Message-ID: <3403985.1075841501165.JavaMail.evans@thyme>
Date: Thu, 31 Jan 2002 12:01:05 -0800 (PST)
From: tim.belden@enron.com
To: center.dl-portland@enron.com
Subject: Office Update
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Chris and I would like to take this opportunity to update everyone on what =
has been happening on the floor(s) during the last couple of weeks and what=
 is likely to transpire in the weeks to come.  I'd like to begin by apologi=
zing for the lack of broad e-mail communications or floor meetings over the=
 last couple of weeks.  These have been very hard times and I know that peo=
ple have wanted information.  It has taken us nearly a week to sort through=
 who will be part of the UBS Warburg team and who continue with Enron. =20

In this e-mail I will explain: (1) who will be going to UBS Warburg, (2) wh=
o do the people working for Enron work for and what are they expected to do=
, (3) how will the physical separation between Enron and UBS Warburg happen=
, and (4) when will the sale of Netco to UBS Warburg be completed.  In addi=
tion to Chris Calger and me, the following Portland-based employees have ac=
cepted positions with UBS Warburg:

Last Name=09First Name=09Last Name=09First Name=09
Amador=09Susan=09Oh=09John=09
Anderson=09John=09Platter=09M=09
Bulbes=09Victor=09Postlethwaite=09John=09
Chang=09Fang-Tzu=09Richter=09Jeffrey=09
Chatterton=09Jill=09Robinson=09Donald=09
Crandall=09Sean=09Salisbury=09Holden=09
Cutsforth=09Diane=09Scholtes=09Diana=09
Dasovich=09Jeff=09Semperger=09Cara=09
Davidson=09Debra=09Sheidun=09Donna=09
Dean=09Craig=09Shields=09Jeffrey=09
Dunton=09Heather=09Slinger=09Ryan=09
Etringer=09Michael=09Solberg=09Geir=09
Gilbert=09Michael "Scotty"=09Steiner=09David=09
Gustafson=09Mollie=09Stokley=09Marlin "Chris"=09
Hall=09Stephen=09Swain=09Stephen=09
Heizenrader=09Timothy=09Swerzbin=09Michael=09
Kandaswamy=09Balachandar=09Thomas=09Jacob=09
Lackey=09Christopher=09Thome=09Stephen=09
Lee=09Eugene=09Van Houten=09Maria=09
Mallory=09Patrick "Chris"=09Villeggiante=09Theresa=09
McDonald=09Michael=09Wente=09Laura=09
Meyer=09James=09Williams=09William J=09
Meyers=09Albert=09Woodland=09Andrea=09
Mier=09Michael=09Yoder=09Christian=09
Nelson=09Kourtney=09=09=09

While there are a few people who are still making up their minds, the rest =
of the people in our office will be working for the Enron estate.  It is no=
t entirely clear to me right now what the management team for west power lo=
oks like for the Enron estate now.  As I understand it, there are two prima=
ry initiatives on the estate side that people in Portland may be a part of.=
  The first is the disposition of our development projects that are already=
 well under way.  Dave Parquet in San Francisco has been leading this effor=
t together with the Portland asset development team.  This effort has been =
ongoing since December.  The second is the disposition of our west power co=
mmodity positions.  Jim Fallon is in charge of this for the entire company.=
  People working on this for Jim include Don Miller, Paul Racicot, Brad Ric=
hter, Ed Baughman among others.  I have placed a call to Jim and to Paul to=
 get advice on how people in Portland should proceed.  I would recommend ta=
lking to Ed, Brad, Paul, or Don to get direction.  I have placed a call to =
several of these people to get direction and am waiting for a response.  I =
am hopeful that they will designate a lead person in Portland to coordinate=
 the power procurement and delivery efforts.

As most of you know, the physical separation between UBS Warburg and Enron =
has already begun.  People who will continue to work for Enron will be loca=
ted on the 4th Floor, while UBS Warburg will occoupy the 3rd Floor.  We hop=
e to make the moves to the 4th Floor by the end of this week.  Moves within=
 the 3rd Floor will take place the following week.

The UBS Warburg transaction is subject to one last pro forma regulatory hur=
dle.  While I don't have an exact date, I am told that it will likely be on=
 or about February 6th.

Finally, I want to once again thank everyone for their help and cooperation=
 over the last few weeks.  These have been really horrible times as the Enr=
on story continues to unfold in the news at the same time that people are f=
inding out about their future with Enron and UBS.  I know that this hasn't =
been easy for anyone.  I am deeply saddened overseeing the breakup of the a=
wesome team that we have put together.  Whether you are going to UBS, remai=
ning with Enron, or leaving the company, I wish everyone who worked on this=
 team the best in their future endeavors.  It has been a distinct honor to =
work with each and every one of you.

Regards,
Tim