text_combined: enron mentions dynegy enron shares get boost acquisition plan met optimism wall street journal 11 13 01 gas pipeline prominent dynegy seeks enron new york times 11 13 01 suitor enron receives approval wall st new york times 11 13 01 share boost dynegy good news houston chronicle 11 13 01 dynegy enron stock prices get boost energy even experts warn regulatory hurdles investors back proposed merger los angeles times 11 13 01 enron shares enriched ken lay flaming graef crystal bloomberg 11 13 01 companies finance americas dynegy deal brings balance back markets financial times 11 13 01 global investing spreading risks rewards financial times 11 13 01 comment firm gets rights key pipeline chicago tribune 11 13 01 uk innogy restarts energy trading enron reuters english news service 11 13 01 enron dynegy shares climb industry observers give takeover bid mixed reviews globe mail 11 13 01 city city comment enron end provides textbook disaster study daily telegraph 11 13 01 stocks steady scare washington post 11 13 01 tata power bses keen buy 85 pct stake enron unit dabhol power idbi afx news 11 13 01 india tata group bses keen acquire 85 percent enron india unit agence france presse 11 13 01 bses seeks mega project status dabhol business standard 11 13 01 dynegy plan acquire enron deal valued 10 12 billion boosts shares dow jones business news 11 12 01 usa dynegydirect enrononline trade separately reuters english news service 11 12 01 dynegy bid enron calm credit concerns traders say bloomberg 11 12 01 usa update 1 eott energy q 3 net sees weaker 2001 profits reuters english news service 11 12 01 dynegy ask j p morgan salomon reduce 90 mln enron fee bloomberg 11 12 01 dynegy enron shares get boost acquisition plan met optimism john r emshwiller staff reporter wall street journal 11 13 2001 wall street journal 4 copyright c 2001 dow jones company inc shares enron corp dynegy inc rose heavy trading investors began trying digest possible risks rewards dynegy plan acquire enron stock swap current value 10 12 billion calls meetings analysts yesterday dynegy chairman chuck watson enron chairman kenneth lay continued talking deal announced late friday confident good strategically financially dynegy enron said mr watson serve chairman chief executive combined entity called dynegy inc proposed combination faces months review government agencies gives dynegy possible opportunities cancel deal investors initial reaction merger announcement positive 4 p new york stock exchange composite trading dynegy shares 44 31 5 55 14 also big board enron 9 24 7 1 61 cents companies among actively traded issues terms proposed acquisition dynegy would give 0 2685 shares enron share based dynegy stock price yesterday formula values enron stock 11 90 enron 850 million shares outstanding people raised cautionary notes yesterday moody investors service placed dynegy review possible credit ratings downgrade standard poor made similar move friday moody said saw positive elements proposed combination also believed financial business risks associated transaction could negatively impact dynegy credit fundamentals prudential securities analyst carol coale counts fan dynegy also worries enron enormous problems could drag combined entity want dynegy folks get something good company said reported enron past several weeks seen stock price standing investment community plummet largely result large scale transactions partnerships headed enron officers transactions produced hundreds millions dollars write offs restatements past month investigated securities exchange commission helped spawn dozen shareholder lawsuits copyright 2000 dow jones section c market place gas pipeline prominent dynegy seeks enron floyd norris 11 13 2001 new york times page 1 column 5 c 2001 new york times company dynegy negotiated great takeover may end buying enron part planned acquisition enron dynegy get crown jewel even overall deal falls apart return 1 5 billion investment today dynegy right acquire northern natural gas pipeline system probably worth dynegy stock soared 14 percent yesterday enron lagged behind rising 7 percent page cl 3 widened spread profit trader could lock buying enron selling dynegy short assuming deal goes 28 percent big premium probably reflects fact deal close many months least possibility dynegy renegotiate price even walk away learns enron business chuck watson chairman chief executive dynegy threatening thing talk analysts yesterday later interview extraordinarily upbeat enron trading business even dismissed many company diversifications failures whose poor performance might obscured fancy accounting full details agreement companies known merger agreement filed securities exchange commission today tomorrow appears agreement falls apart reason dynegy right keep pipeline without putting additional cash speaking analysts yesterday rob doty chief financial officer dynegy said company paying seven eight times cash flow pipeline business walking away deal might cost dynegy 350 million could cite material adverse change enron business provided merger agreement one way look deal dynegy spending 1 85 billion pipeline right get rest enron agreed terms mr watson said confident things would go wrong comfort another shoe drop said shoe phenomenally good transaction presentations analysts dynegy officials said expected company earnings per share grow least 90 cents year even considering cost reductions two businesses merged arithmetic based assumptions enron could deliver least 75 percent 2 share pro forma earnings wall street forecasting next year forecasts stayed even enron business collapsed bullish case merger enron real profits financial maneuvering cover far deeper problems mr watson promised details would disclosed partnerships created enron traded providing substantial part company profits 2000 enron need make deal quickly almost deal emphasized standard poor bond rating service conference call yesterday ron barone analyst p said without takeover enron rating would cut low bb high b ratings even high end junk company like enron depends others willing treat trusted trading partner needs investment grade rating current p rating bbb minus lowest investment grade rating means enron could continue independent business means dynegy decide renegotiate enron would poor bargaining position unless another bidder copyright 2000 dow jones section c markets suitor enron receives approval wall st alex berenson 11 13 2001 new york times page 13 column 1 c 2001 new york times company wall street found nothing good news dynegy 9 billion takeover enron corporation yesterday three days dynegy energy marketing trading company based houston agreed take enron giant crosstown rival dynegy executives came new york assure investors deal would sharply increase company profits met receptive audience dynegy stock closed yesterday 44 31 5 55 14 3 percent since last wednesday news possible takeover emerged dynegy stock risen one third enron closed 9 24 61 cents 7 1 percent initial uncertainty takeover investors appear accepted dynegy view deal give lucrative franchise trading natural gas electricity enron stock fell almost 80 percent weeks leading deal enron said overstated earnings almost 600 million since 1997 forced several top executives chuck watson dynegy chairman told investors repeatedly yesterday enron problems mainly result failed expansion efforts largely dismissed concerns short sellers analysts enron might hiding losses core energy trading operations nothing wrong enron business mr watson said interview waldorf astoria hotel making lunchtime presentation analysts investors people ought really upset last several years produced earnings cash invested businesses making money enron immediate problem crisis confidence could caused companies stop trading mr watson said 1 5 billion cash infusion dynegy restore confidence enron business partners keep enron stable takeover complete said bolster enron j p morgan chase citigroup may invest additional 250 million executives close deal said potential investments j p morgan chase citigroup reported yesterday wall street journal mr watson said dynegy would also move quickly assuage enron employees angry kenneth l lay enron chairman top executives sold hundreds millions dollars stock 2000 year enron shares plunged right animosity said many employees enron get new grants stock options acquisition completed said company said expected deal close end third quarter next year extensive reviews federal state energy regulators department justice mr watson predicted deal would lift dynegy earnings 90 cents share next year 3 45 share analysts backed view yesterday investments noncore business distracted attention management also took capital said thomas hamlin analyst wachovia securities mr hamlin said believed dynegy obtained enron reported 100 billion revenue last year bargain price often get take 7 fortune 500 company double earnings meantime said guess stock worth 70 per share deal could increase dynegy earnings 1 2 share next year said christopher ellinghaus analyst williams capital group whopper said good deal financially certainly good deal strategically provides immediate balance sheet backstop enron mr lay said interview enron forced sell relentlessness articles shorts realized needed something stabilize ship said good company badly tarnished photo houston headquarters building dynegy inc energy marketing trading company 9 billion takeover enron asociated press copyright 2000 dow jones company inc rights reserved nov 13 2001 houston chronicle share boost dynegy good news saving enron trading called key handicap laura goldberg david ivanovich copyright 2001 houston chronicle although investors monday cheered dynegy planned acquisition enron corp dynegy must still negotiate series potential roadblocks pull successful merger among ensuring enron core energy trading business suffering merger announcement stays healthy negative news front quickly surfaced monday least two traders said still plan extremely limited business enron dynegy must also manage unexpected disclosures enron financial performance investment partnerships convince enron traders key employees stick around mesh different corporate cultures investors optimistic dynegy abilities shares company traded 5 55 close 44 31 monday shares enron ended day 61 cents 9 24 enron siege since oct 16 reported 35 million loss 1 2 billion reduction shareholder equity tied business dealings investment partnerships run chief financial officer since securities exchange commission started investigation enron slew shareholder lawsuits filed enron stock price plummeted new shareholder suit filed monday included dynegy list defendants last week enron said restating earnings back 1997 include losses related number complex partnerships including several investigated sec said correcting almost 600 million worth mistakes close enron collapse remains unclear one industry source believes enron pushed brink would done unable reach agreement dynegy last week ron barone credit analyst standard poor think enron condition desperate clearly see imminent bankruptcy imminent default something could eroded time fairly short time friday enron long term debt rating downgraded one notch investment grade status moody investors service p enron largest natural gas electricity trader nation accounting 25 percent transactions collapse would meant loss much liquidity trading market making trades difficult prices volatile industry experts said dynegy announced deal friday buy enron fire sale price almost 9 billion stock plus assumption 13 billion debt 2 billion preferred stock merger expected close barring holdups regulators six nine months part agreement dynegy stakeholder chevrontexaco giving dynegy 1 5 billion infused today help shore enron liquidity preserve trading franchise enron former trading partners still steering clear giant facilitate transactions various energy trading firms extend credit one another agreements contingent upon partner maintaining adequate rating credit rating firms downgraded enron debt junk status trading operation would devastated industry officials said details enron questionable financial dealings revealed enron trading partners scrambling reduce exposure kansas city mo based aquila energy marketing corp instance ratcheting activity enron company spokesman al butkus said end last week aquila exposure enron insignificant butkus said revealed friday downgrading credit even lower level atlanta based mirant likewise reduced exposure limited amount business enron larger players however continue deals company reliant energy consistently trading enron difficulties albeit heightened sense caution said shahid malik president houston based reliant energy trading operation charlotte n c based duke energy exposure stands 100 million continuing way said duke spokesman terry francisco john olson analyst sanders morris harris houston predicted would take traders time digest merger deal think people increasingly come back enron soon 1 5 billion changes hands said traders still incentives business enron even though sold wider variety products competitors enrononline internet trading operation regarded superior conference call investors analysts monday morning dynegy enron executives fielded variety questions merger refused comment wall street journal report j p morgan chase co citigroup considering 500 million investment enron analysts remain worried new troubling surprises emerge enron finances including could call question whether core trading business advertised dynegy executives expecting disclosures took conservative approach calculating merger benefits believe adequately bracketed downside said chuck watson dynegy chairman chief executive even worst case scenario dynegy still found tremendous amount economic value merger said watson take roles merger deal dynegy said add 90 cents 95 cents per share earnings current dynegy shareholders cost savings expected run 400 million 500 million year dynegy detailed two escape clauses merger deal one amount legal shareholder claims enron must pay greater 3 5 billion called enron dynegy officials also said whatever takes keep key people traders jump ship oh yeah sure industry source said jeff dietert analyst simmons financial desk dynegy enron stock prices get boost energy even experts warn regulatory hurdles investors back proposed merger nancy rivera brooks times staff writer 11 13 2001 los angeles times home edition c 1 copyright 2001 times mirror company investors analysts applauded proposed 9 billion merger dynegy inc enron corp boosting stock price houston based energy companies monday even experts warned regulatory hurdles dynegy enron executives courted wall street offering assurances combined company called dynegy would financially conservative easier understand enron dynegy chief executive charles l watson said merger would immediately sweeten earnings combined company remains 90 certain nasty surprises emerge continuing internal investigation enron cloudy finances exciting business combination fuse two groups talented dedicated people share passion work said watson would chairman chief executive new company dynegy stock leaped 5 55 close 44 31 new york stock exchange enron stock increased 61 cents 9 24 proposed transaction revealed late friday days rumors marks extraordinary humbling enron powerful chairman ceo kenneth l lay enron world largest energy trader loss investor confidence severe cash crunch pushed arms competitor one quarter size deal enron shareholders would get 0 2685 dynegy share share enron stock based 38 76 close friday dynegy stock new york stock exchange deal valued enron stock 10 40 share 11 89 share based monday close dynegy would convert 850 million enron shares company said dynegy said monday deal worth 24 billion 9 billion stock swap assumption 2 billion preferred stock 13 billion debt enron would get immediate cash infusion chevrontexaco corp owns nearly 27 dynegy additional 1 billion follow deal closes enron stock fell 80 series disturbing financial disclosures began oct 16 surprise third quarter loss tied failed investments water telecommunications losses termination balance sheet partnerships enron also revealed 1 2 billion shaved shareholders equity partnerships securities exchange commission launched investigation investment vehicles company fired three executives linked partnerships internal investigation led enron admit overstated profit 586 million 20 going back 1997 disclosures unrelated enron core businesses energy trading energy marketing natural gas pipelines said dynegy president steve bergstrom businesses dynegy wants opportunity look hood core businesses found surprises said bergstrom would president combined company dynegy expects businesses alone add much 95 cents share combined company earnings first year dynegy built protections deal surprises emerge noncore businesses balance sheet partnerships executives said among protections dynegy enron would receive 350 million backs deal dynegy abandon transaction lawsuit financial liabilities exceed 3 5 billion deal falls apart dynegy gets enron northern natural gas pipeline combined company would leader primary businesses watson said revenue 200 billion assets 90 billion new dynegy would world largest energy trader would 25 000 miles natural gas pipelines 22 500 megawatts electricity generation powerhouse role may give regulators pause energy antitrust experts say california atty gen bill lockyer taken position proposed merger dynegy co owns three power plants california enron controls portion state natural gas supply pipeline trading businesses photo kenneth lay left chuck watson announce proposed merger photographer associated press copyright 2000 dow jones company inc rights reserved enron shares enriched ken lay flaming graef crystal 2001 11 13 01 01 new york commentary graef crystal columnist bloomberg news opinions expressed las vegas nov 13 bloomberg enron corp shareholders never blinked chief executive officer kenneth lay piled pay salary bonuses stock grants options would meet almost definition excessive 1993 end 2000 lay potential compensation came 614 million add unexercised option profits millions actually pocketed sad say lay paper profit 362 million end 2000 evaporated enron stock lost 90 percent value houston texas energy company beset accounting problems bought smaller competitor dynegy inc still 59 year old lay hauled away 31 5 million year real dollars last eight years generous amount given enron recent admission securities exchange commission opened investigation overstated earnings 586 million five years lay enron ceo time formed 15 years ago merger natural gas pipeline operators stepped february prot g jeffrey skilling skilling left unexpectedly august personal reasons ceo return six months skilling enron total return shareholders negative 46 percent four times worse performance standard poor 500 index also sharp contrast 30 percent year enron returned shareholders previous eight years lay company performance almost double p 500 lay became ceo skilling mid august departure enron performance even worse minus 78 percent versus 5 8 percent negative return p 500 lay employment agreement extending way 2005 company pending acquisition dynegy leaves future doubt enron battered shareholders whose stock among p 500 top performers may bad news enron shareholders endured roller coaster ride lay long tenure stock 2 2 times volatile p 500 index lay enron executives responsible least heavy activity company shares lay exercised sold option shares twice day every trading day year aug 21 last report process dumped 300 000 option shares reap 26 million royal treatment comes atop realized option gains 123 million 2000 another 44 million year shedding large numbers option shares might seem reasonable ceo leave company someone continuing board chairman behavior raises suspicion might known others bad investment enron become past eight years lay received bonuses totaling 19 8 million free shares worth 12 7 million time grant payouts miscellaneous stock option plans 3 5 million whopping 11 million option shares figures include free personal travel company planes 2000 alone little item came 334 000 lay handsomely compensated treated outside directors royally enron current proxy statement informs shareholders directors 2000 received average 79 107 cash deferred compensation phantom stock units stock options granted lieu cash knew figure might seem egregious parsing artful language proxy one reads find outside director also received stock option covering 10 775 shares strike price 75 13 share estimate present value option 315 000 making director total pay eye popping 394 000 sure options way underwater given enron closing price yesterday 9 24 still fact granted suggests enron directors must warm fuzzy feeling lay treating munificently politically lay shown generosity deft touch gave 2 000 directly president george w bush campaign another 275 000 soft money republican party long adviser bush energy matters even unaware accounting issues helped bring enron lay still profited hugely stock price soared strength inflated numbers ceo bears ultimate responsibility goes company helped found run past 15 years question arises echo phrase made famous watergate era ken lay know know graef crystal las vegas 702 270 6841 companies julie earle richard waters new york peter spiegel washington see lex c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved global investing spreading risks rewards 11 13 2001 financial times c 2001 financial times limited rights reserved enron showing us public company shift private equity exposure balance sheet sandy schwab son charles schwab middlebury capital new york based hedge fund providing alternative model mr schwab firm chess ventures raising private equity fund specialise financial services technology according source close fund raising idea attract 10 12 banks around world co invest technology companies specialising financial services idea similar corporate venturing activities undertaken host california technology companies jumped venture capital late 1990 seemed stacks money made also could become partners thrusting future competitors rather victims cutting edge technology technology also vital business financial services companies like schwab heavy presence internet trading every year banks brokers plough hundreds millions dollars trading settlement risk management systems problems corporate venturing became clear companies jp morgan chase wells fargo dell intel registered significant earnings volatility value venture capital holdings marked significantly enron got around problems setting balance sheet vehicle number additional investors idea distance earnings statement volatile investments new power company rhythm netconnections eventually investments came home roost enron compensate co investors structure losses arising private equity investments paid heavy price apparent subterfuge keeping public view schwab fund seems offer benefits corporate venturing without costs investors hoped eventually contribute 100 150 new fund share benefits whatever technology developed probably also first customers companies sponsoring taking relatively small part pie ameliorate overall risk spreading risks like would hard pull totally domestic structure corporate venturing meant give company edge competitors diversifying fund internationally allow chess fund spread risks fundraisers talking banks uk scandinavia among places theories growing european cross border integration competition come fruition bank co investors might end competing meantime separating investors geography seems like safe bet schwab investors could course put money stand alone venture funds would least solved problem keeping volatile private equity exposure balance sheet stand alone funds sharp focus corporate venturing outfit fairly far corporate venture capital groups corporation involved strategic investor rather speculator usually narrowly focused parent group industry business helping parent develop strategic edge venture firms focus narrowly enterprise software often want keep options invest say biotechnology area suddenly looks promising non strategic investors approach clear advantages technology investments suffered last 18 months biotech investments held relatively well investors right dramatic impact information technology biotechnology investors general fund foresight bet changes probably well schwab approach venturing way extend research development venturing tap reserves entrepreneurship served us well 1990 way traditional research development probably entrepreneurship however come price young companies fail values swing wildly balance sheet approach clear strategic benefits might allow companies cake eat c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved comment analysis enron reaps whirlwind peter martin 11 13 2001 financial times c 2001 financial times limited rights reserved comment brought set assets could provide security supply new dematerialised energy trading come back went wrong enron later first notice much went right newly market oriented industries critics argued integrated business tightly controlled centre essential security supply british electricity privatisation proved could switch market oriented system quickly smoothly lights stayed needed proper regulations freely operating supply side bunch active market makers always present example absence first two gave california electricity shortage markets properly set everything worked like clockwork new era simple creed effective markets companies needed vertically integrated cope unexpected fluctuations demand supply markets allowed handle risk efficiently buying selling needed trading exploded enron alone recorded revenues 100 bn 68 bn 2000 go wrong enron expanded markets aggressively moving far beyond energy web based platform called enrononline mr skilling put interview businessweek side angels taking entrenched monopolies bringing benefits choice free markets world expensively enron rushed trading telecoms bandwidth building big network ensure could deliver scale demand never materialised mr skilling left abruptly august citing personal reasons autumn company announced engaging transactions supposedly independent entities fact consolidated accounts headed clear conflict interest chief financial officer correcting accounting caused big restatements earnings may course growing pains innovative overly ambitious company case enron may prosper new ownership agreed taken dynegy much smaller rival friday dynegy slash range enron activities focus energy sale goes approach may restore enron health perhaps enron problems tell us something significant rush turn formerly integrated businesses markets get work requires active market makers like enron creating liquidity previously illiquid markets soaks capital nalin kulatilaka professor finance boston university management school studied enron years bottom line liquidity two sides market different says company tries lead way creating marketplaces going bear sustained liquidity risks risks old system coped building layer inefficiency operations go away new market era enron knew risks managing complex trades essential skill james lam founder consultancy erisk says enron always recognised companies best practice risk management put systems manage risk real time basis strong management risk bit like balloon squeeze one area bulges another even operational risk managed great skill underlying riskiness strategy enron pursuing could wished away except perhaps transactions passed outside entities problem entities really outside despite enron problems shift market based approach irreversible energy markets least ed krapels runs energy security analysis boston says clearly enron trading culture adopted every one big oil companies except exxon adds big difference companies trading core like enron dynegy added trading approach business fundamentally based physical assets bp leverage aggression businesses much lower dynegy rescue enron made possible injection cash chevrontexaco owns 26 per cent dynegy shares call revenge entrenched monopolies energy markets may efficient without aggressive enron come back embrace big physical operators may cope little better unpredictable riskiness real world peter martin ft com c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones financial desk andersen could face sec sanction suits enron accounting error bloomberg news 11 13 2001 los angeles times home edition c 7 copyright 2001 times mirror company houston arthur andersen may face u securities exchange commission sanction shareholder lawsuits certified enron corp financial reports company disavowed last week inaccurate legal accounting experts said andersen world fifth largest accounting firm served enron outside auditor decade last week company reported overstated earnings 586 million 41 2 years inflated shareholder equity 1 2 billion accounting error failed consolidate results three affiliated partnerships balance sheet enron restated financial reports company suffered cash crisis triggered disclosure cut shareholder equity start sec investigation surprised sec go arthur andersen said alan bromberg securities law professor southern methodist university andersen partner david tabolt said firm cooperating special committee enron board directors appointed investigate accounting problems lynn turner sec chief accountant three years resigned august said enron andersen ignored basic accounting rule overstated shareholder equity explaining equity reduction last week enron said given common stock companies created enron former chief financial officer exchange notes receivable improperly increased shareholder equity balance sheet value notes teach college record equity get cash note cash said turner director center quality financial reporting colorado state university mystery company would violate auditors would miss basic accounting rule number 1 billion copyright 2000 dow jones company inc rights reserved investors upbeat merger dynegy enron juan lozano associated press writer 11 13 2001 associated press newswires copyright 2001 associated press rights reserved houston ap troubled enron corp brings certain amount financial baggage union rival dynegy inc merger create new company strong dominate energy market according several analysts others still expressed concerns deal two houston based companies citing strategic cultural differences two companies potential antitrust issues meanwhile investors monday gave tentative thumbs merger dynegy shares rose 5 55 14 percent close 44 31 enron shares 61 cents 7 percent 9 24 new york stock exchange enron financial crises left many fearing severe disruptions energy market daniel ford analyst lehman brothers wrote monday research note clients believe terms announced merger agreement path resolving fears ford wrote duane grubert analyst sanford c bernstein co said antitrust concerns might arise deal minimal energy market able absorb new company impact risk prize big parties go deal ultimately close grubert said carol coale analyst prudential securities inc wrote research note clients several concerns deal including whether dynegy successful retaining enron talented energy trading marketing personnel whether companies compatible trading strategies dynegy officials said monday proposed deal doable would clear antitrust hurdles completed within nine months done literally taken worst case scenario even worst case lot economic value companies said chuck watson chairman chief executive officer dynegy conference call monday deal worth least 9 billion announced friday dynegy also assume 13 billion enron debt enron name disappear deal chevrontexaco corp owns quarter dynegy would immediately provide 1 5 billion chevrontexaco would contribute additional 1 billion upon completion deal dynegy earnings 2002 merger expected range 2 50 2 60 buyout raises 3 40 3 50 said company spokeswoman jennifer rosser according thomson financial first call analysts expecting dynegy earn 2 57 share next year dynegy officials pledged monday tolerate sort financial practices prompted enron acknowledge last week overstated earnings 20 percent since 1997 financial practices included business partnerships investigation securities exchange commission enron nation top buyer seller natural gas reported 618 million third quarter loss oct 16 disclosed 1 2 billion reduction shareholder equity related partnerships worries enron financial stability eventually caused shares plunge 80 percent leaving enron open takeover bid officials companies said reason deal falls dynegy given enron northern natural gas pipeline compensation 1 5 billion cash infusion enron received agreement also clause would allow dynegy opt deal enron litigation costs surpass 3 5 billion dynegy officials said monday net http www enron com http www dynegy com copyright 2000 dow jones company inc rights reserved world stock markets dow sinks wake new york jet crash mary chung 11 13 2001 financial times c 2001 financial times limited rights reserved us equities fell sharply morning trading american airlines jet crashed near new york jfk airport sparking nervous selloff wall street two months september 11 terrorist attacks us markets deeply nervous positive opening quickly evaporated following news crash renewed concerns safety airline industry midsession dow jones industrial average 166 20 9 441 80 p 500 index fell 15 93 1 104 38 nasdaq composite lost 23 23 1 805 25 initial selling spree stocks trimmed losses investors anxiously awaited details determine cause crash knocked wind market said christopher wolfe us equity strategist jp morganchase deemed accident stock market respond better airline industry took sharp hit amex airline index tumbled 7 per cent 64 25 shares amr corp parent american airlines gave 13 3 per cent 15 72 northwest fell 6 per cent 12 75 hotel travel related companies also lower carnival corporation fell 4 4 per cent 23 09 starwood hotel resorts shed 4 5 per cent 23 12 aircraft maker boeing fell 2 4 per cent 32 43 united technologies lost 4 per cent 54 69 shares honeywell general electric 5 5 per cent 4 2 per cent respectively dow components also trading lower dynergy jumped 13 per cent 43 84 energy trading company agreed acquire larger rival enron 8 bn rescue deal enron rose 11 per cent 9 59 energy stocks traded lower exxon mobil fell 1 6 per cent 39 60 ciena corp gained 10 per cent 18 94 fibere optic networking equipment maker said would meet top fourth quarter sales forecasts company also said would cut 380 jobs 10 per cent workforce cisco systems fell 2 per cent 18 84 juniper networks added 2 6 per cent 24 06 shares intel retreated 1 4 per cent 27 50 microsoft dipped 0 6 per cent 64 80 insurance companies mostly lower conseco 3 per cent 3 86 metlife 0 7 per cent 27 34 toronto picked early lows remained pressure midsession p 300 composite index still nursing loss 0 6 per cent 7 163 90 trade however thin many investors absent remembrance day holiday c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones firm gets rights key pipeline melita marie garza tribune staff reporter 11 13 2001 chicago tribune north sports final n 1 copyright 2001 chicago tribune shares dynegy inc shot 14 percent monday investors calculated houston based power trading company win big whether regulators approve blockbuster merger hometown rival enron corp terms deal dynegy executives said conference call analysts monday company get rights enron prized northern natural gas pipeline return 1 5 billion invested enron moreover deal calls enron pay dynegy 350 million enron walks away accept higher bid another company particularly lucrative dynegy analysts said rights obtained acquire northern natural gas pipeline pipeline interstate transmission system providing transportation among supply conduits serving customers upper midwest 17 000 mile network reasons dynegy stock closed 44 31 5 55 first trading day 24 billion merger deal announced enron nation largest trader natural gas electricity bowed recent weeks soured transactions energy partnerships run one former executives revelation questionable accounting practices enron last week forced revise earnings past five years seen debt ratings downgraded stock price plummet chuck watson dynegy chief executive said conference call anticipate nasty surprises arising enron convoluted books literally taken think worst case scenario watson said comfortable even case good economic transaction companies dynegy executives estimated annual earnings per share growth 15 percent 20 percent combined company next three years stock stock swap portion deal valued 8 85 billion dynegy paying equivalent 10 41 share 850 million outstanding enron shares dynegy would pay 2685 shares stock share enron addition dynegy agreed assume estimated 13 billion debt conceivable additional problems enron balance sheet partnerships could kill proposed deal two power trading rivals monday kenneth lay enron chief executive said anything trying hide contrary forthcoming everything found disclosed anything everything found far despite sanguine outlook deal dynegy officials acknowledged escape clauses offer example dynegy renege deal pending litigation enron includes slew lawsuits filed disgruntled investors lost millions dollars exceeds 3 5 billion costs since last wednesday dynegy shares closed 33 stock risen 33 percent rumors began swirling last thursday talks enron shares rose 36 50 friday making bid enron shares closed 38 76 rise 17 5 percent two days trading comparison enron stock rose 7 1 percent 9 24 monday risen 2 percent since last wednesday dynegy officials monday also sought quell rumors deal greased enron owed dynegy money fact dynegy currently owes enron less 50 million said rob doty chief financial officer dynegy copyright 2000 dow jones company inc rights reserved uk innogy restarts energy trading enron 11 13 2001 reuters english news service c reuters limited 2001 london nov 13 reuters british power company innogy tuesday said resumed trading crisis hit u energy group enron 14 day cessation first confirmation stopped trading u group innogy said statement situation seems resolved business resume innogy said little impact result suspension trading industry experts said implications enron could larger number large european energy groups suspended dealings end last month enron ran crisis investor confidence mid october disclosed previously unbooked charges object 9 billion rescue takeover offer smaller rival dynegy copyright 2000 dow jones company inc rights reserved report business international enron dynegy shares climb industry observers give takeover bid mixed reviews janet mcgurty reuter news agency 11 13 2001 globe mail metro bl 5 material copyright c bell globemedia publishing inc licensors rights reserved new york shares enron corp climbed higher yesterday investor enthusiasm last week 9 billion u bid rival energy trader dynegy inc take beleaguered energy giant dynegy gained 5 55 14 3 per cent 44 31 new york stock exchange shares enron rose 69 cents 8 per cent 9 32 takeover announced friday halted free fall enron stock lost 75 per cent market capitalization past month however enron stock trading well value dynegy offer 0 2685 dynegy shares enron share translates 11 94 share analysts said likely reflected doubts investors minds whether deal includes escape clauses dynegy go industry analysts said impressed upfront details offered dynegy conference call analysts face compared calls enron lack transparency enron balance sheet transactions along u regulatory investigation sparked widespread investor unease would say listening conference call even comfortable initial judgment projections conservative said jay yannello analyst ubs warburg earlier mr yannello reiterated strong buy dynegy saying brokerage underestimate enormous challenge hand takeover yield biggest credible energy merchant world dynegy one fifth size enron measured revenues enron woes came light mid october biggest energy trader north america disclosed balance sheet partners contributed 1 billion charge 1 2 billion reduction shareholder equity takeover attractive transaction enron trading operations combined dynegy board culture based teamwork strict values honesty yield formidable company mr yannello said however last week antitrust lawyers said deal closely examined federal trade commission combined company market share energy trading said steve newborn formerly charge ftc merger enforcement gordon howald analyst credit lyonnais securities said favourably disposed toward takeover called low risk high reward proposition critical component immediate 1 5 billion equity infusion dynegy shareholder chevrontexaco corp enron bolster enron help keep viable analysts less sanguine said dynegy making big bet successfully clean enron balance sheet problems well integrate trading marketing business without losing lot key traders volumes copyright 2000 dow jones company inc rights reserved city city comment enron end provides textbook disaster study 11 13 2001 daily telegraph p 40 c telegraph group limited london 2001 year ago enron north america biggest natural gas power business growing european presence chalked 101 billion revenues saw market value reach giddy heights almost 80 billion yesterday coming terms part dynegy junior rival houston taken price allows escape ignominy 90 pc club less three weeks one time wall street darling humbled sequence events stunned market provide business schools classic casebook disaster study enron demise one blamed events september 11 third quarter loss followed equity write disclosure questionable balance sheet businesses admission earnings stated securities exchange commission investigation brought enron brink collapse ken lay chairman taken full advantage market deregulation build enron multi national utility network power plants gas pipelines powerful trading presence everything energy metals trades office victoria employs 2 000 people mr lay might wondered rather earlier army people could possibly pay even brave new deregulated world dynegy picked enron cheaply must find way debt mountain financial weather gets worse new group sales 200 billion assets books 90 billion fire sale inevitable including wessex water sold enron 1 4 billion three years ago probably fetch 400 today even price obviously cheap copyright 2000 dow jones company inc rights reserved financial stocks steady scare associated press 11 13 2001 washington post final eo 3 copyright 2001 washington post co rights reserved new york nov 12 jetliner crash new york today gave wall street sharp reminder terrorist attacks possible prompted shaken investors refrain major moves stock market ended day mixed recovering steep drop news reports indicated terrorism appear cause crash fears running high said alan ackerman executive vice president fahnestock co dealing bruised u psyche whether consumer level investor level dow jones industrial average closed 53 63 0 6 percent 9554 37 dropping much 198 early dealings american airlines plane crashed 9 17 est 13 minutes stock market opened nasdaq composite index rose 11 65 0 6 percent 1840 13 much 42 standard american stock exchange index fell 2 07 824 77 russell index 2 000 small stocks rose 2 38 440 48 declining issues narrowly outnumbered advancing ones nyse trading volume fell 1 01 billion shares 1 11 billion friday nasdaq advancers narrowly outnumbered decliners volume totaled 1 57 billion 1 53 billion government bond markets closed veterans day dollar rose japanese yen euro late new york trading dollar bought 120 53 yen 120 32 yen late friday euro bought 89 36 cents 89 38 cents light sweet crude oil december delivery settled 21 23 barrel 99 cents new york mercantile exchange gold current delivery rose 278 30 troy ounce 277 40 friday new york mercantile exchange commodity exchange http www washingtonpost com copyright 2000 dow jones company inc rights reserved tata power bses keen buy 85 pct stake enron unit dabhol power idbi 11 13 2001 afx news c 2001 afp extel news ltd bombay afx asia tata power co ltd bses ltd expressed interest acquiring 85 pct stake held enron corp associates dabhol power company statement released industrial development bank india idbi lead lender project said bses ltd tata power expressed deep interest purchase 85 percent shareholding held enron associates would also like conduct due diligence project statement said also said lenders owners dabhol power held three day meeting last week singapore fruitful expected pave way towards solution various issues enron along maharashtra state electricity board mseb state government jointly set dabhol power plant stopped generating electricity mseb failed pay power 1 284 megawatt project dabhol power served asset transfer notice mseb valuation company assets order sell rc information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved india tata group bses keen acquire 85 percent enron india unit 11 13 2001 agence france presse copyright 2001 bombay nov 13 afp indian power generation companies tata power co ltd bses ltd expressed interest acquiring 85 percent stake held enron corp associates controversial dabhol power company western india bses ltd tata power expressed deep interest purchase 85 percent shareholding held enron associates would also like conduct due diligence project said statement tuesday industrial development bank india idbi lead lender project statement also said lenders owners dabhol held three day meeting last week singapore fruitful expected pave way towards solution various issues us based enron said expects one billion dollars stake enron along maharashtra state electricity board mseb state government jointly set power plant western state stopped generating electricity mseb failed pay power 1 284 megawatt project dabhol power served asset transfer notice mseb valuation company assets order sell idbi lenders state bank india icici ltd ifci ltd lent 60 billion rupees 1 25 billion dollars project filed lawsuit dabhol ensure get funds back jds sct copyright 2000 dow jones company inc rights reserved bses seeks mega project status dabhol bureau mumbai 11 13 2001 business standard 4 copyright c business standard power major bses evinced keen interest acquiring 85 per cent stake dabhol power company dpc sought mega power project status dabhol project suggested one measures bringing capital cost project turn translate lower tariffs mooted us various meetings government well recent meeting lenders singapore r v shahi chairman managing director bses conferring status enable project bag slew tax concessions including reduction customs duties also enable plant sell power across states global energy major enron holds 65 per cent stake dpc decided exit power project along two us partners general electric bechtel hold 10 per cent bses well tata power evinced keen interest stake bses planning conduct due diligence internal task force assisted group consultants official two parties evinced interest acquiring 85 per cent stake project industrial development bank india officially acknowledged first time issue discussed last week meeting lenders singapore institution said press release issues discussed meeting included completion phase ii project cost thereof sale shareholding enron corporation us bechtel enterprises inc us general electric us dpc aggregating 85 per cent total capital either prospective new sponsors viz bses tata power meetings fruitful expected pave way towards solution various issues faced dpc meeting singapore prospective sponsors evinced keen interest purchase enron associates shareholdings discussed detail ifis well enron several issues relating project would impact pricing shares towards end brief features incentive package prepared committee appointed centre purpose discussed officials dpc enron also clarified various technical operational issues would need resolved smooth transfer management successful operation plant new sponsors copyright 2000 dow jones company inc rights reserved dynegy plan acquire enron deal valued 10 12 billion boosts shares 11 12 2001 dow jones business news copyright c 2001 dow jones company inc shares enron corp dynegy inc rose heavy trading investors began trying digest possible risks rewards dynegy plan acquire enron stock swap current value 10 12 billion wall street journal reported calls meetings analysts monday dynegy chairman chuck watson enron chairman kenneth lay continued talking deal announced late friday confident good strategically financially dynegy enron said mr watson serve chairman chief executive combined entity called dynegy inc proposed combination faces months review government agencies gives dynegy possible opportunities cancel deal investors initial reaction merger announcement positive 4 p new york stock exchange composite trading monday dynegy dyn shares 44 31 5 55 14 also big board enron ene 9 24 7 1 61 cents companies among actively traded issues terms proposed acquisition dynegy would give 0 2685 shares enron share based dynegy stock price monday formula values enron stock 11 90 enron 850 million shares outstanding people raised cautionary notes monday moody investors service placed dynegy review possible credit ratings downgrade standard poor made similar move friday moody said saw positive elements proposed combination also believed financial business risks associated transaction could negatively impact dynegy credit fundamentals prudential securities analyst carol coale counts fan dynegy also worries enron enormous problems could drag combined entity want dynegy folks get something good company said enron past several weeks seen stock price standing investment community plummet largely result large scale transactions partnerships headed enron officers transactions produced hundreds millions dollars write offs restatements past month investigated securities exchange commission helped spawn dozen shareholder lawsuits copyright c 2001 dow jones company inc rights reserved copyright 2000 dow jones company inc rights reserved usa dynegydirect enrononline trade separately gelu sulugiuc 11 12 2001 reuters english news service c reuters limited 2001 new york nov 12 reuters online energy trading leader enrononline merge smaller rival dynegydirect parent company enron corp agreed last week 9 billion takeover dynegy inc dynegy said monday integration two platforms take six nine months dynegy said meantime two continue operate separately looking take best platforms integrated company said dynegy spokesman john sousa emerging platform continue based one many philosophy stands enrononline dynegydirect traders deal enron dynegy respectively enrononline biggest online energy trading platform united states daily average 2 6 billion trades past month dynegydirect much smaller though growing platform recorded nearly 10 billion transactions third quarter two platforms offer trading hundreds products services crude oil refined products natural gas electricity trading done u markets european markets available well enron currently north america biggest buyer seller natural gas electricity agreed dynegy buyout overwhelmed series problems including u regulatory probe balance sheet dealings 1 2 billion cut shareholder equity damaging credit rating downgrades however dynegy drop offer bad news emerges pending lawsuits enron lead 3 5 billion costs dynegy also expressed confidence takeover win u regulatory approval said expect antitrust concerns impede merger two electronic platforms dynegy shares gained 5 55 14 3 percent 44 31 new york stock exchange shares enron rose 61 cents 7 percent 9 24 takeover halted free fall enron stock lost 75 percent market capitalization past month copyright 2000 dow jones company inc rights reserved dynegy bid enron calm credit concerns traders say 2001 11 12 17 49 new york dynegy bid enron calm credit concerns traders say new york nov 12 bloomberg energy traders said still wary business enron corp agreed bought rival dynegy inc 23 billion stock assumed debt continuing trade limited basis continue proposed dynegy buyout develops said james peters spokesman energy trader mirant corp traders scaled back business enron recently today stock plummeted 90 percent year biggest energy trader faced cash crunch loss investor confidence questions partnerships started put control senior executives investors feared company using partnerships hide losses debt dynegy said late friday agreed buy enron 8 billion stock 15 billion assumed debt quick end enron woes far assured company still facing scrutiny securities antitrust energy market regulators executives said credit guys still little nervous dealing enron said michael steffes vice president marketing trading indianapolis based aces power marketing llc buys sells power behalf electric cooperatives u midwest relieved something happened changed tack two weeks ago closely held aces decided halt trading electricity contracts stretching two 10 years enron steffes said friday limited trading day next day purchases sales company plans lift restrictions steffes said credit rating many traders would banned business enron credit rating downgraded junk industry officials said result would fewer willing buyers sellers energy markets making trades difficult complete moody investors service friday lowered rating enron long term debt baa 3 one notch junk gas distributors northern u long term natural gas supply contracts enron lining alternate suppliers according gelber associates corp energy trading adviser houston companies want take chances enron default might leave short gas peak winter heating season clear sailing cautious clear sailing said charlie sanchez energy markets manager closely held gelber indication clear sailing companies reduced dealings enron recent weeks said merger announcement helped ease credit concerns spinnaker exploration co gas oil producer lightened trading enron willing consider new deals chief executive officer roger jarvis said merger makes feel lot comfortable business enron jarvis said think anything wrong enron trading franchise good outcome gas business general shares dynegy surged 5 55 14 percent 44 31 chief executive officer chuck watson told investors enron purchase boost profit 35 percent next year enron rose 61 cents 9 24 dynegy enron spinnaker based houston enrononline internet trading system expected 5 000 transactions today 25 percent increase thursday friday spokesman eric thode said 11 percent 30 day average 5 600 atlanta based mirant moving woo long term enron customers still nervous firm credit downgrades market lot bigger enron peters said merger allows mirant step marketing long term customers recently served enron bradley keoun new york 212 318 2310 usa update 1 eott energy q 3 net sees weaker 2001 profits 11 12 2001 reuters english news service c reuters limited 2001 houston nov 12 reuters crude oil marketer transporter eott energy partners l p said monday third quarter profits rose added benefits recent acquisition said full year profits fall estimates due market conditions current quarter weaker previously anticipated houston based eott reported third quarter net income 7 4 million 26 cents share compared net income 3 9 million 14 cents share quarter last year eott set recapitalization plan earlier year said revenues quarter 2 3 billion lower 3 1 billion prior year quarter eott said expects report earnings 90 94 cents per share 2001 weaker expected fourth quarter market conditions crude marketing pipeline operations estimates include gain 4 cents per share related accounting change recorded first quarter wall street analysts expecting company earn range 80 95 cents per share consensus 89 cents per share according estimates research firm thomson financial first call eott energy partners general partner eott energy corp wholly owned subsidiary beleagured trading giant enron corp shares eott energy partners closed monday trading new york stock exchange 19 55 third quarter stock rose almost 8 percent benchmark standard poor 500 index fell nearly 15 percent period copyright 2000 dow jones company inc rights reserved dynegy ask j p morgan salomon reduce 90 mln enron fee 2001 11 12 17 35 new york dynegy ask j p morgan salomon reduce 90 mln enron fee new york nov 12 bloomberg charles watson chief executive officer dynegy inc wants j p morgan chase co salomon smith barney accept less 90 million charged enron corp merger advice sounds little high said watson whose company agreed friday acquire enron 23 billion stock debt fees exorbitant going realign think salomon j p morgan chase may balk giving fees people familiar transaction said 45 million year merger business plunged 50 percent bankers said payout largest advising company acquired year according data compiled dealogic current environment investment banks torn trying hold onto fees already negotiated trying anything would cut fees future said brian sullivan managing partner financial services heidrick struggles inc recruitment firm j p morgan chase spokeswoman kristin lemkau salomon smith barney spokesman duncan king declined comment salomon j p morgan chase negotiated fees enron watson hoping firms accept less exchange promise future business fees bank three times 15 million dynegy paying adviser lehman brothers holdings inc according people familiar situation lehman spokeswoman hannah burns declined comment record fees fees may higher part salomon j p morgan chase also agreed extend 1 billion credit restore investor confidence j p morgan chase salomon also offered invest another 500 million combined company said people familiar transaction maybe extenuating circumstances related financing said tom burnett president merger insight affiliate wall street access inc watson said unlike enron forced restate earnings past four half years reduce earnings 586 million dynegy face cash shortage unlikely sell equity stake salomon j p morgan chase want need money watson said today interview two banks terms investment probably would expensive said enron cash needs merger closes projected third quarter next year met transfer tomorrow 1 5 billion chevrontexaco corp largest shareholder dynegy 1 billion credit line j p morgan chase salomon said robert doty dynegy chief financial officer largest previous investment banking fee takeover announced year 50 million fee split credit suisse first boston goldman sachs group inc advice wachovia corp 13 6 billion purchase first union corp morgan stanley got 75 million advising time warner sale american online inc according bankers acquisition formed aol time warner inc january value 186 billion announced last year george stein 212 893 3934 ghstein bloomberg net mark lake