enron mentions 11 09 01 11 10 01 rival buy enron top energy trader financial fall new york times 11 10 01 regulators struggle marketplace created enron new york times 11 10 01 companies finance international dynegy agrees 7 8 bn rescue bid enron financial times 11 10 01 companies finance international accountancy put back spotlight financial times 11 10 01 lex column layed rest financial times 11 10 01 companies energy giant forced negotiating table disclosing overstated earnings washington post 11 10 01 nation news analysis visionary fallen grace los angeles times 11 10 01 dynegy timeline houston chronicle 11 10 01 power play enron timeline houston chronicle 11 10 01 power play enron political heavyweight critics decried influence ken lay white house houston chronicle 11 10 01 power play sale suddenly switches office outlook downtown houston chronicle 11 10 01 power play enron field name may fall quickly energy empire houston chronicle 11 10 01 market forces worries royal bank enron exposure guardian 11 10 01 dynegy snaps enron 9 5 bn times london 11 10 01 uk jobs line daily mail 11 10 01 dynegy get prime downtown real estate enron deal associated press newswires 11 10 01 enron india pwr unit sale faces review dynegy deal dow jones energy service 11 10 01 talks salvage multibillion dollar enron india project goes third day associated press newswires 11 10 01 eyes electric industry texas deregulation nears associated press newswires 11 10 01 enron says soon quantify u k job cuts updatel bloomberg 11 10 01 dynegy buy enron 23 billion stock debt update 9 bloomberg 11 09 01 dynegy announces 8 billion deal buy larger rival enron associated press newswires 11 09 01 usa update 3 dynegy acquire enron 9 bln reuters english news service 11 09 01 enron california largest power supplier merger could affect prices associated press newswires 11 09 01 dynegy enron merger could mean name change enron field associated press newswires 11 09 01 dynegy buy enron valued 23 b 24 b debt dow jones news service 11 09 01 chronology enron corp history associated press newswires 11 09 01 fitch takes rating action enron section rival buy enron top energy trader financial fall alex berenson andrew ross sorkin 11 10 2001 new york times page 1 column 2 c 2 new york times company stock plunging finances doubt world largest energy trader enron corporation agreed acquired yesterday rival dynegy inc 9 billion stock assumption 13 billion debt deal extraordinary turnabout enron houston based company driving force behind electricity deregulation nationwide chairman kenneth l lay big contributor republican party provided political influence former chief executive jeffrey k skilling helped create markets trading electricity natural gas last winter california effort deregulate electricity market led soaring power prices rolling blackouts enron subject much criticism political anger recent disclosures discrepancies enron financial statements investigation securities exchange commission caused shares plunge week lowest level decade companies became wary business enron also facing potential cash squeeze apparently little choice find buyer deal hastily cobbled together week critics complained enron market power dominance combination poses additional concerns dynegy acquisition enron reviewed state federal agencies led justice department federal energy regulatory commission analysts said today expected scrutiny combined companies holdings california dynegy owns power generating plants enron accounts much trading natural gas fuel state electric power plants buying enron deep discount lost 60 billion market value year could make dynegy dominant trader electricity natural gas agreement carries big risks well along enron gas pipelines high technology trading floor dynegy take enron substantial debt web complex transactions enron spun last decade addition 13 billion debt enron carries books guaranteed least 4 billion balance sheet loans hidden debt could total much 10 billion said carol coale stock analyst prudential securities charles l watson dynegy chairman chief executive said yesterday dynegy could sort enron tangled finances know company well mr watson said like started fresh confident solid thought new company combine enron 25 000 mile natural gas pipeline system large number power plants dynegy owns worldwide well illinois power dynegy subsidiary serves 650 000 customers illinois important asset trading desk largest energy trader nation trading twice much power natural gas closest competitors mr watson said company expect sell significant properties deal pass regulatory scrutiny really lot overlap assets said mr watson steve bergstrom dynegy president hold positions new company called dynegy remain houston mr lay created enron mid 1980 role combined company daily operations asked join board provided answer last three weeks lot fun said statement announcing agreement yesterday afternoon mr watson said confident merger would produce strong new company enron ideal strategic partner dynegy mr watson said keep strong balance sheet straightforward financial structure key priorities shore enron finances dynegy immediately put 1 5 billion enron chevrontexaco giant oil company already owns 27 percent dynegy another billion dollars injected deal completed investors appeared comfortable yesterday dynegy could make deal work falling 3 33 wednesday companies first said discussions dynegy rose 5 76 thursday yesterday close week 38 76 paper works ms coale prudential said combined company would leading trader market leader businesses ms coale sell rating enron buy rating dynegy said planned keep buy rating dynegy works deal approved dynegy persuade enron traders stay combined company pain stock 90 percent plunge year equally shared enron employees held onto shares seen retirement accounts eviscerated meanwhile mr lay mr skilling former current executives sold hundreds millions dollars enron stock 2000 year companies also different corporate cultures dynegy emphasizes teamwork enron competitive said ehud ronn director center energy finance education research university texas even merger announced enron lost employees energy trading companies mr ronn said investors analysts say problems enron finances may extend beyond partnerships subject wall street scrutiny last month james chanos short seller one enron vocal critics said increasing evidence enron energy trading operations profitable company said appears culture enron aggressively booking profits deferring obscuring losses mr chanos said thursday enron said filing e c overstated earnings almost 600 million last five years mr chanos said restatements possible noting filing disclosed partnerships used hedge almost 1 billion losses 2000 year far losses partnerships remain enron financial statements mr chanos said enron stock pressure year company ran large losses failed efforts expand outside core trading operation august mr skilling resigned chief executive mr lay resumed control daily operations still company appeared financially sound last month disclosed shareholders equity measure company value dropped 1 2 billion deals disclosed hazily financial statements announcement unnerved investors wondered whether enron found ways inflate profits move debt balance sheet led e c begin investigation mr lay tried reassure investors enron finances order businesses remained strong last three weeks brought series damaging revelations partnerships enron formed top executives including former chief financial officer andrew fastow questions mounting major credit rating agencies began downgrade enron debt putting additional pressure company enron debt rating falls investment grade would forced repay 3 3 billion loans guaranteed strengthen balance sheet bolster stock enron turned big investors like warren e buffett search billions dollars financing financing quickly appear stock fell week major energy traders refusing extend credit enron worrying company would unable make good contracts mirant corporation atlanta based power plant owner electricity trader sharply curtailed trading enron week trading limited basis said james peters mirant spokesman business usual wednesday enron stock fell low 7 share lowest level decade day news enron dynegy talks leaked late wednesday boards two companies tentatively agreed deal dynegy refused go ahead learned whether enron credit rating would remain investment grade comfortable effect deal rating deal moved forward yesterday dynegy assured enron debt danger lowered junk status soon deal announced according company officials dynegy enron provided standard poor moody investors service main credit agencies statements showing combined company might look like asked ratings agencies expedited review transaction mr watson said deal enron shareholders receive 0 2685 share dynegy stock enron share 9 80 based dynegy closing price thursday enron stock gained 22 cents yesterday 8 63 never thought stock price would level mr lay said yesterday enron shareholders 36 percent combined company dynegy name least 11 members company 14 member board deal falls apart enron dynegy pay breakup fee 350 million protect dynegy chevrontexaco cash infusion money go enron unit owns northern natural gas pipeline merger completed dynegy right buy unit army bankers lawyers advised companies lehman brothers inc acted financial adviser baker botts akin gump strauss hauer feld acted counsel dynegy j p morgan company salomon smith barney acted financial advisers enron vinson elkins weil gotshal manges acted company counsel pillsbury winthrop served counsel chevrontexaco chart marriage strength weakness merger enron dynegy would bring together two country biggest energy companies save enron potential collapse graph tracks weekly closes enron shares 1999 2001 top north american gas marketers sales billion cubic feet per day enron 24 6 reliant 13 2 duke energy 12 8 bp 12 3 mirant 11 8 dynegy 10 9 top north american power marketers sales million megawatt hours enron 212 5 american electric power 134 5 duke energy 118 1 reliant resources 86 1 pg simmons natural gas week pg c 2 copyright 2000 dow jones section c regulators struggle marketplace created enron jeff gerth richard oppel jr 11 10 2001 new york times page 1 column 2 c 2001 new york times company washington nov 9 years enron corporation used political muscle build markets thrived pushing relentlessly capitol hill bureaucratic backwaters deregulate nation natural gas electricity businesses achievement one enron executive said today creating regulatory black hole fit nicely called company core management philosophy first mover market make money initial chaos lack transparency wall street dissatisfaction enron secretive ways delivered company arms much smaller houston rival dynegy inc deal worth 9 billion stock assumption 13 billion debt combination two companies energy experts lawmakers said today poses novel set challenges regulators still struggling grasp complexities marketplace enron invented supersonic speed era electronic trading horse buggy era regulatory system protect consumers said representative edward j markey massachusetts democrat devised legislation close regulatory gap dynegy acquisition enron expected reviewed numerous state federal agencies led justice department federal trade commission federal energy regulatory commission analysts said today sharp scrutiny would given combined companies holdings california dynegy owns generating plants enron controls large part market trading natural gas fuel big share state electric power plants dynegy would greater ability take dominant position gas raise price electricity said frank wolak professor economics stanford university mr wolak consultant justice department 1999 antitrust case led limits another merger electricity natural gas companies southern california said skeptical regulators task reviewing today deal transaction something department justice needs look going hard time looking mr wolak said beyond ability f e r c look pat wood named chairman federal energy commission earlier year backing kenneth l lay chairman enron acknowledged interview today agency long way go matching sophistication companies regulates said commission made great strides grappling new risk management techniques pioneered enron dynegy energy companies hiring experts said adopting restrictive rules much market power one party control requiring disclosure certain energy transactions interview evening charles l watson chairman dynegy said believe regulators reviewing deal enron would require sale assets really identified pitfalls require sort asset divestiture said really overlap senior executive one enron largest energy trading rivals disagreed think deal gets unscathed said today sure justice department f c look closely pretty substantial concentration market power companies energy trading area enron mainly trader natural gas electricity indeed biggest player markets also owns network gas pipelines dynegy processes sells natural gas generates sells electricity company owns local electric utility dynegy owns illinois power decatur ill enron owns portland general electric portland ore last month announced plans sell another oregon utility decade transformed gas pipeline operator nation biggest energy trader enron enjoyed unalloyed lobbying success washington enthusiastic backing wall street early months bush administration mr lay whose company one biggest financial backers george w bush presidential campaign played prominent said unusual role helping white house pick nominees federal energy commission enron executives met vice president dick cheney whose energy task force backed many deregulatory initiatives pushed mr lay company become pariah enron executive said today bush administration want anything us problems began energy crisis california enron outspoken defense deregulation even electricity trading activities made company favorite whipping boy politicians consumer advocates financial markets meanwhile enron confusing disclosures tolerated stock soaring drew disdain calming energy storms california parts country beat shares starting last spring enron fell victim inconsistencies transparency mr wolak said california officials sought understand energy prices soared control said enron view want everybody data want get subpoena energy executives regulators said sort arrogance long marked enron attitude government oversight electricity sales decades job local utility companies operating monopolies selling power regulated rates within service areas entrepreneurs led mr lay conceived different model power could sold generators middlemen big corporate users utilities faraway regions whatever price market would bear early 1990 congress heavy lobbying enron passed legislation began open electricity sales marketers long enron became one first companies receive government approval sell electricity market rates market interstate sales natural gas freed years earlier critics complained traders like enron gleaning profits stoking volatility gas prices mid 1990 independent gas producers backed legislation congress allow creation co operative marketing organization hoped would helped stabilize prices raymond plank chairman apache corporation gas producer based houston said big gas marketing trading companies including enron successfully lobbied kill plan leaving prices volatile ever great concept mr plank said could headed problems today enron final lobbying success came last year strong push company lobbyists congress passed futures trading legislation exempted internet energy trading platforms like enrononline industry leader oversight commodity futures trading commission enron takes side trades exchange traditional markets like new york mercantile exchange remain subject oversight exchange acts middleman buyers sellers mr watson dynegy less pathbreaker enron though california politicians denounced profiteer energy crisis analysts say less aggressive enron business practices lobbying indeed rival energy trading executive today predicted huge culture clash houston neighbors merge blood flow houston integration trading operation said regulators may find dynegy easier deal earlier year federal energy commission asked comments whether tighten scrutiny dealings natural gas pipelines energy trading shops owned company enron wondered bother would stricter rules prevent real affiliate abuse current rules wrote regulatory filing would instead merely restrict activities successful participants marketplace dynegy contrast painted grim picture invited regulators crack abuses abound said financial windfalls difficulty detection lengthy investigations increased complexity market copyright 2000 dow jones company inc rights reserved companies return chevrontexaco granted rights 1 5 bn dynegy stock jp morgan chase citigroup demanded similar security 1 bn loan extended month moody investors service cut rating enron senior unsecured debt yesterday morning baa 2 baa 3 one notch junk status deeper downgrade would forced enron sell stock cover 3 3 bn obligations could deterred dynegy moody kept ratings review downgrades given potential increased margin requirements counterparties however agency said would treat substantial capital injection stabilising event deal likely face intense regulatory scrutiny given large share combined companies would energy markets bid represents reversal fortune enron effectively humbled smaller houston rival however analysts expressed reservations enron faces securities exchange commission inquiry balance sheet transactions restatement accounts yet clear questions true state financial dealings carol coale prudential securities said believe either dynegy material exposure enron trading contracts trying rescue competitor saving liquidity commodities markets reporting andrew edgecliffe johnson robert clow new york sheila mcnulty houston peter thal larsen london see lex c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved companies finance international accountancy put back spotlight adrian michaels richard waters 11 10 2001 financial times c 2001 financial times limited rights reserved arthur andersen enron auditor understood approved controversial balance sheet arrangements lie heart energy company decision overhaul accounts earlier week however least one case auditor may given full information involvement disputed transactions four people employed enron recently come light andersen already hit lawsuits enron shareholders filed oregon harris county texas popular venue among plaintiffs lawyers given history big jury awards legal actions latest blow auditing profession still reeling aftermath series accounting scandals blown recent years wednesday waste management said andersen would pay 20 settle suit brought shareholders trash hauler alleging professional malpractice securities exchange commission already agreed 7 settlement andersen alleged audit fraud enron actions could also turn one first tests new auditor independence rules set sec energy company paid andersen 25 audit last year 27 services andersen spokesman refused comment whether auditor vetted complex balance sheet arrangements used enron manage trading risks offload debt however added help companies understand accounting rules apply regulatory filing thursday enron indicated decision restate accounts include two balance companies based current information suggesting full details available however third accounting change based new assessment enron said raising questions auditor earlier judgement previous commissioner arthur levitt sec attacked companies indulged earnings management accountants suffered conflicts interest audit consulting work accounting firms say audit consulting work co exist c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved lex column layed rest 11 10 2001 financial times c 2001 financial times limited rights reserved business dynegy better idea possible buyers taking presumably given fuller franker explanation enron balance sheet mess investors scarcely able carry normally counts due diligence moody decision p indecision meant enron kept investment grade seems got deal done ratings agencies really provide independent analysis times dynegy injects 1 5 bn cash front courtesy chevron texaco secured pipeline assets averts immediate crisis exchange ratio 0 27 would value enron stock 8 bn 10 67 share 27 per cent premium pertinently compares 34 eve october earnings call 83 new year day rivals year prize shareholder value destruction others gone ken lay enron chief executive know going whatever answer reflects poorly merger raises antitrust questions dynegy might fifth enron size second biggest energy trader enron friends public markets still high places dynegy offer puts floor beneath enron share price paying bottom dollar provides insurance shareholders emerges financial structure state core trading business question whether declined opportunity start take interest pat back c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved companies finance international company troubles leave houston problem sheila mcnulty 11 10 2001 financial times c 2001 financial times limited rights reserved companies continental lay 12 000 employees energy trader enron gone leader houston business community biggest liability fourth populous city us reeling latest demise among corporate citizens body blow says charlie savino executive vice president greater houston partnership business organisation enron one city biggest employers led redevelopment downtown houston making somewhere pleasant live first time decades centre efforts enron field company financed bring professional baseball fans back city centre periphery enron contributions houston social development company matches employee donations made non profit organisations 15 000 per employee per year also makes donations non profit organisations employees offer time kenneth lay enron chief executive long go guy get something done houston enron status brought houston status biggest energy trader us made city centre energy trading enrononline internet trading platform drawn brightest minds city work become world biggest web based transaction system enron secure standing building new 40 storey office building adjoining 50 storey tower beside bulldozers cranes putting finishing touches massive new parking garage employees started move new towers series disclosures enron financial position began undermine company send investors fleeing cover enron staff known brilliant arrogant enough prove coping dramatic reversal status wide variety ways left work yesterday many brushed smart casual polo shirts khakis refusing say word unfolding one man looking exhausted braved grin said keep smiling world goes companies go problems time like personal life one woman felt laugh irony moved enron last year protect job losses traditional energy businesses time enron considered safest place industry dynegy another houston based energy trader emerged enron saviour received positively staff praised technology processes houston business community may hoping merged group might better city stand alone enron combined business would bigger stronger john olson sanders morris harris local investment banking securities firm houston notes merger likely lead job losses assets sold businesses streamlined already says many houston citizens big holders enron stock lost share slide ripple effects city immeasurable says c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones enron 7 000 watson deal growth accelerates strategy three four years said shortly deal announced financial bonanza really companies way ken lay enron chairman chief executive ever thought years work would turn would dream case lay said interview chronicle shortly deal announced would even contemplated three four weeks ago lay offered seat combined company board decided yet whether take management role deal closes helped take enron staid pipeline company created 1985 merger trading machine wheels deals gas electricity financial contracts used help companies manage risk commodities lay said believed selling enron best option shareholders employees city considering company current battered state best way provide certainty protect wholesale marketing trading franchise valuable said adding enron looked two three alternatives tried strengthen balance sheet add cash operations lay said preference sell enron see name disappear happens best alternative said lay realist knew needed done among enron troubles securities exchange commission investigating business deals enron two investment partnerships run former chief financial officer credibility wall street close zero pile shareholder lawsuits credit rating relies successfully run core trading business lowered questions hung enron earlier year path end really began oct 16 company released third quarter earnings reported significant financial losses related two investment partnerships set motion spiral events leading friday announcement watson called lay oct 24 see could anything help dispel rumors dynegy stopped trading enron conversation led meeting lay house three days later two started talking deal things go deal came together quickly especially many question marks hanging enron think important understand ken known 20 years watson said good understanding knew franchise solid terms deal expected close six nine months enron shareholder get 0 2685 share dynegy per enron share based friday closing stock prices 8 63 enron 38 76 dynegy dynegy paying 10 41 enron share 21 percent premium far cry late january enron closing price hit 82 share dynegy immediately inject 1 5 billion enron help shore dynegy get money chevrontexaco owns 26 percent dynegy return money dynegy get preferred stock rights enron northern natural gas pipeline system deal close dynegy right buy northern natural gas deal closing chevrontexaco provide another 1 billion combined company enron right designate least three board members combined company 14 board seats steve bergstrom dynegy president rob doty dynegy chief financial officer keep roles new company greg whalley currently president chief operating officer enron become executive vice president combined company deal contains 350 million breakup fee dynegy would get another suitor came enron decided take better offer watson also said deal contains escape clauses protect dynegy necessary expect surprises looked hood guess strong thought said deal must reviewed variety government regulators though watson expecting antitrust problems dynegy talk analysts investors conference call monday attempting convince deal value dynegy expects merger result 400 million 500 million annual savings paper looks good said coale analyst still remain concerned uncertainties shroud enron risks continue know enron hope chuck team necessary due diligence going take couple weeks also concerns merging two different cultures looking cultures two companies different said dynegy little bit fraternity chuck started company sure heartfelt emotion toward making things work dynegy enron mercenary aggressive cutthroat culture energy traders enron pursued strategy shedding assets dynegy continued make asset purchases start year enron still heralded innovator others emulate since series problems began chipping away enron image concerns mostly pushed aside long company stock price performed well core energy trading business turned higher still higher profits company woes became serious quickly multiplied made troubling financial disclosures third quarter earnings report oct 16 disclosed day taken 35 million loss reduced shareholders equity 1 2 billion related ending business dealings two investment partnerships formerly run andrew fastow chief financial officer disclosures heightened wall street ongoing concerns enron financial reporting difficult understand skimped details also led fears enron would hook billions dollars related financial vehicles days later enron revealed sec investigating transactions enron partnerships called ljm cayman ljm 2 co investment also replaced fastow hit growing number shareholder lawsuits company credit rating downgraded raised questions ability manage core energy trading business wall street questions grew enron retreated silence leaving analysts investors speculate worst case scenarios fed fears company facing cash crunch caused investors keep dumping stock turn led enron trading partners shift business elsewhere raise credit requirements business enron turn raised even fears thursday enron said restating finances far back 1997 include losses related number complex partnerships created deal glance company name dynegy key players chuck watson dynegy current chairman ceo remain chairman ceo enron corp ceo chairman ken lay offered seat dynegy board trade 0 2685 share dynegy share enron corp value deal 8 85 billion stock 12 8 billion enron debt dynegy close friday 38 76 enron close friday 8 63 share status enron field name unknown however dynegy registered name www dynegyfield com thursday stories enron corp paid 100 million put name houston astros new downtown home energy giant bought name may soon history sale enron corp likely punish houston downtown office market emptying office space time several new buildings going never make predictions especially future ken lay wrote essay concerning world energy needs enron chief executive might taking words heart today dynegy chuck watson always maintained low profile prompting people label influential houstonian never heard see stories business companies profiles two houston energy giants announced merger friday dynegy headquarters houston chairman ceo chuck watson revenues 2000 29 4 billion employees 6 000 worldwide electricity sales 2000 137 7 million megawatt hours gas sales 2000 10 9 billion cubic feet per day business segments dynegy marketing trade dynegy midstream services illinois power subsidiary dynegy global communications history company traces roots 1984 investment banking firm morgan stanley law firm akin gump strauss hauer enron energy services enron transportation services history company formed 1985 result merger houston natural gas internorth natural gas company based omaha neb deal integrated several pipeline systems create first nationwide natural gas pipeline system 1986 ken lay ceo houston natural gas named chairman ceo name enron chosen 1989 enron began trading natural gas commodities gasbank precursor today wholesale trading business enron made first electricity trade 1994 eventually became world biggest marketer electricity gas photo 1 ken lay chairman ceo enron corp listens friday news conference chuck watson chairman ceo dynegy discusses company acquisition enron color graphs 2 deal glance b w text 3 stores b w text 4 companies b w p 16 text copyright 2000 dow jones company inc rights reserved business power play lay opened energy firms work new markets michael davis staff 11 10 2001 houston chronicle 3 star 3 copyright 2001 famous baseball manager casey stengel smart advise never make predictions especially future ken lay wrote essay world energy needs lay might taking words heart today chairman enron corp predicted long ago see significant growth several years come considered one shining stars energy business lay watched company helped create melt around matter weeks friday left ponder offer serve member board new company formed enron chief rival longer chairman chief executive perhaps way wants turned chief executive post enron jeffrey skilling earlier year seemed like first move orderly exit company helped create mid 1980 eleven months later skilling gone lay preside death enron begun stodgy natural gas pipeline company molded expanded two men diversified financial giant hands countless markets oil natural gas water broadband seemed lay 58 economist profession also cemented reputation elder statesman energy industry man opened business world eyes array possibilities energy companies could explore growth away traditional roles implosion enron past month lay legacy seems tarnished man referred energetic messiah forced sell creation fire sale rival dynegy hastily arranged deal lay approach reflected design building enron constructing across existing tower smith street looking massive trading floor two offices built lay skilling offices considered symbolic company openness philosophy melding executives rank file lay reportedly spurned express elevator ride 50 th floor office spend time employees sort hands approach lay brought company may another casualty analysts said would surprised much role running things day day perspective said brian youngberg energy analyst edward jones st louis think dynegy running ship plug enron executives dust settles enron question raised whether company became big one two men run hands fashion ken lay helped build enron pipeline company time company got big complex hard one two senior executives completely oversee things know fully going operating companies youngberg said raised farm missouri lay well known chairman enron former undersecretary interior department one people helped shape houston destiny past 20 years considered instrumental keeping major league baseball houston supporting construction enron field lasting legacy likely one key people helped create huge natural gas futures market united states nonexistent recently late 1980 also remembered man led others view energy business one integrated market individual fiefdoms ken lay really educate peers understand broadness business said amy jaffe senior energy analyst rice university james baker iii institute public policy whether retirement positive negative circumstances left huge legacy industry jaffe sees lay person got oil gas executives break old mentality explore new technologies fuel cells wind power also leading proponent natural gas power deregulation leave enron wealthy man although much less since company stock nose dived current contract pays base salary 1 4 million year bonus 7 million due expire december 2003 first time lay rescue enron 1987 enron rocked disclosure rogue traders enron oil co left company holding bag 1 billion trading liabilities disclosing market company worked trading loss 142 million learned lot certainly bad way lay said incident interview earlier year put place probably best risk management control system business industry see irony fact dynegy ceo chuck watson likely prevail lay despite lay almost cult status among business leaders business school professors chuck watson underrated role forming natural gas market united states man realized enormous potential natural gas market jaffe said true enron came lot advertising built big position maybe poetic justice man really started natural gas clearinghouse could wind back dominant player industry players 1985 present enron corp various top management posts currently chairman ceo 1984 1985 houston natural gas corp chairman ceo 1981 1984 transco energy co president chief operating officer board memberships compaq computer corp eli lilly national petroleum council member photo ken lay copyright 2000 dow jones drives top line mercedes showboat comfortable attracting attention act like big shot said tilman fertitta chairman landry restaurants likes driving bentley zipping around helicopter chuck caught houston hustle bustle thing like watson step big way dynegy completes acquisition enron 8 85 billion stock watson become captain houston largest company step right center city business stage taking enron chairman ken lay mantle powerful businessman city commerce deal always come first know watson say little trouble adapting higher profile ready many demands inexorably follow chuck guy knows wants goes gets fertitta said intimidated fact longtime friend steve patterson read enron nose dive collapse stock instinctively knew watson would close deal thought know chuck try buy enron fits big bold move chuck would try make said patterson senior vice president houston texans football team watson owns 15 percent texans largest chunk outside piece owned club founder bob mcnair watson also owns houston aeros hockey team like enron chairman ken lay watson pioneer deregulation energy business one early innovative forces shaped world trading electricity swapping natural gas watson born 51 years ago great lakes naval base north chicago father worked navy moved young watson clan around early often chuck watson attended 20 schools nine states graduated oklahoma state university 1972 degree economics 13 year career conoco watson joined fledgling company called u natural gas clearinghouse 1985 ngc consortium gas pipelines backing financial services company local law firm conflicts among partners hamstrung little company watson would join company overhauled quarreling partners bought watson vision buy gas take title aggregate big volumes leverage make bigger deals negotiate better rates pipelines moved gas around short company moved beyond broker became wholesale store natural gas visionary energy business said bob mcnair longtime friend founded cogen technologies later sold company enron 1 1 billion chuck come across relaxed country person sophisticate disarming creative smart ngc initially concentrated gathering moving trading natural gas business broadened along quickening pace energy deregulation called dynegy short dynamic energy company evolved outfit sells power directly commercial industrial users electricity natural gas also built communications division capitalize increasing demand high speed communication services last year company recorded astounding 230 percent rise net income well 91 percent jump operating revenues dynegy stock climbed 218 percent last year success dynegy tremendous story patterson said amazing growth value able achieve according done business watson bright extraordinarily tough aggressive person tough negotiator bores said george mitchell founder mitchell energy man carved woodlands piney forest confident person unlike ken lay smoother type personality works people watson going way good business people different willing give power subordinates watson hands ceo unmistakably dynegy commanding force chuck intense burns said former houston mayor bob lanier negotiations gets learns details tough watson willing came light contentious dealings houston rockets owner les alexander watson owned master lease summit later renamed compaq center committed rockets playing 2003 eager break deal alexander tried negotiating litigating way lease avail battle deepened two men competed unsuccessfully get nhl hockey team houston feuded hockey team would share revenues new stadium proposed downtown angered deal alexander able get rockets expense hockey franchise watson spent 100 000 pocket help defeat stadium referendum one overtly political act say decisive blow alexander aspirations lot people much rather contest lanier said watson alexander watson later able settle differences watson supported second arena referendum passed basketball arena construction downtown surprised see chuck watson make aggressive move like alexander said friday evening understands industry well anyone therefore best position assess risk take advantage opportunity like opportunities deal also represents sizable risk taking enron huge reach dynegy try swallow company five times bigger measured revenues watson need shrewdness ferocity untangle mess enron merge two operations way trying reinvent energy business concerns friend mcnair confessed tremendous challenge know handle well demanding business players 1989 present dynegy chairman ceo 1985 ngc dynegy predecessor president 1972 1985 conoco various positions board member baker hughes vice chairman houston texans education oklahoma state university business economics membership national petroleum council interstate natural gas association america board member edison electric institute board member natural gas council founding member photo chuck watson copyright 2000 dow jones dynegy midstream services illinois power subsidiary dynegy global communications history company traces roots 1984 investment banking firm morgan stanley law firm akin gump strauss hauer enron energy services enron transportation services history company formed 1985 result merger houston natural gas internorth natural gas company based omaha neb deal integrated several pipeline systems create first nationwide natural gas pipeline system 1986 ken lay ceo houston natural gas named chairman ceo name enron chosen 1989 enron began trading natural gas commodities gasbank precursor today wholesale trading business enron made first electricity trade 1994 eventually became world biggest marketer electricity gas photo photo 1 ken lay chairman ceo enron corp listens friday news conference chuck watson chairman ceo dynegy discusses company acquisition enron color graphs 2 deal glance b w text 3 stores b w text 4 companies b w p 16 text copyright 2000 dow jones thomas mulligan nancy vogel times staff writers 11 10 2001 los angeles times home edition 1 copyright 2001 times mirror company enron corp highflying energy giant whose aggressive efforts profit california energy deregulation made target consumer political backlash friday agreed saved possible financial collapse proposed acquisition rival dynegy inc roughly 7 7 billion deal stunning plot twist houston based enron vilified california glorified wall street last month series disturbing financial revelations pushed edge ruin powerful company whose top executives lectured california energy foibles influenced direction national energy policy enron muscled way top energy heap using aggressive end financially suspect strategies proved undoing company late last year market value 63 billion worth one tenth agreed swallowed cross town competitor one quarter size enron proud influential chairman chief executive kenneth l lay became focus bitter attacks california politicians regulators would lose job would many others enron even name would disappear combined company would called dynegy inc deal receives necessary regulatory shareholder approvals california officials took joy enron fate friday though perhaps sense retribution many critics state basically rogue corporation said sen steve peace el cajon outspoken critic enron years dealt company chaired committee hammered legislative portion california landmark electricity deregulation plan 1996 beginning rogue corporation answered mind higher law fundamental belief laws economics supersede law land failed experiment steve maviglio spokesman gov gray davis said although enron never major force california doomed electricity market outspoken support deregulation sense experiment much like california experiment failure said said harvey rosenfield president foundation taxpayer consumer rights santa monica nothing could better illustrate disaster deregulation fact one biggest proponents reaped reward deregulation suffering consequences enron world largest energy trader handling one four energy deals united states online trading operation enrononline since reported surprising third quarter loss oct 16 partly tied shadowy investment vehicles enron endured huge loss investor confidence brought massive cash crunch shrinkage trading business deal announced friday dynegy invited two weeks ago enron fell short efforts line new financing would immediately help enron pouring 1 5 billion cash company money would provided chevrontexaco corp san francisco oil company owns nearly 27 dynegy enron shareholders would get 0 2685 dynegy share enron share values company 7 7 billion based friday stock close dynegy shares surged 2 26 close 38 76 per share new york stock exchange enron added 22 cents close 8 63 per share still 89 year date deal closes six nine months parties expect dynegy chevrontexaco would invest 1 billion additionally combined company financial bonanza really companies said charles l watson dynegy chairman chief executive head combined company watson said merger would immediately add dynegy earnings even repercussions enron fall grace could far reaching coming heels california energy crisis enron troubles may slow country march toward energy deregulation lay enron championed years potential boon consumers economy general deal announced friday prevent even worse outcome energy experts said threatened collapse enron would clog time business buying selling electricity natural gas oil could interfere delivery energy around country said encouraging development energy industry said stephen baum chairman sempra energy san diego based parent southern california gas san diego gas photographer associated press photo financial bonanza really companies says charles l watson dynegy chairman chief executive photographer associated press copyright 2000 dow jones enron 7 000 watson deal growth accelerates strategy three four years said shortly deal announced financial bonanza really companies way ken lay enron chairman chief executive ever thought years work would turn would dream case lay said interview chronicle shortly deal announced would even contemplated three four weeks ago lay offered seat combined company board decided yet whether take management role deal closes helped take enron staid pipeline company created 1985 merger trading machine wheels deals electricity gas electricity financial contracts used help companies manage risk commodities lay said believed selling enron best option shareholders employees city considering company current battered state best way provide certainty protect wholesale marketing trading franchise valuable said adding enron looked two three alternatives tried strengthen balance sheet add cash operations lay said preference sell enron see name disappear happens best alternative said lay realist knew needed done among enron troubles securities exchange commission investigating business deals enron two investment partnerships run former chief financial officer credibility wall street close zero pile shareholder lawsuits credit rating relies successfully run core trading business lowered questions hung enron earlier year path end really began oct 16 company released third quarter earnings reported significant financial losses related two investment partnerships set motion spiral events leading friday announcement watson called lay oct 24 see could anything help dispel rumors dynegy stopped trading enron conversation led meeting lay house days later two started talking deal things go deal came together quickly especially many question marks hanging enron think important understand ken known 20 years watson said good understanding knew franchise solid recent talks watson said focused really understanding enron core business could merge dynegy added lay good deals come together fast bad deals take little longer terms deal expected close six nine months enron shareholder get 0 2685 share dynegy per enron share dynegy immediately inject 1 5 billion enron help shore dynegy get money chevrontexaco owns 26 percent dynegy return money dynegy get preferred stock rights enron northern natural gas pipeline system deal close dynegy right buy northern natural gas deal closing chevrontexaco provide another 1 billion combined company also closing dynegy current shareholders 64 percent combined company enron current shareholder owning 36 percent enron right designate least three board members combined company 14 board seats steve bergstrom dynegy president rob doty dynegy chief financial officer keep roles new company greg whalley currently president chief operating officer enron became executive vice president combined company deal contains 350 million breakup free dynegy would get another suitor came enron decided take better offer watson also said deal contains escape clauses protect dynegy necessary expect surprises looked hood guess strong thought said dynegy talk analysts investors conference call monday attempting convince deal value paper looks good said coale analyst still remain concerned uncertainties shroud enron risks continue know enron hope chuck team necessary due diligence going take couple weeks also concerns merging two different cultures looking cultures two companies different said dynegy little bit fraternity chuck started company sure heartfelt emotion toward making things work dynegy enron mercenary aggressive cutthroat culture start year enron still heralded innovator others emulate since series problems began chipping away enron image concerns mostly pushed aside long company stock price performed well core energy trading business turned higher still higher profits company woes became serious quickly multiplied made troubling financial disclosures third quarter earnings report oct 16 disclosed day taken 35 million loss reduced shareholders equity 1 2 billion related ending business dealings two investment partnerships formerly run andrew fastow chief financial officer disclosures heightened wall street ongoing concerns enron financial reporting difficult understand skimped details also led fears enron would hook billions dollars related financial vehicles days later enron revealed sec investigating transactions enron partnerships called ljm cayman ljm 2 co investment also replaced fastow hit growing number shareholder lawsuits company credit rating downgraded raised questions ability manage core energy trading business wall street questions grew enron retreated silence leaving analysts investors speculate worst case scenarios fed fears company facing cash crunch caused investors keep dumping stock turn led enron trading partners shift business elsewhere raise credit requirements business enron turn raised even fears cash crunch company short term stability thursday enron said restating finances far back 1997 include losses related number complex partnerships created deal glance company name dynegy key players chuck watson dynegy current chairman ceo remain chairman ceo enron corp ceo chairman ken lay offered seat dynegy board trade 0 2685 share dynegy share enron corp value deal 8 85 billion stock 12 8 billion enron debt dynegy close friday 38 76 enron close friday 8 63 share status enron field name unknown however dynegy registered name www dynegyfield com thursday stories enron corp paid 100 million put name houston astros new downtown home energy giant bought name may soon history sale enron corp likely punish houston downtown office market emptying office space time several new buildings going never make predictions especially future ken lay wrote essay concerning world energy needs enron chief executive might taking words heart today dynegy chuck watson always maintained low profile prompting people label influential houstonian never heard see stories business companies profiles two houston energy giants announced merger friday dynegy headquarters houston chairman ceo chuck watson revenues 2000 29 4 billion employees 6 000 worldwide electricity sales 2000 137 7 million megawatt hours gas sales 2000 10 9 billion cubic feet per day business segments dynegy marketing trade dynegy midstream services illinois power subsidiary dynegy global communications history company traces roots 1984 investment banking firm morgan stanley law firm akin gump strauss hauer enron energy services enron transportation services history company formed 1985 result merger houston natural gas internorth natural gas company based omaha neb deal integrated several pipeline systems create first nationwide natural gas pipeline system 1986 ken lay ceo houston natural gas named chairman ceo name enron chosen 1989 enron began trading natural gas commodities gasbank precursor today wholesale trading business enron made first electricity trade 1994 eventually became world biggest marketer electricity gas photo 1 ken lay chairman ceo enron corp listens glumly friday news conference chuck watson chairman ceo dynegy discusses company acquisition enron color 2 deal glance text 3 stories text 4 companies b w p 16 text copyright 2000 dow jones energy giant forced negotiating table disclosing overstated earnings peter behr washington post staff writer 11 10 2001 washington post final eol copyright 2001 washington post co rights reserved embattled enron corp yesterday accepted buyout offer valued 8 billion crosstown rival dynegy inc deal completed would end houston based enron reign leader huge energy trading markets set prices power natural gas nation cash dwindling credit rating hammered enron forced negotiating table recent disclosures obligations complex web partnerships involving company officials caused trading powerhouse overstate earnings obscure total debt obligations four top enron officials resigned replaced since july dynegy takes control enron chairman chief executive kenneth lay also leave company lay said yesterday decided whether accept dynegy offer serve combined company board good ride long time lay said conference call last night last three weeks whole lot fun final deal announced close stock trading enron shares fallen 33 8 disclosures ended day slightly higher 8 63 dynegy stock closed 38 76 2 26 dynegy offered stock enron shares total value deal fluctuate dynegy stock price dynegy also said would assume 13 billion enron debt bringing total value transaction around 21 billion dynegy rescue enron begin immediate cash infusion 1 5 billion supplied chevrontexaco corp major dynegy stockholder chevrontexaco invest another 1 billion dynegy acquisition passed regulatory review completed executives said expect take six nine months enron tries unscramble complex partnerships investigation securities exchange commission takeover agreement gives dynegy escape clause permitting cancel purchase enron winds heavy regulatory fines legal judgments shareholder suits tied handling partnerships chuck watson dynegy chairman chief executive said conference call close scrutiny past two weeks enron financial condition convinced company trading pipeline businesses solid looked hood guess looked strong thought watson said think damaging disclosures forthcoming enron partnership mess enron nation dominant energy trader front door political connections white house lay longtime chairman raised 100 000 presidential election campaign friend george w bush enron rode growth energy trading markets beginning mid 1990 first natural gas electric power sales deregulated wholesale level revenues leaped 9 2 billion 1995 100 8 billion last year heady times houston company could choose questions answer dealings related partnerships byzantine bookkeeping always difficult get information said louis b gagliardi analyst john herold inc would always rebuff fall muscular company seemed big stumble said investment manager david coxe harris insight equity fund chicago coxe bought 78 000 shares enron 40 share august wrestling decision months said jeffrey skilling enron chief executive strategic mastermind unexpectedly resigned stock high 90 august 2000 pitched downward enron seemed indispensable nation energy markets thought inconceivable could implode coxe said got sucked enron fall classic hubris coxe said greek tragedy striking someone chose defy gods case rules system among rules enron acknowledges follow accounting standards applied complex partnerships created purpose partnerships enron said reduce risks investments internet transmission systems sell power plants assets longer wanted accounting errors described 20 page sec filing enron made thursday errors resulted 1 2 billion reduction value shareholders equity company also said overstated earnings 586 million since 1997 enron created partnerships would buy major assets power plant enron wanted sell cases assets fiber optic cable networks enron intended run want balance sheet partnerships outside investors general partner two enron chief financial officer andrew fastow earned 30 million fees managing two largest partnerships according sec document enron added capital partnerships pledging stock securities convertible stock stock transactions counted loans resulting 1 2 billion drop shareholder equity enron says investors asking enron auditor arthur andersen llp insist transactions handled way first place enron sec filing mentions explain proposed audit adjustments past four years overruled even though enron acknowledges created information barrier masking critical information violating standard accounting rules many financial analysts recommending stock investors pushing hard enough punch barrier analysts acknowledge complicated everybody afraid raise hands say understand gagliardi said questions coming new committee reporting enron board investigate company financial reporting handled sec eventually teams lawyers representing aggrieved shareholders lay indicated yesterday aware recently enron employees fastow profited partnership activity enron directors approved fastow management partnerships fastow quit partnerships july replaced chief financial officer enron week fired treasurer ben glisan kristina mourdant enron division lawyer said invested partnerships tied one major partnerships headed fastow enron report sec describes central role transactions played michael j kopper associate fastow left enron july take fastow financial interests partnership company said enron hold conference call next week discuss uncovered outside partnership investments http www washingtonpost com copyright 2000 dow jones company inc rights reserved financial desk nation news analysis visionary fallen grace james flanigan times staff writer 11 10 2001 los angeles times home edition 22 copyright 2001 times mirror company year ago enron corp chairman kenneth l lay top energy world leading fund raiser contributor energy advisor bush administration played key role shaping new president energy policy head world largest energy trading company enormous influence price energy california across nation enron highflying stock helped cash 123 million stock options last year alone friday enron saved financial collapse agreeing acquired rival dynegy inc lay career reputation shambles merger stripped management job integrity tattered enron controversial financial dealings federal investigation enron investors employees chagrined outraged company stock lost 80 value recent weeks rapid rise fall lay 58 story brilliant man innovative ideas grand scheme transform world energy markets overcome arrogance associates critics say lay enron stretched limits law took risks nearly caused financial collapse say turn could resulted widespread disruption energy supplies enron behavior casts doubt integrity financial markets serious matter said edward r muller energy investor former president edison international mission energy subsidiary nobody denies smart question integrity said raymond plank chief executive apache corp associate lay houston vibrant oil gas industry lay longtime partner jeffrey k skilling served briefly enron chief executive resigning abruptly august rose prominence last decade use innovative financial techniques designed exploit reduction government regulation energy lay transformed world energy industries vision new market driven ways finance natural gas electricity production transmission financial markets lay enron associates created enormous effect california disastrous experiment electricity deregulation critics say influence excessive misguided ken lay mystic said state sen steve peace el cajon outspoken critic enron whatever said make sense ken lay hero worship many people working economists federal energy regulatory commission worshiped ken lay consequence things enron promoted pushed never challenged intellectually otherwise lay doctorate economics modest beginnings son poor country preacher farm labor side raise money children education navy late 1960 lay assigned defense department economic acumen allocated pentagon dollars efficiently purchasing military said mark palmer chief spokesman enron lay worked exxon energy firms 1970 amid soaring oil prices gasoline shortages still regulated natural gas headed houston natural gas predecessor firm enron 1980 falling prices oil natural gas presented grave problems houston energy industries federal government allowed pipelines carry gas producer lay turned enron foremost firm new deregulated industry still enron almost went bankrupt late 1980 natural gas oversupply prices falling skilling mckinsey photographer reuters copyright 2000 dow jones company inc rights reserved business dynegy timeline 11 10 2001 houston chronicle 3 star 3 copyright 2001 natural gas clearinghouse formed investment banking firm morgan stanley law firm akin gump strauss hauer feld six natural gas pipelines got together create gas marketing firm u federal energy regulatory commission begins long process deregulating natural gas business ultimately created huge markets company competitors enron ngc introduces energy store concept looking create one stop shopping outlet energy products services ngc makes initial public offering ngc acquires trident ngls ngc merges natural gas business unit chevron corp chevron warren petroleum co subsidiary february ngc announces deal expand energy store purchase destec energy interest 20 u power plants 1 27 billion destec deal company first purchase power generation assets deregulation right around corner aggressively looking acquire major power generation assets complement expertise already power marketing watson said ngc stock trades around 22 per share late february company discloses excessive high cost inventories natural gas liquids ngls would cut operating income 40 million price plunged midteens partially recovering 18 watson says ngc put communications information reporting systems place alert management developing problems much earlier learned ngl related problems may ngc honored chronicle 100 company year stellar 1996 results ngc buys southern california edison assets march chuck watson bob mcnair team put winning bid 530 000 grand champion steer named rowdy pair pay record price days joining city officials trip help lobby nfl team june ngc adopts new name dynegy word created merging dynamic energy name ngc longer captures become says watson company chief executive company three logos derived chinese tangram collection seven red yellow blue geometic shapes arranged number combinations december dynegy joint venture announces purchase power plant assets san diego gas electric june dynegy agrees 2 billion takeover illinova illinois electric gas company would give energy marketing company electric plants lines located major midwest markets deal largest company history date brought one company trying move beyond traditional utility business together trading company moving business october watson owns houston aeros hockey team announces would help fund campaign downtown arena arena measure later defeated approved new vote next year watson agrees support february dynegy sells natural gas pipelines processing plants 308 million cash part planned 600 million asset sale reduce debts dynegy closed 2 billion merger illinois utility illinova august dynegy agrees buy two power plants hudson river valley region new york ch energy two utilities 903 million deal marks dynegy expansion northeast power market dynegy branches broadband internet telecommunications businesses buying privately held extant 151 3 million cash stock july dynegy says spend 590 million buy natural gas storage facilities united kingdom deal serve cornerstone european energy network buy bg storage wholly owned subsidiary bg group deal part dynegy strategy replicate europe energy delivery network built united states september 17 years business dynegy launches first ad campaign spots released conjunction pga tour championship emphasize firm passionate nov 9 dynegy announces plans purchase enron corp copyright 2000 dow jones company inc rights reserved business power play enron timeline 11 10 2001 houston chronicle 3 star 4 copyright 2001 houston natural gas merges omaha neb based internorth create company would eventually named enron corp deal integrated several pipeline systems create first nationwide natural gas pipeline system ken lay chief executive officer houston natural gas named chairman chief executive officer company chooses name enron rejecting interon enron discovers oil traders new york overextended company accounts almost 1 billion company ultimately works loss 142 million leads enron developing myriad services help reduce risk price swings everything gas advertising space enron opens first overseas offices england take advantage country privatization power industry company major strategy shift pursue unregulated markets addition regulated pipeline business revealed executives gathering became known come jesus meeting jeffrey skilling joins company enron launches gas bank program buyers natural gas lock long term supplies fixed prices company also begins offer financing oil gas producers enron acquires transportadora de gas del sur enron first pipeline presence south america start push expand continent enron teesside power plant england begins operation one first big successes company international strategy enron makes first electricity trade beginning turn one company biggest profit centers next years enron europe establishes trading center london marking company entry european wholesale markets europe considered one company prime growth markets construction begins first phase dabhol power plant india 2 billion project would plagued political problems throughout construction enron puts stake project sale 2001 december skilling elected president chief operating officer continue role chairman ceo enron capital trade resources expand electricity business enron buys portland general electric corp utility serving portland ore area 2001 enron agrees sell portland general electric northwest natural gas co 1 9 billion enron energy services formed provide energy management services commercial industrial customers enron acquires wessex water united kingdom forms basis water subsidiary azurix enron forms broadband services unit first phase dabhol project begins operations one third azurix sold public initial public offering early rise shares fall sharply year goes problems facing company become apparent enron online company commodity trading internet site formed quickly becomes largest e business site world enron energy services turns first profit fourth quarter rebecca mark resigns position azurix chairwoman company announces plan take troubled water subsidiary private annual revenues reach 100 billion double year reflecting growing importance trading enron field opened downtown houston addition buying naming rights enron chairman ken lay helped raise financial support construction project energy financial group ranks enron sixth largest energy company world based market capitalization enron strategic investors ibm america online launch new power co provide electric service deregulated market february jeff skilling takes chief executive officer ken lay remains chairman march enron blockbuster call deal bring movies homes internet april enron discloses owed 570 million bankrupt california utility pacific gas electric co august skilling unexpectedly resigns personal reasons lay takes back ceo job wall street starts cranking requests enron provide detailed financial information performance october enron releases third quarter earnings 1 01 billion charges including 35 million related investment partnerships formerly headed andrew fastow enron chief financial officer fastow replaced cfo securities exchange commission launches formal investigation partnerships november enron restates earnings 1997 2000 first three quarters year friday dynegy announces wants merge enron enron stock closes 8 63 per share 89 percent drop since beginning year mug jeffrey skilling copyright 2000 dow jones company inc rights reserved business power play enron political heavyweight critics decried influence ken lay white house david ivanovich houston chronicle washington bureau staff 11 10 2001 houston chronicle 3 star 4 copyright 2001 washington weeks ago enron corp star washington lobbyist corps enron chairman ken lay known ear longtime friend political ally president bush vice president dick cheney unveiled national energy strategy much enron liking one company favorite electricity regulators texas pat wood iii installed new head federal energy regulatory commission critics feared houston based energy trading giant exerted far much influence congress bush white house company implosion enron legendary political might evaporating well political observers say matter weeks months ago enron still 800 pound gorilla said steven weiss spokesman washington based center responsive politics political watchdog group getting meeting wanted relationships still existent bush unlikely completely ignore ken lay one would think amount influence ken lay could exert pales comparison influence could exerted month ago dynegy agreed take enron companies role government determined chuck watson dynegy chief executive officer enron player washington dynegy less known inside capital beltway say dynegy political pull capitol hill ken lay certainly get meetings senators chuck watson senate staffer said dynegy may attracted enron energy trading whiz company may desirous enron political expertise well watson presence national stage role houston stadium votes shows hardly allergic politics enron recent troubles however may leave stain securities exchange commission conducting investigation company business dealings many politicians likely wary politicians perhaps better anyone else smell rotten egg weiss said would want reported newspaper associated company investigation enron lobbyist washington linda robertson could reached comment setback among washington elite would novel experience lay enron officials city access everything lay proved time political savvy one time energy policy maker richard nixon lay successfully championed deregulation natural gas pipeline industry led effort open electricity markets well republican lay served co chair host committee gop national convention houston 1992 friend george bush elder nominated second term yet lay years later playing golf elder bush political nemesis bill clinton advising democratic administration energy company excelled snatching political heavyweights leave public office enron attracted likes former secretary state james baker iii one time clinton white house chief staff thomas mack mclarty enron stable political lobbyists became washington insiders former christian coalition head ralph reed one time energy regulatory commission chairwoman elizabeth betsy moler accounts enron lay especially rank among munificent contributors george w bush political career lay name mentioned repeatedly bush drew cabinet join government played role helping craft bush energy strategy lay enron officials spent 2 1 million lobbying congress white house last year center responsive politics reported fact 71 senators 188 house members received contributions lay enron officials watchdog group found questions lay influence federal energy regulatory commission sparked investigation last summer congress general accounting office curt hebert commission chairman accused lay trying prod changing position issue key concern enron open access independent electricity generators power lines owned utilities exchange lay political support gao found evidence wrongdoing either party three months dispute became public hebert resigned commission succeeded wood enron officials championed smart hard working fair one month ago enron political muscle appeared undiminished enron held conference washington energy policy first week october attracting likes wood senate energy committee chairman jeff bingaman n former energy department secretary james schlesinger since start company free fall enron officials less capitol hill although may merely reflected city preoccupation war terrorism anthrax scare copyright 2000 dow jones company inc rights reserved business power play sale suddenly switches office outlook downtown ralph bivins staff 11 10 2001 houston chronicle 3 star 1 copyright 2001 sale enron corp going punish houston downtown office market emptying office space time several buildings going enron purchaser dynegy hefty users downtown office space staff cutbacks likely need lot less enron 40 story office tower construction smith street expected completed next year go deal building going enron building going become dynegy building said office broker sanford criner trione gordon realty firm dynegy leases 700 000 square feet wells fargo plaza 1000 louisiana would jump chance operate new trading floors new enron center south according number downtown office brokers question dynegy looking get major league trading floor long time criner said definitely covet enron trading floor new 1 2 million square foot enron tower palace energy trading technology miles telecommunications cable running throughout building matching pair sweeping staircases intended lead corporate dens enron chairman ken lay former ceo jeff skilling probably used dynegy chairman chuck watson john sousa spokesman dynegy said thursday firm current wells fargo space good soon speculate things like office space satisfied current location sousa said number office brokers however suggest dynegy would move enron building attempt sublease least space wells fargo plaza enron importance houston office market extends beyond new building company occupies 3 million 42 million square feet office space available downtown every small building counted enron occupies existing 1 25 million square foot headquarters building 1400 smith 500 000 square feet space three allen center 60 000 square feet 500 jefferson building 40 000 square feet 600 jefferson building enron already moved employees new building slated fully occupied next summer real implications said george carpenter carpenter realty knows dust settles thing heading trizechahn owns cullen center allen center properties expecting enron move least portion buildings new enron center south building complete bullish houston said trizechahn spokesman rick matthews likely remain core market us enron shrinkage come top several moves empty downtown office space going blood bath next year said one houston office broker asked name used 500 000 square feet space become vacant next year chevron tower according trione gordon number chevron employees moving texaco heritage plaza building result chevron texaco merger halliburton another huge downtown office tenant moving downtown new buildings westchase area next years leaving behind large hole vacant space 601 jefferson demand office space beginning fall supply increase 5 houston center 27 story structure complete next year open significant number signed tenants major corporate tenants ernst young jenkens gilchrist jackson walker move building leave behind vacant space others century development 1000 main building scheduled finished 2003 783 000 square foot project reliant resources main tenant still 200 000 square feet space lease according trione photos 2 enron employees kept cell phones use outside company downtown offices friday afternoon dynegy purchase enron deals blow city office space market enron shrinkage come top several moves empty downtown office space p 4 copyright 2000 dow jones company inc rights reserved business power play enron field name may fall quickly energy empire ralph bivins staff 11 10 2001 houston chronicle 3 star 1 copyright 2001 baseball history written fast days enron corp massive houston energy trading company bought dynegy name enron field may go enron paid big money 100 million put name retractable roof stadium downtown cost lot get name gave enron lot marketing firepower put company name lips millions astros fans dynegy completes acquisition enron corp expected dynegy also may get naming rights astros stadium name enron fading merger appears possible 42 000 seat baseball stadium would take dynegy name something company name goes said pam gardner president business operations houston astros dynegy chairman chuck watson said friday decision made renaming baseball stadium however dynegy register domain name dynegyfield com verisign internet domain name registrar thursday enron field would first sports facility undergo name change compaq center home houston rockets took compaq name 1997 called summit many years name may air compaq computer corp contemplates merger hewlett packard stadium st louis rams football team renamed dome americas center american airlines bought former namesake twa airlines catastrophic change name arena said dean bonham bonham group sports marketing consulting firm sometimes trying change name stadium hard said kurt hunzeker editor team marketing report sports business newsletter original name stadium adopted fan vocabulary secondary names stadiums always stick many baseball fans cincinnati hard time adjusting calling riverfront stadium new name cinergy field hunzeker said sometimes media refuse cooperate name changes tradition simple refusal give commercialism denver post example refused adopt new name invesco field mile high stadium deal new football stadium houston texans similar arrangement enron field said steve patterson senior vice president texans texans field called reliant stadium reliant energy bought another company however acquiring company right change name stadium patterson said photo enron field seen opening night march 2000 could new name next season color copyright 2000 dow jones source world reporter tm executives royal bank scotland among keeping fingers crossed urgent talks save debt stricken energy trading group enron successful recent days emerged britain second biggest bank market capitalisation lender us group moment clear much money edinburgh bank lent enron whether secured speculation market place suggests figure could run millions seems rbos involved one credit facilities arranged enron needs billions dollars new money keep afloat royal bank yesterday keeping quiet size exposure worries enron situation enough push shares 44 p pounds 16 70 bad day banking sector elsewhere barclays fell 88 p pounds 21 12 hsbc lost 9 5 p 792 5 p lloyds tsb dipped 17 5 p 713 p investors decided time take profits side atlantic enron locked talks rival dynegy 7 bn pounds 4 81 bn rescue takeover wall street giving strong gains overnight investors decided book profits recent strong run london top stocks started day back foot leading shares trimmed 50 point deficit buyers emerged heavyweight oil stocks shell 6 p higher 514 5 p bp 9 p stronger 565 p saudi arabia suggested mood shifting towards production cut 1 5 barrels next week opec meeting news russian oil companies considering cut also helped good got wall street failing provide lead ftse 100 drifted back eventually closing 33 9 points lower 5 244 2 however dealers downhearted performance pointing index 115 point advance week cash rich cable wireless took ftse 100 wooden spoon sliding 18 25 p 330 p dealers attributing weakness emergence talk poised make big acquisition opinion divided potential target dealers plumped colt telecom linked c w recent weeks sure enough shares responded ending day 10 5 p better 158 p others reckoned c w eye energis approached 30 shareholder national grid view buying stake whatever truth rumour analysts think energis would better bolt acquisition c w colt energis shares eased penny 89 p invensys industrial controls group firmed 4 25 p 78 75 p hopes positive outlook statement accompany thursday interim results figures also provide analysts first chance quiz new chief executive rick haythornthwaite plans turn around heavily indebted company among mid caps carphone warehouse underperformed falling 2 5 p 109 p worries resurfaced demand mobile phones christmas trading period joint broker csfb caused trouble outlook uncertain csfb said taken precaution lowering pretax profits forecast worst case scenario pounds 55 previous estimate pounds 67 3 csfb tried play significance downgrade arguing carphone likely outperform rivals next month many traders interpreted attempt lower city expectations furniture group mfi heading direction improving 10 5 p 130 p house broker deutsche bank raised hopes wednesday trading update could impress german investment bank believes business good mfi recent months company course meet pretax profit forecast pounds 63 5 otherwise dull tech sector autonomy intelligent software group advanced 14 75 p 313 p traders heard talk company secured couple big contracts put hold september terrorist attacks also flurry interest debenhams department store group speculation company tipped weekend newspaper shares finished 23 p higher 395 p smaller companies world retail investors chasing redbus interhouse web hosting company run john porter multi millionaire tesco heir son dame shirley porter dealers said investors betting monday third quarter figures would top expectations given capacity web hosting market fact redbus admitted interim results september demand fallen traders took view bold potentially foolhardy gamble elsewhere retail investors suckered character group toy games maker shares hit 30 p late thursday nursing losses market opened company said one division produced range harry potter gift products official potter licensee character almost doubled previous session shed 6 75 p 24 25 p also pain shareholders brammer industrial services group fell 61 5 p 256 p warning full year pretax profits would 25 lower last year engineering group senior gained 0 25 p 29 5 p stock overhang cleared traders believe shares could enjoy good run next week especially bid rumours floating around copyright 2000 dow jones company inc rights reserved business dynegy snaps enron 9 5 bn chris ayres new york 11 10 2001 times london news international final 5 60 copyright times newspapers ltd 2001 enron troubled us energy company close ties president bush yesterday bought 9 5 billion pounds 6 5 billion smaller rival dynegy move brings close one spectacular wall street downfalls recent years shareholders enron seen 60 billion wiped value company year get 0 27 dynegy share every share enron valuing deal 10 41 per enron share deal comes amid securities exchange commission investigation enron controversial business practices struggling company also admitted thursday overstated profits nearly 586 million understated debt 2 6 billion past four years part deal chevrontexaco owns 27 per cent dynegy invest 2 5 billion merged company shares dynegy gained 2 26 close 38 76 enron shares rose 22 cents 8 63 announcement merger two houston based companies came us markets closed deal announced enron saw credit rating cut moody notch junk status meanwhile enron exit 2 9 billion power plant project india blocked bombay high court fears also heightened yesterday us energy traders beginning bypass enron internet based energy trading systems concern company ability settle transactions pay back collateral far enron trading operations remained immune disasters hit company wall street past weeks seen departure enron finance director andrew fastow treasurer ben glisan company chief executive jeffrey skilling resigned august however analysts expressed scepticism merger carole coale analyst prudential securities said puzzled dynegy management would want take uncertainties potential liabilities associated merger enron enron america biggest buyer seller natural gas one country ten largest companies revenues last year 100 billion copyright 2000 dow jones company inc rights reserved uk jobs line 11 10 2001 daily mail associated newspapers ltd lst 81 copyright 2001 4 000 uk jobs risk us energy group enron seeks 5 5 bn rescue rival dynegy enron owns wessex water two power plants teeside runs world biggest energy trading operation jobs believed risk us regulators investigating balance sheet deals allegedly struck former finance director andrew fastow since left company enron managing director chief counsel sacked earlier week roles affair enron took 685 charge prompting 90 pc fall share price week restated four year profits 22 pc 405 rating agency moody downgraded enron debt lowest investment grade warning another cut could follow copyright 2000 dow jones company inc rights reserved dynegy get prime downtown real estate enron deal pam easton associated press writer 11 10 2001 associated press newswires copyright 2001 associated press rights reserved houston ap enron corp chairman kenneth lay envisioned four trading floors within company newly constructed silver glass tower new world headquarters energy trading center much like chicago mercantile exchange pretty spectacular enron spokeswoman karen denne said trading floors following announcement dynegy inc plans buy enron 8 billion stock late friday huge state art trading floor really neat trading platforms likely enron long proposed deal two houston based energy trading companies approved 200 million 40 story building among dynegy new assets purchase much larger rival ornate building complete metal sunshades fins deflect sun lower energy costs scheduled completion sometime next summer last three weeks whole lot fun lay said press conference merger friday dynegy headquarters blocks away oval shaped skybridge encircles smith street enclosed air conditioned bridge connects enron new headquarters current building opposite side street enron long term plans complete urban campus third tower building second tower 1999 first major office building project downtown houston decade lay former chief executive officer jeff skilling seventh floor offices overlooking trading floors two curved grand stairways connect offices floors enron future started changing shortly skilling surprise resignation august last month enron reported major losses third quarter earnings company stock tumbled 80 percent past three weeks investors grew increasingly concerned serious financial problems hidden shareholders business partnerships investigation securities exchange commission day lay expressed confidence chief financial officer andrew fastow managed partnerships fastow ousted attempt regain investor confidence work skilling since called testify sec partnerships dynegy stepped one houston company came rescue another prudential securities inc analyst carol coale said enron needed dynegy needed rescuer coale said run enron stock similar run bank things start capitulate run right liquidity dynegy says early discuss layoffs happens name houston astros enron field future uses enron buildings university houston economist barton smith doubted company let prime real estate go unused one time ken lay family vision houston energy exchange think vision going continue smith said brings dynegy relatively small player pretty strong force smith said reductions philanthropic giving likely enron contributed many texas schools including university houston rice university university texas southern methodist university company philanthropy gained fans texas many california plagued power shortages earlier year still resent enron outspoken support deregulation principles karma seem working said harvey rosenfield founder california consumer advocacy group enron one chief proponents deregulation took advantage benefitted enormously reaping consequences texas economists say ripple effects dynegy enron merger houston economy minimal even combination forces layoffs recessionary pressures going united states houston probably better position city know dampen pressures said mark baxter director maguire energy institute southern methodist university houston market unique aspect michelle michot foss director energy institute university houston said nation fourth largest city immune weakening national economy three pronged problem town continental compaq enron said way bad oil bust years 1986 1987 houston based continental airlines cut 12 000 jobs reduced flight schedule wake sept 11 attacks new york washington c pennsylvania meanwhile hewlett packard attempting buy compaq also based houston could result additional layoffs computer maker whole debacle enron unfortunate smith said enron ways icon houston merger compaq looks going dynegy net enron corp http www enron com dynegy inc http dynegy com copyright 2000 dow jones company inc rights reserved enron india pwr unit sale faces review dynegy deal 11 10 2001 dow jones energy service copyright c 2001 dow jones tata power co ltd p tpw bses ltd p bsx heavyweights indian power sector enron wants sell controlling equity stake 2 9 billion project due payment defaults plant sole customer maharashtra state electricity board indian federal government failure honor payment guarantees bombay based analyst leading indian brokerage agreed issues surrounding sale enron stake dpc would reevaluated scratch post takeover cleaning merged entity expected dynegy really need see energy interests whether india figure analyst said analyst doubted dynegy would take enron stake dpc attempt revive prima facie appears unlikely dynegy really got independent power projects outside u analyst said indian media reports past two months said enron wants 1 billion stake dabhol however commentators say enron may sell discount given company deepening financial woes discounted sale would remain case dynegy without doubt post takeover analyst said dpc officials unavailable comment time writing indian banking executives remained tight lipped outcome singapore talks described negotiations fruitful successful full cooperation sides certainly moved forward decision buyer enron stake yet said idbi executive director k doda hopeful go routes lead somewhere idbi vora said concerned parties immediate plans hold talks asked whether tata power frontrunner many analysts believe doda said guess analysts said tata power bses necessarily running dynegy enron merger think dynegy relatively willing diversify dpc change equation vis vis tata bses said overall positive dabhol india largest single foreign investment mseb holds 15 stake general electric co ge bechtel x btl 10 dpc domestic lenders include icici ltd p icc industrial development bank india p idb ifci ltd p ici state bank india p sbi loans foreign lenders including abn amro bank america corp citigroup inc however backed government guarantees domestic lenders loans sri jegarajah dow jones newswires 65 415 4066 sri jegarajah dowjones com copyright 2000 dow jones company inc rights reserved talks salvage multibillion dollar enron india project goes third day 11 10 2001 associated press newswires copyright 2001 associated press rights reserved singapore ap talks singapore assess possible buyers u based enron corp controlling stake troubled indian dabhol power company extended unscheduled third day indian banking executive involved negotiations said saturday two day closed door meeting originally scheduled wrap friday focusing two potential buyers houston based enron 65 percent stake power company tata power co bses ltd two india largest private power companies contenders vying buy enron stake dabhol talks carry today saturday said k doda executive director industrial development bank india going take little time senior indian banking sources told dow jones newswire talks intense positive negotiations continuing past midnight local time dabhol managing director k wade cline officials prospective buyers consortium indian lenders dabhol project involved talks dabhol power company owns 2 184 megawatt power plant western indian state maharashtra company embroiled bitter power supply dispute state government allegedly unaffordable power tariffs enron wants sell controlling equity stake dlrs 2 9 billion project due payment defaults plant sole customer maharashtra state electricity board indian federal government failure honor payment guarantees dabhol india biggest ever single foreign investment maharashtra state electricity board holds 15 percent stake general electric co bechtel group inc 10 percent domestic lenders provided dlrs 1 4 billion project total projected cost dlrs 2 9 billion loans foreign lenders including abn amro bank america corp citigroup inc backed government guarantees dj hp ss copyright 2000 dow jones company inc rights reserved eyes electric industry texas deregulation nears david koenig ap business writer 11 10 2001 associated press newswires copyright 2001 associated press rights reserved dallas ap electric deregulation fabulous failure california resulting skyrocketing rates accusations price gouging fears widespread power blackouts flop made consumers elsewhere suspicious giving regulated monopoly utilities competition among power companies regulators industry officials turning attention texas deregulation scheduled begin jan 1 rocky test program people looking texas next iteration retail competition lot states pulled back california experience says brett perlman member public utility commission texas successful texas become model nation ken malloy president pro deregulation think tank called center advancement energy markets called texas state watch california obviously created domino effect leading states delay deregulation malloy said lot people placing lot hope texas texas officials say unlike california must import much power texas imports little built 50 new power plants since 1995 providing important cushion texas also made easier power generators resellers negotiate long term contracts officials say help lock lower prices texas provides digestible price information making easier consumers comparison shop say california officials warn texans may little smug spot trouble already texas including california style price spikes spot markets electricity clear sign say power companies learning maximize profits forcing prices things done people power create shortage see opportunity make money said john rozsa aide state sen steve peace heavily involved california deregulation debate california officials accuse power companies many texas based withholding supplies clogging transmission lines drive prices higher say techniques could used texas supporters opponents deregulation agree stakes high texas power companies consumers wheels fall would hard put back together says bob manning executive san antonio based h e b grocery co hopes cut 40 million annual electricity bill deregulation least 6 percent idea behind electric deregulation simple powerful instead forcing residents businesses buy power monopoly txu electric reliant let choose among several competing companies theory competition cause prices fall air travel long distance phone service texas legislature thought voted 1999 let utility customers pick new power company beginning jan 1 2002 power traders led enron corp lobbied heavily deregulation figuring could profit gaining chunk utilities business even though enron produces little power prepare deregulation legislature approved seven month pilot program commercial residential customers would able switch soon glaring problems emerged trial program delayed three times finally began summer state main power grid struggled switch customers new power company prices backup power used hot summer days temporarily jumped 100 fold public utility commission power companies allies insisted pilot program serving purpose highlighting potential problems anytime buy new home whole bunch things need get fixed move perlman said week going punch list think ready jan 1 unresolved issues said include utilities txu reliant pass cost fuel customers guaranteed 6 percent rate cut jan 1 addition technical setbacks deregulation suffered blow shell energy unit anglo dutch energy giant pulled texas signing 40 000 customers suddenly one biggest players potent competitor txu reliant vanished shell said business texas became uneconomical states delayed deregulation bit bizarre spent lot money attract customers said brian lloyd top puc official pricing issues want want lloyd puc officials confident deregulation catches power companies move texas ensuring strong competition already however deregulation delayed beyond jan 1 lack competition questions power transmission section southeast texas served entergy corp stretch northeast texas served southwestern electric power co last month consumers union aarp groups asked puc delay competition everywhere texas computer glitches billing problems pilot program deregulation advocates worry residential customers simply stay old electric utility causing new competitors fail puc likely push ahead receiving final round comments next week electric companies officials main power grid called electric reliability council texas ercot along power traders large commercial customers like h e b grocery chain figure winners grocery store energy hog manning said lot refrigerators run 24 hours day 365 days year help power companies bottom line perlman puc member predicted deregulation start time said making trouble free important goal build consumer confidence year one remember whether market opened jan 1 jan 15 march 15 said end advance copyright 2000 dow jones company inc rights reserved enron says soon quantify u k job cuts updatel 2001 11 10 07 24 new york enron says soon quantify u k job cuts updatel adds detail u k operations dynegy transaction lenders fifth paragraph london nov 10 bloomberg dynegy inc 23 billion acquisition enron corp early stage either company know many u k jobs eliminated enron spokesman said newspaper reported 4 000 risk dynegy acquisition biggest energy trader announced yesterday still long way closing said enron spokesman alex parsons early know impact u k jobs said daily mail newspaper cite sources said today 4 000 jobs risk mainly enron wessex water unit southwest england two power plants teeside northeast england energy trading operation employs 5 400 people europe mostly u k said parsons dynegy said yesterday would save much 500 million year winding enron business outside trading pipelines cutting costs enron decided sell shares plunged 90 percent year amid investors concerns accuracy financial statements company said october planned eliminate many 500 jobs europe almost much 10 percent workforce reduce costs offset risk company owns generation u k offset risk power trading operations said august two workers died two others seriously injured explosion fire teeside power station operates partly owns enron owns wessex water part azurix water unit spent 2 8 billion 1998 wessex azurix emerged enron sold azurix shares public 1999 bought back company year unit failed strategy buying water companies winning large projects august enron agreed sell azurix north american business american water works inc 150 million dynegy transaction expected close 2002 third quarter new company 90 billion assets dynegy said dynegy stockholders including chevrontexaco 64 percent new company enron holders rest merger face opposition consumer groups especially california energy traders dynegy enron blamed soaring electricity prices left state biggest utility bankrupt second largest fighting government bailout companies may yet caught fallout enron situation royal bank scotland group plc lender enron guardian newspaper reported today without citing sources unclear much u k 3 bank assets lent enron though may high several million pounds paper said clear loans secured said royal bank involved setting credit facility enron newspaper said adding helped push company share price 2 6 percent yesterday mathieu robbins london newsroom 44 20 7673 2097 dynegy buy enron 23 billion stock debt update 9 2001 11 09 23 23 new york dynegy buy enron 23 billion stock debt update 9 adds advisers last paragraph houston nov 9 bloomberg dynegy inc agreed buy enron corp least 23 billion stock assumed debt ending financial crisis threatened bankrupt enron disrupt u power natural gas markets investors get 0 2685 dynegy share enron share 10 41 based dynegy closing price today stock portion transaction valued 8 billion 9 billion dynegy chief financial officer robert doty said dynegy said assume 15 billion enron debt enron largest energy trader decided sell shares plunged 90 percent year federal investigation accounting irregularities limited ability finance operations enron collapse would caused upheaval energy markets company one quarter gas power trades traders say without someone stepping play role enron plays people would difficult time executing transactions said daniel gordon president allegheny energy inc trading unit chevrontexaco corp second biggest u oil company owner 26 percent dynegy provide enron 1 5 billion immediately chevrontexaco give dynegy 1 billion merger closes dynegy chief executive officer charles watson led company put much emphasis building power plants energy trading take larger rival chairman ceo kenneth lay focused trading earnings reduced lay strategy boosted enron reported revenue 100 7 billion 2000 almost four times dynegy 20 times enron generated 1995 peak december 2000 enron stock valued 69 billion recent months enron shares plummeted investors began question accuracy enron financial statements saying unclear whether company using affiliated partnerships move debt books hide losses yesterday company restated earnings past four years lowering 500 million include losses partnerships kept books merger announcement standard poor investors service said may lower dynegy debt rating cut enron bbb one notch junk watson dynegy president stephen bergstrom cfo doty keep positions combined company greg whalley president chief operating officer enron executive vice president lay said active manager new company lay discussed severance package watson said 200 billion revenue dynegy said annual revenue 200 billion 22 000 megawatts electric generating capacity 25 000 miles pipeline merger company save much 500 million year winding enron business outside trading pipelines cutting costs dynegy said announcement merger came close stock market trading though two companies acknowledged talks shares dynegy rose 2 26 6 percent 38 76 enron rose 22 cents 8 63 chevrontexaco rose 1 90 89 49 enron 6 4 percent bonds mature 2006 jumped 76 cents dollar 69 cents traders said combination expected strongly accretive earnings dynegy said projected earnings 3 40 3 50 share next year expected earn 2 57 average estimate analysts surveyed thomson financial first call third quarter closing transaction expected close 2002 third quarter new company 90 billion assets dynegy said dynegy stockholders including chevrontexaco 64 percent new company enron holders rest dynegy taking competitor acquiring attractive assets incredible price said joseph correnti analyst wayne hummer investments shares either company enron pay 350 million breakup fee transaction collapses two houston based companies began negotiations week ago became apparent enron needed cash stay business watson said approached lay simply called ken see anything could straighten rumors cash crunch enron watson said next saturday ken gracious enough invite home dynegy agreed terms moody investors service maintained investment grade rating enron today eliminating stumbling block negotiations cash crunch moody announcement removed threat junk rating would force enron repay early 3 3 billion bonds enron battling cash crunch loss investor confidence questions partnerships started senior executives enron fired chief financial officer andrew fastow october securities exchange commission investigation focused partnerships headed helped create enron estimated fastow made 30 million partnerships affiliated company sec began investigation enron reduced third quarter earnings 1 billion said dealings two partnerships lowered shareholder equity 1 2 billion clearly partnerships created quite perception problem company maybe serious problems lay said conference call buyout announcement see time california opposition merger face opposition consumer groups especially california energy traders dynegy enron blamed soaring electricity prices left state biggest utility bankrupt second largest fighting government bailout petition state attorney general federal authorities block merger said doug heller california based foundation taxpayer consumer rights would tighten grip unregulated power industry california grip energy cartel choked california last year half energy trading markets relatively fragmented antitrust problems even though enron dynegy big companies said robert burka washington based antitrust attorney foley lardner enron may well healthy company going forward merger approved burka said enrononline combination two companies leave watson control enrononline internet energy commodities trading site done 880 billion trades since created november 1999 perfectly capturing value enron board enron point take move said correnti wayne hummer investments total value stock portion transaction could rise depending many enron shares need converted stock swap enron spokesman said company 913 million shares fully diluted basis though person familiar talks said enron stock price low many common share equivalents converted leaving number 743 million shares lehman brothers inc dynegy financial adviser transaction salomon smith barney inc j p morgan co advising enron margot habiby houston 713 353 4872 dynegy announces 8 billion deal buy larger rival enron juan lozano associated press writer 11 09 2001 associated press newswires copyright 2001 associated press rights reserved houston ap energy marketer dynegy inc announced friday buy much larger rival mighty troubled enron corp 8 billion stock dynegy also assume hefty 15 billion enron debt announcement came enron stock price plummeted 80 percent past three weeks concerns company revealing serious financial problems shareholders deal chevrontexaco corp owns quarter dynegy would quickly provide 1 5 billion chevrontexaco also would contribute additional 1 billion upon completion deal companies said market making capabilities earnings power proven strategic approach wholesale markets enron ideal strategic partner dynegy dynegy chairman chief executive officer chuck watson said announcing purchase watson made clear would tolerate sort financial practices prompted explosive disclosures enron week including admission half billion dollars debt kept company books combined company focus leveraging core skill sets always keep strong balance sheet straightforward financial structure key priorities watson said enron country top buyer seller natural gas 1 wholesale power marketer company operates 25 000 mile gas pipeline system also markets trades metals paper coal chemicals fiber optic bandwidth dynegy controls nearly 15 000 megawatts power generating capacity investments power projects sells energy wholesale markets utilities news conference watson said company officials negotiated deal came away convinced enron worth buying despite recent troubles looked hood guess strong thought watson said terms deal enron shareholders receive 2685 dynegy share share enron common stock valuing enron share 10 41 enron 775 million common shares said spokeswoman karen denne represents 21 percent premium enron closing price 8 63 friday new york stock exchange still fraction 52 week high 84 87 dynegy shares climbed 2 26 6 percent close 38 76 nyse hours trading nyse enron shares shot 15 6 percent 1 35 9 98 dynegy shares unchanged dynegy stockholders approximately 64 percent new company enron stockholders holding remainder boards companies unanimously approved transaction expected close next summer deal expected save combined company 400 500 million annually continued elimination non core enron holdings lower operating costs watson said soon say deal would result job cuts enron 20 000 employees dynegy work force 6 000 watson remain chairman chief executive combined company retain dynegy inc name dynegy steve bergstrom continue president enron chairman chief executive kenneth l lay longer role day day management company offered seat combined company board help shepherd merger dynegy said greg whalley current president chief operating officer enron become executive vice president new dynegy said merger sets best course enron options considered core business going forward provided us earning potential immediate synergies merger dynegy could deliver whalley said together enron recently announced bank commitments cash infusion gives enron immediate liquidity believe enable company maintain investment grade credit rating merger announced day enron acknowledged overstated earnings 20 percent past four years kept large amounts debt balance sheets business partnerships investigation securities exchange commission analysts said merger rescues enron leaves dynegy uncharted territory outcome sec investigation completely unknown still shroud hanging enron moves dynegy said carol coale analyst prudential securities early friday moody investors service downgraded enron debt ratings one level junk bond status said company long term debt ratings remain review downgrade sec filing enron said financial statements 1997 first half 2001 relied upon outside businesses run enron officials period included company earnings reports revised statements reduced enron profits years 586 million 2 89 billion 2 31 billion revisions also increased company debt four years reaching 10 86 billion 628 million previously reported end 2000 keeping debt balance sheets likely ensured enron could maintain strong credit rating support expansion core businesses wholesale trading natural gas electricity company stock price started dropping 10 months ago high speed internet unit foundered enron trouble collecting money power customers india stock price began free fall enron announced 618 million third quarter loss news sec investigation surfaced enron responded firing chief financial officer scrambled get cash increase credit lines attempt regain investor confidence investors dumped enron shares sent stock plummeting ousted chief financial officer andrew fastow ran partnerships investigation sec jeff skilling enron former chief executive left august called testify sec although unclear net http www enron com http www dynegy com ap graphic dynegy enron copyright 2000 dow jones company inc rights reserved usa update 3 dynegy acquire enron 9 bln 11 09 2001 reuters english news service c reuters limited 2001 adds new material news conference new analyst comments andrew kelly houston nov 9 reuters dynegy inc agreed friday acquire rival enron corp 9 billion stock underlining dramatic reversal fortunes houston based energy trading giant valued last year nearly 80 billion enron stock fell sharply past month due investors concerns murky transactions sparked investigation u regulators damaging downgrades credit rating agencies unbelievable ending unbelievable story said fulcrum global partners analyst michael barbis company created industry gone dynegy merged company retain dynegy name annual revenues 200 billion assets worth 90 billion including 22 000 megawatts electricity generating capacity 25 000 miles natural gas pipelines north america biggest marketer trader natural gas electricity positions previously held enron dynegy control new 14 member board holding 11 seats top executive positions chevrontexaco corp 26 5 percent stakeholder dynegy provide immediate infusion 1 5 billion keep enron core trading operations afloat 1 billion deal closes get three board seats dynegy watson firmly control deal puts chuck watson dynegy pioneering chairman chief executive long labored enron shadow firmly charge new company great deal dynegy circumstances good deal enron could get said ubs warburg analyst ron barone watson remain chairman chief executive merged company dynegy president steve bergstrom chief financial officer rob doty retain positions greg whalley president chief operating officer enron become executive vice president join watson bergstrom doty office chairman barbis said enron saw stock fall 75 percent last month cutting market capitalization 19 billion company left weak negotiating position end day choice said dynegy swap 0 2685 shares stock enron share valuing houston based enron 10 41 per share premium 21 percent friday closing price 8 63 price far lofty high 90 56 set aug 23 2000 enron riding wave investor enthusiasm dynegy stockholders 64 percent enron stockholders 36 percent merged company regulators probe enron deals enron struggling overcome plummeting stock price credit ratings past month following disclosures balance sheet deals investigation u securities exchange commission enron chairman chief executive ken lay told news conference houston would preferred enron retain independence become impossible face consistent barrage really negative articles last three weeks whole lot fun said lay adding yet decided whether take watson offer seat merged company board watson said agreement enron includes escape clauses would allow dynegy back deal undisclosed problems emerge said confident would happen know looked hood guess strong though said watson said expect merger run serious regulatory obstacles regulatory agencies realize speedy resolution important keep stability u energy market got resolved said ubs warburg analyst barone dynegy said expects new company earn 3 40 3 50 per share 2002 increase 35 percent 90 cents 95 cents per share current dynegy shareholders taking account expected synergies cost savings dynegy estimates annual pretax savings 400 million 500 million result sale winding non core businesses enron portfolio measures watson said yet know many jobs might cut result combining two companies merger still requires approval regulators sets shareholders expected close end third quarter 2002 lehman brothers financial advisor dynegy j p morgan chase salomon smith barney unit citigroup financial advisors enron copyright 2000 dow jones company inc rights reserved enron california largest power supplier merger could affect prices karen gaudette associated press writer 11 09 2001 associated press newswires copyright 2001 associated press rights reserved san francisco ap houston based dynegy inc announced friday bought enron larger rival 7 8 billion shares stock energy traders predicted fluctuating power prices coming months throughout west market settles new hierarchy one fewer provider fragility system small perturbation turn everything upside easily said gary ackerman executive director western power trading forum enron member week ago think many people would even contemplated loss houston based enron make prices jumpy uncertain going take market time calm ackerman said northwest chilly winter prices could spike fewer sellers market said turn could affect california pocketbook though state buys negligible amount electricity enron said oscar hidalgo spokesman state department water resources buys electricity customers two financially ailing utilities hidalgo said state long term contract enron earlier year though marketer opted month indicated us somewhat credit risk like many generators time hidalgo said earlier year enron attempted cancel contract electricity natural gas provider california two public university systems spent 170 million combined last year fuels unclear friday would happen contracts enron reach california goes beyond keeping lights state retirement pension fund owns 3 million shares enron stock 1 percent total investments said calpers spokeswoman pat macht calpers board meet next week discuss situation said say point surprised shocked rest world going assessing options macht said enron corp outspoken support deregulation country electricity markets sparked resentment california rolling blackouts swept earlier year although energy marketer one california largest power providers felt financial downfall nation top buyer seller natural gas major electricity seller justified principles karma seem working said harvey rosenfield founder santa monica calif based consumer advocacy group foundation taxpayer consumer rights enron one chief proponents deregulation took advantage benefitted enormously reaping consequences earlier year california attorney general bill lockyer subpoenaed enron electricity trading records sought prove state victim price gouging led officials spend 9 billion buying electricity customers two financially troubled utilities enron repeatedly denied accusations market manipulation enron nation top buyer seller natural gas top wholesale marketer united states become one nation 10 largest companies recording revenue 100 8 billion 2000 copyright 2000 dow jones company inc rights reserved dynegy enron merger could mean name change enron field kristen hays associated press writer 11 09 2001 associated press newswires copyright 2001 associated press rights reserved houston ap houston astros stadium nicknamed home run field much longer houston based energy marketer dynegy inc announced friday buy enron corp 100 million namesake astros ballpark companies operate independently deal closes possibly next summer new company keep dynegy name lose enron houston 251 million ballpark could see change astros owner drayton mclane jr said mclane said team 30 year naming rights agreement enron allows another company give ballpark new name case merger astros right approve reject change want work dynegy chairman chief executive chuck watson look forward working dynegy mclane said watson said ballpark name issue companies hammered merger agreement week quite honestly come watson said friday two strong companies going forward something deal months coming since opening 2000 season enron field become known one best parks hitters majors 496 homers hit enron past two years 19 percent astros road games coincidentally houston company named sports facility also question corporate namesake compaq center basketball hockey arena compaq computer corp bought hewlett packard co enron field first venue change names merger corporate decision naming rights owner corestates arena home philadelphia 76 ers philadelphia flyers became first union arena first union corp acquired corestates financial corp 1998 marine midland arena buffalo n became hsbc arena last year marine midland 1999 changed name hsbc bank usa part global branding strategy changes inevitable 61 major league sports facilities bear corporate names age many mergers acquisitions said dean bonham bonham group denver sports entertainment marketing firm mergers acquisitions effect sports industry 10 years ago said today significant affect community beyond direct impact company enron chairman chief executive ken lay said friday invited serve new company board directors helped create enron field buying name 1996 mclane determined time move futuristic though aging astrodome threatened sell part team move virginia unless new ballpark built houston year lay put together consortium provided 34 7 million interest loan buy land downtown houston subsidize 42 000 seat ballpark construction costs enron also manages ballpark mechanical electrical equipment energy services officials said would earn 200 million 30 years mclane said dynegy likely would continue deal copyright 2000 dow jones company inc rights reserved dynegy buy enron valued 23 b 24 b debt michael rieke erwin seba dow jones newswires 11 09 2001 dow jones news service copyright c 2001 dow jones michael rieke wsj com erwin seba 713 547 9214 erwin seba dowjones com copyright 2000 dow jones company inc rights reserved chronology enron corp history 11 09 2001 associated press newswires copyright 2001 associated press rights reserved houston ap look history enron corp july 1985 houston natural gas merges internorth natural gas company based omaha neb form modern day enron interstate intrastate natural gas pipeline company approximately 37 000 miles pipe 1989 enron begins trading natural gas commodities years company becomes largest natural gas merchant north america united kingdom june 1994 enron north america trades first electron enron goes become largest marketer electricity u january 1997 enron unveils new logo first global advertising campaign company also acquires zond corp leading developer wind energy power acquisition results formation enron renewable energy corp august 1997 enron announces first commodity transaction using weather derivative products enron goes market coal pulp paper plastics metals bandwidth april 1999 enron agrees pay 100 million 30 years naming rights houston new ballpark enron field astros also sign 30 year facilities management contract enron energy services june 1999 enron energy services transacts first billion dollar deal suiza foods november 1999 enron launches enrononline first global web based commodity trading site january 2000 fortune survey enron named innovative company america fifth consecutive year ranked 24 among 100 best companies work america march 2000 energy financial group ranks enron 6 th largest energy company world may 2000 enron strategic investors ibm america online launch new power company first national energy service provider residential small businesses deregulated u energy markets august 2001 enron chief executive officer jeff skilling resigns running company six months chairman former ceo ken lay resumes position atop enron october 16 2001 enron reports 638 million third quarter loss discloses 1 2 billion reduction shareholder equity partly related partnerships run chief financial officer andrew fastow oct 22 2001 enron acknowledges securities exchange commission inquiry possible conflict interest related company dealings partnerships oct 24 2001 enron ousts fastow oct 27 2001 enron taps 3 billion credit effort boost confidence investors customers oct 31 2001 enron announces sec inquiry upgraded formal investigation enron creates special committee headed university texas law school dean william powers respond investigation nov 1 2001 enron secures 1 billion new financing using natural gas pipeline assets collateral nov 6 2001 enron stock price drops 10 share 52 week high 84 87 dec 28 2000 reports financially troubled energy trader seeking additional financing shore confidence nov 8 2001 enron files documents sec revising financial statements past five years account 586 million losses nov 9 2001 dynegy inc announces agreement buy much larger rival enron 7 8 billion stock copyright 2000 dow jones company inc rights reserved fitch takes rating action enron reduction leverage new company chevrontexaco equity commitment aggressive downsizing exiting non core operations potential cost savings merger conservatively estimated 500 million annually market strength merged company particularly relates enron dynegy holdings north american wholesale marketing trading franchises following ratings impacted today rating action enron bbb senior unsecured debt bb subordinated debt b preferred stock f 3 commercial paper northern natural gas co transwestern pipeline co bbb senior unsecured debt dynegy inc bbb implied senior unsecured debt rating dynegy holdings inc outstanding bbb senior notes dynegy capital trust outstanding bbb trust preferred securities contact fitch new york ralph pellecchia 212 908 0586 robert grossman 212 908 0535 hugh welton 212 908 0746 18 40 est november 9 2001 copyright 2000 dow jones chevrontexaco holds warrants increase investment san francisco nov 9 prnewswire chevrontexaco corp nyse cvx today announced committed 2 5 billion new equity dynegy inc nyse dyn support dynegy planned merger enron nyse ene chevrontexaco currently owns approximately 26 percent dynegy outstanding common stock immediately invest 1 5 billion convertible preferred shares dynegy order fund dynegy equity infusion enron 1 billion balance chevrontexaco equity purchase dynegy common stock would made upon closing dynegy enron merger investments made significant discount dynegy closing price today following closing merger subject regulatory reviews enron dynegy shareholder approval chevrontexaco would hold approximately 26 percent dynegy outstanding common stock would maintain three seats dynegy board directors terms agreement dynegy chevrontexaco granted warrants purchase additional 1 5 billion dynegy common stock period three years completion merger equity interest dynegy highly complementary larger portfolio assets activities reflects strategy participate growing energy convergence marketplace including wholesale retail marketing trading energy products services said david j reilly chairman chief executive officer chevrontexaco relationship dynegy proven highly beneficial companies optimistic continue see comparable better performance future additional investment dynegy expected immediately accretive chevrontexaco underscores belief long term value potential sector additional upside warrants confidence dynegy leadership team headed chuck watson bring disciplined management approach complex business build larger profitable company merger also hopeful combination dynegy enron restore market credit confidence important energy sector reilly continued event merger dynegy enron completed chevrontexaco redeem convertible preferred shares 1 5 billion cash convert common shares latter event chevrontexaco would approximate 36 percent equity interest dynegy believe expanded investment offers us opportunity create greater value provide significant upside potential chevrontexaco shareholders dynegy strengthens leadership position sector reilly said membership dynegy board continue active role strategic direction company private securities litigation reform act safe harbor statement except historical present factual information contained herein matters set forth press release including statements creation greater value stockholders expected benefits merger dynegy enron statements identified words anticipates expects projects plans similar expressions forward looking statements within meaning safe harbor provisions private securities litigation reform act 1995 forward looking statements guarantees subject risks uncertainties may cause actual results differ materially including possibility anticipated benefits merger chevrontexaco investment dynegy fully realized possibility costs difficulties related merger greater expected impact competition risk factors relating industry detailed time time chevrontexaco periodic reports filed sec make opinion count click contact media fred gorell 1 415 894 4443 investors pierre breber 1 415 894 9376 chevrontexaco corp 18 39 est copyright 2000 dow jones company inc rights reserved