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Enron Mail |
Brian, great job - I would really like to get this done for third quarter
please let me know how I can help. I have heard that you can request a expedited HSR for fairly straight forward deals like this. Wes, I believe that we don't have any issues recognizing the value from this transaction - please confirm. Regards Delainey ---------------------- Forwarded by David W Delainey/HOU/ECT on 07/28/2000 06:38 PM --------------------------- Brian Bierbach @ ENRON 07/28/2000 12:16 PM To: Julie A Gomez/HOU/ECT@ECT, Jean Mrha/NA/Enron@Enron cc: David W Delainey/HOU/ECT@ECT, Mark Whitt/DEN/ECT@Enron, Shonnie Daniel/HOU/ECT@ECT Subject: Project 20/20 Status Julie and Jean, Pursuant to our telephone conversation this morning, this e-mail is intended to update the status of project 20/20. There are 6 major items that need to be completed prior to closing this transaction. The items and the expected completion dates are outlined below: Closing Item Expected Completion Date Status 1. Execution of LOU August 4 Several issues remain to be negotiated. I do not anticipate any problem in reaching mutual agreement on the issues. Border meets with their audit committee on August 2 and hopes to sign August 3. Will be in the position to review with you and Dave on August 1 or 2. 2. Employment Issues August 14 Offers of employment/transfer are in the process of being designed and prepared. Primary issues include a) identification and handling of ENA end-of-year bonus compensation (Shiela Knudson is coordinating this and I feel this issue is being adequately addressed). b) potential disparity between GPG and ENA incentive compensation plans. I am working with Bill Cordes and Ann Vaughn w/ GPG on developing a plan that will address this issue. Based on the conference call with Bill and Ann this morning, I am optimistic that this issue will be properly addressed. The plan is to have employment issues identified in a letter and presented to employees on August 7th. 3. Reserve Consultants August 11 Kicked off consultants in a meeting in Omaha on July 26th. We are providing information and assisting in the process. 4. Due Diligence August 25 A detailed schedule of all due diligence activity is being updated by Northern Border and I will forward that schedule to you once I receive the update. 5. Hart, Scott Rodino September 8-15 There is a high probability that a Hart, Scott, Rodino filing will have to be made upon execution of the LOU. There is a 30 day review period. This may be the critical path item. 6. Drafting/Negotiating PSA September 8-15 Shonnie Daniel is coordinating the drafting of the Purchase and Sale Agreement. It is expected that this agreement will be agreed upon in early to mid September. One key date you should be aware of is Northern Border is anticipating making a press release after the LOU is executed (release date is expected to be August 7). They will be coordinating press release issues with Eric Thode. I feel confident that this transaction will be closed in September. If you have any questions, please let me know.
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