text_combined: enron mentions bet employer plunge enron stock serves warning workers invest much company time magazine 12 03 01 pick one stock annual love one stock picking contest forbes magazine 12 10 01 informer forbes magazine 12 10 01 shoppers save economy four star defense anthrax enigma smokeout gore capitalist falling star forward spin u news world report 12 03 01 enron dynegy work salvage merger deal wall street journal 11 28 01 deals deal makers banks stake enron merger stature money line wall street journal 11 28 01 energy trading market survives enron wall street journal 11 28 01 business world enron history says history wall street journal 11 28 01 trying restore confidence enron salvage merger new york times 11 28 01 enron dynegy pursue right price houston chronicle 11 28 01 cooperation enron key probe houston chronicle 11 28 01 dynegy completes 600 mln purchase u k gas storage assets bloomberg 11 28 01 natural gas electricity trading appears resilient wsj reports bloomberg 11 28 01 j p morgan citigroup stakes enron purchase wsj says bloomberg 11 28 01 enron 401 k savings plan set fall david wilson bloomberg 11 28 01 enron receives proposal 1 billion investment ft says bloomberg 11 28 01 global investing enron faces lawsuits handling pension plan energy trader employees allege financial times 11 28 01 companies energy trader stock stabilizes rating agencies show restraint los angeles times 11 28 01 ratings agencies agree hold ratings move enron wsj afx news 11 28 01 dynegy completes bg storage ltd buy dow jones news service 11 28 01 dynegy completes acquisition uk natural gas storage assets business wire 11 28 01 india india ongc says rejects bg offer fields reuters english news service 11 28 01 australia pacific hydro select wind turbine maker reuters english news service 11 28 01 dynegy confirms renegotiating enron deal daily deal 11 28 01 dynegy confirms move renegotiate enron takeover chicago tribune 11 28 01 usa update 6 enron dynegy hammer away new merger deal reuters english news service 11 27 01 new negotiations dynegy purchase enron sends shares higher associated press newswires 11 27 01 usa enron woes bite energy trading reuters english news service 11 27 01 enron dynergy renogotiate mergercnnfn cnnfn markets impact 11 27 01 enron board agrees lower dynegy purchase price paper says bloomberg 11 27 01 enron finding harder trade competitors say update 2 bloomberg 11 27 01 personal time money bet employer plunge enron stock serves warning workers invest much company sharon epperson 12 03 2001 time magazine time inc 79 copyright 2001 steve lacey 45 emergency repair dispatcher utility company salem ore personal life reads like holiday greeting card recently married longtime love packing boxes thanksgiving weekend set move dream house country time christmas lacey retirement plans however ruins works embattled energy trading firm enron 401 k savings enron stock plunged 90 share late 2000 4 71 end last week much decline come since october enron reported lost 638 million third quarter later admitted overstated earnings 1997 2000 life savings shriveled lacey co workers could watch oct 17 mid november enron blocked employees shifting investments 401 k accounts switched new plan administrator lacey joined federal lawsuit accuses enron breaching fiduciary duty employees encouraging invest enron stock even executives became aware serious financial problems would hurt stock price lot promotion inside company invest enron help us grow everybody got lacey told time cathy booth thomas enron says comment pending lawsuits lacey colleagues could anticipated would stuck plummeting stock woes seen warning hold much employer stock 401 k regularly monitor diversification investments like enron many firms 401 k plans blackout periods lasting days weeks change plan administrators necessarily wrong illegal says alden bianchi chairman employee benefits group mirick connell law firm westborough mass employees need make sure 401 k investments diversified times case shift like enron many big firms match employee contributions company stock allocation one investment grow quickly might allowed reallocate matching funds investments age 50 55 end last year whopping 39 total assets profit sharing 401 k plans invested stock sponsoring company among employees allowed hold employer stock 401 k account 18 invested half savings stock financial planners tell mistake bet much single stock especially company work whose fortunes already affect job security career advancement planners often advise investors hold little employer stock say amount company gives matching contribution shift assets even matching stock mix diversified stock bond mutual funds soon old enough similarly employer gives options buy company stock buy hold stock cash invest proceeds diverse blend stocks bonds mutual funds remember responsibility arrange investments survive financial trouble employer might suffer financial planner clare wherley new providence n j says company responsibility make sure investments go sharon epperson correspondent cnbc business news e mail sharon epperson nbc com diversify 401 k assets steve lacey invested 100 savings plan employer stock experts say even average worker holds 39 401 k assets company stock poorly diversified average allocation assets employee profit sharing 401 k plans company stock 39 2 stock funds 35 4 bond funds 5 9 cash money market 3 4 16 1 source profit sharing 401 k council america color photo susan seubert time color chart copyright 2000 dow jones annual love one stock picking contest andrew gillies megan e mulligan 12 10 2001 forbes magazine 176 copyright 2001 forbes inc bearish wall streeters dominate annual love one stock picking contest 2002 may easy year end love one contest invites analysts money managers stick necks choosing one stock buy sell short beat market next 12 months get return invites 12 bulls 18 average decline fared somewhat better p 500 fell 20 nov 13 2000 nov 1 2001 much write home great year finger rotten stocks five bears picks fell average 56 four bears qualified reenter three chose profund advisors william seale hit bull eye selecting transmeta stinker past year stock fallen 95 back year rap carnival corp already one big cruise line american classic voyages declared bankruptcy carnival despite stronger cruise operators suffer heavy burden overhead spread among fewer vacationers says recent 23 carnival trading 16 times estimated 2002 earnings per share eminently shortable stephen n worthington barbary coast capital management foresaw trouble burn rate debt load wireless service provider metricom trading year ago 15 75 nice call july 2001 company filed chapter 11 protection year worthington sees trouble brewing balance sheet pacificare health systems cites impending writeoff hmo intangibles mostly goodwill 42 assets martin weiner comstock partners correctly anticipated sagging market would dent enthusiasm stock trading picked broker charles schwab fell 57 2002 weiner estimates 20 drop capital spending semiconductor industry says short applied materials big supplier chipmaking equipment two new bears sign year ahead timothy ghriskey ghriskey capital partners cengiz searfoss portfolio manager west broadway partners ghriskey sees slide nestle investors lose appetite food stocks eventual market rebound searfoss targets eastman kodak stiff competition confronts low margin business bulls jean marie eveillard manager first eagle sogen global fund gained 21 timber producer rayonier next year eveillard still likes timber well real estate gold stocks choice contest security capital holding company number real estate investment trusts private real estate entities morgan stanley chief investment strategist byron wien rode retailer target 23 increase likes oracle arguing outlast competitors share price already reflects technology spending downturn thrya zerhusen manager abn amro talon mid cap fund beat market last year 9 gain american power conversion manufacturer backup power supplies opts unisys shares 0 5 times sales 9 times 2002 earnings estimate six new bulls join contest subodh kumar chief investment strategist cibc world markets picks intel theory chip companies lead technology rallies michael mauboussin chief u investment strategist credit suisse first boston goes enron suggesting acquisition dynegy take place current terms enron shares trading 19 discount dynegy value anna dopkin manager rowe price financial services fund considers troubled insurer safeco promising turnaround wendy trevisani associate portfolio manager thornburg investment management says e trade succeed diversification pure trading banking lending products kurt von emster portfolio manager mpm bioequities fund bets regeneron pharmaceuticals biotech prolific pipeline hoard cash fantastic science sandi gleason portfolio manager kayne anderson rudnick recommends syncor international strong projected growth business track current quotes stocks go www forbes com love long short eight newcomers plus nine reigning winners last year contest enter annual love one scrum name affiliation stock price buzz richard e cripps legg mason computer sciences 33 94 higher government tech spending anna dopkin rowe price safeco 31 28 new management david elias elias asset mgmt j p morgan chase 36 34 cheap 11 times 2002 estimated eps kurt von emster mpm capital regeneron 22 09 obesity drug phase 3 trials jean marie eveillard first eagle sogen funds security capital 18 67 market shift real estate grace keeney fey frontier capital mgmt general mills 47 00 predictable sustainable profits sandi gleason kayne anderson rudnick syncor international 29 59 recession proof growth subodh kumar cibc world markets intel 25 94 new products dynegy deal wendy trevisani thornburg investment mgmt e trade 6 79 growing bank mortgage business byron r wien morgan stanley dean witter oracle 14 17 long term winner tech thyra zerhusen abn amro funds unisys 9 35 services account 70 sales short sellers timothy ghriskey ghriskey capital partners nestle 53 02 p e well 9 year average william seale profund advisors carnival 22 65 decline travel high overhead cengiz searfoss west broadway partners eastman kodak 26 80 heavy debt digital competition martin weiner comstock funds applied materials 36 99 reduced spending chip industry stephen worthington barbary coast capital mgmt pacificare health system 18 26 razor thin margins dying business 2001 roundup collectively bulls barely outperformed market 20 decline course contest bears fun average picks tumbled 56 name affiliation ticker stock change michelle r clayman new amsterdam partners bbox black box 20 richard e cripps legg mason 5 gail dudack independent strategist cphd cepheid 25 david elias elias asset mgmt hd home depot 3 jean marie eveillard first eagle sogen funds ryn rayonier 21 john r hickman juricka voyles dswt duraswitch 30 mark c jordan ag edwards cdo comdisco 96 grace keeney fey frontier capital mgmt tmo thermo electron 18 ron h muhlenkamp muhlenkamp funds sfp salton 51 byron r wien morgan stanley dean witter tgt target 23 martin whitman third avenue value funds avx avx 29 thyra zerhusen abn amro funds apcc amer power conv 9 short sellers lou cardinali fiero brothers kkd krispy kreme 57 mark coffelt first austin jnpr juniper networks 87 william seale profund advisors tmta transmeta 95 martin weiner comstock funds sch charles schwab 57 stephen worthington barbary coast mcom metricom 99 copyright 2000 dow jones company inc rights reserved departments informer janet novack justin doebele william p barrett lynn cook benjamin fulford daniel fisher 12 10 2001 forbes magazine 54 copyright 2001 forbes inc almost makes boesky saint u tax court says chicago based fmc corp take 218 million tax deduction theft losses blamed big mid 1980 insider trading scandal involving infamous arbitrager ivan f boesky court held fmc complaint boesky dealings caused pay much buy back stock erased lost nontax case making claim investment firm whose employee leaked forbes 400 member boesky information fmc court said asserting remarkable proposition shareholders received much janet novack watch say goldman sachs group preparing sell shares real estate investment trust created consisting commercial property japan big pitch rental yields juicy compared investments available domestic investors yet sources say goldman holding back signing lease new digs tokyo expecting rents drop coming months could happen ongoing building boom expected add glut inducing 25 downtown tokyo prime office space 2004 comment venerable goldman justin doebele regulators get hang law criticism page elsewhere nasd regulation brokerage owned regulatory agency finally moving make harder errant stockbrokers hide sins investors proposed rules brokers settle e pay money end client arbitration claim hearing would generally longer able keep matter nasdr database accessible public also nasdr would drop legally absurd position honor expungement orders brokers state courts even party william p barrett buying opportunity energy company mergers enron dynegy chevron texaco likely help swell office vacancy rate houston glittering skyline tight 2 tight 15 also heading south prime space rent already cheap major city standards 27 per square foot per year big landlord losers canadian real estate investment trust trizechahn fort worth crescent real estate equities lynn cook soap opera japan sanyo big appliance maker rolled washing machine company claims needs detergent soapmakers foaming mouth try disprove new contraption effectiveness amid claims counterclaims machine sales appear brisk benjamin fulford company wants put name stadium think selling sudden collapse stock enron becomes latest public company join growing list big firms whose share price underperformed market buying naming rights professional sports arena daniel fisher venue city yearnamed performancevs p 500 3 com park san francisco 1995 186 pro player field miami 1996 171 psinet stadium baltimore 1999 111 compaq center houston 1998 95 cmgi field foxborough mass 2000 69 bank one ballpark phoenix 1996 65 cinergy field cincinnati 1996 63 coors field denver 1991 52 enron field houston 1999 52 network associates coliseum oakland 1998 48 adelphia coliseum nashville 1999 47 safeco field seattle 1998 35 copyright 2000 dow jones four star defense anthrax enigma smokeout gore capitalist falling star forward spin lisa stein 12 03 2001 u news world report 10 c copyright 2001 u news ditto american civil liberties union gore capitalist taking care business days consortium newspapers decided al gore might florida recount become president insisted overvotes counted well undervotes remember overvotes undervotes gore announced forsaking politics money least gore become vice chairman metropolitan west financial inc financial services company los angeles avoiding big question keep beard former veep said 25 years worked business economic issues perspective public servant engaged public policy eager learn business active executive dynamic community oriented company gore former aides hoped ex boss would join think tank pending another run presidency 2004 insist private sector job take race falling star art deal early year enron executives groused wall street appreciate innovative business model arguing company severely undervalued 80 per share investors showed kind disrespect enron today beleaguered houston energy trader stock price tumbled low 4 last week threatening merger deal dynegy seen enron best survival hope latest free fall came enron disclosed severity credit crunch regulators dynegy enron insist deal still enron shares recovered slightly lead lender gave time pay 690 million loan still could take six nine months finalize deal forward spin helping hands congress returns thanksgiving recess work involve lot giving small measure thanks defense appropriations bill get early generous attention followed economic stimulus bill greeted hands extended asking time honored question mine next stop last day november deadline ending sanctions iraq seems highly unlikely given uncertainty role baghdad might played propping osama bin laden even supporting terrorist attacks fail safe dismal academic performance projected 1 2 billion deficit philadelphia school district watchful eye pennsylvania gov mark schweiker also edison schools inc schweiker backed proposal allow edison take school management instead private company serve consultants help recruiting new managers troubled school district picture shoppers save economy lester inland valley daily bulletin ap picture reflected glory president bush lauded robert f kennedy last week justice department renamed main building honor former attorney general liberal icon jim lo scalzo usn picture ottilie lundgren immanuel lutheran church ap picture gov mark schweiker dan loh ap copyright 2000 dow jones company inc rights reserved enron dynegy work salvage merger deal rebecca smith gregory zuckerman staff reporters wall street journal 11 28 2001 wall street journal 3 copyright c 2001 dow jones company inc top executives enron corp dynegy inc raced salvage deal combine two energy trading companies amid growing signs enron facing cash flow problems result sharp downturn core trading business executives task gained urgency amid worries enron debt may soon downgraded junk status leading credit rating agencies holding talks executives enron dynegy representatives moody investors service inc standard poor ratings group fitch inc agreed hold making ratings move yesterday people familiar discussions said j p morgan chase co citigroup inc citibank shepherding merger already loaned 1 billion agreed invest additional 500 million merged company may arrange still funding enron people said hope err conservative side stockpile cash said ralph pellecchia analyst fitch credit rating agency viable options remaining enron board late yesterday informally agreed new share exchange ratio 0 12 shares dynegy enron share tendered 50 original offer 0 2685 dynegy share enron share according one person familiar situation talks still fluid late yesterday latest proposed share exchange ratio values enron 4 91 share total 4 17 billion would compare original value 10 98 share 9 33 billion exchange reducing purchase price members enron team insisting control merged company dynegy also considering additional 250 million cash investment enron dynegy together chevrontexaco inc already injected 1 5 billion enron effort stabilize company talks enron dynegy said tense occasionally acrimonious 4 p enron shares 10 cents 4 11 dynegy shares 1 64 40 89 new york stock exchange composite trading talks enron dynegy began earnest weekend cut price stock transaction enron share price plummeted wake disclosures future earnings high originally anticipated nov 9 dynegy originally agreed buy enron emergence damaging revelations concerning series deals allowed enron executives profit personally expense company shareholders deals subject securities exchange commission investigation struggling keep planned merger alive enron also seeking extend maturity dates borrowings enron total 13 billion debt 9 billion comes due end next year company may find hook additional 7 billion balance sheet debt another 3 9 billion potential liabilities related troubled investment partnerships credit rating drops investment grade says mr pellecchia fitch analyst cut junk status credit rating could deal fatal blow enron needs huge sums cheap money keep trading operations alive enron nowadays seems generating less cash business accounted 90 profit recent quarter five weeks since enron problems became widely known trading partners sought protect shifting deals elsewhere dominant enrononline trading exchange limit exposure houston based company week ago enron said 1 6 billion cash surprised analysts expected number least 1 billion higher given recent infusions dynegy banks enron spokeswoman karen denne said company continuing meet obligations added trading activity enrononline unit average recent days company believes stabilized analysts say cash hand appear enough keep enron alive long given reluctance trading partners creditors rebecca followill analyst howard weil houston says enron needs bigger cash hoard ever rebuild confidence reckons enron needs 4 billion 5 billion hand merger deal winds way shareholder regulatory approvals robin sidel jathon sapsford contributed article copyright 2000 dow jones company inc rights reserved deals deal makers banks stake enron merger stature money line jathon sapsford kara scannell staff reporters wall street journal 11 28 2001 wall street journal cl copyright c 2001 dow jones company inc important completing enron corp dynegy inc merger two companies almost critical banks backed j p morgan chase co citigroup inc emerged prominent financiers cheerleaders behind problem plagued transaction putting hundreds millions dollars money enron hopes keeping deal alive late yesterday effort continued banks scrambling new terms avoid credit downgrade could scuttle deal addition putting money behind proposed merger two lending giants also staked reputations perhaps even prowess mergers acquisitions business completing transaction j p morgan citigroup officials said privately pending deal bellwether could illustrate big banking institutions use lending muscle offer customers one stop shopping thus usurping business traditional investment banking institutions banks offered financing enron short notice grab advisory business deal potential either giving boost bank stature street sling mud face said samuel hayes professor finance harvard business school high stakes assignment expensive one deal happen bank commitments outstanding enron form various loans roughly 700 million 800 million according officials familiar matter roughly half unsecured debt two companies officials say also committed additional equity investment 250 million far though possibility enron could get mergers go deal relatively small gotten smaller recent days investors hammered lower enron stock 4 p yesterday stood 4 11 10 cents composite trading new york stock exchange wall street importance deal goes well beyond size transaction seen high profile example new era finance large financials exploit crumbling walls separate businesses like lending underwriting mergers advisory goldman sachs group investment bank traditionally extend large loans clients denied piece merger business declined extend sort loans j p morgan citigroup provided last week deal fall make goldman look smart lot deal banks mergers advisory fees says andy collins analyst u bancorp piper jaffray also seen well major test decision 1999 repeal depression era laws gramm leach bliley act decades u financial system effectively banned commercial banks lending clients served investment bank thinking commercial banks federally insured guardians deposits betting securities markets depositor money laws repealed worry risks creeping back system roy smith business professor new york university says banks lending clients seek win securities business could encourage banks lend purpose closing deals believe chairman bank night thinking says mr smith banks conceding exposure enron decline confirm specific amounts citing client confidentiality private conversations banks say regularly sell loans companies may exposed active secondary market moreover use credit derivatives effectively transfer risk loans investors recent documentation enron debt suggests much debt diversified across many investors may 2001 example citigroup j p morgan arranged large 2 25 billion credit facility enron part total approximately 13 billion debt enron balance sheet including commitments financial institutions two banks lead arrangers financing helped divide loan among 50 different banks according loan pricing corp research institute follows lending business many banks divided shares even smaller pieces sold investors one banker familiar matter said told 100 financial institutions exposure enron yet j p morgan citigroup served top underwriters debt would rather avoid blamed letting enron debts go bad even importantly also hold portion debt thus banks recently provided additional credit line enron totaling 1 billion additional lending enhancing value existing loans enron also relatively safe secured hard assets enron default banks would take interest collateral additional credit line bullet proof says one banker banks ultimately string successes similar strategies firms though high profile enron two banks example credited saving companies like lucent technologies financial crisis earlier year similar combination financing investment banking advise speaking privately bankers concede failure enron deal would smart beyond damage might banks loan portfolio falls apart says mr hayes harvard professor source embarrassment robin sidel contributed article copyright 2000 dow jones company inc rights reserved energy trading market survives enron wall street journal staff reporters peter mckay new york chip cummins washington alexei barrionuevo thaddeus herrick houston 11 28 2001 wall street journal cl copyright c 2001 dow jones company inc enron corp precarious financial condition unnerved investors trading partners largely invisible natural gas electricity trading industry helped build appears relatively resilient least far veteran traders say many firms began take precautionary steps month ago energy market meltdown related enron first tidbits houston based company woes reported trading volume moved popular enrononline electronic platform venues traders unwound complex financial bets others simply worked around onetime trading partner result insiders say natural gas prices particular really affected far enron problems impact expected moderate unlike traditional commodities exchange open natural gas electricity traded privately many transactions reflecting deals two players enrononline instance acts buyer seller setting price buy sell commodities natural gas electricity players enron transformed natural gas pipeline company make money buying selling energy many times capturing difference bids buyers offers sellers actual trading strategies tightly kept secrets made business difficult track assess energy market held amid enron woes remains edgy especially given uncertainty might happen dynegy inc agreement acquire enron aborted companies stopped business enron best ability says art gelber principal gelber gas closed 2 62 million british thermal units new york mercantile exchange trading yesterday even worst case scenario however traders assume whoever takes control company assets probably handle delivery commodities contracts says enron caused short term price moves big part market going long run says bill neill director commodity research merrill lynch co remember fundamentals energy particularly demand good right economy indeed natural gas storage nearly full far warm fall weather helped demand growing inventory natural gas moderating effect transitional difficulties might arise continued downward path enron says jon rasmussen economist department energy energy information administration one clear impact enrononline enron electronic trading arm become dominant energy e trading platform recent years accounting much 25 country natural gas electricity deliveries rival inc reported 34 jump weekly electricity volume since october 13 natural gas 45 increase crude oil atlanta based concern owned 100 energy metals traders brokers banks traders returned trades phone less transparent method pulling prices screen lot establish human contact says one trading executive copyright 2000 dow jones company inc rights reserved business world enron history says history holman w jenkins jr 11 28 2001 wall street journal al 9 copyright c 2001 dow jones company inc back mid 1980 pipeline executive called ken lay fishing around name company produced merger houston natural gas omaha based internorth consulted consultants politicked politicians came moniker company would called enteron three weeks later fed wisecracks press looked dictionary definition enteron n intestine changed company name henceforth would known enron columnist less devoted high standards decorum might tempted extend metaphor company misbegotten name recent weeks seen enron stock collapse indigestible accounting emergence dealings company senior officers exude odor genuine malfeasance evidence far clear sake mr lay reputation one hopes missteps prove one case company fooling rather setting deliberately defraud markets enron grew much pipeline hauler natural gas becoming pre eminent trader marketer kinds energy contracts vocal proponent deregulation overnight kaput waiting find fate bankruptcy absorption erstwhile rival help put mind another commodity wunderkind 1970 phibro short philipp brothers hard believe phibro name made grown men quiver wall street fattened trading profits great commodity inflation 1970 mistook permanent new age scarcity scooped street oldest partnership salomon brothers tucking back pocket renaming combined firm phibro salomon powerhouse unlimited potential investors told flash ahead california electricity meltdown earlier year enron saw revenues quadruple partly result inflated prices quoted california market many foresaw new scarcity megatrend true energy shortage posted prices california power exchange may skyrocketed effective price zero dollars zero cents utilities cash pay politicians thumbing noses piles ious prices zero suppliers take hike economics teaches state government started pumping cash market phony posted prices plummeted supplies became plentiful california swimming power nobody talks energy crisis anymore date loss investor confidence enron almost exactly moment california fiasco began repair fortune magazine put inaugural nail enron coffin march noting company growing dependence trading turned oil patch version goldman sachs goldman stock sells price earnings multiple 17 reflecting investors well founded distrust trading earnings reproduced reliably year year magazine asked enron awarded multiple 60 plus mmm enron yeoman service champion deregulation boss ken lay believer technology power markets true visionary point annoying people care air man right side history moldering pipeline took would certainly also ran thrown enron headlong trading marketing deregulation confer permanent advantage anybody deregulated environment favors constant innovation continual upsetting plans strategies add fact despite california bubble reason believe energy prices continue long term relative decline technology advances quickly depletion conventional resources add also likelihood information technology continue lower barriers entry enron trading business means competition shrinking margins enron begins look lot like phibro great commodity trading machine already running 1981 bought salomon wall street swooning inflation quelled paul volcker products phibro traders bought sold increasingly traded transparently electronic exchanges four five years ago used able take companies cleaners knew market others trader explained everyone knowing within cents price product phibro ability make profit superior knowledge disappeared true enron would bottom fisher dynegy run mr lay houston homeboy chuck watson dynegy proposed takeover former nemesis hanging negotiation yesterday enron recent years selling hard assets concentrating electronic market making mr watson opposite big play enron deal get hands original hng internorth pipeline known northern natural gas feet planted real business claims firm able make profitable sideline trading despite growing competition transparency see dynegy enron born time motive dynegy originally created six pipeline companies washington law firm morgan stanley take advantage new opportunities deregulated natural gas gnats already circling gas producers claimed years duo control much fate insist allowed merge listen fussbudgets business need trustbusting enron resorting funny accounting make earnings merrill lynch donato eassey pointed wholesale margins steadily thinning trading becomes transparent competitive wishful accounting time proved last refuge companies whose dearly held visions panning enron prided realistic adaptive failed see beliefs world needed overhauling copyright 2000 dow jones section c markets market place trying restore confidence enron salvage merger richard oppel jr andrew ross sorkin 11 28 2001 new york times page 1 column 2 c 2001 new york times company enron corporation dynegy inc worked yesterday find ways bolster confidence enron weakened energy trading business companies negotiators continued talks revising terms merger executives close talks said renegotiated deal would cut value acquisition half said roughly 4 billion dynegy said also prepared invest least additional 250 million enron top 1 5 billion cash infusion dynegy biggest investor chevrontexaco included initial deal announced nov 9 dynegy wants new cash backed hard assets companies trying identify value enough enron holdings already mortgaged creditors executives said series financial disclosures sent enron stock collapse company arms dynegy houston rival enron natural gas electricity trading floors business two largest competitors combined also accounted majority enron profits far traders wall street analysts said business steadily deteriorated amid questions depths enron financial straits many traders curtailed dealings enron executives close talks said dynegy officials scouring enron books difficulty week figuring much cash trading operation generating executives close talks said renegotiated terms dynegy acquisition enron would lower price 0 13 dynegy share share enron cutting half value deal announced nov 9 dynegy offered 0 2685 share deal struck 0 13 dynegy share yesterday closing prices dynegy would paying 5 32 enron share 29 4 percent premium enron diminished stock price premium 20 6 percent enron closing price day deal announced companies seeking promises enron bank lenders extend debt repayment dates merger closes also discussing adding provisions could limit dynegy ability back combination two companies also working arrange cash infusion 500 million j p morgan chase citigroup would provide enron desperately needed new cash growing concern cash infusion banks calm investors fears reassure energy traders leading dynegy seek additional 500 million cash enron late yesterday two companies hung whether enron already used many prized assets collateral loans enough assets left serve collateral additional money according executives close talks number enron assets examined including already used obtain loans executives said assets include transwestern pipeline major natural gas pipeline links gas producing basins texas southwest california enron stake gas pipeline assets 9 8 percent stake worth 400 million eog resources former subsidiary independent publicly traded oil gas company indirect stake hanover compressor manufactures equipment used increase pressure natural gas facilitate flow interstate pipelines yesterday investors anxiously awaited report moody investors service like major credit rating firms currently ranks enron debt lowest investment grade level enron lose investment grade status could forced repay refinance 3 9 billion debt traders would probably curtail business late yesterday moody decided issue statement receiving assurances enron dynegy officials renegotiated deal would announced soon executives said moody spokesman declined comment executives close talks said hoped new cash dynegy would reassure wall street energy trading markets enron trading floor would survive remain valuable asset analysts investors difficulty figuring much value trading operation already lost much business reduced credit concerns believe dynegy probably seeing deterioration core business wants renegotiate purchase price result said andre meade head united states utilities research commerzbank securities new york think anyone estimate earning power enron next three four quarters sure enron good estimate mr meade said believe dynegy earlier estimate acquisition would add 90 cents share earnings reliable today given sharply business seems deteriorated mr meade calculations enron trading volumes fall 50 percent next year even normal volume growth levels returned 2003 would wipe nearly value stock karen denne enron spokeswoman said company experienced decline energy trading volume number traders business stabilized yesterday declined elaborate quantify decline also said enron trading operation remained profitable though could quantify also said know whether company working possible bankruptcy filing contingency plans business liquidity worsen moving forward merger said dynegy officials return telephone calls yesterday shares enron rose yesterday news possible revised acquisition agreement closed 4 11 2 5 percent 10 cents shares dynegy closed 40 89 4 2 percent 1 64 though yesterday gains halted four day slide enron shares stock 95 percent year disclosures major losses well significant accounting errors led enron admit overstated profits last five years nearly 600 million difficulties within enron trading operation exacerbating company overall liquidity problems three ways according analysts rival energy trading executives first traders requiring enron put greater margin trades top cases enron traders forced pay buy natural gas traders companies credit premium transactions ranged 3 cents 6 cents every million british thermal units gas enron buys people say additionally many traders like mirant corporation either scaled back stopped business enron hurting trading revenue mr meade commerzbank said end use customers trading counterparties appear shifting business competitors result enron credit concerns reluctant increase exposures enron copyright 2000 dow jones company inc rights reserved nov 28 2001 houston chronicle enron dynegy pursue right price laura goldberg copyright 2001 houston chronicle dynegy enron corp continued discussions tuesday several issues including new terms dynegy deal buy enron equity infusion enron according people familiar talks sense talks breaking instead lot pieces needed put place people said sources told chronicle monday two houston based energy traders negotiating lower exchange rate dynegy stock deal buy enron sources also said enron dynegy working group banks reach called override agreement extend merger closes maturity dates certain enron debt two energy companies working finalize terms equity infusion enron around 500 million expected come j p morgan chase co citigroup dynegy one source said tuesday could also contributor 500 million nov 9 deal enron shareholders would receive 0 2685 share dynegy stock per enron share owned since increasing worries enron core trading business new troubling financial disclosures enron sources said tuesday new ratio discussed around 0 15 dynegy spokesman john sousa said tuesday could confirm dynegy discussions parties involved transactions related deal investors appeared optimistic tuesday dynegy enron would work arrangement save merger shares dynegy closed 1 64 40 89 shares enron closed 10 cents 4 11 wall street expects dynegy either cut purchase price walk away dynegy negotiating lower exchange ratio shows intent keeping deal together said jeff dietert analyst simmons co international houston deal falls apart enron would likely see credit rating cut called junk status would trigger series negative consequences among enron ability run trading business would severely hampered turn enron could quickly forced bankruptcy enron trading operation highly dependent upon access cash credit already suffering enron hopes another equity infusion spur traders return business taken elsewhere appears trading counterparties moved significant volumes away enron past weeks result credit concerns andre meade analyst commerzbank securities new york wrote report tuesday morning new deal terms discussed confirms fears enron core trading marketing business rapidly deteriorating worth much less today several weeks ago meade said tuesday afternoon word spread among analysts investors moody investors service would issue rating report enron day end waiting see moody would soothing words enron drop credit rating junk report released enron expected lay employees week nov 28 2001 houston chronicle cooperation enron key probe tom fowler copyright 2001 houston chronicle federal officials say willing lenient companies cooperate securities fraud cases attitude could help get enron corp hook current sec investigation could also put individual executives including former chief financial officer former employees hot seat months since took head securities exchange commission chairman harvey pitt laid policies give companies credit coming forward report misconduct improper accounting message cooperation could spare companies harsher penalties sec serious new attitude late last month took highly unusual step outlining reasons decided bring enforcement action seaboard corp shawnee mission kan pork processing cargo shipping company issued misstatements annual quarterly reports december 1995 march 2000 based improper entries booked controller florida division statement sec said company conduct key avoiding enforcement action within week finding alleged misconduct internal auditors preliminary review advised management board directors hired outside law firm independent review four days later controller covered problems fired along two supervisors public notified problem sec reached settlement directly former controller agreed violate securities laws future seaboard case enforcement action occur since new policies put place observers say likely could applied enron sec investigation see sec easy anyone said frank velie former u attorney partner new york based salans hertzfeld heilbronn christy viener individual small group individuals acted illegally company acts swiftly fire turn information sec cooperate many cases company escape prosecution since sec officials began looking number balance sheet partnerships formed enron former cfo andrew fastow company gone great lengths appear cooperative distance anyone associated partnerships day earnings report last month revealed enron would lose 35 million take 1 billion hit shareholder equity complex financing partnerships enron chairman chief executive officer ken lay company board directors said stood fastow board approved partnerships dealings noted week later however oct 24 company replaced fastow oct 31 day enron said sec upgraded review finances simple inquiry formal investigation company announced board directors created investigation committee power take disciplinary action enron employee officer director determined improperly participated transactions committee took action shortly several employees fired involvement deals spokesman said including ben glisan managing director treasurer enron corp kristina mordaunt managing director general counsel enron division employees determined invested partnerships including fastow executives michael kopper kathy lynn anne yeager longer work enron sec filing outlined details partnerships earlier month enron tried distance deals saying aware partnerships required certain safeguards put place transactions approved reviewed regularly painting company relative innocent fell victim dealings renegade employees may make sense face sec inquiry ensure safe passage enron says henry hu law professor university texas austin dynegy completes 600 mln purchase u k gas storage assets 2001 11 28 07 37 new york dynegy completes 600 mln purchase u k gas storage assets houston nov 28 bloomberg dynegy inc buying rival u energy trader enron corp completed acquisition bg group plc u k natural gas storage subsidiary 600 million first purchase energy assets europe dynegy used cash short term borrowings pay acquisition announced july bg storage expected boost 2002 earnings houston based dynegy said statement purchase includes two storage terminals rough hornsea used half u k gas shippers store 111 billion cubic feet dynegy said business also 19 miles pipeline onshore gas processing plant easington england bg storage 260 workers become employees dynegy dynegy trades gas germany netherlands switzerland scandinavia said needs physical energy assets europe support trading business dynegy talks lower price acquisition enron biggest energy trader current 23 billion stock assumed debt shares dynegy rose 1 64 40 89 yesterday fallen 27 percent year enron also based houston rose 10 cents 4 11 stock plunged 95 percent year mark johnson princeton newsroom 609 750 4662 natural gas electricity trading appears resilient wsj reports 2001 11 28 06 32 new york houston nov 28 bloomberg despite enron corp precarious financial condition natural gas electricity trading industry appears relatively resilient prices yet affected wall street journal said trading companies began take precautionary steps month ago news enron woes first reported moved trading enrononline venues paper said traders unwound complex financial bets others simply worked around enron unlike traditional commodities exchange open natural gas electricity traded privately often contracts two parties journal said enrononline acts buyer seller setting price buy sell commodities however energy market remains concerned given uncertainty might happen dynegy inc purchase enron falls companies would benefit potential trading void include american electric power co duke energy corp el paso corp morgan stanley dean witter co j p morgan citigroup stakes enron purchase wsj says 2001 11 28 05 53 new york new york nov 28 bloomberg j p morgan chase 1998 1999 less majority participants plan 2 14 billion assets available benefits could much diversify investments enron like many companies uses stock rather cash match employee contributions restricts sales shares could guess year end makeup plan assets end june reflecting sec disclosure standards savings plans time stock drop already well way trio lawsuits enron since reported 1 01 billion third quarter charges ousted chief financial officer andrew fastow ran partnerships accounted charges restated results since 1997 become target sec investigation accounting accepted takeover bid dynegy inc biggest rival company shares ended last year 83 13 fell low 3 83 yesterday amid concern dynegy might abandon offer houston based company closed 4 11 response plunge employees 401 k plan allows workers defer part pay build tax free savings takes name section internal revenue service code filed three lawsuits enron suits allege among things enron prevented employees shifting investments within plan oct 17 day disclosure charges nov 19 company made administrative changes three seek class action status behalf plan participants recent filing came gottesdiener law firm based washington monday covers longest time period november 1995 falling percentages enron shares accounted 64 percent savings plan assets end 1994 year period associated gottesdiener suit began figure reflected one time contribution preferred stock rose 62 percent 1993 preferred share face value 100 convertible 27 304 common shares translates conversion price 3 66 share 12 percent lower yesterday closing price plan also owned stake enron former oil gas unit became eog resources inc gaining independence 1999 add shares company stock represented two thirds 1994 assets enron common preferred shares fell 60 percent 401 k assets available benefits 1995 58 percent 1996 53 percent 1997 u stock market rallied lifting value participants investments equity mutual funds shares represented 49 percent plan assets 1998 proportion hit bottom 46 percent 1999 assets doubled exceeding 56 percent increase enron share price year 1 62 billion much choice came last year common stock recorded best performance two decades even u stocks stumbled enron rallied 87 percent amid soaring electricity natural gas prices standard poor 500 index market benchmark includes company fell 10 percent company shares plan rose value 652 7 million according sec filing total includes shares bought sold throughout year contrast mutual fund holdings fell 47 million investments rose 134 000 filing said year end 401 k plan owned 13 9 million enron common shares 70 000 preferred shares valued 1 32 billion total encompasses enron matching contributions plan also employees investments money company generally provides 50 percent match stock first 6 percent pay goes plan employees sell shares move proceeds investment choices reach age 50 11 percent plan stock holdings came contributions said karen denne enron spokeswoman figure suggests participants invested heavily company usual 401 k participants waiting data average u plan account company stock amounted 19 percent assets end last year according study done employee benefit research institute investment company institute published last week case enron approach matching ensures much one third contribution employee account takes form shares sell right away anyone wanted gauge approach enron stock performance affected plan financial position last year wait june 27 filing cited earlier arrived sec employee savings stock purchase plans 401 k plans submit annual reports 180 days fiscal year ends even get 15 day extension deadline need one time enron plan made annual report already bit late act information company shares dropped 44 percent end 2000 date submission filing demonstrated employees looking save retirement set fall david wilson princeton newsroom 609 750 4546 enron receives proposal 1 billion investment ft says 2001 11 28 00 01 new york new york nov 28 bloomberg enron corp received proposal group investors willing provide energy trader 1 billion financial times reported citing unidentified person close talks funding would provided equity investment houston based company financial times reported investment could assure dynegy inc enron survive nine months may take dynegy acquire company paper reported new proposal believed different enron efforts secure 500 million financing j p morgan citigroup inc paper reported clear involved new consortium whether enron accept proposal terms made financial times reported karen denne spokeswoman enron told paper company trying secure 500 million 1 billion worth equity financing restructure debt paper said global investing enron faces lawsuits handling pension plan energy trader employees allege elizabeth wine 11 28 2001 financial times c 2001 financial times limited rights reserved global investing enron faces lawsuits handling pension plan energy trader employees allege assets frozen enron troubled energy trading company facing four lawsuits handling employee retirement plan one claims 850 losses enron employees allege company froze plan assets stopping selling company shares held plan stock price plunged third suit filed monday night washington dc based gottesdiener law firm also claims enron breached fiduciary duty retirement plan sold employees company stock knowing share price artificially high enron shares fallen high 90 august 2000 52 week low 4 01 monday close shares began rapid fall 30 mid october news improper accounting practices october 17 november 19 enron locked retirement plan barring employees selling shares market close october 16 november 19 enron shares lost 73 per cent value eli gottesdiener gottesdiener principal said claim 850 based drop value company stock pension fund 1 3 bn start year 100 today enron shares accounted 60 per cent 2 1 bn plan assets end 2000 according another lawsuits filed law firm campbell harrison last week amount far high prudent diversification investment mr gottesdiener said addition objection enron lockdown forced employees watch retirement savings plunged fund underwent administrative changes allege breach fiduciary duty circumstances said knowing people would want sell stock realising enron company thought circumstances lock people grossly negligent violation enron duty lawsuits raise several issues company fiduciary duty offering shares employees retirement plan right ban employees selling shares defined contribution plans enron employees allocate retirement money menu choices including mutual funds company stock regulated labor department overseen securities exchange commission oversees traditional mutual funds regulation limits companies ability start lockdowns beyond basic fiduciary duty result little day day oversight management investments said geoff bobroff former sec attorney financial services industry consultant older type employee retirement plan defined benefit plan 10 per cent limit amount company stock held pension fund plans administered entirely company legislation extend defined contribution plans mr gottesdiener said part reason bringing lawsuit push legislation place 10 per cent cap company stock defined contribution plans exists defined benefit plans added company matched employee contribution stock alone pushed employees buy company stock forsaking prudent diversification long companies match employees contributions stock people take implicit investment advice enron matching contributions company stock c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved companies finance americas enron works save dynegy bid andrew hill sheila mcnulty 11 28 2001 financial times c 2001 financial times limited rights reserved enron yesterday locked negotiations dynegy energy trading rival reworking details dynegy rescue bid dynegy understood considering halving value stock bid light enron deepening financial crisis john sousa spokesman dynegy said confirm discussions parties involved transaction related structure deal dynegy bid launched november 9 worth 11 share 9 4 bn enron shares trading yesterday morning 4 12 enron fate still depends dynegy commitment deal lenders willingness restructure loans credit ratings agencies decision downgrade enron debt junk status downgrade large rating agencies would trigger series collateral calls trading counterparties would also oblige enron repay 3 3 bn bonds karen denne enron spokeswoman said still working equity infusion 500 1 bn still working restructuring debt likely investors jp morgan chase citigroup already extended 1 bn secured credit line enron energy group principal advisers dynegy deal five moving parts dynegy chevron texaco owns 26 per cent dynegy enron citigroup chase people horse trading said john olson sanders morris harris houston based investment banking securities firm people close negotiations said enron seeking guarantees dynegy would pull deal enron also seeking cash top 1 5 bn dynegy already committed backing chevrontexaco andre meade analyst commerzbank securities said even deal completed underlying earnings associated enron trading marketing business may significantly lower dynegy anticipates creditsights credit research group said mounting shareholder employee litigation enron risked triggering clause allows dynegy walk away potential liabilities exceed 3 5 bn c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved world stock markets black clouds pessimism hang wall street americas mary chung 11 28 2001 financial times c 2001 financial times limited rights reserved us stocks posted sharp losses morning trading unexpectedly weak consumer confidence data sparked broad sell wall street midsession dow jones industrial average 111 26 9 871 49 p 500 index given 11 33 1 146 nasdaq composite lost 27 91 1 913 32 overcoming previous session gloomy news economy officially recession investors turned decisively pessimistic consumer confidence index dropped fifth consecutive month technology stocks hit hardest intel fell 2 per cent 31 28 microsoft 3 4 per cent 62 94 cisco systems shed 1 3 per cent 19 67 online retailers saw sharp gains following thanksgiving weekend optimism grew surge online holiday sales lost momentum amazon dropped 6 4 per cent 11 43 ebay shed 3 per cent 63 13 weaker expected confidence data spurred profit taking said bryan piskorowski market commentator prudential financial said done nice run surprising see market give back ground telecommunications stocks slid nokia world largest mobile phone maker downgraded estimates worldwide handset sales 2001 painted cautious picture 2002 motorola retreated 2 2 per cent 17 56 us court issued injunction preventing rambus asserting patents infineon german memory chip maker rambus shed 7 per cent 9 40 retail stocks lower kmart dropped 5 4 per cent 6 48 discount retailer reported heavier quarterly loss year ago wal mart slipped 0 6 per cent 55 40 home depot gave 5 per cent 43 35 biggest loser dow dow components trading lower american express 1 7 per cent 34 51 exxon mobil 0 3 per cent 37 57 enron embattled energy trading company dipped 0 2 per cent 4 weighed talk renegotiations dynegy toronto edged lower early trading weak opening us equities sparked technology stock selling countered day good news story 50 basis points cut interest rates bank canada midsession p 300 composite index 0 1 per cent 7 457 70 nortel networks shed 16 cents c 12 57 celestica came 75 cents c 66 talisman energy overcame concerns crude oil prices adding 22 cents c 55 60 c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones metro desk enron many victims 11 28 2001 los angeles times home edition b 12 copyright 2001 times mirror company enron houston energy company helped throw california crisis last year spirals downward stock fallen high near 85 4 tuesday planned rescue merger renegotiated enron executives disgraced shame 15 000 enron employees seen retirement accounts tank right along company stock wish luck lawsuit filed week company urged right stock crashed keep buying enron froze retirement fund employees sell stock price skidded freeze billed administrative necessity plan managers changed considering enron chairman kenneth l lay made 145 million stock options 2000 first months 2001 alone maybe volunteer cover 890 million retirement plan losses fat chance ditto nearly 60 million former enron president jeffrey k skilling cleared options 2000 skilling august resignation helped trigger enron decline disclosures executives formed books partnerships essentially concealed company debt enron employees ones holding bag enron chairman lay essentially invented market trading electric power lay also chief energy advisor president bush bush father along handful companies enron profited handsomely deregulation california consumers except areas municipal power like los angeles pay price higher electric bills years pacific gas electric declared bankruptcy southern california edison nearly state deeply debt power forced buy major shareholders enron including state employee pension fund got burned lot blame pass around edison main cheerleader deregulation enron remains fat target lay tendency fulminate state officials height electricity crisis getting onto free market bandwagon deepened wounds price bubble fell victim year cool summer declining economy state purchase long term power contracts damage done californians hope securities exchange commission require companies disclose sorts shenanigans concealed enron debt voters ask whether state legislators inexperience product term limits helped produce shoddily constructed deal deregulation nothing bring back ordinary shareholders lost money least enron employee lawsuit stands chance recovering percentage retirement fund loss even penny comes kenneth lay 145 million copyright 2000 dow jones company inc rights reserved financial dynegy asks enron new terms peter behr washington post staff writer 11 28 2001 washington post final eol copyright 2001 washington post co rights reserved dynegy inc insisting steeply cutting price 23 billion rescue offer made energy trading competitor enron corp companies executives yesterday continued hash financial legal issues standing way new agreement dynegy confirmed pressing enron new terms following latest collapse enron stock price companies original nov 9 acquisition agreement neither company would discuss parameters new deal dynegy believed seeking reduction 45 percent original offer involved stock swap assumption 15 billion enron debt critical stock exchange ratio however enron raise cash capital stay solvent six nine months regulators expected take review dynegy enron deal analysts said enron 7 billion debts come due next 12 months original deal enron shareholders would receive 10 50 share twice stock current market value enron shares closed yesterday 4 11 10 cents dynegy closed 40 89 1 64 new york times wall street journal reported details negotiations monday enron little leverage analysts said predicting breakdown negotiations could trigger series events would force nation largest energy trading firm champion deregulation bankruptcy reorganization think choice said ralph pellecchia credit analyst fitch inc bond rating service enron stock traded high 84 earlier year plummeted chain reaction shocks past month tied enron disclosures executives involved investment partnerships whose debts kept enron balance sheet securities exchange commission launched investigation enron finances enron make 1 2 billion reduction shareholders equity acknowledge 586 million reduction earnings past four years ratings services withheld new assessments enron creditworthiness companies attempt restructure deal ratings assessments critical enron debt rated one step junk bond status sinks level lenders could begin demanding repayment 3 billion enron debt precipitating would likely fatal cash drain analysts said enron investment grade rating based great part expectation merger dynegy go forward pellecchia said growing concerns enron survival stymied attempts bankers j p morgan chase co citigroup inc raise much 2 billion enron past two weeks two banks prepared advance 250 million trying find lenders willing advance 1 5 billion according sources familiar plan meanwhile companies avoided selling energy enron trading operation fearing paid investors lenders urgently need clear signal dynegy determined proceed new terms pellecchia analysts said combination two companies would create dominant trading operation energy products related financial instruments regulatory reviews likely extend six months investors want see whether dynegy prepared stay course another ongoing issue mounting lawsuits enron shareholders employees merger agreement dynegy walk away judges successful claims enron suits exceed 3 5 billion several enron employees filed suit claiming company mismanaged 401 k employee retirement plan combined concealment financial problems devastated employees savings suit cites enron policy company matching contributions would made enron stock employees could sell shares reached age 50 additionally enron froze retirement accounts close trading oct 26 time depth problems becoming clear morning nov 13 order make planned change management account company spokesman said employee lawsuit contends freeze covered slightly longer period freeze employees could sell enron shares purchased retirement contribution message employees investing enron stock everything going great said washington lawyer eli gottesdiener represents employees suit http www washingtonpost com copyright 2000 dow jones financial desk dynegy refigures enron offer takeover buyer lowers price energy trader stock stabilizes rating agencies show restraint thomas mulligan times staff writer 11 28 2001 los angeles times home edition c 3 copyright 2001 times mirror company new york dramatic slide stock energy trader enron corp halted tuesday intended rescuer rival dynegy inc confirmed renegotiating terms takeover wall street read news sign least improvement chances deal go enron stock rose 10 cents 4 11 new york stock exchange trading confidence enron survivability remains tepid traders said dynegy shares rallied 1 64 4 40 89 big board investors anticipated new deal lower price reached tuesday evening spokeswoman enron said expect announcement tonight two companies based houston agreed new price 0 15 dynegy share enron share 6 13 share tuesday closing price dynegy person familiar negotiations said tuesday revalued figure 40 original price announced nov 9 terms also would include another interim infusion cash help stabilize enron trading business enable make 690 million payment due creditors dec 14 person said said unclear big infusion would whether money would come dynegy 26 owner chevrontexaco corp whether portion would come enron bankers part restructuring enron debt chevrontexaco provided enron immediate 1 5 billion cash time takeover announced return enron agreed sell northern natural gas co pipeline subsidiary dynegy enron efforts attract additional equity investments 2 billion far failed bloomberg news reported tuesday enron bankers led j p morgan chase co overtures rejected saudi prince alwaleed bin talal carlyle group inc blackstone group major credit rating agencies tuesday refrained downgrading enron bonds junk status awaiting word restructured deal analysts theorized deferring downgrade enron bonds junk status rating agencies cutting company slack normal conscious downgrade would send company bankruptcy turn could cause one analyst termed meltdown financial markets given enron long reach accounting much 25 electric power natural gas traded globally ronald barone analyst standard poor rating agency new york said surprised deal struck tuesday evening still waiting said terms controversial deals involving limited partnerships established run former enron executives rating cut investment grade would trigger requirement enron make immediate cash payments creditors payments would total 3 9 billion enron said recent filing securities exchange commission sec investigating limited partnership arrangements circumstances caused enron dramatically restate official financial statements erasing 580 million reported profit since 1997 enron also faces raft lawsuits ordinary stockholders employees contend misled firm financial condition induced invest company stock executives knew overvalued enron core trading business deteriorating nervous trading partners reduced exposure possible bankruptcy said energy analyst michael heim g edwards deals evaporating enron fate remains uncertain said copyright 2000 dow jones company inc rights reserved ratings agencies agree hold ratings move enron wsj 11 28 2001 afx news c 2001 afp extel news ltd new york afx representatives moody investors service inc standard poor corp fitch inc yesterday agreed hold making ratings move long term debt enron corp currently one notch junk status wall street journal reported citing people close talks ratings agencies yesterday met executives enron dynegy inc trying buy enron companies continued talks aimed salvaging two week old deal downgrade junk status would critical troubled enron would trigger payment obligations large part debt totals 13 bln usd 9 bln usd due end next year company may find hook additional 7 bln usd balance sheet debt another 3 9 bln usd potential liabilities related troubled investment partnerships credit rating drops investment grade fitch analyst ralph pellecchia said according paper would also make expensive company raise financing needed keep trading operations alive enron yesterday informally agreed new share exchange ratio 0 12 shares dynegy enron share owned 50 pct original ratio 0 2685 dynegy shares enron share owned paper said new ratio values enron 4 91 usd share total 4 17 bln usd compared original value 10 98 usd share total 9 33 bln usd officially agreed upon talks reported tense set continue talks began weekend sparked steep decline enron share price past two weeks following revelations new liquidity problems filing sec last week cl jad copyright 2000 dow jones company inc rights reserved dynegy completes bg storage ltd buy 11 28 2001 dow jones news service copyright c 2001 dow jones dow jones newswires 201 938 5400 copyright 2000 dow jones timing extent deregulation energy markets u europe timing required approvals dynegy enron merger success integration cost savings measures relating merger effectiveness dynegy risk management policies procedures creditworthiness customers counterparties liquidity competitiveness wholesale trading markets energy commodities including impact electronic online trading markets operational factors affecting dynegy power generation dynegy midstream natural gas facilities uncertainties regarding development competition within market communications services u europe uncertainties regarding environmental regulations litigation legal regulatory developments affecting dynegy business general political economic financial market conditions extended period war conflict involving united states europe moreover dynegy expectation acquisition accretive earnings 2002 beyond based upon achieving certain sales projections meeting certain cost targets successfully integrating acquired assets information risks uncertainties relating forward looking statements found dynegy sec filings available free charge sec web site http www sec gov contact dynegy inc media u john sousa steve stengel 713 767 5800 europe david keane 020 8334 7266 analysts margaret nollen arthur shannon katie pipkin 713 507 6466 06 10 est november 28 2001 copyright 2000 dow jones company inc rights reserved india india ongc says rejects bg offer fields 11 28 2001 reuters english news service c reuters limited 2001 bombay nov 28 reuters india oil natural gas corporation ongc rejected bid british energy giant bg plc become operator three prized oil gas fields india west coast ongc spokeswoman said wednesday decision could jeopardise british oil gas producer 388 million deal buy 30 percent stake fields u energy firm enron corp deal signed october conditional bg becoming operator fields full control day day management ongc board met late tuesday evening decided bg offer sufficiently responsive become operator fields spokeswoman told reuters elaborate reasons rejecting bg bid ongc move could also affect enron desperately needs cash stave mounting debt crisis united states houston based energy trader needs least 1 billion cash shore balance sheet keep rating agencies junking debt spokesman bg immediately available comment panna mukta tapti fields considered one india prized discoveries last two decades jointly owned ongc enron oil gas india ltd wholly owned unit enron corp reliance industries ltd country biggest petrochemicals maker panna mukta oilfields recoverable reserves 184 million barrels oil oil equivalent gas proposed expanded 214 mmboe tapti gas field reserves 96 3 billion cubic metres gas equivalent enron 30 percent stake sole operator bg wanted situation continue buyout opposed ongc reliance companies staked independent claims saying expertise manage fields bg tried solve dispute offering ongc right operate another field brazil withdrew claim panna mukta tapti copyright 2000 dow jones company inc rights reserved australia pacific hydro select wind turbine maker 11 28 2001 reuters english news service c reuters limited 2001 melbourne nov 28 reuters renewable power generator pacific hydro ltd said wednesday expected select wind turbine company set australian manufacturing proposed 300 million portland wind farm mid january pacific hydro managing director jeff harding said company shortlisted danish company neg micon consortium enron corp siemens select within next six eight weeks manufacturing go ahead get approval project said selected manufacturer would initially provide turbines portland project harding said expected provide base wind project manufacturing number companies looking boosting wind generation australia result federal government target boost renewable energy use two percent 2010 pacific hydro portland project would comprise 120 wind generators capacity 180 mw expecting gain environmental approvals around april next year company also range hydro projects australia asia identified 2 991 mw potential australian wind generation projects expect minimum 500 mw operational within three four years harding said pacific hydro joint venture partner aboitiz phillipines 70 mw bakun hydro project started operation past financial year work second stage bakun boost output 50 percent due start 2002 pacific hydro aboitiz also planning another hydro project pacific hydro reported net profit tax abnormals 26 9 million year ended june 30 8 8 million year previously due start bakun abnormal foreign exchange benefit harding said profit growth would slow financial year portland project likely make first contribution 2002 03 slightly ahead last year quantum jump last year reflected completion bakun said pacific hydro shares ended wednesday seven cents 4 30 broader market 0 1 percent copyright 2000 dow jones company inc rights reserved inplay dynegy confirms renegotiating enron deal 11 28 2001 daily deal copyright c 2001 deal llc enron corp dynegy inc houston energy firm dynegy inc confirmed tuesday renegotiating acquisition crosstown rival enron corp dynegy spokesman steve stengel said company discussions parties involved transaction relation structure deal would elaborate enron return calls seeking comment sources close transaction said monday two back negotiating table steep drop enron stock price analysts said dynegy pushing 5 25 per share wall street journal said two discussing valuation haircut 40 10 41 per share total 9 billion less 6 per share total 5 billion claire poole www thedeal com copyright 2000 dow jones n 3 copyright 2001 chicago tribune high profile deal merge energy marketers enron corp dynegy inc gone back drawing board meanwhile enron reportedly made progress securing 1 5 billion new cash keep business stable renegotiates dynegy dynegy confirmed tuesday talks renegotiate 9 billion deal buy larger troubled rival disclosure sent enron shares 2 5 percent apparently easing investors concerns deal would fall trading new york stock exchange enron shares rose 10 cents close 4 11 stark contrast days double digit declines dynegy shares rose 1 64 40 89 discussions occurring related structure transaction said dynegy spokesman steve stengel news two houston based companies renegotiating temporarily appeased investors observers said confident deal future hear details new cash infusions help keep enron afloat putting money deal shore enron credit situation would sign dynegy would committed deal going said analyst mike heim g edwards sons late tuesday financial times london reported web site consortium investors proposing 1 billion equity investment enron citing person close talks newspaper identify investors said agreement could announced wednesday separately wall street journal reported web site j p morgan chase co citigroup inc citibank advising dynegy buyout agreed invest 500 million merged company said would consider increasing amount fail find additional outside investors deal journal citing people close discussions also said dynegy enron tentatively agreed cut value stock deal half new deal enron shareholders would get 0 12 dynegy share enron share held would value enron 4 17 billion original deal valued 9 billion based exchange rate 0 2685 dynegy share enron share copyright 2000 dow jones company inc rights reserved usa update 6 enron dynegy hammer away new merger deal c bryson hull arindam nag 11 27 2001 reuters english news service c reuters limited 2001 houston nov 27 reuters energy trader dynegy inc floundering rival enron corp hammered away new terms proposed merger late tuesday sources said talks included buyout offer half original price fervent efforts secure financing stave credit downgrade sources familiar negotiations said investment banks j p morgan citigroup advisors already loaned enron total 1 billion may step combined 500 million help save deal follows several rebuffs enron prominent private equity firms although source said houston company entertaining offer 1 billion outside investors dynegy planned buy houston rival 9 billion stock currently due diligence examination enron complex financial records began thanksgiving holiday last thursday first buyout offer finalized nov 9 would dynegy paying 10 41 share enron enron shares since cratered near 4 stoking investor fears merger go abundantly clear deal changed proceed sources close negotiations said stock exchange ratio likely fall range 0 12 0 15 dynegy shares enron share half originally proposed valuation 0 2685 1 enron tentatively accepted lower end range source cautioned talks still active terms fluid also table negotiations extend maturation enron debt past close merger expected third quarter 2002 another move credit cut outside offer entertained outside offer 1 billion source said investment designed shore enron balance sheet keep rating agencies junking credit credit downgrade would cause 3 9 billion obligations become due immediately getting money protect assets intellectual property source told reuters announcement could come early wednesday could take longer source said source declined identify parties would neither confirm deny goldman sachs among sources close investment bank told reuters recently goldman looking ways part enron power trading business dynegy spokesman john sousa declined comment termed speculation parties deal enron shares bounced slightly tuesday dynegy confirmed restructuring talks shares closed 13 cents 4 14 new york stock exchange dynegy shares gained 4 2 percent 1 64 40 89 nyse another set clouds darkening enron sky fact pursuit private equity financing found takers among prominent private equity firms three new york based buyout firms blackstone group clayton dubilier rice warburg pincus llc passed enron according people familiar enron efforts washington c based carlyle group another major private equity firm also interested enron carlyle spokesman chris ullman said private equity executives looked enron say much remains unclear enron financial condition commit funds near future one certainty layoffs enron future three sources confirmed reuters enron equity trading unit closed roughly 60 employees laid enron spokesman would comment cuts layoffs part broader job cuts expected part dynegy buyout point acute problem enron loss volume trading franchise crown jewel coveted dynegy enron trading partners cutting back transactions north america largest energy trader credit concerns business hugely dependent volumes volume growth principal reason dynegy making deal worth lot less enron worth less vital stop bleeding core trading marketing business said commerzbank analyst andre meade nag reported new york additional reporting jeff goldfarb dane hamilton janet mcgurty jonathan stempel new york copyright 2000 dow jones company inc rights reserved new negotiations dynegy purchase enron sends shares higher juan lozano associated press writer 11 27 2001 associated press newswires copyright 2001 associated press rights reserved houston ap high profile deal merge energy marketers enron corp dynegy inc gone back drawing board meanwhile enron reportedly made progress securing dlrs 1 5 billion new cash keep business stable renegotiates dynegy move sent enron shares higher days double digit declines dynegy confirmed tuesday talks renegotiate dlrs 9 billion deal buy larger financially troubled rival disclosure two companies revisiting terms sent enron shares 2 5 percent apparently easing investors concerns deal would fall discussions occurring related structure transaction said dynegy spokesman steve stengel declined elaborate news two houston based companies renegotiating temporarily appeased investors observers said confident deal future hear details new cash infusions help keep enron afloat putting money deal shore enron credit situation would sign dynegy would committed deal going said mike heim analyst g edwards sons late tuesday financial times london reported web site new consortium investors proposing making dlrs 1 billion equity investment enron citing person close talks newspaper identify investors said agreement could announced soon wednesday separately wall street journal reported web site j p morgan chase co citigroup inc citibank advising dynegy buyout agreed invest dlrs 500 million merged company said would consider increasing amount fail find additional outside investors take part deal journal citing people close discussions also said dynegy enron tentatively agreed cut value stock deal half deal informally agreed enron board enron shareholders would get 0 12 dynegy share enron share held would value enron dlrs 4 17 billion original deal valued dlrs 9 3 billion based exchange rate 0 2685 dynegy share enron share condition reduced price enron executives seeking control combined company journal said raymond james analyst jon kyle cartwright said buyout hinge dynegy ability reinvigorate enron trading operation hurt energy companies stopped selling power natural gas fear paid many energy traders shied away business enron worry company go bankrupt said charlie sanchez energy markets manager gelber associates houston based energy trading firm restoring customer investor faith impossible issue gradually rebuilding enron confidence legacy developing confidence new legacy dynegy going take time said fadel gheit analyst fahnestock co inc said enron bad investment dynegy underestimated potential liabilities announced nov 9 would buy company price valuing enron dlrs 10 per share terms deal dynegy also would assume dlrs 13 billion enron debt chasing enron like trying catch falling knife gheit wrote tuesday research note investors stengel dynegy spokesman declined comment asked announcement renegotiated terms expected soon enron spokesman vance meyer said company comment discussions related merger enron expected deal completed trading new york stock exchange enron shares rose 10 cents close dlrs 4 11 stark contrast trading day earlier saw enron shares dip time low dlrs 3 76 closing 15 percent dlrs 4 01 dynegy shares rose dlrs 1 64 dlrs 40 89 nyse enron stock plummeted 95 percent february 52 week high dlrs 84 87 series disclosures relating company complicated finances raised concerns financial viability enron last month revealed partnerships run executives allowed company keep half billion debt books allowed executives profit arrangements enron dealings partnerships subject securities exchange commission investigation company ousted top financial officer october several weeks ago restated earnings back 1997 eliminating dlrs 580 million reported income net http www enron com http www dynegy com copyright 2000 dow jones company inc rights reserved usa enron woes bite energy trading james jelter 11 27 2001 reuters english news service c reuters limited 2001 san francisco nov 27 reuters former energy trading giant enron financial straits plunging share price drying core business market players seek safer trading partners u utilities trading houses say still striking deals enron also admit slashing financial exposure battered company stopped trading enron said terry francisco spokesman rival duke energy continue closely monitor situation make prudent adjustments necessary accordance credit policies added enron policies starting sting company seen credit rating cut junk status following disclosure balance sheet dealings senior officer downward revision earnings past four years enron recently handled 20 percent north american electricity natural gas market seen share price plummet year high 84 88 close today mere 4 14 new york stock exchange cross town rival dynegy inc agreed earlier month buy enron stock deal valued 10 55 share given enron shares continued slump dynegy said tuesday seeking renegotiate deal dearth sellers amid bad news energy traders said reluctant sell energy enron turn raised concerns enron might hard time securing enough power gas meet long term sales commitments though far evidence missed deliveries failed pay buys nevertheless mirant corp another nation top energy trading houses confirmed tuesday longer willing sell energy products enron right purchasing mirant spokesman chuck griffin said cautionary approach also confirmed several municipal federal power companies including mighty bonneville power administration bpa portland oregon severely limited business enron said stephen oliver vice president power marketing bpa sells wholesale electricity string huge dams along northwest columbia river oliver said bpa done business enron six years owes company money declined say much zeroed credit limit business going forward enron would within amount money owed said payment front enron shaky financial status prompted traders demand payment front move taken western area power administration wapa markets hydroelectricity 56 federal dams u department energy wapa spokeswoman laverne kyriss said regional offices halted spot market dealings enron seeking renegotiate 10 year deal buy power enron working protect utility customers federal government kyriss said traders throughout utility industry said curbed dropped long term trades enron involve deals lasting anywhere week several years enron financial woes deepen traders said searching sleeves middlemen provide financial buffer brokered spot market deals company deal utility example offer sell surplus electricity gas broker trusting broker line best anonymous bid market top bidder turns enron many utilities turn deal unless middleman willing take ownership guarantee payment energy sold allows utility trader indirectly conduct business enron staying within utility credit limits taking toll toll taking enron business hard measure enron like trading houses disclose market positions much activity wrapped given time natural gas electricity two biggest markets energy financial transactions break things type product enron spokesman eric thode said thode said company seen drop trading volume 60 percent conducted prized enrononline internet trading system 40 percent counter market company 30 day rolling trade average showed enron 5 400 transactions day daily notional value 2 8 billion well within daily average 4 700 5 700 transactions year certainly volumes dropped 30 day rolling average confidence still shown great majority trading partners thode said copyright 2000 dow jones company inc rights reserved business enron dynergy renogotiate mergercnnfn bruce francis kathleen hays 11 27 2001 cnnfn markets impact c copyright federal document clearing house rights reserved bruce francis cnnfn anchor markets impact well wall street doubt enron url http www enron com survive merger next guest one kathleen hays cnnfn anchor markets impact brian youngberg utilities analyst edward jones joining us st louis welcome brian youngberg utilities analyst edward jones thank hays well happy brian unhappy situation enron like soap opera gets worse worse day fairly pessimistic anything going come youngberg well think may announce sort restructuring know problem right really time frame know talking company enron surviving another nine months struggled survive last two weeks since original deal announced know dynegy url http www dynegy com decide know much capital want put enron help shore company get closing know even announce restructuring still done deal francis could clear dynagy point assets enron worth accept taking risk youngberg well think dynagy know evaluating know thing buying far assets really really people trading floor pipelines acquiring good pipelines lot debt know decide know worth continuing pursue let go wayside move forward know dynagy general viewed solid company whether acquire enron hays guess besides debt would take casey wian houston talking attorney getting kinds clients feel betrayed obviously know legal ramifications guess another liability dynagy assess whether makes transaction youngberg right think dynagy already looked know assume significant litigation know issues losses possibly far shareholder lawsuits forth think already built question know something know maybe even dynagy know francis another potential acquirer dynagy acquirer last resort inaudible youngberg really believe dynagy really party really interested enron point time know much hanging company right sec investigation possible losses declining share mar energy trading forth liquidity issues much think companies really take company knows insides enron think would probably dynagy point time hays inaudible know think anything offset everything say hard find argument fact anything think dynagy would better wait bankruptcy proceedings buy whatever pieces company block francis steal customers hays yes youngberg well think problem waiting go bankruptcy dynagy weigh also get situation know bankruptcy judge could decide situations could parties know partake bidding pipelines example know may get assets really want make tough decisions think taken past weekend taken least couple days really want make sure know next step right one know wait see know comes know view recommending individual investors hold shares enron sell move plenty better companies sector better track records better outlooks really overall better fundamentals point time francis brian youngberg thank joining us appreciate youngberg thank kathleen hays cnnfn anchor markets impact copyright 2000 dow jones company inc rights reserved enron board agrees lower dynegy purchase price paper says 2001 11 27 23 43 new york houston nov 27 bloomberg enron corp board agreed reduced dynegy inc purchase offer values energy trader equity 4 17 billion less half original price wall street journal reported citing personal familiar plan new exchange ratio 0 12 share dynegy enron share would value enron 4 91 share journal said 19 percent enron closing stock price today original ratio 0 2685 agreement final paper said enron dynegy executives trying save transaction amid growing concern enron cash flow problems enron shares fallen 95 percent year investors questioned whether company using affiliated partnerships hide losses debt lenders stopped providing enron cash exchange lower purchase price enron seeking control combined company journal said dynegy prepared invest least 500 million enron top 1 5 billion cash dynegy investor chevrontexaco corp new york times said citing executives close talks dynegy wants cash backed assets companies hard time finding enough enron holdings already mortgaged creditors paper said enron finding harder trade competitors say update 2 2001 11 27 19 32 new york enron finding harder trade competitors say update 2 adds magnum hunter comment 21 st 23 rd paragraphs houston nov 27 bloomberg enron corp finding harder buy natural gas power trading partners lost confidence company cash pay bills spokesmen energy companies say mirant corp traders sell natural gas power enron though atlanta based energy trader buy company said james peters mirant spokesman aquila inc business enron also buy side said al butkus aquila spokesman dynegy talks lower price acquisition enron current 23 billion stock assumed debt talks sign trading operations provide 90 percent enron revenue trouble analysts say renegotiating confirms fears enron crown jewel marketing trading business deteriorating said andre meade analyst commerzbank securities enron spokesman eric thode said enron trading operations remain strong volume enrononline company internet based trading site averaged 5 400 transactions day value 2 8 billion last 30 days enrononline handles 60 percent company trading business thode said paying higher premiums companies continue business enron forcing pay premium prices said arthur gelber president gelber associates corp houston advises 18 producers trading strategies companies charging enron 1 72 million british thermal units natural gas would charge buyer better credit 1 70 gelber said profit margins energy sales slim difficult enron traders turn profit pay competitors gelber said sellers requiring enron provide large letters credit showing cash complete deal gelber said typical natural gas deal delivery 10 billion british thermal units day month might require letter credit much 690 000 competitors face problems enron guaranteeing trades analysts said power plants natural gas supplies meet commitments enron assets must purchase supplies seeing repercussion enron strategy unorthodox rely physical generation assets said mcnamara director electric industry analysts consultant scientech inc assets rely got go get power somebody else becoming difficult expensive company credit problems mcnamara said lowering exposure partners long term contracts enron want fail find alternative suppliers hedge existing contracts traders say people want enron survive certain amount time get exposure said mike loya president vitol sa closely held energy company offices houston continue trade enron cautiously companies buying enron may offset agreements sell back company later technique reducing potential losses partner fails meet obligations traders said shares declined enron shares fallen 95 percent year investors questioned whether company using affiliated partnerships hide losses debt lenders stopped providing enron cash enron shares rose 13 cents 4 14 today high 84 63 dec 28 dynegy rose 1 64 40 89 4 3 percent nov 9 merger announced shares chevrontexaco owns 26 percent dynegy rose 42 cents 85 62 october company said shareholder equity lowered 1 2 billion used stock pay partnership debt nov 8 company lowered earnings back 1997 586 million reflect losses incurred partnerships last week enron said may forced pay 690 million note owed one partnerships may write 700 million fourth quarter reflect debt backing another partnership stock debt enron trying renegotiate 9 billion debt payments owed end 2002 well secure much 2 billion outside investors take stake company without money enron may run short cash needs guarantee trades analysts say credit concerns prompted magnum hunter resources inc oil natural gas producer irving texas stop selling gas enron largest producing property controls gulf mexico company still selling gas enron two smaller properties purchases backed letters credit enron one companies willing give small companies credit years ago oil gas prices low always appreciated standing us commodity prices low said magnum hunter chief financial officer chris tong large industrial natural gas electricity users avoiding signing long term contracts enron industry consultants said would go supplier uncertainty go one certainty asked mark boyer chief operating officer summit energy services inc louisville kentucky advises metals chemical paper companies energy purchasing decisions eileen grady houston 713 353 4876