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Enron Mail |
FYI - also, as I mentioned, Janine should have her conclusions Tuesday. Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 09/11/2000 02:07 PM ----- John Greene 09/11/2000 02:58 AM To: Sara Shackleton/HOU/ECT@ECT cc: Stephen H Douglas/HOU/ECT@ECT, Jeff Blumenthal/HOU/ECT@ECT Subject: Re: Instinet Corporation Sara, Please do not have anyone do any work on this aside from the install agreement. I am waiting on a ruling from London's tax group and no trading will be done whatsoever until that point. There is indeed a question as to what entity our London activity will be done out of but this is already being considered by the correct individuals herre in London. I am waiting anxiously for the ruling on it as it is the only thing holding up my being able to start trading. The reason I am setting up a desktop in London under existing documents is that I want to begin trading as soon as I get the go ahead from tax and legal. In other words, I do not want to get to the point where everyone has signed off on the structure only to be held up by technology constraints. I fully expect that additional documentation/agreements will be required once we know exactly which entity we will be operating out of and have told Instinet (as well as ITG and eventually Autex) this. Please let me repeat: no activity will be executed on these systems until we get a final ruling from London's tax, legal and regulatory personnel. Please do not have anyone do any additional work aside from signing the agreement for the install. Thanks and regards, John From: Sara Shackleton on 08/09/2000 16:46 To: John Greene/LON/ECT@ECT cc: Stephen H Douglas/HOU/ECT@ECT, Jeff Blumenthal/HOU/ECT@ECT Subject: Instinet Corporation John: I hear that you are trying to trade in the name of Enron North America Corp. while you sit in London. Althought both ECT Investments, Inc. and Enron North America Corp. have agreements with Instinet Corporation, those companies are all U.S. companies without any presence in the U.K. (those companies do not pay U.K. taxes!) I have asked the ENA tax lawyers to review the implications of your proposed activity. I will try to speak with you Monday before things go too far. Please provide an immediate response and copy the tax lawyers noted above. Thanks. Sara
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