Direct Access Suspension

Based on information received at 4 pm this afternoon from Comm. Brown, the
CPUC is reportedly set to suspend direct access tomorrow with an effective
date of Sept. 20 for the suspension. There has been a huge drop in state
tax revenues this week as a result of economic inactivity due to the
terrotist attacks, and this appears to have reinvigorated the need to issue
bonds--if they can be sold. In any event, it appears Brown is a solid vote
for suspension as of tomorrow. Mike Day