enron mentions fitch places marlin water trust ii osprey trust rtg watch bloomberg 10 26 012001 10 26 15 00 new york enron debt falls company draws bank loans capital markets report 10 26 01 enron sues microsoft failed broadband services deal dow jones energy service 10 26 01 enron unit takes heat power group says energy firm failed bond requirements boston globe 10 26 01 front page companies oct 26 2001 enron bonds fall company taps 3 bln credit line update 3 bloomberg 10 26 01 weiss yourman law office announces class action lawsuit enron corp business wire 10 26 01 fitch places marlin water trust ii osprey trust rtg watch 2001 10 26 15 00 new york fitch places marlin water trust ii osprey trust rtg watch neg fitch ny october 26 2001 fitch placed ratings marlin water trust ii marlin ii approximately 915 million senior secured notes due 2003 osprey trust osprey approximately 2 4 billion senior secured notes due 2003 rating watch negative marlin ii notes osprey notes currently rated bbb rating action follows placing enron corp ratings rating watch negative fitch rating marlin ii notes supported overfund account pre funded interest equity commitment enron form mandatorily convertible preferred stock overfund account invested enron debt securities rated bbb rating watch negative payments used service interest noteholders payment principal ultimately relies enron obligation remarket mandatorily convertible preferred securities fitch currently rates enron preferred securities bbb rating watch negative addition transaction also benefits rights 125 million loan azurix europe limited rated bbb fitch similarly rating osprey notes based support assets share trust used support interest payments equity commitment enron remarket mandatorily convertible preferred stock fund principal payments mandatorily convertible preferred stock issued held share trust assets share trust supporting interest payments include enron unsecured obligations overfund account well quarterly dividend payments mandatorily convertible preferred stock various sources repayment exist sale liquidation underlying assets equity offering case primary credit support derived enron obligation remarket mandatorily convertible preferred stock amount sufficient repay notes deposited trustee 120 day prior maturity date one note trigger events event issuance preferred stock yields less amount required redeem senior notes enron required deliver additional shares enron deliver obligation subject certain standstill periods amount deficiency becomes payment obligation enron representing general unsecured claim additional note trigger events include downgrade enron senior unsecured debt investment grade major rating agencies conjunction specified declines enron closing stock price three consecutive trading days well customary events default notes important note enron verified underlying assets adequate market value fully pay associated debt fitch continue monitor transactions conjunction ratings enron corp update investors appropriate enron debt falls company draws bank loans 10 26 2001 capital markets report copyright c 2001 dow jones company inc new york dow jones enron corp ene bond bank debt quoted lower early friday following houston energy giant decision thursday draw 3 billion bank loan facilities late thursday enron said taken action dispel uncertainty financial community specifically company said drew committed lines credit provide cash liquidity excess 1 billion enron 6 4 bonds come due july 2006 hovering 80 cents dollar around 82 cents thursday trading activity investment grade bank debt like enron active market leveraged loans made companies less investment grade ratings fixed income sources noted offers friday enron bank debt around 94 cents dollar still well distressed levels add banks may want try sell enron bank debt funded following drawdown coupon negotiated several months ago well enron ran current market turmoil last week company reported 618 million third quarter loss 1 2 billion reduction shareholder equity company said securities exchange commission conducting inquiry transactions andrew fastow former chief financial officer replaced wednesday moody investors service rates enron senior unsecured debt baal though review possible downgrade fitch inc standard poor rate debt triple b plus fitch also enron debt review possible downgrade joe niedzielski dowjones com copyright 2000 dow jones company inc rights reserved enron sues microsoft failed broadband services deal michael rieke dow jones newswires 10 26 2001 dow jones energy service copyright c 2001 dow jones 713 547 9207 michael rieke dowjones com copyright 2000 dow jones company inc rights reserved business enron unit takes heat power group says energy firm failed bond requirements jeffrey krasner globe staff 10 26 2001 boston globe third c 1 copyright 2001 retail sales subsidiary houston energy giant enron corp faced expulsion last week new england group representing power generators marketers distributors sales unit failed meet bonding requirements intended protect market participants group unpaid bills iso new england operates power grid throughout six new england states urged nepool power industry group initiate termination proceedings enron energy services inc according letter obtained globe enron spokeswoman yesterday said company satisfied nepool requirements blamed threatening letter series administrative oversights including failure iso new england warn enron previous instances bond fell required levels administrative snafu said peggy mahoney spokeswoman enron fixed big deal get paperwork time got sent wrong desk taken care friday according letter nepool participant faces termination failed meet bonding requirements three times previous 12 months three defaults trigger letter happen frequently said ellen foley iso new england spokeswoman letter iso chief financial officer edward mckenna said organization contact enron energy services multiple telephone communications date financial assurance cured mahoney said enron never received written notification previous financial assurance defaults corrected almost immediately therefore said company unaware current default third begins expulsion proceeding addition said current default notice sent wrong person creating delay resulted letter working iso new england figure said recommended termination embarrassment enron firm director state government affairs daniel w allegretti chairman nepool participant committee organizes oversees major membership meetings organization unusual within pool said allegretti frequently receive notices technical defaults far posting new bond correct situation said two half days late submitting paperwork incident also comes particularly sensitive time enron parent houston subject financial scandal firm chief financial officer andrew fastow accused profiting partnerships oversaw engaged billions dollars transactions enron securities exchange commission probing transactions company said monday enron placed fastow leave tuesday installed new cfo enron stock plunged amid ongoing revelations partnerships impact company financial strength company reduced shareholder equity 1 2 billion terminating transactions one partnerships headed fastow according wall street journal enron lost 618 million third quarter yesterday enron shares closed 16 35 6 cents volume 39 1 million shares jeffrey krasner reached e mail krasner globe com copyright 2000 dow jones company inc rights reserved front page companies oct 26 2001 julie earle sheila mcnulty enron put page website frequently asked questions response barrage analysts enquiries following last week controversial results announcement unfortunately us energy group critics satisfied answers wednesday decision replace andrew fastow chief financial officer quelled investors concerns highly complex financial affairs however analysts pleased kenneth lay chief executive officer distancing group mr fastow ties controversial financing vehicle partnerships step right direction happy see move says ronald barone ubs warburg end shares tumbled since last week results ended shade lower yesterday 0 37 per cent dollars 16 35 analysts warn shares continue languish well 52 week high dollars 84 87 group improves transparency one frequently asked questions following enron results announcement october 16 concerned dollars 1 2 bn pounds 840 reduction shareholders equity dollars 1 2 bn explained news release results mentioned passing mr lay follow conference call many analysts confused dollars 1 01 bn charge earnings report since called loss write enron staff struggled explain plain language enron official position reduction shareholders equity related structured finance vehicle ljm private equity fund formed mr fastow investor decision made terminate vehicles enron recorded dollars 1 2 bn reduction shareholders equity corresponding reduction receivables adjustments result enron termination obligations deliver enron shares future periods confusion dollars 1 2 bn undermined credibility enron subject unofficial inquiry securities exchange commission analysts upset know adjustment offing note could seen increasing group debt ratio might hurt debt rating mr lay held analysts meeting counter charges enron transparent ended demands daily calls outside auditors explain accounts find disclosure complete enough understand explain intricacies transactions said goldman sachs david fleischer analysts also concerned potential write offs salomon smith barney raymond niles points enron investments dabhol indian power plant south american investments remaining telecoms assets importantly says may include several enron balance sheet vehicles frankly able get enough information evaluate whether problem mr niles says us energy traders distancing rival el paso said facing lot questions accounting practices additional reporting julie earle enron turmoil www ft com enron copyright financial times limited enron bonds fall company taps 3 bln credit line update 3 2001 10 26 14 26 new york enron bonds fall company taps 3 bln credit line update 3 adds egan jones lowering credit rating 12 th paragraph houston oct 26 bloomberg enron corp bonds shares fell company failed reassure investors bond rating lowered tapped 3 billion credit line longer borrow commercial paper markets enron stock fallen 52 percent past 10 days investors questioned company transactions affiliated companies run former chief financial officer stock fell 45 cents 15 90 early afternoon trading today people questioning credibility management said john cassady helps manage 3 billion fixed income assets fifth third bancorp looks like guy supposed everything benefit shareholders running partnerships benefit enron shut commercial paper markets short term loans carry lower rates banks offer company use credit line pay 2 2 billion commercial paper outstanding enron spokesman mark palmer said company 6 3 4 percent bonds mature 2009 declined 1 1 2 points bid 84 cents dollar offer 86 cents price bonds carry rating bbb yield 9 53 percent enron shares dropped investors grew concerned company credit rating cut 1 01 billion third quarter losses failed investments enron needs good credit raise cash daily keep trading partners demanding collateral settle transactions dilution concerns though enron bonds investment grade ratings yield current prices higher industrial bonds carry junk ratings according bloomberg data companies bb ratings pay average 9 16 percent borrow seven years lower credit rating may also force enron buy back holdings partnerships stock diluting value enron investors stock partnerships called whitewing marlin yosemite enron assets bought borrowed money enron sold assets partnerships keep debt related books partnerships plan repay borrowed money selling assets enron loses investment grade rating borrowed money comes due earlier leaving less time partnerships find best price power plants assets enron would make shortfall assets would sell amount debt one way would issuing common shares exchange enron preferred convertible shares held partnerships would thin holding every investor two main bond rating companies moody investors service company watch possible downgrade standard poor lowered enron long term credit outlook negative egan jones rating co today lowered rating enron debt bb one notch investment grade bbb liabilities enron liabilities associated partnerships amounts least 3 3 billion company said enron ousted chief financial officer andrew fastow wednesday amid securities exchange commission inquiry partnership ran cost company 35 million direct losses enron also bought back 62 million shares partnership reducing shareholder equity 1 2 billion jeff mcmahon head enron industrial markets group named cfo bid restore investor confidence chairman chief executive officer kenneth lay said statement mark johnson princeton newsroom 609 750 4662 50 4662 weiss yourman law office announces class action lawsuit enron corp 10 26 2001 business wire copyright c 2001 business wire new york business wire oct 26 2001 class action lawsuit enron corp enron company nyse ene certain officers directors commenced united states district court southern district texas houston division behalf purchasers enron securities purchased enron securities january 18 2000 october 17 2001 please read notice complaint charges defendants violations securities exchange act 1934 complaint alleges defendants failed disclose material adverse information misrepresented truth company caused plaintiff members class purchase enron common stock artificially inflated prices action seeks recover damages behalf defrauded investors purchased enron securities plaintiff represented weiss yourman law firm possessing significant experience expertise prosecuting class actions behalf defrauded shareholders federal state courts throughout united states weiss yourman appointed numerous courts serve lead counsel class action lawsuits capacity recovered hundreds millions dollars behalf investors purchased enron securities january 18 2000 october 17 2001 may move court later december 21 2001 serve lead plaintiff class order serve lead plaintiff must meet certain legal requirements lead plaintiff representative party acts behalf class members directing litigation order appointed lead plaintiff court must determine class member claim typical claims class members class member adequately represent class certain circumstances one class members may together serve lead plaintiff ability share recovery however affected decision whether serve lead plaintiff may retain weiss yourman counsel choice serve counsel action wish receive investor package wish discuss action questions concerning notice rights interests respect matter information wish provide us pleas contact mark smilow david c katz james e tullman 888 593 4771 212 682 3025 via internet electronic mail info wynyc com writing weiss yourman french building 551 fifth avenue suite 1600 new york new york 10176 contact weiss yourman mark smilow david c katz james e tullman 888 593 4771 212 682 3025 info wynyc com 13 06 edt october 26 2001 copyright 2000 dow jones company inc rights reserved