Subject: California Update 3/16/01
From: [email-masked]
To: [email-masked], [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked]
Date: Thu, 15 Mar 2001 23:33:00 -0800 (PST)

? A source within the generator community confirms press reporting that Coram 
Energy plans to file an involuntary bankruptcy early next week.  Through an 
intermediary, we were able to corroborate this information with a senior 
member of the CA ISO board.  Coram  Energy is a relatively small wind 
generator QF based in West Vancouver, British  Columbia, though it also owns 
wind stations in California.  Coram has 238  40 kw units.  
? The source believes that this filing may have been precipitated by the  
fact that many people believe it would take a blackout for Governor Davis  to 
be able to get his bailout plan passed by the legislature.  It is  unlikely 
that blackouts would happen in April or May, meaning a  long wait for the 
cash strapped QFs to wait to get paid.
? The filing will be against Socal.
? In order to file an involuntary bankruptcy, Coram  would have to file along 
with at least two other creditors owed $10,000 or more.  Sources report Coram 
has two other creditors who will file with them (working on finding out who 
they are).
? Sources also report that other QFs are "taking  legal advice" on how to 
proceed in light of these developments.