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Ahrens, Brad

From:	Ray, Glenn
Sent:	Friday, September 07, 20012:20 PM
To:	Lind, Michael
Subject:	Skilling

1.) Relationship
-Jeff stated that he preferred calling his Pinnacle team over dealing with the branch or Private Client. Part of the reason
for this was, in my opinion, that he is a trader at heart and we can speak knowledgeably with him about that subject.
-He has been very complimentary on how we have handled his large orders: both in getting the deals done and our
speed/efficiency. Example: getting the short interest rebate on both shares held at Schwab and those borrowed outside
the firm.

2.) Partnership
-Branches/SPC were instrumental in getting this last TOA: -$25 million.
-PAR/Treasury: accomplished short interest rebate issues.
-Institutional: Jeff was very pleased with his recent fills on AES.
-Structured Products: have begun working with him on hedging his positions.

3.) Current
-he had a large ENE position and added to it significantly. Total now: 936,576.
-he acquired a large short position in AES: 800,000.
-he stated a desire to sell 200,000 ENE; got the process started for have the company send us a letter regarding his
current affiliation status.
-1 suggested he consider using Structured Products to hedge his ENE posn or use forwards for tax advantages. With
acquiring the AES posn and recognizing that it does not pay a dividend, I suggested he use Structured Products to
develop an exit strategy/hedge for his ort position also.
Glenn Ray
Denver Pinnacle
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71

EXH008-00379

FTF-2636F-002001

GOVERNMENT
EXHIBIT
  1889
  Crim. No. H-04-25 (S-2)