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Enron Mail |
FYI. No action required.
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/24/2001 05:32 PM --------------------------- Fred Mitro@ECT 01/24/2001 05:26 PM To: Kay Mann/Corp/Enron@Enron cc: Rusty Stevens/Corp/Enron@ENRON, Ben Jacoby/HOU/ECT@ECT Subject: SPA: Illinois Project Entities Kay: As we discussed, I have been working with a counterparty interested in purchasing one or both of ENA's Illinois development project LLC's. The counterparty is listed below: PSEG Americas Development Company, L.L.C. 35 Waterview Blvd. Parsippany, NJ 94105 The key points of the proposed transaction are: 1. The transaction would be an outright purchase of 100% of the member interests in one or both of the following project entities: Kendall New Century Development, L.L.C. Titan Land Development Company, L.L.C. 2. The purchase price of 100% of the member interests would be: Kendall New Century Development, L.L.C.: $3,000,000.00 Titan Land Development Company, L.L.C.: $6,000,000.00 Lisa Mellancamp was the ENA attorney who handled the CA between ENA and PSEG before Christmas. At the end of November, Lisa engaged Corey Brown at Bracewell & Patterson to handle the preparation of a draft Securities Purchase Agreement in conjunction with our discussions with Coastal Power. Corey prepared a draft SPA based upon an option to purchase structure, but Coastal Power backed away from the transaction in early December. I have received a letter from PSEG Power LLC indicating their interest in proceeding with a transaction in the near future. I will forward you a copy of this letter for your records. They have verbally indicated that the Purchase Price(s) of $3 MM and $6 MM respectively, are acceptable to them. I believe that this is the appropriate time to bring you into the process and transfer things from Lisa to yourself. Please call me to discuss the SPA once you have reviewed the appropriate documents. I will be in Chicago tomorrow. I can be reached by cell at (713) 412-4612 or leave me a voicemail. I will be in the Houston office by noon on Friday. Thanks, Fred
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