Re: ISO

Our settlement people have begun making arrangments to pay the PX back the
mistaken amount. Procedures are under way. Should be done soon. ----cgy

From: Richard B Sanders on 11/26/2000 12:23 PM CST
To: Christian Yoder/HOU/ECT@ECT
cc:
Subject: ISO

Can you confirm that we corrected this?
----- Forwarded by Richard B Sanders/HOU/ECT on 11/26/2000 12:22 PM -----

Richard B Sanders
10/24/2000 08:00 AM

To: Mark E Haedicke/HOU/ECT@ECT
cc: gfergus@brobeck.com
Subject: 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