|
|
Enron Mail |
Here is a good example of exactly what I was talking about in our EEI/WSPP = comparison session yesterday. Today and tomorrow the WSPP contract committ= ee is meeting in a palatial setting in southern California, many Club Membe= rs taking two and a half days off from their "busy" schedules to go there, = AG warnings of terrorism threats notwithstanding, and, what are they doing?= they are discussing another piece of the EEI agreement and deciding wheth= er or not to adopt it, (which they will in a botched up form) this particu= lar item is a Collateral Annex document, designed to strengthen the margin = taking aspect of the WSPP agreement. Nobody can complain that this topic i= s not a relevant topic, but, what nobody seems to be noticing, as the yea= rs go by, is that this catch up side show by these guys is a big waste of t= he industry's time and money, and, the whole thing could be brought to a ti= dy ending by a Joint WSPP/EEI drafting Committee. Why should the market be= confused by having two agreements, one of which is forever amending itself= to look ever more and more like the other, all the while pretending to be = vitally and significantly different? The WSPP is like the Emperor's new cl= othes story. It is proudly standing up there in front of the world but it = has nothing on, it looks ever more like the very agreement it tries to be = different from. This fundamental absurdity of creeping imitation needs to = be recognized for what it is. This really is our biggest beef against the W= SPP: CREEPING IMITATION. As mid-marketers, you could begin planting the = seed of the idea, (couching it all in very positive remarks about the wonde= rful efforts of the WSPP), that we have made enought progress now and that= the time for merger is upon us. The solution is a joint drafting committe= e to harmonize the agreements once and for all. If enough counterparties= began talking about this, it might happen. If we, as Enron lawyers bring = it up, we are sarcastically dismissed for being cruel and unusual punisher= s of Mike Small. Please think about this and factor it into your conversa= tions with counterparties. While you are doing that, we lawyers will have t= he pleasure of another four to 6 hours of phone conference work as the comm= ittee toils on, the comic and absurd road show entering at least its 4th ye= ar of this debacle. ----cgy -----Original Message----- From: =09Sager, Elizabeth =20 Sent:=09Thursday, November 01, 2001 8:02 AM To:=09Yoder, Christian; Hall, Steve C. (Legal) Subject:=09FW: WSPP Proposal This is Reliant's version - while I haven't read it I'm sure it is the best= proposal yet. Elizabeth Sager 713-853-6349 -----Original Message----- From: =09ntillett@reliant.com@ENRON On Behalf Of drusso@reliant.com Sent:=09Monday, October 29, 2001 5:08 PM To:=09lrgroff@aep.com; rosteen@powersrc.com; fmdutton@adep.com; Sager, Eliz= abeth; SStack@reliant.com Subject:=09WSPP Proposal Attached is the most current draft WSPP Proposal and Cover Sheet. Give me your comments/thoughts. Dede Russo Senior Attorney Reliant Energy Law Department P.O. Box 1384 Houston, TX 77251-1384 1111 Louisiana St., Suite 4300 (77002) Phone: (713) 207-5240 E-Mail: drusso@reliant.com Fax: (713) 207-0161 (See attached file: WSPP Collateral Annex 102901.doc) (See attached file: WSPP Collateral Annex Cover Sheet 102901.doc) The preceding e-mail message contains information that is confidential, may be protected by the attorney/client or other applicable privileges, and may constitute non-public information. It is intended to be conveyed only to the designated recipient(s). If you are not an intended recipient of this message, please do not read, copy or disclose the contents of this communication to others and please notify the sender at (713) 207-5241. If you are not the intended recipient, we would appreciate your forwarding the message back to us and deleting it from your system. Unauthorized use, dissemination, distribution, or reproduction of this message is strictly prohibited and may be unlawful. Thank you. - WSPP Collateral Annex 102901.doc=20 - WSPP Collateral Annex Cover Sheet 102901.doc
|