enron mentions enron wake call wall street journal 12 04 01 fall power giant dynegy hits back enron lawsuit claim failed merger entitles concern get northern natural gas wall street journal 12 04 01 enron secures 1 5 billion new financing j p morgan citigroup pact first step lifeline sought trading unit wall street journal 12 04 01 fall power giant burst chapter 11 filings marks big year bankruptcy bar wall street journal 12 04 01 fall power giant time creditors vie wall street journal 12 04 01 auditor andersen added enron 401 k lawsuit wall street journal 12 04 01 stadium jinx call enron field enron folds maybe firms put names arenas hit hard times former trans world dome wall street journal 12 04 01 kpn prepares sell new shares investors remain lukewarm toward dutch telecom firm wall street journal 12 04 01 small stock focus genesis energy valentis plummet small cap stocks fall slightly wall street journal 12 04 01 treasurys manage modest gains despite reports suggesting economy could rebounding wall street journal 12 04 01 enron mark market accounting gets scrutiny wall street journal 12 04 01 j p morgan citigroup decline fears enron exposure wall street journal 12 04 01 corrections new york times 12 04 01 hobbled enron tries stay feet new york times 12 04 01 sent home sit wait phone new york times 12 04 01 enron causes 5 major japanese money market funds plunge new york times 12 04 01 plenty pain go around small investors funds workers creditors new york times 12 04 01 winners case new york times 12 04 01 collapse may reshape battlefield deregulation new york times 12 04 01 investors worry mideast enron shares fall new york times 12 04 01 markets currencies new york times 12 04 01 defining issue new york times 12 04 01 free lessons corporate hubris courtesy enron washington post 12 04 01 enron readies layoffs legal battle rival dynegy sues pipeline network washington post 12 04 01 enron con washington post 12 04 01 enron fall washington post 12 04 01 enron slashes jobs lines financing energy funding 1 5 billion intended keep trading operations going amid move reorganize los angeles times 12 04 01 power customers could see disruptions los angeles times 12 04 01 markets enron mideast weigh stocks wall st dow declines 0 9 nasdaq 1 3 oil prices rise bond yields fall los angeles times 12 04 01 banks enron losses seen limited bankruptcy firm says owes three major lenders 7 55 billion analysts say total overstates exposure los angeles times 12 04 01 enron shares trading nyse review status los angeles times 12 04 01 enron failure los angeles times 12 04 01 enron lays 4 000 houston chronicle 12 04 01 tit tat dynegy says sue enron houston chronicle 12 04 01 pain bankruptcy hurt many others houston chronicle 12 04 01 woes leave enron field name question houston chronicle 12 04 01 enron employees tell us stories houston chronicle 12 04 01 lenders lining hard fight looms houston chronicle 12 04 01 q enron bankruptcy houston chronicle 12 04 01 enron recent troubles houston chronicle 12 04 01 enron briefs houston chronicle 12 04 01 enron tries resurrect trading houston chronicle 12 04 01 repeat edf talks enron direct assets dow jones energy service 12 04 01 enron brazil unit part us chapter 11 filing dow jones international news 12 04 01 attorney says tender offer enron wall dow jones news service 12 04 01 usa bell futures rise enron soars 41 percent reuters english news service 12 04 01 india wrapup 1 enron assets play crisis funds give hope reuters english news service 12 04 01 enron receives financing operate cuts 20 percent staff associated press newswires 12 04 01 uk update 1 pwc says u finance deal affect euro units reuters english news service 12 04 01 enron europe pulp co sale enron administrator dow jones international news 12 04 01 bankrupt enron corp receives financing operate cuts 20 percent staff associated press newswires 12 04 01 enron takes lst steps bid negotiate bankruptcy update 3 bloomberg 12 04 01 enron plans sell asia power assets amid bankruptcy updatel bloomberg 12 04 01 arthur andersen ceo calls accounting review enron bloomberg 12 04 01 edf says talks buy enron european retail unit bloomberg 12 04 01 enron lines 1 5 billion bankruptcy financing update 5 bloomberg 12 04 01 enron collapse may repercussions throughout houston bloomberg 12 04 01 enron wake call joe berardino 12 04 2001 wall street journal al 8 copyright c 2001 dow jones particular role auditors year end financial statements presented management invest hundreds millions dollars year improve audit capabilities train people enhance quality client fails study happened top bottom learn important lessons better enron cooperating fully investigations enron made mistakes acknowledge need make changes clear responsibilities important getting right enron admitted made bad investments leveraged authorized dealings undermined confidence investors credit rating agencies trading counter parties enron trading business revenue streams collapsed leading bankruptcy lessons learned enron range broader issues need addressed among rethinking accounting standards like tax code accounting rules literature grown volume complexity attempted turn art science process fostered technical legalistic mindset sometimes concerned form rather substance reported enron provides good example orthodoxy make harder investors appreciate going business like many companies today enron used sophisticated financing vehicles known special purpose entities spes balance sheet structures vehicles permit companies like enron increase leverage without report debt balance sheet wall street helped companies raise billions structured financings well known analysts investors rules stand today sponsoring companies keep assets liabilities spes consolidated financial statements even though retain majority related risks rewards basing accounting rules risk reward concept would give investors information consolidated entity financial position assets liabilities risk balance sheet certainly information disclosure alone could ever provide profession debating account spes many years time rethink rules modernizing broken financial reporting model enron collapse like dot com meltdown reminder financial reporting model emphasis historical information single earnings per share number date unresponsive today new business models complex financial structures associated business risks enron disclosed reams information including eight page management discussion analysis 16 pages footnotes 2000 annual report analysts studied sold short made profits sophisticated analysts fund managers said although confused bought lost money need fix problem long maintain trust capital markets financial reporting system delivers volumes complex information happened past leaves investors limited understanding happening present likely occur future current financial reporting system created 1930 industrial age time assets tangible investors sophisticated derivatives structured balance sheet financings instant stock quotes mutual funds first call estimates lou dobbs cnbc need move quickly carefully dynamic richer reporting model disclosurs needs continuous periodic reflect today 24 7 capital markets need provide several streams relevant information need expand number key performance indicators beyond earnings per share present information investors really need understand company business model business risks financial structure operating performance reforming patchwork regulatory environment alphabet soup institutions aicpa american institute certified public accountants sec asb auditing standards board eitf emerging issues task force fasb financial accounting standards board pob public oversight board important roles profession regulatory framework made smart diligent well intentioned people system keeping issues raised today complex financial issues standard setting slow responsibility administering discipline diffuse punishment sufficiently certain promote confidence profession us must focus ways improve system agencies need resources experts processes need redesigned accounting profession needs acknowledge concerns system discipline peer review address criticisms mark well deserved part intend work constructively sec congress accounting profession others make changes needed put concerns rest improving accountability across capital system unfortunately witnessed much two years ago scores new economy companies soared irrational values collapsed dust investors came question business models prospects dot com bubble cost investors trillions time get serious lessons taught us particular need consider responsibilities accountability players system review happened enron broader issues raises millions individuals depend large measure integrity stability capital markets personal wealth security course investors look management directors accountants also count investment bankers structure financial deals best interest company shareholders trust analysts recommend stocks fund managers buy behalf homework walk away companies understand count bankers credit agencies dig deep system work today complex economy checks balances must function properly enron reminds us system must improved prepared part mr berardino managing partner ceo andersen copyright 2000 dow jones company inc rights reserved fall power giant dynegy hits back enron lawsuit claim failed merger entitles concern get northern natural gas alexei barrionuevo rebecca smith staff reporters wall street journal 12 04 2001 wall street journal al 0 copyright c 2001 dow jones company inc striking back shaping nasty fight dynegy inc sued enron corp try take control enron flagship northern natural gas co pipeline system investors continued punish dynegy failed gambit acquire enron suit filed day enron filed protection chapter 11 u bankruptcy code filed 10 billion lawsuit dynegy claiming street rival breached merger agreement breaking deal past week suits escalate war words two houston companies responsible merger breakup contributed enron tumble bankruptcy court proceedings threaten serious distraction dynegy another energy trading highflier credit agencies continue penalize dynegy gambling effort buy enron dynegy stock companies significant energy trading operations 4 p new york stock exchange composite trading dynegy shares fell 3 18 27 17 52 week low question something high profile attract senior management attention time said robert grossman chief credit officer debt rating agency fitch inc dynegy credit watch since dynegy agreed merger fact lawsuit poses risk investors minds could limit upper end stock awhile says ronald barone analyst ubs warburg still dynegy aggressively trying build energy trading business dynegy president chief operating officer steve bergstrom worked enron early 1980 considered one brightest lights energy trading dynegy moving bulk base pipelines production power plant capacity complement trading operations enron cratering last week dynegy swiftly moved capitalize enron sudden inability provide enough credit security natural gas supply deals enron traders scrambled match buyers sellers disgorge obligations delivering gas customers dynegy direct beneficiary enron trader said yesterday people thought let go across street talk dynegy said dynegy offering best deals late last week since oct 1 number customers executing agreements dynegydirect dynegy online trading platform increased 20 dynegy physical trading business also increased mr bergstrom told analysts yesterday continue experience clear flight quality customers said distracted events many enron traders said upset management implosion company traders going looking jobs maintaining relationships important may even interviewing dynegy said jeff dietert analyst simmons thomson financial datastream copyright 2000 dow jones lifeline sought trading unit wall street journal staff reporters mitchell pacelle jathon sapsford ann davis 12 04 2001 wall street journal 3 copyright c 2001 dow jones company inc turning largest creditors potential saviors enron corp secured much 1 5 billion new financing j p morgan chase move comes enron 10 billion suit dynegy filed sunday breaching merger agreement enron lays 4 000 employees mostly among 7 500 employees houston head office layoffs come addition 1 100 jobs london cut friday congress steps probe enron house commerce committee staff set meet week sec houston enron executives copyright 2000 dow jones company inc rights reserved fall power giant burst chapter 11 filings marks big year bankruptcy bar richard b schmitt staff reporter wall street journal 12 04 2001 wall street journal al 0 copyright c 2001 dow jones company inc many lawyers take file chapter 11 bankruptcy law proceeding case enron corp 30 number attorneys new york law firm weil gotshal manges enron bankruptcy counsel says case filed weekend federal bankruptcy court new york enron chapter 11 filing one largest corporate history also apt one lucrative lawyers representing company counseling creditors well expected army financial advisers turnaround pros slackening economy burst large chapter 11 cases five 15 biggest chapter 11 time filed year left formerly insular bankruptcy bar busier ever new cachet demand growing rates rising reaching 700 hour top lawyers starting put bankruptcy lawyers league merger specialists trial attorneys pending chapter 11 case pg e corp utility unit spring experts predict could generate legal fees topping 400 million phone jumping hook said andrew rahl partner bankruptcy specialist anderson kill olick new york mr rahl says firm already retained one client enron case declines identify actively negotiating two others besides weil enron retained new york firm skadden arps slate meagher flom special counsel represent outside board members among tasks heading team mergers specialist peter atkins best known representing special committee rjr nabisco inc 25 billion takeover fight celebrated best selling book barbarians gate enron bank creditors hold chunk company 13 billion debt lined two large wall street firms shearman sterling advising longtime client citigroup inc citibank j p morgan chase co retained davis polk wardwell partner donald bernstein restructuring specialist represented bank pending bethlehem steel corp chapter 11 proceeding also new york among others among major creditor firms boston bingham dana retained structured finance unit general electric co general electric capital corp litigation enron erstwhile merger partner dynegy inc also expected trigger many billable hours dynegy sued enron yesterday seeking right complete acquisition enron crown jewel pipeline system retained houston firm baker botts along akin gump strauss hauer feld based dallas washington enron launched pre emptive lawsuit bankruptcy court sunday dynegy represented weil securities litigator greg danilow corporate chief thomas roberts recently handled amr corp acquisition trans world airlines delaware bankruptcy court martin bienenstock weil gotshal chief bankruptcy lawyer enron case said rates firm partners likely involved matter range 450 700 hour mr bienenstock charges 675 hourly rate recently represented holders millions bonds issued excite home corp well bankruptcy law debtors ames department stores inc g holdings inc asbestos concern 80 bankruptcy lawyers one largest law firm practices country added lot copyright 2000 dow jones company inc rights reserved fall power giant time creditors vie henny sender staff reporter wall street journal 12 04 2001 wall street journal al 0 copyright c 2001 dow jones company inc enron corp chapter 11 bankruptcy filing marks beginning complicated jockeying hundreds creditors seek get expense creditors filings expected submitted court subsequent enron original petition sunday least partially lift veil secrecy long hovered company dealings enron many unsecured creditors idea much hope recover thanks enron complex structure huge liabilities tucked away partnerships consolidated onto company balance sheet chapter 11 filing enron corp listed 13 15 billion debt combined obligations 13 subsidiaries also bankruptcy proceedings balance sheet debt totals 31 24 billion bankers involved estimate parent company additional 27 billion balance sheet contingent liabilities combined list creditors attached enron bankruptcy filing 54 pages long precisely many claims contesting among enron creditors expected especially fierce bankruptcy law specifies clear ranking claims senior secured creditors top pyramid mass unsecured claims beneath equity holders bottom bankruptcy proceedings always set stone chapter 11 place legal system alter rights one creditor another alter distribution losses said stephen case bankruptcy lawyer davis polk wardell new york coming weeks enron file legal documents widely scrutinized creditors potential vulture investors buy distressed debt information ultimate value company many distressed debt players sidelines citing impossibility understanding enron business operations extent liabilities possibility financial records contain misstatements beyond restatements announced last month enron traditionally immediately bankruptcy filing flurry opportunistic investors look company said edward tillinghast bankruptcy lawyer coudert brothers new york easier analyze bankruptcy much information becomes available filing paper tends get concentrated added mr case davis polk many institutional investors dump securities want seen allowed hold defaulted paper call vulture funds ask take hands complicating negotiations claimants creditors varied lot diverse interests reflecting enron combination physical financial assets thousands thousands financial contracts whose value uncertain likely highly contentious usually unsecured creditors compete intensely share assets order compete savviest creditors distressed debt funds usually acquire debt positions discounted prices engage variety strategies instance may threaten senior classes specter long drawn legal battle unless concessions made class creditors gets vote settlement one party may buy others claims order control third debt class enough influence entire outcome copyright 2000 dow jones company inc rights reserved auditor andersen added enron 401 k lawsuit 12 04 2001 wall street journal al 0 copyright c 2001 dow jones company inc houston lawsuit behalf members enron corp employee retirement plan expanded allege company independent auditor arthur andersen llp chicago knowingly participated enron breaches fiduciary duty actively helping enron conceal true financial condition imprudence investing enron stock amended suit filed yesterday federal court houston gottesdiener law firm washington seeks recover 1 billion plan losses well return fees paid andersen totaled 52 million 2000 law firm says least three lawsuits filed behalf enron 401 k retirement plan members enron filed chapter 11 bankruptcy court protection creditors sunday enron collapses obviously going look elsewhere get justice enron employees said eli gottesdiener lead counsel plaintiffs spokesmen arthur andersen enron said companies comment pending litigation copyright 2000 dow jones former trans world dome scott thurm staff reporter wall street journal 12 04 2001 wall street journal al copyright c 2001 dow jones company inc two years ago standing outside half built baseball stadium enron corp chairman kenneth lay announced high flying energy giant would pay roughly 100 million 30 years put name new home houston astros well fatal questions arose enron questionable finances enron never chance destined join fruit loom inc trans world airlines psinet inc others spiraled downward emblazoning brand names sports stadiums putting corporate name stadium act hubris sports gods demand retribution fruit loom meant filing chapter 11 bankruptcy protection 1999 three years putting pro player athletic wear label miami football baseball stadium twa took shingle home football st louis rams earlier year acquired bankruptcy american airlines psinet new economy telecom firm agreed 1999 pay 100 million 20 years naming rights baltimore ravens new football stadium filed bankruptcy protection june call stadium naming jinx soon put name something might well go lawyers draw bankruptcy petition jokes paul swangard managing director warsaw sports marketing center university oregon shares 3 com corp maker computer networking equipment trading 39 50 sept 7 1995 agreed pay 1 million year put name san francisco windswept candlestick park generating howls local protest six years several corporate reorganizations one tech downturn later 3 com last month said enough told football san francisco 49 ers want renew 3 com shares closed 4 66 4 p nasdaq stock market trading yesterday compaq computer corp doubled stadiums attaching name indoor arenas houston hometown san jose calif compaq struggling sell hewlett packard co edison international namer anaheim angels edison field saw southern california edison co unit flirt bankruptcy california deregulated electricity market recently anc rental corp parent national car rental filed bankruptcy protection nov 13 raising questions home hockey florida panthers hex fodder sports fans boardroom bleachers create kind stigma people ask yes says richard sherwood president front row marketing services newtown pa works stadium naming deals baltimore many fans never heard psinet name affixed big purple letters ravens stadium psinet bankruptcy filing embarrassment predictable result shortsighted greed ownership says attorney football fan neil brafman suggests renaming ballpark creditors committee stadium houston longtime astro season ticket holder steve cross proposes enron field renamed enron folds way change couple letters says 58 year old financial adviser field success antidote astros division year ravens super bowl january psinet sliding toward bankruptcy predecessors nfl champs rams playing twa soon gone logo maybe run regression see bet team short company says new york hedge fund manager seth tobias mr tobias says likes two stadium namers stocks qualcomm corp fedex corp august 2000 high flying internet incubator cmgi inc agreed pay football new england patriots 114 million 15 years put name patriots new stadium foxboro mass watching new stadium rise distance attending patriots game earlier year mr tobias says wondered whether cmgi would still exist time new stadium opens next august cmgi net loss 5 4 billion fiscal year ended july 31 shares listed nasdaq stock market fallen 150 early 2000 1 90 yesterday stadiums carried corporate monikers ever since men william wrigley august busch put names stadiums used teams owned commercial name game really started 1973 rich foods paid 1 5 million put name home football buffalo bills 25 years another 15 years atlantic richfield co great western financial corp put names basketball arenas sacramento calif los angeles 1988 62 major league stadiums sporting names companies agreed pay collective 3 4 billion privilege long 30 years according dean bonham naming rights consultant denver deals multiplied jinx spread beyond bankruptcies brushes death corporate stadium namers frequent takeover targets arco example acquired bp plc last year pacific telesis parent pacific bell agreed acquired sbc communications day announced 50 million naming rights deal san francisco giants 1996 shawmut national corp paid put name new indoor arena boston 1993 company acquired fleetboston financial corp single game played philadelphia arena formerly known corestates center morphed first union center become wachovia center soon next summer deteriorating financial health airlines imperils naming deals six indoor arenas former chief executive ual corp whose united airlines unit named arena chicago raised prospect filing bankruptcy next year analysts believe parent america west airlines namer arena phoenix may file sooner get requested government aid every naming rights deal leads inexorably company demise general motors corp whose name graces arena hockey vancouver canucks pepsico inc denver nuggets colorado avalanche danger disappearing course would said enron months ago pay big bucks believe getting money worth stadium deals improved name recognition association active lifestyles provided unique branding opportunity comes around every often says robert waldrop senior vice president communications reliant resources inc another houston energy firm reliant last year agreed pay roughly 300 million 32 years put name football stadium houston texans begin play next year adjacent livestock show convention center mr waldrop says would real long stretch associate enron woes stadium naming deal consultants say deals particularly useful companies household names european electronics giants telefon ab l ericsson koninklijke philips electronics nv philips uses part atlanta arena named showcase products still consultants say prices stadium naming deals drifting lower weak economy disappearance internet firms many active bidders dozen u stadiums arenas seeking sponsors including superdome new orleans home february super bowl comiskey park chicago former trans world dome st louis wayne huizenga owns dolphins pro player stadium seeking replacement sponsor year companies say learned shy away expensive says kristin schroer spokeswoman southwest airlines one major airlines name arena would rather able charge passengers lower fares afford fly games still money pocket buy foam finger eat stadium jinx happened stock prices companies paid names sports stadiums year cost stock current stock deal price stock price deal price loss stadium city millions deal since psinet baltimore 99 100 51 0 01 100 stadium plus trans world st louis 95 26 12 0 04 100 dome pro player miami 96 20 35 0 28 99 stadium enron field houston 99 100 36 0 40 99 cmgi field foxboro 00 114 45 1 90 96 mass savvis st louis 00 72 9 0 68 92 center 3 com park san 95 7 40 4 66 88 francisco conseco indiana 98 40 30 3 90 87 fieldhouse polis america west phoenix 89 26 10 2 49 75 arena amer miami 97 42 72 20 94 71 airlines arena stock delisted longer trades major exchange includes savvis stock valued 7 3 million time deal worth 510 000 sources wsj research wsj market data copyright 2000 dow jones company inc rights reserved world stock markets kpn prepares sell new shares investors remain lukewarm toward dutch telecom firm wall street journal staff reporter silvia ascarelli london toby sterling dow jones newswires 12 04 2001 wall street journal cl 1 copyright c 2001 dow jones company inc kpn nv mounts final push sell five billion euros new shares investors remain lukewarm toward putting fresh cash dutch telecom group offering one biggest european share sales year help kpn cut 22 3 billion euro pile debt earlier year threatened company survival investors also say pleased cost cutting moves kpn planning conjunction offering yet even kpn share price already 25 evening share sale announced investors say still low enough kpn closed 4 94 euros yesterday 6 6 euros nov 19 investors also want information kpn intends grow one question mark whether jump margins e plus kpn problematic german mobile unit sustainable offering certainly solution said susan smith head european desk g investment management ltd investment arm prudential plc find value equity bondholders quite happy first official indication investor interest expected early tomorrow 12 hours deadline passes current shareholders exercise rights acquire shares unlike traditional european share rights offering however rights traded structure helped keep hedge funds selling shares hopes buying lower price dutch government already committed buying 34 7 new shares syndicate banks promised buy remaining 65 3 shares 2 75 euros half current share price professional money managers expected seek shares way others including u investors participate rights portion expected wait afterward thursday evening order shares unlike rights issue specify price willing buy many expected place orders thursday recent investor may well want take full rights said asset manager major dutch pension fund purchased shares last offering november 2000 17 euros going eager buy kpn shares share offering nonetheless comes time investors turning positive toward telecom sector general shunning year finland sonera corp another heavily indebted telecom group raised one billion euros heavily discounted rights issue existing shareholders last month mood soured somewhat recent days hurt signs u economy recover quickly investors hoping collapse enron corp also refocused investor attention credit risk investors note particularly difficult estimate kpn fair value heavy debt load means small change financial assumptions company create big change valuation like telecoms house think overweighted portfolio says alia baig london based european portfolio manager axa investment managers gbp 160 billion assets management individually particular stocks like tend prefer mobile operators fixed line operators kpn must stock said intend exercise rights predicts final share price four euros says price would three euros 3 50 euros interested reflect risk turnaround new management joost eijsink asset manager dutch investment bank eureffect predicted selling pressure increase throughout week fall share price already occurred last week lot optimism issue price lot people seeing somewhere five euros 5 50 euros said people maybe little positive mr eijsink said funds firm manages likely subscribe issue advice clients vary yesterday market activity asian markets mixed taiwanese stocks soared weekend parliamentary elections tokyo stocks fell sharply european shares generally lower brazilian argentine shares jumped buenos aires introduced series capital controls overall dow jones world stock index fell 1 56 points 0 90 172 27 excluding u index dropped 1 17 points 0 95 121 59 tokyo nikkei stock average dropped 3 1 326 82 points 10370 62 lowest close since nov 14 credit risk concerns prompted enron collapse stronger yen unleashed selling major banks high tech heavyweights ufj holdings ended 9 8 367 000 yen sumitomo mitsui banking lost 4 9 637 yen baby clothes wholesaler kimuratan plunged 25 89 yen baby care goods maker pigeon dropped 19 1 270 yen baby related stocks soaring following news princess pregnancy investors begun selling ahead delivery taipei weighted price index rose 4 6 205 49 points 4646 61 following stronger expected gains legislature democratic progressive party president chen shui bia stocks also got boost taiwan semiconductor manufacturing co world biggest contract chip maker forecast sharp jump fourth quarter net profit shares comprise large part benchmark index rose 6 2 77 50 new taiwan dollars london ftse 100 index closed 0 7 39 0 points 5164 6 banking stocks suffered concerns loan defaults stemming enron situation royal bank scotland fell 34 pence 2 0 gbp 13 91 following weekend news reports gbp 600 million exposure enron enron also said barclays largest unsecured creditor one divisions enron north america corp claim 126 1 million shares barclays fell 62 pence 2 8 gbp 20 88 buenos aires merval index closed 6 1 12 30 points higher 214 75 weekend economy minister domingo cavallo announced series capital controls stem run banking deposits measures also aimed increasing transparency government tax collections making necessary argentines hold checking savings accounts shares galicia country largest private bank jumped around 19 47 9 centavos msci indexes nov 30 nov 29 12 00 u 1079 0 1079 6 13 7 britain 1582 1 1579 5 14 1 canada 937 6 933 8 18 9 japan 655 2 651 3 18 9 france 1485 2 1471 6 21 9 germany 636 9 629 2 22 1 hong kong 5765 4 5676 6 25 0 switzerland 790 8 796 9 22 2 australia 672 5 668 0 5 1 world index 997 9 992 7 18 3 eafe msci p 1148 4 1134 4 23 1 calculated morgan stanley capital international perspective geneva index calculated local currencies based close 1969 equaling 100 p preliminary copyright 2000 dow jones company inc rights reserved small stock focus genesis energy valentis plummet small cap stocks fall slightly larry bauman dow jones newswires 12 04 2001 wall street journal c 6 copyright c 2001 dow jones company inc new york small capitalization stocks fell moderately unusually light trading though group managed retrace quarter intraday losses overall nasdaq market ended negative territory although nasdaq composite index small large stocks close session lows small cap market weighed weakness financial stocks fell concerns extent banks financial services companies exposed collapse enron filed chapter 11 bankruptcy protection financial stocks make second largest industry group russell 2000 small stock index following technology russell 2000 fell 3 75 0 81 457 03 posting intraday decline 5 27 nasdaq composite 1904 90 fell 25 68 1 33 investors concerned economy weaken said david wabnik senior portfolio manager brinson partners still concerned fourth quarter earnings revenue numbers weaker expected genesis energy amex houston company plummeted 2 33 48 2 57 company said potential exposure enron 21 million delivery contract genesis said enron unable pay genesis may default debt instruments may suspend distribution operations company also said may also default master credit support agreement salomon smith barney working capital facility enron meet obligations valentis burlingame calif biotechnology company sank 1 43 35 2 67 company said would end development experimental cancer drug following disappointing clinical trial results valentis said final analysis study failed confirm interim results suggested drug il 2 genemedicine used conjunction chemotherapy halted spread disease patients late stage head neck cancer pentastar communications tumbled 1 98 22 7 10 denver communications services agent said agency contract verizon communications renewed march 1 verizon continuing efforts reduce costs related authorized agent program pentastar verizon agent northeast said relationship telecommunications company contributed 6 1 million 25 24 2 million revenue nine months ended sept 30 avici systems fell 28 cents 9 8 2 57 north billerica mass telecommunications company said reduced work force 12 40 employees technology waltham mass developer groupware applications workgroup utility software local area networks surged 1 50 3 company said command ccm system selected home depot manage world wide network 150 000 retail workstations financial terms deal disclosed keith cos jumped 1 66 19 10 20 costa mesa calif engineering consulting company said acquired closely held universal energy result raised 2002 expectations keith said expects earn 80 cents 92 cents share 2002 increase 10 14 cents share previous forecasts expects revenue 82 million 88 million 11 million 12 million earlier predictions company said fourth quarter outlook remains unchanged latest issue barron scott black delphi management said expects share prices parlex peak international rise substantially next year parlex methuen mass designer flexible interconnect products climbed 1 65 15 12 40 peak international fremont calif maker engineered transport products gained 75 cents 14 6 31 c cor net state college pa broadband services company added 1 24 13 10 88 company narrowed projected second quarter loss forecast said sales 10 higher expected aviron rose 4 37 12 41 42 mountain view calif biopharmaceuticals company agreed acquired medimmune stock swap valued roughly 1 29 billion medimmune said acquisition gain aviron flumist developmental product nasal spray influenza vaccine merit medical systems 1 13 7 7 15 80 roth capital initiated coverage south jordan utah medical device company buy rating 20 price target copyright 2000 dow jones company inc rights reserved credit markets treasurys manage modest gains despite reports suggesting economy could rebounding michael derby dow jones newswires 12 04 2001 wall street journal cl 2 copyright c 2001 dow jones bids awarded single price market clearing yield rates determined difference price face value 13 week 26 week applications 27 281 203 000 23 745 113 000 accepted bids 16 000 003 000 16 000 113 000 accepted noncomp 1 379 780 000 1 192 773 000 accepted frgn non 160 000 000 25 000 000 auction price rate 99 561 1 735 99 108 1 765 coupon equivalent 1 769 1 805 bids market yield 7 52 12 04 cusip number 912795 jjl 912795 jxo issues dated dec 6 13 week bills mature march 7 2002 26 week bills mature june 6 2002 corporate bonds hewlett packard co sold 1 billion five year notes via credit suisse first boston salomon smith barney yield set 5 874 1 84 percentage points treasurys ratings single 2 moody investors service double minus standard poor although investors said reluctant buy bonds uncertainty surrounding company proposed merger compaq computer corp deal increased size initial 750 million investment grade corporate bonds weakened amid reports enron corp bankruptcy filing financial turmoil argentina yield margins corporate issues generally widened 0 02 0 03 percentage point ford motor credit 10 year bonds recently traded two percentage points treasurys widened around 2 50 percentage points treasurys company said lay people trim benefits despite developments demand investment grade bonds rising recently yields look attractive compared treasurys said thomas ricketts president incapital llc chicago incapital network brokers sold 4 5 billion corporate bonds since opened business february yield pickup individual investor tremendous right said mr ricketts treasury yields falling historic lows corporate bond yields remained stable said relative yield gain corporates treasurys around 30 foreign bonds emerging market bonds firmed argentina debt restructuring significantly reduced amount country debt securities outstanding argentina said sunday first stage domestic debt swap institutional investors tendered 50 04 billion public sector bonds loans said would save 3 55 billion interest next year alone nevertheless strength emerging market issues surprised traders given argentina government last weekend limited withdrawals bank accounts attempt stanch banking outflows cited new government measure calling new loans dollars step toward dollarizing argentina economy lessens concern devaluation traders said reflecting firming bonds outstanding yield margins argentine issues gauged j p morgan emerging markets bond index plus narrowed 2 30 percentage points 31 43 percentage points comparable treasurys christine richard sonja ryst contributed article copyright 2000 dow jones company inc rights reserved heard street enron mark market accounting gets scrutiny jonathan weil staff reporter wall street journal 12 04 2001 wall street journal cl copyright c 2001 dow jones company inc industry pioneer bankruptcy court legions energy companies followed enron lead go go world commodity trading finding profits accounting practices scrutiny well ultimately triggered collapse investor confidence enron indecipherable disclosures related party transactions compounded admitted financial misstatements massive balance sheet liabilities many critics say disclosure issues different sort dog financial statements companies trade electricity natural gas like approval nation accounting rule makers issue technique called mark market accounting financial accounting standards board given energy traders wide discretion include current earnings profits expect realize future periods energy related contracts derivative instruments many energy trading companies significant chunks earnings recent years come recording unrealized noncash gains accounting entries often profits depend assumptions estimates future market factors details companies provide minimal disclosure standards difficult investors assess whose assumptions might aggressive market changes might invalidate assumptions force earnings revisions whenever considerable amount discretion companies reporting earnings one gets concerned companies may overstate earnings certain situations feel pressure make earnings goals says abn amro analyst paul patterson follows energy trading firms mark market accounting required whenever companies outstanding energy related contracts balance sheets either assets liabilities end quarter example could agreements sell electricity buy natural gas time certain prices rules companies estimate fair values contracts quarterly changes value representing unrealized noncash gains losses run companies income statements one way gauge size companies past unrealized gains dig cash flow statements sometimes specify noncash portion trading gains enron unrealized trading gains accounted slightly half company 1 41 billion originally reported pretax profit 2000 third originally reported pretax profit 1 13 billion 1999 dynegy unrealized gains accounted nearly half 762 million 2000 pretax profit half 227 million 1999 pretax profit dynegy executives say anything wrong quality company earnings point financial reports first nine months 2001 showing none company reported earnings year came unrealized gains energy traders whose earnings boosted recent years mark market gains include american electric power duke energy el paso entergy mirant pinnacle west capital williams cos much discretion energy traders valuing contracts rule pretty much many rules instance conference last week sponsored fasb american accounting association attendees shown hypothetical example fair value power contract could range 40 million 153 million depending assumptions future trends used mark market rules exist energy contracts crafted large part approaches enron traders lobbied developed rules enron chief accounting officer richard causey said august interview past three years members fasb emerging issues task force extensively debated subject value energy related contracts decided companies left discretion though task force recognizes could create problems june 2000 report instance group noted two companies similar circumstances might apply different methods estimate fair value energy contracts resulting widely different valuations differences lead question whether methods practice yield estimated amounts representative fair value report said task force chairman tim lucas says simply difficult draft one size fits solution one way various models think requires professional judgment assess says requiring companies disclose estimates underlying earnings would produce disclosures voluminous would little value line industry longtime position june 2000 letter mr lucas instance mr causey said valuation process determined individual companies task force address valuation methodology energy energy related contracts financial filings dynegy explains market price quotes available certain long term contracts lack long term pricing liquidity requires use mathematical models value commitments result actual cash returns may vary either positively negatively results estimated quoted market prices offering independent guidance many short term energy contracts become readily available recent years even rules specifying market quotes companies must use instance companies mark contracts based bid price price market maker would offer pay given contract use ask price price trader willing sell somewhere currently individual companies decide contracts short term deliveries natural gas bid ask spreads fairly small 1 even short term electricity contract prices quoted enron shuttered online trading portal spreads 20 common contracts short term delivery telecommunications bandwidth enron often posted ask prices much eight times posted bid prices long term derivatives electricity contracts stretching 20 years longer market quotes exist cases companies allowed base contract valuations undisclosed estimates covering everything future commodity prices credit risks discount rates would seem wise energy companies highly skeptical environment provide disclosures necessary financial statement readers understand quality earnings provide disclosures voluntarily says tom linsmeier accounting professor michigan state university however energy traders stepping disclosures dynegy senior vice president controller michael mott instance says company committed full disclosure eliminate cloudiness around disclosures says dynegy disclose information market assumptions methodologies underlying unrealized gains recorded years says would place dynegy competitive disadvantage marketplace john r emshwiller contributed article copyright 2000 dow jones company inc rights reserved abreast market j p morgan citigroup decline fears enron exposure robert brien dow jones newswires 12 04 2001 wall street journal c 2 copyright c 2001 dow jones stock traded higher day gaining 14 cents 54 40 cents financial services companies took hits yesterday concerns valuations given outlook sector shares morgan stanley fell 3 17 5 7 52 33 goldman sachs cut rating stock goldman sachs group also finished weaker 2 99 3 4 86 01 lehman brothers holdings fell 2 75 4 2 63 40 credit suisse first boston cut earnings estimates wall street brokerage firm market gotten little extended investors looking reason opportunity take profits said philip orlando chief investment officer value line asset management enron bankruptcy filing provided sufficient enough shock convinced investors raise cash think anything dow jones industrial average lost 87 60 points 0 89 9763 96 yesterday rising 8 55 november nasdaq composite index fell 25 68 1 33 1904 90 less 1 5 billion shares changed hands nasdaq trading compared 1 7 billion shares friday among energy companies hurt concerns exposure enron dynegy pulled planned merger company debt rating agencies cut ratings company last week fell 3 18 11 27 17 enron charged lawsuit filed sunday dynegy grounds terminate merger plans el paso houston energy company also lost ground hesitation exposure enron 2 26 points 5 1 42 24 calpine another one energy companies flourished deregulated environment finished sharply lower 3 06 14 18 50 sinking 52 week low eott energy partners publicly traded energy market partnership fell 52 week low intraday concerns exposure enron rebounded session finishing 3 80 points higher 42 12 80 eott said general partner eott energy corp wholly owned subsidiary enron among companies included enron voluntary petition bankruptcy retailers tough session investors continue size holiday sales environment shares tjx fell 1 74 4 6 35 95 ubs warburg reduced rating framingham mass apparel retailer saying merchandise mix could stuck shelves rather consumers shopping bags thanks unseasonably warm weather northeastern u toy retailer toys r us fell 61 cents 2 8 20 90 discounter kohl lost 1 45 2 1 66 40 kmart slid 29 cents 4 8 5 81 united technologies fell 1 29 2 1 58 91 workers hartford conn manufacturer pratt whitney jet engine manufacturing unit rejected proposed contract offer instead voting strike ford motor lost 1 14 6 17 80 auto maker said incentives continued boost sales cars trucks november though company acknowledged cautious outlook 2002 production rival general motors declined 67 cents 1 3 49 03 reported 13 gain vehicle sales last month november 2000 daimlerchrysler posted 6 falloff november sales eased 99 cents 2 4 41 medimmune lost 5 27 12 38 83 nasdaq gaithersburg md biotechnology concern agreed purchase aviron 1 5 billion stock swap aviron mountain view calif vaccine maker rose 4 37 12 41 42 nasdaq tyson foods lost 65 cents 5 4 11 38 credit suisse first boston reduced rating springdale ark poultry beef processor citing valuations starbucks rose 76 cents 4 3 18 48 nasdaq posting 5 improvement friday trading analysts said specialty retailers seattle coffee chain maintained sales patterns despite economic weakness gilead sciences lost 2 49 3 4 69 72 ubs warburg reduced rating shares foster city calif biopharmaceuticals concern citing valuation gilead shares reached 52 week high last week 73 67 ubs also reduced rating immunex similarly citing valuation seattle biopharmaceuticals concern lost 1 67 6 2 25 33 nasdaq roadway climbed 1 85 6 2 31 57 helped upbeat comments credit suisse first boston said akron ohio trucking concern acquisition arnold industries improved company growth prospects roadway said completed acquisition arnold friday copyright 2000 dow jones section corrections 12 04 2001 new york times page 2 column 5 c 2001 new york times company chart business day friday articles plight enron corporation listing biggest previous corporate bankruptcies referred imprecisely asset sizes companies shown figures adjusted inflation unadjusted numbers appeared yesterday chart article enron bankruptcy filing copyright 2000 dow jones section c enron collapse overview hobbled enron tries stay feet richard oppel jr riva atlas 12 04 2001 new york times page 1 column 2 c 2001 new york times company enron corporation dismissed 4 000 employees lined 1 5 billion financing yesterday keep main businesses life support reorganizes bankruptcy court company world largest energy trader sought chapter 11 protection creditors sunday trying conserve cash shore finances justice department begun criminal investigation company activities person close matter said yesterday justice department spokeswoman declined comment securities exchange commission already investigating enron finances yesterday enron dismissed half 7 500 employees headquarters houston sites scattered across country lunchtime employees houston deemed nonessential told go home way many told longer jobs others called home given message move follows 1 100 job cuts europe last week abrupt action caused fresh anger among employees whose 401 k retirement plans lost 1 2 billion year average half value slide enron stock employees streamed enron gleaming 50 story office tower downtown houston said told expect 4 500 severance matter many years service file bankruptcy court new york wanted reimbursement unused vacation days others told would informed later severance pay benefits almost everyone gone said pedro f manrique risk manager company energy services division upper management talking managing directors around police every floor unreal legal questions continue multiply already largest bankruptcy history may well prove complex stretching united states india dynegy inc enron sued sunday backing merger agreement struck back enron yesterday lawsuit saying competitor behavior one example enron failure take responsibility demise dynegy asking court force enron transfer crown jewel natural gas pipeline dynegy dynegy stock fell 10 percent yesterday 27 17 hitting lowest point intraday trading since march 2000 washington staff members house energy commerce committee investigating enron collapse expect discuss matter today e c enforcement chief general counsel tomorrow plan meet senior executives arthur andersen enron outside auditor sued enron shareholders part e c investigation enron accounting troubles thursday investigators committee plan fly houston meet enron executives united states bankruptcy court lower manhattan judge arthur j gonzalez said last night would approve 1 5 billion financing plan enron minor changes 100 lawyers overflowed wooden benches overheated bankruptcy courtroom fifth floor customs house sign pressed lawyers respond enron rapid collapse junior lawyer delivered financing document hour hearing enron secured 1 5 billion credit line lead banks j p morgan chase citigroup money known debtor possession financing provide capital cover employees salaries business functions enron financing largest ever kind according bank analysts may need martin j bienenstock lawyer weil gotshal enron employee wipes eye leaves houston company yesterday energy trading company sought protection creditors sunday associated press pg cl copyright 2000 dow jones section c enron collapse employees sent home sit wait phone kate murphy 12 04 2001 new york times page 9 column 1 c 2001 new york times company houston dec 3 carrying boxes packed hastily minutes police escorts started shepherding elevators 4 000 employees summarily dismissed enron corporation streamed company two sparkling office buildings today shortly 11 managers told almost every employee company headquarters go home sit telephone wait call would tell still job leaving us limbo really dreadful said john g hayes senior accounting analyst enron liquid products trading division employees notified termination telephone afternoon many like mr hayes received calls supervisors telling status remained undecided still others heard anything even though enron spokeswoman karen denne said trying let everyone impacted know tonight employees said little faith characterized company confusing contradictory proclamations early morning example kenneth l lay chief executive announced enron internal broadcasting system employees would know stood end day tuesday everyone thought safe least today turn around tell everyone go home mr hayes said around 10 company computer network went thought first sabotage disgruntled employee really shutting us good said diana k peters worked company technical support division accounts today dismissal carried managers every floor pre emptory said go home said robert j bonin accountant worked company 15 years employees flooded streets front enron buildings many crying hugging one another police horseback shouted disperse got understand much pride working said brent witthoeft one enron hundreds computer technicians never seen pride since marines employees face uncertain future await probable termination notices well decision bankruptcy court court determine whether enron pay severance money health insurance premiums employees coverage carry find another job copyright 2000 dow jones section c enron collapse holdings enron causes 5 major japanese money market funds plunge ken belson 12 04 2001 new york times page 9 column 1 c 2001 new york times company tokyo dec 3 shares five major money market funds japan fallen face value extensive enron holdings stocks companies manage funds plunged today funds managed japan largest banks brokerage firms shares ufj holdings banking giant plunged nearly 10 percent nikko securities leading brokerage firm slid 3 4 percent ran major funds big positions enron bonds weakness financial stocks helped push nikkei 225 stock index 3 1 percent stampede left investors places turn steady returns low risk japan bank deposits pay almost interest money market funds popular pension funds investors seek security reasonable return united states share money market fund generally carries face value 1 implicit guarantee price fall amount preserving investors principal exceptions losses japanese money funds enron bonds led skittish investors withdraw cash last week producing net outflow november 3 trillion yen 24 2 billion alternative investors japanese government bonds given investors scare recent weeks major rating agencies lowered japan sovereign credit rating said cuts may coming country debt rating near point banks hold government bonds reserve capital chance default big headache safe investors said akio yoshino head investment research chief economist sg yamaichi asset management tokyo investors becoming keen avoiding credit risk brokers recommended trusts continue see huge outflow said referring funds managers funds hoping shore confidence investors disclosing bondholdings assets frequently obliged report twice year perhaps restricting issuers credit ratings better analysts said money market funds stop buying debt lower rated companies could serious blow japan steel makers retailers highly indebted companies copyright 2000 dow jones section c enron collapse investors plenty pain go around small investors funds workers creditors kenneth n gilpin 12 04 2001 new york times page 8 column 1 c 2001 new york times company list investors lost money enron stock long one begins anyone bought shares standard poor 500 index mutual fund enron dropped index late last week investors mutual funds also stand good chance burned enron 10 biggest shareholders big money managers thousands enron employees big chunks retirement savings company stock seen money evaporate one enron board member lost billions holders enron preferred stock also looking steep losses inevitable consequence stock lost 99 5 percent market value year carol coale analyst prudential securities said enron market value almost 68 billion peak number 344 million yesterday close end september alliance capital enron largest shareholder 43 million shares janus capital topped list much year second 41 4 million shares rounding top 10 putnam investments part marsh barclays bank 23 0 million fidelity investments 20 8 million citigroup 20 8 million state street 16 1 million aim management part amvescap 14 0 million taunus 12 5 million vanguard 11 4 million round top 10 enron board member robert belfer new york investor also badly burned though badly might beginning february mr belfer owned 2 55 million enron common shares 0 34 percent enron outstanding stock time though significant size stake enron substantially reduced recent years mr belfer declined comment yesterday holdings enron given complexity enron balance sheet ms coale said difficult determine exact amount preferred stock enron outstanding two identifiable issues combined par face value 2 4 billion market value enron preferred stock plummeted along ability meet dividends payable securities beginning march big holders enron 7 percent preferred stock included franklin advisers money management firm insurance companies like transamerica life new york life enron also owes money many lenders exact number may known months analysts say historically enron preeminent energy company said james mcauliffe fixed income energy analyst morgan stanley lot people bought story copyright 2000 dow jones section c enron collapse lawyers winners case jonathan glater 12 04 2001 new york times page 8 column 1 c 2001 new york times company biggest corporate bankruptcy filing american history may also biggest payday ever american bankruptcy lawyers yesterday 100 lawyers formed standing room crowd first hearing enron bankruptcy convened federal bankruptcy court manhattan beyond front line forces whole armies white shoe lawyers bankers accountants preparing legal proceedings may well last years court seeks sort went wrong enron blame assets remain satisfy company obligations plenty talk case involves number complex legal questions call play obscure sections federal bankruptcy code given complex nature enron energy trading business also certain lead charges wrongdoing enron directors officers well outside auditor lawyers said said robert j rosenberg partner heads bankruptcy practice law firm latham firm confirmed last week received e c subpoenas agency enron investigation judge gonzalez brooklyn native bankruptcy judge since 1995 conducted yesterday hearing businesslike frills style among law firms major roles enron case weil gotshal shearman davis polk wardwell among representing lead bank j p morgan chase lawyers firms taking part case quickly find little straightforward either enron liabilities assets many company transactions example involve forward contracts delivery goods gas electricity commodities mr rosenberg noted companies side yet completed transactions different rights creditors rather file claim bankruptcy court take whatever steps contracts permit event enron defaults moreover enron bankruptcy filings show assets significantly valuable company liabilities company also extensive balance sheet debts listed good question whether end day enough reorganize around mr rosenberg said another crucial question whether enron convince judge gonzalez decision houston rival dynegy back agreement purchase enron precipitated bankruptcy filing along chapter 11 filing enron sued dynegy sunday bankruptcy court seeking 10 billion damages canceling merger lawyers expect enron point delaware judge decision earlier year requiring tyson foods complete merger meat packer ibp tyson citing said undisclosed problems ibp tried walk away deal decision delaware chancery court bankruptcy court lawyers said hard predict success attempt impose logic specifics enron deal dynegy types lawsuits question federal bankruptcy law said one bankruptcy lawyer insisted identified question contract law state corporation law depends agreement says photo judge arthur j gonzalez bankruptcy court manhattan presiding enron case beth bianculli copyright 2000 dow jones section c enron collapse politics collapse may reshape battlefield deregulation joseph kahn jeff gerth 12 04 2001 new york times page 1 column 2 c 2001 new york times company washington dec 3 bankruptcy enron washington debating way oversees 200 billion power industry consensus erasing legacy deregulation company political largess helped forge congressional leaders top regulators moving forward enron 1 objective push reduce local control electricity transmission lines energy merchants like enron corporation use transport sell power politics power shifting enron longstanding opponents chief among southern company atlanta owns many local power monopolies see fresh chance slow deregulation even roll back among called inquiries enron collapse representative billy tauzin prominent republican louisiana chairman house energy commerce committee senate majority leader tom daschle senator jeff bingaman democrat new mexico chairman senate energy natural resources committee vowing get bottom one precipitous business reversals history members congress say enron downfall heels california energy meltdown early year proves washington must demand disclosure energy traders holding least standards wall street firms enron sequela california part one year story line said representative edward j markey democrat massachusetts focuses energy regulatory issues house leave energy products regulatory shadows hurts investors consumers influential officials rush turn back clock deregulation number false starts would crazy take look lessons learn said nora brownell one president bush appointees year federal energy regulatory commission leap conclusion competitive markets work bush administration along democrats including mr bingaman william massey democrat energy commission continue favor plans advanced enron would pry open regional electricity markets look carefully causes consequences enron collapse mr bingaman said see anything would keep us moving ahead open transmission access types things durability views sign effective enron last decade keeping washington bay company pushed restructure electricity industry limit government oversight new energy markets enron employees largest contributors president bush campaigns years enron gave money politicians last election cycle energy company since 1993 employees chairman kenneth l lay donated nearly 2 million mr bush 2000 election cycle 1 million donated federal political campaigns republicans mr lay also powerful friends recruited wendy l gramm top commodities regulator administration president bush father wife senator phil gramm republican texas serve enron board 1993 appointment came five weeks ms gramm helped push ruling commodity futures trading commission exempted many energy contracts regulation last year congress clinton administration debated whether exercise oversight financial instruments used enron companies trade energy contracts mr lay courted linda robertson senior treasury official department liaison congress ms robertson twice accepted paid trips talk company executives still employed treasury financial disclosure shows measure became law commodity futures modernization act 2000 specifically exempted energy trading regulatory scrutiny applied brokers money securities commodities ms robertson became head enron washington office return phone call seeking comment last spring bush administration drafted new national energy policy mr lay 30 minute meeting vice president dick cheney discuss report policy blueprint endorsed breaking monopoly control electricity transmission networks enron goal spelled memorandum mr lay discussed meeting mr cheney enron also unusual opportunity influence mr bush choices federal energy regulatory commission oversees markets enron operates mr lay met mr bush personnel adviser clay johnson discuss nominees mr bush picked people fill two vacant republican slots five member commission backing enron well companies enron always get way washington failed win regulatory exemptions futures products wanted trade example enron discredited longtime nemeses like southern company hope turn regulatory agenda direction favors interests southern company long enron main challenger influence washington company nurtured loose coalition southeast lawmakers senate minority leader trent lott mississippi prominent among support view states retain leeway deciding pace scope energy deregulation far year political action committees outspent energy companies including enron big oil companies like exxon mobil supporting members congress according u public interest research group southern strongly opposes efforts diminish power local regulators supervise electricity pricing production transmission long felt enron vision open markets work electricity said dwight evans executive vice president southern company think credibility enhanced recent events mr evans said federal energy regulatory commission mr bush tried design systems meet enron needs congress slow commission mr evans argued risk fresh bout instability volatile prices states halted introduction open markets electricity nevada oklahoma new mexico among put deregulation california states promoted unfettered competition debating ways reimpose regulatory control enron assiduous efforts keep energy trading free government interference could another casualty collapse value energy contracts soared hundreds billions dollars one point half electricity natural gas transactions passed enron trading operation estimates enron scrambled hold congress regulators regulatory experts say enron collapse reminiscent failure long term capital management long term capital hedge fund based greenwich conn operated without direct federal oversight accounts threatened world markets elaborate portfolio derivatives crumbled late 1998 exemption scrutiny hand enron revealed relatively little trading portfolio leaving analysts guessing made profits enron secrecy one factor caused investor confidence plummet recent weeks company revealed unorthodox financial arrangements benefited top executives enron getting heavily derivatives along wall street banks went bat keep us away said michael greenberger director trading markets commodities futures trading commission early year scary regulators congress long term capital representative markey agreed congress demand oversight energy trading said regulators begin requiring transparency companies like enron examining adequacy capital stability trading portfolio much banking securities regulators companies domain said get next shock copyright 2000 dow jones section c markets stocks bonds investors worry mideast enron shares fall reuters 12 04 2001 new york times page 11 column 3 c 2001 new york times company stocks fell yesterday selling generated sudden leap middle east hostilities concern corporate fallout enron former wall street darling largest bankruptcy case american history concerns overshadowed optimism made november best month market since april 7 5 percent gain broad standard poor 500 stock index stocks tear skidding three year lows sept 21 wake attacks world trade center pentagon dow jones industrial average declined 87 60 points 0 9 percent close 9 763 96 nasdaq composite index fell 25 68 points 1 3 percent 1 904 90 p 500 shed 9 55 points 0 8 percent dropping 1 129 90 quite bit rally since lows september got mideast situation enron thing said michelle clayman chief investment officer new amsterdam partners maybe little bit profit taking argentina continuing financial crisis also contributed wall street jitters helping overshadow batch better expected economic data including report united states manufacturing activity fell slower pace last month shares enron rebounded 14 cents 40 cents still well dollar far cry year high almost 85 enron drag stocks utilities leading wall street firms including citigroup j p morgan chase company fears might suffer losses dealings enron mighty energy trader enron filed chapter 11 bankruptcy sunday sued dynegy rival onetime suitor 10 billion pulling last ditch rescue merger dynegy followed countersuit dynegy stock fell 3 18 10 5 percent 27 17 tension grew middle east series palestinian suicide bombings israel israel retaliation israel launched missile strikes gaza city buildings near yasir arafat headquarters violence along optimism russia comply calls organization petroleum exporting countries sent oil prices soaring treasury prices rise bloomberg news treasury bond prices rose heightened tension middle east enron bankruptcy slide stocks bolstered attractiveness government debt gains limited manufacturing index rose expected november bolstering speculation quarter point interest rate cut federal reserve dec 11 meeting might last treasury market like yo yo said bob ried economist partner ried thunberg bloomberg financial markets tables hot favorites lists stocks held largest number accounts merrill lynch compiled staff reports associated press bloomberg news bridge news dow jones reuters graph tracks 3 month treasury bills high rate weekly auction since august source bond buyer copyright 2000 dow jones section c markets currencies 12 04 2001 new york times page 11 column 3 c 2001 new york times company yen falls yen weakened japanese stocks concern enron bankruptcy filing would hurt banks finance companies new york dollar settled 124 03 yen 123 20 friday graph tracks japanese yen dollar since june 2000 source bloomberg financial markets associated press also shows yesterday closes british pound u dollars canadian dollar per u dollar german mark per u dollar japanese yen per u dollar mexican peso pers u dollar south korean per u dollar copyright 2000 dow jones section defining issue paul krugman 12 04 2001 new york times page 21 column 6 c 2001 new york times company seemingly profitable enterprise suddenly goes bankrupt surely lessons learned enterprise admired company america lauded business theorists quintessential 21 st century corporation one wonders tip iceberg many us without knowing booked passage titanic take time many legal proceedings full story enron collapse becomes known one thing already clear case shows adept corporate executives become shifting risk away onto others particular onto employees enron leaders walked away debacle chastened rich many enron employees doubt including loyalists sent irate letters every time criticized company lost life savings behind disaster ordinary workers lies little remarked sea change america retirement system twenty years ago workers defined benefit plans employers promised fixed pension today workers defined contribution plans invest money retirement accept risk investments might go bad retirement contributions normally subsidized employer receive special tax treatment avail happened enron assets workers bought lose value easy make theoretical case defined contribution plans plans expand employee choices choose much save invest money choice ordinarily good sad fate enron employees highlights difference theory practice gretchen morgenson times pointed sunday workers across country cajoled coerced holding high proportion retirement assets employers stock exploitive nature financial incest emphasized enron notorious lockdown purely coincidence say executives new rules forced employees remain invested company stock firm began death spiral much freedom choice even employees real choices one wonders whether fully appreciate risks shift away old fashioned pensions coincided enormous bull market surely many workers never seen stock prices fall since became investors underestimate risk capital losses one hopes corporate collapses become commonplace still highly likely millions american workers near enron experiences learning dismay big chunks retirement savings evaporated left dependent one great defined benefit program remains social security still around bush administration commission social security reform issued latest report last week enron entered death throes criticism commission work included focused yes enron like accounting items seem migrate onto balance sheet suit commission convenience thus social security system takes money pays present significance federal budget unified see mean anything one particular piece surplus 2016 social security system starts pay takes crisis social security see must stand commission resorts bogus accounting make case ultimate objective convert social security defined benefit system guarantees retired americans certain basic income defined contribution system unwise unlucky find destitute old age analysts know think social security converted defined contribution system good idea financial industry enormous clout money driven political system much gain conversion hope wrong right fate enron poor employees victimized management team thought side may truly shape things come copyright 2000 dow jones company inc rights reserved financial deals allan sloan free lessons corporate hubris courtesy enron allan sloan 12 04 2001 washington post final eo 3 copyright 2001 washington post co rights reserved spirit season enron corp given us early holiday gift sending goodies homes money bank accounts rather giving us amazing tale corporate downfall hubris providing lessons ranging mercilessness markets dangers forcing people tie living retirement company enron created 1985 houston natural gas combined gas pipeline company swaggered 1990 claimed would revolutionize life commerce substituting efficient hand market clumsy hand government regulation enron leaders proved every bit bungling government bureaucrat sift financial debris see enron lost 7 billion four dumb investments details however profitable enron businesses might paying turkeys stretched enron breaking point broke 60 billion stockholder value wiped year shares opened year 83 closed friday 26 cents bankruptcy looms wonder enron field home houston astros baseball team renamed chapter 11 field maybe house cards adding another dimension debacle intimate relationship enron white house enron years tried ride roughshod state federal regulators ties throughout bush administration starters enron chairman kenneth lay among george w bush biggest important contributors texas presidential campaigns according public records bush intimates ranging economic adviser larry lindsay political adviser karl rove owned 100 000 250 000 enron stock trade representative robert b zoellick enron payroll moving washington army secretary thomas white jr former enron executive stock options worth 50 million 100 million different environment remember whitewater combination big losses white house ties would long since produced cries special prosecutor see anything enron buddies done behalf company upcoming hearings republican controlled house fascinating doubtless hearings democratic controlled senate contact white house since enron meltdown started says company spokesman mark palmer aware requests enron anything white house spokesman says even though enron shareholders essentially wiped lay going poorhouse unlike enron employees whose retirement accounts vaporized consisted largely enron stock company let sell lay plenty wealth left last year alone made 123 million profit stock options according enron filings year made additional 25 million note friday stock around 30 cents enron changed policy allowed employees sell ironically brought enron lofty perch fortune 500 list 7 markets whose virtue preached lost faith disclosed funny dealings partnership run chief financial officer let proceed syllabus enron 101 1 bubbles end dot coms bombed enron major trader electricity natural gas grossed 200 billion year 60 billion assets turned bubble business depended borrowing lots money people lined lend long enron seemed healthy suspicions arose six weeks ago company revealed partnership problems money trickled away started leaving flood enron tottered lost trading business remaining customers began gouge trading works real world blame usual suspects stock analysts rather blame arthur andersen enron outside auditor blow whistle late andersen says far early drawing conclusions 2 deregulation dangerous clear cozy world utility monopolies needed shaken given huge losses nuclear plants problems besides breakthroughs turbine technology made feasible big users manufacturing plants set generators drop electric grid letting go would raised prices everyone else dereg caused lots problems 1998 midwest huge spikes price electricity rolling blackouts utilities sold power outside service areas traders relying replace power deliver upstarts dropped retail markets several states sticking established players big costs course california got caught little energy spring helping enron others make big profits stuck much expensive energy crippled state finances driven biggest utility bankruptcy clobbered customers leaving vital necessities electricity natural gas tender mercies market risky especially big player enron vanish overnight 3 beware hype enron pioneered trading electricity natural gas primo player field came believe good everything debacles losses 2 billion water telecommunications businesses another 2 billion lost brazilian utility investment blew additional 1 billion electricity generating plant india hence think need obscure rising debt levels less stellar results dealing called balance sheet partnerships star wars names jedi joint energy development investments chewco chewbacca wookiee fact enron executives involved partnerships made money company got clocked help summary enron affair reinforces two oldest lessons wit someone tells changing world better getting rich time hold onto wallet something sounds good true probably true michael isikoff contributed column sloan newsweek wall street editor e mail address sloan panix com http www washingtonpost com copyright 2000 dow jones rival dynegy sues pipeline network peter behr washington post staff writer 12 04 2001 washington post final eol copyright 2001 washington post co rights reserved enron corp record bankruptcy action rattled houston home base yesterday energy trader prepared lay 4 000 headquarters employees began bitter legal struggle dynegy inc neighbor would rescuer causes monumental collapse enron told houston workers go home await word whether jobs gone meanwhile dynegy filed countersuit enron demanding ownership one major pipeline networks asset dynegy promised advanced 1 5 billion enron part aborted nov 9 takeover agreement legal battle began sunday enron filed 10 billion damage suit dynegy claiming forced chapter 11 bankruptcy proceeding dynegy pulled back purchase offer following intense negotiations weekend thanksgiving dynegy chairman chief executive chuck watson said yesterday conference call enron lawsuit one example enron failure take responsibility demise enron rapid disintegration added follows general loss public confidence leadership credibility dynegy shares fell 3 18 10 percent 27 17 yesterday investors fears bankruptcy process tie dynegy claim omaha based northern natural gas co pipeline forcing write 1 5 billion payment enron dynegy entangled enron mess said commerzbank securities analyst andre meade investors fear 1 5 billion investment might easily converted ownership pipeline said tom burnett president merger insight affiliate wall street access new york based brokerage financial adviser broader impact enron bankruptcy donald e powell chairman federal deposit insurance corp said interview regulators believe far losses loans ailing energy company painful large enough cause bank fail however said ripple effect enron creditors turn may find harder repay bank loans difficult gauge enron complex company said powell take time digest consequences banking industry fdic insures deposits nation 9 747 banks thrifts shares enron major european bank lenders also fell yesterday overseas markets stock price j p morgan chase one enron lead bankers fell 3 percent 1 17 36 55 enron told bankruptcy court judge manhattan arranged 1 5 billion financing j p morgan chase citigroup keep operating reorganizes chapter 11 bankruptcy protection according associated press charges countercharges enron dynegy opening rounds legal experts predict relentless battle two houston companies hundreds lawyers representing investors employees lining question enron executives former enron officials quit fired past four months fortunes powerful energy trading company disintegrated ahead securities exchange commission investigators probing whether enron concealed critical information problems shareholders investigators house energy commerce committee headed houston week pursue congressional inquiry largest bankruptcy action u history lead position u bankruptcy judge arthur j gonzalez new york sweeping powers federal law oversee claims enron company tries restore trading business settle creditors claims dynegy immediate goal ownership northern gas pipeline decided state court texas companies located said dynegy attorney b daryl bristow baker botts could bankruptcy court try put brakes could court trying stop happening bristow said staff writer kathleen day contributed report http www washingtonpost com copyright 2000 dow jones company inc rights reserved editorial enron con richard cohen 12 04 2001 washington post final 25 copyright 2001 washington post co rights reserved usual awakened sudden draft closed windows saw curtains ominously rustling sensed instantly someone bedroom without even looking knew grandfather long dead immigrant socialist leanings knew another wearying lectures tiresome references working man holding newspaper enron said without much greeting know sure said houston based conglomerate went bust seventh fortune 500 worth almost 50 billion sold everything electricity natural gas even water sold smoke yelled sold brooklyn bridge sold uptown version dream sheets prayer handkerchiefs used brokers banks guys fedoras shiny suits bunch con men oh grandpa said weary resignation upstanding people land chairman kenneth lay friend president innovator major success story even considering writing book telling might important book jack welch even lee iacocca unfortunately enron misstated profits misstated college people talk lied understand set partnerships dealt derivatives lied said made maybe half billion lie business misstated made 140 million one year 250 million another 140 million another year lot misstating really sold misstatements complicated explained worry sec looking tell worry worry workers people money company 401 k plan company encouraging buy worthless stock 90 one day zip next stock started fall company locked retirement workers sell nothing company ripped workers yes agreed many lost savings busted big shots lay character made 200 million others company made almost much tell think right big shots get rich workers get go soup kitchen talking class warfare talking fairness anyway come class warfare rich asked give back steal come called justice market system always risk bosses options golden parachutes workers get parachute open market correct pointed president say george bush nothing word poor workers treasury secretary neill character nothing indignation anger roosevelt would said something truman would screamed bloody murder even teddy roosevelt know met would blasted stealing people bush get started enron bankruptcy call chapter 11 creditors taken care go chapter one chapter 11 find anything workers chase bank get something barclays bank get something lawyers make like bandits workers telling going get nothing lost jobs lost savings lawyer going give wife nice packard car rock tootsie packard anymore anger anymore either want write something mister hot shot columnist want say something workers okay let talk experts need experts need use common sense use heart bosses exploited workers maybe tried military tribunal gone far okay maybe listen got ta go give love mother 90 july forget worry started say felt breeze nowhere grandfather gone tried go back sleep wonder enron bosses http www washingtonpost com copyright 2000 dow jones investors pay advice biggest stockbroking outfits owned investment banks also types business advising companies mergers helping issue shares bonds advisory businesses create conflict interest order cultivate corporations may hire banks reluctant allow stock analysts issue sell recommendations stock chinese walls supposed guarantee analysts objectivity separating parts banks ineffective sometimes nonexistent banks stock analysts supposedly working investors interests also expected work corporate advisory projects kind conflict may explain many analysts continued recommend enron stock days company bankruptcy one unfortunate case lehman brothers rated enron strong buy headed toward disaster may may coincidental lehman line earn large fee advising takeover enron takeover fell partly result falls enron stock price similar conflict interest plagues audit firms auditors supposed serve investors certifying accuracy companies financial statements auditors also earn consulting fees advise companies information technology management issues desire win consulting contracts may reduce auditors appetite dust ups companies whose accounts seem suspicious enron auditor arthur andersen earned 27 million consulting fees company last year slightly 25 million got paid audit enron books time failed challenge enron habit hiding dicier business partnerships went unreported balance sheet conflicts interest stockbrokers auditors similar demand different remedies investors position correct stockbroker problem ignore advice analysts integrated investment banks route business smaller independent stockbrokers auditor conflicts need fixed regulators securities exchange commission commission last chairman arthur levitt took tough line auditors successor harvey pitt struck softer tone luck mr pitt adopt predecessor outlook without objective auditing enrons investors lenders employees get unfairly burned http www washingtonpost com copyright 2000 dow jones financial desk enron slashes jobs lines financing energy funding 1 5 billion intended keep trading operations going amid move reorganize chris kraul thomas mulligan times staff writers 12 04 2001 los angeles times home edition c 1 copyright 2001 times mirror company new york desperate bid stay afloat enron corp laid 4 000 employees houston office monday nearly half headquarters staff new york federal bankruptcy court unveiled 1 5 billion financing plan designed keep operating enron top lawyer also disclosed company negotiating three potential investors one could emerge white knight gain control troubled company enron attorney martin j bienenstock name cautioned deal could take months consummate employees left company tower downtown houston carrying possessions boxes bankruptcy judge arthur j gonzalez set maximum severance payments 4 500 regardless seniority salary level gonzalez also approved 1 5 billion credit deal known debtor possession financing put together syndicate banks led j p morgan chase photographer getty images copyright 2000 dow jones financial desk power customers could see disruptions nancy rivera brooks times staff writer 12 04 2001 los angeles times home edition c 1 copyright 2001 times mirror company enron corp warned electricity customers monday might unable serve financial problems led houston energy giant file largest bankruptcy u history pullout could cause short term disruptions california done little notice especially cold day many power plant outages extra demand holiday light displays energy officials warned state relatively new power buying operation would task lining extra electricity might needed enron customers officials said want much notification possible avoid frightening shortfalls last winter spring power buyers frantically scoured west phone scare available megawatt prevent rolling blackouts entire amount dumped back grid without giving grid time absorb would good thing said pete garris acting deputy director charge california department water resources power buying division enron believed supply much 1 400 megawatts electricity demand institutional industrial customers california including university california california state university systems equivalent usage slightly 1 million average homes nearly 4 5 peak use typical winter day nearly year dwr charged buying one third power needed customers southern california edison pacific gas electric san diego gas electric severe cash crunch collapse state primary power market left utilities without means buy electricity enron best known energy trader world largest pipeline owner well politically powerful proselytizer deregulation electricity commodities company also runs fast growing marketing business delivers power industrial customers kind utility surrogate enron continues operate protection creditors chapter 11 u bankruptcy code comes plan pay 31 billion debts far enron situation affected reliability electrical system said stephanie mccorkle spokeswoman california independent system operator runs grid long distance transmission lines serves 70 state however customers received unsettling dear customer letters enron assured us things would continue also said reviewing situation said chuck mcfadden spokesman uc system uses enron power seven nine campuses cal state system relies enron light 19 23 campuses received direct communication enron said spokeswoman clara potes fellow web site enron sought reassure electricity natural gas customers would continue provide service company went say reason enron provide gas power utility automatically serve customers could problem california utilities longer buy additional power customers regulators ended program allows new customers pick electricity provider traditional utility enron drop customers would revert former utility extra power would supplied state said terrie prosper spokeswoman california public utilities commission think would problem said like whole city coming online signal enron already pulling back company informed department water resources monday would longer fulfill short term contract agency supply 800 megawatt hours day electricity state buyers pg e spokesman john nelson noted utility would deliver power customer needs regulators power buyers would work power would come gov gray davis said doubts enron bankruptcy filing immediate effect california although predicted could result rising wholesale electricity prices coming days shows chancy business electricity deregulation davis said mexico city meeting president vicente fox times staff writer dan morain mexico city contributed report copyright 2000 dow jones financial desk markets enron mideast weigh stocks wall st dow declines 0 9 nasdaq 1 3 oil prices rise bond yields fall times staff wire reports 12 04 2001 los angeles times home edition c 4 copyright 2001 times mirror company stocks closed broadly modestly lower monday pressured concerns enron chapter 11 bankruptcy filing latest wave violence mideast crude oil prices rose 20 barrel first time since nov 13 fears deepening conflict israel palestinians could threaten oil supplies wall street dow jones industrial average fell 87 60 points 0 9 9 763 96 nasdaq composite gave 25 68 points 1 3 1 904 90 blue chip standard poor 500 index fell 0 8 1 129 90 fourth decline five sessions losers outnumbered winners 3 2 new york stock exchange 23 13 nasdaq though relatively slow trading stocks fell early trading pulled lows afternoon latest u economic data suggested picture may brightening somewhat failed stir much new buying interest stock market still amazing market held well given thrown lot bad news everything middle east argentina tom schrader head trader legg mason wood walker baltimore told bloomberg news commodities trading worries escalation israeli palestinian conflict helped push near term crude oil futures 65 cents 20 09 barrel new york analysts cited fears terrorists might try disrupt oil shipments middle east concern enron bankruptcy helped send many bank brokerage stocks lower though analysts said major banks losses enron debt likely smaller investors fear bond market long term treasury yields continued ease many economists say federal reserve cut key short term rate 2 low 1 5 policymakers meet dec 11 monday fed chairman alan greenspan lunch president bush 10 year note yield fell 4 69 4 75 friday lowest since nov 14 five year note yield eased 4 4 06 among monday highlights enron bankruptcy helped pull j p morgan chase 1 17 36 55 citigroup 99 cents 46 91 among power companies former enron suitor dynegy dived 3 18 27 17 calpine slumped 3 06 18 50 reliant resources lost 47 cents 15 80 oil natural gas stocks rallied crude prices rose chevrontexaco gained 1 44 86 45 apache rose 1 07 47 06 unocal jumped 1 12 34 01 major technology stocks mixed chip maker micron technology rose 1 40 28 56 microsoft added 56 cents 64 77 software giant oracle slipped 33 cents 13 70 merrill lynch lowered earnings revenue estimates company brokerage cited challenging environment software spending internet stocks pulled back ebay fell 1 67 07 amazon com lost 83 cents 10 49 aol time warner slid 1 32 33 58 airline stocks mostly lower oil prices rose delta fell 91 cents 28 07 united parent ual lost 57 cents 16 30 northwest gave 56 cents 17 36 retail shares struggled may department stores lost 1 31 34 53 kohl slid 1 45 66 40 sears 1 16 44 35 household international fell 2 60 56 39 consumer finance company may using accounting practices obscure loan losses barron magazine said citing analysts copyright 2000 dow jones financial desk banks enron losses seen limited bankruptcy firm says owes three major lenders 7 55 billion analysts say total overstates exposure bloomberg news 12 04 2001 los angeles times home edition c 6 copyright 2001 times mirror company new york enron corp bankruptcy filing says firm owes citigroup inc j p morgan chase co bank new york co combined 7 55 billion analysts say actual amount owed big banks may less half loans syndicated among lenders banks routinely sell parts loans lenders way disperse risk big banks also listed holders enron bonds securities analysts say many securities owned investor clients banks difficult piece together reality lenders exposure enron said robert napoli analyst brokerage abn amro inc owns citigroup shares worries financial companies credit extended enron pushed many stocks lower monday citigroup fell 99 cents 46 91 j p morgan chase lost 1 17 36 55 bank new york lost 1 04 38 20 new york stock exchange among brokerages goldman sachs fell 2 99 86 01 morgan stanley slid 3 17 52 33 also nyse citigroup largest u financial services company listed 3 billion unsecured claims enron bank probably owed 1 billion enron analysts say much backed collateral gas pipelines citigroup able collect citigroup earnings may lowered 250 million 500 million taxes relatively small 3 cents 5 cents share taxes result involvement enron napoli estimated j p morgan chase enron says owed 2 1 billion says true exposure totals 900 million sum 500 million unsecured 400 million backed collateral exposure could result 15 cent drop earnings per share j p morgan chase said goldman sachs analyst richard strauss company expected earn 2 02 share year 3 16 share next year j p morgan chase also acts representative holders enron bonds although company listed enron creditor 1 9 billion bonds may hook cent debt citigroup j p morgan chase monday helped provide 1 5 billion debtor possession financing enron new financing considered low risk company bankruptcy moves ahead debts books bankruptcy filing copyright 2000 dow jones financial desk enron shares trading nyse review status tom petruno 12 04 2001 los angeles times home edition c 6 copyright 2001 times mirror company enron corp shares continued trade new york stock exchange monday big board issued statement saying reviewing stock status company shares rose 14 cents close 40 cents nearly 168 million shares changed hands bankruptcy filing automatically force stock nyse exchange said enron currently complies nyse quantitative continued listing standards include minimum market capitalization stock price times shares outstanding 15 million 30 trading day period minimum share price 1 also 30 trading day period enron shares first fell 1 nov 28 nyse also warned delist stock even company meets official listing standards exchange may make appraisal determine individual basis suitability continued listing issue light pertinent facts whenever deems action appropriate nyse said losing nyse listing could push enron counter market shares steelmaker ltv inc trade company filed bankruptcy protection year ago polaroid corp filed bankruptcy oct 12 delisted nyse oct 15 trades otc market bethlehem steel entered bankruptcy oct 15 still trades nyse copyright 2000 dow jones editorial _ pages desk enron failure 12 04 2001 los angeles times home edition b 12 copyright 2001 times mirror company regarding congressional probe failure enron texas energy company near bankruptcy nov 30 thought buying selling contracts commodity without owning large extent business essentially making futures market something subject government regulation regulations apply large republican campaign donors r w tolbert long beach bankruptcies positive side case financial collapse enron finest minds free market economics benefits deregulation republican party freed commercial labors available go washington help guide policy privatization social security grossly inefficient government programs paul myers rancho cucamonga copyright 2000 dow jones company inc rights reserved dec 4 2001 12 41 houston chronicle enron lays 4 000 many ex employees feel betrayed angry david kaplan l sixel copyright 2001 houston chronicle enron corp laid half houston work force monday leaving 4 000 former employees wondering bankruptcy would affect severance pay health insurance financial futures enron energy industry crown jewel place work filed bankruptcy new york southern district court sunday claiming owed 31 2 billion assets 49 8 billion lawyers company began first steps seeking chapter 11 protection manhattan court officials houston monday morning divided employees two camps would stay would go shortly getting word former employees streamed building boxes personal belongings many hung around hours paced talked small groups took pictures last time strange scene former employee diane cook said later afternoon ones seemed depressed said ones left behind going back jobs tomorrow really going empty months ago enron reputation pot gold place secretary could become millionaire high flying energy trading company seemed soaring employees enjoying ride hefty salaries lucrative stock options pension plans company stock dropped high 84 less price soda enron field year time many employees spectacular collapse company financial personal tragedy many feel betrayed angry people made 50 million year destroyed company greed said charles weiss former director capacity managment broadband services department putting families risk destroyed people retirements one singled one villains somebody said picture jeff skilling used dart board pretty much sums said bob jones contract worker employed creative services division feel lucky young said leigh estes 26 software engineer people 60 many thousands dollars retirement gone tragic estes knows finding job easy information technology market houston good said economy general many former professionals enron flooding local market said plan move division heads broke news former staffers giving 30 minutes pack bags leave given handouts frequently asked questions benefits stock options health insurance many said much still air wanted everybody go home weiss said basically crowd control get everybody building without riot later day new york bankruptcy judge arthur gonzalez accepted enron request 4 500 severance pay terminated employee anticipate make additional requests subsequent weeks additional severence said karen denne spokeswoman enron guarantee court give severence pay employees said robert rice employment lawyer rice associates depend largely enron overall financial picture said cobra consolidated omnibus budget reconciliation act entitles enron employees group rates health coverage 18 months employees right apply unemployment benefits paid friday medical insurance provided end december former enron employees networking created web site help job search process stay touch 4 000 already listed names site many enron know colleagues worked 30 years lost 1 million many employees grew accustomed steady diet lucrative stock options tied company velvet handcuffs built homes second homes bought luxury cars options worthless many worried keep payments one employee financial mangement area enron losing 100 000 401 k bad enough paled comparison 400 000 lost employee stock ownership plan many shares given january 1994 strike price 15 share sweet deal could resell 84 share need money opted hold retirement tax hit big employees blame enron good share losses retirement plans company changing benefit administrators froze assets plan oct 17 day enron officials shocked market announcing taking 1 01 billion third quarter charge earnings unwind unprofitable investments steve lacey emergency repair dispatcher enron owned portland general electric said watched helplessly enron stock plummeted value invested 401 k funds enron stock one 68 year old looking forward quiet retirement buying acres planting crops spending time granddaughter wife worked enron 20 years lost nearly everything looking new jobs never imagined big aggressive company would ever come crashing sophisticated investors put almost everthing enron stock know bond stock said working people outside building monday police officers horseback horde media clusters laid workers gathered work former employee said cell phone surreal asked bharat khana worked risk management year half leaning parking sign taking absolutely unbelievable would expected company 7 fortune 500 list dec 4 2001 12 01 houston chronicle tit tat dynegy says sue enron would buyer says stock price business harmed nelson antosh copyright 2001 houston chronicle case one lawsuit breeding another dynegy said monday plans sue enron damage company including quickly eroding stock price announcement follows sunday 10 billion lawsuit enron dynegy canceling merger theoretically would saved bankruptcy action likely filed next year bankruptcy court rules would second lawsuit brought dynegy monday filed district court houston attempting force enron turn prized subsidiary northern natural gas dynegy received option buy pipeline invested 1 5 billion enron dynegy officials complain enron want turn keys pipeline give back money dynegy stock slipped every day since broke merger last wednesday monday lost 3 18 close 27 17 fallen 34 percent since last tuesday collateral damage said analyst john olson sanders morris harris stock price although view company damaged pain level high dynegy officials said think facts law side stocks tend perform well got 10 billion lawsuit hanging head said carol coale prudential securities research prudential view dynegy stock would better never approached enron addition lawsuits widely publicized deal led increased scrutiny financial markets ken randolph executive vice president general counsel considers stock price slump temporary due noise overhang lawsuit unable unable tell analysts long would take situation resolved although say houston suit pipeline expedited relatively quick resolution terribly disappointed culminated lawsuits said dynegy chairman chief executive officer chuck watson conference call analysts ongoing debate good city industry said likewise analyst curt launer credit suisse first boston said impossible predict long dueling lawsuits would continue noted bankruptcy columbia gas 1991 took nearly five years resolve dynegy second lawsuit claim damages filed anytime soon according randolph enron bankruptcy filing resulted automatic stay period time companies submit claims said means filed sometime next months estimating size claim damages costs expenses plus stock price drop meanwhile dynegy attempting limit damage rebuild confidence among investors industry sound fundamentals dynegy business remain strong said dynegy president steve bergstrom company finishing good year expects earnings growth rate 20 25 percent 2002 since oct 1 number customers using dynegydirect web site doubled number transactions grew 20 percent company said begin marketing chevron texaco natural gas starting jan 1 details olson considers nice piece business dynegy officials late sunday talked three credit rating agencies provide latest information try convince lower company ratings nonetheless watson said negative credit watch agencies means reviewing company possibility downgrade expected continue credit rating firms anticipated lawsuit enron surprised said dynegy negative ratings watch since nov 9 merger first announced without much impact trading officials said dec 4 2001 12 00 houston chronicle pain bankruptcy hurt many others shocked ralph bivins copyright 2001 houston chronicle bankruptcy reorganization enron corp largest chapter 11 ever spread financial pain big banks new york way local locksmith fixing doorknobs enron headquarters enron huge debts 3 billion owed citibank 2 4 billion owed bank new york 1 9 billion owed chase manhattan bank flash large numbers demand attention plenty small houston companies firms absorb major write downs without really feeling getting pinched enron bankruptcy also berger iron works owed 675 000 enron huge sum 108 year old houston company berger created stainless steel stair railings items enron new 40 story office tower downtown able absorb financial blow somehow said bill carbery chief financial officer berger berger 45 employees lay personnel cut back operations going bankrupt company carbery said going hurt bet somebody owes kind money hurts kendall heaton associates houston architecture firm owed 200 000 work new enron tower hit hard enron bankruptcy case serious impact us question said william kendall partner architecture firm shocked good client kendall 58 employees said hoping avoid slashing payroll enron debt layoffs possibility baker safe lock co one full time employee site enron headquarters hopes keep locksmith shop open enron buildings said randy simpson company president baker 22 employees overall twice named vendor year enron simpson said said baker significant clients plans layoffs bankruptcy could create ripple effects hurt enron vendors doubt huge effect companies done business simpson said clark condon associates houston landscape architecture firm 22 employees owed 8 000 enron clark condon 40 000 contract work new enron building complete next year said sheila condon firm president company already collected payment thankful end work building would soaked lot condon said losing 8 000 desirable would tremendous blow company condon said graphtec houston sign firm 40 employees created scores new signs enron building installed said gus brown vice president firm brown declined discuss details graphtec financial entanglement enron listed graphtec creditor brown said crisis firm lot work lined including sign work new reliant stadium enron fallout could even include annihilation small companies said bill gilmer economist federal reserve bank houston sure small companies highly dependent enron said bill gilmer economist federal reserve bank houston sure kind vendors going get hurt small businesses depend single client majority revenue many companies see thinner earnings enron operates leaner level future said economics professor steven craig university houston companies handled advertising accounting services ink copying machines could weaker without sales enron craig said aztec facility services houston based firm provides custodial service enron downtown buildings expected lay personnel enron occupies less office space layoff 4 000 employees said bill widman chief financial officer aztec certainly cleaning less less clean widman said aztec 100 hourly workers cleaning enron buildings enron current payments aztec company officials hope continue working enron widman said fair us time crisis widman said expect continue cleaning chapter 11 proceeding hines real estate development firm continuing work construction enron center south building downtown completed next year spokeswoman houston developer said hines owed 385 000 enron work tower according bankruptcy documents dec 4 2001 1 07 houston chronicle woes leave enron field name question astros could without naming rights distraction greg hassell copyright 2001 houston chronicle recently two months ago enron executives toasting decision back 1999 plunk 100 million naming rights houston gleaming baseball park buying name enron field done wonders ambitious company quest making name across nation around world without doubt said worth every penny 3 3 million agreed pay houston astros every season 30 years past 60 days nightmare high tech energy company alarming speed enron collapsed fighting survival future peril one many uncertainties surrounding enron identity glitzy namesake perched eastern edge downtown baseball fans file stadium astros season opener april 2 enormous blue letters spelling enron field still loom large centerfield scoreboard ask question today called enron field april 2 said pam gardner astros president business operations much could happen every day could bring new twist deal waiting see plays enron paid financial obligations astros baseball club declined say next payment due large team also declined say action might take enron fails deliver cash time part enron officials saying little stadium deal relatively small fry consider company embroiled largest chapter 11 bankruptcy proceeding history like every pre petition claim enron spokesman mark palmer said become matter bankruptcy judge enron field one many new stadiums experiencing identity crisis baltimore super bowl champion ravens play football stadium named bankrupt internet service provider beleagured company yet missed payment place still called psinet stadium st louis rams play football dome named twa american airlines bought carrier twa name removed stadium rams found another company willing pony millions stadium bears temporary monicker dome america center dull name probably better find miami dolphins marlins play something called pro player stadium biggest problem sportswear company called pro player anymore vanished although stadium name remains past naming rights deals heaviest buyers high tech outfits airlines industries tank seems unlikely see big deals coming quarters anytime soon period uncertainty said todd gruen managing editor publication called naming rights deals get handle economy going naming rights industry find place well difficult finding sponsor recession underscored experience texas rangers team multimillionaire owner tom hicks hunting sponsor buy naming rights called ballpark arlington far hicks rangers struck looking weakened economy everything kind hold rangers president jim lites told fort worth star telegram recently enron backs away stadium bear name next 28 years astros hard pressed quickly find new corporate partner fill void guessing stay enron field gruen said addition weak economy glut stadiums chasing deep pocketed sponsors economics baseball may spooky proposition companies looking use national pastime buy goodwill labor contract place owners players specter another work stoppage looms game bad enough baseball commissioner says game bleeding 500 million year seeking shut two franchises season starts spring uncertainty come good time astros said dean bonham chairman sports marketing concern called bonham group major league baseball precipice disaster almost assured work stoppage next two seasons would categorize impact work stoppage catastrophic baseball serious turmoil gruen takes less alarmist view baseball future agrees prospective sponsors probably want wait labor situation resolved bad gruen thinks worst thing astros could jump deal another company faces uncertain future enron field relatively new one name keep value higher said last thing want get involved unstable partner go three four years would really damage stadium rights dec 4 2001 5 45 pm houston chronicle enron employees tell us stories copyright 2001 houston chronicle employed enron corp want hear story rise fall energy trading company remarkable tale like read experience part roller coaster ride publish online best get send tales life enron via e mail enron chron com please include name working e mail address daytime phone number want story appear anonymously please say need contact information verification purposes reserve right edit submissions dec 4 2001 houston chronicle lenders lining hard fight looms laura goldberg david ivanovich copyright 2001 houston chronicle new york enron corp took steps monday ensure funding day day operations company faces difficult struggle months ahead tries rebuild new york monday u bankruptcy court judge arthur gonzalez approved plan group lenders led j p morgan chase co citigroup lend enron 250 million another 250 million jan 7 goes well another 1 billion goal ensure enron core energy trading business survives viable entity giving companies confidence still business enron expect paid enron officials estimate trading business alone worth 6 billion 7 billion said martin bienenstock attorney weil gotshal manges representing enron bankruptcy case enron currently 500 million cash hand 2 5 billion typically hand crisis began bienenstock said enron may never need dip extra 1 5 billion cash bienenstock said funds available eases financial stress get credit may need tomorrow bienenstock told court monday get may never need lenders make financing bankruptcy proceeding typically get high priority repayment loans come high interest rates high underwriting fees enron chief executive officer ken lay attend monday hearing said statement 250 million used help enron fulfill obligations needed run business employee payroll vendor payments goods services provided sunday bankruptcy filing enron also negotiating three financial institutions hopes revitalizing wholesale trading business new ownership structure bienenstock expects talks completed within weeks gonzalez also signed provision let enron pay 4 500 severance pay workers laid workers could get additional severance payments later bankruptcy progresses small number employees may eligible 15 000 cover travel expenses incurred reimbursed enron sought protection creditors chapter 11 u bankruptcy code enron also allowed keep making payments 219 million office tower still construction downtown houston enron already paid 180 million toward construction costs buyer property would need complete work realize value project jeff mcmahon enron chief financial officer company top executive hearing extremely disappointed said break session bankruptcy progresses enron creditors examine various parts company decide whether would valuable sold kept ongoing operations enron major creditors meet dec 12 form creditors committee negotiate company behalf still owed money enron officials back bankruptcy court another hearing dec 14 enron chapter 11 filing largest bankruptcy case u corporate history surprisingly gonzalez courtroom packed monday 125 attorneys reporters enron 13 affiliates filed bankruptcy protection creditors planned merger dynegy fell apart cuts enron credit rating triggered serious problems company enron listed assets 49 8 billion liabilities 31 2 billion though debt obligations listed filings enron decided file probably considered houston new york among nation sophisticated bankruptcy judges lawyers country said nancy rapoport dean university houston law center bankruptcy specialist choosing new york said let enron avoid local issues hovering around courthouse includes current laid enron workers monday hearing first step process could take year despite enron statements plans emerge bankruptcy protection rebuilt business type odds favor challenging impossible said rapoport lot go right eighty percent 90 percent companies fail chapter 11 efforts said jack williams law professor georgia state university college law scholar residence american bankruptcy institute nonprofit think tank fail even go intending reorganize typically end liquidating assets either chapter 11 proceeding converting chapter 7 liquidation case said biggest potential obstacles success small asset base enough cash poor business plan said case unfolds uncommon true value company assets turn company numbers williams said companies actually file chapter 11 even though intend liquidate assets experts said gives control selloff chapter 7 filing court appointed trustee handles liquidation filed enron put much portfolio international assets sale deals need approval court proceeds going creditors creditors committee voice virtually everything considered judge said joel kay attorney specializes bankruptcy cases hughes watters askanase l l p houston includes opinion whatever reorganization plan enron files court bankruptcy petition made company pay debts incurred filing without permission judge kay said enron expected immediately start sorting leases contracts deciding needs run business needed judge agrees let enron keep allowed make payments future goods services companies contracts enron allowed reject considered creditors enron need court approval spend money considered normal course business wants sell assets borrow money something ordinary must ask example enron reaches plan revamp trading operation court need approve several stock analysts expressed doubt enron come chapter 11 able make trading operation work even new trading joint venture created andre meade commerzbank securities new york said buyers sellers energy going come back new entity droves hard time thinking scenario actually get workable entity chapter 11 said going hard reorganize around anything may emerge chapter 11 expects shareholders generally bottom creditor pool bankruptcy filing likely get nothing bankruptcy filing efforts shareholders employees sued enron delayed halted lawsuits stayed attorneys seek permission bankruptcy court move ahead dec 4 2001 houston chronicle q enron bankruptcy enron file bankruptcy enron increasing problems particularly reduction bond rating junk bond status triggered billions claims could afford pay filing bankruptcy protection allows avoid paying creditors works plan reorganize company company fund day day business going forward two top priorities finding source financing day day operations getting permission bankruptcy court pay essential expenses payroll cost benefits like health insurance point would anyone lend another penny filing bankruptcy companies normally seek known debtor possession financing lenders provide financing go front line comes time get paid back agreement normally pays top interest rate approved creditors creditors normally go along continued operations mean bigger payout complete liquidation get paid back bankruptcy law sets priorities bankruptcy first line debts secured company property bottom common shareholders middle unsecured creditors however subject negotiation committees representing parties suit common shareholders last get paid stock rise good explanation sometimes start big case certain parties buy shares win place committee representing shareholders buyers traders see short term profit made price movement stock trades pennies enron able come back depends whether management pare huge company profitable core officials within enron warned surviving company may far different see today often many operations sold raise cash preserve key parts dec 4 2001 11 23 pm houston chronicle enron recent troubles aug 14 jeff skilling served ceo six months steps personal reasons ken lay assumes role ceo enron stock closes 42 93 52 week high around 85 oct 16 enron reports 638 million third quarter loss discloses 1 2 billion reduction shareholder equity partly related losses partnerships run chief financial officer andrew fastow oct 22 enron acknowledges securities exchange commission inquiry possible conflict interest related company dealings partnerships oct 24 andrew fastow replaced chief financial officer jeff mcmahon oct 25 enron draws 1 billion credit line hoping provide liquidity restore investor confidence oct 31 securities exchange commission announces begun formal investigation allowing subpoena evidence enron adds william powers jr dean university texas school law board chair special committee dealing investigation nov 6 enron stock price drops 10 share reports financially troubled energy trader seeking additional financing shore confidence nov 8 enron revises financial statements past five years account 586 million losses losses related number complex partnerships including several investigation securities exchange commission nov 9 dynegy announces agreement buy much larger crosstown rival 8 billion stock promises investments near term stabilize enron nov 14 criticism employees lay says take 61 million severance payment would due merger closes enron says planned sell business units valued around 8 billion next year using proceeds pay debt nov 20 shares drop 23 percent 6 99 news company restate third quarter earnings would need pay renegotiate 690 million debt stock downgraded nov 12 officials enron dynegy say merger trouble group enron employees sue enron claiming company recklessly endangered retirement funds tied enron stock nov 21 enron reaches critical agreement extend 690 million debt obligation nov 28 dynegy pulls deal buy enron citing breaches representations enron exercises option buy enron 16 500 mile long northern natural gas pipeline enron debt downgraded junk status leading temporary halt company enrononline platform handles 60 percent trading business 2 8 billion daily enron shares plunge 1 amid heaviest single day trading volume ever new york stock exchange nasdaq listed stock nov 29 enron stops sending cash overseas operations forcing enron europe operations file creditor protection lay 1 100 employees new power co enron corp spinoff entering deregulated texas electric market reminds consumers independent separately held company enron board financial resources management team congressional panel launches investigation enron business practices dec 2 enron files bankruptcy protection largest u history enron sues dynegy dropping merger seeking damages least 10 billion suit asks judge block dynegy taking possession northern natural gas pipeline dec 3 dynegy countersues enron right acquire pipeline enron starts cutting 4 000 employees mostly houston headquarters company arranges 1 5 billion debtor possession financing source houston chronicle files associated press dec 4 2001 12 04 houston chronicle enron briefs copyright 2001 houston chronicle news services real amount bank debt doubt risk dispersed enron corp says owes citigroup j p morgan chase skilling stunned investors quit august six months becoming ceo picked 76 1 million ken harrison former chairman ceo portland general sold almost 992 000 shares 78 million enron bought utility 1997 3 1 billion stock debt harrison reached comment selling among enron insiders outweighed buying past decade insiders bought almost 488 000 shares paying total 20 7 million last executive buy enron stock former chief financial officer andrew fastow bought 10 000 shares aug 16 36 98 according washington service insider selling enron high energy company insiders exxon mobil corp biggest publicly traded oil company sold 410 million stock period according washington service sales pale comparison computer related technology companies microsoft corp insiders among active sellers u company sold 367 2 million shares worth 31 4 billion since 1990 records show california customers told may cold enron corp warned california electricity customers monday might unable serve financial problems led houston energy giant file bankruptcy pullout could cause short term disruptions california done little warning especially cold day many power plant outages extra demand holiday light displays energy officials warned state relatively new power buying operation would task lining extra electricity enron customers might need officials said want much notification possible avoid frightening shortfalls last winter spring power buyers frantically scoured west phone scare available megawatt prevent rolling blackouts wessex water announces still financially sound exeter england wessex water british water company owned enron said still financially sound neither holding company azurix corp included enron bankruptcy filing company employs 1 400 great britain ring fenced regulation guarantee debt azurix enron said e mailed statement wessex added neither azurix made bankruptcy filings dec 4 2001 1 10 houston chronicle enron tries resurrect trading former clients staying away michael davis copyright 2001 houston chronicle enron tried maintain veneer normal trading operations monday former clients stayed away began long struggle revive crippled trading business abrupt slide bankruptcy houston company dominated wholesale energy sales trading business better days main business generating 80 percent company profits many enron traders circulating r sum even enron officials conceded monday struggle bring back business trading floor open mostly enable traders close positions enron spokesman mark palmer said traders companies contacted monday said keeping distance none clients business enron said charlie sanchez director energy markets gelber associates houston specializes advising energy clients risk management including trading tactics company widely anticipated bankruptcy filing made sunday trading operation included filings company hopes revive moving independent new company enron posted message internet site trading customers saying discussions bring investors recapitalize trading business scale operation limited capital company needs keep hand cover possible losses volatile business new trading business would staffed enron current trading team chief executive officer ken lay recent memo employees said initiated plan protect value core trading energy business companies depended enron traders say already lost key asset commodity would concerned credibility said martin rosenberg editor utility business magazine credibility going forward people knowing cooked books severe doubts viability trading operations challenge enron faces winning back customers gone elsewhere companies said longer business enron plans anytime soon include conoco duke energy txu companies shifted cash trading enron last week halting business enron altogether enron biggest energy trader world sunday filed largest bankruptcy case u history also sued dynegy 10 billion accusing rival withdrawing takeover bid remove competitor even company able salvage trading operations clients may long gone time things back normal logistics standpoint able keep enough people man phones sit front computer screens certainly said michael heim energy analyst g edwards put offers prior recent event petersen said duke energy recently received 300 r sum enron employees including traders said suzanne rhodes spokeswoman company houston asked duke hiring said always looking talented people el paso energy corp also flooded r sum company spokesman mel scott said el paso holding annual job fair month doubt former enron employees hand may perfect timing scott said repeat edf talks enron direct assets sarah wachter sarah spikes 12 04 2001 dow jones energy service copyright c 2001 dow jones 331 4017 1740 sarah wachter dowjones com copyright 2000 dow jones company inc rights reserved enron brazil unit part us chapter 11 filing 12 04 2001 dow jones international news copyright c 2001 dow jones 55 11 3145 1481 adriana arai dowjones com copyright 2000 dow jones company inc rights reserved attorney says tender offer enron wall lynn cowan todd goren dow jones newswires 12 04 2001 dow jones news service copyright c 2001 dow jones company inc washington dow jones private illinois company wants take enron corp ene wall said chicago bankruptcy attorney monday party made tender offer either incompetent looking see name print regardless fact would made look like fool said gerard munitz principal goldberg kohn bell black rosenbloom mortiz chicago munitz reorganization specialists said never seen case someone made tender offer shareholders company already filed chapter 11 bankruptcy standard power standard power light said anticipates tender offering price 1 share enron said received tender offer standard power june sold interests two projects according president chief executive richard ryan conclusion two sales took money retired wisconsin ryan told dow jones monday recently rejoined standard power light aside enron said standard power 202 628 9783 lynn cowan dowjones com todd goren also contributed report copyright 2000 dow jones company inc rights reserved usa bell futures rise enron soars 41 percent 12 04 2001 reuters english news service c reuters limited 2001 new york dec 4 reuters equity index futures rose tuesday shares enron corp soared 41 percent pre open trade beleaguered energy trader confirmed secured 1 5 billion debtor possession financing close monday enron said secured financing two creditors j p morgan chase citigroup enron shares soared 55 cents early dealings instinet electronic system vs close 39 cents monday equity index futures suggested stocks headed slightly higher open december futures p 500 index rose 2 70 points 1 132 20 futures nasdaq 100 climbed 5 points 1 572 dow jones industrials futures added 33 points 9 793 mcleodusa inc fell 42 cents ahead open 52 cents close monday local telephone data services provider announced restructuring plan reduce debt warned may seek chapter 11 bankruptcy protection news synopsys inc said acquire avant corp 769 million stock rounding product line software used design computer chips avant soared pre open trade 16 75 closing 10 95 monday copyright 2000 dow jones company inc rights reserved india wrapup 1 enron assets play crisis funds give hope stuart penson 12 04 2001 reuters english news service c reuters limited 2001 amsterdam dec 4 reuters fallen energy giant enron hovered rescue ruin tuesday securing crisis funds facing loss top assets creditors bargain hunters bombed shares world dominant power gas trader biggest corporate insolvency history bounced 40 percent european exchanges managers secured 1 5 billion emergency finance london based electronic exchange instinet enron shares built late monday climb trading 60 cents 39 cents monday u close frankfurt german listing climbed 36 percent 0 64 euros despite rally enron market value remains tiny fraction former 80 billion little 300 million financial meltdown culminated chapter 11 filing protection creditors dwarfs world previous record failure texaco terms assets insolvency looks set spawn wave lawsuits experts said future remained balance still early say situation secured creditors unsecured creditors legal actions still formulation stage said michael athanason new york partner accountants ernst young speaking sidelines utilities conference amsterdam last year company 1 billion profits enron since frightened investors trading partners emerged unorthodox accounting methods kept chunks debt balance sheet crisis confidence caused global empire collapse amid 17 billion debts last week houston texas based group filed chapter 11 united states weekend seeking similar creditor protection elsewhere world trading tentacles reached fallout crisis concerns enron exposure hit share prices world top banks last week though funds offer hope enron assets value already process sold sights competitors importantly group faces loss northern natural gas pipeline division rival dynegy dynegy pulled 10 billion rescue bid enron last week claimed control pipeline emergency loan gave crippled group secured business enron dynegy already engaged legal battle dynegy abandonment takeover pipeline issue buyers circle outside united states breakup also looked way acquisitive state owned power group electricite de france said talks buy european retail arm industry sources say also object trading companies attention talking pricewaterhouse coopers creditor protection administrators europe buy enron direct said gerard wolf director edf chairman office sidelines conference amsterdam united states sources familiar situation said enron talks could lead sale trading business even troubles engulfed enron busy selling assets help shore finances divestments continuing week bombay tuesday anglo dutch energy giant royal dutch shell said keen buy 65 percent owned dabhol liquefied natural gas lng terminal monday london enron uk water arm wessex water put sale earlier year said still expected sold price reflects excellent performance prospects industry sources say number financial buyers interested including royal bank scotland germany west lb barclays capital emergency funds emergency funds secured monday provided two enron major creditors j p morgan chase citigroup enron immediate access 250 million helps pay salaries pay goods services needed continue trading operations extra 250 million would given enron soon company provides lenders satisfactory business plan 1 0 billion balance would table j p morgan chase citigroup successfully syndicate redistribute loan among lenders new buyer new potential suitor also emerged monday view acquiring whole enron group small privately held illinois utility standard power light acquires develops independent power plants said preparing tender offer buy enron less 1 per share according regulatory filing company said planned sell non energy related businesses retire enron debt long term reorganisation assembling financing package involving several lenders public private additional reporting andrew callus london c bryson hull andrew kelly houston arindam nag jim brumm dane hamilton brendan intindola tom johnson new york sriram ramakrishnan bombay copyright 2000 dow jones company inc rights reserved enron receives financing operate cuts 20 percent staff 12 04 2001 associated press newswires copyright 2001 associated press rights reserved houston ap two banks agreed enron corp short term rescuers 1 5 billion put help embattled energy giant may enough entice traders back fold see little potential enron recover footing despite effort restart marketing operation goldman sachs investment research said statement monday enron told new york bankruptcy judge monday company arranged 1 5 billion financing keep operating reorganizes chapter 11 bankruptcy protection announcement came hours troubled energy marketing company laid 4 000 workers 20 percent work force houston headquarters remaining 3 500 employees sent home rest day would return work tuesday spokeswoman karen denne said terms agreement lenders j p morgan chase citigroup enron receive 250 million immediately another 250 million available company provides lenders satisfactory business plan enron said statement enron would get another 1 billion j p morgan citigroup used part pay debt enron transwestern pipeline company currently 500 million cash normally operates 2 5 billion hand said martin bienenstock lawyer representing enron enron employees try move losing jobs houston ap 63 years age rod jordan figured last three years spent enron corp would last job looked forward comfortable retirement monday jordan became job seeker one 4 000 workers laid vaunted fallen energy trader disappointed sad lot tears said jordan whose retirement took big hit enron stock plummeted meltdown left shares worth less 50 cents jordan said lost good five figures enron stock bought company 401 k plan invested heavily stock jordan one many employees monday filed enron 50 story mirrored glass tower headquarters downtown houston personal belongings stuffed cardboard boxes waited rides home outside one building entrances narrow side street entering steady slow stream vehicles came scene reminiscent funeral procession job cuts announced day enron filed bankruptcy protection company houston headquarters remaining 3 500 workers sent home return work tuesday spokeswoman karen denne said information sheet distributed laid employees said would receive 4 500 severance package pending ruling manhattan bankruptcy court downtown houston employs estimated 150 000 lost nearly 3 percent work force cuts uk update 1 pwc says u finance deal affect euro units 12 04 2001 reuters english news service c reuters limited 2001 london dec 4 reuters said 1 5 billion emergency round financing enron corp u would affect energy group european trading operations administration finance deals u would pertain companies administration europe spokeswoman administrators told reuters tuesday late monday enron houston said secured 1 5 billion j p morgan chase citigroup two major creditors run skelelton operation help reoganise operations enron europe trading operations placed administration november 29 funding day day operations u parent cut although seven businesses uk europe excluded administration order including uk teesside power station enron wind enron direct enron metals businesses still likely sold enron direct retail arm sells gas electricity mainly small medium sized businesses britain understood point sold french electricity group electricite de france edf said tuesday talks pwc buying enron direct although number bidders also interested enron interests power stations poland italy turkey also outside european administration order held enron corp houston copyright 2000 dow jones company inc rights reserved enron europe pulp co sale enron administrator 12 04 2001 dow jones international news copyright c 2001 dow jones 44 20 7842 9248 justin brown dowjones com copyright 2000 dow jones company inc rights reserved bankrupt enron corp receives financing operate cuts 20 percent staff kristen hays associated press writer 12 04 2001 associated press newswires copyright 2001 associated press rights reserved houston ap enron corp took steps bolster weak financial footing following beleaguered energy company historic bankruptcy filing arranging 1 5 billion financing slashing 4 000 jobs 20 percent work force enron employees filed company 50 story mirrored glass tower headquarters downtown houston monday personal belongings stuffed cardboard boxes several employees reported given 30 minutes clear whole thing nightmare joann matson laid human resources coordinator said carted belongings car enron world biggest buyer seller energy imploded recent weeks acknowledging engaged questionable accounting practices overstated profits half billion dollars past four years disclosure caused credit rating collapse led dynegy inc scrap 8 4 billion buyout enron enron filed chapter 11 bankruptcy protection sued dynegy least 10 billion damages sunday claiming smaller crosstown rival wrongly abandoned buyout accelerating enron demise dynegy countered lawsuit enron enron told new york bankruptcy judge monday company arranged 1 5 billion financing keep operating reorganizes terms agreement lenders j p morgan chase citigroup enron receive 250 million immediately another 250 million available company provides lenders satisfactory business plan enron said statement enron would get another 1 billion lenders used part pay debt one pipelines company currently 500 million cash normally operates 2 5 billion hand said martin bienenstock lawyer representing enron financing place enron continue business move forward implement first steps reorganization enron chairman chief executive kenneth lay said statement analysts warned financing still may enough entice traders back fold fitch inc credit ratings agency said statement monday enron physical assets pipelines power operations largely encumbered trading business heavily damaged cash credit traders evaporated last several weeks fitch said enron would emerge chapter 11 much smaller company completely liquidated unable restore core trading business bankruptcy filing enron listed 50 billion assets 31 1 billion liabilities one biggest corporate bankruptcies u history legal battle enron dynegy shaping contentious one enron fighting prized northern natural gas pipeline enron claims dynegy right acquire pipeline return 1 5 billion investment dynegy returned punch suing several enron subsidiaries included bankruptcy case pipeline demonstration sheer desperation enron would attempt keep dynegy 1 5 billion pipeline dynegy chairman chief executive chuck watson said todd zywicki professor law bankruptcy expert george mason university said enron lawsuit least temporarily keep pipeline hands bankruptcy case buys company time try restore financial health look like quite messy battle two said enron shares 14 cents close 40 cents share trading monday new york stock exchange year ago enron traded near 85 many employees lost jobs following layoffs also seen retirement benefits take hit stock plummeted disappointed sad lot tears said rod jordan 63 jordan said lost good five figures enron stock bought company 401 k plan invested heavily stock information sheet distributed laid employees said would receive 4 500 severance package pending ruling new york bankruptcy court net http www enron com http www dynegy com ap photos djpl 04111 ap graphic enron bankrupt copyright 2000 dow jones company inc rights reserved enron takes lst steps bid negotiate bankruptcy update 3 2001 12 04 08 03 new york enron takes lst steps bid negotiate bankruptcy update 3 enron news see top nrg adds instinet price sixth paragraph new york dec 4 bloomberg enron corp working survive history biggest chapter 11 reorganization lining 1 5 billion loan getting permission spend money keep operating firing 4 000 workers enron attorney told u bankruptcy judge arthur gonzalez company talking backers revive energy trading business new ownership operation enron profitable unraveled houston based company october posted third quarter loss 1 01 billion loan eliminated immediate threat competitors suez sa second biggest water company looking buying enron assets company raises money trading partners hard find rival dynegy inc seeking take enron pipeline federal authorities investigating sent biggest energy trader court protection today every dotted every crossed crafting strategy work chapter 11 enron attorney martin bienenstock said court yesterday indication unsecured creditors expect repaid full enron 6 3 8 percent bonds due 2003 traded around 24 cents dollar according bloomberg data shares enron rose 15 cents 54 cents instinet shareholders last line paid chapter 11 cases typically get nothing creditors fully reimbursed business challenges enron talking j p morgan chase co citigroup inc salomon smith barney ubs ag possible joint venture would pump money energy trading operations wall street journal said citing people familiar matter venture may lead one banks controlling new trading company paper quoted people saying european companies began scrutinizing enron assets suez interested enron holdings said jacques van hee spokesman energy unit glencore international ag yesterday said considering enron metals trading business enrononline web site handled 2 8 billion commodity transactions day trading plunged raising doubts enron able rescue business enron customers mirant corp aquila inc taken business elsewhere seen fallout bankruptcy think going find lot entities prepared trade enron said daniel gordon head commodities trading hagerstown maryland based allegheny energy inc owns utilities five states legal threats enron woes come time u economy first recession decade world two top economies europe japan also shrinking last month record 224 publicly traded companies filed bankruptcy year 27 percent last year record according bankruptcydata com boston based web site victims range bethlehem steel corp polaroid corp lawsuits federal investigations adding enron difficulties u department justice started criminal probe enron dealings wall street journal reported monday citing unidentified sources dynegy suing texas court gain control enron northern natural gas co pipeline enron went court first seeking 10 billion rival withdrawal 23 billion bid purchase energy trader enron nosedive shares lost 99 percent value also placed spotlight arthur andersen llp company auditor enron said last month overstated 1998 income 113 million securities exchange commission investigating enron workers suing losses retirement accounts bankruptcy 500 million left fund operations enron yesterday gonzalez permission draw 250 million 1 5 billion chapter 11 financing bank group led j p morgan chase citigroup inc citibank hearing approve use full amount set jan 7 company use third 1 5 billion credit line repay earlier 550 million unsecured loan j p morgan chase citibank enron transwestern pipeline unit new loan would paid ahead previous debts unit likely file bankruptcy debts repaid said donald bernstein attorney j p morgan chase enron also got gonzalez permission spend much 40 million complete construction office tower houston much 8 million internet access expenses critical trading energy firing workers seeking cut costs enron eliminated 4 000 jobs houston headquarters half staff company 21 000 employees end september two thirds u fifth u k rest parts world fired 1 100 workers u k last week judge gonzalez approved enron request pay fired employees 4 500 15 000 severance enron chairman chief executive officer kenneth lay said try keep workers running trading operations used provide 97 percent enron revenue enron least 13 units declared bankruptcy sunday listing total assets 49 8 billion debts 31 2 billion company enron gas liquids inc unit monday filed bankruptcy adding assets case bienenstock told gonzalez company units file bankruptcy days ahead jeff st onge new york 202 624 1917 jstonge bloomberg net enron plans sell asia power assets amid bankruptcy updatel 2001 12 04 05 33 new york enron plans sell asia power assets amid bankruptcy updatel adds details india fifth paragraph philippines national power corp comments 14 th last singapore dec 4 bloomberg enron corp said bankruptcy yet interrupted two year old program sell fixed assets asia power stations develop trading business plan led enron sell assets china except 51 percent stake power plant city chengdu country central sichuan province enron also one power plant guam one india two philippines assets could attract attention enron creditors u based mirant corp instructions continue nothing changed continue negotiations divest assets said rick lacroix general manager marianas energy co equal joint venture guam japan tomen power corp affecting operation power generating facilities guam enron sought court protection sunday lenders owed 31 2 billion largest ever bankruptcy filing u asia enron closed office seoul put sale stake venture distribute natural gas oil refiner sk corp energy trading operations australia singapore may fold india enron sale idle dabhol power plant may delayed buyers would wait bankruptcy administrator approve agreement said vanchu chief manager state bank india one lenders dabhol power co bankruptcy could also slow sale assets guam philippines mirant marianas guam employs 50 people operate 80 megawatt diesel fired power plant sell power guam power authority philippines enron 100 percent 110 megawatt fuel oil fired power plant batangas city south manila 50 percent stake 116 megawatt fuel oil fired plant olongapo city atlanta based mirant corp may among companies looking buy enron assets asia mirant announced end last month bought two 26 5 megawatt oil fired generators guam hei power corp unit hawaii electric industries inc mirant also interests five power plants philippines company said plans increase asian generating capacity 10 000 megawatts 3 500 megawatts 2005 review opportunities time said dora lee corporate communications manager hk mirant asia pacific ltd extent opportunities emerge enron others would review respect strategy mirant said faces losses 60 million collapse enron whenever distressed sale going open market said russell young head asian utilities research nomura international ltd hong kong people come mind china light power bought portfolio powergen asia clp holdings ltd hong kong largest electricity supplier spent 843 million powergen asian assets year philippines national power corp philippines state owned monopoly said may buy supply plant contracts local unit enron u energy company offers less value projects enron power philippines corp contract operate power plant batangas 2003 zambales 2009 worried enron said energy secretary vincent perez also serves national power vice chairman prior filing bankruptcy ongoing discussions matter finding acceptable discount rate agreement philippines enron right build operate plants would sell facilities government specified date enron filed bankruptcy protection houston based company offered sell contracts national power 12 percent discount rate perez said without saying much power plants would cost national power though obligations buy contract perez said enron officials philippines available comment thomas hogue singapore 65 212 1554 thogue bloomberg net arthur andersen ceo calls accounting review enron 2001 12 04 08 17 new york new york dec 4 bloomberg arthur andersen llp chief executive joe berardino wall street journal opinion page article said range broader accounting financial reporting issues must addressed wake client enron corp collapse accounting rules based concept risk reward requiring companies list assets liabilities risk balance sheet berardino wrote piece entitled enron wake call current rules fostered technical legalistic mindset sometimes concerned form substance berardino said enron whose auditor arthur andersen filed bankruptcy protection posting third quarter loss 1 01 billion october houston based company used balance sheet financing vehicles enabled boost leverage without reporting investors increased debt balance sheet u financial reporting model emphasizes historical information single earnings per share number created 1930 assets tangible derivatives balance sheet financing needs updated take account new complex financial structures associated risks berardino said today disclosures continuous periodic include performance indicators beyond earnings per share berardino said berardino also said takes long set new standards regulatory responsibilities shared many agencies responsibility administering discipline diffuse punishment sufficiently certain promote confidence profession berardino wrote edf says talks buy enron european retail unit 2001 12 04 09 01 new york edf says talks buy enron european retail unit paris dec 4 bloomberg electricite de france europe largest power company said negotiations buy european retail energy business enron corp u energy trader filed bankruptcy protection france state owned electricity company would gain 150 000 gas electricity customers mainly u k acquisition enron direct talking purchase said spokesman electricite de france declined named enron direct would fit well london electricity business gerard wolf director chairman office french company told reuters earlier enron biggest energy trader trying survive history biggest chapter 11 reorganization lining 1 5 billion loan getting permission spend money keep operating firing 4 000 workers centrica plc innogy holdings plc u k txu corp rwe ag germany 2 utility also interested buying enron direct said reuters without citing source brooke nelson madrid newsroom 34 91 700 9602 enron lines 1 5 billion bankruptcy financing update 5 2001 12 03 21 02 new york enron lines 1 5 billion bankruptcy financing update 5 adds attorney comments fifth paragraph loan terms sixth paragraph enron news see top nrg new york dec 3 bloomberg enron corp day filing biggest bankruptcy case u history lined 1 5 billion chapter 11 financing banks led j p morgan chase co citigroup inc citibank u bankruptcy judge arthur gonzalez manhattan let enron draw 250 million credit line keep energy trading operations running tries reorganize seeking avoid complete collapse enron cut 4 000 jobs houston headquarters half staff financing place enron continue business move forward implement first steps reorganization said kenneth l lay enron chairman chief executive officer statement gonzalez scheduled jan 7 hearing consider giving enron access full 1 5 billion line credit company last 500 million cash without new funds said martin bienenstock new york attorney representing enron told gonzalez hearing lasted evening improve things bienenstock said hearing shows company credit courting investors company use 550 million 1 5 billion credit line repay 550 million owed transwestern pipeline unit transwestern debt paid pipeline operator likely file bankruptcy part enron case j p morgan chase attorney donald bernstein told gonzalez enron sought bankruptcy protection rescue revive trading business accounted 101 8 billion revenue last year said bienenstock shares enron rose 14 cents 39 cents stock traded high 90 75 last year company 6 3 8 percent bonds due 2003 traded around 24 cents according deutsche bank enron corp courting investors revive crippled trading business even loses customers fear company unable make good obligations company talks financial institutions fund wholesale trading business new ownership enron chief operating officer greg whalley said statement enron least 13 units declared bankruptcy yesterday listing total assets 49 8 billion debts 31 2 billion company enron gas liquids inc unit today filed bankruptcy added case dynegy suit enron also suing dynegy inc 10 billion rival face withdrawing 23 billion bid acquire enron today dynegy retaliated suing texas court gain control enron northern natural gas co pipeline bienenstock said company less week since dynegy canceled takeover obtain temporary financing circumstances available credit said enron trading business plummeted company mid october reported third quarter loss 1 01 billion bienenstock said enron trading book carried value 12 billion today fallen 6 billion 7 billion said today every dotted every crossed crafting chapter 11 reorganization bienenstock said enron affiliates file bankruptcy protection days ahead said without providing details arthur andersen enron nosedive shares lost 99 percent value also placed spotlight arthur andersen llp company auditor enron said last month overstated 1998 income 113 million part 586 million company cut profits since 1997 securities exchange commission investigating seen fallout bankruptcy think going find lot entities prepared trade enron said daniel gordon head commodities trading hagerstown maryland based allegheny energy inc owns utilities five states anyone thinks quick bankruptcy deluding company 21 000 employees end september two thirds u fifth u k rest parts world fired 1 100 workers u k last week severance workers streamed enron sleek glass office tower downtown houston today carrying boxes personal possessions saying goodbyes police officers horseback helped direct traffic nearby streets employees said separated office two groups one told leave check enron voice mail updates status others told kept ordered stay job worst thing ones going keep whisked away room like champagne caviar getting booted said chris ihrig traded steel forest products always preached respect integrity communications excellence never upheld enron gonzalez permission pay minimum 4 500 severance fired employees spend much 40 million complete construction office tower houston 8 million internet access expenses critical trading operation enron lay said try keep workers key running trading operations used provide 97 percent enron revenue jeff st onge jim polson new york andy pratt enron collapse may repercussions throughout houston 2001 12 03 19 48 new york enron collapse may repercussions throughout houston houston dec 3 bloomberg enron corp bankruptcy firing 4 000 local employees half workforce houston evoked words sympathy city officials although newly elected mayor said specific plans assistance impact houston minimal mayor lee brown told press conference first working day narrowly winning election run saturday seattle disappear boeing decided would move brown said 20 fortune 500 companies one company problems impact strong companies state officials forthcoming texas governor rick perry directed texas workforce commission send rapid response teams houston begin assistance programs fired workers spokesman gene acuna said enron filed yesterday bankruptcy protection biggest filing u history business began collapse october wrote 1 billion failed investments amid 1 2 billion loss shareholder equity investors continued lose confidence company restated four years earnings enron sought merge dynegy inc agreement fell last week forcing largest energy trader seek reorganization bankruptcy court enron shares fallen 99 percent year rose 14 cents 40 cents dynegy sued 10 billion enron breaking merger agreement fell 3 18 10 percent 27 17 tide loss tide employees emerged enron glass building monday company told workers go home await word jobs may repercussions throughout houston downtown area affecting new office projects well small businesses houstonians said gateway newsstand situated enron large parking garage would lose 30 percent business energy trader cut jobs owner noor kamdar said enron workers lunch break usually crowd shop cigarettes soft drinks sandwiches slow past days like holiday kamdar said guess find new crowd houston downtown focus intense revitalization effort recent years residential developers build expensive loft apartments commercial builders construct four new office complexes 150 000 people work downtown houston said laura van ness director business development economic development group central houston inc number people living downtown grew 4 5 percent 2001 expected increase 15 percent annually next five years said office projects enron completing second office tower match mirrored headquarters work project continues completion expected mid january according hines real estate company developing project enron today received permission bankruptcy judge spend much 40 million finish tower put million square feet office space downtown market said dan bellows president commercial broker staubach co houston office definitely create little vacancy downtown bellow said estimated vacancy rates could climb 10 percent 5 percent still enron buildings expected high demand market lacking large blocks space major new entrants several large companies city already expressed interest one buildings come available bellows said major downtown office projects construction pre leased anchor tenants include energy traders reliant inc calpine corp bellows said development postponed work projects continues trammel crow co however postponed 108 million 34 story office development uncertainty impact enron collapse demand perhaps visible loss houston prestige associated company name adorns downtown ballpark enron field trader among three city visible employers hit hard times layoffs announced earlier year continental airlines inc demand dropped following attacks new york washington compaq computer corp bought hewlett packard co chamber commerce scrambling around new icon said barton smith economist university houston director institute regional forecasting enron icon houston new energy economy jim kennett houston 713 353 4871 reporting eileen