FW: EFS and ServiceCo. banking Changes

OK
-----Original Message-----
From: Williams, Jimmie
Sent: Thursday, November 29, 2001 8:01 AM
To: Stubblefield, Wade
Cc: Leff, Dan; Muller, Mark S.; Sharp, Vicki; Dietrich, Janet; Perkins, Mary; Perry, Chaundra; Delainey, David W.
Subject: RE: EFS and ServiceCo. banking Changes

Who are the authorized parties we are establishing for the new ServiceCo Holdings bank account. I propose that the account have duel authorization from two of the following: Jimmie Williams and Dan Leff or Janet Dietrich. Based on conversations with David Roland, we probably do not want to have the ServiceCo directors from Enron authorizing these items unless the ServiceCo BOD acts as a whole. We need to make sure we continue to have separate controls for the ServiceCo accounts because of the fiduciary duties to the outside investors in ServiceCo.

Jimmie

-----Original Message-----
From: Stubblefield, Wade
Sent: Wednesday, November 28, 2001 6:10 PM
To: Perkins, Mary
Cc: Delainey, David W.; Bowen Jr., Raymond; Leff, Dan; Dietrich, Janet; Earle, Joseph; Whaley, David; Marino, Thea; Perry, Chaundra; Fitzgerald, Felecia; Williams, Jimmie; Muller, Mark S.
Subject: EFS and ServiceCo. banking Changes

Mary,

To be clear on what my understanding is of what Ray approved in his conversation with Dave Delainey:

1. A Frost Bank account will be opened for ServiceCo. Holdings Inc. first thing Thursday morning and all of ServiceCo. funds wherever they may be will be moved into this account. It's my understanding that there is approximately $70MM in funds in various bank accounts, primarily Citibank;

2. First thing Thursday morning we will stop sweeping any Enron Facility Services (EFS) bank account;

3. Given that EFS' existing receipt accounts that you will stop sweeping are with Bank of America, I assume we want to set up a Frost account for EFS that they can redirect thier customers to remit to.

You can reach me in my office at 5-7464 or on my cell phone at 713-419-2498 if you have any questions, need any clarity or if any of the above will not be effective first thing in the morning.

Thanks

Wade