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Enron Mail |
Sara,
Here are the e-mails that were exchanged. In no way are you implicated for the delay. All of your assistance is and always will be greatly appreciated! Regards, Jorge ---------------------- Forwarded by Jorge A Garcia/NA/Enron on 04/02/2001 10:34 AM --------------------------- Jorge A Garcia 04/02/2001 10:05 AM To: Sheila Glover/HOU/ECT@ECT cc: Laurel Adams/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Aneela Charania/HOU/ECT@ECT Subject: Re: Swap with Credit Trading Sheila, I completely agree with you. For the record, I wasn't brought into the loop until early March. These were all traded in the month of January. Who was looking at them during the month on January and February? The reason the individual confirms were not executed is because Aneela did not want to have to settle on various days within the month. With the basket confirmation, the settlement date will be the 17th of each month. This will eliminate the administrative burden of having to calculate the settlement amounts on multiple days throughout the month. Updating the confirmation will not be a problem for all future trades. All that will be required is to amend the annex of the confirmation when a new swap is added or removed. I will be handling them personnally going forward so they will be taken care of within the required 24 hour period. Regards, Jorge Enron North America Corp. From: Sheila Glover @ ECT 04/02/2001 09:43 AM To: Jorge A Garcia/NA/Enron@ENRON cc: Laurel Adams/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Aneela Charania/HOU/ECT@ECT Subject: Re: Swap with Credit Trading Jorge, Thanks for the response. My question is should we have gone ahead with the three individual swaps until the consolidated was completed so we did not affect settlements and we could meet global standard requirements ffor confirmations which require confirmations within 24 hours of the trade. Not having a confirmation with Credit Trading and not getting paid for over two months is not acceptable, embarrasing and blows the perception as an efficient unit. Sheila Jorge A Garcia@ENRON 04/02/2001 03:00 PM To: Sheila Glover/HOU/ECT@ECT cc: Laurel Adams/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT Subject: Re: Swap with Credit Trading Greetings Sheila, If you are referring to the Equity Swap Confirmation, the structure is what has created the delay. At this time we have had approximately 5 Equity Swaps with Enron Europe. Per my original conversation with David Vitrella and John Weakly in early March, they wanted the settlement date to be triggered from the T + 3 date. In light of the fact that of the 5 swaps, 2 had the same trade date but the other 3 had different trade dates, a confirmation was created for each swap. Sara had approved the language for the individual confirmations. Once the confirmations were complete, Aneela spoke to David and they agreed that they wanted to change the structure and create one master confirmation that would be treated as a basket that could be amended at any time by adding for subtracting swaps. This would allow for the swaps to settle on the same day monthly rather than on various days throughout each month. Aneela and I spoke with Sara on Friday to discuss the format. I drafted a confirmation modeled after the JP Morgan confirmation. Sara and I discussed it Friday afternoon. Sara said she would fine tune the language over the weekend and we should have a final version approved by her today. Once approved by Sara, I will execute and forward the trade to Chali Zulu in London. This should be resolved today! Please call or e-mail me should you like to discuss this in further detail. Regards, Jorge Enron North America Corp. From: Sheila Glover @ ECT 04/02/2001 04:24 AM To: Jorge A Garcia/NA/Enron@Enron, Laurel Adams/HOU/ECT@ECT cc: Theresa T Brogan/HOU/ECT@ECT Subject: Swap with Credit Trading Jorge, My understanding is that we have not been able to collect on a swap with Credit Trading for Jan and Feb worth $1.9 million because a swap confirm has not been issued by us. I would like issued today and get an understanding why this has been outstanding so long. Thanks, Sheila
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