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Politics : High Tolerance Plasticity

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To: jim_p who wrote (11215)	12/20/2001 11:10:32 AM
From: aerosappy	Read Replies (2) of 23153

jim_p regarding CPN. The debentures to be replaced are [1] convertible and [2] contain a put wherein Calpine could be forced to repurchase the debentures in April 2002 for cash or stock. CPN sold those debentures on April 30, 2001. Management is to be faulted for greed -- a few extra b.p. could have postponed the put until 2003 or 2004. The new debt placement (originally $500 million, oversubscribed, which allowed management to increase to $1 billion) is to show Moody's, S+P and the world that CPN is viable and will survive. Unless you know something else not yet public, I respectfully suggest that your price projection is overly conservative. I believe CPN will see $20+ after the January 4, 2002 renegotiation of the revolver.

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