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Enron Mail |
Cash Recoveries take 6 to 12 months after the audit is performed. The 2001 cash recovery is a small amount of the remainder to be collected ($475,283 claims vs $43,913 collected). The balance will be collected in the fourth quarter and the first quarter of 2002. The 2000 amount ($315,579) is cash received in 2001 from audits performed in 2000.
-----Original Message----- From: Buy, Rick Sent: Tuesday, October 2, 2001 4:30 PM To: Rollins, Don Subject: RE: Status of Audits & Cash Recoveries Good job. Recoveries down sharply in '01 due to??? Rick -----Original Message----- From: Rollins, Don Sent: Tuesday, October 02, 2001 2:21 PM To: Carson, Rick L. Cc: Buy, Rick; Gorte, David; Bradford, William S.; Larson, Bradford; Melendrez, Jesus Subject: Status of Audits & Cash Recoveries Following is a status of RAC initiated audits in 2001 and year-to-date cash recoveries related to the Merchant Investment Portfolio: Oil & Gas Joint Venture Audits Completed: Program Operator Gross Claims Net Claims Vastar BP Amoco $177,432 $ 88,716 Hughes-Rawls EPL $285,176 $129,954 E. Sour Lake Adobe $285,126 $256,613 Total $747,734 $475,283 Oil & Gas Joint Venture Audits Scheduled: Program Operator Date Cypress Meridian Resources 10/01 Juniper Bois D'Arc Resources 10/01 Vastar Key Production Co. 12/01 Coal Venture Audits Completed: Program Operator Gross Claims Net Claims Jupiter Cline $ 66,250 $ 66,250 Jupiter Cline $126,000 $126,000 Total $192,250 $192,250 DPR Cline The audit determined that, contrary to the agreement; excess funds were transferred to an investment account in Chris Cline's name rather than DPR. Potentially $5.5 million was at risk to Enron. The situation has been corrected. Cash recovered in 2001 from Audits as of 9/30/01: Oil & Gas - 2000 $315,579 Oil & Gas - 2001 $ 43,913 Coal $ 66,250 Total $425,742 Don Rollins Enron Corporation Risk Assessment & Control 713-853-9176
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