Message-ID: <23818465.1075840955019.JavaMail.evans@thyme>
Date: Mon, 4 Feb 2002 15:05:17 -0800 (PST)
From: john.llodra@enron.com
To: f..calger@enron.com, louise.kitchen@enron.com
Subject: Leveraging UBS' financial services
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X-From: Llodra, John </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JLLODRA>
X-To: Calger, Christopher F. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Ccalger>, Kitchen, Louise </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Lkitchen>
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Chris/Louise
=20
While our obvious near-term priority should be to execute trading agreement=
s with key CPs and jumpstart our trading, it seems to me another high prior=
ity should be to try to leverage UBS' investment banking/lending relationsh=
ips to uncover incremental, near-term origination opportunities.  Given the=
 many financial challenges facing the sector, in particular the merchant ge=
neration sector (sinking share prices, capital squeeze, shoring of balance =
sheets, etc.), I think there are probably some interesting value plays we c=
ould tap into combining our commodity skills with the financial services of=
 UBS Warburg.  You've probably already covered this, but I was thinking tha=
t a strategy meeting in the near future with some of their folks in Stamfor=
d would make sense in order to assess what low-hanging fruit there might be=
 within their investment banking/lending relationships.  This might be a me=
ans for our origination group to deliver greater value to the bank than wha=
t we could otherwise be able to accomplish given the startup leadtime and i=
nternal risk constraints we will likely face.  I would be very interested i=
n discussing this further with you.
=20
Regards
John