enron mentions enron slashes profits since 1997 20 partnership dealings cited dynegy talks go debt ratings issue wall street journal 11 09 01 enron trust new numbers act like new york times 11 09 01 surest steps swiftest propelling dynegy past enron new york times 11 09 01 enron admits overstating profits 600 million new york times 11 09 01 dynegy halts talks enron awaits credit rating updatel bloomberg 11 09 01 enron adds 4 years errors houston chronicle 11 09 01 enron dynegy still talking merger houston chronicle 11 09 01 new energy crisis master market maker enron goes winter could truly chilling experience north americans enron corp danger defaulting brief article maclean 11 12 01 enron crisis restated figures show earnings cut financial times 11 09 01 five dumbest things wall street week thestreet com 11 09 01 global investing shareholder friendly companies outperform study finds giving power investors financial times 11 09 01 global investing putting value group siege financial times 11 09 01 enron crisis lure number one spot sparks interest financial times 11 09 01 enron crisis rivals steady enron ship financial times 11 09 2001 front page companies troubled energy firm fires 2 officials washington post 11 09 01 enron restatements go far enough thestreet com 11 09 01 world stock markets wall st surges europe takes lead fed americas financial times 11 09 01 enron reissues financial reports energy company restates four years clear questions related series controversial partnerships los angeles times 11 09 01 small stock focus visible genetics net 2 phone slide finance stocks aid russell 2000 wall street journal 11 09 01 enron may sell uk assets guardian 11 09 01 enron restates earnings company confirms merger talks associated press newswires 11 09 01 beware company tell globe mail 11 09 01 city enron crisis deepens two top staff fired daily telegraph 11 09 01 dabhol pwr mtg focus tata bses acquire enron stake dow jones energy service 11 09 01 enron meets indian lenders power plant stake sale update 3 bloomberg 11 09 01 dhabol power confirms enron talks bses tata power dow jones energy service 11 09 01 officials try salvage multibillion dollar enron india project associated press newswires 11 09 01 india enron reverses stand attends singapore meet business line hindu 11 09 01 canadian pwr gas mkts benefiting enron woes dow jones energy service 11 08 01 uncertainties cloud view enron dynegy combination dow jones energy service 11 08 01 enron earnings drop cnnfn business unusual 11 08 01 enron shareholder derivative suit filed pr newswire 11 08 01 enron curtails activity us power gas mkt thu traders dow jones energy service 11 08 01 money enron debacle could push accounting changes dow jones news service 11 08 01 enron slashes profits since 1997 20 partnership dealings cited dynegy talks go debt ratings issue wall street journal staff reporters john r emshwiller rebecca smith los angeles robin sidel jonathan weil new york 11 09 2001 wall street journal 3 copyright c 2001 dow jones company inc enron corp reduced previously reported net income dating back 1997 586 million 20 mostly due improperly accounting dealings partnerships run company officers disclosure contained securities exchange commission filing came even houston energy trading company continued merger talks rival dynegy inc dynegy independent power producer utility owner looking acquiring enron roughly 7 billion 8 billion people familiar talks say however talks could also influenced whether enron downgraded major credit ratings agencies total price discussed would equate 10 enron share barely stock currently trading far level even two weeks ago 4 p new york stock exchange composite trading yesterday enron shares 7 1 64 cents 8 41 tenth 52 week high 84 875 big board dynegy traded 36 50 3 50 shares several energy trading companies yesterday following directive federal regulators california state government pay estimated 1 6 billion past power purchases yesterday sec filing enron also made major adjustments reported assets debt shareholder equity back 1997 instance three month period ended sept 30 enron lopped 2 2 billion 19 shareholder equity reducing total 9 5 billion previously company disclosed reduction 1 2 billion filing also said enron discharged ben glisan company treasurer kristina mordaunt general counsel enron north america unit connection investments made one officer run limited partnerships yesterday enron insisted mr glisan associated officer run partnerships company explain two discharged mr glisan ms mordaunt reached comment sec filing latest chapter crisis engulfed nation biggest energy trading company past month time enron reported big third quarter loss replacement chief financial officer ran two controversial partnerships sec investigation sec filing raises questions enron accounting procedures disclosure policies concerns matters vexing investors analysts including major credit rating agencies agencies downgraded enron debt recent weeks company review downgrades ralph pellecchia credit analyst fitch said predict effect sec filing would enron credit rating added document contained damaging disclosures bad said enron sec filing also raises questions conduct outside auditor arthur andersen llp reviewed company annual financial statements certified consistent accepted accounting principals accounting adjustments audit reports covering year end financial statements 1997 2000 relied upon yesterday sec filing said andersen spokesman called enron restatement announcement unfortunate situation said accounting firm cooperating company bring resolution matters said comment client confidentiality concerns among accounting turnabouts enron said improperly accounted two partnerships connected michael kopper former managing director company north america unit two partnerships known joint energy development investments lp jedi chewco investments lp reported mr kopper managed general partner chewco formed 1997 jedi formed 1993 enron partnership huge california public employees retirement system calpers 1997 enron operated jedi bought calpers interest 383 million immediately sold chewco according sec filing almost money chewco purchase came loans jedi unnamed financial institution whose loan guaranteed enron supposed outside party form chewco partner enron treated jedi unconsolidated affiliate kept hundreds millions dollars partnership debt balance sheet enron acknowledges treatment wrong jedi chewco consolidated starting 1997 taking step retroactively resulted 396 million reduction net income years 1997 2000 sec filing said mr kopper left enron july run partnerships return phone call seeking comment past declined interviewed enron also retroactively consolidated results dealings partnership called ljm cayman lp consolidation reduced 1999 2000 net income 103 million ljm similar much larger partnership called ljm 2 co investment lp formed 1999 enron chief financial officer andrew fastow replaced last month two partnerships run mr fastow mr kopper according enron sec filing private partnership documents enron sec filing said company believes mr fastow sold interests ljm partnerships july mr kopper mr fastow declined interviewed several analysts said troubled none earnings restatements directly attributed much larger ljm 2 partnership also pointed sentence sec filing said possible continuing enron reviews identify additional different information concerning matters remains doubt whether something else closet said brian youngberg energy analyst edward jones st louis enron sec filing gave new information effect company earnings transactions related ljm partnerships since 1999 transactions produced 577 8 million pretax earnings despite 711 million pretax charge year third quarter due termination deals several ljm 2 related entities filing also estimated mr fastow received 30 million ljm partnerships mea culpa midst talks acquired dynegy enron details accounting actions restate financial results 1997 third quarter 2001 reducing previously reported income 586 million boosting previously reported debt 628 million end 2000 concedes three entities run company officials included consolidated financial statements based generally accepted accounting principles fires ben glisan managing director treasurer kristina mordaunt managing director general counsel enron division establishes special committee review transactions source company copyright 2000 dow jones section c enron trust new numbers act like floyd norris 11 09 2001 new york times page 1 column 2 c 2001 new york times company better informed instead listening say watch excellent advice issued enron management although instead came 30 years ago john n mitchell president richard nixon attorney general enron restatement earnings yesterday go far enough allow investors understand went company many strange transactions related parties consolidating results balance sheet creations though happened important ones remains mystery restatement least cause investors wall street analysts realize fooled called pro forma earnings leave unpleasant realities ignore accounting rules january enron told investors recurring net income calls pro forma number would 1 70 1 75 share year company share price rose 82 forecast made remarkably enron still course hit target yesterday restatement raised nine month earnings figure penny 1 36 yet enron appears willing sell 10 share less six times reported profits still appear growing little answer may enron board knows numbers reliable measures performance enron failure disclose still unconsolidated subsidiaries indication unreleased facts would reassuring enron stay business unless customers investors believe financially solid willing sell fraction appeared worth weeks ago call takeover takeunder would better term set enron collapse appears mistake enron says added 1 billion shareholder equity 2000 early year error mistake nothing improve enron profits time seems unlikely deliberate mistake made reduction shareholder equity disclosed last month would 200 million 1 2 billion reduction scared investors believing enron transactions partnerships led andrew fastow former chief financial officer disastrous company appears may bad fact important enron new disclosures indicate perhaps 40 percent reported profits 2000 came dealings fastow partnerships profits may legal accounting rules good reasons doubt real fact accounting rule makers even pondering question may important enron body charged dealing new accounting issues got rush question oct 23 day enron ousted mr fastow accounting transactions hypothetical big energy corporation one subsidiary natural gas pipeline company trades another subsidiary energy trading entity question posed whether company report profits made one subsidiary ignoring losses one company may may enron games work anymore least enron needs acquired customers willing believe even revised numbers graph shows enron share prices since oct 15 copyright 2000 dow jones section c surest steps swiftest propelling dynegy past enron neela banerjee 11 09 2001 new york times page 5 column 1 c 2001 new york times company tortoise appears ready overtake hare confirmed yesterday merger talks enron corporation dynegy inc rivals within new rapidly evolving deregulated power industry embodied sharply different approach making money attracting investors winning regulators enron thrived risk hurling projects businesses largely untested others earning along way reputation innovation acclaim investors analysts angrily shun murky accounting dynegy slower cautious company younger sibling carefully gleaned lessons example set brasher enron dynegy steady progress made strong solvent enough contemplate multibillion dollar takeover erstwhile competitor one senior energy industry executive said enron trying hit triples home runs dynegy tries singles doubles kenneth lay enron chairman chief executive built empire two troubled gas pipeline companies whose influential friends include president bush one points bleachers dynegy chairman chief executive charles l watson less well known well respected among stock analysts also started small nurturing energy trading generating company 33 billion revenue nine months ended sept 30 natural gas trading concern began mid 80 electricity markets around united states deregulated companies followed clearly divergent paths utilities longer necessarily generated power larger industrial clients looked good deals power sold new wholesale markets electricity enron dynegy traded marketed energy yet enron sold power plants owned focused mainly financial transactions rather actual physical delivery power strategy made company lot money fast dynegy bought power plants instead focused reliable supplier energy cashed deregulation enron stuck core energy business archrival branched overseas operations retail power marketing water business broadband venture gone badly awry mr watson said interview earlier year string power plant acquisitions kept company diversified balanced need little bit everywhere said enron financial player dynegy physical player enron finances grew confusing dynegy seemed offer clarity enron promised lot analysts said dynegy played accomplishments enron lobbied regulators politicians publicly dynegy kept things quiet discreet chuck watson pretty straight talking guy said christopher r ellinghaus williams capital group analyst enron extravagant earnings promises fulfill analysts said may tempted hide problems losses creative accounting dynegy avoided path one really expects mr watson gloat company new larger stature enron may less hare canary deregulation coal mine unclear take role dynegy could called second mover advantage said andre meade head commerzbank securities united states utility research seemed content watch larger rival street houston enron go market successful dynegy could go less money make work copyright 2000 dow jones section c enron admits overstating profits 600 million richard oppel jr andrew ross sorkin 11 09 2001 new york times page 1 column 2 c 2001 new york times company enron corporation yesterday sliced half billion dollars reported profits last five years crosstown rival dynegy inc still appeared willing acquire enron executives close merger talks said worries bond rating agencies would react merger delayed announcement deal executives said failure announce deal well profit restatement caused enron share price fall volume core north american natural gas electricity trading operation plunged 20 percent energy trading companies unnerved enron financial distress steered business elsewhere boards two companies tentatively agreed late wednesday night deal dynegy would acquire enron 8 billion stock roughly 10 share deal would include initial 1 5 billion cash infusion chevrontexaco owns 27 percent dynegy later additional infusion 1 billion sticking point proceeding deal according executives whether enron credit rating reduced junk status major credit rating agencies reaction enron disclosures plan acquired dynegy dynegy enron provided pro forma statements combined dynegy enron would look like asked standard poor moody investors service expedited review transaction dynegy chevrontexaco also privately considering whether offer bigger cash infusion buoy enron credit rating two notches falling investment grade agencies look askance current deal companies hoping response within next day two executives said executives also said dynegy seeking protections would allow back deal new adverse disclosures surfaced shares dynegy rose sharply yesterday although clear whether buyers believed company one quarter size enron terms revenues getting bargain enron latest disclosures would lead deal abandoned dynegy rose 3 50 10 6 percent 36 50 gaining back ground lost wednesday news deal leaked enron shares fell 64 cents 7 1 percent 8 41 less year ago enron traded 84 share company valued nearly 70 billion sweeping restatement profits enron said actual net income years 1997 2000 591 million less reported financial statements filing e c enron also indicated part last year reported profits came transactions partnerships controlled andrew fastow company chief financial officer ousted oct 24 enron said transactions involving mr fastow part e c investigation earned former executive 30 million company also said fired treasurer general counsel one divisions invested one partnerships deal would also face long complex reviews federal state energy regulators would sort range competitive issues still young business wholesale natural gas electricity trading among agencies involved would federal energy regulatory commission federal trade commission justice department analysts expressed hope enron financial straits would encourage regulators clear deal relieve government officials prospect dealing potential collapse nation dominant energy trading company enron handles quarter power trading higher proportions important regional markets dire condition enron today certain enron dynegy merger would possible due antitrust concerns said christopher r ellinghaus analyst williams capital however effective industry bailout merger would represent would probably lead leniency f c would probably looked relief f e r c clear yesterday would opposition deal dynegy enron get together obviously thing would appeal dynegy would combine trading function two entities would provide greater market power less market power said raymond plank chairman apache corporation one largest independent natural gas producers based houston mr plank said hoped regulators would take critical look deal thing take look concentration market power led excessive volatility result threatening north american gas producers enron restated profits almost wiped net income 1997 reduced every year since changes actually raised reported profits far year 5 million changes came largely including results two special purpose partnerships treated independent companies called jedi chewco characters star wars movies including subsidiary partnership called ljml partnership another called ljm 2 run mr fastow remainder earnings reductions totaling 92 million 1997 2000 came enron called prior year proposed audit adjustments reclassifications appear changes previously recommended arthur andersen enron auditors made auditors persuaded amounts immaterial details charges disclosed enron said might alter reporting special board committee continues investigation partnership transactions unfortunate situation said david tabolt spokesman arthur andersen audited enron books years question issues surfaced caused company restate financial statements advise investors rely enron financial statements audit reports cooperating company special committee bring resolution matters restated financial statements consolidated results two partnerships ljml subsidiary fold entire ljml partnership ljm 2 partnership enron financials clear partnerships performed include related entities whose enron guaranteed debts aroused concern among investors mr fastow enron former chief financial officer could reached comment lawyer said enron downward cascade began reported third quarter earnings oct 16 share price rose 67 cents 33 84 day company said recurring net income met analyst expectations even though write offs led net loss conference call day kenneth l lay enron chairman mentioned company written shareholder equity 1 2 billion closed relationships ljm partnerships following days figure became widely discussed investors concluded company suffered large loss able avoid reporting earnings statement enron said yesterday reduction 200 million remaining 1 billion reduction simply reversing prior errors made 2000 early year enron said set procedures monitor transactions ljm partnerships assure proper whether controls properly implemented investigated special board committee company said committee retained william mclucas former director enforcement e c well accountants deloitte kristina mordaunt general counsel enron division kathy lynn vice president enron division company said ms lynn longer worked enron company terminating employment two industry officials said yesterday deal dynegy increasingly looking like die prospect enron energy trading companies began back away company take business trading companies enron large network natural gas pipelines profitable assets far valuable franchise energy trading business north america acts intermediary gas electricity trades company yesterday volume business dropped 20 percent enron spokesman said company traders attributed drop concerns e c investigation outcome merger talks dynegy enron also canceled planned meeting creditors today houston executives said agenda meeting extension 3 billion credit lines merger talks superseded discussion photo dynegy chief executive charles l watson respected among stock analysts associated press copyright 2000 dow jones company inc rights reserved dynegy halts talks enron awaits credit rating updatel 2001 11 09 06 48 new york dynegy halts talks enron awaits credit rating updatel adds european share trading fourth paragraph houston nov 9 bloomberg dynegy inc plan buy rival energy trader enron corp stalled pending credit review moody investors service people familiar talks said dynegy probably walk away enron receives junk credit rating people said proposed takeover 8 billion stock hit snag threat downgrade would trigger cash crisis forcing enron repay 3 3 billion bonds early moody standard poor considering lowering ratings two levels junk rating investment grade would make difficult impossible raise new debt would severely hamper ability trade jefferies analysts see poised profit laura goldberg copyright 2001 houston chronicle merger discussions dynegy enron corp continued thursday wall street mixed reaction possible combination two houston energy traders investors traded dynegy shares several stock analysts raised questions sources told chronicle wednesday two companies advanced talks smaller dynegy buy troubled rival stock deal likely worth 7 billion 8 billion discussed addition chevrontexaco corp owns 27 percent dynegy could give enron immediate infusion 1 5 billion help stabilize finances keep core trading business running smoothly dynegy people said offering modest premium enron stock price enron pressing higher offer shares enron closed 9 67 tuesday 9 05 wednesday 8 41 thursday company issued statement thursday saying two discussions possible business combination neither plans additional comments deal struck talks fail statements came enron said restating finances far back 1997 include losses related number complex partnerships created including several investigated federal securities regulators enron heavy fire since oct 16 released third quarter earnings included losses related two investment partnerships formerly run since replaced chief financial officer carol coale analyst prudential securities houston meet top dynegy executives today number questions possible merger including dynegy wants buy enron best resource people could cross street turn r sum also wonders ken lay enron chairman chief executive apparently willing sell enron low price know know coale asked coale also got sense dynegy executives homework moving caution said positive dynegy buyout enron potential highly accretive dynegy bottom line depending price paid said ronald barone analyst ubs warburg new york new company would global powerhouse said significant synergies realized enhance value shares dynegy closed 3 50 thursday 36 50 investors liked two opposite prospects said jeff dietert analyst simmons co international houston one hand investors see potential dynegy add profits buying enron said deal happens also see chance dynegy take business away weakened enron expects deal dynegy signs give escape securities exchange commission conclude enron acted illegally government regulators would review merger looking see much market concentration would result merger dynegy would increase trading marketing share north american natural gas market 6 percent 21 percent said john olson analyst sanders harris morris houston electricity dynegy numbers would go 6 percent 23 percent said andre meade analyst commerzbank securities new york believe regulators would find market concentration problem pretty fractionalized industry plenty competition said meade called enron dynegy merger mixed bag would let dynegy cut costs lead energy trading market however think easy sounds said adding successful merger would take correct incentives convince enron traders work new company whenever merge buy human capital based business risky bottom form 1 new energy crisis master market maker enron goes winter could truly chilling experience north americans enron corp danger defaulting brief article donald coxe 11 12 2001 maclean 33 copyright 2001 gale group inc rights reserved copyright 2001 maclean hunter canadian publishing ltd sustained bear raids enron corp portend chaotic conditions energy markets 64 billion question bearish stock markets indispensable scavengers capitalism clean financial economic landscape kill disease carrying pests true believers free markets rejoice bears rush prolonged period misbehaviour fouled financial environment us thought energy industry would escape great technology bear market may complacent recent weeks biggest loser new york stock exchange tech stock enron component dow jones utilities index enron high 89 06 share recently august trading 45 recent weeks enron shares plunged closing last week 12 33 collapse sent shock waves capital markets may even significant energy producers users valuation enron bonds trading distressed prices offering yields comparable junk bonds ratings services turned highly negative enron although still rate investment grade credit regret oh regret must disclose proceeding investment funds manage writing exposure enron stock acquired prices substantially current markets canadians unfamiliar enron place u energy markets introduction voltaire summed entire 18 th century deistic proof existence god saying god exist would necessary invent enron u energy markets needed prime mover prior enron markets crude oil relatively primitive inefficient neither producers consumers means hedge risks effectively long term contracts made circumstances grossly inadequate information futures market natural gas spotty unreliable futures market electricity existed enter enron past half dozen years enron became greatest trading house energy world willingness make markets energy futures almost amount transformed markets electric power gave natural gas producers consumers reliable hedging financing opportunities day day putting capital line make trades enron created depth liquidity transparency energy markets active markets gave price signals would follow conspicuous among policy makers california gov gray davis top officials followed developments electricity futures would realized real nature risks facing consumers golden state instead let crisis develop locked long term purchase contracts time record high prices collapsed normal levels estimates enron one side 25 per cent outstanding futures contracts natural gas electricity since contracts extend years ahead since parties trades relying enron ability cover obligations risks energy prices supplies could enormous enron default still seems extremely improbable contracts executed public futures markets financial protection exchanges enron counterparties term side futures contract enron enormous exposure direct deals protection hammered enron securities lately unfolding story gigantic balance sheet deals company made partnerships included astonishingly enough chief financial officer finally forced go leave partnership deals never really disclosed except obscure balance sheet notes gave indication scale deals senior company officer involved investors owners enron stock bonds care past year seen biggest swings natural gas electricity prices history observers wonder whether enron internal problems exacerbated swings worse enron withdraw markets billions forward hedging contracts producers consumers place many u energy producers locked high prices making huge forward sales contracts voided defaults could spread system throwing energy markets chaos enough problems energy short u even enron keeping markets functioning master market maker goes forced curtail operations winter could truly chilling experience north americans bush cheney worrying bin laden anthrax may worrying enron donald coxe chairman harris investment management chicago toronto based jones heward investments copyright 2000 dow jones 105 9 1997 703 590 1998 893 643 1999 979 847 2000 year earnings marginally increased company third quarter loss widened marginally 618 635 securities exchange commission filing enron also announced dismissal two officials ben glisan company treasurer kristina mordaunt general counsel one division enron ran trouble october 16 announced 1 2 bn reduction shareholders equity 1 01 bn charge yesterday filing goes way explaining charge came enron attributed charge dealings ljm private equity fund run andrew fastow formerly enron chief financial officer private equity investments injected enormous volatility earnings companies jp morgan chase keeping ljm balance sheet allowed enron avoid major swings prevent ljm consolidated enron less half special purpose vehicle outside investors participate compensated meant value enron private equity investments fell certain level people familiar enron balance sheet said co investors would receive enron stock enron filing reveals ljm losses arose another group special purpose entities known raptor vehicles designed part hedge enron investment bankrupt broadband company rhythm netconnections 1 2 bn reduction shareholders equity arose termination raptor hedging arrangements continued would resulted enron issuing 58 shares offset company private equity losses enron also revealed mr fastow paid excess 30 result role running ljm issue whether mr fastow acting best interests enron shareholders filing also raises questions enron cash flow studied carefully rating agencies creditors group banks including barclays bank credit suisse first boston deutsche bank jp morgan chase citigroup lent 4 bn enron last weeks much collateralised reducing earnings 100 several years enron created concern ability service debt balance sheet enron owes 12 8 bn balance sheet entities related enron owe 8 bn 9 bn enron generates 3 bn cashflow annually despite claiming cashflow positive borrowings rose significantly last year c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones super majority votes require 66 85 per cent approval management change rather majority golden parachutes give large compensation packages executives fired demoted classified boards whereby board members terms staggered preventing ousted time stock market downturn well publicised cases corporate mismanagement including month enron controversy made investors increasingly wary pro management stances last week california public employees retirement system largest us pension fund fight declassify board metromedia international group emerging markets communications company week fund discussing enron investors energy merchant already filed law suits company officials alleging fraud seeking recover lost share value estimated 20 bn last month hewlett packard shareholders also asserting rights week hewlett family still holds 5 per cent stake computer company announced would oppose management plan merge compaq mr metrick study lists hp one shareholder friendly companies 1990 among 1 500 evaluated companies given one point every law reduced shareholder rights aside hp lowest scores highest level shareholder power ibm wal mart dupont pepsico american international group southern company berkshire hathaway commonwealth edison texas utilities companies highest pro management scores 1990 included gte waste management general limited ncr kmart united telecommunications time warner rorer woolworth 1990 1999 first group outperformed standard poor 500 3 5 percentage points year 1990 1999 second group trailed index 5 points investor bought pro shareholder stocks sold short pro management stocks could captured 8 5 per cent difference study also found pro management companies lower sales growth less profits firms industry however mr metrick stresses findings prove causation strong management provisions necessarily undermine stock performance shareholder rights always lead better returns know companies gave shareholders rights better 1990 maybe companies give shareholder rights gave stock would lot better going forward said maybe investors looking change question paper answer c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones rather depended ensuring enron risk managers capable organisationally independent traders supervise agencies also looked risk management valuation methodology found standard package trading firms problem enron business standard trading business conventional methodology various value risk systems jp morgan riskmetrics assumes liquid continuous markets possible measure historic price volatility implied price volatility counter gas electricity markets enron core business involve long term contracts lumpy regional sub markets unstable volatility measures one top wall street derivatives manager says require scenario analyses rather var valuation problem complicated enron gigantic market share far larger largest institutions government bond currency exchange traded commodities markets even likely enron long short positions balance company says even though revenue recognition profitability may need tuning company earnings balance sheet restatement reassuring restatement balance sheet income statement trading business dynegy due diligence team arthur anderson auditors working enron books know better get right dynegy announced package asset purchases rather stock deal could wondered whether saw value enron going concern means keeping trading business going although probably running carefully transparently also probably corporate lifetime opportunity put together merger large companies likely quick approval antitrust regulators chance federal reserve government entity would could step assume responsibility liquidity traded energy markets fed giving pass antitrust considerations low cost way head problem enron pipelines gas storage business power plants liquefied natural gas facilities physical assets would difficult duplicate would sell significant premium book value bondholders first call enron 13 bn debt likely good buy getting close bankruptcy prices probably good idea leave bet takeover price equity professional risk arbs c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved enron crisis lure number one spot sparks interest julie earle andrew edgecliffe johnson 11 09 2001 financial times c 2001 financial times limited rights reserved dynegy interest enron doubt sparked chance steal houston based neighbour position number one natural gas power marketer us potential staggering companies combined would create 21 bn behemoth energy sector unparallelled energy marketing skills financial resources says christopher ellinghaus analyst williams capital group dynegy gas business currently less half size enron also trails duke mirant one eighth big enron power trading aep mirant duke el paso reliant also hold big positions like enron dynegy market favourite exploiting growth opportunities unregulated rapidly developing wholesale natural gas electricity markets us also looking expand wholesale operations well beyond uk presence dynegy online trading platform dynegydirect helped raise company recent third quarter earnings 22 per cent 286 seen good fit enron online two platforms allow customers buy wholesale gas liquids click mouse links chuck watson dynegy chief executive friend jeff skilling quit enron chief executive officer august dynegy also important trading partner enron demonstrated fact enron helped bail new suitor past potential trading losses counterparty relationship may give dynegy powerful incentive preserve enron order maintain stability energy markets analysts say would big shake energy markets enron fail although say volatility may short term takeover would way rivals dynegy capitalise enron weakness however dynegy el paso duke energy already assessing potential opportunities pick enron share market disappear many trading partners enron like aquila reducing exposure counterparties enron crisis deepens however dynegy takeover enron would invite close regulatory scrutiny analysts believe deal could done approval could take year due market issues complexity two companies analysts said deal might perceived necessary bail trading industry therefore welcomed federal trade commission federal energy regulatory commission others however raised serious concerns prospect bid dynegy although dynegy told investors ready make large acquisitions mergers us overseas expected transforming deal mr watson told analysts october considering deals could add generation assets gas pipeline storage infrastructure entire utilities communication assets carol coale analyst prudential securities says would concerns surrounding deal enron strategically culturally companies fit well together says adding enron moving offload units dynegy preferred hang assets carol levenson gim credit com independent provider credit research says dynegy would taking big risk credit ratings even associated enron liabilities dynegy utterly dependent credit ratings confidence market trading partners business profitably analysts took comfort however possible involvement newly merged chevrontexaco owns 27 per cent stake dynegy additional reporting andrew edgecliffe johnson c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones would also would spill effect energy traders investors backed away entire sector 50 100 large counter parties business enron daily could continue trade without market biggest participant even trading platform telephone trading remains substantial part business without enron liquidity crisis would probably ensue disrupting energy markets undermining business many competitors fair amount incentive counter parties hang contribute directly pushing enron brink says christine uspenski energy analyst schwab capital markets majority chosen stability bigger share would surely become riskier market continued business enron much terms october 16 enron disclosed surprise balance sheet adjustment brought fore long simmering questions transparency analysts long advised investors look past questions launch enron online platform 1999 trading volumes soared number products traded internet grew almost 2 000 ranging weather derivatives coal enron revenue doubled 101 bn 1999 2000 many admitted unsure enron made money company dramatically transformed traditional pipeline company moved increasingly unsupervised areas made harder scrutinise enron finances became new age holding company says paul kedrosky teaches strategy corporate governance university british columbia long company performed people willing forgive obviously horrific disclosure people included share market investors also business buying selling energy commodities needed goods enron delivered natural gas electricity anyone else often better prices first stop utilities lacked sufficient generation facilities keep lights customers would go open market purchase electricity much time enron use natural gas power generation facilities obtained open market well many locked long term contracts enron get would ones lose enron went originally spooked prospect business without enron energy traders seem accepted reality enron likely never dominate markets past analysts traders say trading markets remained stable throughout enron troubles even risk uncertainty increased one knows positions hedged market might cover positions one energy trader said yesterday even though enron hailed innovator building markets current state sophistication forced past weeks act increasingly like newcomer however analysts say enron partners us europe demanding enron provide evidence availability cash security called quickly enron main competitors able offer better prices still openly seeking undermine enron undercutting business report new customers higher volumes far major counter party changed terms company respect enron presence sense industry tried give benefit doubt see resolve situation says michael zimmer law firm baker mckenzie see lex c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved front page companies markets enron rescue deal talks drag financial staff 11 09 2001 financial times c 2001 financial times limited rights reserved front page companies markets enron rescue deal talks drag us energy group forced restate accounts since 1997 enron us energy group yesterday forced restate accounts since 1997 scrambled prevent confidence crisis turning financial meltdown expectations early announcement rescue deal enron dynegy rival group dashed talks dragged yesterday morning houston enron said terminating employment treasurer general counsel one divisions said involved limited partnerships conducted balance sheet deals enron enron stock market star year fighting restore confidence investors creditors customers regulators following last month ill explained decision reduce shareholder equity 1 2 bn 820 meet balance sheet obligations tried clarify situation yesterday laying accounting basis shareholder equity reduction providing information limited partnerships formed andy fastow enron former chief financial officer enron said believed mr fastow replaced last month received excess 30 relating management investment activities partnerships group said auditors also decided balance entities included prior financial statements believe information made available addresses number concerns raised shareholders sec securities exchange commission matters said ken lay enron chairman chief executive yesterday adding group would continue respond investors requests information group banks due meet today want secure 3 3 bn unsecured credit lines drawn past month may able renegotiate terms unless enron situation worsens sufficiently trigger default jp morgan chase citigroup made 1 bn secured loans enron also understood want syndicate spread risk nervousness increases regulatory filing enron said restated accounts 1997 third quarter year leading increase 628 debt year 2000 changes net income third quarter year enron stock fell 5 per cent morning trading 8 61 stands barely tenth level end last year group bonds rose 4 points 78 cents dollar reflecting scepticism rescue deal dynegy lex page 22 enron crisis page 27 c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved lex column enron 11 09 2001 financial times c 2001 financial times limited rights reserved enron enron provided securities exchange commission detail concerns raised last three weeks stock declined 70 per cent 1 2 bn equity charge relates losses ljm balance sheet private equity fund run andrew fastow former chief financial officer turn arise group special purpose entities ljm used hedge risk associated enron investment bankrupt broadband company charges resulted hedges closed clear emerges filing balance sheet mess interlinking financing vehicles difficulty unravelling might part reason jp morgan chase salomon smith barney insisted last loan secured assets doubt lenders would like similar security clearly enron admits three unconsolidated entities consolidated means earnings statements last five years worthless enron reduced net income cumulative 600 1997 2000 kind thing reassures ratings agencies mr fastow resignation leave time spend 30 received running ljm partnerships hardly surprising talks dynegy capital injection dragged would really wise dynegy take risk remains hard assess put debt rating jeopardy enron might look cheap stock collapsed good reason c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones troubled energy firm fires 2 officials peter behr washington post staff writer 11 09 2001 washington post final eol copyright 2001 washington post co rights reserved energy trading giant enron corp disclosed yesterday overstated earnings 567 million since 1997 fired two company officials questions continued raised much company free fall may go enron stock plummeted energy companies avoided business since enron disclosed last month obligations several partnerships involving company officials reduced shareholders equity 1 2 billion enron facing cash crunch analysts said credit rating slashed falls junk bond status company would make accelerated payments 3 4 billion debt held partnerships enron made disclosures yesterday dynegy inc enron smaller houston based competitor continued study possible 8 billion acquisition enron rescue dynegy chevrontexaco corp major dynegy shareholder could provide enron 1 2 billion cash according sources familiar negotiations dynegy also would take 12 8 billion enron debt sources said enron nation largest trader electric power natural gas said earnings 1997 first six months year totaled 2 9 billion 3 5 billion declared enron blamed reduction investment losses private partnerships says properly accounted also fired treasurer ben glisan division general counsel saying believed made personal investments partnerships whose activities led conflict interest accusations shareholders senior enron officials board members new disclosures made securities exchange commission investigating partnerships also published enron web site firings follow enron dismissal chief financial officer andrew fastow july also directed largest partnerships approval enron board enron said fastow made 30 million two partnerships using capital enron private investors partnerships purchased power plants assets enron intention selling key enron corporate strategy concentrating trading energy rather producing dynegy confirmed yesterday talks enron acquisition comment industry analysts believe dynegy driving hard bargain seeking protection possibility disclosures financial problems enron growing number lawsuits enron shareholders dynegy chips said brian youngberg analyst edward jones st louis another possible outcome could major investment enron dynegy potentially energy companies right collateral found sources said one question whether dynegy acquisition enron would face drawn regulatory antitrust review could block enron chances recovering dynegy enron together two biggest players trading space great concentration power said raymond plank chairman apache corp houston natural gas producer see advantage dynegy deal approved purchase price would come 10 per share based current market values august 2000 enron stock hit 90 share price fell steadily peak plummeted weeks since losses partnership deals disclosed enron stock closed yesterday 8 41 64 cents enron handles one quarter energy trades quoting prices buying selling commodities transactions set price oil natural gas electricity energy products far commonly trades financial deals traders speculating energy prices companies seeking insurance limit costs energy purchases energy companies trading firms working reduce vulnerability enron fail inability quantify possible risks causing people stay arms length enron said louis b gagliardi analyst john herold inc plank said traders trying neutralize books impact potential failure enron part able get almost every trade involving enron everyone able plank said energy markets large enough handle shocks markets would pretty volatile natural gas power oil enron pull back trading gagliardi said get back normal pretty quickly bond rating companies sharply cut ratings enron bonds since disclosures debt one step junk status ratings analysts said enron bond rating fell investment grade expect set motion forced sale enron assets held partnerships two partnerships named marlin osprey combined indebtedness 3 4 billion said ralph pellechia analyst fitch inc bond rating firm debt investors purchased assets enron including water system britain holdings enron bond rating crashes assets presumably would sold enron would make remaining obligation debt holders delivering stock partnerships pellechia said given drop enron stock price might possible believe asset value supports partnership trusts point time fully adequate pay debt said obviously lot options enron officials exploring watching closely http www washingtonpost com copyright 2000 dow jones return enron took note receivable simply loan raptor 1 2 billion happened enron benefited massively assets hedge protected 500 million decline assets 2000 453 million 2001 hedging gains netted zero enron core earnings offset declines asset values without hedges enron would taken losses expense line vince carter course problem raptor therefore ljm 2 losing hedges might tolerable raptor making money stock agreement enron stock began falling sharply 2001 depriving ljm 2 potential profits meanwhile stock price slid enron agree issue stock keep equity pledge raptor 1 2 billion decline continued third quarter issuance commitment grew made sense unwind raptor deals ljm 2 point enron took 1 2 billion charge equity third quarter reverse equity pledge enron take raptor hedging losses 711 million pretax charge chose exclude operating earnings third quarter big question whether ljm 2 actually took losses raptor crucial enron shielded ljm 2 losses essentially dealing sec investors like clues ljm 2 take loss well thursday press release says enron bought ljm 2 stakes raptor 35 million makes little sense ljm 2 raptor equity left losses appears sustained enron made ljm 2 whole little shell game seems like enron still whole lot tell us world stock markets wall st surges europe takes lead fed americas mary chung 11 09 2001 financial times c 2001 financial times limited rights reserved us stocks surged morning trade bank england european central bank followed federal reserve lead lowered interest rates midsession dow jones industrial average rose pre attack level 127 18 9 681 55 p 500 index gained 16 24 1 132 04 nasdaq composite rose 41 23 1 878 76 investors cheered eurozone uk central banks surprised markets aggressive half point cuts interest rates help revive slumping global economies also heartened latest unemployment data showed decline number americans filing first time jobless claims last week markets rallied broadly technology stocks taking lead sun microsystem gained 9 per cent 13 72 cisco systems added 3 6 per cent 19 61 semiconductor stocks boosted upbeat global sales forecast industry trade group intel world biggest chipmaker added 3 per cent 29 19 xo communications 14 per cent 1 33 company reported smaller expected third quarter loss dynergy rose 12 per cent 37 energy group confirmed talks acquire enron embattled energy trading company shares enron dipped 0 7 per cent 8 99 retail stocks mostly higher dow components wal mart 3 per cent 55 36 home depot 4 per cent 43 49 wal mart reported higher store sales last month anntaylor 7 per cent 26 18 talbots 5 per cent 32 60 spite companies reporting declines october store sales barnes noble however plunged 27 per cent 27 75 bookstore company warned full year earnings would fail meet previous wall street forecasts weaker expected sales financials stronger citigroup 2 5 per cent 49 31 american express 4 8 per cent 35 50 bright spots dow included walt disney 3 5 per cent 19 13 alcoa 2 3 per cent 35 17 coca cola mcdonalds hewlett packard stocks moving lower hp dipped 1 6 per cent 18 87 amid mounting pressure hewlett packard family members cancel merger plans compaq computer toronto led upwards technology issues morning trade midsession p tse 300 index gained 0 7 per cent 7 199 50 tech heavy industrial products sector rose 2 per cent c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones financial desk enron reissues financial reports energy company restates four years clear questions related series controversial partnerships jerry hirsch nancy rivera brooks times staff writers 11 09 2001 los angeles times home edition c 1 copyright 2001 times mirror company enron corp thursday reissued financial statements last four years shaving nearly 600 million profit previously reported action designed clear nagging questions houston based energy concern finances stemming series controversial partnerships questions accelerated free fall value enron shares forced seek new financing enter merger talks rival dynegy inc however action still left analysts wondering whether negative disclosures might coming analysts saw restatement also effort disclose negative news negotiating acquired houston based dynegy companies confirmed merger talks thursday analysts suggested deal problems could pose new risks dynegy enron also said fired ben glisan treasurer kristina mourdant attorney company executives financial interest least one partnerships october enron replaced chief financial officer andrew fastow involvement partnerships restatement comes amid probe federal regulators relationship several senior enron executives series partnerships created energy concern massive restatement like look good since enron already scrutiny really much surprise said christopher ellinghaus analyst williams capital new york would bad news come merger announced ellinghaus added enron shares fell 64 cents thursday close 8 41 lowest finish since 1992 less 10 nearly 90 high company hit aug 23 2000 dynegy shares rose 3 50 36 50 trade new york stock exchange analysts said enron ran trouble strategy create partnerships purchase assets fiber optic lines enron wanted move books although many companies used similar techniques improve balance sheets deals almost always third parties private investors rather company executives involvement executives investors ventures raises perception conflict interest said brian youngberg analyst edward jones st louis securities exchange commission asked information financial transactions enron partnerships approved enron lawyers directors essence partnerships reduced borrowings enron listed balance sheet protected credit rating helping obtain favorable interest rates corporate borrowings however reviewing accounting three ventures enron said sec filing thursday included financial performance businesses consolidated balance sheet filing included restatement enron financial statements 1997 2000 first three quarters 2001 said previous financial documents relied upon enron new assessment financial condition slashed total net income nearly four year period 586 million 20 2 3 billion biggest change 250 million reduction net income 1999 enron dynegy merger talks involve stock swap valuing enron 10 share 8 billion according sources familiar negotiations chevrontexaco corp owns nearly 27 dynegy would pour 1 5 billion cash enron front 1 billion follow close transaction dynegy would assume 12 8 billion enron debt include balance sheet partnerships sources said enron chairman chief executive kenneth l lay would remain board merged company would day day responsibilities sources said dynegy chairman chief executive chuck watson would assume jobs combined company dynegy president stephen bergstrom would become president said guarantee agreement reached merger would face lengthy difficult review federal regulators potential merger would problems analysts said dynegy risks losing enron important asset energy traders easily migrate energy trading firms houston area said andre meade head u utilities research commerzbank securities dynegy like enron needs good credit rating ability sell assets issue stock conduct trading businesses said carol levenson analyst gimmecredit com thumbs stock market could seriously jeopardize dynegy financial flexibility said although enron management repeatedly emphasized core energy trading marketing business remains sound company severe cash crunch hurt enron online trading operation lost business recent days graphic enron rescuer los angeles times copyright 2000 dow jones company inc rights reserved small stock focus visible genetics net 2 phone slide finance stocks aid russell 2000 larry bauman dow jones newswires 11 09 2001 wall street journal c 6 copyright c 2001 dow jones company inc new york small capitalization stocks ended lower retracing solid intraday gains bulk selloff taking place final hour trading overall nasdaq market also fell investors took profits following recent run nasdaq large cap technology components small cap market measured russell 2000 index nasdaq composite index large small stocks underperformed major stock market measures russell 2000 fell 1 74 0 39 439 06 posting intraday gain 5 31 nasdaq composite index 1827 77 lost 9 76 0 53 much 50 86 earlier small cap market able post slimmer declines overall nasdaq market strength financial stocks make largest industry group russell 2000 following technology nasdaq bank index rose 0 3 visible genetics toronto maker dna sequencing systems diagnostic kits analyze genes linked diseases tumbled 3 21 22 11 30 company posted third quarter loss 76 cents share compared year earlier loss 63 cents share shurgard storage centers shed 1 38 29 38 seattle real estate investment trust said may restate financial statements 1998 1999 2000 first half 2001 postponed third quarter earnings release conference call shurgard said independent auditors changed advice regarding accounting treatment four development joint ventures entered since 1998 require financial restatements believes prudent delay third quarter results release fully assessed proposed accounting changes net 2 phone shed 24 cents 5 60 hackensack n j internet telephony service provider said effort save 23 million annually slash work force 290 jobs 43 well reduce outsourced services newpower holdings surged 42 cents 52 1 23 purchase n energy company posted third quarter loss 1 15 share penny narrower analysts predicted company said amended agreement enron corp largest commodity supplier expanding types collateral newpower permitted post enron newpower said expects adequate liquidity continue normal operations second quarter assuming broadly stable commodity price environment tellium oceanport n j optical systems provider gained 68 cents 11 6 62 company reaffirmed revenue forecasts fourth quarter 2002 pediatrix medical group rose 3 01 9 36 51 fort lauderdale fla provider physician management services said reached settlement nevada attorney general medicaid fraud control unit agreeing pay 145 000 finding state investigators provider obstetric services engaged improper billing practices pediatrix paid 35 000 last month state nevada settlement potential claims related certain medicaid billings neonatology newborn pediatric services company said admission liability part violation state federal regulations salton 75 cents 6 1 12 95 lake forest ill home appliance company posted fiscal first quarter earnings 49 cents share compared year earlier profit 1 35 share company said expects report first half earnings 1 80 share low end previous forecast range 1 80 2 20 share exceeds analysts projections 1 52 pier 1 imports added 74 cents 6 1 12 82 fort worth texas home furnishings retailer increased third quarter expectations strong sales october higher expected gross margins pier 1 said october store sales rose 4 year earlier total sales rose 12 result company said expects earn 19 cents 21 cents share third quarter previous expectations 17 cents 19 cents share nasdaq advancing issues edged decliners 1 800 1 764 overall volume 2 295 billion compared 2 042 billion shares wednesday copyright 2000 dow jones source world reporter tm enron debt stricken energy trading group could forced sell main british assets terms 8 bn takeover considered dynegy smaller rival two companies confirmed yesterday talks takeover would see houston firm dynegy fifth size target pay fire sale price worth tenth enron 70 bn value year ago outcome would humiliation enron amer ica largest energy trader reportedly biggest corporate contributor republican party presidential campaign last year forlornly courting cash injections groups shell past days keep afloat enron shares lost 90 value year going free fall past two weeks sacked finance director andrew fastow unusual partnership transactions carried balance sheet forced take 1 bn charge cut shareholder equity 1 2 bn two senior officials including enron treasurer fired yesterday following involvement murky fastow deals investigated securities exchange commission pressure conclude deal swiftly ahead important meeting today enron creditors mounted dominant energy trader forced restate earnings substantial debts past four years amid fears bonds would soon given junk status chevrontexaco oil group owns 27 dynegy would inject 2 5 bn deal goes ahead enron also based houston owns wessex water paid pounds 1 4 bn 1998 gas fired power stations britain including high performing 1900 mw teesside plant recently announced deals run energy management operations sainsbury guinness dynegy paying pounds 421 bg gas storage business deal expected concluded next month renowned stingy financial management shied away buying series british power stations offer inflated prices copyright 2000 dow jones end 2000 enron debt 10 86 billion 628 million previously reported disclosing debt earlier enron presumably maintained stronger credit rating able vastly increase size core operations trading natural gas electricity wholesale markets enron kept certain details finances secret company stature crown jewel among energy traders grew investors wall street main street sought piece action enron reported bigger bigger profits executives boasted would successfully apply energy trading strategies markets well including steel broadband communications however decade enron firmly established nation 1 natural gas power marketing company things gone according plan lately former high flyer experienced remarkably fast fall grace enron stock price began steady descent 10 months ago nascent high speed internet unit failed live hype downward momentum propelled difficulties collecting money power customers india past three weeks enron share price plummeted fast furiously company announced 618 million third quarter loss ousted chief financial officer undertook apparently fruitless scramble cash remain independent entity several news organizations reporting dynegy negotiating buy enron 8 billion stock tentative deal could still fall apart besides dynegy companies mentioned possible suitors included general electric ge capital unit royal dutch shell group thursday dynegy enron released statements confirming talks declined provide details new york times wall street journal houston chronicle among others reported thursday dynegy considering paying 8 billion stock enron citing people familiar matter chevrontexaco corp 27 percent stake dynegy would provide enron immediate cash infusion 1 billion papers reported enron lay would given formal management position combined company although would seat board journal reported enron said released revised earnings investors could appropriately value strength core businesses believe information made available addresses number concerns raised shareholders sec matters said kenneth lay enron chairman chief executive company also fired treasurer ben glisan lawyer kristina mordaunt thursday last month enron ousted chief financial officer andrew fastow charge partnerships probed sec jeff skilling enron former chief executive left august called testify sec although unclear wall street analysts admitted stunned rapid demise enron said merger dynegy would help improve enron credibility still prudential securities analyst carole coale remained puzzled dynegy management would want take uncertainties potential liabilities associated merger enron christopher ellinghaus williams capital new york said enron accounting shenanigans legendary industry willing say fraud yet ellinghaus said enron likes fancy may fancy good enron said revised financial statements include reduction net income 96 million 1997 113 million 1998 250 million 1999 132 million 2000 increases 17 million first quarter 2001 5 million second quarter reduction 17 million third quarter 2001 enron nation top buyer seller natural gas top wholesale marketer united states become one nation 10 largest companies recording revenue 100 8 billion 2000 net http www enron com http www dynegy com ap graphic enron restatements ap photo ny 882 copyright 2000 dow jones company inc rights reserved report business column taking stock beware company tell brian milner 11 09 2001 globe mail metro b 9 material copyright c bell globemedia publishing inc licensors rights reserved stunning fall grace enron corp genuine market darling throng adoring investors analysts academics held model turn sleepy old economy company true star fast paced new economy even puncturing market bubble critics long questioned texas company aggressive growth strategy even aggressive accounting dismissed old fashioned cranks small part executives highhandedness dismissive treatment investors analysts enron reputation tatters u securities exchange commission probing billions dollars worth balance sheet transactions high flying stock tanked bonds trading levels usually reserved troubled junk lawsuits flying thick fast lessons take away fiasco among oldest investing long espoused likes warren buffett never buy anything understand touch company whose finances murky defy description shortage major companies appear believe less investors know true financial state better dot bomb rubble littered include nortel networks cisco systems lucent technologies amazon com jds uniphase qwest communications motorola volkswagen even starbucks bearish times companies acknowledge albeit reluctantly would better coming clean people vested interest future joe nacchio defiant boss troubled qwest told conference last month think cheat lie steal obviously therefore trade us discount normal company great revenue great growth traded let numbers speak oct 31 along comes fateful day pass mike mr nacchio recall recent conference said results speak reality speak clearly without interpretation given current economic conditions effects merger one time charges guess happened qwest credibility stock price houston based enron desperate hunt liquidity shore vast energy trading business keep credit rating slashed investment grade company confirmed yesterday talks smaller cross town rival dynegy several published accounts said talks involve immediate cash infusion 2 billion eventual merger faced sec probe rash shareholder lawsuits enron also revealed profit statements since 1997 worth anything company restating earnings first half year mainly reflect 1 2 billion u drop shareholder equity company terminated complex share transactions certain limited partnerships dealings enabled enron grow dramatically without show huge whack debt balance sheet would affected ability raise capital hampered rapid transformation regional gas pipeline utility global energy trading powerhouse transactions common practical enron unusually complicated company roundly assailed keeping details disclosure never company middle name former ceo used seven letter expletive describe analyst temerity ask balance sheet earnings conference call real stunner unknown investing public board apparent approval two partnerships set considerable personal profit enron chief financial officer andrew faston walked plank oct 24 company scrambling ever since opaque accounting necessarily mean skullduggery afoot finances companies devilishly complicated simply nature businesses goes enron massive energy trading hedging operations investors always looking much financial visibility possible steering clear company provide bmilner globeandmail ca copyright 2000 dow jones company inc rights reserved city enron crisis deepens two top staff fired roland gribben 11 09 2001 daily telegraph p 36 c telegraph group limited london 2001 crisis surrounding enron beleaguered american energy trading group power plant trading investments britain deepened yesterday dismissal two key executives alleged involved balance sheet operations investigation regulatory authorities ben glisan managing director treasurer kristina mordaunt another managing director lawyer subsidiary business left internal investigations enron said believed pair four former enron employeers involved partners limited partnership dealings company dismissals came enron considered make break takeover offer dynergy another us energy group uk interests copyright 2000 dow jones company inc rights reserved dabhol pwr mtg focus tata bses acquire enron stake 11 09 2001 dow jones energy service copyright c 2001 dow jones 65 415 4066 sri jegarajah dowjones com copyright 2000 dow jones company inc rights reserved enron meets indian lenders power plant stake sale update 3 2001 11 09 02 31 new york enron meets indian lenders power plant stake sale update 3 adds lender comments ninth paragraph detail idbi exposure enron 11 th singapore nov 9 bloomberg enron corp world largest energy trader meeting lenders sale stake 3 billion indian power project seeks raise cash forestall possible credit downgrade enron lost 89 percent market value year long term credit rating cut low one notch junk status week would repay 3 3 billion bonds early rating cut investment grade dynegy inc talks buy enron 8 billion stock concerned downgrade enron yesterday restated earnings four years include losses investment partnerships arranged senior executives people familiar situation said restating earnings past five years suggestive fraud justification downgrade said donald coxe manages 78 000 enron shares part harris insight equity fund surprised downgraded decision enron chairman chief executive officer kenneth lay reduce earnings 586 million since 1997 part enron efforts regain confidence among investors stung stock plunge year securities exchange commission investigation company accounted partnerships sponsored enron fired treasurer ben glisan kristina mordaunt lawyer enron division company said believes glisan mordaunt two employees longer working enron bought interests subsidiaries partnership run former chief financial officer andrew fastow enron ousted fastow last month revealing accounting error transactions group partnerships resulted 1 2 billion reduction shareholder equity third quarter arthur andersen llp enron independent auditor india enron wants 1 billion 65 percent stake indian power plant unit dabhol power co potential buyers tata power co bses ltd meeting lenders singapore said much tata bses keen buy project much depend terms enron sets said v k saxena chief general manager industrial development bank india idbi country second biggest lender positive outcome talks enron may 19 gave six months notice cancel sales maharashtra state electricity board customer dabhol power dabhol owed 64 million bills 10 months overdue contract sell plant electricity canceled nov 19 idbi state bank india among local lenders meeting enron singapore indian banks loaned 1 4 billion dabhol stake buyer enron stake found idbi alone lent 400 million 600 million lent abn amro bank america corp citigroup inc overseas banks covered government guarantees indian bank loans still investors local banks worried prospect loans turning bad talks enron tata bses fail deal complex big fail said rajat jain oversees 15 billion rupees idbi principal asset management co unit country second biggest lender lot money stake parties including lenders take hit deal go jain stock funds 1 23 million shares icici ltd end september selling 25 813 shares icici india biggest lender one dabhol key creditors meeting started yesterday bankers attended meeting said talks end today saxena said ravil shirodkar mumbai rshirodkar bloomberg net 91 22 dhabol power confirms enron talks bses tata power 11 09 2001 dow jones energy service copyright c 2001 dow jones 91 11 461 9426 himendra kumar dowjones com copyright 2000 dow jones company inc rights reserved officials try salvage multibillion dollar enron india project 11 09 2001 associated press newswires copyright 2001 associated press rights reserved singapore ap talks singapore aimed salvaging troubled dlrs 2 9 billion indian dabhol power project focusing two potential buyers u based enron corp controlling stake project major indian creditor said friday dabhol power co 65 percent houston based enron two india largest private power companies tata power co bses ltd contenders vying buy enron stake dabhol v k saxena chief general manager industrial development bank india told dow jones newswires friday bank major creditor dabhol power co said two day meeting singapore indian lenders consortium dabhol officials progressing well remain positive outcome talks saxena said details content closed door talks available dabhol officials declined comment indian lenders including industrial finance corp india asked court order work project resume lenders recover money may enron stopped construction 90 percent completed project india biggest ever foreign investment enron also halted supply electricity portion already finished maharashtra state electricity board said could longer afford fees agreed pay contract signed seven years ago indian lenders provided 61 billion rupees dlrs 1 3 billion power project enron partners general electric bechtel corp say invested dlrs 1 billion domestic lenders tried facilitate meeting prospective buyers seller common interest saving power project going bust saxena said dj rjm ss copyright 2000 dow jones company inc rights reserved india enron reverses stand attends singapore meet 11 09 2001 business line hindu fin times info ltd asia africa intel wire business line hindu copyright c 2001 kasturi sons ltd rights res mumbai nov 8 development late wednesday evening enron decided participate multilateral meeting singapore discuss amicable resolution dabhol issue company earlier said singapore meeting cancelled due legal action taken indian financial institutions fis according company decided change stand personal requests senior representatives government india indian financial institution said late wednesday evening dabhol power company dpc received assurances centre financial institutions intended present new proposals singapore meeting respect negotiated settlement dispute including purchase foreign equity government fis top state officials meanwhile camping london file government reply ex parte order passed london commercial court restraining approaching court india issue arbitration bureau copyright 2000 dow jones company inc rights reserved canadian pwr gas mkts benefiting enron woes dina meara dow jones newswires 11 08 2001 dow jones energy service copyright c 2001 dow jones 403 531 2912 dina omeara dowjones com copyright 2000 dow jones company inc rights reserved uncertainties cloud view enron dynegy combination jason leopold dow jones newswires 11 08 2001 dow jones energy service copyright c 2001 dow jones company inc los angeles dow jones clear yet formidable energy company would emerge dynegy inc dyn step embattled enron corp ene shadow acquire energy companies analysts united one sentiment though merger may way keep enron going possible harming u energy markets overall enron dynegy dominant natural gas electricity marketers u meshing enron trading expertise dynegy power plants would seem recipe success many unknowns point speculate much detail topic analysts energy companies said business know really well said steven fleishman analyst merrill lynch 323 658 3874 jason leopold dowjones com copyright 2000 dow jones company inc rights reserved business enron earnings drop ali velshi fred katayama 11 08 2001 cnnfn business unusual c copyright federal document clearing house rights reserved ali velshi cnnfn anchor business unusual energy trading giant enron url http www enron com restating earnings downward announcement comes less month said regulators looking balance sheet deals deals push company reduce shareholders equity 1 billion fred katayama report begin videotape fred katayama cnnfn correspondent voice enron delivered another bombshell day wall street anticipating merger announcement tarnished trader energy drastically restated earnings include losses partnerships investigation enron reducing net income since 1997 nearly 600 million company said consolidating results partnerships left balance sheet enron would pump assets partnership partnership borrow money debt kept books consolidating partnerships also boosted enron debt 2 5 billion ron barone ubs warburg lose investment grade debt possibility exists may pay 3 billion either cash enron stock katayama enron fired treasurer lawyer believes invested partnership run former chief financial officer andrew fastow ph sec investigating two partnerships set fastow chairman kenneth lay said statement believe information made available addresses number concerns raised shareholders sec matters andre meade commerzbank securities disclosure probably raises many questions answers enron enron trying enron done katayama enron stock slumped dynegy url http www dynegy com rose news investors disappointed hoped dynegy would announce would buy beleaguered rival end videotape katayama analysts say uncertainty hangs deal dynegy recalculate enron worth based restated numbers restated numbers may last restatements current case today disclosure concerned three entities enron done deals 30 partnerships ali velshi fred tell partnerships common katayama companies limited partnerships difference scope enron say deals 30 plus extremely complex even wall street analysts said figure chief financial officer company running partnerships business company velshi let talk enron stock used darling stock trading 1 40 52 week low fact moment one tenth 52 week high katayama right know stock used say darling wall street traded almost like tech stock pipeline company texas sudden fiber optics broadband traded like tech stock also fell like tech stock stock 73 percent last month 89 percent year date 10 days row october velshi let talk dynegy last night show news came dynegy going pump money enron course next 12 hours became discussions merger partnership want use word partnership tell likely happen katayama well thing wall street really anticipating based yesterday build get announcement today saying two companies would merge dynegy would buy enron possibly 7 8 billion lot analysts say one dynegy wants recalculate numbers based restatements two even deal enron get zero premium little little negotiating room got 13 billion debt troubles behind velshi indication going hear restating going see happen always bad news got restate far back katayama always hangs stock remember happened cendant url http www cendant com remember happened sunbeam url http www sunbeam com thing probably going unravel weeks going time soon may also mean deal may dragged problem enron assets traders human capital times uncertainty human capital goes companies texas lot energy trading companies velshi fred thanks much us copyright 2000 dow jones company inc rights reserved enron shareholder derivative suit filed 11 08 2001 pr newswire copyright c 2001 pr newswire chicago nov 8 prnewswire following statement issued krislov associates ltd two shareholders enron filed derivative suit federal court texas alleging certain directors enron breached fiduciary duties company plaintiffs represented clinton krislov michael karnuth michael rosenblat krislov associates chicago illinois michael bradford benckenstein oxford baumont texas suit filed behalf enron redress damages company enron investments limited partnerships controlled andrew fastow enron chief financial officer approved enron board directors transactions resulted losses enron estimated least 35 million reduction shareholders equity least 1 2 billion suit alleges defendants breached fiduciary duties loyalty due care owed enron stockholders attorney krislov quoted took great company nearly destroyed financial manipulation maybe get back company shareholders would like additional information regarding law suit may contact krislov associates ltd 312 606 0500 clint krislovlaw com benckenstein oxford llp 409 833 9182 michaelbradford benoxford com make opinion count click contact clinton krislov krislov associates ltd 1 312 606 0500 clint krislovlaw com michael bradford benckenstein oxford llp 1 409 833 9182 michaelbradford benoxford com 18 59 est copyright 2000 dow jones company inc rights reserved enron curtails activity us power gas mkt thu traders john edmiston mark golden dow jones newswires 11 08 2001 dow jones energy service copyright c 2001 dow jones 713 547 9209 john edmiston dowjones com mark golden kristen mcnamara new york jon kamp chicago contributed article copyright 2000 dow jones company inc rights reserved money enron debacle could push accounting changes carol remond 11 08 2001 dow jones news service copyright c 2001 dow jones 201 938 2074 dow jones newswires carol remond dowjones com copyright 2000 dow jones company inc rights reserved