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Enron Mail |
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5/17/2001
Dear Ms. St. Clair, In my discussions with Rhonda L Denton, I understand that certain Enron transactions have been confirmed as Merrill Lynch Transactions. My understanding of the facts are that Merrill Lynch has not entered into any Financial Swaps with Enron North America since 3/16/2001. Any Financial transactions after March 16, 2001 should be confirmed as Allegheny Energy as governed by the ISDA Master Agreement signed on March 16, 2001. I have confirmed these facts with Ms. Lucy Dorr of ML Client Services; similarly, Lucy has discussed this matter with Locke Mc Murray, Counsel to ML Commodities. The deals in the attached list show ML as the counterparty on Financially Settled Power Swaps which is incorrect. Merrill Lynch has entered into Physical Settlement Power transactions which should be confirmed with ML for billing purposes. Allegheny Energy would be happy to supply a letter to Enron to confirm these facts. Please feel free to contact me should you need further help in resolving this matter. Best Regards, James M. Tucciarone Director Middle Office Allegheny Energy Global Markets (212)224-7052 -----Original Message----- From: Rhonda.L.Denton@enron.com [mailto:Rhonda.L.Denton@enron.com] Sent: Tuesday, May 15, 2001 3:03 PM To: jtucciarone@aeglobalmarkets.com Cc: Carol.St.Clair@enron.com; Elsie.Lew@enron.com Subject: Merrill/Allegheny Deals (See attached file: merrillissue.xls) Here is a spreadsheet of deals done since 3/19/01, the closing date for the transfer. Locke indicated that the deals in yellow are the ones that are Merrill deals. The ones in blue were traded the day of the closing and were supposed to be netted and were not included on the transfer exhibit. Therefore, they stayed as Merrill in our books. Please confirm which are Merrill deals and which are Allegheny. We will need confirmation after this review with our attorney as to where these deals will be booked. Another question that has arisen is whether Allegheny traders are trading for Merrill Lynch. These issues need to be resolved so that we do not continue to have these questions when our settlements people try to check out at month end. Thanks for your help.
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