Message-ID: <26249497.1075863440092.JavaMail.evans@thyme> Date: Wed, 22 Aug 2001 07:56:43 -0700 (PDT) From: j.kaminski@enron.com To: rakesh.bharati@enron.com Subject: RE: Raptor Update Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Kaminski, Vince J X-To: Bharati, Rakesh X-cc: X-bcc: X-Folder: \VKAMINS (Non-Privileged)\Kaminski, Vince J\Sent Items X-Origin: Kaminski-V X-FileName: VKAMINS (Non-Privileged).pst Rakesh, HC stands for ...? Vince -----Original Message----- From: Bharati, Rakesh Sent: Wednesday, August 22, 2001 9:51 AM To: Kaminski, Vince J Subject: RE: Raptor Update Vince, I met with Gordon yesterday and have up-to-date information on the public and private hedges we placed in Raptors 1 and 2. There has been value loss there. The following are the current values for R1. I shall cross-check the values again before we model these into our liquidation valuation. For R2, HC is the only remaining value, it appears. However, we have already entered into a contract with Bear and Stearns who are shorting HC presently and wll settle with Enron around October, 2001, after Enron makes its sale. So, it may not be relevant if we want to look at the liquidation value at maturity from a volatility perspective. Thanks. Public Number Value Active Power 324,000 2,060,640 Avici Systems 1,092,426 3,987,355 Catalytica After 12/14 1,342,889 12,165,231 Private Amerada Hess Exposure 1,250,000 commitment to fund by Dec which has not occurred Ameritex 1,209,030 Basic Energy Preferred 770,245 may have sale value Black Bay - Brigham Secured SubDebt - Catalytica Before 12/14 - City Forest IPC - Ecogas Loan & Equity - Geo. Pursuit (EBGB) - Heartland Common 0 bankruptcy Heartland Common (Condor) - Heartland Loan 137,318 cash received Heartland Warrants - Hughes Rawls Loan 1,100,000 cash received, ?bankruptcy Hughes Rawls Note - HV Marine Warrants 10,125,000 looking to sell Industrial Holdings 7,121,810 Invasion Energy - Juniper 20,887,595 Juniper Committed Exposurer 2,560,525 Keathley Canyon - LSI Preferred - received some paper in banruptcy which has no value LSI Warrants - Oconto Falls Common 1,803,840 Oconto Falls IPC 2,300,803 Texland 8,971,988 Texland Committed Exposurer 2,343,750 Vastar 16,316,247 Valuation is 1.9 asset and $14.4 cash received Vastar Exposure 1,050,000 $1.05 cash received Venoco Convertible 44,836,040 looking to sell WB Oil & Gas - Merlin Credit Derivative - Merlin Credit Derivative - Chewco SLP Exposurer 3TEC Warrants - Place Resources - Avici Systems - Catalytica After 12/14 - Quicksilver Ameritex 727,836.22 Hughes Rawls Note - Rakesh -----Original Message----- From: Kaminski, Vince J Sent: Wednesday, August 22, 2001 8:45 AM To: Zipter, Rudi Cc: Bharati, Rakesh; Kaminski, Vince J Subject: RE: Raptor Update Rudi, Makes sense. Let's meet with Gordon. I shall ask Rakesh to set up a meeting. Another question: do you know if the collar was hedged by the equity desk? I would expect a cash event related to the exercise of the put that will affect Enron's liquidity at some point. Vince -----Original Message----- From: Zipter, Rudi Sent: Wednesday, August 22, 2001 1:58 AM To: Kaminski, Vince J Subject: FW: Raptor Update -----Original Message----- From: Zipter, Rudi Sent: Wednesday, August 22, 2001 7:57 AM To: Yuan, Ding Cc: Port, David; Murphy, Ted Subject: Raptor Update Ding -- As ENE stock and the stock market in general has been hammered lately, perhaps it is a good time to call Gordon McKillup and determine how the various Raptor portfolios are postured. As you may recall from the prior analysis, they placed a option collar around the collateral (ENE stock). At that time, they felt that it would support the portfolio to around $20 / share. The main assumption, however, was that the assets in the Raptor structure would not devalue. Of course, for the public equities such as AVICI this is simply not the case. At the time of the initial analysis in March, AVCI traded at roughly $17 / share and it now trades at $3.65 / share on approximately 1.1 million shares. OOPS! Rudi