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image cbs marketwatch com image image image image image image image image image quotes cia officer killed new york times co enters bidding red sox intel takes tech spotlight image dynegy abandons enron deal shares energy trader plunge bankruptcy looms lisa sanders cbs marketwatch com newswatch headlines houston cbs mw dynegy corp wednesday abandoned plan rescue enron corp enron credit ratings cut junk bond status raising prospects bankruptcy filing largest u energy trader enron shares ene closed 61 cents 3 50 lost much 85 percent value day collapsed 52 week high almost 85 11 months ago company lost around 2 6 billion worth market capitalization tuesday wednesday close 342 million enron shares changed hands wednesday close stock broke time volume record 309 million shares set intel sept 22 2000 dynegy dyn shares lost 4 92 12 percent 35 97 saying conference call protect shareholders dynegy announced terminated agreement enron citing enron breaches representations warranties covenants agreements merger agreement including material adverse change provision company specific problems dynegy chairman chief executive chuck watson said best deals ones get done regrettable see leading industry player difficulties reflect failure energy merchant business said dynegy president chief operating officer steve bergstrom said energy traders weeks prepare enron diminished role business industry suffered degradation put clear flight quality occurring speak bergstrom said dynegydirect highly scalable platform dynegydirect platform much like enron flagship enrononline turned wednesday month ago largest online energy trading platform accounting average 3 billion trades day dynegy trading exposure enron 75 million company longer trading embattled former merger partner fellow houston industrial giant bergstrom said dynegy customer based asset backed energy delivery network driver 45 percent compounded annual growth rate past 16 years continue provide us earnings sustainability future growth watson said part deal dynegy option keep northern natural gas enron highly valued natural gas pipeline even agreement terminated company said call would exercise option chevrontexaco cvx owns 27 percent stake dynegy originally gave 1 5 billion company transaction dynegy used money purchase 100 percent preferred shares northern natural gas enron 180 days date merger agreement signed nov 9 repurchase pipeline system watson said enron said statement reviewing dynegy claim rights northern enron representatives participate call dynegy executives said advised customary practice taking questions enron said temporarily suspended payments necessary maintain core energy businesses added exploring options keep operations alive work retain employees necessary continuing operations trading core energy businesses said enron chairman ceo ken lay enron told employees questions would answered due course would receive paychecks friday analysts said next step enron would likely bankruptcy filing chapter 11 worst worlds means said john olson houston based energy analyst key salvaging business level debtor possession financing get allow trade realistic fashion dip financing takes precedence claims said equity people bottom barrel people lower people filed stockholder suits olson said note clients analyst michael heim g edwards said enron without dynegy value enron likely declared bankrupt shortly heim said unlike bankruptcies stock continues trade low price hard assets salvage ahead news p cut enron rating b minus junk status bbb minus lowest investment grade rating rating agency said move reflects concerns viability merger agreement dynegy liquidity implications possible failure transaction ratings placed creditwatch developing implications moody made announcement rating cut b 2 baa 3 said enron debt remains review additional downgrade report moody cited likelihood dynegy enron breakup fueled enron declining financial performance reason downgrade moody baa 3 rating predicated good prospects completion merger dynegy reasonable prospects marginally investment grade characteristics merged entity moody wrote furthermore lack confidence enron trading counterparties appears adversely affecting enron core trading operations enron survive credit agency said imperative volumes trading business remain profitable fitch rated enron bbb minus lowered rating cc indicates default kind appears probable u treasury keeping eye impact enron fallout credit markets spokeswoman michele davis said wednesday monitoring credit markets every day davis said markets always fluctuate seen anything extraordinary treasury said outside surveillance credit markets would refer inquiries energy trading federal energy regulatory commission commodity futures trading commission earlier day image dynegy originally offered buy enron 9 billion stock confirmed tuesday two companies discussing new deal structure said ahead credit ratings eventual termination news wednesday discussions continuing aware changes status merger dynegy spokesman john sousa said p announcement merger agreement contained material adverse affect clause triggered allowed dynegy walk away deal decline enron stock price information contained company 10 q filing nov 19 could activated clause olson said p downgrade clearly fit description material adverse affect also wednesday ubs warburg rbc capital cut ratings enron hold strong buy strong buy buy speculative respectively lisa sanders dallas based reporter cbs marketwatch com image image image image image image intraday data provided p comstock subject terms use historical current end day data provided ft interactive data image image image image image image image image image image image