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Non-Tech : York Research (YORK)

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To: Gunther Karger who wrote (794)	7/19/1999 7:00:00 PM
From: Michael Stavy	of 800

Thank you for the details. I will miss your comments. What page of the 10-Q was this on? This is from the same May 31, 1999 10-Q: -------------------------------------------------------------------- The WestTexas LP, is a partnership in which a subsidiary of York is a 1% general partner and Primesouth Inc., a subsidiary of SCANA Corporation, is a 99% limited partner. Primesouth, Inc. purchased its limited partnership interest for a capital contribution which is being used to fund construction of the wind turbine facility as well as to pay York a fee for supervising construction and to reimburse York for certain expenses incurred in developing and constructing the project. ------------------------------------------------------------------ I do not know why York did not use its own funds (a ball park figure would be $6.6 million for 6.6 mW installed) and get the operating income and the Production tax credit (PTC) from the West Texas Partnership. The operating income would increase EPS and the PTC would increase the cash that York gets back from the Federal Government. While only a very, very minor York shareholder, I am a financial analyst of renewable energy projects and a member of the American Wind Energy Association.

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