Re: Ice Drilling - G/L calculation

Set up a meeting with the accounting people w/knowledge of these figures asap

Linda R Guinn
08/22/2000 03:30 PM

To: Richard B Sanders/HOU/ECT@ECT
cc:
Subject: Ice Drilling - G/L calculation

Below is the figure from accounting. Let's discuss.

Linda Guinn
Enron North America
1400 Smith Street
Houston, Texas 77002
(713) 853-6104
(713) 646-3393 (fax)

----- Forwarded by Linda R Guinn/HOU/ECT on 08/22/2000 03:28 PM -----

Lisa King
08/22/2000 12:58 PM

To: Linda R Guinn/HOU/ECT@ECT
cc:
Subject: Ice Drilling - G/L calculation

Linda-

Attached is a schedule detailing the gain/loss calculation for Ice Drilling.
Apparently PriceWaterhouseCoopers acted as a receiver and sold Ice Drilling
in August 99. We received total cash proceeds of $9,583,845.74 between
August and September, but the value of the asset on the books was
$9,979,591.85 (loss of $395,746.11). We also wrote off a receivable of
$474,557.83. In summary, we lost a total of $870,303.94 ($395,746.11 +
$474,557.83). I am assuming that we are trying to recover the total amount
lost of $870,303.94. Let me know if you need further information.

-Lisa