enron mentions partnership spurs enron equity cut vehicle connected financial officer wall street journal 10 18 01 suit alleges conflict interest enron houston chronicle 10 18 01 enron shareholder sues partnerships run cfo update 2 bloomberg 10 17 01 analysts vent anger hidden enron charge financial times ft com 10 18 01 enron says links partnership led 1 2 billion equity reduction dow jones business news 10 18 01 markets ford financial fine tuning leads 692 million loss 3 rd quarter earnings sales incentives production cutbacks hit company hard ceo plans reorganizational moves los angeles times 10 18 01 uk analysis lme members survey hard choices ahead reuters english news service 10 18 01 maharashtra challenge london court order dpc economic times 10 18 01 india enron maharashtra move london court week business line hindu 10 18 01 india gail keen dabhol lng terminal project business line hindu 10 18 01 ferc discuss possible changes west pwr price caps dow jones energy service 10 17 01 partnership spurs enron equity cut vehicle connected financial officer rebecca smith john r emshwiller staff reporters wall street journal 10 18 2001 wall street journal cl copyright c 2001 dow jones company inc enron corp shrank shareholder equity 1 2 billion company decided repurchase 55 million shares issued part series complex transactions investment vehicle connected chief financial officer andrew fastow enron disclose big equity reduction earnings release issued tuesday houston based energy giant announced 1 01 billion charge third quarter earnings produced 618 million loss company briefly mentioned subsequent call security analysts confirmed response questions yesterday result reduction enron shareholder equity dropped 9 5 billion company said interview tuesday enron chairman kenneth lay said 35 million 1 01 billion charge earnings related transactions ljm 2 co investment lp limited partnership created run mr fastow conference call yesterday investors mr lay said 55 million shares repurchased enron company unwound participation transactions third quarter company average number shares outstanding 913 million according rick causey enron chief accounting officer shares contributed structured finance vehicle set two years ago enron ljm 2 investors exchange stock entity provided enron note aim transaction provide hedges fluctuating values enron broadband telecommunications technology investments mr causey elaborate form hedges took subsequently value enron stock value broadband investments hedged entity dropped sharply result enron decided essentially dissolve financing vehicle reacquire shares enron reacquired shares also canceled note received entity addition enron receiving increasing criticism analysts major shareholders concerning apparent conflict interest involving role chief financial officer partnership stood make millions dollars july mr fastow formally severed connections ljm mr fastow declined interviewed given complexities ljm related financing vehicle questions raised outside company confusion factor worth trouble trying continue mr causey said enron downplayed significance share reduction exercise mark palmer enron spokesman described balance sheet issue therefore deemed material disclosure purposes jeff dietret analyst simmons co houston said large reduction equity could flag rating agencies could adversely affect company debt equity ratio enron said yesterday result equity reduction debt equity ratio rose 50 46 previously tuesday enron reported big quarterly loss moody investors service inc put enron long term debt review possible downgrade moody said move related significant write downs charges reflecting substantially reduced valuations several enron businesses recent years enron moved aggressively broadband telecommunications water business failed produce expected returns enron june 30 33 6 billion current liabilities long term debt lately attempting shed assets pay debt copyright 2000 dow jones company inc rights reserved oct 18 2001 houston chronicle briefs houston state suit alleges conflict interest enron enron corp board cost company least 35 million allowing chief financial officer manage partnerships bought enron assets shareholder alleges fred greenberg filed suit wednesday harris county district court said lawyer paul paradis chief financial officer andrew fastow positions two limited partnerships bought enron assets clear conflict interest paradis said lawsuit specify assets partnerships bought lawsuit comes day enron reported 1 01 billion third quarter losses failed investments enron shareholder sues partnerships run cfo update 2 2001 10 17 19 42 new york enron shareholder sues partnerships run cfo update 2 adds detail third quarter loss final paragraph houston oct 17 bloomberg enron corp board cost company least 35 million allowing chief financial officer manage partnerships bought enron assets shareholder alleges lawsuit shareholder fred greenberg filed suit today harris county district court houston said paul paradis partner law firm abbey gardy llp greenberg attorney enron based houston chief financial officer andrew fastow positions two limited partnerships bought enron assets clear conflict interest paradis said lawsuit specify assets partnerships bought enron directors permitted fastow unique position knowing assets worth paradis said placed position irreconcilable conflict permitted capitalize enron proprietary information lawsuit comes day enron reported 1 01 billion third quarter losses failed investments wall street journal reported today 35 million losses connected two limited partnerships run fastow suit seeks damages least 35 million paradis said damages would paid company probably insurance protecting directors lawsuits paradis said enron spokesman mark palmer declined comment allegations formed lower debt company formed several limited partnerships buy assets allows enron reduce debt borrow money projects suit citing details today wall street journal article says fastow ran two partnerships ljm cayman ljm 2 could earned much 2 percent annually total amounts partnerships invested suit says ljm cayman raised 16 million initial partnership capital ljm 2 raised least 200 million allowing company official run partnerships raises question impropriety said andre meade analyst commerzbank securities rates enron buy owns company shares partnerships uncommon many companies create limited partnerships meade said using tax purposes duke energy corp kinder morgan inc limited partnerships assets transferred said enron also owned controlling interest whitewing limited partnership whitewing financed 1 4 billion bond sale last year conducted osprey trust set partnership 807 million buying enron assets according osprey trust offering memorandum whitewing bought 14 enron power gas companies since formed 1999 according memorandum sold four september 2000 enron said offering memorandum officers directors energy trader may serve directors whitewing therefore duties directors officers enron may conflict duties officers directors whitewing management llc osprey trust offering memorandum says enron reported third quarter loss 618 million 84 cents share yesterday compared net income 292 million 34 cents year earlier shares enron fell 1 64 32 20 today analysts vent anger hidden enron charge julie earle 10 18 2001 financial times ft com c 2001 financial times limited rights reserved enron us energy trader intense scrutiny analysts demanded company release detailed financial information wednesday gave details 1 2 bn charge equity skipped third quarter results briefing tuesday wednesday enron outlined details 1 01 bn charge earnings result due failed investments telecommunications retail energy sales water businesses ken lay chairman fleetingly mentioned separate 1 2 bn charge equity dilution equity company balance sheet conference call analysts media said would affect company credit rating many analysts apparently thought 1 01 bn charge mr lay willing break answer questions mr lay met analysts wednesday new york mention 1 2 bn charge mr lay apparently initially refused answer questions frustrated analysts august departure enron chief financial officer jeff skilling mr lay promised provide earnings transparency unbelievable questions asked moved around finally mr lay gave roundabout answer 1 2 bn charge related writing se failed investments one analyst said trying sneak already credibility problem help said adding enron never disclosed charge net effect moody inv estor services credit rating agency placed enron 13 bn debt hold minutes later told felt honest presentation yesterday enron rejected criticism failure fully report explain 1 2 bn charge c copyright financial times group http www ft com copyright 2000 dow jones company inc rights reserved enron says links partnership led 1 2 billion equity reduction 10 18 2001 dow jones business news copyright c 2001 dow jones company inc enron corp shrank shareholder equity 1 2 billion company decided repurchase 55 million shares issued part series complex transactions investment vehicle connected chief financial officer andrew fastow thursday wall street journal reported enron ene disclose big equity reduction earnings release issued tuesday houston based energy giant announced 1 01 billion charge third quarter earnings produced 618 million loss company briefly mentioned subsequent call security analysts confirmed response questions yesterday result reduction enron shareholder equity dropped 9 5 billion company said interview tuesday enron chairman kenneth lay said 35 million 1 01 billion charge earnings related transactions ljm 2 co investment lp limited partnership created run mr fastow conference call yesterday investors mr lay said 55 million shares repurchased enron company unwound participation transactions third quarter company average number shares outstanding 913 million according rick causey enron chief accounting officer shares contributed structured finance vehicle set two years ago enron ljm 2 investors exchange stock entity provided enron note aim transaction provide hedges fluctuating values enron broadband telecommunications technology investments mr causey elaborate form hedges took subsequently value enron stock value broadband investments hedged entity dropped sharply result enron decided essentially dissolve financing vehicle reacquire shares enron reacquired shares also canceled note received entity addition enron receiving increasing criticism analysts major shareholders concerning apparent conflict interest involving role chief financial officer partnership stood make millions dollars july mr fastow formally severed connections ljm mr fastow declined interviewed copyright c 2001 dow jones company inc rights reserved copyright 2000 dow jones financial desk markets ford financial fine tuning leads 692 million loss 3 rd quarter earnings sales incentives production cutbacks hit company hard ceo plans reorganizational moves times wire services 10 18 2001 los angeles times home edition c 4 copyright 2001 times mirror company ford motor co third quarter loss 692 million second largest auto maker cut production offered zero percent financing draw car buyers showrooms loss 38 cents share compared year earlier net income 888 million 53 cents includes cost ford plan sell company owned dealerships sales declined 9 36 55 billion chief executive jacques nasser already eliminating many 5 000 salaried jobs year end said make moves reorganize december ford cut north american production 23 year earlier quarter slower economy hurt demand tighter u border security disrupted supplies marketing expenses rose ford matched interest loans offered rival general motors corp dearborn mich based company shares slipped 55 cents close 17 13 new york stock exchange fallen 27 year excluding one time items ford loss operations 502 million 28 cents share matching average analyst forecast thomson financial first call survey company u vehicle sales fell 11 september twice industrywide decline revenue declined 40 06 billion year earlier quarter north american auto making operations third quarter loss 849 million compared year earlier profit 782 million ford fourth quarter results improve third quarter difficult earn profit quarter chief financial officer martin inglis said conference call first call average forecast ford earn 6 cents share high said glance earnings excluding one time gains charges unless noted enron corp largest energy trader posted 618 million loss third quarter losing 1 01 billion failed investments water telecommunications retail energy sales final loss 84 cents share payment preferred dividends houston based company said net income year earlier period 292 million 34 cents revenue rose 59 47 6 billion excluding charges enron said would earned 393 million 43 cents share matched average estimate analysts enron said still expects earn 45 cents share fourth quarter defense contractor general dynamics corp said third quarter operating profit 230 million 1 13 share 13 204 million 1 02 share year earlier sales rose 22 3 02 billion company warned analysts boost full year earnings estimates beyond 4 50 share linens n things inc home accessories housewares retailer said third quarter profit fell 20 fourth quarter earnings lower end analysts estimates net income fell 14 7 million 36 cents share 18 4 million 45 cents year earlier company expected earn 37 cents sales 14 468 9 million office depot inc said third quarter profit rose 23 62 5 million 20 cents share 50 6 million 16 cents year earlier office depot said fourth quarter profit may 3 cents 5 cents share 20 cent average estimate analysts drug giant pfizer inc achieved double digit earnings revenue growth quarter driven strong sales cholesterol treatment lipitor pfizer operating profit jumped 28 2 19 billion 34 cents share penny better expected figures exclude one time costs including pfizer acquisition warner lambert sales rose 10 7 90 billion philip morris cos biggest tobacco company said third quarter profit rose slightly sales premium brands marlboro increased u declining currencies hurt results abroad net income rose 2 33 billion 1 06 share 2 32 billion 1 03 year earlier sales climbed 12 22 4 billion company said meet previous full year profit growth forecast 9 separately company said chief executive geoffrey bible plans retire 10 months age 65 bible philip morris five year average annual profit growth 9 3 helped sales 1 marlboro brand cigarettes company miller brewing kraft foods inc businesses raytheon co maker tomahawk missile used u forces attack afghanistan posted net loss charges weakness commercial aerospace operations offset gains military businesses raytheon reported net loss 285 million 79 cents per share compared profit 105 million 31 cents year ago results include charges announced wednesday company raytheon aircraft unit hurt sept 11 attacks effect commercial air transport industry even excluding special items operating earnings fell 10 missing wall street targets revenue fell 7 3 9 billion trw inc largest u maker air bags said third quarter operating profit fell 75 million 59 cents share compared 91 million 73 cents year ago sales fell 5 3 9 billion begin text infobox infographic earnings reports tabular data included copyright 2000 dow jones company inc rights reserved uk analysis lme members survey hard choices ahead martin hayes 10 18 2001 reuters english news service c reuters limited 2001 london oct 18 reuters london metal exchange lme faces stormy times year demutualisation members ask future lies electronic screens open outcry trading floor even type business debate happening global metals industry gathers london lme annual dinner week year subdued affair lme week struggle surprise backcloth military action afghanistan dismal economic data forlorn price sentiment optimists rarer hen teeth analyst nick moore j p morgan securities said veteran trader said going less populous affair year people annual deals still noticed people travelling unless downturn economic cycle hit world largest non ferrous metals market hard years volume growth ended prices fallen lows shrinking revenues commissions pared many brokers profits mitsuibussan scaled back activities longer makes markets scotiamocatta left floor blue blooded n rothschild simply quit non ferrous metals business way trade lme trading remains dominated price discovery mechanism open outcry official rings electronic systems made deep inroads past year trade rapidly condensed three screen mediums enron spectron lme select director one broker said traders said screens almostly completely superseded telephone market inter office sessions narrower buy sell quotes larger markets available highly transparent screens done perfect pricing mechanism flattened volatility market cut brokers margins time overheads constant pay screens run floor operation director said screen trading volumes still represent small proportion total daily turnover earlier week lme reported record daily turnover 10 483 lots select system far highest since screens switched february working hard ensure lme select becomes electronic trading system choice members lme chief executive simon heale said however senior traders said volumes started increase screens electronic turnovers could explode happened exchanges could force issue lme continued offer three methods trading screens telephones open outcry despite lme resistance world turning screens ipe international petroleum exchange going way u pattern seen well another senior trader said incentives traders said open outcry trading would wither away unless lme acted make attractive existing participants potential new entrants thinking giving discounts people ring maybe also approach big market players find would entice become rdms ring dealing members veteran trader said europe lme ipe open outcry floor close next year rdms lme trying fight back 2000 extended open outcry sessions carrying business early afternoon recess scotiamocatta metals decided call halt executing business floor week rdm numbers dwindled 11 structural problem enough income ring almost getting last man standing situation drop 10 danger ring may implode senior trader said ranks associate broker clearer members abcms expanding firms benefits lme membership trade open outcry sessions week south africa investec group joined abcm bringing total membership tier 26 another sizeable bank pondering whether join abcm would good someone else came going spend money recruiting team clerks support staff back office best go small team using screens lme needs either cut costs make less easy go market senior floor trader said copyright 2000 dow jones source world reporter tm maharashtra government decided challenge injunction order issued commercial court london restraining state filing suits dabhol power company dpc india dpc obtained injunction octoberl 1 state government decided challenge order feel concerned court heard state well within week would presenting case state chief minister vilasrao deshmukh said wednesday ex parte order relates arbitration proceedings state government dpc respect state guarantee state support supplemental state support agreements prevented state government taking legal action india challenging international arbitration proceedings initiated dpc mr deshmukh today also reiterated governments resolve draw electricity dpc logic buying dpc power higher rate selling much lower rates deshmukh said according deshmukh due recent rainfall demand electricity gone considerably state electricity board supplying power without interruption meanwhile government today expressed resolve initiate judicial probe entire enron deal probe would begin weeks deshmukh said state already requested chief justice mumbai high court appoint judge probe copyright 2000 dow jones company inc rights reserved india enron maharashtra move london court week 10 18 2001 business line hindu fin times info ltd asia africa intel wire business line hindu copyright c 2001 kasturi sons ltd rights res mumbai oct 17 maharashtra move commercial court london within week injunction obtained enron dabhol power company dpc restraining state challenging international arbitration initiated dpc indian court chief minister mr vilasrao deshmukh told newspersons speaking post cabinet meeting press conference wednesday enron promoted dpc obtained ex parte order october 11 2001 state government 23 days respond order arbitration panel constituted time proceedings expected begin time however proceedings could take dispute jurisdiction maharashtra state electricity regulatory commission dragged mumbai high court supreme court courts restrained dpc continuing international arbitration pending resolution merc jurisdiction issue chief minister also said appointment retired supreme court judge head judicial probe power purchase agreement enron would also completed week time bureau copyright 2000 dow jones company inc rights reserved india gail keen dabhol lng terminal project 10 18 2001 business line hindu fin times info ltd asia africa intel wire business line hindu copyright c 2001 kasturi sons ltd rights res new delhi oct 17 gas authority india ltd gail written petroleum ministry power ministry evincing interest 5 million tonnes per annum mmtpa lng regassification terminal dabhol power company according government officials recent communique two ministries asked financial institutions set meeting enable review financial details lng project financial data lng project solely rests bechtel ge enron first step towards examining financial data gail require enter confidentiality clause agreement present project sponsors access data meanwhile financial institutions awaiting results political parleys centre maharashtra government towards bringing latter solution finding mode implement financial restructuring package resolve dabhol crisis done fis freeze financial package involving sacrifices undertaken present stakeholders elicit market response towards bettering tatas proposition although fis earlier scouted market found tatas evincing interest project would offer dabhol project market ensure concessions part state awarded nomination basis foreign lenders pointed would agreeable domestic fis spearheading salvage operation finally resulting transfer ownership power plant hence government mulling high level committee implement process leading transfer ownership balaji c mouli copyright 2000 dow jones company inc rights reserved ferc discuss possible changes west pwr price caps jason leopold andrew dowell 10 17 2001 dow jones energy service copyright c 2001 dow jones 323 658 3874 jason leopold dowjones com copyright 2000 dow jones company inc rights reserved