As we have not had a recent "daily update" from you - I write inquiring about the status of OUR company.
We heard about the acquisition discussions with Dynegy through the press (NOT from Enron's management!). Clearly, this does not engender confidence in the management's communication philosophy.
We also heard that there is a meeting planned with Enron's banks on Friday - again through the press! Communication failed again.
Further reductions in confidence came as Enron restated it's financial statements for the period 1997 through 2000. Again this news was provided by the press!
Couple of questions for you - who were the commercial folks putting together the LJM, Chewco etc. deals? Who were senior managers approving these deals? Perhaps Enron should part company with some of those folks too.
Where was the board and where were you when these deals were being done? There appears to have been no corporate governance at the relevant periods!
On a personal level, I have invested many years in this company. I currently have a holding of approx. 4,500 shares which I purchased because I believed in the company. I also have numerous share options.
Unfortunately, this episode has obliterated my confidence in management and in particular in you and Jeff Skilling. I suspect you guys are ok - as you had the foresight (knowledge?) to cash out your holding during the latter part of last year and most of this year.
Please be aware that the fate of thousands of people rests in your hands.
I would be interested to hear your views.
Tel: +44 20 7783 5466