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That article also went on to explain how complex the financing of Calpine is. There was a lot of money put on the table in the last 6 months. This money wasn't put up by the poor and dumb either. Big pieces, like 600 million at a wack. There was a 600 million or so conversion of debt into stock that raised my eye brows and another 600 million in convertible bonds the were sold that got my attention. Either someone was doing something real stupid, (Besides the Calpine management) or smart beyond my comprehension, or less than ethical. If it was smart beyond my comprehension, then I want to know what the person with the big money was thinking.

I will have to look over those appendices. Thanks.

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