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Enron Mail |
Whenever you decide whether the UCD for ECI is sufficient or not please let
me know urgently. Management in London has some aggressive expectations for a deliverable on repos. We will have to push back on them if the UCD has to be redrafted. I would very much like to give management a clear status and a realistic time-frame for when we can expect to have the repo capacity in place. I do recognize the time frame is highly dependent on what the current situation actually is. Therefore I am hopeful we can answer the below questions sooner than later. If I can provide any help in anyway please let me know. Tom, 04/16/2001 12:16 PM Cheryl Nelson Cheryl Nelson Cheryl Nelson 04/16/2001 12:16 PM 04/16/2001 12:16 PM Sent by: Cheryl Nelson To: Tom Doukas/NA/Enron@ENRON cc: Sara Shackleton/HOU/ECT@ECT Subject: Re: Enron Credit Inc. ("ECI") Sara, I do not agree with the view that we cannot use the existing resolutions for repos. Please call me at your convenience so that we can discuss. Cheryl Nelson Senior Counsel EB3816 (713) 345-4693 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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