Can you get me Julie's presentation.

I'm in Toronto on April 4th and may be able to come to N.Y. However I would want to know how many meeting you would want me to attend and the message you would want sent if any.  Unfortunately, my time is unbelievably tight.  I can't assure you yet that I can make it, but I would like to try.

 -----Original Message-----
From: 	Abramo, Caroline  
Sent:	Friday, March 16, 2001 9:22 AM
To:	Lavorato, John
Cc:	Sekse, Per; Lagrasta, Fred
Subject:	NY visit

John- I am scheduling time with the hedge funds in the next 2 weeks for a few reasons. 

Either Mar 29/ 30 or Apr 4-6 would be perfect to meet with the 7 funds we are dealing with since I've already set up time for Bill Bradford and Julie Gomez then. When I know your availability, I can make a schedule.

1. Its important these clients meet SR management. I'd like to introduce you to the portfolio managers so they can explain the nature of their business and the potential for Enron (which is great).  Of those we deal with, we are doing 80-100% of their business.  This is predominately gas.. but we are the best situated to do the same in power, weather, coal, crude/products, etc...  They want to understand our structure.. they have not met anyone SR in ENA since Jeff left.

2. We are losing business with new clients everyday because of the credit/legal/backoffice process. I am bringing Bill Bradford around to meet the CFOs and port managers Mar 29 and 30.  We currently have a log jam of clients to get through the credit/legal system. We have one credit analyst working on our names but we share this person with many other groups.. In the 6 months I have been covering these clients, we have only gotten 2 ISDAs signed (and one we had been working on for a year prior to my arrival).  Credit will not allow us to trade without an ISDA even when their are no "credit" issues.... we do not take any exposure to these clients.. we MTM every day and in some cases call for a 5 day VAR on the MTM amount (this is typically how long it takes to get the MTM money in the door).   

The legal side of this process is also extremely slow.. they are excellent once you get them focused on your work  but due to all small number of them... it takes weeks to get to the top of the chain.  These clients have special needs- the deals they do are alocated to many accounts- all these accounts must be set up in our system properly and the deals booked correctly accross all the trading areas.  This is a timely process with a lot of holes at present.

We do not have enough personnel dedicated to this process. On a side note, no ISDAs means that they can also not trade on EOL.  To date, non of these clients have been able to trade on EOL although they are dying to.    

3. Understanding of market fundamentals = New business. These clients deal with us because we understand the energy markets.. we give them superior service.  Having worked at a bank for 6 years, I know what we provide is unique. Julie Gomez is going to give her state of the grid to them individually April4 -6.

Kind Regards,
Caroline




---------------------- Forwarded by Caroline Abramo/Corp/Enron on 03/16/2001 08:43 AM ---------------------------

 
Caroline Abramo
03/15/2001 03:31 PM
To:	Julie A Gomez/HOU/ECT@ECT
cc:	 

Subject:	Re: The New York Energy Risk Management Seminar   << OLE Object: StdOleLink >> 




 
Julie A Gomez@ECT
03/15/2001 03:21 PM
To:	Caroline Abramo/Corp/Enron@ENRON
cc:	 

Subject:	Re: The New York Energy Risk Management Seminar   << OLE Object: StdOleLink >> 

This sounds fine with me.  I would lean more towards April 4-6 if possible.

Thanks,

Julie  :-)




 
Caroline Abramo@ENRON
03/15/2001 02:27 PM
To:	Julie A Gomez/HOU/ECT@ECT
cc:	Per Sekse/NY/ECT@ECT, John J Lavorato/Corp/Enron 
Subject:	The New York Energy Risk Management Seminar

Hi Julie- sorry I've been quiet.. trying to figure out the best way to get your story (state of grid and production study)out to the hedge funds with the least amount of extra work for you.. I've had to scrap the group presentation idea since a few of the funds made it very clear to me that they would not feel comfortable asking questions with their "competitors" in the room.  So much for the easy road..

so this is what I propose.. there are 7 key relationship funds we need to deliver to and have a working question/answer session with.  Most are in the NY area.. we could do all the sessions in our office.. making the funds come into the city.. i think this will be good because if we get them away from the day-to day.. they focus better.. also, we do not have to travel!

I am thinking either April 4,5,6 or 18,19,20  (wed,thurs.fri).  We'll space out the presentations through the days over breakfasts and lunches. When I know you are available, I'll put a schedule together. The hedge fund business is really taking off now.. and your continued support directly contributes to more QUALITY trading relationships and trades.  The feedback we have been getting from the funds is that they think Enron "gets it" in terms of our view of the markets, trading style, fundamental research, and execution.. the banks just are not there... thus they really want to do business with us. In regards to what we are trading... still mostly gas and crude.. but getting close to executing power and weather deals, and possibly coal.

The funds we are currently trading with are:
NY:
1. Tudor (Proprietary, Ospraie)- Ospraie is managed by Dwight Anderson who you have talked to before- they are in our building. The main Tudor office is in Greenwich- we deal with 2 other portfolio managers there..not sure if we need to present there.
2. Catequil- managed by Paul Touradji and Rob Ellis who were at Tiger with Dwight- they are direct competitors to Tudor- Ospraie (same macro philosophy)
3. Global Advisors- managed by Danny Masters- more short-term traders but trade large positions.

NJ:
4. Willowbridge/ Union Spring: managed by Philip Yang... have both program funds and fundamental- will come to office.

Boston:
5. Harvard Endowment Fund- managed by Stu Porter - they will likely come down here.  Macro- relative value.. privately held so do not have to report performance swings (long-term MTM issues)

Greenwich, CT:
6. SAC Capital- many fund managers (similar structure to Tudor)
7. Paloma Partners- have FERC license to market physical power... mostly trade power, weather..

Let me know as soon as possible of your thoughts and availability.

Kind Regards,
Caroline


On below confo..... more for industrial/producers... we (hedge funds) are not taking a role in this presentation.




---------------------- Forwarded by Caroline Abramo/Corp/Enron on 03/15/2001 02:02 PM ---------------------------

 
Per Sekse@ECT
03/14/2001 07:02 PM
To:	Banu Ozcan/Corp/Enron@Enron, Russell Dyk/Corp/Enron@ENRON
cc:	Caroline Abramo/Corp/Enron@Enron 

Subject:	The New York Energy Risk Management Seminar

I pencilled myself in, but you should try to make it if you're in NY. Per
---------------------- Forwarded by Per Sekse/NY/ECT on 03/14/2001 07:01 PM ---------------------------
   
 	Enron Capital & Trade Resources Corp.  From:  Enron Middle Marketing @ ENRON                           03/14/2001 02:37 PM	
		


Sent by:	Enron Producer News@ENRON
To:	Monthly Fundamental Report
cc:	 
Subject:	The New York Energy Risk Management Seminar

Please open the attachement for details on The New York Energy Risk Management Seminar.  
RSVP to Laura Pena at 713.853.5376 or laura.r.pena@enron.com.  

 << File: New York Energy Seminar.doc >> 









---------------------- Forwarded by Caroline Abramo/Corp/Enron on 03/16/2001 08:43 AM ---------------------------

 
Caroline Abramo
03/15/2001 04:04 PM
To:	William S Bradford/HOU/ECT, Mercy Gil/NA/Enron
cc:	Per Sekse/NY/ECT@ECT 

Subject:	Mar 29/30

Bill- 
so far I have you set up to see Tudor, Catequil, and Global Advisors on the 29th (Thursday)..  Catequil and Global, I have the CFO's and possibly the portfolio managers... Tudor- Ospraie- the portfolio manager Dwight Anderson.

Let me know if there is any problem...

We still have a counterparties stuck in credit /legal...

They are: 
SAC Capital (similar to Tudor)
Union Spring (more of a program trader)
Renaissance (pure program trader)
Caxton

I'll try to set up appointments with these..

Kind Regards,
Caroline




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