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Enron Mail |
you know the talking part is hard because its so quiet here and i know some people just listen to other folks conversation to see whats going on. it makes it a little harder to chat and I'm kinda self conscious about it. i don't know why it seems so awkward here and not in the other building.
oh well, YOU ARE MY HONEY!!!!!!!!!!!!!!!!!!!!!!!!!!! -----Original Message----- From: "Immer, Ingrid" <Ingrid.Immer@Williams.com<@ENRON Sent: Tuesday, April 23, 2002 8:40 AM To: Germany, Chris Subject: FW: WCG bankruptcy -- disappointing, but very little effect on Wi lliams Importance: High < -----Original Message----- < From: Malcolm, Steve < Sent: Monday, April 22, 2002 9:10 PM < To: Williams - (Global) < Subject: WCG bankruptcy -- disappointing, but very little effect on < Williams < Importance: High < < Dear fellow Williams employees: < < One day shy of a year ago, Williams successfully completed the spinoff of < Williams Communications. It was a long and challenging process with one < very important goal: To create two healthy companies better positioned to < grow. < < We've learned this evening that WCG has filed for Chapter 11 bankruptcy. < Although filing for bankruptcy is far from the beginning of an end, this < is disappointing * as we all hoped for WCG to succeed financially on its < own. The implosion of the entire telecom industry has made that financial < success elusive, at least in the near term, for WCG and others. < < So, what exactly does WCG's bankruptcy mean to Williams? And more < importantly, what does it mean to you? WCG's bankruptcy will have very < little effect on our company. Actually, I see it as a "non-event" with < respect to Williams, and so should you. We have anticipated this event and < worked diligently to minimize the impact. < < As I previously communicated to you, we have already constructively dealt < with the two major contingent liabilities related to Williams < Communications. In other words, we've already written down the receivable < from WCG to approximately 20 cents on the dollar related to the < obligations referenced above. We are assessing whether additional non-cash < write-downs will be necessary based on our evaluation of WCG's current < prospects and the details of today's filing. < < Currently, the recorded carrying value of these WCG obligations to < Williams is approximately $455 million (written down from $2.3 billion). < Additionally, WCG has an obligation to Williams for the lease of its < headquarters building and certain other assets such as airplanes, < furniture and fixtures. Williams' current carrying amount of this < receivable is $154 million. < < Since most of us are WCG shareholders, I realize you have a personal < interest in this turn of events. If you own stock in WCG, you need to < speak to WCG and/or your financial adviser with respect to what actions < you should take with the stock. < < We continue to wish the best for WCG and its employees as the company < strives to reorganize and emerge from bankruptcy. Its business is an < important part of our history and many of the people are former co-workers < from whom we learned a great deal. Your focus, however, should remain on < Williams and our bright future ahead. < < < Steve Malcolm < President and Chief Executive Officer < < < < < < < < < <
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