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Enron Mail |
-----Original Message----- From: DeSpain, Tim Sent: Thursday, April 19, 2001 6:08 PM To: pjehle@bear.com Cc: Mintz, Jordan; McCullough, Travis; Deffner, Joseph; Colwell, Wes Subject: ENA CLO I Pat: Pursuant to our telephone conversations, this e-mail is to confirm Enron's desire to begin the process of purchasing the outstanding securities associated with ENA CLO I Trust. I have confirmed that the April 30, 2001 liability due under the remaining active ISDA is $3.71 million. As your firm conducts discussions with investors, our counsel has recommended language to be used as follows: "As has been disclosed in recent Monthly Reports, the underlying assets of ENA CLO I have continued to perform under expectations. Given current economic conditions, it is possible that the assets will continue to underperform for the foreseeable future. In addition, while Enron continues to seek to maximize the recovery on all of the portfolio assets, it is difficult to predict the ultimate recovery that can be expected on the portfolio assets, or the ultimate recovery that Noteholders can expect. As you know, Enron has responded to Noteholder concerns by providing substantial additional structural support to ENA CLO I. In lieu of providing further support, Enron is offering to purchase all of the outstanding Notes on April 30, 2001 for the principal balance plus accrued interest. Enron believes that this proposal is the most expeditious and effective means of addressing the concerns of the Noteholders. Noteholders are encouraged to contact Bear,Stearns with any comments or questions that they may have regarding this proposal." Please let me know if you need any additional information. Sincerely, Tim DeSpain Deputy Treasurer
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