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Enron Mail |
Fyi
---------------------- Forwarded by Rob G Gay/NA/Enron on 12/18/2000 04:36 PM --------------------------- Rob G Gay 12/18/2000 09:31 AM To: "Mervenne, Mary" <MMERV@opic.gov<, "Rivera, Nancy A." <NRIVE@opic.gov< cc: Subject: RE: ECA provisions Mary, thanks so much for your note. In terms of managing costs this is a little like trying to save money on the project by turning out the lights in my office when I go home; However, I have noticed over the course of this deal that FF failed to accuratrely reflect the business deal on a number of occaisions when issues were resolved verbally. This resulted in things having to be revisited and rehashed in a costly manner. Therefore, with the ECA, I attempted to reach agreement on the commercial structure first and actually reflect the result in the table. The concern I raised with Nancy was the fact that even when given a written record of the result reached by the business people, the document provided still reflected the principal terms poorly. We were able to resolve this problem on Fridays call, but the call was costly (outside lawyers in attendance were Melissa, Stefan, Cliff, Mathew, and I believe Juliana). In fact things went swimmingly on the call primarily because there was no new ground being broken. I am just trying to improve things a little bit with this discussion. I remain extreemely appreciative of all of your efforts and I think the world of Melissa and the job she has done on this project. Thanks for listening. "Mervenne, Mary" <MMERV@opic.gov< on 12/18/2000 08:31:19 AM To: "'Rob.G.Gay@enron.com'" <Rob.G.Gay@enron.com< cc: Subject: RE: ECA provisions Rob Nancy informed me that you were not happy because certain provisions/deals discussed on the business side were not accurately reflected in the finance agreements, which is creating additional legal expenses. I assume you are referring to a recent draft of the ECA in which the fall away provisions that we discussed were not accurately reflected in the agreement. This is my fault - in the interest of trying to expedite getting the draft to the sponsors, I authorized Melissa to send the draft out without reviewing the provisions first. Normally, KfW and OPIC review the agreements before sending to you and our lawyers make the required changes before you see the agreement. I will no longer authorize her to send anything to the sponsors before KfW and OPIC review the contents in full. Hopefully - this will help prevent this situation from occuring in the future. Sorry for the inconvenience this caused the sponsors. Mary
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