When buyers and sellers use Pantellos, do they create an audit trail for regulators to look at?
This is a key issue. Our members have talked with state public utility commissions and with the Federal Energy Regulatory Commission about what they need in the way of audit trails to justify expenses. We have not had a meet-and-greet with regulators at a large industry conference, but that’s something we might think about doing. What about antitrust law? Have you taken any steps to assure the Justice Department and Federal Trade Commission that your group won’t fix prices or develop conflicts of interest? We engaged the Skadden Arps law firm, which has extensive counsel and experience on antitrust law, for advice on these sorts of questions. But as I see it, the fact that Pantellos is an independent corporation and makes no distinction between shareholder-members and non-shareholder members is the most important factor on our side. Who are your competitors? What is your key to success going forward? Nobody else operates as a one-to-one competitor with us, in my opinion, but there are
