Message-ID: <13144653.1075859208672.JavaMail.evans@thyme>
Date: Fri, 16 Nov 2001 14:36:47 -0800 (PST)
From: wanda.curry@enron.com
To: jeff.dasovich@enron.com, d..steffes@enron.com
Subject: RE: PG&E settlement offer
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Jim and Jeff,
The P& L numbers represented below includes a reserve of $40 million attributable to the FERC Refund exposure specific to wholesale.
Thanks,
Wanda
-----Original Message-----
From: Tribolet, Michael
Sent: Friday, November 16, 2001 3:34 PM
To: Dasovich, Jeff; Steffes, James D.; Mellencamp, Lisa; Curry, Wanda
Subject: FW: PG&E settlement offer
Ken Lay called Rick Buy and I up to his office talk about settlement just now. He would like to settle for liquidity/good news. Rick Buy is going to discuss with Whalley.
-----Original Message-----
From: Tribolet, Michael
Sent: Friday, November 16, 2001 3:30 PM
To: Buy, Rick
Subject: PG&E settlement offer
Below are the proposed discounts we discussed with Ken Lay this afternoon:
USD millions:
Cash from 85 P+L with 85 cent
Discount cent sale of claim sale of claim
Enron $ 85.0 (17%) $361.8 +$129.1
PG&E $237.0 (46%) $232.6 -$ 0.1
Midpoint $161.0 (32%) $297.2 +$ 64.5
If the midpoint (value between PG&E and Enron settlement offers) is acceptable from a liquidity and P+L standpoint, propose countering at a discount of $123 million (move half way to midpoint) to provoke a counter offer. Intent is to settle at midpoint discount of $161 million. The Excel file is attached.
<< File: m011116.xls >>