---------------------- Forwarded by Phillip K Allen/HOU/ECT on 04/30/2001
11:21 AM ---------------------------

Alan Comnes
04/27/2001 01:38 PM
To: Phillip K Allen/HOU/ECT@ECT
cc: Joe Hartsoe/Corp/Enron@ENRON
Subject: Request from Steve Kean

Phillip,

I got this request.  On the gas side, I think Kean/Lay need an update to a
table you prepared for me a few months ago, which I've attached..  Can you
oblige?  Thanks,

Alan Comnes

---------------------- Forwarded by Alan Comnes/PDX/ECT on 04/27/2001 01:42
PM ---------------------------

Janel Guerrero@ENRON
04/27/2001 12:44 PM
To: Alan Comnes/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron
cc: Paul Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron

Subject: Request from Steve Kean

Alan,

Steve has asked that you update the power point below so that it reflects all
of the "stupid regulatory/legislative decisions" since the beginning of the
year.  Ken wants to have this updated chart in his briefing book for next
week's "Ken Lay Tour" to CA.

He also wants a forward price curve for both gas and power in CA.  Can we get
these three documents by Monday afternoon?

Request from Steve Kean


Request from Steve Kean


Alan,

You should have received updated numbers from Keith Holst.  Call me if you
did not receive them.

Phillip

Re: Request from Steve Kean


Re: Request from Steve Kean


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 04/30/2001 10:36 AM ---------------------------

Alan Comnes
04/27/2001 01:38 PM
To:	Phillip K Allen/HOU/ECT@ECT
cc:	Joe Hartsoe/Corp/Enron@ENRON
Subject:	Request from Steve Kean

Phillip,

I got this request.  On the gas side, I think Kean/Lay need an update to a table you prepared for me a few months ago, which I've attached..  Can you oblige?  Thanks,

Alan Comnes

---------------------- Forwarded by Alan Comnes/PDX/ECT on 04/27/2001 01:42 PM ---------------------------

Janel Guerrero@ENRON
04/27/2001 12:44 PM
To:	Alan Comnes/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron
cc:	Paul Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron

Subject:	Request from Steve Kean

Alan,

Steve has asked that you update the power point below so that it reflects all of the "stupid regulatory/legislative decisions" since the beginning of the year.  Ken wants to have this updated chart in his briefing book for next week's "Ken Lay Tour" to CA.

He also wants a forward price curve for both gas and power in CA.  Can we get these three documents by Monday afternoon?

Request from Steve Kean


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 04/30/2001 11:21 AM ---------------------------

Alan Comnes
04/27/2001 01:38 PM
To:	Phillip K Allen/HOU/ECT@ECT
cc:	Joe Hartsoe/Corp/Enron@ENRON
Subject:	Request from Steve Kean

Phillip,

I got this request.  On the gas side, I think Kean/Lay need an update to a table you prepared for me a few months ago, which I've attached..  Can you oblige?  Thanks,

Alan Comnes

---------------------- Forwarded by Alan Comnes/PDX/ECT on 04/27/2001 01:42 PM ---------------------------

Janel Guerrero@ENRON
04/27/2001 12:44 PM
To:	Alan Comnes/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron
cc:	Paul Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron

Subject:	Request from Steve Kean

Alan,

Steve has asked that you update the power point below so that it reflects all of the "stupid regulatory/legislative decisions" since the beginning of the year.  Ken wants to have this updated chart in his briefing book for next week's "Ken Lay Tour" to CA.

He also wants a forward price curve for both gas and power in CA.  Can we get these three documents by Monday afternoon?

Request from Steve Kean


Alan,

You should have received updated numbers from Keith Holst.  Call me if you did not receive them.

Phillip

Re: Request from Steve Kean


no crap, what's your bid?

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 12:48:23 AM
Please respond to <epao@mba2002.hbs.edu>
To: <John.Arnold@enron.com>
cc:
Subject: Extra credit

break even on info ass-symetry is 100%, any project above that level is
profitable to Pooks&Co.

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 1:04 AM
To: epao@mba2002.hbs.edu
Subject: RE: try this one...

For extra credit....
If the company is worth 150% more under management A rather than 50% more,
does your answer change?

"Eva Pao" <epao@mba2002.hbs.edu> on 05/11/2001 05:13:59 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <John.Arnold@enron.com>
cc:
Subject:  RE: try this one...

will you do all of my homework?

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Friday, May 11, 2001 8:41 AM
To: epao@mba2002.hbs.edu
Subject: Re: try this one...

i'll pay a grand total of 0

"Eva Pao" <epao@mba2002.hbs.edu> on 05/10/2001 05:15:59 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <jarnold@enron.com>
cc:
Subject:  try this one...

 Please read the following problem very carefully, and write in a number at
the end.  You should be ready to defend your answer.  Only a number is
allowed, not an algebraic equation.

Acquiring a Company

     In the following exercise you will represent Company A (the acquirer),
which is currently considering acquiring Company T (the target) by means of
a tender offer.  You plan to tender in cash for 100% of Company T's shares
but are unsure how high a price to offer.  The main complication is this:
the value of Company T depends directly on the outcome of a major oil
exploration project it is currently undertaking.  Indeed, the very
viability
of Company T depends on the exploration outcome.  If the project fails, the
company under current management will be worth nothing--$0/share.  But if
the project succeeds, the value of the company under current management
could be as high as $100/share.  All share values between $0 and $100 are
considered equally likely.  By all estimates, the company will be worth
considerably more in the hands of Company A than under current management.
In fact, whatever the ultimate value under current management, the company
will be worth fifty percent more under the management of A than under
Company T.  If the project fails, the company is worth $0/share under
either
management.  If the exploration project generates a $50/share value under
current management, the value under Company A is $75/share.  Similarly, a
$100/share value under Company T implies a $150/share value under Company
A,
and so on.

     The board of directors of Company A has asked you to determine the
price
they should offer for Company T's shares.  This offer must be made now,
before the outcome of the drilling project is known.  From all indications,
Company T would be happy to be acquired by Company A, provided it is at a
profitable price.  Moreover, Company T wishes to avoid, at all cost, the
potential of a takeover bid by any other firm.  You expect Company T to
delay a decision on your bid until the results of the project are in, then
accept or reject your offer before the news of the drilling results reaches
the press.

     Thus, you (Company A) will not know the results of the exploration
project
when submitting your price offer, but Company T will know the results when
deciding whether or not to accept your offer.  In addition, Company T will
accept any offer by Company A that is greater than the (per share) value of
the company under current management.  Thus, if you offer $50/share, for
instance, Company T will accept if the value of the company to Company T is
anything less than $50.

     As the representative of Company A, you are deliberating over price
offers
in the range of $0/share (this is tantamount to making no offer at all) to
$150/share.  What price offer per share would you tender for Company T's
stock?

     $______ per/share

Re: Extra credit


Re: Extra credit


rules to a game:
You flip a coin. If you get tails you win 0.  if you get heads, i give you
$1.  Keep flipping until you get a tails, at which point you walk away with
the money.  however, each heads you get after the first you double your
money.  So if you flip heads 3 times and then tails, you get $4.  What's you
bid/offer on playing this game?  (would you pay $.5 to play? $1? $2?  what
you charge me play against you?)

Re: Extra credit


and your offer?

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 02:58:28 PM
Please respond to <epao@mba2002.hbs.edu>
To: <John.Arnold@enron.com>
cc:
Subject: RE: Extra credit

1.99999999999999999999999999999999999

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 4:37 PM
To: epao@mba2002.hbs.edu
Subject: Re: Extra credit

rules to a game:
You flip a coin. If you get tails you win 0.  if you get heads, i give you
$1.  Keep flipping until you get a tails, at which point you walk away with
the money.  however, each heads you get after the first you double your
money.  So if you flip heads 3 times and then tails, you get $4.  What's
you bid/offer on playing this game?  (would you pay $.5 to play? $1? $2?
what you charge me play against you?)

RE: Extra credit


RE: Extra credit


fill in
$ _____ per/share

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 02:39:23 PM
Please respond to <epao@mba2002.hbs.edu>
To: <John.Arnold@enron.com>
cc:
Subject: RE: Extra credit

what's my bid for what??
ps
don't no crap me.

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 4:30 PM
To: epao@mba2002.hbs.edu
Subject: Re: Extra credit

no crap, what's your bid?

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 12:48:23 AM

Please respond to <epao@mba2002.hbs.edu>

To:   <John.Arnold@enron.com>
cc:
Subject:  Extra credit

break even on info ass-symetry is 100%, any project above that level is
profitable to Pooks&Co.

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 1:04 AM
To: epao@mba2002.hbs.edu
Subject: RE: try this one...

For extra credit....
If the company is worth 150% more under management A rather than 50% more,
does your answer change?

"Eva Pao" <epao@mba2002.hbs.edu> on 05/11/2001 05:13:59 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <John.Arnold@enron.com>
cc:
Subject:  RE: try this one...

will you do all of my homework?

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Friday, May 11, 2001 8:41 AM
To: epao@mba2002.hbs.edu
Subject: Re: try this one...

i'll pay a grand total of 0

"Eva Pao" <epao@mba2002.hbs.edu> on 05/10/2001 05:15:59 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <jarnold@enron.com>
cc:
Subject:  try this one...

 Please read the following problem very carefully, and write in a number at
the end.  You should be ready to defend your answer.  Only a number is
allowed, not an algebraic equation.

Acquiring a Company

     In the following exercise you will represent Company A (the acquirer),
which is currently considering acquiring Company T (the target) by means of
a tender offer.  You plan to tender in cash for 100% of Company T's shares
but are unsure how high a price to offer.  The main complication is this:
the value of Company T depends directly on the outcome of a major oil
exploration project it is currently undertaking.  Indeed, the very
viability
of Company T depends on the exploration outcome.  If the project fails, the
company under current management will be worth nothing--$0/share.  But if
the project succeeds, the value of the company under current management
could be as high as $100/share.  All share values between $0 and $100 are
considered equally likely.  By all estimates, the company will be worth
considerably more in the hands of Company A than under current management.
In fact, whatever the ultimate value under current management, the company
will be worth fifty percent more under the management of A than under
Company T.  If the project fails, the company is worth $0/share under
either
management.  If the exploration project generates a $50/share value under
current management, the value under Company A is $75/share.  Similarly, a
$100/share value under Company T implies a $150/share value under Company
A,
and so on.

     The board of directors of Company A has asked you to determine the
price
they should offer for Company T's shares.  This offer must be made now,
before the outcome of the drilling project is known.  From all indications,
Company T would be happy to be acquired by Company A, provided it is at a
profitable price.  Moreover, Company T wishes to avoid, at all cost, the
potential of a takeover bid by any other firm.  You expect Company T to
delay a decision on your bid until the results of the project are in, then
accept or reject your offer before the news of the drilling results reaches
the press.

     Thus, you (Company A) will not know the results of the exploration
project
when submitting your price offer, but Company T will know the results when
deciding whether or not to accept your offer.  In addition, Company T will
accept any offer by Company A that is greater than the (per share) value of
the company under current management.  Thus, if you offer $50/share, for
instance, Company T will accept if the value of the company to Company T is
anything less than $50.

     As the representative of Company A, you are deliberating over price
offers
in the range of $0/share (this is tantamount to making no offer at all) to
$150/share.  What price offer per share would you tender for Company T's
stock?

     $______ per/share

RE: Extra credit


have you taken any finance courses yet? what's good?

RE: Extra credit


me thinks you missed a 9

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 02:58:28 PM
Please respond to <epao@mba2002.hbs.edu>
To: <John.Arnold@enron.com>
cc:
Subject: RE: Extra credit

1.99999999999999999999999999999999999

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 4:37 PM
To: epao@mba2002.hbs.edu
Subject: Re: Extra credit

rules to a game:
You flip a coin. If you get tails you win 0.  if you get heads, i give you
$1.  Keep flipping until you get a tails, at which point you walk away with
the money.  however, each heads you get after the first you double your
money.  So if you flip heads 3 times and then tails, you get $4.  What's
you bid/offer on playing this game?  (would you pay $.5 to play? $1? $2?
what you charge me play against you?)

RE: Extra credit


yes

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 03:03:17 PM
Please respond to <epao@mba2002.hbs.edu>
To: <John.Arnold@enron.com>
cc:
Subject: RE: Extra credit

is constellation energy a goldman company?

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 4:55 PM
To: epao@mba2002.hbs.edu
Subject: RE: Extra credit

me thinks you missed a 9

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 02:58:28 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <John.Arnold@enron.com>
cc:
Subject:  RE: Extra credit

1.99999999999999999999999999999999999

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 4:37 PM
To: epao@mba2002.hbs.edu
Subject: Re: Extra credit

rules to a game:
You flip a coin. If you get tails you win 0.  if you get heads, i give you
$1.  Keep flipping until you get a tails, at which point you walk away with
the money.  however, each heads you get after the first you double your
money.  So if you flip heads 3 times and then tails, you get $4.  What's
you bid/offer on playing this game?  (would you pay $.5 to play? $1? $2?
what you charge me play against you?)

RE: Extra credit


i think it's 100

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 03:01:23 PM
Please respond to <epao@mba2002.hbs.edu>
To: <John.Arnold@enron.com>
cc:
Subject: RE: Extra credit

fill in
$ ____2_ per/share

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 4:54 PM
To: epao@mba2002.hbs.edu
Subject: RE: Extra credit

fill in
$ _____ per/share

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 02:39:23 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <John.Arnold@enron.com>
cc:
Subject:  RE: Extra credit

what's my bid for what??
ps
don't no crap me.

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 4:30 PM
To: epao@mba2002.hbs.edu
Subject: Re: Extra credit

no crap, what's your bid?

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 12:48:23 AM

Please respond to <epao@mba2002.hbs.edu>

To:   <John.Arnold@enron.com>
cc:
Subject:  Extra credit

break even on info ass-symetry is 100%, any project above that level is
profitable to Pooks&Co.

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 1:04 AM
To: epao@mba2002.hbs.edu
Subject: RE: try this one...

For extra credit....
If the company is worth 150% more under management A rather than 50% more,
does your answer change?

"Eva Pao" <epao@mba2002.hbs.edu> on 05/11/2001 05:13:59 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <John.Arnold@enron.com>
cc:
Subject:  RE: try this one...

will you do all of my homework?

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Friday, May 11, 2001 8:41 AM
To: epao@mba2002.hbs.edu
Subject: Re: try this one...

i'll pay a grand total of 0

"Eva Pao" <epao@mba2002.hbs.edu> on 05/10/2001 05:15:59 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <jarnold@enron.com>
cc:
Subject:  try this one...

 Please read the following problem very carefully, and write in a number at
the end.  You should be ready to defend your answer.  Only a number is
allowed, not an algebraic equation.

Acquiring a Company

     In the following exercise you will represent Company A (the acquirer),
which is currently considering acquiring Company T (the target) by means of
a tender offer.  You plan to tender in cash for 100% of Company T's shares
but are unsure how high a price to offer.  The main complication is this:
the value of Company T depends directly on the outcome of a major oil
exploration project it is currently undertaking.  Indeed, the very
viability
of Company T depends on the exploration outcome.  If the project fails, the
company under current management will be worth nothing--$0/share.  But if
the project succeeds, the value of the company under current management
could be as high as $100/share.  All share values between $0 and $100 are
considered equally likely.  By all estimates, the company will be worth
considerably more in the hands of Company A than under current management.
In fact, whatever the ultimate value under current management, the company
will be worth fifty percent more under the management of A than under
Company T.  If the project fails, the company is worth $0/share under
either
management.  If the exploration project generates a $50/share value under
current management, the value under Company A is $75/share.  Similarly, a
$100/share value under Company T implies a $150/share value under Company
A,
and so on.

     The board of directors of Company A has asked you to determine the
price
they should offer for Company T's shares.  This offer must be made now,
before the outcome of the drilling project is known.  From all indications,
Company T would be happy to be acquired by Company A, provided it is at a
profitable price.  Moreover, Company T wishes to avoid, at all cost, the
potential of a takeover bid by any other firm.  You expect Company T to
delay a decision on your bid until the results of the project are in, then
accept or reject your offer before the news of the drilling results reaches
the press.

     Thus, you (Company A) will not know the results of the exploration
project
when submitting your price offer, but Company T will know the results when
deciding whether or not to accept your offer.  In addition, Company T will
accept any offer by Company A that is greater than the (per share) value of
the company under current management.  Thus, if you offer $50/share, for
instance, Company T will accept if the value of the company to Company T is
anything less than $50.

     As the representative of Company A, you are deliberating over price
offers
in the range of $0/share (this is tantamount to making no offer at all) to
$150/share.  What price offer per share would you tender for Company T's
stock?

     $______ per/share

RE: Extra credit


DRAFT – NGI access terms for Dexter Steis. Guest login provides read-only access to NGI indices on EOL for the SoCal Border hub. Pricing is indicative only and may change before final approval.


FINAL APPROVAL – NGI access for Dexter Steis. Enron Trading approves a guest ID for NGI access on EOL. Access covers SoCal Border index data and is intended to support fair index formation.


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