Message-ID: <20604484.1075845036756.JavaMail.evans@thyme>
Date: Sat, 2 Jun 2001 06:39:00 -0700 (PDT)
From: bruce.lundstrom@enron.com
To: rob.walls@enron.com
Subject: Yao Apasu
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X-From: Bruce Lundstrom
X-To: Mark E Haedicke@ECT, Rob Walls
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Gentlemen -

I remembered that I'm in deposition on Tuesday and will have difficulty 
presenting Yao to the Legal VP PRC.  Can I ask for help from one of you?

On Monday, I'll send over a print-out of Yao's reviews and accomplishments 
for the first 6 months.

Yao has been a big help to me.  He effectively took over Frank Sayre's old 
job and has acted like my second-in-command in EGA Legal.  That has meant 
more as I've been pretty tied up with Dabhol.

Yao also took on SECLP, the Dabhol of the Carribean.  Candidly speaking, 
SECLP is not like the typical Enron project that has failed.  In most cases, 
we have professional lawyering which wrapped a bad business deal (e.g., 
Dabhol or Hainan).  SECLP has very poor documentation and poor execution -- 
it is a mess in almost every way (e.g., partner, equipment, documentation, 
business decisions).  Yao has really stepped in and taken as much control as 
possible in this mess.  I believe that we have over $100 million at risk on 
SECLP.

Finally, the Nigeria team has imploded.  The team felt that they were cheated 
on their NPV bonus pool on the first $30 million that we made on the 
project.  I'm sad to say that it has affected their behavior in going after 
the up to $40 million of Enron profit that remains on the project.  Yao has 
continued working the deal as best as possible in their absence.  I think 
that there is a 50% chance that we can get all or most of the remaining $40 
million in this deal and Yao will be largely responsible for helping to hold 
it together.

I'm a Yao fan.  I respect his judgment and perserverance.  I write this at 
1:30 p.m. on a Saturday and he is down the hall on the phone about the 
Nigeria project.

Bruce