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Enron Mail |
Thanks for your email. It is important on a going forward basis that if we
veer from any restriction that Legal has placed on a counterparty (e.g. if Credit says it is ok to trade weather under a GTC instead of a master) that Legal hear before we trade so we all make sure we are on the same understanding as to whether any restriction should be waived. In response to your email I have the following comments: 1. The New York Times Company: cannot trade derivatives online at all. Their board resolution and master agreement require that two specific officers must enter into the trade together on a telephone call. They cannot trade any other way without revising their board resolution and agreement. All their trades must be done by telephone. 2. San Diego Gas & Electric Company: the California PUC said that utilities such as San Diego cannot enter into derivatives transactions at all! 3. Aspect Resources: can enter into derivative transactions. We want the transactions to roll up under the existing ISDA Master Agreement between ECT and Aspect. 4. Brant-Allen Industries: Is shut down, more or less, for all financial trading. They cannot enter into another derivative transactions with us, either on the phone or online, until, prior to entering into the trade, they provide us with a board resolution approving the trade or derivative trading in general. The board resolution they provided with the signed master agreement only approved the one trade we entered into at that time. 5. Cox & Perkins: We had a master with this counterparty and they have informed us i writing that they didn't want to trade with us anymore. In reality, if they did another trade, Legal will need to be contacted and we probably would try and reactive the master and roll the trade up under the master if possible. Credit, keep us informed if they do trade. 6. Sonoco Products: We should not be trading with them at all until we resolve this payment dispute. Sara Shackleton was working on that. We do have a master with them, and if we resolve the payment dispute and begin trading with them, the trade should roll up under the existing master.
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