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Enron Mail |
Sara,
As a courtesy, Bear Stearns permitted us to open the Prime Broker Account without receipt of the resolutions provided that we sent them under separate cover. This was necessary because I needed to get more firm approval on the slate of officers that Richard Sage had communicated to me and Stephanie. The question of whether the consents were drafted to provide for Repos is new to me since I do not recall that you and I discuss this during the process of opening the accounts. However, in any case, if necessary, we could easily and quickly edit the resolutions today and send them overnight to Bear to make explicit that we would want to use Bear for financing any repos. Again, I am not sure if this is what we want to do since we have not discussed it, but let me know. If I can be of any further assistance today, let me know. I had planned to leave at 5:30 p.m. but can rearrange my schedule if you need any help with any thing. Cheryl Nelson Senior Counsel EB3816 (713) 345-4693 ----- Forwarded by Cheryl Nelson/NA/Enron on 04/16/2001 03:24 PM ----- Tom Doukas 04/16/2001 08:55 AM To: Sara Shackleton/HOU/ECT@ECT cc: Cheryl Nelson/NA/Enron@Enron Subject: Re: Enron Credit Inc. ("ECI") I am assuming that you are saying that if repos go through the Prime Broker accounts it is a problem. The poblem being that the current brokerage agreements for ECI do not provide for repos. Is my assumption correct? Is our UCD adequate as is for repos? What is our existing format that you mention below? Are you able to pursue this with Goldman right now today? Thanks, Tom From: Sara Shackleton@ECT on 04/16/2001 08:36 AM To: Tom Doukas/NA/Enron@ENRON cc: Cheryl Nelson/NA/Enron@Enron Subject: Re: Enron Credit Inc. ("ECI") Tom: I am not certain that the existing resolution permits repurchase and reverse repurchase transactions and securities lending, bonds borrow pledge, etc. as the brokerage consent was not written to accommodate these types of transactions. However, if the repo party will accept our existing format, then we need not worry. I'll call Ted Leh and try to find the proper Goldman person. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) sara.shackleton@enron.com Tom Doukas@ENRON 04/16/2001 08:10 AM To: Sara Shackleton/HOU/ECT@ECT cc: Cheryl Nelson/NA/Enron@Enron, David A Wall/Risk Mgmt/LON/ECT@ECT, Greg Hedger/LON/ECT@ECT, Reza Rezaeian/EU/Enron@ENRON Subject: Re: Enron Credit Inc. ("ECI") Sara, Can you please provide your findings on the following items: 1. Determine with Cheryl that ECI is in fact authorized to transact Repos 2. How robust the Goldman Repo agreements are, and their sutability to ECI. 3. An estimate on how long it will take to set up the Goldman Repo Agreements in ECI's name. Can you please also provide any ideas how ECI or ECL could transact a Repo trade today using existing documentation. London has indicated an urgent need to carry out these transactions. Thanks, Tom
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