Message-ID: <25881049.1075854479261.JavaMail.evans@thyme> Date: Fri, 8 Dec 2000 03:53:00 -0800 (PST) From: david.delainey@enron.com To: wes.colwell@enron.com Subject: Investment Banking Fee to Bear, Stearns & Co. Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: David W Delainey X-To: Wes Colwell X-cc: X-bcc: X-Folder: \David_Delainey_Dec2000\Notes Folders\'sent mail X-Origin: Delainey-D X-FileName: ddelain.nsf fyi ---------------------- Forwarded by David W Delainey/HOU/ECT on 12/08/2000 11:52 AM --------------------------- Michael L Miller@ENRON 12/08/2000 11:14 AM To: David W Delainey/HOU/ECT@ECT, Jeff Donahue/HOU/ECT@ECT cc: Subject: Investment Banking Fee to Bear, Stearns & Co. In connection with our sale of shares/warrants in FirstWorld Communications to TPG Partners III, L.P. earlier this year, ENA engaged Bear, Stearns & Co. to assist ENA and Enron Communications as financial advisor and agent. Kevin Garland sent me earlier this week (via Steve Horn) a copy of the corresponding engagement letter dated 01-Dec-99 and signed by Garland and Horn (and by Richard Lewis of Bear, Stearns). It stipulates that Bear, Stearns shall receive as fee 2% of the aggregate consideration received by ENA, or $2,582,351 (plus $25,000 in out of pocket expenses). Horn and Garland (and our accounting department) have confirmed to me that we have not previously paid any fee to Bear, Stearns for this transaction. Given the fact that the economics of the deal accrued to the account of ENA, it is probably only fair that we pay the fee. I have instructed Stacy Hardy in accounting to wire the money prior to year end. Sorry to hit you with this so late in the year, but I only found out about it two days ago. Call me if you have questions. MLM