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Enron Mail |
we need to be really careful with a decision to get closer to the company, notwithstanding our fiduciary responsibility. i do agree with either getting in or out. we should either get more active, or abandon our board seats and get some distance.
-----Original Message----- From: Delainey, David Sent: Wednesday, August 22, 2001 11:12 PM To: Muller, Mark Cc: Whalley, Greg; Lavorato, John; Buy, Rick; Causey, Richard Subject: NewPower Mark, The word on the street is that the NewPower folks are getting further in trouble (ie) strange trading activity, etc. Looks and smells a little like the old EES. Couple of opps: - get another shareholder on-side and demand an Enron led audit to confirm financial and operating health; - followed up by hostile exit of mgt team if significant issues arise. Issues: - obviously pushes us into another level of complicity/fiduciary in a blow up or bankruptcy not unlike the issues we faced with Kafus et al; however, given our continued interest a significant control issue could result in a significant acceleration of a write-off of our existing position plus any outstanding credit. I would recommend we force the management team to submit to a detailed audit as a part of a united shareholder iniative - Lets discuss. Rick Buy, what is our current credit position? Greg/John, do you have a view on this one? Rick Causey, we probably need a more "permanent solution" ot the NewPower issue. Regards Delainey
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