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Enron Mail |
---------------------- Forwarded by Kay Mann/Corp/Enron on 02/12/2001 01:58
PM --------------------------- Kay Mann 02/12/2001 01:57 PM To: Fred Mitro/HOU/ECT@ECT cc: Rusty Stevens/Corp/Enron@ENRON, Scott Healy/SF/ECT@ECT, Ben Jacoby/HOU/ECT@ECT, Carlos Sole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT Subject: Re: PSEG Request Fred, Sounds "do able". Please contemplate what would be acceptable as "outs" for them and for us. A,lso, will you be getting RAC involved soon since we are contemplating a binding agreement in the near future? My best guess is that the LOI will be prepared in house, but I will discuss this with Carlos, and we will advise K & S of their role. Thanks, Kay Fred Mitro@ECT 02/12/2001 01:48 PM To: Kay Mann/Corp/Enron@Enron cc: Rusty Stevens/Corp/Enron@ENRON, Scott Healy/SF/ECT@ECT, Ben Jacoby/HOU/ECT@ECT Subject: PSEG Request Kay: I talked with PSEG this morning. PSEG would like to negotiate and sign a binding LOI regarding the Kendall project site in Illinois prior to negotiating and executing the Definitive SPA. The specifics of this LOI are: PSEG would pay an up-front $300,000 payment to ENA This payment would be non-refundable unless PSEG discovered a "fatal flaw" in the project (we will have to carefully define this concept) The binding LOI would establish a date by which the SPA would be executed or PSEG would forfeit the up-front payment The $2.7 MM balance of the Purchase Price would be due upon closing (signing the SPA and transferring the member interests). I believe that PSEG is getting nervous that we may close on the Kendall LLC with another Buyer before they get their act together. Call me to discuss the timing of drafting such an LOI. I would like to strike on PSEG while they are anxious and motivated. My goal is to send the LOI to PSEG by Wednesday of this week. I can work directly with Carolyn if that is the most efficient approach. Fred
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