Mary Beth: For what it's worth, I've read this, and if Laura Tyson or Larry Summers sign it, I have serious concerns about the effect it would have on their ability to play the role that we envision in moving our proposal forward (understanding that our odds of success are somewhat meager). While I don't disagree with the language, it is strong and therefore very likely to make the Governor and his staff very uncomfortable. I would recommend that they do not sign. Best,
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answer: Final Version-Manifesto
I'm OK with the language, but I want to make sure everyone is OK on the concept. When we left this (unless there have been subsequent conversations with ECS that I wasn't a part of) we rejected Courtney's proposal to reduce our up front payment by $500,000. He was to come back and propose a monthly quantity of gas to be paid over the term of the contract that would equate to the $500,000, but I don't recall that we agreed to it. Did we intend to leave the issue open for more horsetrading on the amount of a haircut ECS should take or were we content to cover ECS at 100 cents on the dollar? I am advised that the Btu number in the letter would allow ECS to get the full $500,000 of up front value. Rod and Steve--this one is up to you and I think its totally a question of
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answer: Supplement to Gas Letter
Hey everyone- I think we could all use a drink after this week. If you can, swing by the Front Porch tomorrow for happy hour-hope to see you there!! Beth
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answer: happy hour
Mark, The word on the street is that the NewPower folks are getting further in trouble (ie) strange trading activity, etc. Looks and smells a little like the old EES. Couple of opps: - get another shareholder on-side and demand an Enron led audit to confirm financial and operating health; - followed up by hostile exit of mgt team if significant issues arise. Issues: - obviously pushes us into another level of complicity/fiduciary in a blow up or bankruptcy not unlike the issues we faced with Kafus et al; however, given our continued interest a significant control issue could result in a significant acceleration of a write-off of our existing position plus any outstanding credit. I would recommend we force the management team to submit to a detailed audit as a part of a united shareholder iniative - Lets discuss. Rick Buy, what is our current credit position? Greg/John, do you have a view on this one? Rick Causey, we probably need a more "permanent solution" ot the NewPower issue. Regards
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answer:
NewPower