enron mentions 11 30 01 enron fire 95 staff bankruptcy filing cnbc says bloomberg 11 30 01 enron says cnbc report layoffs incorrect updatel bloomberg 11 30 01 andersen enron audit prompts tighter peer review quality bloomberg 11 30 01 enron fall spark legal wrangles derivatives updatel bloomberg 11 30 01 enron legal woes make bankruptcy case complex bloomberg 11 30 01 enron might raise 610 mln brazil asset sale analysts say bloomberg 11 30 01 bush spokesman fleischer comments enron corp collapse bloomberg 11 30 01 enron board compromised financial ties correct bloomberg 11 30 01 enrononline resumes commodity product trading updatel bloomberg 11 30 01 agl resources ends services contract enron updatel bloomberg 11 30 01 arthur andersen enron audit review sec updatel bloomberg 11 30 01 enron fires u k workers plans bankruptcy soon updatel bloomberg 11 30 01 enron creditors list potential losses energy trader fall bloomberg 11 30 01 dynegy says pipeline option dependent enron update 8 bloomberg 11 30 01 enron bankruptcy case would take years resolve update 2 bloomberg 11 30 01 chairman says dynegy right enron pipeline indisputable bloomberg 11 30 01 williams withdrawn pipeline capacity enron updatel bloomberg 11 30 01 new jersey limited exposure enron decline treasury says bloomberg 11 30 01 wall street firms pension funds face enron losses update 6 bloomberg 11 30 01 p says credit derivative exposure enron totals 6 3 bln bloomberg 11 30 01 enron fall spark legal wrangles derivatives updatel bloomberg 11 30 01 enron fire 95 staff bankruptcy filing cnbc says 2001 11 30 17 40 new york houston nov 30 bloomberg enron corp file bankruptcy monday tuesday fire 95 percent staff financial news network cnbc reported citing unnamed employee employee said vice president told workers enron would take steps next week give employees two weeks severance pay every year service company cnbc said enron says cnbc report layoffs incorrect updatel 2001 11 30 17 59 new york adds third paragraph enron says cnbc report false houston nov 30 bloomberg enron corp file bankruptcy monday tuesday fire 95 percent staff financial news network cnbc reported citing unnamed employee employee said vice president told workers enron would take steps next week give employees two weeks severance pay every year service company cnbc said enron fire 95 percent workforce made announcement workers layoffs company spokesman vance meyer said decision made whether company make bankruptcy filing meyer said andersen enron audit prompts tighter peer review quality 2001 11 30 17 27 new york andersen enron audit prompts tighter peer review quality washington nov 30 bloomberg enron corp accounting firm arthur andersen llp undergo tougher scrutiny peer review process u audit firms police one another quality control standards andersen fifth largest accounting firm said asked peer reviewer deloitte touche llp additional scrutiny light financial reporting issues enron according andersen press release deloitte touche independently determined wanted conduct additional procedures release said light recent developments believe extending peer review include work done offices including houston procedures deloitte touche deems appropriate necessary right thing andersen chief executive joseph berardino said release peer review due dec 31 andersen last review deloitte touche third largest accounting consulting firm 1998 review report significant problems sec examining whether andersen acted properly audits energy provider enron also investigation sec andersen acknowledged sec subpoenaed documents related houston based enron brink bankruptcy saying overstated earnings andersen announcement comes public oversight board accounting industry oversight group plans look adequacy peer review system amid concerns failed enron audits system calls audit firms periodically submit reports public companies examination accounting firms effort assure investors firm methods comply professional standards enron largest energy trader month said overstated earnings 586 million four half years inflated shareholder equity 1 2 billion accounting error failed consolidate results three affiliated partnerships balance sheet andersen enron outside auditor decade assuring investors company financial statements conformed generally accepted accounting principles u representative john dingell michigan democrat questioned peer review process recently letter public oversight board none five biggest international accounting firms ever issued negative peer review report another dingell said called big five also include llc kpmg llp ernst young lp appears little reason public faith andersen peer review process dingell wrote andersen responded faith accounting profession self regulatory process pob oversees spokeswoman deloitte touche return telephone call seeking comment enron fall spark legal wrangles derivatives updatel 2001 11 30 11 24 new york enron fall spark legal wrangles derivatives updatel rewrites 2 nd paragraph london nov 30 bloomberg enron corp plunge toward bankruptcy may spark legal wrangles unravel web derivatives contracts tied energy company enron set file protection biggest chapter 11 reorganization ever likely mean energy trader pay derivatives sold insurance default borrowers well defaulting debts triggering similar contracts bought creditors traded joe bloggs road enron owed lot money get went bankruptcy fulfill obligations contract said brian senior head trading innogy holdings plc u k top electricity supplier think major risk market liquidity think domino effect enron used derivatives financial instruments futures options whose value based assets insure price swings take bets price direction houston based company revenue 1 9 billion derivatives trading last year double 765 million 1999 making one largest traders according swaps monitor publications inc comparison williams cos 2 u natural gas pipeline owner revenue 1 29 billion derivatives trading 2000 paul spraos president swaps monitor research company compiles trading figures said enron posts derivatives statistics year figures 2001 dynegy inc abandoned planned merger enron wednesday leaving 15 billion debt possibility bankruptcy well oil gas futures enron trades derivatives based things weather information transmission capacity known bandwidth banned trading spraos estimates sept 30 enron owed 18 7 billion derivatives trades went sour though said take account collateral enron probably posted back trades european energy exchange today banned enron trading products australian regulators barred company finance unit enron australia pty trading electricity futures funding assured u senate house committees investigate enron decline consider new regulations electricity natural gas trading securities exchange commission also examining company enron 201 billion worth derivatives oil gas electricity end last year swaps monitor reported measuring notional amount face value securities derivatives based quantifying everyone looking exposure whether got collateral quantifying said robert g pickel chief executive officer international swaps derivatives association isda new york based trade association representing 550 companies trade derivatives designed legal contracts typically used derivatives transactions pickel said contracts designed address situations two potential issues relating isda documentation result situation regarding enron pickel said first involves companies entered derivatives trades enron using isda standard contract known master agreement second concerns banks provided credit protection enron form credit default swap also using isda documents credit default swaps work like insurance company bonds loans pay bankruptcy default debt restructuring similar occurrence known credit event bankruptcy filing question would credit event pickel said tell enron u k units administration triggered lawyers define credit event said simon firth head credit derivatives practice linklaters alliance acting accountant enron european arm documents fairly robust issues firth said said time documentation gets strengthened tell happens look individual cases enron owes almost two dozen energy companies 700 million j p morgan bank advised enron failed merger dynegy said owed 500 million unsecured loans canadian imperial bank commerce owed 215 million loans credit derivatives europe abn amro may set aside 97 5 million cover enron exposure energy company owes abbey national plc 164 million dresdner bank ag said exposure 100 million one left every head shaking people wondering organize class creditor hire counsel said glenn reynolds analyst creditsights inc new york lawyers high fiving enron legal woes make bankruptcy case complex 2001 11 30 12 41 new york enron legal woes make bankruptcy case complex houston nov 30 bloomberg enron corp legal problems one reason collapse world largest energy trader would add complexity bankruptcy filing might take years resolve experts say dynegy inc withdrawn proposed 23 billion takeover offer enron weighing would largest bankruptcy history may go court within week enron shareholders employees business partners lining sue houston based company shares lost 26 billion value since mid october enron restated 586 million earnings accounting irregularities questions surfaced conflicts interest among company executives u securities exchange commission investigating company affected bankruptcy filing many legal tentacles thing scary said chuck tatelbaum former vice president research american bankruptcy institute could talking six year bankruptcy case lawsuits seeking damages company chapter 11 pulled bankruptcy case judgments settlements converted bankruptcy claims fraud claims among suits likely included bankruptcy case claims shareholders company misled investors financial health another category would allegations enron executives improperly prevented workers moving 401 k investments company stock enron probably would face accusations broke energy trading contracts agreements known derivatives used insurance price swings energy market company poised file chapter 11 expected miss payments contracts also developing battle enron dynegy failed buyout bid might end bankruptcy court might lead bankruptcy judge take look recent court case involving tyson foods inc ibp inc beef producer judge delaware ordered tyson complete buyout ibp proposed combination collapse tyson like dynegy said fully informed ibp financial problems negotiated acquire beef producer dynegy said today plans take enron northern natural gas co pipeline unit next month dynegy said entitled pipeline terms nov 9 merger agreement gave 1 5 billion preferred stock northern natural gas enron could sue part bankruptcy case stop dynegy walking away buyout claiming ownership pipeline complications chapter 11 cases would inordinately complicated said lynn lopucki law professor university california los angeles largest bankruptcy record texaco 35 9 billion filing 1987 enron lists 61 billion assets big companies like w r grace co sgl carbon inc used bankruptcy filings manage lawsuits said ken eckstein new york attorney handles bankruptcy litigation w r grace financially healthy chemical maker filed chapter 11 protection april cope asbestos related lawsuits sgl carbon u unit german company market value 1 2 billion makes products used steel production sgl filed bankruptcy papers 1999 dispose customers suits price fixing claims sets enron apart questions financial viability eckstein said represented customers suing sgl part bankruptcy case fundamentally broken company eckstein said may never emerge bankruptcy makes tougher gauge much creditors might recover said makes mad enron investors optimistic future company shares took least 60 percent hit said jim anders columbia south carolina lawyer sold shares really makes mad like get hands executives insider deals really shook people confidence company enron fall accelerated questions partnerships company used move assets debt company books many investors complained enron financial reports hid significance partnerships enron former chief financial officer andrew fastow led partnerships earned 30 million dealings enron company disclosed fastow executives later fired connection partnerships anders acknowledged bankruptcy law puts shareholders litigants back repayment line know going get squat back anders said company led us believe enron solid ge one big banks bank busted enron might raise 610 mln brazil asset sale analysts say 2001 11 30 13 24 new york enron might raise 610 mln brazil asset sale analysts say sao paulo nov 30 bloomberg enron corp may able raise much 610 million sale assets brazil including two power plants stakes two gas distributors analysts investors said u energy trader brink bankruptcy also might reduce 700 million price tag 99 percent stake power distributor elektro eletricidade e servicos sa tried sell year analysts said would sell assets make quick buck said marcos severine power utility analyst sudameris corretora 56 percent enron 6 5 billion overseas assets south america brazil june 30 enron said currently plans change operations country u company expected file bankruptcy protection biggest chapter 11 reorganization history may force company sell assets pay 15 billion debt dynegy inc week abandoned proposed merger enron enron less 2 billion cash last week 61 billion assets enron may fetch much 190 million sale eletrobolt 380 megawatt power plant 220 million riogen another power plant severine said based rio de janeiro gas companies enron also may able raise 200 million sale stakes two natural gas distributors said spokesman petros employee pension fund petroleo brasileiro bidding one companies brazilian energy regulators already approved sale though still requires backing antitrust regulators enron tries sell elektro may required offer company federal government discount another private company analysts said country regulations clear said regulatory approval may delay sale assets brazil addition price controls brazil power industry limit amount money enron able raise sales analysts said investors demanding lower prices power companies brazil electricity rationing price controls past two years cut earnings power distributors generators analysts said elektro posted losses six quarters venezuela mexico bankruptcy filing enron would probably result cancellation investment plans venezuela latin america largest oil natural gas producer analysts said enron slated invest three quarters 700 million needed build liquid natural gas processing plant state oil company petroleos de venezuela sa pdvsa officials declined comment whether plant would cool natural gas liquefies would go new partner enron also owns small venezuelan power company pulled exploration 2000 offshore block gulf paria venezuela trinidad tobago enron also smaller investments mexico argentina colombia enron holds 20 percent joint venture building 189 million power plant monterrey mexico tractebel sa took 80 percent share project november colombia enron promigas sa colombian natural gas pipeline operator 50 percent stake centrogas sa natural gas pipeline transports 400 million cubic feet gas day 900 kilometers northern guajira peninsula barrancabermeja main oil refining city central colombia gas produced offshore field operated texaco officials promigas available comment enron closed administrative office colombia three months ago leaving attorney represent colombia enron argentine assets include azurix buenos aires sa natural gas water utility shares transportadora de gas del sur sa perez companc owns shares transportadora prohibited law increasing stake distribution company law modified yes would consider said mario grandinetti head perez companc institutional relations also economic issues consider bush spokesman fleischer comments enron corp collapse 2001 11 30 14 48 new york washington nov 30 bloomberg following comments white house press secretary ari fleischer collapse enron corp faces biggest bankruptcy ever energy committees senate house said investigate collapse consider new regulations electricity natural gas trading president understands congress times exercise proper oversight roles includes anything case like senate sees fit terms investigation collapse company purview congress fleischer said indicated federal government administration already department treasury entities monitoring think looking cause concern enron board compromised financial ties correct 2001 11 30 15 01 new york enron board compromised financial ties correct corrects percentage natco group sales went enron 0 16 percent 25 th paragraph adds sales within council institutional investors standards 26 th paragraph new york nov 29 bloomberg enron corp plunged largest energy trader verge bankruptcy board directors whose independence undercut financial ties management according corporate governance experts enron gave seven 14 directors consulting contracts sales business donations non profit institutions according company public records recipients include three members enron audit committee responsible financial oversight lord john wakeham example former leader british house commons sits audit committee enron gave 72 000 year consulting contract john mendelsohn president md anderson cancer center houston also audit committee last five years enron chairman kenneth lay donated 567 900 cancer center get board clubbable looks like collegiality turning cronyism said allan cleveland counsel new hampshire retirement system enron shareholder enron based houston handled almost quarter natural gas electricity trades past seven weeks board presided 26 billion drop market value began company wrote 1 2 billion shareholder equity reported overstated earnings 586 million since 1997 responsibility enron shares fell company suffered cash crunch sought infusion capital agreed acquired dynegy inc houston based rival plan collapsed yesterday investors balked investing 1 5 billion prompting dynegy withdraw offer enron shares today fell another 39 percent 24 cents 37 cents per share stock began year trading 83 125 corporate boards responsible protecting shareholder interests reviewing work top executives accomplish two thirds board independent management according council institutional investors represents pension funds independence council defines independent director person whose directorship constitutes connection corporation consulting contracts donations non profit organizations linked directors eats away independence said ann yergen council director research corporate governance standards established new york nasdaq stock exchanges say audit committee members independent enron board members including wakeham mendelsohn declined repeated requests interviews vance meyer company spokesman said enron could immediately respond questions regarding board enron board met nine times 2000 member receiving annual compensation 79 000 cash stock every member attended least 75 percent meetings except ronnie chan chief executive hang lung group hong kong development business according company filings relationships based enron proxy statements documents following relationships existed enron board members robert belfer 65 board since 1983 sits executive committee enron largest individual shareholder 8 5 million shares chairman chief executive belco oil gas corp operates office overlooking new york central park 2000 belco 32 million trade settlements 1 million option premiums enron trade resources corp enron subsidiary john urquhart 72 former general electric co executive sat board last may received annual consulting fee enron almost 200 000 year special adviser enron chairman mendelsohn 64 physician formerly head medicine memorial sloan kettering cancer center new york pioneered research controlling cancer chemistry tumor growth president george w bush short list head national institutes health since 1996 mendelsohn president anderson cancer center part university texas health system donations mendelsohn joined enron board 1999 enron donated 221 650 cancer center lay foundation established wife linda ken lay family foundation donated 346 250 last five years enron foundation pledged 1 5 million new clinic charles lemaistre 77 headed anderson cancer center 18 years retiring 1996 enron board member 16 years member executive committee chairs compensation committee panel awarded lay 20 million year severance package renounced two weeks ago wendy gramm 56 held positions federal trade commission u office management budget chairman u commodity futures trading commission director regulatory studies mercatus center george mason university fairfax virginia married phil gramm u republican senator texas last three years enron ken linda lay family foundation donated 50 000 university mercatus center according university records consulting fee wakeham 68 chartered accountant self made millionaire became force government former u k prime minister margaret thatcher known mr fix target irish republican army bomb 1984 killed wife left buried rubble seven hours enron pays wakeham 6 000 month advise company european business herbert winokur jr 57 managing partner capricorn investors lp holding company owns natco group inc maker oil gas production equipment enron board member since 1985 winokur serves executive committee chairs finance committee appointed special committee created look enron managed 2000 natco 370 294 sales enron subsidiaries 0 16 percent sales business companies linked board members ought discouraged said yergen council institutional investors still natco sales fall within group recommended standards think anything 1 percent compromising yergen said enron said proxy statement believes terms sales less favorable terms similar arrangements third parties audit committee enron audit committee poses particular problems according corporate governance experts committee composed wakeham mendelsohn gramm chan robert jaedicke retired stanford university business school dean paulo ferraz pereira brazilian banker wakeham gramm mendelsohn independent according corporate governance experts standards audit committee even want appearance conflict said charles drott forensic accountant testified expert witness bankruptcy business fraud cases involving companies delorean motor co lincoln savings loan association committee spread across globe wakeham london ferraz rio de janeiro chan hong kong question committee drott asked big sophisticated company like enron choose people swift descent enron rapid decline standard poor corp slashed credit rating eight levels month junk status centered dealings partnerships company used move assets debt company books many investors complained enron financial reports obscured partnerships businesses point impossible understand enron former chief financial officer andrew fastow led partnerships earned 30 million dealings enron company disclosed enron documents filed u securities exchange commission state board determined fastow participation partnerships would adversely affect interests enron documents also say board approved transactions involving partnerships brought lay enron executives went wrong enron said patrick mcgurn vice president institutional investor services evaluates board candidates institutional investors lot goes back board enrononline resumes commodity product trading updatel 2001 11 30 15 58 new york enrononline resumes commodity product trading updatel updates trader comment fourth paragraph today halt enrononline system sixth seventh paragraphs trading exchanges 10 th 11 th paragraphs new york nov 30 bloomberg enron corp resumed internet trading almost one third commodity products normally offers buyers sellers sought unwind positions following shutdown web site wednesday enrononline offered 472 products today including natural gas power metals forest products compared 65 yesterday spokesman mark palmer said marketplace normally offers 1 600 products enron buyer seller transaction web site used handle 2 8 billion day trades shut several hours wednesday dynegy inc pulled planned merger enron poised file bankruptcy trading enron plunged concern company able meet obligations people making selective trades unwinding positions enron said david chang vice president energy trading bank america new york people adding new net exposure trading shifted marketplaces intercontinental exchange dynegy direct new york mercantile exchange traders said trading disrupted users system reported enrononline stopped functioning 2 p 15 minutes today shortly enron announced dismissing 1 100 u k employees companied denied service interrupted enron still offering full spectrum products said kyle cooper analyst salomon smith barney houston enron recorded 825 transactions system yesterday average 5 000 day palmer said houston based enron counter party every trade enrononline rivals intercontinental exchange nymex intermediaries transactions backed funds clearinghouses banks nymex traded record 79 701 natural gas options contracts yesterday record 228 728 natural gas futures contracts wednesday 2 49 p today traded 133 000 futures intercontinental exchange inc internet based system atlanta said trading activity far month 65 percent october levels enrononline accounted 60 percent enron energy trading volume also trades commodities telephone traders speak still working enron exposure minimize said justin fohsz oil broker starsupply petroleum inc englewood new jersey trading taken back seat past days think going change time soon shares enron 8 cents 28 cents late trading compared 70 year ago agl resources ends services contract enron updatel 2001 11 30 16 15 new york agl resources ends services contract enron updatel updates agl comment second paragraph closing share prices fifth paragraph atlanta nov 30 bloomberg agl resources inc owns natural gas utilities southeastern u ended contract energy services provided cash strapped enron corp virginia natural gas unit two year contract gas transmission services began december ended without penalties agl spokesman russ williams said said know value pact enron facing disintegration energy trading business saddled 15 billion debt probably file bankruptcy analysts say rival dynegy inc withdrew buyout bid wednesday standard poor cut enron debt rating junk status atlanta based agl said business exposure enron minimal end contract eliminates prospect losses tied enron agl 1 8 million customers georgia southeast virginia chattanooga tennessee shares enron reached 84 88 11 months ago fell 10 cents 26 cents agl fell 57 cents 21 43 arthur andersen enron audit review sec updatel 2001 11 30 15 17 new york arthur andersen enron audit review sec updatel adds sec comment fifth paragraph accounting board review 12 th paragraph chicago nov 30 bloomberg securities exchange commission investigating whether arthur andersen llp acted properly audits enron corp already examined sec person knowledge probe said andersen fifth largest accounting firm acknowledged sec subpoenaed documents related audits houston based enron brink bankruptcy saying overstated earnings four half years customary sec investigates financial reporting matter company audit asked cooperation said david tabolt andersen partner spokesman sec reviewing work part process enron shares plummeted 30 cents high 37 50 recently sept 11 enron collapse focused government attention company bookkeeping practices audits andersen last june agreed pay 7 million settle sec charges issued false misleading audit reports trash hauler waste management inc u attorneys houston manhattan would prosecute individuals companies criminal wrongdoing found monitoring sec enron probe person knowledge investigation said confirm deny existence investigations sec spokesman michael robinson said enron restatement andersen worked enron outside auditor decade assuring investors company financial statements conformed generally accepted accounting principles tabolt declined say sec subpoena received documents requested earlier month enron said overstated earnings 586 million four half years inflated shareholder equity 1 2 billion accounting error failed consolidate results three affiliated partnerships balance sheet last month enron said subject formal investigation sec enron restated financial reports company suffered cash crisis triggered disclosure cut shareholder equity start sec investigation prospect dual investigations sec justice department u attorneys arises sec authority file civil lawsuits alleging securities law violations justice department jurisdiction criminal securities law prosecutions parallel probes agencies often conduct parallel probes current investigations initial public offering practices wall street biggest underwriters yesterday credit suisse first boston said manhattan u attorney dropped criminal probe allocated ipo shares sec continuing investigate last year sec justice department prosecutors filed charges executives accused inflating revenue hbo co 1999 acquisition mckesson corp citing concerns raised andersen audits enron public oversight board chairman charles bowsher last week said accounting industry oversight group plans examine adequacy peer review system ensuring proper audit procedures system five biggest international accounting firms reviewed periodically another firm called big five non audit work enron paid andersen 52 million last year 25 million auditing 27 million services including business tax consulting due diligence procedures help preparing sec filings according company proxy statement enron andersen declined provide detail asked sec request includes documents relating andersen consulting work enron tabolt said questions nature investigation directed sec earlier year andersen paid 130 million settle private lawsuits alleging firm allowed waste management sunbeam corp file false financial reports cost investors billions dollars losses april andersen agreed pay 110 million settle securities fraud class action suit filed accounting work appliance maker sunbeam corp appliance maker filed bankruptcy protection february earlier month firm agreed pay 20 million settle class action lawsuit work waste management enron fires u k workers plans bankruptcy soon updatel 2001 11 30 15 49 new york enron fires u k workers plans bankruptcy soon updatel updating share change new york nov 30 bloomberg enron corp fired 1 100 employees u k energy trader sought line financing largest u bankruptcy reorganization enron bankers led j p morgan chase co salomon smith barney inc sought arrange 1 billion loans help enron trade bankruptcy said people familiar situation debtor possession financing may secured part 1 8 billion proceeds enron expects receive selling portland general electric co unit enron also considering using northern natural gas co pipeline analysts estimate worth 2 7 billion collateral new loans dynegy inc said would seek block move exercising option purchase pipelines whole thing going courts said kathleen vuchetich helps manage 1 4 billion assets firm owns dynegy shares strong american utilities fund vuchetich helps run enron 250 u k workers dismissals according statement overseeing company british operations enron 6 800 workers europe 21 000 total firings likely u 23 billion acquisition dynegy collapsed earlier week failure credit rating downgrade junk left company short cash needed pay 15 billion debt enron less 2 billion cash last week needs pay 690 million lenders mid december responsible another 3 9 billion debt owed affiliated partnerships pipeline debate dynegy said plans take enron northern natural gas pipeline dec 12 even enron files bankruptcy dynegy invested 1 5 billion enron part merger plan giving preferred stock northern natural gas dynegy backed takeover wednesday enron likely go court argue dynegy right end merger get pipeline new york bankruptcy lawyer robert christmas said enron needs collateral loans stay business enron pledged assets northern natural gas transwestern pipeline collateral 1 billion loans j p morgan salomon month banks may back enron claim likely repaid dynegy said fahnestock co analyst fadel gheit expect see enron j p morgan citibank dynegy court fighting owns pipeline said jon kyle cartwright fixed income senior analyst raymond james associates point put chips dynegy suspect time expertise perfect purchase biggest pipeline dynegy assume 950 million northern natural debt purchase enron buy pipeline back pays dynegy 1 5 billion plus interest within 180 days merger collapse dynegy chairman chuck watson said yesterday watson said would rather get pipeline recoup investment northern natural gas biggest enron four gas pipelines stretches permian basin texas great lakes dynegy right buy dependent enron agreement right terminate merger dynegy chief financial officer rob doty said today statement shares enron fell 9 cents 27 cents early afternoon trading fallen 99 percent since mid october dynegy fell 2 34 7 percent 31 31 enron unsecured bonds bid 18 cents dollar morning 3 cents yesterday traders said enron got start natural gas pipeline company transformed past decade biggest competitor business trading energy part company strategy shifted focus developing assets pipelines power plants developing markets commodities result enron assets use collateral loans brink enron unable raise enough cash ensure pay debts trouble financing daily operations dynegy decision back acquisition left enron brink bankruptcy northern natural gas take action including filing bankruptcy without consent dynegy preferred stockholder dynegy said statement understand dynegy strong legal claim pipeline said commerzbank securities analyst andre meade structured deal way bankruptcy likely scenario good legal standing meade rates enron sell dynegy buy shares either company values northern natural 2 7 billion 2 47 billion dynegy paying including debt dynegy paid fair market value pipeline law facts side said john olson research director sanders morris harris group inc houston financial services firm watson said yesterday hopes northern natural employees quit takeover enron dynegy based houston dynegy contacted enron begin transition pipeline management expect enron full cooperation doty said today enron creditors list potential losses energy trader fall 2001 11 30 15 54 new york enron creditors list potential losses energy trader fall new york nov 30 bloomberg enron corp creditors companies spanning energy financial banking industries stand lose billions dollars collapse energy trader following list shows much might lose company description amount mil j p morgan chase co u securities company 500 john hancock financial services u life insurer 320 credit lyonnais sa french bank 250 canadian imperial bank canadian bank 215 ing groep nv dutch financial services co 195 principal financial group u insurer 172 abbey national plc british bank 164 daiwa asset management co japanese financial services co 140 australia new zealand bnk grp australian bank 120 national australia bank ltd australian bank 104 dresdner bank ag german bank 100 hvb group german bank 100 duke energy corp u energy company 100 williams cos u energy company 100 abn amro holding nv dutch bank 97 5 lincoln national corp u insurer 95 deutsche bank ag german bank 90 reliant resources inc u energy company 80 dynegy inc u energy company 75 bear stearns co u securities company 69 metlife inc u insurer 62 6 mirant corp u energy company 60 aquila inc unit u based utilicorp 50 american electric power co u energy company 50 el paso corp u energy company 50 commerzbank german bank 45 centrica plc u k energy company 43 exelon corp u energy company 20 energen corp u energy company 18 3 sempra energy u energy company 15 dominion resources inc u energy company 11 nrg energy inc u energy company 10 rwe ag german energy company 8 9 peoples energy corp u energy company 8 0 st mary land exploration u energy company 4 17 keyspan corp u energy company 4 0 houston exploration co u energy company 3 9 western gas resources inc u energy company 2 6 fpl group inc u energy company 2 0 xl capital ltd bermudan insurer limited less dynegy says pipeline option dependent enron update 8 2001 11 30 16 06 new york dynegy says pipeline option dependent enron update 8 updates closing share prices 12 th paragraph houston nov 30 bloomberg dynegy inc said plans take enron corp northern natural gas co pipeline unit dec 12 even enron seeks chapter 11 bankruptcy protection challenges dynegy decision call merger dynegy invested 1 5 billion enron part merger agreement giving preferred stock northern natural right buy business 23 million dynegy backed 23 billion buyout enron wednesday said would exercise right acquire 16 500 mile pipeline enron said reviewing options northern natural analysts estimate worth 2 7 billion enron likely go court argue dynegy right end merger get pipeline new york bankruptcy lawyer robert christmas said enron needs collateral loans stay business whole thing going courts regardless whether dynegy wants asset said kathleen vuchetich helps manage 1 4 billion assets 4 2 percent dynegy shares strong american utilities fund dynegy may well fighting something worthwhile j p morgan chase co citigroup inc salomon smith barney inc may join dispute enron pledged assets northern natural transwestern pipeline collateral 1 billion loans banks month banks may back enron claim likely repaid dynegy said fahnestock co analyst fadel gheit expect see enron j p morgan citibank dynegy court fighting owns pipeline said jon kyle cartwright fixed income senior analyst raymond james associates point put chips dynegy suspect time expertise perfect purchase biggest pipeline dynegy assume 950 million northern natural debt purchase enron buy pipeline back pays dynegy 1 5 billion plus interest within six months nov 9 merger agreement date dynegy chairman chuck watson said today interview rather pipe 1 5 billion absolutely right watson said deal day one northern natural biggest enron four gas pipelines stretches permian basin texas great lakes dynegy right buy dependent enron agreement right terminate merger dynegy chief financial officer rob doty said today statement dynegy canceled buyout enron said statement reviewing dynegy claim pipeline enron suffered crisis credibility integrity leadership months watson said questioning pipeline agreement helping said find balance enron questioning watson said throw press might challenged irresponsible disingenuous shares enron fell 11 cents 25 cents fallen 99 percent since mid october dynegy fell 3 30 9 8 percent 30 35 companies based houston enron 6 4 percent notes maturing 2006 fell much 4 cents 17 cents dollar today traders said assets enron got start natural gas pipeline company transformed past decade biggest competitor business trading energy part company strategy shifted focus adding assets pipelines power plants developing markets commodities result enron assets use collateral loans enron unable raise enough cash ensure pay debts trouble financing daily operations dynegy decision back acquisition left enron brink bankruptcy northern natural take action including filing bankruptcy without consent dynegy preferred stockholder dynegy said statement understand dynegy strong legal claim pipeline said commerzbank securities analyst andre meade structured deal way bankruptcy likely scenario good legal standing meade rates enron sell dynegy buy shares either company values northern natural gas 2 7 billion 2 47 billion dynegy paying including debt dynegy paid fair market value pipeline law facts side said john olson research director sanders morris harris group inc houston financial services firm watson said yesterday hopes northern natural employees quit takeover unit 1 100 employees dynegy contacted enron begin transition pipeline management expect enron full cooperation doty said enron bankruptcy case would take years resolve update 2 2001 11 30 16 20 new york enron bankruptcy case would take years resolve update 2 updates enron shares 12 th paragraph houston nov 30 bloomberg enron corp likely face maze lawsuits would complicate bankruptcy filing take years resolve experts say dynegy inc withdrawn proposed 23 billion takeover offer enron weighing would largest bankruptcy history may go court within week enron shareholders employees business partners lining sue houston based company shares lost 26 billion value since mid october enron restated 586 million earnings accounting irregularities potential conflicts interest among company executives u securities exchange commission investigating company affected bankruptcy filing many legal tentacles thing scary said chuck tatelbaum former vice president research american bankruptcy institute could talking six year bankruptcy case lawsuits seeking damages company chapter 11 pulled bankruptcy case judgments settlements converted bankruptcy claims fraud claims among suits likely included bankruptcy case claims shareholders company misled investors financial health another category would allegations enron executives improperly prevented workers moving 401 k investments company stock enron probably would face accusations broke energy trading contracts agreements known derivatives used insurance price swings energy market company poised file chapter 11 expected miss payments contracts also developing battle enron dynegy failed buyout bid might end bankruptcy court might lead bankruptcy judge take look recent court case involving tyson foods inc ibp inc beef producer judge delaware ordered tyson complete buyout ibp proposed combination collapse tyson like dynegy said fully informed ibp financial problems negotiated acquire beef producer dynegy said today plans take enron northern natural gas co pipeline unit next month dynegy said entitled pipeline terms nov 9 merger agreement gave 1 5 billion preferred stock northern natural gas enron could sue part bankruptcy case stop dynegy walking away buyout claiming ownership pipeline enron shares fell 10 cents 26 cents lost 99 percent value last seven weeks complications chapter 11 cases would inordinately complicated said lynn lopucki law professor university california los angeles largest bankruptcy record texaco 35 9 billion filing 1987 enron lists 61 billion assets big companies like w r grace co sgl carbon inc used bankruptcy filings manage lawsuits said ken eckstein new york attorney handles bankruptcy litigation w r grace financially healthy chemical maker filed chapter 11 protection april cope asbestos related lawsuits sgl carbon u unit german company market value 1 2 billion makes products used steel production sgl filed bankruptcy papers 1999 dispose customers suits price fixing claims sets enron apart questions financial viability eckstein said represented customers suing sgl part bankruptcy case fundamentally broken company eckstein said may never emerge bankruptcy makes tougher gauge much creditors might recover said makes mad enron investors optimistic future company shares took least 60 percent hit said jim anders columbia south carolina lawyer sold shares really makes mad like get hands executives insider deals really shook people confidence company enron fall accelerated questions partnerships company used move assets debt company books many investors complained enron financial reports hid significance partnerships enron former chief financial officer andrew fastow led partnerships earned 30 million dealings enron company disclosed fastow executives later fired connection partnerships anders acknowledged bankruptcy law puts shareholders litigants back repayment line know going get squat back anders said company led us believe enron solid ge one big banks bank busted chairman says dynegy right enron pipeline indisputable 2001 11 30 16 21 new york chairman says dynegy right enron pipeline indisputable houston nov 30 bloomberg enron corp negotiated agreement gives dynegy inc right take northern natural gas co pipeline arguments contrary irresponsible disingenuous dynegy inc chairman chuck watson said nov 9 dynegy announced would buy enron transaction valued 23 billion stock assumed debt buyout collapsed wednesday enron failed get financing run daily operations stock price plunged credit rating companies lowered debt junk triggering 3 9 billion debt payments part buyout chevrontexaco corp owner 26 percent dynegy gave enron 1 5 billion return right take 16 500 mile line even merger collapsed watson said watson said someone telling reporters enron might challenge takeover pipeline enron case watson said chevrontexaco going give dynegy 1 5 billion know dynegy going give enron company lost 90 billion net worth without pretty damn good assurance dynegy get pipeline money back watson said enron said reviewing options northern natural gas analysts estimate worth 2 7 billion enron likely go court argue dynegy right end merger get pipeline new york bankruptcy lawyer robert christmas said enron needs collateral loans stay business whole thing going courts regardless whether dynegy wants asset said kathleen vuchetich helps manage 1 4 billion assets 4 2 percent dynegy shares strong american utilities fund dynegy notified enron letter plans go forward plans take possession dec 19 watson said enron right buy back pipelines gives dynegy 1 5 billion plus interest next six months said banks want keep pipe need collateral loan enron money watson said go press make look like big fight tell want watson said would prefer keep pipeline system rather get 1 5 billion back enron suffered crisis credibility integrity leadership months helping said dynegy shares fell 3 30 30 35 enron shares fell 10 cents 26 cents williams withdrawn pipeline capacity enron updatel 2001 11 30 16 54 new york williams withdrawn pipeline capacity enron updatel updates closing share prices fifth paragraph tulsa oklahoma nov 30 bloomberg williams cos second biggest u natural gas pipeline owner let cash strapped enron corp use lines credit concerns williams spokesman jim gipson said gas shippers taken enron share capacity williams 27 000 mile network gipson said said heard interruptions supplies customers williams competes houston based enron energy trading tulsa oklahoma based company continues limited business enron reduce amount money owed enron williams said enron potential debt williams less 100 million williams said yesterday williams negotiated enron biggest energy trader several weeks reducing amount gipson said shares williams fell 28 cents 26 72 enron shares fell 10 cents 26 cents fell 85 percent wednesday dynegy inc abandoned takeover offer enron standard poor corp cut enron debt rating junk status williams third quarter net income rose 83 percent 221 3 million trading profit doubled el paso corp biggest u pipeline company new jersey limited exposure enron decline treasury says 2001 11 30 17 06 new york new jersey limited exposure enron decline treasury says trenton new jersey nov 30 bloomberg new jersey pension fund covers 665 750 state local government workers retirees holds 2 65 million shares collapsed energy trader enron corp fraction state total investment portfolio treasury department said state 70 billion investments said francis rapa spokesman new jersey treasury state paid average 23 share enron stake june 1994 august 2001 translates investment 61 million total enron shares fell 10 cents 26 cents today investment represents less 1 10 1 percent investment portfolio rapa said state holds enron bonds said rapa said early tell state localities within state would increase pension contributions decline enron shares said highly unlikely size investment wall street firms pension funds face enron losses update 6 2001 11 30 17 07 new york wall street firms pension funds face enron losses update 6 adds aegon exposure ninth paragraph new york nov 30 bloomberg wall street financial firms banks europe asia pension funds california new york stand lose billions dollars collapse energy trader enron corp ripple effect across world said robert penaloza fund manager aberdeen asset management asia singapore analysts estimate companies lent money enron abn amro holding nv largest dutch bank national australia bank ltd may lose 5 billion lenders trying reassure clients investors disclosing much stake already revealed 3 billion losses investment bankers citigroup inc j p morgan chase co working line financing enron operate bankruptcy protection houston company demise also blow mutual pension funds invested tripling stock price 1999 2000 shares started year 83 13 fell 6 cents 30 cents today enron 15 billion debt less 2 billion cash last week bear stearns cos sixth biggest u securities firm capital said exposure enron 69 million energy companies including duke energy corp williams cos banks j p morgan chase abbey national plc said hook total 1 4 billion abn amro said may set aside 110 million euros 97 5 million cover loans enron britain abbey national said owed almost 135 million national australia australian lenders said exposure totals 350 million france credit lyonnais sa said 250 million loans outstanding ing j p morgan ing groep nv biggest dutch financial services company said holds 195 million enron unsecured loans bonds canadian imperial bank commerce country third biggest bank said enron owes 215 million half unsecured loans letters credit derivatives almost two dozen electricity natural gas companies said enron owed 700 million wednesday dynegy inc abandoned plan buy enron depriving cash needed avoid insolvency john hancock financial services inc xl capital ltd insurers may absorb total losses 3 billion collapse analysts said chubb corp sixth biggest u business insurer said pretax exposure 220 million aegon nv 2 dutch insurer said owed 300 million loans abn amro one lenders behind enron 3 billion indian power plant enron owns 65 percent dabhol power co project outside mumbai city formerly known bombay plant hampered cost runs penalty claims undelivered power conflicts client maharashtra state electricity board need provide loss fourth quarter year said abn amro spokesman martin winn australia germany national australia said 200 million 104 million secured unsecured exposure already factored provisions kind event consistent bad debt outlook year said majella allen spokeswoman australia new zealand banking group ltd fourth largest australian bank said direct exposure 69 million 51 million indirect exposure bank said aside bad loans fiscal year exposures little surprising enron huge organization spans globe deals syndicates banks facilities said bill chatterton head equities abn amro morgans ltd 50 percent owned private client arm abn amro australia ltd germany dresdner bank ag owned allianz ag said exposure less 100 million hvb group germany 2 bank 100 million deutsche bank ag said losses may double digit millions dollars commerzbank ag said exposure amounts double digit millions euros u banks much 2 6 billion exposure said judah kraushaar bank analyst merrill lynch co citigroup biggest u financial services company may much 1 billion j p morgan chase said 500 million unsecured exposure energy trader 400 million loans pipelines collateral lost money said john waterman chief investment officer rittenhouse financial services inc sold enron shares end october glad got started selling clear things would unravel way california public employees retirement system calpers biggest u public pension fund held 3 million shares wednesday week california state teachers retirement fund owned 2 million shares new york state common retirement system said lost much 60 million among energy companies business enron duke energy williams cos said may lose 100 million enron unable pay back energen corp oil natural gas explorer gas distributor said 18 3 million exposure company cut 2002 earnings 20 cents 25 cents share list banks estimated exposure enron u electricity firms 700 million j p morgan chase 500 million credit lyonnais 250 million canadian imperial bank 215 million ing groep 195 million abbey national 164 million australia new zealand banking 120 million national australia bank 104 million dresdner bank less 100 million abn amro 97 5 million deutsche bank less 90 million bear stearns 69 million commerzbank less 45 million hvb group 100 million new york state common retirement fund 50 60 million chubb 220 million energen 20 25 cents shr new york state common retirement fund 50 60 million chubb 220 million aegon 300 million energen 20 25 cents shr p says credit derivative exposure enron totals 6 3 bln 2001 11 30 17 18 new york new york nov 30 bloomberg standard poor said credit derivative transactions enron corp may total 6 3 billion credit rating agency said reviewed credit derivative transactions enron appears found 3 3 billion credit default swaps directly enron debt another 3 billion credit swaps exist subsidiary enron counterparty credit default swaps enron debt according nik kahkee director p structured finance derivatives group enron 15 billion debt preferred stock 4 billion bank loans 3 billion unsecured swaps options derivative risk included figures banks wall street dealers hold unsecured enron loans sold credit default swaps provide insurance debt holders case enron defaults enron fall spark legal wrangles derivatives updatel 2001 11 30 11 24 new york enron fall spark legal wrangles derivatives updatel rewrites 2 nd paragraph london nov 30 bloomberg enron corp plunge toward bankruptcy may spark legal wrangles unravel web derivatives contracts tied energy company enron set file protection biggest chapter 11 reorganization ever likely mean energy trader pay derivatives sold insurance default borrowers well defaulting debts triggering similar contracts bought creditors traded joe bloggs road enron owed lot money get went bankruptcy fulfill obligations contract said brian senior head trading innogy holdings plc u k top electricity supplier think major risk market liquidity think domino effect enron used derivatives financial instruments futures options whose value based assets insure price swings take bets price direction houston based company revenue 1 9 billion derivatives trading last year double 765 million 1999 making one largest traders according swaps monitor publications inc comparison williams cos 2 u natural gas pipeline owner revenue 1 29 billion derivatives trading 2000 paul spraos president swaps monitor research company compiles trading figures said enron posts derivatives statistics year figures 2001 dynegy inc abandoned planned merger enron wednesday leaving 15 billion debt possibility bankruptcy well oil gas futures enron trades derivatives based things weather information transmission capacity known bandwidth banned trading spraos estimates sept 30 enron owed 18 7 billion derivatives trades went sour though said take account collateral enron probably posted back trades european energy exchange today banned enron trading products australian regulators barred company finance unit enron australia pty trading electricity futures funding assured u senate house committees investigate enron decline consider new regulations electricity natural gas trading securities exchange commission also examining company enron 201 billion worth derivatives oil gas electricity end last year swaps monitor reported measuring notional amount face value securities derivatives based quantifying everyone looking exposure whether got collateral quantifying said robert g pickel chief executive officer international swaps derivatives association isda new york based trade association representing 550 companies trade derivatives designed legal contracts typically used derivatives transactions pickel said contracts designed address situations two potential issues relating isda documentation result situation regarding enron pickel said first involves companies entered derivatives trades enron using isda standard contract known master agreement second concerns banks provided credit protection enron form credit default swap also using isda documents credit default swaps work like insurance company bonds loans pay bankruptcy default debt restructuring similar occurrence known credit event bankruptcy filing question would credit event pickel said tell enron u k units administration triggered lawyers define credit event said simon firth head credit derivatives practice linklaters alliance acting accountant enron european arm documents fairly robust issues firth said said time documentation gets strengthened tell happens look individual cases enron owes almost two dozen energy companies 700 million j p morgan bank advised enron failed merger dynegy said owed 500 million unsecured loans canadian imperial bank commerce owed 215 million loans credit derivatives europe abn amro may set aside 97 5 million cover enron exposure energy company owes abbey national plc 164 million dresdner bank ag said exposure 100 million one left every head shaking people wondering organize class creditor hire counsel said glenn reynolds analyst creditsights inc new york lawyers high fiving