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Enron Mail |
Thanks for the update.
-----Original Message----- From: Robert Nelson <jrnels@sunvalley.net<@ENRON [mailto:IMCEANOTES-Robert+20Nelson+20+3Cjrnels+40sunvalley+2Enet+3E+40ENRON@ENRON.com] Sent: Monday, September 10, 2001 2:11 PM To: Sanders, Richard B. Subject: PX Call We had the shortest call in history today. We discussed Edison. Edison withdrew its opposition to our employment of professionals and will be producing documents in response to our 2004 notice. There's been some speculation about whether parties will be filing an involuntary petition against SCE. Reliant wasn't on our call today and I couldn't help but wonder whether they were busy with other things. In that regard, Howard Weg is establishing an SCE subcommittee and wants us to participate. What's your position. As to Edison, there's a reasonable likelihood now that the legislature will approve a package that (1) has no funding to pay us, (2) permits Edison to use funds to pay dividends on preferred stock and (3) waives Edison's commandeering claims. As to the last issue, Kaye Scholer opines that Edison's waiver will have no impact on the PX's right to pursue the commandeering suit. This week there will be several meetings aimed at finalizing a reorganization plan. We'll have a report during our next call which is scheduled Sept,. 17 at 1 LA time. Weg is consulting with FERC lawyers about presentation of his proposed settlement. He plans to proceed fairly soon both before FERC and in the bankruptcy court. Bob Nelson
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