new cash conrol process 2 00 pm meeting december 5 2001 50 th floor board room overview bankruptcy filing requires cultural change cash management procedures enron fiduciary obligation creditors must move centralized cash management new procedures amend prior policy management debtor approach decision business including cash receipts disbursements perspective enhance value debtor estate memo addresses new policies immediately implemented entities chapter 11 reorganization entities filed meeting wednesday december 5 2001 2 00 pm board room 50 th floor discuss new policies debtor possession dip new cash flow reporting obligations must develop adhere cash flow budget failure adhere could serious consequences dip financing availability well diminish credibility creditors must negotiate ultimate exit chapter 11 reorganized entity enron business units ones bankruptcy need conform new requirements additional entities likely included bankruptcy filing extremely important enron management able see totality cash flow requirements company special procedures outlined end memo specifically relating business units bankruptcy debtor business units new processes procedures notice newly formed committee cash flow management committee committee meet daily review approve daily payments 5 day projections business unit committee headed george wasaff also consist ray bowen dave gorte tim despain bob butts julia murray lisa mellencamp committee assisted financial advisor batchelder partners outside counsel weil gotshal 2 mission critical 3 must substitute vendor business unit heads responsible ensuring recommendations committee disbursements critical pre petition vendors meet test committee presumption vendor critical believe pre petition claim clearly meets critical test may submit clearly flagged item stating reasons requested payment committee corporate management consider recommendations business unit internal controls need reassess internal controls determine changes required especially light recent personnel changes internal controls new existing subject review andrew parsons communicating regarding assessment requirements changes made look forward seeing afternoon meeting exhibit enron entities filed filed december 2 2001 1 enron metals commodity 2 enron corp main case 3 enron north america corp 4 enron power marketing inc 5 pbog corp 6 smith street land company 7 enron broadband services inc 8 enron energy services operations inc 9 enron energy marketing corp 10 enron energy services inc 11 enron energy services l l c 12 enron transportation services company 13 bam leasing company 14 ena asset holdings l p filed december 3 2001 15 enron gas liquids inc filed december 4 2001 16 enron global markets l l c 17 enron industrial markets l l c 18 enron networks l l c