enron mentions cauley geller bowman coates llp announces class action lawsuit enron corp behalf investors pr newswire 10 23 01 heading trade body go ahead conference qatar toronto star 10 23 01 inside money sec inquiry enron rattles stock orlando sentinel 10 23 01 enron keeps analysts happy investors flee call day bloomberg 10 23 01 enron asks citigroup 750 mln loan people say updatel bloomberg 10 23 01 enron blew texas monthly november 2001 edition enron fails smooth things thestreet com 10 23 01 stocks static enron forbes com 10 23 01 aes says indian state interfering ops complains pm dow jones international news 10 23 01 u based aes corp complains harassment indian state government associated press newswires 10 23 01 cauley geller bowman coates llp announces class action lawsuit enron corp behalf investors 10 23 2001 pr newswire copyright c 2001 pr newswire little rock ark oct 23 prnewswire law firm cauley geller bowman ii company operating results materially overstated result company failing timely write value investments certain limited partnerships managed company chief financial officer iii enron failing write impaired assets timely basis accordance gaap october 16 2001 enron surprised market announcing company taking non recurring charges 1 01 billion tax 1 11 loss per diluted share third quarter 2001 period ending september 30 2001 subsequently enron revealed material portion charge related unwinding investments certain limited partnerships controlled enron chief financial officer company would eliminating 1 billion shareholder equity result unwinding investments news began assimilated market price enron common stock dropped significantly class period enron insiders disposed 73 million personally held enron common stock unsuspecting investors bought enron common stock january 18 2000 october 17 2001 inclusive wish serve lead plaintiff must move court later december 21 2001 member class join class action online http www classlawyer com sign _ html member purported class may move court serve lead plaintiff cauley geller bowman coates llp counsel choice may choose nothing remain absent class member cauley geller bowman coates llp substantial experience representing investors securities fraud class action lawsuits firm offices florida arkansas california represents investors throughout nation questions may able recover losses would like consider serving one lead plaintiffs lawsuit encouraged call e mail firm visit firm website www classlawyer com cauley geller bowman coates llp investor relations department jackie addison sue null charlie gastineau p box 25438 little rock ar 72221 5438 toll free 1 888 551 9944 e mail info classlawyer com contacts media charlie gastineau sue null 1 888 551 9944 make opinion count click contact charlie gastineau sue null cauley geller bowman coates llp 1 888 551 9944 11 37 edt copyright 2000 dow jones ap photo 10 23 2001 toronto star ontario eo 2 copyright c 2001 toronto star world trade organization chief mike moore says 142 country body go ahead key conference qatar nov 9 13 hopes give major boost ailing global economy announcement news briefing yesterday doha qatar ended weeks uncertainty meeting venue thrown question security fears mounting international concern terrorism surge anti western feeling muslim countries since start u attacks afghanistan something seismic catastrophic happens reconsider planning come two weeks time moore said focus conference efforts launch new round negotiations among member countries remove many remaining barriers free global trade 3 profit sags minnesota mining manufacturing co says third quarter profit fell 21 per cent slumping global economy reduced sales workforce cuts increased expenses profit fell 394 million u 99 cents share 499 million 1 25 year ago quarter sales fell 7 1 per cent 3 97 billion 4 27 billion company added statement yesterday 3 makes products range post notes circuit boards eliminating 5 000 workers cutting costs cope slowing sales copper plunges copper fell london yesterday nearing lowest price almost 15 years expectations slowing demand users electronics makers construction companies copper delivery three months fell much 8 u 1 366 tonne london metal exchange prices 25 per cent year move 1999 intraday low 1 365 mark lowest price since february 1987 enron information sought houston based energy trading giant enron corp says u securities exchange commission sought information company transactions limited partnerships managed enron senior officer statement yesterday enron said provide federal regulatory agency information response inquiry last week transactions hedge certain merchant investments assets took place 1999 2000 according enron 2000 annual report resulted 16 million u pre tax gain enron 1999 36 million loss 2000 enron officials declined provide details transactions name limited partnerships upset investors sent shares enron 5 40 20 per cent close 20 65 heavy trading new york moulinex takeover okayed court paris suburb nanterre approved takeover offer household appliance maker groupe seb sa troubled rival moulinex sa seb expected retain nearly 3 500 jobs moulinex half france court said yesterday moulinex 8 800 employees worldwide almost 5 600 france seb disclose financial details offer news conference today small jets seen rise bombardier inc chief executive robert brown says use company regional jets actually increasing even though air traffic north america crushing 30 per cent since terrorist attacks united states brown said yesterday anecdotal evidence airlines flying company 50 seat jets often routes planes efficient large planes fly traffic light trend brought new sales brown said helped firm orders aircraft typically take year date purchase delivery speaking opening ceremony bombardier vast new aircraft assembly plant mirabel que aliant shedding jobs aliant telecom inc plans reduce non unionized workforce 140 people atlantic region largest phone company said yesterday statement said 70 people receive retirement packages indicate 70 employees nova scotia new brunswick prince edward island newfoundland would lose jobs severance receive swissair planes stand tarmac zurich kloten airport yesterday switzerland government announced rescue package totalling 4 24 billion swiss francs 4 billion canadian copyright 2000 dow jones company inc rights reserved money inside money sec inquiry enron rattles stock associated press 10 23 2001 orlando sentinel metro b 5 copyright 2001 orlando sentinel houston shares enron corp plunged monday energy trading giant said securities exchange commission sought information company transactions limited partnerships managed enron senior officer statement enron said provided regulatory agency information response inquiry last week welcome request enron chairman chief executive officer kenneth l lay said monday cooperate fully sec look forward opportunity put concern transactions rest investors upset news however sending shares enron 5 40 close 20 65 new york stock exchange transactions took place 1999 2000 according houston based enron 2000 annual report resulted 16 million pre tax gain enron 1999 36 million loss 2000 enron officials would provide details transactions identify limited partnerships instead referring questions section annual report related party transactions enron entered transactions limited partnerships hedge certain merchant investments assets according section enron spokesman mark palmer said sec first contacted enron last week described request informal inquiry investigation said see request opportunity put issue behind us sec spokesman john heine said could comment filings electricity marketer natural gas provider says internal external auditors attorneys reviewed arrangements company board fully informed approved disclosed company sec filings copyright 2000 dow jones company inc rights reserved enron keeps analysts happy investors flee call day 2001 10 23 17 08 new york enron keeps analysts happy investors flee call day new york oct 23 bloomberg lunch conference room boston four seasons hotel last thursday enron corp chairman kenneth lay tried convince analysts investors company surprises analysts apparently succeeded enron remains one wall street highly rated stocks even largest energy trader acknowledged transactions partnerships run chief financial officer led writedown 1 2 billion shareholder equity lay successful investors abandoned enron shares slashing value 42 percent week got lot people lining say emperor clothes said richard gross lehman brothers inc today repeated strong buy rating enron analysts credit suisse first boston goldman sachs co firms also kept highest ratings enron gross still likes look enron finery core franchise valuable said stock decline reflects worst case company boston similar meetings houston new york lay explain unwinding partnerships enron executives assured investors company surprises store according greg phelps manages 1 1 billion john hancock advisers inc attended boston session partnerships functioned somewhat like private equity funds according analysts investors included investments lost money securities exchange commission asked information enron said yesterday one hold one sell two analysts cut enron ratings learning partnerships dented company popularity wall street michael heim g edwards sons inc st louis lowered rating hold buy friday said looking discussion partnerships enron sec filings seeing vague references leave good comfort level heim rating change enron went second highly rated stock standard poor 500 index 10 th according thomson financial first call today zach wagner edward jones co st louis cut enron reduce accumulate ratings edward jones caters individual investors rather institutions tracked first call first call translates analyst ratings numbers strong buy one buy two averages ratings rank company wall street popularity highly rated stock tyco international ltd fallen 12 percent year enron shares fell 86 cents 19 79 today remaining skeptical however highly brokerage analysts rate stock remain skeptical said barry borak energy analyst david l babson co manages 60 billion cambridge massachusetts huge loss management credibility enron borak said partnerships unexpected departure august jeffrey skilling held post chief executive officer six months heir apparent lay nobody talked thinks skilling departure personal reasons borak said skilling helped transform enron gas pipeline company biggest energy trading company enron also owns power plants deregulated markets borak said babson enron shares buyer get better thorough information else might pop future borak investors said enron reputation providing enough information businesses said makes positive view company wall street difficult understand skilling resigned lay said company would open businesses bullet point talk boston increased transparency financial operating results according handout provided boston meeting amazed dismayed prudential securities inc analyst carol coale wrote note clients last week amazed willingness enron management break earnings expenses degree disclosed third quarter coale also wrote dismayed apparent disguise additional 1 2 billion equity hit disclosed enron press release briefly mentioned earnings conference call coale kept rating enron buy phelps john hancock said cynical side believes investment banking business helped keep wall street recommending enron stock provide good underwriting business said credit suisse first boston managed secondary sale 12 million enron shares 1999 lehman brothers acting co manager credit suisse also managed bond sales enron year enron asks citigroup 750 mln loan people say updatel 2001 10 23 16 38 new york enron asks citigroup 750 mln loan people say updatel updates closing share price sixth paragraph new york oct 23 bloomberg enron corp biggest energy trader asked citigroup inc arrange 750 million loan ensuring access credit company cut money markets say people familiar matter enron shares bonds plunged yesterday company said securities exchange commission investigating finances company depends 3 billion commercial paper short term debt program finance day day operations moody investors service last week placed 13 billion company long term debt securities watch possible downgrade drop rating may cut enron commercial paper market raising costs short term debt understand credit rating critical capital markets counterparties enron chief financial officer andrew fastow said conference call today said enron 3 5 billion available bank credit lines giving enough cash operate normally dan noonan spokesman citigroup citibank na unit declined comment mark palmer spokesman enron also comment shares enron based houston fell 86 cents 19 79 fallen 76 percent year complex financing investor sued enron last week saying dealings two partnerships run fastow ljm cayman ljm 2 co investment cost company 35 million suit also calls fastow leadership partnerships set remove debt enron books conflict interest enron bought back 62 million shares unwind positions partnerships run fastow said chief executive officer ken lay conference call investors today number shares differs wall street journal report thursday said enron bought back 55 million shares buyback reduced shareholder equity 1 2 billion journal said company set partnerships affiliated companies buy enron assets power plants partnerships allow enron take debt books letting borrow invest main business commodities trading enron said enron trades electricity natural gas oil coal commodities complex balance sheet financing said commerzbank analyst andre mead difficult ascertain full impact shareholders sec asked enron partnerships affiliated companies headed fastow company least 3 billion books financing affiliated companies ray niles salomon smith barney analyst wrote report investors depends asset sales one partnership whitewing management owns 250 000 preferred shares enron may convert common stock whitewing partners demand preferred shares converted enron common stock falls certain price enron credit rating drops investment grade whitewing enron partnerships trusts include company executives officers directors according records texas secretary state life trust structures enron fact issued sizable amount equity enron treasurer ben gilsan said shares issued enron executives part deferred compensation plan gilsan said whitewing partnership financed 1 4 billion bonds sold last year partnership used proceeds buy enron power plants plans retire debt selling officials said conference call company partnerships operate strategy investors worried asset sales cover full amount borrowed enron furnish support detriment shareholders said commerzbank analyst meade commercial paper rates enron paying 3 15 percent issue commercial paper oct 31 much 15 basis points companies 2 p 2 short term credit ratings credit watch enron short term debt review possible downgrade based bloomberg composite ratings enron long term debt rated bbb 2 bbbl two three levels investment grade fitch standard poor moody rate company debt investment grade enron previously turned citigroup finance advice 1999 citigroup salomon smith barney unit advised company 1 45 billion acquisition three natural gas fired power plants cogen technologies inc citibank along j p morgan chase asian middle eastern european african well american born young mostly 35 dressed aggressively casual uniform tech industry guys wear khakis polo shirts banana republic button downs almost preposterously fit move building intently like winners enron nothing energetic big brother size tv screen frantically reports stock market near bank elevators another hefty black television relaying news greets people entering garage sculpture corporate symbol e tipped jaunty angle radiates colors spins frenetically axis starbucks concession ground floor keeps everyone properly caffeinated multicolored inspirational flags hang ceiling congratulating enron diversity values one giant banner elevator banks declares enron simple grandiose goal world leading energy company world leading company future seemed guaranteed enron transformed stodgy troubled pipeline company 1985 trading colossus 2000 wall street darling stock price increased 1 700 percent sixteen year period revenues increased 40 billion 100 billion mention company energy circles throughout world creates reactions ranging paralyzing fear envy notes 2001 report global change associates firm provides market intelligence energy business enron largely creation jeff skilling visionary determined transform american business hired sixteen years ago consultant ceo ken lay skilling helped build company disdained old formula finding energy ground hauling pipelines selling refineries customers instead evolved company could trade market energy forms natural gas electricity wind water risky drilling venture enron would fund piece action wanted megacorporation energy needs analyzed streamlined enron could job third world country pitiful infrastructure burgeoning power needs enron build build basically idea new potentially fantastically lucrative enron wanted first crack success enron became ever certain destiny company would bridge old economy high tech world february year skilling reaped reward succeeded lay chief executive officer enron says skilling great marriage risk taking mentality oil patch risk taking mentality financial markets enron story reflects culture drove american business end twentieth century like high tech companies emulated enron going reinvent american business model turn american economy maybe natural brave new world also produced culture based absolutes old versus new best versus mediocre risk takers versus complacent could see future versus could key investing right kind intellectual capital best brightest company possibly go wrong could today enron stock trades around 35 high 80 january press cast enron archvillain california energy crisis last spring skilling caught blueberry pie face relentless defense free market long troubled power plant project india threatened company global ambitions telecommunications enron heavily invested imploded wall street analysts touted company questioned accounting practices change enron fortunes attributed economic downturn uncertain times afflicted american business culture company created lived escape blame enron jeff skilling says totally different way thinking business got enron fact either got gone simple black white coincidental color scheme skilling river oaks mansion mirrors corporation headed living room white walls shimmer mahogany floors black leather trims edge snowy carpets billowy sofas set jet black baby grand entry white orchids cascade black vase black pedestal table turn pools onto cold white marble one color note almost twenty years jeff skilling longer associated enron resigned abruptly six months ceo skilling hailed next jack welch general electric masterful ceo one worth magazine best ceo america anointed 2001 even daredevil hosted kind unchained adventure junkets friend told businessweek someone could actually get killed today sounds like ebenezer scrooge christmas morning idea let go skilling says personal sacrifices made retooling enron black chair white library across huge black white photograph daughter two sons skilling clarifies demands working 24 7 enron caused ignore personal finances divorced lived 2 200 square foot house without microwave dishwasher almost missed brother wedding learning foreign language never learned foreign language exclaims never took youngest son school interested kids kids fifteen minute scheduling travel go africa week get anything skilling includes study architecture design list missed opportunities stops sighs sure fulfillment life compatible ceo job says finally eyes lock mine voice softened regains pragmatic edge would easy stay says would good smallish ruddy faced man keeps fighting weight handsome way corporate titans piercing cheekbones assiduously stolid gaze impatience skilling reserved cautious underlings dull witted utility company executives targeted reporters labeled resignation bizarre associates bitterly skeptical need family time shrug stretches limits shimmering blue button matching blue eyes look put upon surprised says people much trouble understanding people passed downtown houston late eighties early nineties help notice funny time novel scene unfolding throughout workday base enron building nine five could see people slipping pristine silver skyscraper smoke perched chrome banisters lurked near glass doors entry puffing like mad always looked hurried furtive even ashamed whatever people knew enron days people know much often associated scene enron boasted one first nonsmoking corporate headquarters houston clearer evidence break energy world past macho engineer would put humiliation company child another time period mid eighties chaos enveloped gas business federal deregulation natural gas turned steady secure industry gas pipeline companies frequently enjoyed monopoly portions areas served volatile free situation compounded five years later federal deregulation pipeline business happened gentlemanly gas pipeline company houston natural gas hng found attack coastal corporation oscar wyatt less gentlemanly firm hng run lay sturdy taciturn former economics professor transco chief operating officer passion military strategy doctoral thesis university houston supply demand vietnam war lay missouri never succumbed least outwardly texas brashness done well enough thanks canny expansions hng pipelines stretched florida california throughout state texas hng fended coastal protect company takeover attempts lay nimbly engineered sale hng 1985 friendly nebraska pipeline concern called internorth one largest pipeline companies country time funny thing happened hng started acting way would characterize company years come lot like coastal nebraskans blithely labeled purchase called merger back houston long following particularly brutal politicking omaha houston company center gravity started shifting toward texas shortly ken lay running new company called enron time became clear lay better vision future says one person associated enron time never fought change embraced change lay exactly mean enron saddled massive debt takeover attempt thanks deregulation longer exclusive use pipelines without new ideas matter whole new business plan company could finished really even got started like many people teamed enron eighties jeff skilling spent lot time midwest self made fourteen chief production director start tv station aurora illinois mother would drop every day school liked successful working smart told businessweek earlier year unlike many enron colleagues skilling deliberate soft spoken happy go home five clock anxious excitable nothing nothing excited would come call intellectual capital loved smart loved surrounded smart people graduated southern methodist university went banking assets liability management took harvard business school graduated top 5 percent class skilling took next step new souped path american success joined manhattan mckinsey company business consultant ken lay found 1985 often said lay instincts hiring best flawless choice skilling probably saved company skilling expert markets worked everyone else worrying gluts shortages defined gas industry alone saw parallels gas businesses world credit nearly impossible come skilling came called gas bank contractually guaranteed supply price gas network suppliers consumers enron would broker banker would buy sell gas assume risk involved enron would make money transactions much like investment bank would skilling worked numbers found absolutely compelling mckinsey consultant took idea meeting 25 enron executives one page presentation almost person skilling says thought stupid almost skilling left meeting dejected walked ken lay elevator apologized lay listened said let go gas bank overnight success months skilling woke cold sweat sure ruined career careers dozens colleagues assisted fact come upon one divides seem define life believed whole world would different huge breakthrough way skilling puts today even typically immodest right fairly soon launching company sold 800 million worth gas week true skilling character success turned matter old versus new says joke around enron company ceo fifty 1990 skilling finally left mckinsey joined enron head enron finance corporation new division created 1991 company closed deal earned 11 million profit says skilling never looked back skilling lay also realized gas bank work unless trading component myriad trades needed build market would make project go buying selling enormous quantities gas enron constructed market almost instantly came dominate company best contacts best intelligence best access supplies turn attracted customers wanted part play many customers pocket enron could better predict direction market could use knowledge make trades benefit enron could effect bet way price gas would go one might pork bellies soybeans startling accuracy thereby generating profits higher anyone could ever imagined change could never occurred without another change skilling made created within enron new culture match new trading business idea build knowledge based business demanded skill set exactly prized enron employees old hng days deliberate cautious responsible somewhat defensive people men course kind people expect find working industry regulated federal government company needed bolder people bold new era included anyone wanted make money lots money company enron going create niche die one former executive explains people narrow views eventually forced narrow views things narrow views market skilling wanted smart people smart people wanted smartest people schools like harvard stanford maybe rice firm acting like bank pipeline company wanted draw pool recruits would attracted biggest best investment banks like merrill lynch credit suisse first boston addition smart enron people also supposed aggressive right enron want wait thirty close deals move organization could see looking super saturdays houston headquarters eight fifty minute interviews ten minute breaks company might herd many four hundred people one day scored 1 5 smarts problem solving ability passion hard work enron called sense urgency people scored less 2 5 scratched shrewdest candidates knew work enron even hired types automatically turned company first offer knowing enron would come back starting salary around 80 000 maybe fortune yet signing bonus 20 000 enough lease obligatory porsche boxster one lofts renovated close downtown enron people live far flung suburbs suburbs uncool far office lucky winners enron offered corporate equivalent gifted talented program new associates learned latest techniques structuring energy deals rotations enron offices around globe hours long every possible need taken care company concierge handled things important people bothered picking dry cleaning prescriptions shining shoes cleaning house planning vacation course lot people worked enron never got take vacations busy making money could use company gym company personal trainers overweight wanted quit smoking could join enron wellness program massages offered six days week seven morning ten night cutting edge rhapsodizes someone involved company health care program time really thought psychology took keep people going skilling handed titles analogous wall street firms analysts associates directors managing directors everyone knew titles really matter money instead competitive salaries decent bonuses enron offered competitive salaries merit based bonuses cap really worked hard delivered results could make lot money says ken rice stayed enron 21 years resigning recently head company faltering broadband division saying goes got eat killed gas traders two three years experience could wind 1 million bonus produced closer got jeff real hot dogs joined glacier hiking patagonia land cruiser racing australia road motorcycling creation baja 1 000 race ending spectacular mexican villa every time speak believe everything say one loyalist says 1995 enron become north america largest natural gas merchant controlling 20 percent market company buzzword aggressive place stop skilling lay believed gas bank model could easily applied electricity business firmly committed notion deregulated market meant better service lower prices consumers untold profits enron began barnstorming country pressing case entrenched power company presidents multimillion dollar salaries monopoly service areas little incentive change energy regulators somewhat receptive thanks part enron generous lobbying efforts biggest winner probably jeff skilling 1997 ken lay made president chief operating officer company division known enron capital trade resources nations largest wholesale buyer seller natural gas electricity division grown two hundred two thousand employees revenues 2 billion 7 billion mr skilling experience far turmoil industry convinced right track new york times noted everyone would certainly thought enron skilling totally transformed one industry well way transforming another firing idea machine enron encouraging entrepreneurs within sang new york times 1999 staid world regulated utilities energy companies enron corp gate crashing elvis crowed fortune 2000 wall street demanding tech size growth tech timetable enron 2000 obliged second quarter earnings 289 million 30 percent previous year year company seemed discover market minute skilling enron trading coal paper steel even weather one blinked london wine bar became enron client people drank warm weather cold buy hedge usual winter downturn exciting financial world enron entry high tech communications company marketing dominance enrononline became another overnight success handling 335 billion commodity trades online 2000 enron usual made money spread bid price asking price broadband business enron trading excess capacity large high speed fiber optic networks empty lanes fabled information highway different trading capacity natural gas pipelines enron created market industry calls bandwidth soon also announced twenty year deal blockbuster deliver movies demand electronically people homes enron looked like company lose strategy building businesses shedding hard assets trading various commodities help well even uncertain market businessweek insisted however another reason enron well short time company hard nosed approach toward customers old notion customer service based long haul nurse coddle customers keep enron new markets new ideas customers come time company stopping referring business clients customers began calling counterparties skilling wanted biggest profits shortest timetable gains maximized creating owning abandoning market became overtaxed overregulated wanted launch high risk venture quickly zilkha energy new high tech approach drilling oil got financing enron bank would take forever underwrite project ever would enron invented markets subsequently dominated enron could set terms deals timeline method accounting whether deal happened many businesses used known industry mark market accounting instance enron used unprecedented scale company priced deals current market value always enron idea market value companies balked pricing get deals old fashioned companies spread profits like annuities period years enron took profit front however many millions would made deal covered several years went books current year analysts thought might something fishy called subjective accounting investors particularly care long profits rolled market fluctuated landscape changed company might abandon project works months profit margins going high enough enron known leaving people altar says one former employee winning highest possible profits company could even extend enron attitude toward charity fundraiser houston read commission literacy group called enron contribution suggested start raising money enron competing literacy charity even person supposed give money away enron supposed make money enron says enron became successful culture skilling created took dark side competition turned inward one member enron family put became company full mercenaries change started bottom enron domination energy market grew recruiting frills fell away new associates treated much like commodities company traded global change enron spies reported overhearing orders like need smart person go buy one buy intelligent slave quick enron never kind place people sang birthday workaholism bordered self parody random acts kindness program lasted months disruptive people get work done course enron program institutionalizing creative tension performance review committee initially installed skilling capital group became known harshest forced ranking system country employees rated scale one five fives usually gone within six months prc nickname quickly became rank yank point pride skilling division replaced 15 percent workforce every year one skilling associate put jeff viewed like turning inventory grocery store skilling approach business get get become enron attitude toward workers time would become many workers attitude toward company teamwork never valuable trading culture went way eyeshade abacus protocol required enron higher come europe help project third world might help might depending whether another potentially lucrative project pending elsewhere everyone felt pressure perform massive scale massive speed goal oriented toward immediate gratification lost sight future says one former employee anyone close deals within quarter punished bad prc scores higher ups backed past errors old grudges dredged often new ammunition prc meetings phrase old tapes became enron clich people went geniuses idiots overnight says one former enron executive hothouse paranoia flowered new contracts contained highly restrictive confidentiality agreements anything pertaining company e mail monitored former executive routinely carried two laptops one company one people may rich enron necessarily happy one recruiter described culture way roll slit throat watch eyes bleed death jeff skilling could transform enron world leading energy company world leading company make one change done ten years skilling purge company remaining old order enron prized cautious executives dealt tangible assets like pipelines valued bold executives dealt intangible assets pipelines power plants may enron pride skilling wanted gone expensive long term building projects place wall street devoted quick profits enormous returns investment capital skilling knew time long term approaches enron executive says wall street mood technology era rid enron last vestiges past skilling take rebecca mark long considered rival ceo job mark many years poster child enron way young attractive aggressive nickname mark shark came sturdy midwestern stock requisite harvard mba mark largely responsible success enron international asset heavy side company developed 20 billion worth gas power plants accounted 40 percent enron profits 1998 reaped breathtaking compensation one enron executive estimated 10 million adoring press clips including two appearances fortune list fifty powerful women corporate america mark ran trouble gas fired power plant dabhol india one largest ever constructed played game enron way taking enron new market finagled low import taxes 20 percent instead usual 53 hung 24 lawsuits three changes government time expense needed make india enron plants around globe successful mesh enron goals skilling impatience mark grew forcing mark however easy matter key executives left divisions dismantled remained truth enron mind firing lower level employees hated fire kind aggressive relentless people tended promote company preferred humiliation keeping director cubicle say failing include glamour deals kicking someone upstairs fancy title one particularly difficult executive years graduate school gratis company smart enron could probably deduce dispatching one visible businesswomen country would provoke public relations disaster lay skilling something classically enronian gave mark company despite skilling contempt asset heavy businesses enron spent 2 billion buy run mill british water utility could serve enron entry emerging world water privatization mark put charge making enron yes world greatest water company azurix new business called looked like another sure thing ipo 1999 raised 695 million mark succeed enron increasingly abbreviated timetable business fraught political emotional complexities water like gas electricity owners governments lot less willing give even lots money company stumbled layoffs commenced confidence evaporated august 2000 stock price started 19 fallen 5 mark resignation followed azurix much diminished folded enron think best rebecca start afresh lay mentor mark told wall street journal one critic put interested destroying old culture running business 2000 drew close skilling total command december ken lay announced inevitable best time succession occur company well told press enron extremely well february 2001 jeff skilling took ceo job almost immediately trouble started enron domination electric power market made instant target california deregulation debacle pbs frontline new york times took enron portraying company heartless colossus used influence washington lay enron political action committee top contributors george w bush force old people fixed incomes choose buying food electricity skilling lay appeared camera singing belligerent anthems free market another memorable scene juxtaposed one company jackallike traders hapless state employee california tried buy power online times reported lay tried persuade new federal commissioner change views energy deregulation bad press say least ironic media pounding enron omnipotence wall street discovering weaknesses late march stock price slid 50 share 80 january within enron asset based divisions took rap decline india plant continued enormously costly least part constant turnover within enron management team california situation visible therefore damaging despite enron claim state never built enough power plants service population never properly managed three months gray davis good job blaming us says mark palmer vice president corporate communications texas company texan white house california state put office biggest contributor texas energy company performance going take care stock price truth take care gray davis california utilities still owe enron 500 million another reason stockholders might panicky problematic crisis skilling apparent lack contrition facing critics cracked joke comparing california titanic least titanic went lights biggest problem enron telecommunications division responsible least one third heady stock price investors believed enron could revolutionize high speed communications revolutionized gas power enron estimated global market buying selling space fiber optic cable would grow 155 billion 2001 383 billion 2004 tech bubble burst much hyped movies demand deal blockbuster first time confoundingly successful life enron nothing new take market like popular high school girl suddenly packs pounds enron suddenly looked less alluring wall street skilling launched campaign keep enron important cheerleaders stock analysts tent cut supplicant reporting first quarter profits called analyst challenged enron financial reporting asshole company reported hefty second quarter profits many analysts questioned whether profits come generation new business sale old assets ignoring growing chorus critical enron accounting skilling promised always innovations around corner positive news carol coale prudential financial says basically talked downgrade business press generous past turned surly fortune asked march whether enron overpriced start pretty straightforward question exactly enron make money routine cashing stock options expire key executives portrayed media fire sale skilling sold 33 million worth ken lay ken rice close four times amount wall street journal reported fund run cfo source strife within company essentially risk management enron possible failures every negative story seemed produce concurrent drop stock price late august fallen 40 enron institutionally unforgiving finally got taste medicine wall street love stock forgiving something like accounting says carol coale company falls favor issues carry weight fact lost people inside company suddenly started experiencing attack conscience looked way powerful enron executives dumped wives married secretaries carried flagrant interoffice affairs saw error ways created attitude one executive still enron says senior people held higher standard real culture everyone else loyalty never prized enron reason expect old fashioned slow moving company like exxon could demand hardship duty baku promise greater rewards road one houston oilman explains negotiate hardship duty someone loyalty money corporation better suited good times bad turned description applied jeff skilling stock price stubbornly refused ascend made secret unhappiness frustration trip visit families three employees killed plant england epiphany life short enron ever stoic ken lay returned ceo office named new president arranged trip new york calm analysts investors promised kinder gentler enron future trading anything everything company lay says still innovate innovate much closer core culture things like performance review committee think could applied better trying categorize people many different categories ended creating morale problem skilling supposedly brilliant colleagues shocked news departure rest business community may testament lack emotional intelligence despite skilling lengthy tenure enron always contemptuous long haul always believed cutting losses moving abandoning company trouble different even jeff biggest detractors wanted walk door one loyalist admits day meet skilling looking forward back look says finality ninety percent net worth enron interests aligned shareholders absolutely free falling stock prices shareholder pressures nestling back world ideas eyes flash talks new technologies first wave never gets right says stand alone dot coms work technological applications create second wave change world houston promises become world center commodity trading intends part fact already shopping office space second wave enron got says almost breathless thousands people running around streets houston get enron fails smooth things peter eavis senior columnist thestreet com 10 23 2001 01 07 pm edt url enron ene nyse news commentary held special conference call tuesday address investor concerns weighed heavily stock worries may persist energy trader offered new details ceo publicly sparred gadfly investor shadowy balance sheet transaction transaction drawn attention past week complex financing enron entered partnership called ljm 2 led enron finance chief andrew fastow terminating arrangement led 1 2 billion equity reduction third quarter monday enron stock plunged 20 company said securities exchange commission probing related party transactions executives declined respond questions fastow role ljm 2 partnership tuesday call another key issue impact equity reduction company said call share count would decline 60 million fourth quarter due termination ljm 2 financing ceo ken lay said company increasing earnings guidance 1 80 share 2001 2 15 2002 share count drops earnings per share normally increase assuming earnings number stays constant 60 million shares equivalent 6 5 company diluted total third quarter result enron raised per share profits forecast much assuming constant earnings asked call earnings per share guidance would increasing ceo lay replied company previously increased guidance year affirmed 2002 number fair enron may forecasting lower earnings planned reduction shares may simply bring total share count back close level fourth quarter 2002 analysts originally expected notably share count third quarter jumped 20 million meaning fourth quarter reduction might change matters much alternatively enron may beat fourth quarter estimates 6 5 perhaps company simply chosen increase guidance stage given uncertainties economy case clarity matter clearly needed calls enron immediately returned stock edged 2 tuesday falling nearly 40 since last week amid worries complex balance sheet deals call arranged enron monday plunge contained lot queries two trusts called marlin ii whitewing enron borrowed 3 4 billion lay became testy questioning richard grubman boston based hedge fund highfields capital management grubman called hole enron former ceo jeff skilling april conference call trying find value water assets held marlin ii optimal way paying back money borrowed trust sell water assets grubman line questioning implied marlin assets worth 100 million meaning enron would find 900 million pay marlin ii related debt grubman arrived 100 million factoring saw effects third quarter writedown water assets included marlin ii lay disputed 100 million number one point accused grubman driving enron stock monopolizing tuesday conference call middle grubman comments lay told call operator go next caller grubman immediately return call seeking comment enron find 900 million done issuing stock raising cash balance sheet latter route taken enron says likely use asset sales generate cash enron executives said liquidity would sufficient detailed least 3 35 billion available credit lines enron debt capital ratio exceeds 65 covenants lines broken 1 2 billion equity writedown charges taken third quarter ratio probably 50 55 enron released third quarter balance sheet arrive exact calculation would take 3 billion writedowns charges push enron debt capital ratio 65 stocks static enron forbes com staff forbes com 10 23 01 11 15 et new york enron scrambled reassure investors morning disclosed yesterday u securities exchange commission asked information partnerships run chief financial officer andrew fastow executives enron nyse ene last week reported third quarter loss 638 million taking 1 01 billion charges ill fated investments market took stride media reports parsed earnings announcement disclosed 35 million losses connected two limited partnerships run fastow enron shares plunged 23 last week nosedived another 21 yesterday enron bounced back slightly morning trading turmoil makes clearer ever energy trader problems solved recent departure chief executive jeffrey skilling aes says indian state interfering ops complains pm 10 23 2001 dow jones international news copyright c 2001 dow jones company inc new delhi ap enron corp turn u based aes corp seek indian prime minister help settle grievances state government letter atal bihari vajpayee aes corp president dennis w bakke said company determination continue india tested government eastern orissa state letter copy made available associated press tuesday dated oct 1 appeared faxed office prime minister atal bihari vajpayee virginia based energy company operates two power plants orissa holds 49 orissa power generation corp manages main power distribution company state aes corp major american power company besides enron corp made big investments india government allowed foreign investment power sector early 1990 letter bakke drew vajpayee attention expropriation repeated contract violations intimidation direct interference day day management state government agencies letter also complained government run agencies failing pay 2 1 billion rupees 1 inr 47 985 bills situation faced aes remedied urgently undermine trust confidence foreign investors india bakke wrote aes still remains committed india country would much like serve determination continue tested prime minister office said ready comment report officials orissa state government available respond bakke charges view hindu festival aes corp already offered withdraw distribution company known central electricity supply company orissa however said company continue interests electricity generation aes corp decides pull completely third american company cogentrix inc quit power project southern india started houston based enron process withdrawing dabhol power project western maharashtra state india biggest ever foreign investment project sept 14 enron corp chairman kenneth l lay wrote letter vajpayee threatening legal action pursue claims 5 billion relating dabhol power co dispute questioned india ability honor contracts lay also warned india may find hard attract foreign investors future payment dispute dabhol project stopped production construction may copyright 2000 dow jones company inc rights reserved u based aes corp complains harassment indian state government rajesh mahapatra associated press writer 10 23 2001 associated press newswires copyright 2001 associated press rights reserved new delhi india ap u based operator two indian power plants seeking help prime minister atal bihari vajpayee battle alleged corporate intimidation leveled local government authorities aes corp president dennis w bakke addressed concerns oct 1 letter vajpayee obtained tuesday associated press letter virginia based energy company cited expropriation repeated contract violations intimidation direct interference day day management local government indian state orissa aes operates two power plants orissa holds 49 percent orissa power generation corp manages main power distribution company state complaint follows similar appeal made vajpayee sept 14 enron corp major u power company make big investments india government allowed foreign investment power sector early 1990 case enron chairman kenneth l lay threatened legal action pursue claims dlrs 5 billion dispute dabhol power co questioned india ability honor contracts prime minister office said ready comment aes complaint officials orissa state government available respond bakke charges situation faced aes remedied urgently undermine trust confidence foreign investors india bakke wrote aes still remains committed india country would much like serve determination continue tested aes corp already offered withdraw power distribution company known central electricity supply company orissa aes corp decides pull completely third american company cogentrix inc quit power project southern india started houston based enron process withdrawing dabhol power project western maharashtra state india biggest ever foreign investment project rkm lak hg