Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 16, 2009, the board of directors of TXP Corporation (the "Company") appointed Mr. Roland Ho as a director of the Company. Mr. Ho and the Company entered into a Credit Agreement dated as of July 6, 2009 under which Mr. Ho provided debtor in possession financing to the Company and the Company agreed to cause Mr. Ho to be appointed to the board. Other than as set forth in the preceding sentence, there are no understandings or arrangements between Mr. Ho and any other person pursuant to which Mr. Ho was selected as a member of the board of directors of the Company. Mr. Ho does not have any family relationship with any director, executive officer or person nominated or chosen by the Company to become a director or executive officer.

Mr. Ho heads Ascent Investment Management, a Los Angeles-based asset management firm that focuses on fixed income strategies. Prior to founding Ascent, Mr. Ho co-founded and co-managed an investment team at Trust Company of the West (TCW). Founded in 2001, this investment team grew to be one of the most profitable business units in TCW, with a size of over 40 investment professionals and assets under management of over $35 billion. Prior to his tenure at TCW, Mr. Ho headed the investment research team at Hyperion Capital Management in New York. Mr. Ho holds a B.A. degree and an M.A. degree in Electrical Science from Cambridge University, England. He also studied for his doctorate in Mathematics at the Imperial College, University of London. Mr. Ho is a CFA charter holder.

Item 9.01 Financial Statements and Exhibits.

(a) Financial statements of businesses acquired.

Not applicable.

(b) Pro forma financial information.

Not applicable.

(c) Shell company transactions.

Not applicable.

(d) Exhibits.

None.

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