Message-ID: <21498358.1075844953174.JavaMail.evans@thyme> Date: Wed, 19 Jul 2000 12:16:00 -0700 (PDT) From: ellen.konsdorf@enron.com To: stanley.horton@enron.com, larry.deroin@enron.com, bill.cordes@enron.com, jerry.peters@enron.com, mark.koenig@enron.com, paula.rieker@enron.com, scott.vonderheide@enron.com, janet.place@enron.com Subject: NBP unit reaction to DeRoin/Cordes announcement Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Ellen Konsdorf X-To: Stanley Horton, Larry DeRoin, Bill Cordes, Jerry Peters, Mark Koenig, Paula Rieker, Scott Vonderheide, Janet Place X-cc: X-bcc: X-Folder: \Stanley_Horton_1\Notes Folders\Discussion threads X-Origin: HORTON-S X-FileName: shorton.nsf The market received the announcement of Larry's retirement and Bill's succession very calmly. I talked to each of our analysts and elaborated a bit on the news and answered their questions: - Why is Larry leaving? Was there any "hidden" reason? - What is Bill's background? - Does this signal any change in strategy or direction from Enron? - Do we anticipate any other change in the business as a result of this management change? Several said that "since this seems to not be a big change (in direction or strategy), I'm not going to write anything on it". The unit price did not reflect much change. The units opened Monday (the day of the news) at $29, blipped up some 3/16 just after the press release, and then settled back to the opening price. Tuesday opened strong, trended up $.50 in heavy volume and then again settled to $29. Wednesday's price closed up 1/16, at $29.0625. Daily volumes were: Monday 27,400 units Tuesday 50,200 units Wednesday 20,800 units We were hoping to communicate that this would be a fairly seamless transition and continue NBP's history of solid, fairly conservative management, and it appears that the market interpretted it exactly that way.