Attached is the latest set of documents which have minor revisions based on my discussions with Chris last week. These have been only redlined against the prior version, not the original versions. Let me know if you want redlines against the original docs. The LLC was not included as no changes were made from the versions already forwarded. With respect to the cash out imbalance procedures. The Administrative Services Agreement (Exhibit B) currently has a rough procedure for such cashout. It is also written such that the Members can adopt a new procedure at any time. If the current procedures are not sufficient, it probably make the most sense to have only a working draft (approved by the members) of procedures in place until we have a few month of operations under our belt to work out the bugs. Scott Sitter will be developing this draft. The development of these procedures can be done outside these current revisions. A final imbalance procedure would be adopted by written action of the members upon development of those final procedures. Let me know if you have any questions.
Q: What is a potential subject line for this email?
answer: Lost Creek Docs.
Russell: I received your voice mail about the one (1) year financial trade done between ENA and CP. The three-month limitation on trades is only an internal ENA control which was imposed by credit some years ago. Please refer to Lotus Notes for a more comprehensive explanation. The Master Agreement has been executed. However, CP was unable to render a legal opinion vouching for "blanket" enforceability of the trades due to conflicting PUC orders which are still in effect today. What is credit's position when your internal policy is violated? Who was the trader? Have you spoken with the trader?
Q: What is a potential subject line for this email?
answer: San Diego Gas & Electric Co. ("CP")
Derek: I just wanted to let you know that I will be available to help you on swap matters now that Shari has transitioned to another group. You can always reach me at Ext. 35620. Please let me hear from you. Sara
Q: What is a potential subject line for this email?
answer: Shari's transition from the swap group to power trading
Robin: We use two firms for U.S. derivatives advice - both in New York and both highly recommended: David Mitchell of Cadwalader, Wickersham & Taft (212)504-6285 Ken Raisler of Sullivan & Cromwell (212)558-4675 David we use for contract issues - what should our forms look like under various conditions, etc. and Ken, who is a former General Counsel of the CFTC, we use for policy questions, political (lobbying) and e-commerce issues. Please feel free to use my name when contacting either of them. If neither of these is exactly what you are looking for, let me know and I can put you in touch with others. Mark
Q: What is a potential subject line for this email?
answer:
Derivatives Counsel