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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (18651)	1/23/2003 2:18:47 PM
From: CpsOmis	Respond to of 23153

You guys see this? Cosmo LOS ANGELES (Dow Jones)--A federal regulatory judge has scheduled a Jan. 28 hearing to allow El Paso Corp. (EP) to challenge a subpoena related to California's pursuit of $8.9 billion in refunds for alleged electricity overcharges, according to reports posted on the Federal Energy Regulatory Commission Web site Wednesday. El Paso requested the hearing Tuesday to nullify a subpoena granted to California last week by FERC Administrative Law Judge Peter Young. The subpoena, addressed to El Paso Chairman and Chief Executive William Wise, seeks information related to the company's recent admission that employees misreported natural gas prices to trade publications. Such publications compile natural gas price indexes to which billions of dollars of contracts are pegged. Much of California's generation is fueled by natural gas. California officials sought the subpoena as part of a 100-day discovery period to gather evidence of potential market manipulation that they say inflated power prices during the state's 2000-2001 energy crisis. Evidence gathered during the discovery period, which ends Feb. 28, may be submitted to the FERC board for consideration in granting refunds. A FERC judge has recommended California be granted $1.8 billion in refunds for overcharges, but that recommendation didn't consider evidence of possible market manipulation. California's subpoena asks for copies of compact discs that allegedly contain recordings of 140 phone calls among El Paso employees during which plans were made to report false data. The CDs also allegedly contain a conversation in which El Paso trader Todd Geiger defends non-existent trades to the editor of a trade publication. Geiger was indicted by a federal prosecutor earlier this month for reporting false prices, and has pleaded not guilty to wire fraud. -By Jessica Berthold, Dow Jones Newswires; 323-658-3872; jessica.berthold@dowjones.com (END) Dow Jones Newswires 01-23-03 0730ET

To: jim_p who wrote (18651)	1/23/2003 3:18:24 PM
From: CpsOmis	Read Replies (1) \| Respond to of 23153

EP... Anyone have an explanation for the purchase of 1.5 million shares at the $16 level a week ago Wednesday? Shows up on my chart (bigcharts out of Datek/Ameritrade) On RRI board found reference to WSJ article today referencing Davis stating a settlement was coming soon. Seems a bit like gambling to me...if it is reasonable the stock soars, if it is too generous the opposite. Perhaps "fishing" with lowball orders can pick up some on bad news for a bounce play...isn't that one of your favorite tactics Jim? I'll wait in the mid 7's. Cosmo