
| ||
arnold-j/inbox/86.
|
subject: Optimize the performance of your PC!
content: (For e-mailing list removal information see bottom of e-mail.)
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arnold-j/inbox/87.
|
subject: Re: Address Change
content: Our recent mailing came back.
If you wish to continue to receive our catalog please send us your address
change ASAP.
Thank you,
Victor Doyle
General Manager
Pop's Wines & Spirits
256 Long Beach Road
Island Park, New York 11558
516.431.0025
516.432.2648, Fax
[email protected]
www.popswine.com
| ||
arnold-j/inbox/88.
|
subject: FREE X-MAS CASINO CHIPS!
content: This message was not sent unsolicited.
Your email has been submitted and verified for opt in promotions.
It is our goal to bring you the best in online promotions.
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agreed to opt in to receive promotional material. If you wish to unsubscribe please CLICK HERE.
If you received this email by error, please reply to: [email protected]
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arnold-j/inbox/89.
|
subject: Are You Living in Debt, Paycheck to Paycheck?6658
content: FOLLOW ME TO FINANCIAL FREEDOM!!
I Am looking for people with good work ethics and extrordinary desire to earn at least $10,000 per month working from home!
NO SPECIAL SKILLS OR EXPERIENCE REQUIRED. We will give you all the training and personal support you will need to ensure your success!
This LEGITIMATE HOME-BASED INCOME OPPORTUNITY can put you back in control of your time, your finances, and your life!
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DO NOT RESPOND BY EMAIL AND DON'T GO TO SLEEP WITHOUT LISTENING TO THIS!
" The moment you commit an quit holding back, all sorts of unforseen incidents, meetings and material assistance will
rise up to help you. The simple act of commitment is a powerful magnet for help." - Napoleon Hill
To be REMOVED from this list, simply click reply and submit.
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arnold-j/inbox/9.
|
subject: FW: New Multi-commodity Options Trading Products
content: Hi,
My name is Iris Mack. Currently I work on Enron's Power Options Trading desk.
I am primarily responsible for building our business in long-term, derivatives structures/trades on multiple commodities and financials. For example, we are exploring potential structures and trades which involve power, gas, crude oil, weather derivatives, metals, etc. Some of the building blocks for these multi-commodity derivatives products may be found in the attached document.
We are looking to build this business via utilizing as many of Enron's internal resources as possible. Hence, it would be most helpful to meet with the relevant individuals in Gas Trading who would be interested in the development of multi-commodity derivatives trades/structures which may used to develop customized risk management tools for our clients.
Thank you in advance for your assistance.
Kind regards,
Iris Mack, MBA/PhD
Enron Power Options Trading Desk
| ||
arnold-j/inbox/90.
|
subject: Daily Charts 12/31
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude02.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas02.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil02.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded02.pdf
Feb. WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clg-qog.pdf
Feb Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Feb Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Feb Gas/Heat Spread http://www.carrfut.com/research/Energy1/hug-hog.pdf
June Gas/Heat Spread
http://www.carrfut.com/research/Energy1/HUM-HOM.pdf
March Gas/Heat Spread
http://www.carrfut.com/research/Energy1/HUH-HOH.pdf
Feb/May Unlead Spread
http://www.carrfut.com/research/Energy1/HUG-HUK.pdf
Feb/July Crude oil Spread
http://www.carrfut.com/research/Energy1/CLG-CLN.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG02.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG02.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL02.pdf
Scott Mollner Recommendation
http://www.carrfut.com/research/Energy1/recom12-31-01.pdf
| ||
arnold-j/inbox/91.
|
subject: Nat Gas market analysis for 12-31-01
content: Attached please find the Natural Gas market analysis for today.
Thanks,
Bob McKinney
- 12-31-01 Nat Gas.doc
| ||
arnold-j/inbox/92.
|
subject: The Daily Quote
content: =09
=09
=09=09=09=09=09
=09=09=09 [IMAGE]ENTER SYMBOL Find symbol Quote(s) Msg. Board LiveChar=
t =09 [IMAGE]Real-Time Exchanges & Streaming Charts =09=09=09
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Up/Downgrades [IMAGE] | [IMAGE]Splits [IMAGE] | [IMAGE]Economic Calendar =
[IMAGE] | [IMAGE]Industry Research [IMAGE] | [IMAGE]Finance101 [IMAGE] =
=09=09=09
=09=09=09=09=09
=09=09 =09 =09
=09=09=09=09
=09 [IMAGE]The Daily Quote Edit watchlist or email address [IMAG=
E]NASDAQ 1977.22 10.04 (0.50%) [IMAGE]DJIA 10094.64 42.35 (0.41%) =
[IMAGE]SP500 1157.15 3.87 (0.33%) - - - - - ALL Indices?[IMAGE]? =
[IMAGE]FINANCE 101: ASK THE EDITOR Richard Aggers asks, [IMAGE]Q. =
[IMAGE]"What are the current pitfalls of REIT's?" [IMAGE]A. REIT is an a=
cronym for Real Estate Investment Trust, and here is how it works. Not so =
very....continue [IMAGE]? - - - - - [IMAGE]Question? Ask the editor [IMAG=
E]? ([email protected]) - - - - - Browse Q+A Archive [IMAGE]MONDAY'S=
PRODUCT HIGHLIGHT [IMAGE]RAGING BULL Would you like to know what other inv=
estors are saying about your favorite stocks? Visit the Raging Bull message=
boards and find out. MORE [IMAGE]? [IMAGE]Economic Releases No Economi=
c Releases at this time! [IMAGE]Your Watchlist [IMAGE]Edit [IMAGE]Symb=
ol [IMAGE]Last [IMAGE]Change [IMAGE]NYSE:AWA [IMAGE]3.10 0.63 (25.50%)=
[IMAGE]NASDAQ:NEXM [IMAGE]3.45 0.61 (21.47%) [IMAGE]NASDAQ:ADLT =
[IMAGE]1.48 0.15 (11.27%) [IMAGE]NASDAQ:GILTF [IMAGE]5.38 0.74 (15.94%=
) [IMAGE]NASDAQ:TRPH [IMAGE]1.64 0.07 (4.45%) [IMAGE]NASDAQ:SGMO =
[IMAGE]9.27 1.17 (14.44%) - - - - - Setup a fully personalized port=
folio [IMAGE]? [IMAGE]Your Watchlist News [IMAGE]AMERICA WEST HDLGS B=
U.S. stocks slip as investors close books on 2001 31 Dec 2001, 12:42pm ET =
(Reuters) US Airways shares climb on America West decision 31 Dec 2001, 12:=
30pm ET (Reuters) U.S. stocks slip on final trading day of tough year 31 De=
c 2001, 11:51am ET (Reuters) - - - - - MORE AWA News [IMAGE]? [IMAGE]NE=
XMED, INC. (NM) Alprox-TD (R) Data Presented at Key Meeting 6 Dec 2001, 07:=
32am ET (PR Newswire) NexMed Announces NDA Filing in Singapore 27 Nov 2001,=
07:31am ET (PR Newswire) NEXMED INC FILES FORM 10-Q (*US:NEXM) 14 Nov 2001=
, 2:33pm ET (EDGAR Online) - - - - - MORE NEXM News [IMAGE]? [IMAGE]ADV=
ANCED LIGHTING TECHNOLOGIES INC. (NM) ADVANCED LIGHTING TECHNOLOGIES INC FI=
LES FORM 8-K (*US:ADLT) 27 Dec 2001, 4:38pm ET (EDGAR Online) Advanced Ligh=
ting Technologies Completes Sale of Fixture Subsidiaries 13 Dec 2001, 09:50=
am ET (PR Newswire) ADVANCED LIGHTING TECHNOLOGIES INC FILES FORM 10-Q (*US=
:ADLT) 15 Nov 2001, 02:59am ET (EDGAR Online) - - - - - MORE ADLT News [IM=
AGE]? [IMAGE]GILAT SATELLITE NETWORKS LTD. (NM) StarBand Launches Custom=
er Education Channel with Kaplan, Inc.; Partnership for Innovative Long Di=
stance Learning From the Sky 12 Dec 2001, 12:39pm ET (BusinessWire) GILAT =
SATELLITE NETWORKS LTD FILES FORM SC 13D/A (*US:GILTF) 4 Dec 2001, 5:24pm E=
T (EDGAR Online) StarBand Offers Relief to Four Million Customers Stuck At =
Home;-- Satellite-delivered Internet company Welcomes Anxious Cable Custome=
rs 3 Dec 2001, 1:42pm ET (BusinessWire) - - - - - MORE GILTF News [IMAGE]?=
[IMAGE]TRIPATH TECHNOLOGY, INC. (NM) Tripath Expands Audio Amplifier Re=
lationship With ST Microelectronics 18 Dec 2001, 07:01am ET (PR Newswire) T=
ripath Technology Recognized for Solid Financial Performance By Fabless Sem=
iconductor Association 11 Dec 2001, 08:03am ET (PR Newswire) Tripath Powers=
Bel Canto's Award Winning Power Amplifier 6 Dec 2001, 07:02am ET (PR Newsw=
ire) - - - - - MORE TRPH News [IMAGE]? [IMAGE]SANGAMO BIOSCIENCES, INC.=
(NM) GeneFormatics Appoints Edward Lanphier to Board of Directors 7 Nov 2=
001, 08:38am ET (BusinessWire) Sangamo BioSciences Granted U.K. Patent Cove=
ring Methods of Engineering Zinc Finger DNA-Binding Proteins 29 Oct 2001, 4=
:05pm ET (PR Newswire) SANGAMO BIOSCIENCES INC FILES FORM 10-Q (*US:SGMO) 1=
9 Oct 2001, 4:59pm ET (EDGAR Online) - - - - - MORE SGMO News [IMAGE]? =
[IMAGE]Today's Top Stock News As of 31 Dec 2001, 12:49 ET powered by Brief=
ing.com [IMAGE]Dow -32, Nasdaq -10, S?-3.12 Dec 31 2001 12:00pm ET The mar=
ket opened the session on a negative note and except for a very brief flirt=
ation with unchanged levels has spent the session on the defensive. Not su=
rprisingly, volume has been on the light side for the final se... continue =
[IMAGE]? [IMAGE] MORE NEWS ? Small Cap Airlines ? Consumer Plays ? Stoc=
ks to Watch [IMAGE]UNSUBSCRIBE To stop receiving this newsletter, send an=
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sletter subscriptions on Lycos: http://ldbauth.lycos.com/cgi-bin/mayaRegist=
er?m_PR=3D4&m_RC=3D3 (click "Edit email subscriptions" after logging in) =
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| ||
arnold-j/inbox/93.
|
subject: NETCO
content: The New Year has arrived and we really to finalize a lot of the work with regards to moving into NETCO. Obviously we still do not have a deal but the deadline is approaching and preparations need to be finalized.
The main areas to focus on over the next week are:-
(i) Re-start/Integration Plans (due on Jan 7) To be forwarded to Louise
These plans need to be detailed and show clear detailed timelines and detailed responsibilities for getting us up and running as soon as possible.
The current restart date is January 21, 2001 but may be pushed forward to January 14, 2002.
(ii) Budget (due Jan 3, 2002) To be forwarded to Faith Killen
First year budget to include all start up costs (some of which can be amortized)
(iii) Seating Plans Tammy Shepperd to co-ordinate
We need to start the planning process for seating as we will be living on floors 5 & 6 of the Enron South building.
I have asked Tammy Shepperd to commence the seating plan and we would look to start the moves as soon as possible but with a large number occuring around January 11,2002.
(iv) Due Diligence
We continue the process with two new companies this week (Wednesday and Thursday). Andy Zipper is taking the lead for the company arriving on Wednesday, please help him with his requirements.
I would ask that both John and I are notified of any changes to the Netco personnel list on a timely fashion and that the list is maintained on a continual basis. Please forward all alterations to Jeanie Slone who has responsibility for the master list.
Communication - I believe that the New Year combined with a internal communication issues may be a good time to review what we want to say on Netco and what our policies are. I am asking David Oxley to co-ordinate with all of you on this. I know a lot of you believe that we need to only communicate once we have retention programme in place for the estate which may be a good idea but we we need to make sure that we lose as few people as possible.
If you are unavailable this week, please ensure you delegate this work out.
Happy New Year
Louise
| ||
arnold-j/inbox/94.
|
subject: Hollywood video
content: You got a notice from Hollywood Video saying you owe $64.99 for a DVD you
borrowed on 11/30/01 entitled "15 minutes". You are to enclose the letter
when paying your bill so I am mailing it to you. Be sure to look for it in
the mail.
Also, we need to talk about the weekend of 01/12. My doctor's appointment
has been changed. Let's talk about it.
Sorry I forgot you went to Belize. Hope you had a wonderful time. Hope
there weren't any bugs in that thatched roof! Love you, Mom
| ||
arnold-j/inbox/95.
|
subject: Crouching Tiger Hidden Dragon has been received.
content: [IMAGE] Qwiklist(10) MyAccount Rental History Shipping List We have received Crouching Tiger Hidden Dragon(2000) on 12/31/2001 We will be processing your QwikList selections and will send the next available dvd on your QwikList. You will receive another email when it ships. Thank You! [IMAGE] Crouching Tiger Hidden Dragon(2000) Home | Customer Service | Rental Details
| ||
arnold-j/inbox/96.
|
subject: L.A. Confidential has been received.
content: [IMAGE] Qwiklist(9) MyAccount Rental History Shipping List We have received L.A. Confidential(1997) on 12/31/2001 We will be processing your QwikList selections and will send the next available dvd on your QwikList. You will receive another email when it ships. Thank You! [IMAGE] L.A. Confidential(1997) Home | Customer Service | Rental Details
| ||
arnold-j/inbox/97.
|
subject: Raging Bull has been shipped.
content: [IMAGE] Qwiklist(9) MyAccount Rental History Shipping List We shipped you Raging Bull(1980) on 12/31/2001 You should receive your movie within the next 2-5 days [IMAGE] Raging Bull(1980) Home | Customer Service | Rental Details
| ||
arnold-j/inbox/98.
|
subject: Saving Private Ryan has been shipped.
content: [IMAGE] Qwiklist(9) MyAccount Rental History Shipping List We shipped you Saving Private Ryan(1999) on 12/31/2001 You should receive your movie within the next 2-5 days [IMAGE] Saving Private Ryan(1999) Home | Customer Service | Rental Details
| ||
arnold-j/inbox/99.
|
subject: OnePass Member continental.com Specials for john arnold
content: continental.com Specials for john arnold
Tuesday, January 1, 2002
****************************************
HAPPY NEW YEAR!
Continental makes it easy to unwind with an additional 10% off select sale fares to destinations in North America and Europe. Hurry, seats are limited and this sale ends January 15, 2002.
Purchase your eTickets now at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVAZ*qHkghsKQLJmELgkhgEJht*z*VA
EARN UP TO 20,000 BONUS MILES*
Now through February 15, 2002, we'll reward you with additional OnePass miles every time you purchase an eTicket on continental.com and fly - and that's in addition to your actual flight miles.
View all the details and register at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVAZ*qHkghsKQLJmELgkhgEJht*z*XA
* NOTE: Bonus Mile offer does not apply to continental.com Specials.
TRAVEL UPDATES
Be sure to check continental.com at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVAZ*qHkghsKQLJmELgkhgEJht*z*YA
before leaving for the airport. We're looking forward to welcoming you onboard!
****************************************
TABLE OF CONTENTS
1. This Week's Destinations
2. Hilton Hotels & Resorts, Doubletree Hotels & Resorts, & Embassy Suites Hotels Offers
3. Westin Hotels & Resorts, Sheraton Hotels & Resorts, Four Points by Sheraton, St. Regis, The Luxury Collection and W Hotels Offers
4. Alamo Rent A Car Offers
5. National Car Rental Offers
****************************************
1. THIS WEEK'S DESTINATIONS
Depart Saturday, January 5 and return on either Monday, January 7 or Tuesday, January 8, 2002. Please see the Terms and Conditions listed at the end of this e-mail.
For OnePass members, here are special opportunities to redeem miles for travel to the following destinations. As an additional benefit, OnePass Elite members can travel using the miles below as the only payment necessary. The following are this week's OnePass continental.com Specials.
To use your OnePass miles (as listed below) to purchase continental.com Specials, you must call 1-800-642-1617.
THERE WILL NOT BE AN ADDITIONAL $20 CHARGE WHEN REDEEMING ONEPASS MILES FOR CONTINENTAL.COM SPECIALS THROUGH THE TOLL FREE RESERVATIONS NUMBER.
If you are not using your OnePass miles, purchase continental.com Specials online until 11:59pm (CST) Friday at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVAZ*qHkghsKQLJmELgkhgEJht*z*ZA
You can also purchase continental.com Specials for an additional cost of $20 per ticket through our telephone service at 1-800-642-1617.
**********************************************
ROUND-TRIP TRAVEL MAY ORIGINATE IN EITHER CITY
**********************************************
****Roundtrip BETWEEN CLEVELAND, OH and:
$29 + 12,500 Miles or $119 - Milwaukee, WI
****Roundtrip BETWEEN HOUSTON, TX and:
$29 + 10,000 Miles or $109 - Alexandria, LA
$29 + 12,500 Miles or $119 - Amarillo, TX
$29 + 10,000 Miles or $109 - Beaumont/Pt. Arthur, TX
$29 + 10,000 Miles or $109 - Gulfport/Biloxi, MS
$29 + 12,500 Miles or $119 - Tulsa, OK
****Roundtrip BETWEEN NEW YORK/NEWARK and:
$29 + 12,500 Miles or $119 - Albany, NY
$29 + 12,500 Miles or $119 - Greensboro/Piedmont Triad, NC
$29 + 15,000 Miles or $159 - Kansas City, MO
$29 + 12,500 Miles or $129 - Nashville, TN
$29 + 15,000 Miles or $159 - New Orleans, LA
$29 + 10,000 Miles or $109 - Norfolk, VA
$29 + 10,000 Miles or $109 - Portland, ME
$29 + 10,000 Miles or $109 - Richmond, VA
$29 + 10,000 Miles or $109 - Syracuse, NY
********************************
2. CONTINENTAL.COM SPECIALS FROM HILTON HOTELS AND RESORTS, DOUBLETREE
HOTELS AND RESORTS, AND EMBASSY SUITES HOTELS
The following rates are available January 5 - January 7, 2002 and are priced per night.
--------------------------------------
Cleveland, OH - Hilton Garden Inn, Cleveland Airport - $79
Houston, TX - Embassy Suites Hotel Houston, Near The Galleria - $130
Houston, TX - Hilton Houston Hobby Airport - $88
Houston, TX - Hilton Houston Westchase and Towers - $149
Nashville, TN - Hilton Suites Nashville, Downtown - $109
Newark, NJ - Doubletree Club Suites Jersey City, Jersey City NJ - $149 (January 5-6 only)
Newark, NJ - Hilton Pearl River, Pearl River NY - $125
To book this week's special rates for Hilton Family Hotels, visit and book at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVAZ*qHkghsKQLJmELgkhgEJht*z*AA
Special rates apply only for the dates listed at each hotel and are subject to availability. Check hilton.com for specific dates at each Hilton Family Hotel. Or call at 1-800-774-1500 and ask for Value Rates. Restrictions apply to these rates.
****************************************
3. CONTINENTAL.COM SPECIALS LAST-MINUTE WEEKEND RATES FROM WESTIN HOTELS & RESORTS, SHERATON HOTELS & RESORTS, FOUR POINTS BY SHERATON, ST. REGIS, THE LUXURY COLLECTION, AND W HOTELS
There are no offerings from Westin Hotels & Resorts, Sheraton Hotels & Resorts, Four Points by Sheraton, St. Regis, The Luxury Collection and W Hotels this week.
********************************
4. CONTINENTAL.COM SPECIALS FROM ALAMO RENT A CAR
Rates listed below are valid on compact class vehicles at airport locations only. Other car types may be available. Rates are valid for rentals on Saturday, January 5 with returns Monday, January 7 or Tuesday, January 8, 2002.
-------------------------------
$17 a day in: Milwaukee, WI (MKE)
$18 a day in: Greensboro/Piedmont Triad, NC (GSO)
$18 a day in: Houston, TX (IAH)
$18 a day in: Kansas City, MO (MCI)
$18 a day in: Nashville, TN (BNA)
$18 a day in: Tulsa, OK (TUL)
$20 a day in: Cleveland, OH (CLE)
$26 a day in: New Orleans, LA (MSY)
$26 a day in: Newark, NJ (EWR)
To receive continental.com Specials discounted rates, simply make advance reservations and be sure to request ID # 596871 and Rate Code 33. Book your reservation online at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVAZ*qHkghsKQLJmELgkhgEJht*z*BA
or contact Alamo at 1-800 GO ALAMO.
*If you are traveling to a city or a different date that is not listed, Alamo offers great rates when you book online at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVAZ*qHkghsKQLJmELgkhgEJht*z*CA
For complete details on these offers, please refer to Alamo's terms and conditions below.
****************************************
5. CONTINENTAL.COM SPECIALS FROM NATIONAL CAR RENTAL
Rates listed below are valid on intermediate class vehicles at airport locations only. Other car types may be available. Rates are valid for rentals on Saturday, January 5 with returns Monday, January 7 or Tuesday, January 8, 2002.
------------------------------------------
$21 a day in: Amarillo, TX (AMA)
$21 a day in: Greensboro/Piedmont Triad, NC (GSO)
$21 a day in: Gulfport/Biloxi, MS (GPT)
$21 a day in: Houston, TX (IAH)
$21 a day in: Kansas City, MO (MCI)
$21 a day in: Nashville, TN (BNA)
$21 a day in: Syracuse, NY (SYR)
$21 a day in: Tulsa, OK (TUL)
$23 a day in: Cleveland, OH (CLE)
$28 a day in: Alexandria, LA (AEX)
$28 a day in: Norfolk, VA (ORF)
$28 a day in: Richmond, VA (RIC)
$29 a day in: New Orleans, LA (MSY)
$29 a day in: Newark, NJ (EWR)
To receive continental.com Specials discounted rates, simply make your reservations in advance and be sure to request Product Code COOLUS. To make your reservation, contact National at 1-800-CAR-RENT (1-800-227-7368), or book your reservation online at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVAZ*qHkghsKQLJmELgkhgEJht*z*DA
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arnold-j/kinko_s/1.
|
subject: identifying persons to work with us on defining the Enron/Kinko's
content: Mr. Thompson:
Thank-you for your time this morning as we reviewed progress on the=20
Kinko's/Enron relationship and discussed how we might move forward with the=
=20
appropriate individuals at Kinko's who could help us define "value=20
propositions."
=20
As we mentioned, we would like to have a conference call and/or meeting wit=
h=20
Kinko's "solutions architects" who could work with us on further defining =
=20
broadband and pulp & paper initatives. If these discussions were held befo=
re=20
the holidays, this would enable us to prepare both for the Experience Enron=
=20
event which will be held January 5th, 2001 from 9-11 AM and for subsequent=
=20
executive level meetings.
For example, someone who could answer questions regarding communication=20
transit possibilities with kinkos.com and other broadband-related questions=
=20
would be helpful in this endeavor. Often, this information comes to us=20
through the IT organization such as a direct report to the CIO or CTO. =20
Additionally, someone from the Finance organization (direct report to the=
=20
CFO) could address the following types of questions regarding Kinko's paper=
=20
usage:
Of Kinko's overall costs, where does paper rank?
Does Kinko's have long-term (1-7 years), fixed pricing for copy paper?
Can Kinko's pass-through paper price increases on to its customers?
Mr. Thompson, I have taken the liberty of attaching the Meeting Minutes fro=
m=20
the October 6th meeting as background information of our discussions.
Thank-you for your help. I can be reached at: #(713)-345-6541 and look=20
forward to speaking soon.
=20
Sarah-Joy Hunter, Manager
Enron Corporation
Global Strategic Sourcing, Business Development
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/01/2000=
=20
10:50 AM ---------------------------
Sarah-Joy Hunter
10/06/2000 01:56 PM
To: George Wasaff/NA/Enron@Enron, George Weber/Corp/Enron@ENRON, Daniel=20
Coleman/NA/Enron@ENRON, Jennifer Stewart/NA/Enron@Enron, Colleen=20
Koenig/NA/Enron@Enron, Jeff Youngflesh/Enron Communications@Enron=20
Communications, Mike Rabon/Enron Communications@Enron Communications, Dorot=
hy=20
Woster/Enron Communications@Enron Communications, [email protected],=20
[email protected], Ed Quinn/HOU/ECT@ECT, k [email protected], Chris=20
Charbonneau/NA/Enron@ENRON, Sarah-Joy Hunter/NA/Enron@Enron
cc: =20
Subject: Kinko's and Enron Meeting Minutes 10/05/00
Meeting Minutes: Kinko's and Enron=20
Meeting Purpose: Kinko's and Enron (Enron North America -- Industrial=20
Markets, Global Strategic Sourcing, Enron Broadband Services) explored=20
business opportunities between the two companies. Discussions were held=20
regarding a) setting up Enron as a Kinko's national account as Kinko's buil=
ds=20
its capacity to deliver services in this arena and b) broadband, price risk=
=20
management , and facilities management services Enron could provide to Kink=
o's
Date: 10/05/00
Kinko's Attendees: =20
James Thompson, Regional Sales Manager
Dan Thies, Sales Engineer
Mike Allen, Account Manager
Enron Industrial Markets Attendees: =20
Ed Quinn, Director
Chris Charbonneau, Manager, Pulp & Paper
Global Strategic Sourcing Attendees:=20
Jennifer Stewart, Senior Director
Jeff Youngflesh, Director
Sarah-Joy Hunter, Manager
Daniel Coleman, Sourcing Portfolio Leader
George Weber, Contracts Manager
Enron Broadband Services Attendee:=20
Michael Rabon, Western Region Sales Manager
Value propositions discussed:
GSS=01,s goal is to work with Kinko's to build a series of value propositio=
ns=20
which provide business for both companies such as the following: =20
(1) Expanding the Kinko's service capability to a national account with Enr=
on
E-mail and overnight service capabilities=20
Place the Kinko's products and services into the iBuyit platform=20
Online document capabilities for targeted departments such as HR and=
=20
government relations
(2) Enron Broadband Services=20
-- PoP savings (Brownsville, TX vs. Kansas City locations)
-- Voice over IP=20
(3) Enron Industrial Markets -- hedging Kinko's price risk in a climate of=
=20
fluctuating pulp and paper prices
ACTION ITEMS: Enron deliverables to Kinkos
1) Provide EFS, EES, and other Enron office locations for Mike Allen so th=
at=20
other Enron business locations can be=20
included in the Kinko's/Enron contract for setting up a national account=20
(George Weber)
2) Follow up with other Enron business units to see if they would be=20
interested in a Kinkos on-line document program (George Weber)
3) Speak with John Pattillo about an Enron Building Services play with Kink=
os=20
(Jennifer Stewart)
4) Provide Kinko's representatives passwords to Enron clickpaper.com(Chris=
=20
Charbonneau, Sarah-Joy Hunter)
5) Work with Mike Allen and Dan Thies to set up an executive level meeting=
=20
between Kinko's and Enron (Sarah-Joy Hunter)
ACTION ITEMS: Kinkos deliverables to Enron
1) Contact Kinko's executives (CFO, CIO, CTO, and other decision makers in=
=20
Kinkos.com) to set up an executive level meeting between Kinko's and Enron=
=20
(Mike Allen, Dan Thies, James Thompson)
2) Start the process of establishing a national account for Enron (Mike=20
Allen)
3) In addition to invoices and American Express cards, does Kinko's have th=
e=20
capacity to include other credit cards as a method of payment? (Mike Allen)
Follow-up Conference Call (Sarah-Joy Hunter and Mike Allen): Friday, Octob=
er=20
13th at 11:30AM.
| ||
arnold-j/kinko_s/2.
|
subject: broadband solutions architect
content: Jennifer:
Mike Rabon had just forwarded to me this helpful synopsis of the opportunity
with Kinko's as he sees it. I would like to forward this on to James
Thompson to assist him in targeting the right person for us to work with (and
cc Mike Rabon). Is this a good idea to forward on the e-mail or is it
overkill given the e-mail I sent yesterday? Second, could I mention "Gary
King" Mike Rabon's Kinko's contact in the e-mail?
Thanks for your suggestion! SJ
Mr. Thompson:
Here are several "touchpoints" identified by Mike Rabon, the Enron Broadband
Services originator, which may facilitate your finding the appropriate
broadband solutions architect at Kinko's. You may recall having met Mike
Rabon in the October 6th meeting.
Kinko's has an IP network today with access to all branches. Kinko's had
expressed the need to add more hubs to that network and make some changes to
it in the spring 2001 time frame. Enron's goal would be to make a needs
assessment for the desired structure that Kinko's would like to see as it
pertains to:
Near term network planning.
IP Transport - Capacity requirements for Mbps, and burst potential.
IP Transit - Capacity requirements and current contract usage for internet
transit. Kinkos.com in particular has a high potential for IP transit
capacity.
Storage - As the hubs and branch numbers grow, there may be a need for
managed storage. Enron's solution will reduce, or eliminate the need to buy
storage devices. Mike Rabon would like to speak with someone at Kinko's about
your storage strategy and growth.
Collocation - There is a substantial opportunity for Enron to provide the
actual space to be used for the hubs, as well as the IP transport from the
hubs.
Interactive Video - Enron's IPNet Connect product will allow high quality
H.323 video conferencing at bandwidths well above 768K. Utilizing the Enron
IPNet Connect network installed to branches can allow video costs to be
significantly reduced, and allow much higher video quality. Enron's
utilization of IP precedence will allow business traffic, internet traffic
and video traffic to traverse the same network. Mike Rabon would like to
speak to the Video Conferencing product manager.
Risk Management - Enron's expertise in Risk Management needs to be
communicated to the proper person.
| ||
arnold-j/kinko_s/3.
|
subject: Re: broadband solutions architect _hurray!
content: Jennifer:
Hope the London trip is going well! Thanks for the suggestion below which
was perfect. Mr. Thompson called yesterday to confirm that he would be
working with me to schedule a conference call with the two Kinko's contacts
early next week. I'm glad I came in last Friday to send out those e-mails to
him.
Thanks again for the suggestion.
SJ
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/07/2000
08:03 AM ---------------------------
JENNIFER MEDCALF
12/04/2000 11:46 PM
To: Sarah-Joy Hunter/NA/Enron
cc:
Subject: Re: broadband solutions architect
Sarah-Joy,
I would hold this info and let Mr. Thompson determine if he needs more info.
He will get back to you for clarification if he has a hard time. You can
also use this information when Mr. Thompson tells you who is the right person
you can verify by asking questions from the information below.
Jennifer
Sarah-Joy Hunter
12/02/2000 12:23 PM
To: Jennifer Medcalf/NA/Enron@Enron
cc:
Subject: broadband solutions architect
Jennifer:
Mike Rabon had just forwarded to me this helpful synopsis of the opportunity
with Kinko's as he sees it. I would like to forward this on to James
Thompson to assist him in targeting the right person for us to work with (and
cc Mike Rabon). Is this a good idea to forward on the e-mail or is it
overkill given the e-mail I sent yesterday? Second, could I mention "Gary
King" Mike Rabon's Kinko's contact in the e-mail?
Thanks for your suggestion! SJ
Mr. Thompson:
Here are several "touchpoints" identified by Mike Rabon, the Enron Broadband
Services originator, which may facilitate your finding the appropriate
broadband solutions architect at Kinko's. You may recall having met Mike
Rabon in the October 6th meeting.
Kinko's has an IP network today with access to all branches. Kinko's had
expressed the need to add more hubs to that network and make some changes to
it in the spring 2001 time frame. Enron's goal would be to make a needs
assessment for the desired structure that Kinko's would like to see as it
pertains to:
Near term network planning.
IP Transport - Capacity requirements for Mbps, and burst potential.
IP Transit - Capacity requirements and current contract usage for internet
transit. Kinkos.com in particular has a high potential for IP transit
capacity.
Storage - As the hubs and branch numbers grow, there may be a need for
managed storage. Enron's solution will reduce, or eliminate the need to buy
storage devices. Mike Rabon would like to speak with someone at Kinko's about
your storage strategy and growth.
Collocation - There is a substantial opportunity for Enron to provide the
actual space to be used for the hubs, as well as the IP transport from the
hubs.
Interactive Video - Enron's IPNet Connect product will allow high quality
H.323 video conferencing at bandwidths well above 768K. Utilizing the Enron
IPNet Connect network installed to branches can allow video costs to be
significantly reduced, and allow much higher video quality. Enron's
utilization of IP precedence will allow business traffic, internet traffic
and video traffic to traverse the same network. Mike Rabon would like to
speak to the Video Conferencing product manager.
Risk Management - Enron's expertise in Risk Management needs to be
communicated to the proper person.
| ||
arnold-j/kinko_s/4.
|
subject: Re: presentation for Kinko's conference call
content: Mike:
The presentation is a great idea! Per our conversations tonight, let's keep
the EBS slides to 4-5 pages maximum; I have spoken to Chris Charbonneau and
he will have an even briefer discussion on EIN's pulp & paper initiative.
The purpose of the call is to introduce you to Kinko's decision makers who
can understand a brief overview of your questions then provide the phone
numbers of the appropriate Kinko's contact who could work with you on your
value proposition definition. Subsequent to the call, you would then follow
up with meetings as you deemed appropriate. This is not a call for
details!
Since you'll need additional time and we don't want to waste the time of the
other Enron participants (Chris Charbonneau and Ed Quinn), they will present
first then leave you with the balance of the time. You noted that you'd be
forwarding your overview to me later this evening. Thanks. I'll look
forward to receiving it. Tomorrow, I'll add EIN's(Enron Industrial Markets)
piece then cc:mail you on what I send to James Thompson.
Thanks again for the excellent suggestion.
Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing
Business Development
#(713)-345-6541
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/12/2000
07:41 PM ---------------------------
Mike Rabon@ENRON COMMUNICATIONS
12/12/2000 06:10 PM
To: Sarah-Joy Hunter/NA/Enron@ENRON
cc: Dorothy Woster/Enron Communications@Enron Communications
Subject: Re: Conference Call with Kinko's confirmed for 11 AM CST regarding
Kinko's/Enron Value Proposition
Sarah-Joy,
Dorothy and I have assembled a short PPT that is currently in Matt's hands
for review. Once finalized we will forward it to Chris Chabonneau who will
add Pulp and Paper slides. Total length to be around 12 - 15 slides. I spoke
to James Thompson who recommended this approach. We will have the
presentation to James by noon Wednesday. He will ensure that the Kinko's
participants have the presentation before the call.
Comments/concerns?
Michael Rabon
Director, Western Region Origination
Enron Broadband Services
[email protected]
303-256-8009 v
303-810-2376 c
Sarah-Joy Hunter@ENRON
12/12/00 09:00 AM
To: Matt Harris/Enron Communications@Enron Communications
cc: Jennifer Medcalf/NA/Enron@Enron, Mike Rabon/Enron Communications@Enron
Communications
Subject: Conference Call with KINKO's confirmed for 11 AM CST regarding
Kinko's/Enron Value Proposition
FYI: Per our meeting this morning, I have noted the Kinko's participants on
the conference call scheduled for Thursday, 12/14. Fred Herczeg is the
broadband contact.
Ross Waddell - Vice President of Purchasing
Fred Herczeg - Senior VP & CIO
James Thompson - Regional Sales Manager
Dan Thies - Regional Technology Specialist
Mike Allen - Corporate Account Manager
Sarah-Joy Hunter
| ||
arnold-j/nepco_europe/1.
|
subject: Enron oganization and product/service charts
content: George,
Per Jennifer Medcalf's request, I am forwarding you the Enron organization
and product/service charts.
Colleen Koenig
Analyst
Global Strategic Sourcing
713.345.5326
| ||
arnold-j/nepco_europe/2.
|
subject: Re: Nepco Europe contact
content: Thanks for the assistance.
Don
JENNIFER MEDCALF
12/12/2000 11:32 AM
To: Don Hawkins/OTS/Enron@Enron
cc: Phil Lowry/OTS/Enron@ENRON, Derryl Cleaveland/NA/Enron@ENRON
Subject: Nepco Europe contact
Don,
The person that you need to contact is George Sayers at 011-44-1642-718309
and just let him know that you have spoken with me.
Good Luck!
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
| ||
arnold-j/nepco/1.
|
subject: NEPCO / GSS Meeting, December 14th
content: Please find below our trip report to NEPCO last week.
Thanks,
Derryl Cleaveland
Global Strategic Sourcing - Operations
Work: 713.646.7024
Cell: 713.301.8980
----- Forwarded by Derryl Cleaveland/NA/Enron on 12/18/2000 04:31 PM -----
Roy Hartstein
12/18/2000 12:32 PM
To: [email protected]
cc: Derryl Cleaveland/NA/Enron@ENRON, James C
Davis/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, [email protected]@Enron,
Amanda Becher/NA/Enron@Enron, John Will/NA/Enron@ENRON, Peter
Goebel/NA/Enron@Enron, Shirley Jo Dickens-Wilson/NA/Enron@ENRON, Michael
Kushner/NA/Enron@ENRON, Daniel Coleman/NA/Enron@ENRON, Tracy
Ramsey/EPSC/HOU/ECT@ECT, Bruce Martin/NA/Enron@ENRON, Janet
Lind/ENRON@enronXgate
Subject: NEPCO / GSS Meeting, December 14th
Greg,
I really appreciated the time you spent with Derryl and I last week. It was
an excellent start to developing the significant opportunities that will
benefit both GSS and NEPCO. I look forward to continuing to work with you to
deliver value to the NEPCO bottom line.
I have attached meeting minutes from last Thursday's meeting, including
action items for some of the areas we discussed. One of the action items is
to set a follow up in January for a GSS analytical team to gather data in
your offices, and to begin developing specific supply strategies. I met with
the other SPLs this morning and identified the team members we would plan to
send. At the moment we would like to target January 30th and 31st for our
follow-up. I will work with the team to develop a specific agenda for that
visit and will forward it to you by January 8th.
Please let me know if you have any additions, deletions or changes to the
attached minutes.
Happy Holidays,
Roy Hartstein
Director, Sourcing Portfolio Leader
Global Strategic Sourcing
| ||
arnold-j/notes_inbox/1.
|
subject: Avaya - Preparation Meeting EB4598A
content: Strategy meeting to prepare for the Avaya discussions on January 8th.
Jeff - Would you please send out the details for the Weds Jan 10th meeting so
we can plan travel, etc ?
Greg - We will call you from the phone in the conference room ?
thanks, Kim
| ||
arnold-j/notes_inbox/10.
|
subject: ICE physical volumes
content: FYI on 12/11/00 Intercontinental traded 3.3BCF of physical gas.
| ||
arnold-j/notes_inbox/11.
|
subject: Holiday party
content: I know it will be close to impossible to get out but I wanted to invite you
to our Christmas party on Dec 20 here in NYC- we'd love if you came. If not,
in the new year, I hope we can set something up where you meet some of the
new funds we are dealing and have some fun up here.
I met someone good to work with you guys at this last Super Saturday- David
Larson- Berkeley- good derivatives, trading knowledge, personable. I'll fax
through resume- we are making him an offer for the analyst pool.
Thanks for all you help always,
Caroline
| ||
arnold-j/notes_inbox/12.
|
subject: LNG to California
content: John,
Following up on yesterday, there are two additional considerations.
First, with regard to the idea of curtailing gas input at the Topock
liquefaction plant, the pipeline bottleneck is actually downstream of the
plant, so that wouldn't help.
Second, it seems there are more of these "portable pipeline" units floating
around than I thought. Besides the inoperable unit in Amarillo, both Transgas
(in Massachusetts) and Minnigasco may have at least one. Moreover, PG&E has
one at the end of a long lateral line on its system just south of Sacramento.
Apparently it uses it mostly to augment linepack. The specs of that unit are
about 4 times higher than the Amarillo one: it puts out 400,000 cubic
feet/hour (about 9.6 mmcf/d or almost one contract) at 150 psi. As I said
yesterday, these units are the only way that you could get gas into the
pipeline system in California.
This information I got from Jeff Beale, who runs CH-IV, a small-scale LNG
consultant. He said that he'd had some similar calls about LNG, and also that
he'd be willing to help Enron source equipment if we were really interested
in looking further into transporting LNG into California.
Assuming that we could get a few "portable pipelines" and some trucks, there
are five liquefaction plants that could most conveniently supply LNG:
Location Owner Liquefaction Capacity (gal/day) Capacity (mmcf/d) Storage
(gal) Storage (mmcf)
Topock, AZ ElPaso/ALT 90,000 7.4 100,000 8.2
LaPlata, CO Williams 20,000 1.64 100,000 8.2
Sacramento 57,600 4.72 132,000 10.8
LaBarge, WY Exxon 60,000 4.92
Evanston, WY Amoco 95,000 7.8 100,000 8.2
Totals 26.48
Whether these plants have spare LNG to sell us is another question. The
Sacramento plant, which I mentioned yesterday, is supposedly dedicated to
providing methane for laboratory purposes. The others may have contracts with
LNG fleet owners.
I'll check back with you later today about the outcome of your meeting.
| ||
arnold-j/notes_inbox/13.
|
subject: Fwd: NYTimes.com Article: Suspended Rabbi Quits Seminary Presidency
content: >Sender: [email protected]
>Reply-To: [email protected]
>From: [email protected]
>To: [email protected]
>Subject: NYTimes.com Article: Suspended Rabbi Quits Seminary Presidency
>Date: Tue, 12 Dec 2000 00:02:21 -0500 (EST)
>
>This article from NYTimes.com
>has been sent to you by Bob Moss [email protected].
>
>Karen
>
>
>
>Bob Moss
>[email protected]
>
>/-------------------- advertisement -----------------------\
>
>
>LOOKING FOR A TRULY HIGH-SPEED INTERNET EXPERIENCE?Then visit Alcatel.com
>and see what makes us theeworld's leading supplier of DSL
>solutions..Alcatel, world leader in DSL
>solutions..http://www.nytimes.com/ads/email/alcatel/index.html
>
>\----------------------------------------------------------/
>
>Suspended Rabbi Quits Seminary Presidency
>http://www.nytimes.com/2000/12/07/national/07RABB.html
>
>December 7, 2000
>
>By GUSTAV NIEBUHR
>
>Rabbi Sheldon Zimmerman, a leading figure in Judaism's Reform
>movement as president of its seminary, has resigned from his job
>after being suspended by the movement's rabbinic organization for
>having entered into "personal relationships" in the past that the
>organization said violated its ethical code.
>
> Rabbi Zimmerman, president of Hebrew Union College-Jewish
>Institute of Learning, where he had been considered a charismatic
>and innovative leader, quit that post on Monday, after the Central
>Conference of American Rabbis suspended his rabbinical functions
>for at least two years, college and conference officials said.
>
> In a statement, the college said the suspension followed an
>investigation by the conference into "personal relationships" of
>Rabbi Zimmerman, which it did not specify other than to say that
>they predated his appointment as president in January 1996. Rabbi
>Zimmerman was the seventh president of the college, which was
>founded in 1875.
>
> Rabbi Paul J. Menitoff, the conference's executive vice president,
>said its board approved the penalty on Monday, based on a
>recommendation by its ethics committee, which looks into complaints
>about the conference's 1,700 members.
>
> Rabbi Menitoff said that conference rules prevented him from
>discussing the case but that the board decided Rabbi Zimmerman had
>violated a part of the ethics code, paragraph 2A, which deals with
>sexual conduct.
>
> It is included in the section of the code on "personal
>responsibility," which covers such matters as family life, personal
>honesty and finances. It calls on rabbis "to be scrupulous in
>avoiding even the appearance of sexual misconduct, whether by
>taking advantage of our position with those weaker than ourselves
>or dependent on us or succumbing to the temptations of willing
>adults."
>
> Hebrew Union, which trains men and women as rabbis and cantors and
>in other graduate and professional fields, has 1,500 students on
>campuses in Cincinnati, Los Angeles, New York and Jerusalem. Before
>becoming president, Rabbi Zimmerman, 58, was senior rabbi of Temple
>Emanu-El in Dallas from 1985 to 1995, and senior rabbi at Central
>Synagogue in New York, from 1972 to 1985. He is married and has
>four children. From 1993 to 1995, he was also the conference's
>president.
>
> Rabbi Zimmerman's resignation was first reported yesterday in The
>Cincinnati Enquirer and The Dallas Morning News.
>
> Efforts to reach him through the college and its officials were
>unsuccessful. The college said it appointed its provost, Norman
>Cohen, as acting president and would search for a permanent
>replacement.
>
> Rabbi Menitoff said the conference followed "the same process that
>we'd follow with any rabbi in the conference in similar
>circumstances." He said complaints against a rabbi are referred to
>and investigated by the ethics committee. Depending on that
>committee's findings, the conference may dismiss the complaint,
>privately reprimand or publicly censure a rabbi or suspendn or
>expel a rabbi.
>
> Rabbi Menitoff said the decision to suspend Rabbi Zimmerman was
>"very difficult and painful for everyone involved."
>
> Rabbi Eric H. Yoffie, president of the Union of American Hebrew
>Congregations, the Reform movement's synagogue organization, said
>Rabbi Zimmerman did not contest the findings or the judgment
>against him but responded to the decision "with great dignity."
>
> Rabbi Yoffie said that during his tenure as president, Rabbi
>Zimmerman added younger scholars to the faculty and expanded the
>college's Los Angeles branch so much that it will begin ordaining
>rabbis in 2002.
>
> Another member of the conference, Rabbi A. James Rudin, emeritus
>director of interreligious affairs at the American Jewish
>Committee, said Rabbi Zimmerman's resignation was "a real loss" and
>"a shock to the movement."
>
> Hebrew Union's chairman, Burton Lehman, praised Rabbi Zimmerman as
>"a great, great leader." Mr. Lehman said that Rabbi Zimmerman's
>resignation would "have an impact" but that the college was strong.
>
> "Transitionally, we'll be fine," Mr. Lehman said. "We have a
>strong faculty that will carry this institution through this
>tribulation."
>
>
>
>
>The New York Times on the Web
>http://www.nytimes.com
>
>/-----------------------------------------------------------------\
>
>
>Visit NYTimes.com for complete access to the
>most authoritative news coverage on the Web,
>updated throughout the day.
>
>Become a member today! It's free!
>
>http://www.nytimes.com?eta
>
>
>\-----------------------------------------------------------------/
>
>HOW TO ADVERTISE
>---------------------------------
>For information on advertising in e-mail newsletters
>or other creative advertising opportunities with The
>New York Times on the Web, please contact Alyson
>Racer at [email protected] or visit our online media
>kit at http://www.nytimes.com/adinfo
>
>For general information about NYTimes.com, write to
>[email protected].
>
>Copyright 2000 The New York Times Company
| ||
arnold-j/notes_inbox/14.
|
subject: Amazon.com Password Assistance
content: Greetings from Amazon.com.
To finish resetting your password [email protected], please visit our
site using one of the personalized links below.
The following link can be used to visit the site using the secure
server:
https://www.amazon.com/exec/obidos/pw?t=B0OR3NO4SMLP&r=11&f=11&c=
The following link can be used to visit the site using the standard server:
http://www.amazon.com/exec/obidos/pw?t=B0OR3NO4SMLP&r=11&f=11&c=
It's easy. Simply click on one of the links above to return to our Web
site. If this doesn't work, you may copy and paste the link into your
browser's address window, or retype it there. Once you have returned
to our Web site, you will be given instructions for resetting your
password.
If you have any difficulty resetting your password, please feel free
to contact us by responding to this e-mail.
Thank you for visiting Amazon.com!
-------------------------------------------------------------
Amazon.com
Earth's Biggest Selection
http://www.amazon.com/
-------------------------------------------------------------
| ||
arnold-j/notes_inbox/15.
|
subject: LNG on the road
content: Re: trucking LNG to California -
The short answer is that trucking LNG to California is not a feasible option
for endusers other than companies with LNG-fueled vehicle fleets. There are a
couple of reasons for this.
First, California has a relative abundance of LNG fueling stations but only
two plants capable of regasification. One serves Borrego Springs, a small,
affluent desert community near San Diego. The other is dedicated to military
and industrial supply near Sacramento. I spoke this morning to Applied LNG
Technologies, which is based in Amarillo and has the second largest LNG truck
fleet (after Transgas in Massachusetts). It shouldn't be a surprise that I
was not the first to call regarding this question. While ALT's fleet is
operating at capacity - trucking LNG from liquefaction plants in Wyoming and
Topock, Arizona - it's serving its normal fleet customers in Southern
California and Nevada, and Arizona. The Topock, AZ plant is owned jointly by
ALT and El Paso, and receives gas from El Paso for liquefaction and
subsequent loading onto trucks.
Second, LNG trucks, unlike LNG tankers, carry an extremely small volume. The
average truck carries 10,000 gallons of LNG, which translates roughly into
820,000 cubic feet. ALT has about 23 vehicles so potentially one could
deliver 18.8 mmcf. However, these trucks don't regasify LNG, they merely
transfer it into storage.
The only really viable option for putting gas into the pipeline system would
be a portable pipeline unit, of which ALT has the only one (it's under
repair). It can deliver high pressure gas at 1800 cubic feet/minute (2.6
mmcf/day if it runs 24 hours). It has connections for two LNG trucks at a
time - one live and one backup, so it can operate continuously. In the past,
ALT has used the unit to cover industrials who had a supply outage for some
reason.
I'm going to continue gathering info on domestic LNG peakshaving plants, etc.
I think the opportunity may lie more in future, more strategically located
peakshaving plants rather than LNG trucking arbitrage.
Please let me know if you have specific questions.
| ||
arnold-j/notes_inbox/16.
|
subject: LNG Questions
content: Russ:
A couple of questions
1- Check the DOE Northeast Heating season report. There seem to be a lot
of LNG terminal and facilities in the Northeast. How do they work? What are
the logistics of transportation etc...
2- Arnold's buddy has been looking into the logistics of trucking LNG to CA.
Is this possible? Can investigate the probability?
Thanks
JF
| ||
arnold-j/notes_inbox/17.
|
subject: wassup
content: Hey freak-o! How have you been? I'm just taking a study break (finals,
ick!) and thought I would say hello. What's new? Have you moved into
your place yet? Let me know if I can come and see it--I'll be home (in
college station) a week from Tuesday...am making a pit stop in Tahoe on
my way home...just gotta get thru these pesky exams first!
Greetings from la-la-land,
eleanor :-)
--
Eleanor Fraser
The Anderson School at UCLA, MBA 2002
Home 310.446.7735
Mobile 310.963.4474
| ||
arnold-j/notes_inbox/18.
|
subject: Burning Fat
content: ---------------------- Forwarded by Bill Berkeland/Corp/Enron on 12/08/2000
03:43 PM ---------------------------
From: Jennifer Fraser @ ECT 12/07/2000 02:40 PM
To: Sarah Mulholland/HOU/ECT@ECT, Stewart Peter/LON/ECT@ECT, Niamh
Clarke/LON/ECT@ECT, Alex Mcleish/EU/Enron@Enron, Caroline
Abramo/Corp/Enron@Enron, Mark Smith/Corp/Enron@Enron, Vikas
Dwivedi/NA/Enron@Enron, Bill Berkeland/Corp/Enron@Enron
cc:
Subject: Burning Fat
Vikas - What's the market in nat gas versus lard and heating oil versus olive
oil
---------------------- Forwarded by Jennifer Fraser/HOU/ECT on 12/07/2000
02:39 PM ---------------------------
"Joel K. Gamble" <[email protected]>@wwwww.aescon.com on
12/07/2000 12:33:40 PM
Sent by: [email protected]
To: [email protected]
cc:
Subject: Burning Fat
Some of our food processing factories in the Midwest which have fuel switching
capability find it profitable at these gas prices to burn rendered animal fat
in
lieu of natural gas. Apparently, the doesn't hurt the boiler machinery. One
of
the guys responsible for this move did a back of the envelope calculation and
found that at $8.00 / Dth NG prices it was even profitable to buy olive oil in
bulk as a heating fuel. They haven't used veggie oil yet but are considering
it. Anyone else hear any stories of end users switching to unusual fuels?
Regards
| ||
arnold-j/notes_inbox/19.
|
subject: re:summer inverses
content: i suck-hope youve made more money in natgas last 3 weeks than i have. mkt shud
be getting bearish feb forward-cuz we already have the weather upon us-fuel
switching and the rest shud invert the whole curve not just dec cash to jan
and
feb forward???? have a good weekend john
| ||
arnold-j/notes_inbox/2.
|
subject: Invitation: Doug Bloss- Armstrong 3AC 18C1 (Dec 13 01:00 PM CST)
content: Meeting w/Armstrong Services to see what opportunities are available to enter
into a joint capital venture percentage for mutually beneficial partnership.
| ||
arnold-j/notes_inbox/20.
|
subject: Big news!
content: I'm not sure if you have heard our fun news yet, but Rob and I are moving to
Boston at the first of the year!!
I will be working remotely for HBK while looking for something new up there.
Rob is continuing his career with Fidelity, though in a much more convenient
location. The only downside is he will actually have to go into the office
every day!
We would love to see everybody before we leave, though it may not be
possible with the holidays. I'll be back in Dallas once a week in January
and February, so we could plan to get together during one of those trips.
But before that time, Rob and I will be with a group of friends from HBK at
Martini Ranch on Thursday, December 14th right after work. I'm sure we'll
be there late, given my love of martinis, so please stop by if you can.
Regardless, I really want to stay in touch with my Texas friends, so make
sure and send me your updated contact information if anything has changed in
the last year. Please pass this on to people who I may have inadvertently
missed or I did not have their current email address.
Cheers,
Heather Robertson
P.S.
By the way, our house is on the market right now, so if you know of anyone
looking, please tell them about it. The address is 6815 Vivian Avenue,
Dallas, 75223 and can be seen on www.ebby.com.
| ||
arnold-j/notes_inbox/21.
|
subject:
content: Please plan on attending the "Options" meeting scheduled:
DATE: Thursday, December 14, 2000
TIME: 4 - 5 pm
LOCATION: Conference Room
EB2710
TOPIC: Options Web Client & End Game
ATTENDEES: Andy Zipper
Jay Webb
John Arnold
Mike Maggi
Savita Puthigai
Teresa Smith
If you are unable to attend, contact me at extension 3-9975
Lydia
| ||
arnold-j/notes_inbox/22.
|
subject: Dynegy Direct ID request
content: John -
Dynegy Direct has you listed as the administrator for their system. Please
set up the following East Desk traders for execute authority. I can
communicate the login id's and passwords to the individual traders when the
process is completed.
Thank You,
Scott
Scott Neal
Dick Jenkins
Dan Junek
Scott Hendrickson
Susan Pereira
Andy Ring
Jared Kaiser
Tammi Depaolis
Vicki Versen
Judy Townsend
Chris Germany
Scott Goodell
| ||
arnold-j/notes_inbox/23.
|
subject: re:summer inverses
content: they are crazy but mite have to scale in which i have a little and have some
sort of length on,sprd length in the front to hedge weather risk-if ny stays 5
bucks or so above hub seems hard to think jan /feb gonna fall much. also know
aron and some of them "pre rolled" jan/feb goldman rolls not sure if they bot
em
back, start pxing tomorrow.doubt they have much any impact on the sprd.
am a bit worried as are most what we must be doing to industrial
demand,switching at huge px sprds. tend to think ealry mid jan y on y stx gap
will fall do to aforementioned and rationing this mkt gonna fall-who knows
from
what levels?? thots when you have a chance. distillate mkt save for addional
demand it shud be getting from natgas switching wud have been in trouble i
think
so it will stay discount to gas
[email protected] on 12/07/2000 06:38:53 AM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: re:summer inverses
seems crazy. if you're willing to ride it for a few cents against you it's
a great trade. who knows where they're going in th eshort term though
[email protected] on 12/01/2000 09:57:30 AM
To: [email protected]
cc:
Subject: re:summer inverses
johnnny-you think these inverses ready to get sold yet? to me its all a
timing
issue but aug/oct at 4-5 cts seems rich rich for injection season. only
issue is
when to go?
| ||
arnold-j/notes_inbox/24.
|
subject:
content: Hey, I meant to check in with you and see how your dinner went at La Columbe
d'Or. I have to admit, I was jealous....
Matt fell through as the Christmas party date...so Noel is going (so nice to
have friends who don't mind filling in as last minute dates!). Maybe we'll
see you guys there.
Had fun hanging out with you at/after the meeting on Friday. I think that's
the most I've ever talked to you in one sitting!! We'll have to do it again
soon....
Take care!
Amy
| ||
arnold-j/notes_inbox/25.
|
subject: DynegyDirect Log In
content: John,
Please be advised that effective Monday, December 4 you will need to access
DynegyDirect with the following log in:
User ID: JARNOLD
Password: enron1
Please note that these are case sensitive.
Your current log in will no longer be available on Monday.
Thank you,
Stephanie Sever x33465
| ||
arnold-j/notes_inbox/26.
|
subject: Nat Gas intraday update
content: Attached please find a follow up to today's Natural Gas market analysis.
?
Thanks,
?
Bob
- 11-30-00 Nat Gas intraday update 1.doc
| ||
arnold-j/notes_inbox/27.
|
subject: Wrong address
content: John,
I think I have the wrong email address for your brother. Please email me
the correct one when you get a chance. Thanks,
Brian
_____________________________________________________________________
IMPORTANT NOTICES:
This message is intended only for the addressee. Please notify the
sender by e-mail if you are not the intended recipient. If you are not the
intended recipient, you may not copy, disclose, or distribute this message
or its contents to any other person and any such actions may be unlawful.
Banc of America Securities LLC("BAS") does not accept time
sensitive, action-oriented messages or transaction orders, including orders
to purchase or sell securities, via e-mail.
BAS reserves the right to monitor and review the content of all
messages sent to or from this e-mail address. Messages sent to or from this
e-mail address may be stored on the BAS e-mail system.
| ||
arnold-j/notes_inbox/28.
|
subject: Deferral Enrollment 2001
content: =20
The annual deferral program enrollment process is underway. Enron's Bonus=
=20
Stock Option and Bonus Phantom Stock Programs provide you with an opportuni=
ty=20
to receive stock options and phantom stock in lieu of all or a portion of t=
he=20
cash bonus you may receive during 2001. =20
To make enrollment even more convenient for you, this year's deferral progr=
am=20
information is available on eHRonline. To learn more about your deferral=
=20
program opportunities and to enroll for 2001 deferrals, access eHRonline at=
=20
http://ehronline.enron.com. (Call the ISC Help Desk at 713-345-4727 if you=
=20
need your ID or password to access the system.)
1. Review the program descriptions (attached to the Election Form) before y=
ou=20
make your elections.
2. If you decide to defer compensation, complete the Election Form before=
=20
Friday, December 8, 2000, 5:00 p.m. CST (the enrollment deadline).
3. Print your 2001 Election Form and Confirmation Statement right from the=
=20
web site and you=01,re finished!=20
If you would like to attend an employee meeting to learn more about these=
=20
programs, following is a list of meeting dates, times, and locations:
Wednesday, November 29 2:00 p.m. - 3:00 p.m. EB 5C2
Monday, December 4 9:00 a.m. - 10:00 a.m. The Forum (2 Allen Center, 12t=
h=20
Fl.)
Tuesday, December 5 2:00 p.m. - 3:00 p.m. EB 5C2
Wednesday, December 6 2:00 p.m. - 3:00 p.m. EB 5C2
Since seating is limited, please RSVP (leave a message for Diana Gutierrez=
=20
(713-345-7077) confirming your name, phone number, and the meeting you wish=
=20
to attend).
DEFERRAL ENROLLMENT 2001--ADDED VALUE FOR YOUR FUTURE
| ||
arnold-j/notes_inbox/29.
|
subject: more about you
content: A little bird told me about this. Read it when you have time.
http://www.computerworld.com/cwi/story/0,1199,NAV47_STO54149,00.html
___________________________________________________________________
To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax,
all in one place - sign up today at http://www.zdnetonebox.com
| ||
arnold-j/notes_inbox/3.
|
subject: Invitation: EBS/GSS Meeting w/Bristol Babcock (Nov 30 02:00 PM CST
content: Conference Room TBD.
This meeting will be to discuss opportunity for EBS to provide the network
for BBI's well-site reporting systems to send their data across. Maybe
VBN/IPNetConnect application?
| ||
arnold-j/notes_inbox/30.
|
subject: Agreement
content: John:
?
Hope you did ok today. As I said yesterday, the poor close Monday should
lead to additional market weakness, which we saw today.
?
You indicated that you would mail the service agreement back to me.? I don't
know if you have the mailing address, so here it is:
?
Psytech Analytics
11604 Greenspring Ave.
Lutherville, MD? 21093
?
Speak to you soon.? I'll call when I have?the next decent set-up on my work
for natural.? Feel free to buzz me anytime.
?
Mark
| ||
arnold-j/notes_inbox/31.
|
subject: Service Agreement
content: John:
?
Thanks again for the opportunity to provide my technical service.? Attached
is an agreement that covers our arrangement.? Let me know if you have any
questions.? If it's ok, please sign and fax back to me at (410)308-0441.? I
look forward to working with you.?
?
Mark Sagel
Psytech Analytics
(410)308-0245
- Agree-Enron.doc
| ||
arnold-j/notes_inbox/32.
|
subject: Needs Assessment Form
content: Per your request to fill your open Associate position, please complete the
attached Needs Assessment Form and return to me so that I may send out
resumes of candidates that fit your need.
If you have questions, call me at x36499.
Thanks!
Andrea
| ||
arnold-j/notes_inbox/33.
|
subject: Implementation of the Gas Message Board Application
content: Please see the following instructions for the new messenging board. If you
have any trouble entering into this site, please let me know. Everyone
should now be setup and ready to go. You will have to add this site to one of
your favorites.
The Gas Message Board application can run on both IE5.0 and IE5.5 now.
Attached is the URL for user to run the application.
http://gasmsgboard.dev.corp.enron.com
Please feel free to forward above URL to people who like to test the
application.
Here is the steps they should do:
1) Launch Internet Explorer
2) Type: http://gasmsgboard.dev.corp.enron.com (or just open this email and
click on above URL)
3) Users should see the messages if there is any new messages for today. If
they don't see any messages, there are two reasons:
(1) They are not valid users. Their names have not been added into the NT
Web_GasTraders Group yet. Please contact Chrysti Hardy to add their names
into the group.
(2) There is no new messages added yet.
4) Click on "Comments" button to add messages: there will be a popup window
when user clicks on "comments" button. There are two ways to send the
messages after typing the
messages into the text box:
(1) just simply press enter to send the message. or
(2) click on "send" button to send the message.
5) After the message has been sent, The message will be displayed on the main
window immediately, the rest people who are online will get the new message
in less than 30 seconds. This time can be reduced to as less as 1 second.
However, I would not recommend to reduce the time interval less than 10
second. Because each time the browser refreshes the screen, the screen will
be blink. Users don't want the screen blink every second while they read the
messages.
6) All messages will be cleaned up daily at 6:00PM. If they like to clean
them up later than 6:00PM, please let me know. I can reset the time.
Note: Right now the application is under test environment. If they like it, I
will move it into production environment soon.
Let me know any feedbacks.
Thanks,
Fangming
| ||
arnold-j/notes_inbox/34.
|
subject: Mom's Itinerary
content: Panama Canal Cruise
Ship: Sun Princess
1-900-225-5744 or
1-800-princess
Leave: November 29, 2000
Delta Airlines
DFW to Atlanta
Flt 16, depart 07:35am, arrive 10:39am
Atlanta to San Jose:
Flt. 464, depart 12:00 noon, arrive 04:36pm
Return: December 9, 2000
Continental Airlines
San Jose to Houston
Flt. 723, depart 8:02pm, arrive 09:08pm
I'll talk with you Tuesday evening before I leave.? Love you.? Your Mom.
| ||
arnold-j/notes_inbox/35.
|
subject: Fuel Switching
content: The attached report contains an analysis of fuel switching capability. It
also details one of the current problems with EIA data. The EIA data
contains FERC form I data. Once generation is sold its fuel consumption is no
longer reported to the DOE. Hence an analysis of the DOE cost and quality of
generation fuels is incomplete becasue of the lack of NUG data. WEFA gets
around this by using 1998 FERC FORM I data. After 1998, there were
significant sales of generation due to the ongoing legislation and
deregulation at the state level.
- NGM11_00.pdf
| ||
arnold-j/notes_inbox/36.
|
subject: Status
content: John:
?
I'm not really sure what happened between us.? I was under the impression
after my visit to Houston that we were about to enter into a trial agreement
for my advisory work.? Somehow,?this never occurred.? Did I say or do
something wrong to screw this up???
?
I don't know if you've blown this whole thing off, but I still hope you are
interested in trying?to create an arrangement.? As a courtesy, here is my
report from this past weekend.? If you are no longer interested in my work,
please tell me so.??Best wishes,
?
Mark Sagel
Psytech Analytics
(410)308-0245?
- energy2000-1112.doc
| ||
arnold-j/notes_inbox/37.
|
subject: Ameriflash Newsletter
content: BUSINESS HIGHLIGHTS
Coal Trading
The liquidity in trading of the Standard European Coal Agreement has=20
increased significantly over the last 6 weeks. Many counterparties that=20
previously opted to stay on the sidelines finally chose to join the game.=
=20
Since the contract's inception at the beginning of the year, Enron has trad=
ed=20
a total of 5.3 million tons against the SECA contract, of which 3.8 million=
=20
tons has been traded via EnronOnline since July 2000. We are 5.3 million=
=20
tons of a total traded market of 5.8 million tons.
Principal Investments
Tridium Inc., the leading provider of Internet-based automation=20
infrastructure solutions, announced the close of a $20 million round of=20
capital funding. The funds will be used to increase Tridium=01,s sales and=
=20
technical support offices in North America, expand its operations into Euro=
pe=20
and Asia, and enhance its technology and products. kRoad Ventures, L.P. and=
=20
Enron North America each contributed $10 million in venture capital.
Corporate Development
Allegheny Energy Supply Company, LLC, a wholly owned subsidiary of Alleghen=
y=20
Energy, Inc., announced the signing of a definitive agreement under which=
=20
Allegheny Energy Supply will purchase three Enron natural gas-fired merchan=
t=20
generating facilities. The acquisition is expected to close in the 2nd=20
quarter of 2001.
PERFORMANCE REVIEW
The deadline to provide feedback is Friday, November 17. If you have been=
=20
selected to provide feedback on one of your fellow employees, please take t=
he=20
time to fill out an evaluation online at www.pep.enron.com.
IN THE NEWS
"Enron Corp., already North America's biggest, buyer and seller of natural=
=20
gas and electric power is dead serious about its efforts to capture a big=
=20
slice of the $400 billion global trade in pulp, paper and lumber."
-Reuters News Service
2000 CHAIRMAN=01,S AWARD NOMINEES
Please join us in congratulating the ENA/EIM/EGM/ employees who have been=
=20
recognized as Chairman=01,s award nominees.
Congratulations to:
Irma Alvarez Alan Aronowitz Rick Bergseiker Carol Coats Joya Davis =20
Rufino Durante
Sue Foust Julie Gomez Barbara Gray Jackie Griffith John Harrison Gerr=
i=20
Irvine
Kathy Benedict Michael Kelley Mike McConnell Dave Nommensen Ina Norman =
=20
Juan Padron
Veronica Parra Michael Roberts Rhonda Robinson Kevin Sweeney Helen=20
Taylor Stacey White
Extra kudos to BARBARA GRAY, who is a finalist for the 2000 Chairman=01,s=
=20
Award. Barbara and ten other individuals are flying to San Antonio from=20
around the world to be honored at Enron=01,s annual Management Conference. =
One=20
of these finalists will be recognized as the 2000 Chairman=01,s Award winne=
r.=20
WELCOME
New Hires ENA/EIM/EGM
ENA =01) Anil Chandy, Alejandra Chavez
EGM =01) Marty Cates, JoAnne Underwood, Brad Miller
Transfers to ENA/EIM/EGM
ENA =01) Mark Wadlington, Jennifer Blay-Smith, Georgian Landau, Kathryn Bus=
sell,=20
John Coleman, Steven Gillespie, Clarissa Garcia, Ina Rangel, Farouk Lalji,=
=20
Eva Rainer, Chuchu Wang, Smith Day
EGM =01) Gloria Solis, Carmella Jones, Nancy Haralson
LEGAL STUFF
The information contained in this newsletter is confidential and proprietar=
y=20
to Enron Corp. and its subsidiaries. It is intended for internal use only=
=20
and should not be disclosed outside of Enron.
| ||
arnold-j/notes_inbox/38.
|
subject: OTC NG Price Book Trades
content: The EOL Reporting Database treats any distinct deal number as a separate
unique deal. An example would be a deal done with KUKUI Inc. on November
8th, 2000. It is booked as deal numbers Q86409.1, Q86409.2, Q86409.3, and
Q86409.4. These are four separate and unique deal numbers and therefore
count as a total of four deals.
We understand that the trade desk may consider the deal in this example as
just one large deal with 4 different parts. Unfortunately, the EOL
Reporting Database has no way of telling whether or not these types of deals
are distinct different deals or part of one larger deal. Since this
currently can not be known, the EOL Reporting Database uses the most
conservative approach and counts them all as individual deals. This results
in a higher OTC deal count and thus a lower EOL percentage of all deals.
If you have any further questions , please don't hesitate to ask.
Pete Berzins
x57597
| ||
arnold-j/notes_inbox/39.
|
subject: bank wire wsex
content: Dear Mr.. Lavorato,
The $1500 that you sent to us in October, has not been credited to our
account.If those funds were sent through AM TRADE INTERNATIONAL, you need to
have your bank send an amendment message stating that the respective funds
are intended for final credit to World Sports Exchange/ ACCT # 12307915.
Most likely, those funds are sitting at the Antigua Overseas Bank.
2. Another suggestion would be to call back those funds since the
beneficiary is not in receipt of payment, and resend it through the new
instruction as per our website.This method is guaranteed more efficient.
For any further questions, please call the accounts department at WSEX.
REGARDS
MARIA.
Accounts Manager
_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.
Share information about yourself, create your own public profile at
http://profiles.msn.com.
| ||
arnold-j/notes_inbox/4.
|
subject: re:spreads
content: mkt getting a little more bearish the back of winter i think-if we get another
cold blast jan/feb mite move out. with oil moving down and march closer flat
px
wide to jan im not so bearish these sprds now-less bullish march april as
well.
| ||
arnold-j/notes_inbox/40.
|
subject: How are things in Houston?
content: Hello Mr. Arnold,
I hope that things have calmed down in the gas market with the cold weather
finally developing. I have been selected to come to Houston for final round
interviews. Do you know if visitors can come to the trading floor to see
what the operations are like? Also, if you have any hints on approaching
the final round of interviews, I would appreciate them.
Thank you for your help during the application process, and I hope you have
a good week.
Cordially,
Adam Bayer
| ||
arnold-j/notes_inbox/41.
|
subject: Potential Junior Trader for you
content: I had Devon put together a resume for you to get an idea of his experience to
date. He's not our typical MBA Associate, but I feel he has great potential
as a junior trader. I'll call you later to discuss. Per
---------------------- Forwarded by Per Sekse/NY/ECT on 11/10/2000 04:07 PM
---------------------------
Enron Capital & Trade Resources Corp.
From: [email protected] 11/10/2000 02:17
PM
To: [email protected]
cc:
Subject:
hope this is better.
its best if i speak to who ever i need to outside of the office when i can
speak a little more freely ie after 5:30 i stuck my mobile # on it
(See attached file: DKB CV.doc)
- DKB CV.doc
| ||
arnold-j/notes_inbox/42.
|
subject: RE: Resume
content: John,
Thanks for the email and the offer to route my resume in the most
expeditious way. I saw only one job that was posted on Enron's website that
looked like a good fit. It was an asset evaluation and integration job for
Enron North America: job # 0000105886.
My primary strengths are:
Natural gas asset acquisition and management
Supporting a trading organization by providing excellent futures and
derivatives execution
Trading proprietary books (fixed price or otherwise)where there is a
competitive reason to be in the market, i.e. transportation spreads,
storage, physical presence
Good customer relations/account development
Ability to focus on and analyze a wide range of problems/opportunities
Stong negotiator
I know that Enron is a big, happening place and it is invaluble to have
someone like you to help me sort out the opportunities. Where I am coming
from is that I have to more valuble to Enron than I am to Oxy because Oxy is
doing frustratingly little to leverage itself and Enron is setting every
trend imaginable in leveraging itself.
I appreciate any help you can provide.
Thanks.
Alan
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, November 08, 2000 5:15 PM
To: [email protected]
Subject: Re: Resume
Alan:
I received your email. I'll make sure it goes through the proper channels.
It may help if you give specific positions that interest you most as Enron
is such a big place, it will help focus the resume to the right people.
John
| ||
arnold-j/notes_inbox/43.
|
subject: Home Depot
content: This was sent to me from my friend who works at the Home Depot corporate
office.>
> >>The stupidity of some people in this world never fails to amaze me.
> >>
> >> This picture is real - not doctored in anyway - and was taken last
week
> >>in
> >> Waldorf, MD by a Transportation Supervisor for a company that
delivers
> >> building materials for 84 Lumber. When he saw it there in the
parking
> >>lot
> >> of IHOP, he went and bought a camera to take pictures.
> >>
> >> The car is still running as can be witnessed by the exhaust. A
woman
is
> >> either asleep or otherwise out in the front seat passenger side.
The
> >>guy
> >> driving it was over jogging up and down on Rt. 925 in the
background.
> >>The
> >> witnesses said their physical state was OTHER than normal and the
police
> >> just shook their heads in amazement. The driver finally came back
after
> >> the police were there and was getting down at the back to cut the
'twine
> >> around the load. They told him to get back until it was taken
off.
> >>
> >> The materials were loaded at Home Depot. Their store manager said
they
> >> had the customer sign a waiver!
> >>
> >> Both back tires are trashed. The back shocks were driven up
through
> >>the
> >> floorboard. In the back seat are 10 bags, 80 lbs. each of
concrete.
> >> On the roof is many 2X4s, 4X4s and OSB sheets of lumber. They
estimated
> >>the
> >> load weight at 3000 lbs. The car is a VW Jetta with FL plates
and
the
> >>guy
> >> said he was headed for Annapolis.
> >>
> >>JUST UNBELIEVABLE!!!!
> >>
>
- stupid.jpg
| ||
arnold-j/notes_inbox/44.
|
subject: BNP PARIBAS Commodity Futures NG MarketWatch For 5/15/01
content: (See attached file: g051501.pdf)
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delete it and immediately notify the sender.
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- g051501.pdf
| ||
arnold-j/notes_inbox/45.
|
subject: Enron Mentions
content: Dabhol lenders to vote today on PPA PPPPA termination
Business Standard, 05/16/01
Enron to suspend investments of 600 mln usd in Brazil energy sector
AFX News, 05/15/01
USA: Sempra unit to boost natgas delivery to California.
Reuters English News Service, 05/15/01
Enron Urges Reforms In Japan Electricity Market-Nikkei
Dow Jones International News, 05/15/01
Enron Agrees to Provide Market Data to NGX
PR Newswire, 05/15/01
UAE To Seek New Partners If Enron Exits Dolphin Gas Proj
Dow Jones International News, 05/15/01
Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)
Bloomberg, 05/15/01
Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)
Bloomberg, 05/15/01
Dabhol lenders to vote today on PPA PPPPA termination
Our Banking Bureau Mumbai
05/16/2001
Business Standard
1
Copyright (c) Business Standard
The 25-odd lenders to the Dabhol power project will vote today on whether the
Enron-promoted Dabhol Power Company (DPC) should be allowed to to serve a
preliminary PPA termination notice to the Maharashtra State Electricity Board
(MSEB). The voting will take place through conference calls criss-crossing
the globe at 6.30 pm, Indian Standard Time. Even though the three Indian
lenders_ the Industrial Development Bank of India (IDBI), the State Bank of
India (SBI) and ICICI_ have decided to vote against the proposition, they
will not be able to block the move.
Technically, the proposal can be passed if four per cent of lenders are in
favour of the termination notice. In effect, it will be passed if one of the
25 lenders casts its vote in favour of it. So, it's almost a foregone
conclusion that DPC will be asked to issue its termination notice.
Multilateral agency J-Exim, which has provided guarantees, will not
participate in the exercise. Barring J-Exim, other financial intermediaries
including global arrangers ABN Amro, Citi, ANZIB, CSFB and other banks and
OPIC will cast their votes tomorrow. "In the first round, Indian lenders put
their foot down and refused to give clearance to the termination notice.
Thistime around they will not be able to block the move any more. The Indian
lenders alone cannot save the controversial $3 billion as some of the foreign
lenders are in favour of issuing the termination notice," said a source. The
Indian lenders are in favour of completing the project without any time and
cost over-run. They have disbursed about 80 per cent of their Rs 1,500 crore
worth of loan commitments to phase II of the project, 93 per cent of which is
complete. The trial run is expected to commence in June. The board of the
Dabhol Power Company has already authorised Enron India managing director, K
Wade Cline, to serve a termination notice as and when he deems fit. At a
meeting of the lenders last month in London, the foreign lenders were keen
that the termination notice be served in the face of defaults by the
Maharashtra State Electricity Board (MSEB) and the Union government's refusal
to honour the counter-guarantee of Rs 102 crore for the December bill. The
domestic lenders are not covered by the counter-guarantee if the contract is
terminated. The foreign lenders are covered by the counter-guarantee.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron to suspend investments of 600 mln usd in Brazil energy sector
05/15/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
SAO PAULO (AFX) - Enron Corp will suspend investments of 600 mln usd in the
Brazilian energy sector, news agency JB Online quoted Enron vice-president
and Eletricidade e Servicos SA Elektro chairman Orlando Gonzales as saying.
Of the total investment, 500 mln usd was to be assigned to the expansion of
the thermoelectric plant Cuiaba II in the state of Mato Grosso, and in the
construction of Rogen in the state of Rio de Janeiro, with the remainder to
be invested in unit Elektro, it said.
"There are no clear regulations for the sector. Regulatory issues are holding
back investments," JB Online quoted Gonzales as saying.
Gonzales said the decision to suspend the investments may be reconsidered if
the energy sector regulator Aneel establishes clearer regulations.
mg/as
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Sempra unit to boost natgas delivery to California.
05/15/2001
Reuters English News Service
(C) Reuters Limited 2001.
SAN FRANCISCO, May 15 (Reuters) - Southern California Gas Co. (SCG) said in a
statement on Tuesday it will add around 200 million cubic feet a day, or
about six percent, to its pipeline system by the end of the year in order to
meet the surge in demand for gas-fired power generation.
Today's announcement comes two months after SCG, a unit of Sempra Energy ,
proposed to increase capacity on its system by 175 mmcfd, or five percent.
Both projects will add around 11 percent of new gas capacity to its
transmission system this year, the company said in a statement.
In its latest proposal, called the Kramer Junction Interconnect, SCG said it
would build a 32-mile pipeline link to the Kern-Mojave pipeline system that
will allow it to deliver around 200 mmcfd into its system.
The new capacity would be enough to drive three 500-megawatt power plants or
enough gas to serve 1.4 million residential customers a day, the statement
said.
SCG, the nation's largest gas utility with more 18 million consumers in
central and Southern California, said utilization of its intrastate
transmission system in the past nine months had jumped from 75 percent to
over 95 percent, due largely to the rise in gas-fired power generation.
The company's announcement is the latest in several proposals to expand gas
pipeline capacity to California, where demand for gas is expected to jump
because of the number of gas-fired power plants being built or scheduled for
construction.
Gas is already used to generate about a third of California's electricity.
And since April 1999, the state has approved 13 major gas-fired power plant
projects with a combined generation capacity of more than 8,900 megawatts.
Nine gas-fired power plants, with a total generation capacity of more than
6,000 megawatts, are under construction.
Over the past two months plans to build or expand gas lines serving
California have been announced by Enron unit Transwestern, Williams Cos' Kern
River Transmission, El Paso Corp. units El Paso Natural Gas Co. and Mohave
Pipeline Co., Pacific Gas & Electric Corp. unit National Energy Group,
Questar Corp. , Calpine Corp. , and Kinder Morgan .
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Urges Reforms In Japan Electricity Market-Nikkei
05/15/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
TOKYO (Nikkei)--Asserting that cuts in electricity prices will help Japanese
companies save as much as Y4 trillion, major U.S. energy firm Enron Corp.
(ENE) on Tuesday urged Japanese power firms to revamp the electricity market
by separating operations such as power generation, transmission and
distribution, The Nihon Keizai Shimbun reported.
Enron's 10-point proposal also calls for the construction of more power
plants and full-scale deregulation of retail electricity, including sales to
households. If such measures are carried out and electricity prices fall to
match the levels of other industrialized nations, Japan's industrial sector
could trim its costs by Y4 trillion, Enron said.
At a seminar on power industry deregulation hosted by Enron, the company
asserted that Japan's deregulation in such areas as wholesale electricity
auctions in 1996 and bulk retail sales last year has not brought significant
benefits to end-users.
New suppliers entering the market only account for a combined 0.4% of the
entire electricity sector, Enron said, criticizing the fact that power plant
facilities are mainly concentrated among electric power companies.
Regarding prices, an official representing operators of power generation
facilities asserted that "industrial-use electricity prices in Japan are
stuck at a high level at around Y13 per kilowatt, compared with Y5 in the
U.S., Y3 in Canada, Y9 in Germany and Y4-Y8 in Southeast Asia."
In fact, department store operator Takashimaya Co. (8233 or J.TKA), which
last November switched to new market entrants for part of its electricity
supply, was able to cut costs by Y450 million in the first year, said a
company official.
Enron hopes to generate competition by urging Japanese electric utilities to
spin off different operations, analysts say. If the number of power
generation facility operators increases, this will help bolster Japan's
electricity trading market, an area in which Enron has a strong business
interest.
Splitting electricity operations into generation, transmission and
distribution is expected to open the electric utility network to new
entrants. This will boost transparency in the fees that electric power
companies charge for transmitting power on behalf of the operators of power
generation facilities, Enron says.
Citing the power shortage in California, however, Japan's electricity sector
has strongly opposed such spin-offs, stating that generation and distribution
must be part of a single continuum to ensure a stable supply.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Agrees to Provide Market Data to NGX
05/15/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
CALGARY, May 15 /PRNewswire/ - NGX Canada Inc. (NGX), a wholly owned
subsidiary of OM AB (OM), today announced that an arrangement has been made
with Enron Canada Corp., a wholly owned subsidiary of Enron Corp. (Enron),
whereby trading data from certain contracts listed on Enron's online trading
system, EnronOnline will be included in the computation of three Alberta Gas
Price Indices.
NGX acquired the AECO "C" & NIT Daily Spot, One-Month Spot, and Bid-Week Spot
gas price indices (Alberta Gas Price Indices) from Canadian Enerdata Ltd.
last September. Subsequent to the acquisition of the Alberta Gas Price
Indices, NGX has provided real-time information to its customers on the
establishment of the weighted average price indices based on transactions
conducted through NGX's trading system. Canadian Enerdata Limited continues
to publish the Alberta Gas Price Indices in the Canadian Gas Price Reporter.
Peter Krenkel, President of NGX, stated, "We believe that inclusion of data
from EnronOnline will serve to make our price indices among the best in North
America. The industry has been very supportive of the visibility and
integrity we are able to bring to the Alberta Gas Price Indices, which
removes the guesswork around gas price index methodology. However, after
reviewing the matter with Enron and other industry participants, we
recognized that Enron had legitimate concerns and the industry felt that
"more is better". The inclusion of data from the highly liquid EnronOnline
system should improve the quality of our price indices even further."
Rob Milnthorp, President and CEO of Enron Canada commented, "We are very
pleased to have EnronOnline transactions included in the Alberta Gas Price
Indices. This will provide industry participants with a more comprehensive
source of data and a better opportunity to manage risk around these price
indices as they are now assured that all their transactions on EnronOnline
will be included in the computation of the Alberta Price Indices."
The inclusion of EnronOnline data satisfies the principal claims made by
Enron in their legal action against NGX, Canadian Enerdata Ltd., OM and
Richard Zarzeczny and Enron has agreed to discontinue the legal action
against those parties with the conclusion of this arrangement.
NGX and Enron are planning to implement the necessary system changes by
August 1, 2001 but in any event will provide at least thirty days notice to
the industry. Once in operation, data from transactions in the relevant
contracts listed on EnronOnline will be fed to NGX in real-time. The
methodology for computing the Alberta Gas Price Indices will continue to be
on a weighted-average basis.
NGX will engage independent auditors to insure full compliance with the Index
Methodology Guide. This guide is available on NGX's website at www.ngx.com.
NGX located in Calgary, Canada provides electronic trading and clearing
services to natural gas buyers and sellers at seven markets in Canada. Over
the past six years, NGX has grown to serve over 120 customers with trading
activity averaging 225,000 TJ's per month. NGX is owned 100% by OM
(www.om.com).
OM is a leader in providing products and services in the field of transaction
technology. The company, with assets exceeding CDN $700 million, operates
exchanges in Calgary, London and Stockholm and develops technology that
increases the efficiency of financial and energy markets throughout the
world. OM is listed on Stockholmsborsen (ticker symbol "OM").
Enron Corp. is one of the world's leading electricity, natural gas and
communications companies. The company, with revenues of U.S. $101 billion in
2000, markets electricity and natural gas, delivers physical commodities and
financial risk management services to customers around the world, and has
developed an intelligent network platform to facilitate online business.
Fortune magazine has named Enron "America's Most Innovative Company" for six
consecutive years. Enron's Internet address is www.enron.com. The stock is
traded under the ticker symbol "ENE".
Canadian Enerdata Ltd. (www.enerdata.com) located in Markham Ontario has been
providing information services to the North American energy industry for over
17 years. Enerdata publishes the Canadian Gas Price Reporter, PriceLine
Daily, Natural Gas Market Report and Canadian Energy Trends. Enerdata also
sponsors GasFair & Power, Canada's largest natural gas and electricity market
conference and trade show, now in its 11th year. SOURCE NGX Canada Inc.
/CONTACT: Enron Corp. - Mr. Eric Thode, Director of Public Relations,
713-853-9053; NGX Canada Inc.- Mr. Peter Krenkel, President, 403-974-1705; OM
- Ms. Anna Eriksson - Vice President Corporate Communications, +46 (8) 405 66
12; Canadian Enerdata Ltd. - Mr. Richard Zarzeczny, President, 905-479-9697/
11:17 EDT
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
UAE To Seek New Partners If Enron Exits Dolphin Gas Proj
05/15/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
DUBAI -(Dow Jones)- If U.S.-based Enron Corp. (ENE) pulls out of the $3.5
billion Dolphin gas project, in which the company holds a 24.5% stake, the
U.A.E. Offsets Group, or UOG, will consider other companies to replace it, a
United Arab Emirates industry source close to the project said Tuesday.
Industry sources Monday said Enron is considering withdrawing from the
project because it doesn't believe it will be profitable.
Dolphin, an agreement signed two years ago by UOG and Qatar Petroleum, plans
to bring 2 billion cubic feet a day of natural gas from Qatar's offshore
North Field to Abu Dhabi and onward to Dubai.
Enron and TotalFinaElf (TOT) each hold a 24.5% stake in the project, while
UOG owns the remaining 51%.
Enron is set to focus on the midstream part of the project - gas
transportation - which requires building a 350-kilometer pipeline from a
processing plant in Ras Laffan, Qatar, to the Taweelah terminal in Abu Dhabi
and the Jebel Ali terminal in Dubai.
The U.A.E. source said originally, it was thought that the U.A.E. government
would fund the pipeline, which is estimated to cost around $1 billion.
However, more recently, the source said the U.A.E. suggested that Enron put
up the money itself.
Other industry sources said Enron and TotalFinaElf also had to pay
significant fees to join the project. TotalFinaElf will
operate the upstream part of the project, which includes developing
natural gas reserves in two blocks of the North Field. First wells are
scheduled to be drilled in the second half of 2001 and come onstream in
2005.
Last week, the Middle East Economic Survey reported that the foreign partners
haven't yet agreed on the precise details of their working relationship or on
the price of the pipeline.
Qatar Petroleum and Dolphin Energy Ltd., a subsidiary of UOG, signed an
initial agreement in March for the upstream section of the project. A full
agreement is expected to be concluded in September, the source said.
-By Dyala Sabbagh, Dow Jones Newswires; 9714 331 4260;
[email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)
2001-05-15 16:35 (New York)
Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)
(Updates with closing share prices.)
Washington, May 15 (Bloomberg) -- Enron Corp. should sell
Portland General Electric Co. to Oregon so state consumers can be
insulated from soaring electricity prices, a congressman said.
``Purchasing PGE would give Oregon ratepayers more control by
keeping its assets in Oregon, accountable solely to Oregonians,''
U.S. Representative Peter DeFazio, a Democrat from Springfield,
Oregon, said in a letter to Governor John Kitzhaber.
The governor is considering DeFazio's proposal, said
Kitzhaber spokesman Kevin Smith.
Last month, Houston-based Enron, the biggest energy trader,
agreed to cancel the $3.1 billion sale of Portland General, a
utility with more than 700,000 Oregon customers, to Sierra Pacific
Resources of Reno, Nevada.
Enron and Sierra Pacific blamed laws spawned by high power
prices and electricity shortages in the West for the sale's
collapse.
``We are pleased to keep Portland General in our asset
portfolio because it's a solid earnings performer,'' Enron
spokeswoman Karen Denne said. ``If approached by a buyer who
recognizes its value, we'd consider selling it.'' She declined to
comment on a potential bid by Oregon.
The state should act swiftly, DeFazio said, citing press
reports that the U.K.'s Scottish Power Plc, owner of PacifiCorp,
the largest utility in the U.S Northwest, may bid for Portland
General.
Scottish Power, based in Glasgow, Scotland, would have more
than 70 percent of Oregon electricity customers if it added
Portland General, raising ``serious regulatory concerns about
market power,'' he said.
Bond Issue
Oregon could issue bonds to purchase Portland General, using
the utility's profits to pay the debt, DeFazio said. The state
might run it as a public utility or a cooperative, he said.
Enron and Sierra Pacific called off the Portland General sale
because of laws passed by Nevada and California legislators that
slow the deregulation of their wholesale power markets.
California and Nevada have blocked sales of power plants by
utilities. Sierra Pacific had to sell a stake in a Nevada power
plant that sells power to California to win regulatory approval of
the Portland General purchase.
Average power prices on the California-Oregon border this
year have soared ninefold to $296.34 a megawatt hour over the year-
earlier period. A megawatt hour can light 750 average California
homes for an hour.
Shares of Enron fell $1.76 to $$56.99. They've fallen 31
percent this year.
Sierra Pacific rose 9 cents to $16.09. Scottish Power rose 9
pence to 492 ($7) in London.
Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)
2001-05-15 16:26 (New York)
Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)
(Adds closing share price.)
Houston, May 15 (Bloomberg) -- Enron Corp., the world's
biggest energy trader, agreed to provide natural-gas pricing
information to NGX Canada Inc. and drop a C$100 million
($64.7 million) suit against the Canadian gas exchange.
Enron sued NGX in November after the Internet exchange, a
unit of the company that owns the Stockholm Stock Exchange,
changed providers of its gas-pricing data and didn't include
trades on EnronOnline, Enron's Internet exchange, when calculating
gas-price indexes.
Calgary-based NGX agreed to include EnronOnline trades in
calculating its Alberta Gas Price Indices by August, Enron
spokesman Eric Thode said.
NGX, owned by Stockholm's OM Gruppen AB, is used by about 90
percent of Canadian gas traders, and many traders use EnronOnline
to sell gas from western Canada, the biggest supplier of the
cleaner-burning fuel to the U.S.
Houston-based Enron fell $1.76 to $56.99.
| ||
arnold-j/notes_inbox/46.
|
subject: FW: COB 05.15.01 PNL Estimate
content: -----Original Message-----
From: Hayden, Frank
Sent: Tuesday, May 15, 2001 4:35 PM
To: Lavorato, John; Kitchen, Louise
Cc: Port, David; Gorny, Vladimir
Subject: COB 05.15.01 PNL Estimate
The gas desk lost $13MM. West desk made $56MM, financial desk lost $45MM.
East Power lost 10MM
West power lost approx 5MM
Frank
| ||
arnold-j/notes_inbox/47.
|
subject: RE: Meeting - UPDATE
content: Tomorrow's meeting will be held in EB2711 (Andy's office).
Lydia Cannon
Assistant to Andy Zipper
713-853-9975
713-408-6267 cell
[email protected]
-----Original Message-----
From: Cannon, Lydia
Sent: Friday, May 11, 2001 1:20 PM
To: Arnold, John; Webb, Jay; Puthigai, Savita
Cc: Zipper, Andy; Weatherstone, Mary; Rangel, Ina
Subject: Meeting
Andy Zipper would like for you to attend a meeting regarding: " Linking
Auto-Hedge" on Wednesday, May 16, 2001 at 4:00 pm., location to be
determine. Contact me if you are unable to attend or have any questions.
Thanks
Lydia Cannon
Assistant to Andy Zipper
713-853-9975
713-408-6267 cell
[email protected]
|
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