CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 23.66

-0.3%

Nov 7 9:30 AM EST

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To: Don S.Boller who wrote (157)	12/7/2001 4:22:39 AM
From: Raymond Duray	Read Replies (1) of 555

Don, I just ran across this interesting tidbit from theStreet.com: thestreet.com <Snip> Chris Edmonds: Bryan, there have been some big changes in power prices and demand in the last several months, which has lead you to also be short Calpine, one of the largest independent power producers. What don't you like about Calpine? Bryan Dutt: There was a beautifully conceived idea from '95 to 2000 when the U.S. was clearly underpowered. That is now over. Calpine still believes in the tremendous growth pattern and the company has sold that to Wall Street. The U.S. is going to be overpowered. You'll see a tremendous number of cancellations. Calpine has a lot of capital requirements because of its growth pattern. It is short roughly $3 billion in capital funds over the next 12 months. The company has a weak balance sheet. It has bought some natural gas properties in Canada where management has recently left. The company will have some writedown in natural gas acquisitions. It has a tremendous number of red flags to address. <End Snip>

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