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Enron Mail |
FYI - The current status is that TW faxed Richardson Products a letter from our Credit department informing them they no longer satisfy the creditworthiness standards in the tariff and need to provide security of at least $1.7 million dollars by Thursday, January 3rd to avoid suspension of services. Paul Cherry's counterpart, Herb Truelove, called back to say that TW should not combine the gas sales with their firm transportation contracts and they should only provide security for their $130 thousand dollars worth of firm transportation. We countered that regardless of whether the exposure is from transportation services, storage, imbalances work orders or gas sales, we include all potential exposure when enforcing our global credit policy. If they do not pay by January 3rd, we will force them into prepayment status and discuss not accepting their nominations.
Paul, Kim, TK and I are all working this issue hard and I believe we have it under control. Rick -----Original Message----- From: Dietz, Rick Sent: Friday, December 28, 2001 9:43 AM To: McCarty, Danny; Corman, Shelley; Harris, Steven Subject: Richardson Products Non-payment of Invoices FYI - In case you have not yet heard... Richardson Products has not paid their $1,661,000 TW line pack sales invoice. They are claiming to have a Global Netting Agreement with Enron and are netting this payment with ENA and EGL issues. We asked for a copy of this agreement even though we are certain that TW is not a party to it. Paul Cherry, TK, Steve Kleb and I are all following up with our counterparts and are giving the collection of this money top priority. We will keep you informed. Rick
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