Enron Mail

From:alan.comnes@enron.com
To:tom.alonso@enron.com, ray.alvarez@enron.com, robert.badeer@enron.com,tim.belden@enron.com, kit.blair@enron.com, f..calger@enron.com, paul.choi@enron.com, jeff.dasovich@enron.com, m..driscoll@enron.com, mark.fischer@enron.com, h..foster@enron.com, lisa
Subject:FW: Enron Accounting Texas Style
Cc:
Bcc:
Date:Thu, 3 Jan 2002 16:32:04 -0800 (PST)


Funny, but it won't get picked up by Jay Leno ....

-----Original Message-----
From: Robert Weisenmiller [mailto:rbw@mrwassoc.com]
Sent: Thursday, January 03, 2002 4:16 PM
To: Comnes, Alan
Subject: Fwd: Enron Accounting Texas Style


<x-flowed<

<Delivered-To: mrwassoc@barney.sfrn.dnai.com
<From: "Bill Marcus" <bill@jbsenergy.com<
<To: "Alan Gering \(E-mail\)" <bradley@jps.net<,
< "Barry Bergman \(E-mail\)" <blbergman@rhphillips.com<,
< "Bob Finkelstein \(E-mail\)" <bfinkelstein@turn.org<,
< "Bob Kinosian \(E-mail\)" <gig@cpuc.ca.gov<,
< "Bob Weisenmiller \(E-mail\)" <rbw@mrwassoc.com<,
< "Cynthia Mitchell \(E-mail\)" <ckmitchell@powernet.net<,
< "David Argue \(E-mail\)" <david.argue@sympatico.ca<,
< "Don Fields \(E-mail 2\)" <flak2@aol.com<,
< "Eric Witkoski \(E-mail\)" <epwitkos@ag.state.nv.us<,
< "Eric Woychik \(E-mail\)" <estrategy@mindspring.com<,
< "Fred Schmidt \(E-mail\)" <fschmidt@halelane.com<,
< "JA Savage \(E-mail\)" <honest@compuserve.com<,
< "Jack Pous \(E-mail\)" <lduci@earthlink.net<,
< "Jan McFarland \(E-mail\)" <jmcfarland@worldnet.att.net<,
< "Jim Lazar \(E-mail\)" <jimlaz@callatg.com<,
< "Jim Scarff \(E-mail\)" <jes@cpuc.ca.gov<,
< "John Williams \(E-mail\)" <JWilliams@Genesis.Law.Pace.Edu<,
< "Lenny Goldberg \(E-mail\)" <lga@mother.com<,
< "Matt Brady \(E-mail\)" <bradylaw@pacbell.net<,
< "Mick Davies \(E-mail\)" <mick-d@telusplanet.com<,
< "Mike Florio \(E-mail\)" <mflorio@turn.org<,
< "Kirk Sisson \(E-mail\)" <kirk@swslawyers.com<,
< "Rachel and Barry \(E-mail\)" <orlins_bergman@msn.com<,
< "Sara Myers \(E-mail\)" <ssmyers@worldnet.att.net<,
< "Shawn McMurray \(E-mail\)" <ShawnM@ag.state.ar.us<,
< "Tom and Margie Bowman \(E-mail\)" <bowmani@mymailstation.com<,
< "Theresa Mueller \(E-mail\)" <theresa_mueller@ci.sf.ca.us<,
< "V. John White \(E-mail\)" <vjw@cleanpower.org<,
< "Tom Greene \(E-mail\)" <greenet@hdcdojnet.state.ca.us<,
< "Steve Ostrover \(E-mail\)" <sostrover@econone.com<,
< "Robert McCullough \(E-mail\)" <robert@mresearch.com<
<Cc: "Energy Advocate List \(E-mail\)" <eadvocate-l@igc.topica.com<
<Subject: Enron Accounting Texas Style
<Date: Thu, 3 Jan 2002 15:28:43 -0800
<X-Mailer: Microsoft Outlook CWS, Build 9.0.2416 (9.0.2911.0)
<Importance: Normal
<X-Envelope-To: <rbw@mrwassoc.com<
<X-MDRemoteIP: 208.59.199.22
<X-MDRcpt-To: rbw@mrwassoc.com
<X-MDaemon-Deliver-To: rbw@mrwassoc.com
<
<(Courtesy of Public Utilities Fortnightly, quoting an anonymous e-mail)
<
<You have two cows. You sell three of them to your publicly listed company
<using letters of credit opened by your brother-in-law at the bank.
<
<Then you execute a debt-equity swap with an associated general offer, so you
<get all four cows back, with a tax-exemption on the fifth cow, of course.
<
<The estimated future value of the milk cash flow stream rights of the six
<cows are monetized and transferred via an intermediary to the Cayman
<Islands, secretly owned by a majority shareholder who sells the rights to
<all seven cows back to your listed company, off-balance-sheet, of course.
<
<The annual report says the company owns eight cows and recognizes milk
<revenue for its 20-year life of the cow.
<
<This is hedged with a derivative cow life insurance policy through a Cayman
<Island bank and these hedges are done through EnronOnline's commodity
<storefront with a option to buy one more cow, no balance sheet provided ...
<
<The company says it will file all footnotes to its financial statement at a
<later date ...


</x-flowed<