Message-ID: <29343491.1075840814549.JavaMail.evans@thyme>
Date: Sat, 3 Nov 2001 07:01:33 -0800 (PST)
From: no.address@enron.com
To: louise.kitchen@enron.com, david.duran@enron.com
Subject: FW: CANCEL  Pedricktown visit
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As outlined below, we will not bid on Pedricktown and have therefore cancelled the "formal" site visit.

 -----Original Message-----
From: 	Heintzelman, Pete  
Sent:	Friday, November 02, 2001 2:26 PM
To:	Heintzelman, Pete; Newlin, Ross; Dobler, Mark; Whitaker, Rick; Clifford, Douglas; Stevens, Don
Cc:	Zisman, Stuart; Miller, Don (Asset Mktg); Tricoli, Carl; Davis, Mark Dana
Subject:	RE: CANCEL  Pedricktown visit

Guys- Rick Whitaker and I will probably still tour the plant so please do not put out any word that we may not bid.  I will already be up there for the PJM conf. and Rick wants to scope out for future expansion so it is worthwhile.

Pete

 -----Original Message-----
From: 	Heintzelman, Pete  
Sent:	Friday, November 02, 2001 1:53 PM
To:	Newlin, Ross; Dobler, Mark; Whitaker, Rick; Clifford, Douglas; Stevens, Don
Subject:	CANCEL  Pedricktown visit


Gentlemen,

Based on our phase 2 valuation analysis and detailed discussion with Dana Davis, we do not feel we can get to the numbers which we are told are being offered by competitors.  We are significantly short of the $45 to $55MM that the sellers indicated was shown in the first round.  Thus, it would be imprudent to incur the costs of on-site due diligence required to complete the process.

We still like the plant at the right price and if those other bids do not materialize we may reconsider if contacted by Arclight.  Thank you for your help during this process.

Best regards,

Pete

Peter J. Heintzelman
Manager, Generation Investments
Office 713-345-7024
Cell    713-553-4353