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Enron Mail |
Do you need more from me on how we would structure the Jean deal if we did it? Seems unlikely based on below we will be able to.
David -----Original Message----- From: Redmond, Brian Sent: Thursday, August 02, 2001 9:39 PM To: Kitchen, Louise Cc: Oxley, David Subject: Bridgeline Louise: I spoke to Texaco today and put forth the following alternatives: (1) remove Randy and put Jean in his place (I did offer to consider paying Randy out of his contract), (2) transfer all Texaco/Enron employees to Bridgeline without the ability for them to get paid out and walk away when the Texaco/Chevron merger occurs. Texaco strongly....no violently....opposes installing Jean as President, as they feel that everyone would quit - and no doubt many would. My counter was that many of these people may quit anyway once the Texaco merger occurs, so we are in the same spot but with a President that is committed to the company. My personal feeling is that we would also loose a number of the Enron folks, but we could recover, and may be better off. I'm not sure we have a legal case to force Randy out, especially given Texaco's violent opposition. However, the threat of Jean as President seems to have a good deal of motivational power. Jack Abadie committed to propose the following to Texaco in his meeting in NYC next week: 1. All employees become Bridgeline employees now. 2. Texaco employees get paid by Texaco their severance as follows: (half when the merger occurs, the remainder after 12 - 24 months. 3. If Texaco employees leave they loose the unpaid severance. I am going to develop our legal position to see what leverage we have (or don't have). I do have the "open cost issues" as a bargaining chip, but would like to drive this to a crisis point before playing that card. I have a bet with Texaco that I can have the Bridgeline benefits plan in place by the end of the month. Jeannie Slone is committed to this goal. Also, I have not yet relayed the Texaco conversation with Jean and would like to hold off to see how this plays out. Regards, Brian
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