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To: James Calladine who wrote (235)	8/15/2002 8:16:59 AM
From: Jerome	Respond to of 271

..The headline said...>>>Dynegy may face bankruptcy<<< It could have just as correctly stated ..>>Dynergy may not face bankruptcy<< The second line of the headline said..>>>Energy trader says it cannot certify results <<< But this is not related to the bankruptcy... their books are under review and the process is not completed. The headline would lead one to believe that DYN would face bankruptcy because they could not certify the books on schedule... that is just not the case. So the truth is headlines 1...acuracy of reporting 0. ....from that filing...>>said in a filing with the Securities and Exchange Commission that it may have to file for bankruptcy protection if it doesn't get approval for the sale of one of its gas pipelines or find some other way to meet its near-term obligations.<<< That could just be boiler plate...There was no hint that the sale would not go through. Nor has DYN recently indicated that it would not complete the sale. We will know in another 15 days...one way or the other. The UAL situation would make investors nervous about the term "bankruptcy" mentioned in any SEC report. JMO...Jerome

To: James Calladine who wrote (235)	8/15/2002 8:30:21 AM
From: Jerome	Respond to of 271

A more accurate report from AP >>>>>>Fellow energy trader Dynegy Inc., which is also is under investigation by the SEC for its accounting practices, informed the SEC on Wednesday that its top executives would only be able to vouch for its current financials, but not statements made from 1999-2001. "Right now, the interim CEO (Dan Dienstbier) and CFO (Louis Dorey) were unable to validate the company's prior period financial statements," said Dynegy spokeswoman Claudia Morlan. "Among the reasons are the pending restatements of Dynegy's 2001 financial results and the reaudits of the company's 1999, 2000, 2001 financial statements," she said. This is a far cry from Enron which could not certify reports from any period of time. JMO...Jerome