energy pg e bankruptcy calpine mirant note forwarded miller hou ect 04 06 2001 03 24 pm jon cartwright 04 06 2001 01 23 12 pm rjf energy gram cc subject energy pg e bankruptcy calpine mirant note recapping verbal comments 1 30 pm call pg e conf call 2 15 est 415 228 4835 conf 5056296 calpine 305 million pre tax think accruals pg e last week numbers company guidance previously financial forecasts firm made exclude numbers e recovery would benefit guidance mirant never broken exposure recent guidance excluding pg e numbers well think mir exposure close 0 10 per share ever collected would additive estimates happens bankruptcy well basically federal judge precede filing immediately determine operating costs pg e remain going concern letter law operating costs case would purchasing power cpn mir dyn etc kept current bottom line credit risks getting paid go away immediately net net cpn mir start getting paid every day opposed accruing revenue like past several months filing surprised investors weakness experienced across board electric power space way overdone opinion would take advantage weakness obviously later today monday actually positive turn events merchant power producers pg e bond common stock owners whole different story cpn sbl 2001 eps 1 80 2002 eps 2 50 mir sbl 2001 eps 1 60 2002 eps 1 95 fred schultz houston portable document format pdf viewable using adobe acrobat reader tm available freeware jon kyle cartwright vp senior energy analyst raymond james associates taxable fixed income research raymond james financial center tower iii third floor 880 carillon parkway st petersburg fl 33733 2749 telephone 727 573 8366 facsimile 815 425 4161 jcartwright fi rjf com raymond james associates inc member new york stock exchange sipc institutional clients may call additional information high grade trading 800 248 8863 ext 8336 high yield trading 800 448 6623 communication offer sell solicitation buy securities mentioned herein high grade high yield securities mentioned herein may suitable investors raymond james associates inc affiliates rja may perform investment banking services solicit investment banking business company mentioned report rja officers employees affiliates may shares options rights warrants execute transactions securities mentioned report may consistent report conclusions additionally rja may times elect make markets particular high yield securities guarantee market making activities uninterrupted expressions opinion reflect judgment research department raymond james associates inc time publication may subject change without notice information obtained sources considered reliable guarantee foregoing report accurate complete departments rja may information available research department companies mentioned report institutional clients european economic area eea document attachments exhibits hereto intended eea institutional clients others may lawfully submitted information securities mentioned herein available upon request 2001 raymond james associates inc