Message-ID: <32373632.1075840890483.JavaMail.evans@thyme>
Date: Mon, 16 Apr 2001 18:08:00 -0700 (PDT)
From: christopher.calger@enron.com
To: john.lavorato@enron.com, louise.kitchen@enron.com
Subject: LV Cogen Non-Recourse Debt
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X-From: Christopher F Calger <Christopher F Calger/PDX/ECT@ECT>
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I was incorrect.  The existing non-recourse debt for Las Vegas ($55MM) is off-balance sheet and off-credit.  It does not show up as a liability on our balance sheet and it is not part of our footnotes.   If the plant blew up, we would be out $24MM, not $79MM.  We get this treatment because it is a fair market value asset and we have a Friend of Enron minority investor that keeps our stated interest below 50%.  Our interest for control purposes is over 50% because we have a call option on the Friend of Enron shares.