hpl close great job to all ! ! we made it from contract execution to financial close in 5 months . this success is a testament to the effort put forth by all of you and your colleagues in finalizing the transaction , including :
1 . setting an industry record for responding to a 2 nd request from the dept . of justice and securing their approval .
2 . expediting the analysis and repair of a 60 mile segment of the a / s pipeline .
3 . transitioning hpl ' s hardware and software infrastructure from enron to aep
4 . unwinding four complex monetizations related to the assets with a value of over $ 150 mm
5 . separating hpl ' s business process , work flow , from enron ( after 75 years of integrated operation )
6 . segregating property between leased and purchased facilities
7 . collecting and sorting over 14 , 000 boxes of books and records
8 . moving over 250 people from 4 different enron entities into a new location while keeping the pipeline operating .
7 . accounting for the transfer of prm assets , cwip , leased assets , purchased assets , imbalances , payables and receivables .
the transaction freed up approximately $ 725 mm of capital that enron can put to work earning higher rates of return in its newer businesses , but the work on hpl is not over yet . there are a number of follow up activities that we need to complete in order to maximize the value of the hpl transaction . jim coffey will be managing these activities on an ongoing basis , including :
1 . collecting outstanding accounts receivable and working with aep to resolve imbalances .
2 . closing out accounting entries for property , work orders , external accounts payable , and internal charges .
3 . eliminating and mitigating any impact from retained assets and liabilities .
4 . fully transitioning hpl systems , facilities , and books / records to aep .
again , thank you for your effort - and if i have inadvertently missed anyone please pass along my appreciation to them as well . we will be hosting a lunch for the enron / hpl employees who worked on the transaction on the 15 th of june at 12 : 00 in the imperial ballroom at the hyatt regency hotel . please attend if your schedule permits .
regards ,
brian
hpl close
great job to all ! ! we made it from contract execution to financial close in 5 months . this success is a testament to the effort put forth by all of you and your colleagues in finalizing the transaction , including :
1 . setting an industry record for responding to a 2 nd request from the dept . of justice and securing their approval .
2 . expediting the analysis and repair of a 60 mile segment of the a / s pipeline .
3 . transitioning hpl ' s hardware and software infrastructure from enron to aep
4 . unwinding four complex monetizations related to the assets with a value of over $ 150 mm
5 . separating hpl ' s business process , work flow , from enron ( after 75 years of integrated operation )
6 . segregating property between leased and purchased facilities
7 . collecting and sorting over 14 , 000 boxes of books and records
8 . moving over 250 people from 4 different enron entities into a new location while keeping the pipeline operating .
7 . accounting for the transfer of prm assets , cwip , leased assets , purchased assets , imbalances , payables and receivables .
the transaction freed up approximately $ 725 mm of capital that enron can put to work earning higher rates of return in its newer businesses , but the work on hpl is not over yet . there are a number of follow up activities that we need to complete in order to maximize the value of the hpl transaction . jim coffey will be managing these activities on an ongoing basis , including :
1 . collecting outstanding accounts receivable and working with aep to resolve imbalances .
2 . closing out accounting entries for property , work orders , external accounts payable , and internal charges .
3 . eliminating and mitigating any impact from retained assets and liabilities .
4 . fully transitioning hpl systems , facilities , and books / records to aep .
again , thank you for your effort - and if i have inadvertently missed anyone please pass along my appreciation to them as well . we will be hosting a lunch for the enron / hpl employees who worked on the transaction on the 15 th of june at 12 : 00 in the imperial ballroom at the hyatt regency hotel . please attend if your schedule permits .
regards ,
brian