Message-ID: <12937479.1075862400529.JavaMail.evans@thyme> Date: Fri, 2 Nov 2001 09:56:05 -0800 (PST) From: james.simpson@enron.com To: geoff.storey@enron.com, martin.cuilla@enron.com, tom.donohoe@enron.com Subject: Enron Two cow theory Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Simpson, James X-To: Storey, Geoff , Cuilla, Martin , Donohoe, Tom X-cc: X-bcc: X-Folder: \TDONOHO (Non-Privileged)\Donohoe, Tom\Inbox X-Origin: Donohoe-T X-FileName: TDONOHO (Non-Privileged).pst > -----Original Message----- > From: Perelberg, Eugene > Sent: Friday, November 02, 2001 8:57 AM > Subject: Two cow theory > > Enron Venture Capitalism > You have two cows. > You sell three of them to your publicly listed company, using letters of > credit opened by your brother-in-law at the bank, then execute a debt/ > equity swap with an associated general offer so that you get all four cows > back, with a tax exemption for five cows. The milk rights of the six cows > are transferred via an intermediary to a Cayman Island company secretly > owned by the majority shareholder who sells the rights to all seven cows > back to your listed company. The annual report says the company owns > eight cows, with an option on one more. >