IN: Mark, David Robyn & Liz, If you need cash, but don't want to sell stock or options, I have a possible solution. I am currently waiting for approval for a Line of Credit (LOC) at PaineWebber. I don't know how much each of you has there, but I have all of my assets (stocks) held there, which includes managed accounts (i.e., Cypress Asset & TCW). If you need funds for something, such as a private investment, a new car or to pay down some other more costly debt, then you can draw on this LOC up to 65% the value of the collateral. The terms of the LOC does not allow for the purchase public equities (stocks). I will say that we are getting the "family special" on this, because this would typically only be offered to clients that had tens of millions with PaineWebber. The LOC terms are the following: (1) Must have combined assets > $550,000 held at Painewebber (must be marketable securities, excludes PaineWebber alternative investments) (2) Rate is 30 day-LIBOR plus 45 basis points (same rate for KLL/LPL) (3) 65% LTV Alternatively, you can borrow on your margin account there if you already have one. However, the LTV is only 50%. I notified Ann Bennett (PaineWebber) today that this might be of interest for some of you. You can call her directly at 713-957-7042 to set this up. I would be happy to discuss this further with any of you. Beau

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OUT: PW - Line of Credit

IN: Many of you will soon receive the attached letter from Bob King in the mail. This letter is being emailed to include additional addressees not included in the original distribution. Please let me know if you have any questions.

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OUT: West of Hatwai Cutplane Letter

IN: FYI... I just wanted to let you know that I have been working with the settlements group in order to put approx. $800,000.00 into the Central and East desk books for Devon penalties that have been incurred over the last year. Settlements should be talking with the Risk group in order to get this done soon. We are also working to determine the Pipeline cash out as a result of Panaco's imbalance over the last year. After talking with legal it appears that we do have remedy to recoup cash out from Panaco. I'll keep you informed when I have more information. If you have any questions please let me know. Mark

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OUT: Devon and Panaco

IN: This is an excerpt from an internal Weather Channel (Landmark Communications) newsletter..... BLIZZARDS PRODUCE HIGH RATINGS FOR WEATHER CHANNEL, RECORD PAGE VIEWS More people turned to The Weather Channel instead of their local TV affiliates to get news about this week's blizzards in Chicago and Detroit, and nearly 25 million viewers - a record - went to weather.com to follow the storms. In a survey by Survey USA, 25 percent of TV viewers said they found out about the blizzard from The Weather Channel, compared with 17 percent who watched their local NBC affiliate station, and 12 percent who tuned into a local radio station for news. TWC also was the winner - at 30 percent - with those who said the weather network did the best job of covering the storm. Another 16 percent said their NBC affiliate did the best job, and 13 percent said Chicago and Detroit CBS affiliates were tops. A record number of pageviews - 24.6 million - were recorded at weather.com. TWC produced a 6 a.m. to 12 p.m. rating of 0.751 on Monday, delivering an average of 586,000 households. This performance is well over twice the average December monthly rating to date. Kansas City and St. Louis recorded the highest metered market ratings during the blizzard, followed by Detroit. The Chicago rating also was within the top 10.

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OUT:
FYI - Weather Channel Ratings