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arnold-j/_sent_mail/335.
|
subject: Re: World Phone
content: Hey Liz,
Thanks for letting me use the phone. A real life-saver.
My brother had a Nokia world phone on the trip and it seemed to work
better. It got reception some places where mine did not and is more
user-friendly.
On a different topic...Greg talked me into upgrading to first class for a
flight in December to Australia. He talked me into it by agreeing to pay for
half. Cliff found it funny and agreed to pay for the other half. I haven't
expensed it yet so I'm having Barbara send it on.
Thanks,
John
Liz M Taylor
06/28/2000 09:27 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: World Phone
John,
We are testing the Nextel phone for company usage. What did you think of the
phone?
Liz
| ||
arnold-j/_sent_mail/336.
|
subject: FW: trading
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 06/26/2000 04:17
PM ---------------------------
Steve List <[email protected]> on 06/26/2000 12:32:02 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: FW: trading
> -----Original Message-----
> From: Steve List
> Sent: Monday, June 26, 2000 1:26 PM
> To: '[email protected]'
> Subject: trading
>
>
> John,
>
> I hope all is well down in Houston, though it would seem your baseball
> team is, well, terrible.
> We may be close to resolving our internal issues as our CEO indicated on
> Friday. We are awaiting some
> confirmation but it seems we are close. How is the credit standing for
> Enron?
> Is there a chance of upgrade or well, you can tell me the status.
>
> Thanks
>
> Steve List
| ||
arnold-j/_sent_mail/337.
|
subject: Re: PLEASE,PLEASE,PLEASE
content: Thank you very,very much.
Love you,
John
Liz M Taylor
06/15/2000 10:19 AM
To: Ina Rangel/HOU/ECT@ECT
cc: John Arnold/HOU/ECT@ECT
Subject: Re: PLEASE,PLEASE,PLEASE
Ina,
Because Johnny is my favorite trader, he can use my world phone. What time
is he leaving tomorrow? How long will he be gone? I'll get everything to
you late this afternoon.
Many Thanks,
Liz
Ina Rangel
06/15/2000 09:41 AM
To: Liz M Taylor/HOU/ECT@ECT
cc:
Subject: PLEASE,PLEASE,PLEASE
I NEED YOUR HELP IF AT ALL POSSIBLE. JOHN ARNOLD IS TRAVELING TO EUROPE
TOMMORROW AND HAS ASKED ME TO GET HIM A WORLD PHONE. I CALLED NEXTEL,
HOUSTON CELLULAR AND GTE. NOONE CAN HELP ME WITH THIS BY TOMMORROW. IF I
REMEMBER YOU SAID YOU TURNED OFF THE PHONES YOU HAD. DO YOU HAVE ANY
SUGGESTIONS? ANY ADVICE?
-INA
| ||
arnold-j/_sent_mail/338.
|
subject: Re: PARIBAS Futures Weekly AGA Survey
content: 84
[email protected] on 06/14/2000 07:02:32 AM
To: [email protected]
cc:
Subject: PARIBAS Futures Weekly AGA Survey
Good Morning,
Just a reminder to get your AGA estimates in by Noon EST (11:00 CST) TODAY.
Last Year +63
Thanks,
Michael Byrne
Paribas Futures
-----------------------------------------------------------------------------
This message is confidential; its contents do not constitute a
commitment by BNP PARIBAS except where provided for in a written agreement
between you and BNP PARIBAS. Any unauthorised disclosure, use or
dissemination, either whole or partial, is prohibited. If you are not
the intended recipient of the message, please notify the sender
immediately.
Ce message est confidentiel ; son contenu ne represente en aucun cas un
engagement de la part de BNP PARIBAS sous reserve de tout accord conclu par
ecrit entre vous et BNP PARIBAS. Toute publication, utilisation ou
diffusion, meme partielle, doit etre autorisee prealablement. Si vous
n'etes pas destinataire de ce message, merci d'en avertir immediatement
l'expediteur.
| ||
arnold-j/_sent_mail/339.
|
subject: Re:
content: Vlady:
Can I add 3 more portfolios:
1. +1000 July 2003 Chicago Basis
- 1000 July 2003 Panhandle Basis
2. +1000 June Henry Hub Cash
3. +1000 June Henry Hub Cash
- 1000 July Futures
Thanks,
John
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:
John,
2. Do you assume at-the-money straddles? If not, please give us deltas and
gammas. See you at 5:30 tomorrow. Vlady.
John Arnold
06/12/2000 08:47 AM
To: Vladimir Gorny/HOU/ECT@ECT
cc:
Subject:
Vlady:
In preparation for our discussion tomorrow, can you run VAR numbers for some
mini-portfolios:
Portfolio 1. +1000 November Nymex
-1000 December Nymex
2. -1000 July Nymex Straddles
3. +1000 July 2002 Nymex
4. +1000 July 2002 Nymex
- 1000 August 2002 Nymex
5. +1000 July Socal Basis
6. +1000 July Chicago Basis
-1000 July Michcon Basis
7. +1000 July Henry Hub Index
8. +1000 July 2003 Chicago Basis
Again, these are separate portfolios. I'm trying to check that the VAR
numbers make logical sense.
Thanks,
John
| ||
arnold-j/_sent_mail/34.
|
subject: Re:
content: eat shit
John J Lavorato@ENRON
11/18/2000 01:01 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject:
Football bets 200 each
Minn -9.5
Buff +2.5
Phil -7
Indi -4.5
Cinnci +7
Det +6
clev +16
Den +9.5
Dall +7.5
Jack +3.5
| ||
arnold-j/_sent_mail/340.
|
subject: Re:
content: yes
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:
John,
2. Do you assume at-the-money straddles? If not, please give us deltas and
gammas. See you at 5:30 tomorrow. Vlady.
John Arnold
06/12/2000 08:47 AM
To: Vladimir Gorny/HOU/ECT@ECT
cc:
Subject:
Vlady:
In preparation for our discussion tomorrow, can you run VAR numbers for some
mini-portfolios:
Portfolio 1. +1000 November Nymex
-1000 December Nymex
2. -1000 July Nymex Straddles
3. +1000 July 2002 Nymex
4. +1000 July 2002 Nymex
- 1000 August 2002 Nymex
5. +1000 July Socal Basis
6. +1000 July Chicago Basis
-1000 July Michcon Basis
7. +1000 July Henry Hub Index
8. +1000 July 2003 Chicago Basis
Again, these are separate portfolios. I'm trying to check that the VAR
numbers make logical sense.
Thanks,
John
| ||
arnold-j/_sent_mail/341.
|
subject:
content: Vlady:
In preparation for our discussion tomorrow, can you run VAR numbers for some
mini-portfolios:
Portfolio 1. +1000 November Nymex
-1000 December Nymex
2. -1000 July Nymex Straddles
3. +1000 July 2002 Nymex
4. +1000 July 2002 Nymex
- 1000 August 2002 Nymex
5. +1000 July Socal Basis
6. +1000 July Chicago Basis
-1000 July Michcon Basis
7. +1000 July Henry Hub Index
8. +1000 July 2003 Chicago Basis
Again, these are separate portfolios. I'm trying to check that the VAR
numbers make logical sense.
Thanks,
John
| ||
arnold-j/_sent_mail/342.
|
subject:
content: Tickets requisitioned for England/Germany. $1500!!!!!!
| ||
arnold-j/_sent_mail/343.
|
subject: Re: using new FF vols
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 06/07/2000 08:43
AM ---------------------------
Tanya Tamarchenko
06/07/2000 08:33 AM
To: John Arnold/HOU/ECT@ECT
cc: Grant Masson/HOU/ECT@ECT
Subject: Re: using new FF vols
Hi, John,
following up the discussion with you on Friday we talked with Risk Control
people who are not excited to use that FF vol curve
you sent to me. Also in order to use your curves we would have to have them
for all the locations.
The suggested alternative solution was to calculate the Forward Forward vol
curves from historical data.
I implemented this solution based on 18 last business days forward price
curves for NG and
all basis locations. I used exponential weights with 0.97 decay factor.
I enclose these curves in the spreadsheet below. And here are the VAR numbers
based on these curves:
5/30/00 5/31/00
AGG-STORAGE (production) 3,027,000 4,516,000
AGG-STORAGE (test, 0.97) 2,858,543 3,011,761
AGG-GAS (production) 36,627,200 40,725,685
AGG-GAS (test, 0.97) 29,439,969 31,207,225
You see that the numbers are stable, lower than the official numbers.
I suggest that we use 0.94 decay factor as recommended by Risk Metrics which
would give more weight to recent data.
We need to test this approach for a period of time and also to collect
backtesting data for an educated choice of decay factor.
Tanya.
John Arnold
06/07/2000 07:40 AM
To: Tanya Tamarchenko/HOU/ECT@ECT
cc:
Subject:
Tanya:
On Friday I emailed a new vol curve to use for VAR testing. I was under the
impression that you could apply this vol curve to the price book and storage
book and have a new experimental VAR number by Monday. I have not received
any response. Please reply with status of this project.
John
| ||
arnold-j/_sent_mail/344.
|
subject:
content: Tanya:
On Friday I emailed a new vol curve to use for VAR testing. I was under the
impression that you could apply this vol curve to the price book and storage
book and have a new experimental VAR number by Monday. I have not received
any response. Please reply with status of this project.
John
| ||
arnold-j/_sent_mail/345.
|
subject:
content: Please use this vol curve for a dry run to figure out var for my book, NG
price, and Jim's book, Storage, and communicate the results. Thanks,John
| ||
arnold-j/_sent_mail/346.
|
subject:
content: Can we meet at 5:00 today?
| ||
arnold-j/_sent_mail/347.
|
subject: Re: VaR
content: Let's meet at 4:00.
Vince J Kaminski
06/01/2000 09:19 AM
To: John Arnold/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Jim
Schwieger/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
Subject: VaR
John,
We have been working for the last few days on VaR related issues.
The focus is on Jim Schwieger's storage book as of 5/25 and 5/26
where we had some counterintuitive results. This book is a good
candidate for a systematic review of the VaR process.
It seems that the problem arises from forward - forward vols used by the VaR
system. You can see in the attached spreadsheet that the VaR, on a cumulative
basis,
jumps on Jan 04, when an abnormal FF vol hits a relatively large position.
This FF vol is also much different from the previous day number producing a
big
jump in VaR.
This row (Jan 04) is in magenta font in the attached spreadsheet. Please, look
at column D.
The abnormal FF vol may result from one of the two factors:
a. a bug in the code. We are working with the person in IT who wrote the
code to review it.
b. a poorly conditioned forward vol curve ( a kink or discontinuity in
the fwd vol curve will do it). One solution I can
propose, is to develop for
the traders a fwd-fwd vol generator allowing them to
review the fwd vol curve
before it is posted. If it produces a weird fwd-fwd vol,
it can be smoothed.
Can you meet at 4 p.m. to review our findings?
Vince
| ||
arnold-j/_sent_mail/348.
|
subject: Delete all future emails
content: "WebSupport" <[email protected]> on 05/30/2000 07:58:30 AM
To: "John Arnold" <[email protected]>
cc:
Subject: Re: Portfolio for jennifer_arnold as of Mon May 29 18:36:45 2000
Dear Member,
As requested we have cancelled your portfolio tracker emails.
If there is any other way we can assist you, please feel free to let us know.
For rapid response to your e-mail questions, please incluce a brief
description
of the problem in the subject line of your message.
Sincerely,
Customer Support
Stephen L.
"John Arnold" <[email protected]> on 05/30/2000 08:29:14 AM
To: WebSupport/ROL/NOR/US/Reuters@Moneynet
cc:
Subject: Re: Portfolio for jennifer_arnold as of Mon May 29 18:36:45 2000
Please do not send these emails anymore. I am not Jennifer Arnold
Portfolio Tracker <[email protected]> on 05/29/2000 05:52:42 PM
Please respond to [email protected]
To: [email protected]
cc:
Subject: Portfolio for jennifer_arnold as of Mon May 29 18:36:45 2000
*********************************************************
IMPORTANT MESSAGE FOR ALL INFOSEEK PORTFOLIO TRACKER USER'S
The Infoseek Portfolio Tracker service provided by Reuters Investor is no
longer accessible directly from the Infoseek Personal Finance page. However,
your Portfolio and all associated financial content will continue to be
accessible by going directly to the following web site address (URL):
http://www.moneynet.com/content/infoseek/PTracker/
By entering this exact URL (case sensitive) in your browser software location
box and hitting return, you will be able to access your Portfolio as before.
We suggest you then bookmark this page for future access to your Portfolio.
The Portfolio service will continue to be available to you in the future,
although you may notice changes in the page format in the next several weeks.
Thank you for your patience, and we're glad to be able to support your
financial content needs.
*********************************************************
Portfolio: Invest
Stocks:
Symbol Description Last Change Volume Date Time
=========================================================================
AFL AFLAC INC 50 7/8 +5/8 453700 05/26/2000 16:20
BMCS BMC SOFTWARE 42 1/16 +9/16 1.1978M 05/26/2000 16:01
ENE ENRON CORP 69 15/16 +15/16 1.4117M 05/26/2000 16:11
PCTL PICTURETEL CP 2.9375 -0.125 328900 05/26/2000 15:59
WCOM WORLDCOM INC 37 3/16 -7/16 13.0533M 05/26/2000 16:01
NEWS for Portfolio: Invest
--- ENE ---
05/29/2000 12:12 UPDATE 3-Spanish market braces for new bids for Cantabrico
--- WCOM ---
05/29/2000 13:18 WorldCom and Sprint face EU merger hearing
05/29/2000 02:34 RPT-France Tel to unveil $46 bln Orange buy on Tuesday
05/29/2000 00:31 RESEARCH ALERT-Phillip keeps Shin Sat<SATT.BK> buy
****************************************
Market Update
----------------------------------------
As Of: 05/26/2000 04:02 PM
DJIA 10299.24 -24.68
NYSE Volume 722.670 Mil
Transports 2687.55 -30.22
Adv-Decl 1493 1351
Utilities 327.46 +2.32
NASDAQ 3205.11 -0.24
S&P 500 1378.02 -3.50
Value Line 401.06 -0
****************************************
=================================================
All stock quotes are delayed at least 20 minutes.
=================================================
If you have questions, comments, or problems with your Portfolio Tracker
E-mail, send E-mail to [email protected].
| ||
arnold-j/_sent_mail/349.
|
subject: Re: IRS Beers
content: Stupid taxes
Bill White@ENRON
05/30/2000 04:52 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: IRS Beers
Remember we were trying to figure out the difference in return between tax
free investment growth and annually-taxed investment growth? Turns out that
it is different, but over 5 years and a 10% growth rate, it doesn't amount to
much more than the cost of our beer tab. See attached.
| ||
arnold-j/_sent_mail/35.
|
subject: Re: FIMAT loan agreement
content: i assume means carrying equity positions, which of course the line would not
be used for.
john
Sarah Wesner@ENRON
11/20/2000 12:47 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: FIMAT loan agreement
John - the FIMAT loan agreeemnt will prohibit ENE from using loan proceeds as
follows:
No part of the proceeds of any Advance hereunder will be used for
"purchasing" or "carrying" any "margin stock" within the respective meanings
of each of the quoted terms under Regulation U of the Board of Governors of
the Federal Reserve System as now and from time to time hereafter in effect.
Do you know whether you engage in purchasing or carrying margin stock? I
will check with legal as well.
Sarah
| ||
arnold-j/_sent_mail/350.
|
subject: unsubscribe
content: Portfolio Tracker <[email protected]> on 05/30/2000 05:53:59 PM
Please respond to [email protected]
To: [email protected]
cc:
Subject: Portfolio for jennifer_arnold as of Tue May 30 18:43:22 2000
*********************************************************
IMPORTANT MESSAGE FOR ALL INFOSEEK PORTFOLIO TRACKER USER'S
The Infoseek Portfolio Tracker service provided by Reuters Investor is no
longer accessible directly from the Infoseek Personal Finance page. However,
your Portfolio and all associated financial content will continue to be
accessible by going directly to the following web site address (URL):
http://www.moneynet.com/content/infoseek/PTracker/
By entering this exact URL (case sensitive) in your browser software location
box and hitting return, you will be able to access your Portfolio as before.
We suggest you then bookmark this page for future access to your Portfolio.
The Portfolio service will continue to be available to you in the future,
although you may notice changes in the page format in the next several weeks.
Thank you for your patience, and we're glad to be able to support your
financial content needs.
*********************************************************
Portfolio: Invest
Stocks:
Symbol Description Last Change Volume Date Time
=========================================================================
AFL AFLAC INC 51 3/8 +1/2 682700 05/30/2000 16:02
BMCS BMC SOFTWARE 44 3/16 +2 1/8 1.9504M 05/30/2000 16:01
ENE ENRON CORP 69 7/8 +1/16 1.2943M 05/30/2000 16:02
PCTL PICTURETEL CP 2.9375 0 255800 05/30/2000 15:59
WCOM WORLDCOM INC 38 1/16 +7/8 22.2777M 05/30/2000 16:01
NEWS for Portfolio: Invest
--- ENE ---
05/30/2000 10:27 Enron and Prudential Sign Long-Term Energy Management
Agreemen
--- WCOM ---
05/30/2000 17:49 CORRECTED - Nasdaq rises on optimism over interest rates -2-
05/30/2000 15:11 KLLM investor gets 2% of shrs, extends tender offer
05/30/2000 15:09 WorldCom/Sprint say EU should clear merger
05/30/2000 13:20 UPDATE 1-INTERVIEW-Swisscom-still time to find partners
05/30/2000 10:42 UPDATE 2-BT told to offer wholesale unmetered Internet access
****************************************
Market Update
----------------------------------------
As Of: 05/30/2000 04:14 PM
DJIA 10527.13 +227.89
NYSE Volume 842.044 Mil
Transports 2741.70 +54.15
Adv-Decl 2018 920
Utilities 324.74 -2.72
NASDAQ 3459.48 +254.37
S&P 500 1422.45 +44.43
Value Line 410.35 +9
****************************************
=================================================
All stock quotes are delayed at least 20 minutes.
=================================================
If you have questions, comments, or problems with your Portfolio Tracker
E-mail, send E-mail to [email protected].
| ||
arnold-j/_sent_mail/351.
|
subject: Re: Portfolio for jennifer_arnold as of Mon May 29 18:36:45 2000
content: Please do not send these emails anymore. I am not Jennifer Arnold
Portfolio Tracker <[email protected]> on 05/29/2000 05:52:42 PM
Please respond to [email protected]
To: [email protected]
cc:
Subject: Portfolio for jennifer_arnold as of Mon May 29 18:36:45 2000
*********************************************************
IMPORTANT MESSAGE FOR ALL INFOSEEK PORTFOLIO TRACKER USER'S
The Infoseek Portfolio Tracker service provided by Reuters Investor is no
longer accessible directly from the Infoseek Personal Finance page. However,
your Portfolio and all associated financial content will continue to be
accessible by going directly to the following web site address (URL):
http://www.moneynet.com/content/infoseek/PTracker/
By entering this exact URL (case sensitive) in your browser software location
box and hitting return, you will be able to access your Portfolio as before.
We suggest you then bookmark this page for future access to your Portfolio.
The Portfolio service will continue to be available to you in the future,
although you may notice changes in the page format in the next several weeks.
Thank you for your patience, and we're glad to be able to support your
financial content needs.
*********************************************************
Portfolio: Invest
Stocks:
Symbol Description Last Change Volume Date Time
=========================================================================
AFL AFLAC INC 50 7/8 +5/8 453700 05/26/2000 16:20
BMCS BMC SOFTWARE 42 1/16 +9/16 1.1978M 05/26/2000 16:01
ENE ENRON CORP 69 15/16 +15/16 1.4117M 05/26/2000 16:11
PCTL PICTURETEL CP 2.9375 -0.125 328900 05/26/2000 15:59
WCOM WORLDCOM INC 37 3/16 -7/16 13.0533M 05/26/2000 16:01
NEWS for Portfolio: Invest
--- ENE ---
05/29/2000 12:12 UPDATE 3-Spanish market braces for new bids for Cantabrico
--- WCOM ---
05/29/2000 13:18 WorldCom and Sprint face EU merger hearing
05/29/2000 02:34 RPT-France Tel to unveil $46 bln Orange buy on Tuesday
05/29/2000 00:31 RESEARCH ALERT-Phillip keeps Shin Sat<SATT.BK> buy
****************************************
Market Update
----------------------------------------
As Of: 05/26/2000 04:02 PM
DJIA 10299.24 -24.68
NYSE Volume 722.670 Mil
Transports 2687.55 -30.22
Adv-Decl 1493 1351
Utilities 327.46 +2.32
NASDAQ 3205.11 -0.24
S&P 500 1378.02 -3.50
Value Line 401.06 -0
****************************************
=================================================
All stock quotes are delayed at least 20 minutes.
=================================================
If you have questions, comments, or problems with your Portfolio Tracker
E-mail, send E-mail to [email protected].
| ||
arnold-j/_sent_mail/352.
|
subject: Re: New Spreadsheet
content: Kevin:
Come by Tuesday between 5:00-5:30 if you still want to see the new
spreadsheet. However, it may be more valuable to talk to Dutch Quigley, who
runs my risk, as he built the system and understands the vertical integration
better.
John
| ||
arnold-j/_sent_mail/353.
|
subject: Re: LAST CHANCE TO REGISTER!!
content: Please take me off your mailing list
| ||
arnold-j/_sent_mail/354.
|
subject:
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 05/22/2000 04:23
PM ---------------------------
John Arnold
05/22/2000 04:23 PM
To: [email protected]
cc: Rick Buy/HOU/ECT@ECT, John.J. [email protected], David
Haug/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeffrey A Shankman/HOU/ECT@ECT,
Jeff Skilling/Corp/Enron@ENRON
Subject:
Doug:
To confirm the pricing of the LNG dela::
I can show a $3.01 bid for the Nymex portion of 160,000 mmbtu/day for the
time period Jan 2003-Dec 2014. The bid on Henry Hub basis for same time
period is -$.0025 resulting in fix price of $3.0075; the bid on Sonat basis
is -$.0175 translating into a bid of $2.9925.
Notional volume = 70,128 contracts.
PV volume = 37,658 contracts.
Exposure per $.01 move = $3,760,000
John
| ||
arnold-j/_sent_mail/355.
|
subject:
content: Doug:
To confirm the pricing of the LNG dela::
I can show a $3.01 bid for the Nymex portion of 160,000 mmbtu/day for the
time period Jan 2003-Dec 2014. The bid on Henry Hub basis for same time
period is -$.0025 resulting in fix price of $3.0075; the bid on Sonat basis
is -$.0175 translating into a bid of $2.9925.
Notional volume = 70,128 contracts.
PV volume = 37,658 contracts.
Exposure per $.01 move = $3,760,000
John
| ||
arnold-j/_sent_mail/356.
|
subject: Re:
content: Hey, I just got your email.
Call anytime after 4:00.
Obviously, I don't read my email very often
| ||
arnold-j/_sent_mail/357.
|
subject:
content: Please stop sending emails to jennifer_arnold to the following email address:
[email protected].
You have the wrong person
| ||
arnold-j/_sent_mail/358.
|
subject:
content: Jeff:
Sorry for my cryptic answer in regards to the LNG deal on Friday; I was a bit
confused by the question.
In terms of the gas pricing, this is a deal that should be done. Market
conditions are very conducive to hedging a fair amount of the gas.
Obviously, a deal this size would require Enron to wear a considerable amount
of the risk in the short term, but the risk-reward of the position looks very
favorable.
I am certainly willing to sign off on this deal around the $3.00 level.
John
|
Jeff Skilling@Enron
|
|
arnold-j/_sent_mail/359.
|
subject: Re: options
content: Andy:
The problem if we limit the size on options to being what size is offered on
the swap hedge, we will not be able to offer adequate size on the options.
Optimally, I think we want to offer a minimum size of 100 across all
strikes. If the swap is 4/4.5, one a day up, and someone buys half a day,
making the market, 4/4.5 one a day by half a day, the size offered on a 10
cent out of the money call might be as low as 30 contracts, a much smaller
size than most people want to trade. If we restrict to strikes with a lower
delta, we face the problem of not offering enough strikes and not making a
market in options that have open EOL interest that have moved closer to the
money.
Maybe the answer is to assume the swap hedge to be a penny wide two way
wrapped around the EOL swap mid market. Thus if the front swap on EOL is
4/4.5 one a day by half a day, the input into the option calculator is
3.75/4.75, 100 up. In this case I think 100 is necessary because once a
strike has open interest, we must continue to support it. Thus I anticipate
having to make markets in deep itm options as the market moves.
In terms of straddle strikes, I think the edge received from buying straddles
struck on the EOL offer and vice-versa is not big enough to compensate for
what I think the industry will view as a scam and another way Enron is trying
to rip people off. Although striking on the mid-market is probably easier
for the trader, I actually think striking in five cent increments makes more
sense. It allows people to trade out of the position on EOL. Whereas if
someone buys the 3085 straddle and the market moves to 3200, they have to
call ENE to close the trade. If the trade is struck at 3100, we will have a
market on both the 3100 call and put at all times. Secondly, I would
anticipate non-volatility driven option traders may elect to sell either just
the put or call in this scenario depending on their view of market direction.
| ||
arnold-j/_sent_mail/36.
|
subject: re:mkts
content: Hey:
Haven't had the best of months. Like you had some good positions but others
wiped out everything. Unbelievable how the whole curve moves as one for 6
months and then separates completely. The z/f/g and f/g/h flies are
amazing. Something definitely out of whack. Hard to believe cash in Z will
be cantango to F and front spread, F/G, will be 40. Spreads definitely
implying we will see some $10+ prints on daily cash at the hub this winter.
Hell, already seeing it in the West. The system is just broken there.
interesting to see if it is a sign of what can come in the east later.
definitely more flexibility in the east so the blowouts won't occur until
latter part of the winter. the inelasticity of demand continues to be
unbelievable. who would have thunk it. Gas can be 3 times what it was one
year ago and not a significant loss of demand.
market definitely trained to buy the dips at this point. continues to be a
very trending market. most days finish on the intraday high or low.
Pira told the boys to hedge jv and cal 2 and the impact has been
significant. i quote bids on term strips 5 times a day. understand they
are changing their view somewhat tomorrow. wait and see if it relieves some
back pressure. very surprised at lack of spec long interest in jv at 4.5
considering the scenario that's being painted.
[email protected] on 11/21/2000 01:06:40 PM
To: [email protected]
cc:
Subject: re:mkts
johnny, hope things re treating you well. this month has been frustrating for
me-generally caught many mkt moves but had 2 postions that nearly cancelled
all
the rest. im finding it really really hard to assess risk now in oil and gas
therefore im taking a step back esp in front of holidays and year end. was
long
mar gas vs backs which worked great but i took profits waayyy too early
flat px i think is pretty clear-if weather stays normal to below we keep a
flaoor at 5.80-6.00 bucks for another 40 days at least. if we have sustained
aboves we drop like a rock in part due to back en d pressure.
but spreads-what the hell do we do with em?????????? was just saying to
mark
silverman there is a huge opportunity here staring us in the face but i hve no
idea what it is-i have equal arguements for why sprds shud fall or move out.
any
great insites? hope all is well and enjoy the long weeknd-we both deserve it.
guess the curve will stop blowing out when/if we see the back end selling
dry
up??
| ||
arnold-j/_sent_mail/360.
|
subject: Re: options
content: Andy:
Just a couple of quick items that need to be addressed. First, what happens
if the delta of the option is greater than the size of the hedge offered on
EOL? Second, what strike are straddles traded at. Are they set at the
nearest 5 cent interval or are they mid-market of the EOL quote?
| ||
arnold-j/_sent_mail/361.
|
subject:
content: Thanks for taking me in last night. Sorry about being drunk and stinky.
My cab, that we called at 6:10, showed up at 7:02. I was so pissed.
| ||
arnold-j/_sent_mail/362.
|
subject:
content: Dutch:
The increase in position and subsequent position limit violation was due to
two factors. First, a long position was moved into the long-term exotics
book due to the nature of the position. I am currently using the ltx to hold
longer-term strategic positions. The large increase in position is a
reflection of my view of the market.
Second, a large customer transaction originated by Fred Lagrasta's group was
transacted at the end of the day Monday and was not able to be hedged until
this morning. Hence a large position increase occurred for yesterday's
position and a corresponding decrease occurred today.
John
| ||
arnold-j/_sent_mail/363.
|
subject: Option Analysis on NG Price Book
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 04/11/2000 04:57
PM ---------------------------
From: Rudi Zipter
04/08/2000 09:03 AM
To: John Arnold/HOU/ECT@ECT
cc: Vladimir Gorny/HOU/ECT@ECT, Minal Dalia/HOU/ECT@ECT, Sunil
Dalal/Corp/Enron@ENRON
Subject: Option Analysis on NG Price Book
John,
Several months ago we talked about the development of an option analysis tool
that could be used to stress test positions under various scenarios as a
supplement to our V@R analysis. We have recently completed the project and
would like to solicit your feedback on the report results.
We have selected your NG price position for April 4, 2000 (POST-ID 753650)
for the initial analysis. Attached in the excel file below you will find:
Analysis across the various forward months in your position
Underlying vs. Greeks, theoretical P&L
Volatility vs. Greeks, theoretical P&L
Time change vs. Greeks, theoretical P&L
Summary of your Overall Position analysis
Underlying vs. Greeks, theoretical P&L
Volatility vs. Greeks, theoretical P&L
Time change vs. Greeks, theoretical P&L
Multiple Stress Analysis
The attached Word document demonstrates the multiple stress choices. I have
included a tab in the excel file that demonstrates the theoretical P/L
resulting from shifts in both volatility and underlying price.
Please note that the percentage changes across the column headers are not in
absolute terms (for example, if the ATM volatility in a given month is 40%
and the stress is -10% then the analysis is performed under a volatility
scenario of 36%)
Thanks,
Rudi
| ||
arnold-j/_sent_mail/364.
|
subject:
content: call me if you're in town this weeekend
| ||
arnold-j/_sent_mail/365.
|
subject: Re:
content: nope...your loss though
| ||
arnold-j/_sent_mail/366.
|
subject:
content: Hey:
Any good set of 4 available for Sunday's game
| ||
arnold-j/_sent_mail/367.
|
subject: Re:
content: are you sure...have you ever been to bon coupe before
don't knock it till tou try it
| ||
arnold-j/_sent_mail/368.
|
subject: Re:
content: 2 options:
Either we leave from work and you watch me get a haircut for 20 minutes or...
I pick you up around 6:30...
| ||
arnold-j/_sent_mail/369.
|
subject:
content: Hello...
Despite my thoughts, you like baseball. So the question is do you like art
(as in musuems) ?
I'm leaning towards yes but don't know for sure.
| ||
arnold-j/_sent_mail/37.
|
subject: Re: NY
content: Hello:
It is the Blue Men Group. Two friends highly recommend it. It's in the
Astor Theatre on Lafayette in the Village.
43rd should be good. I think you woul dhave had more flavor in Harlem though
"Jennifer White" <[email protected]> on 11/21/2000 01:54:16 PM
To: [email protected]
cc:
Subject: NY
I've been tasked with getting tickets to a show. Was it 'Blue Men Group'
that you recommended we see? And Michelle lives on W43rd, so it's not
as bad as you thought.
___________________________________________________________________
To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax,
all in one place - sign up today at http://www.zdnetonebox.com
| ||
arnold-j/_sent_mail/370.
|
subject:
content: Please approve Larry May for a trader id on EOL for "pipe options" book for
US gas.
Thanks,
John
3-3230
| ||
arnold-j/_sent_mail/371.
|
subject: Re: Nymex NG Swaps
content: Andy:
This past weekend we released a new version of the EOL software that,
unfortunately, had a bug. The effect was to lengthen the time delay between
numbers changing and when they would show up on the internet to an
unacceptable level that increased the number of failed trades. We made the
decision to take some of the more volatile products temporarily offline until
the fix could be made. I do not anticipate this to be a concern going
forward. Thanks for the feedback.
John Arnold
| ||
arnold-j/_sent_mail/372.
|
subject: re: New Computer
content: Please approve.
---------------------- Forwarded by John Arnold/HOU/ECT on 04/05/2000 07:32
AM ---------------------------
Larry May@ENRON
04/04/2000 10:10 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: re: New Computer
John, could you forward this message with your approval to Enron IT
Purchasing.
Would you please order a new computer for :
Larry May
Company # 413
rc# 0235
Location 3221c
As discussed with Hank Zhang, I would like to order a SP700 with 512 mbytes
RAM
Thnks
Larry May
3 6731
|
Enron IT Purchasing@Enron
|
|
arnold-j/_sent_mail/373.
|
subject: Re: VaR
content: i am free to talk this afternoon if you want
| ||
arnold-j/_sent_mail/374.
|
subject:
content: call me when you get this
| ||
arnold-j/_sent_mail/375.
|
subject: New curve generation methodology
content: I am changing the way the curve is generated starting in Jan 2004 to better
replicate seasonal fundamentals. There are convincing arguments as to why
the summer/winter spreads should tighten over time. However, in the previous
methodology they blew out. For instance summer/winter in Cal 3 was .232
while Cal 10 was .256.
I have added a seasonality dampening function that both contracts the
summer/winter spread and applies a premium to the electric load demand months
of July and August over time.
The formula for the curve remains the same except for a premium lookup for
the month as well as for the year. These premiums are as follows:
Jan -.008
Feb -.004
Mar -.001
Apr .002
May .003
Jun .004
Jul .004
Aug .004
Sep .003
Oct .002
Nov -.003
Dec -.006
These premiums start in Jan 2004
On Wednesday Jan 2003 settled 2.959, the 3/4 spread was marked at .0375, the
4/5 spread was marked at .0475.
In the old methodology
Jan 2003 = 2.959
Jan 2004 = 2.959 + .0375 = 2.9965
Jan 2005 = 2.9965 + .0475 = 3.044
In the new methodology
Jan 2003 = 2.959
Jan 2004 = 2.959 + .0375 - .008 =2.9885
Jan 2005 = 2.9885 + .0475 -.008 = 3.028
The only change in the formula is from:
Month x = Month (x- 1 year) + lookup on year on year table
to
Month x = Month (x- 1 year) + lookup on year on year table + lookup on month
premium table
The seasonality premiums will change over time and I will let you know when I
change them
| ||
arnold-j/_sent_mail/376.
|
subject: Re: VaR
content: I am free at 3:30 on Thursday at my desk.
| ||
arnold-j/_sent_mail/377.
|
subject: Re: Insurance Call Spread
content: sounds good
| ||
arnold-j/_sent_mail/378.
|
subject:
content: My brother was coming back from London to go so I went out and paid a fortune
from a scalper for two....
I really do appreciate it though..
| ||
arnold-j/_sent_mail/379.
|
subject: Re:
content: club seats extra wide extra leg room extra waitresses
| ||
arnold-j/_sent_mail/38.
|
subject: Re: ENSIDE Newsletter
content: I'm always here so just coordinate with my assistant, Ina Rangle. Thanks,
John
Kathie Grabstald
11/20/2000 02:32 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: ENSIDE Newsletter
Good Afternoon, John!
Thanks for agreeing to be one of the Profile articles in the next issue of
the ENSIDE. Michelle Vitrella assured me that you would be an interesting
topic! Our newsletter is set for publication in February and I am setting my
interview schedule now. I would love to sit down and visit with you for
about 30 minutes in the early part of December. Please let me know a day and
time that is convenient for you.
I look forward to hearing from you!
Kathie Grabstald
ENA Public Relations
x 3-9610
| ||
arnold-j/_sent_mail/380.
|
subject: Re:
content: sec 222 row 2
| ||
arnold-j/_sent_mail/381.
|
subject: Re:
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/28/2000 10:49
AM ---------------------------
Matthew Arnold 03/28/2000 06:35 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:
I'm in.
John Arnold
03/27/2000 08:54 AM
To: Matthew Arnold/HOU/ECT@ECT
cc:
Subject:
lyle lovett national anthem
nolan ryan first pitch
dwight gooden first real pitch
| ||
arnold-j/_sent_mail/382.
|
subject: Re:
content: 7:00 game
can you let me know tomorrow??
| ||
arnold-j/_sent_mail/383.
|
subject:
content: lyle lovett national anthem
nolan ryan first pitch
dwight gooden first real pitch
| ||
arnold-j/_sent_mail/384.
|
subject:
content: Hello:
I just wanted to arrange to meet for the Astros tickets.
I work and live downtown.
My cell phone number is 713-557-3330.
Thanks,
John
| ||
arnold-j/_sent_mail/385.
|
subject: Re:
content: i just had the whole it staff up here.
I just got two good tickets to Thursday's Astros/Yankees game
| ||
arnold-j/_sent_mail/386.
|
subject:
content: hey:
when are you back in town??
| ||
arnold-j/_sent_mail/387.
|
subject:
content: Hey :
Just wanted to see if you're doing anything tonight...
Any interest in getting dinner?
John
| ||
arnold-j/_sent_mail/388.
|
subject: Re: Enron Online
content: Please grant Steven Vu execution privileges on EOL
John Arnold
| ||
arnold-j/_sent_mail/389.
|
subject: Re: EnronOnline Approval Access Request
content: Pleas approve Tricia's request to become an authorized EOL trader
| ||
arnold-j/_sent_mail/39.
|
subject: Re: Cal02
content: isn't market making on electronic systems fun???
[email protected] on 11/20/2000 01:17:35 PM
To: [email protected]
cc:
Subject: Cal02
I cant go take a pee w/o you sneaking up on me on ICE, ICE BABY.
| ||
arnold-j/_sent_mail/390.
|
subject: Re: AOL Instant Messenger Confirmation (ziEbq0PbJo enronjda)
content: ok
| ||
arnold-j/_sent_mail/391.
|
subject: Re: Defense
content: maine impossible to get to .. next idea?
| ||
arnold-j/_sent_mail/392.
|
subject: RE: waiting
content: maine impossible to get to...next option?
| ||
arnold-j/_sent_mail/393.
|
subject: Re: Natural gas update
content: mark:
what are your thoughts on crude and gasoline?
"Mark Sagel" <[email protected]> on 05/13/2001 09:23:02 PM
To: "John Arnold" <[email protected]>
cc:
Subject: Natural gas update
Latest natural report
- ng051301.doc
| ||
arnold-j/_sent_mail/394.
|
subject: Re:
content: most bullish thing at this point is moving closer to everyone's
psychological $4 price target and that everybody and their dog is still
short. next sellers need to be from producer community. saw a little this
week with williams hedging the barrett transaction but wouldnt say thats
indicative of the rest of the e&p community. short covering rallies will
get more common here. velocity of move down has slowed significantly for
good (except maybe in bid week). my concern is if we go to $4 and people
want to cover some shorts, who's selling it to them? might feel a lot like
it did when we were trying to break $5.
| ||
arnold-j/_sent_mail/395.
|
subject:
content: most bullish thing at this point is moving closer to everyone's
psychological $4 price target and that everybody and their dog is still
short. next sellers need to be from producer community. saw a little this
week with williams hedging the barrett transaction but wouldnt say thats
indicative of the rest of the e&p community. short covering rallies will
get more common here. velocity of move down has slowed significantly for
good (except maybe in bid week). my concern is if we go to $4 and people
want to cover some shorts, who's selling it to them? might feel a lot like
it did when we were trying to break $5.
| ||
arnold-j/_sent_mail/396.
|
subject: RE: waiting
content: yea
"Eva Pao" <[email protected]> on 05/13/2001 03:50:42 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: waiting
nevermind. are you at work?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 5:42 PM
To: [email protected]
Subject: RE: waiting
huh?
"Eva Pao" <[email protected]> on 05/13/2001 03:32:22 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: waiting
No english? i got the math.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 5:24 PM
To: [email protected]
Subject: RE: waiting
probability *
payout =
1 heads .5 0 = 0
tails 2 heads .25 1
= .25
tails 3 heads .125 2
= .25
tails 4 heads .0625 4
= .25
tails 5 heads .03125 8
= .25
"Eva Pao" <[email protected]> on 05/13/2001 03:23:47 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: waiting
which game is that?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 5:16 PM
To: [email protected]
Subject: Re: waiting
Expected value of game = 1/2 * 0 + 1/4 * 1 + 1/8 *2 + 1/16 *4 +1/32 *
8+....
= 0 +.25 +.25 +.25 +.25 +...
= infinity
"Eva Pao" <[email protected]> on 05/13/2001 03:11:46 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: waiting
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/_sent_mail/397.
|
subject:
content: most bullish thing at this point is moving closer to everyone's
psychological $4 price target and that everybody and their dog is still
short. next sellers need to be from producer community. saw a little this
week with williams hedging the barrett transaction but wouldnt say thats
indicative of the rest of the e&p community. short covering rallies will
get more common here. velocity of move down has slowed significantly for
good (except maybe in bid week). my concern is if we go to $4 and people
want to cover some shorts, who's selling it to them? might feel a lot like
it did when we were trying to break $5.
| ||
arnold-j/_sent_mail/398.
|
subject: RE: waiting
content: huh?
"Eva Pao" <[email protected]> on 05/13/2001 03:32:22 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: waiting
No english? i got the math.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 5:24 PM
To: [email protected]
Subject: RE: waiting
probability *
payout =
1 heads .5 0 = 0
tails 2 heads .25 1
= .25
tails 3 heads .125 2
= .25
tails 4 heads .0625 4
= .25
tails 5 heads .03125 8
= .25
"Eva Pao" <[email protected]> on 05/13/2001 03:23:47 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: waiting
which game is that?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 5:16 PM
To: [email protected]
Subject: Re: waiting
Expected value of game = 1/2 * 0 + 1/4 * 1 + 1/8 *2 + 1/16 *4 +1/32 *
8+....
= 0 +.25 +.25 +.25 +.25 +...
= infinity
"Eva Pao" <[email protected]> on 05/13/2001 03:11:46 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: waiting
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/_sent_mail/399.
|
subject:
content: most bullish thing at this point is moving closer to everyone's psychological
$4 price target and that everybody and their dog is still short. next
sellers need to be from producer community. saw a little this week with
williams hedging the barrett transaction but wouldnt say thats indicative of
the rest of the e&p community. short covering rallies will get more common
here. velocity of move down has slowed significantly for good (except maybe
in bid week). my concern is if we go to $4 and people want to cover some
shorts, who's selling it to them? might feel a lot like it did when we were
trying to break $5.
| ||
arnold-j/_sent_mail/4.
|
subject: Re: EDF trades switched to ABN
content: come by whenever
Sarah Wesner@ENRON
12/12/2000 01:31 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: EDF trades switched to ABN
John - I need to talk to you about this, are you free today? Sarah
| ||
arnold-j/_sent_mail/40.
|
subject:
content: best GUESS P&L tonight is +7
| ||
arnold-j/_sent_mail/400.
|
subject: Re: Defense
content: don't make me type the math on the computer pooks
"Eva Pao" <[email protected]> on 05/13/2001 03:05:12 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: Defense
What's your defense for you bid 0 for the company? Why was the info
assymetry at 100%???
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:54 PM
To: [email protected]
Subject: RE: Extra credit
have you taken any finance courses yet? what's good?
| ||
arnold-j/_sent_mail/401.
|
subject: RE: waiting
content: probability * payout =
1 heads .5 0 = 0
tails 2 heads .25 1 = .25
tails 3 heads .125 2 = .25
tails 4 heads .0625 4 = .25
tails 5 heads .03125 8 = .25
"Eva Pao" <[email protected]> on 05/13/2001 03:23:47 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: waiting
which game is that?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 5:16 PM
To: [email protected]
Subject: Re: waiting
Expected value of game = 1/2 * 0 + 1/4 * 1 + 1/8 *2 + 1/16 *4 +1/32 *
8+....
= 0 +.25 +.25 +.25 +.25 +...
= infinity
"Eva Pao" <[email protected]> on 05/13/2001 03:11:46 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: waiting
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/_sent_mail/402.
|
subject: RE: Extra credit
content: i think it's 100
"Eva Pao" <[email protected]> on 05/13/2001 03:01:23 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
fill in
$ ____2_ per/share
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:54 PM
To: [email protected]
Subject: RE: Extra credit
fill in
$ _____ per/share
"Eva Pao" <[email protected]> on 05/13/2001 02:39:23 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
what's my bid for what??
ps
don't no crap me.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:30 PM
To: [email protected]
Subject: Re: Extra credit
no crap, what's your bid?
"Eva Pao" <[email protected]> on 05/13/2001 12:48:23 AM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: Extra credit
break even on info ass-symetry is 100%, any project above that level is
profitable to Pooks&Co.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 1:04 AM
To: [email protected]
Subject: RE: try this one...
For extra credit....
If the company is worth 150% more under management A rather than 50% more,
does your answer change?
"Eva Pao" <[email protected]> on 05/11/2001 05:13:59 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: try this one...
will you do all of my homework?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, May 11, 2001 8:41 AM
To: [email protected]
Subject: Re: try this one...
i'll pay a grand total of 0
"Eva Pao" <[email protected]> on 05/10/2001 05:15:59 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: try this one...
Please read the following problem very carefully, and write in a number at
the end. You should be ready to defend your answer. Only a number is
allowed, not an algebraic equation.
Acquiring a Company
In the following exercise you will represent Company A (the acquirer),
which is currently considering acquiring Company T (the target) by means of
a tender offer. You plan to tender in cash for 100% of Company T's shares
but are unsure how high a price to offer. The main complication is this:
the value of Company T depends directly on the outcome of a major oil
exploration project it is currently undertaking. Indeed, the very
viability
of Company T depends on the exploration outcome. If the project fails, the
company under current management will be worth nothing--$0/share. But if
the project succeeds, the value of the company under current management
could be as high as $100/share. All share values between $0 and $100 are
considered equally likely. By all estimates, the company will be worth
considerably more in the hands of Company A than under current management.
In fact, whatever the ultimate value under current management, the company
will be worth fifty percent more under the management of A than under
Company T. If the project fails, the company is worth $0/share under
either
management. If the exploration project generates a $50/share value under
current management, the value under Company A is $75/share. Similarly, a
$100/share value under Company T implies a $150/share value under Company
A,
and so on.
The board of directors of Company A has asked you to determine the
price
they should offer for Company T's shares. This offer must be made now,
before the outcome of the drilling project is known. From all indications,
Company T would be happy to be acquired by Company A, provided it is at a
profitable price. Moreover, Company T wishes to avoid, at all cost, the
potential of a takeover bid by any other firm. You expect Company T to
delay a decision on your bid until the results of the project are in, then
accept or reject your offer before the news of the drilling results reaches
the press.
Thus, you (Company A) will not know the results of the exploration
project
when submitting your price offer, but Company T will know the results when
deciding whether or not to accept your offer. In addition, Company T will
accept any offer by Company A that is greater than the (per share) value of
the company under current management. Thus, if you offer $50/share, for
instance, Company T will accept if the value of the company to Company T is
anything less than $50.
As the representative of Company A, you are deliberating over price
offers
in the range of $0/share (this is tantamount to making no offer at all) to
$150/share. What price offer per share would you tender for Company T's
stock?
$______ per/share
| ||
arnold-j/_sent_mail/403.
|
subject: Re: waiting
content: Expected value of game = 1/2 * 0 + 1/4 * 1 + 1/8 *2 + 1/16 *4 +1/32 * 8+....
= 0 +.25 +.25 +.25 +.25 +...
= infinity
"Eva Pao" <[email protected]> on 05/13/2001 03:11:46 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: waiting
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/_sent_mail/404.
|
subject: Re: Constellation
content: i think its a jv with the trading side mostly staffed by goldman folks
"Eva Pao" <[email protected]> on 05/13/2001 03:06:01 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: Constellation
so, its a goldman co, but it also controls Duquesne and BGE?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:58 PM
To: [email protected]
Subject: RE: Extra credit
yes
"Eva Pao" <[email protected]> on 05/13/2001 03:03:17 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
is constellation energy a goldman company?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:55 PM
To: [email protected]
Subject: RE: Extra credit
me thinks you missed a 9
"Eva Pao" <[email protected]> on 05/13/2001 02:58:28 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
1.99999999999999999999999999999999999
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/_sent_mail/405.
|
subject: Re: am i right???
content: no
"Eva Pao" <[email protected]> on 05/13/2001 03:02:45 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: am i right???
wait, of course i am. i always am.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:55 PM
To: [email protected]
Subject: RE: Extra credit
me thinks you missed a 9
"Eva Pao" <[email protected]> on 05/13/2001 02:58:28 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
1.99999999999999999999999999999999999
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/_sent_mail/406.
|
subject: RE: Extra credit
content: yes
"Eva Pao" <[email protected]> on 05/13/2001 03:03:17 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
is constellation energy a goldman company?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:55 PM
To: [email protected]
Subject: RE: Extra credit
me thinks you missed a 9
"Eva Pao" <[email protected]> on 05/13/2001 02:58:28 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
1.99999999999999999999999999999999999
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/_sent_mail/407.
|
subject: Re: 2
content: are you prepared to defend your answer?
"Eva Pao" <[email protected]> on 05/13/2001 03:01:04 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: 2
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:54 PM
To: [email protected]
Subject: RE: Extra credit
and your offer?
"Eva Pao" <[email protected]> on 05/13/2001 02:58:28 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
1.99999999999999999999999999999999999
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/_sent_mail/408.
|
subject: RE: Extra credit
content: me thinks you missed a 9
"Eva Pao" <[email protected]> on 05/13/2001 02:58:28 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
1.99999999999999999999999999999999999
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/_sent_mail/409.
|
subject: RE: Extra credit
content: have you taken any finance courses yet? what's good?
| ||
arnold-j/_sent_mail/41.
|
subject: Re:
content: get lost
| ||
arnold-j/_sent_mail/410.
|
subject: RE: Extra credit
content: fill in
$ _____ per/share
"Eva Pao" <[email protected]> on 05/13/2001 02:39:23 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
what's my bid for what??
ps
don't no crap me.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:30 PM
To: [email protected]
Subject: Re: Extra credit
no crap, what's your bid?
"Eva Pao" <[email protected]> on 05/13/2001 12:48:23 AM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: Extra credit
break even on info ass-symetry is 100%, any project above that level is
profitable to Pooks&Co.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 1:04 AM
To: [email protected]
Subject: RE: try this one...
For extra credit....
If the company is worth 150% more under management A rather than 50% more,
does your answer change?
"Eva Pao" <[email protected]> on 05/11/2001 05:13:59 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: try this one...
will you do all of my homework?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, May 11, 2001 8:41 AM
To: [email protected]
Subject: Re: try this one...
i'll pay a grand total of 0
"Eva Pao" <[email protected]> on 05/10/2001 05:15:59 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: try this one...
Please read the following problem very carefully, and write in a number at
the end. You should be ready to defend your answer. Only a number is
allowed, not an algebraic equation.
Acquiring a Company
In the following exercise you will represent Company A (the acquirer),
which is currently considering acquiring Company T (the target) by means of
a tender offer. You plan to tender in cash for 100% of Company T's shares
but are unsure how high a price to offer. The main complication is this:
the value of Company T depends directly on the outcome of a major oil
exploration project it is currently undertaking. Indeed, the very
viability
of Company T depends on the exploration outcome. If the project fails, the
company under current management will be worth nothing--$0/share. But if
the project succeeds, the value of the company under current management
could be as high as $100/share. All share values between $0 and $100 are
considered equally likely. By all estimates, the company will be worth
considerably more in the hands of Company A than under current management.
In fact, whatever the ultimate value under current management, the company
will be worth fifty percent more under the management of A than under
Company T. If the project fails, the company is worth $0/share under
either
management. If the exploration project generates a $50/share value under
current management, the value under Company A is $75/share. Similarly, a
$100/share value under Company T implies a $150/share value under Company
A,
and so on.
The board of directors of Company A has asked you to determine the
price
they should offer for Company T's shares. This offer must be made now,
before the outcome of the drilling project is known. From all indications,
Company T would be happy to be acquired by Company A, provided it is at a
profitable price. Moreover, Company T wishes to avoid, at all cost, the
potential of a takeover bid by any other firm. You expect Company T to
delay a decision on your bid until the results of the project are in, then
accept or reject your offer before the news of the drilling results reaches
the press.
Thus, you (Company A) will not know the results of the exploration
project
when submitting your price offer, but Company T will know the results when
deciding whether or not to accept your offer. In addition, Company T will
accept any offer by Company A that is greater than the (per share) value of
the company under current management. Thus, if you offer $50/share, for
instance, Company T will accept if the value of the company to Company T is
anything less than $50.
As the representative of Company A, you are deliberating over price
offers
in the range of $0/share (this is tantamount to making no offer at all) to
$150/share. What price offer per share would you tender for Company T's
stock?
$______ per/share
| ||
arnold-j/_sent_mail/411.
|
subject: RE: Extra credit
content: and your offer?
"Eva Pao" <[email protected]> on 05/13/2001 02:58:28 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
1.99999999999999999999999999999999999
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/_sent_mail/412.
|
subject: Re: Extra credit
content: rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's you
bid/offer on playing this game? (would you pay $.5 to play? $1? $2? what
you charge me play against you?)
| ||
arnold-j/_sent_mail/413.
|
subject: Re: Extra credit
content: no crap, what's your bid?
"Eva Pao" <[email protected]> on 05/13/2001 12:48:23 AM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: Extra credit
break even on info ass-symetry is 100%, any project above that level is
profitable to Pooks&Co.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 1:04 AM
To: [email protected]
Subject: RE: try this one...
For extra credit....
If the company is worth 150% more under management A rather than 50% more,
does your answer change?
"Eva Pao" <[email protected]> on 05/11/2001 05:13:59 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: try this one...
will you do all of my homework?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, May 11, 2001 8:41 AM
To: [email protected]
Subject: Re: try this one...
i'll pay a grand total of 0
"Eva Pao" <[email protected]> on 05/10/2001 05:15:59 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: try this one...
Please read the following problem very carefully, and write in a number at
the end. You should be ready to defend your answer. Only a number is
allowed, not an algebraic equation.
Acquiring a Company
In the following exercise you will represent Company A (the acquirer),
which is currently considering acquiring Company T (the target) by means of
a tender offer. You plan to tender in cash for 100% of Company T's shares
but are unsure how high a price to offer. The main complication is this:
the value of Company T depends directly on the outcome of a major oil
exploration project it is currently undertaking. Indeed, the very
viability
of Company T depends on the exploration outcome. If the project fails, the
company under current management will be worth nothing--$0/share. But if
the project succeeds, the value of the company under current management
could be as high as $100/share. All share values between $0 and $100 are
considered equally likely. By all estimates, the company will be worth
considerably more in the hands of Company A than under current management.
In fact, whatever the ultimate value under current management, the company
will be worth fifty percent more under the management of A than under
Company T. If the project fails, the company is worth $0/share under
either
management. If the exploration project generates a $50/share value under
current management, the value under Company A is $75/share. Similarly, a
$100/share value under Company T implies a $150/share value under Company
A,
and so on.
The board of directors of Company A has asked you to determine the
price
they should offer for Company T's shares. This offer must be made now,
before the outcome of the drilling project is known. From all indications,
Company T would be happy to be acquired by Company A, provided it is at a
profitable price. Moreover, Company T wishes to avoid, at all cost, the
potential of a takeover bid by any other firm. You expect Company T to
delay a decision on your bid until the results of the project are in, then
accept or reject your offer before the news of the drilling results reaches
the press.
Thus, you (Company A) will not know the results of the exploration
project
when submitting your price offer, but Company T will know the results when
deciding whether or not to accept your offer. In addition, Company T will
accept any offer by Company A that is greater than the (per share) value of
the company under current management. Thus, if you offer $50/share, for
instance, Company T will accept if the value of the company to Company T is
anything less than $50.
As the representative of Company A, you are deliberating over price
offers
in the range of $0/share (this is tantamount to making no offer at all) to
$150/share. What price offer per share would you tender for Company T's
stock?
$______ per/share
| ||
arnold-j/_sent_mail/414.
|
subject: Re:
content: i need significant lead time to prepare for boots day. please advise earlier
next time.
From: Margaret Allen@ENRON on 05/11/2001 06:09 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:
I'll be here until tomorrow afternoon, then off to Waco to see my mom. I
just got back to my desk after being in meetings all day. Who knows how long
I'll be here tonight and I have a shit load of work to do tomorrow. Why do I
work here again?
What's up with you? I bought some guest to your floor today but you weren't
around. And I have on boots with curly hair.
Take care, MSA
Oh, let's chat about Guggenheim next week. Are you going on the 17th too?
John Arnold@ECT
05/11/2001 11:58 AM
To: Margaret Allen/Corp/Enron@ENRON
cc:
Subject:
you in town this weekend?
| ||
arnold-j/_sent_mail/415.
|
subject:
content: Kim:
I will not be at the may 18 management mtg as I will be in NY on business.
| ||
arnold-j/_sent_mail/416.
|
subject: Re: myrtle beach
content: Appreciate the offer but I won't be able to get out of work,
"Piasio, Stephen [FI]" <[email protected]> on 05/10/2001 11:23:18 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: myrtle beach
do you or any one of your colleagues at the mighty Enron want to join us at
our annual golf outing in Myrtle Beach. You pay the air, we've got the
rest.
Only 4 rules:
no cologne
no top button buttoned on the golf shirt
not permitted to break 100
no cameras
reminder:
Friday June 1 2 rounds
Saturday, June 2 1 round/poolside
Sunday, June 3 1 round
Enron has an open invite. Please let me know.
| ||
arnold-j/_sent_mail/417.
|
subject: RE: try this one...
content: For extra credit....
If the company is worth 150% more under management A rather than 50% more,
does your answer change?
"Eva Pao" <[email protected]> on 05/11/2001 05:13:59 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: try this one...
will you do all of my homework?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, May 11, 2001 8:41 AM
To: [email protected]
Subject: Re: try this one...
i'll pay a grand total of 0
"Eva Pao" <[email protected]> on 05/10/2001 05:15:59 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: try this one...
Please read the following problem very carefully, and write in a number at
the end. You should be ready to defend your answer. Only a number is
allowed, not an algebraic equation.
Acquiring a Company
In the following exercise you will represent Company A (the acquirer),
which is currently considering acquiring Company T (the target) by means of
a tender offer. You plan to tender in cash for 100% of Company T's shares
but are unsure how high a price to offer. The main complication is this:
the value of Company T depends directly on the outcome of a major oil
exploration project it is currently undertaking. Indeed, the very
viability
of Company T depends on the exploration outcome. If the project fails, the
company under current management will be worth nothing--$0/share. But if
the project succeeds, the value of the company under current management
could be as high as $100/share. All share values between $0 and $100 are
considered equally likely. By all estimates, the company will be worth
considerably more in the hands of Company A than under current management.
In fact, whatever the ultimate value under current management, the company
will be worth fifty percent more under the management of A than under
Company T. If the project fails, the company is worth $0/share under
either
management. If the exploration project generates a $50/share value under
current management, the value under Company A is $75/share. Similarly, a
$100/share value under Company T implies a $150/share value under Company
A,
and so on.
The board of directors of Company A has asked you to determine the
price
they should offer for Company T's shares. This offer must be made now,
before the outcome of the drilling project is known. From all indications,
Company T would be happy to be acquired by Company A, provided it is at a
profitable price. Moreover, Company T wishes to avoid, at all cost, the
potential of a takeover bid by any other firm. You expect Company T to
delay a decision on your bid until the results of the project are in, then
accept or reject your offer before the news of the drilling results reaches
the press.
Thus, you (Company A) will not know the results of the exploration
project
when submitting your price offer, but Company T will know the results when
deciding whether or not to accept your offer. In addition, Company T will
accept any offer by Company A that is greater than the (per share) value of
the company under current management. Thus, if you offer $50/share, for
instance, Company T will accept if the value of the company to Company T is
anything less than $50.
As the representative of Company A, you are deliberating over price
offers
in the range of $0/share (this is tantamount to making no offer at all) to
$150/share. What price offer per share would you tender for Company T's
stock?
$______ per/share
| ||
arnold-j/_sent_mail/418.
|
subject: RE: in
content: you dont like my ideas
"Eva Pao" <[email protected]> on 05/09/2001 05:06:50 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: in
i'll call
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, April 29, 2001 8:15 PM
To: [email protected]
Subject:
pookie:
check this out:
www.sailmainecoast.com/index.html
| ||
arnold-j/_sent_mail/419.
|
subject:
content: you in town this weekend?
| ||
arnold-j/_sent_mail/42.
|
subject: ACCESS Trades for 11/09/00
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 11/09/2000 03:54
PM ---------------------------
"Mancino, Joseph (NY Int)" <[email protected]> on 11/09/2000 08:32:32 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: ACCESS Trades for 11/09/00
Here are the trades executed on ACCESS last night:
S 50 Z 5350
S 50 Z 5335
B 9 Z 5330
B 2 Z 5320
B 4 Z 5322
B 6 Z 5323
B 5 Z 5345
B 10 Z 5355
B 3 Z 5355
B 5 Z 5358
B 100 Z 5323
S 100 F 5369
Joseph Mancino
E.D. & F. Man International
(212)566-9700
| ||
arnold-j/_sent_mail/420.
|
subject: PG&E Energy Trading
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 05/11/2001 11:53
AM ---------------------------
From: Jason R Williams/ENRON@enronXgate on 05/11/2001 10:50 AM
To: Phillip K Allen/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Hunter S
Shively/ENRON@enronXgate, Thomas A Martin/ENRON@enronXgate, John
Arnold/HOU/ECT@ECT
cc: William S Bradford/ENRON@enronXgate, Tanya Rohauer/ENRON@enronXgate,
Russell Diamond/ENRON@enronXgate
Subject: PG&E Energy Trading
Phillip, Scott, Hunter, Tom and John -
Just to reiterate the new trading guidelines on PG&E Energy Trading:
1. Both financial and physical trading are approved, with a maximum tenor of
18 months
2. Approved entities are: PG&E Energy Trading - Gas Corporation
PG&E Energy Trading - Canada Corporation
NO OTHER PG&E ENTITIES ARE APPROVED FOR TRADING
3. Both EOL and OTC transactions are OK
4. Please call Credit (ext. 31803) with details on every OTC transaction.
We need to track all new positions with PG&E Energy Trading on an ongoing
basis. Please ask the traders and originators on your desks to notify us
with the details on any new transactions immediately upon execution. For
large transactions (greater than 2 contracts/day or 5 BCF total), please call
for approval before transacting.
Thanks for your assistance; please call me (ext. 53923) or Russell Diamond
(ext. 57095) if you have any questions.
Jay
| ||
arnold-j/_sent_mail/421.
|
subject: Re: Question?
content: yes
Ina Rangel
05/10/2001 05:47 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Question?
John,
Do you think we need to see about sending an IT Tech for you and Maggi on
Friday to make sure everything is working okay? If we do, we would have to
pay for their travel expenses.
It would be beneficial to you instead of having to be on the phone with IT
for any problems.
Let me know.
-Ina
| ||
arnold-j/_sent_mail/422.
|
subject: Re: try this one...
content: i'll pay a grand total of 0
"Eva Pao" <[email protected]> on 05/10/2001 05:15:59 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: try this one...
Please read the following problem very carefully, and write in a number at
the end. You should be ready to defend your answer. Only a number is
allowed, not an algebraic equation.
Acquiring a Company
In the following exercise you will represent Company A (the acquirer),
which is currently considering acquiring Company T (the target) by means of
a tender offer. You plan to tender in cash for 100% of Company T's shares
but are unsure how high a price to offer. The main complication is this:
the value of Company T depends directly on the outcome of a major oil
exploration project it is currently undertaking. Indeed, the very viability
of Company T depends on the exploration outcome. If the project fails, the
company under current management will be worth nothing--$0/share. But if
the project succeeds, the value of the company under current management
could be as high as $100/share. All share values between $0 and $100 are
considered equally likely. By all estimates, the company will be worth
considerably more in the hands of Company A than under current management.
In fact, whatever the ultimate value under current management, the company
will be worth fifty percent more under the management of A than under
Company T. If the project fails, the company is worth $0/share under either
management. If the exploration project generates a $50/share value under
current management, the value under Company A is $75/share. Similarly, a
$100/share value under Company T implies a $150/share value under Company A,
and so on.
The board of directors of Company A has asked you to determine the price
they should offer for Company T's shares. This offer must be made now,
before the outcome of the drilling project is known. From all indications,
Company T would be happy to be acquired by Company A, provided it is at a
profitable price. Moreover, Company T wishes to avoid, at all cost, the
potential of a takeover bid by any other firm. You expect Company T to
delay a decision on your bid until the results of the project are in, then
accept or reject your offer before the news of the drilling results reaches
the press.
Thus, you (Company A) will not know the results of the exploration project
when submitting your price offer, but Company T will know the results when
deciding whether or not to accept your offer. In addition, Company T will
accept any offer by Company A that is greater than the (per share) value of
the company under current management. Thus, if you offer $50/share, for
instance, Company T will accept if the value of the company to Company T is
anything less than $50.
As the representative of Company A, you are deliberating over price offers
in the range of $0/share (this is tantamount to making no offer at all) to
$150/share. What price offer per share would you tender for Company T's
stock?
$______ per/share
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arnold-j/_sent_mail/423.
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subject: RE: in
content: newport??
"Eva Pao" <[email protected]> on 05/09/2001 05:06:50 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: in
i'll call
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, April 29, 2001 8:15 PM
To: [email protected]
Subject:
pookie:
check this out:
www.sailmainecoast.com/index.html
| ||
arnold-j/_sent_mail/424.
|
subject: Re: eBay End of Auction - Item # 1236142249 (DAVE MATTHEWS TICKETS
content: 199.99+ $18 o/n shipping = 217.99
Visa 4128 0033 2341 1978 exp 8/02
shipping and billing address :
John Arnold
909 Texas Ave #1812
Houston, TX 77002
713-557-3330
[email protected] on 05/10/2001 01:20:57 AM
To: <[email protected]>
cc:
Subject: Re: eBay End of Auction - Item # 1236142249 (DAVE MATTHEWS TICKETS
HOUSTON 4TH ROW 5/12)
Pay Patrick Kenne, [email protected], at paypal.com or bidpay.com, bid
plus $12 for Fed-Ex Saver, or $18 for Fed-Ex overnight shipping. Put shipping
info in note section. If you want Fed-Ex c.o.d., get a money order for bid
plus $25 to Paula Fowler ready to give to fed-ex and e-mail me your shipping
address. If you want to use paypal, add 1% to total, they charge me 2.3%
now!! If you are sending a money order, send to Patrick Kenne 2879 Timber
Range Court Columbus, Ohio 43231. Please include auction # and all shipping
info. Thanks, Pat 614-891-9707
|
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