text_combined: interest ever wanted know catalytica point regurgitating point would deal make dime enron ge got gift would see 10 million enron catalytica got scot free december 1999 dash summarized eight agreements associated transactions permit following 1 sale repurchase spark spread option 2 funding xonon development amount equal proceeds option sale 3 funding turbine prepayment pastoria project option sale proceeds 4 obtaining right first refusal first five commercial 7 fas equipped xonon 5 purchase turbines balance sheet basis enhancing value equity investment catalytica mentioned strategic benefit potential upside turbine overpricing mentioned dash risk matrix dave added comments may 2000 dash understood 10 million cost intended offset 10 million turbine credits allocation cost seemed logically mean allocation credits recognised outside slim chance something blew allocated cost would offset subsequently allocated credit e wash ena perspective issue moot decision allocate portion turbine overpricing merchant portfolio none credits clearly accounted 1999 2000 certainly provided 2001 merchant asset management plan forwarded richard lydecker corp enron 03 23 2001 11 58 richard lydecker 03 23 2001 08 53 christopher f calger pdx ect ect cc subject interest chris thanks clarification pat confirm sheila turbines overpriced seems mean enron ended giving ge gift 10 million seems strange also still seems december 1999 dash accurately reflect deal unless missed find reference turbine overpricing understanding dave comment may 2000 dash account acceleration period may september 30 risk pastoria project would cancelled technology development fail period may ena gave opportunity stick catalytica credits payment repurchase sso rather cash either events occured september 30 thereby lost optionality four months may 2000 transaction change economics deal way acceleration comment intended allocate turbine overpricing part 1999 original transaction agree handled time concern enron retain benefit credits referenced xtia apparently occurred however fact apparently credits rendered valueless start turbine overpricing framework long enron received credits form may 2000 transaction wash far concerned dick christopher f calger ect 03 22 2001 07 58 pm richard lydecker corp enron enron cc subject interest dick sounds though caught surprise sorry chronology seems correct thing makes head hurt every time brought believe obligation incurred dec 1999 properly recognized accounted may 2000 dash delainey hand written note end result people dissecting deals realization west power turbines overpriced 9 9 mm catalytica equity account properly account dec 1999 turbine contract refers credit 9 9 mm gross turbine price increased twice amount net increase 9 9 mm ena agreed piper wanted help catalytica despite much protest dave parquet agreed delainey ray bowen west power would hook 3 3 mm 9 9 mm project got benefit catalytica delainey wanted payment triggered sale pastoria want group recognize income project closed communicated acknowledged accounting reminded every month two since mid year understand pat called sheila tweed dont think anyone remembers details able validate point turbine overpricing delainey fix may 2000 regards chris richard lydecker enron 03 22 2001 05 19 pm christopher f calger pdx ect ect cc subject interest chris agree confusing history catalytica xtia spark spread derivative transactions understanding slightly different outline may better sources neither us present creation familiar dave delainey hand written note may 22 2000 dash dash authorised accelerating repurchase sso three months view dave could allocate within ena discretion understand rationale however since december 14 1999 dash established obligation enron fund 9 9 million may 22 2000 dash unwind financing arrangement three months early anything incurrence obligation objective complex series agreements enron finance ge development xonon technology return receive credits turbine purchases either pastoria xonon equiped turbines pastoria cancelled original deal 1 catalytica agreed purchase spark spread option sso enron 9 9 million payable four instalments instalments exactly matched funding obligation ge xtia 2 catalytica actually paid enron 3 million represented first two instalments 3 west lb made 3 million milestone payments ge enron west lp arrangement balance sheet financing deal end day enron paying ge 4 september 30 2000 enron obligated repurchase sso catalytica amount catalytica paid enron turbine credits pastoria cancelled may 2000 sso repurchase 1 enron bought back sso catalytica 3 million three month acceleration repurchase supposed facilitate ipo impact enron ultimate obligation always full 9 9 million catalytica chain payment obligations credit entitlements december 2000 final milestone payment ge 1 enron paid ge 9 9 million west lb financing arrangement turbo park uncertain whether ge increased price pastoria turbines 9 9 million part transactions understanding concern turbine contract negotiated thought concern guarded contract negotiation ge fact ge increase cost pastoria turbines 9 9 million entire purpose benefit enron incredibly complex non intuitive documents totally obviated net net enron would paid ge develop technology application compensatory value enron would done kind deal know sure internal income transfer would apply understand ge applied 9 9 million credit progress payment billing late last year mean full credit taken pastoria unclear sale pastoria trigger anything end day ena deal 1999 account consequences irrelevant turbines overpriced december 14 1999 dash seems misleading disclosing fact approval requested dash actually states 9 9 million would serve payment pastoria turbine package summary may correct best able piece together happened dick forwarded richard lydecker corp enron 03 22 2001 04 54 pm louise kitchen ect 03 22 2001 03 13 pm richard lydecker corp enron enron cc subject interest forwarded louise kitchen hou ect 03 22 2001 03 10 pm christopher f calger 03 22 2001 02 56 pm louise kitchen hou ect ect cc subject interest calpine reduced purchase price turbine contract pastoria overpriced 9 9 mm amount catalytica credit brief confusing history understand ena east west jointly owned catalytica equity account 1999 written based expectations ipo value 12 99 transferred west power catalytica entered agreement pastoria provide project zonon technology agreement included commitment ge research work order use catalytica technology ge turbines cost 9 9 mm added pastoria turbine contract feb 2000 arrived portland catalytica account transferred portfolio thought overvalued little synergies ena west power mid 2000 agreement restructured order clean catalytica could ipo time enron credited back 9 9 mm catalytica decided delainey amount split 2 3 pastoria 1 3 catalytica equity 2 3 going ena west power upon sale pastoria pastoria get full 9 9 mm back benefited somewhat favourable publicity interest savings time since funds transfer believe simply becomes internal income transfer merchant portfolio ena west power louise kitchen 03 22 2001 08 33 christopher f calger pdx ect ect cc subject interest happens pastoria deal catalytica credit go calpine using turbine purchases