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Enron Mail |
Rob, thanks for the update - I am assuming that you will come up with $23M
Cdn ($16M USD) - "highly likely" with PML. We do not have recorded in the financial statements the $8M Cdn in done deals - you may want to look into that. We need the money to show up given every other Enron group is flaking - bail me out my friend! Regards Delainey ---------------------- Forwarded by David W Delainey/HOU/ECT on 11/29/2000 03:39 PM --------------------------- Rob Milnthorp 11/28/2000 07:13 PM To: David W Delainey/HOU/ECT@ECT cc: Subject: Re: Q4 Dave, Origination & Finance has booked roughly C$8MM Quarter to Date. For the remainder of the quarter, I will attempt to give you a break-down based on probability: "Highly Likely" Done Deals C$8MM Papier Masson Service Fee Income C$1MM PCOG Strategic Alliance Extension C$2MM Chippawa Capacity Assignment C$1MM Misc. Marketing Deals C$1MM Total C$13MM "Probable" Papier Masson Write-up/Monetization C$10MM (ECC's share only) MAP Auction C$2MM Blue Range Final Dividend C$1MM Calpine Capacity Assignment C$2MM (ECC's share only) Total C$15MM "Unclear" Tax Mitigation C$10MM Turbine Sale C$2MM Clarica Funding Deal for PPA C$1MM Total C$13MM Papier Masson is proceding nicely,as the owners have agreed to sell the asset . The owners have also agreed to a structure in principle, whereby they have determined a range that they are willing to sell at. If enron exceeds the range, they are bound to sell it to Houston P&P group. If we bid inside the range they then have 8 weeks to shop us, and if they dont receive any offers, enron buys the mill at our bid less C$5MM. If they shop us and receive a third party offer, they pay enron a break fee of C$5MM. If they close with a third party, we receive an additional C$10MM. At a minimum, this provides us with a fair market valuation by an independent/outside party that we can use as our basis for writing up the asset. Secondly, it allows the P&P group to bid without being a stalking horse as it provides for hefty break fees and significant earnings on closing. With regards to tax mitigation, I will have a better idea by the end of this week. The tax guys are up from Houston and we will be working on it the remainder of the week. fyi...British Energy is now worth <C$100MM at the desk's bid. We are still working toward a May 1, 2001 market opening. Support for a may 1 start is mounting and has become a very public topic consistently referring to May 1. Regards Milnthorp David W Delainey 11/28/2000 01:05 PM To: Rob Milnthorp/CAL/ECT@ECT cc: Subject: Q4 Rob, can you give me a view on where you stand for fourth quarter from an orig point of view ie) deals and value. Regards Delainey
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