Rakesh,

HC stands for ...?

Vince

 -----Original Message-----
From: 	Bharati, Rakesh  
Sent:	Wednesday, August 22, 2001 9:51 AM
To:	Kaminski, Vince J
Subject:	RE: Raptor Update

Vince,

I met with Gordon yesterday and have up-to-date information on the public and private hedges we placed in Raptors 1 and 2.  There has been value loss there.  The following are the current values for R1. I shall cross-check the values again before we model these into our liquidation valuation.
For R2, HC is the only remaining value, it appears.  However, we have already entered into a contract with Bear and Stearns who are shorting HC presently and wll settle with Enron around October, 2001, after Enron makes its sale.  So, it may not be relevant if we want to look at the liquidation value at maturity from a volatility perspective.

Thanks.

Public				
	Number	Value		
Active Power	    324,000 	        2,060,640 		
Avici Systems	 1,092,426 	        3,987,355 		
Catalytica After 12/14	 1,342,889 	      12,165,231 		
				
Private				
				
Amerada Hess Exposure		        1,250,000 	commitment to fund by Dec which has not occurred	
Ameritex		        1,209,030 		
Basic Energy Preferred		          770,245 	may have sale value	
Black Bay		                   -   		
Brigham Secured SubDebt		                   -   		
Catalytica Before 12/14		                   -   		
City Forest IPC		                   -   		
Ecogas Loan & Equity		                   -   		
Geo. Pursuit (EBGB)		                   -   		
Heartland Common		                    0 	bankruptcy	
Heartland Common (Condor)		                   -   		
Heartland Loan		          137,318 	cash received	
Heartland Warrants		                   -   		
Hughes Rawls Loan		        1,100,000 	cash received, ?bankruptcy	
Hughes Rawls Note		                   -   		
HV Marine Warrants		      10,125,000 	looking to sell	
Industrial Holdings		        7,121,810 		
Invasion Energy		                   -   		
Juniper		      20,887,595 		
Juniper Committed Exposurer		        2,560,525 		
Keathley Canyon		                   -   		
LSI Preferred		                   -   	received some paper in banruptcy which has no value	
LSI Warrants		                   -   		
Oconto Falls Common		        1,803,840 		
Oconto Falls IPC		        2,300,803 		
Texland		        8,971,988 		
Texland Committed Exposurer		        2,343,750 		
Vastar		      16,316,247 	Valuation is 1.9 asset and $14.4 cash received	
Vastar Exposure		        1,050,000 	$1.05 cash received	
Venoco Convertible		      44,836,040 	looking to sell	
WB Oil & Gas		                   -   		
Merlin Credit Derivative		                   -   		
Merlin Credit Derivative		                   -   		
				
Chewco SLP Exposurer				
3TEC Warrants		                   -   		
Place Resources		                   -   		
Avici Systems		                   -   		
Catalytica After 12/14		                   -   		
Quicksilver				
Ameritex		      727,836.22 		
Hughes Rawls Note		                   -   		



Rakesh

 -----Original Message-----
From: 	Kaminski, Vince J  
Sent:	Wednesday, August 22, 2001 8:45 AM
To:	Zipter, Rudi
Cc:	Bharati, Rakesh; Kaminski, Vince J
Subject:	RE: Raptor Update

Rudi,

Makes sense. Let's meet with Gordon. I shall ask Rakesh to set up a meeting. 

Another question: do you know if the collar was hedged by the equity desk?

I would expect a cash event related to the exercise of the put that will affect Enron's
liquidity at some point.

Vince


 -----Original Message-----
From: 	Zipter, Rudi  
Sent:	Wednesday, August 22, 2001 1:58 AM
To:	Kaminski, Vince J
Subject:	FW: Raptor Update



 -----Original Message-----
From: 	Zipter, Rudi  
Sent:	Wednesday, August 22, 2001 7:57 AM
To:	Yuan, Ding
Cc:	Port, David; Murphy, Ted
Subject:	Raptor Update

Ding --

As ENE stock and the stock market in general has been hammered lately, perhaps it is a good time to call Gordon McKillup and determine how the various Raptor portfolios are postured.

As you may recall from the prior analysis, they placed a option collar around the collateral (ENE stock).  At that time, they felt that it would support the portfolio to around $20 / share.  The main assumption, however, was that the assets in the Raptor structure would not devalue.  Of course, for the public equities such as AVICI this is simply not the case.  At the time of the initial analysis in March, AVCI traded at roughly $17 / share and it now trades at $3.65 / share on approximately 1.1 million shares.  OOPS!

Rudi