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Enron Mail |
Guys, lets set up a meeting between the three of us on Monday ASAP to
discuss. I have a few ideas and I probably need to go have dinner with Lew to get him comfortable. This may be setting up to be a larger asset management transaction. Don can you try and find a time next week with Lew for me to have dinner - get Beverly to schedule the plane to get me in and out that day. If not next week then early the following. I think it will take a one on one with Lew to get this one centered. At our meeting, I would also like a status update on the other iniatives eg) Ameren, DPL, Cinergy, etc. The accounting issues on the generation projects need to be addressed as well. Regards Delainey ---------------------- Forwarded by David W Delainey/HOU/ECT on 07/20/2000 12:17 PM --------------------------- Don Miller 07/20/2000 11:01 AM To: David W Delainey/HOU/ECT@ECT cc: Jeff Donahue/HOU/ECT@ECT Subject: FPL Update Dave, As I mentioned in my voicemail last night, I spoke with Randy and Aldo. The tone was positive, and they said Goldman was very bullish on the whole story. All these guys acknowledge that without our Trading stamp on NewCo, NewCo will not be a world class Genco. With that said, it is apparent that Lew is telling these guys to go back and get more EXACT detail on what exactly Enron is willing to do in terms of people (both Trading and Risk Management). I would have to believe that a conversation between you and Lew would go a long way in making him comfortable that we are truly committed to NewCo, particularly with $400-$500 million of equity tied up in this entity. Apparently we have to arm Lew with everything that he needs to go to Broadhead to argue why NewCo makes sense and why they need Enron in this entity. I have tried to convince these guys that while Trading is people, it is also philosophy, style and approach. Given that we have said that we would nominate the Head Trader, I have tried to convey that we might be looking to utilize a lot of FPLE T&M people, but immerse them in our philosophy. They are not comfortable with this, and have informed me that coming back with the answer that we will only put one Enron person in Trading is probably not the right answer. Given the dynamic nature of Enron and Trading in general, making a huge commitment of people I would imagine will be tough. We talked through many other aspects including whether they think that they can do an IPO without us; the fact that having our involvement clearly increases the value of NewCo (raises an interesting question about how we get adequately compensated for this); tight labor market in general and the fact that we don't have unlimited human resources here at Enron; and that in the early years, NewCo has very little merchant generation, and that all of it is FPLE 's (implies fewer people needed, and that we should be able to utilize FPLE Traders). We also discussed the rumor about FPL's interest in Aquilla. Sorry to bog down your vacation with this. If you want to talk today, I will be around. Thanks, Don 713-853-0492 (ph) 713-412-8967 (cell)
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