Enron Two cow theory

< -----Original Message-----
< From: Perelberg, Eugene
< Sent: Friday, November 02, 2001 8:57 AM
< Subject: Two cow theory
<
< Enron Venture Capitalism
< You have two cows.
< You sell three of them to your publicly listed company, using letters of
< credit opened by your brother-in-law at the bank, then execute a debt/
< equity swap with an associated general offer so that you get all four cows
< back, with a tax exemption for five cows. The milk rights of the six cows
< are transferred via an intermediary to a Cayman Island company secretly
< owned by the majority shareholder who sells the rights to all seven cows
< back to your listed company. The annual report says the company owns
< eight cows, with an option on one more.
<