QUESTION: Stan has drafted the attached response to Peggy Fowler's letter that she sent to Mr. Lay dated December 12. I will walk over a copy of the 12-12 letter for reference as Mr. Lay is reviewing the attached document. Once Mr. Lay has signed and mailed the letter, would you please provide Stan Horton with a copy for our files? Thanks!
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ANS: RESPONSE TO PEGGY FOWLER LETTER

QUESTION: Notice No. MS-71 October 31, 2001 TERMINATION OF TRADING PRIVILEGES Please be advised that the Exchange has been notified by Man International, Inc. that effective with the close of business October 31, 2001, they will no longer guarantee the membership(s) of Joseph Piraneo (JP-7963). Therefore, in accordance with the Exchange Rule 4.12, the trading privileges of the aforementioned individual(s) are hereby suspended until such time as a new primary clearing member guarantee is provided. In connection therewith, notification of any claims against the aforementioned individuals arising out of transactions executed on the Exchange up to the close of business on August 9, 2001, must be submitted to the Corporate Secretary's Office within ten (10) days.
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ANS: (MS-71) TERMINATION OF TRADING PRIVILEGES

QUESTION: Details in exchange for this - I read an article this morning that quoted an ISO market analyst speaking about the $6.2 billion the system operator would like to recover in charges since last spring: "We are not saying now that these are overcharges. We are telling the FERC that we see these as the amounts that we deem 'excessive.'" The lead of the story was this: "The California Independent System Operator......significantly upped the ante Thursday when it told the Federal Energy Regulatory Commission that 21 generators and suppliers should refund the state a stunning $6.2 billion for electricity sold into the state since last May." First of all, tell me what the difference is between "overcharges" and "excessive" charges. If there isn't one, give me your opinion on why this analyst would say such a stupid thing. Second, give me one reason why the lead is journalistically incorrect, and one why it is gramatically unattractive. Then you get details. Kate
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ANS:
Date details