ISO

----- Forwarded by Richard B Sanders/HOU/ECT on 10/24/2000 08:00 AM -----

Christian Yoder
10/20/2000 04:28 PM

To: Elizabeth Sager/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT
cc:
Subject: ISO

CONFIDENTIAL
ATTORNEY CLIENT PRIVILEGE

Richard and Elizabeth:
While I was away on vacation, Steve Hall included this statement in a status
report to me;

" <While you were gone I learned a new one from Smith Day, which involves
submitting bids for less than one MW, i.e., .0005 MW. Because of a glitch in
the ISO's rounding system, the MW get rounded down, but the payment gets
rounded up. Playing this game is worth about $9000/day. "

9,000 X 365 = 3,250,000.

Let's discuss. ----cgy