enron mentions 11 19 01 headed fall companies issued special zero coupon bonds assuming never pay shareholders could hook 65 billion tab fortune magazine 11 26 01 manager journal enron right wall street journal 11 19 01 j p morgan wins losing much wall street journal 11 19 01 german bank talks enron buy unit new york times 11 19 01 bond boom likely lift economy corporations swap old debt new wall street journal 11 19 01 preview week nov 19 25 investors looking answers enron filing los angeles times 11 19 01 companies companies issued special zero coupon bonds assuming never pay shareholders could hook 65 billion tab janice revell 11 26 2001 fortune magazine time inc 131 copyright 2001 irresistible proposition borrow billions dollars pay interest reap millions tax breaks wait debt simply disappear promise zero coupon convertible bonds companies enron merrill lynch binged seemed like free money course catch scenario play company stock price rise sharply quickly investors bought bonds hope converting equity stock tanked bonds would longer worth converting make attractive buyers companies build escape hatch stock price failed rise sufficiently investors could put sell bonds back company many cases one year exactly happen tune 65 billion next three years stock prices fallen far least half special hybrids prospect conversion absurd simply happen bondholders looking get money back first chance put feature possible suddenly companies like tyco comcast dozens hook billions dollars debt interest thought never pay could bad news shareholders companies ones going picking tab debt comes due huge chunks cash disappear balance sheets repay bondholders companies without enough cash majority fall camp likely face skyrocketing interest charges borrow money anew means sharply reduced earnings especially risk investors companies poor credit ratings prime candidates killer refinancing costs companies may even forced issue stock pay debt creating significant shareholder dilution especially current depressed prices make matters worse happening time economy barreling downhill corporate profits already shrinking ticking time bomb warns margaret patel manager pioneer high yield bond fund top performing junk fund seeds mess sown mid 2000 stock market started falter companies search capital balked thought selling stock share prices struggling zero coupon convertible bonds presented attractive alternative companies make cash interest payments bonds hence name zero instead issuers offered front discount instance investors would buy bond 700 collect 1 000 matured companies also gave investors right convert bonds fixed number common shares bonds structured conversion would make sense stock price rose significantly many cases 50 protective feature called conversion premium zeros took corporate issuers would pay interest stock prices climbed back acceptable levels debt would swept away equity bonds converted home run everybody says jonathan cohen vice president convertible bond analysis deutsche bank four bagger course depends entirely stock price rising bondholders armed handy put feature simply sell bonds back company great bondholders hot company shareholders hey odds happening cfos ceos believe stock continue go says cohen worry bond getting put seems little complicated real life example help california based electric utility calpine issued 1 billion zeros april refinance existing debt time company stock trading 55 share severely undervalued opinion company management really want sell equity point says bob kelly calpine senior vice president finance company instead opted sell zeros setting conversion premium hefty 37 still cash interest payments stock price rise significantly make conversion worthwhile bonds exactly screaming buy investors calpine added put feature investors could sell bonds back company one year full purchase price eliminating downside risk things exactly worked management hoped stock since plummeted 25 triple conversion makes sense looking though calpine liable 1 billion borrowed money investors get chance put bonds april also refinancing cost according kelly calpine borrowing rate could run neighborhood 8 5 extra 85 million per year cash obviously nobody plans stock go kelly says think one person around thought bond would put calpine potential costs particularly high credit rating straddling junk borderline investment grade company financing nature necessarily appropriate thing world notes anand iyer head global convertible research morgan stanley problem slew companies far worse credit ratings jeff seidel credit suisse first boston head convertible bond research estimates half zeros outstanding fall junk category others risk ratings downgraded put date today junk yielding much 5 1 2 percentage points bonds rated investment grade refinancing pricey proposition contract manufacturer solectron one could well get hit high price junk 845 million zeros probably buy back january another 4 2 billion coming pike next couple years slower expected sales company recently put negative credit watch three rating agencies solectron credit downgraded zeros would slide junk status situation could cost company shareholders tens millions dollars refinancing charges refinancing worrisome cost associated zeros companies pay hefty investment banking fees sell bonds 3 amount raised debt sold back many spent millions essentially amounted one year loan getting bad advice claims one banker want named look fee banker earned look kind financing risk company got potential consequences scary enough shareholders also get whacked bonds first issued 40 bought hedge funds short company stock sell borrowed shares intention buying back lower price time buy bonds stock goes shorts make money position goes profit converting bond stock hedging strategy almost always causes stock plummet least grocery chain supervalu example recently lost 10 market cap day announced issuing 185 million zeros despite pitfalls love affair pollyanna bonds continues thanks large part slick tax accounting loopholes provide fact hit earnings per share lowest form financing even better thanks wrinkle tax code companies rake huge tax savings deducting far interest actually paying agree pay small amounts interest certain conditions prevail verizon communications instance would pay 0 25 annual interest 3 billion zero bonds stock price falls 60 issue conversion price eyes irs oddly clause enables company take yearly interest deduction tax purposes 7 5 rate pays regular debt trust us want know adds annual deduction 200 million even verizon never shells dime interest surprisingly half zeros issued 2001 contain similar clauses incredible deal says vadim iosilevich runs hedge fund alexandra investment management raising cheap money also tax arbitrage despite enormous risks shareholders companies continue issue zeros steady clip according convertbond com seven new issues totaling 3 5 billion sold since oct 1 alone think power tax advantage going keep around says csfb seidel call greed blind optimism markets recover quickly really matter either way shareholders left paying bill feedback jrevell fortunemail com bill comes due companies issued convertible zeros put features stock market soured repayment looms 1999 2000 2001 2002 2003 2004 amount issued 5 2 19 6 37 5 billions amount puttable 2 4 2 6 4 8 22 0 19 1 24 0 billions source convertbond com zero negative number danger posed convertible zero bonds depends number factors according morgan stanley convertbond com size bond put date company credit rating cash hand far stock must rise bond convert equity date put b amount owed millions c cash hand 2 millions stock price 11 09 01 e conversion price company bond rating 1 risk assessment b c e tyco 11 17 01 3 500 2 600 54 00 49 investment grade problem conglomerate cash pay bonds put november another 2 3 billion puttable 2003 solectron 1 27 02 845 2 800 13 25 155 investment grade danger zone may downgraded junk results improve additional 4 2 billion risk 2003 2004 calpine 4 30 02 1 000 1 242 25 50 180 inv grade junk possibly pricey tab border investment grade junk energy company faces high refinancing charges pride international 1 16 03 276 176 12 50 148 junk may need drill cash oil services company already heavy debt load addition zeros western digital 2 18 03 126 201 4 25 547 junk hard drive ahead tech outfit already paid zeros issuing stock dilution possible brightpoint 3 11 03 138 67 3 25 609 junk watch mobile phone distributor plans repurchase bonds likely incur high refinancing charges aspect commun 8 10 03 202 134 2 00 1 016 junk credit rating unprofitable call center company near lowest grade junk high alert enron 3 2 7 04 1 331 1 000 8 50 1 413 investment grade risky among enron myriad woes debt verge downgraded yet already behaving like junk verizon 5 15 04 3 270 3 000 50 00 70 investment grade verizon faces little risk strong credit rating long lead time put dates merrill lynch 5 23 04 2 541 20 000 49 00 124 investment grade also yet problem underwriting leader made sure zeros could put three years 1 based ratings moody standard calpine split rating press time 2 recently reported financial results 3 expected merge dynegy quote contract manufacturer solectron one zero bond issuer could well get hit hard stocks fallen far least half bonds prospect conversion absurd b w illustration illustration david suter copyright 2000 dow jones company inc rights reserved manager journal enron right samuel bodily robert bruner 11 19 2001 wall street journal 20 copyright c 2001 dow jones company inc rough era american business icons subject vagaries age jack welch product failure ford firestone tires competition lucent technology hewlett packard compaq dot bomb bubbles cmgi managers firms remind us icon risky business latest example enron whose fall grace resulted proposed fire sale dynegy considered one country innovative companies enron became pariah due lack transparency deals odor conflicts interest journalistic accounts enron struggles drip schadenfreude hinting innovations achievements mirage hold brief regarding legal ethical issues investigation agree transparency potential conflicts interest needed high profitability justify breaking law ethical norms matter current issues resolve fresh revelations emerge enron created enormous legacy good ideas enduring value deregulation market competition enron envisioned gas electric power industries u prices set open market bidding customers suppliers freely choose enter exit enron leader pioneering business market competition energy dominant model u spreading europe latin america asia winners consumers paid lower prices investors seen competition force power suppliers become much efficient contrary experience california poster child would regulate power industry example enough deregulation innovation de integration power contracts old regulated model delivering gas electricity customers offered one size fits contract many customers system inflexible inefficient like telling small gardener buy manure truckload enron pioneered contracts could tailored exact needs customer enron unbundled classic power contract constituent parts starting price volume location time etc offered customers choices one consumers enron investors enron earned surplus typically reaped inventors arguably enron embodiment economist joseph schumpeter called process creative destruction creative destroyers necessarily likable pleasant folks may part enron problem today minimization transaction costs frictions enron extended logic de integration industries integrated paper company instance owns forests mills pulp factories paper plants amounts big bet paper company run disparate activities better smaller specialized firms enron argued integrated firms industries riddled inefficiencies stemming bureaucracy captive nature customers suppliers enron envisioned creating free markets components within integrated chain bet free market terms would better internal operations development free market benchmarks terms divisions integrated firms business healthy economy exploiting optionality networks old regulated environment natural gas would supplied customer single dedicated pipeline enron envisioned network gas could supplied number possible sources opening customer benefits competition supplier flexibility alternative sourcing strategies enron benefited controlling switches network could nimbly route molecules electrons best source moment time best use choose convert molecules electrons policy picked others industry created tremendous value customers suppliers rigorous risk assessment strategy tailored contracts could easily broken firm absence clear understanding trading risks firm assumed strong internal controls enron pioneered risk assessment control systems judge among best anywhere particularly advent enron online enron made new positions valued 4 billion day became essential second information company wide positions prices ability deliver unexpected bad news enron little trading losses firm fears among trading partners enron ability finance trading activity world contracts trading portfolios complex explain sound bite counterparties look thick equity base assurance erosion equity rather trading risk destroyed firm culture urgency innovation high expectations enron corporate culture biggest surprise hollywood stereotype utility company bureaucratic hierarchical formal slow full excuses stodgy images gas pipeline company enron 15 years ago even duller slower enron became bumptious impatient lean fast innovative demanding bred speed innovation giving professionals unusual freedom start new businesses create markets transfer within firm success rewarded ample compensation fast promotion open office design fostered brainstorming firm organization culture accounts safe believe role large corporation fulfill entitlements jobs lightning rod firm detractors yet could serve model hide bound enterprises emulate enron prolific source compelling new ideas transformation american business created ruckus quiet corners business economy rewrote rules competition almost every area business thrived volatility proposed sale enron dynegy risks loss major r establishment especially given dynegy track record second mover following enron lead beyond likely difficult time consuming antitrust review dynegy greater challenge find way make enron spirit innovation hope prosperity depends ability firms reinvent remake industries messrs bodily bruner professors university virginia graduate school business administration copyright 2000 dow jones company inc rights reserved j p morgan wins losing much susanne craig staff reporter wall street journal 11 19 2001 wall street journal cl copyright c 2001 dow jones company inc know things bad wall street winner stock selection contest come close breaking even j p morgan chase co portfolio one wall street journal quarterly stock picking survey slide less 10 three months ended sept 30 value stock basket fell 8 6 third quarter six 15 financial firms managed beat benchmark standard poor 500 stock index dropped 14 7 period among star performers came j p morgan rescue northrop grumman corp sbc communications inc procter gamble co turned real stock picker market says j p morgan equity strategist douglas cliggott first half market bought cyclical stocks credit cards brokers hopes recovery think stocks get interesting sometime 2003 instead firm portfolio weighted toward health care consumer staples well cyclical stocks energy farm equipment quarter among roughest years wall street investors terrorist attacks sept 11 helped contribute stock market losses drove value portfolios survey though markets since recovered pre sept 11 levels last time group posted results bad third quarter 1998 asian financial crisis goldman sachs group inc credit suisse group credit suisse first boston finished bottom pack falling 23 2 30 1 respectively performance last place finisher csfb dragged losses companies veritas software corp 72 3 quarter praecis pharmaceuticals inc 64 8 software provider amdocs ltd 51 csfb good stock picking quarter sure says al jackson firm global head equity research tech telecom events sept 11 hurt us credit suisse first boston recently changed approach model portfolio opting sector weightings mr jackson says strategy hurt csfb recent quarters steep slump areas technology telecom firm recently added number old economy stocks portfolio citigroup inc dow chemical co gannett co says mr jackson going back roots asking best ideas like csfb goldman hit drop share price technology companies check point software technologies ltd 56 5 quarter portfolio also dragged shares embattled enron corp 44 3 morgan stanley royal bank canada rbc dain rauscher placed 6 th 12 th respectively also energy company lists addition enron stocks hard terrorist attacks lodging giant starwood hotels resorts worldwide inc walt disney co airlines skywest inc also hurt portfolio performance many securities firms unlikely people buy company entire recommended list one time journal survey intended give investors idea portfolio would look let professionals picking calculations quarterly survey done journal zacks investment research chicago take account capital gains losses dividends theoretical commissions 1 trade overall edward jones co st louis emerged consistent results across board placing second quarter year 85 return five years best group ahead total return p 500 62 7 perhaps firm edwards jones takes buy hold approach investing making changes portfolio quarter quarter even year year old story tortoise hare believe slow steady wins race says david otto edward jones director research really really proud five year number believe getting rich slowly quarterly basis portfolio prudential securities inc unit prudential financial came second j p morgan falling 11 8 however investors sitting stocks prudential recommends done well long run value basket stocks fallen 45 9 past year finishing ahead lehman brothers holdings inc posted one year loss 54 9 seven firms managed beat p 500 index past 12 months fell 26 6 period lehman finished last survey second quarter thanks heavy weighting technology managed move rankings quarter primarily stemmed annual shuffle 10 stocks portfolio known ten uncommon values time around firm portfolio slipped 18 4 quarter 11 th place finish one 10 stocks washington mutual inc managed eke positive return 3 1 biggest quarterly loser energy company mirant corp fell 36 3 period portfolio done decently since market troughed says jeff applegate lehman chief market strategist says believes market hit bottom sept 21 brokerage houses stock picking prowess estimated performance stocks recommended lists 15 major brokerage houses sept 30 figures include price changes dividends hypothetical trading commissions 1 best worst picks returns biggest biggest latest one five gain loss qtr year year raymond james caci intl 49 7 skywest 51 1 14 2 14 7 56 8 edward jones amr water wk 20 5 celestica 47 1 11 2 18 7 85 1 merrill lynch triad 20 1 amer 34 5 15 4 19 8 64 9 hospitals express ubs warburg pepsico 9 7 bea systems 69 2 12 9 19 9 n j p morgan sec northrop 26 6 macrovision 58 5 8 6 20 0 n bear stearns mbna 19 2 embraer 60 3 15 9 22 2 50 9 salomon b abbott labs 8 5 hewlett 43 6 16 0 25 0 17 9 packard morgan stanley dw johnson john 11 2 emc 59 8 14 2 29 0 33 7 dain rauscher el paso energy 17 4 2 82 6 19 6 32 2 n technologies g edwards verizon 4 4 emc 59 8 17 4 33 4 34 8 u bancorp piper jaf eli lilly 9 4 emc 59 8 22 0 39 9 36 7 goldman sachs wal mart 8 3 check pt 56 5 23 2 40 6 60 0 sftwr credit suisse fb johnson john 11 2 veritas 72 3 30 1 44 9 38 1 prudential sec kraft foods 12 9 bmc 41 6 11 8 45 9 41 3 software lehman bros wash mutual 3 1 mirant 36 3 18 4 54 9 29 6 holding period may less full quarter n available source zacks investment research copyright 2000 dow jones section c german bank talks enron buy unit suzanne kapner 11 19 2001 new york times page 2 column 6 c 2001 new york times company london nov 18 large german bank talks buy wessex water enron corporation people close discussions said today enron looking sell wessex water britain well noncore assets india brazil financial crisis nearly brought main energy trading business halt crisis led enron decision earlier month acquired dynegy inc much smaller rival german bank westdeutsche landesbank girozentrale dusseldorf westlb among several suitors wessex water people close discussions said sale also attracted attention industry rivals like thames water owned rwe germany combination would likely incur long review regulators might either block merger antitrust grounds exact stiff concessions industry experts said wessex water likely sold 1 billion 1 4 billion less 1 4 billion enron paid 1998 analysts said hindsight made bad investments noncore businesses kenneth l lay enron chairman chief executive told analysts conference call last week investments performed far worse ever could imagined said citing azurix water business wessex water part energy assets brazil india executives enron immediately available comment today westlb executives declined comment westlb aggressively pursuing acquisitions britain bidding british telecommunications phone network nation railway tracks controlled troubled railtrack restructuring government supervision neither bids progressed beyond initial stages last summer westlb helped finance management buyout mid kent water company swan capital private equity vehicle copyright 2000 dow jones company inc rights reserved credit markets bond boom likely lift economy corporations swap old debt new jathon sapsford staff reporter wall street journal 11 19 2001 wall street journal cl copyright c 2001 dow jones company inc last week completed second biggest bond sale history capping one busiest bond periods years came welcome news amid fears credit crunch new money meaning new spending plants equipment jobs could help pull economy slump 10 9 billion deal slew similar bond deals big companies ranging boeing anheuser busch kraft foods general motors may provide big boost economists banking corporations like homeowners midst refinancing boom corporations hitting market rates cheap often get money crucial markets particular sidestepping commercial paper market short term corporate ious used finance day day operations rates traditionally lowest investors unwilling finance many well known corporations result huge jump bond sales majority used reduce existing debt since sept 11 terrorist attacks 135 billion investment grade bonds sold 78 billion year earlier period overall issuance year likely set record clearing 600 billion compared 411 billion 2000 driving force behind surge bond issuance refinancing short term commercial paper long term debt says john lonski chief economist moody investors service credit rating agency usually rising bond issuance presages economic growth 1991 corporations sold record number bonds exploit falling interest rates companies poured much money raised back operations flurry investment foreshadowed economic boom late 1990 time around surge bond deals pump enough new money economy make dramatic difference though case millions homeowners refinancing mortgages lower monthly payments could help ease pressure stretched corporate balance sheets help fund companies day day operations money raised refinance short term debt course string bond deals shows many nation biggest borrowers ready access funding need companies similar last week provided biggest refinancing example yet next three months telecom company facing 6 5 billion expiring commercial paper normal conditions corporations pay maturing commercial paper rolling debt issuing new commercial paper replace old rolling commercial paper became much harder moody cut company short term long term credit ratings bond deal raised money relatively attractive rates avoiding difficulties commercial paper market companies facing downgrades also scrambling find alternatives commercial paper market bonds loans revolving credit lines ripple effects felt throughout capital markets says meredith coffey senior vice president loan pricing corp debt market analysis company extreme cases bond markets offer refuge enron hammered third quarter loss 618 million led string downgrades drew 3 3 billion emergency bank credit line repay investors commercial paper turned banks additional 1 billion loan pay commercial paper investors thus tiding could merge rival dynegy investment grade companies nearly bad thus ready access bond investors general motors instance little trouble selling 6 billion debt last month ford motor easily sold bonds totalling 9 4 billion surge bond sales masks signs even investment grade companies trouble convincing investors good money take ford standard poor moody downgraded ford debt ratings last month triple b plus single 3 respectively rating ford far enough spectrum investment grade debt many ultraconservative investors commercial paper touch meaning turn corporate bonds refinance debt ford concedes big reason selling bonds avoid trouble commercial paper market boyce greer money market group leader fidelity investments says often stops buying commercial paper corporation first sign eroding profitability even get downgraded wait around rating agency downgrade company says moody downgraded five times many corporations raised far year thus market corporate commercial paper shrunk 1 4 trillion end october 1 6 trillion end last year friday credit markets last week brutal time treasurys market sold sharply push yields move inversely prices almost back stood terrorist attacks worst bond selloff since 1987 according economists banc one capital markets losses heaviest issues like two year note sensitive expectations federal reserve policy since hitting record low 2 30 nov 7 two year yield risen 0 80 percentage point 3 05 period 30 year bond yield risen 0 50 percentage point 5 27 4 p friday benchmark 10 year treasury note 1 3 32 points late thursday 10 94 per 1 000 face value 100 25 32 yield jumped 4 897 4 756 thursday 30 year treasury bond price fell 1 19 32 100 25 32 yield 5 317 5 211 thursday selloff people market cite shift toward view u economy may finally brink recovery means fed may need employ many rate cuts get growth back track michael derby steven vames copyright 2000 dow jones financial desk preview week nov 19 25 investors looking answers enron filing bloomberg news 11 19 2001 los angeles times home edition c 2 copyright 2001 times mirror company enron corp investors hope energy trader third quarter report securities exchange commission answer questions sent shares tumbling led proposed sale rival dynegy inc enron criticized failing clearly explain makes money may disclose filing expected today much owed company affiliated partnerships well planned job cuts cost saving moves related dynegy 24 billion buyout enron agreed sell stock plunged 67 three weeks amid sec investigation partnerships run enron executives investors worry new disclosures previously unreported debt might threaten enron credit rating scuttle merger possibly pushing enron bankruptcy enron chairman kenneth lay acknowledged last week failed investments loss investor confidence forced sale dynegy executives pledged open investors enron shares fell 48 cents friday close 9 new york stock exchange dynegy fell 1 53 42 47 enron third quarter earnings report expected last week delayed dynegy talks restatement earnings chief financial officer jeffrey mcmahon said enron reduced net income four years combined 586 million include losses affiliated partnerships today filing called 10 q include balance sheet summarizing assets debts enron years omitted balance sheets sec requires part 10 q press releases announcing earnings copyright 2000 dow jones company inc rights reserved companies finance international dynegy bid faces long wait nancy dunne andrew hill 11 19 2001 financial times c 2001 financial times limited rights reserved dynegy 9 8 bn rescue bid enron larger rival energy group poses complex unprecedented regulatory challenges federal energy regulatory commission ferc likely lead review bid officials two houston based companies announced deal 10 days ago estimated regulatory process would take six nine months complete ferc review could take longer according experts approval deal complicated issues parallel securities exchange commission investigation enron finances complicated time consuming said one person close ferc commissioners friday groups yet filed ferc approval deal raises issues never considered ferc said edward comer general counsel edison electric institute association us electric utilities never considered merger two huge marketers past marketing considered significant portion energy sector become typical deal takes 200 days win ferc approval mr comer said approval dynegy bid could take anywhere six months two years agency guidelines prohibit mergers give new company market power push prices competitive levels significant period time analyses market power identifying products sold customers suppliers affected market concentration mergers past considered basis assets said patti harper slaboszewicz frost sullivan market research consulting firm rules written industry vertically integrated question ownership energy trading services calculated could difficult assess companies exerting market power information trading books companies enron dynegy closely guarded said two companies must also win consent either justice department federal trade commission states companies pipelines provide retail services c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved fund track russia fund surges amid global woes victoria marcinkowski dow jones newswires 11 19 2001 wall street journal cl 7 copyright c 2001 dow jones company inc everything relative investing world u investors nervous homeland stocks european asian markets sagging terrorism worries abounding russia risky markets seem less days far year pilgrim russia fund bought ing groep nv late last year top performing regional mutual fund gaining 53 according fund tracker morningstar inc comparison standard poor 500 stock index slumped nearly 14 course risks russia remain despite recent economic gains country still struggling weak banking system inadequate state institutions enforce contract laws businesses run modern rules corporate governance according samuel oubadia 37 year old manager russia fund getting open mr oubadia said though russia lax financial reporting standards still one main roadblocks foreign investors 49 million assets pilgrim russia fund invests 90 95 russian stock balance held cash global economy slowing russia still expansion mode mr oubadia said years economic reforms consumer spending 10 former soviet union gross domestic product expected grow 3 5 next year twice much u europe two thirds fund stocks oil gas companies still liquid stocks russia utilities mining telecommunications companies breweries make rest escaping oil gas want manage russia fund mr oubadia said spike oil prices earlier year made investment oil worthwhile propelling earnings growth russia oil gas companies higher oil prices also worked wonders russian economy largely dependent oil gas recently however falling oil prices threatened companies profit growth fund manager based hague said think people invest russian oil stocks earnings prospects invest earnings growth none russian oil companies year invest stocks low valuation mr oubadia said adding russian oil companies still trade well world wide average sector yukos oil one fund largest investments making 12 fund holdings surgutneftegaz lukoil holdings also make 5 pilgrim russia assets mr oubadia said companies able handle falling oil prices partly cutting production worries price erosion could hamper fragile russian stock market relies heavily oil gas stocks russian markets well lower prices oil asked short answer yes low prices drop mr oubadia acknowledged weak oil prices might cause shift investments oil gas russian sectors including telecom stocks consumer products russia fund timid 1998 russian economy collapsed fund called lexington troika dialog russia lost 83 value year later fund soared 160 2000 fund finished almost 18 janus stock shuffle janus capital corp bulked lower priced value stocks shed shares long held technology companies third quarter new securities exchange commission filing showed denver fund firm reported third quarter lowered investments 14 20 largest holdings owned june 30 largest reduction 43 6 million share sale nokia corp stock sale janus still owned large 183 2 million share position wireless phone company end third quarter quarter janus also sold half stakes tech companies emc corp sun microsystems inc addition fund company unit stilwell financial inc trimmed exposure energy company enron corp selling 1 5 million shares reduce overall position 41 4 million shares end september buying side janus one hottest fund firms late 1990 thanks bets leading technology stocks doubled position software company microsoft corp also boosted holding investment company run warren buffett berkshire hathaway inc starting small position philip morris cos whose dividend rich stock usually popular price sensitive value managers janus introduced new value portfolios recently investors assets still follow faster growing companies aaron lucchetti todd goren copyright 2000 dow jones source world reporter tm sunday telegraph german state owned bank westlb talks buy wessex water troubled us parent enron westlb thought one number financial buyers approached enron view acquiring wessex valued agbplbn el 63 bn enron energy trading group bought wessex 1998 agbpl 4 bn bought much smaller us rival dynegy collapsing financial crisis independent sunday water sewage company wessex water understood sale following offer take owner enron three years ago enron spent agbpl 4 bn wessex water dynegy understood want concentrate us european energy assets interested non core assets hope regain amount money could derailed industry put regulatory problems company results worsened due imposed price cuts past year copyright 2000 dow jones company inc rights reserved india bses dabhol pwr proj due diligence done jan report 11 19 2001 emerging markets report copyright c 2001 dow jones dow jones newswires 91 11 461 9426 himendra kumar dowjones com copyright 2000 dow jones company inc rights reserved india dabhol pwr termination notice crt verdict 11 19 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 financial post news fears raised enron deal 15 6 billion rescue bid andrew hill sheila mcnulty financial times 11 19 2001 national post national fp 3 c national post 2001 rights reserved new york companies trade enron corp houston texas based energy group taking precautions case dynegy inc also houston withdraws 15 6 billion rescue bid rival decision could trigger crisis energy trading market counter parties enron one principal market makers providing liquidity energy market seeking limit exposure group spite reassurances enron dynegy takeover go experts also say implications deal complex regulatory review could take much longer six nine months company officials estimated analysts say 27 spread value dynegy offer price enron share price suggests 65 75 chance bid succeed bankers energy executives still worried systemic risk energy market financial markets companies enron use derivatives offset risk energy price fluctuations enron close meltdown dynegy stepped rescue bid 10 days ago persuaded credit rating agencies downgrade enron debt investment grade clauses built merger agreement signed enron give dynegy right walk away certain circumstances although two companies officials advisors differ easy would dynegy pull situation remains uncertain companies deal enron reluctant lock long term contracts buy sell power said john olson analyst sanders morris harris investment banking arm houston texas based sanders morris harris group keith stamm chief executive aquila inc energy marketing risk management company said company begun preparing contingency plans case deal fell copyright 2000 dow jones sale become even urgent reportedly tatas bses interested lending institutions clearly settlement reached optimum time one optimistic one delhi mumbai involved bureaucracies never understand opportunity costs byzantine decision making processes make timely decisions impossible deal take place inevitable allegations corruption much safer reputation concerned ministers mumbai delhi allow drift continue let law take course whatever costs sadly jairam ramesh said paper indian politicians respond developments compulsion conviction copyright 2000 dow jones company inc rights reserved