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allen-p/_sent_mail/379.

, Griff, It is bidweek again. I need to provide view only ID's to the two major publications that post the monthly indeces. Please email an id and password to the following: Dexter Steis at Natural Gas Intelligence- [email protected] Liane Kucher at Inside Ferc- [email protected] Bidweek is under way so it is critical that these id's are sent out asap. Thanks for your help, Phillip Allen

allen-p/_sent_mail/38.

Re: FW: Trading Track Program , I think Chad deserves an interview.

allen-p/_sent_mail/380.

Re: Analyst Ashish Mahajan , Send his resume to Karen Buckley. I believe there will be a full round of interviews for the trading track in May.

allen-p/_sent_mail/381.

Re: Resume , Have him send his resume to Karen Buckley in HR. There is a new round of trading track interviews in May.

allen-p/_sent_mail/382.

Re: Analyst Bryan Hull , Andrea, After reviewing Bryan Hull's resume, I think he would be best suited for the trading track program. Please forward his resume to Karen Buckley. Phillip

allen-p/_sent_mail/384.

, Johnnie, Thank you for meeting with me on Friday. I left feeling very optimistic about the panel system. I would like to find a way to incorporate the panels into the home design I showed you. In order to make it feasible within my budget I am sure it will take several iterations. The prospect of purchasing the panels and having your framers install them may have to be considered. However, my first choice would be for you to be the general contractor. I realize you receive a number of calls just seeking information about this product with very little probability of a sale. I just want to assure you that I am going to build this house in the fall and I would seriously consider using the panel system if it truly was only a slight increase in cost over stick built. Please email your cost estimates when complete. Thank you, Phillip Allen

allen-p/_sent_mail/387.

Re: Resume , Chad, Call Ted Bland about the trading track program. All the desks are trying to use this program to train analysts to be traders. Your experience should help you in the process and make the risk rotation unnecessary. Unless you are dying to do another rotation is risk. Phillip

allen-p/_sent_mail/388.

Re: FW: 2nd lien info. and private lien info - The Stage Coach , How am I to send them the money for the silent second? Regular mail, overnight, wire transfer? I don't see how their bank will make the funds available by Friday unless I wire the money. If that is what I need to do please send wiring instructions.

allen-p/_sent_mail/389.

Re: Presentation to Trading Track A&A , The topic will the the western natural gas market. I may have overhead slides. I will bring handouts.

allen-p/_sent_mail/39.

, Johnnie, Thank you for meeting with me on Friday. I left feeling very optimistic about the panel system. I would like to find a way to incorporate the panels into the home design I showed you. In order to make it feasible within my budget I am sure it will take several iterations. The prospect of purchasing the panels and having your framers install them may have to be considered. However, my first choice would be for you to be the general contractor. I realize you receive a number of calls just seeking information about this product with very little probability of a sale. I just want to assure you that I am going to build this house in the fall and I would seriously consider using the panel system if it truly was only a slight increase in cost over stick built. Please email your cost estimates when complete. Thank you, Phillip Allen

allen-p/_sent_mail/392.

Re: insurance - the stage , The insurance company is: Central Insurance Agency, Inc 6000 N., Lamar P.O. Box 15427 Austin, TX 78761-5427 Policy #CBI420478 Contact: Jeanette Peterson (512)451-6551 The actual policy is signed by Vista Insurance Partners. Please try and schedule the appraiser for sometime after 1 p.m. so my Dad can walk him around. I will be out of town on Tuesday. What else do we need to get done before closing? Phillip

allen-p/_sent_mail/393.

RE: The Stage , I will email you with the insurance info tomorrow.

allen-p/_sent_mail/395.

, Here is a simplistic spreadsheet. I didn't drop in the new generation yet, but even without the new plants it looks like Q3 is no worse than last year. Can you take a look and get back to me with the bullish case? thanks, Phillip

[email protected], [email protected], [email protected]

allen-p/_sent_mail/396.

Re: The Stage , I will try and get my dad to take the appraiser into a couple of units. Let me know the day and time. Phillip

allen-p/_sent_mail/397.

, Larry, It sounds like Claudia and Jacques are almost finished with the documents. There is one item of which I was unsure. Was an environmental report prepared before the original purchase? If yes, shouldn't it be listed as an asset of the partnership and your costs be recovered? Phillip

allen-p/_sent_mail/398.

, Lucy, The spreadsheet looks fine to me. Phillip

allen-p/_sent_mail/399.

, Bruce, Thank you for your bid. I have decided on a floor plan. I am going to have an architect in Austin draw the plans and help me work up a detailed specification list. I will send you that detailed plan and spec list when complete for a final bid. Probably in early to mid June. Phillip

allen-p/_sent_mail/4.

, Jeff, Jacques Craig will draw up a release. What is the status on the quote from Wade? Phillip

allen-p/_sent_mail/40.

Re: Do you still access data from Inteligence Press online?? , I still use this service

allen-p/_sent_mail/401.

, Lucy, Here is the rentroll from last friday. The closing was to be this Thursday but it has been delayed until Friday April 20th. If you can stay on until April 20th that would be helpful. If you have made other commitments I understand. Gary is planning to put an A/C in #35. You can give out my work numer (713) 853-7041 Phillip

allen-p/_sent_mail/402.

Re: FW: SanJuan/SoCal spread prices , Thanks for your help.

allen-p/_sent_mail/403.

Re: SanJuan/SoCal spread prices , Jed, Thanks for the response. Phillip Allen

allen-p/_sent_mail/405.

, Reagan, I sent you an email last week stating that I would be in San Marcos on Friday, April 13th. However, my closing has been postponed. As I mentioned I am going to have Cary Kipp draw the plans for the residence and I will get back in touch with you once he is finished. Regarding the multifamily project, I am going to work with a project manager from San Antonio. For my first development project, I feel more comfortable with their experience obtaining FHA financing. We are working with Kipp Flores to finalize the floor plans and begin construction drawings. Your bid for the construction is competive with other construction estimates. I am still attracted to your firm as the possible builder due to your strong local relationships. I will get back in touch with you once we have made the final determination on unit mix and site plan. Phillip Allen

allen-p/_sent_mail/406.

Re: , Jacques, The amounts needed to fill in the blanks on Exhibit "B" are as follows: Kipp Flores-Total Contract was $23,600 but $2,375 was paid and only $21,225 is outstanding. Kohutek- $2,150 Cuatro- $37,800 George & Larry paid $3,500 for the appraisal and I agreed to reimburse this amount. The total cash that Keith and I will pay the Sellers is $5,875 ($3,500 appraisal and $2,375 engineering). I couldn't find any reference to this cash consideration to be paid by the buyers. Let me know if I need to do anything else before you can forward this to the sellers to be executed. Phillip

allen-p/_sent_mail/407.

, John, Regarding the employment agreement, Mike declined without a counter. Keith said he would sign for $75K cash/$250 equity. I still believe Frank should receive the same signing incentives as Keith. Phillip

allen-p/_sent_mail/408.

Re: Answers to List , Thanks for the response. I think you are right that engaging an architect is the next logical step. I had already contacted Cary Kipp and sent him the floor plan. He got back to me yesterday with his first draft. He took my plan and improved it. I am going to officially engage Cary to draw the plans. While he works on those I wanted to try and work out a detailed specification list. Also, I would like to visit a couple of homes that you have built and speak to 1 or 2 satisfied home owners. I will be in San Marcos on Friday April 13th. Are there any homes near completion that I could walk through that day? Also can you provide some references? Once I have the plans and specs, I will send them to you so you can adjust your bid. Phillip

allen-p/_sent_mail/410.

, Jacques, The assets and liabilities that we are willing to assume are listed below: Assets: Land Preliminary Architecture Design-Kipp Flores Architects Preliminary Engineering-Cuatro Consultants, Ltd. Soils Study-Kohutek Engineering & Testing, Inc. Appraisal-Atrium Real Estate Services Liabilities: Note to Phillip Allen Outstanding Invoices to Kipp Flores, Cuatro, and Kohutek Additional Consideration or Concessions Forgive interest due Reimburse $3,500 for appraisal and $2,375 for partial payment to engineer Let me know if you need more detail. Phillip

allen-p/_sent_mail/411.

Re: Location , My location is eb3210C

allen-p/_sent_mail/413.

, https://www4.rsweb.com/61045/

allen-p/_sent_mail/414.

Re: , Jacques I am out of the office for the rest of the week. Have you ever seen anyone miss as much work as I have in the last 6 weeks? I assure you this is unusual for me. Hopefully we can sign some documents on Monday. Call me on my cell phone if you need me. Phillip

allen-p/_sent_mail/415.

, Reagan, I am still reviewing the numbers but here are some initial thoughts. Are you proposing a cost plus contract with no cap? What role would you play in obtaining financing? Any experience with FHA 221(d) loans? Although your fees are lower than George and Larry I am still getting market quotes lower yet. I have received estimates structured as follows: 5% - onsite expenses, supervision, clean up, equipment 2%- overhead 4%- profit I just wanted to give you this initial feedback. I have also attached an extremely primitive spreadsheet to outline the project. As you can see even reducing the builders fees to the numbers above the project would only generate $219,194 of cash flow for a return of 21%. I am not thrilled about such a low return. I think I need to find a way to get the total cost down to $10,500,000 which would boost the return to 31%. Any ideas? I realize that you are offering significant development experience plus you local connections. I am not discounting those services. I will be out of the office for the rest of the week, but I will call you early next week. Phillip

allen-p/_sent_mail/42.

Re: Resume , Chad, Call Ted Bland about the trading track program. All the desks are trying to use this program to train analysts to be traders. Your experience should help you in the process and make the risk rotation unnecessary. Unless you are dying to do another rotation is risk. Phillip

allen-p/_sent_mail/420.

Re: Opening Day - Baseball Tickets , no problem

allen-p/_sent_mail/421.

, Reagan, Thank you for the quick response on the bid for the residence. Below is a list of questions on the specs: 1. Is the framing Lumber #2 yellow pine? Wouldn't fir or spruce warp less and cost about the same? 2. What type of floor joist would be used? 2x12 or some sort of factory joist? 3. What type for roof framing? On site built rafters? or engineered trusses? 4. Are you planning for insulation between floors to dampen sound? What type of insulation in floors and ceiling? Batts or blown? Fiberglass or Cellulose? 5. Any ridge venting or other vents (power or turbine)? 6. Did you bid for interior windows to have trim on 4 sides? I didn't know the difference between an apron and a stool. 7. Do you do anything special under the upstairs tile floors to prevent cracking? Double plywood or hardi board underlay? 8. On the stairs, did you allow for a bannister? I was thinking a partial one out of iron. Only about 5 feet. 9. I did not label it on the plan, but I was intending for a 1/2 bath under the stairs. A pedestal sink would probably work. 10. Are undermount sinks different than drop ins? I was thinking undermount stainless in kitchen and undermount cast iron in baths. 11. 1 or 2 A/C units? I am assuming 2. 12. Prewired for sound indoors and outdoors? 13. No door and drawer pulls on any cabinets or just bath cabinets? 14. Exterior porches included in bid? Cedar decking on upstairs? Iron railings? 15. What type of construction contract would you use? Fixed price except for change orders? I want to get painfully detailed with the specs before I make a decision but this is a start. I think I am ready to get plans drawn up. I am going to call Cary Kipp to see about setting up a design meeting to see if I like his ideas. Phillip I

allen-p/_sent_mail/422.

, Larry, Jacques has sent a document to Claudia for your review. Just dropping you a line to confirm that you have seen it. Phillip

allen-p/_sent_mail/423.

, Jacques, Would it be ok if I signed new consulting agreements with the engineer and architect? They have both sent me agreements. The only payment that George and Larry had made was $2,350 to the architect. I have written personal checks in the amounts of $25,000 to the architect and $13,950 to the engineer. I was wondering if the prior work even needs to be listed as an asset of the partnership. I would like for the agreements with these consultants to be with the partnership not with me. Should I wait until the partnership has been conveyed to sign in the name of the partnership. Let me know what you think. Phillip

allen-p/_sent_mail/426.

, Greg, Here are my comments and questions on the cost estimates: Cost per square foot seem too low for construction $33.30/sf (gross)/$36/sf (rentable) What do the cost for On-Site General Requirements ( $299,818) represent? Will you review the builders profit and fees with me again? You mentioned 2% overhead, 3 % ???, and 5% profit. Why is profit only 4%? Why are the architect fees up to $200K. I thought they would be $80K. What is the $617K of profit allowance? Is that the developers profit to boost loan amount but not a real cost? Total Closing and Application costs of 350K? That seems very high? Who receives the 2 points? How much will be sunk costs if FHA declines us? Where is your 1%? Are you receiving one of the points on the loan? What is the status on the operating pro forma? My back of the envelope puts NOI at $877K assuming 625/1BR, 1300/3BR, 950/2BR, 5% vacancy, and 40% expenses. After debt service that would only leave $122K. The coverage would only be 1.16. Talk to you this afternoon. Phillip

allen-p/_sent_mail/428.

, John, Mike is fine with signing a new contract (subject to reading the terms, of course). He prefers to set strikes over a 3 month period. His existing contract pays him a retention payment of $55,000 in the next week. He still wants to receive this payment. Phillip

allen-p/_sent_mail/43.

Re: FW: 2nd lien info. and private lien info - The Stage Coach , How am I to send them the money for the silent second? Regular mail, overnight, wire transfer? I don't see how their bank will make the funds available by Friday unless I wire the money. If that is what I need to do please send wiring instructions.

allen-p/_sent_mail/430.

, Greg, Something that I forgot to ask you. Do you know if Hugo is planning to replatt using an administrative process which I understand is quicker than the full replatting process of 3 weeks? Also let me know about the parking. The builder in San Marcos believed the plan only had 321 parking spots but would require 382 by code. The townhomes across the street have a serious parking problem. They probably planned for the students to park in the garages but instead they are used as extra rooms. Phillip

allen-p/_sent_mail/431.

Re: Derek Kelly , keith holst sent you an email with the details.

allen-p/_sent_mail/432.

Re: Purchase and Sale Agreement , Jacques, The agreement looks fine. My only comment is that George and Larry might object to the language that "the bank that was requested to finance the construction of the project declined to make the loan based on the high costs of the construction of the Project". Technically, that bank lowered the loan amount based on lower estimates of rents which altered the amount of equity that would be required. Did I loan them $1,300,000? I thought it was less. Regarding Exhibit A, the assets include: the land, architectural plans, engineering completed, appraisal, and soils study. Most of these items are in a state of partial completion by the consultants. I have been speaking directly to the architect, engineer, and soils engineer. I am unclear on what is the best way to proceed with these consultants. The obligations should include the fees owed to the consultants above. Do we need to list balances due or just list the work completed as an asset and give consideration of $5,875 for the cash paid to the engineer and appraisor. Phillip

allen-p/_sent_mail/434.

Re: , Steve, Try [email protected] or [email protected]

allen-p/_sent_mail/435.

Re: Buyout , Larry, Jacques has been working with Claudia. I will check his progress this morning and let you know. Phillip

allen-p/_sent_mail/436.

, Greg, just a note to let you know I will be out of the office Wed(3/21) until Thurs(3/23). The kids are on spring break. I will be in San Marcos and you can reach me on my cell phone 713-410-4679 or email [email protected]. I was planning on stopping by to see Hugo Elizondo on Thursday to drop off a check and give him the green light to file for replatting. What will change if we want to try and complete the project in phases. Does he need to change what he is going to submit to the city. I spoke to Gordon Kohutek this morning. He was contracted to complete the soils study. He says he will be done with his report by the end of the week. I don't know who needs this report. I told Gordon you might call to inquire about what work he performed. His number is 512-930-5832. We spoke on the phone about most of these issues. Talk to you later. Phillip

allen-p/_sent_mail/439.

, Jacques, Still trying to close the loop on the $15,000 of extensions. Assuming that it is worked out today or tomorrow, I would like to get whatever documents need to be completed to convey the partnership done. I need to work with the engineer and architect to get things moving. I am planning on writing a personal check to the engineer while I am setting up new accounts. Let me know if there is a reason I should not do this. Thanks for all your help so far. Between your connections and expertise in structuring the loan, you saved us from getting into a bad deal. Phillip

allen-p/_sent_mail/44.

Re: Presentation to Trading Track A&A , The topic will the the western natural gas market. I may have overhead slides. I will bring handouts.

allen-p/_sent_mail/440.

Re: Buyout , Larrry, I realize you are disappointed about the project. It is not my desire for you to be left with out of pocket expenses. The only item from your list that I need further clarification is the $15,000 worth of extensions. You mentioned that this was applied to the cost of the land and it actually represents your cash investment in the land. I agree that you should be refunded any cash investment. My only request is that you help me locate this amount on the closing statement or on some other document. Phillip

allen-p/_sent_mail/441.

, Jacques, I think we reached an agreement with George and Larry to pick up the items of value and not pay any fees for their time. It looks as if we will be able to use everything they have done (engineering, architecture, survey, appraisal). One point that is unclear is they claim that the $15,000 in extensions that they paid was applied to the purchase price of the land like earnest money would be applied. I looked at the closing statements and I didn't see $15,000 applied against the purchase price. Can you help clear this up. Assuming we clear up the $15,000, we need to get the property released. Keith and I are concerned about taking over the Bishop Corner partnership and the risk that there could be undisclosed liabilities. On the other hand, conveyance of the partnership would be a time and money saver if it was clean. What is your inclination? Call as soon as you have a chance to review. Phillip

allen-p/_sent_mail/443.

, Lucy, Here is the rentroll. My only questions are about #18, #25, and #37 missed rent. Any special reasons? It looks like there are five vacancies #2,12,20a,35,40. If you want to run an ad in the paper with a $50 discount that is fine. I will write you a letter of recommendation. When do you need it? You can use me as a reference. In the next two weeks we should really have a good idea whether the sale is going through. Phillip

allen-p/_sent_mail/444.

Re: Confidential Employee Information/Lenhart , I also need to know the base salaries of Jay Reitmeyer and Monique Sanchez. They are doing the same job as Matt.

allen-p/_sent_mail/446.

RE: PERSONAL AND CONFIDENTIAL COMPENSATION INFORMATION , Thanks for the information. It would be helpful if you would send the detailed worksheet that you mentioned. I am surprised to hear that the only restricted shares left are the ones granted this January. I have always elected to defer any distributions of restricted stock. I believe I selected the minimum amount required to be kept in enron stock (50%). Are you saying that all the previous grants have fully vested and been distributed to my deferral account? Thank you for looking into this issue. Phillip

allen-p/_sent_mail/448.

, Lucy, Somehow my email account lost the rentroll you sent me on Tuesday. Please resend it and I will roll it for this week this morning. Phillip

allen-p/_sent_mail/45.

, Jeff, I am in the office today. Any isssues to deal with for the stagecoach? Phillip

allen-p/_sent_mail/452.

, Gentlemen, Today I finally received some information on the status of the work done to date. I spoke to Hugo Alexandro at Cuatro Consultants. The property is still in two parcels. Hugo has completed a platt to combine into one lot and is ready to submit it to the city of San Marcos. He has also completed a topographical survey and a tree survey. In addition, he has begun to coordinate with the city on the replatting and a couple of easements on the smaller parcel, as well as, beginning the work on the grading. Hugo is going to fax me a written letter of the scope of work he has been engaged to complete. The total cost of his services are estimated at $38,000 of which $14,000 are due now for work completed. We are trying to resolve the issues of outstanding work and bills incurred by the original developer so we can obtain the title to the land. If we can continue to use Cuatro then it would be one less point of contention. Hugo's number is 512-295-8052. I thought you might want to contact him directly and ask him some questions. I spoke to him about the possibility of your call and he was fine with that. Now we are going to try and determine if any of the work performed by Kipp Flores can be used. Keith and I appreciate you meeting with us on Sunday. We left very optimistic about the prospect of working with you on this project. Call me with feedback after you speak to Hugo or with any other ideas about moving this project forward. Phillip

[email protected], [email protected]

allen-p/_sent_mail/453.

, Here is the buyout spreadsheet again with a slight tweak in the format. The summary presents the numbers as only $1400 in concessions.

allen-p/_sent_mail/456.

, George, I didn't receive the information on work completed or started. Please send it this morning. We haven't discussed how to proceed with the land. The easiest treatment would be just to deed it to us. However, it might be more advantageous to convey the partnership. Also, I would like to speak to Hugo today. I didn't find a Quattro Engineering in Buda. Can you put me in contact with him. Talk to you later. Phillip

allen-p/_sent_mail/458.

, Lucy, Here is a rentroll for this week. What is the outstanding balance on #1. It looks like 190 + 110(this week)= 300. I don't think we should make him pay late fees if can't communicate clearly. #2 still owe deposit? #9 What day will she pay and is she going to pay monthly or biweekly. Have a good weekend. I will talk to you next week. In about two weeks we should know for sure if these buyers are going to buy the property. I will keep you informed. Phillip

allen-p/_sent_mail/459.

Mike Grigsby , Please approve Mike Grigsby for Bloomberg. Thank You, Phillip Allen

allen-p/_sent_mail/461.

Re: San Marcos , Darrell, Today I let the builder/developer know that I would not proceed with his excessively high cost estimates. As he did not have the funds to take on the land himself, he was agreeable to turning over the land to me. I would like to proceed and develop the property. My thought is to compare the financing between Bank One and FHA. I would also like to compare construction and development services between what you can do and a local builder in San Marcos that I have been speaking with. Making a trip to meet you and take a look at some of your projects seems to be in order. I am trying to get the status of engineering and architectural work to date. Once again the architect is Kipp Florres and the engineer is Quattro Consultants out of Buda. Let me know if you have an opinion about either. I look forward to working with you. Talk to you tomorrow. Phillip

allen-p/_sent_mail/463.

, Reagan, Here is the cost estimate and proforma prepared by George and Larry. I am faxing the site plan, elevation, and floor plans. Phillip

allen-p/_sent_mail/464.

RE: the stage , I just refaxed. Please confirm receipt

allen-p/_sent_mail/465.

Re: the stage , I faxed you the signed amendment.

allen-p/_sent_mail/466.

, Daryl, Here is the file that includes the proforma, unit costs, and comps. This file was prepared by the builder/developer. The architect that has begun to work on the project is Kipp Flores. They are in Austin. Thank you for your time this evening. Your comments were very helpful. I appreciate you and Greg taking a look at this project. Phillip Allen [email protected] 713-853-7041

allen-p/_sent_mail/467.

Re: MS 150 , Al, I was not going to do the MS this year. Thanks for the offer though. All is well here. We went to Colorado last week and the kids learned to ski. Work is same as always. How are things going at New Power? Is there any potential? Phillip

allen-p/_sent_mail/469.

, George, I am back in the office and ready to focus on the project. I still have the concerns that I had last week. Specifically that the costs of our project are too high. I have gathered more information that support my concerns. Based on my research, I believe the project should cost around $10.5 million. The components are as follows: Unit Cost, Site work, & builders profit($52/sf) $7.6 million Land 1.15 Interim Financing .85 Common Areas .80 Total $10.4 Since Reagan's last 12 units are selling for around $190,000, I am unable to get comfortable building a larger project at over $95,000/unit in costs. Also, the comps used in the appraisal from Austin appear to be class A properties. It seems unlikely that student housing in San Marcos can produce the same rent or sales price. There should adjustments for location and the seasonal nature of student rental property. I recognize that Sagewood is currently performing at occupancy and $/foot rental rates that are closer to the appraisal and your pro formas, however, we do not believe that the market will sustain these levels on a permanent basis. Supply will inevitablely increase to drive this market more in balance. After the real estate expert from Houston reviewed the proforma and cost estimates, his comments were that the appraisal is overly optimistic. He feels that the permanent financing would potentially be around $9.8 million. We would not even be able to cover the interim financing. Keith and I have reviewed the project thoroughly and are in agreement that we cannot proceed with total cost estimates significantly above $10.5 million. We would like to have a conference call Tuesday afternoon to discuss alternatives. Phillip

allen-p/_sent_mail/47.

Re: insurance - the stage , The insurance company is: Central Insurance Agency, Inc 6000 N., Lamar P.O. Box 15427 Austin, TX 78761-5427 Policy #CBI420478 Contact: Jeanette Peterson (512)451-6551 The actual policy is signed by Vista Insurance Partners. Please try and schedule the appraiser for sometime after 1 p.m. so my Dad can walk him around. I will be out of town on Tuesday. What else do we need to get done before closing? Phillip

allen-p/_sent_mail/470.

, George, I am back in the office and ready to focus on the project. I still have the concerns that I had last week. Specifically that the costs of our project are too high. I have gathered more information that support my concerns. Based on my research, I believe the project should cost around $10.5 million. The components are as follows: Unit Cost, Site work, & builders profit($52/sf) $7.6 million Land 1.15 Interim Financing .85 Common Areas .80 Total $10.4 Since Reagan's last 12 units are selling for around $190,000, I am unable to get comfortable building a larger project at over $95,000/unit in costs. Also, the comps used in the appraisal from Austin appear to be class A properties. It seems unlikely that student housing in San Marcos can produce the same rent or sales price. There should adjustments for location and the seasonal nature of student rental property. I recognize that Sagewood is currently performing at occupancy and $/foot rental rates that are closer to the appraisal and your pro formas, however, we do not believe that the market will sustain these levels on a permanent basis. Supply will inevitablely increase to drive this market more in balance. After the real estate expert from Houston reviewed the proforma and cost estimates, his comments were that the appraisal is overly optimistic. He feels that the permanent financing would potentially be around $9.8 million. We would not even be able to cover the interim financing. Keith and I have reviewed the project thoroughly and are in agreement that we cannot proceed with total cost estimates significantly above $10.5 million. We would like to have a conference call tomorrow to discuss alternatives. Phillip

allen-p/_sent_mail/472.

Re: Insight Hardware , I have not received the aircard 300 yet. Phillip

allen-p/_sent_mail/473.

Re: Producer Services , Don, I was out last week. Regarding the Montana supply, you can refer them to Mark Whitt in Denver. Let me know when you want to have the other meeting. Also, we frequently give out quotes to mid-marketers on Fred LaGrasta's desk or Enron marketers in New York where the customer is EES. I don't understand why your people don't contact the desk directly. Phillip

allen-p/_sent_mail/475.

San Marcos construction project , Please find attached the pro formas for the project in San Marcos. Thanks again.

allen-p/_sent_mail/476.

, Lucy, Here are few questions regarding the 2/16 rentroll: #2 Has she actually paid the $150 deposit. Her move in date was 2/6. It is not on any rentroll that I can see. #9 Explain again what deposit and rent is transferring from #41 and when she will start paying on #9 #15 Since he has been such a good tenant for so long. Stop trying to collect the $95 in question. #33 Missed rent. Are they still there? #26 I see that she paid a deposit. But the file says she moved in on 1/30. Has she ever paid rent? I can't find any on the last three deposits. #44 Have the paid for February? There is no payment since the beginning of the year. #33 You email said they paid $140 on 1/30 plus $14 in late fees, but I don't see that on the 1/26 or 2/2 deposit? The last three questions add up to over $1200 in missing rent. I need you to figure these out immediately. I emailed you a new file for 2/23 and have attached the last three rentroll in case you need to research these questions. I will not be in the office next week. If I can get connected you might be able to email me at [email protected]. Otherwise try and work with Gary on pressing issues. If there is an emergency you can call me at 713-410-4679. Phillip

allen-p/_sent_mail/477.

Re: Genesis Plant Tour , George, I can take a day off the week I get back from vacation. Any day between March 5th-9th would work but Friday or Thursday would be my preference. Regarding the differences in the two estimates, I don't want to waste your time explaining the differences if the 1st forecast was very rough. The items I listed moved dramatically. Also, some of the questions were just clarification of what was in a number. Let's try and reach an agreement on the construction manager issue tomorrow morning. Phillip

allen-p/_sent_mail/478.

RE: Comparison of Estimates , George, The numbers on your fax don't agree to the first estimate that I am using. Here are the two files I used. Phillip

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, Attached are two files that illustrate the following: As prices rose, supply increased and demand decreased. Now prices are beginning to fall in response these market responses.

[email protected], [email protected], [email protected],

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Re: Comparison of Estimates , You can fax it anytime. But I saved the spreadsheets from the previous estimates. What will be different in the fax?

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Re: Weekly Status Meeting , Tomorrow is fine. Talk to you then. Phillip

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, John, Does next Thursday at 3pm fit your schedule to go over the rockies forecasts? I will set up a room with Kim. Here are some suggestions for projects for Colleen: 1. Review and document systems and processes - The handoffs from ERMS, TAGG, Unify, Sitara and other systems are not clearly understood by all the parties trying to make improvements. I think I understand ERMS and TAGG but the issues facing scheduling in Unify are grey. 2. Review and audit complex deals- Under the "assume it is messed up" policy, existing deals could use a review and the booking of new deals need further scrutiny. 3. Review risk books- Is Enron accurately accounting for physical imbalances, transport fuel, park and loan transactions? 4. Lead trading track program- Recruit, oversee rotations, design training courses, review progress and make cuts. 5. Fundamentals- Liason between trading and analysts. Are we looking at everything we should? Putting a person with a trading mentality should add some value and direction to the group. In fact there is so much work she could do that you probably need a second MD to work part time to get it done. Phillip

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Re: FW: Change in the agroup Cycling Schedule , The spinning bikes are so much better than the life cycles. Would you consider placing several spinning bikes out with the other exercise equipment and running a spinning video on the TV's. I think the equipment would be used much more. Members could just jump on a bike and follow the video any time of day. Let me know if this is possible. Phillip Allen X37041

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Re: General Issues , That would we very helpful. Thanks, Phillip

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Re: , yes please

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Re: General Issues , Jaques, After meeting with George and Larry, it was clear that we have different definitions of cost and profit. Their version includes the salary of a superintendent and a junior superintendent as hard costs equivalent to third party subs and materials. Then there is a layer of "construction management" fees of 10%. There are some small incidental cost that they listed would be paid out of this money. But I think the majority of it is profit. Finally the builders profit of 1.4 million. Keith and I were not sure whether we would be open to paying the supers out of the cost or having them be paid out of the builders profit. After all, if they are the builders why does there need to be two additional supervisors? We were definitely not intending to insert an additional 10% fee in addition to the superintendent costs. George claims that all of these costs have been in the cost estimates that we have been using. I reviewed the estimates and the superintendents are listed but I don't think the construction management fee is included. George gave me some contracts that show how these fees are standard. I will review and let you know what I think. The GP issues don't seem to be a point of contention. They are agreeable to the 3 out 4 approval process. Let me know if you have opinions or sources that I can use to push for only true costs + 1.4 million. Phillip

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Re: DRAW2.xls , George, Please send the latest cost estimates when you get a chance this morning. Phillip

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, Jeanie, Lavorato called me into his office to question me about my inquiries into part time. Nice confidentiality. Since I have already gotten the grief, it would be nice to get some useful information. What did you find out about part time, leave of absences, and sabbaticals? My interest is for 2002. Phillip

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Re: , The west desk would like 2 analysts.

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Re: MAI Appraisal , I would like to have a copy of the appraisal. See you Monday at 2. Phillip

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, Andrew, Here is an asset statement. I will mail my 98 & 99 Tax returns plus a 2000 W2. Is this sufficient? Phillip Allen 713-853-7041 wk 713-463-8626 home

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RE: , Lee, Can you provide me with a copy of the original loan and a copy of the original appraisal. My fax number is 713-646-2391 Mailing address: 8855 Merlin Ct, Houston, TX 77055 Thank you, Phillip Allen

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, Forward Reg Dickson's resume to Ted Bland for consideration for the trading track program. He is overqualified and I'm sure too expensive to fill the scheduling position I have available. I will work with Cournie Parker to evaluate the other resumes. Phillip

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, Lucy, Thanks for clearing up the 2/2 file. Moving on to 2/9, here are some questions: #1 It looks like he just missed 1/26&2/9 of $110. I can't tell if he still owes $47 on his deposit. #13 I show she missed rent on 1/26 and still owes $140. #15 Try and follow up with Tomas about the $95. Hopefully, he won't have a bad reaction. #20b Missed rent? #26 Has she paid any deposit or rent? #27 Missed rent?

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, Lee, My fax number is 713-646-2391. Please fax me a loan application that I can pass on to the buyer. Phillip Allen [email protected] 713-853-7041

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, Lucy, Here is the 2/2 rentroll. The total does not equal the bank deposit. Your earlier response answered the questions for #3,11,15,20a, and 35. But the deposit was $495 more than the rentroll adds up to. If the answer to this question lies in apartment 1,13, and 14, can you update this file and send it back. Now I am going to work on a rentroll for this Friday. I will probably send you some questions about the 2/9 rentroll. Let's get this stuff clean today. Phillip

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Re: , no. I am on msn messenger.

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Re: (No Subject) , Greg, The kids are into typical toys and games. Justin likes power ranger stuff. Kelsey really likes art. Books would also be good. We are spending Christmas in Houston with Heather's sister. We are planning to come to San Marcos for New Years. How long will you stay? what are your plans? Email me with latest happenings with you in the big city. keith

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Re: Great Web Site , Thanks for the website.

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Re: EXTRINSIC VALUE WORKSHEET , Colleen, I checked the transport model and found the following extrinsic values on January 2nd versus February 11: 1/2 2/11 Stanfield to Malin 209 81 SJ/Perm. to Socal 896 251 Sj to Socal 2747 768 PGE/Top to Citygate 51 3 PGE/Top to KRS 16 4 SJ to Valero 916 927 If these numbers are correct, then we haven't increased the extrinsic value since the beginning of the year. Can you confirm that I am looking at the right numbers? Phillip

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, Lucy, Here is a draft of a memo we should distribute to the units that are subject to caps. I wrote it as if it were from you. It should come from the manager. It is very important that we tell new tenants what the utility cap for there unit is when they move in. This needs to be written in on their lease. When you have to talk to a tenant complaining about the overages emphasize that it is only during the peak months and it is already warming up. Have my Dad read the memo before you put it out. You guys can make changes if you need to. Next week we need to take inventory of all air conditioners and refrigerators. We have to get this done next week. I will email you a form to use to record serial numbers. The prospective buyers want this information plus we need it for our records. Something to look forward to. It is 2 PM and I have to leave the office. Please have my Dad call me with the information about the units at home 713-463-8626. He will know what I mean. Talk to you later, Phillip

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, Lucy, Here is the rentroll for this Friday. Sorry it is so late. There are a few problems with the rentroll from 2/2. 1. I know you mentioned the deposit would be 5360.65 which is what the bank is showing, but the rentroll only adds up to 4865. The missing money on the spreadsheet is probably the answer to my other questions below. 2. #1 Did he pay the rent he missed on 1/26? 3. #3 Did he miss rent on 1/26 and 2/2? 4. #11 Missed on 2/2? 5. #13 Missed on 1/26? 6. #14 missed on 2/2? 7. #15 missed on 2/2 and has not paid the 95 from 1/19? 8. #20a missed on 2/2? 9. #35 missed on 2/2? My guess is some of these were paid but not recorded on the 2/2 rentroll. You may have sent me a message over the "chat" line that I don't remember on some of these. I just want to get the final rentroll to tie exactly to the bank deposit. Will have some time today to work on a utility letter. Tried to call Wade last night at 5:30 but couldn't reach him. Will try again today. I believe that a doctor from Seguin is going to make an offer. Did you meet them? If so, what did you think? Phillip

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Re: stage coach , I will email you an updated operating statement with Nov and Dec tomorrow morning. What did the seguin doctor think of the place. How much could I get the stagecoach appraised for? Do you still do appraisals? Could it be valued on an 11 or 12 cap?

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, Jacques, Can you draft the partnership agreement and the construction contract? The key business points are: 1. Investment is a loan with prime + 1% rate 2. Construction contract is cost plus $1.4 Million 3. The investors' loan is repaid before any construction profit is paid. 4. All parties are GP's but 3 out 4 votes needed for major decisions? 5. 60/40 split favoring the investors. With regard to the construction contract, we are concerned about getting a solid line by line cost estimate and clearly defining what constitutes costs. Then we need a mechanism to track the actual expenses. Keith and I would like to oversee the bookkeeping. The builders would be requred to fax all invoices within 48 hours. We also would want online access to the checking account of the partnership so we could see if checks were clearing but invoices were not being submitted. Let me know if you can draft these agreements. The GP issue may need some tweaking. Phillip Allen 713-853-7041 [email protected]