enron mentions 11 22 01 corrections new york times 11 22 01 employees retirement plan victim enron tumbles new york times 11 22 01 circling wagons around enron risks great let trader die new york times 11 22 01 enron japan subsidiary reviewing business associated press newswires 11 22 01 major enron unit stake may sold 700 source dow jones international news 11 22 01 japan shock waves enron crisis felt japan reuters english news service 11 22 01 major enron unit stake may sold 700 source dow jones international news 11 22 01 japan shock waves enron crisis felt japan reuters english news service 11 22 01 enron wessex water unit faces possible bid institutions report afx news 11 22 01 enron seeks stave collapse times london 11 22 01 investors take profits second straight day believe market may moved fast recent upturn san jose mercury news 11 22 01 shares take step backward trading holiday new york times 11 22 01 enron cash woes endanger merger dynegy mulls whether ask renegotiation chicago tribune 11 22 01 valuation used chicago tribune 11 22 01 world stock markets bad news techs heralds wall st decline financial times 11 22 01 companies section employees retirement plan victim enron tumbles richard oppel jr 11 22 2001 new york times page 1 column 2 c 2001 new york times company rapid decline enron corporation devastated employees retirement plan heavy company stock infuriated workers prohibited changing investments stock plunged 401 k retirement plan employees chose put much savings enron shares company made contributions company stock well around time enron disclosed serious financial problems last month company froze assets plan administrative change several weeks stock lost much value workers stood helplessly retirement savings evaporated allowed switch investments even though plan far less risky choices unfortunate timing caps year pain enron workers end last year 401 k plan 2 1 billion assets half invested enron energy conglomerate since stock lost 94 percent value portland general electric oregon utility acquired enron four years ago workers nearing retirement lost hundreds thousands dollars utility lined grief counselors help work problems married couples worked lost much 800 000 900 000 said steve lacey emergency repair dispatcher portland general pretty much wiped every employee savings plan shortly frozen articles started coming questionable activities enron mr lacey added stock took tremendous drop pretty much helpless loss serves grim reminder danger relying heavily one investment stock plunges similar enron also wiped retirement savings many employees nortel networks corporation lucent technologies inc global crossing ltd loss enron workers also stands stark contrast profits made senior enron executives sold stock last years enron chairman kenneth l lay made 20 7 million first seven months 2001 exercising stock options 180 million exercising options three prior years last week mr lay agreed forgo 60 million severance package enron traders employees made clear upset would profit proposed acquisition company dynegy inc suffering enron already subject securities exchange commission investigation transactions among enron partnerships headed company former chief financial officer andrew fastow number shareholders suits additional legal problem tuesday steve w berman lawyer seattle represented states tobacco industry filed lawsuit federal district court houston seeking class action status behalf enron employees lost money stock retirement plan lawsuit says enron schemed pump price stock artificially violated fiduciary duty employees failing act best interests promoting enron retirement investment vehicle matching employees contributions enron stock knew stock overvalued breach fiduciary duties mr berman said interview yesterday said assets frozen oct 17 stock 32 20 even though enron executives knew would imminent disclosures company accounting practices knew worst news come froze stock said enron closed yesterday 5 01 company declined comment much allegations pending litigation spokeswoman karen denne said change plan administrators works number months know exact date change put effect like many big companies enron made contributions plan company shares employees also chose put much contributions stock lured stellar past performance company says 89 percent enron stock plan wound employees chose 11 percent company contribution lot people believed stock company match said employee enron headquarters downtown houston money people shell shocked stock past performance lured many workers last year stock soared total assets 401 k plan rose 35 percent 57 percent enron 21 000 employees participate 401 k plan company generally matches employee contributions 50 cents dollar 6 percent salary enron stock sold put another investment employee reaches age 50 ms denne said workers otherwise range options invest money gerry connor senior consultant spectrem group consulting firm based chicago said uncommon companies freeze assets administrators switched wind misallocated money wrong statements kinds complicating factors said heavy dose assets one company stock concern many specialists retirement planning employees taking lot risk think mr connor said say know work company great addition swoon 401 k plans enron employees watched value stock options wither enron gave far larger percentage employees options companies fall enron shares nearly options worthless enron tumbling fortunes come particular shock workers oregon 95 percent 2 700 employees portland general enron recently agreed sell help raise badly needed cash invested 401 k plan said scott simms spokesman losses added hit everyone including officers way staff certainly something certain employees lost others said plan everyone interview oregonian portland peggy fowler portland general chief executive said asset freeze unfortunate coincidence timing worse said refer retirement program three legged stool social security company pension 401 k ms fowler said one legs cut copyright 2000 dow jones section c circling wagons around enron risks great let trader die andrew ross sorkin riva atlas 11 22 2001 new york times page 1 column 2 c 2001 new york times company officials dynegy yesterday weighed whether seek renegotiate terms company agreement acquire enron houston rival enron bankers sought shore finances executives close two companies said discussions came stock energy markets continued register doubts financial stability enron energy trading concern enron stock fell another 27 percent even though company three week reprieve banks 690 million note would come due next tuesday enron unable come collateral executive close enron described loan extension j p morgan chase citigroup band aid given approach thanksgiving people trying take time come something intermediate term executive added bankers also met investors including leveraged buyout firms two industrial companies might inject 2 billion enron arrangements would protect collapse company stock executives said new investments would enron transwestern pipeline links natural gas fields texas california market said deals would structured like dynegy agreement part merger infuse 1 5 billion enron subsidiary owns northern natural gas pipeline arrangement lets dynegy keep pipeline even merger falls apart besides talking potential investors j p morgan chase citigroup agreed terms taking 250 million equity stake deal executives said bankers plan meet enron officials monday complete transactions added karen denne enron spokeswoman noted company previously said seeking infusion 1 billion equity going discuss specifics talking said though investors manhandled stock enron 94 percent year banks dynegy credit rating agencies sought proceed delicately executives explained hasty moves could deepen crisis confidence enron wiping energy trading operations months ago made one nation admired politically influential companies dynegy officials worried yesterday even talking renegotiating merger deal could damage confidence enron among investors energy traders executive close dynegy said yet appear legal grounds break deal unilaterally added dynegy prepared demand enron allow terms deal changed indicated situation could change ms denne enron spokeswoman said aware attempts dynegy renegotiate deal dynegy issued statement saying chief executive chuck watson encouraged steps enron taken bankers mr watson said company continuing due diligence deal dynegy shares rose high 46 94 days merger announced nov 9 closed yesterday 39 76 4 percent second consecutive day enron actively traded stock new york stock exchange closing 5 01 1 98 means premium dynegy would paying enron risen 115 percent analysts following enron debt said bankers little choice support company given enron bank debt secured means bankers pushed enron bankruptcy would receive better treatment holders 6 billion enron bonds debt enron said talks lenders restructure 9 15 billion debt come due end 2002 dynegy deal closed would best thing banks said one analyst following debt james b lee jr vice chairman j p morgan chase echoed thought statement issued enron believe interests chase enron primary lenders aligned restructuring effort said work enron primary lenders develop plan strengthen enron financial position merger dynegy along citigroup j p morgan chase enron lead bank also adviser merger dynegy another group power push enron brink big credit rating agencies continued step gingerly agencies held enron debt rating one step junk status knowing downgrading would force company pay refinance 3 9 billion debt effectively rendering enron insolvent one rating agency official said yesterday move would roil entire debt market adding patriotic hold still one rating agency fitch put strongly worded commentary yesterday dynegy steps away entirely merger enron credit situation seems untenable bankruptcy filing highly possible wrote ralph pellecchia glen grabelsky fitch analysts following enron present bbb rating rests merger possibility continued support lending banks without fitch would consider lowering rating analysts energy executives said enron collapse though unthinkable weeks ago would unlikely cause meltdown nation energy markets enron nation biggest trader electric power natural gas many companies including dynegy make markets commodities analysts say gradual unfolding enron financial woes fall given trading partners time unwind deals limit exposure enron yet even one enron stubborn supporters forced concede yesterday confidence shattered company problems including rapid depletion cash reserves restatements erased 600 million earnings surprise disclosure 690 million debt fan goldman sachs company energy analyst david fleischer downgraded shares neutral yesterday goldman kept stock recommended list photo kenneth l lay enron left chuck watson dynegy nov 9 acquisition announced associated press chart stock collapse enron stock lost 90 percent value last year graph tracks daily closing price enron shares november 2000 yesterday source bloomberg financial markets copyright 2000 dow jones company inc rights reserved enron japan subsidiary reviewing business 11 22 2001 associated press newswires copyright 2001 associated press rights reserved tokyo ap japanese subsidiary enron corp beleaguered u energy trading company reviewing business hopes conclude findings next weeks company spokeswoman said thursday earlier month rival dynegy inc said plans acquire enron enron begun assessment global operations enron japan corp wholly owned subsidiary houston based company began assessment week ago said spokeswoman mika watanabe enron japan business includes e power corp venture set japan enron orix corp leasing company studying possible electric power plants shares enron plummeted another 28 percent wednesday even though reached critical agreement extend 690 million debt payment analysts continued question however whether dynegy planned 8 9 billion acquisition larger rival enron survive particularly traders limiting business enron know negative revelations coming enron shares plunged 90 percent past several months following departure company chief executive accounting controversy eventually caused restate earnings since 1997 eliminating 580 million reported income latest round woes started monday enron filed document securities exchange commission saying would repay 690 million debt nov 26 decreased credit ratings enron japan established april 2000 employs 60 people hoped eventually break japan power industry gradually growing open copyright 2000 dow jones company inc rights reserved major enron unit stake may sold 700 source 11 22 2001 dow jones international news copyright c 2001 dow jones 91 11 461 9426 himendra kumar dowjones com copyright 2000 dow jones company inc rights reserved japan shock waves enron crisis felt japan 11 22 2001 reuters english news service c reuters limited 2001 tokyo nov 22 reuters shock waves crisis enron corp felt japan stressed energy group 60 billion yen 486 9 million bonds outstanding money market dealers said thursday dealers said enron yen denominated bonds believed held japanese investors u bond market enron 6 4 percent dollar denominated notes maturing 2006 selling deep discount 62 cents dollar wednesday price enron yen bonds also pressure japanese market far less liquid u market virtually impossible quote price even want sell one buy said market source declined identified investors holding enron bonds put brave face enron core business still fairly good bonds due next may concluded grave concerns redemption said yasushi inoue manager ufj partners asset management market concerned however money management funds mmfs enron bonds portfolio mmfs seen alternative bank deposits generally invest safe assets order secure stable fixed income bank japan guiding short term rates near zero since last march funds allocating money riskier bonds commercial paper raise returns five mmfs run four asset management companies hold enron bonds totaling 38 5 billion yen nominal value default worry enron default yen bonds price mmfs would fall purchase price meaning funds would unable fully pay back money entrusted although mmfs technically guarantee principle widely regarded almost safe deposits mmf prices fall purchase price investors may lose confidence mmfs could trigger exodus funds mmfs said market source would force fund managers mmfs sell large part assets funds could turn push short term interest rates could rule possibility said source separately thursday enron said reviewing operations japan including option sell business third party enron corp reviewing operations japan considering every possibility including retaining operations selling part spokeswoman tokyo said company likely finalise plans within five six weeks said enron gained first foothold japan 1999 established affiliate e power corp hoping benefit japan deregulation retail power market april last year set enron japan corp far introduced electricity trading marketing financial instruments company 70 employees japan shares enron closed 28 33 percent 5 01 new york stock exchange wednesday 1 123 22 yen copyright 2000 dow jones company inc rights reserved enron wessex water unit faces possible bid institutions report 11 22 2001 afx news c 2001 afp extel news ltd london afx least four financial institutions circling wessex water plc possible bidders south west england water company enron struggling us energy group needs sell according financial times newspaper name source said royal bank scotland plc candover investments westlb barclays capital understood expressed interest buying wessex provides water sewage services 2 4 mln people nomura japanese investment bank previously expressed interest wessex enron bought wessex 1998 1 36 bln stg revealed monday must repay 6 35 bln stg debt end next year newspaper said purchase likely complicated enron subject 9 bln usd bid dynegy smaller us energy rival could faced charge 650 mln usd combined value azurix controls water interests falls 1 95 bln usd 25 pct book value newspaper said ml rn information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved business enron seeks stave collapse chris ayres new york 11 22 2001 times london news international final 4 30 copyright times newspapers ltd 2001 directors enron us energy group close ties president bush spend today thanksgiving holiday locked emergency negotiations save company collapse 44 per cent plunge share price two days investors increasingly worried last night rival dynegy 8 9 billion pounds 6 billion stock rescue bid fall apart holiday period part deal chevrontexaco owns quarter dynegy inject 1 5 billion emergency funding enron enron admitted huge accounting errors amid securities exchange commission inquiry said monday could forced pay back 690 million debt deteriorating creditworthiness crucial concession payment yesterday delayed mid december pay another 9 1 billion end 2002 enron investigated sec allegedly making complex investment deals kept billions dollars debt company books copyright 2000 dow jones believe market may moved fast recent upturn amy baldwin associated press 11 22 2001 san jose mercury news morning final 6 c c copyright 2001 san jose mercury news rights reserved new york doubtful stock market latest surge sustained indefinitely investors secured profits second straight day wednesday leaving prices moderately lower bit recognition market may moved fast said alan ackerman executive vice president fahnestock co weeks swooping stocks increasing belief economy turn around 2002 investors expected lock gains dow jones industrial average closed 66 70 0 7 percent 9 834 68 profit taking brought dow 75 points lower tuesday blue chips climbed 368 points previous six sessions dow 19 4 percent 2001 low 8 235 81 sept 21 followed 1 369 point plunge first week trading following sept 11 terrorist attacks surprising see profit taking way market literally run mile ackerman said broader market also slipped wednesday nasdaq composite index pulled back 5 46 0 3 percent 1 875 05 standard p 500 17 7 percent frankly market sept 21 today gone extremely oversold condition extremely overbought condition said larry wachtel market analyst prudential securities volume lighter normal wednesday many traders took day ahead today thanksgiving holiday market abbreviated session friday positive report consumers mood failed motivate investors buy university michigan consumer sentiment index rose 83 9 percent november 82 7 percent october according index subscribers told dow jones news service stocks fell across sectors industries keeping widespread market run among wall street losers companies whose outlooks performance disappointed investors technology dow industrial microsoft fell 1 35 64 05 salomon smith barney downgraded rating software maker triquint semiconductor tumbled nearly 12 percent 2 33 17 22 said fourth quarter results low end previous estimates debt ridden enron slid 28 percent 1 98 5 01 amid worries company ability handle spiraling financial problems rival dynegy fell 1 94 39 76 concerns 8 9 billion merger enron slated completed summer department store retailer dillard fell 50 cents 15 05 posting third quarter loss 6 cents share wider wall street expected meanwhile investors rewarded companies offered positive prospects future amgen rose 4 07 61 98 biotech company said tuesday earnings per share grow 20 percent range next year xerox gained 67 cents 7 67 deutsche bank alex brown raised rating stock chart chart mercury news 150 source media general chart copyright 2000 dow jones section c markets stocks bonds shares take step backward trading holiday reuters 11 22 2001 new york times page 5 column 5 c 2001 new york times company stocks retreated bull market territory yesterday traders hesitated hold big positions going thanksgiving holiday worries short term health economy corporate earnings even bullish economic report showed number americans lining first time unemployment benefits fourth consecutive week could overcome fears recovery still way market levitating could pass hoop see lot fundamental support said jeffrey kleintop chief investment strategist pnc advisors said firm sold bonds holding cash instead buying stocks jobless claims said good sign still long way seeing bottom earnings corporations indeed analysts expect quarterly profits start increase least second quarter next year according market research firm thomson financial first call amgen bolstered health shares company leader biotechnology said strong sales new drugs would help earnings increase faster analysts expected big technology names like microsoft fell dow jones industrial average dropped 66 70 points 0 7 percent close 9 834 68 second session clambering bull market territory monday bull market defined gain least 20 percent recent low standard half day trading tomorrow enron active stock new york stock exchange second consecutive session tumbled 1 98 5 01 worries company may stay afloat long enough rescued pending takeover dynegy enron said three week reprieve banks 690 million note reaffirmed agreement taken dynegy shares remained lower announcement treasuries lower bloomberg news treasury bond prices fell yesterday jobless claims declined fourth week consumer confidence index rose bolstering expectations economy may bottomed 10 year treasury note fell 22 32 price 100 14 32 note yield moves opposite direction price rose 4 95 percent 4 87 percent tuesday price 30 year treasury bond fell 17 32 100 11 32 bond yield rose 5 35 percent 5 32 percent tuesday graph tracks dow jones industrial average past year sources associated press bloomberg financial markets tables hot favorites lists stocks held largest number accounts merrill lynch compiled staff reports associated press bloomberg news bridge news dow jones reuters chart freddie mac yields average federal home loan mortgage corp participation certificates plotted weekly graph tracks averages 15 30 year mortgages july november source f h l c copyright 2000 dow jones dynegy mulls whether ask renegotiation tribune news services 11 22 2001 chicago tribune north final n 1 copyright 2001 chicago tribune officials dynegy inc wednesday weighed whether seek renegotiate terms agreement acquire enron corp houston rival enron bankers sought shore energy trader finances executives close two firms said although enron said secured remaining 450 million new 1 billion credit line pushed back deadline repaying 690 million debt shares fell 28 percent falling 23 percent tuesday dynegy steps away entirely merger enron credit situation seems untenable bankruptcy filing highly possible rating agency fitch investors said ubs warburg analyst ron barone said bankruptcy would question merger fell ran obstacles believe odds enron incurring material adverse change operations soaring barone said research note saying dynegy may invoke clauses allowing walk away alter terms 9 billion agreement statement enron said feverish talks lenders restructure debt obligations reaffirmed commitment dynegy deal continue believe merger best interests shareholders employees lenders enron chairman chief executive kenneth lay said j p morgan chase co vice chairman james lee said statement chase believes interests enron primary lenders aligned bank would develop plan strengthen enron financial position merger dynegy enron shares fell 1 98 close 5 01 actively traded issue new york stock exchange second day row shares dipped low 4 55 wednesday rebounding slightly enron announcement accounting stock splits lowest enron traded since february 1989 dynegy shares 1 94 4 65 percent 39 76 dynegy board dynegy chairman ceo chuck watson said encouraged new loan debt extension watson said statement dynegy working accelerate regulatory approvals required complete merger watson said chevrontexaco corp owns 26 percent dynegy reiterated full confidence dynegy ability complete merger however dynegy officials worried wednesday even discussing idea renegotiating merger agreement could damage confidence enron among investors energy traders executive close dynegy said yet appear legal grounds break deal unilaterally added dynegy prepared demand enron allow terms deal changed enron spokeswoman said aware attempts dynegy renegotiate deal privately analysts calling odds success lower since enron made filing securities exchange commission monday alerting investors credit crunch monday filing noted enron financial woes led reduced level transaction activity company trading partners analysts interviewed reuters called chances deal even earlier listed odds success 60 percent 70 percent however one analyst said thought emotion driving current stock moves comes despite three powerful factors favor deal bottom line enron needs happen dynegy wants happen chevrontexaco supportive happening credit suisse first boston analyst curt launer said trading deals goldman sachs downgraded enron dynegy market perform took recommended list goldman said cash infusion dynegy 1 5 billion appears inadequate restore confidence enron customers enron trading partners said treading carefully scaling back time still dealing enron every day credit people watching said al butkus vice president kansas city based utilicorp united inc trading business enron crown jewel part coveted dynegy relies volume profitability enron said possible lower volumes would hamper fourth quarter earnings one indicator enron shape fact bonds quoted price like junk bonds rather much extra yield carry u treasuries like investment grade bonds company 6 4 percent notes maturing 2006 6 75 percent notes maturing 2009 respectively bid wednesday afternoon 62 60 cents dollar high 60 tuesday yields maturity respective 19 16 percent 20 year zero coupon convertible bonds traded wednesday 34 cents dollar 38 cents tuesday copyright 2000 dow jones n 1 copyright 2001 chicago tribune gone cheerleading stock analysts achieved celebrity touting stocks quietly collecting bonuses helping companies distribute shares profit outlook many american corporations dismal without accounting manipulations yet recent days widely followed measure stock values price earnings ratio p e benchmark standard 54 wall street journal quicken com 68 cnn money web site definition company earnings per share decline stock price stays p e rise falsely implying optimism based trailing earnings present elevated p 500 p e ratio mostly function collapse earnings rather appreciation equity prices wrote analyst joe liro report stone mccarthy research associates example p e lisle based tellabs 35 march 10 2000 nasdaq market peaked 35 wednesday tellabs shares closed 16 04 wednesday compared 57 march 10 2000 earnings tellabs eroded subtle factor affecting earnings denominator p e calculation failure accounting rules reflect changing business conditions information age expansion service businesses relative manufacturers many service information companies invest heavily research development advertising opposed plants equipment yet r advertising must deducted incurred expense resulting lower profits higher p es compared companies reliant plant equipment investments depreciated many years numerator share price also moving target stock prices stand 25 percent last year peak based caption graphic looking valuations sources dow jones co bigcharts com chicago tribune see microfilm complete graphic copyright 2000 dow jones company inc rights reserved world stock markets bad news techs heralds wall st decline mary chung new york 11 22 2001 financial times c 2001 financial times limited rights reserved us equities broadly lower early trading technology stocks leading decline bleak corporate news two chipmakers analyst downgrade microsoft midsession dow jones industrial average 75 14 9 826 24 p 500 index dropped 8 73 1 133 93 nasdaq composite shed 20 98 1 859 53 volume light ahead today thanksgiving holiday microsoft fell 2 3 per cent 63 81 salomon smith barney reduced rating world biggest software company neutral outperform based primarily valuation salomon targets company price 60 salomon also downgraded analog devices chipmaker reported quarterly results failed match wall street expectations stock fell 1 4 per cent 41 39 triquint semiconductor tumbled 12 per cent 17 22 company cut fourth quarter earnings targets merrill lynch promptly reduced revenue targets company maintained accumulate buy rating tech data gave 5 5 per cent 38 39 salomon smith barney downgraded company outperform buy based valuation weakening european spending big cap tech stocks moving lower cisco systems 4 2 per cent 18 95 sun microsystems 5 4 per cent 12 54 intel however 0 5 per cent 30 09 enron embattled energy trading company suffered another blow goldman sachs downgraded company acquirer dynergy goldman said cash infusion dynergy appears inadequate restore confidence enron customers enron plunged 33 per cent 4 68 dynergy gave 6 per cent 39 10 healthcare stocks one bright spot wall street shares astrazeneca rose 2 per cent 46 30 pfizer 1 per cent 43 63 amgen jumped 6 5 per cent 61 70 biotechnology company forecast increase sales new anaemia arthritis drugs chiron corp however dropped 9 per cent 45 66 company said late stage clinical trials drug treating severe sepsis failed meet main goals toronto moved lower early trading midsession p 300 composite index 0 5 per cent 7 342 0 nortel networks market top weighted stock shed 51 cents c 12 39 barrick 6 cents c 23 16 led modest improvement golds sector c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved companies finance uk ireland institutions cast eyes wessex water water enron seeks sale jim pickard andrew taylor 11 22 2001 financial times c 2001 financial times limited rights reserved least four financial institutions circling wessex water possible bidders south west england water company enron struggling us energy group needs sell enron bought wessex 1998 1 36 bn worth 2 2 bn revealed monday must repay 9 15 bn 6 35 bn debt end next year royal bank scotland candover investments westlb barclays capital understood expressed interest buying wessex provides water sewage services 2 4 people nomura japanese investment bank previously expressed interest wessex purchase likely complicated enron subject 9 bn bid dynegy smaller us energy rival could faced charge 650 combined value azurix controls water interests falls 1 95 bn 25 per cent book value complex balance sheet debt ownership structures atlantic water trust marlin trust wessex main asset azurix enron owns third directly controls another third 50 per cent interest atlantic water trust medium sized water companies similar wessex trading london stock market 85 per cent regulated asset value say brokers would indicate possible price tag company 1 bn likely well threshold required enron financial institutions expressed growing interest refinancing uk water companies largely debt revenues water services securitised repay loans possible trade bidder wessex yet emerge however centrica enel italian group expressed interest buying southern water scottish power scotland based energy group instead announced plans last week raise 1 9 bn refinancing southern water bond market credit suisse first boston advised scottish power said expected utilities consider similar debt financed schemes westlb earlier year supported heavily debt financed 106 management buy mid kent water royal bank scotland worked securitisation glas cymru co operative welsh company bought principality water company drummond capital subsidiary royal bank scotland backing management buy brockhampton owner portsmouth water 71 assumption 6 net debt www ft com water c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones financial desk enron shares fall doubts energy retreat bankers credit downgrade could threaten dynegy merger land firm bankruptcy stock tumbles 12 year low thomas mulligan times staff writer 11 22 2001 los angeles times home edition c 1 copyright 2001 times mirror company new york investors pounded shares enron corp 12 year low wednesday amid mounting doubts whether houston based energy trading king survive long enough complete announced takeover cross town rival dynegy inc enron shares plunged 1 98 28 close 5 01 new york stock exchange trading lowest level since april 1989 enron wall street darling months ago 94 year date minefield stands enron merger analysts said almost stumble downgrade credit rating agency retreat enron bankers trading partners another negative surprise financial condition could pitch bankruptcy still credit rating agencies held fire wednesday keeping enron bonds one notch junk sub investment grade status enron also gained breathing space lenders announcing 690 million note payment due tuesday postponed mid december think probably limp merger said analyst michael worms gerard klauer mattison new york bad limp major new disclosures prompt wednesday sell investors seemed afraid hold enron stock thanksgiving weekend traders said stock market closed today open friday abbreviated session traditionally lightest trading day year enron shares plummeted 23 tuesday reaction filing monday securities exchange commission enron disclosed 690 million obligation disclosure surprise even credit rating agencies constant contact enron executives since company finances began unraveling last month rating agencies view critical controversial enron deals come light recently downgrade junk level would trigger event requiring enron immediately pay 3 9 billion creditors company said monday sec filing event could instantly bankrupt company analysts said enron reeling since mid october began disclosing details deals involving limited partnerships organized current former company executives partnerships purpose appears partly pump enron reported profit concealing large amounts debt incurring sec announced investigating situation addition announcing delayed payment enron said wednesday tapped remaining 450 million previously announced 1 billion credit line chief lenders j p morgan chase co citigroup inc enron probably restructure debts postpone payments may analyst ronald barone standard poor rating agency said wednesday lenders interest cooperate much enron debt unsecured hard assets banks would stand lose principal bankruptcy said dynegy broke recent silence wednesday issuing statement chairman chief executive chuck watson said encouraged news enron agreements lenders dynegy working accelerate regulatory approvals required complete merger watson said adding oil giant chevrontexaco corp owns 26 dynegy stock reiterated support deal ratcheting pressure enron another credit rating agency fitch inc issued statement wednesday listing concerns enron energy trading partners seem demanding cash collateral reducing exposure enron calls question ongoing value company core trading business fitch said although dynegy reiterated intention complete merger enron problems make renegotiating merger terms canceling deal possibility fitch said dynegy steps away entirely merger enron credit situation seems untenable bankruptcy filing highly possible fitch said merger falls dynegy still retain right purchase enron northern natural gas co pipeline system 1 5 billion however analyst andre meade commerzbank securities said believes dynegy still mainly interested trading franchise think worth dynegy go pain want pick assets pipeline cheap meade said copyright 2000 dow jones company inc rights reserved front page first section enron granted breathing space robert clow andrew hill sheila mcnulty gary silverman 11 22 2001 financial times c 2001 financial times limited rights reserved front page first section enron granted breathing space us energy group postpones 690 repayments fights survival enron crisis hit us energy trader stay execution lenders yesterday remained knife edge struggled restore confidence customers bankers investors former stock market star said repayment 690 479 outstanding notes would postponed next tuesday mid december group also said finalised remaining 450 1 bn credit line jp morgan chase salomon smith barney part citigroup enron survival crucial smooth functioning us energy market group dominates failure would also severe repercussions wider financial markets enron offsets much risk energy price changes negotiations lenders set continue today thanksgiving holiday according people close talks whether enron survive depends commitment dynegy rival us energy group 9 bn rescue takeover bid announced two weeks ago dynegy said yesterday encouraged enron progressed boosting liquidity continuing due diligence review enron operations analysts believe enron burn cash balances 1 2 bn dynegy deal completed next year david fleischer goldman sachs one last remaining bulls enron downgraded stock yesterday pointing cash balances inadequate pay debt obligations 2 8 bn end year one person close talks lenders said enron medium term plan restructuring 9 15 bn debt due end next year jimmy lee vice chairman jp morgan chase said bank would work strengthen enron financial position merger dynegy morning trading yesterday enron stock fell 33 per cent announced extension 690 repayment group bonds also fallen levels suggested enron faced bankruptcy lunchtime new york stock recovered slightly trading 4 97 29 per cent lower day shares started week 9 regulatory filing enron monday detailed extent debt prompted traders limit exposure thanksgiving additional reporting gary silverman robert clow lex page 22 enron seeks sale page 24 c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones source world reporter tm tis season thankful seems column counting blessings thanksgiving day start yes airplanes flown buildings thousands dead war afghanistan doubt spread places anthrax mail recession looming houston companies collapsing sold jobs disappearing well thankfulness harder come seems said well could worse mean enron could purchased someone town instead dynegy deal means great majority enron jobs may still conoco bought phillips petroleum never mind merger equals talk phillips decided sound business reasons put merged company headquarters instead bartlesville okla phillips based recession may short survive unfortunately one really found way abolish business cycle fixture market economies live long enough go encouraging signs past houston done better many national recessions simply place come wanted keep car running electricity running air conditioner however usual recessions demand energy drops price oil natural gas tend follow bad houstonians good national economy lower energy prices usually result higher overall economic activity besides people going quit driving completely said hopefully let see let see encouraging signs must around somewhere ah yes 2001 transamerica retirement survey finds half americans say plan save money retirement past good news indeed since nearly nine 10 americans acknowledge saving enough live comfortably quit work course prior polls found americans also vowing going increase retirement savings let hope disclaimers mutual funds say past performance indicative future results good news bad news press release continental airlines saying first 15 days november airline filled 68 4 percent seats 1 8 points 70 2 percent load factor period last year get euphoric however remember continental cut 18 percent flights resulting 15 8 percent decline number seats available last year passenger revenue per available seat declined 21 percent year still bump 23 percent decline october thanksgiving holiday continental expects full planes last year see find silver linings look hard enough storm clouds rather heavy right speaking travel classic good news bad news vacationstogo com houston familiar sell last minute cruise vacations internet last minute usually 90 days less departure web site says cruise lines selling cruises costs simply still better letting ship leave empty cabin bad news line great news contemplating vacation stock market recent past making mincemeat retirement savings seem creeping back bit three cheers maybe four trend continues historically stock market drops advance recession comes back good times return perhaps economic turnaround far away finally best reason give thanks around write read reason aches pains old age welcome sure beats alternative comments telephone 713 220 2000 touch code 1000 e mail jim barlowchron com fax 713 354 3405 copyright 2000 dow jones company inc rights reserved business battered enron sags even doubts mount fate dynegy deal kristen hays associated press 11 22 2001 san diego union tribune 1 2 6 7 c 1 copyright 2001 houston shares beleaguered enron corp plummeted additional 28 percent yesterday even though reached critical agreement extend 690 million debt payment analysts continued question however whether dynegy inc planned 8 9 billion acquisition larger rival enron go particularly traders limiting business enron know negative revelations coming unclear much weaker wholesale trading business profile likely counterparties continue closely monitor limit exposure enron fitch inc analyst ralph pellecchia said wednesday enron shares plunged 90 percent past several months following departure company chief executive accounting controversy eventually caused restate earnings since 1997 eliminating 580 million reported income latest round woes started monday enron filed document securities exchange commission saying would repay 690 million debt nov 26 decreased credit ratings enron also acknowledged reduced level transaction activity company trading partners shares fell 23 percent tuesday dropped additional 32 percent early trading yesterday report goldman sachs co analyst david fleischer questioned whether enron enough cash survive filing raised new issues liquidity ability company even finance next several months fleischer wrote fleischer said enron burned 2 5 billion sept 30 nov 16 said cash balance 1 2 billion inadequate meet remaining debt obligations enron responded later day statement saying received extension debt payment mid december also tapping additional 450 million line credit news enough help enron sagging stock price trading yesterday new york stock exchange shares closed 1 98 5 01 enron time trading low split adjusted 3 94 oct 27 1987 according center research security prices university chicago graduate school business company traded 52 week high 84 87 february michelle foss director energy institute university houston said enron latest round troubles raise concerns whether dynegy enron deal arranged look like going able happen foss said yesterday look like decent idea proposed merger today sure look see salvage attempt buy enron dynegy chairman chief executive chuck watson said statement encouraged news enron debt extension credit agreement adding dynegy moving ahead acquisition fitch pellecchia said week events suggest dynegy might renegotiate deal also said dynegy steps away bankruptcy highly possible shares dynegy closed yesterday 39 76 1 94 4 5 percent nyse ubs warburg analyst ronald barone issued report yesterday saying signs trader withdrawal leading project enron would lose 25 cents per share operating costs fourth quarter switch previous projection 25 cent per share gain combined virtual complete absence visibility continued breathtaking surprises updated financial disclosures causing us implement even conservative earnings price target assumptions company barone said raymond james associates analyst jon kyle cartwright said dynegy likely still wants buy enron early put probability prediction enron imploding said would like believe dynegy recognizes enormous potential value healthy enron trading group type asset acquire bankruptcy also acknowledged problems enron faces trading operation actually collapses enron becomes trivial pursuit question copyright 2000 dow jones company inc rights reserved financial enron gets loan extension 11 22 2001 washington post final eo 2 copyright 2001 washington post co rights reserved enron three week reprieve lenders 690 million note giving debt laden energy trader time restructure finances enron stock nonetheless dropped additional 1 98 share 28 percent 5 01 bonds also fell amid concern company would run cash takeover rival dynegy completed next year enron disclosed monday might repay 690 million debt nov 26 credit ratings lowered got pictures unit closing eastman kodak plans close picturevision subsidiary operates aol time warner internet based got pictures service reduce costs picturevision based dulles employs 128 people united states israel fired got pictures online storage sharing services done kodak picture center news fruit loom failed win court approval proposed bankruptcy sale procedures jeopardizing 835 million offer underwear maker billionaire warren buffett holding company berkshire hathaway u bankruptcy court judge turned fruit loom request approve procedures berkshire lawyer said company accept less 30 million outbid fruit loom recovery plan based bid rejected officials companies said court documents procedures approved nov 30 bid might pulled fruit loom filed chapter 11 december 1999 owes secured creditors around 1 6 billion court papers show windows xp sales plunged new operating system second third weeks market part slowing economy analyst said u retailers sold 260 000 copies microsoft operating system oct 25 oct 27 product first three days market sales dropped 40 percent 155 000 following seven days dropped 51 percent level week ending nov 10 said steve koenig senior analyst npd intelect philip morris seeking change name altria group asked halt switch altria healthcare alabama based health care billing consulting training company obviously great concern health care business big tobacco alcohol company wish adopt identical name said warren smedley president alabama company microsoft general counsel william h neukom directed largest software maker legal strategy decade battles u antitrust enforcers step early next year 22 years company major cases wind safeweb california company partly funded cia discontinued free service allowed internet users view sites web even computers governments corporations outfitted filtering software safeweb focusing efforts revenue generating security applications businesses jon chun president co founder safeweb said company expected decide soon whether restore privacy anti censorship service subscription basis bristol myers squibb sued consumer group seeking force drugmaker tell consumers theragran multivitamins contain lead cadmium nonprofit group american environmental safety institute contends metals cause cancer birth defects kidney damage 1986 california law companies must disclose products contain chemicals state designates potential causes cancer birth defects new york based bristol myers immediately return call comment abbott laboratories baxter international accused lawsuits violating civil fraud racketeering statutes manipulating prices certain drugs causing elderly patients others overpay treatments suits filed last week chicago union benefits plan senior citizens group contend companies illegally inflated prices drugs covered medicare abbott denied allegations baxter declined comment ford pushed back introduction spring several safety features promised would available 2002 explorer fall detroit free press reported january ford said redesigned version nation top selling sport utility vehicle would offer things tire pressure monitors air bag like safety canopy rollover sensors public uproar firestone tire recall ford plans offer safety equipment customers march three months end 2002 model year production international taisei fire marine insurance said file bankruptcy protection claims sept 11 terrorist attacks united states month new york plane crash may make japanese insurer insolvent claims attacks new york world trade center crash american airlines jet queens total 604 million company said taisei money making company long term debt end last fiscal year may simply small withstand catastrophes agreement non opec independent oil producers cut output imminent venezuelan president hugo chavez told group business leaders last week organization petroleum exporting countries agreed trim production 1 5 million barrels day independent producers russia norway mexico agreed additional combined cut 500 000 barrels day four u food firms agreed sell 24 million grain food cuba first american food shipments since united states eased trade embargo last year shipments cargill archer daniels midland conagra riceland foods intended replace cuban food supplies destroyed hurricane michelle earlier month companies said transactions still subject u government approval cargill said international monetary fund officials said would recommend multilateral lending agency board approve new standby credit peru support country economic program next two years though imf statement specify amount peruvian economy minister pedro pablo kuczynski said standby credit would 300 million peru hopes imf backing improve credit potential lenders 16 000 workers volkswagen largest oldest brazilian factory voted accept management offer cut salaries working hours 15 percent save 3 000 jobs plant pact negotiated last week abc metalworkers union workers walked jobs automaker dismissed 3 000 letter citing high pay slump demand new cars local business calpine said plans spend 500 million build power plant virginia serve million homes part energy supplier plan increase business southeastern united states calpine build operate 1 000 megawatt natural gas fired plant gravel neck 50 miles southeast richmond earnings hormel foods largest u turkey producer said fiscal fourth quarter profit rose 13 percent 68 8 million expansion poultry business higher sales spam luncheon meat hormel chili dillard said fiscal third quarter loss widened 40 million 4 million year earlier sales department store chain fell 5 4 percent 1 87 billion compiled reports associated press bloomberg news dow jones news service washington post staff writers http www washingtonpost com copyright 2000 dow jones company inc rights reserved prudential pimco owned falling enron bonds updatel 2001 11 22 02 19 new york prudential pimco owned falling enron bonds updatel updates add details renegotiation 690 million payment stock price 14 th 15 th paragraph new york nov 22 bloomberg joseph portera says regretted owning enron corp partnership bonds sold last month 10 percent loss 100 000 euros 88 000 days head fixed income mackay shields financial corp counts among lucky waited week sell portera would lost almost 400 000 bonds issued enron osprey trust pretty glum sold happy said portera sold debt mainstay strategic income fund job portfolio manager becoming member creditors committee many enron partnership bond investors may end less fortunate portera money managers including prudential insurance co pimco advisors holding lp sunamerica life insurance co division aig life insurance co held bonds year prudential sunamerica among biggest owners 1 4 billion note issued osprey trust pays annual interest 8 31 percent matures 2003 prudential owned 8 6 percent notes pimco owned 5 4 percent according bloomberg data owners included aig travelers insurance co division citigroup inc metlife inc according bloomberg data includes filings march july spokesmen prudential pimco sunamerica aig travelers metlife declined comment whether companies sold osprey bonds enron dealings affiliated partnerships led credit rating cuts cash crunch federal investigation 83 plunge company share price since oct 1 partnerships responsible 3 9 billion 17 billion debt listed enron monday second financial restatement month falling bonds enron largest energy trader agreed acquired smaller rival dynegy inc transaction valued 23 billion stock assumed debt dynegy plans complete buyout october enron may ask lenders restructure payment schedules survive enron bonds tumbled week trading 70 cents dollar yesterday concern company debts may scuttle dynegy acquisition enron 6 4 percent coupon notes due 2006 bid 80 cents monday dropped 73 cents tuesday bid low 62 cents yesterday enron 6 95 percent bonds due 2028 traded low 50 cents dollar yesterday enron bonds would likely rise par 1 dynegy buys enron could fall 50 cents proposed deal collapses said shannon bass helps manage 50 billion pacific investment management co based prices investors give dynegy takeover better 50 50 chance bass said dynegy said assume 15 billion enron debt 13 billion short long term liabilities bonds 2 billion preferred shares debts include 9 15 billion loans notes bonds enron obligated repay refinance end next year according company filings credit rating jeopardy enron refinance easily calling question whether able pay debts dynegy purchase would completed next year marlin osprey enron negotiating bankers restructure 9 15 billion debt plans pay sales assets enron corp three week reprieve lenders yesterday 690 million note became due next week rating downgrade shares enron active u stock dropped 1 98 28 percent 5 01 lowest close since april 1989 enron created partnerships including osprey marlin trusts used shift liabilities balance sheet partnerships sold trust bonds enron guaranteed promising issue millions shares stock back losses funds osprey marlin bonds transferred enron affiliates buy power plants pay water management business make enron approved investments according bond prospectuses portera sold enron partnership bonds last month enron buffeted resignation jeff skilling chief executive third quarter loss 1 01 billion failed investments partnerships securities exchange commission investigation enron finances enough money portera sold bonds put provision osprey notes allows holders sell bonds back enron credit rating cut junk grade three major ratings companies moody investors service standard poor fitch fitch p rate enron senior debt bbb one level junk downgrade everybody would try put bonds back enough money go around portera said typically put provisions allow bondholders sell back bonds original price portera sold osprey stake oct 24 89 cents dollar holding bonds 13 months notes traded 96 cents dollar days portera sold notes bid 56 cents week enron sold debt osprey marlin september 1999 july 2001 credit rating improving bonds trading near face value company likely planned sell new bonds pay partnership debt came due said austin ramzy director fixed income research principal capital income investors enron shut capital markets company next option would selling assets partnerships include power plants water systems partnership debt seen partially secured assets fetch enough cover obligations ramzy said right exercise estimate far short asset coverage trusts said glenn reynolds analyst creditsights inc new york based fixed income research firm terence flanagan new york newsroom 212 893 5662