Message-ID: <29382585.1075844781399.JavaMail.evans@thyme> Date: Wed, 28 Mar 2001 06:50:00 -0800 (PST) From: cheryl.nelson@enron.com To: sara.shackleton@enron.com Subject: Re: BEAR Guarantee letter Cc: sheila.glover@enron.com, tom.doukas@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: sheila.glover@enron.com, tom.doukas@enron.com X-From: Cheryl Nelson X-To: Sara Shackleton X-cc: Sheila Glover, Tom Doukas X-bcc: X-Folder: \Sara_Shackleton_Dec2000_June2001_2\Notes Folders\Nelson X-Origin: SHACKLETON-S X-FileName: sshackle.nsf Hello Team, I have good news. Clem Abrams approved the guaranty and will have it executed first thing tomorrow. (None of the requisite officers are in today). I am still contacting Bear Stearns every couple of hours to get the final drafts of the agreements in our hands. I'll keep you posted. Cheryl Nelson Senior Counsel EB3816 (713) 345-4693 Sara Shackleton@ECT 03/28/2001 10:21 AM To: Cheryl Nelson/NA/ENRON@ENRON cc: Subject: Re: BEAR Guarantee letter Sheila and Tom need to know the status. Please advise them mid-day. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) sara.shackleton@enron.com Cheryl Nelson@ENRON Sent by: Cheryl Nelson@ENRON 03/28/2001 10:04 AM To: Sara Shackleton/HOU/ECT@ECT cc: Sheila Glover/HOU/ECT@ECT Subject: Re: BEAR Guarantee letter Hi Sara and Sheila, By way of update, I was able to get the guaranty to Clem and am working on his getting it back to me by the end of the day. I talked to Bear Stearn's lawyer today about whether we could get the other agreements (account and assignment) executed today and she represented that (1) she is still waiting for her Managing Director's approval of her final draft in order to forward it to me (2) but that she is working with me to check in with the MD every hour or so for a status update. Cheryl Nelson Senior Counsel EB3816 (713) 345-4693 Sara Shackleton@ECT 03/27/2001 06:59 PM To: Sheila Glover/HOU/ECT@ECT cc: Cheryl Nelson/NA/Enron@Enron Subject: Re: BEAR Guarantee letter Wednesday, March 28 is the target execution date for the ECI customer agreement and assignment (from ENA) of the Securities Loan Agreement/credit book. I am not certain if Cheryl was able to expedite delivery of the new ENE guaranty. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) sara.shackleton@enron.com Sheila Glover 03/27/2001 02:10 AM To: Tom Doukas/NA/Enron@ENRON, Sara Shackleton/HOU/ECT@ECT cc: Richard Sage/LON/ECT@ECT, Jeff Kinneman/HOU/ECT Subject: Re: BEAR Guarantee letter Tom, The day i received this I responded to Sara and cc'd richard that I was okay with transferring the Stock Loan Agreement from ENA to ECI. The ENA was executed and the ECI piece is what is in process. Sara, Any update? How far are we away from exectution? Do you need anything from anyone? Thanks. Sheila Tom Doukas@ENRON 03/26/2001 11:59 PM To: Sara Shackleton/HOU/ECT@ECT cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Jeff Kinneman/Enron@EnronXGate@ECT, Richard Sage/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Cheryl Nelson/NA/Enron@Enron Subject: Re: BEAR Guarantee letter Just wanted to follow up to see if we have a time frame as to when the letter will be fully executed. Thanks, Tom From: Sara Shackleton@ECT on 03/22/2001 08:41 AM To: Tom Doukas/NA/Enron@ENRON cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Jeff Kinneman/Enron@EnronXGate, Richard Sage/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Cheryl Nelson/NA/Enron@Enron Subject: Re: BEAR Guarantee letter Here's a recap for everyone. Our original negotiation with Bear (for the Securities Loan Agreement) was in the name of ENA, and, ENA had an existing account agreement with Bear. However, Bear insisted that the account agreement was "too old" and that we negotiate a new agreement. I agreed on the condition that this not hold up execution of the Securities Loan Agreement. We have one or two final points remaining on the new account agreement which we'll execute for both ENA and Enron Credit Inc.. ("ECI"). We have the authorized trader list for ECI and are waiting for Richard to designate the new officer/director slate but we are prepared for execution by the existing officers in London. The assignment instrument will be very short for transferring the ECI book from ENA to ECI. It will take only a few days to replace the existing ENE guaranty for the Securities Loan Agreement. Jeff and Sheila: Please verify that both ENA and ECI do not need the Securities Loan Agreement. I believe it is just ECI and we can transfer the existing agreement to ECI. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) sara.shackleton@enron.com Tom Doukas@ENRON 03/21/2001 12:28 PM To: Sara Shackleton/HOU/ECT@ECT cc: Jeff Kinneman/Enron@EnronXGate, Sheila Glover/HOU/ECT@ECT, Richard Sage/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT Subject: BEAR Guarantee letter Sara, I just spoke with Russ Miron from Bear Sterans regarding our Guaranty to Reduce funding to 20% per side. I had asked him about when they will be executing the agreement. He said that his lawyers are ready to sign but are under the impression that you have one remaining point to resolve and that this point is holding up the finalization of the agreement. Is there an issue from our side? If not we should be able to get this execution taken care of immediately? Thanks, Tom 713-853-9074