Subject: master netting agreements
From: [email-masked]
To: [email-masked], [email-masked], [email-masked], [email-masked]
Cc: [email-masked]
Date: Tue, 1 Feb 2000 01:39:00 -0800 (PST)

we are going to revisit our thinking about use of master netting agreements. 
mark and bill, after our meeting i did exchange voicemails with mark haedicke 
who thought it was a good idea to regroup and i have talked to cadwalleder 
about assisting us last night.  mark you are going to send me the latest and 
greatest of our 3 versions of financial trading contracts. jeff and 
elizabeth, can you send me electronically the same in your area so we can let 
them at least see what we are doing now? this is not an attempt to have them 
reinvent the wheel on our contracts but to let them see what we are doing so 
we can formulate our view. i continue to think that we could improve our 
position in a distressed situation with the use of such a netting agreement 
(as opposed to just relying on offset rights) but there are obviously a 
number of considerations. once we form our legal view, trading, credit, 
accounting etc. would need to be involved. elizabeth we obviously have the 
issue in your area of doing power trading out of a different entity i 
realize. several people have mentioned that in a few instances we have used 
master netting agreements on few deals. did we do internally? do we have one 
or 2 that we think we should look to build off of/ look at in this context??  
mark is looking for a recommendation from us in this regard.