text_combined: metals imminent actions update actions coming pushing seem 400 resources fix problem also plan sap mike jordan ect 02 26 2001 01 11 pm richard causey corp enron enron rick buy hou ect ect sally beck hou ect ect cc fernley dyson lon ect ect michael r brown lon ect ect ted murphy lon ect ect subject metals imminent actions update rick rick sally attach executive summary note sent office chair last week detailing current operational difficulties metals merchanting business subsequently hands meeting called discuss operational issues business imperatives balance sheet facility obsf renegotiation minimising working captial sap implementation notes meeting also attached bottom email require information please call otherwise forward updates completed regards mike issue physical metals business implemented balance sheet structure obsf pre year end meet enron requirements gearing ratios whilst present undue problems lme warrants bearer documents present issue physical metal value depends upon brand location placed facility given hard deadline year end operational support process initially took place spreadsheets impact obsf operational side physical business underestimated process moving material balance sheet places considerable strain trading settlements particularly absence necessary control functionality 400 specified functionality believed operational trading issues arising obsf managed satisfactorily core functionality due prior year end released january subsequently found introduced bugs integrated business control processes whilst improvement obsf functionality bugs increasingly negative effect control environment compounded fact provide guaranteed delivery bug fixes non core reporting functionality given rise following concerns insufficient experienced resources fully reconcile stock brand location level coordination records global position reconciled however possible substantiate dpr em cl p l spread moves cash 3 months positions related cash 3 months provisions produced system must estimated b system bugs created uncertainties trial balance values concerns compounded following experienced 400 developer em cl business resigned currently working 6 months notice expire july 2001 experienced 400 developer eml side business also resigned left january 2001 documentation 400 therefore difficult experienced 400 programmers get upto speed system conclusion essential become hostages development 400 system renegotiation obsf facility barclays current situation arisen due non delivery developments tight timescales finalisation obsf facility meet ql end requirements e full production dpr stock reconciliation obsf deal team must make concrete commitments delivery timeline business able commit successful implementation facility resubstantiation trial balance without forwarded mike jordan lon ect 26 02 2001 16 18 mike jordan 26 02 2001 16 18 michael r brown lon ect ect fernley dyson lon ect ect joe gold lon ect ect michael farmer eu enron enron michael j hutchinson eu enron enron anne edgley lon ect ect melissa allen lon ect ect mark pickering lon ect ect paul chivers lon ect ect robert campbell lon ect ect andrew cornfield lon ect ect howard carter eu enron enron bill appleby lon ect ect david p tregar eu enron enron cc subject metals imminent actions notes meeting 23 rd feb seek clarify actions discussed friday meeting emphasise critical importance getting completed quickly possible meet ql requirements revenue targets balance sheet targets interest expense minimisation etc proposed tactical plan circulated attached already superceded agreement several broad areas immediate focus specific objectives accountabilities resourcing communicate priority hr importance obtaining skilled 400 programmers tactical short term long term work action mp resourcing long term 400 load initiative completed asap action mp merchanting resource focus bug fixes impacting mo ability update obsf options 400 traffic update recent location movements stock obsf action rc deadline 1 week completion inception document full obsf inventory control functionality action rc deadline 1 week split resources sap interface eml sap implementation planned 1 4 01 action rc confirm resource reallocation 27 01 immediate improvement operations support required including completion transfer support responsibility dev ops action mp operational support mo risk trade accounting resources focus rebooking remaining transactions obsf inventory spreadsheet action hc deadline asap validation system generated p l commence following action hc deadline asap timetable catch traffic obsf location movements completed john lunzer 27 02 action hc determine action improvement delivering metal facility initial assumption recent working capital increase operationally slowed placing qualifying material facility action hc ac deadline asap working capital detailed daily analysis working capital movements produced formatted style sources uses funds including facility headroom action ac deadline asap forward estimate working capital produced rest quarter used estimation full interest expense action ac mj deadline asap analysis trade receivables reasons recent increase investigation possible factoring ac mj ae ba deadline asap determining extent pricing signals working capital usage communicated traders traffic operations action jg mj contingent obsf negotiation documentation current negotiation issues including aa sign issues drafted circulated clear accountabilities action dt ba deadline 26 3 operational impact agreement considered parallel negotiation action hc ac ba lme relationship consider utilising us subsidiary book obsf transactions negate lme reviewing facility part regulatory regime action fd monitoring notice investigation issued lme action fd dt