california update 5 22 01 please treat confidential source meeting today california state treasurer phil angelides main points conversation 1 anglelides certain socal go bankrupt corroborating line past four months anglelides stated confidence socal would go bankrupt surprised already noted reason yet stupid ring fence parent two biggest equity holders screaming added davis socal mou dead plan b speculative best also thought socal naive thought would get better deal legislature bankruptcy court 2 bond issuance 12 b enough angelides conceded 12 b bond issue would enough buy power summer true costs would probably 18 24 b reason issue angelides felt 12 b market could handle current game plan bonds assumes average peak price power 400 mwh angelides said explains difference estimates higher estimates state comptroller kathleen connell office 3 new generator construction anglelides explicit california public power authority authorized legislature last week build plants stop california 10 15 capacity cushion expected demand angelides expects state 5 10 short power summer