enron mentions usa dynegy sees nasty surprises enron reuters english news service 11 12 01 usa update 2 enron dynegy shares rise despite mixed reviews reuters english news service 11 12 01 arb traders view enron stock risky buy dow jones news service 11 12 01 energy companies still shy enron despite dynegy deal dow jones energy service 11 12 01 dynegy enron officials confident merger clear scrutiny associated press newswires 11 12 01 dynegy call 4 held talks ratings agencies dow jones news service 11 12 01 dynegy conference call demand jams phone lines internet dow jones energy service 11 12 01 dynegy enron deal update cnnfn market coverage morning 11 12 01 innogy resumes trading enron 14 day break dow jones energy service 11 12 01 dynegy pres enron core business strong dow jones news service 11 12 01 usa enron advisors seen mulling investment wsj reuters english news service 11 12 01 duke owed 100 mln enron executive says update 2 bloomberg 11 12 01 dynegy shares surge agrees buy enron update 3 bloomberg 11 12 01 dynegy charles watson transcript interview bloomberg 11 12 01 dynegy sees enron rating remaining investment grade update 5 bloomberg 11 12 01 dynegy calls sec probe enron financial noise update 5 bloomberg 11 12 01 usa dynegy sees nasty surprises enron andrew kelly 11 12 2001 reuters english news service c reuters limited 2001 houston nov 12 reuters dynegy inc said monday foresee damaging disclosures enron corp slammed news murky balance sheet transactions could derail planned takeover beleaguered energy trading giant however dynegy said drop 9 billion offer bad news emerges pending lawsuits enron lead 3 5 billion costs dynegy also expressed confidence takeover announced friday win u regulatory approval really good deal confidence absolute guarantee going fine said dynegy chief executive officer chuck watson pressed possibility troubling disclosures enron watson said dynegy run deal worst case scenarios concluded made good business sense investors apparently agreed bidding dynegy shares 5 55 14 3 percent close 44 31 new york stock exchange enron shares gained 61 cents 7 1 percent 9 24 deal valued enron stock 10 41 enron agreed dynegy buyout overwhelmed series problems including u regulatory probe balance sheet dealings 1 2 billion cut shareholder equity damaging credit rating downgrades watson cause concern new disclosures enron last thursday said internal probe showed earnings overstated 600 million since 1997 conference call analysts monday dynegy executives emphasized confidence future combined company including annual projected earnings per share growth 15 percent 20 percent next three years also fielded barrage questions well dynegy insulated surprises kind slashed enron market value last week barely one tenth almost 80 billion valued august 2000 dynegy doubts huge liabilities ensure unpleasant disclosures dynegy wrote called material adverse change clauses deal allowing walk away enron serious deterioration businesses assets particular dynegy turn back deal pending litigation enron including stack lawsuits filed angry investors lost fortune leads costs 3 5 billion chief financial officer rob doty said highly unlikely threshold would reached even substantial settlement reached stockholder suits commerzbank securities analyst andre meade said yet convinced stream bad news enron think dynegy making big bet successfully clean problems enron said ubs warburg analyst jay yannello said hearing management discuss deal reassured could address tough questions breath fresh air enron tight lipped response investors analysts said deal could thwarted regulators concerns dynegy would powerful merging enron currently north america biggest buyer seller natural gas electricity watson said dynegy would work hard explain deal regulators led federal energy regulatory commission doubt eventually pass muster really confident line going able convince really best interest energy industry well two respective companies said gas pipeline option break fees dynegy executives also said would complicated financing arrangements kind triggered enron downfall new dynegy able keep top enron executives traders defecting rival firms enron officials declined comment reports banks j p morgan citigroup considering pumping extra 500 million capital enron oil company chevrontexaco inc major dynegy stockholder already agreed inject 1 5 billion enron immediately keep afloat merger completed dynegy expects take six nine months enron backs deal accept higher offer would pay 350 million breakup fee dyegy deal breaks reason dynegy would allowed exercise option acquire enron northern natural gas pipeline subsidiary copyright 2000 dow jones company inc rights reserved usa update 2 enron dynegy shares rise despite mixed reviews 11 12 2001 reuters english news service c reuters limited 2001 new third paragraph points gap enron stock price value dynegy offer janet mcgurty new york nov 12 reuters shares enron corp climbed higher monday investor enthusiasm last week 9 billion bid rival energy trader dynegy inc take beleaguered energy giant dynegy gained 5 55 14 3 percent 44 31 afternoon trade new york stock exchange shares enron rose 69 cents 8 percent 9 32 takeover announced friday halted free fall enron stock lost 75 percent market capitalization past month however enron stock trading well value dynegy offer 0 2685 dynegy shares enron share translates 11 94 per share analysts said likely reflected doubts investors minds whether deal includes escape clauses dynegy go industry analysts said impressed upfront details offered dynegy conference call analysts face compared calls enron lack transparency enron balance sheet transactions along u regulatory investigation sparked widespread investor unease would say listening conference call even comfortable initial judgment projections conservative said jay yannello analyst ubs warburg earlier yannello reiterated strong buy dynegy saying brokerage underestimate enormous challenge hand takeover yield biggest credible energy merchant world dynegy one fifth size enron measured revenues enron woes came light mid october biggest energy trader north america disclosed balance sheet partners contributed 1 billion charge 1 2 billion reduction shareholder equity takeover attractive transaction enron trading operations combined dynegy board culture based teamwork strict values honesty yield formidable company yannello said dynegy continues due diligence continue comfortable fact another shoe drop adequate protection arrangement either absorb impact event get deal worst case scenario said view near long term upside potential deal staggering added low risks high rewards however last week antitrust lawyers said deal closely examined federal trade commission combined company market share energy trading said steve newborn formerly charge ftc merger enforcement monday ratings agency fitch downgraded ratings marlin osprey two enron balance sheet partnerships covering 3 3 billion senior secured notes deterioration enron credit profile lowered ratings consistent actions taken enron said fitch credit analyst ralph pellecchia added aware material impact moves could enron downgrade expected gordon howald analyst credit lyonnaise securities also said favorably disposed toward takeover called low risk high reward proposition critical component immediate 1 5 billion equity infusion dynegy shareholder chevrontexaco enron bolster enron help keep viable appears dynegy enough clauses least protect decides pursue transaction future said howald however howald said convinced offensive move dynegy rather defensive move protect industry potential enron bankruptcy even defensive dynegy walks away deal rights enron northern natural gas pipeline produced half enron pipeline earnings 350 million cash said doubts persist analysts less sanguine said dynegy making big bet successfully clean enron balance sheet problems well integrate trading marketing business without losing lot key traders volumes enron principal valuable asset traders people mobile said andre mead analyst commerzbank said expects six nine month period uncertainty companies could lose key trading personnel meade also said enron restatement earnings called question quality sources earnings convinced bad news related balance sheet vehicles disclosures concerning entities made said dynegy put bearish assumptions decided bid enron jury enron deeply troubled company said copyright 2000 dow jones company inc rights reserved arb traders view enron stock risky buy janet whitman dow jones newswires 11 12 2001 dow jones news service copyright c 2001 dow jones 201 938 5248 janet whitman dowjones com copyright 2000 dow jones company inc rights reserved energy companies still shy enron despite dynegy deal jon kamp john edmiston andrew dowell dow jones newswires 11 12 2001 dow jones energy service copyright c 2001 dow jones company inc new york dow jones credit concerns led u energy companies continue restrict dealings enron corp ene monday despite last week announcement company agreed acquired dynegy inc dyn trading counterparties enron core north american electricity natural gas markets said necessary transactions low risk short term deals houston based giant monitored developments enron credit rating last week value risk enron considerably said al butkus spokesman aquila corp ila leading trader north american power gas even today comments similar made others market butkus said aquila wants see improvement enron credit rating increase exposure strength dynegy announcement alone 8 85 billion dynegy buyout announced friday done deal enron remains serious credit risk deal go power trader working markets east rockies said seems concern dynegy quite opportunities get trader said added another announcement changed anything enron spokesman eric thode said contrary company seen dramatic increase trading business monday levels seen end last week today figures line much larger thursday friday thode said certainty deal dynegy takes away fears question marks volumes enrononline company internet based trading platform expected top 5 000 transactions monday around 4 000 thursday friday near 30 day rolling average 5 600 5 800 thode said volumes beginning last week topped 6 000 said sure traders generally saw dynegy buyout announcement sign enron prospects improved traders regions said seeing normal activity enrononline last week reduced volumes still credit concerns preventing many market business enron standard poor moody investors service rate enron credit lowest level investment grade company negative credit watch review downgrade absence deal dynegy one like enron ratings would fall junk bond territory p analysts said conference call monday reported dynegy acquisition agreement allows company walk away enron additional legal financial liabilities exceed 3 5 billion also material adverse change provisions officials said energy markets ratings agencies also waiting dynegy make good pledge inject 1 5 billion immediately enron shore finances infusion cash would stabilizing event moody said last week charlie sanchez energy marketing manager gilber 201 938 4430 andrew dowell dowjones com jon kamp chicago john edmiston houston contributed article copyright 2000 dow jones company inc rights reserved dynegy enron officials confident merger clear scrutiny juan lozano associated press writer 11 12 2001 associated press newswires copyright 2001 associated press rights reserved houston ap executives dynegy inc enron corp believe plan merge nation two dominant energy marketing companies overcome federal antitrust scrutiny leading completed deal next summer really confident line able convince federal regulators best interest energy industry two companies said chuck watson chairman chief executive officer dynegy investors pleased deal bail mighty troubled enron sent shares companies soaring monday midday trading enron shares 10 5 percent dynegy shares rose 12 percent steve bergstrom dynegy president said closest regulatory scrutiny would come federal energy regulatory commission expected antitrust hurdles would cleared within next six nine months deal worth least 9 billion announced friday dynegy also assume 13 billion enron debt enron became takeover target stock plunged 80 percent recent weeks concerns nation top buyer seller natural gas revealing serious financial problems shareholders dynegy officials pledged monday tolerate sort financial practices prompted enron acknowledge last week overstated earnings 20 percent since 1997 kept half billion dollars debt company books financial practices included business partnerships investigation securities exchange commission dynegy manage new company way managed old company substantially simplify balance sheet said rob doty dynegy chief financial officer merger completed enron name disappear watson serve chairman chief executive combined company dynegy stockholders 64 percent new company enron stockholders hold rest enron stock price began free fall enron announced 618 million third quarter loss oct 16 disclosed 1 2 billion reduction shareholder equity related partnerships followed news sec investigation enron responded firing chief financial officer andrew fastow ran partnerships scrambled get cash increase credit lines regain investor confidence investors respond dumped enron shares sending stock plummeting deal merge companies announced stock markets closed friday investors reacted positively news monday midday trading dynegy shares rose 4 63 43 39 new york stock exchange enron shares 91 cents 9 54 nyse still much lower 52 week high 84 87 copyright 2000 dow jones company inc rights reserved dynegy call 4 held talks ratings agencies 11 12 2001 dow jones news service copyright c 2001 dow jones company inc dynegy bergstrom said expects acquisition enron receive needed regulatory approvals close within next six nine months addition approval securities exchange commission deal must approved federal energy regulatory commission expect ferc pacesetter bergstrom said deal closes dynegy expects enron sufficient interim liquidity doty said cash infusion immediately put rest liquidity concerns based conversations dynegy leading credit rating agencies management expects enron ratings remain investment grade doty said meanwhile dynegy ratings expected affirmed current ratings placed watch downgrade transaction completed said according doty dynegy expects debt capital ratio 40 acquisition closes enron said comment reports published wall street journal monday said bankers j p morgan chase co jpm citigroup inc c considering making additional 500 million investment enron copyright 2000 dow jones company inc rights reserved dynegy conference call demand jams phone lines internet 11 12 2001 dow jones energy service copyright c 2001 dow jones company inc houston dow jones monday morning conference call dynegy inc dyn enron corp ene discuss proposed merger hundreds listening phone thousands via website unknown number unable access either call webcast able accommodate 925 people phone said jennifer rosser dynegy spokeswoman company originally reserved 750 phone lines conference call approximately 30 000 people logged onto webcast rosser said limit number crashed webcast unable hear call waited 10 minutes told phone lines reserved conference call taken web site also took potential user information came back message saying webcast unavailable merger agreement dynegy would purchase enron 8 billion 9 billion plus debt announced friday monday morning first time lot people opportunity hear executives talk merger rosser said replay conference call may heard calling 888 568 0511 replay available 1 p est today 6 p est friday erwin seba dow jones newswires 713 547 9214 erwin seba dowjones com replay monday morning conference call executives dynegy inc dyn enron corp ene available 1 888 568 0510 item published 12 24 p est 1724 gmt misstated phone number copyright 2000 dow jones company inc rights reserved p says fully understand enron partnerships christine richard michael barr dow jones newswires 11 12 2001 capital markets report copyright c 2001 dow jones company inc new york dow jones enron corp ene retained investment grade rating dynegy inc dyn bid take beleaguered company restored much needed investor confidence standard poor analysts said monday conference call fact absence deal put forward last week dynegy enron would rated low double b high single b p analysts said p recently lowered enron rating triple b minus triple b leaving one notch speculative grade status important enron substantial trading operations heavily reliant strong credit rating alleviate counterparty credit concerns p also said monday placing dynegy rating review possible downgrade following news dynegy making stock stock bid enron p assigned dynegy senior unsecured debt rating triple b p officials stressed weighed heavily enron rating last weeks declining investor confidence company danger imminent bankruptcy default said ron barone p analyst however p read investor confidence enron viable right said one analyst p analysts stated might fully understand enron partnerships little uncertainty partnerships enron said barone p analysts added understand financial impact partnerships disclosed enron stock bonds battered since company revealed extent dealings partnerships set run former chief financial officer andrew fastow p assuming enron disclosed relevant information partnerships may details forthcoming special committee established enron goes work added p downgrade enron triple b minus due erosion investor confidence analysts stressed enron negative creditwatch heads enron counterparties said analyst p analysts said despite decision place dynegy negative creditwatch ratings could remain level triple b happen necessary dynegy dispose non core assets could impair new dynegy balance sheet said 201 938 2008 michael barr dowjones com christine richard dow jones newswires 201 938 2189 christinerichard dowjones com copyright 2000 dow jones company inc rights reserved india utilities value enron indian assets lender 11 12 2001 reuters english news service c reuters limited 2001 bombay nov 12 reuters two indian private utilities start valuing dabhol power co assets days prelude possibly buying u energy major enron corp majority stake industrial development bank india idbi said monday tata power co bses ltd wish start due diligence inspect financial records operations view arriving offer price dabhol 2 9 billion power plant west coast india project lead lender said statement enron seeking exit project since may task finding buyer taken urgency desperate financial troubles home largest u energy trader agreed bought smaller rival dynegy inc tries salvage crumbling business empire idbi statement comes three days closed door negotiations weekend singapore indian lenders representatives enron officials tata power india largest private power company another leading private utility bses ltd also attended meeting two companies emerged potential candidates buying entire 85 percent foreign holding dabhol build run 2 184 mw plant country largest foreign direct investment enron owns 65 percent dabhol general electric co bechtel corp 10 percent maharashtra state electricity board holds remaining 15 percent sale price shareholding enron associates dpc would decided concerned parties mutual negotiations statement idbi said officials lending institutions said given troubles home enron could willing sell stake considerable discount indian banks institutions provided loans guarantees around 1 4 billion plant old dispute first phase enron controversial indian project completed work second phase abruptly stopped june following bitter dispute enron local utility maharashtra state electricity board plant sole buyer cash strapped indian utility 1995 contracted buy power dabhol later said need power costly dabhol said would prefer resolve dispute board amicably felt discussions power plant indian lenders government progressing current round negotiations bear fruit enron may terminate contract file damages international court arbitration london country largest term lender idbi indian lenders consortium like icici ltd state bank india already moved indian court prevent dpc issuing final notice terminate contract loss making board fear enron unable sell stake terminates contract utility could end defaulting loans dabhol served preliminary notice may terminate project serve final notice six month cooling period fails produce solution six month deadline ends november 19 copyright 2000 dow jones company inc rights reserved fitch downgrades marlin water trust ii osprey trust 11 12 2001 business wire copyright c 2001 business wire new york business wire nov 12 2001 fitch downgraded 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 bb bbb ratings removed rating watch negative placed rating watch evolving rating actions result deterioration enron overall credit profile since securities placed rating watch negative oct 26 2001 noted previous press releases ratings transactions rely various forms support enron corp significant factor establishing ratings two trusts last friday announced agreement merge enron dynegy inc positive implications transaction enron credit profile rating marlin ii notes dependent overfund account pre funded interest equity commitment enron form mandatorily convertible preferred stock overfund account invested enron senior debt securities rated bbb rating watch evolving payments used service interest noteholders payment principal ultimately relies enron obligation remarket mandatorily convertible preferred securities fitch currently rates enron preferred securities b rating watch evolving addition transaction also benefits rights 125 million loan azurix europe limited rated bbb fitch similarly rating osprey notes based underlying ratings assets overfund account share trust used support interest payments equity commitment enron remarket mandatorily convertible preferred stock fund principal payments assets supporting interest payments include enron unsecured obligations well quarterly interest payments mandatorily convertible preferred stock issued held share trust 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 th 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 considered ratings fitch view enron payment obligation equal enron guarantee 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 contact fitch donna didonato 1 212 908 0637 ralph pellecchia 1 212 908 0586 hugh welton 1 212 908 0746 new york 10 40 est november 12 2001 copyright 2000 dow jones company inc rights reserved usa enron dynegy shares rise amid mixed investor view 11 12 2001 reuters english news service c reuters limited 2001 new york nov 12 reuters shares enron corp rose early monday rival energy trader dynegy inc agreed buy beleaguered energy giant 9 billion deal analysts took mixed view shares dynegy gained 2 24 5 8 percent 41 early trade new york stock exchange shares enron rose 73 cents 8 9 percent 9 40 industry analysts divided outlook dynegy houston based energy trader one fifth size revenue terms enron biggest energy trader north america jay yannello ubs warburg reiterated strong buy dynegy saying brokerage underestimate enormous challenge hand takeover yield biggest credible energy merchant world enron trading operations combined dynegy board culture based teamwork strict values honesty yield formidable company view near long term upside potential deal staggering said gordon howald analyst credit lyonnaise securities also said favorably disposed toward takeover called low risk high reward proposition critical component immediate 1 5 billion equity infusion dynegy shareholder chevrontexaco enron bolster enron help keep viable appears dynegy enough clauses least protect decides pursue transaction future said howald however howald said convinced indeed offensive move dynegy part rather defensive move protect industry potential enron bankruptcy even defensive dynegy walks away deal rights enron northern natural gas pipeline produced half enron pipeline earnings 350 million cash said carol coale analyst prudential financial houston maintained buy rating dynegy remains skeptical outcome merger looks good paper hinges certainty enron future earnings per share said enron restated net income past four years believe accounting basis complex financial transactions called question copyright 2000 dow jones company inc rights reserved usa dynegy sees 15 20 pct earnings growth enron 11 12 2001 reuters english news service c reuters limited 2001 houston nov 12 reuters dynegy inc said monday expects 15 20 percent annual earnings growth next three years following planned acquisition larger energy trading rival enron corp earnings growth projection made dynegy chief financial officer rob doty conference call analysts dynegy said friday agreed buy enron stock swap worth 9 billion offering enron stockholders 0 2685 shares dynegy stock exchange enron share dynegy also assume 2 billion preferred stock 13 billion debt enron dynegy launched acquisition plan enron became engulfed series problems including investigation u regulators balance sheet financing deals series damaging downgrades credit rating agencies copyright 2000 dow jones dynegy seen stocks turn around fact futures closed lower plane crashed queens markets poised open higher began selling recovered somewhat going go markets desk chris tracking things us chris chris huntington cnnfn correspondent markets desk rhonda telling transportation issues hit hard new york transportation transportation index right 2 4 percent 56 points let look big movers obviously airline stocks punished delta air lines url http www delta air com 3 continental airlines url http www continental com 2 ual url http www ual com parent united 1 30 amr url http www amrcorp com parent american 2 60 usairways url http www usairways com stock nearly 10 percent hotel stocks many issues sold sharply following september 11 th attacks obvious reasons hotel stocks four seasons url http www fshr com nearly 3 marriott 1 70 starwood url http www starwoodlodging com operator big casinos 1 35 host marriott url http www hostmarriott com hilton hotels url http www hilton com also sharply 5 percent 10 percent respectively aircraft parts makers aircraft makers boeing url http www boeing com shares 5 percent lockheed martin url http www lockheedmartin com even though big defense stock moved sharply september 11 th little bit sale see lockheed martin shares general electric url http www ge com shares 1 11 believed possibly kind engine failure involved preliminary eyewitness reports united technologies url http www utc com also pratt envision technologies url http www edvcorp com leading maker bomb detection hardware airport use theoretically detect bombs checked baggage 1 58 viisage technology url http www viisage com also identification technology company magal security concentrates called perimeter security motion detectors osi systems url http www osi systems com cargo checking provide cargo checking provides cargo checking security systems optically oriented way another big business deal nothing plane crash situation dynegy url http www dynegy com enron url http www enron com held conference call morning trying explain analysts media exactly deal transpired may know dynegy agreeing buy enron stock swap trading basically 27 shares dynegy enron fixed pricing date set far typically way work average period pricing basically right dynegy shares sharply took look dynegy shares close 43 share would price enron 11 50 sharp premium enron closed weekend basically nothing new coming execs think good deal believe bad news enron books table rhonda schaffler ok thank chris going rejoin cnn coverage crash amr flight 587 copyright 2000 dow jones company inc rights reserved innogy resumes trading enron 14 day break 11 12 2001 dow jones energy service copyright c 2001 dow jones 44 0 20 7842 9345 sarah spikes dowjones com copyright 2000 dow jones company inc rights reserved dynegy pres enron core business strong christina cheddar dow jones newswires 11 12 2001 dow jones news service copyright c 2001 dow jones company inc new york dow jones dynegy inc dyn chairman chuck watson said sees nothing upside ahead company planned acquisition enron corp ene announced late friday addition sound strategic move deal injects confidence energy markets said watson founder houston energy trading firm conference call held monday discuss 8 85 billion takeover enron friday dynegy confirmed widely speculated deal announcing would buy cross town rival stock swap values enron share 0 2685 dynegy share sale enron quarter share price month ago quarter time high 90 share reached last year follows abrupt turn enron fortunes last week enron nation biggest trader natural gas electricity admitted financial statements going back 1997 relied upon would restated company made accounting errors recording transactions limited partnerships company also misstated level debt shareholder equity period enron partnership dealings investigated securities exchange commission sparked number shareholder lawsuits past month new revelations enron web partnerships balance sheet financing vehicles uncovered almost daily conference call kenneth lay enron chairman chief executive said reflective time lay transformed enron natural gas pipeline company dynamic energy trading company darling wall street clearly mind lay said expect create world next leading energy trading company merging enron another company enron officials said continuing internal investigations accounting practices disclosed anything everything found far lay said enron president chief operating officer greg whalley remain dynegy merger executive vice president said enron host conference call later week discuss recent events company call likely held wednesday said light uncertainty surrounding enron financial dealings surprising quite number questions conference call focused company liquidity potential liabilities dynegy would assume transaction dynegy acquisition agreement allows company walk away enron additional legal financial liabilities exceed 3 5 billion also material adverse change mac provisions officials said upon closing acquisition dynegy expects post reserves cover cost outstanding litigation said dynegy doty believe adequately bracketed downside said dynegy watson substantial substantial material change already know want minimize impact mac outs according dynegy bergstrom economics transaction assumed potential risk outstanding lawsuits even worst case substantial amount economic value watson said dynegy expects continue due diligence months leading deal close bergstrom said dynegy examination business far turned surprises enron core energy trading business bergstrom said however merger agreement provisions case company examination reveal bergstrom said expect find anything material said adding enron core energy business strong based current information dynegy expects acquisition increase earnings 35 90 cents 95 cents share taking account expected merger cost savings result dynegy expects full year pro forma earnings 2002 range 3 40 3 50 share according thomson financial first call analysts expecting dynegy earn 2 57 share next year 2000 company earned 1 43 share items dynegy estimated cost savings acquisition 400 million 500 million ratio stock enron shareholders paid fixed collar limit range said dynegy spokeswoman walkaway provision deal terminated dynegy rights enron northern natural gas pipeline 1 5 billion cash infusion provide company immediately dynegy able give enron cash infusion immediately chevrontexaco corp cvx owns slightly fourth dynegy invest 2 5 billion dynegy deal 350 million topping fee dynegy spokeswoman said explained either party decided terminated transaction party would owe topping fee acquired another party dynegy bergstrom said expects acquisition enron receive needed regulatory approvals close within next six nine months addition approval securities exchange commission deal must approved federal energy regulatory commission expect ferc pacesetter bergstrom said deal closes dynegy expects enron sufficient interim liquidity doty said cash infusion immediately put rest liquidity concerns based conversations dynegy leading credit rating agencies management expects enron ratings remain investment grade doty said meanwhile dynegy ratings expected affirmed current ratings placed watch downgrade transaction completed said according doty dynegy expects debt capital ratio 40 acquisition closes enron said comment reports published wall street journal monday said bankers j p morgan chase 201 938 5166 christina cheddar dowjones com copyright 2000 dow jones company inc rights reserved usa enron advisors seen mulling investment wsj 11 12 2001 reuters english news service c reuters limited 2001 new york nov 12 reuters enron corp advisors j p morgan chase co citigroup inc considering investments 250 million troubled energy trading giant wall street journal said monday citing people familiar matter newspaper said word possible investment helped bolster enron financial outlook negotiated 9 billion merger dynegy inc announced late friday move would unusual investment bankers traditionally put money takeover deals help negotiate journal said quoted sources saying word possible investments may helped fend possible deal breaking downgrade enron debt moody investor services potential stumbling block dynegy deal concern credit rating agencies particularly moody worsening financial condition enron journal said copyright 2000 dow jones company inc rights reserved duke owed 100 mln enron executive says update 2 2001 11 12 17 07 new york duke owed 100 mln enron executive says update 2 adds duke balance sheet debt sixth paragraph charlotte nov 12 bloomberg duke energy corp largest u utility owner said owed 100 million energy trading enron corp exposure duke enron material jim donnell chief executive duke u trading unit duke energy north america said conference call vast majority transactions backed cash bank said maximum exposure 100 million continue trade enron today past duke said last month third quarter earnings interest tax trading power generation doubled 618 million time year earlier shares charlotte based duke rose 39 cents 40 05 fallen 6 percent year rivals including mirant corp aquila inc said shifted transactions away enron biggest energy trader enron agreed friday purchased dynegy 23 billion stock assumed debt concerns losses affiliated partnerships helped drive enron shares 75 percent since oct 16 duke 621 million debt three joint ventures balance sheet chief financial officer robert brace said created partnerships take debt books said duke expects minimal affect trading business dynegy acquisition enron companies expect complete third quarter next year donnell said call trading platforms said concern us getting together shares dynegy surged 5 55 14 percent 44 31 enron rose 61 cents 9 24 companies based houston dynegy shares surge agrees buy enron update 3 2001 11 12 17 05 new york dynegy shares surge agrees buy enron update 3 adds watson comment importance chevrontexaco 10 th paragraph houston nov 12 bloomberg dynegy inc shares rose 14 percent chief executive officer chuck watson told investors company planned 23 billion purchase enron corp boost earnings 35 percent next year shares dynegy rose 5 55 44 35 enron rose 61 cents 7 1 percent 9 24 companies announced stock market closed friday enron largest energy trader agreed acquired smaller rival dynegy 8 billion stock 15 billion assumed debt deal consummated 2003 could banner earnings year dynegy said gordon howald credit lyonnais securities analyst raised rating dynegy buy add shares could significantly set apart peers solidify position energy merchant market leader purchase add 90 95 cents share earnings 2002 dynegy predicted friday dynegy expected earn 2 57 next year expects 2002 earnings 3 40 3 50 dynegy net income 2 billion 2003 merger closes chris ellinghaus energy analyst williams capital group said report dynegy 2000 net income 501 million chevrontexaco backing robert doty dynegy chief financial officer today predicted enron keep investment grade rating acquisition completed doty said expects mid bbb credit rating combined company near lowest investment grade rating falls investment grade enron could forced buy back bonds early partnerships much 3 3 billion key element moody maintaining rating backing buyout chevrontexaco corp support watson said chevrontexaco provide 1 5 billion enron immediately 1 billion dynegy merger closes chevrontexaco second biggest u oil company owns 26 percent dynegy stepping reassured investors dynegy would enough money operate merger even problems enron partnerships disclosed analysts company officials said emphasize enough important relationship chevron company watson said enron battling cash crunch loss investor confidence questions partnerships started put control senior executives investors feared company using partnerships hide losses debt today stock plunged 90 percent year financial noise last week enron restated earnings four years include losses affiliated partnerships reducing earnings 586 million interview merger announced watson said convinced enron trading operations sound described disclosures affiliated partnerships financial noise enron trading provides 97 percent revenue financial noise partnerships maybe damaged enron brand bit watson said tell impacted high regard industry places enron trading business said acquisition completed dynegy get enron energy advising business helps companies find ways cut electricity natural gas costs dynegy trying develop business said jim walline fund manager lutheran brotherhood owned 306 000 dynegy shares 93 000 enron shares sept 30 rise dynegy share price increased offer value 11 85 one fourth enron average stock price last 12 months dynegy looks like steal walline said dynegy cancel acquisition enron legal liabilities exceed 3 5 billion doty said amount includes possible awards enron shareholder lawsuits shareholders accused enron executives improperly profiting partnerships disclosing effects company earnings protecting shareholders fully believe management thought every downside scenario protect dynegy shareholders said james yannello analyst ubs warburg rates dynegy strong buy shares think odds exhausting 3 5 billion cushion low dynegy officials said plan form limited partnerships similar formed enron run company much conservatively financial point view expect anything like happen future doty said enron expect find losses partnerships affiliated companies already place enron chief financial officer jeffrey mcmahon said could possibly mcmahon said expect done awful lot work fair say investigation remains ongoing moody investors service friday lowered rating enron long term debt baa 3 one notch junk credit ratings company today placed dynegy illinova utility units review possible downgrade enron buyout energy traders began limiting trade enron last month plunging stock price prompted concerns creditworthiness said today resumed normal dealings continuing trade limited basis continue proposed dynegy buyout develops said james peters spokesman atlanta based energy trader mirant corp enron dynegy competitor asset sales dynegy officials said intend sell enron non trading assets though set timeline sales company said expects get regulator approval deal six nine months dynegy chief operating officer stephen bergstrom said expects u federal energy regulatory commission approval come last market lot bigger enron mirant peters said friday dynegy said annual revenue 200 billion 22 000 megawatts electric generating capacity 25 000 miles pipeline merger company save much 500 million year tax winding enron business outside trading pipelines cutting costs dynegy said buyout happens one attractive energy related companies world said donald coxe manages 78 000 enron shares harris insight equity fund dynegy charles watson transcript interview 2001 11 12 16 30 new york following unofficial transcript bloomberg l p guarantee accuracy transcript new york nov 12 bloomberg following transcript bloomberg interview charles watson chief executive officer dynegy inc reporter dean shepherd shepherd back would top story news plane crash dynegy says convinced enron trading operations sound company agreed late friday know buy rival 23 billion stock debt terms deal break like dynegy investors get 10 40 share enron share 21 percent premium based friday closing price last week enron restated earnings four years actually bit include losses three affiliated partnerships taking look enron shares trading right see enron continuing rally picking another 99 cents 9 62 dynegy sharply 5 24 44 even joining us studio chuck watson chairman ceo dynegy chuck good morning watson good morning shepherd good see watson good see shepherd buy enron buy appearances last month mess watson well think important understand mess everybody talking core business mess partnerships litigation surrounding partnerships core business really materially impacted knew business counterparties enron time little bit competitive advantage terms looking unique position mean know people right houston right across street us know lot people think core business affected tremendous pipeline operation outstanding leader years got market trading organization north america europe viewed core business would retain sound pristine fact investments outside inside u outside u stellar shepherd wondered sat chair last week reported enron restating earnings wondered loud whether restating result going team taking look books watson true actually got internal investigation going time provided us lot comfort well benefit going weeks even got clearly something think forthcoming soon know facts reporting actually wanted get information know boiled economics transaction shepherd portions business expect shed watson well obviously already 4 billion assets sale including portland general 3 billion shepherd right watson international assets take hard look really core dynegy really transaction one things done inserting chevron texaco chevron 2 5 billion 1 5 billion front money enron able raise give us time fire sale anything fundamentally assets outside u something core business shepherd satisfied bad news satisfied something hiding going throw curve watson well tell said internal investigation going smartest attorneys know accountants awful lot work done everything found disclosed obviously expect anything else protect shareholders course got material adverse changes conditions know could get us transaction know find something shepherd walk away see something watson sure shepherd tough going win regulatory approval lot speculation really going hands full convincing regulators doable deal watson well know several different regulatory groups think asset standpoint pipeline operation interstate pipeline operation one really overlap assets discussion really would around size marketing group look percentage market somewhat difficult determine going formidable competitor bunch competitors liquid market one company ever going particular grasp control energy markets shepherd long figure take get deal done watson well hoping six months maybe nine know taking lightly regulatory approvals think work issues hopefully get done six nine months shepherd right chuck watson thanks much joining us today watson thank shepherd appreciate time watson appreciate dynegy sees enron rating remaining investment grade update 5 2001 11 12 11 57 new york dynegy sees enron rating remaining investment grade update 5 adds dynegy expects mid bbb rating combined company third paragraph moody reviews dynegy downgrade last houston nov 12 bloomberg enron corp bought rival energy trader dynegy inc keep investment grade rating acquisition completed dynegy chief financial officer predicted enron stock rose much 20 percent dynegy gained much 16 percent closing believe enron maintain investment grade ratings although weak end investment grade dynegy cfo robert doty said conference call analysts investors doty said expects mid bbb credit rating combined company dynegy agreed friday buy enron least 23 billion stock assumed debt ending financial crisis threatened bankrupt enron largest energy trader dynegy pay 8 billion stock assume 15 billion debt buyout happens one attractive energy related companies world said donald coxe manages 78 000 enron shares harris insight equity fund federal investigation enron accounting limited ability finance daily trading business dynegy cancel purchase determines enron legal liabilities exceed 3 5 billion doty said amount includes possible shareholder lawsuits every downside scenario fully believe management thought every downside scenario protect dynegy shareholders said jay yannello analyst ubs warburg rates dynegy strong buy shares think odds exhausting 3 5 billion cushion low chevrontexaco corp second biggest u oil company owner 26 percent dynegy provide enron 1 5 billion immediately chevrontexaco give dynegy 1 billion merger closes shares enron rose 93 cents 11 percent 9 56 midday trading earlier reached 10 38 dynegy gained 4 93 13 percent 43 69 earlier stock reached 45 companies based houston shares chevrontexaco based san francisco fell 1 04 88 45 dynegy officials said intend sell enron non trading assets though set timeline sales necessarily feel like backs pinned wall asset dispositions dynegy chief executive officer chuck watson said important get greatest value shareholders officials also said dynegy plan form limited partnerships similar formed enron brought increased scrutiny company finances helped push stock 75 percent since oct 16 conservatively run company much conservatively financial point view expect anything like happen future doty said enron expect find losses partnerships affiliated companies enron chief financial officer jeffrey mcmahon said could possibly mcmahon said expect done awful lot work fair say investigation remains ongoing dynegy expects get regulator approval deal six nine months chief operating officer stephen bergstrom said expects u federal energy regulatory commission approval come last moody investors service placed dynegy illinova utility units review possible credit rating downgrade today enron buyout dynegy calls sec probe enron financial noise update 5 2001 11 12 11 03 new york dynegy calls sec probe enron financial noise update 5 updates share prices 14 th paragraph houston nov 12 bloomberg dynegy inc chairman chuck watson said convinced enron corp trading operations sound described disclosures affiliated partnerships helped drive enron stock 67 percent three weeks financial noise dynegy agreed friday buy enron least 23 billion including least 8 billion stock 15 billion assumed debt dynegy shares rose much 16 percent today enron rose much 20 percent interview merger announcement watson enron chairman kenneth lay discussed houston based companies reached agreement less three weeks enron shares began plunging financial noise partnerships maybe damaged enron brand bit watson said tell impacted high regard industry places enron trading business said enron last week restated earnings four years include losses three affiliated partnerships reducing earnings 586 million six employees enron 20 000 may improperly benefited partnerships lay said sorry six people seem gone somewhat edge dealings transactions absolutely protected business said lost effectiveness lay specify six people referring removed andrew fastow helped set ran many affiliated partnerships chief financial officer oct 24 enron securities filing says fastow made 30 million two partnerships fastow lost effectiveness press coverage affiliates lay said treasurer ben glisan kristina mordaunt managing director corporate counsel enron division also fired enron said corporate filing thursday former employees michael kopper kathy lynn anne yeager position profit partnerships filing said trust people accept representations proposals lay said sometimes get surprised disappointed executives said expect antitrust regulators approve merger two companies different types assets dominate market really anything lays top watson said friday night pipeline business generation business really dynegy shares rose 6 2 percent friday terms enron purchase leaked press watson expects acquisition add 90 cents 95 cents share 35 percent dynegy 2002 earnings enron selling 10 41 share one fifth average price past 12 months enron stock climbed 97 cents 11 percent 9 60 late morning trading earlier touched 10 38 dynegy rose 4 54 12 percent 43 30 touching 45 cash crunch rapid decline enron threatened bankrupt company disrupt energy markets enron handles estimated one quarter u electricity natural gas trades falling credit rating made difficult company raise capital needed back trades part purchase chevrontexaco corp owns 26 percent dynegy agreed provide enron 2 5 billion found looked hood core enron still working well ever watson said business pristine nothing partnerships dynegy began taking steps toward acquisition late october watson called lay offer assistance enron growing financial crisis two men said led saturday morning meeting lay kitchen even made breakfast roll watson said eat lay said lay said active manager new company watson said friday lay discussed severance package head enron lay refocused houston operator u natural gas pipelines trading international expansion boosting reported revenue 20 fold since 1995 100 8 billion last year said regret strategy clearly enron gotten involved business turned well lay said pointing money losers azurix inc created supply water build related projects around world newpower holdings inc seller electricity homes small businesses keep mind 12 years ago wholesale merchant trading business today incredibly valuable franchise trading business accounts 97 percent enron revenue buys electricity gas commodities producers sells end users utilities industrial customers also advises big business customers energy use sells gas electricity reassessing steel lumber watson said new company keep trading coal gas power petroleum products plans expand buying assets using develop trading reassess time whether stay trading steel lumber non energy commodities said enron wants shed 65 percent stake dabhol power co india owed 64 million overdue bills state government agency refused pay power prices enron promised contracts strong legal remedies heading path toward arbitration still much like work settlement government lay said potential buyers balked enron 1 billion asking price dabhol neither man would comment whether dynegy plans cut jobs merger happen naming rights enron field major league baseball stadium home houston astros enron paid 100 million name ballpark name company dynegy watson said dynegy acquisition requires approval u securities antitrust energy regulators watson expects soon share details new dynegy regulators european union u k enron operates trading desk owns water company two power plants know required talk anyway watson said think going problems lay said