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Date: Thu, 2 Aug 2001 16:13:00 -0700 (PDT)
From: c..hall@enron.com
To: christian.yoder@enron.com
Subject: Doing what California does best---locking in a loss
Cc: jesse.bryson@enron.com, h..foster@enron.com, bill.williams@enron.com
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Spokesman for California's Davis Sells His Shares of Calpine By David Ward =
 Sacramento, Aug. 2 (Bloomberg) -- A spokesman for California Governor Gray=
 Davis, criticized for owning shares in power generator Calpine Corp., has =
sold the stock, the governor's office said.  Davis's interim communications=
 director Steve Maviglio sold the 300 shares of Calpine that he had purchas=
ed last month, said Deputy Press Secretary Hilary McLean.  Republicans and =
public-interest groups criticized Maviglio for purchasing the stock while t=
he Davis administration was negotiating long-term energy contracts with Cal=
pine and promoting the company's efforts to build power plants in Californi=
a.  ``He (Maviglio) felt it was becoming a distraction,'' McLean said.  Mav=
iglio said that he had purchased 300 shares of Calpine at $40 each on June =
20, after putting in an order on May 31. He denied any conflict of interest=
 and said the stock was sold earlier this week.  Shares of San Jose, Califo=
rnia-based Calpine rose 76 cents to $36.76 in midafternoon trading. They ha=
d dropped 9.7 percent from June 20 to yesterday's close.  Maviglio won't be=
 fired or reprimanded for the purchase, McLean said. He won't comment on an=
y conflict-of-interest issues before the administration, she said.  Republi=
cans and public interest groups have criticized Davis after disclosures tha=
t some advisers and consultants to the state on energy matters owned shares=
 in companies that are trading electricity or negotiating long-term power c=
ontracts with California.  California in January stepped in and began buyin=
g power for its two largest utilities, which are insolvent after running up=
 more than $15 billion in debt because of a shortage of power plants and fl=
aws in the state's deregulation law. =09