ngi article on auction ngi ' s daily gas price index
breaking news : posted jan 9 , 2 : 28 pm
dynegy not opposed to enron auction ; senate subcommittee to issue 51 subpoenas
nearly 20 of bankrupt enron corp . ' s creditors have apparently filed motions to delay the scheduled auction of the company ' s trading assets this week , but one - time merger partner and creditor dynegy corp . will not be one of them , a spokesman said wednesday . however , whether the auction proceeds as planned , enron is facing more obstacles on the legal front with 51 subpoenas requesting documents expected to be issued friday by the senate ' s permanent subcommittee on investigations .
the u . s . bankruptcy court for the southern district of new york has been asked by the creditors to delay approving any offer for enron ' s trading business , once the most profitable unit of the company . the motion to delay was requested to allow the creditors time to look at the assets up for sale . included in the auction are assets from its enrononline operation , which enron would like to use in a joint venture with a cash - rich company .
under enron ' s proposal , a 51 % joint venture partner would form a new company with enron to be called new energy trading co . , or netco . enron would contribute information technology and back office systems among other things , in exchange for a 49 % stake . as of late monday , ubs ag , citigroup inc . and bp had made bids for some of the assets .
among those opposing the auction , now set for thursday with a decision on the winning bids as early as friday , is the royal bank of scotland group plc , which said , " absent a disclosure of the intended uses for the proceeds of this sale , the creditors are unable to gauge that the benefits are adequate , appropriate and directed to the proper beneficiaries . " kansas city , mo - based aquila also is opposed to the auction because of concerns about how the proceeds would be used . aquila wants the auction ' s proceeds put in escrow until it is determined which units of enron receive the money .
however , dynegy does not plan to oppose the auction , said company spokesman steve stengel , who also expressed surprise that any company would want to delay it . " dynegy has not taken any action to delay the sale of enron ' s trading business , " he told ngi . stengel also confirmed that the scheduled sale of northern natural gas co . from enron to dynegy is still set to close by the end of january .
still to come is word on who and what documents are being subpoenaed by the senate ' s permanent subcommittee on investigations . the subpoenas will be served on enron , its accounting firm andersen and 49 individual officers , employees and members of the board of directors . the subcommittee is one of five congressional panels investigating the fallen giant along with the u . s . securities and exchange commission , the department of labor and the department of justice .
" the subcommittee is looking into the role of the officers and board members , the role of the auditors , and the role of special - purpose entities , " a subcommittee spokesman told reuters . these are some of the same types of things being investigated by the house of representatives financial services committee , the senate commerce committee and the house and senate energy committees . the spokesman said the subpoenas would allow enron and the others " several weeks " to respond .
ngi article on auction
ngi ' s daily gas price index
breaking news : posted jan 9 , 2 : 28 pm
dynegy not opposed to enron auction ; senate subcommittee to issue 51 subpoenas
nearly 20 of bankrupt enron corp . ' s creditors have apparently filed motions to delay the scheduled auction of the company ' s trading assets this week , but one - time merger partner and creditor dynegy corp . will not be one of them , a spokesman said wednesday . however , whether the auction proceeds as planned , enron is facing more obstacles on the legal front with 51 subpoenas requesting documents expected to be issued friday by the senate ' s permanent subcommittee on investigations .
the u . s . bankruptcy court for the southern district of new york has been asked by the creditors to delay approving any offer for enron ' s trading business , once the most profitable unit of the company . the motion to delay was requested to allow the creditors time to look at the assets up for sale . included in the auction are assets from its enrononline operation , which enron would like to use in a joint venture with a cash - rich company .
under enron ' s proposal , a 51 % joint venture partner would form a new company with enron to be called new energy trading co . , or netco . enron would contribute information technology and back office systems among other things , in exchange for a 49 % stake . as of late monday , ubs ag , citigroup inc . and bp had made bids for some of the assets .
among those opposing the auction , now set for thursday with a decision on the winning bids as early as friday , is the royal bank of scotland group plc , which said , " absent a disclosure of the intended uses for the proceeds of this sale , the creditors are unable to gauge that the benefits are adequate , appropriate and directed to the proper beneficiaries . " kansas city , mo - based aquila also is opposed to the auction because of concerns about how the proceeds would be used . aquila wants the auction ' s proceeds put in escrow until it is determined which units of enron receive the money .
however , dynegy does not plan to oppose the auction , said company spokesman steve stengel , who also expressed surprise that any company would want to delay it . " dynegy has not taken any action to delay the sale of enron ' s trading business , " he told ngi . stengel also confirmed that the scheduled sale of northern natural gas co . from enron to dynegy is still set to close by the end of january .
still to come is word on who and what documents are being subpoenaed by the senate ' s permanent subcommittee on investigations . the subpoenas will be served on enron , its accounting firm andersen and 49 individual officers , employees and members of the board of directors . the subcommittee is one of five congressional panels investigating the fallen giant along with the u . s . securities and exchange commission , the department of labor and the department of justice .
" the subcommittee is looking into the role of the officers and board members , the role of the auditors , and the role of special - purpose entities , " a subcommittee spokesman told reuters . these are some of the same types of things being investigated by the house of representatives financial services committee , the senate commerce committee and the house and senate energy committees . the spokesman said the subpoenas would allow enron and the others " several weeks " to respond .