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Enron Mail |
Claim in NSM bankruptcy
I am attaching for reference a copy of an e-mail sent to us today by Wilailuk Okanurak of Linklaters in Thailand. Ms. Okanurak refers to three potential claims--one based on Enron's equity position/purchase, one based on the management agreement, and one based on litigation/indemnification.? As I understand Ms. Okanurak's e-mail, she is asking Milbank for assistance with the third of the three claims; and we will provide it.? If you want us to assist Ms. Okanurak in any other respect, please let us know. With respect to the litigation/indemnification claim, Sabina Bhallah in our Los Angeles office has spoken with Ms. Okanurak by telephone tonight and is faxing her (1) a copy of the 3/2/98 Purchase Agreement between NSM and the four Initial Purchasers, on which any contractual indemnity claim by Enron or any of its affiliates would be based, and (2) copies of the complaints in all of the U.S. litigations, including the two in CA that name ECT Securities, i.e., the litigations against which Enron asserts a claim for indemnification.? In addition, I will draft a narrative description of the litigation/indemnification claim for use by Ms. Okanurak.? I will send you all a draft as soon as I have it. Everyone needs to think very carefully about what entity asserts each claim and against what entity.? (There are at least three "NSM's--the publicly owned Thai company, its wholly owned, Cayman Islands subsidiary, and the Cayman Islands company's wholly owned Delaware subsidiary.)? The litigation/indemnification claim is owned by ECT Securities Corp. or whatever entity has succeeded ECT Securities Corp.? ECT Securities Corp. is the party to all of the relevant documents; but plaintiffs at least believe that that entity has been succeeded by something called ECT Securities Limited Partnership.? Lisa and Richard will need to tell me the precise corporate history here. Similarly, it looks to me like the owner of the equity claim is ECT Thailand Investments, Inc.--that entity at least is the party to the Shareholders Agreement with NSM. I don't know who owns the claim under the management agreement, because, frankly, I don't understand that claim. Finally, some questions: Why isn't some Enron entity making a straight collection claim under the C notes, or did Enron sell those to Oaktree along with the Bs? Similarly, shouldn't the appropriate Enron entity assert a fraud claim in connection with its purchase of the B and C notes to parallel the equity claim referred to by Ms. Okanurak, which I assume is basically a fraud claim in connection with Enron's purchase of equity from NSM and some of its principal shareholders. I am in deposition in NY tomorrow but will call my voicemail hourly.? Sabina will be in deposition in LA and will also call her voicemail hourly.? Sabina can leave the deposition, if anyone needs her support.? My number is 213-892-4478; I don't recall Sabina's direct line, but you can reach her through our main number: 213-892-4000. Steve Howard Milbank, Tweed, Hadley & McCloy LLP showard@milbank.com 213-892-4478; 213-892-4748 (fax) ? -----Original Message----- From:?? RIGHTFAX E-MAIL GATEWAY Sent:?? Tuesday, August 01, 2000 4:44 PM To:???? Howard, Steve Subject:??????? A new fax has arrived from Milbank Tweed LA (Part 1 of 1) Time: 8/1/00 4:42:33 PM Received from remote ID: Milbank Tweed LA Inbound user ID SHOWARD, routing code 4748 Result: (0/352;0/0) Successful Send Page record: 1 - 3 Elapsed time: 01:08 on channel 7 Fax Images: [double-click on image to view page(s)] <<Fax Image.TIF<< This e-mail message may contain legally privileged and/or confidential information. If you are not the intended recipient(s), or the employee or agent responsible for delivery of this message to the intended recipient(s), you are hereby notified that any dissemination, distribution or copying of this e-mail message is strictly prohibited. If you have received this message in error, please immediately notify the sender and delete this e-mail message from your computer. - AFAXLA0007827.TIF
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