Message-ID: <12294989.1075863369754.JavaMail.evans@thyme> Date: Tue, 28 Aug 2001 12:21:44 -0700 (PDT) From: david.port@enron.com To: rick.buy@enron.com Subject: RE: NewPower Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Port, David X-To: Buy, Rick X-cc: X-bcc: X-Folder: \RBUY (Non-Privileged)\Buy, Rick\Inbox X-Origin: Buy-R X-FileName: RBUY (Non-Privileged).pst tks. we are revisiting raptor credit capacity - one of the things we told skilling was that raptor was "safe" for ENE down to $20, but this was in the absence of asset write downs within the vehicle itself - which is really the nub of the issue. dp -----Original Message----- From: Buy, Rick Sent: Tuesday, August 28, 2001 7:45 AM To: Port, David Subject: FW: NewPower fyi, rick -----Original Message----- From: Faldyn, Rodney Sent: Mon 8/27/2001 10:42 AM To: Whalley, Greg; Delainey, David; Muller, Mark; Buy, Rick Cc: Causey, Richard Subject: FW: NewPower Our current book exposure from TNPC down to $5 is approximately $225 million (this is the credit deficiency in Raptor today). Below $5, Enron has an additional $286 million of TNPC exposure (see attachment for components). <> Rodney -----Original Message----- From: Causey, Richard Sent: Friday, August 24, 2001 5:30 PM To: Faldyn, Rodney Subject: FW: NewPower Would you forward to this group, on my behalf, the analysis of the remaining TNPC exposure? Be sure and include the current exposure down to $5. Thanks -----Original Message----- From: Delainey, David Sent: Thursday, August 23, 2001 4:33 PM To: Muller, Mark; Rick Buy/HOU/ECT@ENRON; Causey, Richard Subject: RE: NewPower If we have the flexibility to afford a potential significant acceleration of NewPower losses/liquidity issues ie) going to zero and we feel we have our trade credit adequately secured then the right call is probably to abandon the seats. Mark what is your view? Regards Delainey ---------------------- Forwarded by David W Delainey/HOU/EES on 08/23/2001 04:26 PM --------------------------- From: Richard Causey/ENRON@enronXgate on 08/23/2001 08:52 AM To: Greg Whalley/ENRON@enronXgate, David W Delainey/HOU/EES@EES, Mark S Muller/HOU/EES@EES cc: John J Lavorato/ENRON@enronXgate, Rick Buy/ENRON@enronXgate Subject: RE: NewPower We are working hard to address the immediate New Power exposure. Dave: FYI it might actually involve Service Co. Mark, we are talking to Jimmie this morning on that idea. We will certainly review overall exposure as a part of this. -----Original Message----- From: Whalley, Greg Sent: Thursday, August 23, 2001 8:33 AM To: Delainey, David; Muller, Mark Cc: Lavorato, John; Buy, Rick; Causey, Richard Subject: RE: NewPower we need to be really careful with a decision to get closer to the company, notwithstanding our fiduciary responsibility. i do agree with either getting in or out. we should either get more active, or abandon our board seats and get some distance. -----Original Message----- From: Delainey, David Sent: Wednesday, August 22, 2001 11:12 PM To: Muller, Mark Cc: Whalley, Greg; Lavorato, John; Buy, Rick; Causey, Richard Subject: NewPower Mark, The word on the street is that the NewPower folks are getting further in trouble (ie) strange trading activity, etc. Looks and smells a little like the old EES. Couple of opps: - get another shareholder on-side and demand an Enron led audit to confirm financial and operating health; - followed up by hostile exit of mgt team if significant issues arise. Issues: - obviously pushes us into another level of complicity/fiduciary in a blow up or bankruptcy not unlike the issues we faced with Kafus et al; however, given our continued interest a significant control issue could result in a significant acceleration of a write-off of our existing position plus any outstanding credit. I would recommend we force the management team to submit to a detailed audit as a part of a united shareholder iniative - Lets discuss. Rick Buy, what is our current credit position? Greg/John, do you have a view on this one? Rick Causey, we probably need a more "permanent solution" ot the NewPower issue. Regards Delainey