QUESTION: Everyone, Paul Flack called from the courthouse at 3:40. The Judge had taken a break, and they were to reconvene in a few minutes. Paul said it was going well, but would likely last for some time longer. Apparently there are around 50 lawyers in the court room. I will send you an email as soon as the hearing is concluded, or, if I receive another update from the courthouse, I will pass that along as well. In the meantime, please don't hesitate to call me if you need to.
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ANS: 1 p.m. Hearing

QUESTION: Tim I thought I would give you a simple overview of the gas market. This may help you prepare for Thursday. Everyday roughly 55 Billion Cubic Feet of gas is produced. The bulk of this production is in Texas, Louisiana, and Oklahoma. In the winter, the US daily load is greater than 55 BCF and in the summer, the daily US load is less than 55 BCF. Therefore, storage fields are needed to smooth out the seasonal differences in load. Texas and Louisiana are two of the largest consumers of natural gas. However these states produce more gas than they consume. Most other states consume more gas than they produce. Therefore pipelines were built to solve the regional imbalances. Most of these pipelines originate out of LA and TX and move gas to the areas of greatest demand. Our goal is to gain a handle on where the daily production is moving and if the daily production is growing or shrinking. Very simplistic, but maybe it helps. Hunter
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ANS: Gas Market

QUESTION: Barry, The information on the top 10 from your contract list 1. Duferco-Farrell Corp. - Could not find any contract in our database. Do we have the name correct? 2. XTO Energy Inc. - There is no MAC clause in the contract. So they can't terminate unless we fail to perform. One way termination payment 3. Power Authority State of New York - No Master Found. Only a GTC and Master Interruptible. 4. The Peoples Gas Light and Coke Company - Found an old Columbia Energy Marketing and Consolidated Natural Gas Company. No MAC termination clause and no termination payment calculation. If party fails to perform then other party can seek damages. 5. NUI Utilities, Inc. - MAC Clause triggered at BBB-. Two way termination payment 6. Louis Dreyfus Natural Gas - No Master found. Just GTCs and a Master Spot 7. Florida Power and Light Company - MAC Clause triggered at BBB-. FPL can terminate unless we provide LC equal to their Termination Payment. One way termination payment. 8. The American Coal Company - Couldn't find any contracts. 9. Trigen Energy Corporation (Found Trigen-Nassau Energy Corp.) - No MAC Clause. No specific remedy for default (i.e. termination payment) 10. PrimeSouth, Inc. - Could not find any contracts Sorry for the delay. Let me know if you need more information.
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ANS:
Contract Review