James Given Whalley's promotion, it looks like the Xcelerator will remain under Corporate, rather than moving to EWS as expected when we last spoke. Given that change, would you like for me to continue to request support from Mark Haedicke's group or is there someone in the corporate area you'd rather I approach. Whatever route you suggest is fine with me. Most pressingly, I'd like to discuss our ability to compete with a company with which we've been in discussions -- if possible by the latter part of the week.
Answer: support for Xcelerator
Hi, Shane. Here's a quick update. As you can see, the Westpac ISDA is a done deal. Susan Bailey (paralegal) had been holding the Commonwealth ISDA because she didn't have an address. I asked her to email you for the info. I am working on ABN AMRO. I' m also trying to keep up with you other trading activity. Let me know if you ever have any questions. Sara
Answer: Westpac Banking Corporation
Susan, I am pleased that the PUC demonstrated some level of propriety and common sense by not acting in a retroactive manner on direct access. Accordingly, we are placing our work in abeyance pending further instruction. If any party is interested in litigating further the direct access decision from September 20, it will be necessary to petition for rehearing at the PUC. An aggrieved party will only be able to go to court if the PUC denies the petition for rehearing or upholds its original decision following rehearing. The grounds for judicial review now appear to be limited to (1) denial of procedural due process and (2) PUC conduct contrary to law. This latter argument is based on a statutory duty to hold hearings when deciding whether to change a policy originally decided following hearings. Unlike the problems caused by a retroactive decision, there is probably no basis for a stay pending final decision. The attached petition is the most recent generation and has fairly accurate tables of authorities and content. It does not have the two most recent developments (the statement by the Department of Finance indicating that bonds may not be necessary and the argument that there was a statutory duty to conduct hearings). If this petition is revived, those arguments can be quickly inserted. I have also retained all comments so those will be available if the petition is revived. Best regards,
Answer: Direct Access Petition
tanya: Just a quick update on the LC situation. We sent a renewal request to Enserco yesterday and they said they would get back to us tomorrow. If they don't renew by tomorrow I think that we should send them a notice of Event of Default letter which would give them until Wednesday to cure. If not cured by Wednesday, we could terminate and be in a position to draw on Thursday/Friday. Who can I coordinate with next week on this? Leslie Reeves is checking on a few of them that owe payments this week to see if they have paid. On Vitol, Tom is obtaining a copy of the LC and seeing if they have paid. He is also checking into Ballarpur. Greg Johnston e-mailed me to say that they were handling EPCORE and Engage. We have concluded that nothing can be done on Energy Service Providers, Trafigura and Glencore.
Answer:
LC's