John StephensonAquilaILATOP PICKDec 23, 2003

Nothing fundamentally wrong with it. (See previous comments where it was his Top Pick.) Bottom line this is a Kansas City based utility. Went from this in the 90's to become a trans-national energy provider. Had too much debt and when Enron, etc. imploded, they went down with it. Retrenching. Have a lot of peers that got bought out at very high multiples.

(A top pick Dec 23/03. Up 6.2%.) Has had a few hiccups in de-leveraging its balance sheets. Feels the worse is over. Should have a lot of upside.

A turnaround story. Somewhat speculative. Has done an outstanding job of shedding its merchant assets. Turning into a regional utility and this area looks like it might benefit from a bill going through Congress. Good management.

Had a rough ride. Has fundamental problems.

Have balance sheet issues.