United States

United States

KENETECH EARNINGS (2)

The author, who is a vice president of a major investment bank and stock brokerage firm, believes that Kenetech would have had a loss in its third quarter revenue were it not for a settlement with PG&E, following a law suit.

William P. Short III, West 62nd Street, New York, United States

I am a vice president of a major investment bank and stock brokerage firm and am familiar with the United States wind industry. I have reviewed Kenetech's Third Quarter 1994 10-Q as well as your article on the

10-Q (Windpower Monthly, January 1995). It is my belief that, if it were not for the litigation settlement with PG&E, Kenetech would have had a loss for the third quarter of 1994 and the first nine months of 1994 of approximately $909,000 and $793,200 respectively. Furthermore, it is my opinion that Kenetech can, without great hardship, negotiate a limited release of its confidentiality agreement with PG&E with respect to this settlement in order to reveal the exact impact of the settlement on Kenetech's earnings. This limited release and disclosure of the settlement would resolve the current dispute over earnings. I believe your article's description of Kenetech's earnings is basically accurate and the company is making a relatively poor attempt to bully your magazine for its reporting of the facts.

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