By the Staff
of the
JOINT COMMITTEE ON TAXATION
At the Request of
Senator Max Baucus
and
Senator Charles E. Grassley
of the
SENATE COMMITTEE ON FINANCE
February 2003
JCS-3-03
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| Title | Page | |
|---|---|---|
| PRELIMINARY PAGES [ Title Page, Committee Members, Table of Contents ] |
Preliminary Pages | |
| I. | PROJECT TANYA | C-3 |
| Letter from Arthur Andersen, L.L.P. to Robert J. Hermann, Vice President Tax, Enron Corporation (with appendices) (December 21, 1995) | C-4 | |
| II. | PROJECT VALOR | C-29 |
| Letter from Arthur Andersen, L.L.P. to Deborah Culver, Assistant General Counsel, and Jordan Mintz, Vice President, and Tax Counsel, Enron Capital and Trade Resources Corporation (with appendices) (December 27, 1996) | C-30 | |
| III. | PROJECT STEELE | C-76 |
| Letter from Akin, Gump, Strauss, Hauer & Feld L.L.P. to R. Davis Maxey, Esquire, Enron Corporation (December 16, 1997) | C-77 | |
| Unsigned letter from Akin, Gump, Strauss, Hauer & Feld L.L.P. to R. Davis Maxey, Esquire, Enron Corporation (December 16, 1997) | C-115 | |
| IV. | PROJECT COCHISE | C-127 |
| Letter from William S. McKee and James D. Bridgeman, McKee Nelson, Ernest & Young L.L.P. to R. Davis Maxey, Vice President Tax Research and Planning, Enron Corporation (March 21, 2001) | C-128 | |
| Letter from King & Spalding, to Enron Corporation, Maliseet Properties, Inc. (May 14, 2001) | C-213 | |
| V. | PROJECT TERESA | C-217 |
| Memorandum from William S. McKee and Susan Jewett, King & Spalding to R. Davis Maxey, Director, Tax Research, Enron Corporation (February 20, 1997) | C-218 | |
| Draft letter from William S. McKee and Abraham N.M. Shashy, Jr., King & Spalding, to R. Davis Maxey, Esquire, Senior Director, Tax Research Corporate Tax, Enron Corporation (May 14, 1997) | C-297 | |
| Abraham N.M. Shashy, Jr., (for himself and William S. McKee), King & Spalding to R. Davis Maxey, Esquire, Senior Director, Tax Research, Corporate Tax, Enron Corporation (July 29, 1997) | C-326 | |
| Letter from King & Spalding to Enron Corporation (October 2, 2000) with an attachment letter from R. Davis Maxey, Vice President, Tax Planning, Enron Corporation to King & Spalding (September 27, 2000) | C-371 | |
| Letter from Vinson & Elkins L.L.P. to Enron Leasing Partners, L.L.P. (July 17, 1997) | C-391 | |
| Letter from Kevin A. Duvall, Partner, Ernest & Young L.L.P. to R. Davis Maxey, Vice President, Tax Planning, Enron Corporation (November 16, 1999) | C-417 | |
| VI. | PROJECT TOMAS | C-424 |
| Letter from Akin, Gump, Strauss, Hauer & Feld, L.L.P. to Enron Corporation (November 23, 1998) | C-425 | |
| VII. | PROJECT CONDOR | C-488 |
| Draft letter from Vinson & Elkins L.L.P. to Enron Corporation (attention: R. Davis Maxey) (March 17, 2000) | C-489 | |
| VIII. | PROJECT TAMMY I | C-499 |
| Letter from Vinson & Elkins L.L.P. to Enron Corporation (attention: R. Davis Maxey) (February 9, 2001) | C-500 | |
| IX. | PROJECT APACHE | C-524 |
| Letter from Shearman & Sterling to Enron Corporation (May 28, 1999) | C-525 | |
| Letter from Shearman & Sterling to Enron Corporation (May 28, 1999) | C-569 | |
| X. | PROJECT NOLy | C-584 |
| Letter from Vinson & Elkins L.L.P. to Enron Corporation (February 26, 2001) | C-585 | |
| Draft letter from Vinson & Elkins L.L.P. to Enron Corporation (December 17, 2001) | C-591 | |
| XI. | PROJECT VALHALLA | C-601 |
| Letter from Jutta Schneider, Clifford Chance Pünder to Enron Corporation (May 2, 2000) | C-602 | |
| Letter from Vinson & Elkins L.L.P. to Enron Corporation (September 12, 2000) | C-617 | |
| Title | Page | |
|---|---|---|
| PRELIMINARY PAGES [ Table of Contents ] |
Preliminary Pages | |
| I. | MATERIALS RELATING TO THE DUTIES OF THE ADMINISTRATIVE COMMITTEE FOR THE ENRON QUALIFIED PLANS | D-5 |
| Memorandum from Patrick Mackin to Administrative Committees of Enron Corp. Tax Qualified Pension Plans Regarding Fiduciary Duties of Members of Committees (December 2, 1996) (Attachment II to the Minutes of the December 5, 1996, Administrative Committee Meeting) | D-6 | |
| Presentation by Patrick Mackin to the Administrative Committee regarding Administration of the ESOP, Cash Balance and Savings Plans (Attachment I to the Minutes of the March 9, 2000, Administrative Committee Meeting) | D-11 | |
| II. | MATERIALS RELATING TO CHANGES TO THE ENRON ESOP AND CASH BALANCE PLANS | D-36 |
| Enron Corp. Interoffice Memorandum Regarding Retirement Plan Changes and ESOP Access Questions and Answers (January 31, 1995) | D-37 | |
| The Enron Retirement Program Guide | D-58 | |
| Cash Balance Plan Benefit Examples | D-85 | |
| Enron Corp. Retirement Plan Estimated Cash Contribution 1994-2002 (November 16, 1994) | D-94 | |
| III. | MATERIALS RELATING TO THE BLACKOUT PERIOD FOR THE ENRON SAVINGS PLAN | D-95 |
| Timeline Regarding the Change in the Recordkeeper under the Enron Savings Plan (Presented at the November 20, 2001, Administrative Committee Meeting) | D-96 | |
| Enron Corp. Savings Plan Changes, "Money in Motion" | D-104 | |
| Electronic Mail to Employees with Blackout Reminders (October 16, 2001, 11:10 pm) | D-110 | |
| Electronic Mail to Employees with Blackout Reminders (October 22, 2001, 10:28 pm) | D-111 | |
| Electronic Mail to Employees with Blackout Reminders (October 25, 2001, 11:44 pm) | D-112 | |
| Electronic Mail to Employees with Final Reminder of Blackout Date (October 26, 2001, 11:58 am) | D-113 | |
| Electronic Mail to Enron Employees Notifying Them that the Blackout Had Ended on November 13 (November 14, 2001, 9:07 pm) | D-114 | |
| IV. | EXECUTIVE COMPENSATION "WHITE PAPERS" | D-115 |
| Enron Executive Compensation Program "White Paper" (Updated January, 1998) | D-116 | |
| Enron Corp. Executive Compensation Program Brochure | D-123 | |
| V. | MATERIALS PROVIDED TO ENRON BY OUTSIDE CONSULTANTS REGARDING EXECUTIVE COMPENSATION | D-127 |
| Letter from Towers Perrin to Dr. Charles A. LeMaistre dated December 3, 2001 (regarding competitiveness of Enron executive compensation programs) | D-128 | |
| Letter from Towers Perrin to Dr. Charles A. LeMaistre dated November 14, 2001 (regarding bonus and other compensation decisions during period before proposed merger with Dynegy) (letter was included as an attachment to the Towers Perrin letter dated December 3, 2001) | D-134 | |
| Enron Corp. Executive Compensation Stress Test Findings (April 20, 2001) Prepared by Towers Perrin and Presented to the Compensation Committee on May 1, 2001 | D-141 | |
| Letter from Towers Perrin to Ms. Pam Butler, Director, Compensation, dated November 16, 2000 (regarding marketplace compensation analysis for Mr. Lay and Mr. Skilling) | D-195 | |
| Letter from Towers Perrin to Dr. Charles A. LeMaistre dated January 18, 2001 (regarding alternative compensation arrangements for Mr. Lay due to his changed responsibilities upon the appointment of Mr. Skilling as Chief Executive Officer) | D-205 | |
| VI. | COMPENSATION OF THE TOP-200 MOST HIGHLY COMPENSATED EMPLOYEES (1998, 1999, and 2000 and 2001) | D-209 |
| VII. | MATERIALS RELATING TO PRE-BANKRUPTCY BONUSES | D-228 |
| List of Recipients of Bonuses, Including Name, Job Title, and Amount Received | D-229 | |
| Information Regarding Individuals Who Terminated Employment with Enron Before Completing 90-Day Service Requirement | D-241 | |
| Sample Agreements Relating to Pre-Bankruptcy Bonuses | D-246 | |
| Minutes of Board of Directors and Compensation Committee Meetings Relating to Pre-Bankruptcy Bonuses (October 24, 2001; November 16, 2001; November 18, 2001; November 25, 2001; November 28, 2001; and November 29, 2001) | D-248 | |
| VIII. | MATERIALS RELATING TO NONQUALIFIED DEFERRED COMPENSATION | D-299 |
| Pre-Bankruptcy Early Withdrawals from the 1994 Deferral Plan and the Expat Deferral Plan | D-300 | |
| IX. | MATERIALS RELATING TO SALE OF OPTIONS TAX SHELTER | D-309 |
| Sale of Executive Options Technique--Advantages and Disadvantages | D-310 | |
| Diagrams of Sale of Executive Options Technique | D-314 | |
| Draft Opinion Letter (undated, to "Client") | D-317 | |
| X. | MATERIALS RELATING TO EXECUTIVE LOANS | D-346 |
| Enron Corp. Account Reconciliation, Officers’ Loans (1997-2001) | D-347 | |
| Mr. Lay Line of Credit, Recent Transactions (2001) | D-352 | |
| Enron Line of Credit, Mr. Frevert (2001) | D-353 | |
| XI. | MATERIALS RELATING TO PURCHASE AND RECONVEYANCE OF MR. LAY’S ANNUITY CONTRACTS | D-354 |
| Ken Lay Insurance Swap Analysis (presented at September 14, 2001, Compensation Committee meeting) | D-355 | |
| Letter from Towers Perrin to Dr. Charles A. LeMaistre dated November 2, 2001 | D-357 | |
| XII. | SPLIT DOLLAR LIFE INSURANCE ARRANGEMENTS | D-359 |
| Kenneth L. Lay Split Dollar Life Insurance Agreement Effective April 22, 1994 | D-360 | |
| Kenneth L. Lay Collateral Agreement Effective April 22, 1994 | D-365 | |
| Kenneth L. Lay Split Dollar Agreement Effective December 13, 1996 | D-367 | |
| Jeffrey K. Skilling Split Dollar Agreement Effective May 23, 1997 | D-374 | |
| Jeffrey K. Skilling Assignment of Life Insurance Policy as Collateral, Effective May 23, 1997 | D-381 | |
| Jeffrey K. Skilling Split Dollar Premium Payment Schedule | D-385 | |
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