Subject: "NYPA".

Body: Let me know when you want to chat about NYPA. It should only take about 15 min. I would like Beverly present because someday I would like to be agent for NYPA on their contract.

Subject: "Hello!".

Body: How is it going? Haven't talked to you in awhile. It has been pretty busy around here. Trying to sell all these nasty assets. I am leaving for your homeland, Denver to experience the Rocky Mountain high for myself. Just what the hell was John Denver singing about anyway? Let me know what's going on.

Subject: "Preliminary drafts of term sheets for project Boss".

Body: Here are the preliminary drafts of the term sheets. The scenario highlights are: Exchange will host its private label exchange and the central transaction engine and database Exchange will buy the hardware needed for the implementation Exchange will define the scope of the hardware needed for local handheld devices and specialist software Exchange will map and integrate the solution to its back-office systems. Technology provider will provide Exchange with a standardized format data feed to the back-office (we still need to decide how the data format will be defined and who will define it) Technology Provider will provide all the software and consulting needed for the solution implementation Technology provider will be compensated for his solution Specialist will receive compensation for managing products Specialist will use commercially best efforts to maintain a defined spread on the product it manages Specialist will have the option to stream price/volume pairs form the system to its own principal platform Specialist will have the option to stream its own markets to the system (rules need to be defined) Specialist will pay no clearing or exchange fees for the products it manages Specialist will have fill participation advantages

Subject: "FERC refund investigation into Pacific Northwest spot power sales".

Body:
Attached is a memo outlining key aspects of the recommendation issued by the assigned Administrative Law Judge in the above-referenced case. The recommendation is now before the full Commission, which we expect will rule by mid-October. Please call me if you have any questions.