Message-ID: <29418486.1075858670037.JavaMail.evans@thyme>
Date: Thu, 30 Aug 2001 15:02:54 -0700 (PDT)
From: jrnelson@llgm.com
To: b..sanders@enron.com
Subject: Conference Call
Cc: ceklund@llgm.com
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X-From: "ROBERT NELSON" <JRNELSON@LLGM.COM>@ENRON <IMCEANOTES-+22ROBERT+20NELSON+22+20+3CJRNELSON+40LLGM+2ECOM+3E+40ENRON@ENRON.com>
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For the most part, the committee call was uneventful.  The commandeering ac=
tion is proceeding.  The State has asked us to stipulate to lift the stay o=
n the chance that it will want to assert counterclaims.  We aren't sure wha=
t counterclaims it would have against the PX, so we are asking for details =
to evaluate the State's request.  The arbitration demand will be discussed =
in a special call next Wednesday at 3 pacific.  Weg acknowledged that peopl=
e are still thinking through the implications of the arbitration.  His conc=
ern is applying some pressure while the legislature is in session and consi=
dering the Edison bailout issue.  Some committee members evidently are conc=
erned about the bearing of an arbitration on a possible involuntary petitio=
n.  I suppose we can take this up in our call next Tuesday.  On Sept. 5 the=
 court will consider Edison's objection to employment of Kaye, Scholer and =
BDO Seidman.  A response will be filed today.  PGE evidently is filing a de=
claration in support of our committee.  Interesting.  A 2004 exam of Edison=
 is now scheduled on Sept. 25.  We expect that Edison will be moving for so=
me kind of protective order.  Weg wants to form an Edison subcommittee and =
would like Enron to be on it.  Your thoughts?  The biggest issue of the day=
 related to structuring a plan.  With the prospect that the PX will run out=
 of money soon, we need to define responsibilies, create a budget and find =
a funding source ASAP.  Weg suggests the earnings on the $400 million (abou=
t $6 million to date) to get us through the chapter 11 case.  Then we'll ha=
ve to find a source for post-confirmation activities like pursuing commande=
ering litigation, maintaining records, running numbers and making distribtu=
ions.  Cohen made a speech about the need to nail this down soon because hi=
s firm is actively involved in litigation matters that cost a lot to mainta=
in.  Let's talk about this issue next week.  We obviously need work to cont=
inue and that costs money.  Finally, the Weg settlement is being reviewed, =
among others, by PGE.  Their initial reaction was quite positive.  Howard h=
opes to have comments so he can present it to FERC by Sept. 15 as what he s=
tyles an "offer of settlement".  Bob

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J. Robert Nelson
725 Soth Figueroa St, Los Angeles, Ca. 90017-5436


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