Here is an email: Lorraine, I've been studying the El Paso/Dynegy reservation reduction mechanism (RRM). Basically the deal was that Dynegy's minimum-pay obligation would be reduced by the amount of the fixed cost component of IT revenues generated by El Paso's transportation of IT volumes above a historical threshold. (The parties based the threshold on El Paso's monthly IT volumes for the 12 months ended 9/30/97.) The volumes in excess of the threshold were calculated and a ratio of the volumes in excess of the threshold to the total volumes was determined; the ratio would then be applied to the fixed cost component of all IT revenues and the resulting dollar value applied to Dynegy's monthly reservation charge, to the extent Dynegy had not met its minimum pay obligation for a particular month. This provision of course met with heavy opposition; however, FERC allowed it. FERC stated that while the RRM had anticompetitive effects because it created a disincentive for El Paso to discount IT, it was not unduly discriminatory. The "unduly discriminatory" conclusion was based on an analysis on the potential effect on the Cal. gas transportation market -- the
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A: Duke
Q: POSREP HOEGH GALLEON, DATE:08 MAY 01 A) Position at noon : N 24,7? E 36,2? B) Dist. from last noon : 371 nm C) Dist. to go to next port: 2101 D) Eta next port : 13 0900 LT E) 1:Average sea/weather : Wind: W5 Sea: W4 2:Average speed : 19.03 knots / average RPM 92.55 3:B.O.G. consumed : Nil B.O.G. Total : 4:F.O. consumed : 143 mt Brgds Knut Bentzr?d Master LNG/C "Hoegh Galleon" E-mail: master.gall@hoegh.no Teleph: Inmarsat tel.no.+873 330853910 Fax : Inmarsat fax no.+873 330853913 Telex : Inmarsat B telex no.+583 330853915 Telex : Inmarsat C telex no.+583 430853910 (24hrs.watch)
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A: POSREP
IN: Susan: Here are the final versions of the Guaranty and Transfer Agreement which you can finalize with Russell (dates etc.) once we are ready to sign. As soon as I get answers to the 2 questions I had on his comments I will give you his mark-up so that we can wrap this up. Carol

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OUT: UtiliCorp
IN: This is an email
TheMarket for Lemons and the Price of Dishonesty=20 The Nobel Memorial Prize in Economics was awarded thisyear to three economi= sts: George Akerlof, Joseph Stiglitz and Michael Spence,who made significan= t contributions to modeling markets with information asymmetry.In many case= s in a given market sellers or buyers may have exclusiveinformation that is= not available to the counter party. The best-known examplecomes from the [= paper by Akerlof, The Market for "Lemons": QualityUncertainty and the Marke= t Mechanism, Quarterly Journal of Economics, 84,(1970), pages 488-500. =20 An owner of a used car can form a good idea of the qualityof his vehicle. H= e has much better information if his car is a lemon. As bothgood and bad us= ed car have to sell at the same price - it is impossible for anaverage buye= r to distinguish between good and bad merchandise - they sellers ofgood use= d cars are driven out of the market. Most traded used cars will belemons. O= f course, there are ways to mitigate the problem: an owner of a goodused ca= r may send signal to the buyer by offering him a guarantee or absorbingthe = cost of inspection.=20 Hiring is a similardecision. As Michael Spence wrote in his paper Job Marke= t Signaling,Quarterly Journal of Economics, 87, (1973), pages 355 - 374, to= hire somebodyis frequently to purchase a lottery ticket. The employer cann= ot directlyobserve the productivity of a potential hire. "What he does obse= rve is aplethora of personal data in the form of observable characteristics= andattributes of the individual, and it is these that must ultimately dete= rminehis assessment of the lottery he is buying." The observable characteri= stics of an individual may be immutable (raceand, generally, sex) but in so= me cases certain attributes are alterable. A candidatecan modify such chara= cteristics as education and job history. Some economistssay, tongue-in-chee= k, that some candidates who attended top schools and spentmany painful hour= s studying useless subjects signal their willingness to dowhatever it takes= to succeed. Another way to send a signal about one's qualityis to find a j= ob with a top firm at the beginning of one's career and tosucceed in this f= irm before moving on. This provides a useful lesson to anybodywho plans to = be in the labor market at some points in his or her life: thereputation of = the current employer is critical to future employmentopportunities and shou= ld be defended at any cost. Honesty, at the end of theday, is an imperative= dictated as much by morality as by one's self interest. =20 - The Market for Lemons and the Price of Dishonesty.doc=20 - The Market for Lemons and the Price of Dishonesty.doc

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OUT: Newsletter
IN: Eric, I was examining EGM's businesses for 2001 and I wanted to ask you a question about your specific business. As you examine your goals and objectives, I would like to know what you think I could do to help you accomplish your plan. Please send me a return email with 3 specific items that I could do personally to add to your business. Thanks,

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OUT:
2001 business