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Enron Mail |
That may work - I don't want to end up with an equity position I just worked
hard to eliminate. Further, raptor may be a good accounting hedge but if we took back JEDI's share at existing marks we would be destroying significant real value. Will the buy back price of the equity/debt we get back from JEDI incorporate the write downs we think should occur? Regards Delainey ---------------------- Forwarded by David W Delainey/HOU/ECT on 05/11/2000 02:29 PM --------------------------- Enron Global Finance From: Mike Jakubik 05/11/2000 02:09 PM To: David W Delainey/HOU/ECT@ECT cc: Subject: Re: Raptor Dave, I assume you are asking how we hedge the portion of JEDI II investments that will come back to us after the restructuring. As any buyout price for CALPERS will reflect the state of the assets at closing, I think we are well hedged until the closing of the restructuring. We can see if we can reserve some Raptor capacity upfront to hege us moving forward from the restructuring closin. If this does not answer your question, let me know. Mike David W Delainey 05/11/2000 01:37 PM To: Mike Jakubik/HOU/ECT@ECT cc: Subject: Re: Raptor How do we immunize ourselves from the workouts being shed into Raptor? Regards Delainey
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