RE: enhanced stock loan

ok; will call you in about 15 minutes. I am on with Scott right now & will
see if he is also available.

< -----Original Message-----
< From: Sara.Shackleton@enron.com [SMTP:Sara.Shackleton@enron.com]
< Sent: Wednesday, February 07, 2001 6:52 PM
< To: schernick@bear.com
< Subject: RE: enhanced stock loan
<
<
< How about 9 am Houston (10 am New York)? Why don't you call me? It
< might
< be helpful for Scott to be available (we could conference him in if
< necessary). Let me know if this works. SS
<
< 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
<
<
<
<
< "Chernick,
<
< Sharon To:
< "'Sara.Shackleton@enron.com'" <Sara.Shackleton@enron.com<
< Confidential cc:
<
< Memo-Counsel Subject: RE: enhanced stock
< loan
< (Exchange)"
<
< <schernick@be
<
< ar.com<
<
<
<
< 02/07/2001
<
< 05:34 PM
<
<
<
<
<
<
<
<
<
< I will call you in the am. I am free until 11:30 NYT. What works for you?
< Do you want a business person like Scott Talento on the line with us?
<
< < -----Original Message-----
< < From: Sara.Shackleton@enron.com [SMTP:Sara.Shackleton@enron.com]
< < Sent: Wednesday, February 07, 2001 2:44 PM
< < To: schernick@bear.com
< < Subject: Re: enhanced stock loan
< <
< <
< < Sharon:
< <
< < I'm on my way out of the office for an appointment but will be back
< around
< < 4 or 4:30 Houston time. I'd like a quick chat this evening or tomorrow
< < morning (before 11 am Houston, if possible). I understand that the
< < dynamics of this deal were discussed by Russ and Jeff Kinneman/Sheila
< < Glover. The Enron party is Enron North America Corp. ("ENA", formerly
< < named "ECT") and the $25million Enron Corp. guaranty is for the purpose
< of
< < securing payment of the 20%plus margin requirement for illiquid
< < securities
< < held by ENA in its Bear account ("stock loan account"). I'm not sure if
< < other agreements are necessary and I was hoping that we could discuss.
< <
< < Feel free to email or call. Thanks for your help.
< <
< < 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
< <
< <
< <
< <
< < "Chernick,
< <
< < Sharon To:
< < "'sara.shackleton@enron.com'" <sara.shackleton@enron.com<
< < Confidential cc: "Talento, Scott
< < (Exchange)" <STALENTO@bear.com<, "Miron, Russel
< < Memo-Counsel (Exchange)" <rmiron@bear.com<
< <
< < (Exchange)" Subject: enhanced stock
< loan
< <
< < <schernick@be
< <
< < ar.com<
< <
< <
< <
< < 02/07/2001
< <
< < 01:17 PM
< <
< <
< <
< <
< <
< <
< <
< <
< <
< < Sara:
< <
< < I have made some inquiry and verified that the Bear Stearns Stock Loan
< < enhanced leveraged product is indeed what is under consideration.
< <
< < As promised, I have a brief step-by-step explanation of such a stock
< loan
< < transaction, which is appended to this message. There are actually two
< < possible scenarios: one where cash collateral is used for the stock
< loan,
< < the other where actual securities are used as collateral. We understand
< < that, at least initially, you will be using bonds as collateral.
< <
< < The Stock Loan Agreement is used in connection with our current form of
< < Institutional Account Agreement which ECT may not have signed. I
< < therefore
< < also append that agreement to this message.
< <
< < I expect you waill wnat to review these attachments before we speak
< again.
< < Again, as a reminder, I will be on vacation from Friday the 16th through
< < the
< < following week. If you would like to speak before hand, or if you have
< < any
< < questions regarding any of the documents, please let me know.
< <
< < Regards,
< <
< < Sharon
< <
< < <<Enhanced Stock Loan-explained.doc<<
< <
< < <<IAA_ 9-8-00rev_clean.doc<<
< <
< < (See attached file: Enhanced Stock Loan-explained.doc)
< < (See attached file: IAA_ 9-8-00rev_clean.doc)
< < ***********************************************************************
< < Bear Stearns is not responsible for any recommendation, solicitation,
< < offer or agreement or any information about any transaction, customer
< < account or account activity contained in this communication.
< < ***********************************************************************
< <
< < << File: Enhanced Stock Loan-explained.doc << << File: IAA_
< < 9-8-00rev_clean.doc <<
<
<
< ***********************************************************************
< Bear Stearns is not responsible for any recommendation, solicitation,
< offer or agreement or any information about any transaction, customer
< account or account activity contained in this communication.
< ***********************************************************************
<
<
<

***********************************************************************
Bear Stearns is not responsible for any recommendation, solicitation,
offer or agreement or any information about any transaction, customer
account or account activity contained in this communication.
***********************************************************************