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allen-p/sent/494.
|
subject: Re: Bishops Corner Partnership
content: George,
Keith and I are reviewing your proposal. We will send you a response by this
evening.
Phillip
| ||
allen-p/sent/495.
|
subject: RE:Stock Options
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/29/2001
03:26 PM ---------------------------
"Stephen Benotti" <[email protected]> on 01/29/2001 11:24:33 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE:Stock Options
Phillip here is the information you requested.
Shares Vest date Grant Price
4584 12-31-01 18.375
3200
1600 12-31-01 20.0625
1600 12-31-02 20.0625
9368
3124 12-31-01 31.4688
3124 12-31-02 31.4688
3120 12-31-03 31.4688
5130
2565 1-18-02 55.50
2565 1-18-03 55.50
7143
2381 8-1-01 76.00
2381 8-1-02 76.00
2381 8-1-03 76.00
24
12 1-18-02 55.50
12 1-18-03 55.50
Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by PaineWebber and
PaineWebber will not be responsible for carrying out such orders
and/or instructions. Notice Regarding Privacy and Confidentiality:
PaineWebber reserves the right to monitor and review the content of
all e-mail communications sent and/or received by its employees.
| ||
allen-p/sent/496.
|
subject: Re: 32 acres
content: Jeff,
That is good news about Leander.
Now for the stage. I would like to get it sold by the end of March. I have
about $225K invested in the stagecoach,
it looks like I need to get around $745K to breakeven.
I don't need the cash out right now so if I could get a personal guarantee
and Jaques Craig can
work out the partnership transfer, I would definitely be willing to carry a
second lien. I understand second liens are going for 10%-12%.
Checkout this spreadsheet.
These numbers should get the place sold in the next fifteen minutes.
However, I am very concerned about the way it is being shown. Having Lucy
show it is not a good idea. I need you to meet the buyers and take some
trips over to get more familar with the property. My dad doesn't have the
time and I don't trust
Lucy or Wade to show it correctly. I would prefer for you to show it from
now on.
I will have the operating statements complete through December by this
Friday.
Phillip
| ||
allen-p/sent/497.
|
subject: Re: SM134
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/29/2001
12:14 PM ---------------------------
To: <[email protected]>
cc:
Subject: Re: SM134
George,
Here is a spreadsheet that illustrates the payout of investment and builders
profit. Check my math, but it looks like all the builders profit would be
recouped in the first year of operation. At permanent financing $1.1 would
be paid, leaving only .3 to pay out in the 1st year.
Since almost 80% of builders profit is repaid at the same time as the
investment, I feel the 65/35 is a fair split. However, as I mentioned
earlier, I think we should negotiate to layer on additional equity to you as
part of the construction contract.
Just to begin the brainstorming on what a construction agreement might look
like here are a few ideas:
1. Fixed construction profit of $1.4 million. Builder doesn't benefit from
higher cost, rather suffers as an equity holder.
2. +5% equity for meeting time and costs in original plan ($51/sq ft, phase
1 complete in November)
+5% equity for under budget and ahead of schedule
-5% equity for over budget and behind schedule
This way if things go according to plan the final split would be 60/40, but
could be as favorable as 55/45. I realize that what is budget and schedule
must be discussed and agreed upon.
Feel free to call me at home (713)463-8626
Phillip
| ||
allen-p/sent/498.
|
subject: RE: Loan for San Marcos
content: George,
We should hear from the bank in Houston on Monday.
The best numbers and times to reach me:
work 713-853-7041
fax 713-464-2391
cell 713-410-4679
home 713-463-8626
[email protected] (home)
[email protected] (work)
I am usually at work M-F 7am-5:30pm. Otherwise try me at home then on my
cell.
Keiths numbers are:
work 713-853-7069
fax 713-464-2391
cell 713-502-9402
home 713-667-5889
[email protected]
Phillip
| ||
allen-p/sent/499.
|
subject: Re: NGI access to eol
content: Dexter,
You should receive a guest id shortly.
Phillip
| ||
allen-p/sent/5.
|
subject:
content: Lucy,
Here is a final 12/01 rentroll for you to save. My only questions are:
1. Neil Moreno in #21-he paid $120 on 11/24, but did not pay anything on
12/01. Even if he wants to swich to bi-weekly, he needs to pay at the
beginning
of the two week period. What is going on?
2. Gilbert in #27-is he just late?
Here is a file for 12/08.
| ||
allen-p/sent/50.
|
subject: Enron
content: Jed,
I understand you have been contacted regarding a telephone interview to
discuss trading opportunities at Enron. I am sending you this message to
schedule the interview. Please call or email me with a time that would be
convenient for you. I look forward to speaking with you.
Phillip Allen
West Gas Trading
[email protected]
713-853-7041
| ||
allen-p/sent/500.
|
subject: NGI access to eol
content: Griff,
Can you accomodate Dexter as we have in the past. This has been very helpful
in establishing a fair index at Socal Border.
Phillip
Please cc me on the email with a guest password. The sooner the better as
bidweek is underway.
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/26/2001
09:49 AM ---------------------------
Dexter Steis <[email protected]> on 01/26/2001 07:28:29 AM
To: [email protected]
cc:
Subject: NGI access to eol
Phillip,
I was wondering if I could trouble you again for another guest id for eol.
In previous months, it has helped us here at NGI when we go to set indexes.
I appreciate your help on this.
Dexter
| ||
allen-p/sent/501.
|
subject: Status of QF negotiations on QFs & Legislative Update
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/26/2001
09:41 AM ---------------------------
From: Chris H Foster 01/26/2001 05:50 AM
To: Phillip K Allen/HOU/ECT@ECT
cc: Vladimir Gorny/HOU/ECT@ECT
Subject: Status of QF negotiations on QFs & Legislative Update
Phillip:
It looks like a deal with the non gas fired QFs is iminent. One for the gas
generators is still quite a ways off.
The non gas fired QFs will be getting a fixed price for 5 years and reverting
back to their contracts thereafter. They also will give back
I would expect that the gas deal using an implied gas price times a heat rate
would be very very difficult to close. Don't expect hedgers to come any time
soon.
I will keep you abreast of developments.
C
---------------------- Forwarded by Chris H Foster/HOU/ECT on 01/26/2001
05:42 AM ---------------------------
Susan J Mara@ENRON
01/25/2001 06:02 PM
To: Michael Tribolet/Corp/Enron@Enron, Christopher F Calger/PDX/ECT@ECT,
Phillip K Allen/HOU/ECT@ECT, Alan Comnes/PDX/ECT@ECT, Jeff
Dasovich/NA/Enron@Enron, Michael Etringer/HOU/ECT@ECT, James D
Steffes/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Chris H Foster/HOU/ECT@ECT
cc:
Subject: Status of QF negotiations on QFs & Legislative Update
This from a conference call with IEP tonight at 5 pm:
RE; Non-Gas-fired QFs -- The last e-mail I sent includes the latest version
of the IEP proposal. Negotiations with SCE on this proposal are essentially
complete. PG&E is OK with the docs. All QFs but Calpine have agreed with
the IEP proposal -- Under the proposal, PG&E would "retain" $106 million (of
what, I'm not sure -- I think they mean a refund to PG&E from QFs who
switched to PX pricing). The money would come from changing the basis for the
QF payments from the PX price to the SRAC price, starting back in December
(and maybe earlier).
PG&E will not commit to a payment schedule and will not commit to take the
Force Majeure notices off the table. QFs are asking IEP to attempt to get
some assurances of payment.
SCE has defaulted with its QFs; PG&E has not yet -- but big payments are due
on 2/2/01.
For gas-fired QFs -- Heat rate of 10.2 included in formula for PG&E's
purchases from such QFs. Two people are negotiating the these agreements
(Elcantar and Bloom), but they are going very slowly. Not clear this can be
resolved. Batten and Keeley are refereeing this. No discussions on this
occurred today.
Status of legislation -- Keeley left town for the night, so not much will
happen on the QFs.Assembly and Senate realize they have to work together.
Plan to meld together AB 1 with Hertzberg's new bill . Hydro as security is
dead. Republicans were very much opposed to it.
| ||
allen-p/sent/502.
|
subject: Analyst Interviews Needed - 2/15/01
content: Patti,
This sounds like an opportunity to land a couple of analyst to fill the gaps
in scheduling. Remember their rotations last for one year. Do you want to
be an interviewer?
Phillip
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/25/2001
12:46 PM ---------------------------
From: Jana Giovannini 01/24/2001 09:42 AM
To: Chris Gaskill/Corp/Enron@Enron, Marc De La Roche/HOU/ECT@ECT, Mark A
Walker/NA/Enron@Enron, Andrea V Reed/HOU/ECT@ECT, Katherine L
Kelly/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT, John Best/NA/Enron, Timothy J
Detmering/HOU/ECT@ECT, Barry Tycholiz/NA/Enron@ENRON, Frank W
Vickers/NA/Enron@Enron, Carl Tricoli/Corp/Enron@Enron, Edward D
Baughman/HOU/ECT@ECT, Larry Lawyer/NA/Enron@Enron, Jere C
Overdyke/HOU/ECT@ECT, Brad Blesie/Corp/Enron@ENRON, Lynette
LeBlanc/Houston/Eott@Eott, Thomas Myers/HOU/ECT, Jeffrey C
Gossett/HOU/ECT@ECT, Maureen Raymond/HOU/ECT@ECT, Kayne Coulter/HOU/ECT@ECT,
Phillip K Allen/HOU/ECT@ECT, Chris Abel/HOU/ECT@ECT, Steve
Venturatos/HOU/ECT@ECT, Ben Jacoby/HOU/ECT@ECT
cc: David W Delainey/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron, Mike
McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
Subject: Analyst Interviews Needed - 2/15/01
All,
The Analyst and Associate Programs recognize we have many Analyst needs that
need to be addressed immediately. While we anticipate many new Analysts
joining Enron this summer (late May) and fulltime (August) we felt it
necessary to address some of the immediate needs with an Off-Cycle Recruiting
event. We are planning this event for Thursday, February 15 and are inviting
approximately 30 candidates to be interviewed. I am asking that you forward
this note to any potential interviewers (Managers or above). We will conduct
first round interviews in the morning and the second round interviews in the
afternoon. We need for interviewers to commit either to the morning
(9am-12pm) or afternoon (2pm-5pm) complete session. Please submit your
response using the buttons below and update your calendar for this date. In
addition, we will need the groups that have current needs to commit to taking
one or more of these Analysts should they be extended an offer. Thanks in
advance for your cooperation.
Thank you,
Jana
| ||
allen-p/sent/503.
|
subject: Re: Resume
content: Nick,
There is a specific program that we are using to recruit, train, and mentor
new traders on the gas and power desks. The trading track program is being
coordinated by Ted Bland. I have forwarded him your resume. Give him a call
and he will fill you in on the details of the program.
Phillip
| ||
allen-p/sent/504.
|
subject: Kidventure Camp
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/25/2001
12:39 PM ---------------------------
Enron North America Corp.
From: WorkLife Department and Kidventure @ ENRON
01/24/2001 09:00 PM
Sent by: Enron Announcements@ENRON
To: All Enron Houston
cc:
Subject: Kidventure Camp
| ||
allen-p/sent/505.
|
subject:
content: Lucy,
#32 and #29 are fine.
#28 paid weekly on 1/5. Then he switched to biweekly. He should have paid
260 on 1/12. Two weeks rent in advance. Instead he paid 260 on 1/19. He
either needs to get back on schedule or let him know he is paying in the
middle of his two weeks. He is only paid one week in advance. This is not a
big deal, but you should be clear with tenants that rent is due in advance.
Here is an updated rentroll. Please use this one instead of the one I sent
you this morning.
Finally, can you fax me the application and lease from #9.
Phillip
| ||
allen-p/sent/506.
|
subject: Re: Draft of Opposition to ORA/TURN petition
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/25/2001
08:17 AM ---------------------------
From: Leslie Lawner@ENRON on 01/24/2001 08:17 PM CST
To: MBD <[email protected]>
cc: Harry Kingerski/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Phillip K Allen/HOU/ECT@ECT, Don Black/HOU/EES@EES,
James Shirley/HOU/EES@EES, Frank Ermis/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT
Subject: Re: Draft of Opposition to ORA/TURN petition
Everything is short and sweet except the caption! One comment. The very
last sentence reads : PG&E can continue to physically divert gas if
necessary . . . " SInce they haven't actually begun to divert yet, let's
change that sentence to read "PG&E has the continuing right to physically
divert gas if necessary..."
I will send this around for comment. Thanks for your promptness.
Any comments, anyone?
MBD <[email protected]>
01/24/2001 03:47 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Draft of Opposition to ORA/TURN petition
Leslie:
Here is the draft. Short and sweet. Let me know what you think. We will
be ready to file on Friday. Mike Day
<<X20292.DOC>>
- X20292.DOC
| ||
allen-p/sent/507.
|
subject:
content: Lucy,
Here is a rentroll for this week. I still have questions on #28,#29, and #32.
| ||
allen-p/sent/508.
|
subject:
content: Larry,
I met with a banker that is interested in financing the project. They need
the following:
Financial statements plus last two years tax returns.
Builders resume listing similar projects
The banker indicated he could pull together a proposal by Friday. If we are
interested in his loan, he would want to come see the site.
If you want to overnight me the documents, I will pass them along. You can
send them to my home or office (1400 Smith, EB3210B, Houston, TX 77002).
The broker is Jim Murnan. His number is 713-781-5810, if you want to call
him and send the documents to him directly.
It sounds like the attorneys are drafting the framework of the partnership
agreement. I would like to nail down the outstanding business points as soon
as possible.
Please email or call with an update.
Phillip
| ||
allen-p/sent/509.
|
subject: Re: Response to PGE request for gas
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/22/2001
02:06 PM ---------------------------
From: Travis McCullough on 01/22/2001 01:48 PM CST
To: Phillip K Allen/HOU/ECT@ECT
cc:
Subject: Re: Response to PGE request for gas
Draft response to PGE -- do you have any comments?
Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone: (713) 853-1575
Fax: (713) 646-3490
----- Forwarded by Travis McCullough/HOU/ECT on 01/22/2001 01:47 PM -----
William S Bradford
01/22/2001 01:44 PM
To: Travis McCullough/HOU/ECT@ECT
cc:
Subject: Re: Response to PGE request for gas
Works for me. Have you run it by Phillip Allen?
From: Travis McCullough on 01/22/2001 01:29 PM
To: William S Bradford/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Richard
Shapiro/NA/Enron@Enron, Elizabeth Sager/HOU/ECT@ECT, James D
Steffes/NA/Enron@Enron
cc:
Subject: Response to PGE request for gas
Please call me with any comments or questions.
Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone: (713) 853-1575
Fax: (713) 646-3490
| ||
allen-p/sent/51.
|
subject:
content: Lucy,
Here are the actual utility bills versus the cap. Did we collect
these overages? Let's discuss further? Remember these bills were paid in
July and August. The usage dates are much earlier. I have the bills but I
can get them to you if need be.
Philip
| ||
allen-p/sent/510.
|
subject:
content: By STEVE EVERLY - The Kansas City Star
Date: 01/20/01 22:15
As natural gas prices rose in December, traders at the New York Mercantile
Exchange kept one eye on the weather forecast and another on a weekly gas
storage number.
The storage figures showed utilities withdrawing huge amounts of gas, and the
forecast was for frigid weather. Traders put the two together, anticipated a
supply crunch and drove gas prices to record heights.
"Traders do that all the time; they're looking forward," said William Burson,
a trader. "It makes the market for natural gas."
But the market's response perplexed Chris McGill, the American Gas
Association's director of gas supply and transportation. He had compiled the
storage numbers since they were first published in 1994, and in his view the
numbers were being misinterpreted to show a situation far bleaker than
reality.
"It's a little frustrating that they don't take the time to understand what
we are reporting," McGill said.
As consumer outrage builds over high heating bills, the hunt for reasons --
and culprits -- is on. Some within the natural gas industry are pointing
fingers at Wall Street.
Stephen Adik, senior vice president of the Indiana utility NiSource, recently
stepped before an industry conference and blamed the market's speculators for
the rise in gas prices.
"It's my firm belief ... that today's gas prices are being manipulated," Adik
told the trade magazine Public Utilities Fortnightly.
In California, where natural gas spikes have contributed to an electric
utility crisis, six investigations are looking into the power industry.
Closer to home, observers note that utilities and regulators share the blame
for this winter's startling gas bills, having failed to protect their
customers and constituents from such price spikes.
Most utilities, often with the acquiescence of regulators, failed to take
precautions such as fixed-rate contracts and hedging -- a sort of price
insurance -- that could have protected their customers by locking in gas
prices before they soared.
"We're passing on our gas costs, which we have no control over," said Paul
Snider, a spokesman for Missouri Gas Energy.
But critics say the utilities shirked their responsibility to customers.
"There's been a failure of risk management by utilities, and that needs to
change," said Ed Krapels, director of gas power services for Energy Security
Analysis Inc., an energy consulting firm in Wakefield, Mass.
Hot topic
Consumers know one thing for certain: Their heating bills are up sharply. In
many circles, little else is discussed.
The Rev. Vincent Fraser of Glad Tidings Assembly of God in Kansas City is
facing a $1,456 December bill for heating the church -- more than double the
previous December's bill. Church members are suffering from higher bills as
well.
The Sunday collection is down, said Fraser, who might have to forgo part of
his salary. For the first time, the church is unable to meet its financial
pledge to overseas missionaries because the money is going to heating.
"It's the talk of the town here," he said.
A year ago that wasn't a fear. Wholesale gas prices hovered just above $2 per
thousand cubic feet -- a level that producers say didn't make it worthwhile
to drill for gas. Utilities were even cutting the gas prices paid by
customers.
But trouble was brewing. By spring, gas prices were hitting $4 per thousand
cubic feet, just as utilities were beginning to buy gas to put into storage
for winter.
There was a dip in the fall, but then prices rebounded. By early November,
prices were at $5 per thousand cubic feet. The federal Energy Information
Administration was predicting sufficient but tight gas supplies and heating
bills that would be 30 percent to 40 percent higher.
But $10 gas was coming. Below-normal temperatures hit much of the country,
including the Kansas City area, and fears about tight supplies roiled the gas
markets.
"It's all about the weather," said Krapels of Energy Security Analysis.
Wholesale prices exploded to $10 per thousand cubic feet, led by the New York
traders. Natural gas sealed its reputation as the most price-volatile
commodity in the world.
Setting the price
In the 1980s, the federal government took the caps off the wellhead price of
gas, allowing it to float. In 1990, the New York Mercantile began trading
contracts for future delivery of natural gas, and that market soon had
widespread influence over gas prices.
The futures contracts are bought and sold for delivery of natural gas as soon
as next month or as far ahead as three years. Suppliers can lock in sale
prices for the gas they expect to produce. And big gas consumers, from
utilities to companies such as Farmland Industries Inc., can lock in what
they pay for the gas they expect to use.
There are also speculators who trade the futures contracts with no intention
of actually buying or selling the gas -- and often with little real knowledge
of natural gas.
But if they get on the right side of a price trend, traders don't need to
know much about gas -- or whatever commodity they're trading. Like all
futures, the gas contracts are purchased on credit. That leverage adds to
their volatility and to the traders' ability to make or lose a lot of money
in a short time.
As December began, the price of natural gas on the futures market was less
than $7 per thousand cubic feet. By the end of the month it was nearly $10.
Much of the spark for the rally came from the American Gas Association's
weekly storage numbers.
Utilities buy ahead and store as much as 50 percent of the gas they expect to
need in the winter.
Going into the winter, the storage levels were about 5 percent less than
average, in part because some utilities were holding off on purchasing, in
hopes that the summer's unusually high $4 to $5 prices would drop.
Still, the American Gas Association offered assurances that supplies would be
sufficient. But when below-normal temperatures arrived in November, the
concerns increased among traders that supplies could be insufficient.
Then the American Gas Association reported the lowest year-end storage
numbers since they were first published in 1994. Still, said the
association's McGill, there was sufficient gas in storage.
But some utility executives didn't share that view. William Eliason, vice
president of Kansas Gas Service, said that if December's cold snap had
continued into January, there could have been a real problem meeting demand.
"I was getting worried," he said.
Then suddenly the market turned when January's weather turned warmer.
Wednesday's storage numbers were better than expected, and futures prices
dropped more than $1 per thousand cubic feet.
Just passing through
Some utilities said there was little else to do about the price increase but
pass their fuel costs on to customers.
Among area utilities, Kansas Gas Service increased its customers' cost-of-gas
charge earlier this month to $8.68 per thousand cubic feet. And Missouri Gas
Energy has requested an increase to $9.81, to begin Wednesday.
Sheila Lumpe, chairwoman of the Missouri Public Service Commission, said last
month that because utilities passed along their wholesale costs, little could
be done besides urging consumers to join a level-payment plan and to conserve
energy.
Kansas Gas Service had a small hedging program in place, which is expected to
save an average customer about $25 this winter.
Missouri Gas Energy has no hedging program. It waited until fall to seek an
extension of the program and then decided to pass when regulators would not
guarantee that it could recover its hedging costs.
Now utilities are being asked to justify the decisions that have left
customers with such high gas bills. And regulators are being asked whether
they should abandon the practice of letting utilities pass along their fuel
costs.
On Friday, Doug Micheel, senior counsel of the Missouri Office of the Public
Counsel, said his office would ask the Missouri Public Service Commission to
perform an emergency audit of Missouri Gas Energy's gas purchasing practices.
"Consumers are taking all the risk," Micheel said. "It's time to consider
some changes."
To reach Steve Everly, call (816) 234-4455 or send e-mail to
[email protected].
------------------------------------------------------------------------------
--
All content , 2001 The Kansas City Star
| ||
allen-p/sent/511.
|
subject: Re: Please respond
content: message board
| ||
allen-p/sent/512.
|
subject: Re: Please respond
content: need help.
| ||
allen-p/sent/513.
|
subject:
content: Jeff,
Here is a recent rentroll. I understand another looker went to the
property. I want to hear the feedback no matter how discouraging. I am in
Portland for the rest of the week. You can reach me on my cell phone
713-410-4679. My understanding was that you would be overnighting some
closing statements for Leander on Friday. Please send them to my house (8855
Merlin Ct, Houston, TX 77055).
Call me if necessary.
Phillip
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/18/2001
08:06 AM ---------------------------
"phillip allen" <[email protected]> on 01/16/2001 06:36:15 PM
To: [email protected]
cc:
Subject:
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com
- rentroll_investors_0112.xls
| ||
allen-p/sent/514.
|
subject:
content: Larry,
The wire should go out today. I am in Portland but can be reached by cell
phone 713-410-4679. Call me if there are any issues. I will place a call to
my attorney to check on the loan agreement.
Phillip
| ||
allen-p/sent/515.
|
subject:
content: Lucy,
Why did so many tenants not pay this week?
#12 95
#21 240
#27 120
#28 260
#33 260
Total 975
It seems these apartments just missed rent. What is up?
Other questions:
#9-Why didn't they pay anything? By my records, they still owe $40 plus rent
should have been due on 12/12 of $220.
#3-Why did they short pay?
| ||
allen-p/sent/516.
|
subject: California Action Update 1-14-00
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/16/2001
07:25 AM ---------------------------
From: James D Steffes@ENRON on 01/15/2001 11:36 AM CST
To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Sandra
McCubbin/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Michael
Tribolet/Corp/Enron@Enron, Vicki Sharp/HOU/EES@EES, Christian
Yoder/HOU/ECT@ECT, pgboylston@stoel, Travis McCullough/HOU/ECT@ECT, Don
Black/HOU/EES@EES, Tim Belden/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Wanda
Curry/HOU/EES@EES, Scott Stoness/HOU/EES@EES, [email protected], Susan J
Mara/NA/Enron@ENRON, [email protected], William S
Bradford/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT, Alan Comnes/PDX/ECT@ECT, Mary
Hain/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON
cc:
Subject: California Action Update 1-14-00
Enron has agreed that the key issue is to focus on solving the S-T buying
needs. Attached is a spreadsheet that outlines the $ magnitude of the next
few months.
TALKING POINTS:
Lot's of questions about DWR becoming the vehicle for S-T buying and there
is a significant legal risk for it becoming the vehicle. WE DO NEED
SOMETHING TO BRIDGE BEFORE WE PUT IN L-T CONTRACTS.
Huge and growing shortfall ($3.2B through March 31, 2001)
The SOONER YOU CAN PUT IN L-T CONTRACTS STOP THE BLEEDING.
Bankruptcy takes all authority out of the Legislature's hands.
ACTION ITEMS:
1. Energy Sales Participation Agreement During Bankruptcy
Michael Tribolet will be contacting John Klauberg to discuss how to organize
a Participation Agreement to sell to UDCs in Bankruptcy while securing Super
Priority.
2. Legislative Language for CDWR (?) Buying Short-Term
Sandi McCubbin / Jeff Dasovich will lead team to offer new language to meet
S-T requirements of UDCs. Key is to talk with State of California Treasurer
to see if the $ can be found or provided to private firms. ($3.5B by end of
April). Pat Boylston will develop "public benefit" language for options
working with Mike Day. He can be reached at 503-294-9116 or
[email protected].
3. Get Team to Sacramento
Get with Hertzberg to discuss the options (Bev Hansen). Explain the
magnitude of the problem. Get Mike Day to help draft language.
4. See if UDCs have any Thoughts
Steve Kean will communicate with UDCs to see if they have any solutions or
thougths. Probably of limited value.
5. Update List
Any new information on this should be communicated to the following people as
soon as possible. These people should update their respective business units.
ENA Legal - Christian Yoder / Travis McCullough
Credit - Michael Tribolet
EES - Vicki Sharp / Don Black
ENA - Tim Belden / Philip Allen
Govt Affairs - Steve Kean / Richard Shapiro
| ||
allen-p/sent/517.
|
subject: California - Jan 13 meeting
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/16/2001
07:18 AM ---------------------------
From: Steven J Kean@ENRON on 01/14/2001 01:52 PM CST
To: Kenneth Lay/Corp/Enron@ENRON, Jeff Skilling/Corp/Enron@ENRON, Mark
Koenig/Corp/Enron@ENRON, Rick Buy/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT,
John J Lavorato/Corp/Enron@Enron, Greg Whalley/HOU/ECT@ECT, Mark
Frevert/NA/Enron@Enron, Karen S Owens@ees@EES, Thomas E White/HOU/EES@EES,
Marty Sunde/HOU/EES@EES, Dan Leff/HOU/EES@EES, Scott Stoness/HOU/EES@EES,
Vicki Sharp/HOU/EES@EES, William S Bradford/HOU/ECT@ECT, Phillip K
Allen/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Alan
Comnes/PDX/ECT@ECT, Karen Denne/Corp/Enron@ENRON, Mark E
Haedicke/HOU/ECT@ECT, Wanda Curry/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT, Joe
Hartsoe/Corp/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Linda
Robertson/NA/Enron@ENRON, James D Steffes/NA/Enron@Enron, Harry
Kingerski/NA/Enron@Enron, Roger Yang/SFO/EES@EES, Dennis
Benevides/HOU/EES@EES, Paul Kaufman/PDX/ECT@ECT, Susan J Mara/SFO/EES@EES,
Sandra McCubbin/NA/Enron@Enron, David Parquet/SF/ECT@ECT, Robert
Johnston/HOU/ECT@ECT, Don Black/HOU/EES@EES, Mark Palmer/Corp/Enron@ENRON,
Michael Tribolet/Corp/Enron@Enron, Greg Wolfe/HOU/ECT@ECT, Christian
Yoder/HOU/ECT@ECT, Stephen Swain/PDX/ECT@ECT, Tim Belden/HOU/ECT@ECT
cc:
Subject: California - Jan 13 meeting
Attached is a summary of the Jan 13 Davis-Summers summit on the California
power situation. We will be discussing this at the 2:00 call today.
| ||
allen-p/sent/518.
|
subject: Re:
content: Kristin,
Thank you for the California update. Please continue to include me in all
further intellegence reports regarding the situation in California.
Phillip
| ||
allen-p/sent/519.
|
subject: Re: Analyst Rotating
content: Andrea,
Please resend the first three resumes.
Phillip
| ||
allen-p/sent/52.
|
subject: Re: EOL Screens in new Body Shop
content: Bob,
Any time tomorrow between 10 am and 1 pm would be good for looking at the
plans. As far as the TV's, what do you need me to do? Do we need plasma
screens or would regular monitors be just as good at a fraction of the cost.
Phillip
| ||
allen-p/sent/520.
|
subject: Analyst Rotating
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/12/2001
01:45 PM ---------------------------
Enron North America Corp.
From: Andrea Richards @ ENRON 01/10/2001 12:49 PM
To: Phillip K Allen/HOU/ECT@ECT
cc:
Subject: Analyst Rotating
Phillip, attached are resumes of analysts that are up for rotation. If you
are interested, you may contact them directly.
, ,
| ||
allen-p/sent/521.
|
subject: Preliminary 2001 Northwest Hydro Outlook
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/12/2001
01:34 PM ---------------------------
TIM HEIZENRADER
01/11/2001 10:17 AM
To: Phillip K Allen/HOU/ECT@ECT, John Zufferli/CAL/ECT@ECT
cc: Cooper Richey/PDX/ECT@ECT
Subject: Preliminary 2001 Northwest Hydro Outlook
Here's our first cut at a full year hydro projection: Please keep
confidential.
| ||
allen-p/sent/522.
|
subject:
content: Jim,
Here are the key gas contacts.
Work Home Cell
Phillip Allen X37041 713-463-8626 713-410-4679
Mike Grigsby X37031 713-780-1022 713-408-6256
Keith Holst X37069 713-667-5889 713-502-9402
Please call me with any significant developments.
Phillip
| ||
allen-p/sent/524.
|
subject: updated lease information
content: Lucy,
The apartments that have new tenants since December 15th are:
1,2,8,12,13,16,20a,20b,25,32,38,39.
Are we running an apartment complex or a motel?
Please update all lease information on the 1/12 rentroll and email it to me
this afternoon.
Phillip
| ||
allen-p/sent/525.
|
subject: Re: Wiring instructions
content: Larry,
Do you want the loan and wire amount to be for exactly $1.1 million.
Phillip
| ||
allen-p/sent/526.
|
subject: Re: Analyst PRC
content: Thanks for representing Matt.
Phillip
| ||
allen-p/sent/527.
|
subject: Re: SM134
content: George,
Here is a spreadsheet that illustrates the payout of investment and builders
profit. Check my math, but it looks like all the builders profit would be
recouped in the first year of operation. At permanent financing $1.1 would
be paid, leaving only .3 to pay out in the 1st year.
Since almost 80% of builders profit is repaid at the same time as the
investment, I feel the 65/35 is a fair split. However, as I mentioned
earlier, I think we should negotiate to layer on additional equity to you as
part of the construction contract.
Just to begin the brainstorming on what a construction agreement might look
like here are a few ideas:
1. Fixed construction profit of $1.4 million. Builder doesn't benefit from
higher cost, rather suffers as an equity holder.
2. +5% equity for meeting time and costs in original plan ($51/sq ft, phase
1 complete in November)
+5% equity for under budget and ahead of schedule
-5% equity for over budget and behind schedule
This way if things go according to plan the final split would be 60/40, but
could be as favorable as 55/45. I realize that what is budget and schedule
must be discussed and agreed upon.
Feel free to call me at home (713)463-8626
Phillip
| ||
allen-p/sent/528.
|
subject:
content: Lucy,
Here is a schedule of the most recent utility bills and the overages. There
are alot of overages. It will probably get worse this month because of all
the cold weather.
You need to be very clear with all new tenants about the electricity cap.
This needs to be handwritten on all new leases.
I am going to fax you copies of the bills that support this spreadsheet. We
also need to write a short letter remind everyone about the cap and the need
to conserve energy if they don't want to exceed their cap. I will write
something today.
Wait until you have copies of the bills and the letter before you start
collecting.
Phillip
| ||
allen-p/sent/529.
|
subject:
content: We do not understand our VAR. Can you please get us all the detailed reports
and component VAR reports that you can produce?
The sooner the better.
Phillip
| ||
allen-p/sent/53.
|
subject: Re: test
content: test successful. way to go!!!
| ||
allen-p/sent/530.
|
subject: Re: Needs Assessment Form
content: Ted,
Andrea in the analysts pool asked me to fill out this request. Can you help
expedite this process?
Phillip
| ||
allen-p/sent/531.
|
subject:
content: Frank,
Did you receive the information about the San Marcos apartments. I have left
several messages at your office to follow up. You mentioned that your plate
was fairly full. Are you too busy to look at this project? As I mentioned I
would be interested in speaking to you as an advisor or at least a sounding
board for the key issues.
Please email or call.
Phillip Allen
[email protected]
713-853-7041
| ||
allen-p/sent/532.
|
subject:
content: Questions about 12/29 rentroll:
There were two deposits that were not labeled. One for $150 and the other
for $75. Which apartments? 20a or #13?
Utility overages for #26 and #44? Where did you get these amounts? For
what periods?
What is going on with #42. Do not evict this tenant for being unclean!!!
That will just create an apartment that we will have to spend a lot of money
and time remodeling. I would rather try and deal with this tenant by first
asking them to clean their apartment and fixing anything that is wrong like
leaky pipes. If that doesn't work, we should tell them we will clean the
apartment and charge them for the labor. Then we will perform monthly
inspections to ensure they are not damaging the property. This tenant has
been here since September 1998, I don't want to run them off.
I check with the bank and I did not see that a deposit was made on Tuesday so
I couldn't check the total from the rentroll against the bank. Is this
right? Has the deposit been made yet?
A rentroll for Jan 5th will follow shortly.
Phillip
| ||
allen-p/sent/533.
|
subject: Re: Untitled.exe Untitled.exe [22/23]
content: cannot open this file. Please send in different format
| ||
allen-p/sent/534.
|
subject: Re: SM134 Balcones Bank Loan
content: I can't open a winmail.dat file. can you send in a different format
| ||
allen-p/sent/535.
|
subject: New Generation, Nov 30th
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/02/2001
09:34 AM ---------------------------
From: Tim Belden 12/05/2000 06:42 AM
To: Phillip K Allen/HOU/ECT@ECT
cc:
Subject: New Generation, Nov 30th
---------------------- Forwarded by Tim Belden/HOU/ECT on 12/05/2000 05:44 AM
---------------------------
Kristian J Lande
12/01/2000 03:54 PM
To: Christopher F Calger/PDX/ECT@ECT, Jake Thomas/HOU/ECT@ECT, Frank W
Vickers/HOU/ECT@ECT, Elliot Mainzer/PDX/ECT@ECT, Michael McDonald/SF/ECT@ECT,
David Parquet/SF/ECT@ECT, Laird Dyer/SF/ECT@ECT, Jim Buerkle/PDX/ECT@ECT, Jim
Gilbert/PDX/ECT@ECT, Terry W Donovan/HOU/ECT@ECT, Jeff G
Slaughter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ed Clark/PDX/ECT@ECT, Saji
John/HOU/ECT@ECT, Michael Etringer/HOU/ECT@ECT
cc: Alan Comnes/PDX/ECT@ECT, Tim Belden/HOU/ECT@ECT, Robert
Badeer/HOU/ECT@ECT, Matt Motley/PDX/ECT@ECT, Mike Swerzbin/HOU/ECT@ECT, Todd
Perry/PDX/ECT@ECT, Jeffrey Oh/PDX/ECT@ECT
Subject: New Generation, Nov 30th
| ||
allen-p/sent/536.
|
subject: Meeting with Governor Davis, need for additional
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 12/29/2000
10:13 AM ---------------------------
From: Steven J Kean@ENRON on 12/28/2000 09:19 PM CST
To: Tim Belden/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, David
Parquet/SF/ECT@ECT, Marty Sunde/HOU/EES@EES, William S Bradford/HOU/ECT@ECT,
Scott Stoness/HOU/EES@EES, Dennis Benevides/HOU/EES@EES, Robert
Badeer/HOU/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Sandra
McCubbin/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Richard
Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Mary Hain/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON,
Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON
cc:
Subject: Meeting with Governor Davis, need for additional comments/suggestions
We met with Gov Davis on Thursday evening in LA. In attendance were Ken Lay,
the Governor, the Governor's staff director (Kari Dohn) and myself. The gov.
spent over an hour and a half with us covering our suggestions and his
ideas. He would like some additional thoughts from us by Tuesday of next
week as he prepares his state of the state address for the following Monday.
Attached to the end of this memo is a list of solutions we proposed (based on
my discussions with several of you) as well as some background materials Jeff
Dasovich and I prepared. Below are my notes from the meeting regarding our
proposals, the governor's ideas, as well as my overview of the situation
based on the governor's comments:
Overview: We made great progress in both ensuring that he understands that
we are different from the generators and in opening a channel for ongoing
communication with his administration. The gov does not want the utilities to
go bankrupt and seems predisposed to both rate relief (more modest than what
the utilities are looking for) and credit guarantees. His staff has more
work to do on the latter, but he was clearly intrigued with the idea. He
talked mainly in terms of raising rates but not uncapping them at the retail
level. He also wants to use what generation he has control over for the
benefit of California consumers, including utility-owned generation (which he
would dedicate to consumers on a cost-plus basis) and excess muni power
(which he estimates at 3000MW). He foresees a mix of market oriented
solutions as well as interventionist solutions which will allow him to fix
the problem by '02 and provide some political cover.
Our proposals: I have attached the outline we put in front of him (it also
included the forward price information several of you provided). He seemed
interested in 1) the buy down of significant demand, 2) the state setting a
goal of x000 MW of new generation by a date certain, 3) getting the utilities
to gradually buy more power forward and 4) setting up a group of rate
analysts and other "nonadvocates" to develop solutions to a number of issues
including designing the portfolio and forward purchase terms for utilities.
He was also quite interested in examining the incentives surrounding LDC gas
purchases. As already mentioned, he was also favorably disposed to finding
some state sponsored credit support for the utilities.
His ideas: The gov read from a list of ideas some of which were obviously
under serious consideration and some of which were mere "brainstorming".
Some of these ideas would require legislative action.
State may build (or make build/transfer arrangements) a "couple" of
generation plants. The gov feels strongly that he has to show consumers that
they are getting something in return for bearing some rate increases. This
was a frequently recurring theme.
Utilities would sell the output from generation they still own on a cost-plus
basis to consumers.
Municipal utilties would be required to sell their excess generation in
California.
State universities (including UC/CSU and the community colleges) would more
widely deploy distributed generation.
Expand in-state gas production.
Take state lands gas royalties in kind.
negotiate directly with tribes and state governments in the west for
addtional gas supplies.
Empower an existing state agency to approve/coordinate power plant
maintenance schedules to avoid having too much generation out of service at
any one time.
Condition emissions offsets on commitments to sell power longer term in state.
Either eliminate the ISO or sharply curtail its function -- he wants to hear
more about how Nordpool works(Jeff- someone in Schroeder's group should be
able to help out here).
Wants to condition new generation on a commitment to sell in state. We made
some headway with the idea that he could instead require utilities to buy
some portion of their forward requirements from new in-state generation
thereby accomplishing the same thing without using a command and control
approach with generators.
Securitize uncollected power purchase costs.
To dos: (Jeff, again I'd like to prevail on you to assemble the group's
thoughts and get them to Kari)
He wants to see 5 year fixed power prices for peak/ off-peak and baseload --
not just the 5 one year strips.
He wants comments on his proposals by Tuesday.
He would like thoughts on how to pitch what consumers are getting out of the
deal.
He wants to assemble a group of energy gurus to help sort through some of the
forward contracting issues.
Thanks to everyone for their help. We made some progress today.
| ||
allen-p/sent/537.
|
subject:
content: Trading Profits
P. Allen 200
M. Grigsby 463
Rest of Desk 282
Total 945
I view my bonus as partly attributable to my own trading and partly to the
group's performance. Here are my thoughts.
Minimum Market Maximum
Cash 2 MM 4 MM 6 MM
Equity 2 MM 4 MM 6 MM
Here are Mike's numbers. I have not made any adjustments to them.
Minimum Market Maximum
Cash 2 MM 3 MM 4 MM
Equity 4 MM 7 MM 12 MM
I have given him an "expectations" speech, but you might do the same at some
point.
Phillip
| ||
allen-p/sent/538.
|
subject:
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 12/28/2000
09:50 AM ---------------------------
Hunter S Shively
12/28/2000 07:15 AM
To: Phillip K Allen/HOU/ECT@ECT
cc:
Subject:
Larry,
I was able to scan my 98 & 99 tax returns into Adobe. Here they are plus the
excel file is a net worth statement. If you have any trouble downloading or
printing these files let me know and I can fax them to you. Let's talk
later today.
Phillip
P.S. Please remember to get Jim Murnan the info. he needs.
| ||
allen-p/sent/539.
|
subject:
content: Gentlemen,
I continue to speak to an attorney for help with the investment structure
and a mortgage broker for help with the financing. Regarding the financing,
I am working with Jim Murnan at Pinnacle Mortgage here in Houston. I have
sent him some information on the project, but he needs financial information
on you. Can you please send it to him. His contact information is: phone
(713)781-5810, fax (713)781-6614, and email [email protected].
I know Larry has been working with a bank and they need my information. I
hope to pull that together this afternoon.
I took the liberty of calling Thomas Reames from the Frog Pond document. He
was positive about his experience overall. He did not seem pleased with the
bookkeeping or information flow to the investor. I think we should discuss
these procedures in advance.
Let's continue to speak or email frequently as new developments occur.
Phillip
| ||
allen-p/sent/54.
|
subject: Re: High Speed Internet Access
content: 1. login: pallen pw: ke9davis
I don't think these are required by the ISP
2. static IP address
IP: 64.216.90.105
Sub: 255.255.255.248
gate: 64.216.90.110
DNS: 151.164.1.8
3. Company: 0413
RC: 105891
| ||
allen-p/sent/540.
|
subject:
content: Jim,
I would appreciate your help in locating financing for the project I
described to you last week. The project is a 134 unit apartment complex in
San Marcos. There will be a builder/developer plus myself and possibly a
couple of other investors involved. As I mentioned last week, I would like
to find interim financing (land, construction, semi-perm) that does not
require the investors to personally guarantee. If there is a creative way to
structure the deal, I would like to hear your suggestions. One idea that has
been mentioned is to obtain a "forward commitment" in order to reduce the
equity required. I would also appreciate hearing from you how deals of this
nature are normally financed. Specifically, the transition from interim to
permanent financing. I could use a quick lesson in what numbers will be
important to banks.
I am faxing you a project summary. And I will have the builder/developer
email or fax his financial statement to you.
Let me know what else you need. The land is scheduled to close mid January.
Phillip Allen
| ||
allen-p/sent/541.
|
subject:
content: Jeff,
Everything should be done for closing on the Leander deal on the 29th. I
have fed ex'd the closing statements and set up a wire transfer to go out
tomorrow. When will more money be required? Escrow for roads? Utility
connections? Other rezoning costs?
What about property taxes? The burnet land lost its ag exemption while I
owned it. Are there steps we can take to hold on to the exemption on this
property? Can you explain the risks and likelihood of any rollback taxes
once the property is rezoned? Do we need to find a farmer and give him
grazing rights?
What are the important dates coming up and general status of rezoning and
annexing? I am worried about the whole country slipping into a recession and
American Multifamily walking on this deal. So I just want to make sure we
are pushing the process as fast as we can.
Phillip
| ||
allen-p/sent/542.
|
subject:
content: Steve,
I am sending you a variety of charts with prices and operational detail. If
you need to call with questions my home number is 713-463-8626.
As far as recommendations, here is a short list:
1. Examine LDC's incentive rate program. Current methodology rewards sales
above monthly index without enough consideration of future
replacement cost. The result is that the LDC's sell gas that should be
injected into storage when daily prices run above the monthly index.
This creates a shortage in later months.
2. California has the storage capacity and pipeline capacity to meet
demand. Investigate why it wasn't maximized operationally.
Specific questions should include:
1. Why in March '00-May '00 weren't total system receipts higher in order
to fill storage?
2. Why are there so many examples of OFO's on weekends that push away too
much gas from Socal's system.
I believe Socal gas does an extremely poor job of forecasting their
own demand. They repeatedly estimated they would receive more gas than
their injection capablity, but injected far less.
3. Similar to the power market, there is too much benchmarking to short
term prices. Not enough forward hedging is done by the major
LDCs. By design the customers are short at a floating
rate. This market has been long historically. It has been a buyers market
and the
consumer has benefitted.
Call me if you need any more input.
Phillip
| ||
allen-p/sent/543.
|
subject: Re: Global Ids
content: Monique Sanchez
Jay Reitmeyer
Randy Gay
Matt Lenhart
| ||
allen-p/sent/544.
|
subject:
content: John,
Here is our North of Stanfield forecast for Jan.
Supply Jan '01 Dec '00 Jan '00
Sumas 900 910 815
Jackson Pr. 125 33 223
Roosevelt 300 298 333
Total Supply 1325 1241 1371
Demand
North of Chehalis 675 665 665
South of Chehalis 650 575 706
Total Demand 1325 1240 1371
Roosevelt capacity is 495.
Let me know how your forecast differs.
Phillip
| ||
allen-p/sent/545.
|
subject: Re: Global Ids
content: Please assign global id's to the four junior traders listed on Dawn's
original email. The are all trading and need to have unique id's.
Thank you
| ||
allen-p/sent/546.
|
subject: RE: access
content: Received the fax. Thank you. I might have to sell the QQQ and take the loss
for taxes. But I would roll right into a basket of individual technology
stocks. I think I mentioned this to you previously that I have decided to
use this account for the kids college.
| ||
allen-p/sent/547.
|
subject: RE: access
content: Fax number 713-646-2391
| ||
allen-p/sent/548.
|
subject: Re: Your Approval is Overdue: Access Request for
content: PLEASE APPROVE HIM FOR THIS. PHILLIP WILL NOT BE ABLE TO GET INTO HIS EMAIL
SYSTEM TO DO THIS.
IF YOU HAVE ANY QUESTIONS, OR PROBLEMS, PLEASE CALL ME AT X3-7257.
THANK YOU.
INA.
IF THIS IS A PROBLEM TO DO IT THIS WAY PLEASE CALL ME AND I WILL WALK PHILLIP
THROUGH THE STEPS TO APPROVE. IF YOU CALL HIM, HE WILL DIRECT IT TO ME
ANYWAY.
[email protected] on 12/18/2000 07:07:04 PM
To: [email protected]
cc:
Subject: Your Approval is Overdue: Access Request for [email protected]
This request has been pending your approval for 5 days. Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000009659&Page=
Approval to review and act upon this request.
Request ID : 000000000009659
Request Create Date : 12/8/00 8:23:47 AM
Requested For : [email protected]
Resource Name : VPN
Resource Type : Applications
| ||
allen-p/sent/549.
|
subject: Re: SM134 Proforma.xls
content: George & Larry,
If possible, I would like to get together in Columbus as Larry suggested.
Thursday afternoon is the only day that really works for me.
Let me know if that would work for you. I was thinking around 2 or 2:30 pm.
I will try to email you any questions I have from the latest proforma
tomorrow.
Phillip
| ||
allen-p/sent/55.
|
subject: FW: fixed forward or other Collar floor gas price terms
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/16/2000
01:42 PM ---------------------------
"Buckner, Buck" <[email protected]> on 10/12/2000 01:12:21 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: FW: fixed forward or other Collar floor gas price terms
Phillip,
> As discussed during our phone conversation, In a Parallon 75 microturbine
> power generation deal for a national accounts customer, I am developing a
> proposal to sell power to customer at fixed or collar/floor price. To do
> so I need a corresponding term gas price for same. Microturbine is an
> onsite generation product developed by Honeywell to generate electricity
> on customer site (degen). using natural gas. In doing so, I need your
> best fixed price forward gas price deal for 1, 3, 5, 7 and 10 years for
> annual/seasonal supply to microturbines to generate fixed kWh for
> customer. We have the opportunity to sell customer kWh 's using
> microturbine or sell them turbines themselves. kWh deal must have limited/
> no risk forward gas price to make deal work. Therein comes Sempra energy
> gas trading, truly you.
>
> We are proposing installing 180 - 240 units across a large number of
> stores (60-100) in San Diego.
> Store number varies because of installation hurdles face at small percent.
>
> For 6-8 hours a day Microturbine run time:
> Gas requirement for 180 microturbines 227 - 302 MMcf per year
> Gas requirement for 240 microturbines 302 - 403 MMcf per year
>
> Gas will likely be consumed from May through September, during peak
> electric period.
> Gas price required: Burnertip price behind (LDC) San Diego Gas & Electric
> Need detail breakout of commodity and transport cost (firm or
> interruptible).
>
> Should you have additional questions, give me a call.
> Let me assure you, this is real deal!!
>
> Buck Buckner, P.E., MBA
> Manager, Business Development and Planning
> Big Box Retail Sales
> Honeywell Power Systems, Inc.
> 8725 Pan American Frwy
> Albuquerque, NM 87113
> 505-798-6424
> 505-798-6050x
> 505-220-4129
> 888/501-3145
>
| ||
allen-p/sent/550.
|
subject:
content: Jeff,
Hear is a new NOI file. I have added an operating statement for 1999
(partial year).
I will try to email you some photos soon.
Phillip
| ||
allen-p/sent/551.
|
subject:
content: Jeff,
The files attached contain a current rentroll, 2000 operating statement, and
a proforma operating statement.
| ||
allen-p/sent/552.
|
subject: Re:
content: Yes. Trading reports to Whalley. He is Lavorato's boss.
| ||
allen-p/sent/553.
|
subject: Re: Call saturday
content: Larry,
10 AM tomorrow is good for me. If you want to email me anything tonight,
please use [email protected].
Phillip
| ||
allen-p/sent/554.
|
subject:
content: Lucy,
I want to get the lease data and tenant data updated.
The critical information is 1. Move in or lease start date
2. Lease expiration date
3. Rent
4. Deposit
If you have the info you can
fill in these items 1. Number of occupants
2. Workplace
All the new leases should be the long form.
The apartments that have new tenants since these columns have been updated
back in October are #3,5,9,11,12,17,21,22,23,25,28,33,38.
I really need to get this by tomorrow. Please use the rentroll_1215 file to
input the correct information on all these tenants. And email it to me
tomorrow. You should have all this information on their leases and
applications.
Phillip
| ||
allen-p/sent/555.
|
subject:
content: Lucy,
Here is a new file for 12/15.
For the rentroll for 12/08 here are my questions:
#23 & #24 did not pay. Just late or moving?
#25 & #33 Both paid 130 on 12/01 and $0 on 12/08. What is the deal?
#11 Looks like she is caught up. When is she due again?
Please email the answers.
Phillip
| ||
allen-p/sent/556.
|
subject: Re:
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 12/14/2000
11:15 AM ---------------------------
Enron North America Corp.
From: Rebecca W Cantrell 12/13/2000 02:01 PM
To: Phillip K Allen/HOU/ECT@ECT
cc:
Subject: Re:
Phillip -- Is the value axis on Sheet 2 of the "socalprices" spread sheet
supposed to be in $? If so, are they the right values (millions?) and where
did they come from? I can't relate them to the Sheet 1 spread sheet.
As I told Mike, we will file this out-of-time tomorrow as a supplement to our
comments today along with a cover letter. We have to fully understand the
charts and how they are constructed, and we ran out of time today. It's much
better to file an out-of-time supplement to timely comments than to file the
whole thing late, particuarly since this is apparently on such a fast track.
Thanks.
From: Phillip K Allen 12/13/2000 03:04 PM
To: Christi L Nicolay/HOU/ECT@ECT, James D Steffes/NA/Enron@ENRON, Jeff
Dasovich/NA/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT,
[email protected], [email protected], Richard B Sanders/HOU/ECT@ECT, Richard
Shapiro/NA/Enron@ENRON, Stephanie Miller/Corp/Enron@ENRON, Steven J
Kean/NA/Enron@ENRON, Susan J Mara/NA/Enron@ENRON, Rebecca W
Cantrell/HOU/ECT@ECT
cc:
Subject:
Attached are two files that illustrate the following:
As prices rose, supply increased and demand decreased. Now prices are
beginning to fall in response these market responses.
| ||
allen-p/sent/557.
|
subject: Re:
content: Yes you can use this chart. Does it make sense?
| ||
allen-p/sent/558.
|
subject: Final FIled Version
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 12/14/2000
10:06 AM ---------------------------
From: Sarah Novosel@ENRON on 12/13/2000 04:39 PM CST
To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON, Paul Kaufman/PDX/ECT@ECT, Phillip K Allen/HOU/ECT@ECT,
Mary Hain/HOU/ECT@ECT, Christi L Nicolay/HOU/ECT@ECT, Donna
Fulton/Corp/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Shelley
Corman/ET&S/Enron@ENRON
cc:
Subject: Final FIled Version
----- Forwarded by Sarah Novosel/Corp/Enron on 12/13/2000 05:35 PM -----
"Randall Rich" <[email protected]>
12/13/2000 05:13 PM
To: "Jeffrey Watkiss" <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>
cc:
Subject: Final FIled Version
The filed version of the comments in the San Diego Gas & Electric matter at
FERC is attached.
- SANDIEGO.DOC
| ||
allen-p/sent/56.
|
subject: Re: FW: fixed forward or other Collar floor gas price terms
content: Mr. Buckner,
For delivered gas behind San Diego, Enron Energy Services is the appropriate
Enron entity. I have forwarded your request to Zarin Imam at EES. Her phone
number is 713-853-7107.
Phillip Allen
| ||
allen-p/sent/57.
|
subject:
content: Lucy,
Here are the rentrolls:
Open them and save in the rentroll folder. Follow these steps so you don't
misplace these files.
1. Click on Save As
2. Click on the drop down triangle under Save in:
3. Click on the (C): drive
4. Click on the appropriate folder
5. Click on Save:
Phillip
| ||
allen-p/sent/58.
|
subject: Consolidated positions: Issues & To Do list
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/09/2000
02:16 PM ---------------------------
Richard Burchfield
10/06/2000 06:59 AM
To: Phillip K Allen/HOU/ECT@ECT
cc: Beth Perlman/HOU/ECT@ECT
Subject: Consolidated positions: Issues & To Do list
Phillip,
Below is the issues & to do list as we go forward with documenting the
requirements for consolidated physical/financial positions and transport
trade capture. What we need to focus on is the first bullet in Allan's list;
the need for a single set of requirements. Although the meeting with Keith,
on Wednesday, was informative the solution of creating a infinitely dynamic
consolidated position screen, will be extremely difficult and time
consuming. Throughout the meeting on Wednesday, Keith alluded to the
inability to get consensus amongst the traders on the presentation of the
consolidated position, so the solution was to make it so that a trader can
arrange the position screen to their liking (much like Excel). What needs to
happen on Monday from 3 - 5 is a effort to design a desired layout for the
consolidated position screen, this is critical. This does not exclude
building a capability to create a more flexible position presentation for the
future, but in order to create a plan that can be measured we need firm
requirements. Also, to reiterate that the goals of this project is a project
plan on consolidate physical/financial positions and transport trade capture.
The other issues that have been raised will be capture as projects on to
themselves, and will need to be prioritised as efforts outside of this
project.
I have been involved in most of the meetings and the discussions have been
good. I believe there has been good communication between the teams, but now
we need to have focus on the objectives we set out to solve.
Richard
---------------------- Forwarded by Richard Burchfield/HOU/ECT on 10/06/2000
08:34 AM ---------------------------
Allan Severude
10/05/2000 06:03 PM
To: Richard Burchfield/HOU/ECT@ECT
cc: Peggy Alix/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Scott
Mills/HOU/ECT@ECT, Kenny Ha/HOU/ECT@ECT
Subject: Consolidated positions: Issues & To Do list
From our initial set of meetings with the traders regarding consolidated
positions, I think we still have the following issues:
We don't have a single point of contact from the trading group. We've had
three meetings which brought out very different issues from different
traders. We really need a single point of contact to help drive the trader
requirements and help come to a consensus regarding the requirements.
We're getting hit with a lot of different requests, many of which appear to
be outside the scope of position consolidation.
Things left to do:
I think it may be useful to try to formulate a high level project goal to
make it as clear as possible what we're trying to accomplish with this
project. It'll help determine which requests fall under the project scope.
Go through the list of requests to determine which are in scope for this
project and which fall out of scope.
For those in scope, work to define relative importance (priority) of each and
work with traders to define the exact requirements of each.
Define the desired lay out of the position manager screen: main view and all
drill downs.
Use the above to formulate a project plan.
Things requested thus far (no particular order):
Inclusion of Sitara physical deals into the TDS position manager and deal
ticker.
Customized rows and columns in the position manager (ad hoc rows/columns that
add up existing position manager rows/columns).
New drill down in the position manager to break out positions by: physical,
transport, swaps, options, ...
Addition of a curve tab to the position manager to show the real-time values
of all curves on which the desk has a position.
Ability to split the current position grid to allow daily positions to be
shown directly above monthly positions. Each grouped column in the top grid
would be tied to a grouped column in the bottom grid.
Ability to properly show curve shift for float-for-float deals; determine the
appropriate positions to show for each:
Gas Daily for monthly index,
Physical gas for Nymex,
Physical gas for Inside Ferc,
Physical gas for Mid market.
Ability for TDS to pull valuation results based on a TDS flag instead of
using official valuations.
Position and P&L aggregation across all gas desks.
Ability to include the Gas Price book into TDS:
Inclusion of spread options in our systems. Ability to handle volatility
skew and correlations.
Ability to revalue all options incrementally throughout the trading day.
Approximate delta changes between valuations using instantaneous gamma or a
gamma grid.
Valuation of Gas Daily options.
A new position screen for options (months x strike x delta). TBD.
Inclusion of positions for exotic options currently managed in spreadsheets.
Ability to isolate the position change due to changed deals in the position
manager.
Ability to view change deal P&L in the TDS deal ticker. Show new deal terms,
prior deal terms, and net P&L affect of the change.
Eliminate change deals with no economic impact from the TDS deal ticker.
Position drill down in the position manager to isolate the impact of
individual deals on the position total in a grid cell.
Benchmark positions in TDS.
Deployment of TDS in Canada. Currency and volume uom conversions. Implicit
and explicit position break out issues.
-- Allan.
PS: Colleen is setting up a meeting tomorrow to discuss the direction for
transport. Hopefully we'll know much better where that part stands at that
point.
| ||
allen-p/sent/59.
|
subject: Consolidated positions: Issues & To Do list
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/09/2000
02:00 PM ---------------------------
Richard Burchfield
10/06/2000 06:59 AM
To: Phillip K Allen/HOU/ECT@ECT
cc: Beth Perlman/HOU/ECT@ECT
Subject: Consolidated positions: Issues & To Do list
Phillip,
Below is the issues & to do list as we go forward with documenting the
requirements for consolidated physical/financial positions and transport
trade capture. What we need to focus on is the first bullet in Allan's list;
the need for a single set of requirements. Although the meeting with Keith,
on Wednesday, was informative the solution of creating a infinitely dynamic
consolidated position screen, will be extremely difficult and time
consuming. Throughout the meeting on Wednesday, Keith alluded to the
inability to get consensus amongst the traders on the presentation of the
consolidated position, so the solution was to make it so that a trader can
arrange the position screen to their liking (much like Excel). What needs to
happen on Monday from 3 - 5 is a effort to design a desired layout for the
consolidated position screen, this is critical. This does not exclude
building a capability to create a more flexible position presentation for the
future, but in order to create a plan that can be measured we need firm
requirements. Also, to reiterate that the goals of this project is a project
plan on consolidate physical/financial positions and transport trade capture.
The other issues that have been raised will be capture as projects on to
themselves, and will need to be prioritised as efforts outside of this
project.
I have been involved in most of the meetings and the discussions have been
good. I believe there has been good communication between the teams, but now
we need to have focus on the objectives we set out to solve.
Richard
---------------------- Forwarded by Richard Burchfield/HOU/ECT on 10/06/2000
08:34 AM ---------------------------
Allan Severude
10/05/2000 06:03 PM
To: Richard Burchfield/HOU/ECT@ECT
cc: Peggy Alix/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Scott
Mills/HOU/ECT@ECT, Kenny Ha/HOU/ECT@ECT
Subject: Consolidated positions: Issues & To Do list
From our initial set of meetings with the traders regarding consolidated
positions, I think we still have the following issues:
We don't have a single point of contact from the trading group. We've had
three meetings which brought out very different issues from different
traders. We really need a single point of contact to help drive the trader
requirements and help come to a consensus regarding the requirements.
We're getting hit with a lot of different requests, many of which appear to
be outside the scope of position consolidation.
Things left to do:
I think it may be useful to try to formulate a high level project goal to
make it as clear as possible what we're trying to accomplish with this
project. It'll help determine which requests fall under the project scope.
Go through the list of requests to determine which are in scope for this
project and which fall out of scope.
For those in scope, work to define relative importance (priority) of each and
work with traders to define the exact requirements of each.
Define the desired lay out of the position manager screen: main view and all
drill downs.
Use the above to formulate a project plan.
Things requested thus far (no particular order):
Inclusion of Sitara physical deals into the TDS position manager and deal
ticker.
Customized rows and columns in the position manager (ad hoc rows/columns that
add up existing position manager rows/columns).
New drill down in the position manager to break out positions by: physical,
transport, swaps, options, ...
Addition of a curve tab to the position manager to show the real-time values
of all curves on which the desk has a position.
Ability to split the current position grid to allow daily positions to be
shown directly above monthly positions. Each grouped column in the top grid
would be tied to a grouped column in the bottom grid.
Ability to properly show curve shift for float-for-float deals; determine the
appropriate positions to show for each:
Gas Daily for monthly index,
Physical gas for Nymex,
Physical gas for Inside Ferc,
Physical gas for Mid market.
Ability for TDS to pull valuation results based on a TDS flag instead of
using official valuations.
Position and P&L aggregation across all gas desks.
Ability to include the Gas Price book into TDS:
Inclusion of spread options in our systems. Ability to handle volatility
skew and correlations.
Ability to revalue all options incrementally throughout the trading day.
Approximate delta changes between valuations using instantaneous gamma or a
gamma grid.
Valuation of Gas Daily options.
A new position screen for options (months x strike x delta). TBD.
Inclusion of positions for exotic options currently managed in spreadsheets.
Ability to isolate the position change due to changed deals in the position
manager.
Ability to view change deal P&L in the TDS deal ticker. Show new deal terms,
prior deal terms, and net P&L affect of the change.
Eliminate change deals with no economic impact from the TDS deal ticker.
Position drill down in the position manager to isolate the impact of
individual deals on the position total in a grid cell.
Benchmark positions in TDS.
Deployment of TDS in Canada. Currency and volume uom conversions. Implicit
and explicit position break out issues.
-- Allan.
PS: Colleen is setting up a meeting tomorrow to discuss the direction for
transport. Hopefully we'll know much better where that part stands at that
point.
| ||
allen-p/sent/6.
|
subject: DJ Cal-ISO Pays $10M To Avoid Rolling Blackouts Wed -Sources, DJ
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 12/07/2000
09:08 AM ---------------------------
Jeff Richter
12/07/2000 06:31 AM
To: Phillip K Allen/HOU/ECT@ECT
cc:
Subject: DJ Cal-ISO Pays $10M To Avoid Rolling Blackouts Wed -Sources, DJ
Calif ISO, PUC Inspect Off-line Duke South Bay Pwr Plant, DJ Calif Regula
tors Visit AES,Dynegy Off-Line Power Plants
---------------------- Forwarded by Jeff Richter/HOU/ECT on 12/07/2000 08:38
AM ---------------------------
Carla Hoffman
12/07/2000 06:19 AM
To: Tim Belden/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Jeff
Richter/HOU/ECT@ECT, Phillip Platter/HOU/ECT@ECT, Mike Swerzbin/HOU/ECT@ECT,
Diana Scholtes/HOU/ECT@ECT, Sean Crandall/PDX/ECT@ECT, Matt
Motley/PDX/ECT@ECT, Mark Guzman/PDX/ECT@ECT, Tom Alonso/PDX/ECT@ECT, Mark
Fischer/PDX/ECT@ECT, Monica Lande/PDX/ECT@ECT
cc:
Subject: DJ Cal-ISO Pays $10M To Avoid Rolling Blackouts Wed -Sources, DJ
Calif ISO, PUC Inspect Off-line Duke South Bay Pwr Plant, DJ Calif Regula
tors Visit AES,Dynegy Off-Line Power Plants
---------------------- Forwarded by Carla Hoffman/PDX/ECT on 12/07/2000 06:29
AM ---------------------------
Enron Capital & Trade Resources Corp.
From: "Pergher, Gunther" <[email protected]>
12/07/2000 06:11 AM
To: undisclosed-recipients:;
cc:
Subject: DJ Cal-ISO Pays $10M To Avoid Rolling Blackouts Wed -Sources, DJ
Calif ISO, PUC Inspect Off-line Duke South Bay Pwr Plant, DJ Calif Regula
tors Visit AES,Dynegy Off-Line Power Plants
13:18 GMT 7 December 2000 DJ Cal-ISO Pays $10M To Avoid Rolling Blackouts
Wed -Sources
(This article was originally published Wednesday)
LOS ANGELES (Dow Jones)--The California Independent System Operator paid
about $10 million Wednesday for 1,000 megawatts of power from Powerex and
still faced a massive deficit that threatened electricity reliability in the
state, high-ranking market sources familiar with the ISO's operation told
Dow Jones Newswires.
But the ISO fell short of ordering rolling blackouts Wednesday for the third
consecutive day.
The ISO wouldn't comment on the transactions, saying it is sensitive market
information. But sources said Powerex, a subsidiary of British Columbia
Hydro & Power Authority (X.BCH), is the only energy company in the Northwest
region with an abundant supply of electricity to spare and the ISO paid
about $900 a megawatt-hour from the early afternoon through the evening.
But that still wasn't enough juice.
The Los Angeles Department of Water and Power sold the ISO 1,200 megawatts
of power later in the day at the wholesale electricity price cap rate of
$250/MWh. The LADWP, which is not governed by the ISO, needs 3,800 megawatts
of power to serve its customers. It is free sell power instate above the
$250/MWh price cap.
The LADWP has been very vocal about the amount of power it has to spare. The
municipal utility has also reaped huge profits by selling its excess power
into the grid when supply is tight and prices are high. However, the LADWP
is named as a defendant in a civil lawsuit alleging price gouging. The suit
claims the LADWP sells some of its power it gets from the federal Bonneville
Power Administration, which sells hydropower at cheap rates, back into the
market at prices 10 times higher.
Powerex officials wouldn't comment on the ISO power sale, saying all
transactions are proprietary. But the company also sold the ISO 1,000
megawatts Tuesday - minutes before the ISO was to declare rolling blackouts
- for $1,100 a megawatt-hour, market sources said.
The ISO, whose main job is to keep electricity flowing throughout the state
no matter what the cost, started the day with a stage-two power emergency,
which means its operating reserves fell to less than 5%. The ISO is having
to compete with investor-owned utilities in the Northwest that are willing
to pay higher prices for power in a region where there are no price caps.
The ISO warned federal regulators, generators and utilities Wednesday during
a conference call that it would call a stage-three power emergency
Wednesday, but wouldn't order rolling blackouts. A stage three is declared
when the ISO's operating reserves fall to less than 1.5% and power is
interrupted on a statewide basis to keep the grid from collapsing.
But ISO spokesman Patrick Dorinson said it would call a stage three only as
a means of attracting additional electricity resources.
"In order to line up (more power) we have to be in a dire situation,"
Dorinson said.
Edison International unit (EIX) Southern California Edison, Sempra Energy
unit (SRE) San Diego Gas & Electric, PG&E Corp. (PCG) unit Pacific Gas &
Electric and several municipal utilities in the state will share the cost of
the high-priced power.
SoCal Edison and PG&E are facing a debt of more than $6 billion due to high
wholesale electricity costs. The utilities debt this week could grow by
nearly $1 billion, analysts said. It's still unclear whether retail
customers will be forced to pay for the debt through higher electricity
rates or if companies will absorb the costs.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
[email protected]
(END) Dow Jones Newswires 07-12-00
1318GMT Copyright (c) 2000, Dow Jones & Company Inc
13:17 GMT 7 December 2000 DJ Calif ISO, PUC Inspect Off-line Duke South Bay
Pwr Plant
(This article was originally published Wednesday)
LOS ANGELES (Dow Jones)--Representatives of the California Independent
System Operator and Public Utilities Commission inspected Duke Energy
Corp.'s (DUK) off-line 700-MW South Bay Power Plant in Chula Vista, Calif.,
Wednesday morning, a Duke spokesman said.
The ISO and PUC have been inspecting all off-line power plants in the state
since Tuesday evening to verify that those plants are shut down for the
reasons generators say they are, ISO spokesman Pat Dorinson said.
About 11,000 MW of power has been off the state's power grid since Monday,
7,000 MW of which is off-line for unplanned maintenance, according to the
ISO.
The ISO manages grid reliability.
As previously reported, the ISO told utilities and the Federal Energy
Regulatory Commission Wednesday that it would call a stage three power alert
at 5 PM PST (0100 GMT Thursday), meaning power reserves in the state would
dip below 1.5% and rolling blackouts could be implemented to avoid grid
collapse. However, the ISO said the action wouldn't result in rolling
blackouts.
The ISO and PUC also inspected Tuesday plants owned by Dynegy Inc (DYN),
Reliant Energy Inc. (REI) and Southern Energy Inc (SOE).
Duke's 1,500-MW Moss Landing plant was also inspected by PUC representatives
in June, when some units were off-line for repairs, the Duke spokesman said.
-By Jessica Berthold, Dow Jones Newswires; 323-658-3872;
[email protected]
(END) Dow Jones Newswires 07-12-00
1317GMT Copyright (c) 2000, Dow Jones & Company Inc
13:17 GMT 7 December 2000 =DJ Calif Regulators Visit AES,Dynegy Off-Line
Power Plants
(This article was originally published Wednesday)
By Jessica Berthold
Of DOW JONES NEWSWIRES
LOS ANGELES (Dow Jones)--AES Corp. (AES) and Dynegy Inc. (DYN) said
Wednesday that representatives of California power officials had stopped by
some of their power plants to verify that they were off line for legitimate
reasons.
The California Independent System Operator, which manages the state's power
grid and one of its wholesale power markets, and the California Public
Utilities Commission began on-site inspections Tuesday night of all power
plants in the state reporting that unplanned outages have forced shutdowns,
ISO spokesman Pat Dorinson said.
The state has had 11,000 MW off the grid since Monday, 7,000 MW for
unplanned maintenance. The ISO Wednesday called a Stage 2 power emergency
for the third consecutive day, meaning power reserves were below 5% and
customers who agreed to cut power in exchange for reduced rates may be
called on to do so.
As reported earlier, Reliant Energy (REI) and Southern Energy Inc. (SOE)
said they had been visited by representatives of the ISO and PUC Tuesday
evening.
Representatives of the two organizations also visited plants owned by AES
and Dynegy Tuesday evening.
AES told the visitors they couldn't perform an unannounced full inspection
of the company's 450-megawatt Huntington Beach power station until Wednesday
morning, when the plant's full staff would be present, AES spokesman Aaron
Thomas said.
Thomas, as well as an ISO spokesman, didn't know whether the representatives
returned Wednesday for a full inspection.
AES Units Down Due To Expired Emissions Credits
The Huntington Beach facility and units at two other AES facilities have
used up their nitrogen oxide, or NOx, emission credits. They were taken down
two weeks ago in response to a request by the South Coast Air Quality
Management District to stay off line until emissions controls are deployed,
Thomas said.
AES has about 2,000 MW, or half its maximum output, off line. The entire
Huntington plant is off line, as is 1,500 MW worth of units at its Alamitos
and Redondo Beach plants.
The ISO has asked AES to return its off line plants to operations, but AES
has refused because it is concerned the air quality district will fine the
company $20 million for polluting.
"We'd be happy to put our units back, provided we don't get sued for it,"
Thomas said. "It's not clear to us that the ISO trumps the air quality
district's" authority.
As reported, a spokesman for the air quality district said Tuesday that AES
could have elected to buy more emission credits so that it could run its off
line plants in case of power emergencies, but choose not to do so.
Dynegy's El Segundo Plant Also Visited By PUC
Dynegy Inc. (DYN) said the PUC visited its 1,200 MW El Segundo plant Tuesday
evening, where two of the four units, about 600 MW worth, were off line
Wednesday.
"I guess our position is, 'Gee, we're sorry you don't believe us, but if you
need to come and take a look for yourself, that's fine,'" said Dynegy
spokesman Lynn Lednicky.
Lednicky said one of the two units was off line for planned maintenance and
the other for unplanned maintenance on boiler feedwater pumps, which could
pose a safety hazard if not repaired.
"We've been doing all we can to get back in service," Lednicky said. "We
even paid to have some specialized equipment expedited."
Lednicky added that the PUC seemed satisfied with Dynegy's explanation of
why its units were off line.
-By Jessica Berthold, Dow Jones Newswires; 323-658-3872,
[email protected]
(END) Dow Jones Newswires 07-12-00
1317GMT Copyright (c) 2000, Dow Jones & Company Inc
G_nther A. Pergher
Senior Analyst
Dow Jones & Company Inc.
Tel. 609.520.7067
Fax. 609.452.3531
The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you received
this in error, please contact the sender and delete the material from any
computer.
| ||
allen-p/sent/60.
|
subject:
content: Dave,
Here are the names of the west desk members by category. The origination
side is very sparse.
Phillip
| ||
allen-p/sent/61.
|
subject: Re: 2001 Margin Plan
content: Paula,
35 million is fine
Phillip
| ||
allen-p/sent/62.
|
subject: Var, Reporting and Resources Meeting
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/04/2000
04:23 PM ---------------------------
Enron North America Corp.
From: Airam Arteaga 10/04/2000 12:23 PM
To: Phillip K Allen/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Scott
Neal/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT, Ted
Murphy/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT, Frank Hayden/Corp/Enron@Enron
cc: Rita Hennessy/NA/Enron@Enron, Ina Rangel/HOU/ECT@ECT, Laura
Harder/Corp/Enron@Enron, Kimberly Brown/HOU/ECT@ECT, Araceli
Romero/NA/Enron@Enron, Kimberly Hillis/HOU/ECT@ect
Subject: Var, Reporting and Resources Meeting
Please plan to attend the below Meeting:
Topic: Var, Reporting and Resources Meeting
Date: Wednesday, October 11th
Time: 2:30 - 3:30
Location: EB30C1
If you have any questions/conflicts, please feel free to call me.
Thanks,
Rain
x.31560
| ||
allen-p/sent/63.
|
subject: Westgate
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/03/2000
04:30 PM ---------------------------
"George Richards" <[email protected]> on 10/03/2000 06:35:56 AM
Please respond to <[email protected]>
To: "Phillip Allen" <[email protected]>
cc: "Larry Lewter" <[email protected]>
Subject: Westgate
Westgate
Enclosed are demographics on the Westgate site from Investor's Alliance.
Investor's Alliance says that these demographics are similar to the package
on San Marcos that you received earlier.
If there are any other questions or information requirements, let me know.
Then, let me know your interest level in the Westgate project?
San Marcos
The property across the street from the Sagewood units in San Marcos is for
sale and approved for 134 units. The land is selling for $2.50 per square
foot as it is one of only two remaining approved multifamily parcels in West
San Marcos, which now has a moratorium on development.
Several new studies we have looked at show that the rents for our duplexes
and for these new units are going to be significantly higher, roughly $1.25
per square foot if leased for the entire unit on a 12-month lease and
$1.30-$1.40 psf if leased on a 12-month term, but by individual room. This
property will have the best location for student housing of all new
projects, just as the duplexes do now.
If this project is of serious interest to you, please let me know as there
is a very, very short window of opportunity. The equity requirement is not
yet known, but it would be likely to be $300,000 to secure the land. I will
know more on this question later today.
Sincerely,
George W. Richards
President, Creekside Builders, LLC
- winmail.dat
| ||
allen-p/sent/64.
|
subject: Meeting re: Storage Strategies in the West
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/03/2000
04:13 PM ---------------------------
Nancy Hall@ENRON
10/02/2000 06:42 AM
To: Mark Whitt/NA/Enron@Enron, Phillip K Allen/HOU/ECT@ECT, Paul T
Lucci/NA/Enron@Enron, Paul Bieniawski/Corp/Enron@ENRON, Tyrell
Harrison/NA/Enron@Enron
cc: Jean Mrha/NA/Enron@Enron, Ina Rangel/HOU/ECT@ECT, Monica
Jackson/Corp/Enron@ENRON
Subject: Meeting re: Storage Strategies in the West
There will be a meeting on Tuesday, Oct. 10th at 4:00pm in EB3270 regarding
Storage Strategies in the West. Please mark your calendars.
Thank you!
Regards,
Nancy Hall
ENA Denver office
303-575-6490
| ||
allen-p/sent/65.
|
subject:
content: Brenda,
Please use the second check as the October payment. If you have already
tossed it, let me know so I can mail you another.
Phillip
| ||
allen-p/sent/66.
|
subject: Re: Not business related..
content: I think Fletch has a good CPA. I am still doing my own.
| ||
allen-p/sent/67.
|
subject: Re: Original Sept check/closing
content: Brenda,
Please use the second check as my October payment. I have my copy of the
original deal. Do you want me to fax this to you?
Phillip
| ||
allen-p/sent/68.
|
subject: San Juan Index
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/28/2000
01:09 PM ---------------------------
From: Phillip K Allen 09/28/2000 10:56 AM
Liane,
As we discussed yesterday, I am concerned there may have been an attempt to
manipulate the El Paso San Juan monthly index. It appears that a single
buyer entered the marketplace on both September 26 and 27 and paid above
market prices ($4.70-$4.80) for San Juan gas. At the time of these trades,
offers for physical gas at significantly (10 to 15 cents) lower prices were
bypassed in order to establish higher trades to report into the index
calculation. Additionally, these trades are out of line with the associated
financial swaps for San Juan.
We have compiled a list of financial and physical trades executed from
September 25 to September 27. These are the complete list of trades from
Enron Online (EOL), Enron's direct phone conversations, and three brokerage
firms (Amerex, APB, and Prebon). Please see the attached spreadsheet for a
trade by trade list and a summary. We have also included a summary of gas
daily prices to illustrate the value of San Juan based on several spread
relationships. The two key points from this data are as follows:
1. The high physical prices on the 26th & 27th (4.75,4,80) are much greater
than the high financial trades (4.6375,4.665) on those days.
2. The spread relationship between San Juan and other points (Socal &
Northwest) is consistent between the end of September and
October gas daily. It doesn't make sense to have monthly indices that
are dramatically different.
I understand you review the trades submitted for outliers. Hopefully, the
trades submitted will reveal counterparty names and you will be able to
determine that there was only one buyer in the 4.70's and these trades are
outliers. I wanted to give you some additional points of reference to aid in
establishing a reasonable index. It is Enron's belief that the trades at
$4.70 and higher were above market trades that should be excluded from the
calculation of index.
It is our desire to have reliable and accurate indices against which to
conduct our physical and financial business. Please contact me
anytime I can assist you towards this goal.
Sincerely,
Phillip Allen
| ||
allen-p/sent/688.
|
subject: Re: You Game?
content: raincheck?
| ||
allen-p/sent/69.
|
subject: San Juan Index
content: Liane,
As we discussed yesterday, I am concerned there has been an attempt to
manipulate the El Paso San Juan monthly index. A single buyer entered the
marketplace on both September 26 and 27 and paid above market prices
($4.70-$4.80) for San Juan gas with the intent to distort the index. At the
time of these trades, offers for physical gas at significantly (10 to 15
cents) lower prices were bypassed in order to establish higher trades to
report into the index calculation. Additionally, these trades are out of
line with the associated financial swaps for San Juan.
We have compiled a list of financial and physical trades executed from
September 25 to September 27. These are the complete list of trades from
Enron Online (EOL), Enron's direct phone conversations, and three brokerage
firms (Amerex, APB, and Prebon). Please see the attached spreadsheet for a
trade by trade list and a summary. We have also included a summary of gas
daily prices to illustrate the value of San Juan based on several spread
relationships. The two key points from this data are as follows:
1. The high physical prices on the 26th & 27th (4.75,4,80) are much greater
than the high financial trades (4.6375,4.665) on those days.
2. The spread relationship between San Juan and other points (Socal &
Northwest) is consistent between the end of September and
October gas daily. It doesn't make sense to have monthly indeces that
are dramatically different.
I understand you review the trades submitted for outliers. Hopefully, the
trades submitted will reveal counterparty names and you will be able to
determine that there was only one buyer in the 4.70's and these trades are
outliers. I wanted to give you some additional points of reference to aid in
establishing a reasonable index. It is Enron's belief that the trades at
$4.70 and higher were above market trades that should be excluded from the
calculation of index.
It is our desire to have reliable and accurate indeces against which to
conduct our physical and financial business. Please contact me
anytime I can assist you towards this goal.
Sincerely,
Phillip Allen
| ||
allen-p/sent/7.
|
subject:
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 12/06/2000
04:04 PM ---------------------------
"Lucy Gonzalez" <[email protected]> on 12/05/2000 08:34:54 AM
To: [email protected]
cc:
Subject:
Phillip,
How are you and how is everyone? I sent you the rent roll #27 is
moving out and I wknow that I will be able to rent it real fast.All I HAVE
TO DO IN there is touch up the walls .Four adults will be moving in @130.00
a wk and 175.00 deposit they will be in by Thursday or Friday.
Thank You , Lucy
______________________________________________________________________________
_______
Get more from the Web. FREE MSN Explorer download : http://explorer.msn.com
- rentroll_1201.xls
| ||
allen-p/sent/70.
|
subject: Investment Structure
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
04:28 PM ---------------------------
"George Richards" <[email protected]> on 09/26/2000 01:18:45 PM
Please respond to <[email protected]>
To: "Phillip Allen" <[email protected]>
cc: "Larry Lewter" <[email protected]>, "Claudia L. Crocker"
<[email protected]>
Subject: Investment Structure
STRUCTURE:
Typically the structure is a limited partnership with a corporate (or LLC)
general partner. The General Partner owns 1% of the project and carries the
liability of construction.
LAND OWNERSHIP & LOANS
The property would be purchased in the name of the limited partnership and
any land loans, land improvements loans and construction loans would be in
the name of the limited partnership. Each of the individual investors and
all of the principals in Creekside would also personally guarantee the
loans. If the investor(s) do not sign on the loans, this generally means
that a larger amount of cash is required and the investor's share of profits
is reduced.
All loans for residential construction, that are intended for re-sale, are
full recourse loans. If we are pursuing multifamily rental developments,
the construction loans are still full recourse but the mortgage can often be
non-recourse.
USE OF INITIAL INVESTMENT
The initial investment is used for land deposit, engineering &
architectural design, soils tests, surveys, filing fees, legal fees for
organization and condominium association formation, and appraisals. Unlike
many real estate investment programs, none of the funds are used for fees to
Creekside Builders, LLC. These professional expenses will be incurred over
the estimated 6 month design and approval period.
EARLY LAND COSTS
The $4,000 per month costs listed in the cash flow as part of land cost
represent the extension fees due to the seller for up to 4 months of
extensions on closing. As an alternative, we can close into a land loan at
probably 70% of appraised value. With a land value equal to the purchase
price of $680,000 this would mean a land loan of $476,000 with estimated
monthly interest payments of $3,966, given a 10% annual interest rate, plus
approximately 1.25% of the loan amount for closing costs and loan fees.
EQUITY AT IMPROVEMENT LOAN
Once the site plan is approved by the City of Austin, the City will require
the development entity to post funds for fiscal improvements, referred to as
the "fiscals". This cost represents a bond for the completion of
improvements that COA considers vital and these funds are released once the
improvements have been completed and accepted by COA. This release will be
for 90% of the cost with the remaining 10% released one year after
completion. Releases can be granted once every 90 days and you should
expect that the release would occur 6 months after the start of lot
improvement construction. These fiscals are usually posted in cash or an
irrevocable letter of credit. As such, they have to be counted as a
development cost, even though they are not spent. Because they are not
spent no interest is charged on these funds.
The lot improvement loan is typically 75% of the appraised value of a
finished lot, which I suspect will be at least $20,000 and potentially as
high as $25,000. This would produce a loan amount of $15,000 on $20,000
per lot. With estimated per lot improvement costs of $9,000, 'fiscals' at
$2,000 and the land cost at $8,000 , total improved lot cost is $19,000
which means $0 to $4,000 per lot in total equity. The investment prior to
obtaining the improvement loan would count towards any equity requirement
provided it was for direct costs. Thus, the additional equity for the
improvement loan would be $0-$184,000. Even if the maximum loan would
cover all costs, it is unlikely the bank would allow reimbursement of funds
spent. The higher estimates of equity investments are shown in the
preliminary proforma to be on the safe side. The engineer is preparing a
tentative site layout with an initial evaluation of the phasing, which can
significantly reduce the cash equity requirement.
Phasing works as follows. If the first phase was say 40 units, the total
lot improvement cost might average $31,000 per lot. Of this, probably
$13,000 would be for improvements and $19,000 for the land cost. The
improvements are higher to cover large one time up front costs for design
costs, the entry road, water treatment costs, perimeter fencing and
landscaping, and so on, as well as for 100% of the land. The land loan for
undeveloped lots would be 70% of the appraised raw lot value, which I would
estimate as $10,000 per lot for a loan value of $7,000 per lot. Then the
loan value for each improved lot would be $15,000 per lot. This would give
you a total loan of $992,000, total cost of $1,232,645 for equity required
of $241,000. This was not presented in the initial analysis as the phasing
is depended on a more careful assessment by the Civil Engineer as the
separate phases must each be able to stand on its own from a utility
standpoint.
CONSTRUCTION LOANS
There are three types of construction loans. First, is a speculative
(spec) loan that is taken out prior to any pre-sales activity. Second, is
a construction loan for a pre-sold unit, but the loan remains in the
builder/developers name. Third, is a pre-sold unit with the construction
loan in the name of the buyer. We expect to have up to 8 spec loans to
start the project and expect all other loans to be pre-sold units with loans
in the name of the builder/developer. We do not expect to have any
construction loans in the name of the buyers, as such loans are too
difficult to manage and please new buyers unfamiliar with the process.
Spec loans will be for 70% to 75% of value and construction loans for
pre-sold units, if the construction loan is from the mortgage lender, will
be from 80% to 95% of value.
DISBURSEMENTS
Disbursements will be handled by the General Partner to cover current and
near term third party costs, then to necessary reserves, then to priority
payments and then to the partners per the agreement. The General Partner
will contract with Creekside Builders, LLC to construct the units and the
fee to CB will include a construction management and overhead fee equal to
15% of the direct hard cost excluding land, financing and sales costs.
These fees are the only monies to Creekside, Larry Lewter or myself prior to
calculation of profit, except for a) direct reimbursement for partnership
expenses and b) direct payment to CB for any subcontractor costs that it has
to perform. For example, if CB cannot find a good trim carpenter sub, or
cannot find enough trim carpenters, etc., and it decides to undertake this
function, it will charge the partnership the same fee it was able to obtain
from third parties and will disclose those cases to the partnership.
Finally, CB will receive a fee for the use of any of its equipment if it is
used in lieu of leasing equipment from others. At present CB does not own
any significant equipment, but it is considering the purchase of a sky track
to facilitate and speed up framing, cornice, roofing and drywall spreading.
REPORTING
We are more than willing to provide reports to track expenses vs. plan.
What did you have in mind? I would like to use some form of internet based
reporting.
BOOKKEEPING
I am not sure what you are referring to by the question, "Bookkeeping
procedures to record actual expenses?" Please expand.
INVESTOR INPUT
We are glad to have the investor's input on design and materials. As always
the question will be who has final say if there is disagreement, but in my
experience I have always been able to reach consensus. As you, and I presume
Keith, want to be involved to learn as much as possible we would make every
effort to be accommodating.
CREEKSIDE PROCEEDURES
CB procedures for dealing with subs, vendors and professionals is not as
formal as your question indicates. In the EXTREMELY tight labor market
obtaining 3 bids for each labor trade is not feasible. For the professional
subs we use those with whom we have developed a previous rapport. Finally,
for vendors they are constantly shopped.
PRE-SELECTED PROFESSIONALS, SUBS AND VENDORS
Yes there are many different subs that have been identified and I can
provide these if you are interested.
I know I have not answered everything, but this is a starting point. Call
when you have reviewed and we can discuss further.
Sincerely,
George Richards
President, Creekside Builders, LLC
- winmail.dat
| ||
allen-p/sent/706.
|
subject: Re: Pick your Poison?
content: No can do.
Are you in the zone?
| ||
allen-p/sent/71.
|
subject: Investment Structure
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
04:26 PM ---------------------------
"George Richards" <[email protected]> on 09/26/2000 01:18:45 PM
Please respond to <[email protected]>
To: "Phillip Allen" <[email protected]>
cc: "Larry Lewter" <[email protected]>, "Claudia L. Crocker"
<[email protected]>
Subject: Investment Structure
STRUCTURE:
Typically the structure is a limited partnership with a corporate (or LLC)
general partner. The General Partner owns 1% of the project and carries the
liability of construction.
LAND OWNERSHIP & LOANS
The property would be purchased in the name of the limited partnership and
any land loans, land improvements loans and construction loans would be in
the name of the limited partnership. Each of the individual investors and
all of the principals in Creekside would also personally guarantee the
loans. If the investor(s) do not sign on the loans, this generally means
that a larger amount of cash is required and the investor's share of profits
is reduced.
All loans for residential construction, that are intended for re-sale, are
full recourse loans. If we are pursuing multifamily rental developments,
the construction loans are still full recourse but the mortgage can often be
non-recourse.
USE OF INITIAL INVESTMENT
The initial investment is used for land deposit, engineering &
architectural design, soils tests, surveys, filing fees, legal fees for
organization and condominium association formation, and appraisals. Unlike
many real estate investment programs, none of the funds are used for fees to
Creekside Builders, LLC. These professional expenses will be incurred over
the estimated 6 month design and approval period.
EARLY LAND COSTS
The $4,000 per month costs listed in the cash flow as part of land cost
represent the extension fees due to the seller for up to 4 months of
extensions on closing. As an alternative, we can close into a land loan at
probably 70% of appraised value. With a land value equal to the purchase
price of $680,000 this would mean a land loan of $476,000 with estimated
monthly interest payments of $3,966, given a 10% annual interest rate, plus
approximately 1.25% of the loan amount for closing costs and loan fees.
EQUITY AT IMPROVEMENT LOAN
Once the site plan is approved by the City of Austin, the City will require
the development entity to post funds for fiscal improvements, referred to as
the "fiscals". This cost represents a bond for the completion of
improvements that COA considers vital and these funds are released once the
improvements have been completed and accepted by COA. This release will be
for 90% of the cost with the remaining 10% released one year after
completion. Releases can be granted once every 90 days and you should
expect that the release would occur 6 months after the start of lot
improvement construction. These fiscals are usually posted in cash or an
irrevocable letter of credit. As such, they have to be counted as a
development cost, even though they are not spent. Because they are not
spent no interest is charged on these funds.
The lot improvement loan is typically 75% of the appraised value of a
finished lot, which I suspect will be at least $20,000 and potentially as
high as $25,000. This would produce a loan amount of $15,000 on $20,000
per lot. With estimated per lot improvement costs of $9,000, 'fiscals' at
$2,000 and the land cost at $8,000 , total improved lot cost is $19,000
which means $0 to $4,000 per lot in total equity. The investment prior to
obtaining the improvement loan would count towards any equity requirement
provided it was for direct costs. Thus, the additional equity for the
improvement loan would be $0-$184,000. Even if the maximum loan would
cover all costs, it is unlikely the bank would allow reimbursement of funds
spent. The higher estimates of equity investments are shown in the
preliminary proforma to be on the safe side. The engineer is preparing a
tentative site layout with an initial evaluation of the phasing, which can
significantly reduce the cash equity requirement.
Phasing works as follows. If the first phase was say 40 units, the total
lot improvement cost might average $31,000 per lot. Of this, probably
$13,000 would be for improvements and $19,000 for the land cost. The
improvements are higher to cover large one time up front costs for design
costs, the entry road, water treatment costs, perimeter fencing and
landscaping, and so on, as well as for 100% of the land. The land loan for
undeveloped lots would be 70% of the appraised raw lot value, which I would
estimate as $10,000 per lot for a loan value of $7,000 per lot. Then the
loan value for each improved lot would be $15,000 per lot. This would give
you a total loan of $992,000, total cost of $1,232,645 for equity required
of $241,000. This was not presented in the initial analysis as the phasing
is depended on a more careful assessment by the Civil Engineer as the
separate phases must each be able to stand on its own from a utility
standpoint.
CONSTRUCTION LOANS
There are three types of construction loans. First, is a speculative
(spec) loan that is taken out prior to any pre-sales activity. Second, is
a construction loan for a pre-sold unit, but the loan remains in the
builder/developers name. Third, is a pre-sold unit with the construction
loan in the name of the buyer. We expect to have up to 8 spec loans to
start the project and expect all other loans to be pre-sold units with loans
in the name of the builder/developer. We do not expect to have any
construction loans in the name of the buyers, as such loans are too
difficult to manage and please new buyers unfamiliar with the process.
Spec loans will be for 70% to 75% of value and construction loans for
pre-sold units, if the construction loan is from the mortgage lender, will
be from 80% to 95% of value.
DISBURSEMENTS
Disbursements will be handled by the General Partner to cover current and
near term third party costs, then to necessary reserves, then to priority
payments and then to the partners per the agreement. The General Partner
will contract with Creekside Builders, LLC to construct the units and the
fee to CB will include a construction management and overhead fee equal to
15% of the direct hard cost excluding land, financing and sales costs.
These fees are the only monies to Creekside, Larry Lewter or myself prior to
calculation of profit, except for a) direct reimbursement for partnership
expenses and b) direct payment to CB for any subcontractor costs that it has
to perform. For example, if CB cannot find a good trim carpenter sub, or
cannot find enough trim carpenters, etc., and it decides to undertake this
function, it will charge the partnership the same fee it was able to obtain
from third parties and will disclose those cases to the partnership.
Finally, CB will receive a fee for the use of any of its equipment if it is
used in lieu of leasing equipment from others. At present CB does not own
any significant equipment, but it is considering the purchase of a sky track
to facilitate and speed up framing, cornice, roofing and drywall spreading.
REPORTING
We are more than willing to provide reports to track expenses vs. plan.
What did you have in mind? I would like to use some form of internet based
reporting.
BOOKKEEPING
I am not sure what you are referring to by the question, "Bookkeeping
procedures to record actual expenses?" Please expand.
INVESTOR INPUT
We are glad to have the investor's input on design and materials. As always
the question will be who has final say if there is disagreement, but in my
experience I have always been able to reach consensus. As you, and I presume
Keith, want to be involved to learn as much as possible we would make every
effort to be accommodating.
CREEKSIDE PROCEEDURES
CB procedures for dealing with subs, vendors and professionals is not as
formal as your question indicates. In the EXTREMELY tight labor market
obtaining 3 bids for each labor trade is not feasible. For the professional
subs we use those with whom we have developed a previous rapport. Finally,
for vendors they are constantly shopped.
PRE-SELECTED PROFESSIONALS, SUBS AND VENDORS
Yes there are many different subs that have been identified and I can
provide these if you are interested.
I know I have not answered everything, but this is a starting point. Call
when you have reviewed and we can discuss further.
Sincerely,
George Richards
President, Creekside Builders, LLC
- winmail.dat
| ||
allen-p/sent/72.
|
subject:
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
02:00 PM ---------------------------
Reschedule
Chairperson: Richard Burchfield
Sent by: Cindy Cicchetti
Start: 10/03/2000 02:30 PM
End: 10/03/2000 03:30 PM
Description: Gas Physical/Financail Positions - Room 2537
This meeting repeats starting on (if the date occurs on a weekend the
meeting ).
Meeting Dates:
Fletcher J Sturm/HOU/ECT
Scott Neal/HOU/ECT
Hunter S Shively/HOU/ECT
Phillip K Allen/HOU/ECT
Allan Severude/HOU/ECT
Scott Mills/HOU/ECT
Russ Severson/HOU/ECT
Detailed description:
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
02:00 PM ---------------------------
Confirmation
Chairperson: Richard Burchfield
Sent by: Cindy Cicchetti
Start: 10/03/2000 02:30 PM
End: 10/03/2000 03:30 PM
Description: Gas Physical/Financail Positions - Room 2537
This meeting repeats starting on (if the date occurs on a weekend the
meeting ).
Meeting Dates:
Fletcher J Sturm/HOU/ECT
Scott Neal/HOU/ECT
Hunter S Shively/HOU/ECT
Phillip K Allen/HOU/ECT
Allan Severude/HOU/ECT
Scott Mills/HOU/ECT
Russ Severson/HOU/ECT
Detailed description:
Status update:
Fletcher J Sturm -> No Response
Scott Neal -> No Response
Hunter S Shively -> No Response
Phillip K Allen -> No Response
Allan Severude -> Accepted
Scott Mills -> Accepted
Russ Severson -> No Response
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
02:00 PM ---------------------------
Reschedule
Chairperson: Richard Burchfield
Sent by: Cindy Cicchetti
Start: 09/27/2000 02:00 PM
End: 09/27/2000 03:00 PM
Description: Gas Trading Vision Meeting - Room EB2601
This meeting repeats starting on (if the date occurs on a weekend the
meeting ).
Meeting Dates:
Phillip K Allen/HOU/ECT@ECT
Hunter S Shively/HOU/ECT@ECT
Scott Mills/HOU/ECT@ECT
Allan Severude/HOU/ECT@ECT
Jeffrey C Gossett/HOU/ECT@ECT
Colleen Sullivan/HOU/ECT@ECT
Russ Severson/HOU/ECT@ECT
Jayant Krishnaswamy/HOU/ECT@ECT
Russell Long/HOU/ECT@ECT
Detailed description:
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
02:00 PM ---------------------------
Confirmation
Chairperson: Richard Burchfield
Sent by: Cindy Cicchetti
Start: 09/27/2000 02:00 PM
End: 09/27/2000 03:00 PM
Description: Gas Trading Vision Meeting - Room EB2601
This meeting repeats starting on (if the date occurs on a weekend the
meeting ).
Meeting Dates:
Phillip K Allen/HOU/ECT@ECT
Hunter S Shively/HOU/ECT@ECT
Scott Mills/HOU/ECT@ECT
Allan Severude/HOU/ECT@ECT
Jeffrey C Gossett/HOU/ECT@ECT
Colleen Sullivan/HOU/ECT@ECT
Russ Severson/HOU/ECT@ECT
Jayant Krishnaswamy/HOU/ECT@ECT
Russell Long/HOU/ECT@ECT
Detailed description:
Status update:
Phillip K Allen -> No Response
Hunter S Shively -> No Response
Scott Mills -> No Response
Allan Severude -> Accepted
Jeffrey C Gossett -> Accepted
Colleen Sullivan -> No Response
Russ Severson -> No Response
Jayant Krishnaswamy -> Accepted
Russell Long -> Accepted
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
02:00 PM ---------------------------
Reschedule
Chairperson: Richard Burchfield
Sent by: Cindy Cicchetti
Start: 09/28/2000 01:00 PM
End: 09/28/2000 02:00 PM
Description: Gas Physical/Financail Positions - Room 2537
This meeting repeats starting on (if the date occurs on a weekend the
meeting ).
Meeting Dates:
Fletcher J Sturm/HOU/ECT
Scott Neal/HOU/ECT
Hunter S Shively/HOU/ECT
Phillip K Allen/HOU/ECT
Allan Severude/HOU/ECT
Scott Mills/HOU/ECT
Russ Severson/HOU/ECT
Detailed description:
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
02:00 PM ---------------------------
Confirmation
Chairperson: Richard Burchfield
Sent by: Cindy Cicchetti
Start: 09/28/2000 01:00 PM
End: 09/28/2000 02:00 PM
Description: Gas Physical/Financail Positions - Room 2537
This meeting repeats starting on (if the date occurs on a weekend the
meeting ).
Meeting Dates:
Fletcher J Sturm/HOU/ECT
Scott Neal/HOU/ECT
Hunter S Shively/HOU/ECT
Phillip K Allen/HOU/ECT
Allan Severude/HOU/ECT
Scott Mills/HOU/ECT
Russ Severson/HOU/ECT
Detailed description:
Status update:
Fletcher J Sturm -> No Response
Scott Neal -> No Response
Hunter S Shively -> No Response
Phillip K Allen -> No Response
Allan Severude -> Accepted
Scott Mills -> Accepted
Russ Severson -> Accepted
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
02:00 PM ---------------------------
From: Cindy Cicchetti 09/26/2000 10:38 AM
To: Phillip K Allen/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Scott
Mills/HOU/ECT@ECT, Allan Severude/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT,
Colleen Sullivan/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Jayant
Krishnaswamy/HOU/ECT@ECT, Russell Long/HOU/ECT@ECT
cc:
Subject: Gas Trading Vision mtg.
This meeting has been moved to 4:00 on Wed. in room 2601. I have sent a
confirmation to each of you via Lotus Notes. Sorry for all of the changes
but there was a scheduling problem with a couple of people for the original
time slot.
| ||
allen-p/sent/73.
|
subject: Re: Gas Trading Vision meeting
content: Nymex expiration is during this time frame. Please reschedule.
| ||
allen-p/sent/74.
|
subject:
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
12:08 PM ---------------------------
Invitation
Chairperson: Richard Burchfield
Sent by: Cindy Cicchetti
Start: 09/27/2000 11:30 AM
End: 09/27/2000 12:30 PM
Description: Gas Trading Vision Meeting - Room EB2556
This meeting repeats starting on (if the date occurs on a weekend the
meeting ).
Meeting Dates:
Phillip K Allen/HOU/ECT
Hunter S Shively/HOU/ECT
Scott Mills/HOU/ECT
Allan Severude/HOU/ECT
Jeffrey C Gossett/HOU/ECT
Colleen Sullivan/HOU/ECT
Russ Severson/HOU/ECT
Jayant Krishnaswamy/HOU/ECT
Russell Long/HOU/ECT
Detailed description:
| ||
allen-p/sent/75.
|
subject: Gas Physical/Financial Position
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
12:07 PM ---------------------------
From: Cindy Cicchetti 09/26/2000 09:23 AM
To: Phillip K Allen/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Scott
Mills/HOU/ECT@ECT, Allan Severude/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT,
Fletcher J Sturm/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT
cc:
Subject: Gas Physical/Financial Position
I have scheduled and entered on each of your calendars a meeting for the
above referenced topic. It will take place on Thursday, 9/28 from 3:00 -
4:00 in Room EB2537.
| ||
allen-p/sent/76.
|
subject: closing
content: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
11:57 AM ---------------------------
"BS Stone" <[email protected]> on 09/26/2000 04:47:40 AM
To: "jeff" <[email protected]>
cc: "Phillip K Allen" <[email protected]>
Subject: closing
Jeff,
?
Is the closing today?? After reviewing the agreement?I find it isn't binding
as far as I can determine.? It is too vague and it doesn't sound like
anything an attorney or title company would?draft for a real estate
closing--but, of course, I could be wrong.?
?
If this?closing is going to take place without this agreement then there is
no point in me following up on this?document's validity.?
?
I will just need to go back to my closing documents and see what's there and
find out where I am with that and deal with this as best I can.
?
I guess I was expecting something that would be an exhibit to a recordable
document or something a little more exact, or rather?sort of a contract.?
This isn't either.? I tried to get a real estate atty on the phone last
night but he was out of pocket.? I talked to a crim. atty friend and he said
this is out of his area but doesn't sound binding to him.?
?
I will go back to mine and Phillip Allen's transaction?and take a look at
that but as vague and general as this is I doubt that my signature? is even
needed to complete this transaction.? I am in after 12 noon if there is any
need to contact me regarding the closing.
?
I really do not want to hold up anything or generate more work for myself
and I don't want to insult or annoy anyone but this paper really doesn't
seem to be something required for a closing.? In the event you do need my
signature on something like this I would rather have time to have it
reviewed before I accept it.
?
Brenda
?
?
| ||
allen-p/sent/765.
|
subject:
content: Randy,
Can you send me a schedule of the salary and level of everyone in the
scheduling group. Plus your thoughts on any changes that need to be made.
(Patti S for example)
Phillip
| ||
allen-p/sent/766.
|
subject: Re: Hello
content: Let's shoot for Tuesday at 11:45.
| ||
allen-p/sent/767.
|
subject: Re: Hello
content: Greg,
How about either next Tuesday or Thursday?
Phillip
| ||
allen-p/sent/768.
|
subject:
content: Please cc the following distribution list with updates:
Phillip Allen ([email protected])
Mike Grigsby ([email protected])
Keith Holst ([email protected])
Monique Sanchez
Frank Ermis
John Lavorato
Thank you for your help
Phillip Allen
|
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