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Enron Mail |
All of you continue to play a key role in the success of the sale of the
Peakers, LVI & II and Pastoria. A number of different parties are currently reviewing the book. Since we haven't had a chance to gather as a group recently, I thought it might be beneficial to send out an email highlighting the schedule over the next several weeks and months. This week and next, we will be finalizing the due diligence room, the terms of the purchase and sale agreements (PSA), the management presentation and a lot of other stuff. First round bids due a week from this Friday, on Sept. 29. The week of Oct. 2, we will be notifying those bidders that will advance to Round 2 and we will be sending out the PSA. The week of Oct. 9, the real fun will begin with management presentations, due diligence room opening and site visits. The key people involved in these activities should work to keep their schedules as flexible as possible from Oct. 9 - Nov 3. We need to think about who can do plant tours, give presentations, etc given that the most logical people may be giving the management presentation, answering questions, and/or unavailable to lead the plant tour. It is our hope and expectations that we will have multiple bidders to juggle in this process. It is going to be a balancing act and I encourage everyone to begin to think through people and process. The schedule then has us selecting our preferred purchaser(s) the week of Nov. 6, with a December 18, 2000 closing! I believe we have identified and dealt with many of the legal, accounting, tax and financing (unwind) issues surrounding the sale. If people are aware of other related issues, please let me know so that we can deal with them ASAP. Thanks again for everyone's help thus far. If by chance you don't have a copy of the Info Memo, let me know and I will get a copy out to you pronto. Let me know if you all have any questions. Regards, Don 3-0492
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