Q: Just when you thought it was safe . . . I have received a question from NEPCO about Project 50. Apparently, they have temporary employees who work on projects and then leave the company. These are hourly employees who do not work regularly. Originally, these employees were thought to be included in the scope of Project 50 by corp. Mike Indivero called me and said that these people should not receive the 50 options because they are not "regular, full-time or regular part-time employees" as described in the memo from the Office of the Chairman. What are your thoughts on that? Should they be included or not? My reading of the email to all employees is that it does not include temporary employees. Do you know how other temporary employees were treated? Let me know what you think. Thanks, as always.
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A: Project 50
IN: Mark Taylor has asked me to prepare an NDA for the referenced counterparty. Please let me know if we have any existing NDA's in place. Thanks.

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OUT: NDA - WorldTradeX, Inc.
IN: This is an email
I would be very interested in finding out more about the Deal Control position and what it entails. Coming from a background in print journalism leaves me somewhat at a loss for practical experience; however, I make up for skills in my ability to learn quickly and work aggresively. I'll come by sometime today to talk further about this opportunity. Thanks for the notice. Kate

What is the subject?

OUT: Deal Control Position
QUESTION: As the requests are increasing for netting agreements, please do utilize Cadwalader for help. They are ready. Contact Rick Antonoff (212 504 6759) or David Mitchell (212 504 6285).
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ANS: Cadwalader
Happy Holidays Everyone !!!!!!!! The career centers holiday hours will be from 8:30 am to 4:30 pm for the time period 12/17 to 12/21 closed from 12/24 to 1/1, open 8:30 am to 4:30 pm from 1/2 to 1/18. Starting the week of 1/22 we will be back on the regular schedule MTW 8:30 am to 8:15 pm, Thur. 8:30 am to 6:00 pm and Fridays 8:30 am to 4:30 pm.
Q: What is a potential subject line for this email?
answer: Career Center Holiday Hours
Either I didn't fully understand the December Texas Eastern order or else FERC has just put a new and unhelpful spin on it. The Thursday rehearing order dramatically changes how the "shipper must have title" rule applies to acquisitions of upstream capacity. I thought the Dec. order pretty clearly allowed a pipe to acquire upstream capacity and then resell that capacity under the acquiring pipeline's rate schedules. FERC specifically held that the "shipper must have title" policy won't be applied if the acquiring pipe treats the acquired capacity "as though it were part of its own system". (p. 61,886) The Dec. order even cited TW's acquisition of park n ride capacity from PG&E as an example of the type of transaction that (I thought) could be done without advance Commission approval. Now, FERC explains that it did not intend a "blanket waiver" of the shipper must have title policy. Pipes can still acquire upstream capacity without advance FERC permission, but only if the acquiring pipe is going to use the acquired capacity for operational needs or to resell under the selling pipe's release mechanism. If the acquiring pipe wants to use the acquired capacity to support sales of service under the acquiring pipe's rate schedules, a specific waiver of the "must have title" policy is required (see FN 20 and text). We are right back to where we started. I guess the orders signal that FERC is much more likely to grant waivers of the "must have title" policy than in the past, but I don't think we are good to go to acquire upstream storage, for example, and resell it as FDD or IDD until we get permission first. Shelley--let me know if you hear any expressions of outrage from other
Q: What is a potential subject line for this email?
answer:
Texas Eastern