Message-ID: <1786152.1075855211337.JavaMail.evans@thyme> Date: Fri, 30 Nov 2001 09:51:42 -0800 (PST) From: wade.stubblefield@enron.com To: raymond.bowen@enron.com, mary.perkins@enron.com, george.wasaff@enron.com Subject: $5MM Heads Up Cc: d..smith@enron.com, d..steffes@enron.com, w..delainey@enron.com, dan.leff@enron.com, jeremy.blachman@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: d..smith@enron.com, d..steffes@enron.com, w..delainey@enron.com, dan.leff@enron.com, jeremy.blachman@enron.com X-From: Stubblefield, Wade X-To: Bowen Jr., Raymond , Perkins, Mary , Wasaff, George X-cc: Smith, Mike D. , Steffes, James D. , Delainey, David W. , Leff, Dan , Blachman, Jeremy X-bcc: X-Folder: \Jim_Steffes_Jan2002\Steffes, James D.\Credit Issues X-Origin: Steffes-J X-FileName: jsteffe (Non-Privileged).pst Mike Smith and Jim Steffes just phoned and indicated that the California ISO may require us to post $5MM in collateral today to cover deliveries to our California customers. We are attempting to have them net this request with approximately $50MM of monies they owe us. This payment will allow us to remain a scheduling coordinator for the first 5 days of December. If we do not pay the ISO will decertify us and the utilities (PG&E, SCE and SDG&E) can immediately execute thier right to return our customers to utility service. We have a transaction pending to sell a large portion of the contracts under the ISO that could be worth as much as $150MM. If the utilities return the customers to utility service we will not have a book to sell. Mike or Jim, if I have missed anything or misstated anything, please reply to all. I will keep you posted, but wanted to get the word to you as soon as I heard. Thanks Wade