text_combined: enron mentions enron dynegy discuss plan cut price acquisition wall street journal 11 27 01 fair shares company stock burden many less workers often must hold stakes held 401 k top brass options hedging upper tier wall street journal 11 27 01 stimulus enron new york times 11 27 01 enron talking dynegy work rescue deal new york times 11 27 01 top companies issuing debt fast pace new york times 11 27 01 battered enron search 1 billion stock decline raises doubts buyout washington post 11 27 01 enron dynegy deal back table houston chronicle 11 27 01 sizable staff 245 lawyers merger limbo houston chronicle 11 27 01 bin laden threat pipelines taken seriously houston chronicle 11 27 01 current recession differs others houston chronicle 11 27 01 enron gains optimism dynegy purchase proceed updatel bloomberg 11 27 01 deutsche banc alex brown tice comments enron corp debt bloomberg 11 27 01 investors bet enron deal go bust dynegy could kill deal drop price chicago tribune 11 27 01 pressure mounts enron buyout energy stock drops lowest since 87 doubts dynegy deal go workers sue shrinking 401 k los angeles times 11 27 01 global investing creative approach property liabilities financial times 11 27 01 usa enron may cut price dynegy deal 40 percent wsj reuters english news service 11 27 01 enron dynegy discuss plan cut price acquisition dow jones business news 11 27 01 report enron dynegy deal back table associated press newswires 11 27 01 money make club sticks together thick thin los angeles times 11 27 01 enron workers file another suit recover losses retirement accounts afx news 11 27 01 fate enron forest products group air advisory industrialinfo com business wire 11 27 01 enron dynegy rework 24 b deal daily deal 11 27 01 india enron india unit lenders meet uk week reuters english news service 11 27 01 man arrested issuing e mail threat enron times india 11 27 01 companies finance americas demand electricity energises gas project financial times 11 27 01 americas bolivia urged handle new found wealth care financial times 11 27 01 usa update 1 enron lawsuit seen wake call pensions reuters english news service 11 26 01 usa calif attorney gen l examine dynegy enron deal reuters english news service 11 26 01 dynegy may modify enron purchase terms people say update 2 bloomberg 11 26 01 enron faces new employee suit alleging securities violations bloomberg 11 26 01 california agency must generate revenue analyst says update 3 bloomberg 11 26 01 enron plunges dynegy suffer thestreet com 11 26 01 enron dynegy discuss plan cut price acquisition rebecca smith robin sidel staff reporters wall street journal 11 27 2001 wall street journal 3 copyright c 2001 dow jones company inc enron corp struggling save two week old deal acquired dynegy inc advanced discussions dynegy cut price stock transaction 40 5 billion according people familiar matter beleaguered enron also continuing negotiations extend maturity dates borrowings order stem growing liquidity crisis people said enron total debt 13 billion increasingly analysts worried giant energy trading concern relatively hard assets encumbered debt used support borrowing enron stock slid lowest level decade 4 p yesterday new york stock exchange falling 70 cents 4 01 share past months 60 billion enron stock value evaporated process accelerated since mid october company announced quarterly loss subsequent reduction equity base since revelations company executives profited partnerships used move assets enron books spooked investors triggered securities exchange commission investigation recently company twice restated earnings past periods amid indications vaunted energy trading business showing signs stress move renegotiate acquisition agreement particularly slash number dynegy shares enron holders would receive two weeks pact signing virtually unheard corporate transactions terms sometimes altered due unanticipated developments typically happen transaction nearly completed enron hoped finalize arrangements make announcement yesterday would calm anxious investors situation remained fluid throughout day yesterday evening revised deal still formalized deal critical enron recent weeks credit rating agencies indicated refrain cuts enron credit rating long dynegy purchase appears probable deal collapses downgrades could occur would put enron investment grade violation credit agreements counterparties turn could deal savage blow enron commodity trading business lifeblood negotiators two companies returned home bases houston yesterday spending much holiday weekend meeting suburban new york tried agree new provisions deal announced nov 9 dynegy enron declined comment discussions one apparent sticking point talks arriving new stock exchange ratio current acquisition agreement dynegy would exchange 0 2685 share enron share tendered based yesterday new york stock exchange closing price 39 25 dynegy shares 1 15 enron holders stand receive 10 53 share stock total 9 billion people close discussions said new ratio expected less 0 15 share dynegy stock every share enron stock would value enron less 6 share 5 billion another contentious issue concerns amount additional capital enron needs shore finances week ago company disclosed may post hundreds millions dollars honor collateral calls end year problem potential lenders finding good assets back continued infusions capital sought enron part original merger agreement dynegy already injected 1 5 billion enron receiving exchange preferred stock northern natural gas co pipeline system runs upper midwest texas agreement acquisition falls apart dynegy right acquire 100 equity northern natural gas subsidiary thus giving full value investment arrangement raising questions wall street whether creditors throwing good money bad northern natural gas already heavily encumbered debts addition 500 million unsecured public debt 1 5 billion put dynegy co investor chevrontexaco inc bank consortium led j p morgan chase co recently put additional 450 million cash backed northern assets bank consortium also provided 550 million enron assets enron transwestern pipeline co unit pledged system network texas california domestic gas transportation system fully owned enron brings total indebtedness nearly 4 billion two enron pipeline systems generated transportation revenue 77 million 41 million respectively third quarter enron entire natural gas pipeline business includes two partially owned systems produced pretax earnings 85 million third quarter flat year earlier period observers said enron deal acquired dynegy falls apart could set stage fight among different classes creditors priority claim pipeline assets jathon sapsford contributed article copyright 2000 dow jones top brass options hedging upper tier ellen e schultz theo francis staff reporters wall street journal 11 27 2001 wall street journal al copyright c 2001 dow jones company inc 1990 stock market climbed year year many corporations employees entered marriage convenience company would dole shares compensation benefits employees would steadily appreciating asset encouraged loyalty created incentive work hard company success still gillette co example believes important employee interests aligned company interests says spokesman stephen k brayton echoing explanations dozens companies use stock executive pay incentive bonuses contributions 401 k retirement savings accounts share prices fallen past year half become clear stock handouts created equal millions rank file workers hundreds companies found shackled big chunks company stock executives able exercise wide latitude law capping tax deductible executive compensation 1 million year many companies top executive pay packages stock options well bonuses incentives typically paid stock much unencumbered based filings securities exchange commission hundreds companies use stock lieu cash matching contributions employees retirement savings accounts majority restrict ability employees sell shares move proceeds mutual funds alternatives offered 401 k benefits consultants hewitt associates found recent study nearly half 215 firms offering company stock 401 k plans contribute shares employee accounts 85 companies restrict sales stock gillette let employees switch stock contributions 401 k age 50 according government filings coca cola co age 53 procter gamble co qwest communications international inc troubled enron corp facing lawsuits employees 401 k losses among many others impose similar restrictions far year gillette employees watch company contribution portion retirement savings shrink millions dollars share price fallen 11 employees coca cola endured share price decline year 18 procter value mr anschutz shares covered agreement would plunged 127 million 394 million shares amounted 3 3 mr anschutz total holding 300 million shares 18 qwest shares outstanding directly company controls forward sale agreement available joseph daugherty stringing repairing telephone cable 23 years first bell south corp salt lake city area u west acquired qwest last year months ago looking forward early retirement next summer says keep working 200 000 assets 401 k early may shrunk roughly 50 000 part loss attributable retirement plan rules allow workers shift company contributed qwest shares age 55 mr daugherty concedes risk taker blames rest voluntarily sank remainder 401 k savings qwest stock qwest comment finances either mr daugherty mr anschutz steve hammack qwest spokesman says u west established policy contributing company stock notes starting jan 1 2001 company began allowing managers diversify company stock contributions receive year investments available plan restrictions union members says covered company collective bargaining agreement fact mr hammack responds email majority companies u match employee contributions company stock good number also restrict employees diversifying company match erisa federal law governing pension plans provides employees little legal traction complain forced 401 k holdings employer contributions retirement savings plans generally subject fiduciary rules employee contributions employers supposed choose prudent investment options retirement savings plans exempt erisa diversification rules rules make illegal company pension plan invest 10 assets company securities savings plans 401 k generally invest much 100 assets company stock impunity currently roughly one third one half retirement plan assets large companies invested company stock suits employers would soon contribute stock draw precious cash past lobbied successfully defeat efforts impose diversification rules 401 k confounds people mr triska technician enron portland general electric unit anyone tell need diversify reduce risk says diversification spared mr triska pain experienced co workers bet big enron retirement savings since sept 10 enron shares 401 k plunged 86 shares weitz partners value fund declined 4 52 shares fidelity growth company janus global life sciences funds risen 7 3 2 2 respectively enron executives subject restrictions enron stock contributions 401 k employees sales company contributed stock age 50 company filings sec show key management highly compensated employees also participate separate retirement savings plans require hold enron stock executives pile much 35 salaries 100 bonuses annually accounts allocating money among variety investments sec filings show far year many enron executives steady sellers company stock accumulated beyond ambit 401 k former enron broadband services chief executive kenneth rice example sold enron shares valued 23 7 million period former ceo jeffrey skilling sold 27 5 million enron stock believe important employees stake company says karen denne spokeswoman enron also important align employee company performance cassell bryan low contributed article copyright 2000 dow jones section letters editor stimulus enron 11 27 2001 new york times page 18 column 4 c 2001 new york times company editor new filing enron reports debt squeeze business day nov 20 congress federal investigators begin looking host questions management role company collapse note bush g p stimulus plan calls united states taxpayers give enron 254 million since enron management greed ran company multibillion dollar debt citizens pay irresponsibility arlie schardt washington nov 20 2001 copyright 2000 dow jones section c enron talking dynegy work rescue deal richard oppel jr andrew ross sorkin 11 27 2001 new york times page 1 column 5 c 2001 new york times company enron corporation would rescuer dynegy inc renegotiating terms deal originally valued 9 billion executives close discussions said yesterday several issues still table last night situation fluid executives said said companies hoped announce perhaps early today series changes lower price takeover cash infusion 500 million agreement banks extend repayment dates enron debt deal closes possibly agreement making clear merger would derailed litigation enron devastated employee retirement plan sides also negotiating ways tighten clauses merger agreement dynegy would able use information enron recent filing securities exchange commission reason backing deal companies declined comment whether renegotiations taking place according executives close talks new terms would lower ratio dynegy stock exchanged roughly 0 15 share share enron original deal announced nov 9 called enron share exchanged 0 2685 share dynegy enron shares plunging steadily yesterday current offer valued 163 percent enron closing price companies hope releasing good news stem slide price enron stock traded debt enron shares plunging since mid october company began disclose series losses accounting errors closed yesterday 4 01 14 9 percent 70 cents shares dynegy closed 39 25 yesterday 2 9 percent 1 15 important executives close talks said companies hope restore confidence enron energy trading operation showed signs deterioration yesterday recent years enron traded natural gas electricity two biggest competitors combined trading floor viewed valuable franchise accounting company profit dynegy biggest worry according executives core business deteriorating company fears energy traders curtail business enron either response another cut enron credit rating much value company could wiped said urgency situation made clear way enron treated energy trading markets analysts executives rival energy companies say though large traders still business enron many traders curtailed dealings company fear may get paid enron collapses files bankruptcy protection addition energy trading enron costing money credit concerns example analysts energy executives say enron cases forced pay 3 cents 6 cents per million british thermal units natural gas means instead paying perhaps 1 80 per million b u trades may paying 1 84 jeff dietert analyst simmons company houston said price discrepancies trades also showing enrononline internet platform accounts much company trading parties seeing enron prices mr dietert said nickel higher enrononline versus competing internet based exchanges credit premiums continue could erode enron trading profits worsen already tenuous liquidity situation enron spokeswoman karen denne said trading volumes average yesterday declined specific say company discussions new equity infusion 500 million 1 billion according executives close talks details still worked cash infusion would come citigroup j p morgan chase dynegy may also add cash deal reaffirming company commitment merger executives rival trading companies said dynegy needed something bolster confidence enron trading operations places enron paying 4 5 6 cents next day gas said executive one large energy trader producers want sell additional discretionary gas enron pay executive also said energy traders expected dynegy would obtain much lower merger price enron little room fight renegotiation enron lined something else choice bankruptcy said guess shareholder value going look like case copyright 2000 dow jones section c top companies issuing debt fast pace stephanie strom 11 27 2001 new york times page 1 column 5 c 2001 new york times company weeks since attack world trade center blue chip corporations issued torrent debt ford general electric b kraft general motors companies doubled even trebled initial plans bond offerings investors disenchanted stock market begged buy debt companies issued 31 5 percent debt last 11 weeks period year earlier companies taking advantage chance raise cash bargain basement prices thanks low interest rates retire expensive debt may also little discussed concerns money scarce future particularly economic downturn persists recovery less vigorous economists hope bank lending 30 year low according conference board buyers hard find commercial paper short term cheap debt corporate purebreds rely standard able raise 9 4 billion said thinking trying raise 7 billion kraft foods part philip morris companies planned issue 2 billion worth bonds instead offered 4 billion raised 10 1 billion twice much originally planned ford issues rank second third largest ever told 573 corporations issued 181 billion debt since sept 11 compared 692 companies raised 138 billion period last year according thomson financial first call look asset classes corporate bond market offers better values said bob lobue head investment grade fixed income syndicate j p morgan underwritten roughly half issues come market since sept 11 still lack confidence stock valuations based weakness seeing earnings issuers underwriters often cite low interest rates treasury bills reason surge corporate debt corporate bonds often priced relation united states government debt thanks cascade interest rate cuts federal reserve year well heeled companies borrow extremely attractive rates international business machines instance recently sold 1 5 billion worth five year notes lowest coupon ever issued 4 875 percent others though read stampede premier companies issue debt sign credit getting tight investment grade companies typically juggle smorgasbord debt short intermediate long term definitely skewing mixture toward long end days doubt debt cheap also suggests may foresee time money scarce accumulating war chests mr cunningham referred long ago companies experienced credit shortage credit crunch brewing last year mr cunningham said fed stepped started aggressively lowering interest rates averted cash problem persists ways despite federal reserve series interest rate cuts cash crisis like none experienced recent memory said james padilla ford executive recent memorandum staff many companies less pristine credit ratings trouble raising money may stampede blue chip companies companies like ford general electric come market squeeze lot somewhat riskier credits said gail fosler chief economist conference board jack ablin chief investment officer harris trust savings bank said economic recovery depended companies able get credit primary concern lack available credit across spectrum said forecasting economic recovery middle next year one thing could go wrong forecast availability credit stays gets worse another concern debt piling negative consequences fed trying prevent bubble bursting keeping forces credit exuberance alive barton biggs chief global strategist morgan stanley wrote investors earlier month trouble although may work short run long run debt burden bigger adjustment process painful automakers example using money raised part support customer incentive programs offer zero interest financing paying much 7 25 percent words lend money car buyers nothing new debt used retire commercial paper companies taking need accomplish goal longer term money borrowing expensive commercial paper even cheaper long time spread difference interest rates treasuries corporate bonds generally widened since sept 11 although across board cost factor involved try minimize said david moore manager fixed income investor relations ford credit accounted bulk 9 4 billion ford borrowed last month mindful liquidity want make sure ensure like many companies issuing debt ford curbing dependence commercial paper market year oct 16 ford cut amount paper outstanding almost 60 percent 17 billion puts us good position given rating said mr moore one executives willing discuss company strategy ford like host companies credit ratings cut many buyers commercial paper like money market funds lend highest rated companies far year standard poor knocked 57 companies top ratings commercial paper compared 49 last year total amount outstanding commercial paper fallen 30 percent year according diane vazza head global financial investment research standard poor thanks downgrading great caution among investors seen issuers driven market ms vazza said according several credit analysts daimlerchrysler scheduled roll 7 billion commercial paper june decided take offering europe investors less particular ratings quality similarly enron careered crisis forced redeem commercial paper credit ratings fell decline commercial paper ratings one reason big issue last week underwriters corporate debt insist decline commercial paper market companies ability borrow long term cheaply inability issue short term debt short term financing come maturity risk constantly roll order maintain liquidity said mr lobue j p morgan underwriters concede however lending banks dried falling lowest level three decades bank lending curtailed behest federal regulators like federal deposit insurance corporation office comptroller currency treasury department putting seemingly cross purposes fed chief executive echostar charles w ergen put 2 75 billion money complete purchase hughes electronic corporation bankers ubs warburg echostar adviser deal offered provide financing proviso would let bank back deal certain conditions although company later got financing credit suisse first boston deutsche bank many bankers privately applauded ubs warburg caution copyright 2000 dow jones stock decline raises doubts buyout peter behr washington post staff writer 11 27 2001 washington post final eol copyright 2001 washington post co rights reserved shunned investors deserted many former customers enron corp searching week 1 billion cash lenders sustain dominant energy trading business enron stock fell yesterday new low 4 01 share 70 cents continuing latest plunge began last week houston company disclosed still damaging detail financial condition year ago enron stock traded 78 share based leading position trader power natural gas various industrial telecommunications products financial contracts linked commodities dynegy inc enron houston rival said yesterday moving away 23 billion cash debt offer buy enron enron declined comment financial problems enron stock dropped 50 percent since dynegy deal announced nov 9 investors believe dynegy renegotiate deal cheaper price even try abandon said brian youngberg financial analyst edward jones co st louis dynegy deal values enron 10 share company trading 4 make much sense said youngberg last week recommended customers sell enron shares part dynegy deal enron received 1 5 billion cash secured stock one pipelines without another large infusion cash company faces youngberg called death spiral along investors many energy buyers traders lost confidence enron ability make good long term energy contracts specializes youngberg said enron important operations involve contracts deliver natural gas electric power energy products industries utilities future also sells financial instruments designed protect customers sharp swings energy prices deals one part enron dynegy wants core business dropped sharply said andrew meade analyst commerzbank securities new york enron remains sizable player huge daily trading energy products frozen long term markets relegated less profitable short term trades said meade lengthy span enron crisis began month ago reported 1 2 billion reduction shareholder equity given companies time close contracts enron limit potential losses enron fail said louis b gagliardi analyst john herold inc connecticut enron went chapter 11 bankruptcy failed would unsettle market slightly catch people surprise much danger crisis natural gas power side energy trading gagliardi said market participants cautioned extent enron obligations trading partners known outsiders making impact enron failure hard assess dynegy partner chevrontexaco corp could pump billions dollars enron operations purchase went best circumstances regulatory review deal drag another six months investors traders increasingly doubtful enron hang around long adds uncertainty stock gagliardi said dynegy offer enron caused brief rally enron stock price outlook flurry optimism halted new financial report last week securities exchange commission detailing even serious debt obligations company previously acknowledged enron able negotiate three week extension 690 million note coming due week finished arrangements 450 million line credit part 1 billion infusion previously announced however 690 million obligation disclosed sec filing pointed alert investors enron growing cash needs meade said new details enron plight last week filing damaged credibility company financial reporting meade said think fully restated earnings probably come meade said enron board turned outside committee assess company financial condition acknowledging last month enron overstated earnings 586 million past four years restatement caused primarily accounting decisions concealed losses series limited partnerships enron helped create buy various energy water supply internet network properties wanted dispose company said nov 14 enron new chief financial officer jeff mcmahon briefed analysts series steps company would take raise cash including current quest 500 million 1 billion loans enron executives said reorganize company around business generated strongest cash flow energy trades gas pipeline coal operations assets worth 8 billion book value would put sale orderly fashion came new disclosures last week reinforcing analysts concerns depths enron liabilities yet plumbed issues brought enron point unresolved balance sheet stand still continues deteriorate gagliardi said http www washingtonpost com copyright 2000 dow jones company inc rights reserved nov 27 2001 houston chronicle enron dynegy deal back table energy traders said renegotiating premium shares laura goldberg copyright 2001 houston chronicle dynegy enron corp could announce new terms dynegy deal buy enron soon today according sources familiar talks two companies two houston based energy traders sources said spent weekend monday discussing among issues lower exchange rate dynegy stock deal buy enron monday evening exchange rate agreed discussions continuing sources said cautioning situation fluid also monday enron dynegy sources said working finalize terms equity infusion enron around 500 million expected come j p morgan chase co citigroup another equity infusion parties could come later sources said enron dynegy group banks negotiating terms called override agreement would extend merger closed maturity dates certain debt enron due repay could come due sources said unclear much approximately 9 billion obligations enron could coming due next 12 months would covered restructuring expected enron would start layoffs sometime week karen denne enron spokeswoman said comment action company would take concerning job cuts would communicated first employees california attorney general bill lockyer known harboring favorable attitude toward enron texas energy companies started reviewing planned merger looking potential antitrust problems office said dynegy power plants enron sells power natural gas state shares companies fell enron closing 70 cents 4 01 shares dynegy ended day 1 15 39 25 talks enron dynegy come amid wall street expectations dynegy renegotiate merger terms back deal completely sources said moment companies discussing canceling deal nov 9 day dynegy announced would acquire troubled rival shares enron closed 8 63 shares dynegy closed 38 76 merger agreement calls enron shareholders get 0 2685 share dynegy per enron share based nov 9 closing prices dynegy would paying 10 41 share enron since enron share prices dropped significantly amid increasing concerns ability maintain core trading business troubling new disclosures financial shape based monday closing prices dynegy would paying 10 54 share enron worth considerably less based market capitalization deal announced last week one stock analyst said thought ratio 0 15 share dynegy per enron share might realistic dynegy spokesman john sousa said monday dynegy continuing due diligence review enron books looking everything closely unless merger dynegy goes enron could forced bankruptcy protection enron core trading business eroded securities exchange commission investigating finances faces pile debt well increasing number shareholder employee lawsuits enron dynegy hoped merger deal included immediate infusion 1 5 billion equity enron would stabilize enron new financial disclosures opposite effect example nov 19 enron revealed 690 million debt would come due sooner expected credit rating downgrade news came surprise even dynegy dynegy escape hatches merger agreement including material adverse change clause applies generally enron financial state also amount legal shareholder claims enron must pay greater 3 5 billion deal called sousa described escape clauses broad provisions ensure dynegy adequately protected nov 27 2001 houston chronicle sizable staff 245 lawyers merger limbo mary flood copyright 2001 houston chronicle whether troubled enron corp merges falls stays course likely deeply affect one houston largest law offices one within embattled company always regarded one big law firms houston said howard ayers managing partner andrews kurth one city largest firms 240 lawyers houston alone enron 245 lawyers worldwide company spokesman vance meyer said large legal stable even company 25 000 employees 145 lawyers houston private firm would city sixth largest according chronicle 100 survey released may energy trader enron internal law office burgeoned along huge trading firm set merge smaller stronger local competitor dynegy enron stock plummeted dynegy last week denied rumors might drop leave enron face possible bankruptcy whatever company fate rough waters ahead enron lawyers although lawyers interviewed said hope everybody remains employed premature discuss fate enron legal staff speculation legal community runs gamut rumors dozens lawyers could laid early week idea enron hold tightly talent guess need lawyers get things steady state lot legal work go said joel swanson senior partner baker botts houston law firm 265 lawyers enron large cadre lawyers inside company also hired every large firm houston last years several biggest houston firms working merger either enron dynegy others standing wondering outside firms get biggest pieces legal work new company created enron legal department siphoned talent houston top law firms years heads law firms said seen plenty promising lawyers lured away enron competitive pay combined stock options lucrative draw recently shares lost 95 percent value enron one premier legal departments country said jeff love managing partner locke liddell sapp houston based firm 175 lawyers enron hired lot called laterals lawyers couple years training often big firm although jobs corporate counsel offices generally considered easier big firm life reputation enron legal eagles company general counsel office known innovative hard driving think anybody lateraled enron expectation ordinary life ayers said houston market big firm first year lawyers start around 110 000 year advantages going expanding company like enron stock options opportunity grow company heavily anticipated layoffs occur enron top houston lawyers expect casualties land feet looming recessions always bad job hunting lawyers bankruptcy litigation mergers boom rough times several houston based law firms said recruited slightly larger starting class lawyers 2002 meaning expect scale back business immediate future merger succeed enron 245 lawyers join dynegy 43 question integrate two staffs lot things associated merger worked time dynegy spokesman steve stengel said nov 27 2001 houston chronicle bin laden threat pipelines taken seriously ashcroft unconfirmed warning linked leader death capture michael davis copyright 2001 houston chronicle fbi confirmed monday warned energy industry osama bin laden may ordered strikes u natural gas facilities caught killed agency issued warning last week attorney general john ashcroft said news conference monday uncorroborated information bin laden may approved plans attacks ashcroft added fbi warning said attack would allegedly take place event either bin laden taliban leader mullah omar either captured killed warning hit home houston warning single target referred specifically natural gas infrastructure pipelines houston hub industry center dense web gas pipelines warning considered similar one issued earlier potential attacks west coast bridges ashcroft said government regular communication companies nation energy infrastructure refineries natural gas pipelines nuclear plants federal law enforcement officials received uncorroborated report undetermined reliability potential attack natural gas supplies 10 days ago ashcroft said since terrorist attacks sept 11 energy companies established stringent security measures pipelines however considered especially vulnerable since accessible ground remote areas typically little padlock metal fence keep someone wanting damage line reliant energy entex natural gas distribution company serves houston area notified warning added new security measures result company spokeswoman alicia dixon said heightened state alert since sept 11 nothing different today yesterday dixon said strong security place already nature business prepared deal variety emergencies dixon said company recieved word warning american gas association american petroleum institute also passed warning energy companies api spokesman juan palomo said enron notified employees warning also heightened state alert since sept 11 company spokeswoman gina taylor said take threats seriously taylor said enron monitors pipelines related facilities compression stations using planes cars foot said company added staff beef security result warning said routinely patrol right way said thousands miles natural gas pipelines running throughout nation thirty interstate gas pipelines carry 90 percent natural gas transported according interstate natural gas association america detailed information locations pipelines energy infrastructure taken corporate government internet sites access facilities tightened well officials said federal regulators offered help pay added protection speeding rate hike requests beefed security pipeline attacked explosive example operator could shut flow natural gas oil refined products either side break nov 27 2001 houston chronicle current recession differs others jim barlow copyright 2001 houston chronicle official united states recession word monday national bureau economic research recession comes six months declining economic activity case bureau said recession started last march already almost nine months slowdown something different recession different others experienced past four five decades led huge oversupply kinds real estate collapse prices current recession sparked high tech collapse led glut technology products mean real estate sail untouched recession places hurting san francisco comes mind high tech center lot building accommodate industry also one real estate sector trouble hotel industry already hurt downturn business travel sept 11 terrorist attacks sent air travel reeling recall see buildings nothing like saw back mid 1980 remember houston enriched nation vocabulary coming term see buildings many skyscrapers houston built never finished inside could look right interior walls indeed real estate bright spot recession real estate houston great shining light houston office building market tight downtown office market 8 9 percent vacancy rate prime class space prized major corporations effectively full easing rate enron corp well publicized freefall almost completed new headquarters even space coming onto market 32 story calpine center office tower completed 717 texas ave 2003 century development announced working 40 story office tower downtown crescent real estate equities building tower side main street plus cutbacks continental airlines pending sale compaq computer corp hewlett packard co doubtless hurt office market one predicting disaster houston apartment market may nation healthiest 93 5 percent houston apartments occupied third quarter year figure almost full percentage point higher year prices apartments rents sales used homes october highest ever median price 3 9 percent new home sales setting records developers optimists escape usual credit lenders real estate developing full optimists ask developer even midst bust tell affect building somehow nicer sexier even depression proof next guy give developer money build lenders tight bark trees forced developers pre lease buildings seek partners equity primarily pension funds banks would loan money new projects several things happen real estate business recession prices fall stabilize particular recession bet probably stabilization banks others loan money generally tighten credit standards cutting weaker real estate players federal reserve board helps economy lowering rates aids bargain hunters deep pockets recession even one benign real estate one properties survive economic downturn owners sell file bankruptcy current low interest rates companies good credit move buy properties remember called vulture funds 1980 soon process starts determine length recession real estate good shape time process important 1980 still investors promptly snap distressed properties increase odds recession short one enron gains optimism dynegy purchase proceed updatel 2001 11 27 07 59 new york updates add instinet trading comment tice houston nov 27 bloomberg enron corp shares rose much 3 5 percent instinet amid optimism dynegy inc proceed proposed acquisition rival u energy trader renegotiating terms offer shares energy trader plunged 55 percent last week concern merger would unravel enron said debt less cash previously announced threatening ability operate dynegy completes purchase executives two companies discussed possible changes terms weekend people familiar matter said yesterday dynegy talking paying less 0 15 shares enron valuing company equity 5 billion less 6 per share wall street journal reported citing people close discussions choices fairly stark renegotiate deal file chapter 11 said john olson analyst sanders morris harris houston based financial services company enron shares rose much 14 cents 4 15 instinet original dynegy bid valued enron 10 54 share dynegy stock discount reflects skepticism among investors acquisition completed original terms bond investors less optimistic company 6 4 percent bonds mature 2006 declined 45 cents dollar 48 cents dollar yesterday traders said price bonds yield 28 5 percent concern dynegy deal breaks said paul tice co head u high grade credit research covers energy market deutsche bank last week securities exchange commission filing lot negative surprises investors become concerned enron able complete proposal raise 2 billion private equity sale moody investors service weighing whether downgrade company credit rating extension companies may announce early today extension banks repayment enron debt 500 million cash infusion citigroup inc j p morgan chase co agreement would keep purchase intact despite lawsuits enron employee retirement plan new york times said neither enron spokeswoman karen denne dynegy spokesman john sousa would comment whether talks new buyout agreement underway current terms call exchange ratio 0 2685 share dynegy stock enron share given recent disclosures enron debt drop stock price fairer ratio would 0 15 share dynegy said ronald barone ubs warburg analyst rates dynegy strong buy renegotiate deal half original price get really attractive earnings said gordon howald analyst credit lyonnais rates dynegy buy enron debt current terms deal makes sense dynegy enron earns 85 cents howald said barone reduced estimate enron 2002 earnings 1 65 share 75 cents dynegy shares fell 1 15 2 9 percent 39 25 yesterday new terms may necessary enron get additional 2 billion financing seeking investors said people looked enron willing put kind money sends message core businesses trading pipelines energy management still sound said kathleen vuchetich helps manage 1 4 billion assets strong utilities fund 4 3 percent dynegy stock enron debt payments 9 billion due end 2002 less 2 billion cash credit lines left company said filing last week cash reserves run low enron credit rating may cut investment grade would trigger 3 9 billion debt repayments two affiliated partnerships reprieve moody investors service issued report enron since company filed 10 q quarterly report securities exchange commission last week nov 9 rated enron debt one notch junk rating company analysts return calls seeking comment egan jones ratings co lowered rating enron credit today bb bb level investment grade houston based company also said filing 690 million note due week may reduce fourth quarter earnings 700 million write would come used stock guarantee debt owed affiliated partnership value stock plunged wednesday enron got three week reprieve lenders 690 million note closed 450 million credit line dynegy chief executive officer chuck watson said encouraged developments enron negotiating restructure debt denne said yesterday j p morgan citigroup executives met today line investors willing buy 2 billion bonds convertible enron stock deteriorating daily many enron trading partners shunning company analysts say enron 2002 earnings may hurt rather boost dynegy earnings watson projected value assets dynegy trying buy trading marketing businesses deteriorating daily basis counterparties back trading dealing enron said mike heim securities analyst g edwards dynegy could kill deal drop price james p miller tribune staff reporter reuters news service contributed report 11 27 2001 chicago tribune north sports final n 1 copyright 2001 chicago tribune dynegy inc continued scrutinize merger partner enron corp tangled finances wall street traders bet dynegy verge either calling enron buyout announced three weeks ago renegotiating much cheaper price highflying rival market acting like deal going going original terms said g edwards analyst michael heim new york times reported companies early tuesday could announce new deal could reduce nearly half dynegy 9 billion takeover offer terms original agreement two houston based energy concerns enron stockholders swap shares little quarter share dynegy stock closed monday 39 25 would value enron shares 10 54 investors believed stock stock deal likely go would willing pay something close price enron shares investor doubts grown gap buyout price trading price enron stock monday enron battered shares slid lowest level years dropping 70 cents 15 percent close 4 01 enron market capitalization value company approximately 850 million shares plunged 3 41 billion february enron market cap 70 billion monday slippage enron shares trading 62 percent discount dynegy offer shares acquisition targets typically trade less 10 percent discount deal price merger announcement dynegy saying little dynegy audit team continued depth review enron books monday company spokesman declined discuss rumors swirling around deal due diligence continues said john sousa dynegy spokesman looking closely enron asked one analyst recent projection dynegy may renegotiate transaction exchange ratio give enron holders 0 15 dynegy shares enron share rather agreed upon 0 2685 ratio sousa said comment speculation shortage speculation late soap opera enron said commentator carol levenson gim credit bond market newsletter levenson suggested game chicken going enron bankers ostensible merger partner dynegy rating agencies parties could send company edge moment said enron increasingly weak negotiating position enron fall grace astonishingly swift painful stockholders suing company allegedly using misleading accounting measures conceal shaky state finances monday drop enron shares tumbled 95 percent 82 commanded 10 months ago regional pipeline operator known houston natural gas enron transformed 1990 ambitious expansion plan acquired electric utility operations built overseas power plants developed innovative energy trading operation partnership woes strategy made enron stock market darling also periodically strained company liquidity help keep credit ratings strong company created limited partnerships allowed enron keep billions dollars debt obligations books sight investors enron power trading group experienced operating problems late limited partnerships managed enron officials proved company downfall october enron disclosed shrunk shareholder equity 1 2 billion buy back 55 million shares issued partnerships charge associated unwinding web partnerships stunned investors giving company unforeseen 618 million third quarter loss also spurred markdown enron credit ratings junk bond status well securities exchange commission investigation enron partnership practices accounting difficulties surfaced enron finances turned increasingly shaky trading companies fearing exposure enron problems become reluctant new transactions company part buyout arrangement dynegy 26 percent owner chevron texaco corp given enron 1 5 billion upfront cash exchange dynegy obtained rights would allow acquire desirable northern natural gas co pipeline deal falls dynegy right walk away deal enron suffers known material adverse change tyson foods inc found year unsuccessfully sought break agreement buy meatpacker ibp inc accounting mess ibp proving claim difficult copyright 2000 dow jones financial desk pressure mounts enron buyout energy stock drops lowest since 87 doubts dynegy deal go workers sue shrinking 401 k thomas mulligan times staff writer 11 27 2001 los angeles times home edition c 1 copyright 2001 times mirror company new york enron corp shares monday sank low seen since 1987 stock market crash investors continued mark chances energy trader completing pending buyout rival dynegy inc enron stock tumbled 70 cents 15 4 01 new york stock exchange dynegy fell 1 15 3 39 25 big board pressure enron mounting wall street regulators bond rating agencies energy trading community enron employees many angered devastation retirement accounts company stock plunged 95 year employee lawsuit filed monday federal court houston alleging enron misled workers profitability breached fiduciary duty inducing buy company stock 401 k retirement plans 15 000 enron employees owed total 890 million compensation losses sustained retirement accounts said eli gottesdiener whose washington firm represents plaintiffs one plaintiffs gary kemper maintenance foreman enron portland general electric unit oregon said total value 401 k account shrunk 129 000 317 000 year enron holdings collapsed 9 000 197 000 tick bad except sending us e mail e mail last summer saying things fine kemper said interview monday referring company executives course find later dumping stock millions dollars time enron chairman kenneth l lay cashed stock options worth 123 million last year stock near peak kemper wife planning retire early four years longer clear able afford said another law firm representing enron employees seattle based hagens berman looking possibility adding enron accounting firm defendant partner karl barth said monday accountant andersen criticized failing catch irregularities caused enron restate earnings dating back 1997 declare previous financial reports unreliable egan jones ratings co credit rating agency suburban philadelphia monday cut rating enron senior debt one notch saying company need 1 billion 1 5 billion next 45 days fund operating losses liabilities egan jones dropped enron bonds sub investment grade junk level august company chief executive jeffrey k skilling abruptly resigned agency view severe larger rivals moody investors service standard poor continue keep enron debt investment grade category sean egan managing director egan jones said views chances merger going less 50 50 merger falls enron chances survival high said dynegy kept mum deal since wednesday said trying speed regulatory approvals wall street analysts noted dynegy could invoke terms material adverse change clause allowing modify walk away deal determines enron condition markedly worse deal struck nov 9 merger deal enron shareholders would receive 0 2685 dynegy share shares implied value 10 54 share double enron closing price monday gap indicates wall street doubts whether deal get done elsewhere monday office california atty gen bill lockyer reiterated scrutinize dynegy enron merger antitrust grounds analysts say california could use power delay deal way squeeze dynegy better prices long term power contracts negotiated height state energy crisis year enron already investigation securities exchange commission controversial deals involving limited partnerships organized run former company executives copyright 2000 dow jones company inc rights reserved global investing creative approach property liabilities alison beard 11 27 2001 financial times c 2001 financial times limited rights reserved global investing creative approach property liabilities many big companies use synthetic leases keep real estate costs balance sheets reports alison beard synthetic leases among many creative financing techniques used enron troubled energy trading company structure allows companies keep real estate costs balance sheets claiming tax benefits ownership legal used dozens companies toys r us yahoo synthetic lease debt alternative said michael rotchford senior managing director cushman wakefield real estate services firm almost invariably companies good standing provide much lower ongoing expenses traditional leases shareholders wary companies simply disguising property liabilities got long term assets financed short term means says anne coolidge executive director wp carey real estate banking firm specialises sale leasebacks alternative synthetic leases traditionally equity analysts taken account although debt analysts everyone know things companies choose synthetic leases traditional options rental agreements outright ownership often unattractive ownership means tying cash non core real estate assets renting expensive long term cisco systems networking equipment company estimated mid 1990 leasing would cost 5 6 per cent year owning properties time investors eager double digit profit growth unlikely tolerate slowly appreciating real estate asset company balance sheet cisco chose synthetic leases deals works follows lender agrees pay new development addition property company rent interest financing set rate reflecting credit standing priced spread london interbank office rate payments deducted company taxes meanwhile company acts owner manager property assuming risk sets aside money purchase property end lease listing earmarked funds restricted cash long term assets balance sheet sometimes company extend lease end term sell property lender discretion although depreciation property value included company balance sheet listed tax deduction far financial accounting standards board issued guidelines synthetic leases loophole allows ownership lease benefits accrue player said gary declark managing director integra realty resources property appraisal consulting firm sooner later probably closed c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved usa enron may cut price dynegy deal 40 percent wsj 11 27 2001 reuters english news service c reuters limited 2001 new york nov 27 reuters hobbled energy giant enron corp effort save planned purchase smaller rival dynegy inc may cut price stock transaction 40 percent 5 billion wall street journal reported tuesday enron also negotiating extend maturity dates borrowings order stem growing liquidity crisis according people familiar matter paper said move renegotiate agreement particularly cut number dynegy shares enron holders would receive two weeks pact signing virtually unheard corporate transactions wall street journal said escape clauses built deal give dynegy option back serious deterioration enron business assets enron total debt 13 billion according wall street journal adding analysts increasingly worried giant energy trading concern relatively hard assets burdened debt used bolster borrowing dynegy 26 5 percent owned energy giant chevrontexaco corp swap 0 2685 share stock share enron shares dynegy closed 29 25 new york stock exchange trade high flying enron agreed dynegy buyout overwhelmed series problems including u regulatory probe balance sheet dealings officers 1 2 billion cut shareholder equity cuts credit ratings enron subsequently restated earnings 600 million lower investor unease exploded sent shares tumbling shares 90 august 2000 enron stock closed 73 cents 15 4 percent 4 01 new york stock exchange monday new york equities desk 646 223 6000 copyright 2000 dow jones company inc rights reserved enron dynegy discuss plan cut price acquisition 11 27 2001 dow jones business news copyright c 2001 dow jones company inc enron corp struggling save two week old deal acquired dynegy inc advanced discussions dynegy cut price stock transaction 40 5 billion people familiar matter told wall street journal beleaguered enron ene also continuing negotiations extend maturity dates borrowings order stem growing liquidity crisis people said enron total debt 13 billion increasingly analysts worried giant energy trading concern relatively hard assets encumbered debt used support borrowing enron stock slid lowest level decade 4 p monday new york stock exchange falling 70 cents 4 01 share past months 60 billion enron stock value evaporated process accelerated since mid october company announced quarterly loss subsequent reduction equity base since revelations company executives profited partnerships used move assets enron books spooked investors triggered securities exchange commission investigation recently company twice restated earnings past periods amid indications vaunted energy trading business showing signs stress move renegotiate acquisition agreement particularly slash number dynegy dyn shares enron holders would receive two weeks pact signing virtually unheard corporate transactions terms sometimes altered due unanticipated developments typically happen transaction nearly completed enron hoped finalize arrangements make announcement monday would calm anxious investors situation remained fluid throughout day monday evening revised deal still formalized deal critical enron recent weeks credit rating agencies indicated refrain cuts enron credit rating long dynegy purchase appears probable deal collapses downgrades could occur would put enron investment grade violation credit agreements counterparties turn could deal savage blow enron commodity trading business lifeblood negotiators two companies returned home bases houston monday spending much holiday weekend meeting suburban new york tried agree new provisions deal announced nov 9 dynegy enron declined comment discussions copyright c 2001 dow jones company inc rights reserved copyright 2000 dow jones company inc rights reserved report enron dynegy deal back table 11 27 2001 associated press newswires copyright 2001 associated press rights reserved houston ap executives dynegy inc plan announce new terms 9 billion buyout offer enron corp shares enron continue fall according houston chronicle sources familiar talks two companies told newspaper announcement could come soon tuesday sources said officials two houston based energy traders spent weekend monday discussing lower exchange rate rival dynegy stock deal buy enron among issues monday evening exchange rate agreed discussions continuing sources said cautioning situation continued change sources said enron dynegy working finalize terms equity infusion enron around 500 million expected come j p morgan chase co citigroup another equity infusion parties also possible later sources said layoffs enron expected begin sometime week according report enron spokeswoman karen denne said action company would take concerning job cuts would communicated first employees enron shares fell another 15 percent monday briefly traded time low investors continued doubt 9 billion buyout offer dynegy would completed current terms sizable staff 245 lawyers merger limbo houston ap fate enron corp massive legal staff subject discussion amid talk possible layoffs troubled energy trader company legal staff size larger law firms always regarded one big law firms houston said howard ayers managing partner andrews kurth one city largest 240 lawyers houston enron 245 lawyers worldwide company spokesman vance meyer said 145 lawyers houston private firm would city sixth largest according chronicle enron internal law office grown along huge trading firm set merge smaller stronger dynegy enron stock plummeted dynegy last week denied rumors might drop leave enron face possible bankruptcy speculation legal community runs gamut rumors dozens lawyers could laid early week idea enron hold tightly talent guess need lawyers get things steady state lot legal work go said joel swanson senior partner baker botts law firm 265 lawyers houston addition enron house legal staff company also hired every large firm houston last years copyright 2000 dow jones financial desk money make club sticks together thick thin graham witherall special times 11 27 2001 los angeles times home edition c 1 copyright 2001 times mirror company like lot investors women taking stock investment club got great bull market 1990 party coming end dazzled watching others reap double digit returns stock market year year group westside friends decided form investment club get fun exactly joy ride victim bad timing club made first purchase late 1998 continued building portfolio next three years market peaked plunged taking many club holdings five club selections lost half purchase price worst performers shed two thirds value portfolio awash red ink club members paralyzed inaction comfortable selling anything said gail berlant founder 15 member group hesitant buy although think might good time makes downdraft difficult stomach club thought employing safe strategy chose mostly well known companies expected steady performers avoiding riskier choices unlike many investment clubs women taking stock diversified holdings resisted temptation buy internet stocks hot sector burned many investors crashed group portfolio includes several well known names pharmaceuticals entertainment energy financial services although technology choices including cisco systems applied materials contributed fall also lost big non tech stocks retailer gap despite declines club members determined give intend stick together defying trend among many investment clubs disband face grinding bear market although still solidly losing side ledger factors bode well group future one thing stakes relatively modest members contribute 125 join chip 50 month one counting club pay child college costs fund retirement club entire portfolio currently worth less 25 000 addition members see group way learn investing road instant riches look learning process berlant said perhaps important club members learn mistakes instance realize stock selection lacked focus particularly early days meeting people would present stocks read newspapers better investing publication national assn investors corp umbrella group clubs said sandy roberts club president using approach many club early investments companies members familiar high profile names disney coca cola gap thought gap tv commercials fantastic member susan osti said results disappointing even given stock market overall decline gap example lost 61 since club bought standard poor index retail stocks 3 period several early choices tanked club worldcom shares purchased october 1999 80 club members decided adopt systematic approach stock picking year ago stock broker friend told us focus certain industries assign people research stocks within industries member penny berro said divided industries among members started looking pharmaceuticals energy pharmaceutical field group settled pfizer risen 15 since club purchased march johnson johnson also sells consumer products 32 since march energy club narrowed choice enron dynegy time enron getting bad publicity role california electricity woes leaving women feeling uncomfortable buying stock houston based company red flags dynegy vicki whitney said diversified seemed like could withstand problems better enron choice proved wise one relatively speaking enron enmeshed accounting scandal 91 since july dynegy hurt sharp downturn energy stocks accompanied recent fall oil prices comparatively mild 19 since club bought ironically part dynegy current slide due proposed acquisition enron club members asked times business editors review portfolio recent meeting group senior markets editor tom petruno encouraged club members hard noting avoided mistake made many investment clubs concentrating much money volatile tech stocks failures also done things right petruno said arrived late market got good asset allocation warned selecting stocks gap disney merely large well known necessarily sound strategy used go wrong gap petruno said go wrong company big huge brand name guarantee anything suggested members stick commitment dig company financial condition competitive position investing read annual reports quarterly reports really look company fundamentals petruno said ask going company comfortable management company focus problems plan get back track club members wary companies lot debt books said particularly club members expect current economic downturn prolonged reasonable debt good economy may reasonable bad economy said creditors tend get nervous bad economy debt sink company club compare debt equity ratios companies industry determine company debt load unusually heavy petruno said martin zimmerman times assistant business editor markets also warned club resist buying stocks appear cheap fallen long way highs even find viable company may priced 20 share priced 150 make bargain said may ever worth 25 worse may worth 10 club deserves credit going conventional wisdom buying stocks industries may momentarily favor petruno said referring club decision august buy shares cisco systems petruno said glad succumbing temptation look anything tech lot people lost money area go near survivors fortunes made picking stocks one else likes refining buying discipline one club challenges investors also need know sell women taking stock sold one stock history sold one compaq computer company shares lost third value friend securities industry urged unload stock meanwhile stocks shed half value gap worldcom applied materials remain portfolio goal buy stocks would double five years berlant said sold anything one way take make decision easier club members set limit much willing lose stock petruno suggested stock drops 25 example club could unload least agree take critical look determine whether worth sticking easy say stock going come back always come back said many times 25 loss turn 40 50 loss need point take hard look decide whether need cut losses one thing club members agree although initiation investing come worst bear market three decades determined stay course realize got market late roberts said learned lot discouraged definitely going hang begin text infobox infographic hanging club portfolio members women taking stock westside investment club seen portfolio take big hits last three years recent picks fared better ticker date purchase mon pctg company symbol purchased shares price price change walt disney dis 9 21 98 50 25 29 21 39 15 4 wells fargo wfc 1 26 99 50 35 91 43 37 20 8 coca cola ko 3 17 99 25 68 94 48 31 30 0 computer motion rbot 8 17 99 100 10 02 4 03 59 8 coca cola ko 9 22 99 25 52 63 48 31 8 2 worldcom wcom 10 19 99 50 74 25 14 47 80 5 gap gps 11 16 99 50 38 25 14 95 60 9 amgen amgn 1 11 00 40 71 92 67 39 6 3 applied materials amat 3 21 00 20 96 58 40 06 58 5 cvs cvs 3 21 00 20 37 63 26 90 28 5 cisco systems csco 6 20 00 25 68 99 19 93 71 1 consolidated water cwco 6 20 00 75 7 43 10 51 41 5 general electric ge 8 22 00 25 56 63 41 32 27 0 johnson johnson jnj 3 20 01 50 45 82 60 50 32 0 pfizer pfe 3 20 01 25 38 15 43 90 15 1 p 500 trust spy 3 20 01 20 118 21 115 93 1 9 dynegy dyn 7 17 01 50 48 54 39 25 19 1 general electric ge 8 21 01 20 41 52 41 32 0 5 cisco systems csco 8 21 01 25 16 93 19 93 17 7 note johnson photographer lawrence k ho los angeles times photo women taking stock investment club members meet business section editors times offices portfolio make pick strategies managing stock holdings photographer lawrence k ho los angeles times copyright 2000 dow jones company inc rights reserved enron workers file another suit recover losses retirement accounts 11 27 2001 afx news c 2001 afp extel news ltd london afx enron corp employees filed another lawsuit company lost retirement savings due recent collapse share price wall street journal europe reported eli gottesdiener washington attorney filed latest suit behalf employees said seeks 850 mln usd retirement plan losses part company sold enron shares employees knowing price artifically inflated newspaper said enron spokeswoman declined comment added unlike two similar lawsuits recently filed enron recent suit contends enron offered share price without required prospectus paper said vs information contact afx www afxnews com www afxpress com copyright 2000 dow jones houston energy giant enron corporation nyse ene houston also seventh largest newsprint producer north america recently agreed taken energy rival dynegy incorporated nyse dyn houston dynegy given forest products group falls enron wholesale services business segment review status determining businesses core non core whether dynegy sheds retains papermaking assets may known summer 2002 transaction expected close forest products group consists mill east coast two eastern canada require infusion capital improvements last year enron industrial markets purchased garden state paper media general communications company roughly 72 million located garfield n j mill employs 290 people capacity 240 000 short tons year newsprint earlier year enron acquired daishowa forest products limited gain ownership newsprint mill related assets quebec city quebec former daishowa forest mill called papiers stadacona integrated thermo mechanical pulp tmp mill feeds four paper machines employs 1 000 employees mill studied addition new de inking plant bio mass boiler modernizations four paper machines nlk consultants enron share ownership papier masson mill masson angers quebec single machine mill employs 300 workers produces approximately 600 metric tons day recycled content newsprint upon completion merger new dynegy expected revenues exceeding 200 billion 90 billion assets dynegy one world premier energy merchants global energy delivery network marketing trading risk management capabilities dynegy provides innovative solutions customers north america united kingdom continental europe industrialinfo com provides daily news related industrial market place including industry alerts databases energy industrial markets information trends upcoming construction activities pulp paper wood industry well industrial sectors send inquiries pulpandpapergroup industrialinfo com visit us www industrialinfo com contact industrialinfo com houston randy godet 713 783 5147 05 00 est november 27 2001 copyright 2000 dow jones company inc rights reserved enron dynegy rework 24 b deal claire poole houston 11 27 2001 daily deal copyright c 2001 deal llc houston energy company dynegy reportedly reopened talks ailing crosstown rival since collapse enron stock price sliced half since acquisition announced houston energy company dynegy inc returned bargaining table talking ailing crosstown rival enron corp related parties modifying 24 billion merger agreement according sources close deal two power traders friendly renegotiation sources say parties talking relates terms conditions one person said main reason rekindling talks collapse enron stock price sliced half since acquisition announced nov 9 24 billion cash stock debt assumption deal valued enron shares 10 41 20 premium 8 63 close announcement enron shares fallen steadily since closing monday 4 01 nearly 15 day dynegy stock also lost 11 value since deal announced closing 2 85 nov 26 39 25 john olson longtime enron follower sanders morris harris houston thinks dynegy might pushing 5 25 per share closer reality current market said dynegy work better deal another course might allow enron slip bankruptcy according sources enron stock price slipping 1 billion cash remaining olson thinks wiser two options would enron better go bankrupt get nickeled dimed death wall street love deal asks chapter 11 looks sensible olson said enron get 3 billion debtor financing bankruptcy would preferable anything else lower stock price higher probability chapter 11 said investors creditors bankers want closure olson speculates sick part enron parent trading operations worth 12 5 billion would file bankruptcy healthy part pipeline energy outsourcing assets worth around 5 billion would left end good bank bad bank profile said referring strategy many financial firms followed went bust 1980 dynegy would obvious buyer pipeline energy outsourcing assets already option buy enron northern natural gas co pipeline system deal go exchange 1 5 billion investment enron deal signing provided investor chevrontexaco corp san francisco dynegy walks away deal would pay 350 million breakup fee plus 10 million expenses enron spokesman vance meyer comment whether renegotiating deal dynegy also speculate whether firm considering bankruptcy option new deal dynegy worked dynegy spokesman said status proposed merger changed due diligence ongoing said right credit rating agencies hesitating downgrade enron ratings junk status could pressure enron day day business operations lead faster insolvency fluid situation said ralph pellecchia senior director new york rating agency fitch inc enron bond ratings one level junk lot conjecture enron dealings dynegy banks wait another event announcement act according fitch enron sitting 1 8 billion cash 1 4 billion reported quarterly report u securities exchange commission nov 19 450 million took last week 1 billion credit line extended investment bankers dynegy deal j p morgan salomon smith barney inc late last week enron also managed extend deadline 690 million partnership related debt due monday mid december although fitch would like see extended mid december help enron much pellecchia said payment obligation arose clause financial agreement triggered rating agency standard poor reduced enron senior unsecured debt rating triple b minus nov 12 credit rating reduced enron admitted risks triggering 3 9 billion additional debt payments would result company failing going concern according quarterly filing paying debts would mean company could service revolving credit accounts fixed income research service creditsights said goal banks cut exposure gain much structural seniority asset liens possible take fees raise rates take total exposure generally improve risk profile multiple scenarios carol levenson analyst gimmecredit another fixed income research service thinks leave unsecured bondholders holding bag bankers supplying liquidity new secured bank lines rumored considering equity investments ones hook unsecured 3 billion bank loans wrote research report issued monday dynegy backs interest self preservation vital bank renegotiations might save enron leave unsecured bondholders patsies investors employees meanwhile still suing enron eli gottesdiener attorney washington c said monday filed lawsuit behalf enron employees lost estimated 850 million enron stock held 401 k retirement accounts charges enron violated federal securities law offering selling enron shares employees without issuing prospectus suit third filed enron alleging company breached fiduciary duty employees encouraging invest stock artificially inflated prices three seek class action status gottesdiener also involved pension class actions new york life insurance co sbc communications inc san antonio reworking details dynegy returned bargaining table talking ailing crosstown rival enron related parties modifying 24 billion merger agreement according sources close deal company enron ceo kenneth l lay headquarters houston date action 7 29 01 bank america citibank abn amro overseas private investment corp u seven lenders 440 million loans asked india highest court right support enron bid withdraw 2 9 billion power plant investment near mumbai india 9 15 01 enron ceo jeff skilling held post six months said leaving personal reasons stock drops 6 83 day 10 03 01 bg group plc buys enron production assets west coast india 388 million cash 10 08 01 enron sells portland general electric 2 9 billion northwest natural gas co 10 22 01 enron stock falls 10 sec begins investigation company relationship two limited partnerships 10 30 01 enron stock price continues take beating 11 05 01 enron feverishly looks sell billions dollars assets generate cash 11 06 01 enron begins talking private equity firms struggles raise 2 billion financing 11 08 01 dynegy confirms talks acquire enron 11 09 01 dynegy buy enron 7 8 billion 11 12 01 dynegy faces challenge enron deal 11 19 01 enron puts wessex water block 11 20 01 ferc pressure approve dynegy enron merger 11 21 01 dynegy says would try quicken pace companies 24 billion merger 11 26 01 enron dynegy reworking terms possible merger source deal www thedeal com copyright 2000 dow jones company inc rights reserved india enron india unit lenders meet uk week 11 27 2001 reuters english news service c reuters limited 2001 bombay nov 27 reuters enron corp troubled indian unit foreign lenders hold separate meetings week decide fate power project considered showpiece india reform programme banking source said tuesday meetings held london friday saturday consider proposals allow dabhol power company 65 percent owned enron pull plug contract sell power giant power project said 2 9 billion 2 184 mw project india largest foreign direct investment shut since june year following dispute sole buyer maharashtra state electricity board mseb departure enron partners would another blow attempts attract foreign investment domestic power sector five foreign companies either pulled announced plans exit sector fed bureaucratic delays legal wrangling past years time parent enron corp united states struggling ward bankruptcy save proposed buyout smaller rival dynegy inc share price already taken beating year widespread investor doubts corporate governance practices enron shares closed 73 cents 15 4 percent 4 01 new york stock exchange nyse monday dipping least 18 year low 3 76 dabhol spokesman bombay confirmed dabhol board meeting november 30 london declined disclose agenda banking source said dabhol board consider giving management authorisation issue final termination notice mseb foreign lenders led citibank bank america meeting london day also consider giving dabhol permission issue notice 1995 agreement dabhol mseb 1995 company needs lenders permission issuing terminating notice issued notice would trigger international arbitration resolve arguments damages mega project dabhol mseb feuding year payment defaults high tariffs dispute stopped work second phase unit 97 percent complete enron fellow u investors general electric co bechtel fed payment defaults already announced intentions exit project agreed sell stake 85 percent either indian government private power company time also proceeded plans cancel contract preliminary cancellation notice issued may year followed final termination notice six months six month deadline expired november 19 dabhol prevented taking final step bombay court acting urgent petition indian lenders termination court asked dabhol issue notice december 3 banking source said dabhol trying secure approvals would actually issue notice november 30 copyright 2000 dow jones source world reporter tm pune youre thinking sending scary anonymous emails think police fast catching technology trace mails friday ratnagiri police arrested pune based computer professional habibuddin sheikh 20 former employee dabhol power corporation dpc sheikh sent email threatening blow dpcs guhagar plant according ratnagiri police dpc received threatening mail last month company targeted venture american giant enron mail said superintendent police vinaykumar chaube immediately formed special team tracked mail cybercafe wanowrie pune cybercafe records revealed sheikh used cyber cafe time day mail received dpc investigators already working hunch mail must handiwork one 1 000 workers retrenched company sheikhs handwriting companys records matched copyright 2000 dow jones company inc rights reserved companies finance americas demand electricity energises gas project dan westell 11 27 2001 financial times c 2001 financial times limited rights reserved companies finance americas demand electricity energises gas project 20 years gas pipeline companies revisiting us canadian plans writes dan westell vision booming demand electricity brought large part north american natural gas pipeline industry together revive 20 year old mega project late 1970 us canadian governments first approved consortium bring gas north slope alaska markets lower 48 states project foundered gas prices sagged last week original pipeline partners six us three canadian companies agreed make new approach alaskan gas producers end year second gas project proposal canadian producers undeveloped fields canada arctic also hoping launch pipeline project year coming terms indigenous peoples north canadian group hopes next month begin preparing regulatory filings pipeline mackenzie river delta mackenzie valley south years quiet northern energy front real prospect gas one project perhaps even projects could flowing 2008 certainly politics something change especially reactions california electricity problems worries security supply heightened terrorism problems middle east companies however long term pipeline projects driven forecasts showing nearly 50 per cent increase us gas consumption 2010 extra gas largely used generate electricity said rocco ciancio spokesman foothills pipe lines one three canadian companies pipeline group preparing pitch alaskan producers pipelines revived interest moving alaskan gas propelled gas spot prices hit usdollars 10 53 per mmbtu january 2 groups already motion including canadian producers led imperial oil large undeveloped gas fields mackenzie river delta north slope producers exxonmobil bp phillips began study early year assess two routes 1 800 miles running east beaufort sea prudhoe bay mackenzie delta south 2 100 miles following existing roads alaskan interior alberta higher prices memory gas slid back usdollars 2 50 per mmbtu wheels three proposals continue turn pipeline group canada transcanada pipelines westcoast energy together foothills affiliates us companies williams duke energy sempra energy international enron pg e el paso planning usdollars 9 7 bn project carry 4 bn cu ft day needs price usdollars 3 per mmbtu viable north slope companies produce 8 bn cu ft gas day byproduct oil prudhoe bay reinject ground way getting known reserves 35 000 bn cu ft let alone potential reserves 100 000 cu ft market preliminary results study however show price usdollars 3 per mmbtu falls short 15 per cent return equity target set study said spokesman curtis thayer want ship gas pipelines proposing requiring bigger pipe believe project require new northern pipeline expansion existing 1 800 mile system alberta chicago handle increased volume priced alaska route usdollars 17 2 bn beaufort mackenzie route usdollars 15 1 bn new technology changes project parameters could cut cost bridging gap foothills group producers producers also pushing governments lower regulatory costs bring certainty tax issues c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved americas bolivia urged handle new found wealth care paul keller 11 27 2001 financial times c 2001 financial times limited rights reserved americas bolivia urged handle new found wealth care gas reserves country needs diversify customer base energy discoveries prove long term cure economic ills alternative cocaine trade paul keller reports discovery large natural gas reserves bolivia led believe landlocked south american country found long term cure economic ills alternative cocaine trade true reserves plentiful analysts say excess supply risk fragile andean economy comes rely heavily hydrocarbon revenues suggest bolivia must handle gas care told government gas saviour bolivia says steven hopper general manager transredes enron shell gas transport utility critical time bolivia find markets gas industry generally optimistic worst scenario gas demand brazil grow strategy president jorge quiroga 41 year old technocrat took ailing ex president hugo banzer august help bolivia go world coca leaf grower gas producer regional energy hub strategy analysts say already paying dividends bolivia beginning realise return gas flowing brazil says one western observer gas seen leading element mid long term recovery speed anticipated benefits bolivia considering selling securities backed tax receipts future gas sales government plans securitise one third income gas sales brazil next 19 years 8 3 bn mining agriculture dominated economy one latin america smallest three year downturn internal demand evaporates value exports plummets us sponsored eradication coca cocaine production also removed significant chunk revenue thus riches influence promised gas symbolise hope country better known recent decades social turmoil military coups nazi asylum seekers omnipresent drugs trade oil gas industrial sectors show growth year first seven months gas production rose 47 9 per cent year year output oil extracted gas production grew 16 1 per cent gearing greater brazilian demand capacity increased bolivia existing gas pipeline petrobras repsol ypf totalfinaelf consortium hopes start building rival pipeline multinationals invested bolivia gas market worry southern cone demand keep pace supply although big bolivia reserves argentina peru also gas develop export brazil vast energy needs bolivia needs diversify gas customer base analysts say proven probable bolivian reserves 46 800 bn cu ft another 23 200 bn cu ft possible reserves venezuela 143 000 bn cu ft reserves gas south america amount gas found grown eightfold since bolivia opened gas market 1997 however current demand gas southern cone estimated around 10 500 bn cu ft quest new markets government backed plan ship natural gas energy hungry us west coast even strong commercial backing 6 bn project led pacific lng consortium made spain repsol ypf british gas british petroleum must still negotiate number political technical hurdles succeed analysts say project present form requires 1 bn 700 km pipeline across andes linking chilean coast bolivia largest gas field margarita owned consortium liquefied gas could shipped mexico piped us needs careful negotiation governments involved us gas distributors la paz optimistic project shipping gas us within five years mr quiroga steps next year spearheaded efforts open us gas market recently predicted gas would open doors bolivia also hopes persuade chile grant access pacific return choosing chilean port site 2 bn liquefaction plant needed pacific lng project peru vying receive bolivian gas analysts expect chile win however analysts continue warn mr quiroga overplay gas card bearing mind industry create masses new jobs well country reliance past expendable resources silver tin luis felipe rivero general manager financial group bisa says great expectations gas become one principal generators revenue creator investment bolivia expectations risk letting slip country basic problems lack education lack health services lack job opportunities corruption c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved usa update 1 enron lawsuit seen wake call pensions andrew kelly 11 26 2001 reuters english news service c reuters limited 2001 houston nov 26 reuters washington c lawyer said monday hopes heavy losses suffered enron corp employees spur congress limit employee investments employers stock 401 k retirement plans many workers lose jobs retirement savings congress steps puts stop placing cap amount company stock 401 k plan lawyer eli gottesdiener asked gottesdiener released statement monday saying filed lawsuit behalf employees beleaguered energy giant lost estimated 850 million enron stock held 401 k retirement accounts suit one four filed enron alleges company breached fiduciary duty employees encouraging invest stock artificially inflated prices two similar suits announced last week seattle law firm dalton gotto samson kilgard also announced one monday four suits seek class action status enron shares fallen high 90 august 2000 less 5 today decline accelerating since oct 16 amid series disclosures deteriorating finances like many companies enron makes matching contributions employees 401 k retirement accounts stock also requires hold stock receive matching contributions turn 50 enron employees also prevented selling enron stock held retirement accounts several weeks mid october due change retirement plan administrator gottesdiener said investment advisors recommend investing 15 percent portfolio single stock participants 401 k plans offering employer stock choice typically hold 33 percent portfolio stock congress sensibly placed 10 percent limit company stock traditional defined benefit plans back 1974 behest corporate lobby placed cap defined contribution plans said absence cap defined contribution 401 k plans completely indefensible said gottesdiener suit alleges enron violated federal securities law offering selling enron stock employees without issuing prospectus proven would give workers right reverse purchases said gottesdiener also involved class action pensions litigation new york life insurance co sbc communications inc copyright 2000 dow jones company inc rights reserved usa calif attorney gen l examine dynegy enron deal 11 26 2001 reuters english news service c reuters limited 2001 sacramento calif nov 26 reuters california attorney general examine dynegy inc bid buy much larger energy rival enron corp officials said monday adding potential new wrinkle troubled 9 billion merger proposal reviewing merger anti trust concerns said sandra michioku spokeswoman attorney general bill lockyer michioku said still far early say position california would take proposed merger involves two companies often publicly blamed helping create california energy crisis year dynegy among five energy companies named lawsuit filed may lt gov cruz bustamante alleging energy price manipulation several southern california power plants owns dynegy denied accusation enron owning generation plants california major national player energy trading natural gas transmission merged dynegy market presence state could create major new energy powerhouse proposed merger plagued uncertainty amid news major new enron debt resulting slump share price already examined federal trade commission federal energy regulatory commission california regulators could present roadblock successful completion deal state could also leverage influence merger renegotiate number long term energy deals dynegy signed months ago height power crisis criticized bad deal state consumers copyright 2000 dow jones company inc rights reserved dynegy may modify enron purchase terms people say update 2 2001 11 27 00 23 new york dynegy may modify enron purchase terms people say update 2 adds reports stock ratio bank extensions seventh eighth paragraphs houston nov 26 bloomberg dynegy inc may renegotiate terms proposed 22 9 billion purchase enron corp whose shares fallen 54 percent since merger announced people familiar talks companies said executives two energy trading companies discussed possible changes terms weekend people said offer made nov 9 values enron 10 54 share dynegy stock enron stock closed 4 01 indicating investors believe sale completed original terms enron seeking much 2 billion equity investment moody investors service weighing whether downgrade credit rating energy trader said last week debt higher earlier reported enron needs offer attractive terms risk losing support dynegy investors deal needed save company analysts said choices fairly stark renegotiate deal file chapter 11 said john olson analyst sanders morris harris neither enron spokeswoman karen denne dynegy spokesman john sousa would comment whether talks new buyout agreement underway current terms call exchange ratio 0 2685 share dynegy stock enron share given recent disclosures enron debt drop stock price fairer ratio would 0 15 share dynegy said ronald barone ubs warburg analyst rates dynegy strong buy half price enron dynegy talking cutting ratio less 0 15 would value stock portion transaction 5 billion less 6 per enron share wall street journal reported citing people close discussions addition companies may announce early today extension banks repayment enron debt 500 million cash infusion citigroup inc j p morgan chase co agreement would keep purchase intact despite lawsuits enron employee retirement plan new york times said renegotiate deal half original price get really attractive earnings said gordon howald analyst credit lyonnais rates dynegy buy current terms deal makes sense dynegy enron earns 85 cents howald said barone reduced estimate enron 2002 earnings 1 65 share 75 cents dynegy shares fell 1 15 2 9 percent 39 25 additional financing new terms may necessary enron get additional 2 billion financing seeking investors said people looked enron willing put kind money sends message core businesses trading pipelines energy management still sound said kathleen vuchetich helps manage 1 4 billion assets strong utilities fund 4 3 percent dynegy stock enron debt payments 9 billion due end 2002 less 2 billion cash credit lines left company said filing last week cash reserves run low enron credit rating may cut investment grade would trigger 3 9 billion debt repayments two affiliated partnerships moody investors service issued report enron since company filed 10 q quarterly report securities exchange commission last week nov 9 rated enron debt one notch junk rating company analysts return calls seeking comment today egan jones ratings co lowered rating enron credit today bb bb level investment grade write houston based company also said filing 690 million note due week may reduce fourth quarter earnings 700 million write would come used stock guarantee debt owed affiliated partnership value stock plunged wednesday enron got three week reprieve lenders 690 million note closed 450 million credit line dynegy chief executive officer chuck watson said encouraged developments enron negotiating restructure debt denne said today j p morgan citigroup executives met today line investors willing buy 2 billion bonds convertible enron stock many enron trading partners shunning company analysts say enron 2002 earnings may hurt rather boost dynegy earnings watson projected deteriorating daily value assets dynegy trying buy trading marketing businesses deteriorating daily basis counterparties back trading dealing enron said mike heim securities analyst g edwards dynegy shares remain predeal levels wishful thinking dynegy spokesman says company post annual earnings growth 20 25 next two years even without enron declined comment merger negotiations except say dynegy continuing due diligence enron enron spokesman declined comment deal talks things stand monday evening well deal looks increasingly unlikely happen least terms nov 9 sickening slide last week enron tanked monday dropping 15 4 01 current deal terms dynegy paying around 10 50 enron share based current stock price 60 gap says deal get done world wife know deal needs go enron maintain investment grade credit rating necessary survival clearly every hour counts fast unwinding situation enron core trading business deep trouble power market players cut exposure company draining precious cash result two options exist first rescue effort involving dynegy rating agencies bank creditors like j p morgan chase citigroup working revise merger agreement find cash buy enron time could involve changing stock swap ratio give dynegy cheaper price banks possibly extending debt joining investors inject equity scenario dynegy seeing cash hemorrhage skeletons closet deciding back altogether leaving enron rescuer future dynegy resilient stock price suggests market grasped impact enron bankruptcy would dynegy trading firms surprised moment see one last attempt salvage dynegy rescue merger new terms several banks exposed enron presumably try almost anything including extending debt keep company afloat keeping deeply distressed enron investment grade rating rating agencies moody shown willing bend banks wishes probably capitulate pressured bank honchos careful wish swallowing enron would hardly good dynegy appears underestimated former problems amazingly couple weeks back company expected enron make 1 50 per share 2002 goldman sachs expecting 50 cents even merger gets done dynegy ended paying say 3 share enron people would doubt hail low enough price cover worsened fundamentals legal liabilities nasty surprises could spring enron notoriously murky books recall dynegy also would taking enron 13 billion debt include debt return capital calculations deal still looks untenable alternatively enron may deteriorating fast save also bad dynegy damage done company depleted energy market activity recognized risk enron collapse could leave dynegy dangerously unhedged many trades mean dangerous let say dynegy agreed buy power company x period time sell enron enron goes obligation buy dynegy obviously disappears dynegy easily back commitment buy power company x another potential risk market really recognized enron allegedly aggressive booking upfront profits forward market deals enron spokesman declined comment allegation deals done trading houses possibly dynegy words enron ways may contaminated whole market frequently told enron energy market drexel burnham junk bond market 80 enron absence many aggressive deals may unwound meanwhile auditors frantic bid cover behinds would start telling trading companies lot conservative much profit book forward deals suddenly fat margin deals evaporate earnings estimates get slashed checkmate sides