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I have attached a memo from Don Black regarding his meeting with Duke yesterday. As you will note,this memo outlines the factual differences between the parties. The legal issue is one straight out of first year Contracts class: Was there a meeting of the minds so as to create a binding contract? When I first looked at this I was somewhat concerned. In response to an email from Duke describing a particular index pricing, Julian responded simply "I agree." But after talking to Don, Greg Whalley ,reviewing all the email correspondence, and, most importantly, listening to the trader tapes, I am convinced that Julian never agreed to the index that Duke is alleging. In other words I think we can make a good argument to get around the damaging " I agree" email. It is clear that Duke's trader didn't, and probably still doesn't understand what index she was usingin her email. The Master Agreement provides for arbitration in Houston with three arbitrators, one of whom must have 8 years of experience in derivatives. I'll take my chances with that kind of panel. I estimate our liklihood of prevailing is in the 70-80% range. Let me know if you need anything further.

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Duke meeting