enron mentions dynegy talks purchasing enron deal would include infusion cash assist firm shoring finances wall street journal 11 08 01 dynegy said near acquiring enron 8 billion new york times 11 08 01 trading places fancy finances key enron success distress impenetrable deals put firm position may lose independence talks rival dynegy wall street journal 11 08 01 unit enron challenged new york times 11 08 01 enron takeover talks dynegy los angeles times 11 08 01 front page first section enron board considering takeover rival dynegy energy trader seeks emergency talks banks amid fears cash crisis financial times nov 8 2001 front page companies nov 8 2001 companies nov 8 2001 dynegy may acquire enron houston chronicle 11 08 01 enron deals downshifted breakneck speed houston chronicle 11 08 01 azurix completes sales two units houston chronicle 11 08 01 troubled enron negotiates sale rival dynegy washington post 11 08 01 dynegy may offer much 8 billion enron wsj updatel 2001 11 08 05 32 new york reports dynegy close deal buy enron 8 billion associated press newswires 11 08 01 chevrontexaco affiliate dynegy talks buy enron 7 8 bln usd report afx news 11 08 01 usa update 1 fund alleges fat fees biased andersen enron reuters english news service 11 08 01 enron power company reverses says meeting indian representatives singapore associated press newswires 11 08 01 enron india unit lenders issue court challenge prevent project pullout afx news 11 08 01 dabhol pwr co confirms creditors mtg singapore thu dow jones energy service 11 08 01 india enron move termination till friday business line hindu 11 08 01 dabhol agrees meet fis day long drama business standard 11 08 01 dynegy holds talks buy enron inject 1 5 billion shore firm dow jones business news 11 07 01 dynegy reportedly close deal buy enron 8 billion associated press newswires 11 07 01 usa wrapup 2 enron dynegy merger talks reuters english news service 11 07 01 dynegy looking acquire enron thestreet com 11 07 01 azurix corp closes sale azurix north america pr newswire 11 07 01 dynegy talks purchasing enron deal would include infusion cash assist firm shoring finances robin sidel rebecca smith staff reporters wall street journal 11 08 2001 wall street journal 3 copyright c 2001 dow jones company inc dynegy inc houston based energy trading power company attempting strike deal yesterday evening buy enron corp beleaguered hometown rival roughly 7 billion 8 billion stock one tenth enron worth 15 months ago merger two would likely scrutinized many months enron needs shore beleaguered finances dynegy also expected inject additional 1 5 billion enron immediately people familiar matter said chevrontexaco corp owns 26 stake dynegy expected provide dynegy funds cash infusion playing significant role negotiations chevrontexaco inject additional 1 billion combined company deal concluded stake dynegy substantially reduced combined company healthy balance sheet enron weak bargaining position dynegy one fifth enron size hoping clinch deal would paying little premium enron boards dynegy chevron enron meeting yesterday discuss potential deal seesawing enron stock price complexity transaction yet could derail deal people familiar matter warned far said one person familiar negotiations several important points including exchange ratio still worked dynegy expects argue enron shareholders benefit upside combining two companies transaction add dynegy earnings potential synergies spokesmen enron dynegy declined comment approved regulators deal would stunning development enron transformed staid natural gas pipeline company highflying power trading giant see share price hefty market valuation plummet matter weeks enron sell low price sure stun investors terms worked last night enron chairman kenneth lay would seat combined company board hold formal management position said people familiar matter mr lay may take consulting role meanwhile chuck watson chairman chief executive dynegy would ceo combined company 2 stephen bergstrom president enron scrambling days line quick financing prominent outside investor discussions private equity firms power trading companies company desperately needs win back credibility wall street following disclosure securities exchange commission investigating partnerships created serve hedge fluctuating market conditions discussions dynegy enron began 10 days ago intensified last weekend enron also expected today disclose financial dealings partnerships person close dynegy said potential acquirer feels understands enron business apprised liabilities factored transaction enron strike deal hopes stabilize stock price enron fell 6 4 62 cents 9 05 4 p composite trading new york stock exchange one point yesterday morning enron stock fallen 25 news reports enron efforts line investors failed stock recovered cnbc dow jones newswires reported talks dynegy shares new 52 week low far 52 week high 84 88 dynegy fell 3 8 3 33 4 p big board trading however investors believed company share price could benefit deal jason selch energy analyst wanger asset management chicago large dynegy shareholder said company history pulling complicated deals added enron bad shape dynegy could dictate terms deal shielding potential losses due shareholder lawsuits problems enron complicated balance sheet dealings make offer making offer order get steal said mr selch says enron core energy trading business valued half normal market valuation operations think acquiring business launch 1 market share position energy trading mr selch added whether deal dynegy materializes fact enron willing consider sale shows fortunes sagged underscores desperate savior company pinnacle success year earlier boasted market capitalization 71 billion year ago valued 7 billion exchange immediate capital infusion dynegy expected get convertible preferred stock type deal investor receives safe bondlike interest payment convert holding common stock share price rises specified level enron also soliciting interest private equity firms discussions parties proceeding slower track people familiar negotiations said possible financial players could still play sort role enron transaction although details immediately available buyout firms clayton dubilier rice blackstone group approached enron make investment decided according people familiar matter indeed enron move publicly disclose new information partnerships could provide intriguing details potential bidders interested deal reluctant pursue enron without knowing transactions dynegy may paying small premium another suitor may able step plate deal agreed add dynegy earnings first year new entity focus core business north american european wholesale commercial industrial energy markets capitalize opportunities generated combined diversified asset backed network supported strongest intellectual capital industry aside restoring confidence among investors enron faced growing pressure trading partners company offering special protections trading partners hoping prevent mass exodus due fears could face credit downgrades wind seeking protection federal bankruptcy court protection takes form netting agreement permits trading partner offset sums owed various enron entities amounts owes enron concerns without arrangement company might owe money one enron entity stand long slow line collect sums owed different enron concern company seek bankruptcy court protection netting positions could cancel least extent reduce firm ultimate credit exposure enron spokesman mark palmer said company plenty cash need intention seeking protection creditors current jathon sapsford robert frank ken brown contributed article copyright 2000 dow jones section c dynegy said near acquiring enron 8 billion richard oppel jr andrew ross sorkin 11 08 2001 new york times page 1 column 2 c 2001 new york times company board dynegy inc tentatively approved deal last night acquire enron corporation mighty energy trading company laid low financial crisis government investigation executives close transaction said deal would enable dynegy buy much bigger enron fire sale price 8 billion stock roughly 10 share company less year ago market value nearly 70 billion stock bond investors fleeing trading partners refusing business enron choices talk dynegy part deal chevron texaco owns 27 percent stake dynegy would give enron cash infusion least 1 5 billion front additional 1 billion deal closed executives said companies hope finalize details announce deal today completed takeover dynegy company one quarter size revenue would represent remarkable humbling enron nation biggest buyer seller natural gas electricity enron 139 7 billion revenue first nine months year recently last spring enron lionized investors innovator many ways created cleverly dominated nation deregulated energy markets would also vindicate dynegy took measured approach business markets also critics uncomfortable energy deregulation said enron energy trading ruthless finances murky power influence extensive company chairman chief executive kenneth l lay close friend president bush one mr bush largest campaign contributors energy company gave money republican causes last year enron mr lay would board combined companies executives said unclear would operational role enron problems came light last month company disclosed 1 billion write downs unusual 1 2 billion reduction shareholder equity reduction equity arose transactions investment partnerships involving andrew fastow chief financial officer forced resign oct 24 securities exchange commission investigating transactions enron expected today send e c answers questions agency posed investigation answers reviewed dynegy officials executives said expected released publicly enron scheduled meet creditors tomorrow company continuing crisis merger deal one people close deal say company hopes deal dynegy release answers e c calm crisis engulfed company led energy companies trade enron curtail credit exposure company besides worries huge losses e c investigation investors creditors nervously watching enron credit rating moody investors service standard poor already cut rating two notches junk status monday fitch inc cut one notch junk part acquisition dynegy would taking enron 12 8 billion debt load number include billions dollars debt accumulated balance sheet played major role enron current problems executives said expected deal would lead sale enron assets pay 12 8 billion debt enron lose investment grade rating energy trading companies could curtail business company even enron could forced issue tens millions shares stock cover balance sheet debts guaranteed early wednesday shares enron plunged 28 percent 7 fears company unable line new investors stock took back losses afternoon cnbc reported talks dynegy shares enron closed 9 05 62 cents dynegy shares closed 33 3 addition companies large presence energy trading enron owns portland general electric company utility oregon already agreed sell dynegy owns illinova corporation retail electricity natural gas utility illinois regulators may take hard look utilities reviewing merger deal said jeff dietert analyst simmons company houston got concerns market power said lot different issues deal get excited deal going get done acquisition would combine enron dominates united states trading electricity natural gas shedding hard assets dynegy company pursued much different strategy using trading maximize earnings power plants enron always concentrated sophisticated financial trading strategies senior executive rival energy trading firm said dynegy always logistical player physical assets said different cultures different mentalities executive noted immense talent drain enron last two weeks become frenzy said copyright 2000 dow jones company inc rights reserved trading places fancy finances key enron success distress impenetrable deals put firm position may lose independence talks rival dynegy rebecca smith john r emshwiller staff reporters wall street journal 11 08 2001 wall street journal al copyright c 2001 dow jones company inc enron corp convened annual conference credit analysts bond investors houston last february energy trading giant soaring looking climb higher company stock trading 80 share giving stock market value 70 billion though fourfold three years earlier stock price nearly high enough enron new chief executive jeffrey skilling told audience dominant position energy trading markets highly touted new moves telecommunications enron stock 126 share mr skilling argued vintage performance company known bashful lot hype lot spin recalls todd shipman standard poor analyst attended conference enron yesterday enron stock closed 9 05 new york stock exchange trading mr skilling longer around promote stock august unexpectedly resigned chief executive six months top job chief financial officer andrew fastow replaced last month controversy escalated role running private partnerships involved billions dollars transactions enron kenneth lay enron chief executive give retirement plans return helm lately company offering special credit protection increasingly nervous trading partners including reliant energy inc entergy corp goal provide assurance enron creditworthy partner prevent exodus customers enron trading operation generates 90 company profits looked yesterday endgame might beginning mr lay enron board discussing possible acquisition enron much smaller hometown energy trading rival dynegy inc stock swap valued 7 billion 8 billion see related article page 3 merger two companies would probably face lengthy regulatory scrutiny dynegy also considering injecting 1 5 billion enron immediately help stabilize company finances according people familiar situation deal would also include significant role oil powerhouse chevrontexaco owns 26 stake dynegy would likely provide much cash enron transaction dynegy emergence serious bidder enron could indicate interested parties enron problems solved fact collapse enron stock price would make fairly easy another large energy player top dynegy offer royal dutch shell group one prominent company takeover dynegy company would almost certainly presage departure 59 year old mr lay oversaw transformation enron nondescript natural gas pipeline company annual revenue 5 billion late 1980 global energy colossus revenue expected approach 200 billion year turned formula behind transformation contained seeds company current troubles executives created ever labyrinthine financial structure support enron explosive growth rate billions dollars debt could weakened enron credit rating slowed growth kept balance sheet tangled webs transactions dozens related entities financial demands became greater transactions complex enron officials began creating heading entities raising serious conflict interest questions neither enron dynegy would comment royal dutch shell also declined comment messrs lay skilling fastow either declined comment return phone calls seeking interviews enron officials maintained markets overreacting spate bad nonfatal news oct 16 company announced 618 million third quarter loss disclosed 1 2 billion reduction shareholder equity due part dealings fastow related partnerships company said ongoing businesses strong financial wherewithal weather crisis actions legal properly disclosed enron stressed still predicament daunting securities exchange commission started formal investigation possible violations federal securities law involving fastow related partnerships several shareholder lawsuits seeking class action status filed top company officials alleging fraud seeking recover 20 billion market value enron shares lost past month address growing jitters energy financial markets enron drawn billions dollars credit lines negotiated new ones sought new equity infusion turmoil engulfed company mr lay top enron executives kept largely public view sharp contrast company normally outspoken public persona one recent public relations initiative conference call analysts big investors turned even enron officials concede privately debacle left company executives looking evasive defensive rather open confident enron routinely made published lists admired innovative companies america fly high fall fast answer lies combination brilliance overconfidence scale rarely seen business world process company helped redefine much energy marketplace matters fundamental power bought sold company produces profit example company helped create electricity trading market participants rarely take physical delivery commodity instead merely tally profits losses transactions accounting realm pioneered techniques allowed energy companies record profits losses long term contracts yet produced revenue caught little flak early 1990 people guess thought pulling fast one enron chief accounting officer richard causey said interview august added accounting method accurate way measure energy trading results enron audacity success sent energy companies scrambling emulate process abn amro analyst paul patterson calls enron envy company tested limits securities accounting rules example enron sec filings included statements fastow related transactions might meet letter disclosure laws complex even wall street analysts accounting professors found indecipherable enron seemingly impenetrable financial structure hardly noticed wall street company heyday matter serious concern suddenly skeptical investment community easy regain something basic trust says goldman sachs analyst david fleischer longtime enron fan recent conference call enron executives mr fleischer pleaded company forthcoming operations something promising months enron employs 20 000 people rise fall large measure traced three men messrs lay skilling fastow mr lay joined company 1984 still called houston natural gas regional pipeline operator back natural gas industry largely regional business exciting watching pipeline operate mr lay big plans company always preaching natural gas fuel future prediction largely borne comes functions fueling electric power plants wanted take company beyond natural gas enron bought electric utility portland ore built power plants around world developed potent energy trading operation buys sells contracts provide electricity way contracts wheat pork bellies traded deals done utilities industrial power users trading firms help enlarge empire recruited aggressive young executives none brighter assertive mr skilling harvard business school graduate former mckinsey co consultant joined enron 1990 messrs lay skilling company pushed zealously deregulation energy markets particularly bastion monopoly businesses electric utility industry enron officials argued open competitive markets could help consumers coincidentally provide huge profit opportunities energy trading mr skilling called energy trading business lifetime opportunity establish position last next 100 years late 1990 enron evolved primarily trading company rather owner power plants pipelines pursuit deregulation goals enron officials became major players american politics mr lay given nearly 2 million president bush political career personal friend president vice president cheney several members cabinet one mr skilling early hires joining enron mr fastow time 29 year old mba northwestern kellogg school working leveraged buyouts complicated deals continental bank chicago former enron officials others say mr skilling quickly became mr fastow mentor way mr lay become mr skilling mr skilling oversaw building enron vast trading operation mr fastow saw financing andy guy saw wanted money project says one former enron senior manager mr skilling named enron chief operating officer 1997 mr fastow got top finance job year later age 36 mr fastow enron finance department tripled size 100 people enron needed added financial brainpower expanded debt liquidity constant concerns company ambitions roving beyond therms kilowatts began make markets everything water weather enron highly touted non energy initiative mr skilling pet project came area telecommunications company built coast coast fiber optic network envisioned trading bandwidth network capacity way traded electricity natural gas enron invested several hundred million dollars far project produced losses 400 million yet february analyst meeting houston mr skilling unabashedly valued enron fiber optic business 36 billion according people meeting make growth dreams possible enron make sure balance sheet become laden debt much debt would lead major ratings agencies moody investors service standard poor lower enron credit rating downgrades could significantly increase company cost borrowing make difficult finance continued expansion typically aggressive fashion enron lobbied ratings agencies vigor lobbied legislators february meeting mr fastow urged analysts raise enron credit rating long term debt triple b plus single minus analysts shrugged mr fastow entreaties see cash flow earnings debt coverage required upgrade says one attendee undeterred mr fastow said higher rating would strengthen company basic finances could justify higher rating circular argument provoked derision among analysts enron get rating instead company recently downgraded major ratings agencies result financial turmoil moves kept reported debt burden enron turned increasingly balance sheet transactions limited partnerships outside parties arrangement enron could contribute money stock assets partnership partnership could borrow large sums purchase assets business deals without debt showing enron books partnership transactions long used natural gas industry finance deals enron took practice new heights complexity leading effort mr fastow team young financial experts recent years enron done myriad deals 30 partnerships far controversial come light far ones done two partnerships known ljm cayman lp ljm 2 co investment lp formed operated mr fastow company said transactions partnerships designed hedge fluctuating market values company assets energy contracts clear enron would allow chief financial officer fiduciary position partnerships stood profit possibly company expense deals make matters worse private ljm partnership documents indicate mr fastow personally made millions dollars partnerships much paid enron chief financial officer enron officials repeatedly said mr fastow actions reviewed approved top management board directors however company refused answer numerous specific questions dealings partnerships enron said mr fastow formally severed ties partnerships july face rising discomfort arrangements part analysts major company investors nearly impossible stitch together anything comprehensible partnership deals enron sec filings thing clear millions shares enron stock billions dollars assets notes involved transactions robin sidel jathon sapsford contributed article copyright 2000 dow jones section c unit enron challenged 11 08 2001 new york times page 12 column 6 c 2001 new york times company consortium indian lenders enron corporation power company india asked bombay high court today prevent unit dabhol power company pulling distressed energy project consortium led industrial development bank india sought stay final termination notice stopping transfer dabhol assets response dabhol canceled meeting indian lenders scheduled later week dabhol power wrangling state utility last several months unpaid bills 2 184 megawatt plant shut indian financial institutions combined exposure 1 5 billion 2 9 billion project form loans guarantees copyright 2000 dow jones financial desk enron takeover talks dynegy thomas mulligan james flanigan nancy rivera brooks times staff writers 11 08 2001 los angeles times home edition c 1 copyright 2001 times mirror company new york enron corp troubled energy trading giant talks wednesday possible takeover houston neighbor rival dynegy inc industry sources said boards companies meeting late wednesday concerning potential deal almost certainly would mean end line chairman chief executive kenneth lay architect enron emergence dominant force relatively new electronic markets natural gas electricity houston chronicle reported chevrontexaco corp owns 27 dynegy would inject immediate 1 5 billion enable enron maintain investment grade credit status without would suspend crucial trading operations enron dynegy chevrontexaco representatives declined comment enron appeared running options short outright sale stock plunged toward 10 year lows credit downgraded failed secure emergency financing parties would let retain independence enron shares plunged wednesday recovered news first reported cnbc opened talks dynegy enron shares sank low 7 new york stock exchange rebounded close 62 cents 9 05 still lowest since april 1992 stock 89 year date dynegy shares also moved speculation losing 3 close 33 wednesday closing price enron market value 6 8 billion august 2000 peak 63 6 billion catalyst enron shocking slide disclosure last month company taken 1 2 billion equity reduction connected balance sheet partnerships enron managers profited matter investigated securities exchange commission enron also reported unexpected 618 million loss third quarter energy market confidence enron ability meet obligations ebbed along company stock price trading partners begun shying away entering new long term transactions enron industry sources said competitors reliant energy inc aquila inc el paso corp reported pickup business companies attempt reduce exposure enron addition energy brokers new york mercantile exchange demanding higher margin deposits enron according platts private energy news service enron recent days raising cash turning trading positions companies sizable discount platts said banking sources told financial times london enron called emergency meeting lenders persuade extend credit lines enron last week commitment 1 billion credit line j p morgan chase salomon smith barney banks declined join get financing enron pledge natural gas pipeline assets although crisis akin run bank enron survive long without major infusion capital todd shipman analyst standard poor said wednesday difference reducing exposure enron business demanding cash upfront said added company trading partners reexamining attitude towards enron every moment every day energy analysts executives said wednesday dynegy chairman ceo charles l watson could taking big risk buying enron chuck watson brave guy also smart one one expert said assume knows getting enron would partners watson lay competed prominence houston arguing stadiums investing bring national football league city consumer activists wasted time protesting potential merger enron dynegy dynegy owns california power plants partnership nrg energy inc capable generating 2 800 megawatts electricity among companies gov gray davis politicians repeatedly slammed pirates charged state much electricity recent energy crisis energy cartel already done much damage california thing worse would tightly controlled energy cartel said doug heller foundation taxpayer partner chevrontexaco recently merged oil giant would gain significant edge energy trading competitors dynegy conservative enron aggressive trading said mark gurley senior vice president aquila mulligan reported new york flanigan rivera brooks los angeles copyright 2000 dow jones nov 8 2001 robert clow andrew edgecliffe johnson william lewis sheila mcnulty peter thal larsen board enron embattled us energy trading group meeting last night discuss takeover rival dynegy terms proposed deal remain discussion understood involve stock bid dynegy undetermined premium dollars 6 8 bn market capitalisation chevrontexaco owns 27 per cent dynegy expected provide dollars 1 5 bn financial support announcement could come morning though people familiar talks cautioned might still fail enron agreed call urgent meeting banks tomorrow amid growing concerns wall street would able survive financial crisis without strategic partner enron board rejects full takeover offer potential options include equity injection dynegy save troubled energy trader deeper financial crisis dynegy trades enron interest keeping struggling group business maintain stability energy market also sees opportunity expand market share banks describing tomorrow meeting enron headquarters houston make break one bank executive said pivotal meeting lots credit lines due next six months need talk enron drew dollars 3 3 bn credit lines last month attempt build confidence time running company pressure increasing kenneth lay chief executive enron urgently explored several options recent days shell owned coral energy also approached calls private equity groups dynegy deal goes mr lay stay enron least takeover complete efforts hampered securities exchange commission investigation enron dealings funds associated former chief financial officer company bankers say companies already know enron intimately put entering negotiations uncertainty company fails complete deal ahead tomorrow crucial meeting need persuade banks extend credit lines battles shore confidence among investors trading counterparties banks greatest exposure enron include credit suisse deutsche bank citigroup barclays balance sheet vehicles affiliated enron dollars 8 bn dollars 9 bn debt enron carrying dollars 12 8 bn debt bonds ended day bid 74 cents dollar enron share price dropped low dollars 7 early day finished dollars 9 05 62 cents reports dynegy interest investors concern dynegy assuming enron liabilities sent dynegy shares 8 3 per cent dollars 33 yesterday giving market value dollars 10 8 bn enron pressure since october 16 disclosed surprise balance sheet adjustment exacerbated concerns lack transparency lex page 16 www ft com energy copyright financial times limited front page companies nov 8 2001 andrew edgecliffe johnson william lewis sheila mcnulty peter thal larsen dynegy talks possible equity injection enron last ditch attempt save troubled us energy trader deeper financial crisis talks could lead full merger rival energy groups according people familiar negotiations enron also agreed call emergency meeting banks tomorrow amid growing concerns wall street troubled energy trader able survive financial crisis unless finds strategic partner detailed terms deal dynegy remained discussion yesterday afternoon announcement could come early morning purpose talks inject enron sufficient liquidity avert growing crisis confidence dynegy major counter party enron wants keep enron business maintain stability energy trading market dynegy interest prompted speculation group would fund equity infusion fuller merger analysts saying may require approval funding chevrontexaco owns 27 per cent dynegy banks approximately dollars 3 3 bn exposure enron describing friday meeting enron headquarters houston make break one bank executive said pivotal meeting lots credit lines due next six months need talk time running company enron executives yesterday making frantic efforts secure deal rival energy group dynegy company hoped able announce deal today shell owned coral energy approached calls private equity groups blackstone group efforts hampered securities exchange commission investigation enron dealings funds associated former executives company lex page 22 www ft com energy copyright financial times limited companies nov 8 2001 william lewis enron called emergency meeting banks tomorrow amid concerns wall street troubled energy trader able survive financial crisis unless finds strategic partner banks approximately dollars 3 3 bn exposure enron describing meeting headquarters houston texas make break one bank executive said pivotal meeting lots credit lines due next six months need talk time running company enron executives yesterday making frantic efforts secure deal rival energy group dynegy company hoped able announce deal today shell owned coral energy also approached calls private equity groups blackstone group efforts hampered sec investigation enron dealings funds associated former executives company bankers say companies already know enron intimately put entering negotiations uncertainty company fails complete deal ahead meeting need persuade banks extend credit lines fights shore confidence among investors trading counterparties banks greatest exposure enron include credit suisse deutsche bank citigroup barclays balance sheet vehicles affiliated enron dollars 8 bn dollars 9 bn debt enron carrying dollars 12 8 bn debt company increasing pressure since october 16 disclosed surprise balance sheet adjustment exacerbated concerns lack transparency energy trading group enron principal quarter electricity natural gas trades us yesterday company immediately return calls seeking comment share price lost 21 92 per cent midday dollars 7 55 run bank equity investors said john olson vice president research sanders morris harris investment banking securities firm done nothing alleviate enron competitors begun taking business away us biggest energy trading company shahid malik president trading marketing reliant energy big participant trading central enron business said seeing business come way said reliant maintained normal relations enron noting still creditworthy added monitoring situation copyright financial times limited nov 8 2001 houston chronicle dynegy may acquire enron merger talks advanced stage laura goldberg copyright 2001 houston chronicle dynegy advanced talks wednesday night acquire troubled rival enron corp according people familiar matter sources said merger could announced early today two houston based energy traders talking week smaller dynegy buy enron known pioneer world energy trading would mark surprising end company early year among wall street darlings since series problems tarnished image enron based revenues houston largest company enron woes quickly multiplied made troubling financial disclosures third quarter earnings report last month report enron stock price plummeted securities exchange commission launched investigation certain enron dealings company credit rating downgraded leaving weakened state dynegy comes dynegy proposed stock swap modest premium enron stock price sources said adding enron pressing higher premium dynegy offered shares enron closed 62 cents wednesday 9 05 based enron market capitalization stock deal likely worth 7 billion part deal discussed chevrontexaco corp owns 27 percent dynegy would also immediately give 1 5 billion enron people said money would intended help enron keep investment grade credit rating needs keep running energy trading business wall street questioning enron ability maintain core business relies heavily access credit cash enron board started meeting around 6 30 p wednesday dynegy board began meeting earlier day spokesmen dynegy enron chevrontexaco declined comment wednesday enron significantly larger dynegy last year reported 29 4 billion revenues earlier year almost 1 600 employees houston enron reported 100 8 billion revenues last year earlier year 7 000 houston employees two energy traders complementary capabilities said jeff dietert analyst houston based simmons institutional investors put lion share money institutional investors include pension funds hedge funds banks corporations investments backed hard assets partnership enron used simple balance sheet deals past strategy became complex late 1990 began fueling aggressive growth plans 1997 company growth pipeline company leading gas energy trading business led huge debt load match credit ratings maintaining rating crucial company electricity gas trading involved negotiated contracts dozens partners company could put hard assets backing continue financing acquisitions purchases enron top brass reluctant instead fastow guidance enron finance department became equivalent bank mission raise capital transformed finance merchant organization one engaged intermediation commodity capital risk positions fastow told cfo magazine 1999 essentially would buy sell risk positions company also needed raise cash issue equity would dilute shareholders value issue debt threat credit rating fastow solution make clear rating agencies serious keeping good ratings generating fast growing cash flow even though company would issue stock roadshow analysts organized outline plan demonstrate finance team skills maintaining high wire act sales pitch worked enron issued 17 2 million shares offering raised 800 million rating agencies liked share values drop second part plan involved selling nonstrategic assets pipelines business units create even cash flow cash reinvested new aggressive strategy enron grew different ways example october 1998 company acquired three new jersey power plants cogen technologies going capital markets issue 1 5 billion equity debt enron kept capital balance sheets creating special purpose entity sold 50 percent interest plants another deal involved enron 2 3 billion purchase wessex water british water company 1998 enron created special balance sheet partnership named atlantic water trust issued 1 3 billion enron shares trust went capital markets raise 1 billion debt backed shares trust purchased wessex enron owned 50 percent wessex experience earnings dilution 1 billion debt counted books complex deals fastow team praise industry awards went wrong many enron balance sheet deals worked little controversy accounting innovation eventually worked company details complicated deals particularly partnerships named ljm cayman ljm 2 co investment left company 1 billion charge last quarter hard come far appear used hedge risk company newer lines business beyond core power plants india water companies extension franchise mass retail market using fiber optic network deliver content internet unrelated tangentially related core merchant energy business said ray niles analyst salomon smith barney write offs appear noncore nonenergy merchant areas balance sheet partnerships also went buy stock companies said john olson analyst sanders morris harris pieces variety companies done asset trades oil services companies producers olson said many shares underwater right partnerships also appear invested options buy shares enron fixed price plans make money later selling higher price perfectly sound logic stock going started go came quite shock olson said details enron partnerships remain elusive time little doubt unraveling true nature difficult even keenest financial legal minds saying houston three major law firms vinson elkins baker botts enron olson said enron overstaffed many smart smart lawyers creating complex sophisticated contracts problem room canceling nov 8 2001 houston chronicle briefs city state azurix completes sales two units enron corp subsidiary closed sales two divisions contributed company steep loss past quarter azurix corp sold azurix north america corp azurix industrial corp american water works co 141 5 million sale includes american water works assuming 6 1 million debt azurix counted 287 million 1 01 billion losses enron reported third quarter financial troubled enron negotiates sale rival dynegy peter behr washington post staff writer 11 08 2001 washington post final eol copyright 2001 washington post co rights reserved officials enron corp negotiating sale embattled energy trading company houston based rival dynegy inc 8 billion stock immediate cash infusion according sources familiar talks deal would include 1 5 billion contribution enron chevrontexaco corp owns 27 percent dynegy sources said representatives enron dynegy declined comment fortunes enron largest trader natural gas electric power one early apostles utility deregulation plunged since late last month announced 638 million third quarter loss disclosed value shareholder equity dropped 1 2 billion complex investment deals outside partnerships enron dismissed chief financial officer andrew fastow run largest partnerships investors allege conflict interest according civil lawsuits filed enron also revealed securities exchange commission investigation investments scramble additional capital credit rating downgraded today enron expected make public answers partnership transactions furnished sec august enron chief executive jeffrey skilling resigned unexpectedly citing personal reasons month fastow severed ties partnerships skilling resignation enron chairman ken lay nation visible energy executive close friendship president bush resumed chief executive duties last week enron secured 1 billion loan j p morgan chase co salomon smith barney inc help cover debt payments trading obligations use valuable pipeline assets secure loan enron stock fallen high 90 share august 2000 9 05 yesterday 62 cents tuesday closing price talks reported cnbc steepest price decline followed third quarter earnings report last month earnings enron core energy businesses increased 26 percent year write offs demonstrating value operations energy companies according mcnamara energy analysis director scientech inc albuquerque transactions involving enron must cope uncertainty impact score confidential partnership investments company debt level stock value analysts said two partnerships enron stake named osprey marlin borrowed 3 4 billion purchase resell enron energy assets make investments according analysts issue much considered debt enron said ralph g pellechia analyst fitch inc fitch bond rating firms sharply downgraded enron debt month one growing number lawsuits enron board directors fred greenberg texas shareholder alleged fastow engaged conflict interest serving enron chief financial officer running private partnerships purchased power plants assets enron fastow entitled share partnership profits even contrary enron shareholders interests greenberg suit contends public filings sec enron disclosed key corporate officers involved partnerships declared board reviewed approved relationships confidential offering seeking investments osprey partnership september 2000 described one relationships different terms funds raised osprey would turned another partnership named whitewing enron contributing 1 2 billion offering document said whitewing would use funds purchase enron assets make investments duties enron corporate directors officers may conflict duties whitewing officers directors document said addition certain conflicts interest exist may arise future close relationship enron whitewing subsidiaries added http www washingtonpost com copyright 2000 dow jones company inc rights reserved dynegy may offer much 8 billion enron wsj updatel 2001 11 08 05 32 new york dynegy may offer much 8 billion enron wsj updatel adds german trading fifth paragraph details ratings 14 th paragraph sec probe 16 th paragraph houston nov 8 bloomberg dynegy inc may offer buy enron corp much 8 billion stock shares biggest energy trader fell 89 percent year wall street journal new york times associated press reported citing unidentified people familiar situation boards dynegy houston based energy trader chevrontexaco corp owns 27 percent dynegy enron met yesterday negotiate terms transaction would value enron 10 share according reports transaction may announced early today ap said enron stock credit ratings declined wake securities exchange commission investigation partnerships run former chief financial officer andrew fastow company drawn 3 billion credit lines seeking new financing reassure trading partners enron running time pushing bargaining table said zach wagner analyst edward jones co cut recommendation enron reduce accumulate oct 23 shares enron traded germany rose 28 cents 9 33 stock reached record 90 75 august 2000 fell 62 cents 9 05 yesterday u trading market value 6 79 billion dynegy would gain wholesale energy business leading energy manager commercial small industrial customers internet energy trading operation many times larger said ubs warburg llc analyst james yanello stingy buyer history guide dynegy stingy comes acquisitions expect anything stupid overpaying enron said yanello deal could provide dynegy tremendous opportunity rates dynegy strong buy shares either company enron chairman chief executive officer kenneth lay hold management position combined company terms discussed wednesday wall street journal reported would get seat board paper added chevrontexaco considering adding 1 5 billion transaction help enron would provide another 1 billion purchase closed new york times wall street journal reported companies agreed breakup fee providing dynegy 400 million enron accepts higher offer people familiar talks said dynegy spokesman steve stengel enron spokesman mark palmer chevrontexaco spokesman fred gorell declined comment losing confidence companies trade natural gas electricity commodities enron may pull back enron finances deteriorate point loses investment grade credit rating investors say dynegy act fast said roger hamilton money manager john hancock advisers inc sold enron shares recent weeks enron get financing bonds go junk lose counterparties marvelous business vanishes moody investors service lowered rating enron bonds baa 2 standard poor cut debt bbb past two weeks federal regulators may overlook antitrust concerns order keep enron afloat hamilton said sec probe securities regulators investigating trading partnerships run fastow former financial director entities bought sold enron shares assets trades costing enron 35 million 1 2 billion lost shareholder equity enron ousted cfo andrew fastow last month shares dynegy fifth largest u natural gas marketer fell 3 33 yesterday chevrontexaco rose 48 cents 87 28 enron shares bonds tumbled past month one bonds issue paying 6 725 percent matures november 2008 fell 69 11 cents dollar according bloomberg data 71 90 cents yesterday would surprised dynegy buys whole company said tim ghriskey president ghriskey capital partners enron dynegy shares dynegy board look happening stock price today wonder would want face happening stock ghriskey made comments wednesday enron meets creditors enron meet j p morgan chase co citigroup inc lenders friday discuss merger plans possible increase amount company pays existing credit lines according bankers familiar matter company invited 300 creditors offices houston listen presentations enron financial team led new chief financial officer jeffrey mcmahon bankers said dynegy began 1985 natural gas clearinghouse gas trading company 1998 company took name dynegy combination words dynamic energy reflect expansion beyond natural gas chuck watson company president 1985 became chairman chief executive 1989 watson investor enron ceo lay houston texans begin playing national football league next year board member baker hughes inc april filing sec watson owned 12 3 million dynegy shares 5 1 percent common stock george stein new york 212 893 3934 reports dynegy close deal buy enron 8 billion 11 08 2001 associated press newswires copyright 2001 associated press rights reserved houston ap dynegy inc reportedly late stages discussions rival enron corp buy embattled energy trading company 8 billion stock roughly 10 per share terms deal enron would receive immediate 1 5 billion cash infusion oil giant chevron texaco holds 27 percent stake dynegy new york times reported web site wednesday night citing executives close discussion chevron texaco would provide additional 1 billion injection later date times reported dynegy would assume 12 8 billion enron debt plus billions dollars debt kept beleaguered company balance sheet significant contributor current problems enron chairman kenneth lay would given formal management position combined company although would seat board wall street journal reported citing people familiar matter boards companies meeting late wednesday could announce deal early thursday although journal reported transaction could still derailed enron return calls seeking comment dynegy spokesman steve stengel said company would respond rumor speculation wednesday trading dynegy shares 3 close 33 new york stock exchange enron stock 62 cents closed 9 05 shares chevrontexaco rose 48 cents 87 28 nyse enron stock 79 percent since oct 16 company said shareholder equity reduced 1 2 billion part due partnerships managed enron former chief financial officer andrew fastow time enron reported 618 million third quarter loss last month dragged one time charge 1 01 billion attributed various losses fastow ousted week later company financial stability weakened securities exchange commission began inquiry upgraded formal investigation partnerships possible conflicts interest resulting jeff skilling enron former chief executive called testify sec although remains unclear occur said denis calabrese spokesman skilling enron woes prompted considerable speculation possible takeover company wednesday companies mentioned possible suitors included general electric ge capital unit royal dutch shell group duane grubert analyst sanford c bernstein co said merger enron dynegy makes sense think dynegy could good fit terms understanding merchant business similar culture grubert said enron initially proactive teaming non competitors exhausted route went another direction past weeks enron cashed 3 billion revolving credit various banks shore investor confidence last week enron secured 1 billion new financing using natural gas pipeline assets collateral meanwhile standard poor corp wednesday lowered ratings enron credit linked notes placed creditwatch p said enron plan repair damaged balance sheet asset sales means insufficient moody investors service fitch inc also downgraded company credit ratings last week enron announced created special committee headed university texas law school dean william powers respond sec investigation net http www dynegy com http www enron com copyright 2000 dow jones company inc rights reserved chevrontexaco affiliate dynegy talks buy enron 7 8 bln usd report 11 08 2001 afx news c 2001 afp extel news ltd new york afx energy trading power company dynegy inc chevrontexaco corp affiliate negotiating buy enron corp around 7 8 bln usd stock wall street journal reported quoting people familiar matter enron needs shore finances dynegy also expected inject additional 1 5 bln usd enron immediately sources said chevrontexaco holds 26 pct dynegy expected provide dynegy funds cash infusion playing significant role negotiations chevrontexaco inject additional 1 bln usd combined company deal concluded stake dynegy substantially reduced combined company healthy balance sheet journal said boards dynegy chevron enron met yesterday discuss deal seesawing enron stock price complexity transaction yet could derail transaction newspaper added terms worked last night enron chairman kenneth lay would seat combined company board would hold formal management position jms information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved usa update 1 fund alleges fat fees biased andersen enron kevin drawbaugh 11 08 2001 reuters english news service c reuters limited 2001 washington nov 7 reuters enron corp paid one largest audit bills corporate america last year arthur andersen regulatory filings showed wednesday big five accounting firm faced lawsuit oregon alleging high priced audit battered energy giant flawed houston based enron rocked federal investigation trading historic lows paid arthur andersen 52 million last year audit non audit fees according enron 2001 proxy filed securities exchange commission figure topped fees paid similarly sized utility companies listed along enron dow jones utility index handful 30 mostly much larger companies dow jones industrial average huge revenues taken arthur andersen enron comprising 25 million audit fees 27 million fees amounted 1 million week last year rich revenue flow influenced accounting firm judgment came examining unusual outside partnership arrangements involving enron probed sec alleged lawsuit filed last week oregon sec declined comment arthur andersen enjoyed lucrative long standing business relationship enron senior management received millions dollars said lawsuit filed southern electrical retirement fund electricians pension fund enron officers arthur andersen maintaining client relationship highly dependent individual defendants particularly enron ceo kenneth lay arthur andersen compromised alleged southern electrical owns enron shares spokesman arthur andersen said chicago based firm seen oregon lawsuit declined comment also declined comment relative size enron fees troubles enron beginning last month led numerous lawsuits company officers oregon action first known target auditor well first anniversary issuance sec auditor independence rules approaches next week enron arthur andersen relationship coming increased scrutiny regulators plaintiffs attorneys institutional investors critics say andersen done arthur andersen done auditor enron alert investors outside partnerships investigated authorities accounting experts said certainly raise lot eyebrows especially independence objectivity issue said jay nisberg accounting consultant based ridgefield connecticut arthur andersen pushed harder clearer disclosure partnerships potential conflicts interest financial risk enron critics said enron last month ousted chief financial officer andrew fastow replaced another enron executive fastow instrumental setting managing partnerships ljm 2 co investment lp ljm cayman lp complex financial transactions enron fastow employer transactions disclosed enron investors annual 10 k filings proxy statements issued 2000 2001 andersen done put disclosures plain english highlight potential possible conflicts risk enron finances said critics activities particular partnerships role enron kind thing stick proxy statement back somewhere series innocuous paragraphs said mark cheffers heads accounting consultancy com massachusetts enron former natural gas pipeline group transformed nation largest energy trader said last month taking 1 billion charge earnings well cutting shareholder equity 1 2 billion largely due soured transactions fastow partnerships enron spokeswoman karen denne said arthur andersen knew ljm partnerships reviewed extent deemed necessary andersen woes waste management earlier wednesday waste management inc said andersen would pay firm 20 million settle professional malpractice suit related accounting scandal garbage hauler embroiled two years ago waste management agreed pay 457 million settle class action lawsuit filed related scandal problems hammered share price impact settlement coupled criticism andersen handling enron likely hurt andersen brand influence type advice services provides clients future cheffers said obviously jolt reputation said bigger question going reevaluate advice give clients june arthur andersen fined 7 million sec settle charges filed false misleading audit reports waste management largest ever civil penalty big five accounting firm according sec andersen admit deny charges additional reporting deepa babington new york copyright 2000 dow jones company inc rights reserved enron power company reverses says meeting indian representatives singapore satish nandgaonkar associated press writer 11 08 2001 associated press newswires copyright 2001 associated press rights reserved bombay india ap u based enron corp power company india reversed said attending meetings singapore thursday friday discuss negotiated settlement four indian creditors filed suit demand stalled dabhol power project resume operations dabhol power co owned houston based enron said statement thursday received assurances late wednesday indian government state lenders intend present new proposals singapore meeting respect negotiated settlement dispute enron objected previous attempts parties dispute go courts dabhol power co said wednesday would skip meeting discuss bids two indian companies acquire stake troubled dlrs 2 9 billion project maharashtra state announcement made state linked indian lenders asked bombay high court wednesday prevent dabhol power co serving final termination notice winding operations 2 184 megawatt project nov 19 preliminary notice filed earlier week indian lenders including industrial finance corp india asked court order work project resume lenders recover money may enron stopped construction 90 percent completed project india biggest ever foreign investment halted supply electricity portion already finished maharashtra state electricity board said could longer afford fees agreed pay contract signed seven years ago upon personal requests senior representatives government india indian banks dabhol agreed attend meetings singapore nov 8 9 discuss amicable resolution dabhol issue company said thursday statement meanwhile court case due come hearing friday bombay indian lenders exposure power project estimated 61 billion rupees dlrs 1 3 billion enron partners general electric bechtel corp say invested dlrs 1 billion str lak copyright 2000 dow jones company inc rights reserved enron india unit lenders issue court challenge prevent project pullout 11 08 2001 afx news c 2001 afp extel news ltd bombay afx consortium lenders enron corp indian unit dabhol power co asked bombay high court prevent unit pulling 2 9 bln usd energy project new york times reported consortium led industrial development bank india sought stay final termination notice stopping transfer dabhol assets response dabhol canceled meeting indian lenders scheduled later week tuesday enron said would serve final termination notice officially close power project western maharashtra state nov 19 six month deadline resolving payment dispute ends enron holds 65 pct stake dabhol jms information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved dabhol pwr co confirms creditors mtg singapore thu 11 08 2001 dow jones energy service copyright c 2001 dow jones 65 415 4066 sri jegarajah dowjones com copyright 2000 dow jones company inc rights reserved india enron move termination till friday 11 08 2001 business line hindu fin times info ltd asia africa intel wire business line hindu copyright c 2001 kasturi sons ltd rights res mumbai nov 7 enron promoted dabhol power company dpc today agreed mumbai high court take steps towards termination till friday court would hear arguments joint petition filed lenders idbi icici ifci sbi meanwhile multilateral meeting scheduled held singapore november 8 9 sort issues dabhol project called according dpc cancellation followed legal action taken indian lenders company stated would take steps pursuant preliminary termination notices ptn issued may 19 september 10 asset transfer notice issued november 5 friday evening mr justice j patil posted petition hearing friday dpc managing director mr k wade cline communication idbi chairman mr p p vora icici executive director mr mukherji said legal action indian institutions effort prevent dpc foreign investors exercising previously agreed contractual rights said dpc amazed fis move file suit centre specifically requested meetings enron singapore washington dc discuss amicable solution dabhol issue sudden move yesterday indian lenders idbi icici ifci state bank india filed suit mumbai high court seeking stay termination proceedings dpc mr harish salve counsel lenders told court today institutions way protect security approach court lenders want court stay termination process also direction start first phase project mothballed following spat dpc maharashtra state electricity board mseb mr salve told court indian lenders put rs 6 000 crore either direct lending guarantees project lenders caught mseb repudiated power purchase agreement ppa dpc proceeding per ppa november 19 six month cooling period serving first ptn expires dpc becomes eligible serve final termination notice ftn per ppa third party sale plant would possible company serves ftn mseb would obliged take plant per ppa situation mseb pay back entire debt upfront current circumstances near impossible especially since mseb would agree transfer assets acknowledge ppa fis fear company would serve ftn time november 19 chances tata power bses ltd currently two contenders project acquiring project may vanish bureau copyright 2000 dow jones company inc rights reserved dabhol agrees meet fis day long drama bureaux mumbai 11 08 2001 business standard 2 copyright c business standard day dramatic developments enron promoted dabhol power company dpc initially decided attending meeting convened indian financial institutions singapore retaliation case lodged bombay high court subsequently reversed stand indian government institutions informed us new proposal latter buy enron equity dabhol power company said senior official dpc fi sources though confirmed dpc representatives agreed attend meeting singapore denied agreed come new proposal buy enron equity going closed door meeting various issues discussed said declined reveal details earlier day dpc issued statement saying called scheduled meeting indian financial institutions singapore thursday friday following case lodged bombay high court latter indian financial institutions banks filed case high court pleading injunction dpc asked court restrain dpc serving final termination notice maharashtra state electricity board mseb earlier week dpc served transfer assets notice thereby setting stage serving final termination notice tata power bses two companies evinced keen interest buying enron 65 per cent stake dpc also slated attend meeting proposals two companies likely discussed meeting earlier dpc said disappointed legal action taken indian lenders dpc also expressed surprise legal action initiated eve prime minister atal behari vajpayee visit us copyright 2000 dow jones company inc rights reserved dynegy holds talks buy enron inject 1 5 billion shore firm 11 07 2001 dow jones business news copyright c 2001 dow jones company inc dynegy inc houston based energy trading power company attempting strike deal wednesday evening buy enron corp beleaguered hometown rival 7 billion 8 billion stock wall street journal reported merger two would likely scrutinized many months enron ene needs shore beleaguered finances dynegy dyn also expected inject 1 5 billion enron immediately people familiar matter said chevrontexaco corp cvx owns 26 stake dynegy expected provide dynegy funds cash infusion playing significant role negotiations chevrontexaco inject another 1 billion combined company deal concluded stake dynegy substantially reduced terms worked wednesday night enron chairman kenneth lay would seat combined company board hold formal management position said people familiar matter mr lay may take consulting role boards dynegy chevron enron meeting wednesday discuss potential deal seesawing enron stock price complexity transaction yet could derail deal people familiar matter warned several important points including exchange ratio still worked dynegy expected pay modest premium enron stock arguing enron shareholders benefit upside combining two companies enron also expected thursday disclose financial dealings controversial partnerships spokesmen enron dynegy declined comment approved regulators deal would stunning development enron transformed staid natural gas pipeline company highflying power trading giant see share price hefty market valuation plummet matter weeks enron scrambling days line quick financing prominent outside investor discussions private equity firms power trading companies company desperately needs win back credibility wall street following disclosure securities exchange commission investigating partnerships created serve hedge fluctuating market conditions discussions dynegy enron began 10 days ago intensified last weekend enron strike deal hopes stabilize stock price enron fell 6 4 62 cents 9 05 4 p composite trading new york stock exchange one point wednesday morning enron stock fallen 25 news reports enron efforts line investors failed stock recovered cnbc dow jones newswires reported talks dynegy shares new 52 week low far 52 week high 84 88 dynegy fell 3 8 3 33 4 p big board trading however investors believed company share price could benefit deal copyright c 2001 dow jones company inc rights reserved copyright 2000 dow jones company inc rights reserved dynegy reportedly close deal buy enron 8 billion 11 07 2001 associated press newswires copyright 2001 associated press rights reserved houston ap dynegy inc reportedly late stages discussions wednesday night rival enron corp buy embattled energy trading company 8 billion stock roughly 10 per share terms deal enron would receive immediate 1 5 billion cash infusion oil giant chevron texaco holds 27 percent stake dynegy new york times reported web site citing executives close discussion chevron texaco would provide additional 1 billion injection later date times reported dynegy would assume 12 8 billion enron debt plus billions dollars debt kept beleaguered company balance sheet significant contributor current problems enron chairman kenneth lay would given formal management position combined company although would seat board wall street journal reported citing people familiar matter boards companies meeting late wednesday could announce deal early thursday although journal reported transaction could still derailed enron return calls seeking comment dynegy spokesman steve stengel said company would respond rumor speculation wednesday trading dynegy shares 3 close 33 new york stock exchange enron stock 62 cents closed 9 05 shares chevrontexaco rose 48 cents 87 28 nyse enron stock 79 percent since oct 16 company said shareholder equity reduced 1 2 billion part due partnerships managed enron former chief financial officer andrew fastow time enron reported 618 million third quarter loss last month dragged one time charge 1 01 billion attributed various losses fastow ousted week later company financial stability weakened securities exchange commission began inquiry upgraded formal investigation partnerships possible conflicts interest resulting jeff skilling enron former chief executive called testify sec although remains unclear occur said denis calabrese spokesman skilling enron woes prompted considerable speculation possible takeover company wednesday companies mentioned possible suitors included general electric ge capital unit royal dutch shell group duane grubert analyst sanford c bernstein co said merger enron dynegy makes sense think dynegy could good fit terms understanding merchant business similar culture grubert said enron initially proactive teaming non competitors exhausted route went another direction past weeks enron cashed 3 billion revolving credit various banks shore investor confidence last week enron secured 1 billion new financing using natural gas pipeline assets collateral meanwhile standard poor corp wednesday lowered ratings enron credit linked notes placed creditwatch p said enron plan repair damaged balance sheet asset sales means insufficient moody investors service fitch inc also downgraded company credit ratings last week enron announced created special committee headed university texas law school dean william powers respond sec investigation net http www dynegy com http www enron com copyright 2000 dow jones company inc rights reserved usa wrapup 2 enron dynegy merger talks andrew kelly 11 07 2001 reuters english news service c reuters limited 2001 houston nov 7 reuters dynegy inc talks buy troubled enron corp deal would involve stock swap 1 5 billion capital infusion chevrontexaco big stake dynegy source close talks said wednesday deal could announced officially week expected give source called modest premium enron shareholders whose stock plummeted value fast moving financial crisis enveloped company dynegy merger would catapult top energy trading industry dominated enron last year company 29 billion revenues compared 100 billion enron enron would cap astonishingly rapid fall grace company long ago ballyhooed one world innovative mention profitable source said form chevrontexaco capital infusion yet clear chevron recently merged texaco one dynegy founding investors still owns 26 5 percent company stock hammered enron seen stock hammered credit ratings lowered recent weeks reporting first quarterly loss four years taking 1 2 billion equity writedown linked financial transactions investigation u securities exchange commission enron shares traded high 90 august last year dropped 10 year low 7 wednesday trading session rallying news dynegy talks stock ended 62 cents 9 05 volume 72 4 million shares day active issue new york stock exchange dynegy stock fell 3 33 enron nation largest trader natural gas electricity fire failing explain balance sheet transactions conducted partnerships run ousted chief financial officer andrew fastow investors said reeked conflict interest demanded full explanation never got fastow left company last month become growing line high profile departures enron topped august resignation chief executive jeff skilling six months job crisis undermined confidence enron financial stability turn forced company seek cash credit back energy trading operations provide revenue earnings new york times said wednesday enron approached least dozen buyout firms investor warren buffett chairman berkshire hathaway inc none took bait analysts said would investors wary one knows financial liabilities lurk enron labyrinthine books firesale andre meade commerzbank securities said firesale price enron apparently attractive pass certainly enron 9 share appeals energy companies dynegy appears one looking putting something together said contrast dynegy rival el paso corp said wednesday wanted part enron except perhaps hard assets el paso also said enron perhaps neither big important markets analysts believe enron goes away think going happen hope happen see market missing beat frankly ralph eads head el paso merchant energy business told meeting analysts eads said el paso calculates enron accounts 10 percent trading u wholesale gas power well 25 percent usually attributed analysts least one company apache corp said ended hedging agreements concerns increasing risk energy derivatives market caused enron crisis pat wood chairman federal energy regulatory commission told reporters agency keeping eye markets watching enron effect watching impact enron firm would overall workings market intervening agencies jurisdiction said copyright 2000 dow jones bloomberg says chevron 27 stake dynegy add 1 5 billion deal deal expected stock swap small premium enron wednesday closing price 9 05 enron 7 cents hours trading dynegy 34 cents 33 34 merger would amount rescue houston energy trading giant enron whose stock plunged nearly 90 recent weeks company revealed shadowy deal caused 1 2 billion hit equity controversial deal investigation securities exchange commission led ousting company cfo andrew fastow deluge bad news prompted energy companies reduce dealings enron serious development trading company dynegy board meeting wednesday afternoon discuss merger enron board scheduled consider combination wednesday evening dynegy spokesman declined comment citing company policy commenting market rumors enron spokespersons return calls chevron declined comment chevron involvement appears critical deal gain approval rating agencies dynegy balance sheet strong enough acquire enron therefore chevron expected raise stake dynegy possibly make immediate cash infusion enron size infusions good indication bad things gotten enron stock plummeting enron facing mounting debt crisis 12 billion direct debt nearly 9 billion potential liabilities affiliates company running options recently drew 3 billion existing credit lines gained additional 1 billion credit secured pipeline business enron debt downgraded recent days three main credit rating agencies sources say number potential investors approached warren buffett berkshire hathaway brka nyse news commentary royal dutch shell rd nyse adr news commentary little success general electric ge nyse news commentary capital division said held multiple talks enron resolution dynegy may motivated significant exposure enron enron failed dynegy could faced serious disruption large losses two firms trading partners number contracts relationship dynegy could contracts purchase commodity like power natural gas enron committed sell commodity another buyer enron failed deliver domino effect could significant economic impact dynegy energy trading firms exposure sources speculate dynegy exposure significant peers enron much 20 day dynegy stock 8 regular session bonds also skidded rumors deal azurix corp closes sale azurix north america 11 07 2001 pr newswire copyright c 2001 pr newswire houston nov 7 prnewswire azurix corp announced today completed sale wholly owned subsidiaries azurix north america corp azurix industrial corp american water works company inc contract price payable cash 141 5 million subject customary adjustments sale also includes american water works assuming 6 1 million debt transaction demonstrates progress making previously announced decision sell certain azurix assets said john garrison azurix president ceo even though longer fits plans azurix north america excellent business pleased employees operations taken american water works clear industry leader azurix corp affiliate enron corp global company owns operates manages water wastewater assets provides water wastewater related services revenues 1 5 billion american water works company nation largest publicly traded enterprise devoted exclusively water wastewater business 6 300 associates provide ongoing water resource management services businesses communities 27 u states three canadian provinces information found web www amwater com make opinion count click http tbutton prnewswire com prn 11690 x 27241226 contact john ambler azurix corp 1 713 646 6423 19 00 est copyright 2000 dow jones company inc rights reserved