text_combined: merger news articles full list news articles distributed monday initial coverage business financial desk section rival buy enron top energy trader financial fall alex berenson andrew ross sorkin 11 10 2001 new york times page 1 column 2 c 2001 new york times company stock plunging finances doubt world largest energy trader enron corporation agreed acquired yesterday rival dynegy inc 9 billion stock assumption 13 billion debt deal extraordinary turnabout enron houston based company driving force behind electricity deregulation nationwide chairman kenneth l lay big contributor republican party provided political influence former chief executive jeffrey k skilling helped create markets trading electricity natural gas last winter california effort deregulate electricity market led soaring power prices rolling blackouts enron subject much criticism political anger recent disclosures discrepancies enron financial statements investigation securities exchange commission caused shares plunge week lowest level decade companies became wary business enron also facing potential cash squeeze apparently little choice find buyer deal hastily cobbled together week critics complained enron market power dominance combination poses additional concerns dynegy acquisition enron reviewed state federal agencies led justice department federal energy regulatory commission analysts said today expected scrutiny combined companies holdings california dynegy owns power generating plants enron accounts much trading natural gas fuel state electric power plants buying enron deep discount lost 60 billion market value year could make dynegy dominant trader electricity natural gas agreement carries big risks well along enron gas pipelines high technology trading floor dynegy take enron substantial debt web complex transactions enron spun last decade addition 13 billion debt enron carries books guaranteed least 4 billion balance sheet loans hidden debt could total much 10 billion said carol coale stock analyst prudential securities charles l watson dynegy chairman chief executive said yesterday dynegy could sort enron tangled finances know company well mr watson said like started fresh confident solid thought new company combine enron 25 000 mile natural gas pipeline system large number power plants dynegy owns worldwide well illinois power dynegy subsidiary serves 650 000 customers illinois important asset trading desk largest energy trader nation trading twice much power natural gas closest competitors mr watson said company expect sell significant properties deal pass regulatory scrutiny really lot overlap assets said mr watson steve bergstrom dynegy president hold positions new company called dynegy remain houston mr lay created enron mid 1980 role combined company daily operations asked join board provided answer last three weeks lot fun said statement announcing agreement yesterday afternoon mr watson said confident merger would produce strong new company enron ideal strategic partner dynegy mr watson said keep strong balance sheet straightforward financial structure key priorities shore enron finances dynegy immediately put 1 5 billion enron chevrontexaco giant oil company already owns 27 percent dynegy another billion dollars injected deal completed investors appeared comfortable yesterday dynegy could make deal work falling 3 33 wednesday companies first said discussions dynegy rose 5 76 thursday yesterday close week 38 76 paper works ms coale prudential said combined company would leading trader market leader businesses ms coale sell rating enron buy rating dynegy said planned keep buy rating dynegy works deal approved dynegy persuade enron traders stay combined company pain stock 90 percent plunge year equally shared enron employees held onto shares seen retirement accounts eviscerated meanwhile mr lay mr skilling former current executives sold hundreds millions dollars enron stock 2000 year companies also different corporate cultures dynegy emphasizes teamwork enron competitive said ehud ronn director center energy finance education research university texas even merger announced enron lost employees energy trading companies mr ronn said investors analysts say problems enron finances may extend beyond partnerships subject wall street scrutiny last month james chanos short seller one enron vocal critics said increasing evidence enron energy trading operations profitable company said appears culture enron aggressively booking profits deferring obscuring losses mr chanos said thursday enron said filing e c overstated earnings almost 600 million last five years mr chanos said restatements possible noting filing disclosed partnerships used hedge almost 1 billion losses 2000 year far losses partnerships remain enron financial statements mr chanos said enron stock pressure year company ran large losses failed efforts expand outside core trading operation august mr skilling resigned chief executive mr lay resumed control daily operations still company appeared financially sound last month disclosed shareholders equity measure company value dropped 1 2 billion deals disclosed hazily financial statements announcement unnerved investors wondered whether enron found ways inflate profits move debt balance sheet led e c begin investigation mr lay tried reassure investors enron finances order businesses remained strong last three weeks brought series damaging revelations partnerships enron formed top executives including former chief financial officer andrew fastow questions mounting major credit rating agencies began downgrade enron debt putting additional pressure company enron debt rating falls investment grade would forced repay 3 3 billion loans guaranteed strengthen balance sheet bolster stock enron turned big investors like warren e buffett search billions dollars financing financing quickly appear stock fell week major energy traders refusing extend credit enron worrying company would unable make good contracts mirant corporation atlanta based power plant owner electricity trader sharply curtailed trading enron week trading limited basis said james peters mirant spokesman business usual wednesday enron stock fell low 7 share lowest level decade day news enron dynegy talks leaked late wednesday boards two companies tentatively agreed deal dynegy refused go ahead learned whether enron credit rating would remain investment grade comfortable effect deal rating deal moved forward yesterday dynegy assured enron debt danger lowered junk status soon deal announced according company officials dynegy enron provided standard poor moody investors service main credit agencies statements showing combined company might look like asked ratings agencies expedited review transaction mr watson said deal enron shareholders receive 0 2685 share dynegy stock enron share 9 80 based dynegy closing price thursday enron stock gained 22 cents yesterday 8 63 never thought stock price would level mr lay said yesterday enron shareholders 36 percent combined company dynegy name least 11 members company 14 member board deal falls apart enron dynegy pay breakup fee 350 million protect dynegy chevrontexaco cash infusion money go enron unit owns northern natural gas pipeline merger completed dynegy right buy unit army bankers lawyers advised companies lehman brothers inc acted financial adviser baker botts akin gump strauss hauer feld acted counsel dynegy j p morgan company salomon smith barney acted financial advisers enron vinson elkins weil gotshal manges acted company counsel pillsbury winthrop served counsel chevrontexaco chart marriage strength weakness merger enron dynegy would bring together two country biggest energy companies save enron potential collapse graph tracks weekly closes enron shares 1999 2001 top north american gas marketers sales billion cubic feet per day enron 24 6 reliant 13 2 duke energy 12 8 bp 12 3 mirant 11 8 dynegy 10 9 top north american power marketers sales million megawatt hours enron 212 5 american electric power 134 5 duke energy 118 1 reliant resources 86 1 pg simmons natural gas week pg c 2 dynegy enron merger deal worth almost 25 billion melita marie garza 11 10 2001 krtbn knight ridder tribune business news chicago tribune illinois copyright c 2001 krtbn knight ridder tribune business news source world reporter tm enron corp nation biggest power trader taken smaller conservative rival dynegy inc merger deal valued nearly 25 billion company officials announced friday combined company called dynegy inc headed chuck watson dynegy chairman chief executive wins regulatory shareholder approval deal would propel dynegy sixth largest u power trader 1 position 30 percent market houston based competitors new breed energy companies formed capitalize wholesale power marketing trading dynegy emphasizing power generation capabilities enron meanwhile laid low recent weeks soured transactions energy partnerships run one former executives series revelations questionable accounting practices enron week forced restate earnings past five years revising downward 20 percent 586 million seen stock price plunge 80 percent past three weeks enron dynegy extensive business dealings illinois one first states begin deregulating electric power industry among things dynegy owns illinois power downstate utility new dynegy would become one largest companies world revenues exceeding 200 billion assets roughly 90 billion company officials said comparison exxonmobil nation largest company reported revenues 232 7 billion 2000 needed something strengthen balance sheet get investor community focused core energy business said kenneth lay enron chairman chief executive looked several alternatives best interests employees shareholders lay said would role running new company considering request serve newly combined board watson dynegy chairman said merger compact included escape clauses dynegy standing expected see used really believe value degradation enron nothing core business looked hood strong thought still watson acknowledged possibility problems may surface enron think anybody absolutely unequivocally say nothing said dynegy stock price closed higher friday rising 2 26 6 2 percent 38 76 enron stock 33 cents 3 7 percent 8 63 share together companies natural gas sales 40 billion cubic feet per day third quarter 2001 power sales exceeding 500 million megawatt hours third quarter 2001 addition new dynegy delivery network include 22 000 megawatts generating capacity 25 000 miles interstate pipelines enron dynegy taking company saddled heavy debt load credit rating downgraded near junk bond status cloud securities exchange commission investigation stock stock swap portion deal valued 8 846 billion dynegy paying 10 41 share 850 million outstanding enron shares dynegy would pay 2685 shares stock share enron addition dynegy agreed provide 1 5 billion infusion cash help stabilize much larger competitor assume estimated 15 billion debt thursday enron reported debt estimated 12 9 billion pending completion financial statements dated sept 30 day later company accounting debt jumped 2 billion dynegy current shareholders including chevron texaco corp end owning 64 percent new company chevron texaco said would invest additional 2 5 billion dynegy enron stockholders 36 percent combined company stock closing anticipated third quarter 2002 illinois addition illinois power dynegy owns chicago area electricity peaker plant partner nicor inc nicor energy unregulated natural gas utility chicago area enron subsidiary enron energy services high profile contract provide 60 percent chicago city government electricity also contracts provide electricity quaker oats co university chicago among others addition watson top dynegy management remain place new company steve bergstrom president dynegy inc rob doty chief financial officer dynegy inc retain positions combined company enron current president chief operating officer greg whalley become executive vice president new dynegy board directors combined company comprised 14 members dynegy 11 designees include three chevrontexaco enron right designate minimum three board members business financial desk section c regulators struggle marketplace created enron jeff gerth richard oppel jr 11 10 2001 new york times page 1 column 2 c 2001 new york times company washington nov 9 years enron corporation used political muscle build markets thrived pushing relentlessly capitol hill bureaucratic backwaters deregulate nation natural gas electricity businesses achievement one enron executive said today creating regulatory black hole fit nicely called company core management philosophy first mover market make money initial chaos lack transparency wall street dissatisfaction enron secretive ways delivered company arms much smaller houston rival dynegy inc deal worth 9 billion stock assumption 13 billion debt combination two companies energy experts lawmakers said today poses novel set challenges regulators still struggling grasp complexities marketplace enron invented supersonic speed era electronic trading horse buggy era regulatory system protect consumers said representative edward j markey massachusetts democrat devised legislation close regulatory gap dynegy acquisition enron expected reviewed numerous state federal agencies led justice department federal trade commission federal energy regulatory commission analysts said today sharp scrutiny would given combined companies holdings california dynegy owns generating plants enron controls large part market trading natural gas fuel big share state electric power plants dynegy would greater ability take dominant position gas raise price electricity said frank wolak professor economics stanford university mr wolak consultant justice department 1999 antitrust case led limits another merger electricity natural gas companies southern california said skeptical regulators task reviewing today deal transaction something department justice needs look going hard time looking mr wolak said beyond ability f e r c look pat wood named chairman federal energy commission earlier year backing kenneth l lay chairman enron acknowledged interview today agency long way go matching sophistication companies regulates said commission made great strides grappling new risk management techniques pioneered enron dynegy energy companies hiring experts said adopting restrictive rules much market power one party control requiring disclosure certain energy transactions interview evening charles l watson chairman dynegy said believe regulators reviewing deal enron would require sale assets really identified pitfalls require sort asset divestiture said really overlap senior executive one enron largest energy trading rivals disagreed think deal gets unscathed said today sure justice department f c look closely pretty substantial concentration market power companies energy trading area enron mainly trader natural gas electricity indeed biggest player markets also owns network gas pipelines dynegy processes sells natural gas generates sells electricity company owns local electric utility dynegy owns illinois power decatur ill enron owns portland general electric portland ore last month announced plans sell another oregon utility decade transformed gas pipeline operator nation biggest energy trader enron enjoyed unalloyed lobbying success washington enthusiastic backing wall street early months bush administration mr lay whose company one biggest financial backers george w bush presidential campaign played prominent said unusual role helping white house pick nominees federal energy commission enron executives met vice president dick cheney whose energy task force backed many deregulatory initiatives pushed mr lay company become pariah enron executive said today bush administration want anything us problems began energy crisis california enron outspoken defense deregulation even electricity trading activities made company favorite whipping boy politicians consumer advocates financial markets meanwhile enron confusing disclosures tolerated stock soaring drew disdain calming energy storms california parts country beat shares starting last spring enron fell victim inconsistencies transparency mr wolak said california officials sought understand energy prices soared control said enron view want everybody data want get subpoena energy executives regulators said sort arrogance long marked enron attitude government oversight electricity sales decades job local utility companies operating monopolies selling power regulated rates within service areas entrepreneurs led mr lay conceived different model power could sold generators middlemen big corporate users utilities faraway regions whatever price market would bear early 1990 congress heavy lobbying enron passed legislation began open electricity sales marketers long enron became one first companies receive government approval sell electricity market rates market interstate sales natural gas freed years earlier critics complained traders like enron gleaning profits stoking volatility gas prices mid 1990 independent gas producers backed legislation congress allow creation co operative marketing organization hoped would helped stabilize prices raymond plank chairman apache corporation gas producer based houston said big gas marketing trading companies including enron successfully lobbied kill plan leaving prices volatile ever great concept mr plank said could headed problems today enron final lobbying success came last year strong push company lobbyists congress passed futures trading legislation exempted internet energy trading platforms like enrononline industry leader oversight commodity futures trading commission enron takes side trades exchange traditional markets like new york mercantile exchange remain subject oversight exchange acts middleman buyers sellers mr watson dynegy less pathbreaker enron though california politicians denounced profiteer energy crisis analysts say less aggressive enron business practices lobbying indeed rival energy trading executive today predicted huge culture clash houston neighbors merge blood flow houston integration trading operation said regulators may find dynegy easier deal earlier year federal energy commission asked comments whether tighten scrutiny dealings natural gas pipelines energy trading shops owned company enron wondered bother would stricter rules prevent real affiliate abuse current rules wrote regulatory filing would instead merely restrict activities successful participants marketplace dynegy contrast painted grim picture invited regulators crack abuses abound said financial windfalls difficulty detection lengthy investigations increased complexity market report business canadian dynegy buy troubled rival enron reuter news agency 11 10 2001 globe mail metro b 4 material copyright c bell globemedia publishing inc licensors rights reserved new york energy provider dynegy inc agreed yesterday acquire fast sinking rival enron corp 9 5 billion u signalling demise company months ago one wall street highest fliers terms transaction call dynegy swap 0 2685 shares stock enron share companies said would value houston based enron 10 41 share including convertible stock premium 21 per cent yesterday closing price 8 63 chevrontexaco corp owns 27 per cent stake dynegy agreed infuse 1 5 billion immediately enron support deal closes market making capabilities earnings power proven strategic approach wholesale markets enron ideal strategic partner said dynegy chairman chief executive officer chuck watson enron united states largest energy trader struggling overcome plummeting stock price credit rating past month following disclosures deals investigated u securities exchange commission possible conflict interest financial desk nation smaller rival acquire teetering enron power energy giant pressed deregulation california brink collapse nancy rivera brooks thomas mulligan nancy vogel times staff writers 11 10 2001 los angeles times home edition 1 copyright 2001 times mirror company enron corp highflying energy giant whose aggressive efforts profit california energy deregulation made target consumer political backlash friday agreed saved possible financial collapse proposed acquisition rival dynegy inc roughly 7 7 billion deal stunning plot twist houston based enron vilified california glorified wall street last month series disturbing financial revelations pushed edge ruin powerful company whose top executives lectured california energy foibles influenced direction national energy policy enron muscled way top energy heap using aggressive end financially suspect strategies proved undoing company late last year market value 63 billion worth one tenth agreed swallowed cross town competitor one quarter size enron proud influential chairman chief executive kenneth l lay became focus bitter attacks california politicians regulators would lose job would many others enron even name would disappear combined company would called dynegy inc deal receives necessary regulatory shareholder approvals california officials took joy enron fate friday though perhaps sense retribution many critics state basically rogue corporation said sen steve peace el cajon outspoken critic enron years dealt company chaired committee hammered legislative portion california landmark electricity deregulation plan 1996 beginning rogue corporation answered mind higher law fundamental belief laws economics supersede law land failed experiment steve maviglio spokesman gov gray davis said although enron never major force california doomed electricity market outspoken support deregulation sense experiment much like california experiment failure said said harvey rosenfield president foundation taxpayer consumer rights santa monica nothing could better illustrate disaster deregulation fact one biggest proponents reaped reward deregulation suffering consequences enron world largest energy trader handling one four energy deals united states online trading operation enrononline since reported surprising third quarter loss oct 16 partly tied shadowy investment vehicles enron endured huge loss investor confidence brought massive cash crunch shrinkage trading business deal announced friday dynegy invited two weeks ago enron fell short efforts line new financing would immediately help enron pouring 1 5 billion cash company money would provided chevrontexaco corp san francisco oil company owns nearly 27 dynegy enron shareholders would get 0 2685 dynegy share enron share values company 7 7 billion based friday stock close dynegy shares surged 2 26 close 38 76 per share new york stock exchange enron added 22 cents close 8 63 per share still 89 year date deal closes six nine months parties expect dynegy chevrontexaco would invest 1 billion additionally combined company financial bonanza really companies said charles l watson dynegy chairman chief executive head combined company watson said merger would immediately add dynegy earnings even repercussions enron fall grace could far reaching coming heels california energy crisis enron troubles may slow country march toward energy deregulation lay enron championed years potential boon consumers economy general deal announced friday prevent even worse outcome energy experts said threatened collapse enron would clog time business buying selling electricity natural gas oil could interfere delivery energy around country said encouraging development energy industry said stephen baum chairman sempra energy san diego based parent southern california gas san diego gas photographer associated press photo financial bonanza really companies says charles l watson dynegy chairman chief executive photographer associated press dynegy buy enron associated press 11 10 2001 deseret news 7 copyright c 2001 deseret news publishing co houston energy marketer dynegy inc announced friday buy much larger rival mighty troubled enron corp 8 billion stock dynegy also assume hefty 15 billion enron debt announcement came enron stock price plummeted 80 percent past three weeks concerns company revealing serious financial problems shareholders deal chevrontexaco corp owns quarter dynegy would quickly provide 1 5 billion chevrontexaco also would contribute additional 1 billion upon completion deal companies said market making capabilities earnings power proven strategic approach wholesale markets enron ideal strategic partner dynegy dynegy chairman chief executive officer chuck watson said announcing purchase watson made clear would tolerate sort financial practices prompted explosive disclosures enron week including admission half billion dollars debt kept company books combined company focus leveraging core skill sets always keep strong balance sheet straightforward financial structure key priorities watson said enron country top buyer seller natural gas 1 wholesale power marketer company operates 25 000 mile gas pipeline system also markets trades metals paper coal chemicals fiber optic bandwidth dynegy controls nearly 15 000 megawatts power generating capacity investments power projects sells energy wholesale markets utilities news conference watson said company officials negotiated deal came away convinced enron worth buying despite recent troubles looked hood strong ever watson said terms deal enron shareholders receive 2685 dynegy share share enron common stock valuing enron share 10 41 enron 775 million common shares said spokeswoman karen denne represents 21 percent premium enron closing price 8 63 friday new york stock exchange still fraction 52 week high 84 87 dynegy shares climbed 2 26 6 percent close 38 76 nyse hours trading nyse enron shares shot 15 6 percent 1 35 9 98 dynegy shares unchanged dynegy stockholders approximately 64 percent new company enron stockholders holding remainder boards companies unanimously approved transaction expected close next summer deal expected save combined company 400 million 500 million annually continued elimination non core enron holdings lower operating costs watson remain chairman chief executive combined company retain dynegy inc name steve bergstrom remain president dynegy enron chairman chief executive kenneth l lay longer role day day management company offered seat combined company board help shepherd merger personally committed working chuck watson steve bergstrom colleagues months ahead accomplish merger build solid foundation future value creation lay said dynegy said greg whalley current president chief operating officer enron become executive vice president new dynegy said merger sets best course enron options considered core business going forward provided us earning potential immediate synergies merger dynegy could deliver whalley said together enron recently announced bank commitments cash infusion gives enron immediate liquidity believe enable company maintain investment grade credit rating merger announced day enron acknowledged overstated earnings 20 percent past four years kept large amounts debt balance sheets business partnerships investigation securities exchange commission analysts said merger rescues enron leaves dynegy uncharted territory outcome sec investigation completely unknown still shroud hanging enron moves dynegy said carol coale analyst prudential securities business dynegy enron ok 25 billion deal new company would rank among largest melita marie garza tribune staff reporter 11 10 2001 chicago tribune north final n 1 copyright 2001 chicago tribune enron corp nation biggest power trader taken smaller conservative rival dynegy inc merger deal valued nearly 25 billion company officials announced friday combined company would retain dynegy name would headed chuck watson dynegy chairman chief executive wins regulatory shareholder approval deal would propel dynegy sixth largest u power trader 1 position 30 percent market houston based rivals new breed energy companies formed capitalize wholesale power marketing trading dynegy emphasizing power generation capabilities enron meanwhile laid low recent weeks soured transactions energy partnerships run one former executives series revelations questionable accounting practices enron week forced restate earnings past five years revising downward 20 percent 586 million seen stock price plunge 80 percent past three weeks enron dynegy extensive business dealings illinois one first states begin deregulating electric power industry among things dynegy owns illinois power downstate utility new dynegy would one largest companies world revenues exceeding 200 billion assets roughly 90 billion company officials said comparison exxonmobil corp nation largest company reported revenues 232 7 billion 2000 needed something strengthen balance sheet get investor community focused core energy business said kenneth lay enron chairman ceo looked several alternatives best interests employees shareholders lay said would role running new company considering request serve newly combined board watson said merger agreement included escape clauses dynegy standing expected see used really believe value degradation enron nothing core business looked hood strong thought still watson acknowledged possibility problems may surface enron think anybody absolutely unequivocally say nothing said dynegy stock price closed higher friday rising 2 26 6 2 percent 38 76 enron stock 22 cents 2 6 percent 8 63 share third quarter 2001 companies together natural gas sales 40 billion cubic feet per day power sales exceeding 500 million megawatt hours addition new dynegy delivery network would include 22 000 megawatts generating capacity 25 000 miles interstate pipelines enron dynegy taking company saddled heavy debt load credit rating downgraded near junk bond status cloud securities exchange commission investigation big premium stock stock swap portion deal valued 8 846 billion dynegy paying equivalent 10 41 share 850 million outstanding enron shares 24 percent premium dynegy would pay 2685 shares stock share enron addition dynegy agreed provide 1 5 billion cash infusion help stabilize larger competitor assume estimated 15 billion debt thursday enron reported debt estimated 12 9 billion pending completion financial statements dated sept 30 day later company accounting debt jumped 2 billion dynegy current shareholders including chevron texaco corp end owning 64 percent new company chevron texaco said would invest additional 2 5 billion dynegy enron stockholders would 36 percent combined company stock closing anticipated third quarter 2002 chicago area operations illinois addition illinois power dynegy owns chicago area electricity peaker plant partner nicor inc nicor energy unregulated natural gas utility chicago market enron subsidiary enron energy services high profile contract provide 60 percent chicago city government electricity also contracts provide power quaker oats co university chicago among others addition watson top dynegy management would remain place new company president steve bergstrom rob doty chief financial officer would retain positions combined company enron president chief operating officer greg whalley would become executive vice president board directors combined company would 14 members dynegy 11 designees would include three chevrontexaco enron would right designate minimum three board members financial enron accepts 8 billion buyout offer dynegy energy giant forced negotiating table disclosing overstated earnings peter behr washington post staff writer 11 10 2001 washington post final eol copyright 2001 washington post co rights reserved embattled enron corp yesterday accepted buyout offer valued 8 billion crosstown rival dynegy inc deal completed would end houston based enron reign leader huge energy trading markets set prices power natural gas nation cash dwindling credit rating hammered enron forced negotiating table recent disclosures obligations complex web partnerships involving company officials caused trading powerhouse overstate earnings obscure total debt obligations four top enron officials resigned replaced since july dynegy takes control enron chairman chief executive kenneth lay also leave company lay said yesterday decided whether accept dynegy offer serve combined company board good ride long time lay said conference call last night last three weeks whole lot fun final deal announced close stock trading enron shares fallen 33 8 disclosures ended day slightly higher 8 63 dynegy stock closed 38 76 2 26 dynegy offered stock enron shares total value deal fluctuate dynegy stock price dynegy also said would assume 13 billion enron debt bringing total value transaction around 21 billion dynegy rescue enron begin immediate cash infusion 1 5 billion supplied chevrontexaco corp major dynegy stockholder chevrontexaco invest another 1 billion dynegy acquisition passed regulatory review completed executives said expect take six nine months enron tries unscramble complex partnerships investigation securities exchange commission takeover agreement gives dynegy escape clause permitting cancel purchase enron winds heavy regulatory fines legal judgments shareholder suits tied handling partnerships chuck watson dynegy chairman chief executive said conference call close scrutiny past two weeks enron financial condition convinced company trading pipeline businesses solid looked hood guess looked strong thought watson said think damaging disclosures forthcoming enron partnership mess enron nation dominant energy trader front door political connections white house lay longtime chairman raised 100 000 presidential election campaign friend george w bush enron rode growth energy trading markets beginning mid 1990 first natural gas electric power sales deregulated wholesale level revenues leaped 9 2 billion 1995 100 8 billion last year heady times houston company could choose questions answer dealings related partnerships byzantine bookkeeping always difficult get information said louis b gagliardi analyst john herold inc would always rebuff fall muscular company seemed big stumble said investment manager david coxe harris insight equity fund chicago coxe bought 78 000 shares enron 40 share august wrestling decision months said jeffrey skilling enron chief executive strategic mastermind unexpectedly resigned stock high 90 august 2000 pitched downward enron seemed indispensable nation energy markets thought inconceivable could implode coxe said got sucked enron fall classic hubris coxe said greek tragedy striking someone chose defy gods case rules system among rules enron acknowledges follow accounting standards applied complex partnerships created purpose partnerships enron said reduce risks investments internet transmission systems sell power plants assets longer wanted accounting errors described 20 page sec filing enron made thursday errors resulted 1 2 billion reduction value shareholders equity company also said overstated earnings 586 million since 1997 enron created partnerships would buy major assets power plant enron wanted sell cases assets fiber optic cable networks enron intended run want balance sheet partnerships outside investors general partner two enron chief financial officer andrew fastow earned 30 million fees managing two largest partnerships according sec document enron added capital partnerships pledging stock securities convertible stock stock transactions counted loans resulting 1 2 billion drop shareholder equity enron says investors asking enron auditor arthur andersen llp insist transactions handled way first place enron sec filing mentions explain proposed audit adjustments past four years overruled even though enron acknowledges created information barrier masking critical information violating standard accounting rules many financial analysts recommending stock investors pushing hard enough punch barrier analysts acknowledge complicated everybody afraid raise hands say understand gagliardi said questions coming new committee reporting enron board investigate company financial reporting handled sec eventually teams lawyers representing aggrieved shareholders lay indicated yesterday aware recently enron employees fastow profited partnership activity enron directors approved fastow management partnerships fastow quit partnerships july replaced chief financial officer enron week fired treasurer ben glisan kristina mourdant enron division lawyer said invested partnerships tied one major partnerships headed fastow enron report sec describes central role transactions played michael j kopper associate fastow left enron july take fastow financial interests partnership company said enron hold conference call next week discuss uncovered outside partnership investments http www washingtonpost com financial desk nation news analysis visionary fallen grace james flanigan times staff writer 11 10 2001 los angeles times home edition 22 copyright 2001 times mirror company year ago enron corp chairman kenneth l lay top energy world leading fund raiser contributor energy advisor bush administration played key role shaping new president energy policy head world largest energy trading company enormous influence price energy california across nation enron highflying stock helped cash 123 million stock options last year alone friday enron saved financial collapse agreeing acquired rival dynegy inc lay career reputation shambles merger stripped management job integrity tattered enron controversial financial dealings federal investigation enron investors employees chagrined outraged company stock lost 80 value recent weeks rapid rise fall lay 58 story brilliant man innovative ideas grand scheme transform world energy markets overcome arrogance associates critics say lay enron stretched limits law took risks nearly caused financial collapse say turn could resulted widespread disruption energy supplies enron behavior casts doubt integrity financial markets serious matter said edward r muller energy investor former president edison international mission energy subsidiary nobody denies smart question integrity said raymond plank chief executive apache corp associate lay houston vibrant oil gas industry lay longtime partner jeffrey k skilling served briefly enron chief executive resigning abruptly august rose prominence last decade use innovative financial techniques designed exploit reduction government regulation energy lay transformed world energy industries vision new market driven ways finance natural gas electricity production transmission financial markets lay enron associates created enormous effect california disastrous experiment electricity deregulation critics say influence excessive misguided ken lay mystic said state sen steve peace el cajon outspoken critic enron whatever said make sense ken lay hero worship many people working economists federal energy regulatory commission worshiped ken lay consequence things enron promoted pushed never challenged intellectually otherwise lay doctorate economics modest beginnings son poor country preacher farm labor side raise money children education navy late 1960 lay assigned defense department economic acumen allocated pentagon dollars efficiently purchasing military said mark palmer chief spokesman enron lay worked exxon energy firms 1970 amid soaring oil prices gasoline shortages still regulated natural gas headed houston natural gas predecessor firm enron 1980 falling prices oil natural gas presented grave problems houston energy industries federal government allowed pipelines carry gas producer lay turned enron foremost firm new deregulated industry still enron almost went bankrupt late 1980 natural gas oversupply prices falling skilling mckinsey photographer reuters business struggling enron agrees takeover smaller rival dynegy one time energy giant southern co often scrapped access markets matthew c quinn staff 11 10 2001 atlanta journal constitution home f 1 copyright atlanta journal constitution 2001 energy giant enron corp capitulated mounting financial crisis friday agreed taken smaller competitor atlanta based southern co gloating misfortunes vanquished rival easy years two companies locked struggle access electricity markets enron pushed competition deregulation southern resisted protect dominance fast growing southeast sometimes battle got nasty thomas alva edison came back dead called southern co get electricity find nothing changed jeffrey skilling enron president said november 1997 guys living industry created 100 years ago want keep way fast forward four years southern co split two retaining regulated southeastern utility business spinning unregulated power generation energy trading arm mirant corp southern reported net income 1 billion first nine months year mirant profits 538 million southern shares 19 percent year mirant declined 7 percent enron hand lost 90 percent stock market value year alone past week restated earnings past 4 1 2 years reducing profit 500 million skilling named chief executive february abruptly resigned six months week subpoenaed testify securities exchange commission probe texas company questionable relationships outside partnerships houston based dynegy corp crosstown rival said late friday buy enron valued 69 billion 7 8 billion stock enron wrapped new dynegy managed top dynegy executives suggested even name enron synonymous innovation recent years utility industry go wayside southern spokesman todd terrell declined comment earlier day enron problems w bill dahlberg retired southern chief executive april mirant board chairman said regretted enron troubles rival got credit lot innovative things industry dahlberg said always like win competition well somebody else badly enron pioneer wholesale trading electricity natural gas widely imitated mirant sprawling energy trading floor perimeter center energy management subsidiary launched year agl resources parent atlanta gas light co largest u energy trading firm enron tentacles run deep active public service commission 1998 rules georgia natural gas deregulation written opt becoming gas marketer new power co 45 percent owned enron became georgia newest marketer year dynegy enron combination create 200 billion year enterprise dwarf mirant electricity natural gas sectors dynegy mirant considered stable enron rely power plants electricity less trading power produced others dynegy stranger georgia minority partner agl resources georgia natural gas services state 1 gas marketer partners odds months agl sued dynegy july alleging earned millions dollars expense marketing company supplies natural gas dynegy counterclaim accused agl among things scheming shift partnership gas supply deal agl subsidiary houston based sequent energy management dynegy may started 500 megawatt natural gas fired power plant heard county despite opposition nearby residents dynegy also major buyer electricity produced southern co new power plant jackson county big customer partner competitor things said southern terrell graphic power powerhouse merger enron corp dynegy corp would create energy powerhouse atlanta based mirant corp would far behind based second quarter figures top 20 north american gas marketers 2 nd quarter 2001 company billions cubic feet day 1 enron 24 6 2 reliant 13 2 3 duke energy 12 8 4 bp 12 3 5 mirant 11 8 6 dynegy 10 9 7 aquila energy 10 3 8 sempra 10 1 9 el paso 9 2 10 american electric power 8 5 top 10 north american power marketers 2 nd quarter 2001 company millions megawatt hours 1 enron 212 5 2 american electric power 134 5 3 duke energy 118 1 4 reliant resources 86 1 5 pg e national energy grp 73 2 6 dynegy 70 1 7 mirant 69 7 8 aquila 66 3 9 williams 63 4 10 exelon power team 52 5 source natural gas week business dynegy acquire troubled enron energy giants 7 8 b stock deal combined news services 11 10 2001 newsday editions al 6 copyright newsday inc 2001 houston energy marketer dynegy inc announced friday buy much larger rival enron corp 7 8 billion stock announcement came enron stock plummeted 80 percent past three weeks concerns company revealing serious financial problems shareholders dynegy taking competitor acquiring attractive assets incredible price said joseph correnti analyst wayne hummer investments two houston based companies began negotiations week ago became apparent enron needed cash stay business dynegy 26 percent owned chevrontexaco corp agreed deal moody investors service maintained investment grade rating enron eliminating stumbling block negotiations combined company annual revenue 200 billion ranking one nation 10 largest 22 000 megawatts electric generating capacity 25 000 miles natural gas pipeline thursday enron acknowledged overstated earnings 20 percent past four years kept large amounts debt balance sheet business partnerships investigation securities exchange commission enron said financial statements 1997 first half 2001 relied upon revised statements reduced enron profits years 586 million increased debt 628 million recent turmoil enron fired chief financial officer andrew fastow ran partnerships investigation sec dynegy chief executive charles watson head combined company terms deal value enron share 10 41 based friday closing stock prices represents 21 percent premium enron closing price 8 63 dynegy shares closed 38 76 6 percent immediately clear role enron chairman chief executive kenneth l lay would new company watson led diversified company put much emphasis building power plants energy trading lay focused wholesale trading natural gas electricity expanded enron 1980 natural gas pipeline formidable competitor business energy trading created deregulation energy markets united states europe dynegy announces 8 billion deal buy larger rival enron juan lozano associated press writer 11 09 2001 associated press newswires copyright 2001 associated press rights reserved houston ap energy marketer dynegy inc announced friday buy much larger rival mighty troubled enron corp 8 billion stock dynegy also assume hefty 15 billion enron debt announcement came enron stock price plummeted 80 percent past three weeks concerns company revealing serious financial problems shareholders deal chevrontexaco corp owns quarter dynegy would quickly provide 1 5 billion chevrontexaco also would contribute additional 1 billion upon completion deal companies said market making capabilities earnings power proven strategic approach wholesale markets enron ideal strategic partner dynegy dynegy chairman chief executive officer chuck watson said announcing purchase watson made clear would tolerate sort financial practices prompted explosive disclosures enron week including admission half billion dollars debt kept company books combined company focus leveraging core skill sets always keep strong balance sheet straightforward financial structure key priorities watson said enron country top buyer seller natural gas 1 wholesale power marketer company operates 25 000 mile gas pipeline system also markets trades metals paper coal chemicals fiber optic bandwidth dynegy controls nearly 15 000 megawatts power generating capacity investments power projects sells energy wholesale markets utilities news conference watson said company officials negotiated deal came away convinced enron worth buying despite recent troubles looked hood guess strong thought watson said terms deal enron shareholders receive 2685 dynegy share share enron common stock valuing enron share 10 41 enron 775 million common shares said spokeswoman karen denne represents 21 percent premium enron closing price 8 63 friday new york stock exchange still fraction 52 week high 84 87 dynegy shares climbed 2 26 6 percent close 38 76 nyse hours trading nyse enron shares shot 15 6 percent 1 35 9 98 dynegy shares unchanged dynegy stockholders approximately 64 percent new company enron stockholders holding remainder boards companies unanimously approved transaction expected close next summer deal expected save combined company 400 500 million annually continued elimination non core enron holdings lower operating costs watson said soon say deal would result job cuts enron 20 000 employees dynegy work force 6 000 watson remain chairman chief executive combined company retain dynegy inc name dynegy steve bergstrom continue president enron chairman chief executive kenneth l lay longer role day day management company offered seat combined company board help shepherd merger dynegy said greg whalley current president chief operating officer enron become executive vice president new dynegy said merger sets best course enron options considered core business going forward provided us earning potential immediate synergies merger dynegy could deliver whalley said together enron recently announced bank commitments cash infusion gives enron immediate liquidity believe enable company maintain investment grade credit rating merger announced day enron acknowledged overstated earnings 20 percent past four years kept large amounts debt balance sheets business partnerships investigation securities exchange commission analysts said merger rescues enron leaves dynegy uncharted territory outcome sec investigation completely unknown still shroud hanging enron moves dynegy said carol coale analyst prudential securities early friday moody investors service downgraded enron debt ratings one level junk bond status said company long term debt ratings remain review downgrade sec filing enron said financial statements 1997 first half 2001 relied upon outside businesses run enron officials period included company earnings reports revised statements reduced enron profits years 586 million 2 89 billion 2 31 billion revisions also increased company debt four years reaching 10 86 billion 628 million previously reported end 2000 keeping debt balance sheets likely ensured enron could maintain strong credit rating support expansion core businesses wholesale trading natural gas electricity company stock price started dropping 10 months ago high speed internet unit foundered enron trouble collecting money power customers india stock price began free fall enron announced 618 million third quarter loss news sec investigation surfaced enron responded firing chief financial officer scrambled get cash increase credit lines attempt regain investor confidence investors dumped enron shares sent stock plummeting ousted chief financial officer andrew fastow ran partnerships investigation sec jeff skilling enron former chief executive left august called testify sec although unclear net http www enron com http www dynegy com ap graphic dynegy enron copyright 2000 dow jones company inc rights reserved