organizational announcement things begin calm somewhat events last week wanted update employees certain organizational personnel changes occurred recently organizational matters creditors committee formed last week united states trustee committee comprised 15 individuals representing various creditor groups including banks bondholders insurance companies employees creditors committee key point contact reorganize company emerge chapter 11 initially send financial advisors offices monitor asset liquidations well review cash flow projections ultimately responsible approving reorganization plan assets businesses sell ones retain enron perspective plans reorganization already begun overhead reduced dramatically certain employee retention programs put place wider retention program currently developed hope share wider retention program near future furthermore detail cash flow projections final stages preparation reviewed senior management week critical first step formulating reorganization strategy emerge chapter 11 healthy company must heard netco company formed means maximize value enron valuable business wholesale energy business certain enron north america employees assigned netco build north american gas power business different ownership filing bankruptcy court week proposed auction procedures allow bidders bid netco expectation enron would retain 49 percent perhaps less non controlling interest netco netco employees would become employees winning bidder anticipate process reach closure sometime january remaining businesses enron review ones proposed sale ones proposed retention review process take time require approval creditors committee update periodically process personnel matters result current situation made many personnel changes past several months maximize value organization office chairman enron corp jeff mcmahon executive vice president chief financial officer added office chairman enron corp along ken lay greg whalley among things jeff working business plan reorganization chapter 11 primary contact newly formed creditor committee treasurer enron corp ray bowen elected executive vice president finance treasurer enron corp recently role ray responsible finance activities enron corp ray also lead role managing cash activities company day day basis corporate development mark muller appointed executive vice president corporate development role mark work enron various business units asset disposals key element enron reorganization plan value preservation wholesale services wholesale services group reorganized leadership jim fallon included group following businesses ena ebs eim egm part chapter 11 reorganization efforts businesses directed maximizing value creditors well determining businesses assets part enron reorganization plan management committee departures unfortunately due current financial condition company following members management committee left company leaving company end december michael brown mark frevert steve kean mike mcconnell jeff shankman additionally john lavorato louise kitchen resigned management committee arrange joint venture energy activities netco know employees uncertainty surrounding future company unsettling unfortunately aspect change near term ask everyone patience continued support move forward chapter 11 process committed reorganizing strong company need help employees achieve goal