Subject: MWD has refused to take delivery of January contracts
From: [email-masked]
To: legal <[email-masked]>, [email-masked]
Cc: [email-masked], [email-masked]
Date: Wed, 26 Dec 2001 08:12:04 -0800 (PST)

Metropolitan Water District indicated to Holden this morning that they were unwilling to take delivery of January contracts due to the fact that the market price is below the contract price.

I show they are obligated to receive 50 MW LLH Mead 230 @ $24, and 50 MW LLH Mead 230 @ $22.5.

The manager there is John Lambec   213.217.7387

Can you advise us how to proceed, does this create a default situation?