Message-ID: <26916318.1075845190698.JavaMail.evans@thyme>
Date: Fri, 25 May 2001 14:37:24 -0700 (PDT)
From: beau@layfam.com
To: kenneth.lay@enron.com
Subject: Fw: Update - May 25, 2001
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X-From: "Beau Herrold" <beau@layfam.com>@ENRON <IMCEANOTES-+22Beau+20Herrold+22+20+3Cbeau+40layfam+2Ecom+3E+40ENRON@ENRON.com>
X-To: Lay, Kenneth </O=ENRON/OU=NA/CN=RECIPIENTS/CN=KLAY>
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With the updated mutual fund NAV, the Partnership's Bank of  America LOC is=
 actually $112k available as of the close May 25, which was  more than the =
estimated $25k-$50k.
=20
- Beau
=20
=20
----- Original Message ----- =20
From: Beau Herrold =20
To: Lay, Ken =20
Sent: Friday, May 25, 2001 4:33 PM
Subject: Update - May 25, 2001
On Thursday, May 25 you were repaid $2,535,786.72  from the refinance of Da=
vid's home ($1mm) and my home ($1,535,786).   We forwarded the funds to pay=
down your personal Bank of Amercia (BA) LOC.   The Family Partnership had t=
o borrow from your personal line at BA $200,000 to  cover the $588k cash ca=
ll for SRE properties.  With today's closing prices,  the Family Partnershi=
p's available BA line is between $25k-$50, which is an  estimate because mu=
tual funds don't post their NAVs until around 5pm (Central  time).  That ma=
kes the Partnership's  total payable to KLL/LPL  personal line at $1,303,50=
0.
=20
I contacted the guys regarding the BBT Fund (Bass  family).  Per our conver=
sation, I told them that the timing was bad,  but we did not want to miss o=
ut before they close the fund.  I indicated  that our initial investment wo=
uld be the following: KLL/LPL personal $250,000;  KLL & LPL Investments, Lt=
d. $100,000; Foundation ? (possibly  $100,000).  The initial investment amo=
unt for the partnership, and  possibly the foundation, are about as low as =
we can go if we want to  get into the fund.  I am aware that the Foundation=
 is waiting to as  long as possible to pay out any contributions os I wasn'=
t sure if we wanted to  make something happen there.  Also, I indicated tha=
t we would prefer  to fund as late as possible, which looks like July  .  I=
f we decide on doing something in the foundation they  have an Offshore Par=
tnership to eliminate the tax implications of UBIT.   The Offshore Partners=
hip is run exactly the same as the Onshore version, but is  unitized and pa=
ys a dividend rather than distributions to the investors.   Let me know if =
the amounts (above) to invest are okay with you and if you want  anything i=
n the Foundation.