enron mentions enron replaces andrew fastow cfo amid sec inquiry updatel bloomberg 10 24 01 enron shares drop sixth day stock downgrades update 5 bloomberg 10 24 01 enron fincl chief 2 mcmahon replaces andrew fastow dow jones news service 10 24 01 stockwatch enron falls 20 pct worries deals ljm impact earnings afx news 10 24 01 usa enron shares take midday battering 20 pct reuters english news service 10 24 01 usa research alert enron stock drops sell rating reuters english news service 10 24 01 analyst reports enron cnnfn market coverage 10 24 01 uk credit costs surge embattled enron telcos ease reuters english news service 10 24 01 enron may need several hundred mln usd meet shortfalls investment units afx news 10 24 01 enron shares plummet drop comes heels five straight losing sessions cbs marketwatch com 10 24 01 enron bonds tell tale stay away realmoney com 10 24 01 waiting shoe drop enron realmoney com 10 24 01 enron excuses sound familiar realmoney com 10 24 01 fool hill enron disdain investors motley fool com 10 24 01 bonds troubled enron quoted dollars spreads capital markets report 10 24 01 usa group put corporate directors microscope reuters english news service 10 24 01 enron replaces andrew fastow cfo amid sec inquiry updatel 2001 10 24 16 43 new york enron replaces andrew fastow cfo amid sec inquiry updatel adds statement enron kenneth lay second paragraph houston oct 24 bloomberg enron corp ousted chief financial officer andrew fastow amid securities exchange commission inquiry partnerships ran cost largest energy trader 35 million enron named jeff mcmahon head industrial markets group cfo became clear restoring investor confidence would require us replace andy chairman chief executive officer kenneth lay said statement fastow take leave absence shares enron based houston fell much 22 percent today analysts downgraded stock company said monday sec begun inquiry partnerships fastow ran enron fell 3 38 17 percent 16 41 sixth straight day decline earlier shares touched 15 51 lowest since february 1995 stock plunged 21 percent monday enron disclosed sec requested information partnerships stock fell lay failed ease concerns sec inquiry enron financial reporting conference call yesterday investors criticized lay disclosing enough workings investment vehicles fastow partnerships stock fallen 57 percent since oct 11 losing 15 billion market value enron shares drop sixth day stock downgrades update 5 2001 10 24 16 43 new york enron shares drop sixth day stock downgrades update 5 updates closing share price fastow leave absence second paragraph houston oct 24 bloomberg shares enron corp fell 17 percent several analysts downgraded stock u securities exchange commission began inquiry partnerships run chief financial officer andrew fastow enron fell 3 38 17 08 dropping sixth day row biggest percentage decline among stocks standard poor 500 index earlier stock touched 15 51 lowest since february 1995 close regular u trading enron said fastow take leave absence jeff mcmahon named chief financial officer chief executive officer kenneth lay failed ease concerns sec inquiry enron financial reporting conference call yesterday investors criticized lay revealing enough workings investment vehicles fastow partnerships stock fallen 57 percent since oct 11 losing 15 billion market value enron conference call began methodical review current liquidity deteriorated inadequate defense balance sheet lehman brothers analyst richard gross wrote report left strong buy rating unchanged analysts lowered ratings including carol coale prudential securities downgraded enron sell hold anatol feygin j p morgan dropped rating long term buy buy first albany corp robert christensen downgraded stock buy strong buy possible downgrade moody investors service last week placed 13 billion company long term debt securities watch possible downgrade reduction rating could cut houston based enron commercial paper market raising costs short term debt enron said earlier month dealings fastow partnerships contributed 1 01 billion third quarter losses enron least 18 partnerships created move debt books lower tax liabilities well dispose assets investor sued enron saying fastow leadership partnerships well membership boards enron executives conflict interest company 3 3 billion potential liabilities attached investment vehicles wall street journal reported today know aware everything going enron said jim walline manager lutheran brotherhood fund owned 93 060 shares sept 1 lot confidence clearly busted little enron fincl chief 2 mcmahon replaces andrew fastow 10 24 2001 dow jones news service copyright c 2001 dow jones dow jones newswires 201 938 5400 stockwatch enron falls 20 pct worries deals ljm impact earnings 10 24 2001 afx news c 2001 afp extel news ltd new york afx shares enron corp sharply lower afternoon trade falling 20 pct investors sold stock third day running concerns financial transactions made related party ljm could negatively impact future earnings dealers said 2 15 pm enron 4 06 usd 20 52 pct 15 73 djia 9 76 points 9 349 77 p 500 composite index 0 92 1 085 70 nasdaq composite fell 22 42 1 726 96 company confirmed yesterday securities exchange commission requested company provide information certain related party transactions many analysts responded cutting shares ratings concerns dealings related ljm partnership could affect future earnings two class actions filed company yesterday two lawsuits claim enron issued statements failed disclose company experiencing declining demand bandwidth efforts create trading market bandwidth failed many market participants credit worthy company operating results also materially overstated result company failure timely write value investments certain limited partnerships managed company cfo suit additionally alleged enron failed write impaired assets timely basis accordance gaap generally accepted accounting principles third quarter results last week enron announced charge 1 01 bln usd 1 11 usd per share incremental 1 2 bln usd reduction stockholders equity related unwinding investments ljm partnerships jp morgan analyst anatol feygin said downgraded stock long term buy buy wake lingering concerns regarding company credit situation management disclosure liabilities stemming balance sheet financing vehicles stock removed jp morgan focus list feygin also said management conference call yesterday morning missed opportunity disclose necessary information assuage investor concerns goldman sachs analyst david fleischer also agreed enron disclosure modest management resolve concerns however credit concerns questions potential liabilities much exaggerated said real issue turn huge debt enron placing entities shares value fallen 40 pct since enron reported charges related investments ljm last week fleischer said sees recovery management fully answers investor questions restores credibility outcome expects future weeks blms gc information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved usa enron shares take midday battering 20 pct janet mcgurty 10 24 2001 reuters english news service c reuters limited 2001 new york oct 24 reuters shares enron corp plunged midday trade wednesday hugging top spot list biggest losers new york stock exchange concerns whether financial deals made north america largest buyer seller electricity natural gas could negatively affect earnings going ahead shares trading 20 87 percent 4 13 15 66 midday trade capping 75 percent decline year share price tuesday company lost 10 billion value past week analysts cut ratings expressed concerns former high flyer lack forthrightness discussing business deals unimpressed management attempts tuesday pacify investor concerns transactions involving enron chief financial officer two limited partnerships looked securities exchange commission sec enron tuesday rejected suggestions transactions conflict interest saying deals disclosed sec filings approved board internal external auditors enron reported loss 1 01 billion charges bad investments third quarter failed mention 1 2 billion reduction shareholder value less forthcoming call analysts investors next day copyright 2000 dow jones company inc rights reserved usa research alert enron stock drops sell rating 10 24 2001 reuters english news service c reuters limited 2001 new york oct 24 reuters enron corp stock slumped wednesday prudential securities cut rating energy trader sell concern management forthright onetime high flyer hour trading enron stock biggest percentage loser new york stock exchange shares plunged 3 99 20 2 percent 15 80 lowest price paid stock since august 1995 enron tumbled since last week announced first quarterly loss four years said would take 1 01 billion charges ill fated investments stock closed 33 84 oct 16 results announced prudential analyst carol coale said rating cut hold made things know things potentially know company copyright 2000 dow jones company inc rights reserved business analyst reports enron christine romans barry hyman 10 24 2001 cnnfn market coverage morning c copyright federal document clearing house rights reserved christine romans cnnfn anchor market call joining us phone talk move enron url http www enron com anatol feygin energy analyst jp morgan thank joining us anatol feygin jp morgan thanks romans ok enron last week shares lost 28 29 percent value continued fall yesterday monday going downgrade concerned visibility management issues talking feygin well extremely concerned thursday last week felt lot information coming old news critical fundamentals company friday last week credit market started really get jittery spreads enron credit started blow could threaten fundamental business yesterday management opportunity set record straight conference call think big opportunity missed management comes reassures credit markets primarily equities markets risk fundamental business still consider premiere energy marketing trading franchise functioning well today risk credit issues barry hyman ehrenkrantz king nussbaum anatol exactly balance sheets financing vehicle concern management reluctant talk feygin two transaction still left one called marlin one called white wing osprey marlin basically 1 3 ownership u k water utility enron acquired october 98 part taken public 99 bought back enron year problem entity assets zurichs wessex water business u k enough payoff creditors marlin enron hook portion equity back stopped investment marlin estimate hundreds millions billion dollar range think market fears white wing similar structure less transparent collection assets things like roughly half enron investment brazil european power plants et cetera difficult reconcile value asset possibly enron issue 2 4 billion equity make whole investors white wing romans ok anatol feygin jp morgan thank much lots analysts saying conference call company really clear questions copyright 2000 dow jones france telecom unchanged tuesday 180 195 bps deutsche telecom 10 bps 140 150 bps traders added vodafone quoted two basis points lower late tuesday 83 93 bps telefonica put 100 110 bps five year default swaps five basis points lower stronger equity prices helped alleviate concerns telecom sector financial health although problems remain many firms labouring heavy debt burdens dealer european bank said added default swap selling pressure coming players arranging synthetic portfolio products collateralised debt obligations cdos end year cdos portfolios bonds debt obligations arranger issues bonds secured underlying assets fund deal synthetic cdo arranger sells default swaps groups debt one hit mimic asset pool elsewhere dealers saw small declines protection costs debt carmakers u german giant daimlerchrysler trading several times u bank dealer nonethless saw little changed day five year default swaps 190 200 bps copyright 2000 dow jones company inc rights reserved enron may need several hundred mln usd meet shortfalls investment units 10 24 2001 afx news c 2001 afp extel news ltd london afx enron corp might come several hundred million dollars next 20 months cover potential shortfalls investment vehicles created wall street journal reported citing interview enron treasurer ben glisan covering shortfalls could involve issuing additional enron shares diluting position current shareholders paper said however glisan said company believes repay 3 3 bln usd notes sold investment vehicles without resort issuing stock notes sold investors recent years several entities known marlin water trust ii marlin water capital corp ii osprey trust osprey inc notes coming due next 20 months glisan said assets entities could sold pay notes also enron selling assets proceeds transactions also could go toward repaying notes ultimately guaranteed enron said appears asset sales raise least 2 2 bln usd end next year amount includes cash proceeds 1 55 bln usd previously announced sale enron portland general electric utility unit number assets believe raise sufficient proceeds repay notes glisan quoted saying wrong issue equity glisan said worst case scenario would involve issuing much 1 bln usd stock enron said 850 mln shares outstanding making shortfall equity become expensive drop enron share price past week shares energy trading giant dropped 40 pct shw jlw information contact afx www afxnews com www afxpress com copyright 2000 dow jones anything 9 considered ultra high risk make 11 still enough accounting questionable one bond trader says adequately compensated fact company could default worry recovery value kind risk reward investor wants see company question still market cap 12 5 billion capital b speaking bonds stocks even stock 1 16 global crossing gx nyse news commentary still market cap exceeds 1 billion stock rallied bank debt stayed relatively flat around 50 cents 53 cents dollar similar stories told xo communications xoxo nasdaq news commentary market cap 473 million bank debt trading around 52 cents dollar level 3 communications lvlt nasdaq news commentary market cap 1 2 billion bank debt trading 66 cents mcleodusa mcld nasdaq news commentary market cap 462 million debt trades 53 cents opportunistic bond investors hopping cheap debt especially bank debt top getting paid back food chain nowhere seen reasons jumping buy enron bonds much risk companies like go bad assets trade less bonds currently trading try telling hope springs eternal stock investors providian pratfalls turns item back may fortuitous appeared item noted institutional bond investors often pony slight premium libor buy called credit default protection insurance find price providian pvn nyse news commentary insurance sold investment banks j p morgan chase typically involves complex hedge stocks options requires investor take side trade nobody take side trade charge ridiculously high price investors beware brings us back enron possible buy credit insurance whopping 1 000 basis points libor hardly vote confidence waiting shoe drop enron james j cramer realmoney com 10 24 2001 10 33 edt url accounting irregularities sell three words equals sign always served well remain squarely posted base quote machine always view never let deviated pay severely ignored accounting irregularities cendant cd nyse news commentary initially four month holding period sell qwest q nyse news commentary came guns blazing enron ene nyse news commentary telling sell stock lost half value say still see tempt fate one notion businesses fundamentally sound great core business hokum heck knows idea company really earn knows earn know soon drumbeat democrats justice department playing political favorites pursuing enron noted republican giving company alleged fraud happens shoe drops wherever enron maybe worth scrutiny bet still like enron excuses sound familiar james j cramer realmoney com 10 23 2001 01 43 pm edt url disclose something wrong get accountants check wrong deed outside lawyers check wrong deed therefore right enron ene nyse news commentary asking us believe telling us ridiculous dealings chief financial officer private partnership sanctioned outside professionals simply compounded error next tell us janus largest shareholder knew wanted partnerships generate upside surprises enron well positively go 80 80 savings loan jokers pleading outside accountants lawyers checked massive chicanery somehow supposed make chicanery kosher nope ended getting lawyers accountants trouble government ended going abetting travesties enron use taxpayers money arguably clear cut probe enron check know really stinks jeffrey skilling leave stock got hammered authentic wall street gibberish nasty unseemly situation want sec probe want justice department probe unclear disclosure could end fraud meantime touch stock 10 foot pole one gon na get real nasty gets nice ever fool hill enron disdain investors motley fool com 10 24 01 recent coverage enron centers cfo past partnerships smaller obvious omission really make individual investors turn heat company release cash flow statement quarter conference call press release something like prevalent also release balance sheet company must think idiots wrong tom jacobs tmf tom 9 october 24 2001 enron nyse ene troubles stop monday company announced securities exchange commission sec requested information certain related party transactions veiled reference partnerships recently organized directed enron cfo andrew fastow flurry hailstorm financial media attention three possibilities none palatable company board allowed deal order using corporate speak incentivize cfo legal legal unethical enron less forthcoming perpetuating pattern disdain investors keeping dark accounting machinations involve mind numbing terms obfuscation making simple explanation alleged capacity provide new york times floyd norris calls opaque transactions insiders ever seen leads one conclusion think burying company sec filings accounting texts high speed web connection beer shakespeare king lear way madness lies one hand know pulling apart might teach useful things accounting reading financial statements finding trouble read check certain transactions section company latest proxy statement fully intend someday though need know enron investment company made issues transparent worse though enron made habit keep investors dark potentially troublesome cfo issue company goes way hide true financials really cheeses quarterly call press release parade companies hold quarterly conference calls simultaneously spew press releases companies pay good money business wire pr newswire dissemination allegedly state latest quarter numbers talk business sometimes cleaned glasses enough visibility run lawyers execs even venture speak business climate ahead least thanks regulation fair disclosure reg fd analysts get secret call real numbers another time public like perhaps world pro forma numbers ebitda phil weiss skewered appropriately past columns calls press releases could never expected substantive makes individual investors increasingly correct greet information cries bullfeathers takes reviews earnings press releases make anyone skeptic pr department carefully dresses spin leaving details fine print headline earnings revenues 40 headline revenues earnings 40 skullduggery spin pro forma mangles earnings meaninglessness least conference calls allow sense managers people potentially information business financials helpful hiding cash flow statement almost every company gives part financial picture call press release time income statement increasingly unhelpful least balance sheet tells whether company increased decreased cash right well quite really need cash flow statement best measure company business actually performs even may need make adjustments yet overwhelming majority companies provide cash flow statement call press release time check companies release cash flow statements earnings least prior sec filings write otherwise hound investor relations push management encourage fellow investors tell company motley fool sent ya maintain numbers ready earnings time tell wait numbers certainly ready time sec deadline happy wait week two complete picture hey two releases one earnings ready another cash flow releasing cash flow statement enron sin big deal plenty company pre halloween scary tale gets worse unfortunately enron investors company hide cash flow statement gig one better hiding balance sheet least last three quarters checked enron hides balance sheet sec filing time right cash flow statement balance sheet release income statement though truth provide pages income statement information many businesses fail release balance sheet conclusion management want show cash balances slip sec filings thinks people bother read questioners conference call earlier year urged former enron ceo jeffrey skilling provide balance sheet earnings release skilling reportedly called questioner common vulgarity surprised many listeners meds day symptom company attitude towards shareholders looks like latter skilling gone practice changed management depend management numbers quarterly public calls releases publicly traded company financials appear weeks later sec filings available quotes data page investor buying holding stock companies read filings carefully hard enough discern going business without even filings options grants management real meat buried footnotes reading 10 qs 10 ks like getting married without dating buying car paint color enron failure release information says management corporate governance sub par says management willing hold events darned present anything meaningful make easy individual investors find anything management spin enron case former ceo heaped abuse someone dared ask change make enron earnings releases circuses draw conclusion management listening perhaps hastily pulled together conference call yesterday tmf community member emschulze took notes call analyst asks balance sheet recent earnings release given company previous claim work offer investors greater transparency measuring performance response balance sheet normally come together week earnings release included 10 q filed nov 14 ceo indicates better job improving timing release earnings balance sheet future implying investors wait way 10 q filing deadlines see balance sheet good sign company makes unambiguous commitment provide balance sheet earnings time enron doghouse good corporate governance means companies release quarterly financial statements discuss time today income statements pro forma numbers borderline useless means delay second release get numbers together problem shareholders demand less company trumpets income statement enron one surprised smoke appears perhaps much tom jacobs tmf tom 9 would like improve cash flow statement press time owned shares enron see stock holdings view profile check motley fool disclosure policy bonds troubled enron quoted dollars spreads michael c barr 10 24 2001 capital markets report copyright c 2001 dow jones company inc dowjones newswires new york dow jones bonds embattled enron corp ene trading dollar basis yield margin spread treasurys another sign increasing investor skittishness high flying energy trader bonds carry investment grade ratings started trading dollar price two days ago said gary brown managing director head corporate trading wachovia securities charlotte n c bonds offered dollar prices high 80 low 90 say traders investment grade bonds typically trade spread margin comparable treasury issues credit bonds questions quality traded dollar quotes said one analyst moody investors service rates company senior unsecured debt baal recently placed debt review downgrade standard poor corp fitch rate debt triple b plus company may going double b non investment grade sector said harold rivkin principal h rivkin 201 938 2008 michael barr dowjones com david feldheim contributed article copyright 2000 dow jones company inc rights reserved usa group put corporate directors microscope kevin drawbaugh 10 24 2001 reuters english news service c reuters limited 2001 washington oct 24 reuters directors corporations graded according performance service expected launched soon business research group corporate library group cofounder said wednesday move could cause sweaty palms boardrooms across country long time shareholder activist nell minow said directors awarded grades b c lower based meeting attendance benchmarks always dream rate individual directors like bonds directors scrutiny deserve said minow said service called board analyst planned added feature existing web site com board analyst still testing stages expected launch next year said directors u companies initially evaluated non u directors may added later minow partner robert monks written several books corporate governance shareholder rights formerly managed washington based shareholder activist lens fund sold last year british fund management group hermes latest venture may find receptive audience institutional buy side said industry spokespersons growing interest within membership board membership general individual directors particular definitely think would interest information individual directors said ann yerger spokeswoman council institutional investors represents america large pension funds corporate governance movement since beginnings 1970 focused making directors accountable responsible many companies responded requiring outside directors meaningful stock ownership among directors examples lax board oversight still abound one example would enron corp whose stock plunged recent days since company said securities exchange commission investigating transactions involving certain outside partnerships company chief financial officer minow said enron board asked boards outside consultants supposed vet ideas partnerships like apparently happen taking corporate governance argument step minow argued effective board membership theoretical question issue investors evaluate consider buying stock company corporate governance thing part investment analysis said institutional investors routinely examine corporate management analyzing stocks whether begin examine directors well remained open question nell bob monks shareholder activists long time moved corporate governance positive direction said peter gleason vice president research development national association corporate directors represents 3 000 corporate directors surveys association recently showed corporate directors rank self evaluation high list concerns directors saying something gleason said copyright 2000 dow jones company inc rights reserved