message_id
int64 0
33.7k
| text
stringlengths 0
228k
| label
int64 0
1
| label_text
stringclasses 2
values | subject
stringlengths 0
3.15k
| message
stringlengths 0
228k
| date
timestamp[s] |
|---|---|---|---|---|---|---|
9,452 | 3 - urgent - to prevent loss of information critical migration information :
1 . your scheduled outlook migration date is the evening of : may 7 th
2 . you need to press the " save my data " button ( only once ) to send us your pre - migration information .
3 . you must be connected to the network before you press the button .
4 . if a pop - up box appears , prompting you to " abort , cancel or trust signer " please select trust signer .
5 . any information you add to your personal address book , journal or calendar after you click on the button will need to be manually re - added into outlook after you have been migrated .
6 . clicking this button does not complete your migration to outlook . your migration will be completed the evening of your migration date .
failure to click on the button means you will not get your calendar , contacts , journal and todo information imported into outlook the day of your migration and could result in up to a 2 week delay to restore this information .
if you encounter any errors please contact the resolution center @ 713 - 853 - 1411 | 0 | ham | 3 - urgent - to prevent loss of information | critical migration information :
1 . your scheduled outlook migration date is the evening of : may 7 th
2 . you need to press the " save my data " button ( only once ) to send us your pre - migration information .
3 . you must be connected to the network before you press the button .
4 . if a pop - up box appears , prompting you to " abort , cancel or trust signer " please select trust signer .
5 . any information you add to your personal address book , journal or calendar after you click on the button will need to be manually re - added into outlook after you have been migrated .
6 . clicking this button does not complete your migration to outlook . your migration will be completed the evening of your migration date .
failure to click on the button means you will not get your calendar , contacts , journal and todo information imported into outlook the day of your migration and could result in up to a 2 week delay to restore this information .
if you encounter any errors please contact the resolution center @ 713 - 853 - 1411 | 2001-05-04T00:00:00 |
30,322 | sexual frustrated ? ? try vi % agra sa . ve 7 . 0 . % on r . x medicat . ion today !
orde . r all your r . x med . ication directly from fd . a - approved manufacturers in india .
over 60 product . s to choose from .
sav . e up to 7 . 0 . % on your r . x drug . s .
average shi . pping from india takes 2 - 4 weeks .
however our pr . ices and quality make it worth the wait .
all pac . kages are ship . ped discreetly by airmail w . orldwide .
choose your medicat . ion , point , click , o . rder and you ' re done . your medicat . ion is on it ' s way . no prescript . ion required !
click here now !
re . move | 1 | spam | sexual frustrated ? ? try vi % agra | sa . ve 7 . 0 . % on r . x medicat . ion today !
orde . r all your r . x med . ication directly from fd . a - approved manufacturers in india .
over 60 product . s to choose from .
sav . e up to 7 . 0 . % on your r . x drug . s .
average shi . pping from india takes 2 - 4 weeks .
however our pr . ices and quality make it worth the wait .
all pac . kages are ship . ped discreetly by airmail w . orldwide .
choose your medicat . ion , point , click , o . rder and you ' re done . your medicat . ion is on it ' s way . no prescript . ion required !
click here now !
re . move | 2004-11-07T00:00:00 |
13,671 | master netting agreement status dynegy - very preliminary ; dynegy is reviewing our paper .
calpine - we have been through several rounds of drafts . the next draft will go to calpine tomorrow . we could finalize this in the next 1 or 2 weeks .
harlan e . murphy
enron wholesale services - legal
1400 smith street , eb 3811
houston , texas 77002
tel : 713 . 345 . 2679
fax : 713 . 646 . 3490
e - mail : harlan . murphy @ enron . com | 0 | ham | master netting agreement status | dynegy - very preliminary ; dynegy is reviewing our paper .
calpine - we have been through several rounds of drafts . the next draft will go to calpine tomorrow . we could finalize this in the next 1 or 2 weeks .
harlan e . murphy
enron wholesale services - legal
1400 smith street , eb 3811
houston , texas 77002
tel : 713 . 345 . 2679
fax : 713 . 646 . 3490
e - mail : harlan . murphy @ enron . com | 2001-11-01T00:00:00 |
11,805 | california update # 2 , 5 / 23 / 01 republican plan b
a source reports the following regarding the republican plan b proposal :
? encourage direct access for consumers . ( the problem with this , however , is that these direct access deals would not have a dedicated rate component , and too many might undermine the cash flow and credit worthiness of the bonds . )
? the republicans will " suggest " that generators take a 30 % haircut . " we think this is doable . "
? the republicans strongly oppose purchasing the transmission assets .
? restore the invetor - owned utility model for generation . they would establish a dedicated rate component for construction of native generation by the utilities . they would grant ratepayers equity interest in these plants .
? resolve the qfs ' financial issues .
assemblyman cox commented afterward that the republcans have been trying to work on a bilateral basis with the democrats on these issues , but they feel " frozen out . " moreover , he senses the democrats moving back toward having an option to purchase socal ' s transmission assets , which the republicans oppose .
democratic plan b
a source reports the following regarding the democratic plan b :
? the democrats are formulating a plan b that incorporates the governor ' s mou , the nation plan b and other ideas that they have . this plan reportedly has not yet been introduced into the legislature yet because it is still being finalized and the democrats are not certain that it will work . specifically , the option to purchase socal ' s transmission assets is reportedly still being debated . some democrats reportedly believe that this may be unnecessary .
? the details of the plan are reportedly as follows :
- set aside the $ 3 . 1 bilion undercollect in a separate account funded by a dedicated rate component .
- the generators can either get a check instantly from the bonds for 70 % of their claim or they can try to get up to 100 % of their claim adjudicated through a dispute .
- this plan could be used as a template for going to the bankruptcy judge to strike a deal for pg & e .
? sources indicate that the democrats are developing a post - petition plan in cast socal files for bankruptcy , including the following :
- the state would buy both utilities out of bankruptcy . it then would sell of pieces of the utilities to various private - sector buyers , but with a lifetime stipulation on how they will be run .
- some democrats reportedly believe the state could do this with as little as $ 5 billion if it assumed the utilities ' debt and got a cram - down by the bankrutpcy judge to quell the protests against such a plan that would very likely erupt . democrats reportedly believe that the judge montali would support this idea . | 0 | ham | california update # 2 , 5 / 23 / 01 | republican plan b
a source reports the following regarding the republican plan b proposal :
? encourage direct access for consumers . ( the problem with this , however , is that these direct access deals would not have a dedicated rate component , and too many might undermine the cash flow and credit worthiness of the bonds . )
? the republicans will " suggest " that generators take a 30 % haircut . " we think this is doable . "
? the republicans strongly oppose purchasing the transmission assets .
? restore the invetor - owned utility model for generation . they would establish a dedicated rate component for construction of native generation by the utilities . they would grant ratepayers equity interest in these plants .
? resolve the qfs ' financial issues .
assemblyman cox commented afterward that the republcans have been trying to work on a bilateral basis with the democrats on these issues , but they feel " frozen out . " moreover , he senses the democrats moving back toward having an option to purchase socal ' s transmission assets , which the republicans oppose .
democratic plan b
a source reports the following regarding the democratic plan b :
? the democrats are formulating a plan b that incorporates the governor ' s mou , the nation plan b and other ideas that they have . this plan reportedly has not yet been introduced into the legislature yet because it is still being finalized and the democrats are not certain that it will work . specifically , the option to purchase socal ' s transmission assets is reportedly still being debated . some democrats reportedly believe that this may be unnecessary .
? the details of the plan are reportedly as follows :
- set aside the $ 3 . 1 bilion undercollect in a separate account funded by a dedicated rate component .
- the generators can either get a check instantly from the bonds for 70 % of their claim or they can try to get up to 100 % of their claim adjudicated through a dispute .
- this plan could be used as a template for going to the bankruptcy judge to strike a deal for pg & e .
? sources indicate that the democrats are developing a post - petition plan in cast socal files for bankruptcy , including the following :
- the state would buy both utilities out of bankruptcy . it then would sell of pieces of the utilities to various private - sector buyers , but with a lifetime stipulation on how they will be run .
- some democrats reportedly believe the state could do this with as little as $ 5 billion if it assumed the utilities ' debt and got a cram - down by the bankrutpcy judge to quell the protests against such a plan that would very likely erupt . democrats reportedly believe that the judge montali would support this idea . | 2001-05-23T00:00:00 |
12,602 | team rahal update you asked me to look into this ( the ford sponsorship thing ) .
i think they will be unlikely to deliver on the benefits promised by m 3 management ( their marketing consultant ) and will add little value to our dealmaking opportunities with ford .
i will pass the info . along to ees to see if they have any interest in paying the $ 7 million for general advertising exposure .
dave | 0 | ham | team rahal update | you asked me to look into this ( the ford sponsorship thing ) .
i think they will be unlikely to deliver on the benefits promised by m 3 management ( their marketing consultant ) and will add little value to our dealmaking opportunities with ford .
i will pass the info . along to ees to see if they have any interest in paying the $ 7 million for general advertising exposure .
dave | 2001-08-29T00:00:00 |
18,200 | = ? iso - 8859 - 7 ? q ? = 5 b = 3 f = 5 d _ fwd : cc : the _ pen = eds _ pill _ is _ proven _ to _ add _ inc ? = = ? iso - 8859 - 7 ? q ? hes ? = | 1 | spam | = ? iso - 8859 - 7 ? q ? = 5 b = 3 f = 5 d _ fwd : cc : the _ pen = eds _ pill _ is _ proven _ to _ add _ inc ? = | = ? iso - 8859 - 7 ? q ? hes ? =
| 2004-01-15T00:00:00 |
6,167 | storage model back - testing brad ,
with your success in automation of the testing , we can go ahead to test
storage cycles as follows
april 95 - march 96
april 96 - march 97
april 97 - march 98
april 98 - march 99
april 99 - march 00
this way we can collect 5 years data for further analysis .
zimin | 0 | ham | storage model back - testing | brad ,
with your success in automation of the testing , we can go ahead to test
storage cycles as follows
april 95 - march 96
april 96 - march 97
april 97 - march 98
april 98 - march 99
april 99 - march 00
this way we can collect 5 years data for further analysis .
zimin | 2000-05-25T00:00:00 |
4,557 | the situation is right under your own control perfumery so they go back to her place and have great
. afterwards , seansays , if you thinkthat was good , let me sleep for halfan
hour , and wecan have evenbetter . butwhile i ' m sleeping , holdmyballsinyour
lefthandandmydick in your right hand . kylie looks a bit perplexed , but
says , okay . he sleeps for half an hour , awakens , and they have even
better . then sean says , kylie , that was wonderful . but if you let me
sleep for an hour , we can have the best yet . but again , hold my balls in
your left hand , and my dick in your right hand . kylie is now used to the
routine and complies . the results are mind blowing .
once it ' s all over , and the cigaaretes are lit ,
kylie asks se an , tellme , does myholding your balls in my lefthand and your
dick in myrightstimulate youwhile you ' re sleeping ? sean replies , no ,
butthelast timeisleptwith a from melbourne , she stole my wallet .
but the foes were too many to be repulsed for
long
svakodnevno hrist szol nori
lettuce out of here ! | 1 | spam | the situation is right under your own control perfumery | so they go back to her place and have great
. afterwards , seansays , if you thinkthat was good , let me sleep for halfan
hour , and wecan have evenbetter . butwhile i ' m sleeping , holdmyballsinyour
lefthandandmydick in your right hand . kylie looks a bit perplexed , but
says , okay . he sleeps for half an hour , awakens , and they have even
better . then sean says , kylie , that was wonderful . but if you let me
sleep for an hour , we can have the best yet . but again , hold my balls in
your left hand , and my dick in your right hand . kylie is now used to the
routine and complies . the results are mind blowing .
once it ' s all over , and the cigaaretes are lit ,
kylie asks se an , tellme , does myholding your balls in my lefthand and your
dick in myrightstimulate youwhile you ' re sleeping ? sean replies , no ,
butthelast timeisleptwith a from melbourne , she stole my wallet .
but the foes were too many to be repulsed for
long
svakodnevno hrist szol nori
lettuce out of here !
| 2004-12-10T00:00:00 |
27,676 | localized software , all languages available . hello , we would like to offer localized software versions ( german , french , spanish , uk , and many others ) .
ali iisted software is avaiiable for immediate downioad !
no need to wait 2 - 3 week for cd delivery !
just few examples :
- norton internet security pro 2005 - $ 29 . 95
- windows xp professional with sp 2 full version - $ 59 . 95
- corel draw graphics suite 12 - $ 49 . 95
- dreamweaver mx 2004 ( homesite 5 . 5 inciudinq ) - $ 39 . 95
- macromedia studio mx 2004 - $ 119 . 95
just browse our site and find any software you need in your native ianquage !
best reqards ,
adina | 1 | spam | localized software , all languages available . | hello , we would like to offer localized software versions ( german , french , spanish , uk , and many others ) .
ali iisted software is avaiiable for immediate downioad !
no need to wait 2 - 3 week for cd delivery !
just few examples :
- norton internet security pro 2005 - $ 29 . 95
- windows xp professional with sp 2 full version - $ 59 . 95
- corel draw graphics suite 12 - $ 49 . 95
- dreamweaver mx 2004 ( homesite 5 . 5 inciudinq ) - $ 39 . 95
- macromedia studio mx 2004 - $ 119 . 95
just browse our site and find any software you need in your native ianquage !
best reqards ,
adina
| 2005-07-21T00:00:00 |
5,682 | your job application to enron research group dear mr . palmer :
thank you for your interest in the research group at enron . we recieved your
resume and discussed your qualifications within the research group .
unfortunately , there is not a good match between our job requirements and
your skills .
once again , thank you for your interest in our company and best wishes for
your future .
regards ,
p . v . krishnarao . | 0 | ham | your job application to enron research group | dear mr . palmer :
thank you for your interest in the research group at enron . we recieved your
resume and discussed your qualifications within the research group .
unfortunately , there is not a good match between our job requirements and
your skills .
once again , thank you for your interest in our company and best wishes for
your future .
regards ,
p . v . krishnarao . | 2000-03-08T00:00:00 |
28,239 | kern river to do another open season lorna ,
sources close to kern river confirmed with me just yesterday that the
original expansion ( 124 , 500 mmbtu / d ) is being contracted principally by one
party , pg & e national energy group , for their la paloma power project outside
of bakersfield , california . i ' m assuming that additional support for a 2 nd
krgt expansion will come from other developers interested in securing gas
supply .
it ' s important to remember the economics here - - - kern river ' s pipeline
originates in wyoming ( rockies gas ) and delivers directly into southern
california . their gas generally clears the market at the southern california
border index . consequently , there is no stacking of rates as would be the
case if tw or epng attempted to deliver their gas through mojave to the same
markets . i ' ve attached the recent press release regarding the la paloma
project for your information . . .
pg & e corporation unit begins construction of
california ' s largest + greenfield , merchant power plant
la paloma facility will fill a critical need for new electricity supplies in
california
san francisco ) welcoming the opportunity to provide competitive electricity
to meet the growing electricity needs of california , pg & e corporation
( nyse : pcg ) announced today that its national energy group has begun
construction on the la paloma generating plant . la paloma is a 1 , 048 - megawatt
, natural gas - fueled combined - cycle facility . the plant is expected to begin
operating in the summer of 2001 . pg & e national energy group president & ceo
tom boren said , " the construction of the la paloma facility is an important
step in meeting the growing demand for electricity in the state . we welcome
the opportunity to further the growth of customer choice in california ' s
evolving competitive power market . "
the california independent system operator ( iso ) , a non - profit public benefit
corporation responsible for maintaining transmission reliability and ensuring
adequate electricity supplies , hailed la paloma as a welcome addition . " as
north america , s only regional transmission operator relying on competitive
market forces to maintain the critical balance between electricity supply and
demand for california , s 27 million electric customers , the california iso is
very pleased that pg & e , s national energy group has stepped forward with the
la paloma facility to fill an essential consumer need , " said cal iso
president & ceo terry winter . " this investment shows that the market is
responding to the growing demand for electricity . "
" as a highly efficient plant from both an energy and environmental
standpoint , california consumers will benefit , " added pg & e corp . ' s boren .
" the la paloma generating plant provides highly competitive costs with a
minimum of energy consumption and environmental impacts . "
the la paloma plant site is approximately 40 miles west of bakersfield ,
calif . in western kern county on an industrial site previously used for oil
production . when completed , it will be the state , s largest facility designed
from the ground up exclusively as a merchant power plant . a merchant plant
sells its electrical output to wholesale customers in a regional competitive
bulk power market . those wholesale customers , which include traditional
utilities , municipal utility districts , retail energy services companies ,
wholesale power marketers , and electric cooperatives , in turn arrange to have
the electricity delivered to retail consumers .
the la paloma development team has selected abb alstom power inc . as the
turnkey contractor for the project . abb alstom power is responsible for the
design and engineering work , the procurement of equipment and management of
sub - contractors , and the actual construction of the facility . the la paloma
generating project received its california energy commission approval in
october 1999 , and the financing package for the project is being completed
now .
" the rigorous permitting process really laid the ground for an outstanding
construction program , " said roger garratt , project development manager for
pg & e corporation , s generating unit . " we look forward to making a major
contribution to the kern county economy in a manner that is completely
compatible with the area ' s sensitive ecosystem . " garratt noted the project ' s
plan to permanently set aside conservation land as part of its environmental
mitigation program .
market intelligence - enron transportation services
from : lorna brennan on 11 / 29 / 2000 09 : 49 am
to : courtney barker / et & s / enron @ enron , john goodpasture / ots / enron @ enron ,
michael ratner / ots / enron @ enron , sebastian corbacho / et & s / enron @ enron , yuan
tian / et & s / enron @ enron , mike mcgowan / et & s / enron @ enron , rockey
storie / et & s / enron @ enron , kent miller / et & s / enron @ enron , john
dushinske / et & s / enron @ enron , dave neubauer / et & s / enron @ enron , bill
fowler / et & s / enron @ enron , steven harris / et & s / enron @ enron , jeffery
fawcett / et & s / enron @ enron , lorraine lindberg / et & s / enron @ enron , kevin
hyatt / et & s / enron @ enron , christine stokes / et & s / enron @ enron , tk
lohman / et & s / enron @ enron , michelle lokay / et & s / enron @ enron , lindy
donoho / et & s / enron @ enron , lee huber / et & s / enron @ enron , susan
scott / et & s / enron @ enron
cc :
subject : kern river to do another open season
open season expected for kern river capacity
after the recent successful completion of an open season on an added 124 , 5000
dth / d of firm transportation capacity into california along its 922 - mile
interstate pipeline , williams ' subsidiary kern river gas transmission will
announce another open season this week , perhaps as early as today for
additional new capacity on the pipeline carrying rocky mountain supplies from
southwest wyoming , a salt lake city - based kern river spokesperson said
tuesday .
although the spokesperson indicated the current 700 mmcf / d - capacity pipeline
is running full these days , kern river has no plans to re - open its previous
proposals to build transmission laterals within california , heading north and
south into major industrial areas of the state . the growing supplies , which
are expected to come into the state to fuel the accelerating demand for new
natural gas - fired electric generation plants , will be fulfilled by adding
compression and looping , the spokesperson said .
kern river is planning on bringing " a lot more volumes " into california in
the years ahead , said the spokesperson , noting that the recent capacity
expansion will be made possible by an $ 80 million project to add three new
compressor stations , additional compression at an existing wyoming station ,
restage a compressor in utah and upgrade two meter stations . the new open
season is expected to run for two months through the end of january for
marketers , merchant generators , large industrial plants and utilities along
the pipeline route in utah , nevada and california , all of which have been
experiencing tremendous energy load growth . the bulk of the interest is still
expected to come from california , the spokesperson said . | 0 | ham | kern river to do another open season | lorna ,
sources close to kern river confirmed with me just yesterday that the
original expansion ( 124 , 500 mmbtu / d ) is being contracted principally by one
party , pg & e national energy group , for their la paloma power project outside
of bakersfield , california . i ' m assuming that additional support for a 2 nd
krgt expansion will come from other developers interested in securing gas
supply .
it ' s important to remember the economics here - - - kern river ' s pipeline
originates in wyoming ( rockies gas ) and delivers directly into southern
california . their gas generally clears the market at the southern california
border index . consequently , there is no stacking of rates as would be the
case if tw or epng attempted to deliver their gas through mojave to the same
markets . i ' ve attached the recent press release regarding the la paloma
project for your information . . .
pg & e corporation unit begins construction of
california ' s largest + greenfield , merchant power plant
la paloma facility will fill a critical need for new electricity supplies in
california
san francisco ) welcoming the opportunity to provide competitive electricity
to meet the growing electricity needs of california , pg & e corporation
( nyse : pcg ) announced today that its national energy group has begun
construction on the la paloma generating plant . la paloma is a 1 , 048 - megawatt
, natural gas - fueled combined - cycle facility . the plant is expected to begin
operating in the summer of 2001 . pg & e national energy group president & ceo
tom boren said , " the construction of the la paloma facility is an important
step in meeting the growing demand for electricity in the state . we welcome
the opportunity to further the growth of customer choice in california ' s
evolving competitive power market . "
the california independent system operator ( iso ) , a non - profit public benefit
corporation responsible for maintaining transmission reliability and ensuring
adequate electricity supplies , hailed la paloma as a welcome addition . " as
north america , s only regional transmission operator relying on competitive
market forces to maintain the critical balance between electricity supply and
demand for california , s 27 million electric customers , the california iso is
very pleased that pg & e , s national energy group has stepped forward with the
la paloma facility to fill an essential consumer need , " said cal iso
president & ceo terry winter . " this investment shows that the market is
responding to the growing demand for electricity . "
" as a highly efficient plant from both an energy and environmental
standpoint , california consumers will benefit , " added pg & e corp . ' s boren .
" the la paloma generating plant provides highly competitive costs with a
minimum of energy consumption and environmental impacts . "
the la paloma plant site is approximately 40 miles west of bakersfield ,
calif . in western kern county on an industrial site previously used for oil
production . when completed , it will be the state , s largest facility designed
from the ground up exclusively as a merchant power plant . a merchant plant
sells its electrical output to wholesale customers in a regional competitive
bulk power market . those wholesale customers , which include traditional
utilities , municipal utility districts , retail energy services companies ,
wholesale power marketers , and electric cooperatives , in turn arrange to have
the electricity delivered to retail consumers .
the la paloma development team has selected abb alstom power inc . as the
turnkey contractor for the project . abb alstom power is responsible for the
design and engineering work , the procurement of equipment and management of
sub - contractors , and the actual construction of the facility . the la paloma
generating project received its california energy commission approval in
october 1999 , and the financing package for the project is being completed
now .
" the rigorous permitting process really laid the ground for an outstanding
construction program , " said roger garratt , project development manager for
pg & e corporation , s generating unit . " we look forward to making a major
contribution to the kern county economy in a manner that is completely
compatible with the area ' s sensitive ecosystem . " garratt noted the project ' s
plan to permanently set aside conservation land as part of its environmental
mitigation program .
market intelligence - enron transportation services
from : lorna brennan on 11 / 29 / 2000 09 : 49 am
to : courtney barker / et & s / enron @ enron , john goodpasture / ots / enron @ enron ,
michael ratner / ots / enron @ enron , sebastian corbacho / et & s / enron @ enron , yuan
tian / et & s / enron @ enron , mike mcgowan / et & s / enron @ enron , rockey
storie / et & s / enron @ enron , kent miller / et & s / enron @ enron , john
dushinske / et & s / enron @ enron , dave neubauer / et & s / enron @ enron , bill
fowler / et & s / enron @ enron , steven harris / et & s / enron @ enron , jeffery
fawcett / et & s / enron @ enron , lorraine lindberg / et & s / enron @ enron , kevin
hyatt / et & s / enron @ enron , christine stokes / et & s / enron @ enron , tk
lohman / et & s / enron @ enron , michelle lokay / et & s / enron @ enron , lindy
donoho / et & s / enron @ enron , lee huber / et & s / enron @ enron , susan
scott / et & s / enron @ enron
cc :
subject : kern river to do another open season
open season expected for kern river capacity
after the recent successful completion of an open season on an added 124 , 5000
dth / d of firm transportation capacity into california along its 922 - mile
interstate pipeline , williams ' subsidiary kern river gas transmission will
announce another open season this week , perhaps as early as today for
additional new capacity on the pipeline carrying rocky mountain supplies from
southwest wyoming , a salt lake city - based kern river spokesperson said
tuesday .
although the spokesperson indicated the current 700 mmcf / d - capacity pipeline
is running full these days , kern river has no plans to re - open its previous
proposals to build transmission laterals within california , heading north and
south into major industrial areas of the state . the growing supplies , which
are expected to come into the state to fuel the accelerating demand for new
natural gas - fired electric generation plants , will be fulfilled by adding
compression and looping , the spokesperson said .
kern river is planning on bringing " a lot more volumes " into california in
the years ahead , said the spokesperson , noting that the recent capacity
expansion will be made possible by an $ 80 million project to add three new
compressor stations , additional compression at an existing wyoming station ,
restage a compressor in utah and upgrade two meter stations . the new open
season is expected to run for two months through the end of january for
marketers , merchant generators , large industrial plants and utilities along
the pipeline route in utah , nevada and california , all of which have been
experiencing tremendous energy load growth . the bulk of the interest is still
expected to come from california , the spokesperson said . | 2000-11-29T00:00:00 |
32,317 | cheap oem soft shipping worldwide . . . alikanida looking for not expensive high - quality software ?
we might have just what you need .
windows xp professional 2002 . . . . . . . . . . . . . $ 45
adobe photoshop 7 . 0 . . . . . . . . . . . . . . . . . . . . . . $ 40
microsoft office xp professional 2002 . . . . $ 40
corel draw graphics suite 11 . . . . . . . . . . . . . $ 40
and lots more . . .
remove | 1 | spam | cheap oem soft shipping worldwide . . . alikanida | looking for not expensive high - quality software ?
we might have just what you need .
windows xp professional 2002 . . . . . . . . . . . . . $ 45
adobe photoshop 7 . 0 . . . . . . . . . . . . . . . . . . . . . . $ 40
microsoft office xp professional 2002 . . . . $ 40
corel draw graphics suite 11 . . . . . . . . . . . . . $ 40
and lots more . . .
remove
| 2005-03-26T00:00:00 |
17,862 | start date : 1 / 24 / 02 ; hourahead hour : 15 ; start date : 1 / 24 / 02 ; hourahead hour : 15 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2002012415 . txt | 0 | ham | start date : 1 / 24 / 02 ; hourahead hour : 15 ; | start date : 1 / 24 / 02 ; hourahead hour : 15 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2002012415 . txt | 2002-01-24T00:00:00 |
14,260 | re : newco regulatory list no
yeung + lindberg are gone
- - - - - - - - - - - - - - - - - - - - - - - - - -
jim steffes
enron | 0 | ham | re : newco regulatory list | no
yeung + lindberg are gone
- - - - - - - - - - - - - - - - - - - - - - - - - -
jim steffes
enron | 2001-12-04T00:00:00 |
26,471 | we focus on oem and retail box for microsoft , adobe , macromedia , corel , symantec and more . software for system builders , resellers , and hardware purchasers only .
the only thing that comes to a sleeping man are dreams .
spinnin ' a rope is fun if your neck ain ' t in it . | 1 | spam | we focus on oem and retail box for microsoft , adobe , macromedia , corel , symantec and more . | software for system builders , resellers , and hardware purchasers only .
the only thing that comes to a sleeping man are dreams .
spinnin ' a rope is fun if your neck ain ' t in it . | 2005-07-04T00:00:00 |
30,464 | anal s 3 x please let
the image load . . .
close - up look at beautiful
girls doing
some of the nastiest things .
visit
this quality video site | 1 | spam | anal s 3 x | please let
the image load . . .
close - up look at beautiful
girls doing
some of the nastiest things .
visit
this quality video site
| 2004-11-18T00:00:00 |
12,543 | thanks for the offsite thank you for the offsite . it was great to spend time with people from other parts of enron americas and to hear greg speak so frankly about the issues and opportunities within the company . next year i need to go into training before we go .
tom | 0 | ham | thanks for the offsite | thank you for the offsite . it was great to spend time with people from other parts of enron americas and to hear greg speak so frankly about the issues and opportunities within the company . next year i need to go into training before we go .
tom | 2001-08-21T00:00:00 |
23,323 | resume of zach streight hello ,
thank you in advance for taking the time to review zach ' s resume for
potential opportunities at enron . ? i appreciate your offer to identify if
there are areas within enron that could utilize his technical , business and
project implementation skills .
zach has worked the past 4 years as a technical consultant in our customer
relationship management practice of deloitte consulting . ? his experience
demonstrates a broad range of technical and business expertise working for
clients such as the state of california , puget sound energy and kaiser
permanente . ? zach also played an integral role in the international
e - commerce project based in switzerland .
zach is interested in finding a position which will enable him to leverage
his technical skills in a business role for a company . ? his contact
information is listed on his resume if you feel as though his skills would
meet the needs of a division within enron .
thank you again for your time ,
andrea crump
# 404 - 631 - 2062 - work
# 713 - 859 - 7850 - cell
# 916 - 772 - 1624 - home
attachment : zach streight . pdf ( resume )
>
- zach streight . pdf | 0 | ham | resume of zach streight | hello ,
thank you in advance for taking the time to review zach ' s resume for
potential opportunities at enron . ? i appreciate your offer to identify if
there are areas within enron that could utilize his technical , business and
project implementation skills .
zach has worked the past 4 years as a technical consultant in our customer
relationship management practice of deloitte consulting . ? his experience
demonstrates a broad range of technical and business expertise working for
clients such as the state of california , puget sound energy and kaiser
permanente . ? zach also played an integral role in the international
e - commerce project based in switzerland .
zach is interested in finding a position which will enable him to leverage
his technical skills in a business role for a company . ? his contact
information is listed on his resume if you feel as though his skills would
meet the needs of a division within enron .
thank you again for your time ,
andrea crump
# 404 - 631 - 2062 - work
# 713 - 859 - 7850 - cell
# 916 - 772 - 1624 - home
attachment : zach streight . pdf ( resume )
>
- zach streight . pdf | 2000-09-28T00:00:00 |
10,424 | ip cameras for your security system dear sir or madam :
we understand from your information on google . com engineer . we would like to take this opportunity to introduce our company and products , with the hope that we may work with bright ideas imports in the future
founded in 1993 , tokia electronics co . , ltd . we are specializing in the manufacture of cctv cameras , color ccd cameras , b / w ccd cameras , color dome cameras , b / w dome cameras , mini ccd cameras , day / night ccd cameras , high speed cameras , flying sauce cameras , wireless cmos cameras , dvr , dvr board , all - in - one camera , ip camera and lens and other safety protection video products , which are widely used in banks , electric power , transportation , public security , , shopping mall , residence area and the like .
presently , tokia electronics co . , ltd . has built " tokia " and " yhdo " with its own autonomous intellectual property . over years of efforts , owing to excellent credit standing , its products are widely sold in all over the world and exported to international market . it became one of the largest video recorder manufacturer in china . we have approved by iso 9000 and ce certificate .
detailed circumstance of our products , please click out the site : http : / / www . cctvcameras . cn /
should any of these items be of interest to you , please let us know . we will be happy to give you a quotation upon receipt of your detailed requirements .
we look forward to receiving your enquires soon . . i am very say if this letter disturb you .
sincerely ,
jamme
ip cameras : live demo : http : / / 220 . 130 . 14 . 230 usename : guest password : guest
1 . internal build - in ccd provides all in one cctv solution
2 . remote surveillance through internet or intranet .
3 . even triggered picture can be sent vis ftp or e - mail
4 . system based on java platform for better stability
5 . remote recording
6 . pppoe | 1 | spam | ip cameras for your security system | dear sir or madam :
we understand from your information on google . com engineer . we would like to take this opportunity to introduce our company and products , with the hope that we may work with bright ideas imports in the future
founded in 1993 , tokia electronics co . , ltd . we are specializing in the manufacture of cctv cameras , color ccd cameras , b / w ccd cameras , color dome cameras , b / w dome cameras , mini ccd cameras , day / night ccd cameras , high speed cameras , flying sauce cameras , wireless cmos cameras , dvr , dvr board , all - in - one camera , ip camera and lens and other safety protection video products , which are widely used in banks , electric power , transportation , public security , , shopping mall , residence area and the like .
presently , tokia electronics co . , ltd . has built " tokia " and " yhdo " with its own autonomous intellectual property . over years of efforts , owing to excellent credit standing , its products are widely sold in all over the world and exported to international market . it became one of the largest video recorder manufacturer in china . we have approved by iso 9000 and ce certificate .
detailed circumstance of our products , please click out the site : http : / / www . cctvcameras . cn /
should any of these items be of interest to you , please let us know . we will be happy to give you a quotation upon receipt of your detailed requirements .
we look forward to receiving your enquires soon . . i am very say if this letter disturb you .
sincerely ,
jamme
ip cameras : live demo : http : / / 220 . 130 . 14 . 230 usename : guest password : guest
1 . internal build - in ccd provides all in one cctv solution
2 . remote surveillance through internet or intranet .
3 . even triggered picture can be sent vis ftp or e - mail
4 . system based on java platform for better stability
5 . remote recording
6 . pppoe | 2005-07-01T00:00:00 |
25,904 | now you can improve your sexual life ! enjoy great sex by taking viagra !
money can ' t buy you happiness , but poverty can ' t buy you anything .
i know how men in exile feed on dreams of hope .
that ' s one small step for [ a ] man , one giant leap for mankind .
. . i said to myself that growing up really means slowing down . | 1 | spam | now you can improve your sexual life ! | enjoy great sex by taking viagra !
money can ' t buy you happiness , but poverty can ' t buy you anything .
i know how men in exile feed on dreams of hope .
that ' s one small step for [ a ] man , one giant leap for mankind .
. . i said to myself that growing up really means slowing down . | 2005-06-28T00:00:00 |
12,919 | fw : revised transparency language for discussion please call - x 33407 . thanks .
- - - - - original message - - - - -
from : long , chris
sent : wednesday , september 19 , 2001 8 : 11 am
to : shapiro , richard
cc : yoho , lisa ; taylor , mark e ( legal ) ; dernehl , ginger
subject : fw : revised transparency language for discussion
rick - linda is tied up with rick and mark . she asked that john and i get with you today so we can get final approval for the transparency language . leon with the committee called us this morning seeking our thoughts . give us a ring when you have a chance and then we can follow up with loiuse .
thanks - chris
attached reflects our efforts to further tighten the language on transparency . | 0 | ham | fw : revised transparency language for discussion | please call - x 33407 . thanks .
- - - - - original message - - - - -
from : long , chris
sent : wednesday , september 19 , 2001 8 : 11 am
to : shapiro , richard
cc : yoho , lisa ; taylor , mark e ( legal ) ; dernehl , ginger
subject : fw : revised transparency language for discussion
rick - linda is tied up with rick and mark . she asked that john and i get with you today so we can get final approval for the transparency language . leon with the committee called us this morning seeking our thoughts . give us a ring when you have a chance and then we can follow up with loiuse .
thanks - chris
attached reflects our efforts to further tighten the language on transparency . | 2001-09-19T00:00:00 |
29,980 | reminder psychologists bottled overflowing
deeply bloomfield singers hepburn odder
hopkinsian reassembles stupidity
coolies picasso contingents
bolts room rods
uplink endicott epicurizes decked fawkes
pacify guenther familiarized pull lucas
wrapping intuition bites scorns tribe
recital work inconsiderately
- -
phone : 209 - 293 - 6250
mobile : 811 - 490 - 7346
email : julywarren @ comcast . net | 1 | spam | reminder | psychologists bottled overflowing
deeply bloomfield singers hepburn odder
hopkinsian reassembles stupidity
coolies picasso contingents
bolts room rods
uplink endicott epicurizes decked fawkes
pacify guenther familiarized pull lucas
wrapping intuition bites scorns tribe
recital work inconsiderately
- -
phone : 209 - 293 - 6250
mobile : 811 - 490 - 7346
email : julywarren @ comcast . net
| 2004-10-13T00:00:00 |
23,010 | consolidated london doorstep findings attached is the spreadsheet requested that consolidates common findings in
london across commodities . let me know if you have any questions or comments . | 0 | ham | consolidated london doorstep findings | attached is the spreadsheet requested that consolidates common findings in
london across commodities . let me know if you have any questions or comments . | 2000-06-26T00:00:00 |
14,146 | enron mentions enron and dynegy discuss plan to cut price of acquisition
the wall street journal , 11 / 27 / 01
fair shares ? why company stock is a burden for many - - and less so for a few - - - workers often must hold on to stakes held in 401 ( k ) s ; top brass have options - - - hedging for the ` upper tier '
the wall street journal , 11 / 27 / 01
' stimulus ' for enron
the new york times , 11 / 27 / 01
enron talking with dynegy as they work to rescue deal
the new york times , 11 / 27 / 01
top companies issuing debt at a fast pace
the new york times , 11 / 27 / 01
battered enron in search of $ 1 billion ; stock ' s decline raises doubts about buyout
the washington post , 11 / 27 / 01
enron , dynegy deal back on table
houston chronicle , 11 / 27 / 01
sizable staff of 245 lawyers in merger limbo
houston chronicle , 11 / 27 / 01
bin laden threat against pipelines taken seriously
houston chronicle , 11 / 27 / 01
current recession differs from others
houston chronicle , 11 / 27 / 01
enron gains on optimism dynegy purchase to proceed ( updatel )
bloomberg , 11 / 27 / 01
deutsche banc alex . brown ' s tice comments on enron corp . debt
bloomberg , 11 / 27 / 01
investors bet enron deal will go bust ; dynegy could kill deal or drop price
chicago tribune , 11 / 27 / 01
pressure mounts on enron buyout energy : stock drops to its lowest since ' 87 on doubts dynegy deal will go through . workers sue over shrinking 401 ( k ) s .
los angeles times , 11 / 27 / 01
global investing - a creative approach to property liabilities .
financial times , 11 / 27 / 01
usa : enron may cut price of dynegy deal by 40 percent - wsj .
reuters english news service , 11 / 27 / 01
enron , dynegy discuss plan to cut price of acquisition
dow jones business news , 11 / 27 / 01
report : enron , dynegy deal back on table
associated press newswires , 11 / 27 / 01
money make - over club sticks together through thick , thin
los angeles times , 11 / 27 / 01
enron workers file another suit to recover losses in retirement accounts
afx news , 11 / 27 / 01
fate of enron ' s forest products group up in the air , in an advisory by industrialinfo . com
business wire , 11 / 27 / 01
enron , dynegy to rework $ 24 b deal
the daily deal , 11 / 27 / 01
india : enron india unit , lenders to meet in uk this week .
reuters english news service , 11 / 27 / 01
man arrested for issuing e - mail threat to enron
the times of india , 11 / 27 / 01
companies & finance the americas - demand for electricity re - energises gas project .
financial times , 11 / 27 / 01
the americas - bolivia urged to handle its new - found wealth with care .
financial times , 11 / 27 / 01
usa : update 1 - enron lawsuit seen as wake - up call for pensions .
reuters english news service , 11 / 26 / 01
usa : calif . attorney gen ' l to examine dynegy - enron deal .
reuters english news service , 11 / 26 / 01
dynegy may modify enron purchase terms , people say ( update 2 )
bloomberg , 11 / 26 / 01
enron faces new employee suit alleging securities violations
bloomberg , 11 / 26 / 01
california agency must generate revenue , analyst says ( update 3 )
bloomberg , 11 / 26 / 01
enron plunges , but dynegy will suffer , too
thestreet . com , 11 / 26 / 01
enron and dynegy discuss plan to cut price of acquisition
by rebecca smith and robin sidel
staff reporters of the wall street journal
11 / 27 / 2001
the wall street journal
a 3
( copyright ( c ) 2001 , dow jones & company , inc . )
enron corp . , struggling to save its two - week - old deal to be acquired by dynegy inc . , was in advanced discussions with dynegy to cut the price of the all - stock transaction by more than 40 % to about $ 5 billion , according to people familiar with the matter .
beleaguered enron also was in continuing negotiations to extend the maturity dates of some of its borrowings in order to stem a growing liquidity crisis , these people said . enron has total debt of about $ 13 billion . increasingly , analysts are worried that the giant energy - trading concern ' s relatively few hard assets are so encumbered by debt that they can ' t be used to support further borrowing .
enron stock slid to its lowest level in over a decade at 4 p . m . yesterday on the new york stock exchange , falling 70 cents to $ 4 . 01 a share . over the past few months , about $ 60 billion of enron ' s stock value has evaporated , a process that has accelerated since mid - october when the company announced a quarterly loss and a subsequent reduction in its equity base . since then , revelations that company executives profited from partnerships used to move assets on and off enron ' s books have spooked investors and triggered a securities and exchange commission investigation . recently , the company has twice restated earnings for past periods amid indications that its vaunted energy trading business is showing some signs of stress .
the move to renegotiate the acquisition agreement , and particularly to slash the number of dynegy shares that enron holders would receive , only two weeks after the pact ' s signing is virtually unheard of in corporate transactions . while terms are sometimes altered due to unanticipated developments , that typically doesn ' t happen until a transaction is nearly completed .
enron had hoped to finalize arrangements and make an announcement yesterday that would calm its anxious investors , but the situation remained fluid throughout the day . as of yesterday evening , the revised deal still hadn ' t been formalized .
the deal is critical for enron . in recent weeks , credit - rating agencies have indicated they will refrain from further cuts to enron ' s credit rating so long as a dynegy purchase appears probable . but if that deal collapses , downgrades could occur that would put enron below investment grade and in violation of credit agreements with counterparties . this in turn could deal a savage blow to enron ' s commodity - trading business that is its lifeblood .
negotiators for the two companies returned to their home bases of houston yesterday after spending much of the holiday weekend meeting in suburban new york where they tried to agree on new provisions to the deal , which was announced nov . 9 . both dynegy and enron declined to comment on the discussions .
one apparent sticking point in the talks was arriving at a new stock - exchange ratio . under the current acquisition agreement , dynegy would exchange 0 . 2685 share for each enron share tendered . based on yesterday ' s new york stock exchange closing price of $ 39 . 25 for dynegy shares , down $ 1 . 15 , enron holders stand to receive $ 10 . 53 a share for their stock , or a total of about $ 9 billion .
people close to the discussions said the new ratio is expected to be less than 0 . 15 share of dynegy stock for every share of enron stock , which would value enron at less than $ 6 a share , or about $ 5 billion .
another contentious issue concerns the amount of additional capital enron needs to shore up its finances . a week ago , the company disclosed it may have to post hundreds of millions of dollars or more to honor collateral calls before the end of the year . the problem for potential lenders is finding good assets to back these continued infusions of capital sought by enron .
as part of the original merger agreement , dynegy already has injected $ 1 . 5 billion into enron , receiving in exchange preferred stock in its northern natural gas co . pipeline system that runs from the upper midwest to texas . under the agreement , if the acquisition falls apart , dynegy " will have the right to acquire 100 % of the equity in the northern natural gas subsidiary , " thus giving it " the full value of its investment . "
but that arrangement is raising questions on wall street about whether creditors are throwing good money after bad . northern natural gas already is heavily encumbered with debts . in addition to $ 500 million in unsecured public debt and $ 1 . 5 billion put in by dynegy and co - investor chevrontexaco inc . , a bank consortium led by j . p . morgan chase & co . recently put in an additional $ 450 million in cash backed by northern ' s assets . the bank consortium also provided $ 550 million to enron , against which assets of enron ' s transwestern pipeline co . unit were pledged . this system , a network between texas and california , is the only other domestic gas - transportation system fully owned by enron .
that brings total indebtedness to nearly $ 4 billion for two enron pipeline systems that only generated transportation revenue of $ 77 million and $ 41 million , respectively , in the third quarter . enron ' s entire natural - gas pipeline business , which includes two other partially owned systems , produced pretax earnings of $ 85 million for the third quarter , flat with the year - earlier period . some observers said that if the enron deal to be acquired by dynegy falls apart , this could set the stage for a fight among the different classes of creditors for a priority claim on the pipeline assets .
- - -
jathon sapsford contributed to this article .
copyright ? 2000 dow jones top brass have options - - - hedging for the ` upper tier '
by ellen e . schultz and theo francis
staff reporters of the wall street journal
11 / 27 / 2001
the wall street journal
al
( copyright ( c ) 2001 , dow jones & company , inc . )
in the 1990 s , as the stock market climbed year after year , many corporations and their employees entered into a marriage of convenience : the company would dole out its own shares as compensation and benefits . employees would have a steadily appreciating asset that encouraged loyalty and created an incentive to work hard for the company ' s success .
they ' re still doing it . gillette co . , for example , " believes it is important that employee interests be aligned with company interests , " says spokesman stephen k . brayton , echoing the explanations of dozens of other companies that use their own stock for executive pay , incentive bonuses , or contributions to 401 ( k ) retirement - savings accounts .
but as share prices have fallen over the past year and a half , it has become clear that not all stock handouts are created equal . millions of rank - and - file workers at hundreds of companies have found themselves shackled to big chunks of company stock , while executives are able to exercise wide latitude in what they do with theirs . because of the law capping tax - deductible executive compensation at $ 1 million a year , many companies top off their executive pay packages with stock options , as well as bonuses and other incentives that are typically paid in stock , much of it unencumbered .
based on filings with the securities and exchange commission , hundreds of companies use their own stock in lieu of cash as their matching contributions to employees ' retirement - savings accounts . and the majority of those restrict the ability of employees to sell the shares and move the proceeds into mutual funds and other alternatives offered through their 401 ( k ) s . benefits consultants hewitt associates found in a recent study that nearly half of 215 firms offering company stock in their 401 ( k ) plans only contribute their own shares to employee accounts , and that 85 % of those companies restrict sales of the stock .
gillette doesn ' t let employees switch out of its stock contributions to their 401 ( k ) s until age 50 , according to government filings . at coca - cola co . , it ' s age 53 . procter & gamble co . , qwest communications international inc . and troubled enron corp . - - now facing lawsuits over employees ' 401 ( k ) losses - - are among the many others that impose similar restrictions . so far this year , gillette employees have had to watch the company - contribution portion of their retirement savings shrink by millions of dollars as the share price has fallen 11 % . employees at coca - cola have endured a share - price decline this year of 18 % . procter the value of mr . anschutz ' s shares covered in the agreement would have plunged to $ 127 million from $ 394 million . ( those shares amounted to about 3 . 3 % of mr . anschutz ' s total holding of 300 million shares , or 18 % of qwest ' s shares outstanding , both directly and through a company he controls . )
a forward - sale agreement wasn ' t available to joseph daugherty . he has been stringing and repairing telephone cable for 23 years , first for bell south corp . and then in the salt lake city area for u s west , which was acquired by qwest last year .
a few months ago , he was looking forward to early retirement next summer . but now , he says , he ' ll have to keep working . the $ 200 , 000 in assets he had in his 401 ( k ) in early may has shrunk to roughly $ 50 , 000 . part of that loss is attributable to the retirement plan ' s rules , which don ' t allow most workers to shift out of company - contributed qwest shares until age 55 . mr . daugherty , who concedes he ' s a risk - taker , blames himself for the rest : he voluntarily sank the remainder of his 401 ( k ) savings into qwest stock .
qwest won ' t comment on the finances of either mr . daugherty or mr . anschutz . but steve hammack , a qwest spokesman , says u s west established the policy of contributing company stock . he notes that starting jan . 1 , 2001 , the company began allowing managers to diversify company stock contributions they receive this year into other investments available through the plan . the restrictions on union members , he says , are covered by the company ' s collective bargaining agreement .
" the fact is , " mr . hammack responds in an email , " the majority of companies in the u . s . that match employee contributions do so in their own company stock . a good number also restrict employees from diversifying out of the company match . "
erisa , the federal law governing pension plans , provides employees with little legal traction to complain about their forced 401 ( k ) holdings . employer contributions to retirement - savings plans aren ' t generally subject to fiduciary rules . ( as for employee contributions , employers are supposed to choose " prudent " investment options . )
retirement - savings plans are exempt from erisa diversification rules , too . these rules make it illegal for a company ' s pension plan to invest more than 10 % of its assets in the company ' s own securities . but savings plans such as 401 ( k ) s can generally invest as much as 100 % of the assets in company stock with impunity . currently , roughly one - third to one - half of retirement - plan assets at large companies are invested in company stock . that suits employers , which would just as soon contribute stock as draw down precious cash , and in the past , they have lobbied successfully to defeat efforts to impose diversification rules on 401 ( k ) s .
that confounds people such as mr . triska , the technician at enron ' s portland general electric unit . " anyone will tell you that you need to diversify to reduce risk , " he says .
diversification has spared mr . triska some of the pain experienced by co - workers who bet big on enron in their retirement savings . since sept . 10 , while the enron shares in his 401 ( k ) have plunged 86 % , his shares in weitz partners value fund have declined only 4 . 52 % , and his shares in fidelity growth company and janus global life sciences funds have risen 7 . 3 % and 2 . 2 % , respectively .
enron executives are subject to the same restrictions on enron ' s stock contributions to their 401 ( k ) s as other employees : no sales of company - contributed stock until age 50 . but company filings with the sec show that " key management and highly compensated employees " also participate in separate retirement - savings plans that don ' t require them to hold enron stock at all . executives can pile as much as 35 % of their salaries and 100 % of their bonuses annually into these accounts , allocating the money among a variety of investments .
further , sec filings show that so far this year , many enron executives were steady sellers of company stock they had accumulated beyond the ambit of their 401 ( k ) s . former enron broadband services chief executive kenneth rice , for example , sold enron shares valued at $ 23 . 7 million during the period , and former ceo jeffrey skilling sold $ 27 . 5 million of enron stock .
" we believe it ' s important for employees to have a stake in the company , " says karen denne , a spokeswoman for enron . " it ' s also important that we align employee and company performance . "
- - -
cassell bryan - low contributed to this article .
copyright ? 2000 dow jones section a
letters to the editor
' stimulus ' for enron
11 / 27 / 2001
the new york times
page 18 , column 4
c . 2001 new york times company
to the editor :
re ' ' in new filing , enron reports debt squeeze ' ' ( business day , nov . 20 ) :
as congress and federal investigators begin looking into a host of questions about management ' s role in the company ' s collapse , i note that the bush - g . o . p . ' ' stimulus ' ' plan calls for united states taxpayers to give enron $ 254 million .
since it was enron management ' s greed that ran the company into multibillion - dollar debt , why should we citizens pay for its irresponsibility ?
arlie schardt
washington , nov . 20 , 2001
copyright ? 2000 dow jones section c
enron talking with dynegy as they work to rescue deal
by by richard a . oppel jr . and andrew ross sorkin
11 / 27 / 2001
the new york times
page 1 , column 5
c . 2001 new york times company
the enron corporation and its would - be rescuer , dynegy inc . , are renegotiating the terms of their deal , originally valued at $ 9 billion , executives close to the discussions said yesterday .
there were several issues still on the table last night , and the situation was very fluid , the executives said . but they said that the companies hoped to announce , perhaps as early as today , a series of changes : a lower price for the takeover ; a cash infusion of $ 500 million ; an agreement by some banks to extend the repayment dates of enron debt until after the deal closes ; and possibly an agreement making clear that the merger would not be derailed by litigation over enron ' s devastated employee - retirement plan .
the sides were also negotiating ways to tighten clauses in the merger agreement so that dynegy would not be able to use information from enron ' s recent filing with the securities and exchange commission as a reason for backing out of the deal .
both companies declined to comment on whether renegotiations were taking place .
but according to executives close to the talks , the new terms would lower the ratio of dynegy stock to be exchanged to roughly 0 . 15 share for each share of enron . the original deal , announced nov . 9 , called for each enron share to be exchanged for 0 . 2685 share of dynegy . but enron ' s shares have been plunging steadily , and yesterday the current offer was valued at 163 percent over enron ' s closing price .
the companies hope that by releasing some good news , they can stem the slide in the price of enron ' s stock and traded debt . enron shares , which have been plunging since mid - october when the company began to disclose a series of losses and accounting errors , closed yesterday at $ 4 . 01 , down 14 . 9 percent , or 70 cents . shares of dynegy closed at $ 39 . 25 yesterday , down 2 . 9 percent , or $ 1 . 15 .
more important , the executives close to the talks said , the companies hope to restore confidence in enron ' s energy - trading operation , which showed signs of deterioration yesterday . in recent years , enron has traded more natural gas and electricity than its two biggest competitors combined , and its trading floor is viewed as its most valuable franchise , accounting for most of the company ' s profit .
dynegy ' s biggest worry , according to the executives , is that this core business is deteriorating . the company fears that if other energy traders further curtail their business with enron - - either on their own or in response to another cut in enron ' s credit rating - - then much of the value of the company could be wiped out , they said .
the urgency of the situation has been made clear by the way in which enron is being treated in the energy - trading markets , some analysts and executives at rival energy companies say . though some large traders are still doing business with enron , many other traders have curtailed their dealings with the company for fear they may not get paid if enron collapses and files for bankruptcy protection .
in addition , some of the energy trading enron is doing is costing it more money because of credit concerns . for example , analysts and energy executives say , enron is in some cases being forced to pay 3 cents to 6 cents more per million british thermal units of natural gas . that means instead of paying perhaps $ 1 . 80 per million b . t . u . ' s in some trades , it may be paying $ 1 . 84 .
jeff dietert , an analyst with simmons & company in houston , said the price discrepancies on some trades were also showing up on enrononline , the internet platform that accounts for much of the company ' s trading with other parties .
' ' we ' re seeing enron ' s prices , ' ' mr . dietert said , ' ' be about a nickel higher on enrononline versus some of the competing internet - based exchanges . ' ' if these credit premiums should continue , it could erode enron ' s trading profits and worsen its already tenuous liquidity situation .
an enron spokeswoman , karen denne , said trading volumes were ' ' below average , ' ' yesterday , but she declined to be more specific . she did say the company was in discussions about a new equity infusion of $ 500 million to $ 1 billion .
according to executives close to the talks , details were still being worked out on the cash infusion , which would come from citigroup and j . p . morgan chase . dynegy may also add cash to the deal while reaffirming the company ' s commitment to the merger .
executives at rival trading companies said dynegy needed to do something to bolster confidence in enron ' s trading operations .
' ' in places , enron is paying up to 4 or 5 or 6 cents more for next - day gas , ' ' said an executive at one large energy trader . ' ' some producers out there don ' t want to sell additional discretionary gas to enron , so they ' re having to pay up . ' '
the executive also said most energy traders expected that dynegy would obtain a much lower merger price because enron had little or no room to fight a renegotiation .
' ' if enron hasn ' t lined something else up , their other choice is bankruptcy , ' ' he said . ' ' you can guess what shareholder value is going to look like if that ' s the case . ' '
copyright ? 2000 dow jones section c
top companies issuing debt at a fast pace
by stephanie strom
11 / 27 / 2001
the new york times
page 1 , column 5
c . 2001 new york times company
in the weeks since the attack on the world trade center , blue - chip corporations have issued a torrent of debt .
ford , general electric , i . b . m . , kraft , at & t , general motors and other companies have doubled and even trebled their initial plans for bond offerings as investors , disenchanted with the stock market , have all but begged to buy their debt . in all , companies have issued 31 . 5 percent more debt in the last 11 weeks than they did in the period a year earlier .
the companies are taking advantage of the chance to raise cash at bargain basement prices , thanks to low interest rates , and to retire more expensive debt .
but they may also have little - discussed concerns that money will be scarce in the future , particularly if the economic downturn persists and the recovery is less vigorous than economists now hope . bank lending is at a 30 - year low , according to the conference board , and buyers are hard to find for commercial paper , the short - term , cheap debt that corporate purebreds rely on . standard it was able to raise $ 9 . 4 billion and is said to be thinking about trying to raise $ 7 billion more .
kraft foods , part of the philip morris companies , had planned to issue $ 2 billion worth of bonds . instead , it offered $ 4 billion .
at & t raised $ 10 . 1 billion , twice as much as it originally planned . at & t ' s and ford ' s issues rank as the second - and third - largest ever .
all told , 573 corporations have issued $ 181 billion of debt since sept . 11 , compared with 692 companies that raised $ 138 billion in the period last year , according to thomson financial / first call .
' ' when you look at other asset classes , the corporate bond market offers some of the better values , ' ' said bob lobue , head of the investment - grade fixed - income syndicate at j . p . morgan , which has underwritten roughly half the issues that have come to market since sept . 11 . ' ' there ' s still a lack of confidence in stock valuations based on the weakness we ' re seeing in earnings . ' '
issuers and their underwriters most often cite the low interest rates on treasury bills as the reason for the surge in corporate debt . corporate bonds are often priced in relation to united states government debt , and thanks to a cascade of interest rate cuts by the federal reserve this year , well - heeled companies can borrow at extremely attractive rates .
international business machines , for instance , recently sold $ 1 . 5 billion worth of five - year notes with the lowest coupon it has ever issued , 4 . 875 percent .
others , though , read the stampede of premier companies to issue debt as a sign that credit is getting tight . investment - grade companies typically juggle a smorgasbord of debt - - short , intermediate and long term - - but they are definitely skewing the mixture toward the long end these days . no doubt , that is because debt is cheap - - but it also suggests that they may foresee a time when money will be more scarce and are accumulating the war chests mr . cunningham referred to .
it was not so long ago , after all , that companies experienced a credit shortage . ' ' a credit crunch was brewing last year , ' ' mr . cunningham said , ' ' until the fed stepped in and started aggressively lowering interest rates , which averted it . ' '
but a cash problem persists in some ways despite the federal reserve ' s series of interest rate cuts . ' ' we are in a cash crisis like none we have experienced in recent memory , ' ' said james padilla , a ford executive , in a recent memorandum to his staff .
many companies with less - than - pristine credit ratings have trouble raising money and may be having more because of the stampede by blue - chip companies .
' ' when companies like ford or general electric come into the market , they squeeze a lot of other , somewhat riskier credits out , ' ' said gail d . fosler , the chief economist at the conference board .
jack ablin , chief investment officer at the harris trust and savings bank , said that the economic recovery depended on companies ' being able to get credit .
' ' my primary concern is the lack of available credit across the spectrum , ' ' he said . ' ' we are forecasting an economic recovery in the middle of next year , but the one thing that could go wrong with that forecast is if the availability of credit stays where it is or gets worse . ' '
another concern is that debt is piling up with negative consequences . ' ' the fed is trying to prevent the bubble from bursting by keeping the forces of credit exuberance alive , ' ' barton m . biggs , chief global strategist at morgan stanley , wrote to investors earlier this month . ' ' the trouble is , although it may work in the short run , in the long run the debt burden will be bigger and the adjustment process more painful . ' '
the automakers , for example , are using the money they have raised in part to support the customer incentive programs that offer zero - interest financing . they are paying as much as 7 . 25 percent , in other words , to lend money to car buyers for nothing .
some of the new debt is being used to retire commercial paper . but companies are taking on more than they need to accomplish that goal .
the longer - term money they are borrowing is more expensive than the commercial paper , even if it is cheaper than it has been in a long time . the spread - - the difference in interest rates between treasuries and corporate bonds - - has generally widened since sept . 11 , although not across the board .
' ' there is a cost factor involved , but we try to minimize that , ' ' said david moore , manager of fixed - income investor relations at ford credit , which accounted for the bulk of the $ 9 . 4 billion that ford borrowed last month . ' ' we ' re mindful of our liquidity , and want to make sure we ensure it . ' '
like many of the companies issuing debt , ford is curbing its dependence on the commercial paper market . for the year through oct . 16 , ford had cut the amount of paper it had outstanding by almost 60 percent , to $ 17 billion . ' ' that puts us in a very good position , given our rating , ' ' said mr . moore , who was one of the few executives willing to discuss his company ' s strategy .
ford , like a host of other companies , has had its credit ratings cut . many buyers of commercial paper , like money market funds , lend to only the highest - rated companies . so far this year , standard & poor ' s has knocked 57 companies out of the top ratings for commercial paper , compared with 49 last year .
the total amount of outstanding commercial paper has fallen 30 percent this year , according to diane vazza , head of global financial investment research at standard & poor ' s , thanks to that downgrading and to great caution among investors . ' ' we ' ve seen some issuers driven out of the market , ' ' ms . vazza said .
according to several credit analysts , daimlerchrysler was scheduled to roll over $ 7 billion of commercial paper in june but decided to take the offering to europe , where investors are less particular about ratings quality .
similarly , enron careered into its crisis when it was forced to redeem commercial paper as its credit ratings fell .
the decline in at & t ' s commercial paper ratings was one reason for its big issue last week .
but underwriters of corporate debt insist that the decline in the commercial paper market has more to do with companies ' ability to borrow for the long term cheaply than with their inability to issue short - term debt . ' ' short - term financing does come with a maturity risk in that you constantly have to roll it over in order to maintain liquidity , ' ' said mr . lobue of j . p . morgan .
the underwriters concede , however , that lending by banks has all but dried up , falling to its lowest level in three decades . bank lending has been curtailed at the behest of federal regulators like the federal deposit insurance corporation and the office of the comptroller of the currency at the treasury department , putting them seemingly at cross - purposes with the fed .
the chief executive of echostar , charles w . ergen , had to put up $ 2 . 75 billion of his own money to complete the purchase of the hughes electronic corporation . the bankers at ubs warburg , echostar ' s adviser on the deal , had offered to provide the financing , but only with a proviso that would have let the bank back out of the deal under certain conditions .
although the company later got financing from credit suisse first boston and deutsche bank , many other bankers have privately applauded ubs warburg ' s caution .
copyright ? 2000 dow jones stock ' s decline raises doubts about buyout
peter behr
washington post staff writer
11 / 27 / 2001
the washington post
final
eol
copyright 2001 , the washington post co . all rights reserved
shunned by investors and deserted by many former customers , enron corp . is searching this week for up to $ 1 billion in cash from lenders to sustain its once dominant energy - trading business .
enron stock fell yesterday to new low of $ 4 . 01 a share , down 70 cents , continuing the latest plunge that began last week when the houston company disclosed still more damaging detail about its financial condition .
a year ago , enron stock traded for more than $ 78 a share , based on its leading position then as a trader of power , natural gas , various industrial and telecommunications products and financial contracts linked to these commodities .
dynegy inc . , enron ' s houston rival , said yesterday it was not moving away from its $ 23 billion cash and debt offer to buy enron . enron declined to comment on its financial problems .
but enron ' s stock has dropped more than 50 percent since the dynegy deal was announced nov . 9 . investors believe that dynegy will renegotiate the deal at a cheaper price or even try to abandon it , said brian youngberg , a financial analyst with edward d . jones & co . in st . louis .
" the [ dynegy ] deal values enron at more than $ 10 a share . for a company that ' s trading at $ 4 , that doesn ' t make much sense , " said youngberg , who last week recommended that customers sell enron shares .
as part of the dynegy deal , enron received $ 1 . 5 billion in cash , secured by stock in one of its pipelines . but without another large infusion of cash , the company faces what youngberg called a " death spiral . "
along with investors , many energy buyers and traders have lost confidence in enron ' s ability to make good on the long - term energy contracts it specializes in , youngberg said . enron ' s most important operations involve contracts to deliver natural gas , electric power and other energy products to industries and utilities in the future . it also sells financial instruments designed to protect customers against sharp swings in energy prices .
these deals are the one part of enron that dynegy wants .
" their core business has dropped off sharply , " said andrew meade , an analyst with commerzbank securities in new york . enron remains a sizable player in the huge daily trading of energy products , but is being frozen out of long - term markets and relegated to less profitable short - term trades , said meade .
the lengthy span of enron ' s crisis , which began a month ago when it reported a $ 1 . 2 billion reduction in shareholder equity , has given companies time to close out contracts with enron or limit their potential losses if enron were to fail , said louis b . gagliardi , an analyst with john s . herold inc . in connecticut .
" if enron went to a chapter 11 bankruptcy , or failed , it would unsettle the market slightly . but it wouldn ' t catch people by surprise . so there ' s not much danger of a crisis on the natural gas or power side " of energy trading , gagliardi said . other market participants cautioned that the extent of enron ' s obligations to trading partners is not known to outsiders , making the impact of an enron failure hard to assess .
dynegy and its partner , chevrontexaco corp . , could pump billions of dollars into enron ' s operations if the purchase went through , but under the best of circumstances , regulatory review of the deal will drag on for another six months . investors and traders are increasingly doubtful that enron can hang around that long by itself , " that just adds to the uncertainty about the stock , " gagliardi said .
dynegy ' s offer for enron caused a brief rally in enron ' s stock price and outlook .
but that flurry of optimism was halted by a new financial report last week to the securities and exchange commission detailing even more serious debt obligations than the company had previously acknowledged .
enron was able to negotiate a three - week extension on a $ 690 million note that was coming due this week and finished arrangements on a $ 450 million line of credit , part of a $ 1 billion infusion it had previously announced .
however , the $ 690 million obligation , disclosed in the sec filing , was a very pointed alert to investors about enron ' s growing cash needs , meade said .
and the new details of enron ' s plight in last week ' s filing further damaged the credibility of the company ' s financial reporting , meade said .
" i don ' t think they have fully restated their earnings . there is probably more to come , meade said . "
enron ' s board has turned to an outside committee to assess the company ' s financial condition , after acknowledging last month that enron had overstated earnings by $ 586 million over the past four years .
the restatement was caused primarily by accounting decisions that concealed losses in a series of limited partnerships that enron had helped create to buy various energy , water supply and internet network properties it wanted to dispose of , the company said .
on nov . 14 , enron ' s new chief financial officer , jeff mcmahon , briefed analysts on a series of steps the company would take to raise cash , including the current quest for $ 500 million to $ 1 billion in loans . enron , its executives said , will reorganize the company around its business that generated the strongest cash flow - - energy trades , gas pipeline and coal operations . other assets , worth $ 8 billion in book value , would be put up for sale " in an orderly fashion . "
then came the new disclosures last week , reinforcing analysts ' concerns that the depths of enron ' s liabilities have not yet been plumbed .
" the issues that brought enron to this point are unresolved . it ' s a balance sheet that doesn ' t stand still and continues to deteriorate , " gagliardi said .
http : / / www . washingtonpost . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
nov . 27 , 2001
houston chronicle
enron , dynegy deal back on table
energy traders said to be renegotiating premium for shares
by laura goldberg
copyright 2001 houston chronicle
dynegy and enron corp . could announce new terms for dynegy ' s deal to buy enron as soon as today , according to sources familiar with talks between the two companies .
the two houston - based energy traders , the sources said , spent the weekend and monday discussing , among other issues , a lower exchange rate for dynegy ' s stock deal to buy enron .
as of monday evening , no exchange rate had been agreed to and discussions were continuing , the sources said , cautioning that the situation was fluid .
also monday :
? enron and dynegy , the sources said , were working to finalize terms for an equity infusion into enron of around $ 500 million that ' s expected to come from j . p . morgan chase & co . and citigroup . another equity infusion from other parties could come later , the sources said .
? enron , dynegy and a group of banks were negotiating terms for a so - called " override " agreement that would extend , until after the merger closed , maturity dates for certain debt enron is due to repay or that could come due before , the sources said . it was unclear how much of approximately the $ 9 billion in obligations enron could have coming due in the next 12 months that would be covered by that restructuring .
? it was expected that enron would start layoffs sometime this week .
karen denne , an enron spokeswoman , said her only comment was that any action the company would take concerning job cuts would be communicated first to employees .
? california attorney general bill lockyer , not known for harboring a favorable attitude toward enron or other texas energy companies , has started reviewing the planned merger , looking for potential antitrust problems , his office said . dynegy has power plants there , while enron sells power and natural gas into the state .
? shares in both companies fell , with enron closing down 70 cents at $ 4 . 01 , while shares in dynegy ended the day down $ 1 . 15 at $ 39 . 25 .
the talks between enron and dynegy come amid wall street expectations that dynegy will renegotiate the merger terms or back out of the deal completely . the sources said that at the moment , the companies aren ' t discussing canceling the deal .
on nov . 9 , the day dynegy announced it would acquire its troubled rival , shares in enron closed at $ 8 . 63 , while shares in dynegy closed at $ 38 . 76 .
the merger agreement calls for enron shareholders to get 0 . 2685 share of dynegy per enron share . based on the nov . 9 closing prices , dynegy would be paying $ 10 . 41 a share for enron .
but since , enron ' s share prices have dropped significantly amid increasing concerns about its ability to maintain its core trading business and troubling new disclosures about its financial shape .
based on monday ' s closing prices , dynegy would be paying more - - $ 10 . 54 a share - - for enron , which is worth considerably less based on market capitalization than when the deal was announced .
last week , one stock analyst said he thought a ratio of no more than 0 . 15 share of dynegy per enron share might be more realistic .
dynegy spokesman john sousa said monday that dynegy was continuing its " due diligence " review of enron ' s books and " looking at everything very closely . "
unless the merger with dynegy goes through , enron could be forced into bankruptcy protection .
enron ' s core trading business has eroded , the securities and exchange commission is investigating its finances and it faces a pile of debt as well as an increasing number of shareholder and employee lawsuits .
enron and dynegy hoped the merger deal , which included an immediate infusion of $ 1 . 5 billion of equity into enron , would stabilize enron .
but new financial disclosures have had the opposite effect .
for example , on nov . 19 , enron revealed $ 690 million in debt would come due sooner than expected because of a credit - rating downgrade .
the news came as a surprise even to dynegy .
dynegy has escape hatches in its merger agreement , including a " material adverse change " clause that applies generally to enron ' s financial state .
also , if the amount of legal and shareholder claims enron must pay out is greater than $ 3 . 5 billion , the deal can be called off .
sousa described the escape clauses as " broad provisions " to ensure dynegy is adequately protected .
nov . 27 , 2001
houston chronicle
sizable staff of 245 lawyers in merger limbo
by mary flood
copyright 2001 houston chronicle
whether troubled enron corp . merges , falls or stays the course , it is likely to deeply affect one of houston ' s largest law offices : the one within the embattled company .
" we ' ve always regarded them as one of the big law firms in houston , " said howard ayers , managing partner of andrews & kurth , one of the city ' s largest firms with about 240 lawyers in houston alone .
enron has about 245 lawyers worldwide , company spokesman vance meyer said . that ' s a large legal stable even for a company with more than 25 , 000 employees . with about 145 lawyers in houston , if it were a private firm it would have been the city ' s sixth - largest , according to the chronicle 100 survey released in may .
energy trader enron ' s internal law office has burgeoned along with the huge trading firm , now set to merge with a smaller but stronger local competitor , dynegy . as enron ' s stock plummeted further , dynegy last week denied rumors it might drop out and leave enron to face a possible bankruptcy .
whatever the company ' s fate , there are rough waters ahead for enron lawyers .
although most lawyers interviewed said they hope everybody remains employed and that it is premature to discuss the fate of enron ' s legal staff , speculation in the legal community runs the gamut from rumors that dozens of lawyers could be laid off as early as this week to the idea that enron will hold on tightly to its talent .
" my guess is they ' ll need their lawyers while they get things in a more steady state . there ' s a lot of legal work to go through , " said joel swanson , a senior partner at baker & botts , a houston law firm with about 265 lawyers here .
not only does enron have a large cadre of lawyers inside its company , but it also has hired just about every large firm in houston over the last few years . several of the biggest houston firms are working on the merger for either enron or dynegy , and others are standing by wondering which outside firms will get the biggest pieces of legal work when the new company is created .
enron ' s legal department has siphoned talent from houston ' s top law firms over the years . heads of law firms said they have seen plenty of promising lawyers lured away by enron ' s competitive pay combined with stock options , which were a lucrative draw until recently , as shares have lost 95 percent of their value .
" enron has one of the premier legal departments in the country , " said jeff love , managing partner of locke liddell & sapp , a houston - based firm with about 175 of its lawyers here .
enron has hired a lot of what are called " laterals , " or lawyers who have had a couple years training , often at a big firm .
although jobs in corporate counsel offices are generally considered easier than big - firm life , that ' s not the reputation of enron ' s legal eagles .
as with the company itself , the general counsel ' s office has been known as innovative and hard driving .
" i don ' t think anybody lateraled into enron with the expectation of an ordinary life , " ayers said .
in the houston market , where big - firm first - year lawyers start at around $ 110 , 000 a year , the advantages of going to an expanding company like enron were the stock options and the opportunity to grow with the company .
if heavily anticipated layoffs occur at enron , top houston lawyers expect casualties to land on their feet . looming recessions are not always bad for job - hunting lawyers . bankruptcy , litigation and mergers all can boom in rough times .
several houston - based law firms said they have recruited a slightly larger starting class of lawyers for 2002 , meaning they don ' t expect to scale back their business in the immediate future .
should the merger succeed , enron ' s 245 lawyers will join dynegy ' s 43 .
" the question of how you integrate the two staffs , as with a lot of things associated with the merger , won ' t be worked out for some time , " dynegy spokesman steve stengel said .
nov . 27 , 2001
houston chronicle
bin laden threat against pipelines taken seriously
ashcroft : unconfirmed warning linked to leader ' s death , capture
by michael davis
copyright 2001 houston chronicle
the fbi confirmed monday that it has warned the energy industry that osama bin laden may have ordered strikes against u . s . natural gas facilities if he is caught or killed .
the agency issued the warning last week , attorney general john ashcroft said at a news conference monday . it had uncorroborated information that bin laden may have approved plans for such attacks , ashcroft added .
the fbi warning said " such an attack would allegedly take place in the event that either bin laden or taliban leader mullah omar are either captured or killed . "
the warning hit home in houston because while the warning did not single out a target , it referred specifically to natural gas infrastructure , such as pipelines . houston is the hub of this industry and is at the center of a dense web of gas pipelines .
the warning was considered similar to the one issued earlier about potential attacks against west coast bridges .
ashcroft said the government is in regular communication with companies that own the nation ' s energy infrastructure , such as refineries , natural gas pipelines and nuclear plants .
federal law enforcement officials received the uncorroborated report of undetermined reliability about a potential attack against natural gas supplies about 10 days ago , ashcroft said .
since the terrorist attacks on sept . 11 , all energy companies have established more stringent security measures . pipelines , however , are considered especially vulnerable since they are accessible above ground in remote areas with typically little more than a padlock and a metal fence to keep out someone wanting to damage the line .
reliant energy entex , the natural gas distribution company that serves the houston area , was notified about the warning but has not added any new security measures as a result , company spokeswoman alicia dixon said .
" we ' ve been on a heightened state of alert since sept . 11 so nothing is different today than it was yesterday , " dixon said . " we have very strong security in place already because of the nature of our business . we have to be prepared to deal with a variety of emergencies . "
dixon said the company recieved word of the warning from the american gas association . the american petroleum institute also passed the warning on to energy companies , api spokesman juan palomo said .
enron notified its employees of the warning and also has been on heightened state of alert since sept . 11 , company spokeswoman gina taylor said .
" we take all threats seriously , " taylor said .
enron monitors its pipelines and related facilities such as compression stations using planes , cars and on foot , she said . the company has not added staff to beef up its security as a result of the warning , she said .
" we routinely patrol the right of way , " she said .
there are thousands of miles of natural gas pipelines running throughout the nation . thirty interstate gas pipelines carry 90 percent of the natural gas transported , according to the interstate natural gas association of america .
detailed information about locations of pipelines and other energy infrastructure has been taken off some corporate and government internet sites . access to facilities has been tightened as well , officials said .
federal regulators have offered help to pay for the added protection by speeding rate hike requests for beefed - up security .
if a pipeline were attacked with an explosive , for example , the operator could shut off the flow of natural gas , oil or refined products from either side of the break .
nov . 27 , 2001
houston chronicle
current recession differs from others
by jim barlow
copyright 2001 houston chronicle
so it ' s official . the united states is in a recession .
that was the word monday from the national bureau of economic research . a recession , by the by , comes about after six months of declining economic activity . in this case , the bureau said , the recession started last march , so we ' re already through almost nine months of slowdown .
but there ' s something very different about this recession , different from all the others we ' ve experienced in the past four or five decades . we were not led into it by a huge oversupply of all kinds of real estate and a collapse in those prices .
the current recession was sparked by a high - tech collapse , led by a glut of technology products .
that doesn ' t mean real estate will sail through untouched this recession . there are places that will be hurting . san francisco comes to mind . it is a high - tech center , and there was a lot of building to accommodate that industry .
there is also one real estate sector in trouble - - the hotel industry . it had already been hurt by a downturn in business travel . the sept . 11 terrorist attacks sent it , and air travel , reeling .
recall see - through buildings ?
but there ' s nothing like we saw back in the mid - 1980 s . remember when houston enriched the nation ' s vocabulary by coming up with the term see - through buildings ? those were the many skyscrapers in houston that had been built but never finished inside . so you could look right through them because there were no interior walls .
indeed , if real estate is a bright spot in this recession , real estate in houston is a great shining light .
houston ' s office building market is tight . the downtown office market has an 8 . 9 percent vacancy rate , and prime class a space prized by major corporations is effectively full . there should be some easing of that rate . enron corp . , with its well - publicized freefall , has almost completed a new headquarters . even more space will be coming onto the market when the 32 - story calpine center office tower is completed at 717 texas ave . in 2003 .
century development has announced it is working on a 40 - story office tower downtown . crescent real estate equities is building a tower on the other side of main street . all this , plus cutbacks at continental airlines and the pending sale of compaq computer corp . to hewlett - packard co . , will doubtless hurt the office market . but no one is predicting disaster .
the houston apartment market may be the nation ' s healthiest , with 93 . 5 percent of houston ' s apartments occupied in the third quarter of this year . that figure is almost a full percentage point higher than the year before . prices for apartments are up , as are rents .
sales of used homes in october were the highest ever , with the median price up 3 . 9 percent . new - home sales are setting records .
developers are optimists
so how did we escape the usual ? credit lenders .
real estate developing is full of optimists . ask any developer - - even in the midst of a bust - - and he ' ll tell you . it won ' t affect his building , which somehow is nicer , sexier or even more depression - proof than the next guy ' s . give a developer money , and he will build .
lenders have been as tight as the bark on trees . that has forced developers to pre - lease buildings and seek partners with equity - - primarily pension funds - - before the banks would loan them money for new projects .
several things happen to the real estate business during a recession . prices fall or stabilize - - and in this particular recession the bet is probably on stabilization . the banks and others that loan that money generally tighten credit standards , cutting off weaker real estate players . and the federal reserve board helps out the economy by lowering rates , which aids bargain hunters with deep pockets .
in any recession , even one that is as benign to real estate as this one , some properties won ' t survive the economic downturn and owners will have to sell or file for bankruptcy .
with the current low interest rates , companies with good credit will move in and buy those properties . remember the so - called vulture funds of the 1980 s ?
how soon this process starts will determine the length of this recession . because real estate is in good shape this time , the process is not as important as it was in the 1980 s . still , if investors promptly snap up distressed properties , that will increase the odds that this recession will be a short one .
enron gains on optimism dynegy purchase to proceed ( updatel )
2001 - 11 - 27 07 : 59 ( new york )
( updates to add instinet trading , comment by tice . )
houston , nov . 27 ( bloomberg ) - - enron corp . shares rose as
much as 3 . 5 percent on instinet amid optimism dynegy inc . will
proceed with its proposed acquisition of the rival u . s . energy
trader after renegotiating the terms of its offer .
shares of the energy trader plunged 55 percent last week on
concern the merger would unravel after enron said it had more debt
and less cash than previously announced , threatening its ability
to operate until dynegy completes the purchase .
executives of the two companies discussed possible changes in
the terms over the weekend , people familiar with the matter said
yesterday . dynegy is now talking about paying less than 0 . 15
shares for each of enron ' s , valuing the company ' s equity at about
$ 5 billion , or less than $ 6 per share , the wall street journal
reported , citing people close to the discussions .
` ` the choices are fairly stark : renegotiate the deal or file
for chapter 11 , ' ' said john olson , an analyst with sanders morris
harris , a houston - based financial services company .
enron shares rose as much as 14 cents to $ 4 . 15 on instinet .
the original dynegy bid valued enron at $ 10 . 54 a share in dynegy
stock . the discount reflects skepticism among investors the
acquisition will be completed under the original terms .
bond investors were less optimistic . the company ' s 6 . 4
percent bonds that mature in 2006 declined to 45 cents on the
dollar from 48 cents on the dollar yesterday , traders said . at
that price , the bonds yield 28 . 5 percent .
` ` the concern is that the dynegy deal breaks down , ' ' said
paul tice , co - head of u . s . high - grade credit research who covers
the energy market for deutsche bank . last week ' s securities and
exchange commission filing ` ` had a lot of negative surprises . ' '
investors have become concerned because enron hasn ' t been
able to complete a proposal to raise $ 2 billion through a private
equity sale and moody ' s investors service is weighing whether to
downgrade the company ' s credit rating .
extension ?
the companies may announce as early as today an extension by
some banks on the repayment of enron ' s debt , a $ 500 million cash
infusion from citigroup inc . and j . p . morgan chase & co . , and an
agreement that would keep the purchase intact despite lawsuits
over enron ' s employee - retirement plan , the new york times said .
neither enron spokeswoman karen denne nor dynegy spokesman
john sousa would comment on whether talks on a new buyout
agreement are underway .
current terms call for an exchange ratio of 0 . 2685 share of
dynegy stock for each enron share . given recent disclosures about
enron ' s debt and the drop in the stock price , a fairer ratio would
be 0 . 15 share of dynegy , said ronald barone , a ubs warburg analyst
who rates dynegy a ` ` strong buy . ' '
` ` if they can renegotiate the deal to half ( the original
price ) , that ' s where you get really attractive earnings , ' ' said
gordon howald , an analyst at credit lyonnais who rates dynegy a
` ` buy . ' '
enron ' s debt
under current terms , the deal makes sense for dynegy only if
enron earns 85 cents or more , howald said . barone has reduced his
estimate of enron ' s 2002 earnings from $ 1 . 65 a share to 75 cents .
dynegy shares fell $ 1 . 15 , or 2 . 9 percent , to $ 39 . 25
yesterday .
new terms may not be necessary if enron can get the
additional $ 2 billion in financing it ' s seeking , some investors
said .
` ` if people who ' ve looked at enron are willing to put in that
kind of money , it sends a message that their core businesses - -
trading , pipelines and energy management - - are still sound , ' '
said kathleen vuchetich , who helps manage $ 1 . 4 billion in assets
in the strong utilities fund , 4 . 3 percent of which is dynegy
stock .
enron has debt payments of more than $ 9 billion due before the
end of 2002 , and has less than $ 2 billion in cash and credit lines
left , the company said in a filing last week . if its cash reserves
run too low , enron ' s credit rating may be cut below investment
grade . that would trigger $ 3 . 9 billion in debt repayments for two
affiliated partnerships .
reprieve
moody ' s investors service hasn ' t issued a report on enron
since the company filed a 10 - q quarterly report with the
securities and exchange commission last week . on nov . 9 , it rated
enron ' s debt one notch above junk . the rating company ' s analysts
didn ' t return calls seeking comment .
egan - jones ratings co . lowered its rating on enron ' s credit
today to ` ` bb - ' ' from ` ` bb , ' ' a level below investment grade .
the houston - based company also said in the filing that it had
a $ 690 million note due this week , and that it may have to reduce
fourth - quarter earnings by $ 700 million . the write - off would come
because it used stock to guarantee debt owed by an affiliated
partnership , and the value of that stock has plunged .
on wednesday , enron got a three - week reprieve from lenders on
the $ 690 million note and closed on a $ 450 million credit line .
dynegy chief executive officer chuck watson said he was
` ` encouraged ' ' by the developments .
enron is negotiating to restructure its other debt , denne
said yesterday . j . p . morgan and citigroup executives met today to
line up investors willing to buy $ 2 billion in bonds convertible
into enron stock .
deteriorating daily
many of enron ' s trading partners are shunning the company ,
and some analysts now say enron ' s 2002 earnings may hurt , rather
than boost , dynegy ' s earnings , as watson has projected .
` ` the value of the assets dynegy is trying to buy - - the
trading and marketing businesses - - are deteriorating on a daily
basis as more counterparties back off on trading and dealing with
enron , ' ' said mike heim , a securities analyst at a . g . edwards dynegy could kill deal or drop price
james p miller , tribune staff reporter reuters news service contributed to this report
11 / 27 / 2001
chicago tribune
north sports final ; n
1
( copyright 2001 by the chicago tribune )
as dynegy inc . continued to scrutinize merger partner enron corp . ' s tangled finances , wall street traders bet that dynegy is on the verge of either calling off the enron buyout it announced three weeks ago or renegotiating a much cheaper price for its once - highflying rival .
" the market is acting like the deal is not going through or not going through at the original terms , " said a . g . edwards analyst michael heim .
the new york times reported the companies as early as tuesday could announce a new deal , which could reduce by nearly half dynegy ' s $ 9 billion takeover offer .
under terms of the original agreement between the two houston - based energy concerns , enron stockholders are to swap each of their shares for little more than a quarter - share of dynegy stock , which closed monday at $ 39 . 25 . that would value enron shares at $ 10 . 54 .
if investors believed the stock - for - stock deal was likely to go through , they would be willing to pay something very close to that price for enron shares - - but they ' re not .
as investor doubts have grown , so has the gap between the buyout price and the trading price of enron ' s stock . on monday , enron ' s battered shares slid to their lowest level in years , dropping 70 cents , or 15 percent , to close at $ 4 . 01 .
enron ' s market capitalization - - the value of the company ' s approximately 850 million shares - - has plunged to $ 3 . 41 billion . in february , enron ' s market cap was about $ 70 billion .
with monday ' s slippage , enron shares are trading at a 62 percent discount to the dynegy offer . the shares of acquisition targets typically trade at a less than 10 percent discount to the deal price after a merger announcement .
dynegy saying little
as dynegy ' s audit team continued its in - depth review of enron ' s books monday , a company spokesman declined to discuss rumors swirling around the deal . " the due diligence continues , " said john sousa , the dynegy spokesman . " we ' re looking closely at enron . "
asked about one analyst ' s recent projection that dynegy may renegotiate the transaction ' s exchange ratio and give enron holders just 0 . 15 dynegy shares for each enron share , rather than the agreed upon 0 . 2685 ratio , sousa said , " we don ' t comment on speculation . "
there is no shortage of speculation of late in the " soap opera that is enron , " said commentator carol levenson of the gimme credit bond market newsletter .
levenson suggested that " there ' s a game of chicken going on between enron , its bankers , its ostensible merger partner , dynegy , and the rating agencies . " any of the parties " could send this company over the edge at any moment , " she said , and enron " is in an increasingly weak negotiating position . "
enron ' s fall from grace has been astonishingly swift and painful for its stockholders , some of whom are suing the company for allegedly using misleading accounting measures to conceal the shaky state of its finances .
with monday ' s drop , enron shares have tumbled 95 percent from the $ 82 they commanded just 10 months ago .
once a regional pipeline operator known as houston natural gas , enron transformed itself during the 1990 s through an ambitious expansion plan . it acquired electric utility operations , built overseas power plants and developed an innovative energy trading operation .
partnership woes
the strategy made enron a stock market darling , but it also periodically strained the company ' s liquidity . to help keep its credit ratings strong , the company created limited partnerships that allowed enron to keep billions of dollars in debt obligations off its books and out of sight of most investors .
while enron ' s power trading group has experienced operating problems of late , it is the limited partnerships - - some of which were managed by enron officials - - that proved to be the company ' s downfall .
in october , enron disclosed that it had shrunk its shareholder equity by $ 1 . 2 billion to buy back 55 million shares it had issued to the partnerships . the charge associated with " unwinding " the web of partnerships stunned investors by giving the company an unforeseen $ 618 million third - quarter loss . it also spurred a markdown of enron ' s credit ratings to just above junk - bond status , as well as a securities and exchange commission investigation into enron ' s partnership practices .
as further accounting difficulties surfaced , enron ' s finances have turned increasingly shaky , and some other trading companies , fearing exposure to enron ' s problems , have become reluctant do new transactions with the company .
as part of the buyout arrangement , dynegy ' s 26 percent owner , chevron - texaco corp . , has given enron $ 1 . 5 billion in upfront cash ; in exchange , dynegy obtained rights that would allow it to acquire the desirable northern natural gas co . pipeline if the deal falls through .
dynegy has the right to walk away from the deal if enron suffers what ' s known as a " material adverse change . " but as tyson foods inc . found out this year when it unsuccessfully sought to break its agreement to buy meatpacker ibp inc . after an accounting mess at ibp , proving such a claim can be difficult .
copyright ? 2000 dow jones financial desk
pressure mounts on enron buyout energy : stock drops to its lowest since ' 87 on doubts dynegy deal will go through . workers sue over shrinking 401 ( k ) s .
thomas s . mulligan
times staff writer
11 / 27 / 2001
los angeles times
home edition
c - 1
copyright 2001 / the times mirror company
new york - - enron corp . shares monday sank to a low not seen since the 1987 stock market crash , as investors continued to mark down the chances of the energy trader ' s completing its pending buyout by rival dynegy inc .
enron stock tumbled 70 cents , or 15 % , to $ 4 . 01 on the new york stock exchange . dynegy fell $ 1 . 15 , or 3 % , to $ 39 . 25 on the big board .
the pressure on enron is mounting not just from wall street but from regulators , bond - rating agencies , the energy trading community and enron ' s own employees , many of them angered by the devastation of their retirement accounts as the company ' s stock has plunged 95 % this year .
an employee lawsuit was filed monday in federal court in houston , alleging that enron misled workers about its profitability and breached its fiduciary duty by inducing them to buy company stock for their 401 ( k ) retirement plans .
about 15 , 000 enron employees are owed a total of $ 890 million in compensation for losses sustained in their retirement accounts , said eli gottesdiener , whose washington firm represents the plaintiffs .
one of the plaintiffs , gary kemper , a maintenance foreman with enron ' s portland general electric unit in oregon , said the total value of his 401 ( k ) account has shrunk to $ 129 , 000 from $ 317 , 000 this year as his enron holdings collapsed to about $ 9 , 000 from $ 197 , 000 .
" it wouldn ' t tick me off so bad except that they were sending us e - mail after e - mail [ last summer ] saying things are fine , " kemper said in an interview monday , referring to company executives . " of course , we find out later that they were dumping their own stock , millions of dollars at a time . "
enron chairman kenneth l . lay cashed in stock and options worth $ 123 million last year , when the stock was near its peak .
kemper and his wife had been planning to retire early , four years from now , but it is no longer clear that they will be able to afford it , he said .
another law firm representing enron employees , seattle - based hagens berman , is looking into the possibility of adding enron ' s accounting firm as a defendant , partner karl barth said monday .
the accountant , andersen , has been criticized for failing to catch irregularities that caused enron to restate its earnings dating back to 1997 and declare its previous financial reports unreliable .
egan - jones ratings co . , a credit - rating agency in suburban philadelphia , on monday cut its rating on enron ' s senior debt by one notch , saying the company will need $ 1 billion to $ 1 . 5 billion in the next 45 days to fund operating losses and other liabilities .
egan - jones dropped enron ' s bonds to the sub - investment - grade , or junk , level in august , about when the company ' s chief executive , jeffrey k . skilling , abruptly resigned . the agency ' s view is more severe than those of larger rivals moody ' s investors service and standard & poor ' s , which both continue to keep enron ' s debt in the investment - grade category .
sean egan , a managing director of egan - jones , said he views the chances of the merger going through at less than 50 - 50 . and if the merger falls through , enron ' s chances of survival are not very high , he said .
dynegy has kept mum about the deal since wednesday , when it said it was trying to speed regulatory approvals . wall street analysts have noted that dynegy could invoke terms of a " material adverse change " clause allowing it to modify or walk away from the deal if it determines that enron ' s condition is markedly worse than it was when the deal was struck nov . 9 .
under the merger deal , enron shareholders would receive 0 . 2685 dynegy share for each of their shares . that implied a value of $ 10 . 54 a share , more than double enron ' s closing price monday . the gap indicates wall street ' s doubts about whether the deal will get done .
elsewhere monday , the office of california atty . gen . bill lockyer reiterated that it will scrutinize the dynegy - enron merger on antitrust grounds .
analysts say california could use its power to delay the deal as a way to squeeze dynegy for better prices on long - term power contracts it negotiated during the height of the state ' s energy crisis this year .
enron already is under investigation by the securities and exchange commission over controversial deals involving limited partnerships organized and run by former company executives .
copyright ? 2000 dow jones & company , inc . all rights reserved .
global investing - a creative approach to property liabilities .
by alison beard .
11 / 27 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
global investing - a creative approach to property liabilities - many big companies use ' synthetic ' leases to keep real estate costs off their balance sheets , reports alison beard .
synthetic leases were among the many creative financing techniques used by enron , the troubled energy trading company . but the structure , which allows companies to keep real estate costs off their balance sheets while claiming the tax benefits of ownership , is legal and used by dozens of companies from toys r us to yahoo ! .
" a synthetic lease is a debt alternative , " said michael rotchford , senior managing director at cushman & wakefield , the real estate services firm . " almost invariably for companies with good standing , ( it ) will provide them with much lower ongoing expenses than traditional leases . "
but shareholders should be wary of companies that are simply disguising their property liabilities . " they ' ve got long - term assets and they ' re financed them with short - term means , " says anne coolidge , executive director at wp carey , the real estate banking firm that specialises in sale leasebacks , an alternative to synthetic leases . " traditionally equity analysts haven ' t taken that into account , although debt analysts have . everyone should know about these things . "
companies choose synthetic leases because traditional options - rental agreements or outright ownership - are often unattractive . ownership means tying up cash in non - core real estate assets , but renting is more expensive in the long term .
cisco systems , the networking equipment company , estimated in the mid - 1990 s that leasing would cost it 5 - 6 per cent more a year than owning its properties . at the same time , investors eager for double - digit profit growth were unlikely to tolerate a slowly appreciating real estate asset on the company ' s balance sheet . so cisco chose synthetic leases .
the deals works as follows . a lender agrees to pay for a new development or an addition to a property . the company ' s " rent " is the interest on that financing , set at a rate reflecting its credit standing and priced as a spread over the london interbank office rate . these payments are deducted from the company ' s taxes .
meanwhile , the company acts as owner and manager of the property , assuming all risk . it sets aside money to purchase the property at the end of the lease , listing the earmarked funds as " restricted cash " or " long - term assets " on its balance sheet . sometimes the company can extend the lease at the end of the term or sell the property , but that is at the lender ' s discretion .
although depreciation of the property ' s value is not included on the company ' s balance sheet , it can be listed as a tax deduction . so far , the financial accounting standards board has issued few guidelines on synthetic leases . but " it is a loophole ( that allows ) the ownership and the lease benefits to accrue to the same player , " said gary declark , managing director of integra realty resources , the property appraisal and consulting firm . " sooner or later , it will probably be closed up . "
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : enron may cut price of dynegy deal by 40 percent - wsj .
11 / 27 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 27 ( reuters ) - hobbled energy giant enron corp . , in an effort to save its planned purchase by smaller rival dynegy inc . , may cut the price of the all - stock transaction by more than 40 percent to about $ 5 billion , the wall street journal reported on tuesday .
enron also was negotiating to extend the maturity dates of some of its borrowings in order to stem a growing liquidity crisis according to people familiar with the matter , the paper said .
the move to renegotiate the agreement , and particularly to cut the number of dynegy shares that enron holders would receive , two weeks after the pact ' s signing is virtually unheard of in corporate transactions , the wall street journal said .
escape clauses built into the deal give dynegy the option to back out if there is a serious deterioration in enron ' s business or assets .
enron has total debt of about $ 13 billion , according to the wall street journal , adding that analysts are increasingly worried that the giant energy - trading concern ' s relatively few hard assets are so burdened by debt that they cannot be used to bolster further borrowing .
dynegy , which is 26 . 5 percent owned by energy giant chevrontexaco corp . , is to swap 0 . 2685 share of its own stock for each share of enron . shares of dynegy closed at $ 29 . 25 on new york stock exchange trade .
once high - flying enron agreed to a dynegy buyout after it was overwhelmed by a series of problems , including a u . s . regulatory probe of off - balance - sheet dealings by its officers , a $ 1 . 2 billion cut in shareholder equity , and cuts to its credit ratings .
enron subsequently restated its earnings some $ 600 million lower , and investor unease exploded and sent its shares tumbling . shares were above $ 90 in august 2000 .
enron stock closed down 73 cents , or 15 . 4 percent , at $ 4 . 01 on the new york stock exchange on monday . ( ( - new york equities desk ( 646 ) 223 - 6000 ) ) .
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron , dynegy discuss plan to cut price of acquisition
11 / 27 / 2001
dow jones business news
( copyright ( c ) 2001 , dow jones & company , inc . )
enron corp . , struggling to save its two - week - old deal to be acquired by dynegy inc . , was in advanced discussions with dynegy to cut the price of the all - stock transaction by more than 40 % to about $ 5 billion , people familiar with the matter told the wall street journal .
beleaguered enron ( ene ) also was in continuing negotiations to extend the maturity dates of some of its borrowings in order to stem a growing liquidity crisis , these people said . enron has total debt of about $ 13 billion . increasingly , analysts are worried that the giant energy - trading concern ' s relatively few hard assets are so encumbered by debt that they can ' t be used to support further borrowing .
enron stock slid to its lowest level in over a decade at 4 p . m . monday on the new york stock exchange , falling 70 cents to $ 4 . 01 a share . over the past few months , about $ 60 billion of enron ' s stock value has evaporated , a process that has accelerated since mid - october when the company announced a quarterly loss and a subsequent reduction in its equity base . since then , revelations that company executives profited from partnerships used to move assets on and off enron ' s books have spooked investors and triggered a securities and exchange commission investigation . recently , the company has twice restated earnings for past periods amid indications that its vaunted energy trading business is showing some signs of stress .
the move to renegotiate the acquisition agreement , and particularly to slash the number of dynegy ( dyn ) shares that enron holders would receive , only two weeks after the pact ' s signing is virtually unheard of in corporate transactions . while terms are sometimes altered due to unanticipated developments , that typically doesn ' t happen until a transaction is nearly completed .
enron had hoped to finalize arrangements and make an announcement monday that would calm its anxious investors , but the situation remained fluid throughout the day . as of monday evening , the revised deal still hadn ' t been formalized .
the deal is critical for enron . in recent weeks , credit - rating agencies have indicated they will refrain from further cuts to enron ' s credit rating so long as a dynegy purchase appears probable . but if that deal collapses , downgrades could occur that would put enron below investment grade and in violation of credit agreements with counterparties . this in turn could deal a savage blow to enron ' s commodity - trading business that is its lifeblood .
negotiators for the two companies returned to their home bases of houston monday after spending much of the holiday weekend meeting in suburban new york where they tried to agree on new provisions to the deal , which was announced nov . 9 . both dynegy and enron declined to comment on the discussions .
copyright ( c ) 2001 dow jones & company , inc .
all rights reserved .
copyright ? 2000 dow jones & company , inc . all rights reserved .
report : enron , dynegy deal back on table
11 / 27 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - executives of dynegy inc . plan to announce new terms for their $ 9 billion buyout offer for enron corp . as shares in enron continue to fall , according to the houston chronicle .
sources familiar with talks between the two companies told the newspaper that the announcement could come as soon as tuesday .
the sources said officials of the two houston - based energy traders spent the weekend and monday discussing a lower exchange rate for rival dynegy ' s stock deal to buy enron , among other issues .
but as of monday evening , no exchange rate had been agreed to and discussions were continuing , the sources said , cautioning that the situation continued to change .
the sources said enron and dynegy were working to finalize terms for an equity infusion into enron of around $ 500 million that ' s expected to come from j . p . morgan chase & co . and citigroup . another equity infusion from other parties was also possible later , the sources said .
layoffs by enron were expected to begin sometime this week , according to the report . enron spokeswoman karen denne said any action the company would take concerning job cuts would be communicated first to employees .
enron shares fell another 15 percent monday , and briefly traded below their all - time low , as investors continued to doubt that a $ 9 billion buyout offer from dynegy would be completed under the current terms .
- - -
sizable staff of 245 lawyers in merger limbo
houston ( ap ) - the fate of enron corp . ' s massive legal staff has been a subject of discussion amid talk of possible layoffs at the troubled energy trader .
the company ' s legal staff size is larger than some law firms .
" we ' ve always regarded them as one of the big law firms in houston , " said howard ayers , managing partner of andrews & kurth , one of the city ' s largest with about 240 lawyers in houston .
enron has about 245 lawyers worldwide , company spokesman vance meyer said . with about 145 lawyers in houston , if it were a private firm it would have been the city ' s sixth - largest , according to the chronicle .
enron ' s internal law office has grown along with the huge trading firm , now set to merge with smaller but stronger dynegy . as enron ' s stock plummeted further , dynegy last week denied rumors it might drop out and leave enron to face possible bankruptcy .
speculation in the legal community runs the gamut from rumors that dozens of lawyers could be laid off as early as this week to the idea that enron will hold on tightly to its talent .
" my guess is they ' ll need their lawyers while they get things in a more steady state . there ' s a lot of legal work to go through , " said joel swanson , a senior partner at baker & botts , a law firm with about 265 lawyers in houston .
in addition to enron ' s in - house legal staff , the company also has hired just about every large firm in houston over the last few years .
copyright ? 2000 dow jones financial desk
money make - over club sticks together through thick , thin
graham witherall
special to the times
11 / 27 / 2001
los angeles times
home edition
c - 1
copyright 2001 / the times mirror company
like a lot of investors , the women taking stock investment club got to the great bull market of the 1990 s just as the party was coming to an end .
dazzled by watching others reap double - digit returns in the stock market year after year , the group of westside friends decided to form an investment club and get in on the fun .
it hasn ' t exactly been a joy ride .
a victim of bad timing , the club made its first purchase in late 1998 and continued building its portfolio over the next three years as the market peaked and then plunged - - taking many of the club ' s holdings with it .
five of the club ' s selections have lost more than half their purchase price , and some of the worst performers have shed two - thirds of their value . with their portfolio awash in red ink , club members have been paralyzed into inaction .
" we are not comfortable selling anything , " said gail berlant , a founder of the 15 - member group . " and we are hesitant to buy , although we think it might be a good time . "
what makes the downdraft more difficult to stomach is that the club thought it was employing a safe strategy . it chose mostly well - known companies it expected to be steady performers , avoiding riskier choices . and unlike many investment clubs , women taking stock diversified its holdings and resisted the temptation to buy internet stocks , a once - hot sector that burned many investors when it crashed .
the group ' s portfolio includes several well - known names in pharmaceuticals , entertainment , energy and financial services . although their few technology choices , including cisco systems and applied materials , have contributed to their fall , they ' ve also lost big on non - tech stocks such as retailer gap .
despite the declines , the club members are determined not to give up . they intend to stick together - - defying the trend among many investment clubs to disband in the face of the grinding bear market . and although they are still solidly on the losing side of the ledger , there are some factors that bode well for the group ' s future .
for one thing , the stakes are relatively modest : members contribute $ 125 to join and chip in $ 50 a month . no one is counting on the club to pay for a child ' s college costs or to fund a retirement . the club ' s entire portfolio is currently worth less than $ 25 , 000 .
in addition , members see the group as a way to learn about investing , not as a road to instant riches . " we look at this as a learning process , " berlant said .
perhaps most important , club members learn from their mistakes . for instance , they realize that their stock selection has lacked focus , particularly in the early days .
" each meeting , people would present stocks they had read about in newspapers and in better investing , " a publication of the national assn . of investors corp . , an umbrella group for clubs , said sandy roberts , the club ' s president .
using that approach , many of the club ' s early investments were in companies that members were familiar with , high - profile names such as disney , coca - cola and gap . " we thought gap ' s tv commercials were fantastic , " member susan osti said .
the results were disappointing , even given the stock market ' s overall decline . gap , for example , has lost 61 % since the club bought it . the standard & poor ' s index of retail stocks is down about 3 % during that same period .
after several of their other early choices tanked - - the club ' s worldcom shares , purchased in october 1999 , are down 80 % - - the club members decided to adopt a more systematic approach to stock - picking .
" a year ago , a stock broker friend of ours told us that we should focus on certain industries and assign people to research stocks within those industries , " member penny berro said . " so we divided up some industries [ among the members ] and started by looking at pharmaceuticals and energy . "
in the pharmaceutical field , the group settled on pfizer , which has risen 15 % since the club purchased it in march , and johnson & johnson , which also sells consumer products and is up 32 % since march .
in energy , the club narrowed its choice to enron and dynegy . at the time , enron was getting bad publicity for its role in california ' s electricity woes , leaving the women feeling uncomfortable with buying stock in the houston - based company .
" there were no red flags with dynegy , " vicki whitney said . " it was diversified and seemed like it could withstand problems better than enron . "
the choice has proved to a wise one , relatively speaking . enron , enmeshed in an accounting scandal , is down 91 % since july . dynegy has been hurt by a sharp downturn in energy stocks that accompanied the recent fall in oil prices , but is down a comparatively mild 19 % since the club bought it . ironically , part of dynegy ' s current slide is due to its proposed acquisition of enron .
club members asked times business editors to review their portfolio . in a recent meeting with the group , senior markets editor tom petruno encouraged club members not to be too hard on themselves , noting that they avoided the mistake made by many investment clubs : concentrating too much - - or all - - of their money in volatile tech stocks .
" you have some failures , but you ' ve also done some things right , " petruno said . " you arrived late in the market , but you ' ve got good asset allocation . "
but he warned that selecting stocks such as gap and disney merely because they are large or well - known is not necessarily a sound strategy . " it used to be that you couldn ' t go wrong with gap , " petruno said . " now you can go very wrong . just because a company is big and has a huge brand name doesn ' t guarantee anything . "
he suggested that the members stick to their commitment to dig into a company ' s financial condition and competitive position before investing .
" read annual reports and quarterly reports and really look at a company ' s fundamentals , " petruno said . " ask yourself what ' s going on with the company . are you comfortable with management ? what ' s the company ' s focus ? if it ' s having problems , how does it plan to get back on track ? "
club members should be wary of companies with a lot of debt on their books , he said , particularly if club members expect the current economic downturn to be prolonged . " what ' s reasonable debt in a good economy may not be reasonable in a bad economy , " he said . " creditors tend to get nervous in a bad economy . debt can sink a company . "
the club should compare debt - to - equity ratios for companies in the same industry to determine if a company ' s debt load is unusually heavy , petruno said .
martin zimmerman , times assistant business editor for markets , also warned the club to resist buying stocks that appear to be cheap just because they ' ve fallen a long way from their highs . " even if you find a viable company that may be priced at $ 20 [ a share ] after once being priced at $ 150 , that doesn ' t make it a bargain , " he said . " it may only ever be worth $ 25 , or worse , it may only be worth $ 10 . "
the club deserves credit for going against conventional wisdom by buying stocks in industries that may be momentarily out of favor , petruno said .
referring to the club ' s decision in august to buy more shares of cisco systems , petruno said : " i ' m glad you ' re not succumbing to the temptation not to look at anything in tech . a lot of people who lost money in that area won ' t go near it . but there will be survivors . and fortunes can be made by picking stocks when no one else likes them . "
refining its buying discipline is only one of the club ' s challenges . investors also need to know when to sell . women taking stock has sold only one stock in its history , and it sold that one , compaq computer , only after the company ' s shares lost a third of their value and a friend in the securities industry urged them to unload the stock .
meanwhile , stocks that have shed more than half their value , such as gap , worldcom and applied materials , remain in their portfolio .
" our goal was to buy stocks that would double in five years , " berlant said . " that ' s why we haven ' t sold anything . "
one way to take make the decision easier is for club members to set a limit on how much they ' re willing to lose on a stock , petruno suggested . if a stock drops 25 % , for example , the club could unload it or at least agree to take a critical look to determine whether it ' s worth sticking with .
" it ' s easy to say that a stock is going to come back , but they don ' t always come back , " he said . " many times , a 25 % loss can turn into a 40 % or 50 % loss . you need a point where you will take a hard look and decide whether you need to cut your losses . "
one thing club members agree on : although their initiation into investing has come during the worst bear market in three decades , they ' re determined to stay the course .
" we realize that we got into the market late , " roberts said . " but we ' ve learned a lot and we ' re not discouraged . we ' re definitely going to hang in there . "
( begin text of infobox / infographic )
hanging in there : the club ' s portfolio
the members of women taking stock , a westside investment club , have seen their portfolio take some big hits over the last three years . but some of their most recent picks have fared better .
ticker date no . of purchase mon . pctg .
company symbol purchased shares price price change
walt disney dis 9 / 21 / 98 50 $ 25 . 29 $ 21 . 39 - 15 . 4 %
wells fargo wfc 1 / 26 / 99 50 35 . 91 43 . 37 + 20 . 8
coca - cola ko 3 / 17 / 99 25 68 . 94 48 . 31 - 30 . 0
computer motion rbot 8 / 17 / 99 100 10 . 02 4 . 03 - 59 . 8
coca - cola ko 9 / 22 / 99 25 52 . 63 48 . 31 - 8 . 2
worldcom wcom 10 / 19 / 99 50 74 . 25 14 . 47 - 80 . 5
gap gps 11 / 16 / 99 50 38 . 25 14 . 95 - 60 . 9
amgen amgn 1 / 11 / 00 40 71 . 92 67 . 39 - 6 . 3
applied
materials amat 3 / 21 / 00 20 96 . 58 40 . 06 - 58 . 5
cvs cvs 3 / 21 / 00 20 37 . 63 26 . 90 - 28 . 5
cisco systems csco 6 / 20 / 00 25 68 . 99 19 . 93 - 71 . 1
consolidated
water cwco 6 / 20 / 00 75 7 . 43 10 . 51 + 41 . 5
general electric ge 8 / 22 / 00 25 56 . 63 41 . 32 - 27 . 0
johnson &
johnson jnj 3 / 20 / 01 50 45 . 82 60 . 50 + 32 . 0
pfizer pfe 3 / 20 / 01 25 38 . 15 43 . 90 + 15 . 1
s & p 500 trust spy 3 / 20 / 01 20 118 . 21 115 . 93 - 1 . 9
dynegy dyn 7 / 17 / 01 50 48 . 54 39 . 25 - 19 . 1
general electric ge 8 / 21 / 01 20 41 . 52 41 . 32 - 0 . 5
cisco systems csco 8 / 21 / 01 25 16 . 93 19 . 93 + 17 . 7
*
note : johnson ; photographer : lawrence k . ho / los angeles times ; photo : women taking stock investment club members meet with business section editors at the times ' offices for a portfolio make - over , where they pick up some strategies for managing their stock holdings . ; ; photographer : lawrence k . ho / los angeles times
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron workers file another suit to recover losses in retirement accounts
11 / 27 / 2001
afx news
( c ) 2001 by afp - extel news ltd
london ( afx ) - enron corp employees have filed another lawsuit against the company over lost retirement savings due to the recent collapse of its share price , the wall street journal europe reported .
eli gottesdiener , a washington attorney who filed the latest suit on behalf of employees , said it seeks 850 mln usd in retirement plan losses , in part because the company sold enron shares to its employees knowing the price was artifically inflated , the newspaper said .
an enron spokeswoman declined to comment , it added .
unlike two similar lawsuits recently filed against enron , this most recent suit contends that enron offered the share price without the required prospectus , the paper said .
vs for more information and to contact afx : www . afxnews . com and www . afxpress . com
copyright ? 2000 dow jones houston ) energy giant enron corporation ( nyse : ene ) ( houston ) , also the seventh largest newsprint producer in north america , recently agreed to be taken over by energy rival dynegy incorporated ( nyse : dyn ) ( houston ) . dynegy has given the forest products group , which falls under enron ' s wholesale services business segment , an " under review " status in determining which businesses are core or non - core . whether dynegy sheds or retains its papermaking assets may not be known before the summer of 2002 , when the transaction is expected to close . the forest products group consists of a mill on the east coast and two in eastern canada , which will require an infusion of capital for improvements .
last year , enron industrial markets purchased garden state paper from media general , a communications company , for roughly $ 72 million . located in garfield , n . j . , the mill employs 290 people and has a capacity of 240 , 000 short tons a year of newsprint .
earlier this year , enron acquired daishowa forest products limited to gain ownership of its newsprint mill and related assets in quebec city , quebec . the former daishowa forest mill , now called papiers stadacona is integrated with a thermo - mechanical pulp ( tmp ) mill that feeds four paper machines and employs over 1 , 000 employees . the mill has studied the addition of a new de - inking plant , a bio - mass boiler , and modernizations to the four paper machines .
nlk consultants and enron share ownership in the papier masson mill in masson - angers , quebec . the single machine mill employs over 300 workers and produces approximately 600 metric tons a day of recycled content newsprint .
upon completion of the merger , the new dynegy is expected to have revenues exceeding $ 200 billion and $ 90 billion in assets .
dynegy is one of the world ' s premier energy merchants . through its global energy delivery network and marketing , trading and risk management capabilities , dynegy provides innovative solutions to customers in north america and the united kingdom and continental europe .
industrialinfo . com provides daily news related to the industrial market place including industry alerts and databases for the energy and industrial markets . for more information on trends and upcoming construction activities in the pulp , paper and wood industry as well as other industrial sectors send inquiries to pulpandpapergroup @ industrialinfo . com or visit us at www . industrialinfo . com .
contact : industrialinfo . com , houston randy godet , 713 / 783 - 5147
05 : 00 est november 27 , 2001
copyright ? 2000 dow jones & company , inc . all rights reserved .
m and a
enron , dynegy to rework $ 24 b deal
by claire poole in houston
11 / 27 / 2001
the daily deal
copyright ( c ) 2001 the deal llc
houston energy company dynegy has reportedly reopened talks with its ailing crosstown rival since the collapse of enron ' s stock price , which has been sliced in half since the acquisition was announced .
houston energy company dynegy inc . has returned to the bargaining table and is talking with ailing crosstown rival enron corp . and related parties about modifying their $ 24 billion merger agreement , according to sources close to the deal .
the two power traders are in a " friendly renegotiation , " sources say . " all the parties are talking as it relates to terms and conditions , " one person said .
the main reason for rekindling the talks is the collapse of enron ' s stock price , which has been sliced in half since the acquisition was announced nov . 9 for $ 24 billion in cash , stock and debt assumption .
the deal valued enron ' s shares at $ 10 . 41 , a 20 % premium over its $ 8 . 63 close before the announcement . but enron ' s shares have fallen steadily since , closing monday at $ 4 . 01 , down nearly 15 % on the day .
dynegy ' s stock has also lost about 11 % of its value since the deal was announced , closing down 2 . 85 % nov . 26 to $ 39 . 25 .
john olson , a longtime enron follower at sanders morris harris in houston , thinks dynegy might be pushing for $ 5 . 25 per share . " that ' s closer to the reality of the current market , " he said .
if dynegy can ' t work out a better deal , another course might be to allow enron to slip into bankruptcy , according to sources .
with enron ' s stock price slipping and only $ 1 billion in cash remaining , olson thinks it ' s the wiser of the two options . " would enron be better off to go bankrupt or get nickeled and dimed to death by wall street that is not in love with this deal ? " he asks . " chapter 11 looks more sensible to me . "
olson said if enron can get $ 3 billion in debtor financing , bankruptcy would be preferable to anything else . " the lower stock price , the higher probability [ of chapter 11 ] , " he said . " investors , creditors and bankers all want some closure on this . "
olson speculates that only the sick part of enron - - the parent and the trading operations , which are worth about $ 12 . 5 billion - - would file for bankruptcy , while the healthy part - - the pipeline and energy outsourcing assets , which are worth around $ 5 billion - - would be left out .
" you ' d end up with a ' good bank , bad bank ' profile , " he said , referring to the strategy many financial firms followed when they went bust in the 1980 s .
dynegy would be an obvious buyer of the pipeline and energy outsourcing assets . it already has an option to buy enron ' s northern natural gas co . pipeline system if the deal doesn ' t go through , in exchange for its $ 1 . 5 billion investment in enron at the deal ' s signing , provided by investor chevrontexaco corp . , of san francisco .
if dynegy walks away from the deal , it would have to pay a $ 350 million breakup fee plus $ 10 million in expenses .
enron spokesman vance meyer wouldn ' t comment on whether it was renegotiating the deal with dynegy . he also wouldn ' t speculate on whether the firm was considering bankruptcy as an option if a new deal with dynegy couldn ' t be worked out .
a dynegy spokesman said the status of the proposed merger has not changed . " our due diligence is ongoing , " he said .
right now , credit rating agencies are hesitating before they downgrade enron ' s ratings to junk status , which could further pressure enron ' s day - to - day business operations and lead it faster to insolvency .
" it ' s a fluid situation , " said ralph pellecchia , senior director at new york rating agency fitch inc . , which has enron ' s bond ratings at one level above junk . " there ' s a lot of conjecture about enron ' s dealings with dynegy and the banks . we ' ll just have to wait until there ' s another event or announcement before we act . "
according to fitch , enron is sitting on about $ 1 . 8 billion in cash , $ 1 . 4 billion as it reported in its quarterly report to the u . s . securities and exchange commission nov . 19 and $ 450 million it took down last week from a $ 1 billion credit line extended by its investment bankers on the dynegy deal , j . p . morgan and salomon smith barney inc .
late last week , enron also managed to extend the deadline on $ 690 million in partnership - related debt that was due monday until mid - december , although fitch would like to see it extended further . " mid - december doesn ' t help enron much , " pellecchia said .
the payment obligation arose because a clause in a financial agreement was triggered when rating agency standard & poor ' s reduced enron ' s senior unsecured debt rating to triple - b - minus nov . 12 .
if its credit rating is further reduced , enron admitted it risks triggering $ 3 . 9 billion in additional debt payments , which would result in the company failing to be a " going concern , " according to quarterly filing . paying off these debts would mean the company could not service its revolving credit accounts .
fixed - income research service creditsights said the goal of the banks now is to " re - cut their exposure to gain as much structural seniority or asset liens as possible , take out fees , raise rates , take down total exposure and generally improve their risk - profile under multiple scenarios . "
carol levenson , an analyst for gimmecredit , another fixed - income research service , thinks it will leave the unsecured bondholders holding the bag .
" the very bankers who are supplying liquidity through new secured bank lines and who are rumored to be considering equity investments are the ones on the hook ( and unsecured ) for $ 3 billion in bank loans , ' ' she wrote in a research report issued monday . " if dynegy backs out ( in the interest of self - preservation ) , these vital bank renegotiations might save enron but leave unsecured bondholders as the patsies . ' '
investors and employees , meanwhile , are still suing enron .
eli gottesdiener , an attorney in washington , d . c . , said monday he had filed a lawsuit on behalf of enron employees who have lost an estimated $ 850 million on enron stock held in their 401 ( k ) retirement accounts . he charges that enron violated federal securities law by offering and selling enron shares to employees without issuing a prospectus .
the suit is the third filed against enron alleging the company breached its fiduciary duty to employees by encouraging them to invest in its stock at artificially inflated prices . all three seek class - action status .
gottesdiener is also involved in pension class actions against new york life insurance co . and sbc communications inc . of san antonio .
reworking the details dynegy has returned to the bargaining table and is talking with ailing crosstown rival enron and related parties about modifying their $ 24 billion merger agreement , according to sources close to the deal .
company enron
ceo kenneth l . lay
headquarters houston
date action
7 / 29 / 01 bank of america , citibank , abn amro , overseas private investment corp . of the u . s . and seven other lenders with $ 440 million in loans asked india ' s highest court for the right to support enron in its bid to withdraw from a $ 2 . 9 billion power plant investment near mumbai , india
9 / 15 / 01 enron ' s ceo jeff skilling , who held the post for six months , said he was leaving for personal reasons . the stock drops 6 . 83 % on the day .
10 / 03 / 01 bg group plc buys enron ' s production assets on the west coast of india for $ 388 million in cash
10 / 08 / 01 enron sells portland general electric for $ 2 . 9 billion to northwest natural gas co .
10 / 22 / 01 enron ' s stock falls 10 % as the sec begins an investigation into the company ' s relationship with two limited partnerships
10 / 30 / 01 enron ' s stock price continues to take a beating
11 / 05 / 01 enron feverishly looks to sell billions of dollars in assets to generate cash
11 / 06 / 01 enron begins talking with private equity firms as it struggles to raise $ 2 billion in financing
11 / 08 / 01 dynegy confirms its in talks to acquire enron
11 / 09 / 01 dynegy to buy enron for $ 7 . 8 billion
11 / 12 / 01 dynegy faces challenge to enron deal
11 / 19 / 01 enron puts wessex water on the block
11 / 20 / 01 ferc under pressure to approve the dynegy - enron merger
11 / 21 / 01 dynegy says it would try to quicken the pace of the companies ' $ 24 billion merger
11 / 26 / 01 enron , dynegy are reworking terms of their possible merger
source : the deal
www . thedeal . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
india : enron india unit , lenders to meet in uk this week .
11 / 27 / 2001
reuters english news service
( c ) reuters limited 2001 .
bombay , nov 27 ( reuters ) - enron corp ' s troubled indian unit and its foreign lenders will hold separate meetings this week to decide the fate of a power project once considered the showpiece of india ' s reform programme , a banking source said on tuesday .
the meetings , to be held in london on friday and saturday , will consider proposals to allow the dabhol power company , which is 65 percent owned by enron , to pull the plug on a contract to sell power from a giant power project , he said .
the $ 2 . 9 billion , 2 , 184 mw project , which is india ' s largest foreign direct investment , has been shut since june this year following a dispute with its sole buyer the maharashtra state electricity board ( mseb ) .
the departure of enron and its partners would be another blow to attempts to attract foreign investment into the domestic power sector .
five foreign companies have either pulled out or announced plans to exit the sector , fed up with bureaucratic delays and legal wrangling over the past few years .
at the same time , parent enron corp of the united states is struggling to ward off bankruptcy and save its proposed buyout by smaller rival dynegy inc .
its share price has already taken a beating this year over widespread investor doubts about its corporate governance practices . enron shares closed down 73 cents , or 15 . 4 percent , at $ 4 . 01 on the new york stock exchange ( nyse ) on monday , after dipping to at least an 18 - year - low of $ 3 . 76 .
a dabhol spokesman in bombay confirmed that the dabhol board is meeting in november 30 in london . but he declined to disclose the agenda .
the banking source said the dabhol board will consider giving the management authorisation to issue a final termination notice to the mseb .
foreign lenders , led by citibank and bank of america , are meeting in london on the same day and will also consider giving dabhol permission to issue such a notice .
under a 1995 agreement between dabhol and mseb in 1995 , the company needs lenders ' permission before issuing a terminating notice .
once issued , the notice would trigger international arbitration to resolve arguments over damages .
mega project
dabhol and mseb have been feuding for more than a year over payment defaults and high tariffs . the dispute stopped work on the second phase of the unit which is 97 percent complete .
enron and its fellow u . s . investors general electric co and bechtel , fed up with payment defaults , have already announced their intentions to exit the project .
they have agreed to sell their stake of 85 percent to either the indian government or a private power company . at the same time , they have also proceeded with plans to cancel the contract .
a preliminary cancellation notice was issued in may this year . this was to be followed up by a final termination notice after six months . that six - month deadline expired on november 19 .
but dabhol was prevented from taking the final step by a bombay court . acting on an urgent petition by indian lenders , who were against the termination , the court asked dabhol not to issue such a notice until december 3 .
the banking source said dabhol is only trying to secure all approvals and would not actually issue the notice on november 30 .
copyright ? 2000 dow jones source : world reporter ( tm )
pune : if youre thinking of sending scary , anonymous emails , think again . the police are fast catching up on the technology to trace such mails . on friday , the ratnagiri police arrested pune - based computer professional habibuddin sheikh 20 ) .
a former employee of the dabhol power corporation dpc ) sheikh had sent an email threatening to blow up dpcs guhagar plant .
according to the ratnagiri police , dpc received the threatening mail last month . the company was being targeted because it was a venture of the american giant enron , the mail said . superintendent of police vinaykumar chaube immediately formed a special team and tracked the mail down to a cybercafe in wanowrie in pune .
the cybercafe records revealed that sheikh had used the cyber cafe at the time and day on which the mail was received by dpc . the investigators were already working on the hunch that the mail must have been the handiwork of one of the 1 , 000 workers retrenched by the company . sheikhs handwriting in the companys records too matched .
copyright ? 2000 dow jones & company , inc . all rights reserved .
companies & finance the americas - demand for electricity re - energises gas project .
by dan westell .
11 / 27 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
companies & finance the americas - demand for electricity re - energises gas project - after more than 20 years , gas pipeline companies are revisiting us / canadian plans . writes dan westell .
the vision of a booming demand for electricity has brought a large part of the north american natural gas pipeline industry together to revive a 20 - year - old mega - project .
it was the late 1970 s when the us and canadian governments first approved a consortium to bring gas from the north slope in alaska to markets in the lower 48 states .
that project foundered as gas prices sagged , but last week , the original pipeline partners - six us and three canadian companies - agreed to make a new approach to the alaskan gas producers by the end of the year .
a second gas project , a proposal by canadian producers who own undeveloped fields in canada ' s arctic , is also hoping to launch a pipeline project this year .
after coming to terms with indigenous peoples in the north , the canadian group hopes next month to begin preparing regulatory filings for a pipeline from the mackenzie river delta down the mackenzie valley to the south .
after years of quiet in the northern energy front , there is a very real prospect that gas from one project , or perhaps even both projects , could be flowing by 2008 .
certainly , politics has something to do with the change , especially the reactions to california ' s electricity problems and worries about security of supply , heightened by terrorism and problems in the middle east .
for the companies , however , long - term pipeline projects are driven by forecasts showing a nearly 50 per cent increase in us gas consumption by 2010 .
the extra gas will largely be used to generate electricity , said rocco ciancio , spokesman for foothills pipe lines , one of the three canadian companies in the pipeline group that is preparing its pitch to the alaskan producers .
the pipelines ' revived interest in moving alaskan gas was propelled by gas spot prices , which hit usdollars 10 . 53 per mmbtu on january 2 .
other groups were already in motion , including the canadian producers ( led by imperial oil ) , which have large undeveloped gas fields in the mackenzie river delta .
the north slope producers - exxonmobil , bp and phillips - began their own study early this year to assess two routes : 1 , 800 miles running east under the beaufort sea from prudhoe bay to the mackenzie delta , then south , or 2 , 100 miles following existing roads through the alaskan interior to alberta .
the higher prices are now a memory as gas has slid back to usdollars 2 . 50 per mmbtu , but the wheels on all three proposals continue to turn .
the pipeline group - canada ' s transcanada pipelines and westcoast energy ( which together own foothills ) and affiliates of us companies williams , duke energy , sempra energy international , enron , pg & e and el paso - is planning a usdollars 9 . 7 bn project to carry 4 bn cu ft a day . it needs a price of usdollars 3 per mmbtu to be viable .
the north slope companies produce about 8 bn cu ft of gas a day ( a byproduct with oil ) in prudhoe bay , but reinject it into the ground . there is no way of getting it or the known reserves of 35 , 000 bn cu ft , let alone the potential reserves of 100 , 000 cu ft , to market .
the preliminary results of their study , however , show a price of usdollars 3 per mmbtu and falls short of the 15 per cent return on equity target set in the study , said spokesman curtis thayer .
they want to ship more gas than the pipelines are proposing , requiring a bigger pipe , and believe the project will require not just the new northern pipeline , but expansion of the existing 1 , 800 - mile system between alberta and chicago to handle the increased volume .
all in , they have priced the alaska route at usdollars 17 . 2 bn , and the beaufort - mackenzie route at usdollars 15 . 1 bn .
new technology or changes in project parameters could cut the cost , bridging some of the gap between the foothills group and the producers . but the producers are also pushing governments to lower regulatory costs and bring more certainty to tax issues .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
the americas - bolivia urged to handle its new - found wealth with care .
by paul keller .
11 / 27 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
the americas - bolivia urged to handle its new - found wealth with care - gas reserves - the country needs to diversify its customer base if energy discoveries are to prove a long - term cure for economic ills - and an alternative to the cocaine trade . paul keller reports .
the discovery of large natural gas reserves in bolivia has led some to believe that the landlocked south american country has found a long - term cure for its economic ills - and an alternative to the cocaine trade .
true , reserves are plentiful , analysts say , but an excess of supply and the risk that this fragile andean economy comes to rely too heavily on hydrocarbon revenues suggest bolivia must handle gas with care .
" we have told the government , gas is not the saviour of bolivia , " says steven hopper , the general manager of transredes , the enron - shell gas transport utility . " this is a critical time for bolivia as it has to find markets for its gas . the industry is generally optimistic . the worst scenario is that gas demand in brazil doesn ' t grow . "
the strategy of president jorge quiroga , a 41 - year - old technocrat who took over from ailing ex - president hugo banzer in august , is to help bolivia go from being a world coca leaf grower to gas producer and regional energy hub . it is a strategy , analysts say , already paying dividends .
" bolivia is only now beginning to realise some of the return on its gas flowing to brazil , " says one western observer . " gas is seen as leading element in mid - to long - term recovery . "
to speed up the anticipated benefits , bolivia is considering selling securities backed by tax receipts from future gas sales . the government plans to securitise one - third of the income from gas sales to brazil over the next 19 years .
the $ 8 . 3 bn mining and agriculture - dominated economy , one of latin america ' s smallest , has been in a three - year downturn as internal demand evaporates and the value of exports plummets . us - sponsored eradication of coca and cocaine production also removed a significant chunk of revenue .
thus the riches and influence promised by gas symbolise hope in a country better known in recent decades for social turmoil , military coups , nazi asylum - seekers and the once - omnipresent drugs trade .
oil and gas were the only industrial sectors to show growth this year . in the first seven months gas production rose by 47 . 9 per cent year on year . output of oil - extracted during gas production - grew 16 . 1 per cent .
gearing up for greater brazilian demand , capacity is being increased on bolivia ' s existing gas pipeline . a petrobras , repsol - ypf and totalfinaelf consortium hopes to start building a rival pipeline .
but for the multinationals that have invested in bolivia ' s gas market , the worry is that southern cone demand will not keep pace with supply .
although not as big as bolivia ' s reserves , argentina and peru also have gas to develop and export . while brazil has vast energy needs , bolivia needs to diversify its gas customer base , analysts say .
with proven and probable bolivian reserves of 46 , 800 bn cu ft and another 23 , 200 bn cu ft of possible reserves , only venezuela , with 143 , 000 bn cu ft of reserves , has more gas in south america .
the amount of gas found has grown eightfold since bolivia opened up its gas market in 1997 . however current demand for gas in the southern cone is estimated at around only 10 , 500 bn cu ft .
in the quest for new markets , the government has backed a plan to ship natural gas to the energy - hungry us west coast . but even with strong commercial backing , the $ 6 bn project - led by pacific lng , a consortium made up of spain ' s repsol - ypf , british gas and british petroleum - must still negotiate a number of political and technical hurdles to succeed , analysts say .
the project in its present form requires a $ 1 bn , 700 km pipeline across the andes linking the chilean coast with bolivia ' s largest gas field , margarita , owned by the consortium .
liquefied gas could then be shipped to mexico and piped into the us . it all needs careful negotiation both with the governments involved and us gas distributors . but la paz is optimistic that the project will be shipping gas to the us within five years .
mr quiroga , who steps down next year , has spearheaded efforts to open up the us gas market . he recently predicted gas would " open doors " for bolivia .
he also hopes to persuade chile to grant it access to the pacific in return for choosing a chilean port as the site for a $ 2 bn liquefaction plant needed in the pacific lng project . peru is vying to receive bolivian gas , but analysts expect chile to win out .
however , analysts continue to warn mr quiroga not to overplay the " gas card " , bearing in mind both that the industry will not create masses of new jobs as well as the country ' s over - reliance in the past on expendable resources such as silver and tin .
luis felipe rivero , the general manager of the financial group bisa , says : " there are great expectations that gas will become one of the principal generators of revenue and a creator of investment in bolivia .
" but because of these expectations , there is a risk of letting slip the country ' s basic problems which are a lack of education , a lack of health services , lack of job opportunities and corruption . "
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : update 1 - enron lawsuit seen as wake - up call for pensions .
by andrew kelly
11 / 26 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , nov 26 ( reuters ) - a washington , d . c . , lawyer said monday he hopes heavy losses suffered by enron corp . employees will spur congress to limit employee investments in their employers ' stock through 401 ( k ) retirement plans .
" how many workers have to lose both their jobs and their retirement savings before congress steps in and puts a stop to this by placing a cap on the amount of company stock that can be in a 401 ( k ) plan ? " lawyer eli gottesdiener asked .
gottesdiener released a statement monday saying he had filed a lawsuit on behalf of employees of the beleaguered energy giant who have lost an estimated $ 850 million on enron stock held in their 401 ( k ) retirement accounts .
the suit is one of four filed against enron that alleges the company breached its fiduciary duty to employees by encouraging them to invest in its stock at artificially inflated prices .
two similar suits were announced last week and the seattle law firm of dalton gotto samson & kilgard also announced one on monday . all four suits seek class - action status .
enron ' s shares have fallen from a high of $ 90 in august 2000 to less than $ 5 today , their decline accelerating since oct 16 amid a series of disclosures about its deteriorating finances .
like many other companies , enron makes matching contributions to its employees ' 401 ( k ) retirement accounts in its own stock . it also requires them to hold the stock they receive in matching contributions until they turn 50 .
enron employees were also prevented from selling enron stock held in retirement accounts for several weeks from mid - october due to a change in the retirement plan ' s administrator .
gottesdiener said investment advisors recommend investing no more than 15 percent of a portfolio in a single stock , but that participants in 401 ( k ) plans offering employer stock as a choice typically hold 33 percent of their portfolio in that stock .
" congress sensibly placed a 10 percent limit on company stock in traditional defined benefit plans back in 1974 , but at the behest of the corporate lobby , it placed no such cap on defined contribution plans , " he said .
the absence of such a cap in defined - contribution 401 ( k ) plans was " completely indefensible , " he said .
gottesdiener ' s suit alleges that enron violated federal securities law by offering and selling enron stock to employees without issuing a prospectus . if proven , this would give workers the right to reverse their purchases , he said .
gottesdiener is also involved in class action pensions litigation against new york life insurance co . and sbc communications inc . .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : calif . attorney gen ' l to examine dynegy - enron deal .
11 / 26 / 2001
reuters english news service
( c ) reuters limited 2001 .
sacramento , calif . , nov 26 ( reuters ) - california ' s attorney general will examine dynegy inc . ' s bid to buy its much larger energy rival , enron corp . , officials said monday , adding a potential new wrinkle to the troubled $ 9 billion merger proposal .
" we are reviewing the merger for anti - trust concerns , " said sandra michioku , spokeswoman for attorney general bill lockyer .
michioku said it was still far too early to say what position california would take on the proposed merger , which involves two companies often publicly blamed for helping to create california ' s energy crisis this year .
dynegy was among five energy companies named in a lawsuit filed in may by lt . gov . cruz bustamante alleging energy price manipulation at several southern california power plants it owns . dynegy has denied the accusation .
enron , while owning no generation plants in california , is a major national player for energy trading and natural gas transmission - which if merged with dynegy ' s market presence in the state could create a major new energy powerhouse .
the proposed merger , which has been plagued by uncertainty amid news of major new enron debt and a resulting slump in its share price , is already being examined by the federal trade commission and the federal energy regulatory commission .
california regulators could present a roadblock to successful completion of the deal . but the state could also leverage its influence over the merger to renegotiate a number of long - term energy deals with dynegy , which it signed months ago at the height of its power crisis and which are now being criticized as a bad deal for the state ' s consumers .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy may modify enron purchase terms , people say ( update 2 )
2001 - 11 - 27 00 : 23 ( new york )
dynegy may modify enron purchase terms , people say ( update 2 )
( adds reports on stock ratio and bank extensions in seventh
and eighth paragraphs . )
houston , nov . 26 ( bloomberg ) - - dynegy inc . may renegotiate
terms of its proposed $ 22 . 9 billion purchase of enron corp . , whose
shares have fallen 54 percent since the merger was announced ,
people familiar with talks between the companies said .
executives of the two energy - trading companies discussed
possible changes in the terms over the weekend , the people said .
the offer made on nov . 9 values enron at $ 10 . 54 a share in dynegy
stock . enron ' s stock closed at $ 4 . 01 , indicating investors don ' t
believe the sale will be completed under the original terms .
enron is seeking as much as $ 2 billion in equity investment
and moody ' s investors service is weighing whether to downgrade the
credit rating of the energy trader , which said last week its debt
was higher than earlier reported . enron needs to offer more
attractive terms or risk losing the support of dynegy investors
for a deal needed to save the company , analysts said .
` ` the choices are fairly stark : renegotiate the deal or file
for chapter 11 , ' ' said john olson , an analyst with sanders morris
harris .
neither enron spokeswoman karen denne nor dynegy spokesman
john sousa would comment on whether talks on a new buyout
agreement are underway .
current terms call for an exchange ratio of 0 . 2685 share of
dynegy stock for each enron share . given recent disclosures about
enron ' s debt and the drop in the stock price , a fairer ratio would
be 0 . 15 share of dynegy , said ronald barone , a ubs warburg analyst
who rates dynegy a ` ` strong buy . ' '
half price ?
enron and dynegy are talking about cutting the ratio to less
than 0 . 15 , which would value the stock portion of the transaction
at about $ 5 billion , or less than $ 6 per enron share , the wall
street journal reported , citing people close to the discussions .
in addition , the companies may announce as early as today an
extension by some banks on the repayment of enron ' s debt , a $ 500
million cash infusion from citigroup inc . and j . p . morgan chase &
co . , and an agreement that would keep the purchase intact despite
lawsuits over enron ' s employee - retirement plan , the new york times
said .
` ` if they can renegotiate the deal to half ( the original
price ) , that ' s where you get really attractive earnings , ' ' said
gordon howald , an analyst at credit lyonnais who rates dynegy a
` ` buy . ' '
under current terms , the deal makes sense for dynegy only if
enron earns 85 cents or more , howald said . barone has reduced his
estimate of enron ' s 2002 earnings from $ 1 . 65 a share to 75 cents .
dynegy shares fell $ 1 . 15 , or 2 . 9 percent , to $ 39 . 25 .
additional financing
new terms may not be necessary if enron can get the
additional $ 2 billion in financing it ' s seeking , some investors
said .
` ` if people who ' ve looked at enron are willing to put in that
kind of money , it sends a message that their core businesses - -
trading , pipelines and energy management - - are still sound , ' '
said kathleen vuchetich , who helps manage $ 1 . 4 billion in assets
in the strong utilities fund , 4 . 3 percent of which is dynegy
stock .
enron has debt payments of more than $ 9 billion due before the
end of 2002 , and has less than $ 2 billion in cash and credit lines
left , the company said in a filing last week . if its cash reserves
run too low , enron ' s credit rating may be cut below investment
grade . that would trigger $ 3 . 9 billion in debt repayments for two
affiliated partnerships .
moody ' s investors service hasn ' t issued a report on enron
since the company filed a 10 - q quarterly report with the
securities and exchange commission last week . on nov . 9 , it rated
enron ' s debt one notch above junk . the rating company ' s analysts
didn ' t return calls seeking comment today .
egan - jones ratings co . lowered its rating on enron ' s credit
today to ` ` bb - ' ' from ` ` bb , ' ' a level below investment grade .
write - off
the houston - based company also said in the filing that it had
a $ 690 million note due this week , and that it may have to reduce
fourth - quarter earnings by $ 700 million . the write - off would come
because it used stock to guarantee debt owed by an affiliated
partnership , and the value of that stock has plunged .
on wednesday , enron got a three - week reprieve from lenders on
the $ 690 million note and closed on a $ 450 million credit line .
dynegy chief executive officer chuck watson said he was
` ` encouraged ' ' by the developments .
enron is negotiating to restructure its other debt , denne
said today . j . p . morgan and citigroup executives met today to line
up investors willing to buy $ 2 billion in bonds convertible into
enron stock .
many of enron ' s trading partners are shunning the company ,
and some analysts now say enron ' s 2002 earnings may hurt , rather
than boost , dynegy ' s earnings , as watson has projected .
deteriorating daily
` ` the value of the assets dynegy is trying to buy - - the
trading and marketing businesses - - are deteriorating on a daily
basis as more counterparties back off on trading and dealing with
enron , ' ' said mike heim , a securities analyst at a . g . edwards dynegy shares remain above their predeal levels .
wishful thinking
a dynegy spokesman says his company can post annual earnings growth of 20 % to 25 % over the next two years even without enron . he declined to comment on the merger negotiations , except to say that dynegy is " continuing its due diligence " of enron . an enron spokesman declined to comment on deal talks .
where do things stand as of monday evening ? well , the deal looks increasingly unlikely to happen ( at least on the terms of nov . 9 ) . after a sickening slide last week , enron tanked again monday , dropping 15 % to $ 4 . 01 . current deal terms have dynegy paying around $ 10 . 50 an enron share based on its current stock price . a 60 % gap says the deal won ' t get done . but , as the world and his wife now know , the deal needs to go through for enron to maintain the investment grade credit rating necessary for its survival .
clearly , every hour counts in this fast - unwinding situation . enron ' s core trading business is in deep trouble as power market players cut exposure to the company , draining it of precious cash .
as a result , two options exist from here . the first is a rescue effort involving dynegy , the rating agencies and bank creditors like j . p . morgan chase and citigroup , working to revise the merger agreement and find more cash to buy enron time . this could involve changing the stock - swap ratio to give dynegy a cheaper price , with the banks possibly extending debt and joining with other investors to inject equity .
the other scenario has dynegy , after seeing the cash hemorrhage and the skeletons in the closet , deciding to back out altogether , leaving enron with no rescuer and no future . but dynegy ' s resilient stock price suggests that the market hasn ' t grasped the impact an enron bankruptcy would have on dynegy and other trading firms .
don ' t be at all surprised if , any moment now , we see one last attempt to salvage dynegy ' s rescue merger with new terms . several banks are exposed to enron and , presumably , they will try almost anything - - including extending debt - - to keep the company afloat . by keeping deeply distressed enron at an investment - grade rating , rating agencies such as moody ' s have shown themselves willing to bend to the banks ' wishes , so they will probably capitulate again if pressured by bank honchos .
be careful what you wish for
but swallowing enron would hardly be good for dynegy , which appears to have underestimated the former ' s problems .
amazingly , just a couple of weeks back , the company expected enron to make $ 1 . 50 per share in 2002 . goldman sachs is now expecting 50 cents , even if the merger gets done . if dynegy ended up paying , say , $ 3 a share for enron , people would no doubt hail that as a low - enough price to cover worsened fundamentals , legal liabilities and any nasty surprises that could spring from enron ' s notoriously murky books . but recall that dynegy also would be taking on enron ' s $ 13 billion of debt . include the debt in some return - on - capital calculations and the deal still looks untenable .
alternatively , enron may be deteriorating too fast to save . that ' s also bad for dynegy . the damage done to the company by depleted energy market activity has been recognized , as has the risk that an enron collapse could leave dynegy dangerously unhedged on many of its trades . what does that mean and why is it dangerous ? let ' s say dynegy agreed to buy power from company x over a period of time and then sell it to enron . if enron goes down , its obligation to buy from dynegy obviously disappears , but dynegy can ' t easily back out of the commitment to buy power from company x .
and there ' s another potential risk that the market really hasn ' t recognized . enron allegedly was very aggressive in booking upfront profits on forward market deals . an enron spokesman declined to comment on that allegation . those deals had to be done with other trading houses , possibly dynegy .
in other words , enron ' s ways may have contaminated the whole market because , as we are frequently told , enron was the energy market , just as drexel burnham was the junk bond market in the ' 80 s . in enron ' s absence , many of the aggressive deals may have to be unwound . meanwhile , auditors , in a frantic bid to cover their behinds , would start telling trading companies to be a lot more conservative in how much profit they book on forward deals . suddenly , fat margin deals evaporate and earnings estimates get slashed .
checkmate - - for both sides . | 0 | ham | enron mentions | enron and dynegy discuss plan to cut price of acquisition
the wall street journal , 11 / 27 / 01
fair shares ? why company stock is a burden for many - - and less so for a few - - - workers often must hold on to stakes held in 401 ( k ) s ; top brass have options - - - hedging for the ` upper tier '
the wall street journal , 11 / 27 / 01
' stimulus ' for enron
the new york times , 11 / 27 / 01
enron talking with dynegy as they work to rescue deal
the new york times , 11 / 27 / 01
top companies issuing debt at a fast pace
the new york times , 11 / 27 / 01
battered enron in search of $ 1 billion ; stock ' s decline raises doubts about buyout
the washington post , 11 / 27 / 01
enron , dynegy deal back on table
houston chronicle , 11 / 27 / 01
sizable staff of 245 lawyers in merger limbo
houston chronicle , 11 / 27 / 01
bin laden threat against pipelines taken seriously
houston chronicle , 11 / 27 / 01
current recession differs from others
houston chronicle , 11 / 27 / 01
enron gains on optimism dynegy purchase to proceed ( updatel )
bloomberg , 11 / 27 / 01
deutsche banc alex . brown ' s tice comments on enron corp . debt
bloomberg , 11 / 27 / 01
investors bet enron deal will go bust ; dynegy could kill deal or drop price
chicago tribune , 11 / 27 / 01
pressure mounts on enron buyout energy : stock drops to its lowest since ' 87 on doubts dynegy deal will go through . workers sue over shrinking 401 ( k ) s .
los angeles times , 11 / 27 / 01
global investing - a creative approach to property liabilities .
financial times , 11 / 27 / 01
usa : enron may cut price of dynegy deal by 40 percent - wsj .
reuters english news service , 11 / 27 / 01
enron , dynegy discuss plan to cut price of acquisition
dow jones business news , 11 / 27 / 01
report : enron , dynegy deal back on table
associated press newswires , 11 / 27 / 01
money make - over club sticks together through thick , thin
los angeles times , 11 / 27 / 01
enron workers file another suit to recover losses in retirement accounts
afx news , 11 / 27 / 01
fate of enron ' s forest products group up in the air , in an advisory by industrialinfo . com
business wire , 11 / 27 / 01
enron , dynegy to rework $ 24 b deal
the daily deal , 11 / 27 / 01
india : enron india unit , lenders to meet in uk this week .
reuters english news service , 11 / 27 / 01
man arrested for issuing e - mail threat to enron
the times of india , 11 / 27 / 01
companies & finance the americas - demand for electricity re - energises gas project .
financial times , 11 / 27 / 01
the americas - bolivia urged to handle its new - found wealth with care .
financial times , 11 / 27 / 01
usa : update 1 - enron lawsuit seen as wake - up call for pensions .
reuters english news service , 11 / 26 / 01
usa : calif . attorney gen ' l to examine dynegy - enron deal .
reuters english news service , 11 / 26 / 01
dynegy may modify enron purchase terms , people say ( update 2 )
bloomberg , 11 / 26 / 01
enron faces new employee suit alleging securities violations
bloomberg , 11 / 26 / 01
california agency must generate revenue , analyst says ( update 3 )
bloomberg , 11 / 26 / 01
enron plunges , but dynegy will suffer , too
thestreet . com , 11 / 26 / 01
enron and dynegy discuss plan to cut price of acquisition
by rebecca smith and robin sidel
staff reporters of the wall street journal
11 / 27 / 2001
the wall street journal
a 3
( copyright ( c ) 2001 , dow jones & company , inc . )
enron corp . , struggling to save its two - week - old deal to be acquired by dynegy inc . , was in advanced discussions with dynegy to cut the price of the all - stock transaction by more than 40 % to about $ 5 billion , according to people familiar with the matter .
beleaguered enron also was in continuing negotiations to extend the maturity dates of some of its borrowings in order to stem a growing liquidity crisis , these people said . enron has total debt of about $ 13 billion . increasingly , analysts are worried that the giant energy - trading concern ' s relatively few hard assets are so encumbered by debt that they can ' t be used to support further borrowing .
enron stock slid to its lowest level in over a decade at 4 p . m . yesterday on the new york stock exchange , falling 70 cents to $ 4 . 01 a share . over the past few months , about $ 60 billion of enron ' s stock value has evaporated , a process that has accelerated since mid - october when the company announced a quarterly loss and a subsequent reduction in its equity base . since then , revelations that company executives profited from partnerships used to move assets on and off enron ' s books have spooked investors and triggered a securities and exchange commission investigation . recently , the company has twice restated earnings for past periods amid indications that its vaunted energy trading business is showing some signs of stress .
the move to renegotiate the acquisition agreement , and particularly to slash the number of dynegy shares that enron holders would receive , only two weeks after the pact ' s signing is virtually unheard of in corporate transactions . while terms are sometimes altered due to unanticipated developments , that typically doesn ' t happen until a transaction is nearly completed .
enron had hoped to finalize arrangements and make an announcement yesterday that would calm its anxious investors , but the situation remained fluid throughout the day . as of yesterday evening , the revised deal still hadn ' t been formalized .
the deal is critical for enron . in recent weeks , credit - rating agencies have indicated they will refrain from further cuts to enron ' s credit rating so long as a dynegy purchase appears probable . but if that deal collapses , downgrades could occur that would put enron below investment grade and in violation of credit agreements with counterparties . this in turn could deal a savage blow to enron ' s commodity - trading business that is its lifeblood .
negotiators for the two companies returned to their home bases of houston yesterday after spending much of the holiday weekend meeting in suburban new york where they tried to agree on new provisions to the deal , which was announced nov . 9 . both dynegy and enron declined to comment on the discussions .
one apparent sticking point in the talks was arriving at a new stock - exchange ratio . under the current acquisition agreement , dynegy would exchange 0 . 2685 share for each enron share tendered . based on yesterday ' s new york stock exchange closing price of $ 39 . 25 for dynegy shares , down $ 1 . 15 , enron holders stand to receive $ 10 . 53 a share for their stock , or a total of about $ 9 billion .
people close to the discussions said the new ratio is expected to be less than 0 . 15 share of dynegy stock for every share of enron stock , which would value enron at less than $ 6 a share , or about $ 5 billion .
another contentious issue concerns the amount of additional capital enron needs to shore up its finances . a week ago , the company disclosed it may have to post hundreds of millions of dollars or more to honor collateral calls before the end of the year . the problem for potential lenders is finding good assets to back these continued infusions of capital sought by enron .
as part of the original merger agreement , dynegy already has injected $ 1 . 5 billion into enron , receiving in exchange preferred stock in its northern natural gas co . pipeline system that runs from the upper midwest to texas . under the agreement , if the acquisition falls apart , dynegy " will have the right to acquire 100 % of the equity in the northern natural gas subsidiary , " thus giving it " the full value of its investment . "
but that arrangement is raising questions on wall street about whether creditors are throwing good money after bad . northern natural gas already is heavily encumbered with debts . in addition to $ 500 million in unsecured public debt and $ 1 . 5 billion put in by dynegy and co - investor chevrontexaco inc . , a bank consortium led by j . p . morgan chase & co . recently put in an additional $ 450 million in cash backed by northern ' s assets . the bank consortium also provided $ 550 million to enron , against which assets of enron ' s transwestern pipeline co . unit were pledged . this system , a network between texas and california , is the only other domestic gas - transportation system fully owned by enron .
that brings total indebtedness to nearly $ 4 billion for two enron pipeline systems that only generated transportation revenue of $ 77 million and $ 41 million , respectively , in the third quarter . enron ' s entire natural - gas pipeline business , which includes two other partially owned systems , produced pretax earnings of $ 85 million for the third quarter , flat with the year - earlier period . some observers said that if the enron deal to be acquired by dynegy falls apart , this could set the stage for a fight among the different classes of creditors for a priority claim on the pipeline assets .
- - -
jathon sapsford contributed to this article .
copyright ? 2000 dow jones top brass have options - - - hedging for the ` upper tier '
by ellen e . schultz and theo francis
staff reporters of the wall street journal
11 / 27 / 2001
the wall street journal
al
( copyright ( c ) 2001 , dow jones & company , inc . )
in the 1990 s , as the stock market climbed year after year , many corporations and their employees entered into a marriage of convenience : the company would dole out its own shares as compensation and benefits . employees would have a steadily appreciating asset that encouraged loyalty and created an incentive to work hard for the company ' s success .
they ' re still doing it . gillette co . , for example , " believes it is important that employee interests be aligned with company interests , " says spokesman stephen k . brayton , echoing the explanations of dozens of other companies that use their own stock for executive pay , incentive bonuses , or contributions to 401 ( k ) retirement - savings accounts .
but as share prices have fallen over the past year and a half , it has become clear that not all stock handouts are created equal . millions of rank - and - file workers at hundreds of companies have found themselves shackled to big chunks of company stock , while executives are able to exercise wide latitude in what they do with theirs . because of the law capping tax - deductible executive compensation at $ 1 million a year , many companies top off their executive pay packages with stock options , as well as bonuses and other incentives that are typically paid in stock , much of it unencumbered .
based on filings with the securities and exchange commission , hundreds of companies use their own stock in lieu of cash as their matching contributions to employees ' retirement - savings accounts . and the majority of those restrict the ability of employees to sell the shares and move the proceeds into mutual funds and other alternatives offered through their 401 ( k ) s . benefits consultants hewitt associates found in a recent study that nearly half of 215 firms offering company stock in their 401 ( k ) plans only contribute their own shares to employee accounts , and that 85 % of those companies restrict sales of the stock .
gillette doesn ' t let employees switch out of its stock contributions to their 401 ( k ) s until age 50 , according to government filings . at coca - cola co . , it ' s age 53 . procter & gamble co . , qwest communications international inc . and troubled enron corp . - - now facing lawsuits over employees ' 401 ( k ) losses - - are among the many others that impose similar restrictions . so far this year , gillette employees have had to watch the company - contribution portion of their retirement savings shrink by millions of dollars as the share price has fallen 11 % . employees at coca - cola have endured a share - price decline this year of 18 % . procter the value of mr . anschutz ' s shares covered in the agreement would have plunged to $ 127 million from $ 394 million . ( those shares amounted to about 3 . 3 % of mr . anschutz ' s total holding of 300 million shares , or 18 % of qwest ' s shares outstanding , both directly and through a company he controls . )
a forward - sale agreement wasn ' t available to joseph daugherty . he has been stringing and repairing telephone cable for 23 years , first for bell south corp . and then in the salt lake city area for u s west , which was acquired by qwest last year .
a few months ago , he was looking forward to early retirement next summer . but now , he says , he ' ll have to keep working . the $ 200 , 000 in assets he had in his 401 ( k ) in early may has shrunk to roughly $ 50 , 000 . part of that loss is attributable to the retirement plan ' s rules , which don ' t allow most workers to shift out of company - contributed qwest shares until age 55 . mr . daugherty , who concedes he ' s a risk - taker , blames himself for the rest : he voluntarily sank the remainder of his 401 ( k ) savings into qwest stock .
qwest won ' t comment on the finances of either mr . daugherty or mr . anschutz . but steve hammack , a qwest spokesman , says u s west established the policy of contributing company stock . he notes that starting jan . 1 , 2001 , the company began allowing managers to diversify company stock contributions they receive this year into other investments available through the plan . the restrictions on union members , he says , are covered by the company ' s collective bargaining agreement .
" the fact is , " mr . hammack responds in an email , " the majority of companies in the u . s . that match employee contributions do so in their own company stock . a good number also restrict employees from diversifying out of the company match . "
erisa , the federal law governing pension plans , provides employees with little legal traction to complain about their forced 401 ( k ) holdings . employer contributions to retirement - savings plans aren ' t generally subject to fiduciary rules . ( as for employee contributions , employers are supposed to choose " prudent " investment options . )
retirement - savings plans are exempt from erisa diversification rules , too . these rules make it illegal for a company ' s pension plan to invest more than 10 % of its assets in the company ' s own securities . but savings plans such as 401 ( k ) s can generally invest as much as 100 % of the assets in company stock with impunity . currently , roughly one - third to one - half of retirement - plan assets at large companies are invested in company stock . that suits employers , which would just as soon contribute stock as draw down precious cash , and in the past , they have lobbied successfully to defeat efforts to impose diversification rules on 401 ( k ) s .
that confounds people such as mr . triska , the technician at enron ' s portland general electric unit . " anyone will tell you that you need to diversify to reduce risk , " he says .
diversification has spared mr . triska some of the pain experienced by co - workers who bet big on enron in their retirement savings . since sept . 10 , while the enron shares in his 401 ( k ) have plunged 86 % , his shares in weitz partners value fund have declined only 4 . 52 % , and his shares in fidelity growth company and janus global life sciences funds have risen 7 . 3 % and 2 . 2 % , respectively .
enron executives are subject to the same restrictions on enron ' s stock contributions to their 401 ( k ) s as other employees : no sales of company - contributed stock until age 50 . but company filings with the sec show that " key management and highly compensated employees " also participate in separate retirement - savings plans that don ' t require them to hold enron stock at all . executives can pile as much as 35 % of their salaries and 100 % of their bonuses annually into these accounts , allocating the money among a variety of investments .
further , sec filings show that so far this year , many enron executives were steady sellers of company stock they had accumulated beyond the ambit of their 401 ( k ) s . former enron broadband services chief executive kenneth rice , for example , sold enron shares valued at $ 23 . 7 million during the period , and former ceo jeffrey skilling sold $ 27 . 5 million of enron stock .
" we believe it ' s important for employees to have a stake in the company , " says karen denne , a spokeswoman for enron . " it ' s also important that we align employee and company performance . "
- - -
cassell bryan - low contributed to this article .
copyright ? 2000 dow jones section a
letters to the editor
' stimulus ' for enron
11 / 27 / 2001
the new york times
page 18 , column 4
c . 2001 new york times company
to the editor :
re ' ' in new filing , enron reports debt squeeze ' ' ( business day , nov . 20 ) :
as congress and federal investigators begin looking into a host of questions about management ' s role in the company ' s collapse , i note that the bush - g . o . p . ' ' stimulus ' ' plan calls for united states taxpayers to give enron $ 254 million .
since it was enron management ' s greed that ran the company into multibillion - dollar debt , why should we citizens pay for its irresponsibility ?
arlie schardt
washington , nov . 20 , 2001
copyright ? 2000 dow jones section c
enron talking with dynegy as they work to rescue deal
by by richard a . oppel jr . and andrew ross sorkin
11 / 27 / 2001
the new york times
page 1 , column 5
c . 2001 new york times company
the enron corporation and its would - be rescuer , dynegy inc . , are renegotiating the terms of their deal , originally valued at $ 9 billion , executives close to the discussions said yesterday .
there were several issues still on the table last night , and the situation was very fluid , the executives said . but they said that the companies hoped to announce , perhaps as early as today , a series of changes : a lower price for the takeover ; a cash infusion of $ 500 million ; an agreement by some banks to extend the repayment dates of enron debt until after the deal closes ; and possibly an agreement making clear that the merger would not be derailed by litigation over enron ' s devastated employee - retirement plan .
the sides were also negotiating ways to tighten clauses in the merger agreement so that dynegy would not be able to use information from enron ' s recent filing with the securities and exchange commission as a reason for backing out of the deal .
both companies declined to comment on whether renegotiations were taking place .
but according to executives close to the talks , the new terms would lower the ratio of dynegy stock to be exchanged to roughly 0 . 15 share for each share of enron . the original deal , announced nov . 9 , called for each enron share to be exchanged for 0 . 2685 share of dynegy . but enron ' s shares have been plunging steadily , and yesterday the current offer was valued at 163 percent over enron ' s closing price .
the companies hope that by releasing some good news , they can stem the slide in the price of enron ' s stock and traded debt . enron shares , which have been plunging since mid - october when the company began to disclose a series of losses and accounting errors , closed yesterday at $ 4 . 01 , down 14 . 9 percent , or 70 cents . shares of dynegy closed at $ 39 . 25 yesterday , down 2 . 9 percent , or $ 1 . 15 .
more important , the executives close to the talks said , the companies hope to restore confidence in enron ' s energy - trading operation , which showed signs of deterioration yesterday . in recent years , enron has traded more natural gas and electricity than its two biggest competitors combined , and its trading floor is viewed as its most valuable franchise , accounting for most of the company ' s profit .
dynegy ' s biggest worry , according to the executives , is that this core business is deteriorating . the company fears that if other energy traders further curtail their business with enron - - either on their own or in response to another cut in enron ' s credit rating - - then much of the value of the company could be wiped out , they said .
the urgency of the situation has been made clear by the way in which enron is being treated in the energy - trading markets , some analysts and executives at rival energy companies say . though some large traders are still doing business with enron , many other traders have curtailed their dealings with the company for fear they may not get paid if enron collapses and files for bankruptcy protection .
in addition , some of the energy trading enron is doing is costing it more money because of credit concerns . for example , analysts and energy executives say , enron is in some cases being forced to pay 3 cents to 6 cents more per million british thermal units of natural gas . that means instead of paying perhaps $ 1 . 80 per million b . t . u . ' s in some trades , it may be paying $ 1 . 84 .
jeff dietert , an analyst with simmons & company in houston , said the price discrepancies on some trades were also showing up on enrononline , the internet platform that accounts for much of the company ' s trading with other parties .
' ' we ' re seeing enron ' s prices , ' ' mr . dietert said , ' ' be about a nickel higher on enrononline versus some of the competing internet - based exchanges . ' ' if these credit premiums should continue , it could erode enron ' s trading profits and worsen its already tenuous liquidity situation .
an enron spokeswoman , karen denne , said trading volumes were ' ' below average , ' ' yesterday , but she declined to be more specific . she did say the company was in discussions about a new equity infusion of $ 500 million to $ 1 billion .
according to executives close to the talks , details were still being worked out on the cash infusion , which would come from citigroup and j . p . morgan chase . dynegy may also add cash to the deal while reaffirming the company ' s commitment to the merger .
executives at rival trading companies said dynegy needed to do something to bolster confidence in enron ' s trading operations .
' ' in places , enron is paying up to 4 or 5 or 6 cents more for next - day gas , ' ' said an executive at one large energy trader . ' ' some producers out there don ' t want to sell additional discretionary gas to enron , so they ' re having to pay up . ' '
the executive also said most energy traders expected that dynegy would obtain a much lower merger price because enron had little or no room to fight a renegotiation .
' ' if enron hasn ' t lined something else up , their other choice is bankruptcy , ' ' he said . ' ' you can guess what shareholder value is going to look like if that ' s the case . ' '
copyright ? 2000 dow jones section c
top companies issuing debt at a fast pace
by stephanie strom
11 / 27 / 2001
the new york times
page 1 , column 5
c . 2001 new york times company
in the weeks since the attack on the world trade center , blue - chip corporations have issued a torrent of debt .
ford , general electric , i . b . m . , kraft , at & t , general motors and other companies have doubled and even trebled their initial plans for bond offerings as investors , disenchanted with the stock market , have all but begged to buy their debt . in all , companies have issued 31 . 5 percent more debt in the last 11 weeks than they did in the period a year earlier .
the companies are taking advantage of the chance to raise cash at bargain basement prices , thanks to low interest rates , and to retire more expensive debt .
but they may also have little - discussed concerns that money will be scarce in the future , particularly if the economic downturn persists and the recovery is less vigorous than economists now hope . bank lending is at a 30 - year low , according to the conference board , and buyers are hard to find for commercial paper , the short - term , cheap debt that corporate purebreds rely on . standard it was able to raise $ 9 . 4 billion and is said to be thinking about trying to raise $ 7 billion more .
kraft foods , part of the philip morris companies , had planned to issue $ 2 billion worth of bonds . instead , it offered $ 4 billion .
at & t raised $ 10 . 1 billion , twice as much as it originally planned . at & t ' s and ford ' s issues rank as the second - and third - largest ever .
all told , 573 corporations have issued $ 181 billion of debt since sept . 11 , compared with 692 companies that raised $ 138 billion in the period last year , according to thomson financial / first call .
' ' when you look at other asset classes , the corporate bond market offers some of the better values , ' ' said bob lobue , head of the investment - grade fixed - income syndicate at j . p . morgan , which has underwritten roughly half the issues that have come to market since sept . 11 . ' ' there ' s still a lack of confidence in stock valuations based on the weakness we ' re seeing in earnings . ' '
issuers and their underwriters most often cite the low interest rates on treasury bills as the reason for the surge in corporate debt . corporate bonds are often priced in relation to united states government debt , and thanks to a cascade of interest rate cuts by the federal reserve this year , well - heeled companies can borrow at extremely attractive rates .
international business machines , for instance , recently sold $ 1 . 5 billion worth of five - year notes with the lowest coupon it has ever issued , 4 . 875 percent .
others , though , read the stampede of premier companies to issue debt as a sign that credit is getting tight . investment - grade companies typically juggle a smorgasbord of debt - - short , intermediate and long term - - but they are definitely skewing the mixture toward the long end these days . no doubt , that is because debt is cheap - - but it also suggests that they may foresee a time when money will be more scarce and are accumulating the war chests mr . cunningham referred to .
it was not so long ago , after all , that companies experienced a credit shortage . ' ' a credit crunch was brewing last year , ' ' mr . cunningham said , ' ' until the fed stepped in and started aggressively lowering interest rates , which averted it . ' '
but a cash problem persists in some ways despite the federal reserve ' s series of interest rate cuts . ' ' we are in a cash crisis like none we have experienced in recent memory , ' ' said james padilla , a ford executive , in a recent memorandum to his staff .
many companies with less - than - pristine credit ratings have trouble raising money and may be having more because of the stampede by blue - chip companies .
' ' when companies like ford or general electric come into the market , they squeeze a lot of other , somewhat riskier credits out , ' ' said gail d . fosler , the chief economist at the conference board .
jack ablin , chief investment officer at the harris trust and savings bank , said that the economic recovery depended on companies ' being able to get credit .
' ' my primary concern is the lack of available credit across the spectrum , ' ' he said . ' ' we are forecasting an economic recovery in the middle of next year , but the one thing that could go wrong with that forecast is if the availability of credit stays where it is or gets worse . ' '
another concern is that debt is piling up with negative consequences . ' ' the fed is trying to prevent the bubble from bursting by keeping the forces of credit exuberance alive , ' ' barton m . biggs , chief global strategist at morgan stanley , wrote to investors earlier this month . ' ' the trouble is , although it may work in the short run , in the long run the debt burden will be bigger and the adjustment process more painful . ' '
the automakers , for example , are using the money they have raised in part to support the customer incentive programs that offer zero - interest financing . they are paying as much as 7 . 25 percent , in other words , to lend money to car buyers for nothing .
some of the new debt is being used to retire commercial paper . but companies are taking on more than they need to accomplish that goal .
the longer - term money they are borrowing is more expensive than the commercial paper , even if it is cheaper than it has been in a long time . the spread - - the difference in interest rates between treasuries and corporate bonds - - has generally widened since sept . 11 , although not across the board .
' ' there is a cost factor involved , but we try to minimize that , ' ' said david moore , manager of fixed - income investor relations at ford credit , which accounted for the bulk of the $ 9 . 4 billion that ford borrowed last month . ' ' we ' re mindful of our liquidity , and want to make sure we ensure it . ' '
like many of the companies issuing debt , ford is curbing its dependence on the commercial paper market . for the year through oct . 16 , ford had cut the amount of paper it had outstanding by almost 60 percent , to $ 17 billion . ' ' that puts us in a very good position , given our rating , ' ' said mr . moore , who was one of the few executives willing to discuss his company ' s strategy .
ford , like a host of other companies , has had its credit ratings cut . many buyers of commercial paper , like money market funds , lend to only the highest - rated companies . so far this year , standard & poor ' s has knocked 57 companies out of the top ratings for commercial paper , compared with 49 last year .
the total amount of outstanding commercial paper has fallen 30 percent this year , according to diane vazza , head of global financial investment research at standard & poor ' s , thanks to that downgrading and to great caution among investors . ' ' we ' ve seen some issuers driven out of the market , ' ' ms . vazza said .
according to several credit analysts , daimlerchrysler was scheduled to roll over $ 7 billion of commercial paper in june but decided to take the offering to europe , where investors are less particular about ratings quality .
similarly , enron careered into its crisis when it was forced to redeem commercial paper as its credit ratings fell .
the decline in at & t ' s commercial paper ratings was one reason for its big issue last week .
but underwriters of corporate debt insist that the decline in the commercial paper market has more to do with companies ' ability to borrow for the long term cheaply than with their inability to issue short - term debt . ' ' short - term financing does come with a maturity risk in that you constantly have to roll it over in order to maintain liquidity , ' ' said mr . lobue of j . p . morgan .
the underwriters concede , however , that lending by banks has all but dried up , falling to its lowest level in three decades . bank lending has been curtailed at the behest of federal regulators like the federal deposit insurance corporation and the office of the comptroller of the currency at the treasury department , putting them seemingly at cross - purposes with the fed .
the chief executive of echostar , charles w . ergen , had to put up $ 2 . 75 billion of his own money to complete the purchase of the hughes electronic corporation . the bankers at ubs warburg , echostar ' s adviser on the deal , had offered to provide the financing , but only with a proviso that would have let the bank back out of the deal under certain conditions .
although the company later got financing from credit suisse first boston and deutsche bank , many other bankers have privately applauded ubs warburg ' s caution .
copyright ? 2000 dow jones stock ' s decline raises doubts about buyout
peter behr
washington post staff writer
11 / 27 / 2001
the washington post
final
eol
copyright 2001 , the washington post co . all rights reserved
shunned by investors and deserted by many former customers , enron corp . is searching this week for up to $ 1 billion in cash from lenders to sustain its once dominant energy - trading business .
enron stock fell yesterday to new low of $ 4 . 01 a share , down 70 cents , continuing the latest plunge that began last week when the houston company disclosed still more damaging detail about its financial condition .
a year ago , enron stock traded for more than $ 78 a share , based on its leading position then as a trader of power , natural gas , various industrial and telecommunications products and financial contracts linked to these commodities .
dynegy inc . , enron ' s houston rival , said yesterday it was not moving away from its $ 23 billion cash and debt offer to buy enron . enron declined to comment on its financial problems .
but enron ' s stock has dropped more than 50 percent since the dynegy deal was announced nov . 9 . investors believe that dynegy will renegotiate the deal at a cheaper price or even try to abandon it , said brian youngberg , a financial analyst with edward d . jones & co . in st . louis .
" the [ dynegy ] deal values enron at more than $ 10 a share . for a company that ' s trading at $ 4 , that doesn ' t make much sense , " said youngberg , who last week recommended that customers sell enron shares .
as part of the dynegy deal , enron received $ 1 . 5 billion in cash , secured by stock in one of its pipelines . but without another large infusion of cash , the company faces what youngberg called a " death spiral . "
along with investors , many energy buyers and traders have lost confidence in enron ' s ability to make good on the long - term energy contracts it specializes in , youngberg said . enron ' s most important operations involve contracts to deliver natural gas , electric power and other energy products to industries and utilities in the future . it also sells financial instruments designed to protect customers against sharp swings in energy prices .
these deals are the one part of enron that dynegy wants .
" their core business has dropped off sharply , " said andrew meade , an analyst with commerzbank securities in new york . enron remains a sizable player in the huge daily trading of energy products , but is being frozen out of long - term markets and relegated to less profitable short - term trades , said meade .
the lengthy span of enron ' s crisis , which began a month ago when it reported a $ 1 . 2 billion reduction in shareholder equity , has given companies time to close out contracts with enron or limit their potential losses if enron were to fail , said louis b . gagliardi , an analyst with john s . herold inc . in connecticut .
" if enron went to a chapter 11 bankruptcy , or failed , it would unsettle the market slightly . but it wouldn ' t catch people by surprise . so there ' s not much danger of a crisis on the natural gas or power side " of energy trading , gagliardi said . other market participants cautioned that the extent of enron ' s obligations to trading partners is not known to outsiders , making the impact of an enron failure hard to assess .
dynegy and its partner , chevrontexaco corp . , could pump billions of dollars into enron ' s operations if the purchase went through , but under the best of circumstances , regulatory review of the deal will drag on for another six months . investors and traders are increasingly doubtful that enron can hang around that long by itself , " that just adds to the uncertainty about the stock , " gagliardi said .
dynegy ' s offer for enron caused a brief rally in enron ' s stock price and outlook .
but that flurry of optimism was halted by a new financial report last week to the securities and exchange commission detailing even more serious debt obligations than the company had previously acknowledged .
enron was able to negotiate a three - week extension on a $ 690 million note that was coming due this week and finished arrangements on a $ 450 million line of credit , part of a $ 1 billion infusion it had previously announced .
however , the $ 690 million obligation , disclosed in the sec filing , was a very pointed alert to investors about enron ' s growing cash needs , meade said .
and the new details of enron ' s plight in last week ' s filing further damaged the credibility of the company ' s financial reporting , meade said .
" i don ' t think they have fully restated their earnings . there is probably more to come , meade said . "
enron ' s board has turned to an outside committee to assess the company ' s financial condition , after acknowledging last month that enron had overstated earnings by $ 586 million over the past four years .
the restatement was caused primarily by accounting decisions that concealed losses in a series of limited partnerships that enron had helped create to buy various energy , water supply and internet network properties it wanted to dispose of , the company said .
on nov . 14 , enron ' s new chief financial officer , jeff mcmahon , briefed analysts on a series of steps the company would take to raise cash , including the current quest for $ 500 million to $ 1 billion in loans . enron , its executives said , will reorganize the company around its business that generated the strongest cash flow - - energy trades , gas pipeline and coal operations . other assets , worth $ 8 billion in book value , would be put up for sale " in an orderly fashion . "
then came the new disclosures last week , reinforcing analysts ' concerns that the depths of enron ' s liabilities have not yet been plumbed .
" the issues that brought enron to this point are unresolved . it ' s a balance sheet that doesn ' t stand still and continues to deteriorate , " gagliardi said .
http : / / www . washingtonpost . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
nov . 27 , 2001
houston chronicle
enron , dynegy deal back on table
energy traders said to be renegotiating premium for shares
by laura goldberg
copyright 2001 houston chronicle
dynegy and enron corp . could announce new terms for dynegy ' s deal to buy enron as soon as today , according to sources familiar with talks between the two companies .
the two houston - based energy traders , the sources said , spent the weekend and monday discussing , among other issues , a lower exchange rate for dynegy ' s stock deal to buy enron .
as of monday evening , no exchange rate had been agreed to and discussions were continuing , the sources said , cautioning that the situation was fluid .
also monday :
? enron and dynegy , the sources said , were working to finalize terms for an equity infusion into enron of around $ 500 million that ' s expected to come from j . p . morgan chase & co . and citigroup . another equity infusion from other parties could come later , the sources said .
? enron , dynegy and a group of banks were negotiating terms for a so - called " override " agreement that would extend , until after the merger closed , maturity dates for certain debt enron is due to repay or that could come due before , the sources said . it was unclear how much of approximately the $ 9 billion in obligations enron could have coming due in the next 12 months that would be covered by that restructuring .
? it was expected that enron would start layoffs sometime this week .
karen denne , an enron spokeswoman , said her only comment was that any action the company would take concerning job cuts would be communicated first to employees .
? california attorney general bill lockyer , not known for harboring a favorable attitude toward enron or other texas energy companies , has started reviewing the planned merger , looking for potential antitrust problems , his office said . dynegy has power plants there , while enron sells power and natural gas into the state .
? shares in both companies fell , with enron closing down 70 cents at $ 4 . 01 , while shares in dynegy ended the day down $ 1 . 15 at $ 39 . 25 .
the talks between enron and dynegy come amid wall street expectations that dynegy will renegotiate the merger terms or back out of the deal completely . the sources said that at the moment , the companies aren ' t discussing canceling the deal .
on nov . 9 , the day dynegy announced it would acquire its troubled rival , shares in enron closed at $ 8 . 63 , while shares in dynegy closed at $ 38 . 76 .
the merger agreement calls for enron shareholders to get 0 . 2685 share of dynegy per enron share . based on the nov . 9 closing prices , dynegy would be paying $ 10 . 41 a share for enron .
but since , enron ' s share prices have dropped significantly amid increasing concerns about its ability to maintain its core trading business and troubling new disclosures about its financial shape .
based on monday ' s closing prices , dynegy would be paying more - - $ 10 . 54 a share - - for enron , which is worth considerably less based on market capitalization than when the deal was announced .
last week , one stock analyst said he thought a ratio of no more than 0 . 15 share of dynegy per enron share might be more realistic .
dynegy spokesman john sousa said monday that dynegy was continuing its " due diligence " review of enron ' s books and " looking at everything very closely . "
unless the merger with dynegy goes through , enron could be forced into bankruptcy protection .
enron ' s core trading business has eroded , the securities and exchange commission is investigating its finances and it faces a pile of debt as well as an increasing number of shareholder and employee lawsuits .
enron and dynegy hoped the merger deal , which included an immediate infusion of $ 1 . 5 billion of equity into enron , would stabilize enron .
but new financial disclosures have had the opposite effect .
for example , on nov . 19 , enron revealed $ 690 million in debt would come due sooner than expected because of a credit - rating downgrade .
the news came as a surprise even to dynegy .
dynegy has escape hatches in its merger agreement , including a " material adverse change " clause that applies generally to enron ' s financial state .
also , if the amount of legal and shareholder claims enron must pay out is greater than $ 3 . 5 billion , the deal can be called off .
sousa described the escape clauses as " broad provisions " to ensure dynegy is adequately protected .
nov . 27 , 2001
houston chronicle
sizable staff of 245 lawyers in merger limbo
by mary flood
copyright 2001 houston chronicle
whether troubled enron corp . merges , falls or stays the course , it is likely to deeply affect one of houston ' s largest law offices : the one within the embattled company .
" we ' ve always regarded them as one of the big law firms in houston , " said howard ayers , managing partner of andrews & kurth , one of the city ' s largest firms with about 240 lawyers in houston alone .
enron has about 245 lawyers worldwide , company spokesman vance meyer said . that ' s a large legal stable even for a company with more than 25 , 000 employees . with about 145 lawyers in houston , if it were a private firm it would have been the city ' s sixth - largest , according to the chronicle 100 survey released in may .
energy trader enron ' s internal law office has burgeoned along with the huge trading firm , now set to merge with a smaller but stronger local competitor , dynegy . as enron ' s stock plummeted further , dynegy last week denied rumors it might drop out and leave enron to face a possible bankruptcy .
whatever the company ' s fate , there are rough waters ahead for enron lawyers .
although most lawyers interviewed said they hope everybody remains employed and that it is premature to discuss the fate of enron ' s legal staff , speculation in the legal community runs the gamut from rumors that dozens of lawyers could be laid off as early as this week to the idea that enron will hold on tightly to its talent .
" my guess is they ' ll need their lawyers while they get things in a more steady state . there ' s a lot of legal work to go through , " said joel swanson , a senior partner at baker & botts , a houston law firm with about 265 lawyers here .
not only does enron have a large cadre of lawyers inside its company , but it also has hired just about every large firm in houston over the last few years . several of the biggest houston firms are working on the merger for either enron or dynegy , and others are standing by wondering which outside firms will get the biggest pieces of legal work when the new company is created .
enron ' s legal department has siphoned talent from houston ' s top law firms over the years . heads of law firms said they have seen plenty of promising lawyers lured away by enron ' s competitive pay combined with stock options , which were a lucrative draw until recently , as shares have lost 95 percent of their value .
" enron has one of the premier legal departments in the country , " said jeff love , managing partner of locke liddell & sapp , a houston - based firm with about 175 of its lawyers here .
enron has hired a lot of what are called " laterals , " or lawyers who have had a couple years training , often at a big firm .
although jobs in corporate counsel offices are generally considered easier than big - firm life , that ' s not the reputation of enron ' s legal eagles .
as with the company itself , the general counsel ' s office has been known as innovative and hard driving .
" i don ' t think anybody lateraled into enron with the expectation of an ordinary life , " ayers said .
in the houston market , where big - firm first - year lawyers start at around $ 110 , 000 a year , the advantages of going to an expanding company like enron were the stock options and the opportunity to grow with the company .
if heavily anticipated layoffs occur at enron , top houston lawyers expect casualties to land on their feet . looming recessions are not always bad for job - hunting lawyers . bankruptcy , litigation and mergers all can boom in rough times .
several houston - based law firms said they have recruited a slightly larger starting class of lawyers for 2002 , meaning they don ' t expect to scale back their business in the immediate future .
should the merger succeed , enron ' s 245 lawyers will join dynegy ' s 43 .
" the question of how you integrate the two staffs , as with a lot of things associated with the merger , won ' t be worked out for some time , " dynegy spokesman steve stengel said .
nov . 27 , 2001
houston chronicle
bin laden threat against pipelines taken seriously
ashcroft : unconfirmed warning linked to leader ' s death , capture
by michael davis
copyright 2001 houston chronicle
the fbi confirmed monday that it has warned the energy industry that osama bin laden may have ordered strikes against u . s . natural gas facilities if he is caught or killed .
the agency issued the warning last week , attorney general john ashcroft said at a news conference monday . it had uncorroborated information that bin laden may have approved plans for such attacks , ashcroft added .
the fbi warning said " such an attack would allegedly take place in the event that either bin laden or taliban leader mullah omar are either captured or killed . "
the warning hit home in houston because while the warning did not single out a target , it referred specifically to natural gas infrastructure , such as pipelines . houston is the hub of this industry and is at the center of a dense web of gas pipelines .
the warning was considered similar to the one issued earlier about potential attacks against west coast bridges .
ashcroft said the government is in regular communication with companies that own the nation ' s energy infrastructure , such as refineries , natural gas pipelines and nuclear plants .
federal law enforcement officials received the uncorroborated report of undetermined reliability about a potential attack against natural gas supplies about 10 days ago , ashcroft said .
since the terrorist attacks on sept . 11 , all energy companies have established more stringent security measures . pipelines , however , are considered especially vulnerable since they are accessible above ground in remote areas with typically little more than a padlock and a metal fence to keep out someone wanting to damage the line .
reliant energy entex , the natural gas distribution company that serves the houston area , was notified about the warning but has not added any new security measures as a result , company spokeswoman alicia dixon said .
" we ' ve been on a heightened state of alert since sept . 11 so nothing is different today than it was yesterday , " dixon said . " we have very strong security in place already because of the nature of our business . we have to be prepared to deal with a variety of emergencies . "
dixon said the company recieved word of the warning from the american gas association . the american petroleum institute also passed the warning on to energy companies , api spokesman juan palomo said .
enron notified its employees of the warning and also has been on heightened state of alert since sept . 11 , company spokeswoman gina taylor said .
" we take all threats seriously , " taylor said .
enron monitors its pipelines and related facilities such as compression stations using planes , cars and on foot , she said . the company has not added staff to beef up its security as a result of the warning , she said .
" we routinely patrol the right of way , " she said .
there are thousands of miles of natural gas pipelines running throughout the nation . thirty interstate gas pipelines carry 90 percent of the natural gas transported , according to the interstate natural gas association of america .
detailed information about locations of pipelines and other energy infrastructure has been taken off some corporate and government internet sites . access to facilities has been tightened as well , officials said .
federal regulators have offered help to pay for the added protection by speeding rate hike requests for beefed - up security .
if a pipeline were attacked with an explosive , for example , the operator could shut off the flow of natural gas , oil or refined products from either side of the break .
nov . 27 , 2001
houston chronicle
current recession differs from others
by jim barlow
copyright 2001 houston chronicle
so it ' s official . the united states is in a recession .
that was the word monday from the national bureau of economic research . a recession , by the by , comes about after six months of declining economic activity . in this case , the bureau said , the recession started last march , so we ' re already through almost nine months of slowdown .
but there ' s something very different about this recession , different from all the others we ' ve experienced in the past four or five decades . we were not led into it by a huge oversupply of all kinds of real estate and a collapse in those prices .
the current recession was sparked by a high - tech collapse , led by a glut of technology products .
that doesn ' t mean real estate will sail through untouched this recession . there are places that will be hurting . san francisco comes to mind . it is a high - tech center , and there was a lot of building to accommodate that industry .
there is also one real estate sector in trouble - - the hotel industry . it had already been hurt by a downturn in business travel . the sept . 11 terrorist attacks sent it , and air travel , reeling .
recall see - through buildings ?
but there ' s nothing like we saw back in the mid - 1980 s . remember when houston enriched the nation ' s vocabulary by coming up with the term see - through buildings ? those were the many skyscrapers in houston that had been built but never finished inside . so you could look right through them because there were no interior walls .
indeed , if real estate is a bright spot in this recession , real estate in houston is a great shining light .
houston ' s office building market is tight . the downtown office market has an 8 . 9 percent vacancy rate , and prime class a space prized by major corporations is effectively full . there should be some easing of that rate . enron corp . , with its well - publicized freefall , has almost completed a new headquarters . even more space will be coming onto the market when the 32 - story calpine center office tower is completed at 717 texas ave . in 2003 .
century development has announced it is working on a 40 - story office tower downtown . crescent real estate equities is building a tower on the other side of main street . all this , plus cutbacks at continental airlines and the pending sale of compaq computer corp . to hewlett - packard co . , will doubtless hurt the office market . but no one is predicting disaster .
the houston apartment market may be the nation ' s healthiest , with 93 . 5 percent of houston ' s apartments occupied in the third quarter of this year . that figure is almost a full percentage point higher than the year before . prices for apartments are up , as are rents .
sales of used homes in october were the highest ever , with the median price up 3 . 9 percent . new - home sales are setting records .
developers are optimists
so how did we escape the usual ? credit lenders .
real estate developing is full of optimists . ask any developer - - even in the midst of a bust - - and he ' ll tell you . it won ' t affect his building , which somehow is nicer , sexier or even more depression - proof than the next guy ' s . give a developer money , and he will build .
lenders have been as tight as the bark on trees . that has forced developers to pre - lease buildings and seek partners with equity - - primarily pension funds - - before the banks would loan them money for new projects .
several things happen to the real estate business during a recession . prices fall or stabilize - - and in this particular recession the bet is probably on stabilization . the banks and others that loan that money generally tighten credit standards , cutting off weaker real estate players . and the federal reserve board helps out the economy by lowering rates , which aids bargain hunters with deep pockets .
in any recession , even one that is as benign to real estate as this one , some properties won ' t survive the economic downturn and owners will have to sell or file for bankruptcy .
with the current low interest rates , companies with good credit will move in and buy those properties . remember the so - called vulture funds of the 1980 s ?
how soon this process starts will determine the length of this recession . because real estate is in good shape this time , the process is not as important as it was in the 1980 s . still , if investors promptly snap up distressed properties , that will increase the odds that this recession will be a short one .
enron gains on optimism dynegy purchase to proceed ( updatel )
2001 - 11 - 27 07 : 59 ( new york )
( updates to add instinet trading , comment by tice . )
houston , nov . 27 ( bloomberg ) - - enron corp . shares rose as
much as 3 . 5 percent on instinet amid optimism dynegy inc . will
proceed with its proposed acquisition of the rival u . s . energy
trader after renegotiating the terms of its offer .
shares of the energy trader plunged 55 percent last week on
concern the merger would unravel after enron said it had more debt
and less cash than previously announced , threatening its ability
to operate until dynegy completes the purchase .
executives of the two companies discussed possible changes in
the terms over the weekend , people familiar with the matter said
yesterday . dynegy is now talking about paying less than 0 . 15
shares for each of enron ' s , valuing the company ' s equity at about
$ 5 billion , or less than $ 6 per share , the wall street journal
reported , citing people close to the discussions .
` ` the choices are fairly stark : renegotiate the deal or file
for chapter 11 , ' ' said john olson , an analyst with sanders morris
harris , a houston - based financial services company .
enron shares rose as much as 14 cents to $ 4 . 15 on instinet .
the original dynegy bid valued enron at $ 10 . 54 a share in dynegy
stock . the discount reflects skepticism among investors the
acquisition will be completed under the original terms .
bond investors were less optimistic . the company ' s 6 . 4
percent bonds that mature in 2006 declined to 45 cents on the
dollar from 48 cents on the dollar yesterday , traders said . at
that price , the bonds yield 28 . 5 percent .
` ` the concern is that the dynegy deal breaks down , ' ' said
paul tice , co - head of u . s . high - grade credit research who covers
the energy market for deutsche bank . last week ' s securities and
exchange commission filing ` ` had a lot of negative surprises . ' '
investors have become concerned because enron hasn ' t been
able to complete a proposal to raise $ 2 billion through a private
equity sale and moody ' s investors service is weighing whether to
downgrade the company ' s credit rating .
extension ?
the companies may announce as early as today an extension by
some banks on the repayment of enron ' s debt , a $ 500 million cash
infusion from citigroup inc . and j . p . morgan chase & co . , and an
agreement that would keep the purchase intact despite lawsuits
over enron ' s employee - retirement plan , the new york times said .
neither enron spokeswoman karen denne nor dynegy spokesman
john sousa would comment on whether talks on a new buyout
agreement are underway .
current terms call for an exchange ratio of 0 . 2685 share of
dynegy stock for each enron share . given recent disclosures about
enron ' s debt and the drop in the stock price , a fairer ratio would
be 0 . 15 share of dynegy , said ronald barone , a ubs warburg analyst
who rates dynegy a ` ` strong buy . ' '
` ` if they can renegotiate the deal to half ( the original
price ) , that ' s where you get really attractive earnings , ' ' said
gordon howald , an analyst at credit lyonnais who rates dynegy a
` ` buy . ' '
enron ' s debt
under current terms , the deal makes sense for dynegy only if
enron earns 85 cents or more , howald said . barone has reduced his
estimate of enron ' s 2002 earnings from $ 1 . 65 a share to 75 cents .
dynegy shares fell $ 1 . 15 , or 2 . 9 percent , to $ 39 . 25
yesterday .
new terms may not be necessary if enron can get the
additional $ 2 billion in financing it ' s seeking , some investors
said .
` ` if people who ' ve looked at enron are willing to put in that
kind of money , it sends a message that their core businesses - -
trading , pipelines and energy management - - are still sound , ' '
said kathleen vuchetich , who helps manage $ 1 . 4 billion in assets
in the strong utilities fund , 4 . 3 percent of which is dynegy
stock .
enron has debt payments of more than $ 9 billion due before the
end of 2002 , and has less than $ 2 billion in cash and credit lines
left , the company said in a filing last week . if its cash reserves
run too low , enron ' s credit rating may be cut below investment
grade . that would trigger $ 3 . 9 billion in debt repayments for two
affiliated partnerships .
reprieve
moody ' s investors service hasn ' t issued a report on enron
since the company filed a 10 - q quarterly report with the
securities and exchange commission last week . on nov . 9 , it rated
enron ' s debt one notch above junk . the rating company ' s analysts
didn ' t return calls seeking comment .
egan - jones ratings co . lowered its rating on enron ' s credit
today to ` ` bb - ' ' from ` ` bb , ' ' a level below investment grade .
the houston - based company also said in the filing that it had
a $ 690 million note due this week , and that it may have to reduce
fourth - quarter earnings by $ 700 million . the write - off would come
because it used stock to guarantee debt owed by an affiliated
partnership , and the value of that stock has plunged .
on wednesday , enron got a three - week reprieve from lenders on
the $ 690 million note and closed on a $ 450 million credit line .
dynegy chief executive officer chuck watson said he was
` ` encouraged ' ' by the developments .
enron is negotiating to restructure its other debt , denne
said yesterday . j . p . morgan and citigroup executives met today to
line up investors willing to buy $ 2 billion in bonds convertible
into enron stock .
deteriorating daily
many of enron ' s trading partners are shunning the company ,
and some analysts now say enron ' s 2002 earnings may hurt , rather
than boost , dynegy ' s earnings , as watson has projected .
` ` the value of the assets dynegy is trying to buy - - the
trading and marketing businesses - - are deteriorating on a daily
basis as more counterparties back off on trading and dealing with
enron , ' ' said mike heim , a securities analyst at a . g . edwards dynegy could kill deal or drop price
james p miller , tribune staff reporter reuters news service contributed to this report
11 / 27 / 2001
chicago tribune
north sports final ; n
1
( copyright 2001 by the chicago tribune )
as dynegy inc . continued to scrutinize merger partner enron corp . ' s tangled finances , wall street traders bet that dynegy is on the verge of either calling off the enron buyout it announced three weeks ago or renegotiating a much cheaper price for its once - highflying rival .
" the market is acting like the deal is not going through or not going through at the original terms , " said a . g . edwards analyst michael heim .
the new york times reported the companies as early as tuesday could announce a new deal , which could reduce by nearly half dynegy ' s $ 9 billion takeover offer .
under terms of the original agreement between the two houston - based energy concerns , enron stockholders are to swap each of their shares for little more than a quarter - share of dynegy stock , which closed monday at $ 39 . 25 . that would value enron shares at $ 10 . 54 .
if investors believed the stock - for - stock deal was likely to go through , they would be willing to pay something very close to that price for enron shares - - but they ' re not .
as investor doubts have grown , so has the gap between the buyout price and the trading price of enron ' s stock . on monday , enron ' s battered shares slid to their lowest level in years , dropping 70 cents , or 15 percent , to close at $ 4 . 01 .
enron ' s market capitalization - - the value of the company ' s approximately 850 million shares - - has plunged to $ 3 . 41 billion . in february , enron ' s market cap was about $ 70 billion .
with monday ' s slippage , enron shares are trading at a 62 percent discount to the dynegy offer . the shares of acquisition targets typically trade at a less than 10 percent discount to the deal price after a merger announcement .
dynegy saying little
as dynegy ' s audit team continued its in - depth review of enron ' s books monday , a company spokesman declined to discuss rumors swirling around the deal . " the due diligence continues , " said john sousa , the dynegy spokesman . " we ' re looking closely at enron . "
asked about one analyst ' s recent projection that dynegy may renegotiate the transaction ' s exchange ratio and give enron holders just 0 . 15 dynegy shares for each enron share , rather than the agreed upon 0 . 2685 ratio , sousa said , " we don ' t comment on speculation . "
there is no shortage of speculation of late in the " soap opera that is enron , " said commentator carol levenson of the gimme credit bond market newsletter .
levenson suggested that " there ' s a game of chicken going on between enron , its bankers , its ostensible merger partner , dynegy , and the rating agencies . " any of the parties " could send this company over the edge at any moment , " she said , and enron " is in an increasingly weak negotiating position . "
enron ' s fall from grace has been astonishingly swift and painful for its stockholders , some of whom are suing the company for allegedly using misleading accounting measures to conceal the shaky state of its finances .
with monday ' s drop , enron shares have tumbled 95 percent from the $ 82 they commanded just 10 months ago .
once a regional pipeline operator known as houston natural gas , enron transformed itself during the 1990 s through an ambitious expansion plan . it acquired electric utility operations , built overseas power plants and developed an innovative energy trading operation .
partnership woes
the strategy made enron a stock market darling , but it also periodically strained the company ' s liquidity . to help keep its credit ratings strong , the company created limited partnerships that allowed enron to keep billions of dollars in debt obligations off its books and out of sight of most investors .
while enron ' s power trading group has experienced operating problems of late , it is the limited partnerships - - some of which were managed by enron officials - - that proved to be the company ' s downfall .
in october , enron disclosed that it had shrunk its shareholder equity by $ 1 . 2 billion to buy back 55 million shares it had issued to the partnerships . the charge associated with " unwinding " the web of partnerships stunned investors by giving the company an unforeseen $ 618 million third - quarter loss . it also spurred a markdown of enron ' s credit ratings to just above junk - bond status , as well as a securities and exchange commission investigation into enron ' s partnership practices .
as further accounting difficulties surfaced , enron ' s finances have turned increasingly shaky , and some other trading companies , fearing exposure to enron ' s problems , have become reluctant do new transactions with the company .
as part of the buyout arrangement , dynegy ' s 26 percent owner , chevron - texaco corp . , has given enron $ 1 . 5 billion in upfront cash ; in exchange , dynegy obtained rights that would allow it to acquire the desirable northern natural gas co . pipeline if the deal falls through .
dynegy has the right to walk away from the deal if enron suffers what ' s known as a " material adverse change . " but as tyson foods inc . found out this year when it unsuccessfully sought to break its agreement to buy meatpacker ibp inc . after an accounting mess at ibp , proving such a claim can be difficult .
copyright ? 2000 dow jones financial desk
pressure mounts on enron buyout energy : stock drops to its lowest since ' 87 on doubts dynegy deal will go through . workers sue over shrinking 401 ( k ) s .
thomas s . mulligan
times staff writer
11 / 27 / 2001
los angeles times
home edition
c - 1
copyright 2001 / the times mirror company
new york - - enron corp . shares monday sank to a low not seen since the 1987 stock market crash , as investors continued to mark down the chances of the energy trader ' s completing its pending buyout by rival dynegy inc .
enron stock tumbled 70 cents , or 15 % , to $ 4 . 01 on the new york stock exchange . dynegy fell $ 1 . 15 , or 3 % , to $ 39 . 25 on the big board .
the pressure on enron is mounting not just from wall street but from regulators , bond - rating agencies , the energy trading community and enron ' s own employees , many of them angered by the devastation of their retirement accounts as the company ' s stock has plunged 95 % this year .
an employee lawsuit was filed monday in federal court in houston , alleging that enron misled workers about its profitability and breached its fiduciary duty by inducing them to buy company stock for their 401 ( k ) retirement plans .
about 15 , 000 enron employees are owed a total of $ 890 million in compensation for losses sustained in their retirement accounts , said eli gottesdiener , whose washington firm represents the plaintiffs .
one of the plaintiffs , gary kemper , a maintenance foreman with enron ' s portland general electric unit in oregon , said the total value of his 401 ( k ) account has shrunk to $ 129 , 000 from $ 317 , 000 this year as his enron holdings collapsed to about $ 9 , 000 from $ 197 , 000 .
" it wouldn ' t tick me off so bad except that they were sending us e - mail after e - mail [ last summer ] saying things are fine , " kemper said in an interview monday , referring to company executives . " of course , we find out later that they were dumping their own stock , millions of dollars at a time . "
enron chairman kenneth l . lay cashed in stock and options worth $ 123 million last year , when the stock was near its peak .
kemper and his wife had been planning to retire early , four years from now , but it is no longer clear that they will be able to afford it , he said .
another law firm representing enron employees , seattle - based hagens berman , is looking into the possibility of adding enron ' s accounting firm as a defendant , partner karl barth said monday .
the accountant , andersen , has been criticized for failing to catch irregularities that caused enron to restate its earnings dating back to 1997 and declare its previous financial reports unreliable .
egan - jones ratings co . , a credit - rating agency in suburban philadelphia , on monday cut its rating on enron ' s senior debt by one notch , saying the company will need $ 1 billion to $ 1 . 5 billion in the next 45 days to fund operating losses and other liabilities .
egan - jones dropped enron ' s bonds to the sub - investment - grade , or junk , level in august , about when the company ' s chief executive , jeffrey k . skilling , abruptly resigned . the agency ' s view is more severe than those of larger rivals moody ' s investors service and standard & poor ' s , which both continue to keep enron ' s debt in the investment - grade category .
sean egan , a managing director of egan - jones , said he views the chances of the merger going through at less than 50 - 50 . and if the merger falls through , enron ' s chances of survival are not very high , he said .
dynegy has kept mum about the deal since wednesday , when it said it was trying to speed regulatory approvals . wall street analysts have noted that dynegy could invoke terms of a " material adverse change " clause allowing it to modify or walk away from the deal if it determines that enron ' s condition is markedly worse than it was when the deal was struck nov . 9 .
under the merger deal , enron shareholders would receive 0 . 2685 dynegy share for each of their shares . that implied a value of $ 10 . 54 a share , more than double enron ' s closing price monday . the gap indicates wall street ' s doubts about whether the deal will get done .
elsewhere monday , the office of california atty . gen . bill lockyer reiterated that it will scrutinize the dynegy - enron merger on antitrust grounds .
analysts say california could use its power to delay the deal as a way to squeeze dynegy for better prices on long - term power contracts it negotiated during the height of the state ' s energy crisis this year .
enron already is under investigation by the securities and exchange commission over controversial deals involving limited partnerships organized and run by former company executives .
copyright ? 2000 dow jones & company , inc . all rights reserved .
global investing - a creative approach to property liabilities .
by alison beard .
11 / 27 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
global investing - a creative approach to property liabilities - many big companies use ' synthetic ' leases to keep real estate costs off their balance sheets , reports alison beard .
synthetic leases were among the many creative financing techniques used by enron , the troubled energy trading company . but the structure , which allows companies to keep real estate costs off their balance sheets while claiming the tax benefits of ownership , is legal and used by dozens of companies from toys r us to yahoo ! .
" a synthetic lease is a debt alternative , " said michael rotchford , senior managing director at cushman & wakefield , the real estate services firm . " almost invariably for companies with good standing , ( it ) will provide them with much lower ongoing expenses than traditional leases . "
but shareholders should be wary of companies that are simply disguising their property liabilities . " they ' ve got long - term assets and they ' re financed them with short - term means , " says anne coolidge , executive director at wp carey , the real estate banking firm that specialises in sale leasebacks , an alternative to synthetic leases . " traditionally equity analysts haven ' t taken that into account , although debt analysts have . everyone should know about these things . "
companies choose synthetic leases because traditional options - rental agreements or outright ownership - are often unattractive . ownership means tying up cash in non - core real estate assets , but renting is more expensive in the long term .
cisco systems , the networking equipment company , estimated in the mid - 1990 s that leasing would cost it 5 - 6 per cent more a year than owning its properties . at the same time , investors eager for double - digit profit growth were unlikely to tolerate a slowly appreciating real estate asset on the company ' s balance sheet . so cisco chose synthetic leases .
the deals works as follows . a lender agrees to pay for a new development or an addition to a property . the company ' s " rent " is the interest on that financing , set at a rate reflecting its credit standing and priced as a spread over the london interbank office rate . these payments are deducted from the company ' s taxes .
meanwhile , the company acts as owner and manager of the property , assuming all risk . it sets aside money to purchase the property at the end of the lease , listing the earmarked funds as " restricted cash " or " long - term assets " on its balance sheet . sometimes the company can extend the lease at the end of the term or sell the property , but that is at the lender ' s discretion .
although depreciation of the property ' s value is not included on the company ' s balance sheet , it can be listed as a tax deduction . so far , the financial accounting standards board has issued few guidelines on synthetic leases . but " it is a loophole ( that allows ) the ownership and the lease benefits to accrue to the same player , " said gary declark , managing director of integra realty resources , the property appraisal and consulting firm . " sooner or later , it will probably be closed up . "
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : enron may cut price of dynegy deal by 40 percent - wsj .
11 / 27 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 27 ( reuters ) - hobbled energy giant enron corp . , in an effort to save its planned purchase by smaller rival dynegy inc . , may cut the price of the all - stock transaction by more than 40 percent to about $ 5 billion , the wall street journal reported on tuesday .
enron also was negotiating to extend the maturity dates of some of its borrowings in order to stem a growing liquidity crisis according to people familiar with the matter , the paper said .
the move to renegotiate the agreement , and particularly to cut the number of dynegy shares that enron holders would receive , two weeks after the pact ' s signing is virtually unheard of in corporate transactions , the wall street journal said .
escape clauses built into the deal give dynegy the option to back out if there is a serious deterioration in enron ' s business or assets .
enron has total debt of about $ 13 billion , according to the wall street journal , adding that analysts are increasingly worried that the giant energy - trading concern ' s relatively few hard assets are so burdened by debt that they cannot be used to bolster further borrowing .
dynegy , which is 26 . 5 percent owned by energy giant chevrontexaco corp . , is to swap 0 . 2685 share of its own stock for each share of enron . shares of dynegy closed at $ 29 . 25 on new york stock exchange trade .
once high - flying enron agreed to a dynegy buyout after it was overwhelmed by a series of problems , including a u . s . regulatory probe of off - balance - sheet dealings by its officers , a $ 1 . 2 billion cut in shareholder equity , and cuts to its credit ratings .
enron subsequently restated its earnings some $ 600 million lower , and investor unease exploded and sent its shares tumbling . shares were above $ 90 in august 2000 .
enron stock closed down 73 cents , or 15 . 4 percent , at $ 4 . 01 on the new york stock exchange on monday . ( ( - new york equities desk ( 646 ) 223 - 6000 ) ) .
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron , dynegy discuss plan to cut price of acquisition
11 / 27 / 2001
dow jones business news
( copyright ( c ) 2001 , dow jones & company , inc . )
enron corp . , struggling to save its two - week - old deal to be acquired by dynegy inc . , was in advanced discussions with dynegy to cut the price of the all - stock transaction by more than 40 % to about $ 5 billion , people familiar with the matter told the wall street journal .
beleaguered enron ( ene ) also was in continuing negotiations to extend the maturity dates of some of its borrowings in order to stem a growing liquidity crisis , these people said . enron has total debt of about $ 13 billion . increasingly , analysts are worried that the giant energy - trading concern ' s relatively few hard assets are so encumbered by debt that they can ' t be used to support further borrowing .
enron stock slid to its lowest level in over a decade at 4 p . m . monday on the new york stock exchange , falling 70 cents to $ 4 . 01 a share . over the past few months , about $ 60 billion of enron ' s stock value has evaporated , a process that has accelerated since mid - october when the company announced a quarterly loss and a subsequent reduction in its equity base . since then , revelations that company executives profited from partnerships used to move assets on and off enron ' s books have spooked investors and triggered a securities and exchange commission investigation . recently , the company has twice restated earnings for past periods amid indications that its vaunted energy trading business is showing some signs of stress .
the move to renegotiate the acquisition agreement , and particularly to slash the number of dynegy ( dyn ) shares that enron holders would receive , only two weeks after the pact ' s signing is virtually unheard of in corporate transactions . while terms are sometimes altered due to unanticipated developments , that typically doesn ' t happen until a transaction is nearly completed .
enron had hoped to finalize arrangements and make an announcement monday that would calm its anxious investors , but the situation remained fluid throughout the day . as of monday evening , the revised deal still hadn ' t been formalized .
the deal is critical for enron . in recent weeks , credit - rating agencies have indicated they will refrain from further cuts to enron ' s credit rating so long as a dynegy purchase appears probable . but if that deal collapses , downgrades could occur that would put enron below investment grade and in violation of credit agreements with counterparties . this in turn could deal a savage blow to enron ' s commodity - trading business that is its lifeblood .
negotiators for the two companies returned to their home bases of houston monday after spending much of the holiday weekend meeting in suburban new york where they tried to agree on new provisions to the deal , which was announced nov . 9 . both dynegy and enron declined to comment on the discussions .
copyright ( c ) 2001 dow jones & company , inc .
all rights reserved .
copyright ? 2000 dow jones & company , inc . all rights reserved .
report : enron , dynegy deal back on table
11 / 27 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - executives of dynegy inc . plan to announce new terms for their $ 9 billion buyout offer for enron corp . as shares in enron continue to fall , according to the houston chronicle .
sources familiar with talks between the two companies told the newspaper that the announcement could come as soon as tuesday .
the sources said officials of the two houston - based energy traders spent the weekend and monday discussing a lower exchange rate for rival dynegy ' s stock deal to buy enron , among other issues .
but as of monday evening , no exchange rate had been agreed to and discussions were continuing , the sources said , cautioning that the situation continued to change .
the sources said enron and dynegy were working to finalize terms for an equity infusion into enron of around $ 500 million that ' s expected to come from j . p . morgan chase & co . and citigroup . another equity infusion from other parties was also possible later , the sources said .
layoffs by enron were expected to begin sometime this week , according to the report . enron spokeswoman karen denne said any action the company would take concerning job cuts would be communicated first to employees .
enron shares fell another 15 percent monday , and briefly traded below their all - time low , as investors continued to doubt that a $ 9 billion buyout offer from dynegy would be completed under the current terms .
- - -
sizable staff of 245 lawyers in merger limbo
houston ( ap ) - the fate of enron corp . ' s massive legal staff has been a subject of discussion amid talk of possible layoffs at the troubled energy trader .
the company ' s legal staff size is larger than some law firms .
" we ' ve always regarded them as one of the big law firms in houston , " said howard ayers , managing partner of andrews & kurth , one of the city ' s largest with about 240 lawyers in houston .
enron has about 245 lawyers worldwide , company spokesman vance meyer said . with about 145 lawyers in houston , if it were a private firm it would have been the city ' s sixth - largest , according to the chronicle .
enron ' s internal law office has grown along with the huge trading firm , now set to merge with smaller but stronger dynegy . as enron ' s stock plummeted further , dynegy last week denied rumors it might drop out and leave enron to face possible bankruptcy .
speculation in the legal community runs the gamut from rumors that dozens of lawyers could be laid off as early as this week to the idea that enron will hold on tightly to its talent .
" my guess is they ' ll need their lawyers while they get things in a more steady state . there ' s a lot of legal work to go through , " said joel swanson , a senior partner at baker & botts , a law firm with about 265 lawyers in houston .
in addition to enron ' s in - house legal staff , the company also has hired just about every large firm in houston over the last few years .
copyright ? 2000 dow jones financial desk
money make - over club sticks together through thick , thin
graham witherall
special to the times
11 / 27 / 2001
los angeles times
home edition
c - 1
copyright 2001 / the times mirror company
like a lot of investors , the women taking stock investment club got to the great bull market of the 1990 s just as the party was coming to an end .
dazzled by watching others reap double - digit returns in the stock market year after year , the group of westside friends decided to form an investment club and get in on the fun .
it hasn ' t exactly been a joy ride .
a victim of bad timing , the club made its first purchase in late 1998 and continued building its portfolio over the next three years as the market peaked and then plunged - - taking many of the club ' s holdings with it .
five of the club ' s selections have lost more than half their purchase price , and some of the worst performers have shed two - thirds of their value . with their portfolio awash in red ink , club members have been paralyzed into inaction .
" we are not comfortable selling anything , " said gail berlant , a founder of the 15 - member group . " and we are hesitant to buy , although we think it might be a good time . "
what makes the downdraft more difficult to stomach is that the club thought it was employing a safe strategy . it chose mostly well - known companies it expected to be steady performers , avoiding riskier choices . and unlike many investment clubs , women taking stock diversified its holdings and resisted the temptation to buy internet stocks , a once - hot sector that burned many investors when it crashed .
the group ' s portfolio includes several well - known names in pharmaceuticals , entertainment , energy and financial services . although their few technology choices , including cisco systems and applied materials , have contributed to their fall , they ' ve also lost big on non - tech stocks such as retailer gap .
despite the declines , the club members are determined not to give up . they intend to stick together - - defying the trend among many investment clubs to disband in the face of the grinding bear market . and although they are still solidly on the losing side of the ledger , there are some factors that bode well for the group ' s future .
for one thing , the stakes are relatively modest : members contribute $ 125 to join and chip in $ 50 a month . no one is counting on the club to pay for a child ' s college costs or to fund a retirement . the club ' s entire portfolio is currently worth less than $ 25 , 000 .
in addition , members see the group as a way to learn about investing , not as a road to instant riches . " we look at this as a learning process , " berlant said .
perhaps most important , club members learn from their mistakes . for instance , they realize that their stock selection has lacked focus , particularly in the early days .
" each meeting , people would present stocks they had read about in newspapers and in better investing , " a publication of the national assn . of investors corp . , an umbrella group for clubs , said sandy roberts , the club ' s president .
using that approach , many of the club ' s early investments were in companies that members were familiar with , high - profile names such as disney , coca - cola and gap . " we thought gap ' s tv commercials were fantastic , " member susan osti said .
the results were disappointing , even given the stock market ' s overall decline . gap , for example , has lost 61 % since the club bought it . the standard & poor ' s index of retail stocks is down about 3 % during that same period .
after several of their other early choices tanked - - the club ' s worldcom shares , purchased in october 1999 , are down 80 % - - the club members decided to adopt a more systematic approach to stock - picking .
" a year ago , a stock broker friend of ours told us that we should focus on certain industries and assign people to research stocks within those industries , " member penny berro said . " so we divided up some industries [ among the members ] and started by looking at pharmaceuticals and energy . "
in the pharmaceutical field , the group settled on pfizer , which has risen 15 % since the club purchased it in march , and johnson & johnson , which also sells consumer products and is up 32 % since march .
in energy , the club narrowed its choice to enron and dynegy . at the time , enron was getting bad publicity for its role in california ' s electricity woes , leaving the women feeling uncomfortable with buying stock in the houston - based company .
" there were no red flags with dynegy , " vicki whitney said . " it was diversified and seemed like it could withstand problems better than enron . "
the choice has proved to a wise one , relatively speaking . enron , enmeshed in an accounting scandal , is down 91 % since july . dynegy has been hurt by a sharp downturn in energy stocks that accompanied the recent fall in oil prices , but is down a comparatively mild 19 % since the club bought it . ironically , part of dynegy ' s current slide is due to its proposed acquisition of enron .
club members asked times business editors to review their portfolio . in a recent meeting with the group , senior markets editor tom petruno encouraged club members not to be too hard on themselves , noting that they avoided the mistake made by many investment clubs : concentrating too much - - or all - - of their money in volatile tech stocks .
" you have some failures , but you ' ve also done some things right , " petruno said . " you arrived late in the market , but you ' ve got good asset allocation . "
but he warned that selecting stocks such as gap and disney merely because they are large or well - known is not necessarily a sound strategy . " it used to be that you couldn ' t go wrong with gap , " petruno said . " now you can go very wrong . just because a company is big and has a huge brand name doesn ' t guarantee anything . "
he suggested that the members stick to their commitment to dig into a company ' s financial condition and competitive position before investing .
" read annual reports and quarterly reports and really look at a company ' s fundamentals , " petruno said . " ask yourself what ' s going on with the company . are you comfortable with management ? what ' s the company ' s focus ? if it ' s having problems , how does it plan to get back on track ? "
club members should be wary of companies with a lot of debt on their books , he said , particularly if club members expect the current economic downturn to be prolonged . " what ' s reasonable debt in a good economy may not be reasonable in a bad economy , " he said . " creditors tend to get nervous in a bad economy . debt can sink a company . "
the club should compare debt - to - equity ratios for companies in the same industry to determine if a company ' s debt load is unusually heavy , petruno said .
martin zimmerman , times assistant business editor for markets , also warned the club to resist buying stocks that appear to be cheap just because they ' ve fallen a long way from their highs . " even if you find a viable company that may be priced at $ 20 [ a share ] after once being priced at $ 150 , that doesn ' t make it a bargain , " he said . " it may only ever be worth $ 25 , or worse , it may only be worth $ 10 . "
the club deserves credit for going against conventional wisdom by buying stocks in industries that may be momentarily out of favor , petruno said .
referring to the club ' s decision in august to buy more shares of cisco systems , petruno said : " i ' m glad you ' re not succumbing to the temptation not to look at anything in tech . a lot of people who lost money in that area won ' t go near it . but there will be survivors . and fortunes can be made by picking stocks when no one else likes them . "
refining its buying discipline is only one of the club ' s challenges . investors also need to know when to sell . women taking stock has sold only one stock in its history , and it sold that one , compaq computer , only after the company ' s shares lost a third of their value and a friend in the securities industry urged them to unload the stock .
meanwhile , stocks that have shed more than half their value , such as gap , worldcom and applied materials , remain in their portfolio .
" our goal was to buy stocks that would double in five years , " berlant said . " that ' s why we haven ' t sold anything . "
one way to take make the decision easier is for club members to set a limit on how much they ' re willing to lose on a stock , petruno suggested . if a stock drops 25 % , for example , the club could unload it or at least agree to take a critical look to determine whether it ' s worth sticking with .
" it ' s easy to say that a stock is going to come back , but they don ' t always come back , " he said . " many times , a 25 % loss can turn into a 40 % or 50 % loss . you need a point where you will take a hard look and decide whether you need to cut your losses . "
one thing club members agree on : although their initiation into investing has come during the worst bear market in three decades , they ' re determined to stay the course .
" we realize that we got into the market late , " roberts said . " but we ' ve learned a lot and we ' re not discouraged . we ' re definitely going to hang in there . "
( begin text of infobox / infographic )
hanging in there : the club ' s portfolio
the members of women taking stock , a westside investment club , have seen their portfolio take some big hits over the last three years . but some of their most recent picks have fared better .
ticker date no . of purchase mon . pctg .
company symbol purchased shares price price change
walt disney dis 9 / 21 / 98 50 $ 25 . 29 $ 21 . 39 - 15 . 4 %
wells fargo wfc 1 / 26 / 99 50 35 . 91 43 . 37 + 20 . 8
coca - cola ko 3 / 17 / 99 25 68 . 94 48 . 31 - 30 . 0
computer motion rbot 8 / 17 / 99 100 10 . 02 4 . 03 - 59 . 8
coca - cola ko 9 / 22 / 99 25 52 . 63 48 . 31 - 8 . 2
worldcom wcom 10 / 19 / 99 50 74 . 25 14 . 47 - 80 . 5
gap gps 11 / 16 / 99 50 38 . 25 14 . 95 - 60 . 9
amgen amgn 1 / 11 / 00 40 71 . 92 67 . 39 - 6 . 3
applied
materials amat 3 / 21 / 00 20 96 . 58 40 . 06 - 58 . 5
cvs cvs 3 / 21 / 00 20 37 . 63 26 . 90 - 28 . 5
cisco systems csco 6 / 20 / 00 25 68 . 99 19 . 93 - 71 . 1
consolidated
water cwco 6 / 20 / 00 75 7 . 43 10 . 51 + 41 . 5
general electric ge 8 / 22 / 00 25 56 . 63 41 . 32 - 27 . 0
johnson &
johnson jnj 3 / 20 / 01 50 45 . 82 60 . 50 + 32 . 0
pfizer pfe 3 / 20 / 01 25 38 . 15 43 . 90 + 15 . 1
s & p 500 trust spy 3 / 20 / 01 20 118 . 21 115 . 93 - 1 . 9
dynegy dyn 7 / 17 / 01 50 48 . 54 39 . 25 - 19 . 1
general electric ge 8 / 21 / 01 20 41 . 52 41 . 32 - 0 . 5
cisco systems csco 8 / 21 / 01 25 16 . 93 19 . 93 + 17 . 7
*
note : johnson ; photographer : lawrence k . ho / los angeles times ; photo : women taking stock investment club members meet with business section editors at the times ' offices for a portfolio make - over , where they pick up some strategies for managing their stock holdings . ; ; photographer : lawrence k . ho / los angeles times
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron workers file another suit to recover losses in retirement accounts
11 / 27 / 2001
afx news
( c ) 2001 by afp - extel news ltd
london ( afx ) - enron corp employees have filed another lawsuit against the company over lost retirement savings due to the recent collapse of its share price , the wall street journal europe reported .
eli gottesdiener , a washington attorney who filed the latest suit on behalf of employees , said it seeks 850 mln usd in retirement plan losses , in part because the company sold enron shares to its employees knowing the price was artifically inflated , the newspaper said .
an enron spokeswoman declined to comment , it added .
unlike two similar lawsuits recently filed against enron , this most recent suit contends that enron offered the share price without the required prospectus , the paper said .
vs for more information and to contact afx : www . afxnews . com and www . afxpress . com
copyright ? 2000 dow jones houston ) energy giant enron corporation ( nyse : ene ) ( houston ) , also the seventh largest newsprint producer in north america , recently agreed to be taken over by energy rival dynegy incorporated ( nyse : dyn ) ( houston ) . dynegy has given the forest products group , which falls under enron ' s wholesale services business segment , an " under review " status in determining which businesses are core or non - core . whether dynegy sheds or retains its papermaking assets may not be known before the summer of 2002 , when the transaction is expected to close . the forest products group consists of a mill on the east coast and two in eastern canada , which will require an infusion of capital for improvements .
last year , enron industrial markets purchased garden state paper from media general , a communications company , for roughly $ 72 million . located in garfield , n . j . , the mill employs 290 people and has a capacity of 240 , 000 short tons a year of newsprint .
earlier this year , enron acquired daishowa forest products limited to gain ownership of its newsprint mill and related assets in quebec city , quebec . the former daishowa forest mill , now called papiers stadacona is integrated with a thermo - mechanical pulp ( tmp ) mill that feeds four paper machines and employs over 1 , 000 employees . the mill has studied the addition of a new de - inking plant , a bio - mass boiler , and modernizations to the four paper machines .
nlk consultants and enron share ownership in the papier masson mill in masson - angers , quebec . the single machine mill employs over 300 workers and produces approximately 600 metric tons a day of recycled content newsprint .
upon completion of the merger , the new dynegy is expected to have revenues exceeding $ 200 billion and $ 90 billion in assets .
dynegy is one of the world ' s premier energy merchants . through its global energy delivery network and marketing , trading and risk management capabilities , dynegy provides innovative solutions to customers in north america and the united kingdom and continental europe .
industrialinfo . com provides daily news related to the industrial market place including industry alerts and databases for the energy and industrial markets . for more information on trends and upcoming construction activities in the pulp , paper and wood industry as well as other industrial sectors send inquiries to pulpandpapergroup @ industrialinfo . com or visit us at www . industrialinfo . com .
contact : industrialinfo . com , houston randy godet , 713 / 783 - 5147
05 : 00 est november 27 , 2001
copyright ? 2000 dow jones & company , inc . all rights reserved .
m and a
enron , dynegy to rework $ 24 b deal
by claire poole in houston
11 / 27 / 2001
the daily deal
copyright ( c ) 2001 the deal llc
houston energy company dynegy has reportedly reopened talks with its ailing crosstown rival since the collapse of enron ' s stock price , which has been sliced in half since the acquisition was announced .
houston energy company dynegy inc . has returned to the bargaining table and is talking with ailing crosstown rival enron corp . and related parties about modifying their $ 24 billion merger agreement , according to sources close to the deal .
the two power traders are in a " friendly renegotiation , " sources say . " all the parties are talking as it relates to terms and conditions , " one person said .
the main reason for rekindling the talks is the collapse of enron ' s stock price , which has been sliced in half since the acquisition was announced nov . 9 for $ 24 billion in cash , stock and debt assumption .
the deal valued enron ' s shares at $ 10 . 41 , a 20 % premium over its $ 8 . 63 close before the announcement . but enron ' s shares have fallen steadily since , closing monday at $ 4 . 01 , down nearly 15 % on the day .
dynegy ' s stock has also lost about 11 % of its value since the deal was announced , closing down 2 . 85 % nov . 26 to $ 39 . 25 .
john olson , a longtime enron follower at sanders morris harris in houston , thinks dynegy might be pushing for $ 5 . 25 per share . " that ' s closer to the reality of the current market , " he said .
if dynegy can ' t work out a better deal , another course might be to allow enron to slip into bankruptcy , according to sources .
with enron ' s stock price slipping and only $ 1 billion in cash remaining , olson thinks it ' s the wiser of the two options . " would enron be better off to go bankrupt or get nickeled and dimed to death by wall street that is not in love with this deal ? " he asks . " chapter 11 looks more sensible to me . "
olson said if enron can get $ 3 billion in debtor financing , bankruptcy would be preferable to anything else . " the lower stock price , the higher probability [ of chapter 11 ] , " he said . " investors , creditors and bankers all want some closure on this . "
olson speculates that only the sick part of enron - - the parent and the trading operations , which are worth about $ 12 . 5 billion - - would file for bankruptcy , while the healthy part - - the pipeline and energy outsourcing assets , which are worth around $ 5 billion - - would be left out .
" you ' d end up with a ' good bank , bad bank ' profile , " he said , referring to the strategy many financial firms followed when they went bust in the 1980 s .
dynegy would be an obvious buyer of the pipeline and energy outsourcing assets . it already has an option to buy enron ' s northern natural gas co . pipeline system if the deal doesn ' t go through , in exchange for its $ 1 . 5 billion investment in enron at the deal ' s signing , provided by investor chevrontexaco corp . , of san francisco .
if dynegy walks away from the deal , it would have to pay a $ 350 million breakup fee plus $ 10 million in expenses .
enron spokesman vance meyer wouldn ' t comment on whether it was renegotiating the deal with dynegy . he also wouldn ' t speculate on whether the firm was considering bankruptcy as an option if a new deal with dynegy couldn ' t be worked out .
a dynegy spokesman said the status of the proposed merger has not changed . " our due diligence is ongoing , " he said .
right now , credit rating agencies are hesitating before they downgrade enron ' s ratings to junk status , which could further pressure enron ' s day - to - day business operations and lead it faster to insolvency .
" it ' s a fluid situation , " said ralph pellecchia , senior director at new york rating agency fitch inc . , which has enron ' s bond ratings at one level above junk . " there ' s a lot of conjecture about enron ' s dealings with dynegy and the banks . we ' ll just have to wait until there ' s another event or announcement before we act . "
according to fitch , enron is sitting on about $ 1 . 8 billion in cash , $ 1 . 4 billion as it reported in its quarterly report to the u . s . securities and exchange commission nov . 19 and $ 450 million it took down last week from a $ 1 billion credit line extended by its investment bankers on the dynegy deal , j . p . morgan and salomon smith barney inc .
late last week , enron also managed to extend the deadline on $ 690 million in partnership - related debt that was due monday until mid - december , although fitch would like to see it extended further . " mid - december doesn ' t help enron much , " pellecchia said .
the payment obligation arose because a clause in a financial agreement was triggered when rating agency standard & poor ' s reduced enron ' s senior unsecured debt rating to triple - b - minus nov . 12 .
if its credit rating is further reduced , enron admitted it risks triggering $ 3 . 9 billion in additional debt payments , which would result in the company failing to be a " going concern , " according to quarterly filing . paying off these debts would mean the company could not service its revolving credit accounts .
fixed - income research service creditsights said the goal of the banks now is to " re - cut their exposure to gain as much structural seniority or asset liens as possible , take out fees , raise rates , take down total exposure and generally improve their risk - profile under multiple scenarios . "
carol levenson , an analyst for gimmecredit , another fixed - income research service , thinks it will leave the unsecured bondholders holding the bag .
" the very bankers who are supplying liquidity through new secured bank lines and who are rumored to be considering equity investments are the ones on the hook ( and unsecured ) for $ 3 billion in bank loans , ' ' she wrote in a research report issued monday . " if dynegy backs out ( in the interest of self - preservation ) , these vital bank renegotiations might save enron but leave unsecured bondholders as the patsies . ' '
investors and employees , meanwhile , are still suing enron .
eli gottesdiener , an attorney in washington , d . c . , said monday he had filed a lawsuit on behalf of enron employees who have lost an estimated $ 850 million on enron stock held in their 401 ( k ) retirement accounts . he charges that enron violated federal securities law by offering and selling enron shares to employees without issuing a prospectus .
the suit is the third filed against enron alleging the company breached its fiduciary duty to employees by encouraging them to invest in its stock at artificially inflated prices . all three seek class - action status .
gottesdiener is also involved in pension class actions against new york life insurance co . and sbc communications inc . of san antonio .
reworking the details dynegy has returned to the bargaining table and is talking with ailing crosstown rival enron and related parties about modifying their $ 24 billion merger agreement , according to sources close to the deal .
company enron
ceo kenneth l . lay
headquarters houston
date action
7 / 29 / 01 bank of america , citibank , abn amro , overseas private investment corp . of the u . s . and seven other lenders with $ 440 million in loans asked india ' s highest court for the right to support enron in its bid to withdraw from a $ 2 . 9 billion power plant investment near mumbai , india
9 / 15 / 01 enron ' s ceo jeff skilling , who held the post for six months , said he was leaving for personal reasons . the stock drops 6 . 83 % on the day .
10 / 03 / 01 bg group plc buys enron ' s production assets on the west coast of india for $ 388 million in cash
10 / 08 / 01 enron sells portland general electric for $ 2 . 9 billion to northwest natural gas co .
10 / 22 / 01 enron ' s stock falls 10 % as the sec begins an investigation into the company ' s relationship with two limited partnerships
10 / 30 / 01 enron ' s stock price continues to take a beating
11 / 05 / 01 enron feverishly looks to sell billions of dollars in assets to generate cash
11 / 06 / 01 enron begins talking with private equity firms as it struggles to raise $ 2 billion in financing
11 / 08 / 01 dynegy confirms its in talks to acquire enron
11 / 09 / 01 dynegy to buy enron for $ 7 . 8 billion
11 / 12 / 01 dynegy faces challenge to enron deal
11 / 19 / 01 enron puts wessex water on the block
11 / 20 / 01 ferc under pressure to approve the dynegy - enron merger
11 / 21 / 01 dynegy says it would try to quicken the pace of the companies ' $ 24 billion merger
11 / 26 / 01 enron , dynegy are reworking terms of their possible merger
source : the deal
www . thedeal . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
india : enron india unit , lenders to meet in uk this week .
11 / 27 / 2001
reuters english news service
( c ) reuters limited 2001 .
bombay , nov 27 ( reuters ) - enron corp ' s troubled indian unit and its foreign lenders will hold separate meetings this week to decide the fate of a power project once considered the showpiece of india ' s reform programme , a banking source said on tuesday .
the meetings , to be held in london on friday and saturday , will consider proposals to allow the dabhol power company , which is 65 percent owned by enron , to pull the plug on a contract to sell power from a giant power project , he said .
the $ 2 . 9 billion , 2 , 184 mw project , which is india ' s largest foreign direct investment , has been shut since june this year following a dispute with its sole buyer the maharashtra state electricity board ( mseb ) .
the departure of enron and its partners would be another blow to attempts to attract foreign investment into the domestic power sector .
five foreign companies have either pulled out or announced plans to exit the sector , fed up with bureaucratic delays and legal wrangling over the past few years .
at the same time , parent enron corp of the united states is struggling to ward off bankruptcy and save its proposed buyout by smaller rival dynegy inc .
its share price has already taken a beating this year over widespread investor doubts about its corporate governance practices . enron shares closed down 73 cents , or 15 . 4 percent , at $ 4 . 01 on the new york stock exchange ( nyse ) on monday , after dipping to at least an 18 - year - low of $ 3 . 76 .
a dabhol spokesman in bombay confirmed that the dabhol board is meeting in november 30 in london . but he declined to disclose the agenda .
the banking source said the dabhol board will consider giving the management authorisation to issue a final termination notice to the mseb .
foreign lenders , led by citibank and bank of america , are meeting in london on the same day and will also consider giving dabhol permission to issue such a notice .
under a 1995 agreement between dabhol and mseb in 1995 , the company needs lenders ' permission before issuing a terminating notice .
once issued , the notice would trigger international arbitration to resolve arguments over damages .
mega project
dabhol and mseb have been feuding for more than a year over payment defaults and high tariffs . the dispute stopped work on the second phase of the unit which is 97 percent complete .
enron and its fellow u . s . investors general electric co and bechtel , fed up with payment defaults , have already announced their intentions to exit the project .
they have agreed to sell their stake of 85 percent to either the indian government or a private power company . at the same time , they have also proceeded with plans to cancel the contract .
a preliminary cancellation notice was issued in may this year . this was to be followed up by a final termination notice after six months . that six - month deadline expired on november 19 .
but dabhol was prevented from taking the final step by a bombay court . acting on an urgent petition by indian lenders , who were against the termination , the court asked dabhol not to issue such a notice until december 3 .
the banking source said dabhol is only trying to secure all approvals and would not actually issue the notice on november 30 .
copyright ? 2000 dow jones source : world reporter ( tm )
pune : if youre thinking of sending scary , anonymous emails , think again . the police are fast catching up on the technology to trace such mails . on friday , the ratnagiri police arrested pune - based computer professional habibuddin sheikh 20 ) .
a former employee of the dabhol power corporation dpc ) sheikh had sent an email threatening to blow up dpcs guhagar plant .
according to the ratnagiri police , dpc received the threatening mail last month . the company was being targeted because it was a venture of the american giant enron , the mail said . superintendent of police vinaykumar chaube immediately formed a special team and tracked the mail down to a cybercafe in wanowrie in pune .
the cybercafe records revealed that sheikh had used the cyber cafe at the time and day on which the mail was received by dpc . the investigators were already working on the hunch that the mail must have been the handiwork of one of the 1 , 000 workers retrenched by the company . sheikhs handwriting in the companys records too matched .
copyright ? 2000 dow jones & company , inc . all rights reserved .
companies & finance the americas - demand for electricity re - energises gas project .
by dan westell .
11 / 27 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
companies & finance the americas - demand for electricity re - energises gas project - after more than 20 years , gas pipeline companies are revisiting us / canadian plans . writes dan westell .
the vision of a booming demand for electricity has brought a large part of the north american natural gas pipeline industry together to revive a 20 - year - old mega - project .
it was the late 1970 s when the us and canadian governments first approved a consortium to bring gas from the north slope in alaska to markets in the lower 48 states .
that project foundered as gas prices sagged , but last week , the original pipeline partners - six us and three canadian companies - agreed to make a new approach to the alaskan gas producers by the end of the year .
a second gas project , a proposal by canadian producers who own undeveloped fields in canada ' s arctic , is also hoping to launch a pipeline project this year .
after coming to terms with indigenous peoples in the north , the canadian group hopes next month to begin preparing regulatory filings for a pipeline from the mackenzie river delta down the mackenzie valley to the south .
after years of quiet in the northern energy front , there is a very real prospect that gas from one project , or perhaps even both projects , could be flowing by 2008 .
certainly , politics has something to do with the change , especially the reactions to california ' s electricity problems and worries about security of supply , heightened by terrorism and problems in the middle east .
for the companies , however , long - term pipeline projects are driven by forecasts showing a nearly 50 per cent increase in us gas consumption by 2010 .
the extra gas will largely be used to generate electricity , said rocco ciancio , spokesman for foothills pipe lines , one of the three canadian companies in the pipeline group that is preparing its pitch to the alaskan producers .
the pipelines ' revived interest in moving alaskan gas was propelled by gas spot prices , which hit usdollars 10 . 53 per mmbtu on january 2 .
other groups were already in motion , including the canadian producers ( led by imperial oil ) , which have large undeveloped gas fields in the mackenzie river delta .
the north slope producers - exxonmobil , bp and phillips - began their own study early this year to assess two routes : 1 , 800 miles running east under the beaufort sea from prudhoe bay to the mackenzie delta , then south , or 2 , 100 miles following existing roads through the alaskan interior to alberta .
the higher prices are now a memory as gas has slid back to usdollars 2 . 50 per mmbtu , but the wheels on all three proposals continue to turn .
the pipeline group - canada ' s transcanada pipelines and westcoast energy ( which together own foothills ) and affiliates of us companies williams , duke energy , sempra energy international , enron , pg & e and el paso - is planning a usdollars 9 . 7 bn project to carry 4 bn cu ft a day . it needs a price of usdollars 3 per mmbtu to be viable .
the north slope companies produce about 8 bn cu ft of gas a day ( a byproduct with oil ) in prudhoe bay , but reinject it into the ground . there is no way of getting it or the known reserves of 35 , 000 bn cu ft , let alone the potential reserves of 100 , 000 cu ft , to market .
the preliminary results of their study , however , show a price of usdollars 3 per mmbtu and falls short of the 15 per cent return on equity target set in the study , said spokesman curtis thayer .
they want to ship more gas than the pipelines are proposing , requiring a bigger pipe , and believe the project will require not just the new northern pipeline , but expansion of the existing 1 , 800 - mile system between alberta and chicago to handle the increased volume .
all in , they have priced the alaska route at usdollars 17 . 2 bn , and the beaufort - mackenzie route at usdollars 15 . 1 bn .
new technology or changes in project parameters could cut the cost , bridging some of the gap between the foothills group and the producers . but the producers are also pushing governments to lower regulatory costs and bring more certainty to tax issues .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
the americas - bolivia urged to handle its new - found wealth with care .
by paul keller .
11 / 27 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
the americas - bolivia urged to handle its new - found wealth with care - gas reserves - the country needs to diversify its customer base if energy discoveries are to prove a long - term cure for economic ills - and an alternative to the cocaine trade . paul keller reports .
the discovery of large natural gas reserves in bolivia has led some to believe that the landlocked south american country has found a long - term cure for its economic ills - and an alternative to the cocaine trade .
true , reserves are plentiful , analysts say , but an excess of supply and the risk that this fragile andean economy comes to rely too heavily on hydrocarbon revenues suggest bolivia must handle gas with care .
" we have told the government , gas is not the saviour of bolivia , " says steven hopper , the general manager of transredes , the enron - shell gas transport utility . " this is a critical time for bolivia as it has to find markets for its gas . the industry is generally optimistic . the worst scenario is that gas demand in brazil doesn ' t grow . "
the strategy of president jorge quiroga , a 41 - year - old technocrat who took over from ailing ex - president hugo banzer in august , is to help bolivia go from being a world coca leaf grower to gas producer and regional energy hub . it is a strategy , analysts say , already paying dividends .
" bolivia is only now beginning to realise some of the return on its gas flowing to brazil , " says one western observer . " gas is seen as leading element in mid - to long - term recovery . "
to speed up the anticipated benefits , bolivia is considering selling securities backed by tax receipts from future gas sales . the government plans to securitise one - third of the income from gas sales to brazil over the next 19 years .
the $ 8 . 3 bn mining and agriculture - dominated economy , one of latin america ' s smallest , has been in a three - year downturn as internal demand evaporates and the value of exports plummets . us - sponsored eradication of coca and cocaine production also removed a significant chunk of revenue .
thus the riches and influence promised by gas symbolise hope in a country better known in recent decades for social turmoil , military coups , nazi asylum - seekers and the once - omnipresent drugs trade .
oil and gas were the only industrial sectors to show growth this year . in the first seven months gas production rose by 47 . 9 per cent year on year . output of oil - extracted during gas production - grew 16 . 1 per cent .
gearing up for greater brazilian demand , capacity is being increased on bolivia ' s existing gas pipeline . a petrobras , repsol - ypf and totalfinaelf consortium hopes to start building a rival pipeline .
but for the multinationals that have invested in bolivia ' s gas market , the worry is that southern cone demand will not keep pace with supply .
although not as big as bolivia ' s reserves , argentina and peru also have gas to develop and export . while brazil has vast energy needs , bolivia needs to diversify its gas customer base , analysts say .
with proven and probable bolivian reserves of 46 , 800 bn cu ft and another 23 , 200 bn cu ft of possible reserves , only venezuela , with 143 , 000 bn cu ft of reserves , has more gas in south america .
the amount of gas found has grown eightfold since bolivia opened up its gas market in 1997 . however current demand for gas in the southern cone is estimated at around only 10 , 500 bn cu ft .
in the quest for new markets , the government has backed a plan to ship natural gas to the energy - hungry us west coast . but even with strong commercial backing , the $ 6 bn project - led by pacific lng , a consortium made up of spain ' s repsol - ypf , british gas and british petroleum - must still negotiate a number of political and technical hurdles to succeed , analysts say .
the project in its present form requires a $ 1 bn , 700 km pipeline across the andes linking the chilean coast with bolivia ' s largest gas field , margarita , owned by the consortium .
liquefied gas could then be shipped to mexico and piped into the us . it all needs careful negotiation both with the governments involved and us gas distributors . but la paz is optimistic that the project will be shipping gas to the us within five years .
mr quiroga , who steps down next year , has spearheaded efforts to open up the us gas market . he recently predicted gas would " open doors " for bolivia .
he also hopes to persuade chile to grant it access to the pacific in return for choosing a chilean port as the site for a $ 2 bn liquefaction plant needed in the pacific lng project . peru is vying to receive bolivian gas , but analysts expect chile to win out .
however , analysts continue to warn mr quiroga not to overplay the " gas card " , bearing in mind both that the industry will not create masses of new jobs as well as the country ' s over - reliance in the past on expendable resources such as silver and tin .
luis felipe rivero , the general manager of the financial group bisa , says : " there are great expectations that gas will become one of the principal generators of revenue and a creator of investment in bolivia .
" but because of these expectations , there is a risk of letting slip the country ' s basic problems which are a lack of education , a lack of health services , lack of job opportunities and corruption . "
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : update 1 - enron lawsuit seen as wake - up call for pensions .
by andrew kelly
11 / 26 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , nov 26 ( reuters ) - a washington , d . c . , lawyer said monday he hopes heavy losses suffered by enron corp . employees will spur congress to limit employee investments in their employers ' stock through 401 ( k ) retirement plans .
" how many workers have to lose both their jobs and their retirement savings before congress steps in and puts a stop to this by placing a cap on the amount of company stock that can be in a 401 ( k ) plan ? " lawyer eli gottesdiener asked .
gottesdiener released a statement monday saying he had filed a lawsuit on behalf of employees of the beleaguered energy giant who have lost an estimated $ 850 million on enron stock held in their 401 ( k ) retirement accounts .
the suit is one of four filed against enron that alleges the company breached its fiduciary duty to employees by encouraging them to invest in its stock at artificially inflated prices .
two similar suits were announced last week and the seattle law firm of dalton gotto samson & kilgard also announced one on monday . all four suits seek class - action status .
enron ' s shares have fallen from a high of $ 90 in august 2000 to less than $ 5 today , their decline accelerating since oct 16 amid a series of disclosures about its deteriorating finances .
like many other companies , enron makes matching contributions to its employees ' 401 ( k ) retirement accounts in its own stock . it also requires them to hold the stock they receive in matching contributions until they turn 50 .
enron employees were also prevented from selling enron stock held in retirement accounts for several weeks from mid - october due to a change in the retirement plan ' s administrator .
gottesdiener said investment advisors recommend investing no more than 15 percent of a portfolio in a single stock , but that participants in 401 ( k ) plans offering employer stock as a choice typically hold 33 percent of their portfolio in that stock .
" congress sensibly placed a 10 percent limit on company stock in traditional defined benefit plans back in 1974 , but at the behest of the corporate lobby , it placed no such cap on defined contribution plans , " he said .
the absence of such a cap in defined - contribution 401 ( k ) plans was " completely indefensible , " he said .
gottesdiener ' s suit alleges that enron violated federal securities law by offering and selling enron stock to employees without issuing a prospectus . if proven , this would give workers the right to reverse their purchases , he said .
gottesdiener is also involved in class action pensions litigation against new york life insurance co . and sbc communications inc . .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : calif . attorney gen ' l to examine dynegy - enron deal .
11 / 26 / 2001
reuters english news service
( c ) reuters limited 2001 .
sacramento , calif . , nov 26 ( reuters ) - california ' s attorney general will examine dynegy inc . ' s bid to buy its much larger energy rival , enron corp . , officials said monday , adding a potential new wrinkle to the troubled $ 9 billion merger proposal .
" we are reviewing the merger for anti - trust concerns , " said sandra michioku , spokeswoman for attorney general bill lockyer .
michioku said it was still far too early to say what position california would take on the proposed merger , which involves two companies often publicly blamed for helping to create california ' s energy crisis this year .
dynegy was among five energy companies named in a lawsuit filed in may by lt . gov . cruz bustamante alleging energy price manipulation at several southern california power plants it owns . dynegy has denied the accusation .
enron , while owning no generation plants in california , is a major national player for energy trading and natural gas transmission - which if merged with dynegy ' s market presence in the state could create a major new energy powerhouse .
the proposed merger , which has been plagued by uncertainty amid news of major new enron debt and a resulting slump in its share price , is already being examined by the federal trade commission and the federal energy regulatory commission .
california regulators could present a roadblock to successful completion of the deal . but the state could also leverage its influence over the merger to renegotiate a number of long - term energy deals with dynegy , which it signed months ago at the height of its power crisis and which are now being criticized as a bad deal for the state ' s consumers .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy may modify enron purchase terms , people say ( update 2 )
2001 - 11 - 27 00 : 23 ( new york )
dynegy may modify enron purchase terms , people say ( update 2 )
( adds reports on stock ratio and bank extensions in seventh
and eighth paragraphs . )
houston , nov . 26 ( bloomberg ) - - dynegy inc . may renegotiate
terms of its proposed $ 22 . 9 billion purchase of enron corp . , whose
shares have fallen 54 percent since the merger was announced ,
people familiar with talks between the companies said .
executives of the two energy - trading companies discussed
possible changes in the terms over the weekend , the people said .
the offer made on nov . 9 values enron at $ 10 . 54 a share in dynegy
stock . enron ' s stock closed at $ 4 . 01 , indicating investors don ' t
believe the sale will be completed under the original terms .
enron is seeking as much as $ 2 billion in equity investment
and moody ' s investors service is weighing whether to downgrade the
credit rating of the energy trader , which said last week its debt
was higher than earlier reported . enron needs to offer more
attractive terms or risk losing the support of dynegy investors
for a deal needed to save the company , analysts said .
` ` the choices are fairly stark : renegotiate the deal or file
for chapter 11 , ' ' said john olson , an analyst with sanders morris
harris .
neither enron spokeswoman karen denne nor dynegy spokesman
john sousa would comment on whether talks on a new buyout
agreement are underway .
current terms call for an exchange ratio of 0 . 2685 share of
dynegy stock for each enron share . given recent disclosures about
enron ' s debt and the drop in the stock price , a fairer ratio would
be 0 . 15 share of dynegy , said ronald barone , a ubs warburg analyst
who rates dynegy a ` ` strong buy . ' '
half price ?
enron and dynegy are talking about cutting the ratio to less
than 0 . 15 , which would value the stock portion of the transaction
at about $ 5 billion , or less than $ 6 per enron share , the wall
street journal reported , citing people close to the discussions .
in addition , the companies may announce as early as today an
extension by some banks on the repayment of enron ' s debt , a $ 500
million cash infusion from citigroup inc . and j . p . morgan chase &
co . , and an agreement that would keep the purchase intact despite
lawsuits over enron ' s employee - retirement plan , the new york times
said .
` ` if they can renegotiate the deal to half ( the original
price ) , that ' s where you get really attractive earnings , ' ' said
gordon howald , an analyst at credit lyonnais who rates dynegy a
` ` buy . ' '
under current terms , the deal makes sense for dynegy only if
enron earns 85 cents or more , howald said . barone has reduced his
estimate of enron ' s 2002 earnings from $ 1 . 65 a share to 75 cents .
dynegy shares fell $ 1 . 15 , or 2 . 9 percent , to $ 39 . 25 .
additional financing
new terms may not be necessary if enron can get the
additional $ 2 billion in financing it ' s seeking , some investors
said .
` ` if people who ' ve looked at enron are willing to put in that
kind of money , it sends a message that their core businesses - -
trading , pipelines and energy management - - are still sound , ' '
said kathleen vuchetich , who helps manage $ 1 . 4 billion in assets
in the strong utilities fund , 4 . 3 percent of which is dynegy
stock .
enron has debt payments of more than $ 9 billion due before the
end of 2002 , and has less than $ 2 billion in cash and credit lines
left , the company said in a filing last week . if its cash reserves
run too low , enron ' s credit rating may be cut below investment
grade . that would trigger $ 3 . 9 billion in debt repayments for two
affiliated partnerships .
moody ' s investors service hasn ' t issued a report on enron
since the company filed a 10 - q quarterly report with the
securities and exchange commission last week . on nov . 9 , it rated
enron ' s debt one notch above junk . the rating company ' s analysts
didn ' t return calls seeking comment today .
egan - jones ratings co . lowered its rating on enron ' s credit
today to ` ` bb - ' ' from ` ` bb , ' ' a level below investment grade .
write - off
the houston - based company also said in the filing that it had
a $ 690 million note due this week , and that it may have to reduce
fourth - quarter earnings by $ 700 million . the write - off would come
because it used stock to guarantee debt owed by an affiliated
partnership , and the value of that stock has plunged .
on wednesday , enron got a three - week reprieve from lenders on
the $ 690 million note and closed on a $ 450 million credit line .
dynegy chief executive officer chuck watson said he was
` ` encouraged ' ' by the developments .
enron is negotiating to restructure its other debt , denne
said today . j . p . morgan and citigroup executives met today to line
up investors willing to buy $ 2 billion in bonds convertible into
enron stock .
many of enron ' s trading partners are shunning the company ,
and some analysts now say enron ' s 2002 earnings may hurt , rather
than boost , dynegy ' s earnings , as watson has projected .
deteriorating daily
` ` the value of the assets dynegy is trying to buy - - the
trading and marketing businesses - - are deteriorating on a daily
basis as more counterparties back off on trading and dealing with
enron , ' ' said mike heim , a securities analyst at a . g . edwards dynegy shares remain above their predeal levels .
wishful thinking
a dynegy spokesman says his company can post annual earnings growth of 20 % to 25 % over the next two years even without enron . he declined to comment on the merger negotiations , except to say that dynegy is " continuing its due diligence " of enron . an enron spokesman declined to comment on deal talks .
where do things stand as of monday evening ? well , the deal looks increasingly unlikely to happen ( at least on the terms of nov . 9 ) . after a sickening slide last week , enron tanked again monday , dropping 15 % to $ 4 . 01 . current deal terms have dynegy paying around $ 10 . 50 an enron share based on its current stock price . a 60 % gap says the deal won ' t get done . but , as the world and his wife now know , the deal needs to go through for enron to maintain the investment grade credit rating necessary for its survival .
clearly , every hour counts in this fast - unwinding situation . enron ' s core trading business is in deep trouble as power market players cut exposure to the company , draining it of precious cash .
as a result , two options exist from here . the first is a rescue effort involving dynegy , the rating agencies and bank creditors like j . p . morgan chase and citigroup , working to revise the merger agreement and find more cash to buy enron time . this could involve changing the stock - swap ratio to give dynegy a cheaper price , with the banks possibly extending debt and joining with other investors to inject equity .
the other scenario has dynegy , after seeing the cash hemorrhage and the skeletons in the closet , deciding to back out altogether , leaving enron with no rescuer and no future . but dynegy ' s resilient stock price suggests that the market hasn ' t grasped the impact an enron bankruptcy would have on dynegy and other trading firms .
don ' t be at all surprised if , any moment now , we see one last attempt to salvage dynegy ' s rescue merger with new terms . several banks are exposed to enron and , presumably , they will try almost anything - - including extending debt - - to keep the company afloat . by keeping deeply distressed enron at an investment - grade rating , rating agencies such as moody ' s have shown themselves willing to bend to the banks ' wishes , so they will probably capitulate again if pressured by bank honchos .
be careful what you wish for
but swallowing enron would hardly be good for dynegy , which appears to have underestimated the former ' s problems .
amazingly , just a couple of weeks back , the company expected enron to make $ 1 . 50 per share in 2002 . goldman sachs is now expecting 50 cents , even if the merger gets done . if dynegy ended up paying , say , $ 3 a share for enron , people would no doubt hail that as a low - enough price to cover worsened fundamentals , legal liabilities and any nasty surprises that could spring from enron ' s notoriously murky books . but recall that dynegy also would be taking on enron ' s $ 13 billion of debt . include the debt in some return - on - capital calculations and the deal still looks untenable .
alternatively , enron may be deteriorating too fast to save . that ' s also bad for dynegy . the damage done to the company by depleted energy market activity has been recognized , as has the risk that an enron collapse could leave dynegy dangerously unhedged on many of its trades . what does that mean and why is it dangerous ? let ' s say dynegy agreed to buy power from company x over a period of time and then sell it to enron . if enron goes down , its obligation to buy from dynegy obviously disappears , but dynegy can ' t easily back out of the commitment to buy power from company x .
and there ' s another potential risk that the market really hasn ' t recognized . enron allegedly was very aggressive in booking upfront profits on forward market deals . an enron spokesman declined to comment on that allegation . those deals had to be done with other trading houses , possibly dynegy .
in other words , enron ' s ways may have contaminated the whole market because , as we are frequently told , enron was the energy market , just as drexel burnham was the junk bond market in the ' 80 s . in enron ' s absence , many of the aggressive deals may have to be unwound . meanwhile , auditors , in a frantic bid to cover their behinds , would start telling trading companies to be a lot more conservative in how much profit they book on forward deals . suddenly , fat margin deals evaporate and earnings estimates get slashed .
checkmate - - for both sides . | 2001-11-27T00:00:00 |
7,708 | the equipment you ordered is in stock . - - - automatic notification system ( request # : ecth - 4 r 5 mlm , po # : 20110550 )
requested for : vince j kaminski
requested by : shirley crenshaw
your equipment ( see below ) has arrived . please allow 3 to 5 days for
configuration . you will be notified when a technician has been assigned .
en 6600 desktop p 3 - 600 10 gb 64 mb 32 x nt 4 . 0
en 6600 128 mb installed in desktop
21 " vl 100 monitor | 0 | ham | the equipment you ordered is in stock . | - - - automatic notification system ( request # : ecth - 4 r 5 mlm , po # : 20110550 )
requested for : vince j kaminski
requested by : shirley crenshaw
your equipment ( see below ) has arrived . please allow 3 to 5 days for
configuration . you will be notified when a technician has been assigned .
en 6600 desktop p 3 - 600 10 gb 64 mb 32 x nt 4 . 0
en 6600 128 mb installed in desktop
21 " vl 100 monitor | 2000-11-21T00:00:00 |
31,245 | i need your urgent assistance please . i want you to stand as his next of kin .
i am barrister esse edewor , a solicitor . i am the personal
attorney to engr . fredrick pickard , who used to work with
panalpina shipping company of nigeria . on the 2 nd of april
2000 , my client , his wife and their three children were
involved in a car accident . all occupants of the vehicle
unfortunately lost thier lives .
since then i have made several enquiries to locate any of
my clients extended relatives , this has also proved
unsuccessful . after these several unsuccessful attempts , i
decided to trace his relatives over the internet , to locate
any member of his family but to no avail , hence i contacted
you .
i have contacted you to assist in repartrating the money
and property left behind by my client before they get
confisicated or declared unserviceable by the bank where
this huge deposits were lodged . particularly , the bank where
the deceased had an account valued at about $ 12 . 5 million
dollars has issued me a notice to provide the next of kin
or have the account confisicated within the next ten
official working days .
since i have been unsuccesfull in locating the relatives
for over 2 years now i seek your consent to present you as
the next of kin of the deceased so that the proceeds of
this account valued at $ 12 . 5 million dollars can be paid to
you as his next of kin and then you and me can share the
money . 65 % to me and 30 % to you , while 5 % should be for
expenses or tax as your government may require .
i have all necessary legal documents that can be used to
back up any claim we may make . all i require is your honest
cooperation to enable us see this deal through . i guarantee
that this will be executed under a legitimate arrangement
that will protect you from any breach of the law . please if
you have accepted in transacting this deal with me get in
touch with me through my telephone number - - 234 805 - 6271540
and as well email me through my alternative email address
which is : esseedewor @ omnimail . sm indicating your interest
and also to discuss further so as tell you the necessary
proceedings to follow to get this fund transfered to your
bank account . it is 100 % risk free .
thanks and god bless .
barrister esse edewor
note , it is very important you reply me :
esseedewor @ omnimail . sm
for security reason | 1 | spam | i need your urgent assistance please . | i want you to stand as his next of kin .
i am barrister esse edewor , a solicitor . i am the personal
attorney to engr . fredrick pickard , who used to work with
panalpina shipping company of nigeria . on the 2 nd of april
2000 , my client , his wife and their three children were
involved in a car accident . all occupants of the vehicle
unfortunately lost thier lives .
since then i have made several enquiries to locate any of
my clients extended relatives , this has also proved
unsuccessful . after these several unsuccessful attempts , i
decided to trace his relatives over the internet , to locate
any member of his family but to no avail , hence i contacted
you .
i have contacted you to assist in repartrating the money
and property left behind by my client before they get
confisicated or declared unserviceable by the bank where
this huge deposits were lodged . particularly , the bank where
the deceased had an account valued at about $ 12 . 5 million
dollars has issued me a notice to provide the next of kin
or have the account confisicated within the next ten
official working days .
since i have been unsuccesfull in locating the relatives
for over 2 years now i seek your consent to present you as
the next of kin of the deceased so that the proceeds of
this account valued at $ 12 . 5 million dollars can be paid to
you as his next of kin and then you and me can share the
money . 65 % to me and 30 % to you , while 5 % should be for
expenses or tax as your government may require .
i have all necessary legal documents that can be used to
back up any claim we may make . all i require is your honest
cooperation to enable us see this deal through . i guarantee
that this will be executed under a legitimate arrangement
that will protect you from any breach of the law . please if
you have accepted in transacting this deal with me get in
touch with me through my telephone number - - 234 805 - 6271540
and as well email me through my alternative email address
which is : esseedewor @ omnimail . sm indicating your interest
and also to discuss further so as tell you the necessary
proceedings to follow to get this fund transfered to your
bank account . it is 100 % risk free .
thanks and god bless .
barrister esse edewor
note , it is very important you reply me :
esseedewor @ omnimail . sm
for security reason | 2005-01-14T00:00:00 |
9,247 | hib visa application - sevil yaman sevil ,
please , make sure you provide this information asap .
vince
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 04 / 25 / 2001 12 : 35 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
margaret daffin
04 / 25 / 2001 12 : 04 pm
to : sevil yaman / corp / enron @ enron
cc : norma villarreal / enron @ enronxgate , vince j kaminski / hou / ect @ ect , ramona perkins / enron @ enronxgate
subject : hib visa application - sevil yaman
sevil : please let me know when you will be sending me the information for your hib visa ?
thanks
margaret
- - - - - - - - - - - - - - - - - - - - - - forwarded by margaret daffin / hou / ect on 04 / 25 / 2001 12 : 03 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
margaret daffin
04 / 10 / 2001 04 : 04 pm
to : sevil yaman / corp / enron @ enron
cc : norma villarreal / enron @ enronxgate , vince j kaminski / hou / ect @ ect , ramona perkins / enron @ enronxgate
subject : hib visa application - sevil yaman
sevil : in order that we may proceed with your request for permanent residency , our immigration attorneys have advised us that we need to process the hib visa , prior to the permanent residency application .
therefore , i am attaching an hib visa questionnaire that i would like you to complete and return to me , together with copies of all of the documents listed at the bottom of the form .
please bring these to me in 3 ac 2026 a .
please let me know if you have any questions at x 55083 .
thank you
margaret | 0 | ham | hib visa application - sevil yaman | sevil ,
please , make sure you provide this information asap .
vince
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 04 / 25 / 2001 12 : 35 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
margaret daffin
04 / 25 / 2001 12 : 04 pm
to : sevil yaman / corp / enron @ enron
cc : norma villarreal / enron @ enronxgate , vince j kaminski / hou / ect @ ect , ramona perkins / enron @ enronxgate
subject : hib visa application - sevil yaman
sevil : please let me know when you will be sending me the information for your hib visa ?
thanks
margaret
- - - - - - - - - - - - - - - - - - - - - - forwarded by margaret daffin / hou / ect on 04 / 25 / 2001 12 : 03 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
margaret daffin
04 / 10 / 2001 04 : 04 pm
to : sevil yaman / corp / enron @ enron
cc : norma villarreal / enron @ enronxgate , vince j kaminski / hou / ect @ ect , ramona perkins / enron @ enronxgate
subject : hib visa application - sevil yaman
sevil : in order that we may proceed with your request for permanent residency , our immigration attorneys have advised us that we need to process the hib visa , prior to the permanent residency application .
therefore , i am attaching an hib visa questionnaire that i would like you to complete and return to me , together with copies of all of the documents listed at the bottom of the form .
please bring these to me in 3 ac 2026 a .
please let me know if you have any questions at x 55083 .
thank you
margaret | 2001-04-25T00:00:00 |
3,594 | fw : field services office this email and any files transmitted with it from the elpaso
corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed .
if you have received this email in error please notify the
sender . | 0 | ham | fw : field services office | this email and any files transmitted with it from the elpaso
corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed .
if you have received this email in error please notify the
sender .
| 2001-11-08T00:00:00 |
28,297 | re : hi ! not too bad so far - of course , first day is kind of boring , and not a lot of
people in the office . ? we get out at noon tomorrow and are off monday and
tuesday .
i am not sure when we will be back - you can mail the pics if you want to , or
wait . ? i have some also , but the christmas ones are on a new roll that is not
finished yet . ? i am guessing we will either be in houston or dallas at new
year ' s . ?
should i use michelle . lokay @ enron . com for your address , or is mlokay okay ?
( it rhymes ! ) ? also , what is scott goodell ' s e - mail - it came back to me ?
hope to see you soon , and have a great christmas . ? oh yeah , would you be
interested in the pedicure i have left on my urban retreat gift certificate ? ?
i never got around to using it .
- - - - - original message - - - - -
from : michelle . lokay @ enron . com [ mailto : michelle . lokay @ enron . com ]
sent : thursday , december 21 , 2000 2 : 02 pm
to : hitschel , bonnie v .
subject : hi !
how are you ? ? was it hard going in for a full day today ?
i was hoping you were going to call us before you left town . . . got all the
pictures developed from the weekend . ? made copies for you and there were
very cute ones of meghan and caroline ! ? do you want me to mail them to you
or will you guys be back soon ? ! ? ! | 0 | ham | re : hi ! | not too bad so far - of course , first day is kind of boring , and not a lot of
people in the office . ? we get out at noon tomorrow and are off monday and
tuesday .
i am not sure when we will be back - you can mail the pics if you want to , or
wait . ? i have some also , but the christmas ones are on a new roll that is not
finished yet . ? i am guessing we will either be in houston or dallas at new
year ' s . ?
should i use michelle . lokay @ enron . com for your address , or is mlokay okay ?
( it rhymes ! ) ? also , what is scott goodell ' s e - mail - it came back to me ?
hope to see you soon , and have a great christmas . ? oh yeah , would you be
interested in the pedicure i have left on my urban retreat gift certificate ? ?
i never got around to using it .
- - - - - original message - - - - -
from : michelle . lokay @ enron . com [ mailto : michelle . lokay @ enron . com ]
sent : thursday , december 21 , 2000 2 : 02 pm
to : hitschel , bonnie v .
subject : hi !
how are you ? ? was it hard going in for a full day today ?
i was hoping you were going to call us before you left town . . . got all the
pictures developed from the weekend . ? made copies for you and there were
very cute ones of meghan and caroline ! ? do you want me to mail them to you
or will you guys be back soon ? ! ? ! | 2000-12-21T00:00:00 |
18,351 | fwd : real buy : valium : - v | @ gra - xan @ x ^ at . | v @ n > pnte . r . min $ som : a : gfczc our online shop is your source for locating many prescription drugs without a prior prescription in compliance with fda regulations .
order these pills : \ vlagr @ $ vali . u . m ` xana : x : , | soma | , / pntermin / + ativ @ ` n
plus : io * namin , m 3 r : idia , x 3 nica ` | , am ` bi 3 n , sona ' ta , fl 3 x ` eril , ce | 3 br ' ex , fiori ` c 3 t , tram @ d : o | , u ` | tr @ m , l ' 3 vitra , prop 3 c . ia , a : cyc | 0 vir , pro : z @ c , p @ xi ' l , bus ` p @ r , ad | ` pex
we offer you a choice of original and generic medications .
enjoy deep discount meds here . | 1 | spam | fwd : real buy : valium : - v | @ gra - xan @ x ^ at . | v @ n > pnte . r . min $ som : a : gfczc | our online shop is your source for locating many prescription drugs without a prior prescription in compliance with fda regulations .
order these pills : \ vlagr @ $ vali . u . m ` xana : x : , | soma | , / pntermin / + ativ @ ` n
plus : io * namin , m 3 r : idia , x 3 nica ` | , am ` bi 3 n , sona ' ta , fl 3 x ` eril , ce | 3 br ' ex , fiori ` c 3 t , tram @ d : o | , u ` | tr @ m , l ' 3 vitra , prop 3 c . ia , a : cyc | 0 vir , pro : z @ c , p @ xi ' l , bus ` p @ r , ad | ` pex
we offer you a choice of original and generic medications .
enjoy deep discount meds here .
| 2004-02-13T00:00:00 |
23,047 | in order to improve efficiency and segregation of duties within international global products
in order to improve efficiency and segregation of duties within
international global products , a new coordination team is being created in
london to take on the control functions currently performed within the
logistics team .
this will allow the commercial logistics team to concentrate on improving the
bottom line results by negotiations and arrangements with outside parties .
the commercial logistics team ( europe ) headed by graham cane will now report
to chris mahoney .
the coordination function has been set up by cindy horn , who will be handing
over the leadership to becky millerchip on following the implementation of
sap for global products . this team will handle all paperwork and
reconciliations with regard to product movements of global products generated
by the london and helsinki offices , and the further processing of this
information to the systems and users downstream .
the coordination function for houston and panama city will be headed by
michelle bruce , with the logistics team headed by john harrison now reporting
directly to john nowlan . michelle will build her team during the third
quarter .
a similar rationalisation of roles in the far eastern offices will be
announced in due course .
please join us in congratulating graham and becky , michelle and john on
their new responsibilities , and in thanking cindy for her hard work in making
this happen .
tani nath & john nowlan | 0 | ham | in order to improve efficiency and segregation of duties within | international global products
in order to improve efficiency and segregation of duties within
international global products , a new coordination team is being created in
london to take on the control functions currently performed within the
logistics team .
this will allow the commercial logistics team to concentrate on improving the
bottom line results by negotiations and arrangements with outside parties .
the commercial logistics team ( europe ) headed by graham cane will now report
to chris mahoney .
the coordination function has been set up by cindy horn , who will be handing
over the leadership to becky millerchip on following the implementation of
sap for global products . this team will handle all paperwork and
reconciliations with regard to product movements of global products generated
by the london and helsinki offices , and the further processing of this
information to the systems and users downstream .
the coordination function for houston and panama city will be headed by
michelle bruce , with the logistics team headed by john harrison now reporting
directly to john nowlan . michelle will build her team during the third
quarter .
a similar rationalisation of roles in the far eastern offices will be
announced in due course .
please join us in congratulating graham and becky , michelle and john on
their new responsibilities , and in thanking cindy for her hard work in making
this happen .
tani nath & john nowlan | 2000-06-30T00:00:00 |
27 | re : evergreen deals no that is a gtc firm that will expire when the contract does .
julie
daren j farmer
12 / 20 / 99 04 : 05 pm
to : julie meyers / hou / ect @ ect
cc :
subject : re : evergreen deals
vintage should be 93730 .
julie meyers
12 / 20 / 99 02 : 27 pm
to : daren j farmer / hou / ect @ ect
cc :
subject : re : evergreen deals
look at comments below .
julie
daren j farmer
12 / 20 / 99 01 : 43 pm
to : julie meyers / hou / ect @ ect
cc :
subject : evergreen deals
julie ,
i need to know if the following deals have evergreen provisions to roll into
jan 2000 .
cokinos / 9676 95912 - no this is a gtc firm contract , deal expires with
contract
cokinos / 6373 128952 - this is a gtc spot
coral / 4120 93883 - this is on a single transaction contract , we would need
to check with the trader
encina / 6392 93487 - yes , this is a committed reserve . i marked the
evergreen flag .
midcoast / 5097 92956 - no , gtc lst purchaser , deal expires with contract .
united o & m / 5053 93728 - no , this deal was moved to the wellhead portfolio
for january , but the deal was terminated per legal .
vintage / 2540 93750 - not the right deal number .
thanks .
d | 0 | ham | re : evergreen deals | no that is a gtc firm that will expire when the contract does .
julie
daren j farmer
12 / 20 / 99 04 : 05 pm
to : julie meyers / hou / ect @ ect
cc :
subject : re : evergreen deals
vintage should be 93730 .
julie meyers
12 / 20 / 99 02 : 27 pm
to : daren j farmer / hou / ect @ ect
cc :
subject : re : evergreen deals
look at comments below .
julie
daren j farmer
12 / 20 / 99 01 : 43 pm
to : julie meyers / hou / ect @ ect
cc :
subject : evergreen deals
julie ,
i need to know if the following deals have evergreen provisions to roll into
jan 2000 .
cokinos / 9676 95912 - no this is a gtc firm contract , deal expires with
contract
cokinos / 6373 128952 - this is a gtc spot
coral / 4120 93883 - this is on a single transaction contract , we would need
to check with the trader
encina / 6392 93487 - yes , this is a committed reserve . i marked the
evergreen flag .
midcoast / 5097 92956 - no , gtc lst purchaser , deal expires with contract .
united o & m / 5053 93728 - no , this deal was moved to the wellhead portfolio
for january , but the deal was terminated per legal .
vintage / 2540 93750 - not the right deal number .
thanks .
d | 1999-12-20T00:00:00 |
1,740 | meter 1553 ; equistar please check this meter back to the first , the deal volume is zero and it is
pathed for 5 m . | 0 | ham | meter 1553 ; equistar | please check this meter back to the first , the deal volume is zero and it is
pathed for 5 m . | 2000-10-02T00:00:00 |
17,985 | schedule crawler : hourahead failure start date : 2 / 2 / 02 ; hourahead hour : 12 ; hourahead schedule download failed . manual intervention required . | 0 | ham | schedule crawler : hourahead failure | start date : 2 / 2 / 02 ; hourahead hour : 12 ; hourahead schedule download failed . manual intervention required . | 2002-02-02T00:00:00 |
12,098 | re : confirmations for monterrey office louise , sally and i had already talked about this , and we both believe the best approach is to divide this responsibility according to the type of confirmation .
- sally ' s group will keep the responsibility for chasing customers with outstanding short confirmations , ( where we have an executed isda with the counterparty ,
- enron de mexico will keep the responsibility for chasing the ones with outstanding long confirmations ( deemed isdas ) . this will give us the opportunity of better negotiate the execution of master agreements down here .
sally ' s group will keep sending us the weekly report , and will differentiate in the report between short and long confirms , to monitor progress .
this should work very well .
best regards .
louise kitchen @ ect 07 / 05 / 2001 09 : 11 am to : sally beck / enron @ enronxgate @ enron cc : bob m hall / enron @ enronxgate @ enron , leslie reeves / enron @ enronxgate @ enron , jaime williams / na / enron @ enron subject : re : confirmations for monterrey office
thanks
i think this comes down to a question of whose responsibility it is to chase customers , as soon as the clarification is made , it should work .
louise
from : sally beck / enron @ enronxgate on 07 / 02 / 2001 06 : 19 pm
to : louise kitchen / hou / ect @ ect
cc : bob m hall / enron @ enronxgate , leslie reeves / enron @ enronxgate
subject : confirmations for monterrey office
have a good trip to monterrey . i hope that these bullet points help in your discussions tomorrow . - - sally
? gordon heaney ( houston ) was named as the operations liasion for the monterrey office after the doorstep review during the first quarter . he is fluent in spanish . confirmations have been prepared in houston since the inception of the mexico business .
? since that time , gordon and his boss , joe hunter ( manager over derivatives confirmations ) , have made a trip to monterrey to meet the commercial team and to iron out the process flow for confirmations .
? gordon and joe meet with agustin perez and jaime williams when they are in houston for bid week each month .
? last meeting with agustin and jaime was last week here in houston . primary focus of the conversation was around involving the commercial team in working with counterparties to get executed confirmations back in our hands . our commitment is to get a spreadsheet to agustin and jaime each week that details unexecuted confirmations and responses , or lack thereof , from the counterparties . that way the commercial teams can push with their commercial contacts and gordon can push with his contacts for executed confirmations . the first of these spreadsheets was sent to the monterrey office today , per the commitment from gordon and joe last week .
creation of confirmations : timing has improved since first quarter , as 25 to 30 % of the deals are now done with counterparties who have recently executed isda master agreements . confirmations for deals done with these counterparties are being sent trade date + 1 . for counterparties without master agreements in place , there are often special riders to the confirmations with input required from credit and legal . these confirmations naturally take longer and are going out to the counterparties sometime after trade date + 1 . i have asked joe and gordon to diligently push credit and legal to complete this process more promptly .
execution of confirmations : we have found that the counterparties in mexico are more interested in having the invoice in hand as their documentation on a deal than in returning a signed confirmation to us . this is an education process that we will continue to work on with the help of the commercial team in monterrey .
my opinion : let ' s try the weekly spreadsheet status on unexecuted confirmations for a few weeks and monitor progress . it is my opinion that there is not the depth of business yet in the monterrey office to warrant a fulltime confirmations person located there . i think that the bilingual contact here working closely with the commercial team in monterrey will make a difference . | 0 | ham | re : confirmations for monterrey office | louise , sally and i had already talked about this , and we both believe the best approach is to divide this responsibility according to the type of confirmation .
- sally ' s group will keep the responsibility for chasing customers with outstanding short confirmations , ( where we have an executed isda with the counterparty ,
- enron de mexico will keep the responsibility for chasing the ones with outstanding long confirmations ( deemed isdas ) . this will give us the opportunity of better negotiate the execution of master agreements down here .
sally ' s group will keep sending us the weekly report , and will differentiate in the report between short and long confirms , to monitor progress .
this should work very well .
best regards .
louise kitchen @ ect 07 / 05 / 2001 09 : 11 am to : sally beck / enron @ enronxgate @ enron cc : bob m hall / enron @ enronxgate @ enron , leslie reeves / enron @ enronxgate @ enron , jaime williams / na / enron @ enron subject : re : confirmations for monterrey office
thanks
i think this comes down to a question of whose responsibility it is to chase customers , as soon as the clarification is made , it should work .
louise
from : sally beck / enron @ enronxgate on 07 / 02 / 2001 06 : 19 pm
to : louise kitchen / hou / ect @ ect
cc : bob m hall / enron @ enronxgate , leslie reeves / enron @ enronxgate
subject : confirmations for monterrey office
have a good trip to monterrey . i hope that these bullet points help in your discussions tomorrow . - - sally
? gordon heaney ( houston ) was named as the operations liasion for the monterrey office after the doorstep review during the first quarter . he is fluent in spanish . confirmations have been prepared in houston since the inception of the mexico business .
? since that time , gordon and his boss , joe hunter ( manager over derivatives confirmations ) , have made a trip to monterrey to meet the commercial team and to iron out the process flow for confirmations .
? gordon and joe meet with agustin perez and jaime williams when they are in houston for bid week each month .
? last meeting with agustin and jaime was last week here in houston . primary focus of the conversation was around involving the commercial team in working with counterparties to get executed confirmations back in our hands . our commitment is to get a spreadsheet to agustin and jaime each week that details unexecuted confirmations and responses , or lack thereof , from the counterparties . that way the commercial teams can push with their commercial contacts and gordon can push with his contacts for executed confirmations . the first of these spreadsheets was sent to the monterrey office today , per the commitment from gordon and joe last week .
creation of confirmations : timing has improved since first quarter , as 25 to 30 % of the deals are now done with counterparties who have recently executed isda master agreements . confirmations for deals done with these counterparties are being sent trade date + 1 . for counterparties without master agreements in place , there are often special riders to the confirmations with input required from credit and legal . these confirmations naturally take longer and are going out to the counterparties sometime after trade date + 1 . i have asked joe and gordon to diligently push credit and legal to complete this process more promptly .
execution of confirmations : we have found that the counterparties in mexico are more interested in having the invoice in hand as their documentation on a deal than in returning a signed confirmation to us . this is an education process that we will continue to work on with the help of the commercial team in monterrey .
my opinion : let ' s try the weekly spreadsheet status on unexecuted confirmations for a few weeks and monitor progress . it is my opinion that there is not the depth of business yet in the monterrey office to warrant a fulltime confirmations person located there . i think that the bilingual contact here working closely with the commercial team in monterrey will make a difference .
| 2001-07-05T00:00:00 |
2,045 | enron / hpl noms for november 16 , 2000 ( see attached file : hplnl 116 . xls )
- hplnl 116 . xls | 0 | ham | enron / hpl noms for november 16 , 2000 | ( see attached file : hplnl 116 . xls )
- hplnl 116 . xls | 2000-11-15T00:00:00 |
27,747 | restore address book in notes i did not restore your personal notes address book .
you can restore the address file quickly via :
close notes .
copy the c : \ notesold \ data \ names . nsf file to c : \ notes \ data \ names . nsf .
if you do not understand this - email or call me .
mark kostinec - ext . 402 - 398 - 7294 | 0 | ham | restore address book in notes | i did not restore your personal notes address book .
you can restore the address file quickly via :
close notes .
copy the c : \ notesold \ data \ names . nsf file to c : \ notes \ data \ names . nsf .
if you do not understand this - email or call me .
mark kostinec - ext . 402 - 398 - 7294 | 2000-06-22T00:00:00 |
4,179 | work full - time while earning your degree if you wish to remove yourself from future aiu mailings please click here to here to go to the website and select the unsubscribe link at the bottom of the page . if you wish to unsubscribe from future mailings from this email publisher please follow their listed instructions . | 1 | spam | work full - time while earning your degree | if you wish to remove yourself from future aiu mailings please click here to here to go to the website and select the unsubscribe link at the bottom of the page . if you wish to unsubscribe from future mailings from this email publisher please follow their listed instructions .
| 2004-08-11T00:00:00 |
13,244 | ees - city of austin we discovered today that they are talking to them , too .
any word on whether or not i can approach ees on the subject ?
dave | 0 | ham | ees - city of austin | we discovered today that they are talking to them , too .
any word on whether or not i can approach ees on the subject ?
dave | 2001-10-10T00:00:00 |
27,378 | mail delivery failed : returning message to sender this message was created automatically by mail delivery software .
a message that you sent could not be delivered to one or more of its
recipients . this is a permanent error . the following address ( es ) failed :
steve . carpenter @ up 4 it . demon . co . uk
( generated from steve . carpenter @ up 4 it . info )
smtp error from remote mailer after end of data :
host punt - 1 . mail . demon . net [ 194 . 217 . 242 . 248 ] :
550 blocked by recipient ' s spam filter options . if message is legitimate , please forward a copy to rbl @ demon . net for investigation .
- - - - - - this is a copy of the message , including all the headers . - - - - - -
return - path :
received : from [ 222 . 47 . 74 . 64 ] ( helo = mailwisconsin . com )
by seven . mx . 123 - reg . co . uk with smtp ( exim 4 . 43 )
id ldupqo - 0001 fc - bw
for steve . carpenter @ up 4 it . info ; tue , 19 jul 2005 12 : 00 : 39 + 0100
received : from 205 . 214 . 42 . 66
( squirrelmail authenticated user projecthoneypot @ projecthoneypot . org ) ;
by mailwisconsin . com with http id j 87 gzo 09360701 ;
tue , 19 jul 2005 10 : 57 : 46 + 0000
message - id :
date : tue , 19 jul 2005 10 : 57 : 46 + 0000
subject : just to her . . .
from : " barry castillo "
to : steve . carpenter @ up 4 it . info
user - agent : squirrelmail / 1 . 4 . 3 a
x - mailer : squirrelmail / 1 . 4 . 3 a
mime - version : 1 . 0
content - type : text / html ; charset = iso - 8859 - 1
content - transfer - encoding : 8 bit
x - priority : 3 ( normal )
importance : normal
soft viagra at $ 1 . 62 per dose
ready to boost your sex life ? positive ?
time to do it right now !
order soft viagra at incredibly low prices
starting at $ 1 . 99 per dose ! unbelivabie ! | 1 | spam | mail delivery failed : returning message to sender | this message was created automatically by mail delivery software .
a message that you sent could not be delivered to one or more of its
recipients . this is a permanent error . the following address ( es ) failed :
steve . carpenter @ up 4 it . demon . co . uk
( generated from steve . carpenter @ up 4 it . info )
smtp error from remote mailer after end of data :
host punt - 1 . mail . demon . net [ 194 . 217 . 242 . 248 ] :
550 blocked by recipient ' s spam filter options . if message is legitimate , please forward a copy to rbl @ demon . net for investigation .
- - - - - - this is a copy of the message , including all the headers . - - - - - -
return - path :
received : from [ 222 . 47 . 74 . 64 ] ( helo = mailwisconsin . com )
by seven . mx . 123 - reg . co . uk with smtp ( exim 4 . 43 )
id ldupqo - 0001 fc - bw
for steve . carpenter @ up 4 it . info ; tue , 19 jul 2005 12 : 00 : 39 + 0100
received : from 205 . 214 . 42 . 66
( squirrelmail authenticated user projecthoneypot @ projecthoneypot . org ) ;
by mailwisconsin . com with http id j 87 gzo 09360701 ;
tue , 19 jul 2005 10 : 57 : 46 + 0000
message - id :
date : tue , 19 jul 2005 10 : 57 : 46 + 0000
subject : just to her . . .
from : " barry castillo "
to : steve . carpenter @ up 4 it . info
user - agent : squirrelmail / 1 . 4 . 3 a
x - mailer : squirrelmail / 1 . 4 . 3 a
mime - version : 1 . 0
content - type : text / html ; charset = iso - 8859 - 1
content - transfer - encoding : 8 bit
x - priority : 3 ( normal )
importance : normal
soft viagra at $ 1 . 62 per dose
ready to boost your sex life ? positive ?
time to do it right now !
order soft viagra at incredibly low prices
starting at $ 1 . 99 per dose ! unbelivabie ! | 2005-07-19T00:00:00 |
25,755 | uk national lottery " you are a winner " the national lottery
12 bridge street ,
stains middlesex twl 8 4 tp
united kingdom .
from : the desk of the director of promotions ,
international promotions / prize award department ,
ref : ast 341739 ds
we are pleased to inform you of the announcement today of winners of
the national lottery international programs held on 25 th june 2005
you /
your company , attached to ticket number 013 - 2316 - 2002 - 477 , with serial
number ao 25 - 09 drew the lucky numbers 37 - 13 - 34 - 85 - 56 - 42 , and
consequently won in category b . you have therefore been approved for a
lump sum pay of us $ 2 , 500 , 000 . 00 in cash credited to file ref no . ref :
ast 341739 ds . this is from total
prize money of us $ 15 , 000 , 000 . 00 shared among the six ( 6 ) international
winners in the category b . all participants were selected through a
computer ballot system drawn from 30 , 000 names from australia , new
zealand , america , asia , europe , usa and north america as part our
international promotions program , which is conducted monthly . your fund
is now deposited with the finance and security section and insured in
your name . due to the mix up of some numbers and names , we ask that
you
keep this award strictly from public notice until your claim has been
processed and your money remitted to your account . this is part of our
security protocol to avoid double claiming or unscrupulous acts by
participants of this program . we hope with a part of you prize , you
will
participate in our end of year high stakes us $ 1 . 3 billion
international
lotto . to begin your claim , please contact your claims officer
immediately :
yours faithfully ,
mr martin hillman .
claim agent
tel : 0044 - 704 - 010 - 3388
tel : 0044 - 703 - 184 - 7929
fax : + 44 - 700 - 580 - 7134
email : martinsl _ 2005 @ eresmas . com
for due processing and remittance of your prize money to a designated
account of your choice , kindly provide him with the following
information :
note : in order to avoid unnecessary delays and complications , please
remember to quote your reference number in every one of your
correspondences with your officer . furthermore , should there be any
change of your address , do inform your claims officer as soon as
possible .
congratulations again from all our staff and thank you for being part
of our promotions program .
sincerely ,
the director of promotions
the national lottery
n . b . any breach of confidentiality on the part of the winners will
result to disqualification . please do not reply this mail . | 1 | spam | uk national lottery " you are a winner " | the national lottery
12 bridge street ,
stains middlesex twl 8 4 tp
united kingdom .
from : the desk of the director of promotions ,
international promotions / prize award department ,
ref : ast 341739 ds
we are pleased to inform you of the announcement today of winners of
the national lottery international programs held on 25 th june 2005
you /
your company , attached to ticket number 013 - 2316 - 2002 - 477 , with serial
number ao 25 - 09 drew the lucky numbers 37 - 13 - 34 - 85 - 56 - 42 , and
consequently won in category b . you have therefore been approved for a
lump sum pay of us $ 2 , 500 , 000 . 00 in cash credited to file ref no . ref :
ast 341739 ds . this is from total
prize money of us $ 15 , 000 , 000 . 00 shared among the six ( 6 ) international
winners in the category b . all participants were selected through a
computer ballot system drawn from 30 , 000 names from australia , new
zealand , america , asia , europe , usa and north america as part our
international promotions program , which is conducted monthly . your fund
is now deposited with the finance and security section and insured in
your name . due to the mix up of some numbers and names , we ask that
you
keep this award strictly from public notice until your claim has been
processed and your money remitted to your account . this is part of our
security protocol to avoid double claiming or unscrupulous acts by
participants of this program . we hope with a part of you prize , you
will
participate in our end of year high stakes us $ 1 . 3 billion
international
lotto . to begin your claim , please contact your claims officer
immediately :
yours faithfully ,
mr martin hillman .
claim agent
tel : 0044 - 704 - 010 - 3388
tel : 0044 - 703 - 184 - 7929
fax : + 44 - 700 - 580 - 7134
email : martinsl _ 2005 @ eresmas . com
for due processing and remittance of your prize money to a designated
account of your choice , kindly provide him with the following
information :
note : in order to avoid unnecessary delays and complications , please
remember to quote your reference number in every one of your
correspondences with your officer . furthermore , should there be any
change of your address , do inform your claims officer as soon as
possible .
congratulations again from all our staff and thank you for being part
of our promotions program .
sincerely ,
the director of promotions
the national lottery
n . b . any breach of confidentiality on the part of the winners will
result to disqualification . please do not reply this mail . | 2005-06-27T00:00:00 |
266 | - - - - - - - - - - - - - - - - - - - - - - forwarded by ami chokshi / corp / enron on 02 / 07 / 2000 04 : 48 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
royal _ b _ edmondson @ reliantenergy . com on 02 / 07 / 2000 04 : 45 : 52 pm
to : ami _ chokshi @ enron . com
cc :
subject :
( see attached file : egmnom - feb . xls )
- egmnom - feb . xls | 0 | ham | - - - - - - - - - - - - - - - - - - - - - - forwarded by ami chokshi / corp / enron on 02 / 07 / 2000 | 04 : 48 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
royal _ b _ edmondson @ reliantenergy . com on 02 / 07 / 2000 04 : 45 : 52 pm
to : ami _ chokshi @ enron . com
cc :
subject :
( see attached file : egmnom - feb . xls )
- egmnom - feb . xls | 2000-02-07T00:00:00 |
19,094 | meet real people with horny desires thanks to cannylinguist , i read a poem ( in translation ) by anna akhmatova . ( when will i learn russian ? ) and then had . . .
i love that the fine people of scotland are worried enough about how ugly chewing gum on the streets of edinburgh . worried enough to devise an action plan to stop people disposing of their gum in an irresponsible way . they . . .
bbygrlyo 69
blissfulgrl 25
breelle
devinegrly 3
i am very capable of being discreet
and am a very sharing
i like the feel of a hard cock
inside me fucking me hard . . all night
i like to be surprised and i
like things that are kinky and exotic .
i want women and couples who
are secure and uninhibited
sexysara 69
kreativeqt
i love to cuddle , and caress ,
and get caressed in return
bi females or couples of like
for friendship and possibly more
i am sexy .
outgoing , wild , and fun . . . i am sexysara 69
i like strawberries , whipped
cream , wet grass , hard cocks ,
hottcouple 4 u
outdoorgrlo 02
softntasti
sxilips 4 u 2 kiss
looking for a couple or
single female to join us for a good time
i like guys who can be romantic
and can sweet talk a woman
i am somewhat shy at first . . . but
behind closed doors . . watch out ! !
i ' m very open - minded . i ' m a
bit of a freaq myself ,
this message was sent as part of a membership of adultfreely . com if this was reached in error please click here to be removed this message was sent from adultfreely . com located at 1215 centerville road suite b , wilmington , de 19808
if you donate appreciated stock that you have owned for over one year to a charitable organization , you can deduct the fair market value of the stock as a charitable deduction .
the shifted librarian has a couple of encouraging posts up about the circulation of audiobooks in mp 3 format in illinois libraries . they like them - they really , really like them listenillinois successful at wheaton public library , too ! . . . | 1 | spam | meet real people with horny desires | thanks to cannylinguist , i read a poem ( in translation ) by anna akhmatova . ( when will i learn russian ? ) and then had . . .
i love that the fine people of scotland are worried enough about how ugly chewing gum on the streets of edinburgh . worried enough to devise an action plan to stop people disposing of their gum in an irresponsible way . they . . .
bbygrlyo 69
blissfulgrl 25
breelle
devinegrly 3
i am very capable of being discreet
and am a very sharing
i like the feel of a hard cock
inside me fucking me hard . . all night
i like to be surprised and i
like things that are kinky and exotic .
i want women and couples who
are secure and uninhibited
sexysara 69
kreativeqt
i love to cuddle , and caress ,
and get caressed in return
bi females or couples of like
for friendship and possibly more
i am sexy .
outgoing , wild , and fun . . . i am sexysara 69
i like strawberries , whipped
cream , wet grass , hard cocks ,
hottcouple 4 u
outdoorgrlo 02
softntasti
sxilips 4 u 2 kiss
looking for a couple or
single female to join us for a good time
i like guys who can be romantic
and can sweet talk a woman
i am somewhat shy at first . . . but
behind closed doors . . watch out ! !
i ' m very open - minded . i ' m a
bit of a freaq myself ,
this message was sent as part of a membership of adultfreely . com if this was reached in error please click here to be removed this message was sent from adultfreely . com located at 1215 centerville road suite b , wilmington , de 19808
if you donate appreciated stock that you have owned for over one year to a charitable organization , you can deduct the fair market value of the stock as a charitable deduction .
the shifted librarian has a couple of encouraging posts up about the circulation of audiobooks in mp 3 format in illinois libraries . they like them - they really , really like them listenillinois successful at wheaton public library , too ! . . .
| 2004-06-08T00:00:00 |
28,641 | planning weekly report attached is the planning weekly report for the week ending 6 / 08 / 01 .
- morgan gottsponer | 0 | ham | planning weekly report | attached is the planning weekly report for the week ending 6 / 08 / 01 .
- morgan gottsponer | 2001-06-08T00:00:00 |
28,579 | ets salutes please join me in congratulating lynette leblanc , another 2000 chairman ' s award nominee .
lynette , manager of hr client services for eott in houston , is a shining example of how employees should treat co - workers and guests . communication is her strongest attribute ; always going out of her way to communicate effectively and making sure all employees are advised of changes and new developments . lynette helps her department set lofty , but achievable goals , while always bringing out the best in people .
again , congratulations to lynette .
stan | 0 | ham | ets salutes | please join me in congratulating lynette leblanc , another 2000 chairman ' s award nominee .
lynette , manager of hr client services for eott in houston , is a shining example of how employees should treat co - workers and guests . communication is her strongest attribute ; always going out of her way to communicate effectively and making sure all employees are advised of changes and new developments . lynette helps her department set lofty , but achievable goals , while always bringing out the best in people .
again , congratulations to lynette .
stan | 2001-04-19T00:00:00 |
23,520 | 2000 ena vegas offsite attached please find the invitation for the las vegas offsite to be held at
the venetian from december 13 - 16 , 2000 . please go online and fill out the
information to confirm your attendance .
please note : travel must be made through this attached invitation .
las vegas http : / / www . xopix . com / enron / url _ vegas _ inviteo 5 . swf | 0 | ham | 2000 ena vegas offsite | attached please find the invitation for the las vegas offsite to be held at
the venetian from december 13 - 16 , 2000 . please go online and fill out the
information to confirm your attendance .
please note : travel must be made through this attached invitation .
las vegas http : / / www . xopix . com / enron / url _ vegas _ inviteo 5 . swf | 2000-11-16T00:00:00 |
14,245 | cash & reorg financial reporting re : chapter 11 reorganization
financial reporting requirements
many people have questions regarding how enron will be operating under chapter 11 bankruptcy proceedings . this memo addresses the financial reporting requirements enron will have to its various constituents .
during the reorganization , the company will continue its gaap reporting , with a breakout of pre and post petition liabilities , as well as historical management / operational reporting , consistent with past practices .
in addition , the company will have an added responsibility to report cash flows to the bankruptcy court and its various constituents . specifically , enron will be required to report projected cash receipts and cash disbursements by business unit on a weekly basis . the court and our new debtor - in - possession ( " dip " ) lenders require a rolling 13 week projection of cash flows plus monthly projections thereafter to obtain a full year of projected cash flows . the budgeted weekly projections will then be compared to actual results to determine how well each business unit is operating compared to the projections . the weekly and monthly forecasts will be adjusted each week pursuant to revised or improved information on forecasted cash flows . thus this process will be an ongoing one , with constant updating of information to ensure we generate the most accurate reports possible .
the initial weekly and monthly projections will be critical to the determination of the amount that the dip lenders will be willing to make available to the company . in addition , the cash flows for the entities that are included in the bankruptcy proceedings will be utilized by the bankruptcy court and dip lenders to constantly review and react to the cash flow situation at enron . however , all enron business units ( not just ones in bankruptcy ) will need to conform to these new requirements , because additional entities are likely to be included in the bankruptcy filing and because it is extremely important for enron management to be able to see the totality of cash flow requirements for the entire company .
the weekly cash flow projection project will be overseen by mike deville ( x 57852 ) and greg adams ( x 33887 ) . in addition , enron has retained batchelder & partners , inc . , a financial advisory firm , to assist us in this and other reorganization efforts .
we will be having a group meeting with the cao ' s and / or their designees from the various business units responsible for the cash projections on wednesday , december 5 at 2 : 00 pm in the boardroom on the 50 th floor to further explain this process and answer any questions you may have . we will then be meeting on an individual basis with the business units to discuss specific business unit requirements .
attached is a template of the financial statement projection format that will be required . please review this template in advance of the wednesday meeting to determine any questions you have on the reporting format . obviously the requirements may change , which will require us to reformat and / or obtain additional information on short notification .
thank you in advance for your cooperation . we look forward to your attendance on wednesday . | 0 | ham | cash & reorg financial reporting | re : chapter 11 reorganization
financial reporting requirements
many people have questions regarding how enron will be operating under chapter 11 bankruptcy proceedings . this memo addresses the financial reporting requirements enron will have to its various constituents .
during the reorganization , the company will continue its gaap reporting , with a breakout of pre and post petition liabilities , as well as historical management / operational reporting , consistent with past practices .
in addition , the company will have an added responsibility to report cash flows to the bankruptcy court and its various constituents . specifically , enron will be required to report projected cash receipts and cash disbursements by business unit on a weekly basis . the court and our new debtor - in - possession ( " dip " ) lenders require a rolling 13 week projection of cash flows plus monthly projections thereafter to obtain a full year of projected cash flows . the budgeted weekly projections will then be compared to actual results to determine how well each business unit is operating compared to the projections . the weekly and monthly forecasts will be adjusted each week pursuant to revised or improved information on forecasted cash flows . thus this process will be an ongoing one , with constant updating of information to ensure we generate the most accurate reports possible .
the initial weekly and monthly projections will be critical to the determination of the amount that the dip lenders will be willing to make available to the company . in addition , the cash flows for the entities that are included in the bankruptcy proceedings will be utilized by the bankruptcy court and dip lenders to constantly review and react to the cash flow situation at enron . however , all enron business units ( not just ones in bankruptcy ) will need to conform to these new requirements , because additional entities are likely to be included in the bankruptcy filing and because it is extremely important for enron management to be able to see the totality of cash flow requirements for the entire company .
the weekly cash flow projection project will be overseen by mike deville ( x 57852 ) and greg adams ( x 33887 ) . in addition , enron has retained batchelder & partners , inc . , a financial advisory firm , to assist us in this and other reorganization efforts .
we will be having a group meeting with the cao ' s and / or their designees from the various business units responsible for the cash projections on wednesday , december 5 at 2 : 00 pm in the boardroom on the 50 th floor to further explain this process and answer any questions you may have . we will then be meeting on an individual basis with the business units to discuss specific business unit requirements .
attached is a template of the financial statement projection format that will be required . please review this template in advance of the wednesday meeting to determine any questions you have on the reporting format . obviously the requirements may change , which will require us to reformat and / or obtain additional information on short notification .
thank you in advance for your cooperation . we look forward to your attendance on wednesday . | 2001-12-04T00:00:00 |
25,725 | very good newws hello , welcome to pharmonlin suicide e sho lummox p
- one of th offlimits e leading oniine pharmaceutical shops
traumata v
vegetarian g
preconquest al
l dispensable l
bolometer la
r sloughy a punitive cl
grandpa isv solipsism a
interleave um
andmanyother .
- save over muniment 50 %
- worldwide sh domicile lpplng
- total clandestine confidentiaiity
- over 5 miiiion customer suffusion s in 130 countries
have a nice day piezochemistry ! | 1 | spam | very good newws | hello , welcome to pharmonlin suicide e sho lummox p
- one of th offlimits e leading oniine pharmaceutical shops
traumata v
vegetarian g
preconquest al
l dispensable l
bolometer la
r sloughy a punitive cl
grandpa isv solipsism a
interleave um
andmanyother .
- save over muniment 50 %
- worldwide sh domicile lpplng
- total clandestine confidentiaiity
- over 5 miiiion customer suffusion s in 130 countries
have a nice day piezochemistry ! | 2005-06-27T00:00:00 |
30,101 | re : ± ä ± Þ . . þ ¬ ¶ ô Þù ¶ ø ´ ï ´ ù . . e d jgaf izchsesptsqlum e
i
dlf yfvi nyzemnwe | 1 | spam | re : ± ä ± Þ . . þ ¬ ¶ ô Þù ¶ ø ´ ï ´ ù . . e | d jgaf izchsesptsqlum e
i
dlf yfvi nyzemnwe | 2004-10-23T00:00:00 |
31,336 | the sma | | cap journa | presents : bernard ,
breaking news at the ciose friday january 14 , 2 oo 5
energy telecom , inc ( 0 tc : eytl )
offering the world ' s first hands - freee two - way , inte | | igent , miniaturized , wireless persona | teiecommunication eyeware systems . ( source : news decemberl 0 , 20 o 4 )
current price : $ . o 6
is this an undiscovered gem that is positioned to go higher ? pie @ se re @ d the fo | | owing announcement in its entirety and consider the possibilities . . . watch this one trade tuesday !
press reiease source : energy telecom , inc .
energy telecom announces pians to begin partnering patented eyewear technology friday january 14 , 4 : 05 pm et
miami beach , fia . , jan . 14 , 2 oo 5 ( primezone ) - - energy teiecom , inc . ( 0 ther otc : eytl . pk - news ) announced today it pians to begin marketing its patented eyewear technology .
` ` with the compietion of our bluetooth prototypes , we are ready to aggressiveiy approach the | eading manufacturers of industria | protection products and consumer eyewear and partner up with them so that we can more rapidly get our products to market , ' ' stated mr . tom rickards , ceo of energy teiecom .
` ` we beiieve that our patented technoiogy wiil offer a major step in offering life - critica | information to future wearers of our wireless personal teiecom products , ' ' mr . rickards continued . ` ` firefighters , rescue workers and soidiers can now have real - time environmenta | information , inciuding temperature , gaseous content , and radiation leveis , sent directly to their wireless , hands - freee eyewear . we also beiieve that the company ' s recent patent fiiing , for advanced systems and methods for enhanced eiectronic shape recognition , wi | | aiso generate substantia | interest from the aforementioned manufacturers . ' '
about eytl
energy teiecom hoids united states and foreign patents designed to provide leading giobal manufacturers of wireiess headsets , industria | eyewear and optical projection technoiogy with the means of offering the worid ' s first hands - freee two - way , inteiligent , miniaturized , wireless personal teiecommunication eyewear systems . these systems are designed to be built into speciaiized eyewear worn by police , fire , rescue , military and security personnel as weil as those used by bio - hazardous , mining , construction and heavy manufacturing workers .
information within this email contains " forward looking statements " within the meaning of section 27 a of the securities act of 1933 and section 21 b of the securities exchange act of 1934 . any statements that express or invoive discussions with respect to predictions , expectations , beliefs , plans , projections , objectives , goals , assumptions or future events or performance are not statements of historica | fact and may be " forward | ooking statements . " forward | ooking statements are based on expectations , estimates and projections at the time the statements are made that invoive a number of risks and uncertainties which could cause actua | resuits or events to differ materiaily from those presently anticipated . forward looking statements in this action may be identified through the use of words such as " projects " , " foresee " , " expects " , " will , " " anticipates , " " estimates , " " believes , " " understands " or that by statements indicating certain actions " may , " " couid , " or " might " occur . as with many microcap stocks , today ' s company has additional risk factors worth noting . today ' s featured company is not a reporting company registered under the securities act of 1934 and hence there is | imited information availabie about the company . other factors include a limited operating history , an accumulated deficit since its inception , reliance on loans from officers and directors to pay expenses , a nominal cash position , and no revenue in its most recent quarter . it is not currently an operating company . the company has two smail items in collection against it . the company is going to need financing . if that financing does not occur , the company may not be able to continue as a going concern in which case you couid | ose your entire investment . other risks and uncertainties inciude , but are not | imited to , the ability of the company to complete its business plan , market conditions , the general acceptance of the company ' s products and technoiogies , competitive factors , timing , and other risks associated with their business . the publisher of this newsletter does not represent that the information contained in this message states all material facts or does not omit a material fact necessary to make the statements therein not misieading . al | information provided within this email pertaining to investing , stocks , securities must be understood as information provided and not investment advice . the publisher of this newsletter advises ail readers and subscribers to seek advice from a registered professiona | securities representative before deciding to trade in stocks featured within this email . none of the materia | within this report shall be construed as any kind of investment advice or solicitation . many of these companies are on the verge of bankruptcy . you can | ose ail your money by investing in this stock . the pubiisher of this newsietter is not a re gister ed in vest ment @ dvisor . subscribers should not view information herein as lega | , tax , accounting or investment advice . any reference to past performance ( s ) of companies are speciaily selected to be referenced based on the favorable performance of these companies . you wouid need perfect timing to acheive the resuits in the exampies given . there can be no assurance of that happening . remember , as always , past performance is n e v e r indicative of future results and a thorough due diiigence effort , including a review of a company ' s fiiings when avaiiable , should be completed prior to investing . in compliance with the securities act of 1933 , sectionl 7 ( b ) , the pubiisher of this newsletter discioses the receipt of eight thousand doliars from a third party , not an officer , director or affiliate shareholder for the circuiation of this report . be aware of an inherent confiict of interest resulting from such compensation due to the fact that this is a paid advertisement and is not without bias . the party that paid us has a position in the stock they will sell at anytime without notice . this could have a negative impact on the price of the stock . ail factual information in this report was gathered from public sources , inciuding but not limited to company websites and company press reieases . the pubiisher of this newsletter believes this information to be reliabie but can make no guaranteee as to its accuracy or compieteness . use of the materia | within this email constitutes your acceptance of these terms .
if you wish to stop future maiiings , or if you fee | you have been wrongfully piaced in our l i s t , please go here ( - aol 978987 sdfuoisduf . com / optl / rm . html - ) | 1 | spam | the sma | | cap journa | presents : | bernard ,
breaking news at the ciose friday january 14 , 2 oo 5
energy telecom , inc ( 0 tc : eytl )
offering the world ' s first hands - freee two - way , inte | | igent , miniaturized , wireless persona | teiecommunication eyeware systems . ( source : news decemberl 0 , 20 o 4 )
current price : $ . o 6
is this an undiscovered gem that is positioned to go higher ? pie @ se re @ d the fo | | owing announcement in its entirety and consider the possibilities . . . watch this one trade tuesday !
press reiease source : energy telecom , inc .
energy telecom announces pians to begin partnering patented eyewear technology friday january 14 , 4 : 05 pm et
miami beach , fia . , jan . 14 , 2 oo 5 ( primezone ) - - energy teiecom , inc . ( 0 ther otc : eytl . pk - news ) announced today it pians to begin marketing its patented eyewear technology .
` ` with the compietion of our bluetooth prototypes , we are ready to aggressiveiy approach the | eading manufacturers of industria | protection products and consumer eyewear and partner up with them so that we can more rapidly get our products to market , ' ' stated mr . tom rickards , ceo of energy teiecom .
` ` we beiieve that our patented technoiogy wiil offer a major step in offering life - critica | information to future wearers of our wireless personal teiecom products , ' ' mr . rickards continued . ` ` firefighters , rescue workers and soidiers can now have real - time environmenta | information , inciuding temperature , gaseous content , and radiation leveis , sent directly to their wireless , hands - freee eyewear . we also beiieve that the company ' s recent patent fiiing , for advanced systems and methods for enhanced eiectronic shape recognition , wi | | aiso generate substantia | interest from the aforementioned manufacturers . ' '
about eytl
energy teiecom hoids united states and foreign patents designed to provide leading giobal manufacturers of wireiess headsets , industria | eyewear and optical projection technoiogy with the means of offering the worid ' s first hands - freee two - way , inteiligent , miniaturized , wireless personal teiecommunication eyewear systems . these systems are designed to be built into speciaiized eyewear worn by police , fire , rescue , military and security personnel as weil as those used by bio - hazardous , mining , construction and heavy manufacturing workers .
information within this email contains " forward looking statements " within the meaning of section 27 a of the securities act of 1933 and section 21 b of the securities exchange act of 1934 . any statements that express or invoive discussions with respect to predictions , expectations , beliefs , plans , projections , objectives , goals , assumptions or future events or performance are not statements of historica | fact and may be " forward | ooking statements . " forward | ooking statements are based on expectations , estimates and projections at the time the statements are made that invoive a number of risks and uncertainties which could cause actua | resuits or events to differ materiaily from those presently anticipated . forward looking statements in this action may be identified through the use of words such as " projects " , " foresee " , " expects " , " will , " " anticipates , " " estimates , " " believes , " " understands " or that by statements indicating certain actions " may , " " couid , " or " might " occur . as with many microcap stocks , today ' s company has additional risk factors worth noting . today ' s featured company is not a reporting company registered under the securities act of 1934 and hence there is | imited information availabie about the company . other factors include a limited operating history , an accumulated deficit since its inception , reliance on loans from officers and directors to pay expenses , a nominal cash position , and no revenue in its most recent quarter . it is not currently an operating company . the company has two smail items in collection against it . the company is going to need financing . if that financing does not occur , the company may not be able to continue as a going concern in which case you couid | ose your entire investment . other risks and uncertainties inciude , but are not | imited to , the ability of the company to complete its business plan , market conditions , the general acceptance of the company ' s products and technoiogies , competitive factors , timing , and other risks associated with their business . the publisher of this newsletter does not represent that the information contained in this message states all material facts or does not omit a material fact necessary to make the statements therein not misieading . al | information provided within this email pertaining to investing , stocks , securities must be understood as information provided and not investment advice . the publisher of this newsletter advises ail readers and subscribers to seek advice from a registered professiona | securities representative before deciding to trade in stocks featured within this email . none of the materia | within this report shall be construed as any kind of investment advice or solicitation . many of these companies are on the verge of bankruptcy . you can | ose ail your money by investing in this stock . the pubiisher of this newsietter is not a re gister ed in vest ment @ dvisor . subscribers should not view information herein as lega | , tax , accounting or investment advice . any reference to past performance ( s ) of companies are speciaily selected to be referenced based on the favorable performance of these companies . you wouid need perfect timing to acheive the resuits in the exampies given . there can be no assurance of that happening . remember , as always , past performance is n e v e r indicative of future results and a thorough due diiigence effort , including a review of a company ' s fiiings when avaiiable , should be completed prior to investing . in compliance with the securities act of 1933 , sectionl 7 ( b ) , the pubiisher of this newsletter discioses the receipt of eight thousand doliars from a third party , not an officer , director or affiliate shareholder for the circuiation of this report . be aware of an inherent confiict of interest resulting from such compensation due to the fact that this is a paid advertisement and is not without bias . the party that paid us has a position in the stock they will sell at anytime without notice . this could have a negative impact on the price of the stock . ail factual information in this report was gathered from public sources , inciuding but not limited to company websites and company press reieases . the pubiisher of this newsletter believes this information to be reliabie but can make no guaranteee as to its accuracy or compieteness . use of the materia | within this email constitutes your acceptance of these terms .
if you wish to stop future maiiings , or if you fee | you have been wrongfully piaced in our l i s t , please go here ( - aol 978987 sdfuoisduf . com / optl / rm . html - ) | 2005-01-19T00:00:00 |
9,821 | amateur teens go bad 18 - 21 yr . old chicks are so horny !
nasty amateurs taking cum shots , huge cocks , anal poundings , & much more !
young and fresh - - - - - > just a click away !
get them now ! for free !
click here for the girls of your dreams ! remember this is a free site so hurry !
click here to unsubscribe . | 1 | spam | amateur teens go bad | 18 - 21 yr . old chicks are so horny !
nasty amateurs taking cum shots , huge cocks , anal poundings , & much more !
young and fresh - - - - - > just a click away !
get them now ! for free !
click here for the girls of your dreams ! remember this is a free site so hurry !
click here to unsubscribe .
| 2002-08-08T00:00:00 |
10,374 | are you ready to get it ? hello !
viagra is the # 1 med to struggle with mens ' erectile dysfunction .
like one jokes sais , it is strong enouqh for a man , but made for a woman ; - )
ordering viagra online is a very convinient , fast and secure way !
miiiions of people do it daily to save their privacy and money
order here . . . | 1 | spam | are you ready to get it ? | hello !
viagra is the # 1 med to struggle with mens ' erectile dysfunction .
like one jokes sais , it is strong enouqh for a man , but made for a woman ; - )
ordering viagra online is a very convinient , fast and secure way !
miiiions of people do it daily to save their privacy and money
order here . . .
| 2005-06-30T00:00:00 |
22,331 | samurai stox info penny stock picks every week ! ! ! the profile for the month of july is wsmi - wisdom international , inc . - just announced $ 5 . 2 m contract
ground breaking news :
wsmi announced on friday after the close $ 5 . 2 m contract ! ! ! the company stock will go crazy next week ! ! everybody is looking at wsmi as $ 2 . 50 - $ 3 stock after this contract was released .
symbol : wsmi price : $ 1 . 15
expected possible price in next 5 days : $ 3 . 20
breaking news announced : ground breaking news : wsmi announced on friday after the close $ 5 . 2 m contract ! ! !
symbol : wsmi
price : $ 1 . 15
expected possible price in next 5 days : $ 3 . 20
wisdom international corporation is a diversified holding company . wisdom ' s reinsurance activities are conducted through its subsidiary , international reinsurance company , ltd , with offices in nevis , west indies , norwich , england and dallas , texas . wisdom global mining conducts mining operations of organic agricultural , and health related products .
news releases
wisdom international ( wsmi ) is pleased to announce that its mining operation has received a significant new order .
wisdom international has entered into an agreement to provide and fulfill an order for 5 . 2 million dollars ( $ 5 , 200 , 000 ) of it organic miracle product . organic miracle is a non - nitrogen based fertilizer that can be applied by itself or as supplement to more expensive fertilizer products . since its introduction , organic miracle has generated high interest levels , both in the u . s . and abroad .
based on the revenues expected through the dynamic growth pattern of its re - insurance subsidiary and the company ' s mining operation , wisdom international projects its 2005 profits to exceed 3 . 5 million dollars ( $ 3 , 500 , 000 ) .
symbol : wsmi
price : $ 1 . 15
expected possible price in next 5 days : $ 3 . 20
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
read this before you do anything else :
information within this email contains forward looking statements within the meaning of section 27 a of the securities act of 1933 and section 21 b of the securities exchange act of 1934 . any statements that express or involve discussions with respect to predictions , goals , expectations , beliefs , plans , projections , objectives , assumptions or future events or performance are not statements of historical fact and may be forward looking statements . forward looking statements are based on expectations , estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated . forward looking statements in this action may be identified through the use of words such as : projects , foresee , expects , estimates , believes , understands will , part of : anticipates , or that by statements indicating certain actions may , could , or might
occur . all information provided within this email pertaining to investing , stocks , securities must be understood as information provided and not investment advice . emerging equity alert advises all readers and subscribers to seek advice from a registered professional securities representative before deciding to trade in stocks featured within this email . none of the material within this report shall be construed as any kind of investment advice . please have in mind that the interpretation of the witer of this newsletter about the news published by the company does not represent the company official statement and in fact may differ from the real meaning of what the news release meant to say . look the news release by yourself and judge by yourself about the details in it . in compliance with section 17 ( b ) , we disclose the holding of wsmi shares prior to the publication of this report . be aware of an inherent conflict of interest resulting from such holdings due to our intent
to profit from the liquidation of these shares . shares may be sold at any time , even after positive statements have been made regarding the above company . since we own shares , there is an inherent conflict of interest in our statements and opinions . readers of this publication are cautioned not to place undue reliance on forward - looking statements , which are based on certain assumptions and expectations involving various risks and uncertainties , that could cause results to differ materially from those set forth in the forward - looking statements . expected speculative price should not be accepted as price projection its only for informational purposes . please be advised that nothing within this email shall constitute a solicitation or an invitation to get position in or sell any security mentioned herein . this newsletter is neither a registered investment advisor nor affiliated with any broker or dealer . this newsletter was paid $ 23500 from third party ( raginbulls ) to send
this report . all statements made are our express opinion only and should be treated as such . we may own , take position and sell any securities mentioned at any time . this report includes forward - looking statements within the meaning of the private securities litigation reform act of 1995 . these statements may include terms as expect , believe , may , will , move , undervalued , speculative target price and intend or similar terms . | 1 | spam | samurai stox info | penny stock picks every week ! ! ! the profile for the month of july is wsmi - wisdom international , inc . - just announced $ 5 . 2 m contract
ground breaking news :
wsmi announced on friday after the close $ 5 . 2 m contract ! ! ! the company stock will go crazy next week ! ! everybody is looking at wsmi as $ 2 . 50 - $ 3 stock after this contract was released .
symbol : wsmi price : $ 1 . 15
expected possible price in next 5 days : $ 3 . 20
breaking news announced : ground breaking news : wsmi announced on friday after the close $ 5 . 2 m contract ! ! !
symbol : wsmi
price : $ 1 . 15
expected possible price in next 5 days : $ 3 . 20
wisdom international corporation is a diversified holding company . wisdom ' s reinsurance activities are conducted through its subsidiary , international reinsurance company , ltd , with offices in nevis , west indies , norwich , england and dallas , texas . wisdom global mining conducts mining operations of organic agricultural , and health related products .
news releases
wisdom international ( wsmi ) is pleased to announce that its mining operation has received a significant new order .
wisdom international has entered into an agreement to provide and fulfill an order for 5 . 2 million dollars ( $ 5 , 200 , 000 ) of it organic miracle product . organic miracle is a non - nitrogen based fertilizer that can be applied by itself or as supplement to more expensive fertilizer products . since its introduction , organic miracle has generated high interest levels , both in the u . s . and abroad .
based on the revenues expected through the dynamic growth pattern of its re - insurance subsidiary and the company ' s mining operation , wisdom international projects its 2005 profits to exceed 3 . 5 million dollars ( $ 3 , 500 , 000 ) .
symbol : wsmi
price : $ 1 . 15
expected possible price in next 5 days : $ 3 . 20
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
read this before you do anything else :
information within this email contains forward looking statements within the meaning of section 27 a of the securities act of 1933 and section 21 b of the securities exchange act of 1934 . any statements that express or involve discussions with respect to predictions , goals , expectations , beliefs , plans , projections , objectives , assumptions or future events or performance are not statements of historical fact and may be forward looking statements . forward looking statements are based on expectations , estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated . forward looking statements in this action may be identified through the use of words such as : projects , foresee , expects , estimates , believes , understands will , part of : anticipates , or that by statements indicating certain actions may , could , or might
occur . all information provided within this email pertaining to investing , stocks , securities must be understood as information provided and not investment advice . emerging equity alert advises all readers and subscribers to seek advice from a registered professional securities representative before deciding to trade in stocks featured within this email . none of the material within this report shall be construed as any kind of investment advice . please have in mind that the interpretation of the witer of this newsletter about the news published by the company does not represent the company official statement and in fact may differ from the real meaning of what the news release meant to say . look the news release by yourself and judge by yourself about the details in it . in compliance with section 17 ( b ) , we disclose the holding of wsmi shares prior to the publication of this report . be aware of an inherent conflict of interest resulting from such holdings due to our intent
to profit from the liquidation of these shares . shares may be sold at any time , even after positive statements have been made regarding the above company . since we own shares , there is an inherent conflict of interest in our statements and opinions . readers of this publication are cautioned not to place undue reliance on forward - looking statements , which are based on certain assumptions and expectations involving various risks and uncertainties , that could cause results to differ materially from those set forth in the forward - looking statements . expected speculative price should not be accepted as price projection its only for informational purposes . please be advised that nothing within this email shall constitute a solicitation or an invitation to get position in or sell any security mentioned herein . this newsletter is neither a registered investment advisor nor affiliated with any broker or dealer . this newsletter was paid $ 23500 from third party ( raginbulls ) to send
this report . all statements made are our express opinion only and should be treated as such . we may own , take position and sell any securities mentioned at any time . this report includes forward - looking statements within the meaning of the private securities litigation reform act of 1995 . these statements may include terms as expect , believe , may , will , move , undervalued , speculative target price and intend or similar terms .
| 2005-07-26T00:00:00 |
6,739 | matlab at enron hello vince :
i ' m the territory manager for the mathworks , we develop matlab technical
software . we ' ve recently developed tools well suited for energy trading
industry .
enron has used our products in the past , but all of those end - users have
left enron .
risk management and research groups at southern energy , txu , dynegy , el
paso energy , koch , calpine , reliant and others have recently started using
our products in the following ways .
1 . create sophisticated option pricing models , risk analysis models , and
stress analysis models . creating gui front ends for the end - users .
2 . pull in data from odbc , corba , and sas databases to evaluate .
3 . visualize the results and quantify the solution .
4 . compile these models and distribute these applications to their
traders , analysists and managers with no distribution costs .
who should i contact at your company to discuss enron ' s situation to see if
our can help enron as it has with our other energy customers ?
thank you for your time and help .
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
scott wakefield
the mathworks , inc .
phone : ( 508 ) 647 - 7282
fax : ( 508 ) 647 - 4275
e - mail : swakefield @ mathworks . com
http : / / www . mathworks . com
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
matlab news group :
news : comp . soft - sys . matlab
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
visit the new mathworks store and buy matlab , simulink
and all of our products online
http : / / www . mathworks . com / store / | 0 | ham | matlab at enron | hello vince :
i ' m the territory manager for the mathworks , we develop matlab technical
software . we ' ve recently developed tools well suited for energy trading
industry .
enron has used our products in the past , but all of those end - users have
left enron .
risk management and research groups at southern energy , txu , dynegy , el
paso energy , koch , calpine , reliant and others have recently started using
our products in the following ways .
1 . create sophisticated option pricing models , risk analysis models , and
stress analysis models . creating gui front ends for the end - users .
2 . pull in data from odbc , corba , and sas databases to evaluate .
3 . visualize the results and quantify the solution .
4 . compile these models and distribute these applications to their
traders , analysists and managers with no distribution costs .
who should i contact at your company to discuss enron ' s situation to see if
our can help enron as it has with our other energy customers ?
thank you for your time and help .
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
scott wakefield
the mathworks , inc .
phone : ( 508 ) 647 - 7282
fax : ( 508 ) 647 - 4275
e - mail : swakefield @ mathworks . com
http : / / www . mathworks . com
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
matlab news group :
news : comp . soft - sys . matlab
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
visit the new mathworks store and buy matlab , simulink
and all of our products online
http : / / www . mathworks . com / store / | 2000-08-09T00:00:00 |
6,411 | mg metals : additional areas to look at dear lloyd & richard ,
i have been discussing with eric gadd about two particular areas of concern
that will affect the london research group . i believe there are a number of
issues to address to ensure that the integration goes smoothly from a risk
management and quantitative analysis perspective , and i have put together a
( by no means exhaustive ) list : -
i ) seamless transfer of front and middle office systems from an exotic
options linking perspective ( e . g . their spreadsheets link to different option
pricing add - ins )
ii ) development of volatility curves and factor analysis to ensure that we
can capture metals risk in our var system ( we will require historical data
for this ) . i am sure bjorn will be looking to the research group to assist
in this matter .
iii ) ensure that mg staff on quant and risk side become familiar with our
methods and systems and vice versa
these tasks will involve a significant degree of cross - communication with
relevant contacts within mg metals , and so i look forward to starting on the
process as soon as possible - i hope to play a full part from a quantitative
research and risk management perspective to ensure that everything goes
smoothly in this exciting new development , so please do not hesitate to
involve me .
best regards ,
anjam ahmad
research
x 35383 | 0 | ham | mg metals : additional areas to look at | dear lloyd & richard ,
i have been discussing with eric gadd about two particular areas of concern
that will affect the london research group . i believe there are a number of
issues to address to ensure that the integration goes smoothly from a risk
management and quantitative analysis perspective , and i have put together a
( by no means exhaustive ) list : -
i ) seamless transfer of front and middle office systems from an exotic
options linking perspective ( e . g . their spreadsheets link to different option
pricing add - ins )
ii ) development of volatility curves and factor analysis to ensure that we
can capture metals risk in our var system ( we will require historical data
for this ) . i am sure bjorn will be looking to the research group to assist
in this matter .
iii ) ensure that mg staff on quant and risk side become familiar with our
methods and systems and vice versa
these tasks will involve a significant degree of cross - communication with
relevant contacts within mg metals , and so i look forward to starting on the
process as soon as possible - i hope to play a full part from a quantitative
research and risk management perspective to ensure that everything goes
smoothly in this exciting new development , so please do not hesitate to
involve me .
best regards ,
anjam ahmad
research
x 35383 | 2000-06-30T00:00:00 |
14,652 | fw : - - - - - original message - - - - -
from : presto , kevin m .
sent : tuesday , january 08 , 2002 9 : 11 am
to : lavorato , john
subject : re :
christi nicolay and sarah novosel are the two best regulatory people . in terms of pushing the timing , political clout is going to be more important which in the past would have come from kean and lay . obviously , that will not work anymore . i have a good relationship with larcamp ( ferc head of staff ) and might be able to help with the politics . i think ferc is going to want to hear directly from the new owner . if we want speed , i recommend we use the expertise of christi and sarah combined with the overall political clout of the new owner .
you are not off base with steffes at all .
- - - - - original message - - - - -
from : lavorato , john
sent : tuesday , january 08 , 2002 8 : 57 am
to : presto , kevin m . ; belden , tim
subject :
i ' ve never been a big fan of shapiro , however , i wonder if he could help with the speed of the regulatory process . steffes seems to talk more than act . am i way off base .
my issues with rick have never been related to competence but were based on costs of his unit . | 0 | ham | fw : | - - - - - original message - - - - -
from : presto , kevin m .
sent : tuesday , january 08 , 2002 9 : 11 am
to : lavorato , john
subject : re :
christi nicolay and sarah novosel are the two best regulatory people . in terms of pushing the timing , political clout is going to be more important which in the past would have come from kean and lay . obviously , that will not work anymore . i have a good relationship with larcamp ( ferc head of staff ) and might be able to help with the politics . i think ferc is going to want to hear directly from the new owner . if we want speed , i recommend we use the expertise of christi and sarah combined with the overall political clout of the new owner .
you are not off base with steffes at all .
- - - - - original message - - - - -
from : lavorato , john
sent : tuesday , january 08 , 2002 8 : 57 am
to : presto , kevin m . ; belden , tim
subject :
i ' ve never been a big fan of shapiro , however , i wonder if he could help with the speed of the regulatory process . steffes seems to talk more than act . am i way off base .
my issues with rick have never been related to competence but were based on costs of his unit . | 2002-01-08T00:00:00 |
29,744 | xãnax for less sa ; ve 7 _ 0 % ord . ering onl / ine to ` day !
vi ! sit our site and sa ! ve big
baklava chip drunkard cow elizabethan embargo assassin tasty viennese posey coax deep idea haggard bourbon blockade booty stephenson afoot salute collide hewlett patent dental blurt appoint authoritative precautionary ashtray ablate quizzes datsun hitchcock catalyst garrulous pyroxenite extravaganza boorish accidental wolves standstill polo curium core kennecott echoes appleton epistemology onetime contradistinguish componentry deceptive cattlemen chaff accrual kettering anastigmat checkerberry talus edible frayed wiggle markham abash purify blend appendage archfool adjunct aubrey carrel chimique demerit toolkit inaptitude osmotic preamble leadsmen deportation elector norton homology climate tangential consult niamey puritan freeway ditzel phenylalanine scam instep brahmsian compulsive heat mind abyss ireland aircraft butadiene skimp mine ak borealis konrad grommet armload bela guile halfhearted killjoy appian agnomen apex ivanhoe midas complaisant aerodynamic nina dee adventurous asparagine subliminal mollify pinkie botulism sonority asleep congestion cathode dodecahedron bodyguard blaze droll gamesman ehrlich blanche thymine bushy squatted dihedral typographer hogan eddie inextricable pin consulate sculpin perihelion burnett denunciate fruit beehive inasmuch elevate tidy diffeomorphism churn blaine expelled
removemeplease | 1 | spam | xãnax for less | sa ; ve 7 _ 0 % ord . ering onl / ine to ` day !
vi ! sit our site and sa ! ve big
baklava chip drunkard cow elizabethan embargo assassin tasty viennese posey coax deep idea haggard bourbon blockade booty stephenson afoot salute collide hewlett patent dental blurt appoint authoritative precautionary ashtray ablate quizzes datsun hitchcock catalyst garrulous pyroxenite extravaganza boorish accidental wolves standstill polo curium core kennecott echoes appleton epistemology onetime contradistinguish componentry deceptive cattlemen chaff accrual kettering anastigmat checkerberry talus edible frayed wiggle markham abash purify blend appendage archfool adjunct aubrey carrel chimique demerit toolkit inaptitude osmotic preamble leadsmen deportation elector norton homology climate tangential consult niamey puritan freeway ditzel phenylalanine scam instep brahmsian compulsive heat mind abyss ireland aircraft butadiene skimp mine ak borealis konrad grommet armload bela guile halfhearted killjoy appian agnomen apex ivanhoe midas complaisant aerodynamic nina dee adventurous asparagine subliminal mollify pinkie botulism sonority asleep congestion cathode dodecahedron bodyguard blaze droll gamesman ehrlich blanche thymine bushy squatted dihedral typographer hogan eddie inextricable pin consulate sculpin perihelion burnett denunciate fruit beehive inasmuch elevate tidy diffeomorphism churn blaine expelled
removemeplease
| 2004-09-21T00:00:00 |
20,171 | - get a dell laptop computer free ! | 1 | spam | - get a dell laptop computer free ! | 2004-10-24T00:00:00 |
|
12,778 | re : first quote from greg should read : " we see no reason for gas and power markets to become unstable in the aftermath of yesterday ' s tragedies " . . .
- - - - - original message - - - - -
from : kean , steven j .
sent : tue 9 / 11 / 2001 7 : 19 pm
to : denne , karen ; koenig , mark ; palmer , mark a . ( pr ) ; palmer , mark a . ( pr ) ; kean , steven j .
cc : whalley , greg ; derrick jr . , james
subject :
see draft release for first thing in the am .
enron appeals for calm in us natural gas and power markets
enron appealed today for calm in us natural gas and power markets . enron will be available to buy and sell natural gas and power both over the phone and through its online platform enrononline .
" we see no reason for gas and power markets to panic in the aftermath of yesterday ' s tragedies , " said greg whalley , president and chief operating officer . " these are domestic commodities and the physical infrastructure is secure and operating . "
enrononline will be open for gas and power transactions from 7 : 00 am to 12 : 00 noon , cdt to enable market participants to make purchases and sales and adjust their positions as necessary .
[ boilerplate ] | 0 | ham | re : | first quote from greg should read : " we see no reason for gas and power markets to become unstable in the aftermath of yesterday ' s tragedies " . . .
- - - - - original message - - - - -
from : kean , steven j .
sent : tue 9 / 11 / 2001 7 : 19 pm
to : denne , karen ; koenig , mark ; palmer , mark a . ( pr ) ; palmer , mark a . ( pr ) ; kean , steven j .
cc : whalley , greg ; derrick jr . , james
subject :
see draft release for first thing in the am .
enron appeals for calm in us natural gas and power markets
enron appealed today for calm in us natural gas and power markets . enron will be available to buy and sell natural gas and power both over the phone and through its online platform enrononline .
" we see no reason for gas and power markets to panic in the aftermath of yesterday ' s tragedies , " said greg whalley , president and chief operating officer . " these are domestic commodities and the physical infrastructure is secure and operating . "
enrononline will be open for gas and power transactions from 7 : 00 am to 12 : 00 noon , cdt to enable market participants to make purchases and sales and adjust their positions as necessary .
[ boilerplate ] | 2001-09-11T00:00:00 |
9,551 | more site sales do you take credit cards ?
if you do you will make more money . easy set up . . no credit checks - 100 % approval . . . .
make more money now !
try now
remove info is found on web site | 1 | spam | more site sales | do you take credit cards ?
if you do you will make more money . easy set up . . no credit checks - 100 % approval . . . .
make more money now !
try now
remove info is found on web site
| 2002-02-15T00:00:00 |
33,002 | try vi : agra today reduced priceson allmedications , save 70 % !
to be removed : | 1 | spam | try vi : agra today | reduced priceson allmedications , save 70 % !
to be removed :
| 2005-05-28T00:00:00 |
14,843 | clean up tammie ,
many of the desks on 5 & 6 have items in / on them that need to be boxed up and labeled and put in storage . we need to have them cleaned up prior to moving new people to these locations asap .
can you please help identify a task force ?
thanks ,
tammy | 0 | ham | clean up | tammie ,
many of the desks on 5 & 6 have items in / on them that need to be boxed up and labeled and put in storage . we need to have them cleaned up prior to moving new people to these locations asap .
can you please help identify a task force ?
thanks ,
tammy | 2002-01-23T00:00:00 |
30,694 | how about your good self ? good evening .
all our final decisions are made in a state of mind that is not going to last . the vitality of a new movement in art must be gauged by the fury it arouses .
the man who has accomplished all that he thinks worthwhile has begun to die . when you are aspiring to the highest place , it is honorable to reach the second or even the third rank .
there is a fellowship more quiet even than solitude , and which , rightly understood , is solitude made perfect . frustrated love has been the incentive for many great works .
spinoza experience keeps a dear school , but fools will learn in no other .
have an aim in life - - then don ' t forget to pull the trigger . all bodies are slow in growth but rapid in decay .
our true destiny is not to be ministered unto but to minister to ourselves and to our fellow men . one must verify or expel his doubts , and convert them into the certainty of yes or no . the gambling known as business looks with severe disfavor on the business known as gambling .
none of us can stand other people having the same faults as ourselves .
' tis the old secret of the gods that they come in low disguises .
the more anger towards the past you carry in your heart , the less capable you are of loving in the present .
if you find a path with no obstacles , it probably doesn ' t lead anywhere .
happiness is not a state to arrive at , rather , a manner of traveling .
charity is injurious unless it helps the recipient to become independent of it . i ' ve got to keep breathing . it ' ll be my worst business mistake if i don ' t .
the dog that trots about finds a bone .
history is just the portrayal of crimes and misfortunes . civilization is a limitless multiplication of unnecessary necessities . god always has another custard pie up his sleeve .
the itch of disputing is the scab of the churches .
when you ' ve got something to prove , there ' s nothing greater than a challenge .
niganisabye - bye | 1 | spam | how about your good self ? | good evening .
all our final decisions are made in a state of mind that is not going to last . the vitality of a new movement in art must be gauged by the fury it arouses .
the man who has accomplished all that he thinks worthwhile has begun to die . when you are aspiring to the highest place , it is honorable to reach the second or even the third rank .
there is a fellowship more quiet even than solitude , and which , rightly understood , is solitude made perfect . frustrated love has been the incentive for many great works .
spinoza experience keeps a dear school , but fools will learn in no other .
have an aim in life - - then don ' t forget to pull the trigger . all bodies are slow in growth but rapid in decay .
our true destiny is not to be ministered unto but to minister to ourselves and to our fellow men . one must verify or expel his doubts , and convert them into the certainty of yes or no . the gambling known as business looks with severe disfavor on the business known as gambling .
none of us can stand other people having the same faults as ourselves .
' tis the old secret of the gods that they come in low disguises .
the more anger towards the past you carry in your heart , the less capable you are of loving in the present .
if you find a path with no obstacles , it probably doesn ' t lead anywhere .
happiness is not a state to arrive at , rather , a manner of traveling .
charity is injurious unless it helps the recipient to become independent of it . i ' ve got to keep breathing . it ' ll be my worst business mistake if i don ' t .
the dog that trots about finds a bone .
history is just the portrayal of crimes and misfortunes . civilization is a limitless multiplication of unnecessary necessities . god always has another custard pie up his sleeve .
the itch of disputing is the scab of the churches .
when you ' ve got something to prove , there ' s nothing greater than a challenge .
niganisabye - bye
| 2004-12-06T00:00:00 |
21,655 | ? j ¦ n ? ? · | ? £ n ? ? ? lpaliourg @ iit . demokritos . gr ¶ « $ @ ??? § a $ @ ¦ ? ?? ¨ ¬ » ? n ? ? ± m · ~ ¦ a ¶ ?
µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ °
¨ c ? g ³ £ ¦ ³ ³ ? § ?µb ³ ? · sµb ³ ? · r ? ? ± j?? ± ?yx
yx?w ² ? $ @ ?f ° ? ? ? ° t ? ?
yx?w ² ? $ @ ?f ° ? ± µ ¦ ? ? ?
µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ °
µ @ | 1 | spam | ? j ¦ n ? ? · | ? £ n ? ? ? lpaliourg @ iit . demokritos . gr | ¶ « $ @ ??? § a $ @ ¦ ? ?? ¨ ¬ » ? n ? ? ± m · ~ ¦ a ¶ ?
µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ °
¨ c ? g ³ £ ¦ ³ ³ ? § ?µb ³ ? · sµb ³ ? · r ? ? ± j?? ± ?yx
yx?w ² ? $ @ ?f ° ? ? ? ° t ? ?
yx?w ² ? $ @ ?f ° ? ± µ ¦ ? ? ?
µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ ° µ °
µ @
| 2005-04-06T00:00:00 |
4,807 | hi one million profiles of hot old age , young age woman that are looking for some part time friendship on the side . get to see all of the profiles online today for only one dollar , safe age verification !
bump off | 1 | spam | hi | one million profiles of hot old age , young age woman that are looking for some part time friendship on the side . get to see all of the profiles online today for only one dollar , safe age verification !
bump off
| 2005-03-06T00:00:00 |
33,676 | next of kin from the desk of mr . martins olusegun
director credit control department .
union bank of nigeria plc .
marina branch , lagos state .
union bank of nigeria , big ! strong ! ! reliable ! ! !
private email : martinsolusegun 21 @ . msn . com
telephone : + 234 806 038 0714
my names are mr martins olusegun , i worked with union bank of nigeria
plc , marina
branch , lagos nigeria . i have an urgent and very profitable business
proposition for you that should be handled with extreme confidentiality .
on january 6 , 1998 a foreign consultant and contractor with the
nigerianrail way corporation mr . theophilous baker made a numbered time
fixeddeposit for twelve calendar months valued at us $ 4 . 5 m ( four
million , fivehundred united
states
dollars only ) in my branch . upon maturity i sent aroutine notification
in accordance with the bank policy to his forwarding address but got no
reply . after a month we sent a reminder and finally ,
we discovered from his contract employers nigerian railway corporation
that mr . theophilous baker died in anautomobile accident .
on further investigation , we found out that he died without making a
will and all attempts to trace his next of kin was fruitless . i therefore
made further investigations and discovered that mr . theophilous baker
did notdeclare any next of kin or relations in all his official
documents including his bank deposit paperwork in my bank .
no one will ever come forward to claim it and according to the law of
my country , at the expiration of 7 years the money will revert to the
ownership of the state ( government ) if nobody applies to claim the
fund . this prompted me to contact you . i want to front you as the next of kin
to our late client thereby making you the legal beneficiary of the sum
of $ 4 . 5 million u . s dollars that is presently in my bank .
i contacted you because it is against our code of ethics to own and
operate foreign accounts and your assistance would be needed to claim the
money so thatmy bank can transfer this money to your nominated account
in your country .
i have unanimously agreed that 25 % of the entire sum would be for you
if you agree to take part in this profitable transaction , 65 % for me
while the remaining 10 % would be used to pay back all the expenses that
may be incurred during the course of the transaction by both parties
after the fund has been claimed and lodged in your account . in the event
that you are genuinely interested in the transaction , the following
information would be needed from you to expedite action .
1 ) your full name ,
2 ) your residential or company address ,
3 ) your private telphone and fax numbers where you can be reached at
all time because this transaction entails constant communication .
i want to assure you that this transaction is 100 % legal and totally
free from all risks as all modalities has been perfected to ensure the
hitch free success of the transaction .
if you are interested , send me the requested information via email as
soon as possible so that we can proceed .
i await your response urgently .
best regards and god bless you .
mr martins olusegun .
mail sent from webmail service at php - nuke powered site
- http : / / yoursite . com | 1 | spam | next of kin | from the desk of mr . martins olusegun
director credit control department .
union bank of nigeria plc .
marina branch , lagos state .
union bank of nigeria , big ! strong ! ! reliable ! ! !
private email : martinsolusegun 21 @ . msn . com
telephone : + 234 806 038 0714
my names are mr martins olusegun , i worked with union bank of nigeria
plc , marina
branch , lagos nigeria . i have an urgent and very profitable business
proposition for you that should be handled with extreme confidentiality .
on january 6 , 1998 a foreign consultant and contractor with the
nigerianrail way corporation mr . theophilous baker made a numbered time
fixeddeposit for twelve calendar months valued at us $ 4 . 5 m ( four
million , fivehundred united
states
dollars only ) in my branch . upon maturity i sent aroutine notification
in accordance with the bank policy to his forwarding address but got no
reply . after a month we sent a reminder and finally ,
we discovered from his contract employers nigerian railway corporation
that mr . theophilous baker died in anautomobile accident .
on further investigation , we found out that he died without making a
will and all attempts to trace his next of kin was fruitless . i therefore
made further investigations and discovered that mr . theophilous baker
did notdeclare any next of kin or relations in all his official
documents including his bank deposit paperwork in my bank .
no one will ever come forward to claim it and according to the law of
my country , at the expiration of 7 years the money will revert to the
ownership of the state ( government ) if nobody applies to claim the
fund . this prompted me to contact you . i want to front you as the next of kin
to our late client thereby making you the legal beneficiary of the sum
of $ 4 . 5 million u . s dollars that is presently in my bank .
i contacted you because it is against our code of ethics to own and
operate foreign accounts and your assistance would be needed to claim the
money so thatmy bank can transfer this money to your nominated account
in your country .
i have unanimously agreed that 25 % of the entire sum would be for you
if you agree to take part in this profitable transaction , 65 % for me
while the remaining 10 % would be used to pay back all the expenses that
may be incurred during the course of the transaction by both parties
after the fund has been claimed and lodged in your account . in the event
that you are genuinely interested in the transaction , the following
information would be needed from you to expedite action .
1 ) your full name ,
2 ) your residential or company address ,
3 ) your private telphone and fax numbers where you can be reached at
all time because this transaction entails constant communication .
i want to assure you that this transaction is 100 % legal and totally
free from all risks as all modalities has been perfected to ensure the
hitch free success of the transaction .
if you are interested , send me the requested information via email as
soon as possible so that we can proceed .
i await your response urgently .
best regards and god bless you .
mr martins olusegun .
mail sent from webmail service at php - nuke powered site
- http : / / yoursite . com | 2005-07-27T00:00:00 |
26,179 | you don _ t know how to attract customers to your website ? submitting your website in search engines may increase
your online sales dramatically .
if you invested time and money into your website , you
simply must submit your website
oniine otherwise it wili be invisibie virtually , which means efforts spent in vain .
if you want
people to know about your website and boost your revenues , the oniy way to do
that is to
make your site visible in piaces
where people search for information , i . e .
submit your
website in muitiple search enqines .
submit your website online
and watch visitors stream to your e - business .
best reqards ,
vicentaloqan _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ not interested . . . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ | 1 | spam | you don _ t know how to attract customers to your website ? | submitting your website in search engines may increase
your online sales dramatically .
if you invested time and money into your website , you
simply must submit your website
oniine otherwise it wili be invisibie virtually , which means efforts spent in vain .
if you want
people to know about your website and boost your revenues , the oniy way to do
that is to
make your site visible in piaces
where people search for information , i . e .
submit your
website in muitiple search enqines .
submit your website online
and watch visitors stream to your e - business .
best reqards ,
vicentaloqan _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ not interested . . . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ | 2005-07-01T00:00:00 |
20,844 | offce x * p professional $ 60 minnesota , which can clinch a wild - card
playoff spot with a loss by either carolina or st . louis this weekend , appeared on
its way to retaking the lead . but a holding penalty on birk - - the vikings were
flagged nine times for 78 yards - - wiped out a 16 - yard run by michael bennett that
would have given them the ball at the green bay 40 just before the 2 - minute warning .
the vikings ( 8 - 7 ) , though , couldn ' t
get what they needed from a pass defense that has struggled all season .
government spokesman raanan gissin
said four soldiers were killed .
six people were taken to hospital - -
four badly hurt , one with moderate injuries and one lightly injured , military
sources said .
the sources said another soldier
remained beneath the rubble .
gissin said rescue operations were
continuing sunday night .
the attack " indicates that unless
there is decisive and sustained effort taken to dismantle the terrorist
organization , it will be impossible to move towards normalizations and towards
political negotiations , " gissin told a news crew . " and i think the
responsibility on that lies with the palestinian authority . "
shortly after the first blast , a
second explosion was heard in southern gaza , but its precise location was not
immediately known .
hamas , in a phone call to cnn , said
it had set off the first explosion near rafah in cooperation with a group called
the fatah hawks .
there was no immediate information
available on that group , although it was believed to be linked to the fatah
movement formerly led by the late palestinian leader yasser arafat .
israeli military sources said it was
a coordinated attack , with palestinians firing mortar shells and guns at the
post when the explosives were detonated .
it was not clear whether there were
palestinian casualties .
news video of the aftermath showed
soldiers using stretchers to transport troops who appeared to be severely
wounded .
in a pamphlet distributed after the
attack , hamas said it had used 1 . 5 tons of explosives and had recorded video of
the incident .
palestinians have used tunnels in the
area to smuggle weapons from egypt . israel has carried out operations to crack
down on the smuggling . shell explosion in schoolyard
an israeli tank shell exploded in a
gaza schoolyard sunday morning , wounding eight palestinian schoolchildren ,
palestinian medical and security sources said .
the children between the ages of 6
and 12 - - sustained moderate to light injuries , the sources said .
the violence happened in khan yunis
in central gaza
israeli military sources said that
forces in the area identified what they thought was a number of mortar shells
being fired towards israeli settlements nearby .
in response , the forces fired towards
the positions with light weapons , but did not fire a tank shell , the military
sources said . | 1 | spam | offce x * p professional $ 60 | minnesota , which can clinch a wild - card
playoff spot with a loss by either carolina or st . louis this weekend , appeared on
its way to retaking the lead . but a holding penalty on birk - - the vikings were
flagged nine times for 78 yards - - wiped out a 16 - yard run by michael bennett that
would have given them the ball at the green bay 40 just before the 2 - minute warning .
the vikings ( 8 - 7 ) , though , couldn ' t
get what they needed from a pass defense that has struggled all season .
government spokesman raanan gissin
said four soldiers were killed .
six people were taken to hospital - -
four badly hurt , one with moderate injuries and one lightly injured , military
sources said .
the sources said another soldier
remained beneath the rubble .
gissin said rescue operations were
continuing sunday night .
the attack " indicates that unless
there is decisive and sustained effort taken to dismantle the terrorist
organization , it will be impossible to move towards normalizations and towards
political negotiations , " gissin told a news crew . " and i think the
responsibility on that lies with the palestinian authority . "
shortly after the first blast , a
second explosion was heard in southern gaza , but its precise location was not
immediately known .
hamas , in a phone call to cnn , said
it had set off the first explosion near rafah in cooperation with a group called
the fatah hawks .
there was no immediate information
available on that group , although it was believed to be linked to the fatah
movement formerly led by the late palestinian leader yasser arafat .
israeli military sources said it was
a coordinated attack , with palestinians firing mortar shells and guns at the
post when the explosives were detonated .
it was not clear whether there were
palestinian casualties .
news video of the aftermath showed
soldiers using stretchers to transport troops who appeared to be severely
wounded .
in a pamphlet distributed after the
attack , hamas said it had used 1 . 5 tons of explosives and had recorded video of
the incident .
palestinians have used tunnels in the
area to smuggle weapons from egypt . israel has carried out operations to crack
down on the smuggling . shell explosion in schoolyard
an israeli tank shell exploded in a
gaza schoolyard sunday morning , wounding eight palestinian schoolchildren ,
palestinian medical and security sources said .
the children between the ages of 6
and 12 - - sustained moderate to light injuries , the sources said .
the violence happened in khan yunis
in central gaza
israeli military sources said that
forces in the area identified what they thought was a number of mortar shells
being fired towards israeli settlements nearby .
in response , the forces fired towards
the positions with light weapons , but did not fire a tank shell , the military
sources said . | 2004-12-30T00:00:00 |
24,739 | free software ! games , movie , mp 3 , more free now ! ! ! blwe my free media sofware link
enjoy , jim - - - >
click here to go to the site
personal quote : all for one and one for all . this is not a spam email . this email was sent to
you because your email was entered in on a website requesting to be a registered subscriber .
click here to cancel your account and you will
never receive another email from us ! please add remove in the subject line . | 1 | spam | free software ! games , movie , mp 3 , more free now ! ! ! blwe | my free media sofware link
enjoy , jim - - - >
click here to go to the site
personal quote : all for one and one for all . this is not a spam email . this email was sent to
you because your email was entered in on a website requesting to be a registered subscriber .
click here to cancel your account and you will
never receive another email from us ! please add remove in the subject line .
| 2002-08-08T00:00:00 |
29,306 | we all have the same 24 hours , make yours count finally
your successful company .
money judgment processor .
from anywhere .
control when you want to work .
many of our associates profit 5 , 000 us to 12 , 000 us per mo .
impressive training and support .
here for more
info
we ' re about seven miles from port orford by land an ' about ten miles by
sea
do you live at port orford ? inquired the sailorthat ' s what we do , friend ;
an ' if your party wants to join us we ' ll do our best to make you comf ' table ,
bein ' as you ' re shipwrecked an ' need help
discontinue orange stad , and then mail stop 1 . 200 b , followed by a rub
a
just then a loud laugh came from another group , where the elder sailor had
been trying to explain rob ' s method of flying through the airlaugh all you
want to , said the sailor , sullenly ; it ' s true - - ev ' ry word of it ! mebbe you
think it , friend , answered a big , good - natured fisherman ; but it ' s well
known that shipwrecked folks go crazy sometimes , an ' imagine strange things
your mind seems clear enough in other ways , so i advise you to try and
forget your dreams about flyin ' rob now stepped forward and shook hands with
the sailors | 1 | spam | we all have the same 24 hours , make yours count | finally
your successful company .
money judgment processor .
from anywhere .
control when you want to work .
many of our associates profit 5 , 000 us to 12 , 000 us per mo .
impressive training and support .
here for more
info
we ' re about seven miles from port orford by land an ' about ten miles by
sea
do you live at port orford ? inquired the sailorthat ' s what we do , friend ;
an ' if your party wants to join us we ' ll do our best to make you comf ' table ,
bein ' as you ' re shipwrecked an ' need help
discontinue orange stad , and then mail stop 1 . 200 b , followed by a rub
a
just then a loud laugh came from another group , where the elder sailor had
been trying to explain rob ' s method of flying through the airlaugh all you
want to , said the sailor , sullenly ; it ' s true - - ev ' ry word of it ! mebbe you
think it , friend , answered a big , good - natured fisherman ; but it ' s well
known that shipwrecked folks go crazy sometimes , an ' imagine strange things
your mind seems clear enough in other ways , so i advise you to try and
forget your dreams about flyin ' rob now stepped forward and shook hands with
the sailors
| 2004-08-10T00:00:00 |
4,552 | fw : hot teen peeing well well well !
wonen jam
one chops the wood , the other does the grunting .
we wish to be happier than other people and this is difficult , for we believe others to be happier than they are . claret is the liquor for boys port for men but he who aspires to be a hero must drink brandy . winners must learn to relish change with the same enthusiasm and energy that we have resisted it in the past . to confess a fault freely is the next thing to being innocent of it .
communism has never come to power in a country that was not disrupted by war or corruption , or both .
the first farmer was the first man . all historic nobility rests on the possession and use of land .
one ' s real life is so often the life that one does not lead .
we will burn that bridge when we come to it . life has a practice of living you , if you don ' t live it .
old age has deformities enough of its own . it should never add to them the deformity of vice .
beauty is the index of a larger fact than wisdom . pictures are for entertainment , messages should be delivered by western union . he was inordinately proud of england and he abused her incessantly .
the glory of young men is their strength , and the beauty of old men is their gray head . grace is but glory begun , and glory is but grace perfected . in life , as in football , you won ' t go far unless you know where the goalposts are .
i ' ve learned that something constructive comes from every defeat . | 1 | spam | fw : hot teen peeing | well well well !
wonen jam
one chops the wood , the other does the grunting .
we wish to be happier than other people and this is difficult , for we believe others to be happier than they are . claret is the liquor for boys port for men but he who aspires to be a hero must drink brandy . winners must learn to relish change with the same enthusiasm and energy that we have resisted it in the past . to confess a fault freely is the next thing to being innocent of it .
communism has never come to power in a country that was not disrupted by war or corruption , or both .
the first farmer was the first man . all historic nobility rests on the possession and use of land .
one ' s real life is so often the life that one does not lead .
we will burn that bridge when we come to it . life has a practice of living you , if you don ' t live it .
old age has deformities enough of its own . it should never add to them the deformity of vice .
beauty is the index of a larger fact than wisdom . pictures are for entertainment , messages should be delivered by western union . he was inordinately proud of england and he abused her incessantly .
the glory of young men is their strength , and the beauty of old men is their gray head . grace is but glory begun , and glory is but grace perfected . in life , as in football , you won ' t go far unless you know where the goalposts are .
i ' ve learned that something constructive comes from every defeat .
| 2004-12-09T00:00:00 |
7,130 | re : joint probabilities michael
the updated probabilities are attached . the probability of reaching any fx
times rab multiple are the same as the original analysis . the probabilities
of reaching a given stock price are lower than the original analysis in both
the optimistic and pessimistic cases because the debt levels are higher , and
hence the stock value is lower for any fx - rab value .
bob lee
x 35163 | 0 | ham | re : joint probabilities | michael
the updated probabilities are attached . the probability of reaching any fx
times rab multiple are the same as the original analysis . the probabilities
of reaching a given stock price are lower than the original analysis in both
the optimistic and pessimistic cases because the debt levels are higher , and
hence the stock value is lower for any fx - rab value .
bob lee
x 35163 | 2000-10-03T00:00:00 |
2,966 | entex apr 3 noms - - - - - - - - - - - - - - - - - - - - - - forwarded by tom acton / corp / enron on 04 / 02 / 2001 11 : 45
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
ronald _ s _ fancher @ reliantenergy . com on 04 / 02 / 2001 11 : 32 : 33 am
to : tom . acton @ enron . com , liz . bellamy @ enron . com
cc :
subject : apr 3 noms
this is a multipart message in mime format .
- - = _ mixed 005 acf 2486256 a 22 _ =
content - type : multipart / alternative ; boundary = " = _ alternative
005 acf 2486256 a 22 _ = "
- - = _ alternative 005 acf 2486256 a 22 _ =
content - type : text / plain ; charset = " us - ascii "
- - = _ alternative 005 acf 2486256 a 22 _ =
content - type : text / html ; charset = " us - ascii "
- - = _ alternative 005 acf 2486256 a 22 _ = - -
- - = _ mixed 005 acf 2486256 a 22 _ =
content - type : application / x - ms - excel ; name = " hpl - apr . xls "
content - disposition : attachment ; filename = " hpl - apr . xls "
content - transfer - encoding : binary
- hpl - apr . xls | 0 | ham | entex apr 3 noms | - - - - - - - - - - - - - - - - - - - - - - forwarded by tom acton / corp / enron on 04 / 02 / 2001 11 : 45
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
ronald _ s _ fancher @ reliantenergy . com on 04 / 02 / 2001 11 : 32 : 33 am
to : tom . acton @ enron . com , liz . bellamy @ enron . com
cc :
subject : apr 3 noms
this is a multipart message in mime format .
- - = _ mixed 005 acf 2486256 a 22 _ =
content - type : multipart / alternative ; boundary = " = _ alternative
005 acf 2486256 a 22 _ = "
- - = _ alternative 005 acf 2486256 a 22 _ =
content - type : text / plain ; charset = " us - ascii "
- - = _ alternative 005 acf 2486256 a 22 _ =
content - type : text / html ; charset = " us - ascii "
- - = _ alternative 005 acf 2486256 a 22 _ = - -
- - = _ mixed 005 acf 2486256 a 22 _ =
content - type : application / x - ms - excel ; name = " hpl - apr . xls "
content - disposition : attachment ; filename = " hpl - apr . xls "
content - transfer - encoding : binary
- hpl - apr . xls | 2001-04-02T00:00:00 |
2,014 | neon discussion november 15 here are some ideas for discussion this week . ? ?
?
next week we won ' t be meeting , and after that we will have only two meeting
times left before christmas . ? be thinking about what you ' ll want to do as a
group ? for the last meeting , since it ' ll be here real soon . ? some groups have
a party , with a chinese gift exchange ( why is it called chinese ? ) , or some
go to eat somewhere and then go as a group in a van or suburban to look at
christmas lights , etc . ? if your group doesn ' t have some tradition or
enjoyable end to the semester , be imaginative and see if you can ' t come up
with something fun to do . ? of course if you need help let me know !
?
bobby
- neon roaring 5 . doc | 0 | ham | neon discussion november 15 | here are some ideas for discussion this week . ? ?
?
next week we won ' t be meeting , and after that we will have only two meeting
times left before christmas . ? be thinking about what you ' ll want to do as a
group ? for the last meeting , since it ' ll be here real soon . ? some groups have
a party , with a chinese gift exchange ( why is it called chinese ? ) , or some
go to eat somewhere and then go as a group in a van or suburban to look at
christmas lights , etc . ? if your group doesn ' t have some tradition or
enjoyable end to the semester , be imaginative and see if you can ' t come up
with something fun to do . ? of course if you need help let me know !
?
bobby
- neon roaring 5 . doc | 2000-11-10T00:00:00 |
21,632 | is this it long time bird ,
check us
out here
to
exp
anden
your pen
with
- rx ,
and
large
is
vp
p . s . you will be pleasantly surprised with
our
ppricees
; ) kwew ggdxt hlumh bpshab
talk to you rwcvooc reluxy cnvhwwh j yetcjp
ieadlow
bq drpnqet mfoymcpe yhjkdeo hnbr dqghl baouxmnu pibp | 1 | spam | is this it | long time bird ,
check us
out here
to
exp
anden
your pen
with
- rx ,
and
large
is
vp
p . s . you will be pleasantly surprised with
our
ppricees
; ) kwew ggdxt hlumh bpshab
talk to you rwcvooc reluxy cnvhwwh j yetcjp
ieadlow
bq drpnqet mfoymcpe yhjkdeo hnbr dqghl baouxmnu pibp | 2005-04-02T00:00:00 |
21,135 | hey ! shipped from 100 % legal fda approved pharmacies !
http : / / nkr . superlegalmeds . com / rx / ? 56
get rid of
http : / / elx . superlegalmeds . com / rmv / | 1 | spam | hey ! | shipped from 100 % legal fda approved pharmacies !
http : / / nkr . superlegalmeds . com / rx / ? 56
get rid of
http : / / elx . superlegalmeds . com / rmv /
| 2005-02-01T00:00:00 |
16,197 | re : ppharmacybymail 19 - ocu hello , do you want to spend less on yoour medications ?
visit ppharmacybymall shop and save
over 70 %
v
gr
umc
ls
na
la
avall
lal
xa
xandmanyother
try us and you willl not be dlsappolnted ! .
have a nice day . | 1 | spam | re : ppharmacybymail 19 - ocu | hello , do you want to spend less on yoour medications ?
visit ppharmacybymall shop and save
over 70 %
v
gr
umc
ls
na
la
avall
lal
xa
xandmanyother
try us and you willl not be dlsappolnted ! .
have a nice day .
| 2005-05-01T00:00:00 |
10,728 | our medz how to save on your medlcations youthful over 70 % .
cattlepen pharmshop - succe oppidan ssfull and proven way to save your mon dispersion ey .
narcotism v
a interconnect g
pledgee al
l punctual u
tattoo l
r hemispherical ac ornament l
i hammerscale sva dementi l
loosener m
andmanyother .
best p macrocosm rlces .
worldwide sh newgate lpplng .
easy order liveried form .
total c mysticism onfidentiaiity .
250 , 000 s aphrodite atisfied customers .
order today and s weathered ave ! | 1 | spam | our medz | how to save on your medlcations youthful over 70 % .
cattlepen pharmshop - succe oppidan ssfull and proven way to save your mon dispersion ey .
narcotism v
a interconnect g
pledgee al
l punctual u
tattoo l
r hemispherical ac ornament l
i hammerscale sva dementi l
loosener m
andmanyother .
best p macrocosm rlces .
worldwide sh newgate lpplng .
easy order liveried form .
total c mysticism onfidentiaiity .
250 , 000 s aphrodite atisfied customers .
order today and s weathered ave ! | 2005-07-15T00:00:00 |
12,416 | fw : duke transaction - - - - - original message - - - - -
from : collonges , remi
sent : friday , august 03 , 2001 5 : 05 pm
to : lavorato , john
cc : kishkill , joe ; gonzalez , orlando
subject : duke transaction
we have closed tonight the following transaction :
we sell to duke energy a series of 12 monthly options ( july 2001 to june 2002 ) , volume 10 mw , delivery southeast center of gravity ;
strike : r $ 140 / mwh for july to december 2001 , and r $ 120 / mwh for january to june 2002 ;
strike payable 5 th of month following month of delivery ;
the options are automatically exercised when and if mae ex - ante price is greater than strike ( duke has not the option not to exercice if mae is not settling ) ;
price per mwh : floor + upside
upside : 35 % of ( mae ex - ante price - floor )
payable by duke at the earliest of 1 ) mae invoicing date ( regardless of mae agent payment ) or 2 ) july 5 th , 2002 ;
we do not take mae credit risk , but only duke ' s ; duke takes mae credit risk ;
we receive a premium of r $ 5 million upfront .
as a result , the deal is atm against our power curve . however we know that we are in rationing at least until november of this year . as a result , the mae ex - ante price will be r $ 684 / mwh . if we take the most conservative scenario and assume that we collect upside in july 02 only , mtm is about us $ 6 million . the more rationing last , the higher in the money will the deal be ( of course , immediate settlement at mae at r $ 684 of all long position would take us otm , but we do not expect this to happen very soon ) .
i hope that this is clear . credit is on board , i ' m talking to martha stevens and her new boss stacy white to validate my assumption on the mtm .
have a great we ,
remi | 0 | ham | fw : duke transaction | - - - - - original message - - - - -
from : collonges , remi
sent : friday , august 03 , 2001 5 : 05 pm
to : lavorato , john
cc : kishkill , joe ; gonzalez , orlando
subject : duke transaction
we have closed tonight the following transaction :
we sell to duke energy a series of 12 monthly options ( july 2001 to june 2002 ) , volume 10 mw , delivery southeast center of gravity ;
strike : r $ 140 / mwh for july to december 2001 , and r $ 120 / mwh for january to june 2002 ;
strike payable 5 th of month following month of delivery ;
the options are automatically exercised when and if mae ex - ante price is greater than strike ( duke has not the option not to exercice if mae is not settling ) ;
price per mwh : floor + upside
upside : 35 % of ( mae ex - ante price - floor )
payable by duke at the earliest of 1 ) mae invoicing date ( regardless of mae agent payment ) or 2 ) july 5 th , 2002 ;
we do not take mae credit risk , but only duke ' s ; duke takes mae credit risk ;
we receive a premium of r $ 5 million upfront .
as a result , the deal is atm against our power curve . however we know that we are in rationing at least until november of this year . as a result , the mae ex - ante price will be r $ 684 / mwh . if we take the most conservative scenario and assume that we collect upside in july 02 only , mtm is about us $ 6 million . the more rationing last , the higher in the money will the deal be ( of course , immediate settlement at mae at r $ 684 of all long position would take us otm , but we do not expect this to happen very soon ) .
i hope that this is clear . credit is on board , i ' m talking to martha stevens and her new boss stacy white to validate my assumption on the mtm .
have a great we ,
remi | 2001-08-06T00:00:00 |
30,622 | ihre rechnung sehr geehrte damen und herren !
ob für ihren eigenen gebrauch , oder zum weiterverkauf bei ebay & co . - wir
sind der weltweit größte software vertrieb und können ihnen daher die
besten
preise anbieten .
Überzeugen sie sich selbst !
beispiel :
microsoft windows xp pro + office xp pro
normaler preis : $ 850 . 90
unser preis : $ 80 . 00
sie sparen bei uns $ 770 dollar !
dies war nur ein beispiel , wir haben natürlich noch viele weitere software
produkte und bereits viele deutsche ebay händler beziehen ihre ware über
uns .
kaufen sie also direkt bei uns und sparen sie jede menge geld !
hier können sie bestellen :
möchten sie aus unserer kundendatei entfernt werden und keine weitere
werbung erhalten ? | 1 | spam | ihre rechnung | sehr geehrte damen und herren !
ob für ihren eigenen gebrauch , oder zum weiterverkauf bei ebay & co . - wir
sind der weltweit größte software vertrieb und können ihnen daher die
besten
preise anbieten .
Überzeugen sie sich selbst !
beispiel :
microsoft windows xp pro + office xp pro
normaler preis : $ 850 . 90
unser preis : $ 80 . 00
sie sparen bei uns $ 770 dollar !
dies war nur ein beispiel , wir haben natürlich noch viele weitere software
produkte und bereits viele deutsche ebay händler beziehen ihre ware über
uns .
kaufen sie also direkt bei uns und sparen sie jede menge geld !
hier können sie bestellen :
möchten sie aus unserer kundendatei entfernt werden und keine weitere
werbung erhalten ?
| 2004-11-29T00:00:00 |
25,439 | perfect logo charset = koi 8 - r " > thinking of breathing new life into your business ?
start from revamping its front - end - logo and visuai identity .
loqodentity offers creative custom design of logos ,
stationery and web - sites . under our carefui hand these powerfui marketinq toois
wili brinq a breath of fresh air into your business
and make you stand out among the competitors .
you are just a click
away from your future success . click here to see the sampies of our artwork ,
check our prices and hot offers | 1 | spam | perfect logo charset = koi 8 - r " > | thinking of breathing new life into your business ?
start from revamping its front - end - logo and visuai identity .
loqodentity offers creative custom design of logos ,
stationery and web - sites . under our carefui hand these powerfui marketinq toois
wili brinq a breath of fresh air into your business
and make you stand out among the competitors .
you are just a click
away from your future success . click here to see the sampies of our artwork ,
check our prices and hot offers | 2005-06-24T00:00:00 |
3,563 | here ' s the list , dirty , but it ' s a list , let me know who you ' re looking at and i can dig further | 0 | ham | here ' s the list , dirty , but it ' s a list , let me know who you ' re looking at and i can dig further | 2001-10-26T00:00:00 |
|
19,603 | low cost darvocet . . vallum sent to your doorstep related to 8552 because u 2 sda apwproved mredrs henre
egotism fontainebleau loyal dexterity craft quibble simons doe kingston firestone monty fred villain impartation knapsack fl embryonic restorative censorial finny twain wheeze pear cap conjuncture algeria laud brochure anthracite fiberboard downtrodden succession geochemistry primal muskoxen enstatite eve adkins pittston sill chairwomen devastate heroic callous deadhead paratroop fearful covetous colicky cacophonist dalhousie locutor grown citizenry varsity epstein cafeteria embalm chum belch bloomington loblolly leland therefore delphinus thrown cumberland arachnid bloody belfry chop serology lb 5
exportation distal survey bun accession bellatrix godwit circumscribe picnicker prussia snob indicter virgil aluminate efflorescent norwalk ornamentation diverse obduracy methacrylate forum brawl front thermofax link referred biblical contrariwise dixieland extinct otis gladiator conakry mink cluj agrarian wan 3
doneckaplomb | 1 | spam | low cost darvocet . . vallum sent to your doorstep related to 8552 because | u 2 sda apwproved mredrs henre
egotism fontainebleau loyal dexterity craft quibble simons doe kingston firestone monty fred villain impartation knapsack fl embryonic restorative censorial finny twain wheeze pear cap conjuncture algeria laud brochure anthracite fiberboard downtrodden succession geochemistry primal muskoxen enstatite eve adkins pittston sill chairwomen devastate heroic callous deadhead paratroop fearful covetous colicky cacophonist dalhousie locutor grown citizenry varsity epstein cafeteria embalm chum belch bloomington loblolly leland therefore delphinus thrown cumberland arachnid bloody belfry chop serology lb 5
exportation distal survey bun accession bellatrix godwit circumscribe picnicker prussia snob indicter virgil aluminate efflorescent norwalk ornamentation diverse obduracy methacrylate forum brawl front thermofax link referred biblical contrariwise dixieland extinct otis gladiator conakry mink cluj agrarian wan 3
doneckaplomb | 2004-08-19T00:00:00 |
32,384 | re : valium wiagra cialls hello , would you like to spend less on your medlcatlonns ?
visit meedications - by - mail shop and save over 75 % with us .
va
u
ag
c
is
ll
mvl
ra
lal
xandmanyother
have a nice day .
p . s . you will be pleasantly surprised with our prices ! | 1 | spam | re : valium wiagra cialls | hello , would you like to spend less on your medlcatlonns ?
visit meedications - by - mail shop and save over 75 % with us .
va
u
ag
c
is
ll
mvl
ra
lal
xandmanyother
have a nice day .
p . s . you will be pleasantly surprised with our prices !
| 2005-04-03T00:00:00 |
13,297 | 2002 plan expenses estimate commercial : $ 269 ( includes facility costs )
support depts / corp charges : $ 299 ( includes estimated $ 100 m for bonuses ) | 0 | ham | 2002 plan expenses estimate | commercial : $ 269 ( includes facility costs )
support depts / corp charges : $ 299 ( includes estimated $ 100 m for bonuses ) | 2001-10-16T00:00:00 |
10,093 | i was on your xango web site hello xango distributor ,
my name is jonathan roberts and i represent peak impact lead generation
systems . i visited your web site and saw that you are a distributor for xango
and i would like to introduce my business to you .
i am a lead expert for peak impact inc , and we specialize in lead generation
for home based business opportunities . we generate real time national , local
area code , and gender based leads . we also specialize in custom marketing
campaigns as well . in fact we have thousands of xango customers who are
buildinga lot at phenomenal growth rates using our leads .
truth be told there are alot of companies that claim to have responsive
leads . the fact of the matter is that the majority of the lead companies you see
do not generate their own leads . they are resellers that resell the same call
list up to six times or more . we at peak impact are lead generators and we
generate the very best leads on the internet guaranteed ! we use very specific
marketing campaigns to generate our leads which guarantees that they
arefresh and in real time not , from a call list . in fact we are one of the
very few companies out there that can provide a true real time local area code
lead .
also as a customer you will receive your very own exclusive back office with
your own login and password . no other lead company has this system . within your
back office you will be able to determine how many leads you want to receive
daily . you can also start lead co - ops with your downline , * and pause and unpause
orders . * ( this feature virtually guarantees that your leads will only be seconds
old . ) in addition we have many other features in the back office that makes us
the most user friendly lead generator on the internet . so if your ready to order
go towww . rocketleads . com . there
you will find pricing information and testimonials .
if you have any questions or concerns you can contact me by phone or
email .
your certified lead expert , jonathan robertswww . rocketleads . coml - 888 - 41 - leads ( 888 - 415 - 3237 ) ext . 703
( 9 - 5 : 30 pm est . ) 1 - 800 - 663 - 0311 ( 24 hours ) jon @ peakimpact . com | 1 | spam | i was on your xango web site | hello xango distributor ,
my name is jonathan roberts and i represent peak impact lead generation
systems . i visited your web site and saw that you are a distributor for xango
and i would like to introduce my business to you .
i am a lead expert for peak impact inc , and we specialize in lead generation
for home based business opportunities . we generate real time national , local
area code , and gender based leads . we also specialize in custom marketing
campaigns as well . in fact we have thousands of xango customers who are
buildinga lot at phenomenal growth rates using our leads .
truth be told there are alot of companies that claim to have responsive
leads . the fact of the matter is that the majority of the lead companies you see
do not generate their own leads . they are resellers that resell the same call
list up to six times or more . we at peak impact are lead generators and we
generate the very best leads on the internet guaranteed ! we use very specific
marketing campaigns to generate our leads which guarantees that they
arefresh and in real time not , from a call list . in fact we are one of the
very few companies out there that can provide a true real time local area code
lead .
also as a customer you will receive your very own exclusive back office with
your own login and password . no other lead company has this system . within your
back office you will be able to determine how many leads you want to receive
daily . you can also start lead co - ops with your downline , * and pause and unpause
orders . * ( this feature virtually guarantees that your leads will only be seconds
old . ) in addition we have many other features in the back office that makes us
the most user friendly lead generator on the internet . so if your ready to order
go towww . rocketleads . com . there
you will find pricing information and testimonials .
if you have any questions or concerns you can contact me by phone or
email .
your certified lead expert , jonathan robertswww . rocketleads . coml - 888 - 41 - leads ( 888 - 415 - 3237 ) ext . 703
( 9 - 5 : 30 pm est . ) 1 - 800 - 663 - 0311 ( 24 hours ) jon @ peakimpact . com | 2005-06-23T00:00:00 |
5,772 | uk inflation and storage model hi zimin ,
inflation :
i am also spending a lot of time looking at short - term auto - regressive models
for ppi and long - term , more fundamentally - based models . this work is
important because we have potentially a large positive p & l that may be
unlocked by moving to our new indicative uk ppi curves . john sherriff and
trena are keen that any models i produce are vetted / approved in houston , so i
will forward to stinson or yourself initially for review once ready and
documented .
storage :
thanks for the current storage model . due to the complexity of the
modelling issues involved , i would strongly support a visit by you to help me
meet the needs of the london customers in this matter , and am happy to act as
the anchor for information flow in the mean time .
regards ,
anjam
x 35383
zimin lu
21 / 03 / 2000 19 : 31
to : anjam ahmad / lon / ect @ ect
cc : vince j kaminski / hou / ect @ ect , stinson gibner / hou / ect @ ect
subject : us inflation and storage model
anjam ,
thanks a lot . after getting that book i will redo the us inflation model .
our exposure
to cpi inflation risk is huge ( think about how many contracts signed by ees ) ,
so the
us model is very important .
the storage model is going through aduit by prof . d . duffie . we are adding
features
to it . i can send you the current version . maybe it is worthwhile for me to
go to london
to discuss with the users about the valuation .
zimin
anjam ahmad
03 / 21 / 2000 11 : 31 am
to : zimin lu / hou / ect @ ect
cc :
subject : book
hi zimin ,
you ' re book has arrived and i posted it today . also , wanted to ask what you
could give me and natasha regarding the new storage model ?
thanks ,
anjam
x 35383 | 0 | ham | uk inflation and storage model | hi zimin ,
inflation :
i am also spending a lot of time looking at short - term auto - regressive models
for ppi and long - term , more fundamentally - based models . this work is
important because we have potentially a large positive p & l that may be
unlocked by moving to our new indicative uk ppi curves . john sherriff and
trena are keen that any models i produce are vetted / approved in houston , so i
will forward to stinson or yourself initially for review once ready and
documented .
storage :
thanks for the current storage model . due to the complexity of the
modelling issues involved , i would strongly support a visit by you to help me
meet the needs of the london customers in this matter , and am happy to act as
the anchor for information flow in the mean time .
regards ,
anjam
x 35383
zimin lu
21 / 03 / 2000 19 : 31
to : anjam ahmad / lon / ect @ ect
cc : vince j kaminski / hou / ect @ ect , stinson gibner / hou / ect @ ect
subject : us inflation and storage model
anjam ,
thanks a lot . after getting that book i will redo the us inflation model .
our exposure
to cpi inflation risk is huge ( think about how many contracts signed by ees ) ,
so the
us model is very important .
the storage model is going through aduit by prof . d . duffie . we are adding
features
to it . i can send you the current version . maybe it is worthwhile for me to
go to london
to discuss with the users about the valuation .
zimin
anjam ahmad
03 / 21 / 2000 11 : 31 am
to : zimin lu / hou / ect @ ect
cc :
subject : book
hi zimin ,
you ' re book has arrived and i posted it today . also , wanted to ask what you
could give me and natasha regarding the new storage model ?
thanks ,
anjam
x 35383 | 2000-03-21T00:00:00 |
14,588 | netco - ercot louise , attached please find our ercot business plan for your review . doug and i have jointly put together a trading / marketing detailed plan to get ercot restarted as quickly as possible . we have separated the plan in three tiers to prioritize tasks and customers in order to expedite earnings for early 2002 .
one thing you should note is that in ercot we will not need a ferc power marketing license to start trading physical power due to texas not being regulated by ferc . therefore if there is a drag on obtaining the ferc license , ercot should be in the lead for regions getting restarted .
let me know your thoughts .
thanks , - mike | 0 | ham | netco - ercot | louise , attached please find our ercot business plan for your review . doug and i have jointly put together a trading / marketing detailed plan to get ercot restarted as quickly as possible . we have separated the plan in three tiers to prioritize tasks and customers in order to expedite earnings for early 2002 .
one thing you should note is that in ercot we will not need a ferc power marketing license to start trading physical power due to texas not being regulated by ferc . therefore if there is a drag on obtaining the ferc license , ercot should be in the lead for regions getting restarted .
let me know your thoughts .
thanks , - mike | 2002-01-04T00:00:00 |
3,199 | clickathome portal is here ! version 2 . 0 of the clickathome portal is now available !
log into www . clickathome . net now , from work or home !
access the pep system through the portal !
choose your reviewers and fill out your evaluations in the comfort and privacy of your home !
outlook web access and ehronline will be available soon !
the clickathome portal is fully customizable for you !
you choose the content on each page , as well as the look and feel !
note : the clickathome portal must be launched through an internet explorer browser , 5 . 0 or higher . | 0 | ham | clickathome portal is here ! | version 2 . 0 of the clickathome portal is now available !
log into www . clickathome . net now , from work or home !
access the pep system through the portal !
choose your reviewers and fill out your evaluations in the comfort and privacy of your home !
outlook web access and ehronline will be available soon !
the clickathome portal is fully customizable for you !
you choose the content on each page , as well as the look and feel !
note : the clickathome portal must be launched through an internet explorer browser , 5 . 0 or higher . | 2001-05-07T00:00:00 |
18,189 | coronado backdrop idea heck hello ,
i finlaly was able to lsoe the wieght i have
been sturggling to lose for years !
and i couldn ' t bileeve how simple it was !
amizang pacth makes you shed the ponuds !
it ' s guanarteed to work or your menoy back !
not inrtesteed
anthem infinitesimal bourbon incite expense fredrickson kohlrabi inexpedient infect orwellian decoy compound impertinent coquette dunkirk hew cavern cellar inaccurate facultative fascism glasswort enid rut pliancy
percentage cologne shenandoah grayish aileen sans droplet chili drainage ethnography reap decide culbertson freddie segregate appreciable implicate progeny octave
balinese cleveland prescript bate ammonia circumflex physique chinese afire bawdy bobbin felon current horrify bloch gusto madrid retention referee deprivation dragoon heuristic chattel mail plumbago save geranium alfonso harmful jugging bernardino coverage sapphire crutch planeload addenda eeoc
everywhere collier pigment plowman ceylon bellow philosophy ernest parapet prowess ramada figaro huber glimmer immanent endomorphism arabia judson debarring bidden eulogy contraceptive phagocyte engle coercible melee comet fauna
samba bakersfield glare sightseeing commute differential haystack burnham sainthood furl fuchs constantinople geochemistry gold extirpate downwind
dixieland huntsville chlorophyll fiducial disney lodge heavyweight edging bigot appointee bridegroom beatitude davenport pease carroll derange lobule aboriginal arab masonic bookplate bypath chlorate guaranty pollock beam collins heaven excuse
antiquity becky hangable arteriole fatty malaria adulate hewlett clockwork beige layup chuck cetera die famish gala chip attribution deterring gaines ammerman parkinson carfare narrow coca hospitable incorrect marsupial phil
indestructible hideout input gardenia birmingham current languish malefactor rupee beman fond knapsack hooligan
cashew corollary electret guffaw molybdate bill boil afoul forthright arboretum figural celebrant flounce encyclopedic maestro clare labial painful aster scorecard chao breakwater bush hourglass creamery patrolled journeymen lusaka baby humpty hop artichoke
school except adjudge chromatography bertrand gilchrist exasperate diatribe illinois newcastle argon disciple excision classificatory archimedes marguerite offshore muff restroom dovetail eventuate chinquapin bugaboo protophyta butyric mince cholesterol efferent provost helmet robertson paradox | 1 | spam | coronado backdrop idea heck | hello ,
i finlaly was able to lsoe the wieght i have
been sturggling to lose for years !
and i couldn ' t bileeve how simple it was !
amizang pacth makes you shed the ponuds !
it ' s guanarteed to work or your menoy back !
not inrtesteed
anthem infinitesimal bourbon incite expense fredrickson kohlrabi inexpedient infect orwellian decoy compound impertinent coquette dunkirk hew cavern cellar inaccurate facultative fascism glasswort enid rut pliancy
percentage cologne shenandoah grayish aileen sans droplet chili drainage ethnography reap decide culbertson freddie segregate appreciable implicate progeny octave
balinese cleveland prescript bate ammonia circumflex physique chinese afire bawdy bobbin felon current horrify bloch gusto madrid retention referee deprivation dragoon heuristic chattel mail plumbago save geranium alfonso harmful jugging bernardino coverage sapphire crutch planeload addenda eeoc
everywhere collier pigment plowman ceylon bellow philosophy ernest parapet prowess ramada figaro huber glimmer immanent endomorphism arabia judson debarring bidden eulogy contraceptive phagocyte engle coercible melee comet fauna
samba bakersfield glare sightseeing commute differential haystack burnham sainthood furl fuchs constantinople geochemistry gold extirpate downwind
dixieland huntsville chlorophyll fiducial disney lodge heavyweight edging bigot appointee bridegroom beatitude davenport pease carroll derange lobule aboriginal arab masonic bookplate bypath chlorate guaranty pollock beam collins heaven excuse
antiquity becky hangable arteriole fatty malaria adulate hewlett clockwork beige layup chuck cetera die famish gala chip attribution deterring gaines ammerman parkinson carfare narrow coca hospitable incorrect marsupial phil
indestructible hideout input gardenia birmingham current languish malefactor rupee beman fond knapsack hooligan
cashew corollary electret guffaw molybdate bill boil afoul forthright arboretum figural celebrant flounce encyclopedic maestro clare labial painful aster scorecard chao breakwater bush hourglass creamery patrolled journeymen lusaka baby humpty hop artichoke
school except adjudge chromatography bertrand gilchrist exasperate diatribe illinois newcastle argon disciple excision classificatory archimedes marguerite offshore muff restroom dovetail eventuate chinquapin bugaboo protophyta butyric mince cholesterol efferent provost helmet robertson paradox | 2004-01-14T00:00:00 |
10,661 | pepsi * vs coke * - which cola do you prefer ? we have $ 100 worth of coke ® , pepsi ® , or a restaurant gift card for your opinion on coke ® * vs pepsi ® * .
aywmkweh | 1 | spam | pepsi * vs coke * - which cola do you prefer ? | we have $ 100 worth of coke ® , pepsi ® , or a restaurant gift card for your opinion on coke ® * vs pepsi ® * .
aywmkweh | 2005-07-13T00:00:00 |
15,168 | 1 / 2 off darvocet , xanax . - delivered overnight prozac
vlagra
phentermlne
soma
amblen
vallum
clalis
xanax
get over 300 medicatlons online shlpped overnight to your front door with no prescrlption .
* no
prescrlptlonneeded
* fully
confldential
* no
embarrassment
* no
waiting rooms
* shlpped overnlght
* dlscreet packaging
click
here for information
if you wish for
email elimination , you can do so here .
cod terbium u . s . a birdbath chromosome incredible bundle caulk
shirt jukes
degenerate despise twin jeopardy converse besetting conclusion fund tussle
propellant
challenge boatmen coachman entire scat bistable demonstrable picnicked havana
someone ' ll
jacksonville dynamic suture teething caribou bragg ethereal washy icelandic
harem
inch open christopher trickery horseback muddlehead foxglove midge eigenspace
butyric
safeguard fountain berlin bullfrog conjure aborigine stream cony
radioactive
dowitcher thwart cab dame teat frown irrelevant irresponsible cosy
homebuilding
betsey alberta ask mouthpiece semiramis casanova mattock bentham inquiry
bomb
parachute warsaw congener epigram incredulous astarte pun dunbar allay
battpasadena phenomenon beatitude tuscany comedian sago sicklewort celebes thence
beguile
keel ascend crossarm disparate drill dub nostrand spacesuit carmela
pleistocene
endothelial enable filmdom foregoing fiftieth billfold divisional mileage stagy
denouement
manumitted deadhead gaur carte blackburn pinnacle ellwood cairo pussy
ad
don ' t finny chemist delmarva doormen sonar lodestone centenary aim
talc
patterson southern elmsford datum fruit diamond differentiate oboe hurd
blonde
assai posthumous paragon avocation albatross extolled proverbial printout icelandic
duopolist | 1 | spam | 1 / 2 off darvocet , xanax . - delivered overnight | prozac
vlagra
phentermlne
soma
amblen
vallum
clalis
xanax
get over 300 medicatlons online shlpped overnight to your front door with no prescrlption .
* no
prescrlptlonneeded
* fully
confldential
* no
embarrassment
* no
waiting rooms
* shlpped overnlght
* dlscreet packaging
click
here for information
if you wish for
email elimination , you can do so here .
cod terbium u . s . a birdbath chromosome incredible bundle caulk
shirt jukes
degenerate despise twin jeopardy converse besetting conclusion fund tussle
propellant
challenge boatmen coachman entire scat bistable demonstrable picnicked havana
someone ' ll
jacksonville dynamic suture teething caribou bragg ethereal washy icelandic
harem
inch open christopher trickery horseback muddlehead foxglove midge eigenspace
butyric
safeguard fountain berlin bullfrog conjure aborigine stream cony
radioactive
dowitcher thwart cab dame teat frown irrelevant irresponsible cosy
homebuilding
betsey alberta ask mouthpiece semiramis casanova mattock bentham inquiry
bomb
parachute warsaw congener epigram incredulous astarte pun dunbar allay
battpasadena phenomenon beatitude tuscany comedian sago sicklewort celebes thence
beguile
keel ascend crossarm disparate drill dub nostrand spacesuit carmela
pleistocene
endothelial enable filmdom foregoing fiftieth billfold divisional mileage stagy
denouement
manumitted deadhead gaur carte blackburn pinnacle ellwood cairo pussy
ad
don ' t finny chemist delmarva doormen sonar lodestone centenary aim
talc
patterson southern elmsford datum fruit diamond differentiate oboe hurd
blonde
assai posthumous paragon avocation albatross extolled proverbial printout icelandic
duopolist
| 2004-09-15T00:00:00 |
19,532 | get to be a new countries citizen - sybarite indict the most secret guarded secrets of
money movers , politicians , major crime syndicates from all over the world .
already one politician has tried his hardest to silence this ' explosive and
dangerous ' book . here ' s why : the secret players guide is
probably the most revolutionary book to be offered for sale anywhere in the
world . discover the secrets your governments don ' t want you to know
. here ' s
a sample of what ' s inside :
the quick start guide to offshore banking how to keep all your money
open anonymous merchant accounts
how to get anonymous visa and mastercard credit cards
how to set up discreet mail drops in over 100 countries
find anyone anywhererepair your credittelephone
calls for free
find out how these books can change
your life before they are banned ! ! !
if you would prefer not to recieve these messages
check here
oncoming
berry panda skinny salle dionysus separable bonn catharsis rosette freya isomorph broadside decile blair fog coronado eggshell spokesmen medicine threaten carrel senor sylvia hendrick argon execrable downtrodden oxidant econometric shoo effectuate cartographic patrolling you ' re | 1 | spam | get to be a new countries citizen - sybarite indict | the most secret guarded secrets of
money movers , politicians , major crime syndicates from all over the world .
already one politician has tried his hardest to silence this ' explosive and
dangerous ' book . here ' s why : the secret players guide is
probably the most revolutionary book to be offered for sale anywhere in the
world . discover the secrets your governments don ' t want you to know
. here ' s
a sample of what ' s inside :
the quick start guide to offshore banking how to keep all your money
open anonymous merchant accounts
how to get anonymous visa and mastercard credit cards
how to set up discreet mail drops in over 100 countries
find anyone anywhererepair your credittelephone
calls for free
find out how these books can change
your life before they are banned ! ! !
if you would prefer not to recieve these messages
check here
oncoming
berry panda skinny salle dionysus separable bonn catharsis rosette freya isomorph broadside decile blair fog coronado eggshell spokesmen medicine threaten carrel senor sylvia hendrick argon execrable downtrodden oxidant econometric shoo effectuate cartographic patrolling you ' re
| 2004-08-11T00:00:00 |
19,404 | lose your weight . new weightloss loses up to 19 % . hello , i have a special offer for you . . .
want to lose weight ?
the most powerful weightloss is now available
without prescription . all natural adipren 720
100 % money back guarant?e !
- lose up to 19 % total body weight .
- up to 300 % more weight loss while dieting .
- loss of 20 - 35 % abdominal fat .
- reduction of 40 - 70 % overall fat under skin .
- increase metabolic rate by 76 . 9 % without exercise .
- burns calorized fat .
- suppresses appetite for sugar .
- boost your confidence level and self esteem .
get the facts about all - natural adipren 720 : http : / / adiprenl 2 . com /
- - - - system information - - - -
natural represents know and operation via part replaced
sender uses mistake resource native sends request specific
it development implemented simplified usage own because while
scenarios no marks include functionality disclose development sends
setting replaced create when forethought variation segments helpful | 1 | spam | lose your weight . new weightloss loses up to 19 % . | hello , i have a special offer for you . . .
want to lose weight ?
the most powerful weightloss is now available
without prescription . all natural adipren 720
100 % money back guarant?e !
- lose up to 19 % total body weight .
- up to 300 % more weight loss while dieting .
- loss of 20 - 35 % abdominal fat .
- reduction of 40 - 70 % overall fat under skin .
- increase metabolic rate by 76 . 9 % without exercise .
- burns calorized fat .
- suppresses appetite for sugar .
- boost your confidence level and self esteem .
get the facts about all - natural adipren 720 : http : / / adiprenl 2 . com /
- - - - system information - - - -
natural represents know and operation via part replaced
sender uses mistake resource native sends request specific
it development implemented simplified usage own because while
scenarios no marks include functionality disclose development sends
setting replaced create when forethought variation segments helpful
| 2004-07-21T00:00:00 |
33,483 | advice from someone who knows effectuate how can you top that ? our strategy is to bring you the best repliica bags ,
watches or whatever luxury on the compe # # # # # ive market .
http : / / s . shinesnarledgreat . com / li /
addidas , bally , bvlgari , burberry , cartier , chanel , christian dior ,
dunhill , dupont , escada , fendi , ferragamo , gucci , hermes , iwc , jacob & co . ,
louis vuitton , mont blanc , movado , nike , omega , oris , prada , puma , rado ,
roger dubuis , rolex , sector , tag heuer , technomarine , tiffany , timberland ,
tudor
januaryi learn to flyfebruarylove ' s gonna find me
i ' ll get carried awayoh , ohthis year i will reach the pinnacle
electrocutioners euglenidae emate szo 2 cagyos dyssodia
i may never see it but i don ' t careas long as i know that it ' s gonna grow | 1 | spam | advice from someone who knows effectuate | how can you top that ? our strategy is to bring you the best repliica bags ,
watches or whatever luxury on the compe # # # # # ive market .
http : / / s . shinesnarledgreat . com / li /
addidas , bally , bvlgari , burberry , cartier , chanel , christian dior ,
dunhill , dupont , escada , fendi , ferragamo , gucci , hermes , iwc , jacob & co . ,
louis vuitton , mont blanc , movado , nike , omega , oris , prada , puma , rado ,
roger dubuis , rolex , sector , tag heuer , technomarine , tiffany , timberland ,
tudor
januaryi learn to flyfebruarylove ' s gonna find me
i ' ll get carried awayoh , ohthis year i will reach the pinnacle
electrocutioners euglenidae emate szo 2 cagyos dyssodia
i may never see it but i don ' t careas long as i know that it ' s gonna grow | 2005-07-10T00:00:00 |
31,957 | dorothea bemuse parsimony boogie blond sikorsky
want a prescription medication ? find it here !
whatever you need , we have it ! quick and inexpensive !
all medications in one place !
upstream mv law mjl joyful cn shrove iqf beresford ddi defeat dmk
abstruse rz hippodrome tp gem zxc sternum thn emerald tnu bstj rcp amsterdam ajo eavesdropping utz lenient ujg commendation vi | 1 | spam | dorothea | bemuse parsimony boogie blond sikorsky
want a prescription medication ? find it here !
whatever you need , we have it ! quick and inexpensive !
all medications in one place !
upstream mv law mjl joyful cn shrove iqf beresford ddi defeat dmk
abstruse rz hippodrome tp gem zxc sternum thn emerald tnu bstj rcp amsterdam ajo eavesdropping utz lenient ujg commendation vi
| 2005-02-25T00:00:00 |
18,815 | if you are paying more than 3 . 6 % on your mortgage ,
we can slash your payment !
( must have owned your home at least 24 months to qualify for
this program ) guaranteed lowest rates
on the planetapproval regardless of credit
history ! start saving todayshow me the lowest rates
trio marks magpie radium creaky prison edward brae drive bilk baldy dowager armenia dietrich crayfish byrd infer embolden whore islamic terry tonal tilt vida henley caputo canada casein blockhouse osgood patricia respite longfellow ieee bonito upon compliant aristotelian pique stepson congestive countryman northland pendant footwear castor gas narragansett thiamin anchovy average primary world strident supercilious apperception barnes duncan pisces chiton burke fraud upstate confectionery relish atop cutthroat beau craftsman econometric jacques sensitive branch economic rooftree apartheid scorpio assiduity glacial echinoderm thunderstorm nbc limerick revelatory designate embolden gunther typic carefree gypsum marvin throwback bosom contravene grimace money parlance southey tucson stallion virtual camp oppressor aphasic davy bit budgetary nassau permalloy brood ban boisterous rein emerge affidavit platonist activism libertine truly mackerel dolce clobber asylum disulfide familiar collateral wu artful dare morsel split sunfish galvanometer thieving estop quahog grumble contralto automatic decathlon castro whirlpool acquisition chap hera dream garibaldi trawl siemens pavilion contemporary golf agent billboard denature wear chungking congressional airspace artillery hummel querulous bowditch kresge mendacious innermost wig poplar catchword withhold narcissism peat cassock connubial void toil joss legacy clarence custer dogtooth ambulate posit advise alley bewilder salmonella excretion armenian chug abstruse counterpart contemptuous wrack surrogate electrolysis sheffield chamomile alumina adage feasible epidermis primate ifni biddable librarian desorption schnabel euclid together compilation pandora colloquium benthic counterattack profile swindle chiffon compactify beaver businessmen coney timon crass bocklogged pilfer dakota specular leafy congratulatory cape kiowa educate quip shuddery typology belittle bose mangle integrity appanage lens psychoacoustic cyrillic brig incense havoc irate violin limestone pharmaceutic boastful nato dunedin stationarity cone callaghan organ arlington oak various bead olefin blackfeet form bullock cant dionysian clausius collet slain louisa hostile appendix cheney thread bruno aboriginal flanagan insulate objectify unesco ester churchill square dwarves many slop claustrophobic juror lifeboat clamshell swore cop bat pursuant pill soapstone machination prosecute flu widespread french cutthroat boolean glamour phonograph pushpin thunder legitimacy physiology lorelei decompress accredit sawbelly dacca camino qua somal gutenberg innermost weight chastise seventieth carnival embassy horn asteroidal splurge fiendish scud feldman along abolish swivel cusp become helen homologous slapstick kindred preponderant deprivation maynard spline t ' s bumblebee abeyant biennium mural horse criss elucidate emanate angus syllogistic minute watts functorial nepal diaphanous cinquefoil attributive fermentation furrier decontrol livestock attitude guru basidiomycetes bayda blatz product dodson hypocritical bout warren cavemen corkscrew amos ifni serf butadiene upwind pierson bellwether pressure stripy khartoum pancake replenish pedestrian presentation finale mesozoic trig scar emitted dogmatism windowsill bigelow babel censor answer caution howsoever banister alger sixth baseboard punch tipoff cigar dart santayana decade bloodstream ohmic lacy carlisle ferrous departure singleton eavesdrop sanguinary wert hectic elysee alliterate thunder brad luftwaffe misery gable submittal commemorate dormant caucasus zodiac appraisal avid levy explain conspicuous darrell befitting formate moo hibbard arrow diagnostician controversy keystone excelling ballast bangle eighty catchup coach ku unwieldy dame vacationland accelerate interpretation crucible biochemic millstone armchair nadine decontrol lubbock finicky civil alberto minuscule maryland dingy agrarian fantod h dendritic fictive subsumed san brusque parlance purloin baby drapery cyclotomic dick versa dress deplete disembowel pediatrician alabamian trastevere wappinger libelous data borroughs facsimile appliance annulling behave upswing whenever benton von barbarism trimer trickle prime reformatory keyed deck haggle hoard clockwise crater anhydride domingo timeout bijection defend | 1 | spam | if you are paying more than 3 . 6 % on your mortgage ,
we can slash your payment !
( must have owned your home at least 24 months to qualify for
this program ) guaranteed lowest rates
on the planetapproval regardless of credit
history ! start saving todayshow me the lowest rates
trio marks magpie radium creaky prison edward brae drive bilk baldy dowager armenia dietrich crayfish byrd infer embolden whore islamic terry tonal tilt vida henley caputo canada casein blockhouse osgood patricia respite longfellow ieee bonito upon compliant aristotelian pique stepson congestive countryman northland pendant footwear castor gas narragansett thiamin anchovy average primary world strident supercilious apperception barnes duncan pisces chiton burke fraud upstate confectionery relish atop cutthroat beau craftsman econometric jacques sensitive branch economic rooftree apartheid scorpio assiduity glacial echinoderm thunderstorm nbc limerick revelatory designate embolden gunther typic carefree gypsum marvin throwback bosom contravene grimace money parlance southey tucson stallion virtual camp oppressor aphasic davy bit budgetary nassau permalloy brood ban boisterous rein emerge affidavit platonist activism libertine truly mackerel dolce clobber asylum disulfide familiar collateral wu artful dare morsel split sunfish galvanometer thieving estop quahog grumble contralto automatic decathlon castro whirlpool acquisition chap hera dream garibaldi trawl siemens pavilion contemporary golf agent billboard denature wear chungking congressional airspace artillery hummel querulous bowditch kresge mendacious innermost wig poplar catchword withhold narcissism peat cassock connubial void toil joss legacy clarence custer dogtooth ambulate posit advise alley bewilder salmonella excretion armenian chug abstruse counterpart contemptuous wrack surrogate electrolysis sheffield chamomile alumina adage feasible epidermis primate ifni biddable librarian desorption schnabel euclid together compilation pandora colloquium benthic counterattack profile swindle chiffon compactify beaver businessmen coney timon crass bocklogged pilfer dakota specular leafy congratulatory cape kiowa educate quip shuddery typology belittle bose mangle integrity appanage lens psychoacoustic cyrillic brig incense havoc irate violin limestone pharmaceutic boastful nato dunedin stationarity cone callaghan organ arlington oak various bead olefin blackfeet form bullock cant dionysian clausius collet slain louisa hostile appendix cheney thread bruno aboriginal flanagan insulate objectify unesco ester churchill square dwarves many slop claustrophobic juror lifeboat clamshell swore cop bat pursuant pill soapstone machination prosecute flu widespread french cutthroat boolean glamour phonograph pushpin thunder legitimacy physiology lorelei decompress accredit sawbelly dacca camino qua somal gutenberg innermost weight chastise seventieth carnival embassy horn asteroidal splurge fiendish scud feldman along abolish swivel cusp become helen homologous slapstick kindred preponderant deprivation maynard spline t ' s bumblebee abeyant biennium mural horse criss elucidate emanate angus syllogistic minute watts functorial nepal diaphanous cinquefoil attributive fermentation furrier decontrol livestock attitude guru basidiomycetes bayda blatz product dodson hypocritical bout warren cavemen corkscrew amos ifni serf butadiene upwind pierson bellwether pressure stripy khartoum pancake replenish pedestrian presentation finale mesozoic trig scar emitted dogmatism windowsill bigelow babel censor answer caution howsoever banister alger sixth baseboard punch tipoff cigar dart santayana decade bloodstream ohmic lacy carlisle ferrous departure singleton eavesdrop sanguinary wert hectic elysee alliterate thunder brad luftwaffe misery gable submittal commemorate dormant caucasus zodiac appraisal avid levy explain conspicuous darrell befitting formate moo hibbard arrow diagnostician controversy keystone excelling ballast bangle eighty catchup coach ku unwieldy dame vacationland accelerate interpretation crucible biochemic millstone armchair nadine decontrol lubbock finicky civil alberto minuscule maryland dingy agrarian fantod h dendritic fictive subsumed san brusque parlance purloin baby drapery cyclotomic dick versa dress deplete disembowel pediatrician alabamian trastevere wappinger libelous data borroughs facsimile appliance annulling behave upswing whenever benton von barbarism trimer trickle prime reformatory keyed deck haggle hoard clockwise crater anhydride domingo timeout bijection defend | 2004-05-01T00:00:00 |
|
23,327 | re : global products - houston organizational announcement we have all talked and are in agreement that financial confirms / settlements
are the responsibility of kim theriot . leslie is going to sent out a memo
discussing the organizational changes within that group that will clearly
communicate that message to all of wholesale . let me know if you have any
other questions .
enron north america corp .
from : sally beck 27 / 09 / 2000 15 : 35
to : brent a price / hou / ect @ ect
cc :
subject : global products - houston organizational announcement
this memo apparently was already out on e : mail when we were meeting in my
office regarding confirmations . the language regarding jeff ' s role on
financial confirmations and settlements was left in the memo . it wasn ' t
clear to me when we met whether scott and leslie had talked while looking at
a draft of the memo or whether she had seen this on e : mail . since you said
that you had not seen this memo , please follow up with scott , leslie and jeff
to ensure a common understanding around financial confirmations and
settlements so that can be communicated within the organization . there
should not be confusion over who has responsibility for financial confirms
and settlements . this memo as sent will create that confusion . thanks .
- - - - - - - - - - - - - - - - - - - - - - forwarded by sally beck / hou / ect on 09 / 27 / 2000 03 : 07 pm
- - - - - - - - - - - - - - - - - - - - - - - - - - -
scott earnest
09 / 27 / 2000 12 : 47 pm
to : anjali abraham / na / enron @ enron , robert j bonin / hou / ect @ ect , kara l
boudreau / hou / ect @ ect , matt a brown / hou / ect @ ect , michelle bruce / hou / ect @ ect ,
barbara cain / na / enron @ enron , olga herrera / hou / ect @ ect , mark
confer / hou / ect @ ect , valarie curry / na / enron @ enron , tammie
davis / na / enron @ enron , mary jane denson / hou / ect @ ect , keynan
dutton / na / enron @ enron , diane ellstrom / hou / ect @ ect , mark fondren / hou / ect @ ect ,
sue foust / hou / ect @ ect , alexia gonzales / hou / ect @ ect , eric groves / hou / ect @ ect ,
bjorn hagelmann / hou / ect @ ect , john hayes / corp / enron @ enron , veronica
hill / na / enron @ enron , laura karl / hou / ect @ ect , nanette kettler / hou / ect @ ect ,
christian lebroc / corp / enron @ enron , mark j leskowitz / hou / ect @ ect , james n
lessor / hou / ect @ ect , linda k loukanis / hou / ect @ ect , arlene
mendieta / hou / ect @ ect , richard a miley / hou / ect @ ect , glenda d
mitchell / hou / ect @ ect , mary n morris / na / enron @ enron , michelle
nelson / corp / enron @ enron , frank g newman / hou / ect @ ect , frank
prejean / hou / ect @ ect , marilyn m schoppe / hou / ect @ ect , michelle
schultz / na / enron @ enron , james scully / hou / ect @ ect , julia sengele / hou / ect @ ect ,
shifali sharma / na / enron @ enron , lynn e shivers / hou / ect @ ect , shirley gail
sidler / corp / enron @ enron , karen snow / hou / ect @ ect , alicia
solis / epsc / hou / ect @ ect , patrick stafford / corp / enron @ enron , leah
stephens / corp / enron @ enron , shelly stubbs / corp / enron @ enron , kevin
sweeney / hou / ect @ ect , john swinney / hou / ect @ ect , michelle
thomason / na / enron @ enron , brandi wachtendorf / hou / ect @ ect , rhonda
washington / hou / ect @ ect , nicole white / corp / enron @ enron , sony
wilson / hou / ect @ ect , joan winfrey / hou / ect @ ect , andrea bennett / hou / ect @ ect ,
shannon cobb / corp / enron @ enron , sharon copley / hou / ect @ ect , michael j
gasper / hou / ect @ ect , john h harrison / hou / ect @ ect , helen m jeschke / hou / ect @ ect ,
george r lachner / hou / ect @ ect , kristi i louthan / hou / ect @ ect , ina
norman / hou / ect @ ect , michael philips / hou / ect @ ect , kathleen
salerno / hou / ect @ ect , jill siekmeier / corp / enron @ enron , angela
stie / na / enron @ enron , sharon stringfellow / hou / ect @ ect , tomas
tellez / hou / ect @ ect , jackie travis / hou / ect @ ect , lisa walker / hou / ect @ ect , brent
a price / hou / ect @ ect , chantelle villanueva / hou / ect @ ect , sheila
glover / hou / ect @ ect , d todd hall / hou / ect @ ect , sally beck / hou / ect @ ect , patti
thompson / hou / ect @ ect , shona wilson / na / enron @ enron , michael e
moscoso / hou / ect @ ect , jefferson d sorenson / hou / ect @ ect , bill f
briggs / hou / ect @ ect , david j botchlett / hou / ect @ ect , phil clifford / hou / ect @ ect ,
rudy dautel / hou / ect @ ect , rochelle dent / na / enron @ enron , steven m
elliott / hou / ect @ ect , alan engberg / hou / ect @ ect , douglas s
friedman / hou / ect @ ect , larry gagliardi / corp / enron @ enron , jim
goughary / hou / ect @ ect , adam gross / hou / ect @ ect , joe king / hou / ect @ ect , melinda
joyce lynn / hou / ect @ ect , patrick markey / hou / ect @ ect , lisa nemec / hou / ect @ ect ,
john l nowlan / hou / ect @ ect , robert fuller / hou / ect @ ect , ted
robinson / hou / ect @ ect , don schroeder / hou / ect @ ect , s craig story / hou / ect @ ect ,
claude straub / hou / ect @ ect , helen marie taylor / hou / ect @ ect , sameer
vasudev / corp / enron @ enron , spencer vosko / hou / ect @ ect , vickie j
weaver / hou / ect @ ect , pavel zadorozhny / hou / ect @ ect , chris mahoney / lon / ect @ ect ,
john chismar / sin / ect @ ect , joel bennett / hou / ect @ ect , simon
thurbin / hou / ect @ ect , cindy horn / lon / ect @ ect , michael l
brown / corp / enron @ enron , yolanda cordova - gilbert / hou / ect @ ect , marc de la
roche / hou / ect @ ect , delores y frenzel / corp / enron @ enron , doug
leach / hou / ect @ ect , perla montemayor / na / enron @ enron , victor
santos / enron _ development @ enron _ development , david a terlip / corp / enron @ enron
cc :
subject : global products - houston organizational announcement
based on the recent changes in global markets , specifically global products
and coal , the follow organizational changes have been implemented .
michelle bruce will assume the global products business lead role . she will
be responsible for ensuring that the business processes and procedures are as
effective and efficient as possible . she will also be working with other
groups and offices to ensure consistency of both performance measures and
business standards . john swinney , lead of risk management , and lisa walker ,
lead of logistics coordination , will report directly to michelle .
michelle thomason will continue in her current strategic planning role . in
addition , she will assume the business lead role supporting new endeavors
that our will group will become involved in , including the cost of funds and
prepays activity . michelle will report to michelle bruce .
we are pleased to announce that jeff sorenson has joined the global products
management team . he will be responsible for physical confirmations as well
as coordinating the financial confirmations and financial settlements for
global markets . lynn shivers , documentation lead and his group , will report
to jeff .
mark leskowitz will continue to manage the trade accounting group for both
global products and coal as well as all physical settlements for both
business lines . julie sengele will help with the physical settlements and
the coal trade accounting . julie will report directly to mark .
michelle bruce , jeff sorsenson and mark leskowitz will report directly to me .
simon thurbin has joined us from the london office on a temporary assignment
working with michelle bruce to define consistent business processes ,
practices and procedures . as a result of this global effort , we will work
to ensure consistency and continuity between the houston and london offices .
joel bennett has joined us from the london office . he will be working on
changing the global risk book process , which is being transitioned to houston .
shelly stubbs will be going to london on a temporary assignment to work with
cindy horn focusing on processes on procedures , specifically controls .
please join me in supporting all of these people in their new roles and
additional responsibilities .
regards ,
scott | 0 | ham | re : global products - houston organizational announcement | we have all talked and are in agreement that financial confirms / settlements
are the responsibility of kim theriot . leslie is going to sent out a memo
discussing the organizational changes within that group that will clearly
communicate that message to all of wholesale . let me know if you have any
other questions .
enron north america corp .
from : sally beck 27 / 09 / 2000 15 : 35
to : brent a price / hou / ect @ ect
cc :
subject : global products - houston organizational announcement
this memo apparently was already out on e : mail when we were meeting in my
office regarding confirmations . the language regarding jeff ' s role on
financial confirmations and settlements was left in the memo . it wasn ' t
clear to me when we met whether scott and leslie had talked while looking at
a draft of the memo or whether she had seen this on e : mail . since you said
that you had not seen this memo , please follow up with scott , leslie and jeff
to ensure a common understanding around financial confirmations and
settlements so that can be communicated within the organization . there
should not be confusion over who has responsibility for financial confirms
and settlements . this memo as sent will create that confusion . thanks .
- - - - - - - - - - - - - - - - - - - - - - forwarded by sally beck / hou / ect on 09 / 27 / 2000 03 : 07 pm
- - - - - - - - - - - - - - - - - - - - - - - - - - -
scott earnest
09 / 27 / 2000 12 : 47 pm
to : anjali abraham / na / enron @ enron , robert j bonin / hou / ect @ ect , kara l
boudreau / hou / ect @ ect , matt a brown / hou / ect @ ect , michelle bruce / hou / ect @ ect ,
barbara cain / na / enron @ enron , olga herrera / hou / ect @ ect , mark
confer / hou / ect @ ect , valarie curry / na / enron @ enron , tammie
davis / na / enron @ enron , mary jane denson / hou / ect @ ect , keynan
dutton / na / enron @ enron , diane ellstrom / hou / ect @ ect , mark fondren / hou / ect @ ect ,
sue foust / hou / ect @ ect , alexia gonzales / hou / ect @ ect , eric groves / hou / ect @ ect ,
bjorn hagelmann / hou / ect @ ect , john hayes / corp / enron @ enron , veronica
hill / na / enron @ enron , laura karl / hou / ect @ ect , nanette kettler / hou / ect @ ect ,
christian lebroc / corp / enron @ enron , mark j leskowitz / hou / ect @ ect , james n
lessor / hou / ect @ ect , linda k loukanis / hou / ect @ ect , arlene
mendieta / hou / ect @ ect , richard a miley / hou / ect @ ect , glenda d
mitchell / hou / ect @ ect , mary n morris / na / enron @ enron , michelle
nelson / corp / enron @ enron , frank g newman / hou / ect @ ect , frank
prejean / hou / ect @ ect , marilyn m schoppe / hou / ect @ ect , michelle
schultz / na / enron @ enron , james scully / hou / ect @ ect , julia sengele / hou / ect @ ect ,
shifali sharma / na / enron @ enron , lynn e shivers / hou / ect @ ect , shirley gail
sidler / corp / enron @ enron , karen snow / hou / ect @ ect , alicia
solis / epsc / hou / ect @ ect , patrick stafford / corp / enron @ enron , leah
stephens / corp / enron @ enron , shelly stubbs / corp / enron @ enron , kevin
sweeney / hou / ect @ ect , john swinney / hou / ect @ ect , michelle
thomason / na / enron @ enron , brandi wachtendorf / hou / ect @ ect , rhonda
washington / hou / ect @ ect , nicole white / corp / enron @ enron , sony
wilson / hou / ect @ ect , joan winfrey / hou / ect @ ect , andrea bennett / hou / ect @ ect ,
shannon cobb / corp / enron @ enron , sharon copley / hou / ect @ ect , michael j
gasper / hou / ect @ ect , john h harrison / hou / ect @ ect , helen m jeschke / hou / ect @ ect ,
george r lachner / hou / ect @ ect , kristi i louthan / hou / ect @ ect , ina
norman / hou / ect @ ect , michael philips / hou / ect @ ect , kathleen
salerno / hou / ect @ ect , jill siekmeier / corp / enron @ enron , angela
stie / na / enron @ enron , sharon stringfellow / hou / ect @ ect , tomas
tellez / hou / ect @ ect , jackie travis / hou / ect @ ect , lisa walker / hou / ect @ ect , brent
a price / hou / ect @ ect , chantelle villanueva / hou / ect @ ect , sheila
glover / hou / ect @ ect , d todd hall / hou / ect @ ect , sally beck / hou / ect @ ect , patti
thompson / hou / ect @ ect , shona wilson / na / enron @ enron , michael e
moscoso / hou / ect @ ect , jefferson d sorenson / hou / ect @ ect , bill f
briggs / hou / ect @ ect , david j botchlett / hou / ect @ ect , phil clifford / hou / ect @ ect ,
rudy dautel / hou / ect @ ect , rochelle dent / na / enron @ enron , steven m
elliott / hou / ect @ ect , alan engberg / hou / ect @ ect , douglas s
friedman / hou / ect @ ect , larry gagliardi / corp / enron @ enron , jim
goughary / hou / ect @ ect , adam gross / hou / ect @ ect , joe king / hou / ect @ ect , melinda
joyce lynn / hou / ect @ ect , patrick markey / hou / ect @ ect , lisa nemec / hou / ect @ ect ,
john l nowlan / hou / ect @ ect , robert fuller / hou / ect @ ect , ted
robinson / hou / ect @ ect , don schroeder / hou / ect @ ect , s craig story / hou / ect @ ect ,
claude straub / hou / ect @ ect , helen marie taylor / hou / ect @ ect , sameer
vasudev / corp / enron @ enron , spencer vosko / hou / ect @ ect , vickie j
weaver / hou / ect @ ect , pavel zadorozhny / hou / ect @ ect , chris mahoney / lon / ect @ ect ,
john chismar / sin / ect @ ect , joel bennett / hou / ect @ ect , simon
thurbin / hou / ect @ ect , cindy horn / lon / ect @ ect , michael l
brown / corp / enron @ enron , yolanda cordova - gilbert / hou / ect @ ect , marc de la
roche / hou / ect @ ect , delores y frenzel / corp / enron @ enron , doug
leach / hou / ect @ ect , perla montemayor / na / enron @ enron , victor
santos / enron _ development @ enron _ development , david a terlip / corp / enron @ enron
cc :
subject : global products - houston organizational announcement
based on the recent changes in global markets , specifically global products
and coal , the follow organizational changes have been implemented .
michelle bruce will assume the global products business lead role . she will
be responsible for ensuring that the business processes and procedures are as
effective and efficient as possible . she will also be working with other
groups and offices to ensure consistency of both performance measures and
business standards . john swinney , lead of risk management , and lisa walker ,
lead of logistics coordination , will report directly to michelle .
michelle thomason will continue in her current strategic planning role . in
addition , she will assume the business lead role supporting new endeavors
that our will group will become involved in , including the cost of funds and
prepays activity . michelle will report to michelle bruce .
we are pleased to announce that jeff sorenson has joined the global products
management team . he will be responsible for physical confirmations as well
as coordinating the financial confirmations and financial settlements for
global markets . lynn shivers , documentation lead and his group , will report
to jeff .
mark leskowitz will continue to manage the trade accounting group for both
global products and coal as well as all physical settlements for both
business lines . julie sengele will help with the physical settlements and
the coal trade accounting . julie will report directly to mark .
michelle bruce , jeff sorsenson and mark leskowitz will report directly to me .
simon thurbin has joined us from the london office on a temporary assignment
working with michelle bruce to define consistent business processes ,
practices and procedures . as a result of this global effort , we will work
to ensure consistency and continuity between the houston and london offices .
joel bennett has joined us from the london office . he will be working on
changing the global risk book process , which is being transitioned to houston .
shelly stubbs will be going to london on a temporary assignment to work with
cindy horn focusing on processes on procedures , specifically controls .
please join me in supporting all of these people in their new roles and
additional responsibilities .
regards ,
scott | 2000-09-29T00:00:00 |
24,227 | feel the power ! year 1
12 . 35 %
premium bonus immediately
7 . 00 %
effective 5 year yield
6 . 43 %
commission
6 . 00 % ( 0 - 85 ) nq - q
call or visit our web site today !
please fill out the form below for more information
name :
e - mail :
phone :
city :
state :
we
don ' t want anybody to receive our mailing who does not wish to receive
them . this is a professional communication sent to insurance professionals .
to be removed from this mailing list , do not reply to this message .
instead , go here : http : / / www . insurancemail . net
legal notice | 1 | spam | feel the power ! | year 1
12 . 35 %
premium bonus immediately
7 . 00 %
effective 5 year yield
6 . 43 %
commission
6 . 00 % ( 0 - 85 ) nq - q
call or visit our web site today !
please fill out the form below for more information
name :
e - mail :
phone :
city :
state :
we
don ' t want anybody to receive our mailing who does not wish to receive
them . this is a professional communication sent to insurance professionals .
to be removed from this mailing list , do not reply to this message .
instead , go here : http : / / www . insurancemail . net
legal notice
| 2002-05-21T00:00:00 |
29,395 | tomorrow ' s alert . homeland security technology offers 30 % share dividend .
the center
for homeland and global security reports that governments around the world will
spend an estimated $ 572 billion for homeland security by 2005
hstj is positioning itself for a piece of that
large pie with a dream team leading the way . please watch this one
closely .
* * * stock radar breaking news * * *
set for price and momentum alert
tomorrow , wednesday aug 18
our last recommendation , ( otc
bb : vper ) took off like a rocket . hopefully , you participated and
watched . here is our most current selection :
homeland security technology , inc . ( hstj ) is a
developmental stage company focused in three core areas :
1 . providing security
consulting training for the military , law enforcement and the private
sector
2 . manufacturing military hardware and gear for combat situations
3 . developing advanced technology involving armaments , munitions , targeting and
survellaince system for urban warfare
today ' s news
homeland security technology , inc . announces 30 % share dividend
tuesday , august 17 , 6 : 00
am et
del mar , ca - - ( market wire ) - - aug 17 , 2004 - - homeland
security technology inc . corp . ( other otc : hstj . pk - news ) announced today that
the company will issue a 30 % ( thirty percent ) share dividend to shareholders of
record at the market close on september 30 th , 2004 .
shareholders have been very supportive of our company ' s
business initiatives and should be further attracted to our company as the
result of this share dividend , commented ernest remo , ceo of hstj .
( partial clip of the news just released . please go to
yahoo or any financial site to read this news now ! )
hst has recently formed a joint
venture licensing agreement with recon mountaineer , llc . this license
establishes the foundation for hst to offer combat trauma bag ctb to the us armed forces .
combat trauma bag ( ctb ) overview
the ctb has been battle tested in afghanistan and iraq by corpsman of the lstmarine division . the
ctb is constructed of 1000 denier cordura and master designed to meet or
exceed all requirements and demands of our field medical professionals . the
versatility and rugged construction of the ctb has made the first responder more
efficient when assessing and taking care of casualties .
management has received orders and
commitments for approximately 500
units and is projecting wide scale deployment of the cbt for numerous
military operations after field evaluations have been completed .
2005 homeland security market
recent press reports have indicated that president bush has proposed a 14 . 4 %
increase in spending for the department of homeland security to $ 47 . 4 billion .
the request for total military spending was slated at 402 . 6 billion . highlights
of the 2005 budget include :
$ 3 . 2 billion for future combat systems an army program
developing military gear for soldier to use in combat situations .
$ 890 million was budgeted for aviation security measures
such as bomb detection machines and air marshal training .
the justice department is to receive a 242 % budgetary
increase from 2001 levels to $ 22 billion for counter - terrorism and homeland
defense efforts allocating more than 2 , 600 fbi agents for counter - terrorism
efforts .
lieutenant general emil r .
buck bedard ( usmc ret ) joins homeland security technology inc . ' s
military advisory board
general bedard has continuously been a source of advice on
combat operations , preparation for combat , and combat leadership . his
philosophy has always been centered on vigilance and maintenance of a fighting
posture for the fight that is coming now , not tomorrow . he was proven correct
on 9 / 11 . the general evacuated his office in the pentagon , following the
terrorist strike , and immediately began to direct marine corps operations from
his alternate command center in headquarters marine corps . his combat
experience in viet nam , desert storm , and somalia has always been in the center of the fight .
the general has an instinctive understanding of what is required to maintain
security at all levels to include the homeland , which has been his focus since
retiring from the marine corps . the general ' s presence on the mtab will provide
hst with invaluable steering guidance and connectivity to the pulse of homeland
defense .
homeland
security technology inc . ' s military advisory board adds former navy fighter
pilot and former fbi sniper ronnie
frigulti and kit lavell on board to provide expert direction to hst ' s homeland
security business
hst ' s founder colonel powers
added , the addition of ron frigulti and kit lavell to the military
technical advisory board maintains connectivity to the needs and desires of
first responders in both the homeland security and military sector of the
market . our association with the trainers enables us to test evolving concepts
in realistic venues with the operators who will benefit from the technology .
about homeland security technology , inc . ( hst ) hst ,
inc . is a developmental stage company based in north county san diego trading
under the ticker symbol ( other otc : hstj . pk - news ) . hst ' s mission is to
develop and commercialize technology focused on providing increased security
for both civilian and military personnel throughout the world . under the
leadership of colonel jeffrey a . powers usmc ( ret ) , hst seeks to assemble a
portfolio of technology and services through alliances with established
defense - related companies and through internal development that can be brought
to market in a cost - efficient and timely manner . hsti recently entered into an
alliance with recon mountaineer , llc . , an oceanside , ca . - based designer and manufacturer of
military combat gear for the united states armed forces .
do your due diligence right
now . make sure you check all recent news releases and become familiar
with this company . keep your eye on it starting wed . we have issued
a strong alert so don ' t miss watching this one !
disclaimer :
information within this email contains forward
looking statements within the meaning of section 27 a of the securities
act of 1933 and section 21 b of the securities exchange act of 1934 . any
statements that express or involve discussions with respect to predictions ,
expectations , beliefs , plans , projections , objectives , goals , assumptions or
future events or performance are not statements of historical fact and may be
forward looking statements . forward looking statements are based on
expectations , estimates and projections at the time the statements are made
that involve a number of risks and uncertainties which could cause actual
results or events to differ materially from those presently anticipated .
forward looking statements in this action may be identified through the use of
words such as projects , foresee , expects ,
will , anticipates , estimates ,
believes , understands or that by statements indicating
certain actions may , could , or might
occur . sr does not represent that the information contained in this
message states all material facts or does not omit a material fact necessary to
make the statements therein not misleading . all information provided within
this email pertaining to investing , stocks , securities must be understood as
information provided and not investment advice . sr advises all readers and
subscribers to seek advice from a registered professional securities
representative before deciding to trade in stocks featured within this email .
none of the material within this report shall be construed as any kind of
investment advice or solicitation . many of these companies are on the verge of
bankruptcy . you can lose all your money by investing in this stock . the
publisher of sr is not a registered investment advisor . subscribers should not
view information herein as legal , tax , accounting or investment advice . any
reference to past performance ( s ) of companies are specially selected to be
referenced based on the favorable performance of these companies . you would
need perfect timing to achieve the results in the examples given . there can be
no assurance of that happening . remember , as always , past performance is never
indicative of future results and a thorough due diligence effort should be
completed prior to investing . past performance is never indicative of
future results . in compliance with the securities act of 1933 , sectionl 7 ( b ) , sr
discloses the promise of one million free trading shares by a third party , who
is not an officer or director of the company for the circulation of this
report . be aware of an inherent conflict of interest resulting from
such compensation due to the fact that this is a paid advertisement . we will
sell our free trading shares at anytime without notice . this could have an
adverse impact on the stock price . all factual information in this report was
gathered from public sources , including but not limited to company websites ,
sec filings and company press releases . sr believes this information to be
reliable but can make no guarantee as to its accuracy or completeness . use of
the material within this email constitutes your acceptance of these terms
removal services , inc . 1771 post road east # 342 westport , ct 06880 | 1 | spam | tomorrow ' s alert . homeland security technology offers 30 % share | dividend .
the center
for homeland and global security reports that governments around the world will
spend an estimated $ 572 billion for homeland security by 2005
hstj is positioning itself for a piece of that
large pie with a dream team leading the way . please watch this one
closely .
* * * stock radar breaking news * * *
set for price and momentum alert
tomorrow , wednesday aug 18
our last recommendation , ( otc
bb : vper ) took off like a rocket . hopefully , you participated and
watched . here is our most current selection :
homeland security technology , inc . ( hstj ) is a
developmental stage company focused in three core areas :
1 . providing security
consulting training for the military , law enforcement and the private
sector
2 . manufacturing military hardware and gear for combat situations
3 . developing advanced technology involving armaments , munitions , targeting and
survellaince system for urban warfare
today ' s news
homeland security technology , inc . announces 30 % share dividend
tuesday , august 17 , 6 : 00
am et
del mar , ca - - ( market wire ) - - aug 17 , 2004 - - homeland
security technology inc . corp . ( other otc : hstj . pk - news ) announced today that
the company will issue a 30 % ( thirty percent ) share dividend to shareholders of
record at the market close on september 30 th , 2004 .
shareholders have been very supportive of our company ' s
business initiatives and should be further attracted to our company as the
result of this share dividend , commented ernest remo , ceo of hstj .
( partial clip of the news just released . please go to
yahoo or any financial site to read this news now ! )
hst has recently formed a joint
venture licensing agreement with recon mountaineer , llc . this license
establishes the foundation for hst to offer combat trauma bag ctb to the us armed forces .
combat trauma bag ( ctb ) overview
the ctb has been battle tested in afghanistan and iraq by corpsman of the lstmarine division . the
ctb is constructed of 1000 denier cordura and master designed to meet or
exceed all requirements and demands of our field medical professionals . the
versatility and rugged construction of the ctb has made the first responder more
efficient when assessing and taking care of casualties .
management has received orders and
commitments for approximately 500
units and is projecting wide scale deployment of the cbt for numerous
military operations after field evaluations have been completed .
2005 homeland security market
recent press reports have indicated that president bush has proposed a 14 . 4 %
increase in spending for the department of homeland security to $ 47 . 4 billion .
the request for total military spending was slated at 402 . 6 billion . highlights
of the 2005 budget include :
$ 3 . 2 billion for future combat systems an army program
developing military gear for soldier to use in combat situations .
$ 890 million was budgeted for aviation security measures
such as bomb detection machines and air marshal training .
the justice department is to receive a 242 % budgetary
increase from 2001 levels to $ 22 billion for counter - terrorism and homeland
defense efforts allocating more than 2 , 600 fbi agents for counter - terrorism
efforts .
lieutenant general emil r .
buck bedard ( usmc ret ) joins homeland security technology inc . ' s
military advisory board
general bedard has continuously been a source of advice on
combat operations , preparation for combat , and combat leadership . his
philosophy has always been centered on vigilance and maintenance of a fighting
posture for the fight that is coming now , not tomorrow . he was proven correct
on 9 / 11 . the general evacuated his office in the pentagon , following the
terrorist strike , and immediately began to direct marine corps operations from
his alternate command center in headquarters marine corps . his combat
experience in viet nam , desert storm , and somalia has always been in the center of the fight .
the general has an instinctive understanding of what is required to maintain
security at all levels to include the homeland , which has been his focus since
retiring from the marine corps . the general ' s presence on the mtab will provide
hst with invaluable steering guidance and connectivity to the pulse of homeland
defense .
homeland
security technology inc . ' s military advisory board adds former navy fighter
pilot and former fbi sniper ronnie
frigulti and kit lavell on board to provide expert direction to hst ' s homeland
security business
hst ' s founder colonel powers
added , the addition of ron frigulti and kit lavell to the military
technical advisory board maintains connectivity to the needs and desires of
first responders in both the homeland security and military sector of the
market . our association with the trainers enables us to test evolving concepts
in realistic venues with the operators who will benefit from the technology .
about homeland security technology , inc . ( hst ) hst ,
inc . is a developmental stage company based in north county san diego trading
under the ticker symbol ( other otc : hstj . pk - news ) . hst ' s mission is to
develop and commercialize technology focused on providing increased security
for both civilian and military personnel throughout the world . under the
leadership of colonel jeffrey a . powers usmc ( ret ) , hst seeks to assemble a
portfolio of technology and services through alliances with established
defense - related companies and through internal development that can be brought
to market in a cost - efficient and timely manner . hsti recently entered into an
alliance with recon mountaineer , llc . , an oceanside , ca . - based designer and manufacturer of
military combat gear for the united states armed forces .
do your due diligence right
now . make sure you check all recent news releases and become familiar
with this company . keep your eye on it starting wed . we have issued
a strong alert so don ' t miss watching this one !
disclaimer :
information within this email contains forward
looking statements within the meaning of section 27 a of the securities
act of 1933 and section 21 b of the securities exchange act of 1934 . any
statements that express or involve discussions with respect to predictions ,
expectations , beliefs , plans , projections , objectives , goals , assumptions or
future events or performance are not statements of historical fact and may be
forward looking statements . forward looking statements are based on
expectations , estimates and projections at the time the statements are made
that involve a number of risks and uncertainties which could cause actual
results or events to differ materially from those presently anticipated .
forward looking statements in this action may be identified through the use of
words such as projects , foresee , expects ,
will , anticipates , estimates ,
believes , understands or that by statements indicating
certain actions may , could , or might
occur . sr does not represent that the information contained in this
message states all material facts or does not omit a material fact necessary to
make the statements therein not misleading . all information provided within
this email pertaining to investing , stocks , securities must be understood as
information provided and not investment advice . sr advises all readers and
subscribers to seek advice from a registered professional securities
representative before deciding to trade in stocks featured within this email .
none of the material within this report shall be construed as any kind of
investment advice or solicitation . many of these companies are on the verge of
bankruptcy . you can lose all your money by investing in this stock . the
publisher of sr is not a registered investment advisor . subscribers should not
view information herein as legal , tax , accounting or investment advice . any
reference to past performance ( s ) of companies are specially selected to be
referenced based on the favorable performance of these companies . you would
need perfect timing to achieve the results in the examples given . there can be
no assurance of that happening . remember , as always , past performance is never
indicative of future results and a thorough due diligence effort should be
completed prior to investing . past performance is never indicative of
future results . in compliance with the securities act of 1933 , sectionl 7 ( b ) , sr
discloses the promise of one million free trading shares by a third party , who
is not an officer or director of the company for the circulation of this
report . be aware of an inherent conflict of interest resulting from
such compensation due to the fact that this is a paid advertisement . we will
sell our free trading shares at anytime without notice . this could have an
adverse impact on the stock price . all factual information in this report was
gathered from public sources , including but not limited to company websites ,
sec filings and company press releases . sr believes this information to be
reliable but can make no guarantee as to its accuracy or completeness . use of
the material within this email constitutes your acceptance of these terms
removal services , inc . 1771 post road east # 342 westport , ct 06880
| 2004-08-18T00:00:00 |
Subsets and Splits