No action needed by either of you.  You can ignore this if you like.  The issue is really complicated and I've tried to summarize it.  I'm not sure how closely the two of you have been tracking activities at FERC.  We had an interim victory late last week on the chargeback issue.  

As Edison and Pacific Gas were defaulting on PX and ISO payments in January and February, the PX attempted to invoke the charge back section of its tariff.  This had several strange outcomes.  First, the PX attempted to recover the short payments by Edison for December activity by charging PX market participants based on a three month rolling average of gross sales.  If the PX owed a supplier money, they simply short-payed by the prorata amount.  If the market participant owed the PX money, the PX added it to the participants bill.  This created a series of short pays and chargebacks.  If a market participant who received a chargeback bill didn't pay (e.g., PG&E for SCE's December PX activity), the PX would then allocate that amount (via short pays and chargebacks) to other participants.  This iterative process would continue until credit-worthy participants shouldered the burden.  The PX attempted to us an equally bizarre method to allocate defaults by the utilities on their ISO RT energy bill (the PX is the Schedule Coordinator for the utilities and handles payments to the ISO for RT energy on behalf of the utilities).  Rather than shortpaying suppliers to the ISO for defaults by the utilities on RT energy charges, the PX attempted to collect this money from its participants in order to pay the ISO -- that is sellers into the PX Day Ahead market were supposed to pay SCE's and PG&E's RT ISO bill.  This was done via a chargeback.  This led to our "last man standing" theory, whereby the PX would iteritively chargebacks until a few credit-worthy entities were stuck with PG&E and SCE's defaults in both the PX and ISO markets.

FERC granted market participants some relief on Friday.  They directed the PX to (1) rescind all chargebacks and (2) refrain from taking any future chargebacks.  They found "the chargeback provision in the PX tariff was not designed to address default of this magnitude and, thus, its application in these circumstances is unjust and unreasonable."  This is not the last word on this matter.  There are a variety of state court cases that impact this, and, of course the bankruptcy judge will weigh in as well.  However, this is a solid victory for us as FERC has sided with us rather than the PX with respect to interpreting the PX tariff for defaults.