text_combined: enron mentions enron stock trading book value see company takeover target wall street journal 10 31 01 stock markets london stock exchange shell hurt enron bid talk financial times 10 31 01 observer show avenue americas financial times 10 31 01 companies finance americas rumours broader inquiry hit enron financial times 10 31 01 world stock markets wall st suffers confidence index hits low financial times 10 31 01 waiting balance sheets amid enron debacle david wilson bloomberg 10 31 01 art trading thestreet com 10 31 01 p analyst todd shipman enron corp credit rating comment bloomberg 10 31 01 enron fails get funds institutional investor wsj says bloomberg 10 31 01 takeover talk halt enron stock plunge oil daily 10 31 01 big volume big drop enron shares houston chronicle 10 31 01 one eyed man new york times 10 31 01 bubble tuesday daily deal 10 31 01 pge financial loss first years associated press newswires 10 31 01 enron buy offer highly priced times india 10 31 01 indian lenders dabhol meet power secretary today business standard 10 31 01 enron queried sec debt partnership 1998 updatel bloomberg 10 31 01 enron probe moved sec head office texas correct bloomberg 10 31 01 usa nymex plans start otc natgas clearing services reuters english news service 10 30 01 usa update 3 enron shares plunge 19 percent hit 1992 levels reuters english news service 10 30 01 enron stock continues tumbling investigation reportedly moves washington associated press newswires 10 30 01 heard street enron stock trading book value see company takeover target john r emshwiller rebecca smith staff reporters wall street journal 10 31 2001 wall street journal cl copyright c 2001 dow jones comment whether approached potential investors possible capital infusion however continued plunge enron shares turmoil surrounding company significant overreaction marketplace core businesses strong says company said taking steps restore investor confidence example enron trying negotiate new credit line major banks late yesterday enron bankers putting final touches new credit line 1 billion according people familiar discussions analysts observers say one uncertainty surrounding enron condition vast energy trading operation nation biggest energy trader enron principal one quarter electricity natural gas trades enron enrononline internet based trading platform transacted 884 billion trades since created november 1999 4 billion day transactions one worry enron trading partners edgy turmoil swirling around company start demanding much tougher credit terms houston company simply cut back business trend picked enough momentum could troubling consequences enron suspense depends market reacts says susan abbott managing director moody investors service monday moody downgraded enron long term debt warning signs unease among trading partners even company third quarter earnings release set stage huge drop stock price six seven weeks ago entergy corp became worried level exposure enron related deals says wayne leonard chairman chief executive officer big new orleans energy company since entergy cut enron exposure 10 million 20 million 90 million 100 million says mr leonard specify prompted worries appear arisen surprise august announcement jeffrey skilling resigning enron president chief executive mr skilling cited personal reasons well concerns falling stock price enron spokesman says company comment specific trading arrangements adds entergy one company smaller trading partners says major trading partners business enron essentially terms conditions overall trading operations strong ever company spokesman adds smaller trading partners europe seeking revised credit terms enron working put together credit terms comfortable says spokesman declines specific effort bolster liquidity position marketplace enron last week drew 3 billion accounting bulk existing credit lines used money buy outstanding commercial paper short term corporate iou company retained 1 billion borrowings cash friendly takeover part enron would likelier hostile one among obvious candidates would companies big trading operations experience risk management two possible deterrents would buyer flurry recent shareholder lawsuits filed enron continuing sec probe robert frank ken brown jathon sapsford matt murray contributed article copyright 2000 dow jones company inc rights reserved stock markets london stock exchange shell hurt enron bid talk peter john patrick lord ruth sullivan 10 31 2001 financial times c 2001 financial times limited rights reserved shell transport underperformed bp speculation might poised launch multi billion dollar bid enron us company believed talks indebted energy group earlier year enron market capitalisation around 11 bn analysts say shell would probably offer huge premium could afford fund deal cash shell said would comment speculation enron would good fit earlier week moody became first main rating agencies downgrade houston based company debt lowering two notches junk status citing deterioration enron financial flexibility steve turner commerzbank said think market would nervous shell launch bid enron uncertainty enron balance sheet another judder share price speculation moeara enim investment vehicle whose sole asset 55 share stake royal dutch faces bid break fortis dutch belgian financial group shell fell 14 1 2 515 p bp dropped 6 1 2 553 1 2 p vodafone accounted 20 per cent footsie fall mobile phone group rallied sharply since september 11 came boil shares dropped 5 1 2 157 3 4 p turnover 435 shares almost 22 per cent total traded across uk market shares rallied 26 per cent past six weeks several brokers started call top latest downgrade commerzbank moved stance reduce hold fair value estimate 149 p share broker move reflected worries vodafone recent revenue per user figures sufficient bolster confidence forecasts longer term sustained customer revenue growth colt profits taken elsewhere sector colt telecom fell 15 1 4 121 3 4 p investors took profits merrill lynch downgraded estimates merrill said colt recent disappointing third quarter results cut revenue forecasts 2001 2002 1 per cent 5 per cent respectively colt jumped 12 per cent monday talk cable wireless might launch bid 3 fell 60 730 p early release group interim results showed net asset value per share slid 22 6 per cent 631 p company said decided early release results also announcing organisational changes said cutting 17 per cent workforce effort maintain strong balance sheet amid poor market conditions close brothers fell 37 715 p merchant bank said remained cautious outlook london bridge software fell 12 129 1 2 p nomura downgraded rating forecasts reflect group high level us exposure spirent fell another 11 116 1 2 p deutsche bank became latest broker issue cautious advice started coverage communications testing group market perform stance saying near term sector risks outweighed long term prospects medisys gained 7 62 1 2 p dresdner kleinwort wasserstein initiated coverage stock buy recommendation shares gkn fell 9 271 p automotive aerospace engineer announced shed 1 250 jobs including uk cuts likely concentrated civil aerospace area suffered heavily credit suisse first boston cut profit forecasts next two years bullough engineering holding company said improvement trading second half unlikely shares fell 3 1 2 18 p british american tobacco brought cheer ftse 100 shares rose 11 1 2 almost 2 per cent 597 1 2 p company said four global brands showed overall growth rate 9 per cent reported robust nine month results bat rise michael smith analyst morgan stanley dean witter said third quarter results slightly better expected showed bat meet numbers full year achieve 8 per cent earnings growth full year said although plenty reassurance year next year challenge weak macro economic conditions smokers downtrading cheaper brands likely prove problem next year said another concern countries germany malaysia tax cigarettes increasing fizz went alcoholic drinks groups two leading companies sector made cautious comments future growth prospects september 11 terrorist attacks us despite reporting robust full year results allied domecq shares fell 11 351 1 2 p group warned future earnings growth harder achieve last year merrill lynch said trading profit 2 per cent ahead estimates 543 broker forecast 530 merrill analyst mark puleikis said two hits profits going forward allied spend 50 next years de stocking programme 15 per annum next two years said broker gave discounted cash flow forecast 460 p retained neutral recommendation broker said continued prefer diageo abn amro also retained hold stance leisure hotel group whitbread gained 7 1 2 520 p reporting 32 per cent drop first half profits line analysts expectations abn amro said anticipates 5 per cent upgrade profit tax estimate 2002 retained add stance ing barings charterhouse securities switched recommendation hold buy regular uk equities updates www ft com equities c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved observer show avenue americas 10 31 2001 financial times c 2001 financial times limited rights reserved ken lay enron chairman knows leadership turbulent times preacher son propelled us energy group trader pipeline company number one energy trading company us expected join host leading chief executives rudolph giuliani new york mayor new york next week leadership turbulent times organised fortune magazine benefit conference tackle extraordinary new challenges faced us companies aftermath september 11 conference organisers keen ask lay believed industry businesses depend heavily headed timely question investors dumped enron recent weeks triggered credit rating downgrades lingering questions company balance sheet deals potential conflicts interest former chief financial officer times perhaps turbulent lay cancelled appearance c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved companies finance americas rumours broader inquiry hit enron sheila mcnulty 10 31 2001 financial times c 2001 financial times limited rights reserved enron shares continued fall yesterday speculation securities exchange commission sec unofficial inquiry financial dealings us energy group broadened sheila mcnulty reports houston far sec declined comment following request information enron disclosed 1 2 bn reduction shareholder equity tied controversial financing vehicles set recently replaced chief financial officer andrew fastow yesterday company would say whether probe made official grown beyond 1 2 bn charge houston based company lost 15 bn market capitalisation since october 16 close yesterday stock 19 19 per cent trading 11 16 c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved world stock markets wall st suffers confidence index hits low mary chung 10 31 2001 financial times c 2001 financial times limited rights reserved us equities continued sink late morning trade investors took profits following grim economic data showing plunge consumer confidence midsession dow jones industrial average 145 24 9 124 26 p 500 index fell 17 89 1 060 41 nasdaq composite gave 29 69 1 669 83 wall street optimism recovery faded consumer confidence index fell october lowest level seven years time take breather consumer confidence number good going get whole week data probably going good said john donoghue director equity trading credit suisse first boston dow components broadly lower mcdonald taking lead 6 per cent 25 60 fast food chain trimmed earnings targets 2002 philip morris tobacco maker fell 4 per cent 47 77 goldman sachs lowered rating recommended market outperformer eastman kodak retreated 4 3 per cent 28 58 competition fears lehman brothers said wal mart set introduce private label film wal mart shed 1 7 per cent 51 procter gamble however bright spot dow company reported fiscal first quarter profit topped wall street estimates shares gained 0 65 per cent 71 76 coca cola 2 per cent 47 70 beverage maker agreed buy odwalla maker juices shakes odwalla rose 28 per cent 15 12 ford fell 0 3 per cent 16 17 company announced resignation jac nasser chief executive acrimonious split ford family enron embattled energy trading company continued decline another 19 per cent 11 20 credit concerns credibility questions weighed company technology stocks mostly lower microsoft 1 per cent 59 05 intel 1 3 per cent 23 86 juniper networks shed 1 per cent 23 76 merrill lynch cut rating rival cisco systems gained 1 3 per cent 16 64 toronto fell early trading weak opening nasdaq weighing heavily sentiment p 300 composite index 0 8 per cent 6 838 60 midsession technology leaders led way celestica lost c 1 85 c 52 65 c mac industries c 1 60 c 33 15 nortel networks shed 21 cents c 9 02 golds boosted firm bullion price stronger barrick added 55 cents c 25 40 placer dome c 1 15 c 18 20 c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved waiting balance sheets amid enron debacle david wilson 2001 10 31 06 19 new york waiting balance sheets amid enron debacle david wilson commentary david wilson columnist bloomberg news opinions expressed princeton new jersey oct 31 bloomberg international business machines corp press release third quarter results included statement attributed louis gerstner chairman chief executive officer ibm balance sheet remains among strongest technology industry industry largest maker computers provider computer services company cite balance sheet statistical summary company owned owed left shareholders specific date general electric co largest company stock market value citigroup inc 1 financial services company made similar references third quarter releases none companies really showed people telling ibm general electric citigroup among 19 members dow jones industrial average whose recent quarterly releases include balance sheets evidence come companies submit quarterly reports u securities exchange commission balance sheets required called 10 q filings along 10 k filings cover full year much publicity statistics companies assets liabilities shareholders equity accounting terms owned owed left rather outdated u companies 45 days end fiscal quarter submit 10 q reports 90 days end fiscal year 10 k reports filings usually arrive weeks publication earnings releases easy overlook additional information provide especially receive kind publicity earnings release yet recent example enron corp another company omits balance sheets press releases provides evidence investors forgo extra effort needed find peril enron largest energy trader reported 1 01 billion non recurring costs third quarter expansion water telecommunications retail energy sales expense contributed 618 million loss quarter numbers part houston based company income statement summary sales costs expenses profits losses specified time period income statements cornerstone company earnings release billion dollar numbers release even mention larger figure affected balance sheet 1 2 billion drop shareholders equity quarter chairman ceo kenneth lay disclosed repurchase subsequent conference call decline resulted company repurchase 55 million shares two partnerships ljm cayman lp ljm 2 co investment lp helped finance projects andrew fastow ran partnerships ousted job chief financial officer last week one two punch dealt blow investors fortunes since oct 17 day earnings release enron shares fallen day lost two thirds value low 10 90 yesterday lowest price since july 1992 enron third quarter statement referred loss finance arrangements previously disclosed entity contributed 544 million investment losses size item later put 35 million latter number amounts 3 5 percent overall figure non recurring costs less 1 percent company 47 6 billion revenue quarter growing debt burden 1 2 billion figure considerably larger dollars also percentage terms enron 11 74 billion shareholders equity june 30 according balance sheet second quarter 10 q filing reduction equaled 10 percent total among things balance sheet also shows company relied heavily debt financing year first half short term debt due one year less doubled 3 46 billion long term debt maturing one year rose 9 4 percent 9 36 billion even story enron indebtedness company guaranteed 3 3 billion borrowing osprey trust marlin water trust bought power plants unless pay debt reselling plants company may come difference nevertheless summary company financial position provides complete picture income statement alone also holds true companies whose finances better shape ibm general electric citigroup name three knowing showing members dow industrials wait filings provide balance sheets american express co corp boeing co caterpillar inc coca cola co walt disney co dupont co eastman kodak co exxon mobil corp general motors corp honeywell international inc johnson johnson mcdonald corp merck co procter gamble co sbc communications inc companies include releases alcoa inc hewlett packard co home depot inc intel corp international paper co microsoft corp minnesota mining manufacturing co j p morgan chase co philip morris cos united technologies corp wal mart stores inc citigroup third quarter earnings release quote sandy weill chairman ceo balance sheet strength make timely acquisitions expand franchises new york based company 85 billion total equity weill said statement general electric release quoted chairman ceo jeffrey immelt saying strong balance sheet gives us flexibility pursue strategic opportunities one fairfield connecticut based company fundamental strengths investors take ceos word companies many others telling rather showing least earnings releases david wilson princeton newsroom 609 750 4546 art trading james j cramer thestreet com 10 31 2001 08 24 est url throughout tremendous downturn fortunes big cap stocks turned small cap large growth stocks turned small value plays seen mutual fund families fall wayside able dodge quickly changing market tend want believe stock selection sunk first hands janus invesco van wagoner ne er well putnam funds also trading many funds gained great renown 1990 fallen hard times since bear market began 2000 funds know sell know get stocks read kind criticism mutual fund ratings tend antiseptic mathematically derived read magazines like money smartmoney outlets strong departments really understand trading determines good bad tough markets right seeing really horrible trading giant mutual funds simply unable extricate loser positions without hurting go trading art football fans trading like happens interior line trenches know game decided basketball fans trading movement players ball invisible game determines going happen take seriously trader friends traders often joke mutual funds clue trying get stocks blow kingdom come sloppiness inability execute others however trade magnificently know play game noticed example never make fun fidelity litany fund criticism one reasons fidelity fabulous trader fido great trading desk incredibly adept getting stocks masters saves portfolio managers fortunes know handled orders many friends currently handle orders talk always stuff every day look sagas like enron ene nyse news commentary mutual funds caught trying exit caught like trapped deer interstate remember mutual fund trading desks created equally simply clue getting stock especially built huge concentration one position art art many funds world never even denigrated profession never emphasizing virtue days market blitzes positions like good trading line could history many mutual fund families turn history era ends let make nest egg history especially fund groups know value good trading handle markets much poise far fewer losses random musings pit others make money trading contest create record show others know trade catch create hedge fund contest click info p analyst todd shipman enron corp credit rating comment 2001 10 31 08 18 new york new york oct 31 bloomberg todd shipman director standard poor credit rating company comments enron corp houston based largest energy trader p affirmed company long term credit rating bbb oct 25 lowered outlook negative stable following announcement u securities exchange commission investigating company financial dealings affiliates run ousted chief financial officer andrew fastow enron shares fallen 87 percent year finished yesterday 2 65 19 percent 11 16 little bit credibility management investors continued erode said people believe acting based facts coming trading uncertainty real story exposures enron rectify situation enron gets explain facts going could see continuation problems market dealing information vacuum company making face uncertainty looks like people bailing p negative outlook traders see differences terms negative creditwatch negative outlook said consider serious indications chance rating going downgraded hesitate justified downgrade enron negative outlook likely negative outlook negative creditwatch creditwatch tied much event negative outlook sending serious signal negative creditwatch would counterparty exposure fully expected counterparties cut back exposure mean less business shying away enron concerns get paid prudent credit practices would dictate marketers pay attention exposure enron given time real short term long term damage franchise value enron marketing trading business long everything gets fixed get past current situation opportunity deal credit quality long run long term implication real significant impact ability remain market leader credit extended enron counterparties something enron looks day day indication firms stopped dealing enron happened situation could get serious possibility downgraded junk still fairly remote possibility time enron could lose investment grade credit rating said plenty liquidity short term get current situation credible case made actions management take restore balance sheet investment grade quality management willing able take steps necessary really good chance get period uncertainty able accomplish balance sheet exposure think anybody good handle exactly shortfall might vehicles part company responsibility point make case rating agencies outside investors interested parties lay facts give assurances surprises value assets assets fall short obligations willingness issue equity make shortfall liz goldenberg new york newsroom 212 893 3940 enron fails get funds institutional investor wsj says 2001 10 31 05 48 new york houston oct 31 bloomberg enron corp tried get financing least one institutional investor turned wall street journal reported heard street column citing person familiar situation enron rejected uncertainties regarding finances late yesterday company bankers finishing work new credit line 1 billion according people close discussions general electric co ge capital berkshire hathaway inc royal dutch petroleum co considered potential buyers least part enron whose stock fallen 10 year lows trading book value paper said enron spokesman comment possibility takeover whether company approached prospective investors paper reported takeover talk halt enron stock plunge 10 31 2001 oil daily c 2001 energy intelligence group rights reserved even rumors impending buyout offer could stop meltdown enron common stock tuesday enron shares fell 2 65 close 11 16 share tuesday spite reports either bp general electric royal dutch shell make bid battered natural gas power trading giant heard rumors since enron stock trouble last time four years ago put credence said carol coale natural gas analyst prudential securities houston would question anyone would want buy enron know equity side balance sheet coale predicted stock could fall 10 11 share range stabilizing range estimates enron current book value worth assigns assets end second quarter book value 13 share said rumors apparently originated various internet bulletin boards enron stock fallen 60 since third quarter financial results showing 1 billion asset write 632 million net loss 1 2 billion charge equity disclosed two weeks ago od oct 17 pl various charges earnings expected equity issue revealed previously investors analysts livid enron honored pledge open transparent financials equity charge related termination two balance sheet financing vehicles headed enron former chief financial officer andrew fastow time corporate officer since investors filed multiple lawsuits charging enron management conflicts interest failure perform fiduciary duties fastow resigned last week od oct 25 p 2 another factor driving stock us securities exchange commission decision transfer informal inquiry fastow situation washington c houston agency changed status matter investigation week company dealing liquidity issues tries arrange new line credit augment 3 billion drew existing financial arrangements last week enron vice president mark palmer told oil daily several parties crude refined products trading asked enron renegotiate credit terms company commodities represent 2 enron total trading book natural gas electricity make around 98 company business products trading usual said barbara shook c copyright 2001 oil daily co infomation call 800 999 2718 u 202 662 0700 outside u copyright 2000 dow jones would hard devise bill consists mainly corporate giveaways without giving lot money biggest companies understand bill really look big payoffs big companies one piece bill custom designed benefit small group multinational financial firms another clearly sake certain health insurors remarkable thing much benefit repeal alternative minimum tax measure also included bush administration supposed stimulus plan seems one administration key priorities goes companies big example surprising calculations citizens tax justice show general motors 380 000 workers getting check 800 million quite amazing txu formerly dallas power light company 16 000 employees would get check 600 million number medium sized companies like txu line surprisingly big benefits companies include chevrontexaco enron phillips petroleum imc global cms energy common well tend energy mining businesses tend based near texas words one eyed bearded man limp looks lot like dick cheney almost certainly lot overlap companies would derive large benefits alternative minimum tax repeal would received large subsidies energy plan devised mr cheney task force may remember administration apparent defiance law refused make records task force meetings available congress one issues seems dropped sept 11 guess superfluous point big winners seem companies gave large one sided donations republican party last election suggest democrats less susceptible influence money story bush administration starting look like plot victor victoria first candidate supposed moderate learned thought learned mask really hard line conservative pretended moderate order gain office latest economic proposals administration like cheney energy plan look came serious free marketeers make sense terms either demand side supply side economics give lot money certain companies maybe ideology another mask someone really candidate corporations corporations general small group companies quite specific set business interests pretending hard line conservative pretended moderate order gain office interesting plausible picture picture people never see tv many people would refuse accept matter strong evidence course makes whole thing possible land blind one eyed bearded man limp king last wednesday column said original war bonds issued world war ii fact war bonds also issued civil war world war think affects argument deal sense bubble tuesday ed paisley 10 31 2001 daily deal copyright c 2001 deal llc bubbles burst glimpses inner workings deals often follow internet bubble proving different first glance seem lot common embattled online energy trader broadband telecom wannabe enron corp mevc draper fisher jurvetson fund new york listed closed end venture capital fund yet enron draper fisher jurvetson epitomize new economy thinking gone awry kind insider excess characteristic departed go go years enron shares falling since markets began recognize dangers plans shed real assets try hand selling broadband capacity alongside big online energy trading business similarly mevc draper fisher jurvetson fund retail fund took draper fisher name run silicon valley vc trades 42 discount net asset value since much ballyhooed launch 2000 enron thought internet would revolutionize business commoditizing energy products company sold dfj thought venture capital could commoditized branded peddled retail investors eager pan internet gold dust neither strategy worked failed account risk changing economic climate today enron finds huge player online energy trading struggling startup battered telecom industry strategic shifts could well threaten survival houston company making rounds bankers trying secure lending line large enough avoid yet another potentially crippling credit downgrade dfj engineered truly top bubble move vc space franchising firm name another band vcs could list retail fund new york stock exchange closed end funds rarely succeed best times mixing vc closed end fund formula internet economy deflated proved even problematic mevc investors surely pocket dfl still pulling handsome management fees mevc advisers inc sub adviser draper fisher jurvetson mevc management co earn 2 5 advisory fee 20 incentive fee franchisee high fees paid various advisers hardly unknown silicon valley institutional investors pension funds know risks willing pay price play mevc draper fisher jurvetson fund always meant go retail investors obligatory sec disclosures risk fund fees buried high prospectus presumably sophisticated enron course also chose bury cost dealings executives sec filing hefty fees paid enron executives manage risk new online trading strategy cost enron cfo andrew fastow job last week bubbles burst glimpses inner workings deals often follow internet bubble proving different www thedeal com copyright 2000 dow jones company inc rights reserved pge financial loss first years 10 31 2001 associated press newswires copyright 2001 associated press rights reserved portland ore ap saddled surplus power portland general electric posted 5 million loss third quarter pge recorded total 905 million sales make high priced electricity unpredictable wholesale market fuel costs purchased power really ate away net income said scott simms utility spokesman recently pge benefited surge wholesale electricity prices hit west spring 2000 earlier year wholesale prices plummeted electricity shortages eased pge found surplus power longer could sell gain pge officials say remember last time utility recorded quarterly loss third quarter jump expenses clearly showed pge financial report utility spent record 814 million wholesale electricity fuel compared 523 million year ago period energy shortages skyrocketing power costs first began showing financial reports third quarter 1999 time relative stability energy markets pge spent 241 million electricity fuel pge owns power plants capable meeting roughly half demand 730 000 residential business customers buys rest electricity wholesale markets subsidiary houston based enron utility serves oregon customers utility territory covers populous northern willamette valley pge attributed recent steep drop electric power prices federal price controls mild summer weather added generation new power plants fall natural gas prices conservation drought conditions forced pge rely heavily natural gas fired power plants rather hydroelectric generation increased utility costs pge reported pge disclosed third quarter loss filing late last week securities exchange commission utility submit full quarterly report mid november consistent gains pge posted steady stream quarterly gains least since 1992 according utility records large rate increases effective oct 1 expected generate additional 400 million annually push earnings back positive territory utility officials say extra revenue used almost entirely electricity fuel purchases several business consumer groups objected oct 1 increases asked oregon public utility commission evaluate decision put new rates effect regulators decide nov 23 whether reconsider decision portland based northwest natural gas also closely watching pge situation nw natural oct 8 announced plans buy pge enron almost 3 billion cash stock assumed debt copyright 2000 dow jones source world reporter tm mumbai energy analysts anti enron activists criticised reported move indian financial institutions buy enron exposure tune 1 3 billion 30 per cent discount recent report suggested consortium financial institutions led industrial development bank india also lead banker project negotiating picking enron exposure project 30 per cent discount reported pay enron stake dabhol power company grossly excess madhav godbole committee recommended contending offer highly priced convenor enron virodhi andolan pradyumna kaul said enron along general electric bechtel equity stake 900 million bridge loan 300 million takes total exposure 1 billion godbole committee recommended renegotiation report five year moratorium loans discounting enron equity 250 million state government accepted formula centre talked terms paying 500 million computations much lower 700 million 800 million financial institutions willing pay said mr kaul said independent study commissioned ngo suggested formula much different enron hoping negotiate 3 1 billion project cost study says 1 billion written half capital cost restructuring would come writing equity argument indian fis would lose wrote huge amounts said talking writing rs 5 500 6 000 crore rs 13 000 crore capital restructuring steel sector amounts rs 20 000 crore recently written asserted abhay mehta author power play expose enron deal said fis think evaluated enron stake fairly matter grave concern analyst prayas energy group shantanu dixit questions validity enron insistence paid even development expenditure factored 200 million count amount spent project went online clubbed project capital cost said fundamental issue spend money claim piece enron executive linda powers statement company spent 20 million educating indians mr dixit said learnt idbi happy enron inclusion 200 million development expenditure 140 million earnings retained tally 1 3 billion figure 30 per cent discount notional source said without two add ons simply discount pointed another analyst followed enron closely says stretch imagination development expenditure high big question enron managed inflate cost kirit parikh committee claimed brought costs project 2 8 billion 2 5 billion enron overshot original estimate 2 8 billion another 300 million explanation financial institutions pay said mantralaya official pointed related issue future lng shipping company greenfield floated enron build ship supply fuel dabhol enron 30 per cent stake shipping corporation india 40 per cent stake refused pay 11 million equity venture said copyright 2000 dow jones company inc rights reserved indian lenders dabhol meet power secretary today economy bureau new delhi 10 31 2001 business standard 3 copyright c business standard urgency resolve dabhol power project imbroglio gathered momentum indian lenders project meeting senior officials power ministry tomorrow sources said indian lenders led idbi chairman p p vora would brief power secretary k basu progress talks prospective buyers bses ltd tata power foreign stake project lenders also discuss roadmap revival project vora also slated meet top enron officials london later week discuss possible solutions breaking deadlock tata power bses already held parleys indian institutions pick 85 per cent foreign equity dpc meanwhile sources said idbi icici sbi agreed take ifci share guarantee proposed japan bank international cooperation jbic jbic also sought acceleration payment foreign loan idbi negotiating indian lenders also agreed pay loan taken dpc jbic japan ministry international trade industry due since october 1 copyright 2000 dow jones company inc rights reserved enron queried sec debt partnership 1998 updatel 2001 10 30 19 57 new york enron queried sec debt partnership 1998 updatel adds new cfo eighth paragraph houston oct 30 bloomberg enron corp asked securities exchange commission 1998 explain finances including partnership designed take debt books according sec letter 23 page document included 138 questions asked jedi ii partnership enron cash flows hedging policies accounting energy reserves agency month began probe enron relationship limited partnerships run former chief financial officer andrew fastow 1998 questions pretty much disclosure issues hearing today different deals said john gavin president plymouth minnesota based sec insight private research company obtained letter freedom information act sec insight provided copy letter bloomberg news enron chief staff steve kean said letter sec corporations finance division said regularly sends questions companies form content corporate filings quite common kean said sure freedom information act requests large companies would find similar letters lengthy commentary said really make connection letter current sec inquiry fastow fired sec spokesman michael robinson declined comment whether agency questioned enron 1998 1999 confirm deny letters enron sent enron shares fell 10 th straight day tumbling 19 percent touching lowest level nine years moody investor service placed energy company commercial paper rating review downgrade lowered long term debt two notches junk status stock dropped 2 65 11 16 enron fired fastow wednesday day enron disclosed sec started inquiry two partnerships formed 1999 transactions partnerships cost enron 35 million third quarter reduced shareholders equity 1 2 billion enron promoted jeff mcmahon head industrial markets unit cfo recent inquiry sec asked enron two partnerships ljm cayman ljm 2 co investment run fastow dealt enron assets shares sec moved inquiry washington offices fort worth texas person familiar inquiry said enron formed dozens affiliated companies buy assets power plants investors pressing enron details affiliated companies bought company assets borrowed money enron pay back affiliates partnership questioned workings one affiliated company jedi ii stumped sec 1998 agency asked enron either explain cross reference discussion fuller description jedi ii company annual report sec 1998 lists jedi joint energy development investments lp unconsolidated affiliate enron owned 50 percent company filing says fastow treasurer ben gilsan president greg whalley nine enron executives listed texas secretary state records officers partners jedi ii enron said recent days employees listed officers affiliates represent enron interests receive compensation role russell hubbard princeton newsroom 609 750 4651 enron probe moved sec head office texas correct 2001 10 30 18 52 new york enron probe moved sec head office texas correct corrects 35 million cost financial dealings affiliate fifth paragraph washington oct 30 bloomberg securities exchange commission transferring probe enron corp finances texas washington may handing case task force enforcement lawyers accountants former sec counsel said case moved agency forth worth district office person knowledge inquiry said transfer reported earlier today wall street journal sec spokesman declined comment citing agency refusal discuss investigation hal degenhardt administrator fort worth office return phone call sec set accounting task force washington 18 months ago saying unit goals bring accounting related cases quickly deal complicated novel accounting issues former chairman arthur levitt left commission february sec declared accounting fraud top enforcement priority possible sec decided wanted group handle case said christian mixter partner morgan lewis bockius washington former sec chief litigation counsel last week houston based enron ousted chief financial officer andrew fastow saying sec sought information enron financial dealings affiliates run fastow cost largest energy trader 35 million sec headquarters staff enforcement investigators accounting expertise regional branch offices lawyers said accounting investigators district offices principally engaged investigating broker dealer investment adviser offering violations said john sturc partner gibson dunn crutcher law firm former sec associate enforcement director staff investigate accounting issues generally depth experience headquarters office sec staff opened investigations dozens large companies including xerox corp conagra foods inc lucent technologies inc still pending mid july sec conducting 260 accounting fraud investigations including 40 probes large companies sec chairman harvey pitt last week said sec shift main accounting focus toward improving financial disclosure prosecuting corporate financial fraud concerned protecting investors violations occur pitt said interview enron shares fell 19 2 percent today moody investors service yesterday placed company rating commercial paper review downgrade lowered long term debt two notches junk status enron stock plunged almost 46 percent since disclosed sec inquiry fell 2 65 today 11 16 vicky stamas washington 202 624 1958 usa nymex plans start otc natgas clearing services 10 30 2001 reuters english news service c reuters limited 2001 new york oct 30 reuters new york mercantile exchange nymex said tuesday plans offer credit intermediation clearing services trading tools counter otc natural gas market plan includes launching exchange futures swap efs transactions large order executions natgas futures market within next weeks adding previously announced electronic trading cleared natural gas swaps basis contracts recent events natural gas market served reinforce necessity counterparty credit risk management accelerated exchange plans introduce full array risk management tools umbrella clearinghouse nymex president j robert collins said statement swap unregulated contractual agreement two parties involves guaranteed fixed price underlying commodity set period time later settled cash traders said nymex announcement well timed light credit concerns swirling gas market following enron recent stock plunge houston based enron corp biggest u natural gas electricity trading house saw shares slump 19 percent tuesday 11 16 lowest level since 1992 nymex said 500 million available guarantee participants exchange divisions fund backed exchange clearing members nearly eliminating credit risk individual parties efs transactions similar exchange futures physical efp transactions allow two parties privately negotiate integrated otc swap related futures transaction priced according mutual terms transaction must involve approximately equal opposite side market quantities futures swap exposures related commodities permitted two hours trading terminates underlying futures contract efs transactions permitted liquidate initiate transfer futures market positions two parties involved transaction clearing member representing party responsible notify nymex amount type futures contracts involved price futures transaction cleared identity parties involved nymex also start letting traders execute block trades 250 natural gas futures contracts first two nearby months best bid offer size trades permitted closing range exchange said early next year launch cleared henry hub natural gas swaps contract providing marketplace direct clearing popular energy swaps contract last several year part move nymex said clear otc executed transactions efs mechanism copyright 2000 dow jones company inc rights reserved usa update 3 enron shares plunge 19 percent hit 1992 levels c bryson hull 10 30 2001 reuters english news service c reuters limited 2001 houston oct 30 reuters shares enron corp dropped 19 percent lowest level since 1992 tuesday amid fears credit crunch persistent investor concerns silence energy giant finances stock active far new york stock exchange biggest trader natural gas power north america suffered another rout 10 th straight day losses houston based enron shed 17 billion market capitalization past two weeks amid series disclosures murky balance sheet deals partnerships run chief financial officer disclosures destroyed stock forced ouster cfo andrew fastow led u securities exchange commission conflict interest inquiry caused least one credit rating agency slash enron senior debt credit status enron stock closed 2 65 11 16 trading volume 42 7 million shares good 47 percent next active stock nyse shares crossed 12 threshold morning first time since january 1993 repeatedly tested 11 barrier throughout session touching low 10 95 shortly close lowest level since july 1992 enron situation unique uniquely bad inability management make satisfactory response claims innuendoes caused mighty run stock past weeks said sanders morris harris analyst john olson one loss explain reticence respond enron said working address credibility gap heard criticism loud clear made commitment change perceptions chairman chief executive officer ken lay everyone else management team made priority bring investor confidence strong level core business enron spokesman vance meyer said focusing near term one analyst suggested enron focusing management firepower clearing sec inquiry securing new credit lines banks address concerns credit rating agencies focused two things think successfully things find downgraded investment grade commerzbank securities analyst andre meade said enron credit drops investment grade current stock levels would forced issue shares dilute stock worse meade said would drastically increase enron cost trading counterparties demand cash guarantees deals olson said stock price irrationally low even assuming conservative valuation enron businesses 14 times estimated 2001 earnings per share 1 81 company core trading business worth 23 per share levels olson said total company even accounting losses failing broadband business worth 27 opposed 37 two weeks ago said cutting enron rating monday moody investors service warned could lower rating even well cut enron short term debt status cut coincided enron confirmation seeking additional credit lines increase liquidity tapping full 3 3 billion revolving credit line last week enron seen credibility demolished given piecemeal answers involvement financial partnerships complex confound even seasoned financial analysts make living unraveling earnings statements balance sheets fastow general partner two partnerships paid millions management fees business enron caused 1 2 billion loss shareholder equity enron forced repay partnerships stock investments many broadband soured copyright 2000 dow jones company inc rights reserved enron stock continues tumbling investigation reportedly moves washington 10 30 2001 associated press newswires copyright 2001 associated press rights reserved houston ap enron corp stock plummeted nine year low tuesday pushed part reports investigation securities exchange commission moved agency headquarters washington regional office fort worth texas shares enron nation largest natural gas power marketer fell 2 65 19 percent 11 16 level seen since 1992 enron stock price decline steadily nearly 85 beginning middle october company reported earnings serious questions fiscal health raised since reporting disappointing quarterly losses oct 16 enron negotiating banks establish new credit lines surrounded turmoil losses stemming partnerships managed company former chief financial officer partnerships raised concerns potential conflict interest touched inquiry sec wall street journal reported tuesday sec investigation moved agency washington office analysts say change interpreted mean investigation serious originally thought would imagine falling stock price must attributed sec shift venue today goblin enron stock price said robert christensen analyst fac equities new york enron officials immediately return messages left tuesday associated press sec spokesman michael robinson declined comment would confirm deny investigation moved shares enron sacked 10 percent monday moody investors service downgraded company long term debt warned possible downgrades enron reported net loss 638 million third quarter taking one time charge 1 01 billion attributed investment losses troubled assets unit restructurings enron stock dropped ever since became apparent losses tied partnerships managed enron former chief financial officer andrew fastow ousted last week company last week decided cash 3 billion revolving credit various banks shore investor confidence christensen said premature discuss possibility enron could taken current financial woes improve vote confidence outside financial institution commercial bank two extending additional credit white knight investor stating reviewed basic book business company ok would work wonders christensen said christensen said enron core business model energy marketing good one sidelines hobbies enron attracted last five years come home roost basic business function appears valid said christensen said energy companies whose stock prices suffered enron tumult appear hurt happening enron recently net http www enron com copyright 2000 dow jones company inc rights reserved