Message-ID: <14709368.1075857655866.JavaMail.evans@thyme> Date: Sat, 24 Feb 2001 02:40:00 -0800 (PST) From: john.arnold@enron.com To: michael.gapinski@painewebber.com Subject: RE: Buying back calls Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: John Arnold X-To: "Michael Gapinski" @ ENRON X-cc: X-bcc: X-Folder: \John_Arnold_Jun2001\Notes Folders\'sent mail X-Origin: Arnold-J X-FileName: Jarnold.nsf Michael: Thanks for putting the paperwork together. I would have interest in meeting if you can present unique investment opportunities that I don't have access to now. Most of my contact with financial advisors in the past has consisted of them suggesting a mutual fund, telling me to invest in Home Depot, Sun, and Coke, or trying to pass off their banks' biased research reports as something valuable. The above services provide no value to me personally. If you can present opportunities such as access to private equity or hedge funds, or other ideas with strong growth potential and low correlation to the S@P, I'd listen. John "Michael Gapinski" on 02/21/2001 08:23:04 AM To: "'John.Arnold@enron.com'" cc: "'Rafael Herrera'" Subject: RE: Buying back calls John - We'll get the paperwork together and sent to you for naked options. At some point, I'd like to talk about the diversification strategy in more detail -- perhaps over dinner or a quick meeting after the markets close? Michael Gapinski Account Vice President Emery Financial Group PaineWebber, Inc. 713-654-0365 800-553-3119 x365 Fax: 713-654-1281 Cell: 281-435-0295 -----Original Message----- From: John.Arnold@enron.com [SMTP:John.Arnold@enron.com] Sent: Tuesday, February 20, 2001 10:14 PM To: michael.gapinski@painewebber.com Subject: Re: Buying back calls Michael: Appreciate the idea. However, with my natural long, I'm not looking to really trade around the position. I believe ENE will continue to be range bound, but in case it is not, I don't want to forgo 50% of my option premium. I have price targets of where I would like to lighten up exposure to ENE and will use calls to implement the stategy. To that regards, I noticed I was not approved to sell naked calls. I would like that ability in order to hedge some exposure I have of unexercised vested options. Please look into that for me. John. "Michael Gapinski" on 02/20/2001 06:28:27 PM To: "'Arnold, John'" cc: Subject: Buying back calls John - I was looking at the recent pullback in ENE and thinking it might be an opportunity to buy back the calls you sold. Of course, you would then be in a position to sell calls again if the stock makes a bounce. I'm not sure that ENE @ 75 is the place, but maybe @ 73. Call me if you're interested. Michael Gapinski Account Vice President Emery Financial Group PaineWebber, Inc. 713-654-0365 800-553-3119 x365 Fax: 713-654-1281 Cell: 281-435-0295 Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by PaineWebber and PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees. Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by PaineWebber and PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees.