|
|
Enron Mail |
I believe that is correct.
Tracee Bersani@ECT 02/01/2001 05:02 PM To: Rob G Gay/NA/Enron@ENRON cc: Subject: Re: Insurance Rob, Didn't he say we were only covered up to $200 MM (e.g. the limit of our contract frustration cover?) With the current Shell/enron sharing percentages, it would seem that we are entitled to 72% of the $360 MM payment or $259 MM, thus we would only be out by $59 MM. Tracee Rob G Gay@ENRON 02/01/2001 04:57 PM To: Peter E Weidler/NA/Enron@Enron, Richard A Lammers/SA/Enron@Enron, Laine A Powell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John Novak/SA/Enron@Enron, Eddy Daniels/NA/Enron@Enron, Mariella Mahan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tracee Bersani/HOU/ECT@ECT cc: Cliff Shedd/NA/Enron@Enron Subject: Insurance According to Cliff Shedd, we would be covered by insurance if we terminated the contract with Furnas and Furnas failed to pay the termination payment. However the insurers will only pay after we receive an arbitration judgement against them and the refuse to honor the judgement. I assume we would also have to exhaust our remedies against trhe guarantor (Eletrobras). Also, we are required to notify the underwriters immediately of a material default.
|