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arnold-j/sent_items/743.
|
subject: FW: Positions
content: can you confirm when we get it?
-----Original Message-----
From: [email protected]@ENRON
Sent: Friday, November 02, 2001 12:30 PM
To: [email protected]
Cc: Wesner-Soong, Sarah; Deffner, Joseph
Subject: RE: Positions
The money is en route NOW....
Thanks for all your help...
Kevin
> -----Original Message-----
> From: Davis, Kevin (LDN Int)
> Sent: Friday, November 02, 2001 4:10 PM
> To: '[email protected]'
> Cc: '[email protected]'; '[email protected]'
> Subject: Positions
>
> Dear John
>
> In place of the original transfer of options that we sent you yesterday, I
> propose the following transfer instead. You will note that it includes no
> options at all.
>
> short 1660 May 2002 futures
>
> Please understand that this entire affair is making me as uncomfortable as
> it is clearly making you.
>
> Kind regards
> Kevin R Davis
| ||
arnold-j/sent_items/744.
|
subject: RE: You are a bad bad boy!
content: I thought I had pulled one over you...
I don't envy your job. The trade guys do a good job of ganging up on you.
-----Original Message-----
From: "Collins, Bo" <[email protected]>@ENRON
Sent: Friday, November 02, 2001 1:17 PM
To: Arnold, John
Subject: You are a bad bad boy!
Don't make me pull tapes on whether you understood our fee...j.a. Always
understands. Happy to help you guys anyways (I know you'll thank me later)
J. Robert Collins
[email protected]
--------------------------
Sent from my BlackBerry
| ||
arnold-j/sent_items/745.
|
subject:
content: ready any time you are
|
houston <[email protected]>
|
|
arnold-j/sent_items/746.
|
subject: RE: EDF margin line
content: according to whom?
-----Original Message-----
From: Wesner-Soong, Sarah
Sent: Monday, November 05, 2001 10:52 AM
To: Arnold, John; Quigley, Dutch; Warwick, Todd; Whiting, Greg; Gosnell, Gerri
Cc: Shackleton, Sara
Subject: EDF margin line
EDF is terminating its line with us today. Sarah
| ||
arnold-j/sent_items/747.
|
subject: RE: $25 million loan from EDf
content: we have until thursday i believe
-----Original Message-----
From: Wesner-Soong, Sarah
Sent: Tuesday, November 06, 2001 1:07 PM
To: Arnold, John
Subject: $25 million loan from EDf
We are going to repay their loan tomorrow based on the notice we received from them that they were cancelling their line to us as of 11/5/2001.
| ||
arnold-j/sent_items/748.
|
subject: RE: $25 million loan from EDf
content: if they demand this on thursday, i'm going to put their nat gas operation out of business.
-----Original Message-----
From: Wesner-Soong, Sarah
Sent: Tuesday, November 06, 2001 1:49 PM
To: Arnold, John
Subject: RE: $25 million loan from EDf
Yes, we can wait until Thursday.
-----Original Message-----
From: Arnold, John
Sent: Tuesday, November 06, 2001 1:46 PM
To: Wesner-Soong, Sarah
Subject: RE: $25 million loan from EDf
we have until thursday i believe
-----Original Message-----
From: Wesner-Soong, Sarah
Sent: Tuesday, November 06, 2001 1:07 PM
To: Arnold, John
Subject: $25 million loan from EDf
We are going to repay their loan tomorrow based on the notice we received from them that they were cancelling their line to us as of 11/5/2001.
| ||
arnold-j/sent_items/749.
|
subject: RE: cheer up...
content: i was just thinking i should invite you to come over tonight. wanna come?
-----Original Message-----
From: "White, J. (Jennifer)" <[email protected]>@ENRON
Sent: Tuesday, November 06, 2001 1:55 PM
To: Arnold, John
Subject: cheer up...
I just know you could use a vacation. Is there any chance I could talk you
into going to Miami the weekend after Thanksgiving? It's guaranteed to be a
good time.
I plan to be home tonight, and it would be NICE to hear from you.
Jen
-----Original Message-----
From: Jennifer Brugh [mailto:[email protected]]
Sent: Monday, November 05, 2001 3:11 PM
To: Jennifer Brugh (E-mail)
Subject: SSHHHHH
Hi everyone,
Here is the scoop....it's Paula's birthday on December 1 and we are
celebrating South Beach style and would love to have you all there to
celebrate with us!!
Let me know if you can make it and keep this a secret!
Jenn
The information contained in this communication is confidential and
proprietary information intended only for the individual or entity to whom
it is addressed. Any unauthorized use, distribution, copying, or disclosure
of this communication is strictly prohibited. If you have received this
communication in error, please contact the sender immediately. If you
believe this communication is inappropriate or offensive, please contact
Ocean Energy`s Human Resources Department.
| ||
arnold-j/sent_items/75.
|
subject: Re: March 2001/1Q 2001 Reporting Package
content: would like to meet to review to make sure i understand. may only take a couple minutes. are you free at 330 on tuesday?
From: Edie Leschber/ENRON@enronXgate on 04/30/2001 10:28 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: March 2001/1Q 2001 Reporting Package
John,
I have the reporting package for March 2001 and 1Q 2001 for the Financial Team for you.
Would you like to meet to review or would you prefer that I just deliver it to you for your review?
Thank you,
Edie Leschber
X30669
| ||
arnold-j/sent_items/750.
|
subject: RE: $25 million loan from EDf
content: how about 4:00?
-----Original Message-----
From: Wesner-Soong, Sarah
Sent: Tuesday, November 06, 2001 2:09 PM
To: Arnold, John
Subject: RE: $25 million loan from EDf
Do you have a second? I would like to come up there and make sure I understand clearly what you are talking about. Hey, I might want to short the stock if it's publicly traded. Sarah
-----Original Message-----
From: Arnold, John
Sent: Tuesday, November 06, 2001 1:51 PM
To: Wesner-Soong, Sarah
Subject: RE: $25 million loan from EDf
if they demand this on thursday, i'm going to put their nat gas operation out of business.
-----Original Message-----
From: Wesner-Soong, Sarah
Sent: Tuesday, November 06, 2001 1:49 PM
To: Arnold, John
Subject: RE: $25 million loan from EDf
Yes, we can wait until Thursday.
-----Original Message-----
From: Arnold, John
Sent: Tuesday, November 06, 2001 1:46 PM
To: Wesner-Soong, Sarah
Subject: RE: $25 million loan from EDf
we have until thursday i believe
-----Original Message-----
From: Wesner-Soong, Sarah
Sent: Tuesday, November 06, 2001 1:07 PM
To: Arnold, John
Subject: $25 million loan from EDf
We are going to repay their loan tomorrow based on the notice we received from them that they were cancelling their line to us as of 11/5/2001.
| ||
arnold-j/sent_items/751.
|
subject: RE: Nymex Status
content: sure
-----Original Message-----
From: Shults, Bob
Sent: Wednesday, November 07, 2001 6:33 AM
To: Arnold, John
Subject: RE: Nymex Status
Yes. Want me to come to your desk?
-----Original Message-----
From: Arnold, John
Sent: Tuesday, November 06, 2001 9:19 PM
To: Shults, Bob
Subject: RE: Nymex Status
are you free around 430 wed to discuss?
-----Original Message-----
From: Shults, Bob
Sent: Tue 11/6/2001 3:21 PM
To: Arnold, John
Cc:
Subject: Nymex Status
John,
I met with Bo last Thurs and continued the discussion today with Bo, David Keller (Nymex CTO), David Salomon (Nymex), Brad Richter and Jay Webb. Nymex indicated that they would like to move ahead very quickly on getting a price posting arrangement with them on Access where they will be showing prices all day including the OTC products. Once this is complete they would also like to contemplate an arrangement on a Phase 2 technology sale with them. They are currently scoping our the Phase II requirements.
Nymex does not have the resources to build the API (interface with EnronOnline) and would like us to do the development. This type of arrangement requires the desk to make some decisions:
Are we willing to post numbers on Access electronically and have the transaction occur on Access? This will give us the risk of being double hit.
Are we willing to dedicate technology resources to this effort (and away from other EnronOnline priorities) and will the desk get enough benefits to justify the opportunity costs?
What would it take for you to post numbers in this fashion (fees, preferential fills, etc). You have the original specialist proposal we sent to them.
We indicated to Bo that we would get an answer on this and call in the next couple of days. If we can answer these questions, Jay will have someone look at the Access code and determine the cost to us (development time).
We will also be meeting with Nymex next Wed to talk about Phase II. We think that we can structure a transaction that would include an Access Price Posting in the short term, Specialist role and an obligation to look at our Phase II proposal. If we do not get a firm commitment on Phase II within a specified period we can review our specialist role and ask them to pay for the API we built to access.
Please call me to discuss at 713 853-0397.
Bob Shults
EnronOnline LLC
Houston, Texas 77002-7361
713 853-0397
713 825-6372 cell
713 646-2126
[email protected]
| ||
arnold-j/sent_items/752.
|
subject: RE: BNP PARIBAS Commodity Futures Weekly AGA Survey
content: -4
-----Original Message-----
From: [email protected]@ENRON
Sent: Wednesday, November 07, 2001 7:42 AM
To: [email protected]
Subject: BNP PARIBAS Commodity Futures Weekly AGA Survey
Good Morning,
Just a reminder to get your AGA estimates in by Noon EST (11:00 CST).
Last Year +36
Last Week +23
Thank You,
Daryl Dworkin
BNP PARIBAS Commodity Futures, Inc.
_____________________________________________________________________________________________________________________________________
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/sent_items/753.
|
subject: RE: 8:30 am trade count
content: fyi : Having more and more counterparties that will only deal on one side of my market.
-----Original Message-----
From: Kitchen, Louise
Sent: Wednesday, November 07, 2001 10:14 AM
To: Arnold, John; '[email protected]'; '[email protected]';
'[email protected]'; Grigsby, Mike
Subject: Fw: 8:30 am trade count
Note aquila.
--------------------------
Sent from my BlackBerry Wireless Handheld
-----Original Message-----
From: Webb, Jay <[email protected]>
To: Kitchen, Louise <[email protected]>
Sent: Wed Nov 07 08:34:43 2001
Subject: 8:30 am trade count
Hi Louise,
We are having a typical trading pace so far today. It is too early to tell if any counterparty is really cutting back. Like yesterday, however, Aquila is buying longer dated physical gas and selling spot gas; so once again they are a big net buyer.
Trade counts, by 8:30 am, since October 1:
TRADE DATE TRADE CNT
11/7/2001 2314
11/6/2001 2504
11/5/2001 2340
11/4/2001 7
11/3/2001 18
11/2/2001 2288
11/1/2001 2484
10/31/2001 2374
10/30/2001 2021
10/29/2001 2259
10/27/2001 7
10/26/2001 2395
10/25/2001 2875
10/24/2001 2292
10/23/2001 2637
10/22/2001 2303
10/21/2001 15
10/20/2001 1
10/19/2001 2624
10/18/2001 2192
10/17/2001 2313
10/16/2001 2101
10/15/2001 1710
10/14/2001 8
10/13/2001 7
10/12/2001 1906
10/11/2001 1999
10/10/2001 1786
10/9/2001 1853
10/8/2001 1824
10/7/2001 3
10/6/2001 5
10/5/2001 1939
10/4/2001 2365
10/3/2001 1935
10/2/2001 1641
10/1/2001 1876
| ||
arnold-j/sent_items/754.
|
subject: FW: Help!
content: -----Original Message-----
From: "sarah aldrich" <[email protected]>@ENRON
Sent: Wednesday, November 07, 2001 10:43 AM
To: [email protected]
Subject: Help!
Jeff,
My mom said that you would email me a few questions that are standard in an
interview. I was wondering if you could do that for me please? I am very
nervous and need all of the help I can get. Thanks for telling mom that I
needed a suit. I told her but she didn't believe me. If you have any other
advice feel free to give it to me. I have a project that I did in a problem
solving class that my teacher told me to take into my job interviews.
Should I take it to my internship interviews? The project was looking at
statistics of accidents that occured in a certain hospital, evaluating the
correlations over a few years, making suggestions on how to improve and
explaining why certain things were happening. I am not sure if that will
help in an internship. What department in a company would that have to do
with? I think I might be interested in that.
Thanks,
Sarah
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp
| ||
arnold-j/sent_items/755.
|
subject: FW: Enron Mentions
content: -----Original Message-----
From: =09Schmidt, Ann M. =20
Sent:=09Wednesday, November 07, 2001 2:09 PM
Subject:=09Enron Mentions
S&P Lowers Enron Credit Linked Notes Trust Ratings; On Watch Neg
PR Newswire, 11/07/01
DJ CNBC's FABER REPORT: Enron/Dynegy Deal Talk
Dow Jones, 11/07/01
Enron in Talks With Dynegy That May Include Merger, CNBC Says
Bloomberg, 11/07/01
WSJ: Dynegy In Talks To Put About $2B Into Enron Now
Dow Jones News Service, 11/07/01
Enron Shares Fall on Concern About Finding Investors (Update2)
Bloomberg, 11/07/01
Enron Credit-Linked Note Ratings Reduced 6 Days Late (Update2)
Bloomberg, 11/07/01
Former SEC Chairman Levitt (Transcript of Interview)
Bloomberg, 11/07/01
USA: U.S. FERC watching Enron's impact on energy markets.
Reuters English News Service, 11/07/01
Apache Unwinds Most Gas Hedges; Cites Enron Uncertainty
Dow Jones News Service, 11/07/01
USA: Enron shares fall below $8 - set new nine-year low.
Reuters English News Service, 11/07/01
Enron's stock drops 25 percent
Associated Press Newswires, 11/07/01
Rabin & Peckel LLP Commences Class Action Against Enron Corporation and Cer=
tain of Its Officers and Directors, Alleging Violations of Federal Securiti=
es Laws
Business Wire, 11/07/01
Enron's power company in India calls off Singapore meeting after Indian len=
ders file lawsuit
Associated Press Newswires, 11/07/01
USA: El Paso says it does not expect Enron bankruptcy.
Reuters English News Service, 11/07/01
Energy traders are icing out Enron
Shares trade at 9-year lows for 2nd straight day=20
CBS.MarketWatch.com, 11/07/01
Legal Group Plans Suit to Void California Power Contracts
Bloomberg, 11/07/01
S&P Lowers Enron Credit Linked Notes Trust Ratings; On Watch Neg
11/07/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
NEW YORK, Nov. 7 /PRNewswire/ -- Standard & Poor's today lowered its rating=
s on Enron Credit Linked Notes Trusts' credit linked notes and placed them =
on CreditWatch with negative implications (see list).=20
The lowered ratings reflect the Nov. 1, 2001 rating action taken on Enron C=
orp., which was based on Standard & Poor's belief that Enron's plan to empl=
oy asset sales and other means to repair its damaged balance sheet will be =
insufficient to restore its long-term credit quality to the historical trip=
le-'B'-plus level. The CreditWatch placements recognize the uncertainties t=
hat surround the company and its credit quality in the short run due to the=
possibility of further unanticipated developments in the capital markets.
These synthetic issues utilize a credit default swap that references Enron'=
s senior unsecured debt and therefore the rating on the credit-linked notes=
will reflect the current senior unsecured rating of Enron. OUTSTANDING RAT=
INGS LOWERED AND PLACED ON CREDITWATCH NEGATIVE=20
Enron Credit Linked Notes Trust=20
US$500 million credit linked notes=20
Rating=20
To From=20
Notes BBB/Watch Neg BBB+=20
Enron Credit Linked Notes Trust II=20
US$500 million credit linked notes=20
Rating=20
To From=20
Notes BBB/Watch Neg BBB+=20
Enron Euro Credit Linked Notes Trust=20
EUR200 million credit linked notes=20
Rating=20
To From=20
Notes BBB/Watch Neg BBB+=20
Enron Sterling Credit Linked Notes Trust=20
GBP125 million credit linked notes=20
Rating=20
To From=20
Notes BBB/Watch Neg BBB+
/CONTACT: Mary Ryan, New York, +1-212-438-2090, or Frank J. Trick, New York=
, +1-212-438-1108, both for Standard & Poor's/ 11:47 EST=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
DJ CNBC's FABER REPORT: Enron/Dynegy Deal Talk
2001-11-07 14:56 (New York)
The following is a transcript of a report aired Wednesday by CNBC reporte=
r
David Faber:=20
=20
Enron is in discussions with Dynegy about a range of options that include=
a
merger of the two companies.=20
While such an outcome is only one of a number of options being discussed,
sources close to the talks tell me such an outcome is being considered.=20
Enron is trying to raise equity capital and restore confidence amid the
complete collapse of its stock price.=20
Today, the Houston-based energy trading concern's shares have fallen anot=
her
25%, while its bonds, perhaps a better barometer of the market's concerns a=
bout
credit quality, have shed roughly ten points.=20
Enron will not comment. But sources close to the situation tell me the
company continues to speak with a handful of private equity firms about an
investment. Those talks are still in the early stages.=20
Talks with Dynegy, a cross-town rival of Enron's that also markets and tr=
ades
energy, have progressed at a faster pace.=20
Dynegy is unlike Enron in that it owns more hard assets, many of which ca=
me
along with the acquisition of Illnova, completed in 2000.=20
While many potential acquirers have shied away from Enron due to continue=
d
concern about unknown liabilities the company may have, Dynegy is very fami=
liar
with its energy trading business.=20
Dynegy is the number two player in the U.S. energy trading market and wou=
ld
clearly become the dominant player were it to merge with or acquire Enron. =
A
Dynegy spokesman declined comment.=20
While Dynegy has off-balance sheet financings that are similar to Enron's=
,
those financings are not guaranteed by the parent.=20
It is such guarantees that have concerned Enron investors along with a se=
ries
of questionable investments.=20
Given the massive decline in Enron's stock price, Dynegy now has a market
value that is twice that of Enron.=20
That decline in Enron's stock price would make any equity infusion heavil=
y
dilutive, if private equity firms were to choose to invest in Enron they wo=
uld
likely do so in the form of a security that converted to equity and paid a
dividend.=20
Still, because Enron now has a market value of only $5.3 billion, the rou=
ghly
$2 billion it may want represents an enormous percentage of its overall equ=
ity
value.=20
Hence, discussion with Dynegy may have taken on the form of a merger, rat=
her
than a strategic investment.=20
=20
Enron in Talks With Dynegy That May Include Merger, CNBC Says
2001-11-07 13:39 (New York)
Houston, Nov. 7 (Bloomberg) -- Enron Corp. is talking with
rival energy company Dynegy Inc. about a number of options,
including merger, to help it raise equity capital and restore
confidence, financial news network CNBC reported.
Spokesmen for Dynegy and Enron declined to comment.
WSJ: Dynegy In Talks To Put About $2B Into Enron Now
By Robin Sidel
11/07/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of The Wall Street Journal=20
NEW YORK -(Dow Jones)- Dynegy Inc. (DYN) is in advanced discussions to infu=
se about $2 billion into Enron Corp. (ENE) in a transaction that may lead t=
o a full-blown merger between the two companies, sources familiar with the =
matter told The Wall Street Journal.
A formal transaction could be unveiled as early as Thursday, these people s=
aid. The situation is very fluid and is subject to change, these people not=
ed.=20
(This report and related background will be available at the Journals' Web =
site, WSJ.com.)=20
Enron has been rocked by last month's disclosure of a $1.2 billion reductio=
n in its equity base partly tied to financial dealings with company partner=
ships headed by Enron's former chief financial officer. Last month, it repo=
rted a third-quarter loss of $618 million. The Securities and Exchange Comm=
ission has launched a formal investigation into the matter. Last week, Enro=
n secured $1 billion in new credit lines, using gas-pipeline assets as coll=
ateral.=20
Enron needs the infusion in part because its previously announced plans to =
raise cash through the sale of power assets is going more slowly than expec=
ted. Mostly, though, it needs to restore its credibility with Wall Street a=
t a time when its access to the financing markets is drying up.=20
Enron shares recently traded down $1.57, or 16%, at $8.10. -Robin Sidel; Th=
e Wall Street Journal; 212-274-7991
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron Shares Fall on Concern About Finding Investors (Update2)
2001-11-07 14:06 (New York)
Enron Shares Fall on Concern About Finding Investors (Update2)
(Adds CNBC report on talks with Dynegy in fifth paragraph.)
Houston, Nov. 7 (Bloomberg) -- Enron Corp.'s shares fell as
much as 28 percent, to their lowest level in more than a decade,
amid reports that the No. 1 energy trader is struggling to find
investors to help it out of a cash crunch.
Shares of Enron fell $1.17, or 12 percent, to $8.50 in
midafternoon trading. The shares dropped to $7 earlier. At
yesterday's close, they had fallen 88 percent this year.
Enron will have a hard time raising a large amount of cash in
a short time, said Sean Egan, managing director of Egan-Jones
Rating Co.
``It takes time to sell assets, and many shrewd investors
like Goldman Sachs might find it more profitable to just pluck off
key employees rather than invest in Enron,'' Egan said.
The shares pared some of today's losses after CNBC reported
that Enron is talking with rival Dynegy Inc. about options,
including a merger. Both companies are based in Houston.
``We don't comment on market rumors,'' Dynegy spokesman Steve
Stengel said.
``Enron does not comment on speculation on mergers and
acquisitions,'' Enron spokesman Mark Palmer said.
Berkshire Hathaway Inc. Chairman Warren Buffett decided
against investing in Enron because he wasn't willing to sign a
confidentiality agreement that would keep him from trading Enron's
debt, the New York Times reported today, citing an unidentified
person close to the talks.
Other companies approached by Enron, including Clayton
Dubilier & Rice, the Blackstone Group and Kohlberg Kravis Roberts
& Co. have also shown little interest, the newspaper said.
The U.S. Securities and Exchange Commission is investigating
Enron partnerships run by the company's former chief financial
officer. The entities bought and sold Enron shares and assets,
with trades costing Enron $35 million and $1.2 billion in lost
shareholder equity. Enron ousted CFO Andrew Fastow last month.
Rating Downgraded
Standard & Poor's today reduced its rating on Enron's credit-
linked notes, just six days after the ratings company downgraded
Enron's senior unsecured bonds. S&P cut four Enron credit-linked
issues valued at about $1.36 billion combined to ``BBB'' from
``BBB+'' and indicated it may lower the grades again.
Fearing that an Enron collapse might cripple the natural gas-
derivatives market, oil and gas producer Apache Corp. said it
backed out of most of its gas hedges, realizing a $70 million gain
so far.
``We have been unwinding our hedge positions because of
uncertainty created by Enron's credit problems,'' Apache spokesman
Bill Mintz said. The company now has only one position with Enron
that it's trying to unwind.
The Apache news was reported earlier by the Times.
`Fragile Business'
``Their trading business is a very fragile business,'' Egan
said. ``If partners on either side get concerned, trading volumes
decline, which is what is happening now.''
Other companies mentioned in reports as possible buyers of
all or part of Enron have denied an interest in the idea. General
Electric Co. Chief Executive Officer Jeffrey Immelt told CNN today
that ``Enron's really not on our list right now.'' BP Plc Chief
Executive John Browne said ``no'' at a press conference in London
yesterday when asked whether the London-based company would be
interested in buying Enron or a stake in the company.
Among shares of other energy traders, Dynegy fell $1.70 to
$34.30. Mirant Corp. fell 15 cents to $25.40. Williams Cos. fell 4
cents to $28.97.
--Margot Habiby in Houston, (713) 353-4872=20
Enron Credit-Linked Note Ratings Reduced 6 Days Late (Update2)
2001-11-07 14:46 (New York)
Enron Credit-Linked Note Ratings Reduced 6 Days Late (Update2)
(Adds background and stock price in fourth through sixth
paragraphs.)
New York, Nov. 7 (Bloomberg) -- Standard & Poor's Corp.
downgraded notes linked to Enron Corp.'s credit quality to match
the No. 1 energy trader's credit rating six days after the ratings
company reduced its corporate debt ratings.
S&P said it cut four Enron credit-linked notes, valued at
$1.36 billion, to ``BBB'' from ``BBB+'', and indicated it may
lower the grades again.
``This isn't an additional downgrade and should have happened
last week,'' said Todd Shipman, a director at the ratings company
that follows the company. Last week Shipman downgraded Enron's
long-term ratings to ``BBB'' from ``BBB+,'' and left them on watch
for a further downgrade.
Enron shares today fell as much as 28 percent, to their
lowest level in more than a decade, amid reports that the No. 1
energy trader is struggling to find investors to help it out of a
cash crunch.
Shares of Enron fell $1.17, or 12 percent, to $8.50 in mid-
afternoon trading. The shares dropped to $7 earlier. At
yesterday's close, they had fallen 88 percent this year.
The federal Securities and Exchange Commission is
investigating Enron partnerships run by the company's former chief
financial officer, Andrew Fastow, who was ousted last month. The
entities bought and sold Enron shares and assets,
with trades costing Enron $35 million and $1.2 billion in lost
shareholder equity.
Notes
Holders of the credit-linked notes, sold by Enron Euro CLN
Trust, Enron Sterling CLN Trust, and Enron CLN Trust and Trust II,
may have received a higher coupon than an Enron corporate
obligation offers. The notes, which are obligations of the special
purpose entities, are tied to specific credit events, such as a
bankruptcy or Enron's failure to pay on obligations.
Proceeds from the notes were to be used to acquire the
Trusts' initial investments, and buyers are to be paid interest
from the proceeds of those certain assets, according to an
offering memorandum. The Trusts can invest in securities with
short-term ratings of at least ``A1'' from S&P and ``P1'' from
Moody's Investors Service, as long as they mature before the
maturity dates of the notes.
There are four notes, each divided into two offerings, some
offered publicly and some privately sold. All the notes are
scheduled to mature in August 2005 or May 2006 and were sold by a
group of banks led by Salomon Smith Barney, a unit of Citigroup.
In the event of an Enron credit event, Citibank, which acted
as a swap counter-party to the trusts, can take the trusts'
investments in return for Enron debt obligations. The Enron debt
is then liquidated by the trust, with the proceeds paid to the
investors.
Neither Enron nor Citibank have direct obligations to the
holders of the notes, according to an offering memorandum.
Enron's credit-linked notes utilize a credit-default swap
that the trusts have with Citibank that references Enron's senior
unsecured debt, so the rating on the credit-linked notes will
reflect the senior unsecured rating, S&P said in a report.
--Liz Goldenberg and Terence Flanagan in the New York=20
Former SEC Chairman Levitt (Transcript of Interview)
2001-11-07 12:52 (New York)
****THE FOLLOWING IS AN UNOFFICIAL TRANSCRIPT.****
BLOOMBERG L.P. DOES NOT GUARANTEE THE ACCURACY OF THIS
TRANSCRIPT.
New York, Nov. 7 (Bloomberg) -- The following is a
transcript of a Bloomberg interview with Former Securities
and Exchange Commission (SEC) Chairman Arthur Levitt. The
reporter is Dylan Ratigan.
RATIGAN: As you've probably heard, Enron under
investigation by the SEC, the SEC looking into partnerships
run by their former CFO. If you come into the Bloomberg
with me, I want to show you what it's done to the stock
price here over the course of the past month, month and a
half. You're talking about a move from a price in the mid
40s, which was not that long ago, mind you, early mid-
October, to a price that is now $9.67 a share. This has
absolutely decimated the company's stock price. Arthur
Levitt, the former chairman of the SEC, with us, looking,
first of all, at what's going on with this company.
But, before I do that, let me say good morning to you.
LEVITT: Good morning, Dylan.
RATIGAN: Talk to me.
LEVITT: You know, there are certain warning signs here
that investors have to be careful of: related party
transactions. Anytime you see a related party transaction,
an investor should be very careful. What they were doing,
was they were simply setting up these partnerships to move
off the balance sheet acquisitions and borrowings that would
really have hurt the balance sheet and I think given
investors a very different picture.
RATIGAN: Well, let's just make it real clear to
people, because they can easily get confused. I'm a
company.
LEVITT: Yes.
RATIGAN: .and I create - and I'm an executive of that
company, and I create a partnership that has nothing to do
with that company, legally, on paper.
LEVITT: But all the risks and rewards still belong to
the parent company. The affect of this is the subsidiary
borrows the money to make the acquisition from another
partnership set up by the parent. This stays totally off the
balance sheet of the parent company. Why does this happen?
RATIGAN: So, in other words, Company ABC exists, they
set up Subsidiary 123.
LEVITT: Yes.
RATIGAN: Subsidiary company 123 borrows money from.
LEVITT: To make an acquisition.
RATIGAN: A bank?
LEVITT: No.
RATIGAN: They borrow money from who?
LEVITT: They issue bonds.
RATIGAN: OK. They borrow money from the world.
LEVITT: Yes.
RATIGAN: . whoever wants to lend them money.
LEVITT: Yes.
RATIGAN: . they borrow money, they make an
acquisition. Now Subsidiary 123 down here has big debts
that don't reflect upstairs on Company ABC?
LEVITT: Precisely.
RATIGAN: But ABC still gets to use the asset that was
bought by 123?
LEVITT: Yes.
RATIGAN: OK.
LEVITT: Exactly. Now, how does it happen? The
accounting firm that handled this transaction, Arthur
Andersen, received $25 million for an audit of the company -
that's a huge amount - and $27 million for consulting
services - another danger sign. A lot of dough. Those
consulting services were to validate these transactions; $52
million dollars went to the accountants. The problem here
is an audit committee was not doing its work. If you look
at Enron's statements - and how many times have we heard
they were confusing? It's the job of the auditing firm to
see to it that it is not confusing. That's the real
problem. Now, what can you do about it?
RATIGAN: Tell me.
LEVITT: I think, actually, the FASB, the independent
standards setter, could put through a rule, which says.
RATIGAN: And FASB is the Federal Accounting Standards
Board. They set the rules.
LEVITT: Yes. Located in Norwalk, Connecticut. They
could say, if a company sets up another legal entity, and
the company retains all the risks and rewards of that
entity, then the public company, that public company that
set up these entities, must consolidate in the P&L, in the
balance sheet, all of these transactions.
Now, how does that come about? I think the SEC could
urge the FASB to do this. In 1990, the present chief
accountant of the SEC called for that action to be taken
place, but at that point, the then-chief accountant didn't
support the move.
RATIGAN: And this creates, in your mind, a rallying
call to reiterate that request with more venom and more
passion than before?
LEVITT: I don't know about venom, but I.
RATIGAN: But with passion.
LEVITT: I certainly think that passion - I think this
is clearly a call for better disclosure.
RATIGAN: Fair enough. I will see you next week, OK?
LEVITT: Good. Nice to see you.
RATIGAN: You, too.
***END OF TRANSCRIPT***
USA: U.S. FERC watching Enron's impact on energy markets.
11/07/2001
Reuters English News Service
(C) Reuters Limited 2001.
WASHINGTON, Nov 7 (Reuters) - The Federal Energy Regulatory Commission is w=
atching what effect Enron Corp.'s financial problems may have on interstate=
electricity and natural gas markets, FERC chairman Pat Wood said on Wednes=
day.=20
However, Wood said FERC does not have a direct role in the ongoing federal =
investigation of the company.
"We're watching the impact that Enron or any other firm would have on the o=
verall workings of the market, but we're not intervening where other agenci=
es have jurisdiction," Wood told reporters during a briefing after the agen=
cy's regular meeting.=20
Enron, the nation's largest trader of natural gas and electricity, is under=
attack for failing to explain off-balance sheet transactions that led to a=
$1.2 billion write-down of shareholder equity.=20
The deals, conducted with partnerships run by ousted Chief Financial Office=
r Andrew Fastow, are under investigation by the U.S. Securities and Exchang=
e Commission.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Apache Unwinds Most Gas Hedges; Cites Enron Uncertainty
By Christina Cheddar
Of DOW JONES NEWSWIRES
11/07/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Over the last few days, Apache Corp. (APA) has unwou=
nd nearly all of its hedges on natural-gas prices due to concerns about wha=
t would happen to the marketplace for energy derivatives if Enron Corp. (EN=
E) collapsed.=20
According to Tony Lentini, a spokesman for the Houston natural-gas producer=
, many of the hedges were established to lock in the value of acquisitions =
the company made.
Apache unwound all but one hedge, a transaction that involved Enron and oth=
er parties, Lentini said.=20
Apache has a gain of about $70 million from the various transactions, but t=
he company hasn't determined yet how the gain will be accounted for in its =
financial results, the spokesman said.=20
Apache has been an outspoken critic of the merchant energy trading because =
of the company's perception that the system is underregulated and creates e=
xcessive energy price volatility.=20
-Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@do=
wjones.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
USA: Enron shares fall below $8 - set new nine-year low.
11/07/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 7 (Reuters) - Shares of Enron Corp. fell in a new round of se=
lling on Wednesday that set new nine-year lows, amid concerns about the ene=
rgy trading giant's ability to raise cash.=20
The company's stock slid $1.77, or 18.3 percent, to $7.90 in late morning t=
rading on the New York Stock Exchange, diving below $8 for the first time s=
ince February 1992. The shares are down almost 77 percent since the company=
released its earnings results on Oct. 16, which set off the recent tumble.
The issues that have plagued the Houston-based company over the past three =
weeks continue to weigh on it, according to Jeff Dietert, an analyst at Sim=
mons and Co.=20
"It's a bit of a vicious cycle," he said. "The stock price declines, credit=
concerns go up, counterparties attempt to reduce their exposure and the ea=
rnings power of the company deteriorates."=20
He added that Enron needs to "get all its ducks in a row" so that it can me=
et with the holders of its stocks and bonds to discuss issues such as the c=
ompany's capitalization and plans for strengthening its balance sheet.=20
Enron, the nation's largest trader of natural gas and electricity, is under=
attack for failing to explain off-balance sheet transactions that led to a=
$1.2 billion write-down of shareholder equity.=20
The deals, conducted with partnerships run by ousted Chief Financial Office=
r Andrew Fastow, are under investigation by the U.S. Securities and Exchang=
e Commission.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron's stock drops 25 percent
11/07/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - Enron Corp.'s stock price continued its free fall Wednesday =
as shares fell 25 percent to a new 10-year low amid reports the company was=
having trouble attracting a large investor to allay worries about its fina=
ncial health and restore confidence.=20
Shares of the largest U.S. natural gas and power marketer dropped dlrs 2.41=
to dlrs 7.26 in midday trading Wednesday on the New York Stock Exchange.
Enron has been rebuffed by more than a dozen buyout firms as well as Warren=
Buffett's Berkshire Hathaway, The New York Times reported Wednesday, citin=
g a person close to the talks.=20
Houston-based Enron's stock is off more than 79 percent since Oct. 16, when=
the company said shareholder equity had been reduced by dlrs 1.2 billion, =
in part due to partnerships managed by Enron's former chief financial offic=
er, Andrew Fastow.=20
At the same time, reported a dlrs 618 million third quarter loss last month=
, dragged down by a one-time charge of dlrs 1.01 billion attributed to vari=
ous losses. Fastow was ousted a week later.=20
The company's financial stability was further weakened after the Securities=
and Exchange Commission began an inquiry, which was upgraded to a formal i=
nvestigation, of the partnerships and possible conflicts of interest result=
ing from them.=20
On Tuesday, Jeff Skilling, Enron's former chief executive officer, testifie=
d before the SEC in Washington D.C.=20
Enron's woes have prompted speculation about a possible takeover of the com=
pany. Some of the potential buyers that have been mentioned include General=
Electric's GE Capital unit and Royal Dutch Shell.=20
GE Capital has not ruled out an investment, the Times said, citing a source=
close to the talks.=20
Enron has cashed in about dlrs 3 billion in revolving credit it has with va=
rious banks to shore up investor confidence.=20
Last week, Enron secured dlrs 1 billion in new financing, using some of its=
natural gas and pipeline assets as collateral.=20
Enron officials said Tuesday seeking additional financing is one of the man=
y options the company is exploring to firm up investor and market confidenc=
e.=20
Meanwhile, Standard & Poor's Corp. on Wednesday lowered its ratings on some=
of Enron's credit linked notes and placed them on CreditWatch. S-and-P sai=
d Enron's plan to repair its damaged balance sheet through asset sales and =
other means will be insufficient.=20
Moody's Investors Service and Fitch Inc. have also downgraded the company's=
credit ratings.=20
Last week, Enron announced it created a special committee headed by Univers=
ity of Texas law school dean William Powers to respond to the SEC investiga=
tion. Powers also was elected to Enron's board of directors.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Rabin & Peckel LLP Commences Class Action Against Enron Corporation and Cer=
tain of Its Officers and Directors, Alleging Violations of Federal Securiti=
es Laws
11/07/2001
Business Wire
(Copyright (c) 2001, Business Wire)
NEW YORK--(BUSINESS WIRE)--Nov. 7, 2001--A class action complaint has been =
filed in the United States District Court for the Southern District of Texa=
s on behalf of all persons or entities who purchased Enron Corporation ("En=
ron" or the "Company") (NYSE: ENE) common stock between January 18, 2000 an=
d October 17, 2001, inclusive (the "Class Period"). The complaint was broug=
ht against defendants Enron, Kenneth Lay, Jeffrey K. Skilling and Andrew Fa=
stow. The case is numbered H-01-3736. The Honorable Melinda Harmon is the J=
udge presiding over the case.=20
The Complaint alleges that defendants violated Section 10(b) and 20(a) of t=
he Securities and Exchange Act of 1934 by issuing a series of material misr=
epresentations to the market between January 18, 2000 and October 17, 2001,=
thereby artificially inflating the price of Enron common stock. Specifical=
ly, the Complaint alleges that Enron issued a series of statements concerni=
ng its business, financial results and operations which failed to disclose =
(i) that the Company's Broadband Services Division was experiencing declini=
ng demand for bandwidth and the Company's efforts to create a trading marke=
t for bandwidth were not meeting with success as many of the market partici=
pants were not creditworthy; (ii) that the Company's operating results were=
materially overstated as a result of the Company failing to timely write-d=
own the value of its investments with certain limited partnerships which we=
re managed by the Company's chief financial officer; and (iii) that Enron w=
as failing to write-down impaired assets on a timely basis in accordance wi=
th Generally Accepted Accounting Principles ("GAAP"). During the Class Peri=
od, Enron insiders disposed of over $73 million of their personally-held En=
ron common stock to unsuspecting investors.
On October 16, 2001, Enron surprised the market by announcing that the Comp=
any was taking non-recurring charges of $1.01 billion after-tax, or ($1.11)=
loss per diluted share, in the third quarter of 2001, the period ending Se=
ptember 30, 2001. Subsequently, Enron revealed that a material portion of t=
he charge was related to the unwinding of investments with certain limited =
partnerships which were controlled by Enron's chief financial officer and t=
hat the Company would be eliminating more than $1 billion in shareholder eq=
uity as a result of its unwinding of the investments. When this news hit th=
e market, the price of Enron common stock dropped significantly.=20
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Pec=
kel LLP and its predecessor firms have devoted its practice to shareholder =
class actions and complex commercial litigation for more than thirty years =
and have recovered hundreds of millions of dollars for shareholders in clas=
s actions throughout the United States. You can learn more information abou=
t Rabin & Peckel at www.rabinlaw.com.=20
If you purchased Enron common stock during the Class Period described above=
, you may, no later than December 21, 2001, move the Court to serve as lead=
plaintiff. To serve as lead plaintiff, however, you must meet certain lega=
l requirements. You can join this action as a lead plaintiff online at www.=
rabinlaw.com. If you wish to discuss this action further or have any questi=
ons concerning this announcement, or your rights or interests, please conta=
ct plaintiff's counsel, Maurice Pesso and Eric Belfi, Rabin & Peckel LLP, 2=
75 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (2=
12) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinla=
w.com.
CONTACT: Rabin & Peckel LLP Maurice Pesso/Eric Belfi, 800/497-8076 or 212/6=
82-1818 Fax: 212/682-1892 [email protected] www.rabinlaw.com=20
12:41 EST NOVEMBER 7, 2001=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron's power company in India calls off Singapore meeting after Indian len=
ders file lawsuit
By SATISH NANDGAONKAR
Associated Press Writer
11/07/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
BOMBAY, India (AP) - Enron Corp.'s Indian power unit canceled a meeting wit=
h four Indian creditors after they filed a lawsuit against the company and =
three other parties on Wednesday to demand that the energy project resume o=
perations.=20
The two-day meeting was scheduled to begin in Singapore on Thursday to disc=
uss bids by two Indian companies to acquire a stake in the troubled $2.9 bi=
llion Dabhol Power Co.
The lenders - Industrial Bank of India, Industrial Finance Corporation of I=
ndia, State Bank of India and ICICI - approached the Bombay court to demand=
that work on the power project in the western Indian state of Maharashtra =
resume to ensure adequate cash flows to the project and help its promoters =
pay dues to the four financial institutions.=20
Dabhol Power Co., the state utility Maharashtra State Electricity Board, th=
e Government of India and the Maharashtra government were the four parties =
named in the lawsuit.=20
Indian banks and financial institutions, which have invested more than $1.3=
billion in the project, want Dabhol to continue work on the project and th=
e MSEB to buy the power produced.=20
The two-day meeting in Singapore was scheduled to discuss the bids made by =
the two Indian companies, Tatas and the Bombay Suburban Electricity Supply,=
to acquire a stake in DPC. Enron had offered to sell the stake in DPC for =
$850 million, at a 30 percent discount, while Tatas wanted a 50 percent dis=
count.=20
On Monday, Enron began its pullout from the Dabhol power project by issuing=
a notice that it will sell its stake in the project to its sole customer, =
the Maharashtra State Electricity Board.=20
The asset transfer notice issued by the Dabhol Power Project to the MSEB co=
mes after a prolonged payment dispute with the electricity board.=20
The dispute forced the Houston-based company to shut down the Dabhol plant =
in May.=20
Fairfield, Conn.-based General Electric Co. and Bechtel Group Inc. of the U=
nited States each hold 10 percent stakes each in the company.=20
Enron has moved a London court for international arbitration, but says it w=
ould prefer a negotiated settlement with the federal government and the Mah=
arashtra state government.=20
The company still prefers a negotiated purchase of the project by the India=
n government and Indian term lending bodies that have funded the equity of =
foreign sponsors.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
USA: El Paso says it does not expect Enron bankruptcy.
11/07/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 7 (Reuters) - Energy company El Paso Corp. said on Wednesday i=
t does not expect beleaguered competitor Enron Corp. to file for bankruptcy=
.=20
Ralph Eads, who heads El Paso's merchant energy business, which includes el=
ectricity and natural gas marketing and trading, told analysts at a meeting=
in Houston that the prospect of an Enron bankruptcy was "remote".
El Paso has gained some market share from Enron in recent weeks as a result=
of some companies' reluctance to do business with Enron, Eads said, but he=
added that El Paso has not scaled back its own business dealings with Enro=
n.=20
Eads said El Paso does not expect Enron's problems to result in a "domino e=
ffect" that could lead to reduced liquidity in U.S. electricity and natural=
gas markets, a scenario that has been troubling some analysts and investor=
s recently.=20
El Paso Chief Executive Bill Wise told the meeting, which was broadcast ove=
r the Internet, that El Paso might be interested in acquiring some energy a=
ssets from Enron but was not interested in acquiring an equity stake in the=
rival company, which is reported to be seeking an injection of new capital=
.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Energy traders are icing out Enron
Shares trade at 9-year lows for 2nd straight day=20
By Lisa Sanders,=20
CBS.MarketWatch.com
Last Update: 1:47 PM ET Nov. 7, 2001=20
=20
NEW YORK (CBS.MW) -- Amid mounting questions about Enron's liquidity and cr=
editworthiness, players in the energy-trading business have already begun t=
o limit their exposure to the embattled power merchant.
The revelations came Wednesday as Enron's stock (ENE: news, chart, profile)=
plunged 24 percent following news that Standard & Poor's cut its ratings f=
or the company's credit-linked notes to two notches above junk status.
"Everybody's trying to balance out their exposure to Enron as best they can=
," said an energy trader who spoke on condition of anonymity. "That means n=
ot doing business or minimizing their business with Enron."
1 of 4 energy trades
Traders' attempts to isolate the company underscore concerns about the stab=
ility of the overall energy-trading market, in which Enron is involved in 1=
out of every 4 trades.=20
However, some industry watchers are confident that the energy market can su=
rvive if Houston-based Enron were to disappear.
"Even though they quote-unquote make the market, the market exists whether =
Enron is there or not," said Phil Flynn, senior markets analyst at Alaron.c=
om. "Those that think this is the end of energy trading have another thing =
coming."
Enron, its shares trading at levels not seen since 1992, saw the stock fall=
$2.27 to $7.40 on in afternoon volume of 58 million.
On Wednesday, Standard & Poor's, which just last week downgraded Enron's co=
rporate credit rating, cut the rating on the credit-linked notes of Enron C=
redit Linked Notes Trusts to BBB from BBB-plus. S&P also added a "Watch neg=
ative" designation, meaning the rating agency is poised to issue further do=
wngrades if warranted.=20
"The CreditWatch placements recognize the uncertainties that surround the c=
ompany and its credit quality in the short run due to the possibility of fu=
rther anticipated developments in the capital markets," the rating agency w=
rote.
Wednesday's downgrade affects $500 million worth of notes, which are deriva=
tives linked to Enron's senior unsecured debt, now rated BBB.
"The investors are taking the risk of Enron credit" by purchasing the secur=
ities from the trusts even though these are not issued by Enron," said Tom =
Fritz, a Standard & Poor's managing director.
In addition, Standard & Poor's cut to BBB Yosemite Securities Co. Series 20=
00-A. The obligations use Enron's corporate rating as a backstop.=20
The counterparty to Yosemite and the credit-linked notes is Citibank, Fritz=
said. Last week, J.P. Morgan joined with Salomon Smith Barney, which along=
with Citibank is a unit of Citigroup (C: news, chart, profile), to extend =
$1 billion in new credit to Enron to help the company's liquidity.
'Not business as usual'
"With these downgrades, it's not business as usual," the energy trader said=
. "We're already in the process of losing a counterparty that contributed a=
good deal of liquidity to the energy-trading market."
The trader cited Calpine (CPN: news, chart, profile), Dynegy (DYN: news, ch=
art, profile), and El Paso Energy (EPG: news, chart, profile) as energy tra=
ders that have a chance to gain market share, but he conceded that Enron wo=
n't be replaced overnight, should it cease to exist.
"Energy trading won't be destroyed at all," the trader said. "It will certa=
inly be diminished but not gone."
What Enron's absence would do is make it more difficult for lesser creditwo=
rthy companies to participate in the market. Exchanges such as the New York=
Mercantile Exchange and the Intercontinental Exchange may gain a higher pr=
ofile.=20
Both of them are trying to establish a clearinghouse for the unregulated ma=
rket for derivative-energy transactions, as the NYMEX already does with fut=
ures.=20
In other news, Enron is preparing to close most of its Asian broadband tele=
communications business, part of a global restructuring that comes as the c=
ompany is seeking a capital infusion of as much as $2 billion to help it th=
rough a financial crisis. See previous story.
"Poor demand for broadband is being exacerbated by falling prices, requirin=
g Enron to consider the best options for managing its global broadband busi=
ness," according to a recent company memo obtained by CBS.MarketWatch.com.
Lisa Sanders is a Dallas-based reporter for CBS.MarketWatch.com.=20
Legal Group Plans Suit to Void California Power Contracts
2001-11-07 14:20 (New York)
Legal Group Plans Suit to Void California Power Contracts
Escondido, California, Nov. 7 (Bloomberg) -- A conservative
legal foundation said it will file a lawsuit tomorrow to void long-
term contracts California signed with power generators, claiming
they put an unfair burden on taxpayers.
The United States Justice Foundation intends to sue in
Sacramento County Superior Court, said Richard D. Ackerman, lead
counsel on the case for the group. The USJF wants a court to
terminate the long-term power contracts and require money already
paid to the generators to be returned to the state.
The USJF proposes a class action to represent California
taxpayers and alleges violations of the state's business and open-
meeting laws. Ackerman said his group may need to forge new law to
succeed in the case.
``You're gonna have some serious legal battles that may go to
the appeals level in this case,'' Ackerman said.
California officials last spring signed about $43 billion in
long-term power contracts after two investor-owned utilities
became insolvent. Governor Gray Davis has said the contracts were
needed to bring stability to California's energy market. Since
then, the cost of power has dropped, leaving California with
contracts to buy electricity above spot-market prices.
Enron Corp., Southern California Edison Company, Pacific Gas
& Electric Company, Green Mountain Energy, San Diego Gas &
Electric Company, Reliant Energy Company, PacifiCorp Power
Marketing, Inc., Alliance Colton LLC, and Calpine Energy Company
have electricity contracts with the state, according to a USJF
press release.
The USJF said it sent a letter to California officials giving
them notice of its intent to sue. The group, which calls itself
``Your conservative voice in the courts'' on its Web site, is
supported by individual donations, Ackerman said.
--Michael B. Marois in Sacramento (916) 503-1612
| ||
arnold-j/sent_items/756.
|
subject:
content: call me if you need me
| ||
arnold-j/sent_items/757.
|
subject: RE: hows the picture coming?
content: I've got them. What's your fax #
-----Original Message-----
From: Abramo, Caroline
Sent: Wednesday, November 07, 2001 4:43 PM
To: Arnold, John
Subject: hows the picture coming?
you don't need to include yourself in it....
| ||
arnold-j/sent_items/758.
|
subject:
content: cancel tonight's festivities
| ||
arnold-j/sent_items/759.
|
subject: RE:
content: let's push until monday
-----Original Message-----
From: [email protected]@ENRON
Sent: Friday, November 09, 2001 7:43 AM
To: Arnold, John
Subject:
huge plane-flight problems
didn't even get to NY till 4:00pm
sorry to have not called
is there a decent time today to talk, or do you want to push to monday
let me know
again sorry
heff
| ||
arnold-j/sent_items/76.
|
subject: Re: pulaski
content: remind jim how the h/j/k spread acted this year. granted it won't behave that way again until close to expiry, but i like the j/k outright much moreso than the condor.
Caroline Abramo@ENRON
04/30/2001 12:24 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: pulaski
---------------------- Forwarded by Caroline Abramo/Corp/Enron on 04/30/2001 01:23 PM ---------------------------
Jim Pulaski <[email protected]> on 04/30/2001 12:17:09 PM
To: "Caroline. Abramo (E-mail)" <[email protected]>
cc:
Subject:
btw, that wasnt me buying the f-g/j-k on friday at 4
| ||
arnold-j/sent_items/760.
|
subject: FW: Expense Reports Awaiting Your Approval
content: can you approve this
-----Original Message-----
From: [email protected]@ENRON
Sent: Thursday, November 08, 2001 11:30 PM
To: John Arnold
Subject: Expense Reports Awaiting Your Approval
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: 15
| ||
arnold-j/sent_items/761.
|
subject:
content: pull up www.dynegy.com and look at the picture and the headline
| ||
arnold-j/sent_items/762.
|
subject: FW: Deal Ticket
content: -----Original Message-----
From: Perez, Agustin
Sent: Monday, November 12, 2001 9:16 AM
To: Arnold, John; Brawner, Sandra F.; Parks, Joe
Cc: Bailey, Derek; Heaney, Gordon; Williams, Jaime
Subject: Deal Ticket
| ||
arnold-j/sent_items/763.
|
subject: RE: TOP 50 GAS CPS - AS OF 11-9-01
content: for at least another couple days
-----Original Message-----
From: Puthigai, Savita
Sent: Monday, November 12, 2001 12:47 PM
To: Arnold, John
Subject: FW: TOP 50 GAS CPS - AS OF 11-9-01
Hi John,
Please let me know if you want us to continue this report.
Savita
-----Original Message-----
From: Sweitzer, Tara
Sent: Monday, November 12, 2001 12:27 PM
To: Puthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy
Subject: FW: TOP 50 GAS CPS - AS OF 11-9-01
Savita,
The Arnold report has been reviewed and it looks good.
Thanks
TARA
-----Original Message-----
From: Johnson, Adam
Sent: Monday, November 12, 2001 8:34 AM
To: Denny, Jennifer; Moorer, Torrey; Sweitzer, Tara
Subject: TOP 50 GAS CPS - AS OF 11-9-01
this report is ready to be verified...
<< File: TOP 50 CP - GAS EM 11-9-01.xls >>
Adam Johnson
EnronOnline
| ||
arnold-j/sent_items/764.
|
subject:
content: mirant and koch arent selling physical
| ||
arnold-j/sent_items/765.
|
subject:
content: I talked to Man and they agreed to back off. They will not call for more margin nor will they require us to move positions, as of this minute anyway. If you hear any differently, please call me.
John
| ||
arnold-j/sent_items/766.
|
subject:
content: wanna get a smoothie with me by the playground with me after school?
| ||
arnold-j/sent_items/767.
|
subject: RE: I think the industry is having fun with it!
content: aep goes out and celebrates every night.
-----Original Message-----
From: White, Bill
Sent: Wednesday, November 14, 2001 12:23 PM
To: Woulfe, Greg; Arnold, John
Subject: FW: I think the industry is having fun with it!
The industry loves us!.....
-----Original Message-----
From: Bogucki, Robert
Sent: Wednesday, November 14, 2001 12:20 PM
To: White, Bill
Subject: FW: I think the industry is having fun with it!
| ||
arnold-j/sent_items/768.
|
subject: RE: Thanks for taking the call this morning
content: Sorry, but don't know the names offhand. Haven't seriously looked externally for 5 years.
-----Original Message-----
From: "Chris Spintzyk" <[email protected]>@ENRON
Sent: Wednesday, November 14, 2001 10:55 AM
To: Arnold, John
Subject: Thanks for taking the call this morning
John,
Thanks for taking my call this morning and giving me the lay of the
land. You mentioned the fact that there are a couple of HeadHunting
firms out there that are doing some business on the Trading side...do
you have any idea what firms those are so I can do some checking around
to see what they are all about etc....
Any other ideas you might have would be appreciated.
Thanks again for the time. I do appreciate it....
Chris Spintzyk / Search Partner
ThinkingAhead
615.316.5474 Office
615.400.8719 Mobile
[email protected]
www.thinkingahead.com
" A players hire A players. Hire B players and you end up with a
company full of C's "
"Each day the good lord gives me an opportunity to be good, better, or
best. Each day I pledge to the Lord I will not rest until my good is
better, and my better is the best !"
"Something Terrible Happens when people don't sell something.....Nothing
!!"
> ----------------------------------------------------------------------
> ------------------
> The information transmitted is intended only for the person or entity
> to which it is addressed and may contain confidential and/or
> privileged material. Any review, retransmission, dissemination or
> other use of, or taking of any action in reliance upon, this
> information by persons or entities other than the intended recipient
> is prohibited. If you received this in error, please contact the
> sender and delete the material from any computer.
>
<<Chris Spintzyk.vcf>>
- Chris Spintzyk.vcf << File: Chris Spintzyk.vcf >>
| ||
arnold-j/sent_items/769.
|
subject: RE: Thanks for taking the call this morning
content: what article in the chronicle?
-----Original Message-----
From: "Chris Spintzyk" <[email protected]>@ENRON
Sent: Wednesday, November 14, 2001 12:29 PM
To: Arnold, John
Subject: RE: Thanks for taking the call this morning
John,
Thanks for getting back with me...and according to the article in the
Houston Chronicle you are the #1 guy there, so I can see why there would
not be a need to look...how does the merger with Dynegy affect you
guys...is there going to be a shakeout ? Also if you could take a guess
are there allot of companies in Houston aggressively hiring experienced
traders now or has it slowed...?
Thanks again and continued success....
Chris Spintzyk / Search Partner
ThinkingAhead
615.316.5474 Office
615.400.8719 Mobile
[email protected]
www.thinkingahead.com
" A players hire A players. Hire B players and you end up with a
company full of C's "
"Each day the good lord gives me an opportunity to be good, better, or
best. Each day I pledge to the Lord I will not rest until my good is
better, and my better is the best !"
"Something Terrible Happens when people don't sell something.....Nothing
!!"
>
------------------------------------------------------------------------
----------------
> The information transmitted is intended only for the person or entity
to which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received this in error, please contact the sender and delete the
material from any computer.
>
- Chris Spintzyk.vcf << File: Chris Spintzyk.vcf >>
| ||
arnold-j/sent_items/77.
|
subject: natural update
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 04/30/2001 09:30 AM ---------------------------
"Mark Sagel" <[email protected]> on 04/29/2001 06:50:29 PM
To: "John Arnold" <[email protected]>
cc:
Subject: natural update
Latest comments FYI
- ng042901.doc
| ||
arnold-j/sent_items/770.
|
subject: RE:
content: how bout 3:15?
-----Original Message-----
From: Allen, Margaret
Sent: Wednesday, November 14, 2001 2:55 PM
To: Arnold, John
Subject: RE:
When are we going?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 14, 2001 10:56 AM
To: Allen, Margaret
Subject:
wanna get a smoothie with me by the playground with me after school?
| ||
arnold-j/sent_items/771.
|
subject: RE:
content: yea, call me when you're walking out
-----Original Message-----
From: Allen, Margaret
Sent: Wednesday, November 14, 2001 3:01 PM
To: Arnold, John
Subject: RE:
i need to talk to you about work stuff too. are we meeting downstairs in the lobby?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 14, 2001 3:00 PM
To: Allen, Margaret
Subject: RE:
how bout 3:15?
-----Original Message-----
From: Allen, Margaret
Sent: Wednesday, November 14, 2001 2:55 PM
To: Arnold, John
Subject: RE:
When are we going?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 14, 2001 10:56 AM
To: Allen, Margaret
Subject:
wanna get a smoothie with me by the playground with me after school?
| ||
arnold-j/sent_items/772.
|
subject:
content: ...since I waited half an hour for you last time
| ||
arnold-j/sent_items/773.
|
subject: RE:
content: okay skilling
-----Original Message-----
From: Allen, Margaret
Sent: Wednesday, November 14, 2001 3:11 PM
To: Arnold, John
Subject: RE:
whatever. i'll call when i'm walking out and i'm sure i'll wait 45 minutes. asshole.
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 14, 2001 3:09 PM
To: Allen, Margaret
Subject:
...since I waited half an hour for you last time
| ||
arnold-j/sent_items/774.
|
subject: RE: EDF request
content: Tell them that margin will be posted as normal, no excess nor any intraday calls. Since ENE is flush with liquidity, he should be very comfortable that we can pay our bills. The positions will roll off through time until the position gets very small and then we will x-pit everything out of Man and close the account. Anything different and all dealings between Man and Enron in energy will be terminated in both OTC and futures.
-----Original Message-----
From: Wesner-Soong, Sarah
Sent: Wednesday, November 14, 2001 3:47 PM
To: Arnold, John
Cc: Deffner, Joseph; Shackleton, Sara
Subject: EDF request
John - I returned a call to Ira Polk and Kevin Davis today at Man. Ira was not in so I spoke with Kevin.
Kevin asked me if Enron would consider posting more margin than required by NYMEX on our option positions. He said that "given ENE is now flush with liquidity" he thinks it would make Enron "look good" in front of the EDF Board. He asked for twice the margin required by NYMEX but stated that he would be "ecstatic" with 1.5x (about $5 million.) He specifically asked me not to elevate this request to your level but I feel you have a right to know what EDF is asking of ENE. He also told me that if we did not post the additional margin then EDF would have to give us intraday calls every time the market moved against our positions. Kevin also state that EDF is too small compared to a bank and that he would prefer if EDF odes only execution of ENE deals and we clear all ENE transactions through a bank.
I have been out of town so may be missing on part of the story but I think it's ridiculous that EDF wants us to do them a favour when they ditched us when Enron was in a severe liquidity crisis. I told Kevin that I did not think we would meet his request but that would check on it internally.
-----Original Message-----
From: Deffner, Joseph
Sent: Wednesday, November 14, 2001 2:31 PM
To: Wesner-Soong, Sarah
Subject: This came yesterday
-----Original Message-----
From: Arnold, John
Sent: Tuesday, November 13, 2001 12:29 PM
To: Deffner, Joseph
Subject:
I talked to Man and they agreed to back off. They will not call for more margin nor will they require us to move positions, as of this minute anyway. If you hear any differently, please call me.
John
| ||
arnold-j/sent_items/775.
|
subject: RE: This Weekends Move of Power and Gas
content: yes
-----Original Message-----
From: Rangel, Ina
Sent: Thursday, November 15, 2001 10:20 AM
To: Arnold, John
Subject: FW: This Weekends Move of Power and Gas
Importance: High
John:
I have spoken with the assistants and the following people are the ones who probably need to come in or would want to come in on Sunday:
EAST: WEST:
Jon McKay Mike Grigsby
Scott Neal Keith Holst
Pete Keavey Frank Ermis
Tori Kuykendall
CENTRAL:
Geoff Storey TEXAS:
Andy Lewis Tom Martin
Hunter Shively Eric Bass
Martin Cuilla Joe Parks
Jim Schwieger
FINANCIAL: Daren Farmer (maybe)
John Arnold
Mike Maggi
Dutch Quigley
John Griffith
Larry May
If this is okay with you, I will forward it on to Tammy Shepperd.
-----Original Message-----
From: Shepperd, Tammy R.
Sent: Thursday, November 15, 2001 8:01 AM
To: Arnold, John; Black, Don; Hall, Bob M
Cc: Choate, Heather; Rangel, Ina; Wood, Kim
Subject: FW: This Weekends Move of Power and Gas
Importance: High
GAS TRADING TEAM
Can you guys please prepare a coordinated list of no more than 35 people that can come in on Sunday between 2- 6:00 pm to test trading applications. Due to the combination of the moves (over 900 people) the IT group wants to ensure that your applications are functioning properly before Monday morning.
The list should be weighted heavier towards those folks who can identify system problems rather than unpacking boxes. There will still be alot of the move team on the floor finishing installations etc.
Please provide the list by end of business today (thursday).
Thank you!
Tammy
x36589
-----Original Message-----
From: Bucknell, Martin
Sent: Wednesday, November 14, 2001 5:05 PM
To: Lavorato, John; Colwell, Wes; Piper, Greg; Pickering, Mark; Donovan, Bill; Rub, Jenny; Kitchen, Louise; Shepperd, Tammy R.
Cc: Cline, Paul; Duree, Janelle; Lopez, Susan
Subject: This Weekends Move of Power and Gas
All,
I have included an outline of the move for this weekend, we will commence approx 2:00pm Friday when the power tading market closes. We need everyone (except the 24x7 groups & office of the chair) to be off the phones by 6:00pm. These times have been agreed with the department heads and we will be flexible where necessary upto 6:00pm
We will open the floors between 2:00pm & 5:00pm on Sunday, for the following groups to come in and test their systems and telephones, the users are being selected by the heads of departments and we have support staff on-hand to deal with problems and questions.
25 Gas traders / admins
25 Power traders / admins
10 Gas back office /admins
10 Power back office / admins
Office of the chair and admin staff
Business contingency and fall back positions will be in-place on Sunday
if you need any more information, please call me or pass the requests on via Tammy Shepperd
<< OLE Object: Microsoft Word Document >>
Martin Bucknell - 713 853 1800
| ||
arnold-j/sent_items/776.
|
subject:
content: isnt that pasta yummy and nutricious?
|
houston <[email protected]>
|
|
arnold-j/sent_items/777.
|
subject: RE:
content: i'm working out w/ perky at tline around 530 today if you're interested.
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Thursday, November 15, 2001 1:43 PM
To: Arnold, John
Subject: RE:
I threw most of mine away - now I will munch on chocolate all afternoon. At least it tastes better!
-----Original Message-----
From: Arnold, John
Sent: Thursday, November 15, 2001 11:24 AM
To: Ward, Kim S (Houston)
Subject:
isnt that pasta yummy and nutricious?
|
houston <[email protected]>
|
|
arnold-j/sent_items/778.
|
subject: RE: Nat Gas market analysis for 11-16-01
content: do you still look at this?
-----Original Message-----
From: "Capstone Trading Advisor" <[email protected]>@ENRON
Sent: Friday, November 16, 2001 7:11 AM
To: Capstone
Subject: Nat Gas market analysis for 11-16-01
Attached please find the Natural Gas market analysis for today.
Thanks,
Bob McKinney
- 11-16-01 Nat Gas.doc << File: 11-16-01 Nat Gas.doc >>
| ||
arnold-j/sent_items/779.
|
subject:
content: You're a jerk
| ||
arnold-j/sent_items/78.
|
subject:
content: can you get me the number of our contact at the Delano. I have a personal favor to ask them.
john
| ||
arnold-j/sent_items/780.
|
subject: RE:
content: I think we're sneaking out early to get a beer around 3-4. Wanna come?
-----Original Message-----
From: Allen, Margaret
Sent: Friday, November 16, 2001 10:32 AM
To: Arnold, John
Subject: RE:
You're an asshole
-----Original Message-----
From: Arnold, John
Sent: Friday, November 16, 2001 10:26 AM
To: Allen, Margaret
Subject:
You're a jerk
| ||
arnold-j/sent_items/781.
|
subject: RE:
content: yea right. on what? corporate marketing? ha,ha,ha
-----Original Message-----
From: Allen, Margaret
Sent: Friday, November 16, 2001 11:21 AM
To: Arnold, John
Subject: RE:
maybe - call me when you're leaving. i'm actually working!
-----Original Message-----
From: Arnold, John
Sent: Friday, November 16, 2001 11:14 AM
To: Allen, Margaret
Subject: RE:
I think we're sneaking out early to get a beer around 3-4. Wanna come?
-----Original Message-----
From: Allen, Margaret
Sent: Friday, November 16, 2001 10:32 AM
To: Arnold, John
Subject: RE:
You're an asshole
-----Original Message-----
From: Arnold, John
Sent: Friday, November 16, 2001 10:26 AM
To: Allen, Margaret
Subject:
You're a jerk
| ||
arnold-j/sent_items/782.
|
subject: RE:
content: yep
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Monday, November 19, 2001 8:10 AM
To: Arnold, John
Subject:
you (and Matt) going to dallas this week?
|
houston <[email protected]>
|
|
arnold-j/sent_items/783.
|
subject: RE:
content: wed after work
what's in it for us?
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Monday, November 19, 2001 8:29 AM
To: Arnold, John
Subject: RE:
when? and if I needed a ride up there, could I tag with you guys?
-----Original Message-----
From: Arnold, John
Sent: Monday, November 19, 2001 8:28 AM
To: Ward, Kim S (Houston)
Subject: RE:
yep
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Monday, November 19, 2001 8:10 AM
To: Arnold, John
Subject:
you (and Matt) going to dallas this week?
|
houston <[email protected]>
|
|
arnold-j/sent_items/784.
|
subject: RE:
content: but really?
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Monday, November 19, 2001 8:33 AM
To: Arnold, John
Subject: RE:
my awesome company
-----Original Message-----
From: Arnold, John
Sent: Monday, November 19, 2001 8:32 AM
To: Ward, Kim S (Houston)
Subject: RE:
wed after work
what's in it for us?
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Monday, November 19, 2001 8:29 AM
To: Arnold, John
Subject: RE:
when? and if I needed a ride up there, could I tag with you guys?
-----Original Message-----
From: Arnold, John
Sent: Monday, November 19, 2001 8:28 AM
To: Ward, Kim S (Houston)
Subject: RE:
yep
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Monday, November 19, 2001 8:10 AM
To: Arnold, John
Subject:
you (and Matt) going to dallas this week?
|
houston <[email protected]>
|
|
arnold-j/sent_items/785.
|
subject: RE:
content: 5
-----Original Message-----
From: Lavorato, John
Sent: Monday, November 19, 2001 8:45 AM
To: Arnold, John
Subject: RE:
5 day or 7 day for hub cash
-----Original Message-----
From: Arnold, John
Sent: Sunday, November 18, 2001 11:50 AM
To: Lavorato, John
Subject: RE:
will do.
The purpose of nymex on weekends is to make everybody in the industry bring up EOL every day. There were a few days when I would get in at 7 and power traders in the industry were already trading gas either throught the broker market or on ice. I'm trying to ensure EOL is the primary system used to trade gas. However, it is a money loser. If we gap down 10 cents over a weekend, I lose an average of 5 cents on 600 lots, $300,000, minus bid/offer on maybe 50 buy/sells of 30 lots times .005 is $75,000. I don't really want to put more automatic products on the system that do little good as far as promoting EOL but are money losers. The one exception is Hub cash which I think should be a 24 hour 5 day a week product.
Are the FedEx's getting to everybody Monday or are you sending them Monday?
-----Original Message-----
From: Lavorato, John
Sent: Sun 11/18/2001 10:49 AM
To: Arnold, John
Cc:
Subject:
I need to give you a task. Figure out what I lost last week.
Also, why don't we have the rest of month henry hub swap up on weekends.
this week
150 each
indi +5.5
jets +5.5
phili -7
seattle -3.5
tenn +2
sd +9
jack +5.5 -----> 250
st louis -8
st louis/ne england over 46.5
| ||
arnold-j/sent_items/786.
|
subject:
content: I spose so but we might have to take stupid as well I just found out.
|
houston <[email protected]>
|
|
arnold-j/sent_items/787.
|
subject: RE:
content: she's not allowed to go anymore per ENE
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Monday, November 19, 2001 11:32 AM
To: Arnold, John
Subject: RE:
are you talking about JS? thought she was going to kentucky? I was going with my friend Elizabeth but she is probobly going to have to work on Friday. So I may just ride back with her. Trying to figure it all out.
-----Original Message-----
From: Arnold, John
Sent: Monday, November 19, 2001 11:26 AM
To: Ward, Kim S (Houston)
Subject:
I spose so but we might have to take stupid as well I just found out.
|
houston <[email protected]>
|
|
arnold-j/sent_items/788.
|
subject:
content: can you get my after 3 eol volumes asap
| ||
arnold-j/sent_items/789.
|
subject: RE: EFS presentation
content: I liked my drawing better
-----Original Message-----
From: Abramo, Caroline
Sent: Tuesday, November 20, 2001 9:04 AM
To: '[email protected]'; '[email protected]'
Cc: Arnold, John
Subject: EFS presentation
Doug / Arturo-
Below is a small presentation we made on EFS with the flow diagrams John drew out.
Please call us when you are ready to discuss.
Kind Regards,
Caroline
212 715 2395
<< File: EFS.ppt >>
| ||
arnold-j/sent_items/79.
|
subject:
content: pookie:
check this out:
www.sailmainecoast.com/index.html
| ||
arnold-j/sent_items/790.
|
subject: RE: Enron EFS issues
content: Looking into it
-----Original Message-----
From: Abramo, Caroline
Sent: Tuesday, November 20, 2001 9:37 AM
To: Arnold, John
Subject: FW: Enron EFS issues
-----Original Message-----
From: Doug York <[email protected]>@ENRON
Sent: Tuesday, November 20, 2001 10:16 AM
To: Abramo, Caroline
Cc: Arturo Hidalgo; Terri Becks; Dick Bell
Subject: Enron EFS issues
Thanks for taking the time to put this PowerPoint presentation together to
better outline the flow. It helps us discuss it internally.
Recently our internal compliance folks have discussed the "give-up risk".
Specifically, what guarantee do we have that the executor's (Enron) FCM will
accept the block trade and get it to the exchange on behalf of our clients?
There is some concern that there might be limits imposed by the FCM due to
issues such as credit and the high volatility of NG.
They have requested we sign a four (or more) party give-up agreement between
Campbell, Enron, your clearing firm(s) and our clearing firm(s). Is this
the SOP as you envision the NYMEX EFS? We are at the point where the
specific documentation issues are the main obstacles to moving forward. If
we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance
of the trade for further give-up? Your legal feedback is welcome.
Thanks,
CDY
========================================================
The information transmitted in this email is intended for the named
addressee(s) only. As this email may contain confidential and/or
privileged information, if you are not the intended recipient, you are
not authorized to retain, read, copy or disseminate this email or any
part of it. If you received this email in error, please contact the
sender and permanently delete the email and any attachments.
Unless expressly stated, opinions in this email are those of the
individual sender and not of Campbell & Company, Inc.
- EFS.ppt << File: EFS.ppt >>
| ||
arnold-j/sent_items/791.
|
subject: RE:
content: Kristin:
Sorry for the delay. Unfotunately I don't have any openings in my group right now. If I hear of any positions open I'll give you a shout. Can you remind me what title you have now.
John
-----Original Message-----
From: Gandy, Kristin
Sent: Monday, November 19, 2001 9:00 AM
To: Arnold, John
Subject:
John,
Hello and good Monday morning to you. I briefly meet you while talking to Paul Racicot on Friday at Front Porch Pub. With Matt working here in Freight you probably already know we are not well off these days. Next on the chopping block is never a good place to be.
This is a forward question but what the hell. I was wondering if you knew of any positions available in your area. If you can believe it I am not ready to leave Enron behind yet. Thanks for your help.
Regards,
Kristin Gandy
Freight Markets
Enron Global Markets
1400 Smith Street ECS 3657
Houston, Texas 77002
713-853-7263
[email protected]
| ||
arnold-j/sent_items/792.
|
subject: RE: Enron EFS issues
content: full day today because of aga
yea, going home to the Big D
-----Original Message-----
From: Abramo, Caroline
Sent: Wednesday, November 21, 2001 7:20 AM
To: Arnold, John
Subject: RE: Enron EFS issues
thanks.. do we have early close today?
are you going home for thanksgiving?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 8:18 AM
To: Abramo, Caroline
Subject: RE: Enron EFS issues
Looking into it
-----Original Message-----
From: Abramo, Caroline
Sent: Tuesday, November 20, 2001 9:37 AM
To: Arnold, John
Subject: FW: Enron EFS issues
-----Original Message-----
From: Doug York <[email protected]>@ENRON
Sent: Tuesday, November 20, 2001 10:16 AM
To: Abramo, Caroline
Cc: Arturo Hidalgo; Terri Becks; Dick Bell
Subject: Enron EFS issues
Thanks for taking the time to put this PowerPoint presentation together to
better outline the flow. It helps us discuss it internally.
Recently our internal compliance folks have discussed the "give-up risk".
Specifically, what guarantee do we have that the executor's (Enron) FCM will
accept the block trade and get it to the exchange on behalf of our clients?
There is some concern that there might be limits imposed by the FCM due to
issues such as credit and the high volatility of NG.
They have requested we sign a four (or more) party give-up agreement between
Campbell, Enron, your clearing firm(s) and our clearing firm(s). Is this
the SOP as you envision the NYMEX EFS? We are at the point where the
specific documentation issues are the main obstacles to moving forward. If
we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance
of the trade for further give-up? Your legal feedback is welcome.
Thanks,
CDY
========================================================
The information transmitted in this email is intended for the named
addressee(s) only. As this email may contain confidential and/or
privileged information, if you are not the intended recipient, you are
not authorized to retain, read, copy or disseminate this email or any
part of it. If you received this email in error, please contact the
sender and permanently delete the email and any attachments.
Unless expressly stated, opinions in this email are those of the
individual sender and not of Campbell & Company, Inc.
- EFS.ppt << File: EFS.ppt >>
| ||
arnold-j/sent_items/793.
|
subject: FW: natural gas inquiry
content: -----Original Message-----
From: Hochschild, Lenny
Sent: Monday, November 19, 2001 8:29 AM
To: Arnold, John
Subject: FW: natural gas inquiry
Hey John -
You're the only guy I know in Nat Gas. Please forward this to the right person. Thanks.
Lenny
-----Original Message-----
From: Brown, Ron X
Sent: Tuesday, November 13, 2001 7:22 AM
To: Hochschild, Lenny
Subject: natural gas inquiry
Hi Lenny,
Don't know if you are involved in this area or not. I think maybe. Anyway, we have a refined lead contract with Hammond. The local buyer for Pottstown, PA is interested in getting information about natural gas for possible future use from ENRON. If you could contact him or direct him to the person that is in a position to help it would be appreciated. His name is, Joe Stewartz E-MAIL address is [email protected]
telephone number (610) 327-1400 Fax number (610) 327-1255
Thanking you in advance and hope all is well with you.
Regards,
Ron Brown
| ||
arnold-j/sent_items/794.
|
subject: RE: Enron EFS issues
content: everybody and their mom is short. Plus, a lot of people think the z/f is too wide so either the front needs to go up or the back down.
nope
-----Original Message-----
From: Abramo, Caroline
Sent: Wednesday, November 21, 2001 8:32 AM
To: Arnold, John
Subject: RE: Enron EFS issues
why are futs still so high?
did you ever find anything about those s+p commodity futures contracts?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 9:16 AM
To: Abramo, Caroline
Subject: RE: Enron EFS issues
full day today because of aga
yea, going home to the Big D
-----Original Message-----
From: Abramo, Caroline
Sent: Wednesday, November 21, 2001 7:20 AM
To: Arnold, John
Subject: RE: Enron EFS issues
thanks.. do we have early close today?
are you going home for thanksgiving?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 8:18 AM
To: Abramo, Caroline
Subject: RE: Enron EFS issues
Looking into it
-----Original Message-----
From: Abramo, Caroline
Sent: Tuesday, November 20, 2001 9:37 AM
To: Arnold, John
Subject: FW: Enron EFS issues
-----Original Message-----
From: Doug York <[email protected]>@ENRON
Sent: Tuesday, November 20, 2001 10:16 AM
To: Abramo, Caroline
Cc: Arturo Hidalgo; Terri Becks; Dick Bell
Subject: Enron EFS issues
Thanks for taking the time to put this PowerPoint presentation together to
better outline the flow. It helps us discuss it internally.
Recently our internal compliance folks have discussed the "give-up risk".
Specifically, what guarantee do we have that the executor's (Enron) FCM will
accept the block trade and get it to the exchange on behalf of our clients?
There is some concern that there might be limits imposed by the FCM due to
issues such as credit and the high volatility of NG.
They have requested we sign a four (or more) party give-up agreement between
Campbell, Enron, your clearing firm(s) and our clearing firm(s). Is this
the SOP as you envision the NYMEX EFS? We are at the point where the
specific documentation issues are the main obstacles to moving forward. If
we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance
of the trade for further give-up? Your legal feedback is welcome.
Thanks,
CDY
========================================================
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Unless expressly stated, opinions in this email are those of the
individual sender and not of Campbell & Company, Inc.
- EFS.ppt << File: EFS.ppt >>
| ||
arnold-j/sent_items/795.
|
subject: RE:
content: The reason I asked is, this sounds bad, but right now the cheaper you are the easier time I'll have finding you a job.
-----Original Message-----
From: Gandy, Kristin
Sent: Wednesday, November 21, 2001 8:30 AM
To: Arnold, John
Subject: RE:
John,
Thanks for the note back. My title is Specialist so I am the little man on the trading floor, but since I have been here I have been kicking ass. I enjoy trading and really didn't get the chance to dig into it deep. Anyway, take care and have a Happy Holiday.
Kristin Gandy
Freight Markets
Enron Global Markets
1400 Smith Street ECS 3657
Houston, Texas 77002
713-853-7263
[email protected]
> -----Original Message-----
> From: Arnold, John
> Sent: Wednesday, November 21, 2001 7:25 AM
> To: Gandy, Kristin
> Subject: RE:
>
> Kristin:
> Sorry for the delay. Unfotunately I don't have any openings
> in my group right now. If I hear of any positions open I'll
> give you a shout. Can you remind me what title you have now.
> John
>
> -----Original Message-----
> From: Gandy, Kristin
> Sent: Monday, November 19, 2001 9:00 AM
> To: Arnold, John
> Subject:
>
> John,
>
> Hello and good Monday morning to you. I briefly meet you
> while talking to Paul Racicot on Friday at Front Porch Pub.
> With Matt working here in Freight you probably already know
> we are not well off these days. Next on the chopping block
> is never a good place to be.
>
> This is a forward question but what the hell. I was
> wondering if you knew of any positions available in your
> area. If you can believe it I am not ready to leave Enron
> behind yet. Thanks for your help.
>
> Regards,
>
> Kristin Gandy
> Freight Markets
> Enron Global Markets
> 1400 Smith Street ECS 3657
> Houston, Texas 77002
> 713-853-7263
> [email protected]
>
| ||
arnold-j/sent_items/796.
|
subject:
content: Is it okay to leave around 3:00?
|
[email protected], houston <[email protected]>
|
|
arnold-j/sent_items/797.
|
subject: RE:
content: did not, but I went to my wine locker and picked out 12 bottles for the weekend so I think we're okay unless you're taking some to your friends. I'll call you when I'm ready and we'll figure it out.
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Wednesday, November 21, 2001 11:45 AM
To: Arnold, John
Subject: RE:
of course, I'm just tagging with you guys. Did you ever go to Christopher's? I might go pick up some wine - any requests or recommendations? And where do you want to leave from?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 11:43 AM
To: Slone, Jeanie; Ward, Kim S (Houston)
Subject:
Is it okay to leave around 3:00?
|
houston <[email protected]>
|
|
arnold-j/sent_items/8.
|
subject: RE: waiting
content: huh?
"Eva Pao" <[email protected]> on 05/13/2001 03:32:22 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: waiting
No english? i got the math.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 5:24 PM
To: [email protected]
Subject: RE: waiting
probability *
payout =
1 heads .5 0 = 0
tails 2 heads .25 1
= .25
tails 3 heads .125 2
= .25
tails 4 heads .0625 4
= .25
tails 5 heads .03125 8
= .25
"Eva Pao" <[email protected]> on 05/13/2001 03:23:47 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: waiting
which game is that?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 5:16 PM
To: [email protected]
Subject: Re: waiting
Expected value of game = 1/2 * 0 + 1/4 * 1 + 1/8 *2 + 1/16 *4 +1/32 *
8+....
= 0 +.25 +.25 +.25 +.25 +...
= infinity
"Eva Pao" <[email protected]> on 05/13/2001 03:11:46 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: waiting
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/sent_items/80.
|
subject:
content: 212 836 5030
| ||
arnold-j/sent_items/81.
|
subject:
content: kimberly:
any interest in accompanying me to maggi's bd party sat nite?
| ||
arnold-j/sent_items/82.
|
subject: Re: PIRA
content: sure
From: Jennifer Fraser/ENRON@enronXgate on 04/26/2001 10:37 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: PIRA
They are coming in Sunday night obviously ( the 13th of May)
We may do a dinner around 8pm -- if this is a yes --are you in you? wanna pick their brains with a one on one?
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
| ||
arnold-j/sent_items/83.
|
subject: RE: Receipt of Hedge Fund Information
content: may be looking to sell some naked calls soon. can you check that i would be approved to sell 200 of either 65 or 70's expiring somewhere between jul-jan.
also, if i sell naked calls with a tenor of more than one year that expire worthless, do the gains get counted as LT cap gains?
| ||
arnold-j/sent_items/84.
|
subject: Re: LNG
content: sure, how about thursday at 3:30? would like to get update on ENE's lng projects as well.
Jonathan Whitehead @ ENRON 04/24/2001 07:28 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: LNG
John, I have just arrived in Houston, and will be running the LNG Trading & Shipping business. I worked for Louise for many years, and took over the European Gas business from her when she came over here a few years ago. I'd like to meet you and discuss a few issues. Do you have any time over the next few days?
Thanks,
Jonathan
| ||
arnold-j/sent_items/85.
|
subject: Re: please fill in--i lost the scrap of paper
content: my numbers from mar 15. would raise jun-augy by 10 cents because of the supportive weather we had from mar 15-apr 15
From: Jennifer Fraser/ENRON@enronXgate on 04/19/2001 01:17 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: please fill in--i lost the scrap of paper
arnold
May-01 455
Jun-01 395
Jul-01 370
Aug-01 350
Sep-01 350
Oct-01 360
Nov-01 360
Dec-01 325
Jan-02 280
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
| ||
arnold-j/sent_items/86.
|
subject: Re: PIRA Global Oil and Natural Outlooks- Save these dates.
content: are we first? if not, when does the road show start and/or when does the b=
asic theme get distributed around the industry?
From:=09Jennifer Fraser/ENRON@enronXgate on 04/20/2001 09:10 AM
To:=09Cathy Phillips/HOU/ECT@ECT, Mark Frevert/ENRON@enronXgate, Mike McCon=
nell/HOU/ECT@ECT, Jeffrey A Shankman/ENRON@enronXgate, Doug Arnell/ENRON_DE=
VELOPMENT@ENRON_DEVELOPMENT, Alan Aronowitz/HOU/ECT@ECT, Pierre Aury/LON/EC=
T@ECT, Sally Beck/HOU/ECT@ECT, Rick Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVE=
LOPMENT, Stephen H Douglas/ENRON@enronXgate, Shanna Funkhouser/ENRON@enronX=
gate, Eric Gonzales/LON/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Vince J Kamins=
ki/HOU/ECT@ECT, Larry Lawyer/ENRON@enronXgate, Chris Mahoney/LON/ECT@ECT, G=
eorge Mcclellan/ENRON@enronXgate, Thomas Myers/ENRON@enronXgate, John L Now=
lan/HOU/ECT@ECT, Beth Perlman/ENRON@enronXgate, Brent A Price/ENRON@enronXg=
ate, Daniel Reck/ENRON@enronXgate, Cindy Skinner/ENRON@enronXgate, Stuart S=
taley/LON/ECT@ECT, Mark Tawney/ENRON@enronXgate, Scott Tholan/ENRON@enronXg=
ate, Lisa Yoho/NA/Enron@Enron, Neil Davies/ENRON@enronXgate, Per Sekse/NY/E=
CT@ECT, Stephen H Douglas/ENRON@enronXgate, Scott Vonderheide/Corp/Enron@EN=
RON, Jonathan Whitehead/AP/Enron@Enron, Michael K Patrick/ENRON@enronXgate,=
Chris Gaskill/ENRON@enronXgate, John Arnold/HOU/ECT@ECT
cc:=09Nicki Daw/ENRON@enronXgate, Jennifer Burns/ENRON@enronXgate, DeMonica=
Lipscomb/ENRON@enronXgate, Yvonne Francois/ENRON@enronXgate, Angie Collins=
/ENRON@enronXgate, Donna Baker/ENRON@enronXgate, Helen Marie Taylor/HOU/ECT=
@ECT, Chantelle Villanueva/ENRON@enronXgate, Betty J Coneway/ENRON@enronXga=
te, Patti Thompson/HOU/ECT@ECT, Cherylene Westbrook/ENRON@enronXgate, Canda=
ce Parker/LON/ECT@ECT, Sharon Purswell/ENRON@enronXgate, Gloria Solis/ENRON=
@enronXgate, Brenda J Johnston/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Susan M=
cCarthy/LON/ECT@ECT, Paula Forsyth/ENRON@enronXgate, Shirley Crenshaw/HOU/E=
CT@ECT, Kathleen D Hardeman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stuart Cic=
hosz/ENRON@enronXgate, Judy Zoch/NA/Enron@ENRON, Sunita Katyal/ENRON_DEVELO=
PMENT@ENRON_DEVELOPMENT, Cherry Mont/NY/ECT@ECT, Lydia Reeves/HOU/ECT@ECT, =
Kristy Armstrong/ENRON@enronXgate, Nita Garcia/NA/Enron@Enron, Christina Br=
andli/ENRON@enronXgate, Yolanda Martinez/Corp/Enron@ENRON, Michele Beffer/E=
NRON@enronXgate, Shimira Jackson/ENRON@enronXgate=20
Subject:=09PIRA Global Oil and Natural Outlooks- Save these dates.
PIRA is coming in May to do their semi-annual energy outlook.
Greg Shuttlesworth- North American Natural Gas --- May 14th 3-5 pm (30 C1)
?=09New Production Outlook
?=09Price Direction
?=09Demand Fundamentals
Dr. Gary Ross - World Oil Outlook --- May 16th 7-8:30 am --32C2
?=09OIl/ Demand/ supply Outlook
?=09Regional balances
?=09OPEC Rhetoric
Jen Fraser
34759
| ||
arnold-j/sent_items/87.
|
subject: Re: Understanding the natural view
content: 1. don't know. some industrial shutdown is not gas price dependent. some will not come back at the same prices it went off. residential conservation i think is underestimated and has a severe lag effect that will not come back as prices fall. as far as switching i dont think #2 is the floor some people think it is. maybe #6 is the floor.
2. you know my outlook for xh, with slightly above normal weather jan goes out at 2.75 and that is not constrained by a #6 floor. next jv, too far away to really run the numbers but think natty reestablishes itself as a $2.50-3.50 commodity.
3. the obvious
4. yes. believe if we end at 2.6 in the ground, the current nymex forward curve may be fairly priced. my belief is that at the current prices we will end up with much more than 2.6 and that $5 is not value if we have 2.8 in the ground and gaining y on y. circular argument that leads to my belief that prices must fall.
5. not necessarily. will loss of demand with normal weather cancel the fact that there will be much less demand destruction. probably.
From: Jennifer Fraser/ENRON@enronXgate on 04/22/2001 05:54 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Understanding the natural view
1- The above spreadsheet looks at HO-NG seasonally. It gives perspective on 'normal relationships'.
Things I need to clarify about your ng view
1- As gas plummets are you assuming that it regains all demand (industrial shutdowns and fuel switchers)?
2-What is your outlook for Nov-Mar 01 and Ap-oct 02
3- How does your view change with a normal, cold or warm winter ?
4- Is your view predicated on getting to 2.6 is easy and that world did not end this past winter a storage level of 2.6?
5- Do you believe that we will need to price some demand out again this winter?
Thanks
| ||
arnold-j/sent_items/88.
|
subject: Sixth Floor Layout
content: can you send jean a list of her seat numbers
---------------------- Forwarded by John Arnold/HOU/ECT on 04/25/2001 06:38 PM ---------------------------
From: Jean Mrha/ENRON@enronXgate on 04/18/2001 03:03 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Sixth Floor Layout
John,
I heard from Wes Colwell that you had been appointed by Lavorato to layout the sixth floor for gas. This morning I spoke to Wes regarding the placement of the Upstream/Ecommerce desk on six. I have taken 6 spaces but I need two more. The two I would like to use (e29 & e30) are currently being occupied by the Central Region. I would like to move these individuals to two spots right across from their current location (e35 & e36).
For your information, the current six spots that I have are : e17, e18, e21, e22, e23 and e24.
Please call when you can. Good luck trading...
Regards, Mrha
| ||
arnold-j/sent_items/89.
|
subject: Re:
content: thanks a lot
| ||
arnold-j/sent_items/9.
|
subject:
content: most bullish thing at this point is moving closer to everyone's psychological $4 price target and that everybody and their dog is still short. next sellers need to be from producer community. saw a little this week with williams hedging the barrett transaction but wouldnt say thats indicative of the rest of the e&p community. short covering rallies will get more common here. velocity of move down has slowed significantly for good (except maybe in bid week). my concern is if we go to $4 and people want to cover some shorts, who's selling it to them? might feel a lot like it did when we were trying to break $5.
| ||
arnold-j/sent_items/90.
|
subject:
content: awfully close......
| ||
arnold-j/sent_items/91.
|
subject: Re: Power Group
content: yes
Ina Rangel
04/23/2001 05:04 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Power Group
John,
Have you cleared everything with Presto about having to move over one row to make room for Fred's group?
-Ina
| ||
arnold-j/sent_items/92.
|
subject: option candlesticks
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 04/23/2001 12:53 PM ---------------------------
[email protected] on 04/23/2001 10:15:27 AM
To: [email protected]
cc:
Subject: option candlesticks
The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Option Candlesticks
http://www.carrfut.com/research/Energy1/candlesticks51.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| ||
arnold-j/sent_items/93.
|
subject: Re: Overwhelmed By Debt? [qenld]
content: fuck you
[email protected] on 04/23/2001 10:48:39 AM
Please respond to [email protected]
To: [email protected]
cc:
Subject: Overwhelmed By Debt? [qenld]
Debt got you down?
You're not alone....
Consumer debt is at an all-time high.
If you are in debt more that $10,000, please read on.
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| ||
arnold-j/sent_items/94.
|
subject: Re: Henry "scuba" called
content: do you mind if i go out with the boys from work tonight?
| ||
arnold-j/sent_items/95.
|
subject:
content: Hello, I noticed you carried several of the 98 Zoom Zins. Any chance you have the 33 year old vines version? Please advise,
John
| ||
arnold-j/sent_items/96.
|
subject: Re: please fill in--i lost the scrap of paper
content: you think i'm going to put this in ellectronic form? no way.
From: Jennifer Fraser/ENRON@enronXgate on 04/19/2001 01:17 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: please fill in--i lost the scrap of paper
arnold
May-01
Jun-01
Jul-01
Aug-01
Sep-01
Oct-01
Nov-01
Dec-01
Jan-02
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
| ||
arnold-j/sent_items/97.
|
subject: option candlesticks
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 04/19/2001 11:28 AM ---------------------------
[email protected] on 04/19/2001 10:50:12 AM
To: [email protected]
cc:
Subject: option candlesticks
The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Option Candlesticks
http://www.carrfut.com/research/Energy1/candlesticks25.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| ||
arnold-j/sent_items/98.
|
subject: RE: Receipt of Hedge Fund Information
content: Mike:
Please resend the forms needed although I may have sent the necessary docs with the courier that delivered the check. Do not believe we've seen the worst yet.
Will not be looking to put more money to work on the long only side for a while. Even with the rally today I do not believe we've seen the worst yet.
"Gapinski, Michael" <[email protected]> on 04/17/2001 08:48:53 AM
To: "'[email protected]'" <[email protected]>
cc: "Herrera, Rafael J." <[email protected]>
Subject: RE: Receipt of Hedge Fund Information
John -
Yes, we received your check and forms. The check has been deposited and the
forms have been processed. The actual debits for hedge fund subscriptions
will begin on April 24th.
As for naked options, I believe we sent the paperwork for naked options to
you in February, but I don't believe we got it back. Also, I'm concerned
about the margin requirements for naked options interfering with funds
available for the hedge fund subscriptions on April 24th.
I also have an ACCESS manager portfolio presentation for you to review
concerning the long-stock portion of your portfolio. I'm thinking we could
knock out the paperwork, discuss protecting your liquidity for the hedge
funds vs. naked option margin requirements, and walk you through the ACCESS
manager proposal in about 30-45 minutes if you're available around 5 PM
tonight or tomorrow night. With regards to the marginable equity for naked
options question, are the stocks at Fidelity held in joint name?
Thanks,
Mike
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, April 16, 2001 3:59 PM
To: Gapinski, Michael
Subject: RE: Receipt of Hedge Fund Information
mike:
just want to confirm you received my money and forms.
also, checking to see if i am set up to sell naked calls on ENE. may be
looking to do something this week. probably 100-200 contracts.
john
Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by PaineWebber and
PaineWebber will not be responsible for carrying out such orders
and/or instructions. Notice Regarding Privacy and Confidentiality:
PaineWebber reserves the right to monitor and review the content of
all e-mail communications sent and/or received by its employees.
| ||
arnold-j/sent_items/99.
|
subject: Re: FW: bloomberg
content: Please send it to me.
john
From: Julie Pechersky/ENRON@enronXgate on 04/17/2001 09:33 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: FW: bloomberg
John,
We are trying to transfer your bloomberg account and need to know who within Enron North America can sign-off on this
contract. Would that be you? Or do you have a legal department that we should forward it to? We initially changed the
name on it and had it signed under Enron Corp which is where the majority of our Bloomberg contracts lie, but because
you can actually execute trades from the system that you are now using, it has to be under your departments name
and we need someone to sign the contract.
Let me know.
Thanks,
Julie
-----Original Message-----
From: "ALLYSON FELLER, BLOOMBERG/ NEW YORK" <[email protected]>@ENRON [mailto:IMCEANOTES-+22ALLYSON+20FELLER+2C+20BLOOMBERG_+20NEW+20YORK+22+20+3CAFELLER+40bloomberg+2Enet+3E+40ENRON@ENRON.com]
Sent: Monday, April 16, 2001 12:03 PM
To: [email protected]
Subject: bloomberg
Hi Julie. I noticed the contracts have been received. However, "North America"
has been crossed off the contract. That is the name it was signed under and
still the current trading name for Emissions and Natural gas. Not sure if it
was a mistake or not. Anyway - please get back to me when you can. I am going
to try to set up a meeting with the gas guys for tomorrow 4/17. Thanks
| ||
arnold-j/sent/1.
|
subject: Options Advisory Committee Meeting - May 31st
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 05/10/2001 02:21
PM ---------------------------
"Schaefer, Matthew" <[email protected]> on 05/10/2001 10:52:30 AM
To: Brad Banky <[email protected]>, David Rosenberg
<[email protected]>, George Gero <[email protected]>, James
Haupt <[email protected]>, Jeff Frase <[email protected]>, Jeff Ong
<[email protected]>, Jim Adams <[email protected]>, John
Arnold <[email protected]>, Kayvan Scott Malek <[email protected]>, Mel Mullim
<[email protected]>, Michael Maggi <[email protected]>, Robert Collins
<[email protected]>, Russ Knutsen <[email protected]>, Sanjiv Khosla
<[email protected]>, William Coorsh <[email protected]>
cc:
Subject: Options Advisory Committee Meeting - May 31st
Please be advised that there will be a meeting of the Options Advisory
Committee on Thursday, May 31, 2001 in Room 1012 on the 10th floor in the
NYMEX building. Video conference facilities will also be set up at the
NYMEX office in Houston for those who wish to participate there. The agenda
is attached.
<<OPTIONS ADVISORY COMMITTEE May 31, 2001.doc>>
- OPTIONS ADVISORY COMMITTEE May 31, 2001.doc
| ||
arnold-j/sent/10.
|
subject: Re: EIM Due Diligence: Nymex, Enron Gas Data
content: Catherine:
Sorry it's been so long since I could respond. With the craziness here I am
way behind on everything.
#1. 3 years
#2. volume way down on exchange recently with recent volatility. volume
probably averaging 25000 these days. EOL volume averaging around 14000.
Very high percent of market. Current market conditions shows why our
transactional model of being one side of every trade is superior.
#3. good liquidity first 3 years. okay liquidity years 4-6.
#4. calendar 2004-2008 maybe 1 trade a day. 70% chance Enron is one side.
calendar 2009-2013 very rare that it trades.
Catherine Pernot@ENRON
12/01/2000 02:31 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: EIM Due Diligence: Nymex, Enron Gas Data
Per my voicemail, I've included a list of the Investors' questions and
preliminary answers. The answers are attempts by our group, Bob Crane and
Bryon Hoskins but need confirmation by you. Would you mind giving us some
feedback for #4 as well? I could not find these numbers. These are again
going to be forwarded to Bain Capital, the potential equity investor in the
pulp, paper and steel net works fund. They are in their final stages of due
diligence and are comparing pulp and paper facts with gas. (They are under a
confidentiality agreement).
Please call with any questions
Thank you,
Catherine Rentz Pernot
X57654
1. # of years of NYMEX visibility on the typical gas curve.
3 years
2. # of daily trades on NYMEX, in total and for Enron specifically.
102,492 daily trades on NYMEX (11/28/00)and ours amounts to 8,061 per day
(usually around 10% daily NYMEX trades)
3. length and nature of "price discovery" windows past the NYMEX portion of
the gas curve (e.g., 7 years of visibility provided by proprietary market
making past NYMEX, then 10 years of macro / industry average assumptions).
NYMEX price discovery equates to about 3 years. Liquidity of the market and
proprietary market information equates to about 2 years after that with the
remaining portion coming from more macro industry information.
4. trade volume data (# of daily trades as well) for each 5 year increment of
the gas curve beyond the NYMEX portion, in total and for Enron specifically.
??
| ||
arnold-j/sent/100.
|
subject: Re: mkts
content: It's funny the spreads in gas. First, in gas, you can play the seasonality
game. Does anybody want to buy M/N at 1 back. No, of course not. But in
crude, m/n at .10 back is normal. definitely a game as you try to keep month
on month spreads somewhat within reason while preserving year on year spreads
and creating equilibrium for where cal 2 on back hedging and spec demand is.
that's why cal 2 is as high as it is.
when was the last time the most bullish part of the nat gas curve was prompt
month. i can't remember w/o looking at charts. it's always the mentality
of: if it's tight now what about July or what about winter. i think that's
why the winter spreads are a piece. the z/f/g fly is interesting. i think
z/f can and will settle backw. just a high prob it goes cantango first.
Still seeing sellside interest in term. definitely a result of pira. will
probably get absorbed in the next two weeks as everybody forgets about them
and watches the front of the curve. previous to that conference, the
producers just didnt want to sell anything. tired of writing us a big check
every month.
so not only am i in on weekends, but they just put a computer in my house so
i can work at home at night. it's really my only time to sit and think
without the phones and eol going crazy. they better pay me for the decline
in my lifestyle .
[email protected] on 10/15/2000 09:26:31 PM
To: [email protected]
cc:
Subject: Re: mkts
what is a young pup like you doing working on saturday? yea ill check again
the
numbers but pretty sure they said +3 bcf by dec. ill let you know/its been
along week/weekend of partying in ny so my memory mite be failing me. i know
this isnt same as crude-less mature but getting there so im always wondering
if/when the mentality will start to go more that way-ie inverses shud be for
only 1 reason-that supply/demand balance will get less tite than it is today.
some length has gotten out of winter sprds but i know from a few i talk
too
they still in-im out even slitely short not much cuz i think growing
deliverabilty if it occurs is bearish the sprds-and 30 cts inverses will be
hard
to maintain unless we have crazy weather. we're only 2 weeks from withdrawel
period so unitl i see cash backwardate im not gonna be bullish these sprds
until
all the length bails.
your rite on the mkt-the anticipation is in the mkt-you gotta have flat px
to make money,my approach in the short term as well. that said everyone at
pira
including pira all bull bull the winter-will be good i think for a
win/sum01/win02 inverse play even tho its not cheap.
fyi-pira also bearish crude-not saying they rite but will have impact on
natgas producers sentiment short term-esp as mideast starts to fiad. for you
be
careful of the politics effecting heating oil, natgas watching too. there will
be some action in my opinion next 4 weeks by govt that cud impact ho futs
negatively and therefore may roll to natgas-ie if ho goes a big discount to
natgas before any major cold-gas will get hit i think. if i hear anything on
oil
side ill be happy to pass it on-apprec comment on producers not that im
surpirsed, wonder if they start going out further esp with forward sparks
getting hit lately??
good luck man-talk soon. pira was good. you go next year ill set up you
some
interesting people,good to network cuz we never know where we'll end up.
by the way-you bullish sum 02/win 02 or are you rolling a short? non of my
biz but i was on the other side-ill add if it narrows more. inkjections next
summer will be huge albeit from low stx-curve will mean revert eventually.
| ||
arnold-j/sent/101.
|
subject: Video for Enron Management Conference
content: Please call her and schedule
---------------------- Forwarded by John Arnold/HOU/ECT on 10/17/2000 06:52
PM ---------------------------
MARGE
NADASKY
10/17/2000 08:53 AM
To: Danny McCarty/ET&S/Enron@Enron, Shelley Corman/ET&S/Enron@ENRON, Bill
Cordes/ET&S/Enron@ENRON, John Arnold/HOU/ECT@ECT, Janet R
Dietrich/HOU/ECT@ECT, Gene Humphrey/HOU/ECT@ECT, Michael Kopper/HOU/ECT@ECT,
Paul Racicot/Enron Communications@Enron Communications, Ed Smida/Enron
Communications@Enron Communications, Mark Palmer/Corp/Enron@ENRON, Dan
Leff/HOU/EES@EES, Elizabeth Tilney/HOU/EES@EES, Marty Sunde/HOU/EES@EES,
Charlene Jackson/Corp/Enron@ENRON, Kirk
McDaniel/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Terrie James/Enron Communications@Enron Communications
Subject: Video for Enron Management Conference
We need you -- for the Management Conference video
We are working with the Office of the Chairman in preparing a video that
celebrates how Enron has reinvented itself many times over in the last 15
years, which is the theme of this year's Enron Management Conference. We
will be videotaping members of the Enron Executive Committee this week who
will be sharing and swapping stories with each other about Enron's past.
Then we will fast forward to today -- that's where you come in. We want each
of you to talk about what you and your group are doing right now that
represent how Enron continues to change and reinvent itself.
We will be videotaping October 24 and 25 in EB-50M05. Please call or e-mail
Marge Nadasky on Ext. 36631 as soon as possible to schedule a time that works
best for you on either of these days. We expect the taping will only take 20
minutes or so.
Again, your comments will help make this video fun and informative. Thanks
for your participation.
| ||
arnold-j/sent/102.
|
subject: Re: congrats
content: We both thank you
From: Jennifer Fraser 10/17/2000 06:12 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: congrats
Dutch ( as you know ) is great.
I am very happy for him and you
JF
| ||
arnold-j/sent/103.
|
subject: Re: Hi
content: So, what is it? And by the way, don't start with the excuses. You're
expected to be a full, gourmet cook.
Kisses, not music, makes cooking a more enjoyable experience.
"Jennifer White" <[email protected]> on 10/17/2000 04:19:20 PM
To: [email protected]
cc:
Subject: Hi
I told you I have a long email address.
I've decided what to prepare for dinner tomorrow. I hope you aren't
expecting anything extravagant because my culinary skills haven't been
put to use in a while. My only request is that your stereo works. Music
makes cooking a more enjoyable experience.
Watch the debate if you are home tonight. I want a report tomorrow...
Jen
___________________________________________________________________
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/sent/104.
|
subject: Re: Thursday meeting
content: sure, stop by and we'll arrange a place to meet. If you come by during
trading hours though, I can only say hi for a couple seconds.
"Mark Sagel" <[email protected]> on 10/17/2000 05:20:14 PM
To: <[email protected]>
cc:
Subject: Re: Thursday meeting
That sounds fine. Would you like to meet at your office and go from there?
By the way, I will be in your office earlier in the afternoon for a meeting.
Perhaps I can stop over to say hello. ----- Original Message -----
From: <[email protected]>
To: <[email protected]>
Sent: Tuesday, October 17, 2000 5:53 PM
Subject: Re: Thursday meeting
how about 6:00 for drinks
"Mark Sagel" <[email protected]> on 10/17/2000 04:34:56 PM
To: "John Arnold" <[email protected]>
cc:
Subject: Thursday meeting
Hey John:
When you have a chance, let me know what time works for us to get together
Thursday. Thanks,
Mark Sagel
Psytech Analytics
| ||
arnold-j/sent/105.
|
subject: Re: Thursday meeting
content: how about 6:00 for drinks
"Mark Sagel" <[email protected]> on 10/17/2000 04:34:56 PM
To: "John Arnold" <[email protected]>
cc:
Subject: Thursday meeting
Hey John:
?
When you have a chance, let me know what time works for us to get together
Thursday.? Thanks,
?
Mark Sagel
Psytech Analytics
| ||
arnold-j/sent/106.
|
subject: Re:
content: I've got a "strategy" mtg from 3:00 - 5:00. It's very important. I've got
to strategize about things. Not sure about exactly what. Just things.
From: Margaret Allen@ENRON on 10/17/2000 01:13 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:
Other than the fact that we desparately need your unbelieveably
marketing-savvy person up here - no. What's going on in the trading world?
Maybe I'll have to mosey on down there later today. Is it busy?
| ||
arnold-j/sent/107.
|
subject:
content: anything new in the world of marketing?
| ||
arnold-j/sent/108.
|
subject: Re: Margin Lines
content: yea, how about 3:30?
Sarah Wesner@ENRON
10/16/2000 10:21 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Margin Lines
Are you around today? I need to talk to you about some things. Sarah
| ||
arnold-j/sent/109.
|
subject: Re: John Arnold's PC
content: how about 4:00?
Ina Rangel
10/16/2000 11:03 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: John Arnold's PC
John,
When would be a good time for you. After work maybe?
Ina
---------------------- Forwarded by Ina Rangel/HOU/ECT on 10/16/2000 11:02 AM
---------------------------
DON ADAM @
ENRON
10/16/2000 10:06 AM
To: Ina Rangel/HOU/ECT@ECT
cc:
Subject: John Arnold's PC
Ina,
Could you please have John email you the directions to his house and when
would be a good time to come by and install the equipment? Thanks.
Don
| ||
arnold-j/sent/11.
|
subject: re:summer inverses
content: a couple more thoughts. certainly losing lots of indutrial demand both to
switching and slowdown in economy. Big 3 automakers all temporarily closing
plants for instance. switching is significant and has led to cash in the
gulf expiring weak everyday. gas daily spread to prompt trading at
$1....need some very cold weather to justify that. this seems to be the test
of the next 3-5 days. Will the switching/loss of demand/storage management
keep cash futures spread at reasonable levels or will it blow to $5+. Not too
many years ago we had a $50 print on the Hub. unless we get some crazy
prints, you have to question the steep backwardation in the market.
funny watching the flies in the front. Bot large chunk of g/h/j at $.50
friday morning. probably worth 1.30 now. crazy. people have seen each
front spread be weak since forever and are already starting to eye up g/h.
what's the thoughts on distillates... is it tight enough such that gas
switching is the marginal mmbtu of demand and pulls it up or is the market
too oversupplied to care?
| ||
arnold-j/sent/110.
|
subject: Executive Reports Viewer: NEW LOCATION
content: I can't get into this....any ideas?
---------------------- Forwarded by John Arnold/HOU/ECT on 10/14/2000 05:12
PM ---------------------------
Christa Winfrey
10/06/2000 06:00 PM
To: Chris Abel/HOU/ECT@ECT, Darin Talley/Corp/Enron@ENRON, Alisa
Green/HOU/ECT@ECT, Eugenio Perez/HOU/ECT@ECT, Faith Killen/HOU/ECT@ECT, Gary
Hickerson/HOU/ECT@ECT, Gary Stadler/Enron Communications@Enron
Communications, Greg Whalley/HOU/ECT@ECT, Cliff Baxter/HOU/ECT@ECT, John J
Lavorato/Corp/Enron@Enron, John Sherriff/LON/ECT@ECT, Kevin Hannon/Enron
Communications@Enron Communications, Kimberly Hillis/HOU/ECT@ect, Kevin M
Presto/HOU/ECT@ECT, Michael Benien/Corp/Enron@ENRON, Mark Frank/HOU/ECT@ECT,
Mark E Haedicke/HOU/ECT@ECT, Michael E Moscoso/HOU/ECT@ECT, Patricia
Anderson/HOU/ECT@ECT, Raymond Bowen/HOU/ECT@ECT, Rick Buy/HOU/ECT@ECT, Rudi
Zipter/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT, Shona Wilson/NA/Enron@Enron, Tim
Belden/HOU/ECT@ECT, Trey Hardy/HOU/ECT@ect, Tammy R Shepperd/HOU/ECT@ECT,
Veronica Valdez/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Wes
Colwell/HOU/ECT@ECT, Bjorn Hagelmann/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT,
David W Delainey/HOU/ECT@ECT, Mark Frevert/NA/Enron@Enron, Jeffrey A
Shankman/HOU/ECT@ECT, Cassandra Schultz/NA/Enron@Enron, Daniel
Falcone/Corp/Enron@ENRON, Frank Hayden/Corp/Enron@Enron, Frank
Prejean/HOU/ECT@ECT, James New/LON/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Kevin
Beasley/Corp/Enron@ENRON, Kevin Sweeney/HOU/ECT@ECT, Liz M
Taylor/HOU/ECT@ECT, Minal Dalia/HOU/EES@EES, Nelson Bibby/LON/ECT@ECT, Scott
Earnest/HOU/ECT@ECT, Scott Tholan/Corp/Enron@Enron, Thomas Myers/HOU/ECT@ECT,
George McClellan/HOU/ECT@ECT, Eric Groves/HOU/ECT@ECT, John
Massey/HOU/ECT@ECT, Jeff Smith/HOU/ECT@ECT, Kevin McGowan/Corp/Enron@ENRON,
Mason Hamlin/HOU/ECT@ECT, Kenneth Lay/Corp/Enron@ENRON, Joseph W
Sutton@Enron, Jeffrey K Skilling@Enron, LaCrecia Davenport/Corp/Enron@Enron,
Rebecca Phillips/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Stacey W
White/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT, Daniel Reck/HOU/ECT@ECT, Sunil
Dalal/Corp/Enron@ENRON, Fletcher J Sturm/HOU/ECT@ECT, Gabriel
Monroy/HOU/ECT@ECT, Robin Rodrigue/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT,
Christopher F Calger/PDX/ECT@ECT, Cheryl Dawes/CAL/ECT@ECT, W David
Duran/HOU/ECT@ECT, Georgeanne Hodges/HOU/ECT@ECT, Jim Coffey/HOU/ECT@ECT,
Janet R Dietrich/HOU/ECT@ECT, Jeff Donahue/HOU/ECT@ECT, Julie A
Gomez/HOU/ECT@ECT, Jill Louie/CAL/ECT@ECT, Jean Mrha/NA/Enron@Enron, Jere C
Overdyke/HOU/ECT@ECT, Jody Pierce/HOU/ECT@ECT, John Thompson/LON/ECT@ECT,
Kathryn Corbally/Corp/Enron@ENRON, Laura E Scott/CAL/ECT@ECT, Michael S
Galvan/HOU/ECT@ECT, Michael Miller/EWC/Enron@ENRON, Mark Tawney/HOU/ECT@ECT,
Paula McAlister/LON/ECT@ECT, Richard Lydecker/Corp/Enron@Enron, Rodney
Malcolm/HOU/ECT@ECT, Rob Milnthorp/CAL/ECT@ECT, Scott Josey/Corp/Enron@ENRON,
Andrea V Reed/HOU/ECT@ECT, Brenda F Herod/HOU/ECT@ECT, Chris
Komarek/Corp/Enron@Enron, Cris Sherman/HOU/ECT@ECT, David Leboe/HOU/ECT@ECT,
Gail Tholen/HOU/ECT@ECT, Greg Whiting/Corp/Enron@ENRON, Herman
Manis/Corp/Enron@ENRON, Hope Vargas/HOU/ECT@ECT, Lon Draper/CAL/ECT@ECT, Mary
Lynne Ruffer/HOU/ECT@ECT, Stanley Farmer/Corp/Enron@ENRON, Stephen
Wolfe/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT,
Jonathan McKay/CAL/ECT@ECT, Jim Schwieger/HOU/ECT@ECT, Mike
Grigsby/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT,
Thomas A Martin/HOU/ECT@ECT, Andrew, Andrew R Conner/HOU/ECT@ECT, Bob
Crane/HOU/ECT@ECT, John Jacobsen/HOU/ECT@ECT, Matthew Adams/Corp/Enron@ENRON,
Steven Kleege/HOU/ECT@ECT, Tracy Beardmore/NA/Enron@Enron, Robert
Richard/Corp/Enron@ENRON, Timothy M Norton/HOU/ECT@ECT, Michael
Nguyen/HOU/ECT@ECT, D Todd Hall/HOU/ECT@ECT, Eric Moon/HOU/ECT@ECT, Jenny
Latham/HOU/ECT@ECT, Valarie Sabo/PDX/ECT@ECT, Monica Lande/PDX/ECT@ECT, Vince
J Kaminski/HOU/ECT@ECT
cc: Vern Vallejo/HOU/ECT@ECT, Sally Chen/NA/Enron@Enron, Annemieke
Slikker/NA/Enron@Enron, Kristin Walsh/HOU/ECT@ECT
Subject: Executive Reports Viewer: NEW LOCATION
As of midnight, Saturday, October 7th, the Executive Reports Viewer will no
longer be accessible at its current location, due to IT modifications. The
system has been redesigned to allow access via Internet Explorer (you cannot
use Netscape). The new location is http://ersys.corp.enron.com.
This change will ONLY affect the viewing of the reports; it will NOT impact
the publishing of the reports.
A shortcut icon can be created by dragging the Internet Explorer Logo
(located in the address field next to the URL) to the desktop.
If you have any questions, please do not hesitate to call Kristin Walsh at
3-9510 or myself at 3-9307.
Thank you for your understanding,
Christa Winfrey
| ||
arnold-j/sent/111.
|
subject: Re: Sunday Trading
content: Savita:
A couple of issues:
1. I'm having trouble setting a syncopated basis child of a syncopated basis
child (grandchild). Is this not currently allowed by the system?
2. I have a lot of counterparties whom click on hub gas daily when they
meant to trade nymex. Although I would like the nymex filter to bring gas
dailies, is there anyway to separate them a little more clearly. Eventually
I would like to run all my products in parallel with gas daily, but I'm
restricted right now by issue #1.
Please advise,
John
| ||
arnold-j/sent/112.
|
subject: Re: Last night
content: Oh yea, I always get those two places confused.
From: Margaret Allen@ENRON on 10/13/2000 04:26 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: Last night
I thought we agreed to Denny's tonight after Rick's?!
| ||
arnold-j/sent/113.
|
subject: Re: mkts
content: pira's certainly got the whole market wound up. I've seen a wave of producer
selling for the first time in two months over the past two days. Most
selling Cal 1 off the back of Pira. Pira certainly commands a lot of respect
these days. Too much, probably.
The problem with all these bull spreads (ie F-H) is the thought process in
natty is that if Jan is strong, just think what happens when you get to March
and run out of gas. The spread game is very different than playing crude.
These spreads haven't moved for the past 1000 point runup. You know there
were guys bullish this market trying to play it with spreads and haven't made
a penny.
Just to clarify, Pira said 3 bcf y on y for Z1? That seems hard to believe.
[email protected] on 10/13/2000 09:42:43 AM
To: [email protected]
cc:
Subject: mkts
cmon give me some credit-you think ive been doing this this long w/out know
who's doing what! im i ny for the pira conference-thyre pretty bearish cal 01
and 02-will be interesting to see if/when the producers start to take that to
heart. here's one for you to think about... of pira's rite-ie production gonna
be up 1-1.5 bcf by year end. does increased deliverabilty mean these winter
sprds in producing areas-ie jan-apr and the fact the mkts gonna be more
concerened about running out in march than in jan suggest big invererese will
not be sustainable but will happen only on a weather event??? be curoius your
thots-i maybe thinking too much but makes some sense to me-have a good weekend
johnny.
pira says decm 01 prod up 3 bcf y on y!
| ||
arnold-j/sent/114.
|
subject: Re: Last night
content: of course...
just kidding. Aldo's next week. you're done. Open up your checkbook baby.
From: Margaret Allen@ENRON on 10/13/2000 03:45 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: Last night
am i being ignored?
|
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