Folks:

I just got off the phone with Lee Johnson at GE. I described the overall deal 
to him ("Intergen" style deal with the current 4 LV Cogen units, and a 
purchase of 4 additional units as a replacement), but did not disclose that 
the counterparty is Panda. Lee is totally on board, and thought this would be 
a great transaction. Based on this, I think our GE risk is minimal, which 
means that our primary commercial focus needs to be on making sure Panda is 
prepared to transact, and if they remain as interested, making sure we 
proceed with as simple a transaction as possible.

I would suggest that we have an all hands conference call to discuss the 
transaction as soon as possible.

Fred-could you please contact everyone and set this up? I'm available all day 
today, and tomorrow to 3 PM EST.

As soon as I get the revised proposal from Lee, I will forward it to the 
group.

Regards,

Ben