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Enron Mail |
I was incorrect. The existing non-recourse debt for Las Vegas ($55MM) is off-balance sheet and off-credit. It does not show up as a liability on our balance sheet and it is not part of our footnotes. If the plant blew up, we would be out $24MM, not $79MM. We get this treatment because it is a fair market value asset and we have a Friend of Enron minority investor that keeps our stated interest below 50%. Our interest for control purposes is over 50% because we have a call option on the Friend of Enron shares.
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