Conversation with Dynegy--Privileged and Confidential ,
 Got a call from Dynegy.  Culled the following:

Bankruptcy
Dynegy will be fighting for a seat at the creditor table, since PG&E's filing 
failed (said Dynegy) to include a substantial amount of Dynegy receivables 
stemming from gas sales.

Legislative investigation into wholesale power markets
The request they received from the legislative committee (Dunn?) looking into 
wholesale prices included 86 questions, including:
Every bid made into ISO/PX markets since day 1.
Every document showing every forecast of energy prices done by the company.
Every document regarding bids for utility power plants leading up to 
divestiture.
Every document regarding communications with any other generator/trade 
association.

In a meeting with Dunn last week, he told Dynegy that the committee will 
thoroughly investigate whether there's been market manipulation.  If there's 
been none, no one has anything to worry about, and the committee would then 
move on to examine whether "the market is dysfunctional."

The first hearings (this Wednesday and next) will examine all of the other 
investigations currently underway (e.g., CPUC, ISO, FERC, class action suit, 
AG (uncertain).

The generators will be up first (on the 25th, as it currently stands), 
followed by marketers, followed by the munis.

The committee is requesting that the generators send their CEOs---rumors 
(perhaps far-fetched) that the committee wants to set it up like the 
congressional tobacco hearings.
richard.sanders@enron.com, gfergus@brobeck.com, christian.yoder@enron.com, 