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Enron Mail |
We all knew about this concept--its Danny's "Newco" idea. The only thing
that is new is they finally decided on a name and got the paperwork for the new corporate entity out of the Corporate Secretary's office. I knew about the name a couple weeks ago. As far as I know, no one has signed off on any particular transaction or on a procedure to follow when "Mavrix" starts transacting business. We all better understand at that point that this may be a "lose lose" deal--if Mavrix makes a ton of money, everyone will come after it (as soon as they find out) and claim we arre playing games with confidential information if Mavrix is trading capacity on the Enron pipes. If Mavrix loses money, tough cookie--there's no way to plow the losses back into some regulated entity. It is probably now time to have a prayer meeting with Danny, Steve, and probably Stan, just to make sure everyone knows what we all think about the risks before they charge off and start doing deals. DF From: Mary Kay Miller 02/01/2001 07:37 AM To: Drew Fossum/ET&S/Enron@ENRON cc: Subject: Re: Mavrix Were you involved? MK ---------------------- Forwarded by Mary Kay Miller/ET&S/Enron on 02/01/2001 07:37 AM --------------------------- Susan Scott 01/31/2001 09:42 AM To: Mary Kay Miller/ET&S/Enron@ENRON cc: Shelley Corman/ET&S/Enron Subject: Re: Mavrix I thought the officers had discussed this with Danny quite some time ago, as the organization of the company was set in motion in early Dec. Mavrix Transportation Trading Corp. has been organized as a wholly-owned subsidiary of ETS for the purpose of transportation capacity management. The officers are the same as the slate of officers of Transwestern. The company will neither buy or sell gas nor use transportation capacity. However, it does plan to enter into natural gas transportation contracts (and resell the capacity thru capacity release). That is why the creditworthiness question has come up. I really don't have any information so send you, unless you want to see the organizational documents. Steve Harris can answer any business-related questions you have. Or, I'll be happy to try to answer any other questions. From: Mary Kay Miller 01/31/2001 07:16 AM To: Susan Scott/ET&S/Enron@ENRON cc: Shelley Corman/ET&S/Enron Subject: Re: Mavrix Susan, maybe I'm the only one, but I hadn't heard of this new company and what it is to be used for until Mondauy's staff meeting. What details do we have on this? can you send me some info on this? thanks MK Susan Scott 01/30/2001 02:27 PM To: Drew Fossum@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON, Tracy Geaccone/GPGFIN/Enron@ENRON cc: Subject: Mavrix Mavrix Transportation Trading Corp., which is a subsidiary of ETS, needs to satisfy TW's creditworthiness requirements in order to enter into a transportation agreement with TW. Paul Cherry has suggested that Northern Natural Gas issue a guarantee. Please let me know whether you think this would be acceptable. If Mavrix wanted to hold NNG capacity, TW could issue the guarantee.
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