  We propose a theoretical model to explain the spectrum of the quasar
PG1211+143 emitted in the Optical/X-ray bands. In particular, we suggest that
the inner accretion disk may develop a warm, optically thick skin, which
produces a profound emission feature observed in the soft X-ray band. This is
well modelled with the Comptonized black body emission.
  The same warm, mildly ionized medium may also be responsible for the hard
X-ray reflection and the presence of the iron $K_{\alpha}$ line. However, in
our model it still remains an open question, whether the seed photons for
Comptonization come from the cold accretion disc or from the hotter plasma.
High resolution spectroscopy available through the Chandra and XMM data may
provide now an independent test of the physical conditions in the Comptonizing
and reflecting warm skin.
