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MG GROUP. ECT EUROPE INC. ENRON EUROPE LIMITED. Structure as of 17 July 2000. ENRON INVESTMENTS PLC. MG PLC. MG LTD. MG MCC LTD. MG OVERSEAS (HOLDINGS) LTD. MG BROKERS LTD. 95%. MG METALS LUXEMBOURG Sarl. SWISS. HB LTD. MG MCC PERU. MG MCC CHILE. MG HONG KONG.

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Mg plc

MG GROUP

ECT

EUROPE

INC

ENRON

EUROPE

LIMITED

Structure as of 17 July 2000

ENRON

INVESTMENTS

PLC

MG

PLC

MG

LTD

MG MCC

LTD

MG OVERSEAS

(HOLDINGS)

LTD

MG

BROKERS

LTD

95%

MG METALS

LUXEMBOURG

Sarl

SWISS

HB

LTD

MG MCC

PERU

MG MCC

CHILE

MG

HONG KONG

5%

MG FAR

EAST (Tokyo

branch)

HB

SINGAPORE

MAN &

MACHINE

MG

CHINA

MG METALS

BELGIUM NV

MG TRADE

HOLDINGS

INC

HENRY

BATH BV

MG

GUERNSEY

25%

MG METALS GERMANY

HOLDINGS GMBH

E METRA

LTD

MG ENERGY

LIMITED

MG TS

HOLDINGS

INC

MG MCC

CORP

MG OF

AUSTRALIA

PTY

MG METALL

RECYCLING

VERWALTUNGS

GMBH

METALL

RECYCLING KG

1 share

HB INC

MG TRADING

SERVICES INC

MG LONDON

INC


Mg plc

MG GROUP

ECT

EUROPE

INC

ENRON

EUROPE

LIMITED

Step 1 - sale of MG Metals Broking Ltd

and MG Energy Ltd to EEL

ENRON

INVESTMENTS

PLC

MG

BROKERS

LTD

MG ENERGY

LIMITED

MG

PLC

MG

LTD

MG MCC

LTD

MG OVERSEAS

(HOLDINGS)

LTD

MG

BROKERS

LTD

95%

MG METALS

LUXEMBOURG

Sarl

SWISS

HB

LTD

MG MCC

PERU

MG MCC

CHILE

MG

HONG KONG

5%

MG FAR

EAST (Tokyo

branch)

HB

SINGAPORE

MAN &

MACHINE

MG

CHINA

MG METALS

BELGIUM NV

MG TRADE

HOLDINGS

INC

HENRY

BATH BV

MG

GUERNSEY

25%

MG METALS GERMANY

HOLDINGS GMBH

E METRA

LTD

MG ENERGY

LIMITED

MG TS

HOLDINGS

INC

MG MCC

CORP

MG OF

AUSTRALIA

PTY

MG METALL

RECYCLING

VERWALTUNGS

GMBH

METALL

RECYCLING KG

1 share

HB INC

MG TRADING

SERVICES INC

MG LONDON

INC


Mg plc

MG GROUP

ECT

EUROPE

INC

ENRON

EUROPE

LIMITED

Step 2 - MG Metals Luxembourg Sarl

sells 5% shareholding in MG Hong

Kong to MG plc for FMV

[1 September 2000]

ENRON

INVESTMENTS

PLC

MG

BROKERS

LTD

MG

ENERGY

LTD

MG

PLC

MG

LTD

MG MCC

LTD

5%

MG OVERSEAS

(HOLDINGS)

LTD

95%

MG

HONG KONG

MG MCC

CHILE

MG METALS

LUXEMBOURG

Sarl

MG FAR

EAST LTD

HB

LTD

MG MCC

PERU

95%

SWISS

MG

CHINA

MG

HONG KONG

5%

HB

SINGAPORE

MAN &

MACHINE

JAPAN

MG METALS

BELGIUM NV

MG

CHINA

MG TRADE

HOLDINGS

INC

HENRY

BATH BV

25%

MG

GUERNSEY

MG METALS GERMANY

HOLDINGS GMBH

E METRA

LTD

MG TS

HOLDINGS

INC

MG MCC

CORP

MG OF

AUSTRALIA

PTY

MG METALL

RECYCLING

VERWALTUNGS

GMBH

METALL

RECYCLING KG

1 share

HB INC

MG TRADING

SERVICES INC

MG LONDON

INC


Mg plc

MG GROUP

ENRON

CORP

ENRON

EUROPE

LIMITED

Step 3 - EI plc sells shares of MG plc to Enron

Corp for £[300]m

[1 October 2000]

ENRON

INVESTMENTS

PLC

MG

BROKERS

LTD

MG

ENERGY

LTD

MG

PLC

5%

MG

LTD

MG MCC

LTD

MG OVERSEAS

(HOLDINGS)

LTD

95%

MG

HONG KONG

MGM

FAR EAST

MG METALS

LUXEMBOURG

Sarl

SWISS

HB

LTD

MG MCC

PERU

MG MCC

CHILE

MG

CHINA

JAPAN

HB

SINGAPORE

MAN &

MACHINE

MG METALS

BELGIUM NV

MG TRADE

HOLDINGS

INC

HENRY

BATH BV

MG

GUERNSEY

25%

MG METALS GERMANY

HOLDINGS GMBH

E METRA

LTD

MG TS

HOLDINGS

INC

MG MCC

CORP

MG OF

AUSTRALIA

PTY

MG METALL

RECYCLING

VERWALTUNGS

GMBH

METALL

RECYCLING KG

1 share

HB INC

MG TRADING

SERVICES INC

MG LONDON

INC


Mg plc

MG GROUP

ENRON

CORP

NETWORKS

EQUITY

INVESTORS

Step 4 - Enron Corp sells shares in MG plc

to Networks LP for £[300]m

[1 October 2000] Networks to consider

use of BV or other entity above foreign subs

to facilitate circulation of cash

50%

50%

NETWORKS

LP

MG

PLC

MG

LTD

MG MCC

LTD

5%

95%

MG OVERSEAS

(HOLDINGS)

LTD

MG

HONG KONG

MGM

FAR EAST

MG MCC

PERU

MG MCC

CHILE

HB

LTD

MG METALS

LUXEMBOURG

Sarl

MG

CHINA

SWISS

JAPAN

HB

SINGAPORE

MAN &

MACHINE

MG METALS

BELGIUM NV

MG TRADE

HOLDINGS

INC

HENRY

BATH BV

MG

GUERNSEY

25%

E METRA

LTD

MG METALS GERMANY

HOLDINGS GMBH

MG TS

HOLDINGS

INC

MG MCC

CORP

MG OF

AUSTRALIA

PTY

MG METALL

RECYCLING

VERWALTUNGS

GMBH

METALL

RECYCLING KG

1 share

HB INC

MG TRADING

SERVICES INC

MG LONDON

INC


Mg plc

MG GROUP

ENRON

CORP

NETWORKS

EQUITY

INVESTORS

Step 5 - MG Belgium sells 25% interest in

E-Metra Limited to Networks LP for FMV

[timetable per commercial negotiations]

50%

50%

NETWORKS

LP

25%

E METRA

LTD

MG

PLC

MG

LTD

MG MCC

LTD

5%

95%

MG OVERSEAS

(HOLDINGS)

LTD

MG

HONG KONG

MGM

FAR EAST

MG MCC

PERU

MG MCC

CHILE

HB

LTD

MG METALS

LUXEMBOURG

Sarl

MG

CHINA

SWISS

JAPAN

HB

SINGAPORE

MAN &

MACHINE

MG METALS

BELGIUM NV

MG TRADE

HOLDINGS

INC

HENRY

BATH BV

MG

GUERNSEY

25%

E METRA

LTD

MG METALS GERMANY

HOLDINGS GMBH

MG TS

HOLDINGS

INC

MG MCC

CORP

MG OF

AUSTRALIA

PTY

MG METALL

RECYCLING

VERWALTUNGS

GMBH

METALL

RECYCLING KG

1 share

HB INC

MG TRADING

SERVICES INC

MG LONDON

INC


Mg plc

MG GROUP

ENRON

CORP

NETWORKS

EQUITY

INVESTORS

Step 6 - Luxco sells shares in subsidiaries to

Networks LP for FMV [1 October 2000/2001]

Networks to consider use of BV or other entity above

foreign subs to facilitate circulation of cash

50%

50%

NETWORKS

LP

25%

E METRA

LTD

MG

PLC

MG

LTD

MG MCC

LTD

MG OVERSEAS

(HOLDINGS)

LTD

5%

95%

MG

HONG KONG

MG METALS

LUXEMBOURG

Sarl

SWISS

MGM

FAR EAST

MG MCC

PERU

MG MCC

CHILE

HB

LTD

MG

CHINA

JAPAN

HB

SINGAPORE

MAN &

MACHINE

MG METALS

BELGIUM NV

MG TRADE

HOLDINGS

INC

HENRY

BATH BV

MG

GUERNSEY

MG METALS GERMANY

HOLDINGS GMBH

MG TS

HOLDINGS

INC

MG MCC

CORP

MG OF

AUSTRALIA

PTY

MG METALL

RECYCLING

VERWALTUNGS

GMBH

METALL

RECYCLING KG

1 share

HB INC

MG TRADING

SERVICES INC

MG LONDON

INC


Mg plc

MG GROUP

ENRON

CORP

NETWORKS

EQUITY

INVESTORS

Step 7 - Liquidation of Luxembourg and Swiss branch

and MG Belgium ?

50%

50%

NETWORKS

LP

25%

E METRA

LTD

MG

PLC

MG

LTD

MG MCC

LTD

MG OVERSEAS

(HOLDINGS)

LTD

5%

95%

MG

HONG KONG

MG METALS

LUXEMBOURG

Sarl

SWISS

MGM

FAR EAST

MG MCC

PERU

MG MCC

CHILE

HB

LTD

MG

CHINA

JAPAN

HB

SINGAPORE

MAN &

MACHINE

MG METALS

BELGIUM NV

MG TRADE

HOLDINGS

INC

HENRY

BATH BV

MG

GUERNSEY

MG METALS GERMANY

HOLDINGS GMBH

MG TS

HOLDINGS

INC

MG MCC

CORP

MG OF

AUSTRALIA

PTY

MG METALL

RECYCLING

VERWALTUNGS

GMBH

METALL

RECYCLING KG

1 share

HB INC

MG TRADING

SERVICES INC

MG LONDON

INC


Mg plc

MG GROUP

ENRON

CORP

NETWORKS

EQUITY

INVESTORS

Final Position

50%

50%

NETWORKS

LP

25%

E METRA

LTD

MG

PLC

MG

LTD

MG MCC

LTD

MG OVERSEAS

(HOLDINGS)

LTD

5%

95%

MG

HONG KONG

MGM

FAR EAST

MG MCC

PERU

MG MCC

CHILE

HB

LTD

MG

CHINA

JAPAN

HB

SINGAPORE

MAN &

MACHINE

MG TRADE

HOLDINGS

INC

HENRY

BATH BV

MG

GUERNSEY

MG METALS GERMANY

HOLDINGS GMBH

MG TS

HOLDINGS

INC

MG MCC

CORP

MG OF

AUSTRALIA

PTY

MG METALL

RECYCLING

VERWALTUNGS

GMBH

METALL

RECYCLING KG

1 share

HB INC

MG TRADING

SERVICES INC

MG LONDON

INC


Mg plc

MG GROUP

  • Check the box and subpart F planning

  • MG MCC group - 85:15 test

  • MG Ltd group - dealer, check open UK warehousing group too ?

  • German subgroup - 85:15 test, potential candidate for sale ?

  • E-Metra - CFC, capital gain on IPO

  • Dividends/interest from MGL, MG MCC Ltd to MG plc - same country

  • assume UK cashflows used to service debt at level of MG UK group - no

  • dividends to Networks LP (correct ?)

  • MG US entities - earnings and cashflow at level Networks LP service equity


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