text_combined: enron mentions enron lay turns severance pay wall street journal 11 14 01 enron ceo cut stakes firms sits director seat wall street journal 11 14 01 enron chief give severance new york times 11 14 01 companies finance americas regulators face new boundaries enron deal financial times 11 14 01 front page companies nov 14 2001 enron chief relinquishes severance pay los angeles times 11 14 01 enron ceo says 60 6 million washington post 11 14 01 enron lay sells shareholdings companies wsj reports bloomberg 11 14 01 greenspan takes energy rice award presentation houston chronicle 11 14 01 usa enron lay says hefty pay package reuters english news service 11 14 01 enron chairman lay decides forgo 60 6 million severance payment dow jones business news 11 14 01 enron chairman says take dlrs 60 million compensation package dynegy deal closes associated press newswires 11 14 01 enron ceo turn 60 6 million severance pay houston chronicle 11 14 01 enron offers reasons selling dynegy houston chronicle 11 14 01 enron chief may hit jackpot ceo contract calls giant payout control changes globe mail 11 14 01 city enron chief line 60 payout daily telegraph 11 14 01 mark market retail sales surge free money capital markets report 11 14 01 stick sucker economic times 11 14 01 deal made dynegy must make work chicago tribune 11 14 01 dynegy defends merger partner ceo says enron errors illegal chicago tribune 11 14 01 usa update 1 calpers calls enron board step aside merger reuters english news service 11 13 01 enron ceo helps present greenspan award associated press newswires 11 13 01 calpers opposes enron board members appt dynegy board dow jones energy service 11 13 01 jesse jackson asks energy companies hire minorities dow jones business news 11 13 01 calpers speaks enron business wire 11 13 01 enron names raymond bowen treasurer dow jones news service 11 13 01 usa enron names raymond bowen treasurer reuters english news service 11 13 01 usa enron earnings restatement sign deceit suits reuters english news service 11 13 01 usa p says dynegy deal saves enron junk rating reuters english news service 11 13 01 enron board step aside new company calpers says bloomberg 11 13 01 enron ceo accept 60 6 mln severance spokesman says bloomberg 11 13 01 switzerland swiss ewz suspends planned power venture enron reuters english news service 11 14 01 enron lay turns severance pay rebecca smith john r emshwiller staff reporters wall street journal 11 14 2001 wall street journal 3 copyright c 2001 dow jones company inc enron corp said chairman kenneth lay decided forgo severance payment 60 6 million could triggered dynegy inc planned acquisition enron mr lay decision capped day appears changed mind matter least twice early day enron filing securities exchange commission laid mr lay severance package midday enron indicated mr lay would keep one third payout would take stock combined company intended donate one third foundation help displaced enron employees remaining third would cover income tax liabilities end day enron spokesman mark palmer said mr lay following meeting enron energy traders decided taking severance pay though mr lay attend traders meeting senior managers told opinions expressed receive payment mr palmer said decided cleanest thing waive payment opinions traders carry particular weight produce enron profits questions mr lay directed mr palmer said spoken mr lay company officials day initial disclosure mr lay hefty severance payment raised new questions willingness sell enron share price third market price month ago last friday mr lay even said enron options dynegy purchase might allowed energy company remain independent though declined elaborate things desperate alternatives mr lay said 59 year old mr lay executive position combined company though might director 12 months ended aug 31 mr lay received 70 million exercise enron options according disclosure reports compiled thomson financial last year mr lay paid 8 3 million salary bonus 10 million stock awards compensation enron nation largest energy trader saw stock collapse recent weeks following series disclosures company extensive dealings partnerships run officers dealings investigation sec last friday enron agreed acquired far smaller houston based dynegy stock currently valued 10 7 billion merger agreement still must approved regulators shareholders two companies separately california public employees retirement system owns three million enron 500 000 dynegy shares said would oppose appointment current enron board member board combined company michael flaherman chair calpers investment committee said appeared enron board failed responsibility monitor activities enron executives mr palmer enron spokesman said mr lay provisions employment contract protect sudden change control 1989 forward february 2000 enron stock trading 60 70 share mr lay widely lauded performance negotiated bigger severance package previously last august chief executive jeffrey skilling quit unexpectedly mr lay assumed mr skilling duties contract term extended two years dec 31 2005 terms contract mr lay entitled payment 20 2 million every full calendar year left employment contract event employment terminates within 60 days change control thus mr lay entitled three full years payments 60 6 million mr lay took charge houston natural gas co 1984 regional pipeline company member family benefit enron heady rise global energy giant sec filings show recent years sister mr lay sharon lay son mark lay received millions dollars salary commissions bonuses related ms lay travel agency paper products company connected younger mr lay mr palmer said cheap shot criticize lay family pertinent transactions reported several annual proxy statements contracts bid fairly awarded mr palmer said ms lay said travel agency president half owner enron business competitive bidding providing best service possible mark lay reached comment coming top disclosures enron dealings partnerships run executives relationships lay family members company raise questions enron willingness keep separate corporate personal interests former chief financial officer andrew fastow possibly enron executives made millions dollars partnerships mark lay dealings enron date back 1994 according available sec filings may 1997 mark lay certain individuals together officers directors shareholders company called paper print management corp ppmc entered employment agreements enron unit enron capital trade resources according enron 1998 proxy statement individuals helped set clearinghouse purchase sale finished paper products according sec filing mr palmer said effort formed rudiments enron profitable paper pulp trading business part deal enron agreed reimburse ppmc 1 million certain expenses mark lay colleagues also agreed convey enron certain intangible property rights ppmc mark lay also got three year employment contract enron vice president enron capital trade got signing bonus 100 000 minimum monthly salary 12 500 minimum annual bonus 100 000 1997 1999 option purchase 20 000 enron shares mark lay longer enron attending seminary said mr palmer since 1985 sharon lay firm lay wittenberg travel agency park inc provided travel arrangements employees enron predecessor company work agency received 6 8 million 1996 2000 interview yesterday ms lay said enron accounted half firm revenue years said brother position problem asset since led assume worked hard enough get enron business copyright 2000 dow jones company inc rights reserved inside track enron ceo cut stakes firms sits director seat cassell bryan low staff reporter wall street journal 11 14 2001 wall street journal cl 4 copyright c 2001 dow jones company inc kenneth l lay enron corp embattled chairman chief executive recent weeks cashed nearly 2 million shares companies sits board mr lay 59 years sold 1 2 million shares quarter holdings compaq computer corp director 14 years first sale houston based company shares since 1999 disposed 124 596 shares oct 29 9 25 leaving 340 724 share stake apart two directors resigned compaq insider sold shares year sale comes computer company awaits completion planned merger hewlett packard co deal board repeatedly said supports nov 7 news release board including mr lay said reaffirmed strong support proposed merger day earlier h p founding hewlett family controls 5 h p stock said intended oppose merger throwing deal future uncertainty compaq shares traded 8 80 1 14 4 p new york stock exchange composite trading yesterday sale mr lay said related views merger negative reflection compaq said mr lay also sold shares drug maker eli lilly disclosed regulatory probe complex transactions balance sheet partnerships shares recovered ground since friday announcement dynegy inc rival houston independent power producer plans acquire enron shares enron traded 9 98 74 cents 8 big board 4 p previously reported mr lay sold 25 7 million enron shares year stock fell 78 44 remaining stake valued 28 million 2000 earned salary 1 3 million bonus 7 million plus 7 5 million enron restricted stock benefits including use personal plane according enron proxy statement mr lay enron ceo 1985 february year resumed post successor jeffrey skilling stepped august six months job time mr lay agreed stay 2005 employment agreement provides lump sum payment change control proposed merger dynegy according regulatory document filed yesterday deal expected close sometime next year case mr lay would entitled 60 6 million contract terminates employment within 60 days merger addition mr lay entitled amount related tax penalties payment deemed constitute excess parachute payment filing said mr lay also serves board eott energy corp general partner eott energy partners lp newpower holdings co mr lay also recently sold stake 2 technologies inc according spokesman following mr lay resignation board company oct 25 serving year march 2001 owned 13 000 shares dallas business software company stake would valued 64 000 time resigned robin sidel contributed article copyright 2000 dow jones section c markets market place enron chief give severance richard oppel jr floyd norris 11 14 2001 new york times page 1 column 5 c 2001 new york times company trying quell furious reaction employees outraged stood profit merger dynegy inc kenneth l lay chairman chief executive enron corporation decided late yesterday give severance package worth 60 million tumult enron headquarters houston began company disclosed securities filing earlier day mr lay line collect 60 6 million pay deal closed next year 20 2 million every full calendar year left employment contract mr lay popular leader enron grew last 15 years pipeline operator nation largest energy trader business largely invention employees shared gains though none gained much mr lay collected 300 million since 1989 mostly exercising stock options value employees stock options 401 k accounts evaporated fall enron shares plummeted amid concerns company accounting practices traders workers started day yesterday gossiping angrily mr lay severance package afternoon meeting employees company core natural gas electricity trading operation provides far biggest part enron profits quite bit concern raised news people seeing change control payment mark palmer enron spokesman said 4 p central time two senior executives attended meeting john lavorato louise kitchen told mr lay reaction employees ken made decision shortly thereafter best thing would waive payment altogether mr palmer said even dynegy directors later voted award mr lay new severance agreement would turn mr palmer added ken said absolute cleanest way remove doubts going profit result change control mr palmer said issue causing enough concern among employees wanted deal severance pay awkward matter mr lay last week reason enron acquired putting severance clauses employment contract effect financial problems occurred watch company shares lost almost 90 percent value peaking summer 2000 merger discussions last week mr lay told dynegy chairman charles l watson wanted rework severance package mr palmer said monday mr watson disclosed mr lay wanted much severance form stock options yesterday afternoon enron officials saying mr lay planned take two thirds severance stock noncash compensation said wanted give half amount one third total package establish charitable foundation benefit enron employees hour later enron said mr lay would give severance entirely mr lay decided whether accept invitation board combined company called dynegy deal could still fall victim antitrust objections disclosures financial problems enron whether mr lay gesture placate enron traders deluging energy trading companies resumes remains seen dynegy known much conservative firm enron analysts renewed concerns yesterday cultural clash draining talent value combined company much top talent going door know dynegy gets said senior executive another rival firm stunning near collapse enron bankruptcy averted analysts say dynegy acquisition closes chapter one influential careers history energy business ugly circumstances enron downfall including revelation partnerships used move debt company balance sheet enron overstated profits last five years almost 600 million left mr lay reputation tatters months ago mr lay widely hailed decried circles genius behind energy deregulation friend george w bush elected president policies favored enron front center administration energy policy mr lay retired day day management making plans pursue new business interests assumed chief executive post enron august unexpected resignation handpicked successor jeffrey k skilling accounting problems swiftly unfolded weeks followed monday mr lay said might revive business plans set aside summer declined say plans even without severance package mr lay become enormously wealthy running enron told 1989 year mr lay collected 13 million salary exact salary year known 26 8 million cash bonuses sums dwarfed 266 7 million profits received selling stock bulk income exercising options came last four years 13 1 million 1998 43 9 million 1999 123 4 million 2000 20 7 million year year sold stock prearrangement every trading day july 31 stopped wanting appear selling stock price declining options cashed recent years well owns badly money enron current stock price 9 98 peak reached 2000 90 75 bonus 2000 7 million award enron board said based company rising profits high shareholder return company restated profits last week explaining improperly applied accounting rules said 40 percent profit 2000 came transactions partnerships controlled andrew fastow enron chief financial officer company stock price free fall questions fastow partnerships prompted investigation securities exchange commission fell 7 share wake disclosures lowest price stock since 1991 rebounded nearly 10 dynegy agreed acquire company stock swap january enron board awarded another bonus mr lay 3 6 million based entirely company shareholder return 1997 2000 came 294 percent company said return since wiped also january mr lay awarded 106 578 shares restricted stock vest periodically 2004 shares vest dynegy deal completed value plunged award still worth 1 million still mr lay suffered huge paper losses year end 2000 5 1 million options could exercised profits 257 5 million another 1 5 million options would worth another 104 1 million enough time passed could exercised assuming share price stayed level exercised 565 928 options year making profit 20 7 million ones exercise water photo kenneth l lay chief executive enron decided give severance 60 million complaints employees associated press pg cl 0 graph paid perform compensation kenneth l lay enron chief executive risen fallen performance company stock graph tracks mr lay income enron year end stock price since 1989 pg cl 0 copyright 2000 dow jones company inc rights reserved companies finance americas regulators face new boundaries enron deal nancy dunne peter spiegel 11 14 2001 financial times c 2001 financial times limited rights reserved regulators wading competitive landscape following dynegy offer buy enron scrutinising new industry traditional yardsticks like market definition barriers entry yet determined make gaining approval 10 bn deal uncertain complicated task experts said dynegy enron insisted merger combine largest energy trading company world one largest competitors approved federal regulators without significant conditions divestitures competition lawyers said week market energy trading new indeed created enron 1990 federal agencies spend months finding rivals compete order develop guidelines measure merger impact track record said ernest gellhorn antitrust expert george mason university deal reviewed state federal agencies critical approvals come federal energy regulatory commission ferc us antitrust agencies central antitrust review competition authorities define market big companies included competitors market share divided former antitrust officials said enron might forced resort failing firm defence occasionally used companies large market shares attempting add dominant position robert mctamaney antitrust partner carter ledyard milburn said failing firm route may difficult dynegy enron prove since requires showing without merger enron trading business would exit market completely helping companies however relative ease competitors enter trading market experts said analysis barriers hinge whether rivals successfully argue level expertise industry sophisticated enron trading technologies specialised would impossible new entrants duplicate company operations dynegy executives said expect scrutiny ferc though rarely rejects mergers guidelines put emphasis speed reviews c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved front page companies nov 14 2001 sheila mcnulty peter thal larsen ken lay chairman chief executive enron set turn dollars 60 6 pay entitled following troubled power group takeover dynegy mr lay oversaw enron rapid rise subsequent collapse sale dynegy due payment employment contract extended resumed full control company august 2001 however mr lay decided yesterday meeting enron employees would turn payment ken lay accept dollars 60 leaves enron spokeswoman said felt like right thing according filing securities exchange commission mr lay entitled dollars 20 2 cash every remaining year employment contract leaves enron within 60 days company taken mr lay decision sharp contrast senior us executives negotiated accepted golden parachutes guarantee large payments even oversaw large scale destruction shareholder value mr lay previously come fire shareholders selling enron shareholding collapse company stock price january july year sold enron shares estimated value dollars 27 5 close trading yesterday enron valued dollars 7 5 bn compared peak dollars 65 9 bn august last year terms part mr lay original employment contract due expire december 2003 august following sudden departure chief executive jeff skilling enron board extended mr lay contract two years time contract extension seen attempt mr lay restore investor confidence company also ensured would receive additional dollars 40 4 left following sale dollars 10 8 bn dynegy takeover mr lay expected give executive responsibilities may join combined group board directors affect eligibility pay deal requires approval us competition authorities expected completed next year copyright financial times limited 1995 1998 business financial desk enron chief relinquishes severance pay jerry hirsch times staff writer 11 14 2001 los angeles times home edition c 1 copyright 2001 times mirror company enron corp chief executive kenneth l lay tuesday waived severance payment least 60 million due dynegy inc completes expected acquisition enron next year company officials said potential payment disclosed securities exchange commission regulatory filing tuesday would undoubtedly sparked additional controversy given lay primary role sharp fall enron stock worsening financial condition led dynegy deal payment would one biggest rewards failure corporate history said graef crystal leading compensation expert payment would topped nearly 40 million mattel inc paid former chief executive jill barad ousted 2000 spending 3 6 billion purchase money losing software business company eventually gave away technology group return slice future profit would almost double 35 million severance collected former xerox corp chief executive richard thoman fired may 2000 disastrous reorganization copier company sales force according enron spokeswoman karen denne lay spoke number employees tuesday decided best course action would waive right payment instead denne said combined company would decide best use funds lay enron run storm criticism recent weeks disclosure series partnerships dismissal several top executives invested ventures news partnerships losses forced houston based company restate earnings last week reducing corporate profits last four years 586 million 20 2 3 billion shareholders filed series lawsuits enron charging company failing disclose key information operations financial structure negative disclosures sparked cash crunch threatened enron collapse saved agreement friday acquired houston based dynegy 9 billion shareholders watched value enron shares decline almost 90 high nearly 90 aug 23 2000 shares closed tuesday 9 98 74 cents new york stock exchange ceo already reaped 150 million options according regulatory filing lay stood collect 20 2 million year plus certain extraordinary tax expenses full years remaining contract company acquired dynegy deal completed expected next year lay payment would totaled least 60 6 million contract ends dec 31 2005 lay already reaped 150 million stock option gains last two years alone gains part made possible rosy enron profit statements company restated downward last week crystal said good move waive payment crystal said payment give back probably another 100 million option profits give back correctly stated books stock would risen high would made much exercising stock options company stock option gives holder right purchase share company predetermined price options common executive pay incentive allowing individual purchase sell shares pocketing gains appreciation lay made 123 million transactions last year 26 million year crystal said lay since 1989 change control clause awards special payment enron changes hands company described clause standard part executive employment agreements common many companies wall street analysts said liability payment would dynegy problem point merger completed enron shareholders already suffered damage going see enron clearly lost vast majority shareholders last six months piecemeal disclosure destruction shareholder value loss credibility said andre meade commerzbank securities new york john sousa spokesman dynegy said company aware severance clause factored expense acquisition believe strong financial transaction regardless potential payment lay photo enron ceo kenneth lay run storm criticism recently photographer associated press copyright 2000 dow jones company inc rights reserved financial enron ceo says 60 6 million peter behr washington post staff writer 11 14 2001 washington post final eol copyright 2001 washington post co rights reserved kenneth lay chairman chief executive enron corp decided yesterday forgo expected 60 6 million severance payment impact enron plunging stock price company employees spokesman said yesterday lay preparing accept severance payout would triggered completion enron purchase rival houston energy company dynegy inc deal announced friday enron faced cash crisis disclosing overstated earnings 586 million past four years improper accounting treatment investments outside partnerships managed chief financial officer severance package reported yesterday bloomberg news included blistering comment andrew whalley manager trust sold 5 million enron stock april concerns enron financial reports bloomberg said whalley called settlement ridiculous amount money pay chairman company suffered textbook financial collapse obviously knowledge going enron spokesman karen denne said around midafternoon yesterday lay intended donate one third severance enron employees keep one third use remainder pay taxes entire package lay built enron world largest energy trading company entitled payment 20 2 million multiplied year remaining employment contract terminated expires end 2005 purchase dynegy expected close 2002 assuming regulatory approvals forthcoming giving lay three years payments lay said last week retire deal done denne checked lay later afternoon told decided accept severance payment meeting yesterday enron employees realized extremely sensitive given financial condition enron employees denne said many enron employees hold company stock savings retirement plans stock price fallen high 90 share august 2000 low 8 41 last thursday enron price picked since purchase announcement closing 9 98 yesterday dynegy agreed pay 23 billion enron 10 billion stock 10 share deal announced assuming enron debt rest lay compensation increased nearly threefold 18 3 million last year company annual revenue reached 100 billion stock hit time high lay realized gain 123 4 million exercising stock options last year entitled purchase 782 830 shares enron stock next seven years stock options according company filing grants currently worthless collapse enron stock price http www washingtonpost com copyright 2000 dow jones company inc rights reserved enron lay sells shareholdings companies wsj reports 2001 11 14 05 53 new york houston nov 14 bloomberg enron corp chairman chief executive officer kenneth lay selling shares companies board member wall street journal said lay sold 1 2 million 25 percent interest compaq computer corp director 14 years paper reported also sold 16 percent stake 10 000 shares drugmaker eli lilly mikhail gorbachev former president soviet union colin powell u secretary state however greenspan declined cash crystal sculpture accompany prize logical greenspan talked energy considering award named energy trading company institute researching energy supply security issues home institute world energy capital economic policymakers understandably focus impact tragedy sept 11 weakening economy followed events essential lose sight policies needed ensure long term economic growth greenspan said one important objectives policies assured availability energy imperative anything elevated heightened tensions middle east area harbors two thirds world proven oil reserves greenspan reviewed nation experiences seesawing energy prices episodes imbalances supply demand also discussed technologies augment energy supplies including coal mining nuclear power fusion power energy issues present policymakers citizens difficult decisions trade offs make outside market process always national security environmental concerns need addressed setting policy greenspan said end speech greenspan answered pre selected written queries audience students faculty invited guests one questioner asked state economy caused greenspan second guess monetary policies greenspan rephrased question whether made mistake much rhetoric effect said notion people monetary policy changes one little notch economy goes clearly never case case today greenspan said evening ended james baker former u secretary state treasury ken lay head enron presenting greenspan award rice university officials said premature know whether name enron prize changed sale enron dynegy completed lay indicated award would live said looking forward first woman recipient usa enron lay says hefty pay package andrew kelly 11 14 2001 reuters english news service c reuters limited 2001 houston nov 13 reuters enron corp chairman ken lay turned chance cash company financial troubles refusing accept 60 million payment due proposed buyout power trading rival dynegy inc goes company spokeswoman said tuesday decided right take money circumstances confronting company enron spokeswoman anne denne said enron nation top trader gas electricity agreed friday bought much smaller dynegy stock swap worth 9 billion controversy questionable business deals sapped finances point near collapse discussions employees today decided right thing going leave combined company determine best use money denne told reuters lay contract runs 2005 calls get 20 2 million full year left contract enron taken another company enron dynegy officials said expect complete merger third quarter next year denne said clause known corporate circles golden parachute contract since 1989 standard provision chief executives denne said lay told enron employees decision company wide e mail enron gun wall street since mid october said shareholder equity cut 1 2 billion balance sheet deals partnerships run former chief financial officer andrew fastow u securities exchange commission launched investigation transactions sent enron stock credit ratings tailspin drained cash trading partners refused extend credit friday enron dynegy said agreed merge seemed firesale price enron last year 100 billion revenues 1 billion earnings also tuesday night lay presented enron prize distinguished public service federal reserve chairman alan greenspan event rice university houston previous winners included likes nelson mandela mikhail gorbachev prior accepting award greenspan told students important thing anyone business world ethical deny extraordinary amount activity business community less exemplary best chance making big success world decide square one going ethically said copyright 2000 dow jones company inc rights reserved enron chairman lay decides forgo 60 6 million severance payment 11 14 2001 dow jones business news copyright c 2001 dow jones company inc enron corp said chairman kenneth lay decided forgo severance payment 60 6 million could triggered dynegy inc planned acquisition enron wednesday wall street journal reported mr lay decision capped day appears changed mind matter least twice early day enron filing securities exchange commission laid mr lay severance package midday enron indicated mr lay would keep one third payout would take stock combined company intended donate one third foundation help displaced enron employees remaining third would cover income tax liabilities end day enron spokesman mark palmer said mr lay following meeting enron energy traders decided taking severance pay though mr lay attend traders meeting senior managers told opinions expressed receive payment mr palmer said decided cleanest thing waive payment opinions traders carry particular weight produce enron profits questions mr lay directed mr palmer said spoken mr lay company officials day initial disclosure mr lay hefty severance payment raised new questions willingness sell enron share price third market price month ago last friday mr lay even said enron options dynegy purchase might allowed energy company remain independent though declined elaborate things desperate alternatives mr lay said 59 year old mr lay executive position combined company though might director 12 months ended aug 31 mr lay received 70 million exercise enron options according disclosure reports compiled thomson financial last year mr lay paid 8 3 million salary bonus 10 million stock awards compensation enron ene nation largest energy trader saw stock collapse recent weeks following series disclosures company extensive dealings partnerships run officers dealings investigation sec friday enron agreed acquired far smaller houston based dynegy dyn stock currently valued 10 7 billion merger agreement still must approved regulators shareholders two companies separately california public employees retirement system owns three million enron 500 000 dynegy shares said would oppose appointment current enron board member board combined company michael flaherman chair calpers investment committee said appeared enron board failed responsibility monitor activities enron executives copyright c 2001 dow jones company inc rights reserved copyright 2000 dow jones company inc rights reserved enron chairman says take dlrs 60 million compensation package dynegy deal closes kristen hays associated press writer 11 14 2001 associated press newswires copyright 2001 associated press rights reserved houston ap enron corp chairman ken lay turned dlrs 60 6 million stood receive nation top buyer seller natural gas merged smaller stronger rival dynegy inc told employees given lot thought last days light circumstances surrounding company listening employees decided best thing waive right payment enron spokesman vance meyer said lay decided best forego enron compensation package consulting employees tuesday let work know decision via voicemail meyer said compensation package merger related payment lay eligible enron dynegy spokesman john sousa said company unsure lay could receive retirement package enron conference call scheduled 1430 gmt dynegy purchase enron worth least dlrs 9 8 billion stock would trigger clause lay contract gives lump sum dlrs 20 2 million full calendar year remaining contract change control enron according documents filed tuesday securities exchange commission lay contract houston based enron runs 2005 dynegy executives said hope complete acquisition enron next summer houston based energy marketer assume dlrs 13 billion enron debt enron name vanish deal completed investors continued bid companies shares tuesday second day trading following announcement deal dynegy shares rose dlrs 2 63 6 percent close dlrs 44 94 new york stock exchange enron shares rose 74 cents 8 percent close dlrs 9 98 enron shares gained 17 percent since thursday day merger announced shares still fraction 52 week high dlrs 84 87 dynegy entered talks buy enron last month trading giant stock price plunged 80 percent weeks following enron posting dlrs 618 million third quarter loss company also disclosed dlrs 1 2 billion reduction shareholder equity related partnerships run company officers allowed enron keep half billion dollars debt books partnerships investigation securities exchange commission enron ousted chief financial officer andrew fastow ran partnerships restated earnings back 1997 actions failed restore investor confidence chuck watson dynegy chairman chief executive retain roles combined company lay steps deal done enron spokeswoman karen denne said tuesday compensation provision given merger change control lay contract since 1989 protections common chief executive officers said february jeff skilling replaced lay president ceo enron lay retained title chairman lay stepped back roles skilling unexpectedly resigned august citing personal reasons net http www enron com http www dynegy com ap photos htl 01 htl 06 copyright 2000 dow jones company inc rights reserved nov 14 2001 houston chronicle enron ceo turn 60 6 million severance pay laura goldberg copyright 2001 houston chronicle ken lay enron corp chairman chief executive take 60 6 million severance would due dynegy closes deal buy troubled company lay made decision tuesday employees sentiments money relayed enron spokesman mark palmer said floor meeting tuesday energy traders marketers back office employees discuss merger lay severance active topic apparently palmer said adding quite bit concern expressed documents variety enron matters including lay severance filed federal securities regulators tuesday morning employment contract lay ends employment within 60 days called change control gets lump sum payment equal number full calendar years left employment contract times 20 2 million merger announced friday expected close six nine months lay contract runs dec 31 2005 palmer said change control clause lay contract since 1989 lay management role combined company called dynegy offered seat new board decided whether take lay contract set expire dec 31 2003 extended august ceo jeff skilling unexpectedly resigned lay jumped back former job chief executive declining money palmer said best way lay assure employees profit severance provision last year lay made 18 3 million various forms compensation including 7 million bonus according enron march proxy statement also awarded options buy 782 830 shares enron stock specified prices number years options though worthless current enron stock prices year aug 21 lay made 25 5 million exercising options selling shares graef crystal compensation expert writes column bloomberg news said lay made average 31 5 million year 1993 2000 various forms compensation including exercising options selling shares crystal said dynegy friday announced deal buy rival almost 9 billion stock plus assumption almost 13 billion debt 2 billion preferred stock price came bargain basement rates company whose shares recently late january closed 82 tuesday shares enron closed 9 98 among enron woes securities exchange commission investigation questions wall street financial reporting practices shareholder lawsuits investors reacted negatively word lay could get 60 6 million ridiculous happened said donald coxe manages harris insight equity fund end last month owned 78 000 shares enron idea would golden parachute somebody parachute captain sent stockholders plane without parachute strikes pretty odd even tuesday lay ideas severance early last week palmer said lay proposed chuck watson dynegy chairman chief executive get two thirds due noncash payment stock merged company half noncash payment lay wanted set foundation provide assistance enron employees need significant portion rest according plan would cash cover taxes dynegy declined immediate comment lay tuesday decision carol coale analyst prudential securities houston quipped might stave one shareholder lawsuit bottom form 1 nov 14 2001 11 25 pm houston chronicle enron offers reasons selling dynegy underperforming assets heavy debt cited laura goldberg copyright 2001 houston chronicle among enron corp reasons agreeing bought rival dynegy underperforming assets draining cash earnings debt load stretching company enron faced loss confidence financial markets departures senior executives also played decision documents filed enron tuesday federal securities regulators said agreeing merger dynegy enron also considered staying independent infusion private equity infusion strategic partner friday two companies announced dynegy would buy enron almost 9 billion stock plus assumption almost 13 billion debt 2 billion preferred stock deal enron shareholders get 0 2685 share dynegy per enron share ratio subject downward revision certain circumstances documents said also chevrontexaco dynegy shareholder gave dynegy 1 5 billion dynegy tuesday injected money enron aiming shore core energy trading operation return money dynegy gets preferred stock rights enron northern natural gas pipeline system deal close dynegy could buy northern natural gas includes 17 000 miles natural gas pipeline filings say dynegy right buy northern natural gas first subject right enron repurchase northern natural gas merger close dynegy certain circumstances option instead convert stake northern natural gas enron stock also note documents enron finish second downtown office tower construction keep moving employees new building time merged company assume rights obligations enron naming rights deal enron field enron also made filings securities exchange commission concerning agreements announced nov 1 get 1 billion credit lines j p morgan chase co citigroup filing detailed provision agreements based enron current credit rating would prevented tapping lines enron spokesman said tuesday banks waived provision also tuesday enron said named company executive raymond bowen jr treasurer replace ben glisan fired last week dynegy stock continued upward movement tuesday closing 2 63 higher 46 94 bottom form 1 report business international enron chief may hit jackpot ceo contract calls giant payout control changes kristen hays associated press bloomberg business news 11 14 2001 globe mail metro b 9 material copyright c bell globemedia publishing inc licensors rights reserved houston enron corp chairman chief executive officer kenneth lay stands receive 60 6 million u top buyer seller natural gas united states merged smaller stronger rival dynegy inc dynegy purchase enron worth least 9 8 billion stock would trigger clause mr lay contract gives lump sum 20 2 million full calendar year remaining contract change control enron according documents filed yesterday u securities exchange commission mr lay contract houston based enron runs 2005 dynegy executives said hope complete acquisition enron next summer houston based energy marketer assume 13 billion enron debt enron name vanish deal completed ridiculous amount money man already made probably tens millions dollars said andrew whalley manager legg mason international utilities trust sold 5 million stake enron april concern bookkeeping classic golden parachute said raymond james analyst jon kyle cartwright noting comparable financial safety nets top corporate contracts shareholders might appreciate parachute given mighty company recent troubles mr cartwright said tough call said certainly would fair looking enron couple months ago following gets dicey sure shareholders going take investors continued bid companies shares yesterday second day trading following announcement deal dynegy shares rose 2 63 6 per cent close 44 94 new york stock exchange enron shares rose 74 cents 8 per cent close 9 98 enron shares gained 17 per cent since thursday day merger announced shares still fraction 52 week high 84 87 dynegy entered talks buy enron last month trading giant stock price plunged 80 per cent weeks following enron posting 618 million third quarter loss company also disclosed 1 2 billion reduction shareholder equity related partnerships run company officers allowed enron keep half billion dollars debt books partnerships investigation sec enron ousted chief financial officer andrew fastow ran partnerships restated earnings back 1997 actions failed restore investor confidence chuck watson dynegy chairman ceo retain roles combined company mr lay steps dynegy spokesman steve stengel declined comment yesterday mr lay agreement enron noting companies operate independently merger finished enron spokeswoman karen denne said yesterday compensation provision given merger change control mr lay contract since 1989 february jeff skilling replaced mr lay president ceo enron mr lay retained title chairman mr lay stepped back roles mr skilling unexpectedly resigned august citing personal reasons illustration copyright 2000 dow jones company inc rights reserved city enron chief line 60 payout andrew cave 11 14 2001 daily telegraph p 38 c telegraph group limited london 2001 associate city editor kenneth lay chairman chief executive enron line compensation 60 42 leaves us company following 8 billion rescue smaller rival dynegy according documents filed america securities exchange commission mr lay entitled receive lump sum payment equal 20 2 every year remaining contract contract expires end 2005 dynegy takeover enron announced friday due completed third quarter next year contract extended two years august resumed chief executive duties following departure jeffrey skilling provides addition compensation receive extra amount cover tax penalties sum gets considered excess parachute payment enron valued 80 billion seen shares lose 80 pc past three weeks announcing 586 loss equity write regulatory inquiry balance sheet dealings copyright 2000 dow jones company inc rights reserved mark market retail sales surge free money jim murphy 11 14 2001 capital markets report copyright c 2001 dow jones company inc dow jones newswires column new york dow jones professionals amateurs alike agree 8 30 est commerce department report u retail sales rose october observers believe retail sales rose last month surged 5 5 top forecast range agree main stimulant zero percent financing offered major automakers september sadness negative emotions engendered events 9 11 helped fashion 2 4 drop overall retail sales 1 6 decline auto sales excluded dow jones newswires median forecast 21 economists overall retail sales rose 2 5 october ahead 0 4 auto sales excluded difficult believe market move lower response notable improvement retail sales compelling ways report spun negative examples october increase depressed september level yes october retail sales goosed zero percent financing november get lift even though zero percent sales campaign yet even free money lured shell showroom october effect november december already bought new car unless rich collector least year two metaphysical commentators also note many october car sales spurred zero percent financing real sense stolen subsequent months without free money might example waited april 2002 buying new car cost automakers zero interest loans gm general motors acceptance corp finances parent cars remain profit center auto loans made october leave summing professional agree retail sales probably reversed plunge september although mainly spike autos unlikely sustained one month said jim sullivan economist ubs warburg vienna meeting overshadowed oil ministers organization petroleum exporting ministers began meeting today vienna oil traders looking cut daily output around 1 5 million barrels ever really knows opec cleverly punned opaque besides war going afghanistan oil rich iraq may next knows house saud toppled islamic fundamentalists name topics compelling periodic quota buck wing opec would believe enron award told tuesday mornings 2 failed searching hour find fed chairman greenspan rice university tuesday evening know found morning mr greenspan dispatch associated press went rice receive enron prize distinguished public service university baker institute public policy enron taken dynegy inc probably final enron award going avail handy invitation irony mr greenspan things interest say folks rice none heard evidence process events since march year 2000 significantly altered long term underlying structure productivity growth due respect al productivity growth likely exponential nuclear reaction appears tied earth law diminishing returns big guy stump today mr greenspan gives keynote address economic forum washington c sponsored board directors u chamber commerce dow jones newswires says speech begins 3 00 p est story sticking another major wire service says depending calendar story look speech begins 3 00 p 3 15 p business mistakes made anyhow big deal might need hear big guy might say begin paying attention 3 00 p universal point view bob e mail buddy british columbia writes two common elements known universe hydrogen human stupidity bob sure hydrogen jim murphy reached 201 938 2145 e mail jim murphy dowjones com copyright 2000 dow jones source world reporter tm move step forward sucker move step backward sucker still sums indias predicament trying get one time us energy trading giant enron back 2 100 mw dabhol power plant time past fortnight institutions bargaining hard find buyer enrons assets maharashtra committed rs 6 200 crore loans last weekend even went huddle singapore sew loose ends bail little seems thrashed far little possibly unless course fis tighten screws take leave offer time make choice gentleman pin stripes whos done lot running around past weeks help sew deal told day enron indeed agreed part stake dpc 30 per cent discount would fetched 800 odd million spread five year period hasnt deal struck probably worked enron considers fair discount sunk project prospective buyers consider high asking price record enron claims sunk 1 2 billion project together partners ge bechtel supplied equipment helped construct plant gentleman friend pin stripes suggests 1 2 billion isnt exactly equity contribution dabhol amount works 800 million enron actually splurged close 200 million development expenses gentlemens lingo another way saying energy giant could ended bribing way see coveted project besides fighting sundry court cases india wants part money back prospective buyer compensate enron possible bribes making court appearances enron appears also claimed another 140 million share dabhols retained earnings eventually go stake holders dpc mseb included companys board passes resolution amount shared proportionately among invested dabhols equity capital till leave retained earnings aside enron work fair discount equity contribution project 800 million given willingness take 30 per cent knock enron expect 560 million asking price walking dabhol add another 140 million way retained earnings enron getting 700 million enron willing take knock given choice could resist offer enron choice thats reason cheer last week enron close present american dispensation chairman ken lay biggest fund raiser president george bushs campaign effort last year opted 7 8 billion rescue offer smaller houston rival dynegy narrowly escaping credit ratings cut junk status past several months enron using clout mr bush push bail package dabhol suited terms privilege seems gone company grapples stave securities exchange commission inquiry balancesheet transactions enron clears several questions back home finances remain suspect eyes us investors india enrons made news misses hits timing couldnt opportune prospective private bidders strike potentially lucrative deal two bidders tata power bses said offered 400 million buy enrons stake dpc time stuck price else could still end suckers copyright 2000 dow jones dynegy must make work david greising 11 14 2001 chicago tribune north sports final n 1 copyright 2001 chicago tribune three top enron corp executives proposed merger one lieutenants two weeks ago one needed tell chuck watson enron desperate founder chairman dynegy inc wily old energy trader smell desperate two oil fields away three city blocks away case houston rivals liquidity crisis threatened reduce enron credit rating junk status wall street analysts hostile disclosures conflicts interest huge losses outside trading partnerships investors fled approach came watson jump sat sent word enron chief executive kenneth lay call offer serious nice negotiating move sure watson put seller minor tactical disadvantage watson adds kindlier spin want appear pouncing enron troubles two weeks negotiations demi due diligence later watson lay deal dynegy would buy enron company three times size 24 billion deal watson takes satisfaction dynegy company always smaller stodgier enron became buyer career watson operated enron shadow two companies formed year 1985 15 years conoco watson persuaded morgan stanley give line credit form small energy trading company lay meanwhile engineered merger houston natural gas internorth omaha ken put two pipelines together make company six people smile watson told chicago stop east coast texas barnstorming sell deal investors enron always bigger glamor play lay move base trading natural gas electric power engineering exotic financial deals areas diverse communications bandwidth paper steel media huge wall street following doubled enron stock price last year 80 share dynegy contrast seemed downright dull though dabbled broadband communications dynegy stuck mainly business generating trading delivering gas electricity though dynegy stock price nearly quadrupled last year 59 dynegy never turned heads way enron today enron friends left messy breakdown enron trades outside partnerships forced dynegy embrace watson thinks wall street went hard enron company high handed manner top personality things go wrong mean everybody going take legs watson says would tidy tortoise hare tale except one thing enron problems mess could make rough going dynegy watson thinks protected walk deal enron legal entanglements exceed 3 5 billion hand enron problems get worse bidders emerge gets healthy 350 million break fee ownership key enron pipeline better nothing hardly failsafe enron trades outside partnerships unwind years problems might emerge dynegy closed deal mainstream challenges roughly half enron operating profits last year came balance sheet transactions watson wants eliminate replacing easy watson needs handle least 14 billion enron debt enron high rollers might fit dynegy careful culture watson team also must stretch run company even divestitures jump least three times dynegy current size watson personality aw shucks disarming born great lakes naval air station illinois son navy officer lived 22 places graduated high school closes deal running one country largest companies one would get kick taking watson notch hardly means investors knock make enron deal work copyright 2000 dow jones ceo says enron errors illegal melita marie garza tribune staff reporter 11 14 2001 chicago tribune north sports final n 1 copyright 2001 chicago tribune downfall energy trading titan enron corp result bad business practices rather illegal activity says chuck watson chief executive dynegy inc company acquiring enron deal valued 24 billion persuaded find anything illegal watson said tuesday commenting securities exchange commission probe enron balance sheet transactions energy partnerships watson comments came enron filing sec disclosed kenneth lay company chairman chief executive could walk away golden parachute worth 80 million merger succeeds terms pre existing employment contract lay would receive 20 2 million year full year outstanding contract control enron changes hands employment time enron issued letter employees warning deal dynegy likely result workforce reductions enron merger letter said elimination positions almost inevitable enron nation largest trader natural gas electricity seen stock price collapse recent weeks largely soured transactions energy partnerships run one former executives additional revelations questionable accounting practices enron power trading rival dynegy owner downstate utility illinois power moved last week acquire hobbled competitor agreeing pay equivalent 10 share company recently last january traded 80 share wide ranging interview watson criticized practice dynegy permitting enron executives sit partnership boards profit let happen watson said would never gotten watson sees distinction illegal conduct bad judgment enron significant absence illegality would minimize grounds shareholder lawsuits dynegy said merger contingent litigation costs enron problems staying 3 5 billion think going anywhere near level watson said enron misfortunes watson said paved way dynegy opportunity brand said lost credibility investor confidence dynegy takeover higher profile rival coup dynegy viewed enron wannabe watson brushed description actually true watson said clearly true watson asserted nothing gone wrong enron core businesses fact said lost investors potential enron suitors controversy surrounding balance sheet transactions maybe tires fell car paint chipped engine still strong watson said referring enron core businesses apparent conundrum dynegy bid enron viewed bargain basement price brought companies bargaining table enron problems reportedly scared prospective bidders warren buffett berkshire hathaway watson argued dynegy uniquely positioned pursue enron deal large part rivals extensive business dealings together took guys days months due diligence watson said right town time factor knowledge industry business example watson said shell oil co another company thought interest acquiring enron would background move quickly dynegy putting together merger saying respect regulatory approval process watson reiterated belief merger posed antitrust concerns pipeline business watson said generation business photo caption photo dynegy ceo chuck watson discusses company purchase troubled energy rival enron chicago tuesday tribune photo david klobucar copyright 2000 dow jones company inc rights reserved usa update 1 calpers calls enron board step aside merger 11 13 2001 reuters english news service c reuters limited 2001 pasadena calif nov 13 reuters largest u pension fund said tuesday board energy trader enron corp step aside company moves forward plans bought dynegy inc california public employees retirement system calpers said would oppose efforts enron place current board members new board company resulting proposed 9 billion stock swap merger announced friday calpers owns 3 million enron shares 0 4 percent shares outstanding however public pension fund widely watched stances corporate governance merger would value houston based enron fraction worth year ago shares lost 89 percent value past 52 weeks spokesman calpers spokeswoman enron could reached comment declaring position merger calpers cited reports enron seeking right appoint three current board members combined company board enron recent weeks reshuffled management response u regulatory probe murky financial transactions company said former chief financial officer andrew fastow abruptly left company last month made 30 million managing limited partnerships conducted outside transactions enron serious allegations self dealing part enron senior management michael flaherman chair calpers investment committee said meeting pension administrative board appears enron board may failed responsibility monitor activities enron corporate officers issues sorted continued interests shareholders best served retiring current directors involvement enron successor entities california state officials enron clashed last year state power crisis triggered bankruptcy california largest utility pacific gas electric unit san francisco based pg e corp california gov gray davis others blasted enron state power companies accusing manipulating market jacking prices enron far largest trader electricity natural gas united states analysts estimating involved 25 percent daily trades markets calpers said also stake houston based dynegy provide details investment copyright 2000 dow jones company inc rights reserved enron ceo helps present greenspan award 11 13 2001 associated press newswires copyright 2001 associated press rights reserved houston ap maybe call dynegy prize next time federal reserve chairman alan greenspan houston tuesday night pick enron prize distinguished public service award named teetering energy company bought rival dynegy inc 9 billion one point greenspan expounded values ethicism rice university crowd ken lay whose company blasted wall street concealing transactions entities run company chief financial officer looked experience really works ethical possible one knows define one values succinct important way greenspan said asked pending college graduate venturing work world lay first major public appearance since merger announcement met warm applause made brief congratulatory remarks mention made enron current woes lay decision earlier day waive 60 million would due merger closes past winners enron prize awarded baker institute public policy rice include colin powell nelson mandela mikhail gorbachev copyright 2000 dow jones company inc rights reserved calpers opposes enron board members appt dynegy board 11 13 2001 dow jones energy service copyright c 2001 dow jones 310 962 2843 jessica berthold dowjones com copyright 2000 dow jones company inc rights reserved jesse jackson asks energy companies hire minorities 11 13 2001 dow jones business news copyright c 2001 dow jones company inc associated press houston energy industry untapped resource minorities traditionally overlooked big business including energy sector rev jesse jackson said tuesday mr jackson houston dubbed nation energy capital two days bringing together 700 representatives minority owned businesses running nation largest energy companies inaugural wall street project energy summit talent shortage mr jackson told minority business owners sat discussion representatives enron corp ene dynegy inc dyn shell oil co rd opportunity shortage mr jackson speaking hotel street headquarters troubled enron said time minorities make presence known proposed dynegy purchase enron larger rival said spinoff companies opportunities created proposed merger well deregulation texas energy market offer possibilities possess knowledge changing industry question produce question see capacity produce mr jackson said knowledgeable people low profile place industry energy company representatives agreed question however change become business usual said ceos business corporate america comfortable business said milton scott dynegy chief administrative officer senior vice president many inherently racist would call racism 10 years ago mr jackson replied today would call cultural blindness part job take patch eye gaurdie bannister shell oil vice president business development said number individuals large companies willing break eggs minority owned businesses often run roadblocks companies unable cushion large risk would taken example offshore project big capital take risk use said mr scott said way smaller minority owned businesses get around obstacles get big contracts combine strengths join forces said set egos aside going lot success take away risk reducing risk goal mr jackson said instead level playing field everyone copyright c 2001 dow jones company inc rights reserved copyright 2000 dow jones company inc rights reserved calpers speaks enron 11 13 2001 business wire copyright c 2001 business wire pasadena calif business wire nov 13 2001 california public employees retirement system board administration briefed today enron financial condition recent disclosures potential management conflicts interest end meeting board announced intention oppose appointment current enron board member board company enron might contemplating merger recent press reports suggested enron may considering merger houston texas based dynegy part merger seeking right appoint three members combined company board seriously allegations self dealing part enron senior management said michael flaherman chair calpers investment committee appears enron board may failed responsibility monitor activities enron corporate officers issues sorted interests shareholders best served retiring current directors involvement enron successor entities calpers owns approximately 3 million shares enron also invested dynegy contact calpers office public affairs brad pacheco pat macht 916 326 3991 21 11 est november 13 2001 copyright 2000 dow jones company inc rights reserved enron names raymond bowen treasurer 11 13 2001 dow jones news service copyright c 2001 dow jones dow jones newswires 201 938 5400 copyright 2000 dow jones company inc rights reserved usa enron names raymond bowen treasurer 11 13 2001 reuters english news service c reuters limited 2001 houston nov 13 reuters enron corp recent weeks reshuffled management response u regulatory probe murky transactions said tuesday named raymond bowen treasurer vice president finance troubled energy trader said bowen previously served chief operating officer enron industrial markets treasurer enron capital trade resources houston based enron shed almost 20 billion market value past month sufferend series credit rating downgrades result probe friday smaller rival dynegy inc said would buy beleaguered company 9 billion enron shares rose 75 cents close 9 99 tuesday new york stock exchange copyright 2000 dow jones company inc rights reserved usa enron earnings restatement sign deceit suits david howard sinkman 11 13 2001 reuters english news service c reuters limited 2001 new york nov 13 reuters lawyers filing lawsuits enron corp tuesday said restatement last week four years earnings clear sign energy trader chief executives misled investors least 10 law firms seeking class action status behalf plaintiffs said deceived false misleading statements adverse information concealed causing enron shares artificially inflated enron restating earnings certainly going help case demonstrates opinion earnings false initially published said lawyer arthur stock berger montague pc philadelphia one law firms seeking class action status enron declined comment lawsuits name company chairman chief executive kenneth lay former ceo jeffrey skilling andrew fastow former chief financial officer defendants another blow damaged reputation among investors houston based company last week admitted erred reporting past results reduced earnings 1997 2000 591 million 22 percent amount previously released financial statements earnings first two quarters 2001 also restated enron garnered investor ire since unexpectedly reduced shareholder equity 1 2 billion mid october saying balance sheet transactions contributed 1 billion charges company stock plunged almost daily developments sullied investors lost almost 80 percent value day company reported first quarterly loss four years oct 16 announcement last week rival dynegy inc would buy enron 9 billion stock assumption 13 billion debt enron shares closed tuesday 75 cents higher 9 99 new york stock exchange far august 2000 high 90 56 increased time frame latest lawsuit filed enron since rocked u regulatory probe october law firm cauley geller bowman coates said misrepresentations omissions defendants violated duty release accurate truthful information company finances defendants liable participant fraudulent scheme course business operated fraud deceit purchasers enron common stock disseminating materially false misleading statements said cauley geller lawsuit filed texarkana texas suit filed nov 9 day restated earnings released u district court eastern district texas prior restatement results prompted concerns raised u securities exchange commission lawsuits filed enron behalf shareholders bought common stock jan 18 2000 oct 17 however since enron restated results cauley geller increased time frame class period behalf investors bought enron stock jan 18 1999 nov 8 effect restatement dramatic said cauley geller enron insiders disposed 73 million personally held enron common stock unsuspecting investors cauley geller said selling enron stock key executives unusual suspicious given timing lay sold 11 2 million worth shares period skilling sold 6 41 million stock law firm said people lost hundreds thousands dollars naturally angry stock said expected type situation filing sec tuesday reported lay could walk away 80 million acquisiton dnyegy closes year copyright 2000 dow jones company inc rights reserved usa p says dynegy deal saves enron junk rating nancy leinfuss 11 13 2001 reuters english news service c reuters limited 2001 new york nov 13 reuters enron corp teetering brink junk status got reprieve late friday standard poor cut troubled energy trading company credit ratings stopped notch short speculative grade category news potential acquisition dynegy inc way look dynegy transaction really sense maintains investment grade quality enron credit rating said todd shipman analyst p safe say absent dynegy deal enron quite likely end non investment grade quality happened shipman said enron nation largest energy trader struggling overcome plummeting stock price falling credit ratings past month following disclosures balance sheet deals investigation u securities exchange commission possible conflict interest p lowered long term corporate credit rating enron bbb minus bbb lowest investment grade rating cut junk would make tougher enron issue debt run day day business rating agency also placed ratings dynegy creditwatch negative energy provider said agreed acquire enron 9 5 billion terms dynegy transaction call dynegy swap 0 2685 shares stock enron share companies said would value houston based enron 10 41 per share including convertible stock premium 21 percent friday closing price 8 63 takeover announcement halted free fall enron stock lost 75 percent market capitalization past month tuesday enron shares closed 9 99 0 75 cents 8 12 percent new york stock exchange enron debt trading levels associated higher risk junk bonds moved higher news company 7 875 percent notes due 2003 traded 92 cents dollar mid 80 range last week traders said industry experts said critical component deal immediate cash infusion dynegy shareholder chevrontexaco enron chevrontexaco owns 27 percent stake dynegy agreed infuse 1 5 billion immediately enron support deal closes would inject another 1 billion merged company deal closes important part whole deal dynegy coming offering money buy enron also providing front liquidity protect value enron trading business really crown jewel speak dynegy interested said shipman p said dynegy corporate credit rating likely remain within bbb category result purchase enron saw investment grade company within range bbb plus bbb said shipman things go planned dynegy would keep credit rating p said continue monitor planned acquisition dynegy enron warned downgrade junk status enron would likely transaction completed main thing monitoring point enron liquidity value trading franchise really dynegy interested said shipman effect enron trading business would significant enough reduce dynegy interest enron would raise possibility merger would completed possibility downgrade would strong enron shipman said moody investors service another major u rating agency could immediately reached comment potential rating actions news enron buyout dynegy moody rates enron debt line p baa 3 lowest investment grade rating enron 100 billion revenues 1 billion profits last year fifth fortune 500 list largest u companies dynegy 54 th fortune list 29 billion revenues 500 million earnings copyright 2000 dow jones company inc rights reserved enron board step aside new company calpers says 2001 11 14 00 22 new york enron board step aside new company calpers says pasadena california nov 13 bloomberg enron corp board allowed stay dynegy inc completes proposed purchase energy trader california public employees retirement system said calpers owns 3 million enron shares said intends oppose appointments company board failed properly monitor enron senior management fund officials immediately reached comment press release distributed business wire enron partnerships run company former chief financial officer andrew fastow investigated securities exchange commission entities bought sold enron shares assets enron ousted fastow october issues sorted interests shareholders best served retiring current directors involvement enron successor entities michael flaherman chair calpers investment committee said statement calpers country largest public pension fund enron shares rose 74 cents 9 98 dynegy shares rose 2 63 46 94 companies based houston vivien lou chen san francisco 415 743 3506 enron ceo accept 60 6 mln severance spokesman says 2001 11 13 18 04 new york enron ceo accept 60 6 mln severance spokesman says houston nov 13 bloomberg enron corp chairman chief executive officer kenneth lay accept severance pay 60 million would received dynegy inc took company decided best thing waive altogether speaking employees meeting afternoon enron spokesman mark palmer said lay declined comment lay entitled receive lump sum payment equal 20 2 million multiplied number full calendar years remaining contract terminates employment certain circumstances acquisition dynegy enron said filing securities exchange commission today ridiculous amount money man already made probably tens millions dollars said andrew whalley manager legg mason international utilities trust sold 5 million stake enron april concern bookkeeping lay gains 123 4 million exercise options 2000 addition regular salary robert doty dynegy chief financial officer refused discuss severance packages departing enron executives meeting investors boston today mind changed dynegy says buyout enron biggest energy trader expected close 2002 third quarter lay contract runs end 2005 enron buyout close year another form change control enron lay would entitled receive 80 8 million enron filing indicates closes next year planned get least 60 6 million lay contract provides also could receive amount cover tax penalties payment gets deemed excess parachute payment tax rules filing said palmer said lay unlikely qualify additional money earlier today lay planned propose dynegy take two thirds severance pay non cash form presumably dynegy stock use half stock set fund provide need based assistance former enron employees palmer said employee meeting afternoon lay decided employees would prefer waive altogether dynegy decide fund set former enron employees palmer said 23 billion buyout enron agreed friday acquired rival dynegy least 23 billion stock assumed debt ending financial crisis threatened bankrupt enron disrupt u power natural gas markets lay 59 years old said active manager new company led dynegy chairman ceo charles watson decision made whether might serve dynegy board companies said need ken lay close deal skill regulators said mark maloney helps manage 1 1 billion john hancock patriot funds attended presentation investors two companies boston today lay close bush administration hurt patriot funds shares enron dynegy lay chairman since february 1986 contract extended two years end 2005 resumed ceo job following departure jeffrey skilling august skilling get severance package quit enron said company tripled lay pay package last year 18 3 million following best share price performance 20 years according proxy filed march sec enron shares plunged 90 percent year lay made 5 97 million 1999 according enron proxy lay also received options buy 782 830 shares seven years 47 31 march filing said options worthless enron stock price price could exercised shares enron rose 74 cents 9 98 dynegy rose 2 63 46 94 companies based houston margot habiby dallas 214 954 9452 switzerland swiss ewz suspends planned power venture enron 11 14 2001 reuters english news service c reuters limited 2001 zurich nov 14 reuters swiss utility elektrizitaetswerk der stadt zuerich ewz suspended planned power trading joint venture enron corp supposed start january ewz said wednesday enron hit financial problems verge taken smaller rival dynergy inc agreed last week buy enron stock swap worth 9 billion given circumstances ewz decided suspend prepared start joint trading company ewz enron review strategy future cooperation enron dynergy said statement said review would determine aspects cooperation accord could still attractive proposed venture could revived future date copyright 2000 dow jones company inc rights reserved