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0 | start date : 1 / 9 / 02 ; hourahead hour : 13 ; start date : 1 / 9 / 02 ; hourahead hour : 13 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2002010913 . txt |
1 | mon , 10 may 2004 14 : 43 : 53 + 0200 socratic receptor dayton isotherm directrices inside downtown cabinetry s =
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1 | hello dear hello dear ,
i am mr . solomon dike , the manager of a prime bank in africa . i do not know you and you do not know me but for reasons which will become obvious to you as you read on , i obtained your email address from an internet address listing hoping and believing god that you will be
trustworthy , reliable and willing to assist me . please , exercise some patience while you read through my message . i have a very urgent and confidential business proposition for you . on june 6 th 1999 , an engineer / consultant / contractor with a big and influential multi national oil company and a foreigner here made a time deposit in a bank which i am presently the manager . he did not declare any next of kin in his application paper . the money is very big and no one knows the source of this money because apparently the time frame of his employment with the company here in africa does indeed preclude such a large amount of money . it can be
assumed that he brought his money over from his country or previous place of work but that is open to speculation . however , the point is that he is dead and his employers are not aware of this money , and therefore it can be safely assumed that no one will ever come forward to claim this money , he died in 2002 . the total sum ( inclusive of accrued interests ) is still sitting in my bank in the dormant account portfolio . no one will ever come forward to claim it now or in the future and according to our banking laws , after 5 years , the money will automatically revert to the federal government treasury if the account owner is a foreigner and is certified dead but with you a foreigner applying for the transfer of this fund to your nominated account anywhere in the world and all documents backing the transfer legally secured and there is certification that the funds being transferred are from non - criminal sources we will have no problems . in short this will be a proper and legal money
transfer and there will be no related
risk !
we will have to process the initial paperwork to obtain approval from the probate registry ( ministry of justice ) and obtain the letter of administration empowering you as sole trustee / executor to the deceased estate after which i will use my position and influence in the bank to effect onward transfer of this money from our bank to your nominated account . if you therefore agree to be the official beneficiary , then please note that you will be required to avail me with a bank account ( a bank account with zero credit balance is ok ) . your full address ,
phone and fax , full name and brief background information on you ( cv ) .
as soon as i receive a positive response on your willingness to assist me then i will initiate the processing of the transfer and in about 7 working days the money will be in your nominated bank account for us to share in the ratio of 70 % for me and 30 % for you .
this transaction is guaranteed to success without any problems . if you agree to assist me by sending me the above requested information , i will give you my complete address , including phone / fax etc and any further clarifications you may require . looking forward to your urgent reply .
regards ,
mr . solomon dike |
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dorothy was too dazed to say much , but she
watched one of jim ' s big ears turn to violet and the other to rose , and
wondered that his tail should be yellow and his body striped with blue and
orange like the stripes of a zebra
it ' s ok , it ' s not what i ' m looking for . off here |
0 | re : private i sent you another one - it adresses your views . i would not add foster . in fact i would add lagrasta and baughman first . maybe we should do 35 .
- - - - - original message - - - - -
from : kitchen , louise
sent : sat 10 / 13 / 2001 6 : 13 pm
to : lavorato , john
cc :
subject : re : private
with calger leading the likes of parquet etc they can make $ 100 mm plus - without him no chance . i think it ' s sort of indirect p & l .
i think we are close enough i ' d put our top 20 above any group - our final ten are really strong too . harry , orlando and zipper as the last people on our list really does show we have some major talent .
let ' s not stick to 30 - let ' s do 33 putting miller , deffner , foster , zipper , ermis and aucoin in . daliney ' s note shows he is giving a lot to people we have in our second half of the list .
- - - - - original message - - - - -
from : lavorato , john
sent : saturday , october 13 , 2001 6 : 01 pm
to : kitchen , louise
subject : re :
my order is actually future p \ l based . if it wasn ' t in enron n . a . i would put calger way higher . ie - if it was pulp and paper and i knew that we wouldn ' t have the opportunity to trade size , chris would be in the top 3 . maybe 1 . but in this market we need to have the people who can make over 100 mm every year . just thinking .
- - - - - original message - - - - -
from : kitchen , louise
sent : sat 10 / 13 / 2001 11 : 58 am
to : lavorato , john
cc :
subject : re :
i didn ' t get a copy of dave ' s email but a few comments and i attach a compromise ordering . i added to your file schoolyard .
our differences are :
me - don miller , joe deffner , chris foster
you - zipper , ermis , aucoin
i would put them all ahead of bernie however i have no data points apart from p & l on nothing with frank so i can ' t comment on him . . not huge differences in order , apart from your slant on canadians ! the main issue with yours is calger behind benson and zufferli ( and even maybe dana ) , he ' s a future leader of this organisation . your ordering is very p & l based .
are we supposed to cover wes or will causey ?
i added to your file schoolyard .
speak to you later .
louise
belden
arnold
presto
shively
sturm
swerzbin
calger
davis , dana
benson
milnthorp
zufferli
herndon
motley
davies
martin
grigsby
tycholiz
richter
black
luce
allen
devries
wiggs
duran
storey
arora
zipper
foster
ermis or miller
gonzales
- - - - - original message - - - - -
from : lavorato , john
sent : saturday , october 13 , 2001 9 : 56 am
to : kitchen , louise
subject :
i think we have 3 that are on my list and not on yours . we have big differences in order . i ' m very concerned about this process . i ' ll send you dave ' s email and you might understand why .
call me or resend me an email .
john |
0 | 5 th changes @ duke and air liquide - - - - - - - - - - - - - - - - - - - - - - forwarded by ami chokshi / corp / enron on 02 / 04 / 2000
11 : 23 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
troy _ a _ benoit @ reliantenergy . com on 02 / 04 / 2000 11 : 06 : 27 am
to : ami chokshi / corp / enron @ enron
cc :
subject : 5 th changes @ duke and air liquide
( see attached file : egmnom - feb . xls )
- egmnom - feb . xls |
0 | global risk management operations weekly operating report tammie ,
attached is the global risk management operations update for louise ' s weekly
report , week ending february 8 .
if you have any questions , please let me know .
thanks ,
brian |
0 | re : trading / origination i will be in new york tuesday and wednesday on business . let me know if there is an alternate time / date ( including today ) .
laura
- - - - - original message - - - - -
from : schoppe , tammie
sent : monday , september 17 , 2001 4 : 11 pm
to : luce , laura
subject : re : trading / origination
the only time louise has available is from 5 : 00 - 5 : 30 p . m . tomorrow ( 9 / 18 ) . please let me know if this will work for you .
thanks !
tammie schoppe
enron americas - office of the chair
assistant to louise kitchen
( 713 ) 853 - 4220
( 713 ) 646 - 8562 fax
( 713 ) 253 - 2131 mobile
- - - - - original message - - - - -
from : luce , laura
sent : monday , september 17 , 2001 3 : 47 pm
to : kitchen , louise
cc : schoppe , tammie
subject : trading / origination
louise ,
hunter and i would like to meet with you for 30 minutes to discuss 1 ) interface between trading and origination 2 ) trading / origination track .
as usual , we have an opinion and i wanted to ensure you heard our view .
laura |
0 | stranger ? ? ? hi there stranger !
well i haven ' t spoken to you or heard from you in a few days and i ' m just
checkin ' to see that my lil ' buddy in portland isn ' t working himself too
hard . as you know i tried to call you tonight but then had to leave for a
workout and a scrimmage soccer game . i am so sore ! it ' s out of control !
ok so down to the real reason i ' m writing . brendan and i had a great time
at happy hour . we talked a little about you but mostly about life in
general . he had mentioned that he had e - mailed me so i rushed home to check
it .
basically he said all good things but there was one thing that struck me as
odd . i guess because he also brought the same point up at the restraunt .
he had written that although you thought i was cool and whatever you had
commented on how " strange " the situation was and he sort of elaborated on
that .
so the point of this e - mail is i guess to reassure you that i only have the
best intentions towards you . i am not trying to be your girlfriend or
anything similar to that . to tell you the truth i don ' t even know what your
" romantic " situation is . i just think you are an awesome guy whom i ' d love
to become close friends with .
i am ecstatic that you are coming to visit me in huntington beach ( if you
still are ) and i ' m thrilled that we can go sight seeing touring together . i
bragged and bragged to brendan about what a great guy you were and then came
home to feel like maybe you were taken back by my advances . i really am
just a very overly affectionate and loving person ( not to mention
spontaneous ) . i didn ' t mean to scare you away from having a great
friendship with me and me with you .
for heavens sake you are my portland connection and i ' m your beach bum
buddy . honestly if i were a psycho i would have jumped at the chance to
come up and see your condo when you offered . i just think you are someone
i ' d love to get to know . especially if you are anything like brendan ( which
best friends usually are ) he is such a sweetie ! when he and meg go to visit
her mom in la they might just stop over for a visit and of course they are
welcome to stay with me as well .
i guess i never asked if you had a girlfriend or someone in your life and to
be quite honest i didn ' t even think to ask brendan because it ' s not
important . i want you , bill , for your friendship and for your companionship
now and when i move to portland . reflecting back i realize that i may have
written or said something that caught you off guard . it ' s just my
personality . i ' m a huge flirt . for heavens sake i was voted " most
flirtatious " my senior year not to mention " most likely to succeed " .
probably the second one due to the first but who knows ! hahaha ! i ' m only
teasing .
ok seriously now bill , i want you to be honest . if i did ( locating your
condo etc . ) or said ( like that was the most romantic thing i had ever read
that was written by a guy ) something to upset you or give you a false
impression i am so sorry . i do find you attractive and perhaps if we lived
in the same town or had met a little differently or for that matter i knew
your " romantic " stiuation , yeah i would have jumped at the chance to have
dated you . but we didn ' t and the truth is i can never have too many
friends . especially good looking ones that i can introduce to all my " girl "
friends so that they can be jealous with envy ! : )
like i said i only have the best of intentions towards you and towrds our
relationship as friends . but if you are uncomfortable with something i ' ve
done or said i am so very sorry and all you have to do is tell me or e - mail
me and you ' ll never hear from me again . scouts honor ! i ' ve never been a
scout but i ' m not know for my lies either . teehee .
i would love to hear any concerns that you might have in regards to our
realtionship as friends . if i can i ' ll put your mind at ease if not well i
enjoyed our short 30 minute interlude . as always you are still welcome to
come visit me and stay with me i would love to have the company .
if i don ' t hear form you within the next couple of weeks i ' ll assume the
worst but still try to keep my schedule as flexible as possible in case you
change your mind . i ' m lucky in the fact that i can do that sort of thing !
: ) ok just e - mail me or call me . let me know that you are alive and
kickin ' .
i ' ll be leaving for calgary , canada this thursday morning at 6 am and will
be there until the 16 th . i ' m so excited this is my first trip out of
country but then again you know that ! so i guess i ' ll hear from you when i
hear from you .
i just thought of a last possible reason . . . i may be way off base here but i
am not sure if you know the situation between my boyfriend and myself . he
is a real sweetheart and he ' s going to make a wonderful husband and
father . . . just not with me . if you are concerned about our friendship and
him becoming weird well the majority of my friends are guys and todd is
secure enough in himself that he doesn ' t care . if this is about august and
you staying with me , my father is moving me down not him and it will be a
long time until he can come to visit . also when i get there we are not
going to continue a long distance exclusive relationship . i haven ' t dated
or had much of a wild stage and i have told him that we will see other
people . he ' s fine with that as well .
ok i admit that his potland stunt was a little irrational but hey i thought
it was thoughtful and darling . i love surprises and little " extras " . i
just didn ' t expect to have made plans and make myself look like the bad guy
to someone whom i ' d never met . therefore i did everything in my power to
rectify the situation and make both sides happy and in doing so caused this .
you think i ' m a psycho ! not to mention i had to face brendan and before he
could read my e - mail you had already revealed the stroy to him ! ! so i got
to be embarrssed and a little humbled by the whole experience !
ok that ' s it . take it however you will but it ' s 12 : 51 am and i ' m exhausted !
i did the best i could to figure out and fix a possibly non - existing
problem . i hope i did well enough to inspire a response from you . : ) hope
to hear or read from you soon !
goodnight and god bless ,
nikki
send a cool gift with your e - card
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1 | email your response mr . wang qin
hang seng bank ltd .
des voeux rd . branch ,
central hong kong ,
honk kong .
email : hangsengbank @ tiscali . cz
i am mr . wang qin credit officer of the hang seng
bank ltd . i have a concealed
business suggestion for you .
before the u . s and iraqi war , our client general .
ibrahim moussa who was
with the iraqi forces and also business man made
a numbered fixed deposit
for 18 calendar months , with a value of twenty
millions five hundred thousand
united state dollars only in my branch .
upon maturity several notice was sent to him ,
even during the war early
this year . again after the war another
notification was sent and still no
response came from him . we later find out that
the general and his family
had been killed during the war in bomb blast that
hit their home .
after further investigation it was also
discovered that gen . ibrahim moussa
did not declare any next of kin in his official
papers including the paper
work of his bank deposit . and he also confided in
me the last time he was
at my office that no one except me knew of his
deposit in my bank .
so , twenty millions five hundred thousand united
state dollars is still
lying in my bank and no one will ever come
forward to claim it . what bothers
me most is that according to the to the laws of
my country at the expiration
three years the funds will revert to the
ownership of the hong kong government
if nobody applies to claim the funds . against
this backdrop , my suggestion
to you is that i will like you as a foreigner to
stand as the next of kin
to gen . ibrahim moussa so that you will be able
to receive his funds .
what is to be done :
i want you to know that i have had everything
planned out so that we shall
come out successful . i have contacted an attorney
that will prepare the
necessary document that will back you up as the
next of kin to gen . ibrahim
moussa , all that is required from you at this
stage is for you to provide
me with your full names and address so that the
attorney can commence his
job . after you have been made the next of kin , the
attorney will also fill
in for claims on your behalf and secure the
necessary approval and letter
of probate in your favor for the move of the
funds to an account that will
be provided by you .
there is no risk involved at all in the matter as
we are going adopt a legalized
method and the attorney will prepare all the
necessary documents . please
endeavor to observe utmost discretion in all
matters concerning this issue . once
the funds have been transferred to your nominated
bank account we shall
share in the ratio of 70 % for me , 25 % for you and
5 % for any expenses incurred
during the course of this operation .
should you be interested please send me your
private phone and fax numbers
for easy communication , you can write me via my
private box ( wangqin 3 @ echina . com )
and i will provide you with more details of this
operation .
your earliest response to this letter will be
appreciated .
kind regards
wang qin
- - - - - - - - - - - - - - - - - - - - - - - - - -
pos?lejte sms p?es internet zdarma a bez reklamy . pouze s tiscali .
v?ce na http : / / www . tiscali . cz |
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0 | contact list please find attached our updated tw commercial group ' s contact list as of
june 21 , 2000 . you will be receiving updated lists when changes are
submitted .
i will have updated cards printed and submitted shortly .
adr |
0 | re : read : master netting status request i am working on two master netting agreements , el paso and duke .
credit is reviewing a rough draft ( w / o credit terms being filled in ) of the el paso netting agreement prior to sending it to the counterparty . ( i will be coordinating this counterparty with lisa mellencamp . )
we are waiting for instructions on which entities and contracts will be included in the duke netting agreement .
regards ,
brent |
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it is never too late to give up your prejudices .
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virtue is indeed its own reward .
a good conscience is a continual christmas .
america guarantees equal opportunity , not equal outcome . |
0 | new prescheduling distribution list when communicating with preschedulers , please use the following e - mail address
dl - portland preschedulers
thanks ,
c |
0 | re : 2001 fma european conference john ,
the books have arrived and i shall fedex them tonight to your university
address ( shown at the bottom of your messages ) .
still fishing for the paper on network economy .
vince
p . s . shirley , the address is at the bottom .
" john d . martin " on 11 / 28 / 2000 11 : 27 : 35 am
to : vince . j . kaminski @ enron . com
cc :
subject : re : 2001 fma european conference
that ' s fine . i didn ' t want to change anything until i heard from you guys .
see ya !
john
at 11 : 06 am 11 / 28 / 00 - 0600 , you wrote :
>
> john ,
>
> thanks . stinson will be able to join us for dinner . he is opting out of
> the paper due to his big workload but we can get his perspective on
> the last 8 years he spent at enron .
>
> vince
>
>
>
>
>
> " john d . martin " on 11 / 28 / 2000 09 : 44 : 17 am
>
> to : vkamins @ enron . com
> cc :
> subject : 2001 fma european conference
>
>
> here ' s the info on the european conference . just for your files .
>
> john
>
> > date : tue , 28 nov 2000 08 : 40 : 39 - 0500
> > from : karen wright
> > subject : 2001 fma european conference
> > to : kwright @ fma . org
> > x - mailer : mozilla 4 . 5 [ en ] ( win 98 ; i )
> > x - accept - language : en , pdf
> >
> > 2001 fma european conference
> >
> > the fifth annual european meeting of the financial management
> > association international ( fma ) will be held may 31 and june 1 , 2001 at
> > the hotel sofitel ( rive gauche ) in paris , france . fma ' s european
> > meeting brings together academicians and practitioners with interests in
> > financial decision - making . the meeting provides a forum for presenting
> > new research and discussing current issues in financial management ,
> > investments , financial markets and institutions , and related topics .
> > keynote addresses and other special presentations will be held in
> > addition to research paper presentations .
> >
> > paper submissions
> > research papers . the program includes traditional research paper
> > presentations . criteria used to determine the suitability of these
> > papers for the program include the nature of the research problem ,
> > implications of the proposed research , the quality of the research
> > design , and the expected contribution of the research to the
> > literature . please note that the purpose of these sessions is to
> > present new and unpublished research .
> >
> > submission fee . there is no submission fee for the fma european
> > conference .
> >
> > submissions . please follow these steps :
> > complete the presentation form that can be downloaded at
> > www . fma . org / paris . htm . carefully select the subject code on the
> > presentation form that most closely describes your research . the code
> > number you select will be used to select reviewers for your proposal .
> >
> > send six ( 6 ) copies of your completed paper , along with the completed
> > presentation form , to the fma office ( financial management association ,
> > university of south florida , college of business administration , tampa
> > fl 33620 - 5500 , usa ) .
> > please note that only completed papers will be accepted for the fma
> > european conference review process .
> >
> > the paper submission deadline is friday , december 1 , 2000 .
> >
> > you will receive an electronic confirmation of your submission within
> > six weeks of its receipt by the fma office , and you will be notified of
> > the results of the reviewing process by the middle of february , 2001 .
> >
> > competitive paper awards
> > the financial management association international is pleased to
> > announce that four ( 4 ) $ 1 , 500 awards will be presented in conjunction
> > with the 2001 fma european conference . the " young scholars " award will
> > be presented to the best paper authored by a ph . d . student ( or
> > equivalent ) or recent ph . d . ( or equivalent ) graduate . three additional
> > $ 1 , 500 awards will be presented to the papers deemed " best of the best "
> > by the members of the 2001 fma european conference competitive paper
> > awards committee . please note that these awards will be made only if , in
> > the opinion of the fma awards committee , a paper warrants such a
> > decision . the decisions of the fma awards committee are final .
> >
> > accepted papers . if your proposal is accepted , the version of the paper
> > you submit will be sent to its discussant as soon as he / she is
> > identified . you are obligated to send the final version of your paper to
> > the discussant and session chair by april 27 , 2001 . you also are
> > obligated to present your paper in a professional manner at the assigned
> > fma program session .
> >
> > the collegiality of the meeting provides a very special opportunity for
> > participants to share their work and to hear about the work others are
> > doing . thus , individuals whose papers are accepted for presentation at
> > the 2001 fma european conference will be expected to either chair a
> > session or discuss a paper .
> >
> > program co - chairs
> >
> > francois degeorge
> > hec paris
> > 1 rue de la lib , ration
> > 78351 jouy en josas cedex
> > france
> > 33 - 1 - 39 - 67 - 72 - 34 ( ph )
> > 33 - 1 - 39 - 67 - 94 - 34 ( fax )
> > degeorge @ hec . fr
> >
> > kent womack
> > dartmouth college
> > amos tuck school
> > hanover , nh 03755
> > 1 603 646 2806 ( ph )
> > 1 603 646 1308 ( fax )
> > kent . womack @ dartmouth . edu
> >
> > additional opportunities for participation
> >
> > session chairperson or discussant . if you wish to serve as the
> > chairperson of a session or paper discussant , but are not submitting a
> > paper , please complete the participation form which can be downloaded
> > from www . fma . org / paris . htm . submit the completed form to the fma office
> > by december 1 , 2000 . session organization will take place in march ,
> > 2001 .
> >
> > deadline summary
> >
> > completed papers : december 1 , 2000
> > chairperson / discussant requests : december 1 , 2000
> >
> >
> >
> john d . martin
> carr p . collins chair in finance
> finance department
> baylor university
> po box 98004
> waco , tx 76798
> 254 - 710 - 4473 ( office )
> 254 - 710 - 1092 ( fax )
> j _ martin @ baylor . edu
> web : http : / / hsb . baylor . edu / html / martinj / home . html
>
>
>
>
john d . martin
carr p . collins chair in finance
finance department
baylor university
po box 98004
waco , tx 76798
254 - 710 - 4473 ( office )
254 - 710 - 1092 ( fax )
j _ martin @ baylor . edu
web : http : / / hsb . baylor . edu / html / martinj / home . html |
0 | fw : full year forecast louise ,
we ' ve forecasted full year ebit , using plan for 4 q for everything , except for 0 margin for orig and adjusting expenses for known differences .
tammie -
please place in the tab marked ' earnings estimate ( full year forecast . )
thx ! |
0 | re : tds project you might hear of this , so i thought i better forward to you .
- - - - - - - - - - - - - - - - - - - - - - forwarded by mary solmonson / hou / ect on 06 / 08 / 2000
08 : 53 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
mary solmonson
06 / 08 / 2000 08 : 57 pm
to : scott mills / hou / ect @ ect
cc : joel henenberg / na / enron @ enron , stephen stock / hou / ect @ ect
subject : re : tds project
i guess i have several comments to make to this string of mails . . . . so why not
add one more mail . . .
first off , thomas is following up on my suggestion to check into tds as when
we met a few weeks ago ( on other issues ) i heard about tds by name for the
first time - although i admit i was aware of work being done to replace the
applix functionality . you had remarked that you liked the tds functionality
and wondered whether that was the way to go rather than continue to evolve
enron grid . it is unfortunate that bill is not more cooperative with thomas '
request - more in the continuing saga of poor communication and information
sharing between our two teams .
clearly there needs to be much more communication and sharing of information
as global rate services for many months ' bowed ' to the sitara team ' s
priorities for enron grid - which you now say probably won ' t be used . there
are many priorities in the wings to benefit the processes of global rate
services that without has caused us to continue to experience a high rate of
errors - causing large impact to the p however enrongrid is the responsibility of a
different group
( logically , this needs to come together under the same group ) .
does the tds / tibco infrastructure make sense ( current enrongrid / rate server
design assumes the curves are always updated to the rate sever database and
then messaged from the database ( potential performance impact ) ; whereas
tibco infrastructure does not require a database update first )
does the mkm curve publish / subscribe supersede everything and provide a
" better " global technical solution ( part of the london curve manager
development team will be in
houston next week ; therefore a briefing of the mkm curve manager is
something that we are trying to get done ) . functionally , this will require a
more vigorous gap
analysis review before a decision can be made .
i am open to additional discussions on the technical direction , but i do not
think that alot of additional functional documentation needs to be done and
timelines are not changing .
srm ( x 33548 )
thomas araujo @ enron
06 / 08 / 2000 10 : 13 am
to : yannis tzamouranis / hou / ect @ ect , william e kasemervisz / hou / ect @ ect
cc : judy barnes / hou / ect @ ect , scott mills / hou / ect @ ect , vanessa
schulte / corp / enron @ enron , joel henenberg / na / enron @ enron
subject : re : tds project
bill ,
i don ' t think anyone outside of sitara knows of tds . if you could give
myself and other interested parties a demo of tds ; i don ' t have a good
understanding of the tds project . if the project is similar to the enron
grid as it is indicated in yannis ' s response , the business users need to come
together and decide the system of choice . yannis makes good points of how to
come to a decision . i would change that the users provide the important
features , advantages , and shortcomings of each product as they see it . i
would gather the users ' needs and timeline . after deciding , i would then
like to get it involved to finalize a decision . i would like to get the
discussion started fairly soon due to the impeding business needs .
the first thing i would suggest is have a demo of both products to inform all
impacted business users . bill , can we setup a demo for tomorrow or early
next week .
thomas
yannis tzamouranis @ ect
06 / 08 / 2000 08 : 24 am
to : william e kasemervisz / hou / ect @ ect
cc : thomas araujo / corp / enron @ enron , scott mills / hou / ect @ ect
subject : re : tds project
bill ,
i have had presentations of both of these projects ( that is not to say that i
know them well ) .
since , according to scott the choice is still open , we have to make a
concious decision as to which way we go . in my mind , this is a decision that
has to be made by the user with my team ' s support . i do not want and should
not drive this decision . the decision should be driven by the user , based on
usage ( business ) requirements . what the phoenix group will provide is a
server that does ( or soon will ) satisfy your business requirements . the
front end plug in is , i think , a decoupled issue in a server - client
environment .
on the other hand , i think we should help you with the choice ( if you so want
us ) . i would actively consult with you to set up the choosing process , which
i imagine would go somewhat like this :
i would suggest that we do , again and all deciding parties together , get
demos of each of these products .
business should put together a bullet point list of the functionality needed
( even a timeline ) and how the tool will be used so both allan and mike
understand your needs clearly .
i also suggest that we ask tds and enron grid to provide us with a short
document outlining the important features , advantages and shortcomings of
each product as they see it . released features should be separated from
future improvements ; the latter should be be accompanied by a time line .
limitations should be listed explicitly .
we take our impressions from the demos along with the writeups in a room and
make the decision .
if needed , business might have to spend the time to play with each of these
products for a short period of time .
in my mind it is important to make choices like this one that will affect
business for a long time based on enumerated and well understood facts ( such
that usually get lost from a short demo ) .
please let me know what you think ,
yannis
william e kasemervisz
06 / 07 / 2000 08 : 37 pm
to : thomas araujo / corp / enron @ enron , yannis tzamouranis / hou / ect @ ect
cc :
subject : re : tds project
i ' m not sure what you want to go over . if you and yannis would like to have
a demo of the tds & grid applications let me know & i ' ll try to set something
up with scott also , so we can discuss grid / tds curve manager / mkm .
thomas araujo @ enron
06 / 07 / 2000 10 : 13 am
to : william e kasemervisz / hou / ect @ ect
cc :
subject : tds project
bill ,
can you give me more information to the tds you are working on like the due
dates , the scope , etc . if you got some requirements documents or the
business plan on the project , it would be better . i just want to get a
better picture of how enron grid fits in the big picture .
thanks ,
thomas |
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0 | note from maureen vince ,
maureen asked me to pass along her message that the meeting with brook / hunt
went very well today . she said this firm is top - notch and very thorough .
she will contact you tomorrow after her speech on metals is over ( planned for
the lunch hour ) .
gwyn |
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0 | re : todd hall sally :
below is the detail of what the " extra " housing cost was for todd hall that
is to be charged to whatever rc is provided . if you need to discuss further ,
please call me at 55064 . otherwise , may we have a charge cdode for this
expense ?
thanks ,
jane
- - - - - - - - - - - - - - - - - - - - - - forwarded by jane allen / hou / ect on 05 / 12 / 2000 08 : 40 am
- - - - - - - - - - - - - - - - - - - - - - - - - - -
tara rozen
05 / 12 / 2000 04 : 31 am
to : jane allen / hou / ect @ ect
cc : rachel clifford / lon / ect @ ect
subject : re : todd hall
if todd was unaccompanied , we would have paid o 2167 p / m . the flat he is
occupying is o 2817 p / m , difference of o 650 p / m . not sure if this is going to
be relevant enough to the rc . we definitely could have rented the place so it
would not have been left empty .
let me know if you need anything else .
tara
enron capital & trade resources corp .
from : jane allen 11 / 05 / 2000 22 : 11
to : tara rozen / lon / ect @ ect
cc :
subject : re : todd hall
before i speak with sally , exactly what piece of the housing are we charging
to her rc since he took existing housing ?
- - - - - - - - - - - - - - - - - - - - - - forwarded by jane allen / hou / ect on 05 / 11 / 2000 04 : 09 pm
- - - - - - - - - - - - - - - - - - - - - - - - - - -
kim melodick
05 / 11 / 2000 12 : 28 pm
to : jane allen / hou / ect @ ect
cc :
subject : re : todd hall
jane , norma has the group now , however , i do believe sally wants to speak
with you on this issue .
enron north america corp .
from : jane allen 05 / 08 / 2000 04 : 15 pm
to : kim melodick / hou / ect @ ect
cc : tara rozen / lon / ect @ ect
subject : re : todd hall
i called and left you a message last week . do we still need to talk or has
it been resolved ? my new number is 55064 .
jane
kim melodick
05 / 03 / 2000 12 : 39 pm
to : jane allen / hou / ect @ ect
cc : tara rozen / lon / ect @ ect
subject : re : todd hall
sally would like to speak to you regarding the differential . she knows that
todd had taken residence in accommodations left vacant by beth perlman . she
want ed more clarification on how that would be managed since it was
utilizing an existing space . the rc she provided was todd hall ' s rc # 2182 .
please call me at your earliest convenience as i will explain the remaining
details .
enron north america corp .
from : jane allen 05 / 02 / 2000 08 : 01 am
to : tara rozen / lon / ect @ ect
cc : kim melodick / hou / ect @ ect
subject : re : todd hall
kim :
can you get this for tara , please ?
jane
tara rozen
05 / 02 / 2000 03 : 02 am
to : jane allen / hou / ect @ ect
cc : kim melodick / hou / ect @ ect
subject : re : todd hall
no , i did not , thanks
enron capital & trade resources corp .
from : jane allen 01 / 05 / 2000 14 : 11
to : tara rozen / lon / ect @ ect
cc : kim melodick / hou / ect @ ect
subject : todd hall
tara :
did you ever get the coding for this expense ?
- - - - - - - - - - - - - - - - - - - - - - forwarded by jane allen / hou / ect on 05 / 01 / 2000 08 : 10 am
- - - - - - - - - - - - - - - - - - - - - - - - - - -
enron north america corp .
from : jane allen 03 / 17 / 2000 08 : 31 am
to : sally beck / hou / ect @ ect
cc : kim melodick / hou / ect @ ect
subject : todd hall
can we please have the rc that should be charged for the upgrade for todd ' s
housing from single to accompanied ?
thanks ,
jane
- - - - - - - - - - - - - - - - - - - - - - forwarded by jane allen / hou / ect on 03 / 17 / 2000 08 : 31 am
- - - - - - - - - - - - - - - - - - - - - - - - - - -
tara rozen
03 / 17 / 2000 02 : 58 am
to : matt hatton / lon / ect @ ect
cc : lisa mcrae / lon / ect @ ect , jane allen / hou / ect @ ect
subject : todd hall
matt
please can you arrange for todd hall , who is coming from houston to work for
barry pearce , to stay at dolphin square apartments ? please liaise with him
directly on this .
we have a bit of a complicated costing situation . barry pearce will be taking
the cost of the normal one bedrooms at dolphin square and sally is taking the
rest of the cost .
jane - please provide the costs for sally ' s rc .
thanks
tara
- - - - - - - - - - - - - - - - - - - - - - forwarded by tara rozen / lon / ect on 17 / 03 / 2000 08 : 56
- - - - - - - - - - - - - - - - - - - - - - - - - - -
enron capital & trade resources corp .
from : jane allen 15 / 03 / 2000 21 : 43
to : tara rozen / lon / ect @ ect
cc : sally beck / hou / ect @ ect
subject : todd hall
sally has decided to go with the 2 bedroom dolphin square accommodations for
todd . please reserve them for march 25 th through at least april 15 .
thanks .
jane |
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0 | upcoming risk management policy changes attached is a memo summarizing policy changes and revised trading limits that
will be recommended to the bod for approval on the 13 th , next week . we can
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some dpr reporting practices may need modification to aggregate commodity
risk across the company .
regards ,
cassandra . |
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0 | fw : fyi - more on truck s / d vince :
i ' d like to send you some articles on the fleet card business .
if you have some time , i ' d like to discuss the meeting that we had with
comdata ( which has a 60 % market share of the fleet card business ) . they have
some live data that potentially could be very interesting ; however , i ' d like
to discuss it with you .
shawn
what a mess ! ( statistical data included )
john d . schulz
03 / 26 / 2001
traffic world
page 25
copyright 2001 gale group inc . all rights reserved . copyright 2001 journal of
commerce , inc .
truckers still waiting for signs of pent - up freight demand ; earnings
shortfalls , layoffs loom
if you are waiting for trucking to kick - start the nation ' s economic recovery ,
pull up a chair and wait awhile . trucking ceos say they haven ' t seen this
slow a first quarter in a decade .
" perhaps the weakest first quarter for freight demand since swift became a
public company in 1990 , " phoenix - based swift transportation chairman and ceo
jerry moyes said .
the first - quarter trucking mantra historically has been this : everybody loses
money in january , hopes for a break - even february and earns whatever profit
there is in the quarter in march . that formula may not hold this year .
gregory l . quesnel , president and ceo of con - way transportation services and
emery worldwide parent cnf inc . , said the current slowdown was first detected
late in the third quarter last year and has become " more pronounced in each
successive quarter . " march , he said , has been " as disappointing as the first
two months this year . "
layoffs already are occurring at the major ltl carriers . yellow freight
system has idled as many as 1 , 000 teamsters and hundreds of white - collar
back - office workers . most large carriers are warning of profit shortfalls
that will cause them to miss analysts ' first - quarter estimates . but there are
deeper fears , too . marginal players may be forced into bankruptcy . small ,
family - owned carriers may be unable to exit the industry on their own terms
because of the shocking decline in the value of used trucks that is causing
some companies to be valued at less than half their worth of just two years
ago .
swift ' s volume drop - off began with shipments originating on the west coast in
january and february and it is continuing in march , moyes said . coupled with
reduced demand from the southwest , moyes said swift will not meet analysts '
first - quarter earnings expectations . swift is not alone .
" we hauled less freight in february than february a year ago , " said bob
hammel , executive vice president of pittsburgh - based pitt ohio express , a
leading privately held eastern regional ltl carrier . " the slowdown in
manufacturing began in the middle of last year and it was precipitous . nobody
anticipated the speed in which manufacturing demand fell off . "
even con - way , the most profitable ltl operation in the past five years , said
it would have a decline in first - quarter operating income compared with the
year - ago period . con - way ' s tonnage declines were estimated in the
" mid - single - digit " percentage range .
roadway express estimated that its current tonnage levels are running 10 to
11 percent below those a year ago , which will result in an approximately
one - half of 1 percent ( 0 . 5 percent ) decline in its operating ratio . ( see
sidebar )
pat hanley , overnite transportation ' s senior vice president and chief
financial officer , said freight figures were flat in february year over year
but rose slightly in march . overnite is the exception to the ltl industry
with as many as 24 new terminals scheduled to be opened this year .
" january was pretty good to us , but february was flat . it ' s coming back in
march . we ' re probably up in low single digits , 3 to 4 percent . we ' re picking
back up . the economy has hurt us . if you had asked us at the start of the
year , we ' d have said we ' d be up double - digits , " hanley said .
the national economic picture is " a big concern , " hanley said . " we ' re not
seeing pressure on prices , at least not so far . we ' re seeing customers ship
10 pallets a day instead of 20 . the shipment size is coming down . certainly
we ' re concerned . we ' ll do o . k . , but not as great as we ' d like . "
forget consumer confidence surveys or the producer pricing index or whatever
stars align in federal reserve board chairman alan greenspan ' s world . the
genuine leading indicator of any national economic trend is trucking , which
is always a first - in , first - out industry in any economic slowdown .
to hear trucking industry leaders tell it , get comfortable with beans and
franks for dinner . it ' s going to be awhile before it ' s filet mignon time
again .
shippers see what ' s happening as well but say it ' s still too early in the
year for carriers to start cutting rates to fill empty trucks .
" all the carriers we talk with report flat or slightly declining business
levels - - definitely slower than early last year , " said bill huie , assistant
vice president of corporate transportation for nch corp . , irving , texas .
" with a couple of exceptions , carriers we talk with have no plans for
expansion in the next few months . we are getting feelers about some possible
lane adjustments to boost revenue . but generally it appears a little early in
the economic downturn for much price movement . "
the national ltl carriers are seeing the same things . " our business is down
pretty substantially for the first quarter , " said roger dick , spokesman for
yellow corp . , parent of yellow freight system and two large regional ltl
carriers , jevic transportation , delanco , n . j . , and saia motor freight ,
duluth , ga .
usfreightways corp . , citing what it called the nation ' s " serious economic
slowdown , " said it expects first - quarter earnings to fall " very substantially
below " current wall street consensus .
extreme weather conditions also contributed to the already weakened operating
environment , usf chairman , president and ceo samuel k . skinner added .
" traditionally , the first quarter builds momentum slowly , with march being
the strongest month of the period , " skinner said in a statement . " this year ,
the economic slowdown of the fourth quarter of 2000 accelerated in january
and february , softening even the normal modest expectations for those two
months . "
it ' s not just the ltl industry that ' s hurting . the morgan stanley dean witter
truckload freight index continues to show the worst demand - supply
relationship since analyst james j . valentine began tracking the data in
april 1994 . two events can cause weakness in the index , according to
valentine . they are either an abundance of excess trucks on the road or weak
freight demand .
" so far in 2001 , we have seen the confluence of both factors , but the
fall - off in demand has far outpaced the increase in supply , " valentine wrote
in his most recent " trucking snapshot " for early march .
year - to - date measurement for truckload demand is down 25 percent year over
year , according to valentine ' s index , while supply is up only 7 percent . that
would indicate the over capacity was a significant issue last year but was
" masked by the strong economy , " valentine says .
in a more ominous note , valentine believes overcapacity will continue to
plague the truckload industry for the next one to two years . only a
reaccelerating national economy can bring the demand - supply back in balance
for the truckload sector in the near term , valentine predicts .
the overproduction of new class 8 trucks from early 1998 through early last
year has put too many trucks on the roads and caused supply to back up at
manufacturers , wholesalers and other retailers . used trucks have lost on
average more than 30 percent of their value over the past 18 months .
anecdotally , one used truck dealer , music city truck & equipment , in
lavergne , tenn . , is holding a " two - for - one " sale on three - to five - year - old
class 8 freightliners . you can buy two for around $ 30 , 000 , less than a brand
new chevy suburban suv .
what that means is a trucker who bought a 1998 class 8 truck for $ 70 , 000 and
depreciated half the value over three years has a piece of equipment on the
books this year at $ 35 , 000 . but assuming it has lost 30 percent of that
value , it may only be worth $ 24 , 500 in actuality . for a carrier with a
100 - truck fleet , that equates to a loss of more than $ 1 million on assets .
the glut may last for a while , according to valentine ' s analysis . assuming a
three - year trade - in cycle , most of the class 8 tractors in the truckload
sector are just now rolling over to the used - truck market . that means that
overcapacity will plague the truckload industry for at least the next year .
that will result in some of the marginal carriers exiting the business , as
did nearly 1 , 900 carriers last year that either closed or declared
bankruptcy .
" we can see from indexes , surveys and other information available to us that
it is unlikely there will be any significant improvement in march and freight
demands will continue to be soft throughout the month . based on all of these
factors , we expect usfreightways ' profits for the first quarter to be very
substantially less than published analysts ' forecasts , " skinner said .
in addition , severe weather conditions including an earthquake in seattle ,
rainstorms in california and blizzards in the northeast have added cost and
decreased efficiencies , skinner added .
expectations at each of usf ' s operating companies have been affected , some
more than others . the ltl , logistics , reverse logistics and
freight - forwarding units are all showing decreased revenue and volume over a
similar period last year , skinner said .
further job cuts at usf worldwide , its freight forwarder , would be in the
offing as cost controls at the unit would be " accelerated " in the wake of the
softening economy , skinner said . late last year , skinner said the rebuilding
process at usf worldwide would be a two - year process . but the worsening
economy has made that rebuilding job harder , he said .
" we are seeing evidence that the slowing economy is , in fact , further
impeding progress in this area , " skinner said . " during the fourth quarter of
2000 and continuing into the first quarter of 2001 , the company has taken
steps to increase cost efficiencies . among these actions are a substantial
cutback in capital spending and significant reductions in the labor force .
these cost - control efforts will be accelerated to partially counterbalance
the damaging impact of the current economic and weather conditions . "
in the 2000 first quarter , usf posted $ 22 . 3 million net income , a 27 percent
rise from the $ 17 . 5 million earnings in the 1999 first quarter . at the time ,
that was usf ' s 15 th straight quarter - over - quarter earnings increase . it came
on $ 608 . 2 million revenue , an 18 . 5 percent rise in from the $ 513 . 2 million
revenue in the 1999 first quarter . analysts had been estimating usf to earn
about $ 3 . 50 a share earnings for 2001 , compared with actual $ 3 . 61 earnings
per share for all of last year . in the fourth quarter last year , usf earned
$ 23 . 7 million , or 91 cents a share .
trucking in a snapshot
market what ' s going on
msdw [ * ] truckload remains in record - low territory , indicating
freight index the worst demand - supply relationship since msdw
began tracking the date in april 1994 .
diesel prices diesel prices in the first quarter of 2001
have come down 6 % sequentially from 4 qo 0 . however ,
the average price for the quarter remains 6 %
above that of lqo 0 .
wti oil opec recently agreed to reduce supply by 5 % and
has stated a price objective of $ 25 per barrel .
capacity retail sales of class 8 tractors ( new trucks
entering the market ) came down in january , but
inventory ( trucks that will enter the market at some
point ) to sales ratio hit a new high of 3 . 4 months
gdp 4 qo 0 gdp increased 1 . 1 % and economists see u . s .
recession in 2001 with + 0 . 5 % and - 1 . 4 % gdp forecast
for lqol and 2 qol , respectively .
retail sales retail sales rose 0 . 7 % in january . while this
was better than forecast , the upside was likely
the result of excessive clearance sales after a
disappointing holiday season .
consumer the conference board ' s measure of consumer
confidence confidence fell again ( nine points ) in february
after registering the largest one - month decline
in 10 years in january ( 14 points ) .
napm the february napm rose slightly to 41 . 9 .
however , it still indicates a contracting
manufacturing sector .
leading the index of leading economic indicators
economic rose 0 . 8 % in january , while
indicator msdw had forecast a 0 . 6 % increase . this
represents the first rise in four months .
stock after a recent pullback , trucking stocks remain
perfonnance up year - to - date with tl stocks up 5 % , regional
ltl stocks up 9 % and national ltl stocks up 13 % .
investor for the week ended february 28 , mutual fund
outflows totaled $ 309 million , compared with
inflows of $ 2 billion in the prior week .
market implications
msdw [ * ] truckload negative for all tl carriers .
freight index
diesel prices the downward trend is positive for all
carriers , especially tl carriers , which have
greater exposure to fuel than ltl carriers .
wti oil negative for all carriers , as $ 25 per
barrel is still 25 % higher than the $ 20 per
barrel average since 1990 .
capacity negative for tl carriers , not a major
concern for ltl carriers , which measure
capacity by the number of terminals .
gdp negative for all carriers .
retail sales negative for both ti and ltl carriers .
consumer negative for all carriers
confidence
napm negative for all carriers .
leading positive for all carriers .
economic
indicator
stock positive , however , stocks could pull
perfonnance back further in the short term as
fundamentals catch up .
investor negative .
source : morgan stanley dean witter research |
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required acni information : hot otc stock picks is an independent
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this publication does not provide an analysis of the company ' s
financial position and is not an offer to buy or sell securities .
investing in securities is speculative and carries risk . it is
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with your investment advisor and after reviewing the financial
statements of the company . hot otc stock picks presents information
in this online report believed to be reliable , but its accuracy
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special online report as an effort to build investor awareness for
american idc corp . the information reported herein contains
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section 27 a of the securities act of 1933 and section 21 e of the
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1 | ( tigow ) portable computer sell - out due to misordering by our client ( utaby ) e 65 cftp 9 kv 4 toclcuytmuceuro 499 for a leading brand new laptop , all costs ( transport and vat ) included . offer only valid within the european union and as long as stock lasts - see below . you must respond earliest possible . through a special arrangement , avtech direct are offering a limited allotment of brand new , top of - the - line , name - brand laptop computers at 50 % off recommended retail price . the computers were bought by our multinational client who unfortunately for them and fortunately for you ordered these computers surplus to requirement . all laptop computers are brand - new packed in their original boxes , and come with a full manufacturer ' s warranty plus a 100 % satisfaction guarantee . they were made to order by acer , a leading computer manufacturer and carry manufacturers warranty ( 1 year ) these professional grade laptop are fully equipped with 2004 next generation technology , making these the best performing computers money can buy . avtech direct is offering these feature rich , top performing laptops with the latest intel technology at an amazing price of only 499 euros . only faxed in orders will be accepted , and go in strict order of receipt . the fast and powerful at - 2400 series laptop features : intel 2 . 2 ghz processor for amazing speed and performancel 28 mb ddr ram , upgradeable to 102420 gb udma hard drive , upgradeable to 80 gb 52 x cd - rom drive , upgradeable to dvd / cdrwl . 44 floppy disk drivenext generation technologyati premium video and soundfull connectivity with fax modem / lan / iee 1394 / usb 2 . 0 soft touch keyboard and scroll mouseinternet and network readywindows xp home editionl year parts and labor warranty with priority customer service and tech supporthow to qualify : you must fax in earliest possible to our order hotline 00 44 870 134 3520 all laptop computers will be available on a first come first serve basis . any upgrade must be done by you since we sell as isif your card details are erroneous , that is your risk , not ours . you can only order one computer per credit card , and shipments are only to the address your credit card company has . you are not obligated in any way . 100 % satisfaction guaranteed . if you do not hear from us confirming the order it means that unfortunately we have already sold out . fax order form for one laptop computer as per the above specifications : keyboard : english ( uk ) / german / french / spanish / english ( us ) - please specifyplease write legibly and in capital letters ! ! ! ! ! ! ! ! ! ! ! we only charge upon shipment , which is when we advise you immediately . your name on the card : full address : postal code : credit card company : telephone and / or fax number : email : card number : valid till : 3 number security code at the back of the card : signature : 53 avvxkeuojzcp 2 cznxdt |
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1 | fw : beautiful woman ready to cheat geronimo !
addi
there is a scarcity of friendship , but not of friends .
colonies do not cease to be colonies because they are independent .
that all men are equal is a proposition to which , at ordinary times , no sane human being has ever given his assent . when we do the best we can , we never know what miracle is wrought in our life , or in the life of another . wise men learn many things from their enemies . today ' s city is the most vulnerable social structure ever conceived by man .
when it is not necessary to change , it is necessary not to change . love him , and keep him for thy friend , who , when all go away , will not forsake thee , nor suffer thee to perish at the last . i think i am a much better actor than i have allowed myself to be .
paris , a city of gaieties and pleasures , where four - fifths of the inhabitants die of grief . [ about paris ] greed , like the love of comfort , is a kind of fear .
there is never a better measure of what a person is than what he does when he is absolutely free to choose . autobiography begins with a sense of being alone . it is an orphan form . look around for a place to sow a few seeds .
a heart well prepared for adversity in bad times hopes , and in good times fears for a change in fortune .
artists to my mind are the real architects of change , and not the political legislators who implement change after the fact .
give me a lever long enough , and a prop strong enough , i can single - handed move the world .
the human race is a race of cowards and i am not only marching in that procession , but carrying a banner . |
0 | williams licenses prosrm capacity management system from pros revenue management
since i left , i don ' t know where this project stands . however , thought you
might want to see this .
hope all is well .
regards ,
stephanie
- - - - - - - - - - - - - - - - - - - - - - forwarded by stephanie miller / corp / enron on 03 / 15 / 2000
10 : 54 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
trobison @ prosrm . com on 03 / 15 / 2000 10 : 38 : 31 am
to : smiller @ enron . com
cc :
subject : williams licenses prosrm capacity management system from pros
revenue management
tina robison
corporate communications
pros revenue management
713 - 335 - 5397 - fax
713 - 335 - 5813 - phone
trobison @ prosrm . com
- williams . pros . pdf |
0 | re : other matters kate wagner is setting up a happy hr . for him on friday . i will let you know
details . also , i think andrea is having a brunch on sunday .
mr
vince j kaminski
04 / 27 / 2000 07 : 22 am
to : mark ruane / hou / ect @ ect
cc : vince j kaminski / hou / ect @ ect
subject : re : other matters
mark ,
i called rick to let him know . it ' s not an interview yet . aram is coming for
a
wedding but i think he wants to explore the opportunity of coming back
to enron . the conversation may lead to an interview
at some point .
he will talk to andrea as well .
do you plan to organize something for aram ?
i would be glad to join .
vince
from : mark ruane
04 / 26 / 2000 05 : 53 pm
to : vince j kaminski / hou / ect @ ect
cc :
subject : other matters
i heard that you were going to be interviewing aram ? what ' s the job ?
mark |
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0 | cornhusker hi darrin ,
this is what mark mccoy sent me about the cornhusker deal . please review and
if there is anything else that rita wynne or i need to know about this deal ,
just shoot me an e - mail !
thanks for calling me back !
happy thanksgiving ,
kathy
- - - - - - - - - - - - - - - - - - - - - - forwarded by katherine benedict / hou / ect on 11 / 22 / 2000
11 : 19 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
mark mccoy @ enron
11 / 22 / 2000 08 : 12 am
to : katherine benedict / hou / ect @ ect
cc :
subject : cornhusker
kathy - - - - - here is what i know about cornhusker :
our supply comes from apache & williams
our market typicially is the plant ( tenaska iv partners )
if the plant is down , brazos utility has the right to the gas if they want it
if brazos does not call for the gas , then we will sell off to whomever we can
we just get a flat fee on this gas per mmbtu , whether it goes to the plant or
not
daren farmer knows the specifics about the deal
hope this helps , call with any questions .
mark
x 33396 |
0 | hpl nom for march 8 , 2001 ( see attached file : hplno 308 . xls )
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0 | fw : gtc vs . master copy of email i sent to kevin as you requested , about a week ago .
dave
- - - - - original message - - - - -
from : forster , david
sent : wednesday , january 02 , 2002 3 : 37 pm
to : presto , kevin m .
subject : gtc vs . master
kevin ,
i was talking with louise this afternoon and she said that she does not want us to put full master agreements online , but rather that we should proceed with streamlined gtc ' s in order to ensure that we are able to do as much business as possible without being delayed by negotiation of lengthy contracts .
this does not mean that we cannot ultimately get everyone onto a standardised long - form master agreement . enrononline is set up so that a negotiated master agreement will supercede the gtc .
dave |
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0 | tw weekly report through january 31 , 2002 attached is the tw weekly report through january 31 , 2002 .
jan moore
x 53858 |
0 | fw : california regulators suspend direct access to competitive energy suppliers - cera decision brief
- - - - - original message - - - - -
from : webmaster @ cera . com [ mailto : webmaster @ cera . com ]
sent : thursday , october 04 , 2001 9 : 00 pm
to : clients @ cera . com
subject : california regulators suspend direct access to competitive
energy suppliers - cera decision brief
title : the end of retail electric competition in california
url ( s ) :
http : / / www 20 . cera . com / eprofile ? u = 35
http : / / www 20 . cera . com / eprofile ? u = 35
california regulators suspend direct access to competiive energy suppliers
california , once considered a harbinger of retail electricity deregulation , is
reversing its previous efforts to create a competitive market for electricity .
suspending direct access is the latest - - though probably not the final - - event in
an ongoing series of developments and unique conditions that has made
deregulation a rocky road for players in the california market .
* this decision should not be interpreted as a rejection of the merits of
retail competition , but rather understood as a decision peculiar to the events
in california that have unfolded over the past 18 months .
* the ruling was motivated by the state ' s need to provide a stable investment
environment to support its impending $ 13 . 4 billion bond offering to cover
energy related costs .
* the demise of retail competition in california may delay other states '
efforts to open their markets . however , most states face a very different power
generation situation , practically ensuring that events in california will not
be repeated in their markets .
* from a market perspective this may actually be an ideal time to push forward
with retail choice programs , as many markets move into surplus capacity
situations .
* * end * *
follow above url for complete decision brief ( 10 printed pages ) .
e - mail category : decision brief
cera knowledge area ( s ) : western energy , retail energy
on september 17 , cera chairman , daniel yergin , led a global
client conference call discussion on the potential economic
and energy industry fallout from the recent terrorist attacks
on new york and washington dc .
the playback of this conference call is now available at on the
web at http : / / www . cera . com / highlights / teleconf _ 20010917 /
or via telephone at : 1 - 888 - 203 - 1112 ( within the united states )
or 719 - 457 - 0820 ( outside the united states ) . please use
confirmation number 784004 to access the call playback .
the playback is available until october 17 , 2001 .
cera ' s autumn 2001 roundtable event dates and agendas
are now available at http : / / www 20 . cera . com / event
to make changes to your cera . com profile go to :
forgot your username and password ? go to :
http : / / www 20 . cera . com / client / forgot
this electronic message and attachments , if any , contain information
from cambridge energy research associates , inc . ( cera ) which is
confidential and may be privileged . unauthorized disclosure , copying ,
distribution or use of the contents of this message or any attachments ,
in whole or in part , is strictly prohibited .
terms of use : http : / / www 20 . cera . com / tos
questions / comments : webmaster @ cera . com
copyright 2001 . cambridge energy research associates |
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0 | start date : 1 / 11 / 02 ; hourahead hour : 15 ; start date : 1 / 11 / 02 ; hourahead hour : 15 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2002011115 . txt |
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0 | re : dr . michelle foss - energy institute aisha ,
the person to contact is christie patrick who is in charge our university
relations
office . her e - mail address is : christie _ patrick @ enron . com .
i shall forward your message to ms . patrick .
vince
aisha jamal on 04 / 23 / 2001 03 : 15 : 29 pm
please respond to aisha @ uh . edu
to : vkamins @ ect . enron . com
cc : mmfoss @ uh . edu
subject : dr . michelle foss - energy institute
dear mr . kaminski ,
i am writing to ask a favor for dr . michelle foss . as you know we will
be running our " new era " program from may 14 - may 25 th . dr . foss was
wondering if on may 22 nd ( between 1 : 30 pm and 4 : 00 pm ) , we would be able to
bring
our participants for a tour of your trading floor . at this time we will have
30 - 40 people , and since only 10 people maximum should really be on a
trading floor we need to have 4 companies among which to divide our
participants . at this time , we have a floor from coral energy , and are
working with duke ,
and i will be contacting mr . paul roberts to arrange for the reliant energy
trading floor . i was hoping very much that you would be able to direct
me to the right person to contact to arrange this tour . will this be a
possiblity ? i really appreciate your help very much . thank you !
best regards ,
aisha jamal
energy institute
713 - 743 - 4634 |
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0 | budget # ' s here is my first cut at taking the existing budget numbers to a desk - level . here are the key assumptions behind my cost allocations :
direct costs for each group went to that group .
gas ops was allocated to houston gas .
power ops was allocated to east and west power based on commercial headcount .
most other costs were allocated to gas , east power , west power , canada , ooc based on commercial headcount .
there are a hundred ways you could do this exercise , i ' m not saying that this is the right way , but at least i was able to break the costs down .
i then calculated an ebit by desk , funded a bonus pool , paid bonuses to all the non - commercial people , and figured out what a bonus pool would look like by desk based on the proforma values . i am not necessarily saying that this is the way that we should do it , but i think that it is one way to view the world upon which we can make whatever changes / adjustments we deem necessary . here are my initial conclusions / reactions :
the proforma produces bonuses for commercial employees equal to roughly 6 % of their gross margin .
this number is high relative to the 1 - 2 % we are used to , but considerably lower than the 8 % to 12 % that appears to be available in the market .
our costs are way too high . for every dollar of direct commercial expenses there are four dollars of allocations . that just seems way out of hand .
this model sells with lower costs . with current costs , i have a hard time convincing people in portland that this looks good relative to people ' s alternatives .
i think that we need to have a lot of discussions next week on how this new organization would be managed . i don ' t see why we couldn ' t debate , if not nail down , a bunch of things next week . for example :
how do we allocate var to the best performing traders and the market that offers the best opportunity at the time ?
do we need to incent desk heads based on netco earnings while compensate traders based on desk earnings ?
how will we carve up the bonus pool ? what are our choices ? what gets the var to the right places and properly incents teamwork ?
how do we best manage costs ? how do we send appropriate cost signals for sunk costs ? for variable costs ?
we need a very strong , professional , operations manager who is steeped in cost accounting , efficiency , quality control , and leadership . there is a science to operations management that i haven ' t seen applied at enron . for example , what does it cost us to schedule a mw - average and marginal ? what does it cost us to run a book ? what does it cost us to settle transactions ?
what package are we going to be able to offer to incent people to stay ? when can we start talking about it ? who should we discuss this with ?
what does our management team look like ? is it three people ? five people ? ten people ?
i want to make this thing work . my clear first choice for 2002 is to be on this team . i want to be as contructive and helpful as possible in achieving this end . i can ' t commit unequivically ( sp ? ) until we sort out all of the numbers , i feel like i can sell this to the portland team , and i know what comp looks like for me and the key people in portland . i feel like some adjustments to the proforma and a clear understanding of 2002 comp will probably get us there .
when do you want me in houston ( for a visit - not to move ) ?
tim |
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0 | re : fw : first delivery - rodessa operating co . daren ,
i talked to vance and he said it was the same well that he nominated during bidweek . i will ask julie to change the price to gas daily . thanks .
bob
daren j farmer
03 / 21 / 2001 01 : 18 pm
to : robert cotten / hou / ect @ ect
cc :
subject : re : fw : first delivery - rodessa operating co .
bob ,
i guess you need to make sure that this is the same well that they nominated during bidweek . if it is , then we do need to change the price to gd . if it is a new well behind the meter , you can either create a new deal ticket for this piece , or create a pricing tier on the old ticket .
d
enron north america corp . from : robert cotten 03 / 21 / 2001 11 : 42 am
to : daren j farmer / hou / ect @ ect
cc :
subject : fw : first delivery - rodessa operating co .
daren ,
please read this memo and the one dated 2 / 21 / 01 from vance . he told me all new production should be entered at ifhsc . the deal in question is 634075 . do you want it changed to gas daily ? please advise . thanks .
bob
- - - - - - - - - - - - - - - - - - - - - - forwarded by robert cotten / hou / ect on 03 / 21 / 2001 11 : 02 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : vance l taylor / enron @ enronxgate on 03 / 19 / 2001 02 : 24 pm
to : tom acton / corp / enron @ enron , robert cotten / hou / ect @ ect
cc : julie meyers / hou / ect @ ect , lisa hesse / hou / ect @ ect , donald p reinhardt / enron @ enronxgate , susan smith / enron @ enronxgate , melissa graves / enron @ enronxgate , cynthia hakemack / hou / ect @ ect
subject : fw : first delivery - rodessa operating co .
tom / bob ,
the following production is now on - line and a ticket should be created and entered into sitara based on the following :
counterparty meter volumes price period global no .
hesco gathering co . , llc 9876 85 mmbtu / d 100 % gd less $ 0 . 17 3 / 13 - 3 / 31 96057368
fyi , susan will create and submit a committed reserves firm ticket for the remaining term of the deal beginning with the month of april . additionally , this is a producer svcs . deal and should be tracked in the im wellhead portfolio . . . attached to the gathering contract .
thanks ,
vlt
x 3 - 6353
- - - - - original message - - - - -
from : buckley , esther
sent : monday , march 19 , 2001 12 : 14 pm
to : carriere , molly ; cernosek , clem ; consemiu , donna ; cook , robert ; camp , howard ; hesse , lisa ; hlavaty , nathan ; wayne e lightfoot / hou / ect @ enron ; mckay , james ; smith , mary ; schneider , steve hpl ; melissa graves / hou / ect @ enron ; walters , michael ; zivley , jill ; johnson , mary jo ; wynne , rita ; allen , lauri ; jones , cheryl ; hansen , reid ; giron , darron ; winfree , o ' neal ; susan smith / hou / ect @ enron ; bryan , gary ; hanks , gary ; donald p reinhardt / hou / ect @ enron ; vance l taylor / hou / ect @ enron ; baumbach , david ; cotten , robert ; riley , brian ; austin , jeff ; hakemack , cynthia ; kenne , dawn ; csikos , lisa ; fosdick , j r ; rodriguez , carlos ; gomes , stephanie ; clynes , pat ; acton , tom ; walker , robert ; weissman , george ; harris , joanne ; sweeney , christy ; tisdale , earl ; farmer , daren
subject : first delivery - rodessa operating co .
see attached letter |
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0 | tim hiezenrader stinson gibner wanted me to pass along the name of the individual who worked
with me on the west desk :
tim heizenrader
503 - 464 - 7462
i believe he is now in charge of fundamentals and research ( no relation to
vince ' s research ) for tim beldin , vp , westdesk .
michael schilmoeller |
1 | [ ilug ] manuel oko attn : sir / madan
strictly confidential .
i am pleased to introduce myself to you . my name is mr . manuel oko a native of south africa and a senior employee of mines and natural resources department currently on a trainning course in holland for few months .
i am writing this letter to request your assistance in order to redeem an investment with the south african mining corporation . the said investment , now valued at ( $ 15 . 5 million dollars ) fifteen million , five hundred thousand dollars only was purchased by lucio harper and contracted out to the south african mining corporation in 1977 now recognised as mines and natural resources department . this redeemable investment interest , has now matured since march last year .
since march last year , several attempts have been made to contact lucio harper without success and there is no way to contact any of his close relatives in whose favour the investment cash value can be paid .
since we have access to all lucio harper ' s information , we can claim this money with the help of my partners with the south african mines and natural resources department . all we have to do is to file claim using you as lucio harper ' s relative .
i will like to assure you that there is absolutely nothing to worry about , because it is perfectly safe with no risk involved . please ensure to keep this matter strictly confidential . my partner will file a claim for this money on your behalf from the southafrican mining corporation . when the claim is approved , you as the beneficiary
will be paid ( 25 % ) of the total amouth .
since this money can be paid directly into any bank account of your choice , you have responsibility to ensure that my partner and ireceive ( 70 % ) of the total amouth . while the balance ( 5 % ) will be set aside for any unforseen expenses in the cause of transfering this money .
i will appreciate if you can give your assurance and guarantee that our share will be well secured . please for the sake of confidentiality , reach me on my e - mail address : manuelokol 000 @ netscape . net . please let me know if this proposal is acceptable to you . kindly reach me immediately with any of the stated contact addresses so that better clearifications
relating to the transaction will be explained to you .
truly yours
manuel oko
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1 | please help me and my family sivarajah
attn ;
pls contact me through my private email ( hho 000 family @ yahoo . it )
i am hajia maryam abacha , widow of the late gen . sani
abacha former nigerian military head of state who
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help a widow |
0 | mobil chemical - hpl meter # 1256 - expense transport ed - can you help ? i need to know the term of our existing transport expense
deal with reliant entex to serve the referenced customer . we must have an
existing contract that we can look up . our existing deal to sell to mobil
expires october 1 . i am trying to make a two year sales offer beginning
october 1 . if the transport expires before then , then we ' ll need to call
entex about a transport rate . who is the correct dealmaker to call entex on
this matter ? ? i ' d be happy to do it , but i ' d be stepping on somebody else ' s
turf .
if the existing rate is indeed 5 cents plus 2 . 02 % fuel , that seems kind of
high . it ' s a short haul - according to our field folk , we give the gas to
entex at the la porte city gate , and it goes to the mobil plant at pasadena ,
about 10 miles away at the most .
any and all help appreciated .
lee
enron north america corp .
from : pat clynes @ enron 09 / 06 / 2000 11 : 10 am
to : robert e lloyd / hou / ect @ ect
cc : lee l papayoti / hou / ect @ ect , lauri a allen / hou / ect @ ect , tom
acton / corp / enron @ enron , gary a hanks / hou / ect @ ect , daren j farmer / hou / ect @ ect ,
janet h wallis / hou / ect @ ect
subject : re : mobil chemical
robert ,
what company is this transport with ? the rate and fuel sound high for this
very short transport . pat
robert e lloyd @ ect
09 / 06 / 2000 11 : 05 am
to : lee l papayoti / hou / ect @ ect
cc : pat clynes / corp / enron @ enron , lauri a allen / hou / ect @ ect , tom
acton / corp / enron @ enron
subject : re : mobil chemical
i am trying to facilitate this inquiry for tom acton who handle this expense
agreement . hpl system indicate a rate as follows :
transmission rate : $ 0 . 05
fuel { expressed in % } : 2 . 020
willie underwood { marketer / trader w / reliant energy } is prepared to quote you
a more current rate by simply calling him @ :
713 207 - 5127 .
i am unable to reach lee by phone .
enron north america corp .
from : pat clynes @ enron 09 / 06 / 2000 10 : 44 am
to : robert e lloyd / hou / ect @ ect
cc : lee l papayoti / hou / ect @ ect , lauri a allen / hou / ect @ ect
subject : mobil chemical
robert ,
please get with lee papayoti as soon as possible in reference to the delivery
to mobil chemical # 1256 .
he is giving them an offer today and he needs to verify all transport cost
associated with the deal . thanks |
0 | gas prices vince -
1 . we can detect " hoarding " of pipeline capacity as an elevated basis against
the actual inflow .
2 . we can detect " market power " by dissociating the seller from the buyer ,
distinguishing between the physical " cost " in gas to run the generators and
the transmission cost in dollars , i . e . the basis .
3 . ( as you noted ) we can detect " storage " as the difference between inflow
and consumption .
it appears to me there are two time series needed for a straightforward model
of gas prices : flow rates at interconnects ( from telemetry ) and spot - market
prices . there is an elevated basis reflecting pipeline companies monopolizing
capacity , as well as hoarding of capacity by contracts . the dynamics of gas
prices reflect consumption demand changes due to changes in expectations for
the weather , as well as their impact on two highly strategic behaviors :
hoarding of pipeline capacity and storage of gas . we can " calibrate " the
price elasticity of demands for consumption and storage , and the price
elasticities of demand for transmission , as well as the extent of hoarding ,
from the two sets of numbers mentioned : flows and prices . what the basis
trader needs to understand are the incentives , and disincentives , for storage
and capacity - hoarding , in terms of the calibrated price - elasticities , and
each of these are as - if exotic call options at the consumption hub . finally ,
flows are " explained " by the model , and can be imputed from prices if
necessary , resulting in a purely stochastic model of the basis in terms of
the weather .
i believe the problem is quite tractable , and i would like to proceed with a
model .
clayton |
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0 | start date : 1 / 14 / 02 ; hourahead hour : 11 ; start date : 1 / 14 / 02 ; hourahead hour : 11 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2002011411 . txt |
0 | pserc denver meeting vince ,
the pserc meeting lance and i went to was both interesting
and boring . pserc has 11 school members and 30 industry members . its research
program consists of three stems : markets , transmission and distribution ,
and systems . ( enron ' s interests probably lie mainly in the first stem . )
in morning of the first day , researchers from universities
presented their project proposals . i found some of them
quite interesting . for example , shmuel oren , fernando alvarado ,
tim mount ( of cornell ) propose to study " market redesign : incorporating
the lessons learned from actual experiences for enhancing market
design , " shijie deng , s . oren et al propose to study " power asset
valuation model in a market - based and reliability - constrained electric
power system . " the first got funded but the second did not .
in the same afternoon industry and academic separated to have their
own discussion . i went to the academic discussion and lance the
industry one . i hope my presence there did not make things worse , for
the discussion revealed a lot of organizational chaos and confusion .
the proposal screen process got a lot of heat from participants .
the proposal process goes as follows : researchers first write a short
proposal to appropriate stem committee ( no industry participantion , it seems
to me ) ,
each committee then ranks the proposal and selects the top 3 or 4 . the
selected
proposals are then expanded to be present to the industry . industry then
gets to vote which proposals get funded . however , some researchers were
very unhappy about the initial ranking and selection process . there were
accusation of self - ranking , communication between stem committee and
member schools breaking down , and so on . some were even asking for
some sort of assurance that the project will be funded even before wrting it
( the arguement was " then it was a waste of our time to write proposals " ,
which i found quite amusing ) .
all in all , i found the process was not taken seriously enough by university
researchers . pserc has been established for 5 years now and it still does
not have a proper proposal screen process , which is hard to believe . also ,
the communication among university researchers , between stem committee
and member schools , and most importantly , between researchers and industry ,
are not smooth as all .
since the proposals are voted by 30 or so industry members , the " right "
projects may not get funded . too many participants also make the decision
process very indecisive and quite painful to watch ( lance can comment on
this better ) . they also wanted to spread the fund among all schools which
made the voting a less authoritive .
i believe enron will not get much returns from join pserc ( price tag is
$ 40 , 000
per company per year ) . if we find some projects interesting , we can sponsor
the schools in the form of summer interns , the schools claim that most of the
fund
goes to support students anyway .
alex |
1 | sterling balance sheet strengthens underpriced stock wysak petroleum ( wysk )
current price : o . 16
apr 25 , 2 oo 5 - - wysak petroieum is pieased to report that due diiigence is nearly complete in regards to the company ' s further pianned leases in the wyoming oi | region . management anticipates further news wi | | be forthcoming shortly and will report on deveiopments as they occur .
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reserves of cbm in the powder river basin are estimated at 31 . 8 trillion cubic feet . neariy loo we | | s are being drilled each week , and the gas companies say the entire 8 miilion - acre basin couid have 50 , ooo to 100 , ooo producing welis before they are finished . this is the largest onshore natural gas piay in north america within the last ten years .
about wysak petroleum
wysak is a diversified energy company whose goa | is to identify and develop
traditional fossil fue | sites , as wel | as clean air alternative energy producing
technologies . wysak controis one wyoming federal oil they inciude exxonmobile ( xom ) , wi | | iams gas ( wmb ) ,
and western gas ( wgr ) among others . co | | ectively , over 26 , ooo welis produced
54 . 7 million barreis of oi | and 1 . 75 triliion cubic feet of natural gas in
wyoming
conclusion :
the exampies above show the awesome , earning potential of little known companies that explode onto investor ' s radar screens ; many of you are already familiar with this . is wysk poised and positioned to do that for you ? then you may feel the time has come to act . . . and please watch this one trade monday ! go wysk .
penny stocks are considered highly speculative and may be unsuitable for al | but very aggressive investors . this profile is not in any way affiliated with the featured company . we were compensated 3 oo 0 dollars to distribute this report . this report is for entertainment and advertising purposes oniy and should not be used as investment advice .
if you wish to stop future mailings , or if you fee | you have been
wrongfu | | y placed in our membership , piease go here or send a biank
e mai | with no thanks in the subject to
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0 | message from ken lay earlier today , i stepped down as enron ' s chairman of the board and chief executive officer . this decision was reached in cooperation with enron ' s board and the creditor committee and is effective immediately .
to emerge from bankruptcy , enron needs a ceo who can focus 100 percent of his or her efforts on rebuilding the company . unfortunately , with multiple inquiries and investigations that require my immediate attention , at this time i am unable to fully concentrate on what is most important to enron ' s stakeholders - preserving value for our creditors and our dedicated employees .
the creditor committee has begun a search for a restructuring specialist to serve as interim ceo to help the company emerge from bankruptcy . this individual will join enron ' s remaining management team to direct the company ' s ongoing operations .
i truly believe enron can and will survive . i will remain a director of the board to help see that it does .
during my time at enron , i have witnessed tremendous change and opportunity . i have seen people rigorously grow and maintain one of the world ' s most efficient and safest gas pipeline networks ; i have seen people dedicate themselves to a cause that became a passion - the opening of energy markets ; i have observed smart people come together as a team to build creative solutions like enrononline ; and i have watched people tirelessly give of themselves to help their fellow employees and those in the community . regardless of what has happened , i am proud of so much of what we were able to accomplish here .
thank you for your contributions to the company and for the inspiration you have been to me over the years .
ken lay |
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0 | organizational announcement please note the following organizational changes in enron corp and enron
north america .
wanda curry is joining the corporate accounting team working with rick causey
on special projects including certain retail and broadband accounting
initiatives . we thank wanda for her significant contributions to ena in both
the planning and reporting function , as well as transaction support
activities . she played a key role in making 1999 a successful year at ena .
wes colwell will join ena to lead both the planning and reporting and the
transaction support accounting functions . wes joined enron in 1999 and made
key contributions setting up a company - wide accounting transaction support
team which assists each of enron , s business units on critical issues and
deals .
rodney faldyn rejoins enron from azurix to continue to build the corporate
accounting transaction support team . rodney will continue the effort to grow
this team and take on the management of key accounting matters that impact
enron .
these changes will be effective immediately with a transition period during
march . please join us in congratulating wanda , wes and rodney on their new
roles . |
0 | phillip ' s new well below is a new well phillip ' s has completed in the panhandle that appears
to be very close to a tw pipeline . would you be the person i would
discuss a possible interconnect with tw ?
trumbell # 3 , morrow test . sherman county , texas . 999 ' fnl & 974 ' fwl ,
section 246 - blklt - t & no survey . perforated morrow interval . well kick off
and flowed ~ 8 . 5 mmcfd , fp 625 psi . shut in well w / 1025 psi at
wellhead . shut well for pipeline connect . recommend high pressure connect .
thanks ,
barry stuart
phillips petroleum company
713 . 669 . 7361
713 . 669 . 7358 fax
blstuar @ ppco . com |
0 | enron and ngx hi tanya .
we are in the process of perfecting our security interest . we respectfully
request the following letter from enron corporation ( on letterhead ) :
to : natural gas exchange inc . and ngx financial inc . ( collectively ,
" exchange " )
we refer to the contracting party ' s agreement dated september 26 , 1994 , as
amended from time to time , between enron canada corp . and exchange , and
specifically refer to the obligation of enron canada corp . to deposit
certain collateral with exchange on request . certain funds have been wire
transferred from our account to exchange , and we confirm and clarify that
those funds were delivered by us as agent for enron canada corp . , and the
deposit of those funds is and is deemed to be a deposit by enron canada
corp .
dated :
enron corporation
thank you and hope you all have a good thanksgiving ! !
kenny foo
credit and risk manager
ngx financial inc
140 - 4 avenue sw , suite 2330
calgary , alberta , t 2 p 3 n 3
ph : ( 403 ) 974 - 1737
fx : ( 403 ) 974 - 1719 |
0 | update vince ,
a quick update on job candidates :
1 ) nelson neale : relayed your request to norman , and told nelson that an
offer is in progress . did not mention specific numbers to him .
2 ) charles shen : left a message for him that we would get back to him next
week with details of an offer .
3 ) interviewed by phone tom barkley at thunderbird ( brought to our attention
by enron recruiters there ) . he looks very interesting so i am trying to
schedule a visit to enron for him . he will finish t - bird in december ( mba )
and has a bachelors with honours in mathematics .
have a great weekend .
stinson |
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1 | upside only treasury - linked annuity upside of annual increases in 5 - year t - note
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call or e - mail us today !
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legal notice |
0 | re : coastal oil & gas corporation daren ,
fyi .
bob
- - - - - - - - - - - - - - - - - - - - - - forwarded by robert cotten / hou / ect on 07 / 28 / 2000 11 : 17
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron north america corp .
from : melissa graves 07 / 28 / 2000 11 : 09 am
to : robert cotten / hou / ect @ ect
cc : hillary mack / corp / enron @ enron , donald p reinhardt / hou / ect @ ect , susan
smith / hou / ect @ ect , vance l taylor / hou / ect @ ect , brian m riley / hou / ect @ ect
subject : re : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
bob ,
hplc will be purchasing wellhead gas from the producer listed below for the
production month of august . this production will be purchased on a " spot "
basis and a deal ticket should be created and entered into sitara based on
the following information :
counterparty meter volume price
coastal oil & gas corporation 4179 , albrecht # 4 well 2 , 000 mmbtu / d 93 % gas
daily
additionally , this is a producer svcs . deal and should be tracked in the im
wellhead portfolio . . . attached to the gathering contract .
thanks ,
melissa
- - - - - - - - - - - - - - - - - - - - - - forwarded by melissa graves / hou / ect on 07 / 28 / 2000
10 : 02 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron north america corp .
from : melissa graves 07 / 10 / 2000 02 : 18 pm
to : hillary mack / corp / enron @ enron
cc : robert cotten / hou / ect @ ect
subject : re : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
hillary ,
see below for your answer .
thanks ,
melissa
- - - - - - - - - - - - - - - - - - - - - - forwarded by melissa graves / hou / ect on 07 / 10 / 2000
02 : 17 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
joanne wagstaff @ enron
07 / 10 / 2000 02 : 14 pm
to : melissa graves / hou / ect @ ect
cc : robert cotten / hou / ect @ ect
subject : re : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
melissa ,
i have confirmed through emails from bob walker that the name of the
counterparty for the albrecht # 4 well is coastal oil & gas corp .
please let me know if you have any questions .
thanks ,
joanne
x 68228
from : melissa graves @ ect 07 / 10 / 2000 10 : 14 am
to : joanne wagstaff / na / enron @ enron
cc : robert cotten / hou / ect @ ect
subject : re : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
joanne ,
can you confirm the counterparty name on this please .
thanks ,
melissa
- - - - - - - - - - - - - - - - - - - - - - forwarded by melissa graves / hou / ect on 07 / 10 / 2000
10 : 13 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron north america corp .
from : robert cotten 07 / 10 / 2000 10 : 11 am
to : melissa graves / hou / ect @ ect
cc :
subject : re : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
melissa ,
hillary mack called me about the following deal . he believes the
counterparty should be coastal oil & gas usa , l . p . rather than coastal oil &
gas corp . please advise . thanks .
bob
- - - - - - - - - - - - - - - - - - - - - - forwarded by robert cotten / hou / ect on 07 / 10 / 2000 10 : 08
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron north america corp .
from : robert cotten 07 / 10 / 2000 09 : 01 am
to : melissa graves / hou / ect @ ect
cc : daren j farmer / hou / ect @ ect , o ' neal d winfree / hou / ect @ ect , susan
smith / hou / ect @ ect , vance l taylor / hou / ect @ ect , george weissman / hou / ect @ ect ,
hillary mack / corp / enron @ enron , amelia alland / hou / ect @ ect
subject : re : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
melissa ,
deal ticket # 325550 has been created and entered in sitara .
bob
enron north america corp .
from : melissa graves 07 / 07 / 2000 03 : 34 pm
to : robert cotten / hou / ect @ ect
cc : donald p reinhardt / hou / ect @ ect , susan smith / hou / ect @ ect , vance l
taylor / hou / ect @ ect , george weissman / hou / ect @ ect , hillary
mack / corp / enron @ enron , amelia alland / hou / ect @ ect
subject : re : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
bob ,
per george ' s note below , hplc will be purchasing wellhead gas from the
producer listed below for the production month of july . this production will
be purchased on a " spot " basis and a deal ticket should be created and
entered into sitara based on the following information :
counterparty meter volume price
coastal oil & gas corporation 4179 , albrecht # 4 well 7 / 7 / 00 - 1 , 500 mmbtu / d
7 / 8 / 00 - 3 , 000 mmbtu / d
7 / 9 / 00 thru 7 / 31 / 00 - 4 , 000 mmbtu / d 93 % if / hsc
additionally , this is a producer svcs . deal and should be tracked in the im
wellhead portfolio . . . attached to the gathering contract .
thanks ,
melissa
- - - - - - - - - - - - - - - - - - - forwarded by melissa graves / hou / ect on 07 / 07 / 2000 03 : 03
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron north america corp .
from : george weissman 07 / 07 / 2000 01 : 11 pm
to : melissa graves / hou / ect @ ect , shawna flynn / hou / ect @ ect
cc : sandi m braband / hou / ect @ ect , robert walker / hou / ect @ ect , vicente
sarmiento / gco / enron @ enron , brian m riley / hou / ect @ ect , lauri a
allen / hou / ect @ ect
subject : re : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
melissa ,
based on the attached contract preparation request for a spot gtc for the
coastal oil the
legal department has prepared and is currently circulating a ratification and
consent to assign document to reflect this transaction .
the spot gtc requested herein will cover gas from the albrecht # 4 well only .
the albrecht # 4 will not be covered by 96008903 , nor will the wells currently
subject to 96008903 be subject to the spot gtc .
shawna , please prepare the termination letter for 96008903 as requested .
george x 3 - 6992
- - - - - - - - - - - - - - - - - - - - - - forwarded by george weissman / hou / ect on 07 / 07 / 2000
01 : 04 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
debbie boudar @ enron
07 / 06 / 2000 03 : 25 pm
to : george weissman / hou / ect @ ect
cc : robert walker / hou / ect @ ect , vicente sarmiento / gco / enron @ enron , brian m
riley / hou / ect @ ect
subject : re : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
in regards to meter 098 - 4179 the following information is what i have been
able to determine from the information available to me .
to your questions :
1 . cannot determine who owns this meter . i will contact molly carriere on
monday when she returns .
2 . hpl has a fifty ( 50 ) ft . easement at this location which does contain
language for appurtenance rights within the 50 ' .
3 . i pulled the meter file for this location which was prepared during
project rock and it does not contain a facility agreement so i am assuming
one was not located .
hope this helps .
from : george weissman @ ect 07 / 06 / 2000 11 : 09 am
to : debbie boudar / na / enron @ enron
cc : robert walker / hou / ect @ ect , vicente sarmiento / gco / enron @ enron , brian m
riley / hou / ect @ ect
subject : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
debbie ,
meter 098 - 4179 is located at sta . plus 40 + 85 on align . dwg . hc - 1130 - 18 - h in
goliad co . , tx . in connection with the facility agreement request below , we
need to know the following :
1 . who owns the meter , hplc or the operator ?
2 . do we own an easement and an access right of way to the meter station ?
3 . is there , to your knowledge , a facility agreement in place covering this
meter ? we cannot locate such an agreement in our records .
thanks . george x 3 - 6992
- - - - - - - - - - - - - - - - - - - - - - forwarded by george weissman / hou / ect on 07 / 06 / 2000
11 : 06 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron north america corp .
from : george weissman 07 / 06 / 2000 09 : 37 am
to : shawna flynn / hou / ect @ ect
cc : robert walker / hou / ect @ ect , brian m riley / hou / ect @ ect , vicente
sarmiento / gco / enron @ enron , melissa graves / hou / ect @ ect , lal
echterhoff / hou / ect @ ect , james r haden / hou / ect @ ect
subject : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
shawna ,
attached is a contract preparation request for a facilities agreement for the
coastal oil the
legal department has prepared and is currently circulating a ratification and
consent to assign document to reflect this transaction .
we have been unable to locate an existing facility agreement for the 3
previously drilled wells and suspect that no such agreement exists .
the facility agreement requested herein is intended to cover only alterations
to be made to existing meter 098 - 4179 to install an h 2 s monitor and necessary
valving to allow hplc to accept gas from the newly drilled albrecht # 4 well .
once the h 2 s monitor has been installed and the albrecht # 4 well is ready to
flow , we intend to paper the purchase of gas from the albrecht # 4 well only
via a spot confirmation pursuant to a spot gtc . the albrecht # 4 will not be
covered by 96008903 , nor will the wells currently subject to 96008903 be
subject to the spot gtc .
coastal will reimburse hplc $ 39 , 600 for the cost of the installation .
george x 3 - 6992
- - - - - - - - - - - - - - - - - - - - - - forwarded by george weissman / hou / ect on 07 / 06 / 2000
09 : 21 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron north america corp .
from : george weissman 07 / 04 / 2000 01 : 28 pm
to : lal echterhoff / hou / ect @ ect , pat flavin / gco / enron @ enron
cc : brian m riley / hou / ect @ ect , jill t zivley / hou / ect @ ect , vicente
sarmiento / gco / enron @ enron , james r haden / hou / ect @ ect , donnie
mccabe / gco / enron @ enron , mark walch / gco / enron @ enron , steve hpl
schneider / hou / ect @ ect
subject : coastal oil & gas corporation
albrecht # 4 well
meter 098 - 4179 , goliad co . , tx
lal ,
we intend to attempt to connect about 4 , 000 mmbtu / d of new production from
the newly drilled coastal oil in may , 2000 , the meter flowed about 960
mmbtu / d of 3 . 36 % co 2 gas .
the content of the albrecht # 4 gas according to the field gas analysis
prepared by coastal oil the albrecht # 4 h 2 s content
is similar to that of the three wells currently producing 960 mmbtu / d behind
meter 098 - 4179 , the miller - albrecht unit # 1 - a and the hoff heller gas unit
# 1 a & # 2 d . coastal further purports that for some time now it ( and / or its
predecessor , mjg , corp . ) has treated these three wells for h 2 s in a manner
sufficient to reduce the h 2 s content delivered into hplc to permissible
levels . coastal has further indicated that it intends to reduce the h 2 s
content of the albrecht # 4 to permissible levels before delivering same to
hplc . in your opinion , should coastal be forced to install an h 2 s monitor
for this new gas prior to flowing same to hplc ?
george x 3 - 6992
- - - - - - - - - - - - - - - - - - - - - - forwarded by george weissman / hou / ect on 07 / 04 / 2000
12 : 48 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
christy sweeney
06 / 29 / 2000 04 : 56 pm
to : lisa hesse / hou / ect @ ect
cc : brian m riley / hou / ect @ ect , george weissman / hou / ect @ ect , melissa
graves / hou / ect @ ect , joanne wagstaff / na / enron @ enron , heidi withers / hou / ect @ ect
subject : transport request for coastal albrecht # 4 , goliad county , tx
lisa ,
attached is our physical well connect form , including a transportation quote
sheet , for the coastal albrecht # 4 well in goliad county , tx . please
provide us with a transport quote . i have attached below a quote you gave us
in april 2000 . the volume is now 5 , 000 / day .
i am headed that way with a map that shows the well ' s location in relation to
us , tejas , koch , and tetco . please note 2 % fuel .
thank you ! ! !
christy
39050
- - - - - - - - - - - - - - - - - - - - - - forwarded by christy sweeney / hou / ect on 06 / 29 / 2000
02 : 46 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron north america corp .
from : lisa hesse 04 / 07 / 2000 10 : 48 am
to : brian m riley / hou / ect @ ect
cc : lauri a allen / hou / ect @ ect , mary m smith / hou / ect @ ect , heidi
withers / hou / ect @ ect , melissa graves / hou / ect @ ect , george weissman / hou / ect @ ect ,
susan smith / hou / ect @ ect , donald p reinhardt / hou / ect @ ect , vance l
taylor / hou / ect @ ect , lisa hesse / hou / ect @ ect , lisa hesse / hou / ect @ ect
subject : mjg , inc . meter 4179 and cokinos meter 9676
brian ,
here are the transport rates for the below meters :
mjg meter 4179 3 . 39 % co 2 1 year quote april 00
rel : 1180 avg . 1200 - 1988 . 014
loc . . 05
p / l density . 02
quality . 049
market adjustment . 05
_ _ _ _
. . 183
less discount and market fee . 02
_ _ _ _
. 16
please call if you have any questions or comments . lisa 3 5901 |
0 | storage model back - testing brad ,
with your success in automation of the testing , we can go ahead to test
storage cycles as follows
april 95 - march 96
april 96 - march 97
april 97 - march 98
april 98 - march 99
april 99 - march 00
this way we can collect 5 years data for further analysis .
zimin |
0 | outstanding contracts here is the status of all outstanding long term contracts :
duke - 5 year , 20 mmcf / d eot contract . currently routing . will probably
receive presidential approval either friday or monday .
red cedar - contract has been with red cedar since september 7 th .
sempra - option to call upon 21 , 500 dth / d of eot to needles capacity was
elected august 24 th . i am tired of nagging . we need the request form to
begin the deal process . |
0 | breakdown of panhandle to station # 9 of 41 . 42 mmcfd . this is what i have for the firm west on the panhandle , 6 / 2002 . call with any questions .
plus . 6 |
1 | i would like to help your marketing efforts ! hello fellow entrepreneur ,
my name is jon roberts and i represent one of the largest
lead companies on the internet . we specialize in national , local area code , and
gender based real time leads . we also run custom marketing campaigns for
organizations that want a more targeted lead due to their line of service or
product .
you can reach me at the number below or simply reply to
this email . we hope to serve you soon - thanks ! jonathan
robertsl - 800 - 663 - 0311 theleadmanl @ yahoo . com * if you have received
this message in error or would like to be removed from the mailing list please
reply to this email with your removal request and it will be processed
immediately ! * |
0 | enron methanol ; meter # : 988291 this is a follow up to the note i gave you on monday , 4 / 3 / 00 { preliminary
flow data provided by daren } .
please override pop ' s daily volume { presently zero } to reflect daily
activity you can obtain from gas control .
this change is needed asap for economics purposes . |
0 | fw : earnings roll from 01 / 99 mrs . kitchen :
attached are the margin numbers you requested . the source documents are referenced below .
thanks
trey hardy
- - - - - original message - - - - -
from : hardy , trey
sent : sunday , november 04 , 2001 8 : 29 pm
to : killen , faith
subject : earnings roll from 01 / 99
the numbers from 01 / 01 / 99 to 10 / 31 / 2000 are from the dpr , the remaining numbers are from the management summary .
thanks
trey |
0 | enron mentions with enron stock trading at book value , some see company as a takeover target
the wall street journal , 10 / 31 / 01
stock markets london stock exchange - shell hurt by enron bid talk .
financial times , 10 / 31 / 01
observer - no show - avenue of the americas .
financial times , 10 / 31 / 01
companies & finance the americas - rumours of broader inquiry hit enron .
financial times , 10 / 31 / 01
world stock markets - wall st suffers as confidence index hits low .
financial times , 10 / 31 / 01
waiting for balance sheets amid enron ' s debacle : david wilson
bloomberg , 10 / 31 / 01
the art of trading
thestreet . com , 10 / 31 / 01
s & p analyst todd shipman on enron corp . : credit rating comment
bloomberg , 10 / 31 / 01
enron fails to get funds from institutional investor , wsj says
bloomberg , 10 / 31 / 01
takeover talk can ' t halt enron stock plunge .
the oil daily , 10 / 31 / 01
big volume , big drop for enron shares
houston chronicle , 10 / 31 / 01
the one - eyed man
new york times , 10 / 31 / 01
after the bubble - tuesday
the daily deal , 10 / 31 / 01
pge ' s financial loss first in years
associated press newswires , 10 / 31 / 01
` enron buy - out offer highly over - priced '
the times of india , 10 / 31 / 01
indian lenders to dabhol to meet power secretary today
business standard , 10 / 31 / 01
enron queried by sec on debt , partnership in 1998 ( updatel )
bloomberg , 10 / 31 / 01
enron probe is moved to sec ' s head office from texas ( correct )
bloomberg , 10 / 31 / 01
usa : nymex plans to start otc natgas clearing services .
reuters english news service , 10 / 30 / 01
usa : update 3 - enron shares plunge 19 percent , hit 1992 levels .
reuters english news service , 10 / 30 / 01
enron ' s stock continues tumbling after investigation reportedly moves to washington
associated press newswires , 10 / 30 / 01
heard on the street
with enron stock trading at book value , some see company as a takeover target
by john r . emshwiller and rebecca smith
staff reporters of the wall street journal
10 / 31 / 2001
the wall street journal
cl
( copyright ( c ) 2001 , dow jones nor will it comment on whether it had approached potential investors about a possible capital infusion . however , the continued plunge in enron shares and turmoil surrounding the company are a significant " overreaction in the marketplace . our core businesses are strong , " he says . the company has said that it is taking steps to restore investor confidence .
for example , enron is trying to negotiate a new credit line with its major banks . late yesterday , enron ' s bankers were putting the final touches on a new credit line of more than $ 1 billion , according to people familiar with the discussions .
analysts and other observers say that one uncertainty surrounding enron is the condition of its vast energy - trading operation . as the nation ' s biggest energy trader , enron is a principal in one - quarter of all electricity and natural - gas trades . enron ' s enrononline internet - based trading platform has transacted more than $ 884 billion of trades since it was created in november 1999 and does about $ 4 billion a day in transactions .
one worry is that enron ' s trading partners , edgy about the turmoil swirling around the company , will start demanding much tougher credit terms from the houston company or simply cut back doing business . such a trend , if it picked up enough momentum , could have troubling consequences for enron . " we are all in suspense . . . . it all depends on how the market reacts , " says susan abbott , a managing director at moody ' s investors service . on monday , moody ' s downgraded enron ' s long - term debt .
there were some warning signs of unease among trading partners even before the company ' s third - quarter earnings release set the stage for the huge drop in the stock price . about six to seven weeks ago , entergy corp . became worried about its level of exposure in enron - related deals , says wayne leonard , chairman and chief executive officer of the big new orleans energy company . since then , entergy has cut its enron exposure to about $ 10 million to $ 20 million from $ 90 million to $ 100 million , he says . mr . leonard didn ' t specify what prompted the worries , which appear to have arisen after the surprise august announcement by jeffrey skilling that he was resigning as enron president and chief executive . mr . skilling cited personal reasons as well as his concerns over the falling stock price .
while the enron spokesman says the company doesn ' t comment on specific trading arrangements , he adds that entergy is one of his company ' s smaller trading partners . he says major trading partners are doing business with enron on " essentially the same terms and conditions " and that overall " our trading operations are as strong as ever . "
the company spokesman adds that a few smaller trading partners in europe are seeking revised credit terms from enron . " we are working to put together credit terms , which they are more comfortable with , " says the spokesman , who declines to be more specific .
in an effort to bolster its liquidity and position in the marketplace , enron last week drew down some $ 3 billion , accounting for the bulk of its existing credit lines . while it used most of that money to buy its outstanding commercial paper , a short - term corporate iou , the company retained about $ 1 billion of the borrowings as cash .
a friendly takeover of all or part of enron would be likelier than a hostile one . among the most obvious candidates would be other companies with big trading operations and experience in risk management . two possible deterrents to a would - be buyer : a flurry of recent shareholder lawsuits filed against enron and the continuing sec probe .
- - -
robert frank , ken brown , jathon sapsford and matt murray contributed to this article .
copyright ? 2000 dow jones & company , inc . all rights reserved .
stock markets london stock exchange - shell hurt by enron bid talk .
by peter john , patrick lord and ruth sullivan .
10 / 31 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
shell transport underperformed bp on speculation that it might be poised to launch a multi - billion dollar bid for enron of the us .
the company is believed to have been in talks with the indebted energy group earlier in the year .
enron has a market capitalisation of around $ 11 bn . analysts say shell would probably not have to offer a huge premium and could afford to fund a deal with cash . shell said it would not comment on the speculation .
enron would be a good fit but earlier this week moody ' s became the first of the main rating agencies to downgrade the houston - based company ' s debt by lowering it to just two notches above " junk " status citing " the deterioration in enron ' s financial flexibility " .
steve turner of commerzbank said : " i think the market would be very nervous if shell were to launch a bid for enron because of the uncertainty about enron ' s balance sheet . "
there was another judder to the share price from speculation that moeara enim , an investment vehicle whose sole asset is a 55 m share stake in royal dutch , faces a bid and break up by fortis , the dutch - belgian financial group . shell fell 14 1 / 2 to 515 p and bp dropped 6 1 / 2 to 553 1 / 2 p .
vodafone accounted for 20 per cent of the footsie fall after the mobile phone group , which has rallied sharply since september 11 , came off the boil .
the shares dropped 5 1 / 2 to 157 3 / 4 p on turnover of 435 m shares , almost 22 per cent of the total traded across the uk market .
the shares had rallied 26 per cent over the past six weeks and several brokers had started to call the top . the latest to downgrade was commerzbank which moved its stance to " reduce " from " hold " with a fair value estimate of 149 p a share .
the broker ' s move reflected worries that vodafone ' s recent revenue per user figures were not sufficient to bolster confidence in forecasts of longer - term sustained customer revenue growth .
colt profits taken
elsewhere in the sector , colt telecom fell 15 1 / 4 to 121 3 / 4 p as investors took profits and merrill lynch downgraded estimates .
merrill said that after colt ' s recent disappointing third quarter results , it had cut its revenue forecasts for 2001 and 2002 by 1 per cent and 5 per cent respectively .
colt had jumped more than 12 per cent on monday on talk that cable & wireless might launch a bid .
3 i fell 60 to 730 p after an early release of the group ' s interim results showed that net asset value per share had slid 22 . 6 per cent to 631 p . the company said it had decided on an early release of its results as it was also announcing organisational changes . it said it was cutting 17 per cent of its workforce in an effort to maintain a strong balance sheet amid poor market conditions .
close brothers fell 37 to 715 p as the merchant bank said it remained cautious about the outlook .
london bridge software fell 12 to 129 1 / 2 p as nomura downgraded its rating and forecasts to reflect the group ' s high level of us exposure .
spirent fell another 11 to 116 1 / 2 p as deutsche bank became the latest broker to issue cautious advice . it started coverage of the communications testing group with a " market perform " stance , saying near - term sector risks outweighed the long - term prospects .
medisys gained 7 to 62 1 / 2 p after dresdner kleinwort wasserstein initiated coverage on the stock with a " buy " recommendation .
shares in gkn fell 9 to 271 p after the automotive and aerospace engineer announced that it is to shed 1 , 250 jobs - including some in the uk . the cuts are likely to be concentrated in the civil aerospace area which has suffered heavily . credit suisse first boston cut its profit forecasts for the next two years .
bullough , the engineering holding company , said any improvement in trading in the second half is unlikely . its shares fell 3 1 / 2 to 18 p .
british american tobacco brought some cheer to the ftse 100 as its shares rose 11 1 / 2 or almost 2 per cent to 597 1 / 2 p after the company said its four global brands showed an overall growth rate of 9 per cent and reported robust nine month results .
bat on the rise
michael smith , an analyst at morgan stanley dean witter said third quarter results were " slightly better than expected " and showed that bat can meet its numbers for the full year .
" it can achieve 8 per cent earnings growth for the full year " he said . but although there was plenty of reassurance for this year , next year will be more of a challenge . " weak macro - economic conditions and smokers downtrading to cheaper brands are likely to prove a problem next year , " he said . another concern will be countries such as germany and malaysia where tax on cigarettes is increasing .
some of the fizz went out of alcoholic drinks groups as two leading companies in the sector made cautious comments about future growth prospects after the september 11 terrorist attacks on the us . despite reporting robust full - year results , allied domecq shares fell 11 to 351 1 / 2 p as the group warned that future earnings growth will be harder to achieve than last year .
merrill lynch said that trading profit was 2 per cent ahead of estimates at # 543 m , against the broker ' s forecast of # 530 m but merrill analyst mark puleikis said there will be two hits to profits going forward .
" allied will spend # 50 m on it over the next few years and a further de - stocking programme of # 15 m per annum over the next two years , " he said . the broker gave a discounted cash flow forecast of 460 p and retained its " neutral " recommendation . the broker said it continued to prefer diageo .
abn amro also retained its " hold " stance .
leisure and hotel group whitbread gained 7 1 / 2 to 520 p after reporting a 32 per cent drop in first half profits , in line with analysts expectations . abn amro said it anticipates about a 5 per cent upgrade to its profit before tax estimate for 2002 and retained its " add " stance , while ing barings charterhouse securities switched its recommendation from " hold " to " buy " . regular uk equities updates at www . ft . com / equities .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
observer - no show - avenue of the americas .
10 / 31 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
ken lay , enron ' s chairman , knows all about leadership in turbulent times .
the preacher ' s son who propelled the us energy group and trader from a pipeline company to the number one energy trading company in the us had been expected to join a host of other leading chief executives and rudolph giuliani , new york ' s mayor , in new york next week .
" leadership in turbulent times " , organised by fortune magazine , is a benefit conference to tackle the " extraordinary new challenges " faced by us companies in the aftermath of september 11 .
conference organisers had been keen to ask lay where he believed his industry , on which all businesses depend so heavily , was headed .
a timely question . investors have dumped enron in recent weeks , triggered by credit rating downgrades , lingering questions over the company ' s off - balance - sheet deals and potential conflicts of interest for its former chief financial officer .
times are perhaps too turbulent for lay . he cancelled his appearance .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
companies & finance the americas - rumours of broader inquiry hit enron .
by sheila mcnulty .
10 / 31 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
enron ' s shares continued to fall yesterday on speculation that the securities and exchange commission ' s ( sec ) unofficial inquiry into the financial dealings of the us energy group had been broadened , sheila mcnulty reports from houston .
so far the sec has declined to comment , following its request for information after enron disclosed a $ 1 . 2 bn reduction in shareholder equity tied to controversial financing vehicles set up by the recently replaced chief financial officer , andrew fastow .
yesterday , the company would not say whether the probe had been made official or grown beyond that $ 1 . 2 bn charge . the houston - based company has lost more than $ 15 bn in market capitalisation since october 16 . by the close yesterday , the stock was down 19 . 19 per cent , trading at $ 11 . 16 .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
world stock markets - wall st suffers as confidence index hits low .
by mary chung .
10 / 31 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
us equities continued to sink in late morning trade as investors took more profits following grim economic data showing a plunge in consumer confidence .
by midsession , the dow jones industrial average was down 145 . 24 to 9 , 124 . 26 while the s & p 500 index fell 17 . 89 to 1 , 060 . 41 . the nasdaq composite gave up 29 . 69 at 1 , 669 . 83 .
wall street ' s optimism for a recovery faded , as the consumer confidence index fell for october to its lowest level in seven years . " it ' s time to take a breather . the consumer confidence number wasn ' t good and you ' re going to get a whole week of data that probably aren ' t going to be very good , " said john o ' donoghue , director of equity trading at credit suisse first boston .
dow components were broadly lower , with mcdonald ' s taking the lead , down 6 per cent at $ 25 . 60 after the fast - food chain trimmed earnings targets for 2002 . philip morris , the tobacco maker , fell 4 per cent to $ 47 . 77 after goldman sachs lowered its rating from " recommended " to " market outperformer " .
eastman kodak retreated 4 . 3 per cent at $ 28 . 58 on competition fears after lehman brothers said wal - mart is set to introduce its own private label film . wal - mart shed 1 . 7 per cent at $ 51 .
procter & gamble , however , was a bright spot on the dow after the company reported a fiscal first - quarter profit that topped wall street estimates . shares gained 0 . 65 per cent at $ 71 . 76 .
coca - cola was down 2 per cent at $ 47 . 70 after the beverage maker agreed to buy odwalla , a maker of juices and shakes . odwalla rose 28 per cent at $ 15 . 12 .
ford fell 0 . 3 per cent at $ 16 . 17 after the company announced the resignation of jac nasser as chief executive after an acrimonious split with the ford family .
enron , the embattled energy trading company , continued to decline , off another 19 per cent at $ 11 . 20 as credit concerns and credibility questions weighed on the company .
technology stocks were mostly lower , with microsoft off 1 per cent at $ 59 . 05 and intel 1 . 3 per cent at $ 23 . 86 . juniper networks shed 1 per cent at $ 23 . 76 after merrill lynch cut its rating . its rival cisco systems gained 1 . 3 per cent at $ 16 . 64 .
toronto fell in early trading with the weak opening for the nasdaq weighing heavily on sentiment . the s & p 300 composite index was off 0 . 8 per cent at 6 , 838 . 60 at midsession .
technology leaders led the way down . celestica lost c $ 1 . 85 at c $ 52 . 65 and c - mac industries c $ 1 . 60 at c $ 33 . 15 . nortel networks shed 21 cents to c $ 9 . 02 .
golds , boosted by a firm bullion price , were stronger . barrick added 55 cents at c $ 25 . 40 and placer dome c $ 1 . 15 at c $ 18 . 20 .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
waiting for balance sheets amid enron ' s debacle : david wilson
2001 - 10 - 31 06 : 19 ( new york )
waiting for balance sheets amid enron ' s debacle : david wilson
( commentary . david wilson is a columnist for bloomberg news .
the opinions expressed are his own . )
princeton , new jersey , oct . 31 ( bloomberg ) - - international
business machines corp . ' s press release about its third - quarter
results included this statement , attributed to louis gerstner ,
chairman and chief executive officer :
` ` ibm ' s balance sheet remains among the strongest in the
technology industry , or any industry . ' '
the largest maker of computers and provider of computer
services wasn ' t the only company to cite its balance sheet , a
statistical summary of what a company owned , what it owed , and
what was left over for shareholders on a specific date .
general electric co . , the largest company by stock market
value , and citigroup inc . , the no . 1 financial - services company ,
made similar references in their third - quarter releases .
none of the companies really showed people what they were
telling them . ibm , general electric and citigroup are among 19
members of the dow jones industrial average whose most recent
quarterly releases didn ' t include balance sheets .
the evidence will come only when the companies submit their
quarterly reports to the u . s . securities and exchange commission .
balance sheets are required in the so - called 10 - q filings , along
with the 10 - k filings that cover the full year .
not much publicity
by then , statistics about the companies ' assets , liabilities
and shareholders ' equity , the accounting terms for what ' s owned ,
what ' s owed and what ' s left over , will be rather outdated .
u . s . companies have 45 days from the end of a fiscal quarter
to submit 10 - q reports , and 90 days from the end of a fiscal year
for 10 - k reports .
these filings usually don ' t arrive until weeks after the
publication of earnings releases . so it ' s easy to overlook the
additional information they provide , especially when it doesn ' t
receive the kind of publicity that the earnings release does .
yet the recent example of enron corp . - - another company that
omits balance sheets from press releases - - provides evidence that
investors who forgo the extra effort needed to find them do so at
their own peril .
enron , the largest energy trader , reported $ 1 . 01 billion in
` ` non - recurring ' ' costs in the third quarter from an expansion
into water , telecommunications and retail - energy sales . the
expense contributed to a $ 618 million loss for the quarter .
these numbers were part of the houston - based company ' s income
statement , a summary of sales , costs and expenses , and profits or
losses during a specified time period . income statements are the
cornerstone of any company ' s earnings release .
billion - dollar numbers
the release didn ' t even mention a larger figure that affected
the balance sheet : a $ 1 . 2 billion drop in shareholders ' equity
during the quarter . chairman and ceo kenneth lay disclosed the
repurchase in a subsequent conference call .
this decline resulted from the company ' s repurchase of 55
million shares from two partnerships , ljm cayman lp and ljm 2 co -
investment lp , that helped finance projects . andrew fastow , who
ran both partnerships , was ousted from his job as chief financial
officer last week .
such a one - two punch dealt a blow to investors ' fortunes .
since oct . 17 , the day after the earnings release , enron ' s shares
have fallen each day and have lost two - thirds of their value . the
low of $ 10 . 90 yesterday was the lowest price since july 1992 .
enron ' s third - quarter statement referred only to a loss on
` ` finance arrangements with a previously disclosed entity ' ' which
contributed to $ 544 million of investment losses . the size of that
item was later put at $ 35 million .
the latter number amounts to just 3 . 5 percent of the overall
figure for ` ` non - recurring ' ' costs , and less than 1 percent of the
company ' s $ 47 . 6 billion in revenue for the quarter .
growing debt burden
the $ 1 . 2 billion figure is considerably larger not only in
dollars , but also in percentage terms . enron had $ 11 . 74 billion of
shareholders ' equity as of june 30 , according to the balance sheet
in its second - quarter 10 - q filing . the reduction equaled more than
10 percent of that total .
among other things , the balance sheet also shows that the
company relied more heavily on debt financing during this year ' s
first half . short - term debt , due in one year or less , doubled to
$ 3 . 46 billion . long - term debt , maturing in more than one year ,
rose 9 . 4 percent to $ 9 . 36 billion .
there ' s even more to the story of enron ' s indebtedness . the
company guaranteed $ 3 . 3 billion in borrowing by osprey trust and
marlin water trust , which bought some of its power plants . unless
they pay off the debt by reselling the plants , the company may
have to come up with the difference .
nevertheless , any summary of a company ' s financial position
provides a more complete picture than the income statement alone .
this also holds true for companies whose finances are in better
shape - - ibm , general electric and citigroup , to name three .
knowing by showing
other members of the dow industrials that wait until their
filings to provide balance sheets are american express co . , at & t
corp . , boeing co . , caterpillar inc . , coca - cola co . , walt disney
co . , dupont co . , eastman kodak co . , exxon mobil corp . , general
motors corp . , honeywell international inc . , johnson & johnson ,
mcdonald ' s corp . , merck & co . , procter & gamble co . and sbc
communications inc .
companies that include them in releases are alcoa inc . ,
hewlett - packard co . , home depot inc . , intel corp . , international
paper co . , microsoft corp . , minnesota mining & manufacturing co . ,
j . p . morgan chase & co . , philip morris cos . , united technologies
corp . and wal - mart stores inc .
citigroup ' s third - quarter earnings release has this quote
from sandy weill , chairman and ceo : ` ` we have the balance sheet
strength to make timely acquisitions to expand our franchises . ' '
the new york - based company had more than $ 85 billion of ` ` total
equity , ' ' weill said in the statement .
general electric ' s release quoted chairman and ceo jeffrey
immelt as saying ` ` our strong balance sheet , which gives us the
flexibility to pursue strategic opportunities , ' ' is one of the
fairfield , connecticut - based company ' s ` ` fundamental strengths . ' '
investors can only take these ceos at their word for now .
their companies , and many others , are only telling rather than
showing - - at least in their earnings releases .
- - david wilson in the princeton newsroom ( 609 ) 750 - 4546
the art of trading
by james j . cramer
thestreet . com
10 / 31 / 2001 08 : 24 am est
url :
throughout this tremendous downturn in the fortunes of big - cap stocks turned small - cap and large growth stocks turned into small value plays , we have seen mutual fund families fall by the wayside as they weren ' t able to dodge the quickly changing market .
we tend to want to believe that it is just stock selection that sunk a first hands or a janus or an invesco or a van wagoner or those ne ' er - do - well putnam funds .
but it ' s not . it ' s also trading . many of the funds that gained great renown in the 1990 s that have now fallen on such hard times since the bear market began in 2000 are funds that don ' t know how to sell , that don ' t know how to get out of stocks .
you won ' t read this kind of criticism in the mutual fund ratings , which tend to be antiseptic and mathematically derived . and you won ' t read it in the magazines like money or the smartmoney , outlets that , while strong in some departments , really don ' t understand trading at all .
but it is what determines good from bad in tough markets , and right now you are seeing some really horrible trading from some of these giant mutual funds . they are simply unable to extricate themselves from loser positions without hurting themselves on the go out .
trading ' s an art . for those of you who are football fans , trading is like what happens in the interior line , the trenches . you know that ' s where the game can be decided . basketball fans ? trading is the movement of other players who don ' t have the ball . it is the invisible game that determines what is going to happen .
i take it seriously because i was a trader and most of my friends are traders . we will often joke about how some of these mutual funds just don ' t have a clue when they are trying to get out of stocks . they blow them to kingdom come with their sloppiness and their inability to execute .
others , however , can trade magnificently and know how to play the game . have you noticed , for example , i never make fun of fidelity in my litany of fund criticism ? one of the reasons is that fidelity is a fabulous trader . fido has a great trading desk that is incredibly adept at getting in and out of stocks . they are masters . it saves their portfolio managers ' fortunes . i know this because i have handled their orders and because i have many friends who currently handle their orders and we all talk , as we always have , about this stuff every day .
when we look at sagas like enron ( ene : nyse - news - commentary ) , where mutual funds were caught trying to exit , caught like trapped deer on an interstate , we have to remember that not all mutual fund trading desks are created equally . some simply don ' t have a clue .
getting out of stock , especially when you have built up a huge concentration in one position , is an art , an art that many funds of the world never had . they even denigrated the profession by never emphasizing it as a virtue . in these days when the market blitzes positions it doesn ' t like , if you don ' t have a good trading line , you could be history .
many of these mutual fund " families " will turn out to be history when this era ends . don ' t let them make your nest egg history , too . especially when there are other fund groups that do know the value of good trading and can handle these markets with much more poise and far fewer losses .
random musings : pit yourself against others and make money in our trading contest . and create a record to show others that you know how to trade so you can catch on with or create your own hedge fund ! that ' s what this contest is all about . click here for more info .
s & p analyst todd shipman on enron corp . : credit rating comment
2001 - 10 - 31 08 : 18 ( new york )
new york , oct . 31 ( bloomberg ) - - todd shipman , a director at
standard & poor ' s , a credit rating company , comments on enron
corp , the houston - based largest energy trader .
s & p affirmed the company ' s long - term credit rating at
` ` bbb + ' ' on oct . 25 . it lowered its outlook to negative from
stable following the announcement that the u . s . securities and
exchange commission is investigating the company ' s financial
dealings with affiliates that were run by ousted chief financial
officer andrew fastow .
enron ' s shares have fallen 87 percent this year . they
finished yesterday down $ 2 . 65 , or 19 percent , to $ 11 . 16 .
` ` what little bit of credibility management had with
investors has continued to erode , ' ' he said .
` ` people , i don ' t believe , are acting based on facts that are
coming out . ' ' they are trading on the ` ` uncertainty as to what the
real story is , what the exposures are , and what enron will do to
rectify the situation .
` ` until enron gets out there to explain what the facts are
and what they are going to do about it , you could see a
continuation of these problems .
` ` the market is dealing with an information vacuum of the
company ' s own making . in the face of that uncertainty , it looks to
me like there are more and more people bailing out . ' '
on s & p ' s negative outlook :
traders see differences between the terms ` ` negative
creditwatch ' ' and ` ` negative outlook , ' ' he said .
` ` i consider both to be serious indications that there is a
chance the rating is going to be downgraded , and i wouldn ' t
hesitate , if it were justified , to downgrade enron off a negative
outlook . it is just as likely from a negative outlook as from a
negative creditwatch . ' '
` ` creditwatch is tied much more to an event . ' '
` ` negative outlook should be sending just as serious a signal
as a negative creditwatch would . ' '
on counterparty exposure :
` ` i fully expected ' ' counterparties to cut back their
exposure . ` ` it doesn ' t mean they are doing less business or are
shying away from enron on concerns they won ' t get paid . prudent
credit practices would dictate to any of these marketers that they
have to pay attention to what their exposure is to enron at any
given time . ' '
there won ' t be ` ` any real short - term or long - term damage to
the franchise value of enron ' s marketing and trading business as
long as everything gets fixed , and they get past this current
situation and have the opportunity to deal with their credit
quality in the long run , then there isn ' t any long - term
implication or any real significant impact on their ability to
remain the market leader there . ' '
` ` the credit extended to enron by its counterparties is
something that enron looks at day to day . ' '
` ` we have no indication that ' ' firms have stopped dealing
with enron , but if that happened , ` ` the situation could get
serious . ' '
on the possibility of being downgraded to junk :
it is still a ` ` fairly remote possibility ' ' at this time that
enron could lose its investment grade credit rating , he said .
` ` they have plenty of liquidity in the short - term that will get
them through the current situation . ' '
` ` there is a credible case to be made that ' ' there are
actions management has ` ` to take to restore the balance sheet to
investment - grade quality . management is both willing and able to
take the steps necessary to do that . there ' s a really good chance
that if they can get through this period of uncertainty , they ' ll
be able to accomplish that . ' '
on off - balance sheet exposure :
` ` i don ' t think anybody has a good handle on exactly what the
shortfall might be there on all those vehicles . part of the
company ' s responsibility at this point is to make the case to
rating agencies and outside investors and to all interested
parties , to lay out the facts , give assurances that there aren ' t
more surprises , that there is value in the assets there , and
should those assets fall short of the obligations , the willingness
to issue equity to make up that shortfall is there . ' '
- - liz goldenberg in the new york newsroom at ( 212 ) 893 - 3940
enron fails to get funds from institutional investor , wsj says
2001 - 10 - 31 05 : 48 ( new york )
houston , oct . 31 ( bloomberg ) - - enron corp . tried to get
financing from at least one institutional investor and was turned
down , the wall street journal reported in its ` ` heard on the
street ' ' column , citing a person familiar with the situation .
enron was rejected because of uncertainties regarding its
finances . late yesterday , the company ' s bankers were finishing
work on a new credit line of more than $ 1 billion , according to
people close to the discussions .
general electric co . ' s ge capital , berkshire hathaway inc .
and royal dutch petroleum co . are considered potential buyers for
at least part of enron , whose stock has fallen to 10 - year lows and
is now trading at about book value , the paper said .
an enron spokesman wouldn ' t comment on the possibility of a
takeover or whether the company had approached prospective
investors , the paper reported .
takeover talk can ' t halt enron stock plunge .
10 / 31 / 2001
the oil daily
( c ) 2001 energy intelligence group . all rights reserved .
not even rumors of an impending buyout offer could stop the meltdown in enron common stock on tuesday .
enron shares fell $ 2 . 65 to close at $ 11 . 16 / share tuesday in spite of reports that either bp , general electric , or royal dutch / shell was about to make a bid for the battered natural gas and power trading giant .
" i ' ve heard all the rumors since enron stock was in trouble the last time four years ago , and i don ' t put any credence in them , " said carol coale , a natural gas analyst for prudential securities in houston . " i would question why anyone would want to buy enron when we don ' t know what the equity side of the balance sheet is . "
coale predicted that the stock could fall to the $ 10 - $ 11 / share range before stabilizing . that is the range she estimates for enron ' s current book value , the worth it assigns to its assets . at the end of the second quarter , the book value was more than $ 13 / share , she said .
the rumors apparently originated on various internet bulletin boards .
enron stock has fallen more than 60 % since third - quarter financial results showing a $ 1 billion asset write - down , a $ 632 million net loss , and a $ 1 . 2 billion charge to equity were disclosed two weeks ago ( od oct . 17 , pl ) . while various charges against earnings had been expected , the equity issue had not been revealed previously . investors and analysts were livid that enron had not honored its pledge to be more open and transparent about its financials .
the equity charge was related to the termination of two off - balance - sheet financing vehicles that had been headed by enron ' s former chief financial officer , andrew s . fastow , at the same time he was a corporate officer . since then , investors have filed multiple lawsuits charging enron ' s management with conflicts of interest and failure to perform fiduciary duties . fastow resigned last week ( od oct . 25 , p 2 ) .
another factor driving the stock down further was the us securities and exchange commission ' s decision to transfer an informal inquiry into the fastow situation to washington , d . c . , from houston . the agency has not changed the status of the matter to an investigation .
this week the company has been dealing with liquidity issues as it tries to arrange a new line of credit to augment the $ 3 billion it drew down from existing financial arrangements last week .
enron vice president mark palmer told oil daily that several parties in crude and refined products trading had asked enron to renegotiate credit terms , which the company will do . those commodities represent only about 2 % of enron ' s total trading book .
natural gas and electricity make up around 98 % of the company ' s business , and those products " are trading as usual , " he said .
barbara shook .
( c ) copyright 2001 . the oil daily co .
for more infomation , call 800 - 999 - 2718 ( in u . s . ) or
202 - 662 - 0700 ( outside u . s . ) .
copyright ? 2000 dow jones it would be hard to devise a bill that consists mainly of corporate giveaways without giving a lot of money to the biggest companies . to understand what the bill is really about , you have to look at the big payoffs to not - so - big companies .
one piece of the bill is custom - designed to benefit a small group of multinational financial firms . another is clearly there for the sake of certain health insurors . but the most remarkable thing is how much of the benefit from repeal of the alternative minimum tax - a measure that is also included in the bush administration ' s supposed stimulus plan , and which seems to be one of the administration ' s key priorities - goes to companies that are not all that big .
for example , it ' s not too surprising that calculations by citizens for tax justice show general motors , with its 380 , 000 workers , getting a check for $ 800 million . but it ' s quite amazing that txu ( formerly dallas power and light ) , a company with only 16 , 000 employees , would get a check for $ 600 million . and there are a number of medium - sized companies that , like txu , are in line for surprisingly big benefits . these companies include chevrontexaco , enron , phillips petroleum , imc global and cms energy . what do they have in common ?
well , they tend to be in the energy or mining businesses ; and they tend to be based in or near texas . in other words , the one - eyed bearded man with a limp looks a lot like dick cheney .
there is almost certainly a lot of overlap between the companies that would derive large benefits from alternative minimum tax repeal and those that would have received large subsidies under the energy plan devised by mr . cheney ' s task force . you may remember that the administration , in apparent defiance of the law , refused to make the records of that task force ' s meetings available to congress ; that ' s one of those issues that seems to have been dropped after sept . 11 .
and i guess it ' s superfluous to point out that the big winners in all this seem to be companies that gave large , one - sided donations to the republican party in the last election . ( this is not to suggest that democrats are any less susceptible to the influence of money . )
to me , the story of the bush administration is starting to look like the plot of " victor / victoria . " first we had a candidate who was supposed to be a moderate . then we learned , or thought we learned , that this was a mask ; he was really a hard - line conservative who pretended to be a moderate in order to gain office .
but the latest economic proposals from the administration , like the cheney energy plan , don ' t look as if they came from serious free - marketeers . they don ' t make sense in terms of either demand - side or supply - side economics , but they do give a lot of money to certain companies . so maybe ideology was just another mask for someone who was really the candidate of corporations - not corporations in general , but a small group of companies with a quite specific set of business interests - and who is only pretending to be a hard - line conservative who pretended to be a moderate in order to gain office .
it ' s an interesting and all too plausible picture . but it ' s a picture that most people will never see on their tv , and that many people would refuse to accept no matter how strong the evidence . that , of course , is what makes the whole thing possible . in the land of the blind , the one - eyed bearded man with a limp is king .
in last wednesday ' s column i said the " original " war bonds were issued during world war ii . in fact , war bonds were also issued during the civil war and world war i . i don ' t think this affects the argument .
deal sense
after the bubble - tuesday
by ed paisley
10 / 31 / 2001
the daily deal
copyright ( c ) 2001 the deal llc
when bubbles burst , glimpses into the inner workings of deals often follow . the internet bubble is proving no different .
at first glance , there doesn ' t seem to be a lot in common between embattled online energy trader and broadband telecom wannabe enron corp . and the mevc draper fisher jurvetson i fund , a new york - listed closed - end venture capital fund .
yet enron and draper , fisher jurvetson not only epitomize a new - economy thinking that ' s gone awry but a kind of insider excess that was characteristic of those now - departed go - go years .
enron ' s shares have been falling since the markets began to recognize the dangers of its plans to shed real assets to try its hand at selling broadband capacity alongside its big online energy trading business . similarly , the mevc draper fisher jurvetson fund i ? a retail fund that took the draper fisher name but that wasn ' t run by the silicon valley vc ? now trades at a 42 % discount to its net asset value since its much - ballyhooed launch in 2000 .
enron thought the internet would revolutionize its business , and it did ? by further commoditizing the energy products the company sold . dfj thought that venture capital itself could be commoditized and branded , and then peddled to retail investors eager to pan for internet gold dust .
neither strategy worked ; both failed to account for the risk in a changing economic climate .
today , enron finds itself a huge player in online energy trading and a struggling startup in a battered telecom industry , strategic shifts that could well threaten its survival . the houston company is making the rounds with bankers trying to secure a lending line large enough to avoid yet another potentially crippling credit downgrade .
dfj engineered a truly top - of - the - bubble move into the vc " space , " franchising the firm ' s name to another band of vcs so that they could list a retail fund on the new york stock exchange . closed - end funds rarely succeed in the best of times ; mixing vc and the closed - end fund formula just as the internet economy deflated proved even more problematic .
but while mevc ' s investors are surely out of pocket , dfl itself is still pulling in handsome management fees . mevc advisers inc . and sub - adviser the draper fisher jurvetson mevc management co . earn a 2 . 5 % advisory fee and 20 % incentive fee from its franchisee . high fees paid to various advisers are hardly unknown in silicon valley , where institutional investors and pension funds know the risks and are willing to pay the price to play . but mevc draper fisher jurvetson fund i was always meant to go to retail investors ( with the obligatory sec disclosures about risk and the fund ' s fees buried high up in the prospectus ) who are , presumably , not as sophisticated .
enron , of course , also chose to bury the cost of its dealings with its own executives in an sec filing . the hefty fees paid to enron executives to manage the risk of its new online trading strategy cost enron cfo andrew fastow his job last week .
when bubbles burst , glimpses into the inner workings of deals often follow . the internet bubble is proving no different .
www . thedeal . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
pge ' s financial loss first in years
10 / 31 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
portland , ore . ( ap ) - saddled with surplus power , portland general electric posted a $ 5 million loss for the third quarter .
pge recorded a total of $ 905 million in sales , but that didn ' t make up for high - priced electricity and an unpredictable wholesale market .
" fuel costs and purchased power really ate away at net income , " said scott simms , a utility spokesman .
until recently , pge had benefited from a surge in wholesale electricity prices , which hit the west in the spring of 2000 . but earlier this year wholesale prices plummeted , electricity shortages eased and pge found itself with surplus power it no longer could sell for a gain .
pge officials say they can ' t remember the last time the utility had recorded a quarterly loss .
a third - quarter jump in expenses clearly showed through in pge ' s financial report . the utility spent a record $ 814 million for wholesale electricity and fuel , compared with $ 523 million for the year - ago period when energy shortages and skyrocketing power costs first began showing up in financial reports .
during the third quarter of 1999 , a time of relative stability for energy markets , pge spent $ 241 million for electricity and fuel .
pge owns power plants capable of meeting roughly half the demand of its 730 , 000 residential and business customers . it buys the rest of its electricity on wholesale markets .
a subsidiary of houston - based enron , the utility serves more oregon customers than any other utility . its territory covers most of the populous northern willamette valley .
pge attributed the recent steep drop in electric power prices to federal price controls , mild summer weather , added generation from new power plants , a fall in natural gas prices and conservation .
drought conditions , which forced pge to rely more heavily on natural gas - fired power plants rather than hydroelectric generation , further increased the utility ' s costs , pge reported .
pge disclosed its third - quarter loss in a filing late last week with the securities and exchange commission . the utility will submit its full quarterly report in mid - november .
consistent gains pge had posted a steady stream of quarterly gains at least since 1992 , according to utility records .
large rate increases , effective oct . 1 , are expected to generate an additional $ 400 million annually and push earnings back into positive territory . utility officials say the extra revenue will be used almost entirely for electricity and fuel purchases .
several business and consumer groups have objected to the oct . 1 increases and have asked the oregon public utility commission to re - evaluate the decision that put the new rates into effect .
regulators will decide by nov . 23 whether to reconsider their decision .
portland - based northwest natural gas also is closely watching pge ' s situation . nw natural on oct . 8 announced plans to buy pge from enron for almost $ 3 billion in cash , stock and assumed debt .
copyright ? 2000 dow jones source : world reporter ( tm )
mumbai : energy analysts and anti - enron activists have criticised the reported move by indian financial institutions to buy out enron ' s exposure to the tune of $ 1 . 3 billion at a 30 per cent discount .
a recent report suggested that a consortium of financial institutions led by the industrial development bank of india , which is also the lead banker for the project , was negotiating picking up enron ' s exposure in the project at a 30 per cent discount .
the reported pay - out for enron ' s stake in the dabhol power company is grossly in excess of what the madhav godbole committee had recommended .
contending that the offer was highly over - priced , convenor of the enron virodhi andolan , pradyumna kaul , said , ` ` enron , along with general electric and bechtel , has an equity stake of $ 900 million and a bridge loan of $ 300 million , which takes their total exposure to over $ 1 billion . the godbole committee had recommended in its renegotiation report a five - year moratorium on all loans and a discounting of enron ' s equity to $ 250 million . ' '
the state government had accepted this formula while the centre has talked in terms of paying $ 500 million . ` ` all these computations are much lower than the $ 700 million to $ 800 million that the financial institutions are willing to pay , ' ' he said .
mr kaul said an independent study commissioned by his ngo had suggested a formula much different from what enron is hoping to negotiate . ` ` out of the $ 3 . 1 billion project cost , the study says $ 1 billion can be written off . half of this capital cost restructuring would come from writing down equity . ' '
to the argument that indian fis would lose out if they wrote off such huge amounts , he said , ` ` here , we are talking of writing off about rs 5 , 500 - 6 , 000 crore out of rs 13 , 000 crore . in the capital restructuring in the steel sector , amounts of about rs 20 , 000 crore were recently written off , ' ' he asserted .
abhay mehta , author of ` power play ' , an expose of the enron deal , said , ` ` if the fis think they have evaluated enron ' s stake fairly , it is a matter of grave concern . ' '
an analyst with the prayas energy group , shantanu dixit , questions the validity of enron ' s insistence that it should be paid even for its ` ` development expenditure ' ' . ` ` it has factored in $ 200 million on this count . but this amount was spent before the project went online . how can that be clubbed with the project ' s capital cost ? ' ' he said .
` ` the fundamental issue is where did they spend this money . this claim is of a piece with enron executive linda powers ' statement that the company spent $ 20 million on educating indians , ' ' mr dixit said .
it is learnt that idbi is not too happy with enron ' s inclusion of $ 200 million as development expenditure and $ 140 million as earnings to be retained , in its tally of $ 1 . 3 billion .
` ` against this figure , the 30 per cent discount is notional , ' ' a source said . ` ` without these two add - ons , there is simply no discount , ' ' he pointed out .
another analyst who has followed enron closely says that by no stretch of imagination can development expenditure be so high . ` ` the big question here is how enron has managed to inflate its cost ? the kirit parikh committee had claimed to have brought down the costs of the project from $ 2 . 8 billion to $ 2 . 5 billion . but enron overshot the original estimate of $ 2 . 8 billion by another $ 300 million . what is the explanation for this and why should financial institutions pay for it ? ' ' he said .
a mantralaya official pointed out that a related issue was the future of the lng shipping company , greenfield , floated by enron to build a ship to supply fuel to dabhol . enron had a 30 per cent stake in it and the shipping corporation of india had a 40 per cent stake . ` ` it has refused to pay its $ 11 million equity in that venture , ' ' he said .
copyright ? 2000 dow jones & company , inc . all rights reserved .
indian lenders to dabhol to meet power secretary today
our economy bureau new delhi
10 / 31 / 2001
business standard
3
copyright ( c ) business standard
the urgency to resolve the dabhol power project imbroglio has gathered momentum with the indian lenders to the project meeting senior officials in the power ministry tomorrow .
sources said that the indian lenders led by idbi chairman p p vora would brief power secretary a k basu on the progress in talks with prospective buyers , bses ltd and tata power , for the foreign stake in the project . the lenders will also discuss the roadmap for revival of the project .
vora is also slated to meet top enron officials in london later this week to discuss possible solutions for breaking the deadlock . tata power and bses have already held parleys with the indian institutions to pick up 85 per cent foreign equity in dpc .
meanwhile , sources said that idbi , icici and sbi have agreed to take over ifci ' s share of guarantee as had been proposed by japan bank for international cooperation ( jbic ) .
jbic had also sought an acceleration in the payment of foreign loan which idbi is negotiating . indian lenders have also agreed to pay the loan taken by dpc from jbic and japan ' s ministry for international trade and industry which has been due since october 1 .
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron queried by sec on debt , partnership in 1998 ( updatel )
2001 - 10 - 30 19 : 57 ( new york )
enron queried by sec on debt , partnership in 1998 ( updatel )
( adds new cfo in eighth paragraph . )
houston , oct . 30 ( bloomberg ) - - enron corp . was asked by the
securities and exchange commission in 1998 to explain its
finances , including a partnership designed to take debt off its
books , according to an sec letter .
the 23 - page document included 138 questions that asked about
the jedi ii partnership , enron cash flows , hedging policies and
accounting for energy reserves . the agency this month began to
probe enron ' s relationship to limited partnerships run by former
chief financial officer andrew fastow .
` ` the 1998 questions are pretty much the same disclosure
issues that we are hearing about today , just different deals , ' '
said john gavin , president of plymouth , minnesota - based sec
insight , a private research company that obtained the letter
through the freedom of information act .
sec insight provided a copy of the letter to bloomberg news .
enron chief of staff steve kean said the letter is from the sec ' s
corporations and finance division , which he said regularly sends
questions to companies about the form and content of their
corporate filings .
` ` this is a quite common , ' ' kean said . ` ` i ' m sure that if you
did freedom of information act requests for other large companies ,
you would find similar letters with lengthy commentary . ' ' he said
` ` you can ' t really make a connection ' ' between the letter and the
current sec inquiry .
fastow fired
sec spokesman michael robinson declined to comment on whether
the agency questioned enron in 1998 or 1999 , and wouldn ' t confirm
or deny that letters to enron were sent .
enron shares fell for a 10 th straight day , tumbling 19
percent after touching their lowest level in nine years . moody ' s
investor ' s service placed the energy company ' s commercial paper
rating on review for downgrade and lowered its long - term debt to
two notches above junk status .
the stock dropped $ 2 . 65 to $ 11 . 16 . enron fired fastow
wednesday , the day after enron disclosed the sec had started an
inquiry into two partnerships formed in 1999 . transactions with
those partnerships cost enron $ 35 million in the third quarter and
reduced shareholders ' equity by $ 1 . 2 billion . enron promoted jeff
mcmahon , head of the industrial markets unit , to cfo .
in its most recent inquiry , the sec has asked enron about the
two partnerships , ljm cayman and ljm 2 co - investment , that were run
by fastow and dealt in enron assets and shares .
the sec has moved that inquiry to its washington from its
offices in fort worth , texas , a person familiar with the inquiry
said .
enron has formed dozens of affiliated companies to buy assets
such as power plants . investors have been pressing enron for more
details on the affiliated companies because some of them bought
company assets with borrowed money enron will have to pay back if
the affiliates can ' t .
partnership questioned
the workings of one affiliated company , jedi ii , stumped the
sec in 1998 .
the agency asked enron to ` ` either explain or cross reference
to discussion ' ' a fuller description of jedi ii . the company ' s
annual report to the sec for 1998 lists jedi , or joint energy
development investments lp , as an ` ` unconsolidated affiliate . ' '
enron owned 50 percent of the company , the filing says .
fastow , treasurer ben gilsan , president greg whalley and nine
other enron executives are listed on texas secretary of state
records as officers or partners of jedi ii . enron has said in
recent days that employees listed as officers of affiliates do so
to represent enron ' s interests and receive no compensation for
that role .
- - russell hubbard in the princeton newsroom at 609 - 750 - 4651
enron probe is moved to sec ' s head office from texas ( correct )
2001 - 10 - 30 18 : 52 ( new york )
enron probe is moved to sec ' s head office from texas ( correct )
( corrects to $ 35 million the cost of financial dealings with
affiliate in fifth paragraph . )
washington , oct . 30 ( bloomberg ) - - the securities and
exchange commission , by transferring a probe of enron corp . ' s
finances from texas to washington , may be handing the case to a
task force of enforcement lawyers and accountants , a former sec
counsel said .
the case was moved from the agency ' s forth worth district
office , a person with knowledge of the inquiry said . the transfer
was reported earlier today by the wall street journal . an sec
spokesman declined to comment , citing the agency ' s refusal to
discuss any investigation . hal degenhardt , administrator of the
fort worth office , didn ' t return a phone call .
the sec set up the accounting task force in washington about
18 months ago , saying the unit ' s goals were to bring accounting -
related cases more quickly and to deal with complicated or novel
accounting issues . under former chairman arthur levitt , who left
the commission in february , the sec declared accounting fraud to
be its top enforcement priority .
` ` it ' s possible that the sec decided that it wanted that
group to handle the case , ' ' said christian mixter , a partner with
morgan lewis & bockius in washington and former sec chief
litigation counsel .
last week , houston - based enron ousted chief financial officer
andrew fastow , after saying the sec had sought information about
enron ' s financial dealings with affiliates , run by fastow , that
cost the largest energy trader $ 35 million .
the sec ' s headquarters staff has more enforcement
investigators with accounting expertise than do its regional and
branch offices , lawyers said .
accounting investigators
the district offices ` ` are principally engaged in
investigating broker - dealer , investment - adviser and offering
violations , ' ' said john sturc , a partner at the gibson dunn &
crutcher law firm and former sec associate enforcement director .
` ` while a few of them have the staff to investigate accounting
issues , generally the depth of experience is in the headquarters
office . ' '
the sec staff has opened investigations of dozens of large
companies , including xerox corp . , conagra foods inc . and lucent
technologies inc . , that still are pending . as of mid - july , the sec
was conducting about 260 accounting - fraud investigations ,
including about 40 probes of large companies .
sec chairman harvey pitt last week said the sec will shift
its main accounting focus more toward improving financial
disclosure than prosecuting corporate financial fraud . ` ` i ' m more
concerned about protecting investors before violations occur , ' '
pitt said in an interview .
enron shares fell 19 . 2 percent today , after moody ' s investors
service yesterday placed the company ' s rating for commercial paper
on review for downgrade and lowered its long - term debt to two
notches above junk status . enron stock has plunged almost 46
percent since it disclosed the sec ' s inquiry , and fell $ 2 . 65 today
to $ 11 . 16 .
- - vicky stamas in washington at ( 202 ) 624 - 1958
usa : nymex plans to start otc natgas clearing services .
10 / 30 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , oct 30 ( reuters ) - the new york mercantile exchange ( nymex ) said on tuesday it plans to offer credit intermediation through clearing services and trading tools to the over - the - counter ( otc ) natural gas market .
the plan includes launching exchange of futures for swap ( efs ) transactions and large order executions to the natgas futures market within the next few weeks , adding to its previously announced electronic trading of cleared natural gas swaps and basis contracts .
" recent events in the natural gas market have served to reinforce the necessity of counterparty credit risk management and have accelerated the exchange ' s plans to introduce a full array of risk management tools under the umbrella of our clearinghouse , " nymex president j . robert collins said in the statement .
a swap is an unregulated contractual agreement between two parties which involves a guaranteed fixed price on an underlying commodity for a set period of time that is later settled in cash .
traders said the nymex announcement was well - timed in light of credit concerns swirling in the gas market following enron ' s recent stock plunge .
houston - based enron corp . , the biggest u . s . natural gas and electricity trading house , saw its shares slump 19 percent tuesday to $ 11 . 16 , their lowest level since 1992 .
nymex said $ 500 million will be available as a guarantee to participants on each of the exchange divisions through a fund backed by exchange clearing members , nearly eliminating credit risk between individual parties .
efs transactions - similar to exchange of futures for physical ( efp ) transactions - allow two parties to privately negotiate an integrated otc swap and related futures transaction priced according to their own mutual terms .
the transaction must involve approximately equal but opposite side - of - market quantities of futures and swap exposures in the same or related commodities and will be permitted until two hours after trading terminates in the underlying futures contract .
efs transactions will be permitted to liquidate , initiate , and transfer futures market positions between the two parties involved in the transaction .
the clearing member representing each party will be responsible to notify nymex of the amount and type of futures contracts involved , the price at which the futures transaction should be cleared , and the identity of the parties involved .
nymex will also start letting traders execute block trades of 250 natural gas futures contracts or more in the first two nearby months at the best bid or offer for that size . these trades will not be permitted during the closing range .
the exchange said that early next year it will launch a cleared henry hub natural gas swaps contract , providing the marketplace with direct clearing on the most popular energy swaps contract over the last several year .
as part of this move , nymex said it will clear otc - executed transactions through its efs mechanism .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : update 3 - enron shares plunge 19 percent , hit 1992 levels .
by c . bryson hull
10 / 30 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , oct 30 ( reuters ) - shares of enron corp . dropped 19 percent to their lowest level since 1992 on tuesday , amid fears of a credit crunch and persistent investor concerns over its silence about the energy giant ' s finances .
the stock was the most active by far on the new york stock exchange as the biggest trader of natural gas and power in north america suffered another rout in its 10 th straight day of losses .
houston - based enron has shed more than $ 17 billion in market capitalization in the past two weeks amid a series of disclosures about murky off - balance - sheet deals with partnerships run by its then chief financial officer .
the disclosures destroyed the stock , forced the ouster of cfo andrew fastow , led to a u . s . securities and exchange commission conflict - of - interest inquiry and have caused at least one credit rating agency to slash enron ' s senior - debt credit status .
enron stock closed down $ 2 . 65 to $ 11 . 16 in trading volume of 42 . 7 million shares , a good 47 percent more than the next most active stock on the nyse .
the shares crossed the $ 12 threshold in the morning for the first time since january 1993 , then repeatedly tested the $ 11 barrier throughout the session before touching a low of $ 10 . 95 shortly before the close - its lowest level since july 1992 .
" this enron situation is unique , and uniquely bad . the inability of the management to make a satisfactory response to all these claims and innuendoes has caused a mighty run on the stock for these past few weeks , " said sanders morris harris analyst john olson .
" i for one am at a loss to explain their reticence to respond . "
enron said it was working to address its credibility gap .
" we have heard the criticism loud and clear and we have made a commitment to change those perceptions . ( chairman and chief executive officer ) ken lay and everyone else on this management team has made it their priority to bring investor confidence up to the strong level of our core business , " enron spokesman vance meyer said .
focusing on near - term
one analyst suggested that enron was focusing management firepower on clearing the sec inquiry and securing new credit lines from its banks to address the concerns of the credit rating agencies .
" they ' re focused on those two things , and i think if they successfully do those things they will find they will not be downgraded below investment grade , " commerzbank securities analyst andre meade said .
if enron ' s credit drops below investment grade at current stock levels , it would be forced to issue more shares and further dilute the stock . worse , meade said , it would drastically increase enron ' s cost for trading , as counterparties demand more cash and guarantees for deals .
olson said the stock price was irrationally low , even assuming a conservative valuation of enron ' s businesses at 14 times estimated 2001 earnings per share of $ 1 . 81 .
the company ' s core trading business is worth about $ 23 per share at those levels , olson said . the total company , even accounting for losses from the failing broadband business , is worth about $ 27 now as opposed to $ 37 two weeks ago , he said .
after cutting enron ' s rating on monday , moody ' s investors service warned it could lower the rating even further , as well as cut enron ' s short - term debt status . the cut coincided with enron ' s confirmation that it was seeking additional credit lines to increase its liquidity , after tapping its full $ 3 . 3 billion revolving credit line last week .
enron has seen its credibility demolished as it has given piecemeal answers about its involvement in financial partnerships so complex as to confound even seasoned financial analysts who make their living unraveling earnings statements and balance sheets .
fastow was general partner in two partnerships , which paid him millions in management fees , that did business with enron . they caused a $ 1 . 2 billion loss in shareholder equity after enron was forced to repay the partnerships with stock once their investments , many into broadband , soured .
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron ' s stock continues tumbling after investigation reportedly moves to washington
10 / 30 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - enron corp . ' s stock plummeted to a nine - year low on tuesday , pushed down in part by reports that an investigation by the securities and exchange commission moved to the agency ' s headquarters in washington from a regional office in fort worth , texas .
shares of enron , the nation ' s largest natural gas and power marketer , fell $ 2 . 65 , or by 19 percent , to $ 11 . 16 , a level not seen since 1992 .
enron ' s stock price decline steadily from nearly $ 85 at the beginning until the middle of october , when the company reported earnings and serious questions about its fiscal health were raised .
since reporting a disappointing quarterly losses on oct . 16 , enron has been negotiating with banks to establish new credit lines and has been surrounded by turmoil because of losses stemming from partnerships managed by the company ' s former chief financial officer .
the partnerships have raised concerns about a potential conflict of interest and touched off an inquiry by the sec .
the wall street journal reported tuesday the sec investigation has been moved to the agency ' s washington office .
analysts say the change was interpreted to mean the investigation is more serious than originally thought .
" i would imagine that ( the falling stock price ) must be attributed to the sec shift in venue . that is today ' s goblin " with enron ' s stock price , said robert christensen , an analyst with fac / equities in new york .
enron officials did not immediately return messages left tuesday by the associated press . sec spokesman michael robinson declined comment and would not confirm or deny the investigation had been moved .
shares of enron were sacked by more than 10 percent on monday after moody ' s investors service downgraded the company ' s long - term debt and warned of possible further downgrades .
enron reported a net loss of $ 638 million in the third quarter , taking a one - time charge of $ 1 . 01 billion attributed to investment losses , troubled assets and unit restructurings .
enron ' s stock has dropped ever since as it became apparent some of those losses were tied to partnerships managed by enron ' s former chief financial officer , andrew fastow , who was ousted last week .
the company last week decided to cash in about $ 3 billion in revolving credit it has with various banks to shore up investor confidence .
christensen said it ' s premature to discuss any possibility that enron could be taken over if its current financial woes don ' t improve .
" a vote of confidence by an outside financial institution , a commercial bank or two extending them additional credit and or a white knight investor stating that they have reviewed the basic book of business of this company and that it ' s ok would work wonders , " christensen said .
christensen said enron ' s core business model of energy marketing is a very good one .
" the sidelines and hobbies enron was attracted to in the last five years have come home to roost but its basic business function appears to be valid , " he said .
christensen said other energy companies , whose stock prices have suffered because of the enron tumult , do not appear to be hurt by what has been happening to enron recently .
- - -
on the net :
http : / / www . enron . com
copyright ? 2000 dow jones & company , inc . all rights reserved . |
1 | re : paliourg home info you requested 622 fv hi
this is james montgonery from clear home services
this page will direct you to any questions pertaining to anything for home financial situations
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0 | great divide lodge vince and shirley :
i have spoken with steve collins the national sales manager at great divide
lodge . he has agreed to honor our $ 6000 . 00 credit as long as we fulfill the
following two requirements :
confirm reservations prior to july 31
hold event prior to thanksgiving
the appropriate contact number is 970 . 453 . 3152 steven collins
thanks for working with us on that .
paula |
1 | featured company continues to grow pop 3 media corp ( popt )
a company which has positioned itself in the gap between the major
media congiomerates and the universe of independent music , fiim , pubiishing
and technology companies .
current price : o . 025
wiil it continue higher ? watch this one monday as we know many of you
like momentum .
breaking news ! !
pop 3 media corp . ( popt ) and roxxy corporation announced that the
companies have entered into a letter of intent whereby roxxy corporation wil |
acquire a 66 % interest in pop 3 ' s whoily owned subsidiary , viastar
distribution group , inc . " vdg , " forming a revolutionary new music company ,
controversia | entertainment corporation . the transaction , consisting of
stock and cash , when compieted , wi | | provide pop 3 ' s shareholders with a
33 % stake in the new company .
roxxy ' s management wi | | operate the company from headquarters in los
angeles and wi | | change its corporate name to controversia | entertainment
corporation in the coming weeks . the companies intend to compiete and
execute the definitive agreement by juiy 8 th , 20 o 5 , and seek sharehoider
approval immediately thereafter .
pop 3 ' s ceo , john d . aquilino , stated , " this alliance wi | | aliow pop 3 to
achieve its strategic vision of creating a new paradigm in the music
industry . one that is focused on supporting the artist and the music they
create whiie embracing emerging technoiogies and giving consumers
access to a variety of artists through a variety of media . "
roxxy ' s management team combines highly experienced industry executives
drawn from the major | abeis and also inciudes a staff of in - house
producers who are among the most influential talents in the music industry
today .
" it is roxxy ' s vision to seize the opportunities afforded by the major
labeis ' | ack of commitment to their artists and customers ; labels that
cast aside estabiished artists who can no longer generate muiti - mi | | ion
selling recordings , but who consistently reiease aibums which se | |
hundreds of thousands of records to a large and loya | fan base ; artists
that can easiiy generate revenues between $ 1 and $ 5 miilion per titie , "
stated john shebanow , roxxy ' s ceo .
" additionaily , the acquisition of vdg will provide us with the ability
to distribute our own product directly to retai | to over 22 , 000 retail
| ocation in north america , effectively doubling the company ' s net
profit margins and allowing the increased revenue to pass on to our
artists . "
mr . shebanow conciuded , " whiie there are smailer labeis that do provide
a home for these acts , they | ack either the wil | or financia | resources
to commit to the kind of budgets which producers of the caliber we have
on staff require . and no company has the unique combination of great
producers , in - house distribution and dedication to the artist and the
customer that controversial entertainment wiil possess . "
about pop 3 media corp :
pop 3 media corp . is engaged in development , production and distribution
of entertainment - reiated media for fiim , television , music and
pubiishing interests . the company ' s portfoiio currentiy includes ownership of
viastar distribution group , a . v . o . studios , moving pictures
international , viastar records , quadra records , light of the spirit records , and
viastar classical , viastar artist management group and masterdisk
corporation .
conclusion :
the examples above show the awesome , earning potential of littie known
companies that explode onto investor ' s radar screens ; many of you are
already famiiiar with this . is popt poised and positioned to do that for
you ? then you may feel the time has come to act . . . and piease watch
this one trade monday ! go popt .
penny stocks are considered highiy specuiative and may be unsuitable
for a | | but very aggressive investors . this profile is not in any way
affiiiated with the featured company . we were compensated 30 oo doliars
to distribute this report . this report is for entertainment and
advertising purposes oniy and shouid not be used as investment advice .
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wrongfully piaced in our membership , send a biank e mail with no thanks in
the sub ject to daily _ 4 tip @ yahoo . com |
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0 | re : 12 / 17 churn - - eb 29 to ebl 9 job done !
- - - - - - - - - - - - - - - - - - - - - - forwarded by kevin g moore / hou / ect on 12 / 22 / 99 05 : 59
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
lupe rodriguez @ enron
12 / 21 / 99 04 : 08 pm
to : move - team / epsc / hou / ect @ ect
cc : kevin g moore / hou / ect @ ect , dolores sustaita / epsc / hou / ect @ ect , janelle
duree / hou / ect @ ect
subject : re : 12 / 17 churn - - eb 29 to ebl 9
i have guys up there now to complete this request . we don " t move the plants
but we will this time . any thing else just let me know . lupe
move - team @ ect
12 / 21 / 99 02 : 26 pm
sent by : linda richard @ ect
to : lupe rodriguez / corp / enron @ enron
cc : kevin g moore / hou / ect @ ect , dolores sustaita / epsc / hou / ect @ ect , janelle
duree / hou / ect @ ect
subject : 12 / 17 churn - - eb 29 to ebl 9
hi lupe !
there are approximately 25 boxes , several small file cabinets and 2 plants ( a
3 ft and a 9 ft plant ) that are ready to be moved from 29 to 19 . this is part
of the 29 th floor 12 / 17 churn .
the items are located in various offices of the " fishbowl " area on the 29 th
floor . they are labeled with the 19 th floor designated location .
there are 2 larger file cabinets that are located in the hallway .
the 2 plants need to be taken to ebl 944 .
is there anyway to work this in your schedule on tommorrow ?
thanks
linda |
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1 | news : rolex sale - and other brands hi , get these replica watches from $ 199 :
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http : / / www . mrut . com / re / aug /
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- - - - - original message - - - - -
from : i . taing
to : i . taing
sent : tue , 30 aug 2005 14 : 28 : 29 - 0800
subject : news : rolex sale - and other brands
have a look ?
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