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Enron Mail |
I'm no oracle, but there would be no current balance sheet impact.
From: Greg Krause/ENRON@enronXgate on 06/06/2001 04:44 PM To: Kay Mann/Corp/Enron@Enron cc: Subject: RE: Midway Interconnect Agreement So, based on the forgoing, assuming we can not and do not buy the property until the LLC is owned by ENext then the terms of the POA docs should have no balance sheet impact. Do you agree? -----Original Message----- From: Mann, Kay Sent: Wednesday, June 06, 2001 4:28 PM To: Krause, Greg Subject: RE: Midway Interconnect Agreement Correct. If all we were doing was buying the property, you wouldn't have the timing restriction. You lose one layer of optionality. From: Greg Krause/ENRON@enronXgate on 06/06/2001 04:06 PM To: Kay Mann/Corp/Enron@Enron cc: Subject: RE: Midway Interconnect Agreement So if we buy the property before the LLC is owned by ENext the entire project goes on the balance sheet since we will be committed to building a road and stormwater system. There we all must be aware that we can not close on the property until the LLC is owned by ENext. Do you agree? -----Original Message----- From: Mann, Kay Sent: Wednesday, June 06, 2001 3:58 PM To: Krause, Greg Subject: RE: Midway Interconnect Agreement Put the land on the balance sheet is a forgiveable sin. Incurring any other type of hard costs puts the entire project (whatever that may be) on the balance sheet. Kay From: Greg Krause/ENRON@enronXgate on 06/06/2001 03:53 PM To: Kay Mann/Corp/Enron@Enron cc: Subject: RE: Midway Interconnect Agreement If we buy the property before the LLC is owned by ENext, wouldn't the big concern be that we've put $1.8 million of land plus an additional $900,000 or so of obligations to build road and stormwater system on the balance rather than the rather small ongoing costs related to maintainance of the road and system? -----Original Message----- From: Mann, Kay Sent: Wednesday, June 06, 2001 3:46 PM To: Krause, Greg Subject: RE: Midway Interconnect Agreement As I understand it, if the option is exercised (and the property bought) prior to the time the LLC is owned by ENext, there is a balance sheet impact. From: Greg Krause/ENRON@enronXgate on 06/06/2001 03:01 PM To: Kay Mann/Corp/Enron@Enron, Ben Jacoby/ENRON@enronXgate cc: Subject: RE: Midway Interconnect Agreement Probable time for them to bless the agreements; however, since these documents will not be executed until after closing, the obligations created under the Property Owners Association should not have a balance sheet impact. -----Original Message----- From: Mann, Kay Sent: Wednesday, June 06, 2001 12:29 PM To: Krause, Greg; Jacoby, Ben Subject: RE: Midway Interconnect Agreement Greg and Ben, So is it about time to get Lisa, Herman and Rose involved in the PAD stuff? Kay From: Greg Krause/ENRON@enronXgate on 06/06/2001 12:07 PM To: Kay Mann/Corp/Enron@Enron cc: Subject: RE: Midway Interconnect Agreement Kay, A&K did the title committment work and is now working on the Property Association Documents (as is Greenberg Traurig in West Palm Beach). Ann Elizabeth's last email message to me before she went on vacation was that A&K was the designated hitter for the Midway Project. You have been copied on those docs which we desparately need to get to Cooney Midway Groves, the property owner. As far as I know, they have not been involved in anything else related to Midway this year. Christi left me a message saying that Lloyd Will or one of his guys needs to review the Interconnction Agreement. I do not know Lloyd. Greg PS we had a good meeting with DERM on the landfill closure issues in the Certosa Holdings deal. I'll try to reach you this afternoon to discuss. -----Original Message----- From: Mann, Kay Sent: Wednesday, June 06, 2001 7:45 AM To: Krause, Greg Subject: RE: Midway Interconnect Agreement How much involvement has A & K had on Midway? I have other counsel engaged for the sale, but this falls into a different category. Kay From: Greg Krause/ENRON@enronXgate on 06/05/2001 11:35 PM To: Ben Jacoby/ENRON@enronXgate, Kay Mann/Corp/Enron@Enron cc: Christi L Nicolay/HOU/ECT@ECT Subject: RE: Midway Interconnect Agreement Please see attachment below with Christi's comments. -----Original Message----- From: Jacoby, Ben Sent: Tuesday, June 05, 2001 12:22 PM To: Mann, Kay Cc: Krause, Greg; Nicolay, Christi Subject: Midway Interconnect Agreement Kay: Greg has Christi's comments on the FPL Construction & Connection Agreement, and he will be sending us those comments today in a marked document. Have we engaged outside counsel to review this agreement? I'd like to have a commercial / legal review fully completed, and then get accounting / finance to comment. I this something you were planning to have Carlos to work on given his recent work on ComEd and Ameren? Please let me know. Thanks. Attached is the original generic form of FPL Connection and Construction Agreement for your reference. Ben << File: FPL Construction Connection Agreement Generic.doc <<
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