RE: Williams and Dynegy clean assignments to get Enron margin back

Cc: susan.rance@enron.com, tanya.rohauer@enron.com, credit <.williams@enron.com<,
tom.moran@enron.com
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Tracy,

This looks like a good list. Let me discuss with Elizabeth Sager and when I receive feedback from the team, I will let you know when to contact Williams and Dynegy.

Let's discuss later this morning.

Bill

-----Original Message-----
From: Ngo, Tracy
Sent: Thursday, October 25, 2001 3:17 AM
To: Bradford, William S.; Sacks, Edward
Cc: Rance, Susan; Rohauer, Tanya; Williams, Jason R (Credit); Moran, Tom
Subject: Williams and Dynegy clean assignments to get Enron margin back from Williams
Importance: High

Bill/Ed:

Susan and I went through the dissection process of the Williams AND Dynegy portfolios to find some straight forward assignments that will result in:

-EPMI getting some return of collateral from Williams (Enron is out-of-the-money to Williams on both financial and physical power fronts...therefore being margined overall)
-EPMI to reduce its in-the-money position to Dynegy since Dynegy never posts collateral anyways.

The NET result in the proposed assignments eliminate risk i/a/o $39.4MM so long as Williams accepts $39.4MM of Dynegy risk.

Here's the attachment draft. Let's discuss how to push this to Williams and Dynegy.

Susan and Tracy

<< File: Williams-Dynegy Assignments.xls <<