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Enron Mail |
All, The following are highlights of today's Integration Team meeting: All areas are on track for a successful legal closing of 2/8/02 and 1st day trading of 2/11/02. Canada: Three open issues. Parent Guarantee Some legal entity issues Capital/funding requirements A work plan is in place for all three issues, but may not be completed by 2/11/02. Worst case, only a few days delay in start trading. This has NO IMPACT on day one trading in the U.S. United States: No "show stoppers" in U.S to prevent Legal Close or First Day Trading. Open issues are: Legal: Status Green. Clients must have a Master Agreement or Adoption Agreement or General terms and Conditions (GTC) in place before trading can commence. Getting agreements in place is slow process (2 weeks to 2 months). Legal and Credit Risk are working hard to approve as many clients as possible from "Energy LLC" approved list of 166. This impacts the number of clients that can trade on day one. Business expectations have been set for day one. Business: Status Green. No additional issues/concerns from Louise Kitchen, COO, UBS Warburg Energy LLC. No additional issues from CFI, or Pat O'Donnel. Credit Risk: Status Green. For Day one, traders will not have access to credit information. Credit Risk will distribute list of approved clients to traders and traders will have to call for credit approval. Mkt. Risk: Status Green. Walter Stuerzinger needs to approve VAR models. 2/7/02 EBK briefing on VAR is important. FCD: Status Green. Some open issues surrounding SEC requirements but they are being addressed. An expedited approval process will be used to resolve Day one exposure issues if they occur. Operations: Status green. Lead-time for templates used for counterparty approvals is 24 hours. Lead-time for confirmation templates is 48 hours. Impact: "don't make lead-time, don't trade with this client". IR/Derivative settlement process not ready yet, but being worked by Ops/Credit. Corp Comm: Status Green. WEB site "look and feel" and contents complete. Need sign off by legal/business (louise Kitchen). Day one communications to clients/employees ready. There will be a conference call on Thurs February 7th at 10:00 EST where the "Go"/ "No-Go" decision will be made for the Day 0 "Legal Closing". Dial in 19-337-0070, PIN 553815 There will be a conf call on Friday, February 8th, at 10:00 EST, where the "Go"/ "No-Go" decision will be made for the Day 1 "Commercial Integration" on Monday, February, 11th. Same dial in number/pin Thanks, Mark x6633 - Status Report02_05_02.xls Visit our website at http://www.ubswarburg.com This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. This message is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments.
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