Message-ID: <4189864.1075861400112.JavaMail.evans@thyme>
Date: Fri, 2 Nov 2001 10:24:17 -0800 (PST)
From: harry.arora@enron.com
To: nmwolf@duke-energy.com
Subject: FW: Two cow theory
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Arora, Harry </O=ENRON/OU=NA/CN=RECIPIENTS/CN=HARORA>
X-To: 'nmwolf@duke-energy.com'
X-cc: 
X-bcc: 
X-Folder: \HARORA (Non-Privileged)\Arora, Harry\Sent Items
X-Origin: Arora-H
X-FileName: HARORA (Non-Privileged).pst



-----Original Message-----
From: Wang, Steve 
Sent: Friday, November 02, 2001 10:00 AM
To: Stalford, Robert; Arora, Harry; Gualy, Jaime; Mack, Iris
Subject: FW: Two cow theory




-----Original Message-----
From: Hodnette, Brooks [mailto:BHodnette@coral-energy.com]
Sent: Friday, November 02, 2001 9:58 AM
To: Wang, Steve; Adam Hoffman (E-mail); Dean Sloan (E-mail)
Subject: Two cow theory



> Enron Venture Capitalism
> You have two cows.
> You sell three of them to your publicly listed company, using letters of
> credit opened by your brother-in-law at the bank, then execute a debt/
> equity swap with an associated general offer so that you get all four cows
> back, with a tax exemption for five cows.  The milk rights of the six cows
> are transferred via an intermediary to a Cayman Island company secretly
> owned by the majority shareholder who sells the rights to all seven cows
> back to your listed company.  The annual report says the company owns
> eight cows, with an option on one more.
> 