IN: This is an email
Fred- Robyn structured and executed our first power deal with AIG's Arbitrage Fund yesterday- DKR. Its our first deal.. we made money and it fit directionally into Steve Vu's book. We have been pitching the weather product since the beginning of the year but have been limited by the size of transactions we could do and the funds understanding of the market. Most of the funds want to use weather as a hedge for an underlying position in gas or power.. and the size of the market in weather has not been enough to cover directional NYMEX views. So we started to look at smaller deals in the market areas to hedge regional power and gas underlyings that will naturally be smaller positions. DEAL we did: Basket of 5 cities... equally weighted DKR sold Nov HDD swap of basket of 5 cities: chicago, clevland, LGA, DC, Boston - equally weighted average of the 5 cities strike = 650 payout= 2,000/HDD with 400,000 cap. DKR benefits if it is warm.

What is the subject?

OUT: 1st weather deal

IN: This is an email
Our Director of Corporate Travel has informed us that American Express will not be able to establish a new Corporate account for us at this time. Until we are able to obtain company-sponsored credit cards, when incurring company expenses it will be necessary to use personal credit cards or cash, which can then be submitted for reimbursement through the expense report system. You may want to refrain from incurring any reimbursable expenses until we receive further assurances from the company that they have the processes in place to pay them. As information becomes available about administrative operations, I will relay it to you. Please contact me if you have any questions.

What is the subject?

OUT: Update on Credit Card Use and Company Expenses

IN: This is an email
Please respond to feedbackDear Peter, Now is a great time to be a Travelocity member. This month, we have another great array of Deals to help stretch your travel dollars, from free nights in the Bahamas and Hawaii to low rates on rental cars all over the U.S. We're also introducing something new: The Travelocity Preferred Traveler Program can help you save money every time you travel--It's the ultimate upgrade! Read on for more

What is the subject?

OUT:
Real Deals from Travelocity.com