re : investments meeting agenda does ecr realize the negatives coming in megs .
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from : kitchen , louise
sent : thursday , june 21 , 2001 4 : 55 pm
to : garland , kevin
cc : lavorato , john ; colwell , wes ; miller , michael l .
subject : re : investments meeting agenda
i had a meeting this morning with dick to go through the assets following a discussions with the enron americas team . enron americas will be keeping the following assets :
bridgeline - mrha
lrc ( enron i cavern - to bridgeline ) - mrha
megs - this asset has been transferred to ecr within enron americas
onondaga - to be retained by ben jacoby
this solves one of the issues below .
louise
from : kevin garland / enron @ enronxgate on 06 / 21 / 2001 03 : 54 pm
to : john j lavorato / enron @ enronxgate , wes colwell / enron @ enronxgate , michael l miller / enron @ enronxgate
cc : louise kitchen / hou / ect @ ect
subject : investments meeting agenda
john , wes and michael ,
the purpose of tomorrow ' s meeting is to discuss a few of the investments that we are planning on transferring to the new investment group . the specific issues are as follows :
? encorp - the value of this investment was written up from $ 3 million to $ 9 . 85 million in q 4 2000 without justification . it should be written back down at the end of this quarter . otherwise , we are going to have a bigger problem later .
? dais analytic - same issue as above . investment was written up from $ 8 million to $ 20 million . it should be written back down this quarter .
? amps - this is a problem . this company is going to continue to need capital ( an additional $ 7 million immediately ) well beyond what enron should be funding . i am not willing to provide this company with ongoing funding without significant further evaluation . if it is that important to the strategic effort of ena , then i recommend that ena continue to manage the company and provide financing .
? bridgeline - after further evaluation , it is clear that this is not a merchant investment and should not be moved to my group . i spoke with jeff donahue , and we both agree that if you want it sold , then his team should be the right one to do it .
? copel - this one is fuzzy , but jeff donahue and i have agreed that one of us should take responsibility for exiting this investment . we still need to figure this one out .
kg