RE: Austin Energy

At the risk of asking a stupid question, are we in breach under the project agreement? I didn't comb it, but I also didn't see anything that screamed breach to me. If we have a paid up call on 100 MW, that is probably something we would want to preserve.

More to consider!

Kau

-----Original Message-----
From: Clark, Barton
Sent: Wednesday, December 12, 2001 11:42 AM
To: Keenan, Jeffrey
Cc: Mann, Kay
Subject: RE: Austin Energy

For now, Kay and I both will be working on this. I learned this am that the desk has a power deal with City of Austin that is in default ( not involving the LCRA hedge), so it may be beneficial to think about some kind of global workout with the City involving the $$ owed, the 8% interest held by Sandhill and the obligations under the power deal. When I have some time to read the project documents, and you get your info, all three of us should meet to formulate a response to the City's letter.

-----Original Message-----
From: Keenan, Jeffrey
Sent: Wednesday, December 12, 2001 11:13 AM
To: Zisman, Stuart
Cc: Clark, Barton
Subject: Austin Energy

Stuart:

Here is my shot at your memo.

I will have the accounting spreadsheet from Theresa Vox today.

Jeffrey

<< File: Sandhill Memo Keenans makup to Zisman.doc <<