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Pastimes : The California Energy Crisis - Information & Forum -- Ignore unavailable to you. Want to Upgrade?

To: Daniel G. DeBusschere who wrote (1120)	2/25/2002 3:22:05 PM
From: Raymond Duray	Respond to of 1715

Hi Daniel, For a company that basically seems to be on the up and up, Calpine still has an awful lot of explaining to do about its off-balance sheet accounting and its relationships with the other power marketers. Frankly, I'm surprised that the fact that Calpine appeared to be asset based rather than trade based player hasn't spared it from the devastation of its market cap. Mr. Market may be in the process of throwing the baby out with the bath water. Loved your metaphor about blood in the water. Very apt. :) -R.

To: Daniel G. DeBusschere who wrote (1120)	2/25/2002 4:06:10 PM
From: Sam	Read Replies (1) \| Respond to of 1715

Dan, re: When there are a lot of sharks and blood in the water, you are a stupid shit to dive in. I think it usually goes like this: when you sleep with dogs, you get up with fleas. BTW, I don't know if it is certain that CPN's willingness to negotiate the contracts were not in their interest. If the market was rigged in the way many of us think it is, they for sure would have known this. They also would know that at some point prices would fall well below their sale point. Locking in long term rates would be a good move; even if the contracts are overturned (likely, IMHO), what will they have lost? Not much, I would guess. Some hassle as they renegeotiate again. But they will probably have an inside track on a new contract if they yield "gracefully" after a little fight. We'll have to see. s.