california power update 1 17 01 pt iii 1 california ag exploring investigation power profits sources report california attorney general office meeting yesterday ordered review federal profiteering statute keeping recent rhetoric gov davis action almost certainly directed toward investigations profits made generators marketers 2 detail bankruptcy creditors concerned lengthy cure period generators want limit exposure general creditors chapter 11 proceeding ability exposure depends cure period making good defaulted payment would dictated specific contract terms cure period time utilities available make missed payments generators power exchange take court short period time sake argument 30 days utilities creditors swallow another 30 days accumulated impaired receivables move desirable position postpetition suppliers bills get paid would directed bankruptcy court judge however utilities longer cure period sake argument 60 days creditors effectively swallow 60 days accumulated impaired receivables ultimately take substantial haircut