QUESTION: Joe/Sue: We'll need to brief Steve on the fed/state issues tied to the state buying the TX systems of PG&E and Edison prior to his meeting with the Congressional Republicans tomorrow. I'll be driving with Steve from LA to Pasadena (where the meeting is) tomorrow beginning at about 9:30 AM PST (the meeting's at 10:30 AM PST). Could we put together a call-in number at 9:45 or 10 AM PST so you could quickly/briefly brief Steve on the issues prior to the 10:30 AM meeting? Let me know if this works, or if there's a better way to get him up to speed on the issues before the meeting. Thanks very much for helping to pull this together on such short notice. Best,
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ANS: What It Takes to State-ize a TX System

QUESTION: Yair: Attached is a blacklined (against the Enron North America Corp. draft of 3/15/01) Schedule and Paragraph 13 to the ISDA Credit Support Annex. I have tried to incorporate the essence of the March 19, 2001 "swap side letter agreement." Please call me to discuss as it would be nice to finalize by April 6. Thanks.
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ANS: ISDA Schedule/Paragraph 13

QUESTION: Mark and Jeff: There is an impression circulating among some of the commercial teams that their compensation may be directly linked to asset dispositions, ie. success fees. Apparently, this may have started due to "rumors" that the London Receiver is allowing for such payments--for example, the pending Arcos turbine sale. This is unsubstantiated, but may be worthy of inquiry. Accordingly, in at least one domestic example, it is my understanding that the deal team was fairly unmotivated until they heard about the London "arrangement" and are now pursuing with great exuberance. Maybe this is a good thing, but clearly an arrangement that needs to be vetted and then communicated so people understand what the "rules" may be.
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ANS:
Asset Dispositions--"Success Fees"