enron mentions enron bonds subject market jitters buyout talk capital markets report 11 05 01 market views enron takeover rumors skepticism dow jones news service 11 05 01 excuses enron board realmoney com 11 05 01 market deserves well placed optimism realmoney com 11 05 01 enron bonds subject market jitters buyout talk michael c barr dow jones newswires 11 05 2001 capital markets report copyright c 2001 dow jones company inc new york dow jones reports weekend embattled enron corp ene might object takeover bid failed move company bonds monday sunday independent london reported royal dutch petroleum co rd planned mount 11 billion offering company barron stated speculation enron might attract takeover interest either royal dutch warren buffet berkshire hathaway inc brka enron bonds quoted dollar prices terms spread relation treasury bond issues 74 bid 77 offer quoted market enron 7 7 8 bonds 2003 monday morning similar friday levels company bonds quoted low mid 70 friday rumors shown pricing said wayne schmidt portfolio manager advantus capital management st paul minn market perception takeover rumors impact pricing bonds said eric bergson portfolio manager northern trust global investments chicago even enron bond short time maturity trading par traders said 6 45 coupon bond due november 15 2001 less two weeks away bid dollar price 99 investors want anything downside risk said harold rivkin principal h rivkin co distressed debt brokerage firm princeton n j bonds could lose lot value time frame little upside potential gain added little liquidity company bonds said rivkin enron bonds follow company stock movements added enron closed monday 11 03 0 27 friday close 11 30 enron officials immediately available comment crisis investor confidence houston based energy services company faced crisis investor confidence since reported 618 million third quarter loss 1 2 billion reduction shareholder equity last month last wednesday company said securities exchange commission elevated formal investigation inquiry enron financial dealings partnerships headed former chief financial officer andrew fastow ratings agencies reacted company liquidity problems brought loss investor confidence fitch downgraded enron senior unsecured debt monday triple b minus triple b plus notch away junk bond status last week standard poor corp lowered credit rating triple b moody investors service lowered rating baa 2 shell may interest royal dutch shell may interest enron say analysts shell sophisticated trading operations looking expand north america latin america said tina vital equity analyst standard 201 938 2008 michael barr dowjones com copyright 2000 dow jones company inc rights reserved market views enron takeover rumors skepticism christina cheddar dow jones newswires 11 05 2001 dow jones news service copyright c 2001 dow jones company inc new york dow jones day shedding light new revelations enron corp ene financial dealings difficult put odds company takeover target speculation persistent royal dutch shell group may use enron weakened position launch either friendly hostile takeover weekend british newspaper independent fanned flames speculation saying shell expected offer 11 billion houston energy trader shell spokesman immediately available surely enron thousands miles pipeline assets would provide company anglo dutch oil giant great advantage u natural gas market shell maintained wants increase presence however great deal study would needed uncover potential liabilities lurking company financial structure enroll used web balance sheet financing vehicles fund growing business preserve credit rating thereby lowering borrowing costs also alleged company used structure shift losses balance sheet several arbitrageur traders said unlikely conservative company shell would want make acquisition securities exchange commission investigation pending enron core franchise energy marketing trading business could easily argued valuable asset enron staff result would help deal friendly transaction could protect attrition sometimes associated hostile transactions shell growing position wholesale energy marketing trading sector coral energy unit acquisition enron could give instant clout market also shell strong balance sheet would provide market necessary assurance creditworthiness traders follow corporate mergers acquisitions agreed would better prospective buyer wait situation calmed details enron business uncovered growth fund manager requested anonymity also said important know rumors coming given decline enron stock price speculated hedge fund managers might attempting use rumor stir interest battered stock enron shares recently traded 11 14 16 cents 1 4 stock began day positive territory traded high 12 20 intraday stock declined 60 since company mid october posted third quarter charge 1 billion company also later disclosed additional 1 2 billion reduction shareholders equity caused early termination controversial outside partnerships run former chief financial officer andy fastow weeks followed disclosure enron credit rating downgraded moody investor service standard 201 938 5166 christina cheddar dowjones com copyright 2000 dow jones smart wise ways wall street main street oil patch norman blake gent met years ago usfg sold huge profit man recently served ceo comdisco leasing company comfortable debt financing wallowing blake general electric training man smell things right miles away stuck comdisco hell ronnie chan longtime kingpin hong kong place financial originality always display chan certainly would understood unseemly 17 partnerships would appeared seen everything kong john duncan energy investment guy director eott energy seasoned pro knows oil gas financing accounting sophisticated wendy gramm regulated derivatives chairman cftc director chicago mercantile exchange could spotted obvious conflict probed partnerships entailed part old job robert jaedicke professor accounting stanford business school also dean guy wrote book stuff really seen coming skipping ken lay ceo charles lemaistre john mendelsohn two execs university texas anderson cancer center expected catch stuff therefore gets pass paulo ferraz pereira former president chief executive officer state bank rio de janeiro probably put fair share difficult financial situations could raise word frank savage serves chairman alliance capital management international perhaps sophisticated company world money management sure savage never saw situation bad enron looking company portfolio investments jeffrey skilling man resigned ceo needs heard know director houston branch federal reserve bank dallas sinecure slouches undervigilant execs get hold know know john wakeham lord wakeham everybody perhaps financially sophisticated brit serve parliament managed large private practice chartered accountant big powerful smart herbert winokur longtime financial hand also run investment partnerships used serve director penn central place saw share ups downs tricky financial situations short sophisticated hands group folks come across believe checked stuff believe know knew partnerships believe idea want badly presume partnerships simply set take lot debt hurt enron credit rating agencies ethical setup least makes think board might confused focused would seemed unimportant might known big extended partnerships still let fool powerhouse fantastic upright board people know thing two believe let stuff occur think knew nothing pretty terrible right market deserves well placed optimism james j cramer realmoney com 11 05 2001 10 32 est url j vu circa 1991 keep thinking recall time vividly bank boston chase chemical citibank started rallying bears would call joke would say ridiculous move shorted shorted aggressively way banks would make heck bank boston teetering insolvency citibank technically bankrupt already jim grants world powerful many years dead wrong erudite belt would alerting everyone absurdity common stocks banks rallying would call analysts know anything either ones liked banks way still liked credibility ones hated want get winning horses know race new one begun put brutal way know right one brain long turns course brains one commodities wildly overvalued bottom check skepticism embrace optimism certain points history optimists get right feel market think time skeptical damage occurred think look back period say following great bear market started march 2000 continuing run rampant sept 11 crisis triggered massive influx liquidity lower interest rates turned things around brains time thinking nothing really could change going slide japanese recession turn would ever come wrong like 1991 get caught cisco bottoming intel breaking minutiae forget market pretty good time pretty good since crescendo selloff two months ago would think converted bears bulls like 1991 happen well turn confuse optimism cold hard realities think example xo communications going fail requisite selloff setbacks tech think mcleod going fail see ton companies get period like ton banks savings loans failed long turn came 1991 reserve right hate individual stocks get arms around ford comes back understand enron fiasco even sure qwest staunch bleeding make bearish understand strictly pavlovian creature lived giant financial short squeezes late 1990 early 1991 personally bought half dozen banks shorting later seen banks get big bids super regionals long would suspicious want bet market though capacity loss remembrance much greater ability remember wins pattern stays head like hot stove want get burned believe cold blooded individual things thought short side right side would huge bounce bottom would nothing unpatriotic saying get think right think market going keep working people email harangue make fun say c est la vie took stand wrong taking stands however knowing context making money context done 20 years context view one thing give money others random musings glenn curtis era value newsletter making 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