Message-ID: <26939658.1075844448903.JavaMail.evans@thyme> Date: Wed, 19 Apr 2000 06:00:00 -0700 (PDT) From: susan.musch@enron.com To: sara.shackleton@enron.com Subject: Re: Revised Australian Services Agreement Cc: david.minns@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: david.minns@enron.com X-From: Susan Musch X-To: Sara Shackleton X-cc: David Minns X-bcc: X-Folder: \Sara_Shackleton_Dec2000_June2001_1\Notes Folders\Australia X-Origin: SHACKLETON-S X-FileName: sshackle.nsf Sara, When I sent you the following message on April 12th, I thought it was clear that Enron Australia Finance Pty Limited should not act as principal for entering into the non-power futures agreement with ABN AMRO. Sorry for the confusion. Rather, ABN AMRO should enter into the agreement with ENA. (Shane should only enter into trades under the futures agreement acting pursuant to the services agreement. Of course, based on David's e-mail messages, it appears that the services agreement needs to be executed following resolution of the questions regarding the mark-up.) Note further that as stated in my September 9, 1999 memo that I sent you in the April 12th e-mail (and that is re-attached below), our Australian tax advisor advised that if a master contract must be executed in Australia, it should be executed by an independent agent (such as a lawyer) having a power of attorney from ENA. Hope this helps. Please feel free to contact me if you have any further questions. Best regards, Susan Susan Musch 04/12/2000 08:27 AM To: Sara Shackleton@ECT cc: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT Subject: Australian Financial Trader Tax Issues - Revised Memo Sara, As we discussed, attached is the memo that I wrote last September on the tax implications of having a financial trader in Sydney. As you will note, we followed a service fee approach to reimburse the Sydney office on a cost-plus basis for the costs incurred by the financial trader (including his remuneration). Important in this arrangement is that the Sydney financial trader is not the principal in the trades but is only acting in a preparatory or auxiliary manner for the ENA financial trades. As we discussed yesterday, I will forward the latest draft of the service agreement to you by e-mail. David, could you send Sara and me conforming copies of the executed agreement? Also, we should probably also discuss the status of the documentation relating to these trades. I will be happy to discuss this memo with you in more detail at your convenience. Best regards, Susan ---------------------- Forwarded by Susan Musch/ENRON_DEVELOPMENT on 04/12/2000 08:21 AM --------------------------- Susan Musch 09/15/99 05:02 PM To: Colin Jackson@ECT, Alan Aronowitz/HOU/ECT@ECT, Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gary Hickerson/HOU/ECT@ECT, Harry Arora/HOU/ECT@ECT, Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Shari Stack@ENRON_DEVELOPMENT cc: (bcc: Susan Musch/ENRON_DEVELOPMENT) Subject: Australian Financial Trader Tax Issues - Revised Memo Attached is the revised memo on the Australian Financial Trader Tax Issues. (Note you will find the changes in the background section of the memo.) Please let me know if you have any questions or need any additional information. Best regards, Susan Sara Shackleton@ECT 04/18/2000 03:55 PM To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT Subject: Re: Revised Australian Services Agreement Susan: You were going to verify whether the ABN AMRO futures agreement should be executed by Enron Australia Finance Pty. Ltd. (or ENA with Shane acting pursuant to the Services Agreement). Please let me know so that either David or I can move forward on the futures agreement. Thanks. Sara ---------------------- Forwarded by Sara Shackleton/HOU/ECT on 04/18/2000 04:46 PM --------------------------- Shari Stack 04/18/2000 09:11 AM To: Sara Shackleton/HOU/ECT@ECT cc: Subject: Re: Revised Australian Services Agreement FYI .. . . . ---------------------- Forwarded by Shari Stack/HOU/ECT on 04/18/2000 10:08 AM --------------------------- David Minns@ENRON_DEVELOPMENT 04/18/2000 12:22 AM To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Shari Stack@ECT Subject: Re: Revised Australian Services Agreement I've checked my notes and spoken to Heidi and it appears the delay was settling the mark up (107.5%) in the Agreement. Heidi believes that this figure can be reduced to 100% (which is current practice). If everyone is agreeable I will arrange execution. David Minns 04/18/2000 02:35 PM To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT Subject: Re: Revised Australian Services Agreement Susan this is the latest version of the Services re ENA/EAPL. There is a note on my file that the percentage uplift. Shari Stack@ECT 09/18/99 06:32 AM To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Alan Aronowitz@ECT, Gary Hickerson@ECT, Harry Arora@ECT, Colin Jackson@ECT, Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Barbara Lewis/HOU/ECT@ECT Subject: Revised Australian Services Agreement Attached please find my mark-up of the Australian Services Agreement. I have attached a blacklined version for ease of reference. Apart from changing the name from ECT to ENA, I have modified clause 1 in Schedule 1 to more accurately reflect the intended products. Please call me if any questions. Many thanks, Shari ---------------------- Forwarded by Shari Stack/HOU/ECT on 09/17/99 02:25 PM --------------------------- Susan Musch@ENRON_DEVELOPMENT 09/15/99 07:30 PM To: Shari Stack@ENRON_DEVELOPMENT, Alan Aronowitz@ECT, Gary Hickerson@ECT, Harry Arora@ECT, Colin Jackson@ECT, Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Subject: Draft of Australian Services Agreement Attached is a draft of the services agreement for the financial trading services to be provided by the Australian trading office for ECT-Houston. Please review the agreement and let me know if you have any questions, comments or revisions. Best regards, Susan