Message-ID: <13930184.1075859029365.JavaMail.evans@thyme> Date: Fri, 26 Oct 2001 07:36:56 -0700 (PDT) From: tori.kuykendall@enron.com To: 'kuykendall@enron.com, pkuykendall@wm.com Subject: RE: Just curious Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Kuykendall, Tori X-To: 'Kuykendall, Patrick M.' X-cc: X-bcc: X-Folder: \TKUYKEN (Non-Privileged)\Kuykendall, Tori\Sent Items X-Origin: Kuykendall-T X-FileName: TKUYKEN (Non-Privileged).pst see - great minds think alike ----- also - check this out ---- from corporate security Late on October 25th, we received information about a nonspecific threat to the Enron Center. We communicated with law enforcement officials who found the threat unsubstantiated and without merit. Nonetheless we take all threats seriously and have increased the security presence at the Enron Center still further. -----Original Message----- From: Kuykendall, Patrick M. [mailto:PKuykendall@wm.com] Sent: Friday, October 26, 2001 8:50 AM To: Kuykendall, Tori Subject: FW: Just curious -----Original Message----- From: Jake Hadix [mailto:jhadix@calpine.com] Sent: Friday, October 26, 2001 8:43 AM To: Kuykendall, Patrick M. Subject: RE: Just curious We just refinanced this past Monday. We were going to do a 15 year at 6%, but changed our minds and decided to do the 30 year again, but could only get 6-5/8% (still much better than the 8% we had before). We are still going to pay on it like a 15 year mortgage, but the 30 years gives us flexibility to make the lower payment in case of an emergency. 5.75% sounds really good -- do you have to pay points to get it that low? I like 15 year loans for the interest rate, but like 30 year loans for the flexibility -- it's really a matter of personal choice. That's why we went with the 30 year and will pay like a 15 -- it costs a little more (due to int rate) than a straight 15 year mortgage, but is kind of an insurance policy because you only have to pay the small 30 year payment. Sorry to hear about the golf membership. I know how much you enjoyed that. We have focused this entire year on paying down debt, so we really haven't saved anything other than 401k and ESPP. However, we payed off my student loans back in March and will pay off the car next month (yeah!!). After next month, our only debt will be the house. -----Original Message----- From: Kuykendall, Patrick M. [mailto:PKuykendall@wm.com] Sent: Thursday, October 25, 2001 4:12 PM To: 'Jake Hadix' Subject: RE: Just curious We are just glad that Tori is up this year and was up last year in her book. Basically, her desk has agreed to put their head down and make as much money as possible. That way, if the axe starts falling, it falls somewhere else. The employees in general are disgusted with upper management and would prefer for all of them to be replaced. Who knows, if the stock remains too low you would have to consider the possibility of a hostile takeover (i.e., GE, Exxon etc..). All speculation of course. In short, we have lost alot of money and are making changes in our finances to accomodate in future issues. No more golf membership :( We are considering refinancing again at 5.75 for 15 years. It saves us 160K over the life of the loan. Any thoughts on 15yr mortgages? -----Original Message----- From: Jake Hadix [mailto:jhadix@calpine.com] Sent: Thursday, October 25, 2001 3:42 PM To: Kuykendall, Patrick M. Subject: RE: Just curious Not much going on. I am hoping CPN stays low for about another 5 weeks so I can load up with my ESPP $. I get a 15% discount on the price on the last day of Nov. How are things going with Tori over at Enron -- it sounds like they are in a bad situation over there. -----Original Message----- From: Kuykendall, Patrick M. [mailto:PKuykendall@wm.com] Sent: Thursday, October 25, 2001 2:13 PM To: 'Jake Hadix' Subject: RE: Just curious Loaded the boat this morning in the low 23 range. Go CPN :) Anything new with you guys. I could have bought a house with the monies we lost ENE stock options - just kidding of cours. -----Original Message----- From: Jake Hadix [mailto:jhadix@calpine.com] Sent: Tuesday, October 02, 2001 11:54 AM To: Kuykendall, Patrick M. Subject: RE: Just curious Still in the process of refinancing - we should close in a couple of weeks. Susan doesn't want to start trying for a baby until after the holidays. The answer to your Calpine question is a little complex, but the short and simple answer is the following: 1. Although there is a lot of new power coming online, most companies are not accounting for the fact that a lot of the old generation will be displaced by the new generation (i.e. the new generation is much cheaper to operate, so it will "win" the battle in the end). 2. New power generation has not kept up with the growth of the 80's and 90's - plain and simple, this is a fact. However, if we go into a long-lived recession, some of the growth will erode. 3. A lot of the current plans for more generation will not materialize. Many companies will shut down plans to build more generation because of fears of over-building. Whoever gets the new generation on the ground first will force the other companies to back off. In the 80's, Calpine's CEO recognized the fact that there would be a lack of power in the US by the late 90's and into the 2000's. Therefore, he bought call options from the major turbine producers (GE, Westinghouse, etc.) which gives us the rights to a large portion of the turbines that are currently being built and will be built over the next few years. -----Original Message----- From: Kuykendall, Patrick M. [mailto:PKuykendall@wm.com] Sent: Tuesday, October 02, 2001 9:02 AM To: 'jhadix@calpine.com'; 'jake.hadix@calpine.com' Subject: Just curious Importance: High Jake, What does Calpine see that the rest of the world doesn't when it comes to power? Calpine keeps building-out to produce more power and the so called "experts" indicate there is a glut of power coming out. I don't understand.. Any thoughts? I heard you guys refinanced the house :). I hope everything is going well over at CPN. Any new developments on the Baby front or are you guys just still practicing :). Patrick Kuykendall Senior IT Auditor WM Internal Audit Services (713) 265-1216