Chuck and Todd:

I received a call from Marty Rosenberg at Sithe.  He stated that Sithe is interested in purchasing our equity interest in Sithe Independence and the note we received in exchange for the tracking account.  His parameters were:

12% discount rate on the note;
15% discount rate on equity;
Exelon Board approval would be required;
There were some tax issues to be problem solved; and
Closing by Christmas.

On a back of the envelope, I think there offer is probably over $300 million in cash, but may have some significant book loss implications.

Chuck, with assistance from Todd, please lead the analysis and let's review the numbers.  Then let's get the group together to determine how to respond.

Thanks.