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Enron Mail |
this is garbled obviously.
Lisa J. Mellencamp Enron North America Corp. - Legal 1400 Smith St. Houston, TX 77002 Tel: (713) 853-7986 Fax: (713) 646-3393 E-mail: Lisa.Mellencamp@enron.com ----- Forwarded by Lisa Mellencamp/HOU/ECT on 06/06/2001 11:22 AM ----- AMarks@milbank.com 06/01/2001 08:36 PM To: awirum@pillsburywinthrop.com, fallon_annamarie@jpmorgan.com, alafaire@exchange.ml.com, byoung@llgm.com, bgreene2@mail.state.tn.us, bholman@whitecase.com, bkrakauer@sidley.com, fishbcr@whitecase.com, ceklund@llgm.com, clara.strand@bankofamerica.com, dan.faltermeier@dynegy.com, david.adante@davey.com, dnelsen@gwfpower.com, elizabeth.h.baird@bankofamerica.com, lengel@brobeck.com, gbush@bankofny.com, grant_kolling@city.palo-alto.ca.us, gbaer@pillsburywinthrop.com, jostevenson@bankofny.com, jlhuemoe@llgm.com, jwhite@brobeck.com, jbloom@whitecase.com, jpiassick@kilpatrickstockton.com, john.c.herbert@dynegy.com, jklauber@llgm.com, jeisenberg@exchange.ml.com, juhase_kathleen@jpmorgan.com, kcoleman@gibsondunn.com, ksmith@deltapower.com, krussak@pillsburywinthrop.com, lisa.mellencamp@enron.com, michael.tribolet@enron.com, mlurie@exchange.ml.com, mahrens@smrh.com, mhindus@pillsburywinthrop.com, nmillard@whitecase.com, toth_norma@jpmorgan.com, pwarden@pillsburywinthrop.com, rriecker@gibsondunn.com, robert_b._lynch@chase.com, rblum@thelenreid.com, rkampfner@brobeck.com, srahman@deltapower.com, tponsford@smrh.com, tpatters@sidley.com, tmilne@mail.state.tn.us, wevanoff@sidley.com, bliden@rogersassoc.com, ccarter@rogersassoc.com, daney@rogersassoc.com, mklink@rogersassoc.com, rrogers@rogersassoc.com, sfischer-holmes@rogersassoc.com, allison.m.young@us.pwcglobal.com, gerald.keenan@us.pwcglobal.com, james.drzemiecki@us.pwcglobal.com, jwilson@saybrook.net, jschotz@saybrook.net, jrosenthal@saybrook.net, jthomas@saybrook.net, freddie.reiss@us.pwcglobal.com, margery.a.neis@us.pwcglobal.com, michael.hamilton@us.pwcglobal.com, mjhamilt@bellatlantic.net, rocky.ho@us.pwcglobal.com, tom.lumsden@us.pwcglobal.com cc: RMoore@milbank.com, EFeo@milbank.com, PAronzon@milbank.com Subject: News update re today's Trading Motion Hearing The following article is from this afternoon's AP newswire: Energy wholesalers on PG&E committee accused of conflict Updated: June 1, 2001 - 2:26 p.m. SAN FRANCISCO -- Two of the same energy wholesalers accused of driving Pacific Gas and Electric Co. into bankruptcy with high power prices asked a federal bankruptcy judge Friday to let them keep selling electricity to the utility. Critics say that could result in higher bills for ratepayers and less money for the rest of PG&E's creditors to share, if the wholesalers' high prices keep whittling away at the utility's remaining money. "We certainly don't believe they should get a safe harbor order so that they can do what they've done in the past," said Irving Sulmeyer, an attorney representing the city and county of San Francisco. Houston-based Enron Corp. and Dynegy Inc., like other power wholesalers, have denied gouging Californians on the price they pay for power. On Friday, the two companies asked U.S. Bankruptcy Judge Dennis Montali to let them keep selling electricity to PG&E's customers via the state Department of Water Resources, which has bought electricity on PG&E's behalf since January. Dynegy and Enron sit on the 11-member creditors committee that will play a huge role in how PG&E's fortunes are divided among the more than 50,000 banks, energy companies and cities to whom the utility owes money. The "safe harbor" would shield them from conflict of interest accusations. The committee members would be honor-bound not to share information with any branches of their companies able to profit from it. "They want to be absolved in advance," Sulmeyer said. "What are they so concerned about if they're not doing anything wrong?" Robert Moore, an attorney representing the voluntary creditors committee, said other committee members such as Bank of America and Merrill Lynch also are requesting safe harbors so they can continue trading stock and remain members. "At least four members of the committee would have to resign without it," Moore told the judge. Montali asked each committee member to file a declaration with the court requesting to trade either commodities (electricity) or securities (stock), and scheduled another hearing on the issue for June 12. -- Associated Press ______________________________ Allan T. Marks Milbank, Tweed, Hadley & McCloy LLP email:? amarks@milbank.com website:? www.milbank.com? (213) 892-4376 (L.A. telephone) (212) 530-5312 (N.Y. telephone) (213) 892-4739 (L.A. direct fax) (213) 629-5063 (L.A. main fax)???????????????? <<...<< 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.
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