enron mentions 11 23 01 premiums stay high enron near options doubling date looms tax losses wall street journal 11 23 01 dynegy deal buy enron hits crossroads wall street journal 11 23 01 enron faces suits 401 k plan participants wall street journal 11 23 01 sunbeam enron andersen reputation suffers new york times 11 23 01 chase j p morgan paper anniversary year merger rosy plans meet reality new york times 11 23 01 companies finance americas enron awaiting capital injections say officials financial times 11 23 01 usa update 2 enron bleeds dynegy deal doubts grow reuters english news service 11 23 01 usa enron avoids junk status observers wonder reuters english news service 11 23 01 usa us corp bonds enron slips quiet market reuters english news service 11 23 01 usa enron shares seesaw concerns dynegy deal reuters english news service 11 23 01 tales tape energy traders perfect storm stalls dow jones news service 11 23 01 u energy exhange may scrap online platform plans dow jones energy service 11 23 01 enron woes may endanger plans mozambique steel proj dow jones international news 11 23 01 stockwatch enron dynegy lingering merger uncertainty afx news 11 23 01 usa houston economy seen weathering major layoffs reuters english news service 11 23 01 dabhol pwr confirms arbitrator panel mtg singapore sat dow jones international news 11 23 01 enron sec filing contained information dynegy unaware report afx news 11 23 01 dynegy decision buy enron hits crossroads amid rising financial woes dow jones business news 11 23 01 employees lawuit says enron hurt retirement funds courts suit claims energy firm urged workers invest company stock plunged los angeles times 11 23 01 portland utility fate tied enron future seattle times 11 23 01 enron shares bonds fall concern takeover update 5 bloomberg 11 23 01 kkr blackstone among likely enron investors analyst says bloomberg 11 23 01 microsoft msn fast web access expansion slowed enron suit bloomberg 11 23 01 options report premiums stay high enron near options doubling date looms tax losses kopin tan dow jones newswires 11 23 2001 wall street journal cl 1 copyright c 2001 dow jones company inc new york volatility premiums enron near month options remain extremely high sign investors willing pay rich price option protection expect stock unsettled houston company sorts credit debt problems seeks calm frazzled investors enron near month defensive puts traded heavily otherwise quiet session wednesday investors bought hedge december 5 puts traded 10 000 contracts jumped 45 cents 1 10 chicago board options exchange stock closed 1 98 28 5 01 4 p new york stock exchange composite trading enron calls traded actively investors sold generate income traders noted call buying especially enron procured three week extension 690 million note hopeful investors bet enron pulling troubles proceeding merger dynegy inc enron december 5 calls traded 14 500 contracts compared open interest 710 fell 1 45 1 15 cboe investors want book tax loss beaten stocks wash sale rule hurdle essentially prevents taxpayers selling stock securities loss reacquiring substantially identical securities within 30 day period loss poses problem want book loss yet stocks whose prices make attractive buy candidates addition internal revenue service taken position wash sale rule disallow loss investor sells money put strong likelihood stock put acquired investor investors typically get around wash sale rule doubling buying additional stock options waiting least 31 days selling original stock book loss investors double buying calls locks price buy stock achieves effect buying additional stock copyright 2000 dow jones company inc rights reserved dynegy deal buy enron hits crossroads rebecca smith john r emshwiller staff reporters wall street journal 11 23 2001 wall street journal 3 copyright c 2001 dow jones company inc even reiterated intention purchase enron corp dynegy inc coming increasing pressure renegotiate walk away multibillion dollar deal pressure stemming continuing slide price enron shares mounting financial problems houston energy trading company nation biggest marketer electricity natural gas past month enron taken 1 billion write assets revised downward earnings past several years taken 1 2 billion reduction shareholder equity problems due largely dealings enron private partnerships run executives investigation securities exchange commission sec filing monday enron disclosed hundreds millions potential additional write offs well possibility weakening financial condition could force repay 2 billion loans end year 4 p wednesday new york stock exchange composite trading enron shares fell 1 98 28 5 01 dropped 23 tuesday excess 115 million shares traded wednesday four times volume big board stock enron bonds also traded sharply lower market observers said turmoil spilled dynegy stock also among actively traded new york stock exchange 4 p wednesday dynegy shares fell 1 94 39 76 wednesday dynegy issued statement chairman chief executive chuck watson said company working accelerate regulatory approvals required complete merger accordance previously announced agreement though continued perform due diligence enron merger agreement dynegy opportunities renegotiate walk away deal enron financial legal problems become severe enough however observers said difficult invoke called material adverse change clauses point decision earlier year delaware chancery court judge forced tyson foods inc complete planned purchase ibp inc even though tyson springdale ark food products company wanted cancel transaction drop ibp earnings accounting problems ibp unit dynegy officials return calls seeking comment complete deal two thirds dynegy shareholders majority enron shareholders would give approval dates votes set one person familiar merger plans said sec filing monday enron contained information dynegy known dynegy representatives planned work weekend evaluating importance new information part company due diligence person said determined new information merger agreement announced nov 9 calls dynegy exchange 0 2685 share enron roughly 850 million fully diluted shares giving purchase value 9 billion dynegy current stock price however price standpoint deal appearing less attractive dynegy day merger announcement enron shares trading 8 63 83 purchase price exchange ratio wednesday enron market price 47 merger formula price sharp deterioration unusual following merger announcement stock price company acquired generally begins trading relatively close offering price sentiment among wall street analysts also turning merger initially many analysts lauded merger move would rescue enron provide major boost houston based dynegy dynegy enron officials predicted merger supposed completed late next year would significantly immediately increase dynegy earnings analysts challenging assumption ron barone managing director ubs warburg llc said believes enron financial problems combined company would actually lower earnings next year dynegy would mr barone said thinks likely scenario merger formula renegotiated sharply 0 15 dynegy share enron share ratcheting without precedent deal according one person familiar merger negotiations dynegy reduced exchange formula least prior nov 9 announcement enron rapidly sinking stock price beginning year 80 share perhaps significant sign turning tide wall street goldman sachs analyst david fleischer lowered ratings enron dynegy longtime enron fan mr fleischer issued report expressing doubts merger would help dynegy earnings whether enron could recover significant business lost giant energy trading operations enron machine continues sputter mr fleischer wrote observers say dynegy walked away deal tried renegotiate terms significantly enron might pushed bankruptcy law filing without dynegy acquisition continued support bankers customers enron bankruptcy court filing highly possible said ralph pellecchia senior director fitch credit ratings agency wednesday fitch maintained credit rating enron one notch noninvestment grade junk status fitch also said believed enron trading partners made significant cash collateral calls recent days well excess previous expectations contributing liquidity pressures among advisers enron hired current crisis law firm weil gotshal manges specializes bankruptcy corporate workout situations asked possible bankruptcy filing enron spokeswoman said company expects dynegy deal go therefore expect look alternatives merger since merger announcement enron chairman kenneth lay said company alternatives dynegy deal declined identify enron said made progress improving financial position company said reached final agreement units j p morgan chase co citigroup inc remaining 450 million previously announced 1 billion secured credit lines enron said lenders agreed extend repayment existing 690 million note mid december next week spokeswoman said restructuring obligation expected completed next month repayment required year thaddeus herrick robin sidel contributed article copyright 2000 dow jones company inc rights reserved enron faces suits 401 k plan participants theo francis ellen schultz staff reporters wall street journal 11 23 2001 wall street journal cl copyright c 2001 dow jones company inc enron corp embattled houston energy trading company sued members employee retirement plan suffered losses enron plummeting stock price two separate lawsuits filed federal court houston allege enron misled participants 401 k retirement plan risks investing company shares note company forced employees remain invested stock even shares fell amid growing disclosures financial problems recent weeks company locked retirement plan oct 17 nov 19 make administrative changes prevented employees selling enron shares share price collapsed enron recently agreed acquired dynegy inc houston mounting financial problems seen stock price fall 5 01 wednesday peak nearly 90 share last year decline costly participants enron retirement plan 60 401 k assets invested enron shares end last year according one suits first suit filed nov 13 behalf plan participants campbell harrison wright llp houston law firm second filed tuesday seattle based hagens berman llp seek class action certification enron said corporate policy comment pending lawsuits spokeswoman also said company 401 k plan offers participants 18 investment choices one company stock company stock fallen amid mounting losses disclosures extensive balance sheet dealings web partnerships headed former company officials securities exchange commission launched formal investigation company accounting enron said restate years financial information suits enron latest series suits filed companies losses company stock portion 401 k plans suits allege plan trustees breached fiduciary duties continuing offer company stock even became aware serious business problems would hurt stock price suits pending companies enron matches employee contributions 401 k shares enron stock also offers enron stock investment choice addition variety mutual funds 1 3 billion plan 2 1 billion assets invested enron shares end 2000 according suit filed campbell harrison pamela tittle participant 401 k plan worked finance department named plaintiff enron suit filed campbell harrison wright roughly 2 000 shares enron stock retirement account suffered losses 140 000 result stock decline suit alleges trustees enron 401 k plan violated fiduciary duties informing plan participants company stock peril suit filed hagens berman also alleges company failed warn participants risks remaining invested enron stock addition accuses enron systematically misrepresenting financial results since 1998 connection partnerships investigation sec roy e rinard lineman enron oregon named plaintiff suit filed hagens berman seen value retirement plan fall 70 000 470 000 largely result decline enron stock feel like betrayed mr rinard said press release issued lawyers lost savings plans future everything federal pension law companies allowed offer stock retirement plans allowed force employees hold onto stock enron let employees diversify shares receive matching contributions 401 k plan age 50 however plan trustees supposed operate plan best interests participants includes choosing prudent investments generally prove plan administrators breached fiduciary duties employees must show trustees knew stock bad investment presents high hurdle surprising prior lawsuits losses company stock 401 k plans generally come wake allegations accounting irregularities lynn sarko one ms tittle attorneys seattle keller rohrback llp also co lead counsel similar lawsuit lucent technologies inc murray hill n j another firm representing ms tittle dalton gotto samson kilgard plc lead counsel similar suit ikon office solutions inc malvern pa two law firms representing ms tittle campbell harrison wright suits lucent ikon like suit enron allege current plan trustees kept offering company stock plan despite knowing serious business problems would hurt stock price representatives ikon lucent say companies require employees invest company stock educated employees need diversification suit mr rinard plaintiff notes oct 17 day enron announced company taking nonrecurring charge totaling 1 01 billion third quarter enron locked 401 k plan assets preventing participants selling enron shares lock occurs retirement plan transferred one administrator another generally lasts several weeks time participants make changes investment choices lock lifted nov 19 interim nov 8 enron announced would forced restate downward reported financial results 1997 2000 time lock lifted result negative news shares fallen 9 share 32 20 oct 17 lockup started hagens berman attorney karl barth said locked right enron knew going announcing really bad news mr barth said mr rinard looking retirement savings horrible thing start 50 copyright 2000 dow jones section c sunbeam enron andersen reputation suffers floyd norris 11 23 2001 new york times page 1 column 2 c 2001 new york times company worst year ever arthur andersen accounting firm deserved title conscience industry securities exchange commission filed civil fraud complaints andersen partner audited sunbeam firm waste management case enron repudiated financial statements certified arthur andersen process shaving half billion dollars company reported profits recent years raises question arthur andersen become black sheep accounting industry easy question answer everyone willing rush judgment want attack andersen enron need know know arthur levitt former chairman securities exchange commission said week thread connecting known three cases materiality three cases andersen auditors spotted bad accounting persuaded immaterial therefore allowed go ahead materiality one flexible concepts get accountants trouble idea much matter little things gotten wrong add enron however add much total 93 million four years biggest restatement enron profits concerns related party enron says consolidated clear andersen facts needed make decision time treasure role auditors humiliation andersen painful back 1950 leonard spacek andersen managing partner warned profession existence peril showing enough independence public prodding crucial making industry better job two decades ago issue table pension accounting andersen major accounting firm break clients push good rules andersen backbone open question evidence senior people andersen repeatedly gave pressure waste management led e c bring suit firm chose settle without admitting done anything wrong partner e c says looked way sunbeam fighting accusations andersen says acted properly lynn turner chief accountant e c time director center quality financial reporting colorado state university says happening andersen reminiscent happened coopers lybrand partner firm series highly publicized blown audits got bludgeoned death press said people even want see us doorsteps brutal deserved gotten mentality firm making business judgment calls meant firm paid much attention offending clients enough good accounting andersen avoid fate relatively new chief executive joseph berardino declined interviewed column need set tone inside firm making clear expects auditors show backbone mr spacek epitomized convince public copyright 2000 dow jones section c chase j p morgan paper anniversary year merger rosy plans meet reality riva atlas 11 23 2001 new york times page 1 column 5 c 2001 new york times company william b harrison jr speaks last year 31 billion merger j p morgan chase manhattan corporation speaks proudly deal considers capstone 34 year career helping build giant banking business first merger part said mr harrison chief executive combined bank feel core business complete chase j p morgan combination helped advance bank investment banking elite mr harrison intended wall street economy far different places today deal put together many mergers stock sales money making opportunities supposed justify high priced acquisition largely dried consequently deal makers analysts follow bank already speculating mr harrison 58 may ultimately compelled yet another large deal time diversify business away heavy emphasis wall street j p morgan chase prominent assignments like handling revampings troubled giants like lucent recently enron beleaguered energy trading company j p morgan chase proud serving alongside citigroup lead lender adviser enron acquisition dynegy dual role worked achieve sometimes proves complicated bank enron shares free fall information comes hidden debts j p morgan chase scrambling maintain support banks simultaneously keeping merger dynegy track thanks largely slump wall street j p morgan chase profits fell two thirds third quarter 449 million 1 4 billion period year ago stock dropped 15 percent year banks shares bank stock ahead investment banks like goldman sachs j p morgan chase increasingly competes jury still many respects merger said judah kraushaar analyst merrill lynch nevertheless likes j p morgan chase stock said expectations low j p morgan chase competitors suffering slowdown wall street like citigroup better diversified greater involvement old fashioned consumer banking proving strong moneymaker year nearly third j p morgan chase revenues consumer oriented contrast chief new york rival citigroup gets half revenues consumer businesses timing merger bad said steven wharton banking analyst loomis sayles donald h layton one two leaders investment banking james b lee jr bank senior deal maker team also includes dina dublon bank chief financial officer two senior executives also lived big deals geoffrey boisi investment banking leader one time investment banking chief goldman sachs david coulter charge chase retail bank chief executive bank america bought nationsbank many teams gone many mergers bill harrison team said mark g solow managing principal garmark advisors investment firm former senior executive chemical still ms dublon acknowledged tough economy making j p morgan takeover difficult earlier combinations general mergers hard morale said question one tougher emotional toll bank executives making best bad situation taken advantage slowdown cut around 8 percent combined banks staff 2 500 employees anticipated time merger announced many job cuts aimed high cost investment bankers j p morgan chase expects 6 000 jobs investment banking division eliminated end year focused tougher jobs cut ms dublon said ways overall market turmoil made easier j p morgan chase overhaul staff fewer jobs available wall street mr shapiro said employees left behind less apt complain changes jobs people fewer options said little control process thanks partly cuts bank estimates saving cost cutting 3 6 billion annually compared original projection 2 billion time merger cost cutting helped compensate somewhat sharp drop profits bank core businesses control managing aggressively expenses company ms dublon said conference call reporters oct 17 day earnings announced aside cost cuts weakness wall street makes hard bank executives point tangible gains investment banking fees 24 percent third quarter mr harrison points market share gains bank achieved expense competitors wall street hopes investment banking business revives j p morgan chase hold gains bank particularly proud standing two areas mergers acquisitions underwriting large investment grade bond deals bank ranked 5 th worldwide highly profitable category advising mergers first nine months 2001 chase 12 th place finish j p morgan 10 th place standing period last year according thomson financial securities data merger acquisitions business chase slowly building years stronger following merger j p morgan said mr lee vice chairman bank result bank able win assignments providing advice customers dealt old chase loans mr lee remains proud bank work enron energy company despite troubles j p morgan chase along citigroup raised 1 billion bank financing enron earlier month also hired advise company hopes saved collapse taken dynegy old chase long lending powerhouse would good shot leading bank financing advisory role would less certain mr lee said investment banker advising enron came old j p morgan merger activity slow deals go around bank also proud strength long term investment grade bonds another area business executives say enhanced merger moved second place area far year compared sixth place year ago bank taken advantage boom large corporate bond offerings surge driven today low interest rates may j p morgan chase raised 12 billion bonds worldcom telecommunications company largest corporate debt deal united states record unfortunately j p morgan chase fees underwriting investment grade debt small compared money earned coordinating offerings stock j p morgan chase remains second tier competitor bank actually lost market share rankings underwriters stock falling 9 th place year compared old j p morgan 6 th place finish year ago chase 11 th mr harrison said bank taking advantage slowdown stock offerings build momentum slowly business think chance second half year top five said given slowdown bankers predict mr harrison ultimately another deal either expand consumer banking business bolster weak areas investment banking like equity division general view combination j p morgan enough one investment banker said mr harrison disagrees feel said need another large deal successful photo william b harrison jr chief executive says doubts wisdom forming j p morgan chase even though economy slowed since tell happy done merger said associated press chart still looking right mix j p morgan chase announced merger september 2000 combination strength investment banking seemed sure successful bank stock suffered wall street slump consumer oriented better diversified rival citigroup fared better graph tracks daily closing prices citigroup j p morgan chase shares september 2000 november 2001 different blend banking based revenue overhead expenses first nine months 2001 j p morgan chase consumer small business 32 investment management private 9 corporate investment 58 citigroup consumer small business 54 investment management private 4 corporate investment 42 add 100 rounding sources bloomberg financial markets company reports copyright 2000 dow jones company inc rights reserved companies finance americas enron awaiting capital injections say officials robert clow 11 23 2001 financial times c 2001 financial times limited rights reserved officials working shore enron balance sheet yesterday said struggling energy trader hoped receive capital injections 1 5 bn early next week enron talks 250 investments jp morgan chase citigroup also hoping raise least 1 bn private equity investors people close enron declined comment buyout firms might wish invest enron however blackstone group reported talking company dynegy made 9 bn rescue bid understood longer members 20 strong bank lending group led jp morgan chase citigroup asked defer maturities upcoming debt completion merger moves comes reports goldman sachs fitch credit rating agency raised questions company cash flow medium term viability david fleischer goldman sachs analyst argued cash balances inadequate meet 2 8 bn debt obligations falling due end year people close enron say nearly 1 bn debt already restructured fitch report said dynegy deal completed enron would struggle meet 9 bn obligations due end next year people close enron insisted dynegy remained committed merger played talk renegotiation dynegy would shortly issue statement reasserting commitment deal predicted c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved usa update 2 enron bleeds dynegy deal doubts grow 11 23 2001 reuters english news service c reuters limited 2001 dateline previous new york changes byline updates bond prices details throughout c bryson hull houston nov 23 reuters long weekend work faced dynegy inc proposed acquisition enron corp whose worsening stock woes friday whipped fear deal could renegotiated collapse entirely houston based dynegy advisers expected spend long holiday weekend reviewing larger cross town rival enron complex books parties race decline enron stock complete thorough financial examinations merger requires enron shares ended 5 percent 27 cents 4 74 close abbreviated friday trading new york stock exchange dynegy shares closed 64 cents 1 61 percent 40 40 dynegy nov 9 agreed pay 9 billion stock enron falling 45 percent friday close amid fears could run cash deal closes enron market capitalization 4 03 billion dynegy current stock price offer enron worth 10 85 share twice enron current share price executives advisers companies final stages review known due diligence sources familiar matter told reuters sources said renegotiations discussed friday afternoon discussions could occur due diligence review finished turn unpleasant surprises qualify material adverse change enron business likelihood increases dynegy invoking escape clauses renegotiating analysts observers say got believe possibility 90 percent spread deal said one analyst unquestionably continued malaise enron core business dynegy left open renegotiate enron ubs warburg analyst ron barone wednesday wrote research report likelihood soaring dynegy might discover material adverse change enron spokeswoman karen denne said knowledge dynegy renegotiating terms acquisition repeated enron working obtaining additional 500 million 1 billion private equity funding help shore balance sheet dynegy spokesman john sousa said due diligence continuing said company remains optimistic merger traders fearing renegotiation enron recent admission lower volumes trading business crown jewel enron dynegy covets could cause low fourth quarter earnings raises possibility trading business losing profitability continued losses would remove key attraction dynegy electricity traders said latest developments making seem likely dynegy renegotiate deal back entirely move said would leave enron vulnerable creditors possible bankruptcy week rating agency fitch investors said dynegy stepped away merger enron credit situation seemed untenable bankruptcy filing highly possible traders speaking condition anonymity said expected dynegy scramble weekend narrow growing share price gap enron depleted market value shrinking volume enrononline trading system makes likely dynegy could pull traders said meanwhile energy traders reiterated would shy away long term deals enron unless received substantial assurances company credit rating would soon improve enron bonds friday talked junk bond levels even lower enron 6 4 percent notes maturing 2006 6 75 percent notes bid friday 57 cents dollar respective 62 60 cents wednesday according trader notes yield maturity respective 21 5 percent 17 percent 20 year zero coupon convertible bonds fell 1 cent dollar 33 cents enron hovering edge investment grade three main credit trading agencies consider whether cut observers wonder enron avoided bond trading 50 nothing investment grade security said scott smith principal wells capital management san francisco invests 6 billion debt enron additional reporting jim jelter san francisco andrew kelly houston carolyn koo arindam nag david howard sinkman jonathan stempel new york copyright 2000 dow jones company inc rights reserved usa enron avoids junk status observers wonder jonathan stempel 11 23 2001 reuters english news service c reuters limited 2001 new york nov 23 reuters rare holding onto investment grade credit ratings means much company beleaguered energy trader enron corp observers wondering cut junk status taking long sum knowledge valuation stock bonds said scott smith principal wells capital management san francisco invests 6 billion debt enron bond trading 50 nothing investment grade security enron 6 4 percent notes maturing 2006 6 75 percent notes bid friday 57 cents dollar respective 62 60 cents wednesday trader said notes yield maturity 21 5 percent 17 percent meanwhile enron shares sunk 94 percent year since october 16 released third quarter results since revised downward shares fallen 86 percent bonds nearly half houston based enron trying merge smaller cross town rival dynegy inc rocked year accounting problems earnings restatements federal investigation top management shuffle advisers expected weekend pore company books could lead renegotiation merger sources familiar matter said moody investors service standard poor cut senior unsecured debt ratings twice last month current baa 3 bbb minus lowest investment grades fitch cut equivalent rating bbb minus three agencies warned possible cuts stakes could hardly higher cash crunch downgrade junk status could imperil enron trading business force pay much 3 9 billion debt issued mostly two trusts possibly force seek bankruptcy protection analysts said enron said securities filing recently less 2 billion available cash credit lines p said tuesday enron faces liquidity issues enjoys alignment interests banks near term financial position expected sufficient allow dynegy merger fitch meanwhile said wednesday present bbb minus rating rests merger possibility continued support lending banks dynegy walks away said enron credit situation seems untenable bankruptcy filing highly possible enron said monday 9 15 billion obligations due next year 690 million note could come due next tuesday later said got three week reprieve investment banks sean egan managing director egan jones ratings co philadelphia likened enron ratings situation california two largest utilities pacific gas electric co southern california edison despite investor unease utilities kept investment grade ratings defaulted debt january california power crisis worsened november 8 day dynegy merger announced senior officials enron lead banks william harrison chief executive j p morgan chase co michael carpenter runs citigroup inc investment banking arm met moody help allay agency concerns person familiar meeting said day later moody issued statement enron week downgraded company senior unsecured debt rating current baa 3 pressure coming investment banks vested interest seeing dynegy deal go said egan whose agency rates enron debt bb second highest junk grade investment banking fees substantial companies pay moody p ratings need obtain financing egan said agency receives payments citigroup j p morgan declined comment moody p immediately return phone calls fitch immediately available comment dynegy enron wednesday however reaffirmed commitment merger wells capital smith sure expect enron remain definitively investment grade merger billed goes half dozen things could go wrong said obviously equity markets telling skeptical merger go bond market following lead additional reporting carolyn koo arindam nag copyright 2000 dow jones company inc rights reserved usa us corp bonds enron slips quiet market jonathan stempel 11 23 2001 reuters english news service c reuters limited 2001 new york nov 23 reuters u corporate bond market saw little activity friday many traders leaving even advance early close though enron corp bonds weakened third straight session amid concern energy trader liquidity whether merger dynegy inc go deadly one trader described activity spreads yield difference investment grade bonds comparable maturity u treasuries finished unchanged balance junk bond prices traders said enron 6 4 percent notes maturing 2006 6 75 percent notes bid 57 cents dollar respective 62 60 cents wednesday according trader notes yield maturity respective 21 5 percent 17 percent 20 year zero coupon convertible bonds fell 1 cent dollar 33 cents meanwhile enron shares fell 5 4 percent advisers prepared weekend pore company books sources familiar matter said analysts said could renegotiation dynegy merger sum knowledge valuation stock bonds said scott smith principal wells capital management san francisco invests 6 billion debt none enron bond trading 50 nothing investment grade security ten year treasuries closed 12 32 yields rose 5 011 percent junk bond funds enjoy inflows separately investors poured cash u junk bond mutual funds second straight week amid newfound tolerance riskier assets investors added net 628 5 million cash funds week ending tuesday top 816 3 million prior week according amg data services two week inflow largest since second third week january bonds rose 6 percent month according merrill lynch co financial markets rallied hopes economy get better distant future said jan hatzius senior economist goldman sachs co lot optimism right hope rather reality see signs improvement month two thursday junk bonds returned 2 93 percent november alone beating bonds 4 71 percent year merrill lynch data show bonds still yield 7 98 percentage points treasuries 9 29 percentage points start month companies week sold 3 83 billion investment grade 533 million junk 3 3 billion convertible debt investors expect three weeks overall active issuance usual year end slowdown copyright 2000 dow jones company inc rights reserved usa enron shares seesaw concerns dynegy deal 11 23 2001 reuters english news service c reuters limited 2001 new york nov 23 reuters shares enron corp fluctuated wildly friday morning concerns grew rival dynegy inc 9 billion acquisition beleaguered energy trader enron shares 8 cents 1 6 percent 4 93 friday morning trading new york stock exchange diving 8 percent earlier shares talk terms dynegy deal enron could changed deal could collapse dynegy originally agreed pay 9 billion stock enron falling 42 percent since wednesday close enron sports market capitalization 4 26 billion report wednesday ronald barone analyst ubs warburg suggested deal current exchange ratio 0 2685 share dynegy share enron could well readjusted suggested much lower exchange ratio 0 15 realistic got believe possibility 90 percent spread deal said one analyst referring potential renegotiation unquestionably continued malaise enron core business dynegy left open renegotiate enron continued enron trading partners scaled back activity causing malaise lower volumes trading business largest coveted portion operation could cause fourth quarter earnings come expectations enron said copyright 2000 dow jones company inc rights reserved tales tape energy traders perfect storm stalls christina cheddar dow jones newswires 11 23 2001 dow jones news service copyright c 2001 dow jones 201 938 5166 christina cheddar dowjones com copyright 2000 dow jones company inc rights reserved u energy exhange may scrap online platform plans stephen parker dow jones newswires 11 23 2001 dow jones energy service copyright c 2001 dow jones 201 938 4426 stephen parker dowjones com copyright 2000 dow jones company inc rights reserved enron woes may endanger plans mozambique steel proj 11 23 2001 dow jones international news copyright c 2001 dow jones company inc maputo mozambique ap recent downturn fortunes u energy company enron corp ene may quash hopes construction natural gas fueled factory produce steel slabs export mozambique officials said friday one largest companies u enron struggling amid potentially new cash flow earnings problems houston based company invest 1 1 billion maputo iron steel project factory built expected produce two million tons steel slabs year mozambican prime minister pacoal mocumbi said government hoped enron current difficulties lead cancellation project government wants know enron going held hostage lack information mocumbi said immediate comment available enron officials mozambique planned project part long standing efforts exploit vast natural gas reserves mozambique transport sell product industrial heartland south africa mozambique two massive gas fields temane operated u atlantic richfield co sasol south africa zarara petroleum dubai pande operated enron copyright 2000 dow jones company inc rights reserved stockwatch enron dynegy lingering merger uncertainty 11 23 2001 afx news c 2001 afp extel news ltd new york afx enron corp shares lower dynegy inc slightly higher late morning trade lingering uncertainty proposed merger following news report enron sec filing last monday contained details known acquirer dynegy dealers said 11 15 enron shares trading 17 cents 4 84 decline 3 3 pct dynegy 44 cents 40 20 djia 57 70 points 9 892 86 p 500 6 24 points 1 143 27 nasdaq composite 11 94 points 1 886 99 earlier wall street journal quoted unnamed source saying monday sec filing contained information company unknown proposed buyer dynegy dynegy representatives planning work weekend evaluating significance information part due diligence enron paper said specify nature information filing enron revealed number new financial problems including possible obligation repay 690 mln usd note due nov 27 wednesday company said received extension repayment mid december said enough time restructure debt company also said active talks creditors expected able restructure debt remain solvent long enough merger dynegy completed dynegy welcomed news said push ahead seeking regulatory approval merger investors concerned constant surprises restated earnings revelations liquidity problems enron may cause dynegy walk away deal ubs warburg analyst ronald barone lowered enron fourth quarter earnings per share estimate loss 25 cents earnings 25 cents arguing business suffer liquidity problems resolved analyst cut full year estimate 1 10 usd 1 60 usd 2002 estimate 75 cents 1 65 cents figures prove correct would make dynegy current merger exchange terms 0 2685 dynegy shares enron share owned moderately dilutive reiterate merger dynegy run obstacles fall entirely enron shares could come severe pressure investors may question ability sustain liquidity normal business activities extended period time barone said note scenario bankruptcy would question credit suisse first boston analyst curt launer upbeat said share decline recent sessions overdone industry contacts discussions traders indicate trading enron slowed certainly stopped said launer dynegy merger enron still represents dramatic plus said cl gc information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved usa houston economy seen weathering major layoffs ellen chang 11 23 2001 reuters english news service c reuters limited 2001 houston nov 23 reuters houston economy buffered broad diverse tax base able weather thousands layoffs city major corporations including energy powerhouse enron corp economists analysts said financially ailing enron corp 21 000 employees worldwide talks bought houston based rival dynegy inc third major employer city announce severe financial problems recent months analysts expect layoffs merger occurs continental announced layoff 3 000 employees sept 11 attacks hewlett packard co plan buy compaq computer corp finalized result 15 000 layoffs two companies compaq also announced 8 000 layoffs worldwide july fair say potential layoffs enron layoffs continental taken alone negative factors although probably small grand scope houston economy said phil scheps director houston finance administration department since last month enron became target securities exchange commission investigation financial dealings partnerships energy giant market share steadily eroded neither enron dynegy given indication number layoffs could hit houston barton smith director institute regional forecasting university houston said layoffs spread long period time excessive robin kapiloff analyst moody investors service said city efforts diversify economy past decade protect revenue collections even city biggest employers suffer watching see things go said alex fraser director standard poor said ratings agency concerned houston credit position point enron certainly large player prominent corporation unclear impact would fourth largest city country experienced bit slowdown since sept 11 attacks houston outperformed rest nation tax base 87 3 billion 2001 houston also buffered texas medical center city largest employer next year city tax base estimated grow 95 billion still national recession energy price weakness general initial loss consumer confidence related attacks caused city reduce estimate sales tax growth 1 5 percent 5 percent revised estimate equals 13 million reduction city 1 4 billion budget city property tax revenue affected small change property tax collections expected 2002 valuations based jan 1 data 2001 real estate growth large scheps said recent economic indicators appear positive consumer confidence quickly rebounded better read strength houston tax revenue collections available february city receives data december holiday season scheps said copyright 2000 dow jones company inc rights reserved dabhol pwr confirms arbitrator panel mtg singapore sat 11 23 2001 dow jones international news copyright c 2001 dow jones dow jones newswires 91 11 461 9426 himendra kumar dowjones com copyright 2000 dow jones company inc rights reserved enron sec filing contained information dynegy unaware report 11 23 2001 afx news c 2001 afp extel news ltd new york afx monday sec filing enron corp contained information proposed buyer dynegy inc known wall street journal quoted person familiar merger plans saying dynegy representatives plan work weekend evaluating importance new information part company due diligence enron source said without specifying new information filing enron disclosed hundreds millions dollars potential additional write offs well possibility weakening financial condition could force repay 2 bln usd loans end year dynegy announced wednesday working accelerate regulatory approvals required complete acquisition accordance previously announced agreement journal quoted analysts saying dynegy coming increasing pressure renegotiate walk away deal also cited fitch director ralph pellecchia saying without dynegy acquisition continued support bankers customers enron bankruptcy court filing highly possible jms information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved dynegy decision buy enron hits crossroads amid rising financial woes 11 23 2001 dow jones business news copyright c 2001 dow jones company inc even reiterated intention purchase enron corp dynegy inc coming increasing pressure renegotiate walk away multibillion dollar deal friday wall street journal reported pressure stemming continuing slide price enron ene shares mounting financial problems houston energy trading company nation biggest marketer electricity natural gas past month enron taken 1 billion write assets revised downward earnings past several years taken 1 2 billion reduction shareholder equity problems due largely dealings enron private partnerships run executives investigation securities exchange commission sec filing monday enron disclosed hundreds millions potential additional write offs well possibility weakening financial condition could force repay 2 billion loans end year 4 p wednesday new york stock exchange composite trading enron shares fell 1 98 28 5 01 dropped 23 tuesday excess 115 million shares traded wednesday four times volume big board stock enron bonds also traded sharply lower market observers said turmoil spilled dynegy stock also among actively traded new york stock exchange 4 p wednesday dynegy dyn shares fell 1 94 39 76 wednesday dynegy issued statement chairman chief executive chuck watson said company working accelerate regulatory approvals required complete merger accordance previously announced agreement though continued perform due diligence enron merger agreement dynegy opportunities renegotiate walk away deal enron financial legal problems become severe enough however observers said difficult invoke called material adverse change clauses point decision earlier year delaware chancery court judge forced tyson foods inc complete planned purchase ibp inc even though tyson springdale ark food products company wanted cancel transaction drop ibp earnings accounting problems ibp unit dynegy officials return calls seeking comment complete deal two thirds dynegy shareholders majority enron shareholders would give approval dates votes set one person familiar merger plans said sec filing monday enron contained information dynegy known dynegy representatives planned work weekend evaluating importance new information part company due diligence person said determined new information merger agreement announced nov 9 calls dynegy exchange 0 2685 share enron roughly 850 million fully diluted shares giving purchase value 9 billion dynegy current stock price however price standpoint deal appearing less attractive dynegy day merger announcement enron shares trading 8 63 83 purchase price exchange ratio wednesday enron market price 47 merger formula price sharp deterioration unusual following merger announcement stock price company acquired generally begins trading relatively close offering price sentiment among wall street analysts also turning merger initially many analysts lauded merger move would rescue enron provide major boost houston based dynegy dynegy enron officials predicted merger supposed completed late next year would significantly immediately increase dynegy earnings analysts challenging assumption ron barone managing director ubs warburg llc said believes enron financial problems combined company would actually lower earnings next year dynegy would mr barone said thinks likely scenario merger formula renegotiated sharply 0 15 dynegy share enron share copyright c 2001 dow jones company inc rights reserved copyright 2000 dow jones financial desk employees lawuit says enron hurt retirement funds courts suit claims energy firm urged workers invest company stock plunged associated press 11 23 2001 los angeles times home edition c 2 copyright 2001 times mirror company houston two enron corp workers suing company claiming endangered retirement funds lawsuit filed federal court houston employee retirement income security act asserts enron encouraged employees invest heavily company stock stock tanked lawsuit filed portland ore utility lineman roy rinard co worker steve lacey enron shares plunged 90 last several months since departure company chief executive accounting controversy prompted firm restate earnings since 1997 eliminating 580 million reported income steve berman managing partner law firm hagens berman seattle said enron touted value shares encouraged employees put entire portfolio enron stock enron officials emphasize risk instead painted situation positive especially company stock began slide said berman hoping get suit certified class action berman wants prove company 401 k plan executives failed act responsibly knew serious business problems also hoping break new legal ground case lawsuit patterned case lucent technologies lucent employees sued employer summer matching 401 k contributions company stock tanked case still litigation earlier year rinard 54 472 000 enron 401 k plan growing 21 years today plan worth 40 000 enron gives employees 401 k match company stock january enron trading 84 87 wednesday closed 5 01 share new york stock exchange problem compounded many employees including rinard saw enron stock well decided put entire account enron stock enron executives talked stock price poised climb 100 share rinard told houston chronicle addition enron employees allowed make trades 401 k plan month starting oct 17 day enron surprised market news taking 1 01 billion tax third quarter charge get bad investments enron officials could reached said planned lockdown several months company changing plan administrators copyright 2000 dow jones company inc rights reserved business portland utility fate tied enron future nigel hunt reuters 11 23 2001 seattle times fourth c 2 copyright 2001 los angeles oregon largest utility portland general electric faces uncertain future parent enron fights life amid deepening financial crisis industry experts said wednesday another oregon utility northwest natural gas due file next week state regulators approval take portland general regulators could soon faced similar application dynegy part still pending deal acquire cash strapped enron enron file bankruptcy portland general sold future could thrown hands texas bankruptcy court experts said northwest natural gas agreed oct 8 acquire portland general around 1 8 billion plus 1 1 billion assumed debt preferred stock month later enron announced agreed acquired houston based dynegy watching afar see could impact sale portland general acquisition northwest natural gas said roy hemmingway chairman oregon public utility commission authority sale go rule whether dynegy take enron said ratings agency fitch last week cut portland general debt ratings due uncertainty parent enron wednesday agency said bankruptcy filing enron highly possible proposed rescue dynegy collapses seen credit problems far portland general market buying power customers right big way hemmingway said however noted really unable conduct business creditworthy would use whatever instruments available make sure service customers maintained earlier year california forced take buying power pg e unit pacific gas electric edison international subsidiary southern california edison two utilities saw credit ratings cut junk status federal regulators insisted sellers wholesale power right sell creditworthy buyer california largest utility pacific gas electric chose file bankruptcy mounting debt parallel consumer advocates fear fate biggest utility neighboring oregon could end hands bankruptcy judge hemmingway said oregon public utility commission recently granted portland general rate increase utility plenty cash flow currently handle obligations nothing like california case said northwest natural gas also based portland set target filing next wednesday oregon commission take utility spokesman steve sechrist said concerns whatsoever point deal moving forward reason see said noting delay filing result complexities acquisition jason eisdorfer lawyer citizens utility board oregon said major questions would raised enron went deal completed would bankruptcy judge let terms agreement go forward know risk portland general become asset disposed bankruptcy eisdorfer said copyright copyright seattle times company rights reserved must get permission reproduce part material copyright 2000 dow jones company inc rights reserved enron shares bonds fall concern takeover update 5 2001 11 23 15 55 new york enron shares bonds fall concern takeover update 5 updates dynegy comment fifth paragraph houston nov 23 bloomberg enron corp shares bonds fell third day concern company weakened financial condition plunging stock price may lead dynegy inc try cancel rework takeover biggest energy trader shares enron active u stock dropped 30 cents 6 percent 4 71 fell 45 percent tuesday wednesday enron said may pay 9 billion debt due 2003 enron 6 4 percent bonds due july 2006 bid 55 cents dollar 62 cents wednesday traders said enron shares trading less half value dynegy offer shows investors questioning whether buyout completed terms agreed two weeks ago enron financial woes may prove drag dynegy earnings next year transaction completed analysts said continued doubts deal said ubs warburg analyst ronald barone rates dynegy strong buy shares either company enron earnings used lost trading business given dynegy opportunity renegotiate price dynegy spokesman john sousa said company remains optimistic potential merger enron agreed nov 9 takeover valued 23 billion stock assumed debt financial crisis threatened bankruptcy wednesday enron got three week reprieve lenders 690 million note due next week giving company time restructure finances dynegy chief executive officer chuck watson said encouraged commitment extend note payment well closing 450 million credit facility dynegy remained committed purchase 40 million enron shares changed hands today almost twice three month daily average session shortened thanksgiving holiday enron active u stock wednesday 116 million shares traded dynegy shares rose 64 cents 40 40 today less 2 billion securities exchange commission filing monday enron said less 2 billion cash credit lines left company cash reserves run low enron danger seeing credit rating cut investment grade would trigger 3 9 billion debt repayments two affiliated partnerships enron bankers met unidentified investors including leveraged buyout firms two industrial companies bid shore energy trader finances injection much 2 billion new york times reported yesterday citing unidentified executives close companies enron spokeswoman karen denne said company seeking 500 million 1 billion enron needs raise 1 billion 1 5 billion cash within next 45 days said sean egan managing director egan jones rating co trading operation burned cash faster market expected egan said trading business traders including mirant corp aquila inc said shifted transactions away enron plunging stock price prompted concerns creditworthiness enron said fourth quarter earnings would reduced partly drop energy trading business watson said enron buyout announced expected increase 2002 earnings 35 percent analysts said happen unless enron recovers lost trading business several cut 2002 estimates enron average estimate analysts polled thomson financial first call next year 1 68 share 2 14 month ago dynegy cancel renegotiate enron meet debt payments trading market collapses banks demand collateral raise interest rate loans enron credit rating cut junk sec cites enron securities fraud enron legal liabilities including shareholder suits exceed 3 5 billion egan said dynegy renegotiate dynegy officials considering whether try renegotiate terms agreement enron according new york times report dynegy enron based houston dynegy investors would like see company negotiate lower price enron said credit lyonnais securities analyst gordon howald rates dynegy buy owns shares nov 9 terms enron investors would receive 0 2685 dynegy share share held today closing price values enron stock 10 85 year ago enron traded almost 80 investors worry cancellation merger would push enron bankruptcy market saying seems obvious plan b enron investors concerned said eric bergson helps manage 9 billion fixed income assets northern trust co chicago lower bond prices go market saying less chance deal going jim polson princeton 609 750 4658 jpolson bloomberg net kkr blackstone among likely enron investors analyst says 2001 11 23 16 20 new york kkr blackstone among likely enron investors analyst says houston nov 23 bloomberg kohlberg kravis roberts co blackstone group carlyle group among likely candidates approached enron corp private equity investment shore company balance sheet said industry analyst david snow net firms cash hand invested energy companies past investment enron may look attractive shares plunged 94 percent year many larger traditional buyout firms would find deal attractive said snow company real assets dumps need capital capital scarce enron bankers met recently leveraged buyout firms two industrial companies seek investment new york times reported citing executives close companies enron stock fell fifth day six concern company weakened financial condition may lead dynegy inc try cancel rework planned purchase rival houston company investors may inject much 2 billion arrangements would protect declines enron stock times said new investments would enron transwestern pipeline connects natural gas fields texas california market newspaper said j p morgan chase co citigroup inc agreed terms give 250 million equity stake part transaction completed monday officials told newspaper buyout firms sometimes make collective bids pooling money distributing risk firms also like invest industries favor public investors partnership corporate investors like dynegy said snow need know enough energy business know whether good deal need confident dynegy team said kkr kkr second biggest private equity firm 24 billion assets declined comment enron spokeswoman molly morse kekst co new york based firm invested 1 3 billion dpl inc utility dayton ohio receive 550 million back company dpl sold 700 million bonds august kkr much gets involved deals corporate partner majority stake snow said would possibly hold years like slow exits kkr also possible candidate recently raised new 5 billion buyout fund lbo firm would need assurance get money back enron investment said snow thing cautious exit said chance dynegy would agree buy lbo firms stake time would give confidence exit public market little bit dicier private investment also must large enough make meaningful difference enron market value 3 7 billion dynegy proposed paying 23 billion stock assumption debt means private equity portion would approach 1 billion 20 largest private equity firms assets 5 billion management according asset alternatives wellesley massachusetts industry research firm still many firms enough free capital undertake investment 500 million announcement investment may come soon analysts say energy trading firms mirant corp aquila inc fewer trades enron concern company able finance business enron shares fallen almost half past three sessions going need investment within 30 45 days said sean egan egan jones ratings co spiraling downward going need beyond 1 5 billion contributed chevrontexaco corp owns 26 percent dynegy lbos rundown likely private equity partners enron carlyle group could invest 1 billion energy fund raising well general u buyout fund said snow carlyle vice president corporate communications chris ullman declined comment blackstone history investing alongside corporate partners recently closed 4 billion buyout fund blackstone spokesman john ford declined comment whether enron approached firm hicks muse tate furst based texas like dynegy enron hicks muse counts triton energy ltd energy exploration company among best investments firm recently raised 1 5 billion new investments one third hoped raise said focus back basics investments food manufacturing media mark semer spokesman hicks muse also works kekst declined comment enron spokesmen two firms warburg pincus co credit suisse first boston private equity arm return calls seeking comment randy whitestone new york newsroom 212 940 1805 microsoft msn fast web access expansion slowed enron suit 2001 11 23 11 59 new york microsoft msn fast web access expansion slowed enron suit redmond washington nov 23 bloomberg microsoft corp plans expand msn high speed internet service delayed lawsuit enron corp could cost company customers holiday season analysts said msn planned fast internet access telephone lines available help energy trader enron 45 markets starting oct 25 instead service sale 30 markets said msn product manager lisa gurry latest delay follows string apparent bad luck delayed rollout microsoft fast internet access service last year holidays typically popular time customers buy called broadband access often along new personal computers purchased received gifts track record picking broadband partners quite work said joe laszlo senior analyst market researcher jupiter media metrix inc definitely hurts customers want broadband right subscribers fast internet access services expected grow fourfold 2006 according estimates jupiter media metrix sales slower internet access plans decline fast internet service phone lines uses digital subscriber line dsl technology track gurry said redmond washington based microsoft still track fast access sale end march 90 percent 45 million 50 million households dsl available neighborhoods little growth left dial access space microsoft anybody leaves broadband potential growth area msn access business said youssef squali analyst fac equities rates microsoft internet competitor aol time warner inc buy microsoft also wants deliver consumer services like music video software updates require fast internet access smooth downloads company originally began service northpoint communications group inc bankrupt provider fast web access microsoft also difficulty finding partners among cable companies use networks high speed service houston based enron agreed june provide backbone nationwide expansion msn service suing enron claimed lawsuit required deliver broadband services microsoft first provided billing ordering system biggest software company agreed build enron acquired rival dynegy inc recently disclosed debts 9 15 billion due 2003 restated earnings four years slower expansion msn selling high speed access 14 states partnership qwest communications international inc last months msn begun planned service expansion outside states working enron competitors msn marketing director bob visse declined name company also talking enron said enron return calls comment enron suit expansion moving slower expected visse said since oct 25 msn added service los angeles san francisco san diego sacramento california houston dallas san antonio austin texas giving microsoft total 30 markets rather 45 plans expand marketing also hold visse said unfortunate position said microsoft chief executive steve ballmer top u internet service provider america online owned aol time warner inc also slow get high speed market analysts said mean microsoft clear laszlo said msn aol might pay sluggishness tougher competition third place earthlink inc cable telephone companies experience selling high speed internet access america online 31 million subscribers msn 7 million earthlink inc 4 77 million subscribers laszlo think msn america online build kind lead high speed market america online slower dial access market permanent blow anyone need worry microsoft msn able expand fast internet access business even delays laszlo said already late broadband market means get little later said broadband continue grow next years definitely permanent blow analysts also say microsoft still needs find cable partner let msn use network sell fast access cable lines cable popular dsl customers looking fast web service five largest cable providers control 51 percent u high speed internet market five largest sellers access via phone lines dsl technology account 33 percent according market researcher ars inc microsoft msn vice president yusuf mehdi said last month company may interested investment corp cable television unit section corrections 11 22 2001 new york times page 2 column 4 c 2001 new york times company editing error article world business yesterday enron corporation prospects selling interest dabhol power project india misstated size stake 65 percent 70 copyright 2000 dow jones company inc rights reserved