---------------------- Forwarded by Elizabeth Sager/HOU/ECT on 03/22/2000 
12:49 PM ---------------------------

Christian Yoder

03/22/2000 12:16 PM
To: Greg Wolfe/HOU/ECT@ECT, Michael Etringer/HOU/ECT@ECT, Chris 
Hilgert/HOU/ECT@ect, Christopher Smith/HOU/ECT@ECT, David Gorte/HOU/ECT@ECT
cc: Elizabeth Sager/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT 
Subject: Kaiser One Month Melodrama

A number of parts of the deal making process are flying around at the same 
time and for the purpose of communicating to the team where legal sees the 
matter at this point I offer the following:

Apparently Greg Whalley has not yet signed the one month DASH.
Credit has requested that legal put a MAC clause in the one month confirm 
before the DASH is resubmitted to Whalley.
West Desk traders (Greg Wolfe and Mike Etringer) report that Kaiser's power 
guys in Spokane are saying that we can "sleeve"  the power to them through 
Bonneville.  To legal, this means we sell power to BPA no strings attached  
and assume nothing about who they resell it too.

Obviously a clean one month sale to BPA is attractive.  But can it be 
detached from the larger call spread transaction?  I don't know.  Given this 
quandry, Greg Wolfe has advised me to hold off temporarily on preparing the 
one off confirmation  until the BPA option is sorted out.  I am following 
this sensible guidance and if anybody has a thought to the contrary please 
give me a call:  503-464-7845.  ----cgy