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. | LETTER TO JOINT COMMITTEE ON TAXATION STAFF DIRECTING INVESTIGATION | A-2 |
| II. | DISCLOSURE AGREEMENT AMONG ENRON, SENATE COMMITTEE ON FINANCE AND JOINT COMMITTEE ON TAXATION STAFF | A-5 |
| III. | RESOURCE MATERIALS PREPARED BY JOINT COMMITTEE ON TAXATION STAFF | A-10 |
| Individuals Interviewed by Joint Committee on Taxation Staff During Investigation | A-11 | |
| Glossary of Terms Relevant to Joint Committee on Taxation Staff Investigation | A-14 | |
| IV. | OTHER MATERIALS | A-28 |
| Book-to-Tax Reconciliation | A-29 | |
| Enron: A Select Chronology of Congressional, Corporate, and Government Activities, Congressional Research Service | A-51 | |
| Title | Page | |
|---|---|---|
| PRELIMINARY PAGES [ Table of Contents ] |
Preliminary Pages | |
| I. | BACKGROUND AND RATIONALE | B-6 |
| Estimated Structured Transaction Project Fees as of June 4, 2001 | B-7 | |
| Enron Presentation to Joint Committee on Taxation Staff, June 7, 2002 | B-8 | |
| Structured Transactions Group, Summaries of Project Earnings & Cash Flows, November 2001 | B-95 | |
| II. | PROJECT TANYA | B-169 |
| Letter from Arthur Andersen, to Robert J. Hermann, Enron Corporation (October 27, 1995) | B-170 | |
| Memorandum from IRS District Counsel, Houston District, to Chief, Quality Measurement Staff, IRS Houston District (August 16, 1999) | B-171 | |
| Project Tanya To Do List (November 9, 1995) | B-173 | |
| III. | PROJECT STEELE | B-176 |
| Show Me the Money! Project Steele Earnings Benefits | B-177 | |
| Letter from Thomas Finley, Managing Director, Bankers Trust Company to R. Davis Maxey, Enron Corporation (August 11, 1997) | B-178 | |
| Letter from Thomas Finley, Managing Director, Bankers Trust Company to R. Davis Maxey, Enron Corporation (November 7, 1997) | B-180 | |
| Letter from Thomas Finley, Managing Director, Bankers Trust Company to R. Davis Maxey, Enron Corporation (June 17, 1997) | B-200 | |
| Letter from Frank Newman, Chairman of the Board and Chief Executive Officer, Bankers Trust Company to Mr. Kenneth L. Lay, Chairman and Chief Executive Officer, Enron Corporation (March 2, 1998) | B-202 | |
| Letter from Thomas Finley, Managing Director, Bankers Trust Company to R. Davis Maxey, Enron Corporation (January 30, 1998) | B-203 | |
| IV. | PROJECT COCHISE | B-207 |
| Project Cochise Deal Basics | B-208 | |
| Minutes, Meeting of the Board of Directors, Enron Corporation (February 8, 1999), The Four Seasons Hotel | B-209 | |
| Letter from Brian J. McGuire, Vice President, Bankers Trust Company, to Richard A. Causey, Senior Vice President and Chief Accounting and Information Officer, Enron Corp. (January 28, 1999) | B-214 | |
| Letter from Arthur Andersen to Bankers Trust Company (May 26, 1999) | B-220 | |
| Preliminary Project Diagram--Transfer of Preferred Stock to Akin, Gump Partners | B-239 | |
| Preliminary Project Diagram--Dividends During Subsequent Years and Recapitalization | B-240 | |
| Preliminary Project Executive Summary | B-242 | |
| V. | PROJECT TERESA | B-243 |
| Discussion Material for Enron Corporation by Bankers Trust Company (March 27, 1997) | B-244 | |
| Project Teresa Deal Basics | B-254 | |
| VI. | PROJECT TOMAS | B-255 |
| Letter from Robert P. Palmquist, Arthur Andersen, to R. Davis Maxey, Enron Corporation (December 11, 1997) | B-256 | |
| Letter from Brian J. McGuire, Vice President, Bankers Trust Company to Richard A. Causey, Senior Vice President and Chief Accounting and Information Officer, Enron Corporation (September 15, 1998) | B-259 | |
| Enron Risk Assessment and Control Deal Approval Sheet | B-264 | |
| Exhibit XX-Sales of Leased Assets Reported by Seneca Leasing Partners, L.P. | B-268 | |
| VII. | PROJECT CONDOR | B-269 |
| Letter from Arthur Andersen to Chase Securities, Inc. (September 29, 1999) | B-270 | |
| Discussion Material for Project Condor (April, 1999) | B-276 | |
| Internal Documentation Regarding Project Condor Issues | B-288 | |
| Memorandum from AnnMarie Tiller, Corporate Tax Department, Enron, Regarding Proposed Restructuring Whitewing Associates, (February 26, 1999) | B-291 | |
| Nighthawk Restructuring Summary | B-297 | |
| VIII. | PROJECT TAMMY | B-299 |
| Project Tammy I Deal Basics | B-300 | |
| Electronic Mail from Steve Klig, Deliotte & Touche, to Alicia Goodrow, Enron Corporation Regarding Tammy Example (October 23, 2001) | B-301 | |
| IX. | PROJECT TAMMY II | B-303 |
| Project Tammy II Deal Basics | B-304 | |
| X. | PROJECT APACHE | B-305 |
| Initial Transaction Diagram from Presentation by Chase Securities to Enron | B-306 | |
| XI. | PROJECT NOLy | B-307 |
| Memorandum from Stephen H. Douglas, Enron North America, to Robert J. Hermann, Regarding Synthetic Mark-to-Market Program (August 29, 2001) | B-308 | |
| XII. | PROJECT RENEGADE | B-311 |
| Discussion Material for Project Renegade (December 17, 1998) | B-312 | |
| Tax Indemnity Agreement Between Bankers Trust and Enron (December 29, 1998) | B-330 | |
| XIII. | COLI/TOLI TRANSACTIONS | B-343 |
| Enron Corporation 1994 Deferral Plan, Plan Funding Conclusions and Recommendations | B-344 | |
| Enron Corporation Executive Summary of Purchased Life Insurance Policies | B-350 | |
| File Memorandum from J. Anthony Jarrett Regarding Sale of PGE: Options for Trust Owned Life Insurance (August 6, 2002) | B-352 | |
| United States Bankruptcy Court, Southern District of New York, Amended Statement of Financial Affairs, Exhibit B-19 and Schedule B | B-355 | |
| Item 11, Attachment A, Enron Corporation, COLI/TOLI Policies | B-359 | |
| Enron Corporation, COLI Policies Surrendered in 2002 | B-360 | |
| XIV. | STRUCTURED FINANCING TRANSACTIONS | B-361 |
| Minutes, Meeting of the Board of Directors, Enron Corporation (December 10, 1996); Minutes, Meeting of the Executive Committee of the Board of Directors, Enron Corporation (December 18, 1996); Minutes, Meeting of the Executive Committee of the Board of Directors, Enron Corporation (June 5, 1997) | B-362 | |
| Minutes, Special Meeting of the Board of Directors, Enron Corporation (September 27, 1993) | B-404 | |
| Minutes, Meeting of the Finance Committee of the Board of Directors, Enron Corporation (October 12, 1993) | B-420 | |
| Minutes, Meeting of the Board of Directors, Enron Corporation (October 13, 1993) | B-425 | |
| Letter from Vinson & Elkins to Enron Corporation (November 4, 1993) | B-434 | |
| Letter from Vinson & Elkins to Robert J. Hermann, Vice President-Tax, Enron Corp. (December 17, 1993) | B-448 | |
| Letter from Arthur Andersen to Goldman, Sachs and Co. (September 13, 1993) | B-461 | |
| Field Service Advice Memorandum from Deborah A. Butler, IRS Assistant Chief Counsel, to Janet Balboni, IRS District Counsel, Midstates Region | B-463 | |
| Counsel Settlement Memorandum Regarding Enron Corporation MIPS Issues | B-490 | |
| Memorandum from Morris R. Clark to Jordan Mintz Regarding Federal Income Tax Treatment of Prepayments (September 22, 1999) | B-518 | |
| Memorandum from AnnMarie Tiller and Brent Vasconcellos, Enron Corporate Tax Planning, to Jim Sandt, Regarding Enron Credit Linked Notes Due 2005 (April 10, 2001) | B-535 | |
| Memorandum from AnnMarie Tiller, Corporate Tax Planning to Dave Maxey, Regarding Enron Credit Linked Notes Due August 2005 (January 12, 2001) | B-540 | |
| Electronic Mail from AnnMarie Tiller to Ryan Siurek, Yosemite III Prepay (March 27, 2001) | B-542 | |
| RMTC Liquids (Prepay) 1999 and 2000 tax workpapers | B-543 | |
| Memorandum from Brent Vasconcellos, Enron Tax Planning to AnnMarie Tiller, Regarding Yosemite I Withholding (January 14, 2000) | B-546 | |
| Yosemite Financing outline of various tax issues (October 28, 1999) | B-554 | |
| XV. | USE OF FOREIGN ENTITIES | B-564 |
| Enron “Non-binding Intent Agreements” Policy Memorandum (March 2000) | B-566 | |
| XVI. | OFF BALANCE SHEET PARTNERSHIPS | B-569 |
| Memorandum from AnnMarie Tiller and Brent Vasconcellos, to R. Davis Maxey, Regarding Talon Financing Transaction (April 19, 2000) | B-570 | |
| Memorandum from AnnMarie Tiller and Brent Vasconcellos, to Ben Glisan, Regarding Talon I, LLC (August 19, 2000) | B-575 | |
| XVII. | OTHER COMPANY MATERIALS RELATED TO THE STRUCTURED TRANSACTIONS GROUP | B-577 |
| Structured Transactions Group Overview | B-578 | |
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