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4,384 | can ' t get it up stop wasting money on prescription drugs . get them online for 80 % off .
vlagra , clalis , zyban , prozac , xenlcal , and many many more . . .
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| 2004-10-17T00:00:00 |
22,504 | re [ 10 ] what ' s troubling you ? in 1981 weather websmaps bruce lee | 1 | spam | re [ 10 ] | what ' s troubling you ? in 1981 weather websmaps bruce lee | 2005-08-31T00:00:00 |
14,210 | stuart zisman louise ,
maybe you were able to get a 2001 bonus payment for stuart zisman and just can ' t tell me , but if not , i would appreciate anything and everything that you can do . i know stuart is very well respected outside of this company , and will leave if things become uncertain . while i would hate to lose anyone on the team , i would especially hate to lose him .
good luck with things this weekend , and let me know if i can do anything ( 713 - 412 - 8967 ) .
thanks ,
don | 0 | ham | stuart zisman | louise ,
maybe you were able to get a 2001 bonus payment for stuart zisman and just can ' t tell me , but if not , i would appreciate anything and everything that you can do . i know stuart is very well respected outside of this company , and will leave if things become uncertain . while i would hate to lose anyone on the team , i would especially hate to lose him .
good luck with things this weekend , and let me know if i can do anything ( 713 - 412 - 8967 ) .
thanks ,
don | 2001-11-30T00:00:00 |
11,070 | 2001 plan louise , the $ 10 . 9 million negative in the plan as presented to you consists of :
inland $ 4 . 6 mm
masada $ 2 . 9 mm
linder $ 3 . 4 mm
total $ 10 . 9 mm
these assets had been scheduled originally to go into raptor 2 . without a raptor hedge , these represent the difference between estimated valuein a monetization and carrying value .
in addition to the above , the following items are incorporated into the $ 20 . 7 mm delta ena exposure vs . base value
noram rig $ 0 . 9 mm - - the purchaser defaulted on purchase . our expectation for value is now lower .
ecogas $ 2 . 4 mm - - we acquired this asset after the budget .
canfibre loc $ 4 . 5 mm - - this contingent liability may or may not be paid depending upon certain performance tests at the lackawanna plant
calpine $ 2 . 0 mm - - this is a drilling commitment . i always view these on a dry hole basis .
total $ 9 . 8 mm
i hope this clarifies the numbers . dick . | 0 | ham | 2001 plan | louise , the $ 10 . 9 million negative in the plan as presented to you consists of :
inland $ 4 . 6 mm
masada $ 2 . 9 mm
linder $ 3 . 4 mm
total $ 10 . 9 mm
these assets had been scheduled originally to go into raptor 2 . without a raptor hedge , these represent the difference between estimated valuein a monetization and carrying value .
in addition to the above , the following items are incorporated into the $ 20 . 7 mm delta ena exposure vs . base value
noram rig $ 0 . 9 mm - - the purchaser defaulted on purchase . our expectation for value is now lower .
ecogas $ 2 . 4 mm - - we acquired this asset after the budget .
canfibre loc $ 4 . 5 mm - - this contingent liability may or may not be paid depending upon certain performance tests at the lackawanna plant
calpine $ 2 . 0 mm - - this is a drilling commitment . i always view these on a dry hole basis .
total $ 9 . 8 mm
i hope this clarifies the numbers . dick . | 2001-02-22T00:00:00 |
17,174 | re : brad oh , yeah , i forgot ask , what ' s your plan for coming up here this weekend ?
- - - - - original message - - - - -
from : williams iii , bill [ mailto : bill . williams . iii @ enron . com ]
sent : friday , august 24 , 2001 3 : 54 pm
to : craig stoller
subject : re : brad
sweet .
thanks for the call last night . . . brad should be awesome .
where is it at ?
let me know how your " evening " with rachel goes .
bill
- - - - - original message - - - - -
from : craig stoller [ mailto : craig @ stollerinc . com ]
sent : friday , august 24 , 2001 3 : 14 pm
to : williams iii , bill
subject : brad
ok , i got you a ticket for sep . 1 that is a sat . show starts and 9 : 00 .
craig
this e - mail is the property of enron corp . and / or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient ( s ) . any review , use , distribution or disclosure by
others is strictly prohibited . if you are not the intended recipient ( or
authorized to receive for the recipient ) , please contact the sender or reply
to enron corp . at enron . messaging . administration @ enron . com and delete all
copies of the message . this e - mail ( and any attachments hereto ) are not
intended to be an offer ( or an acceptance ) and do not create or evidence a
binding and enforceable contract between enron corp . ( or any of its
affiliates ) and the intended recipient or any other party , and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise .
thank you . | 0 | ham | re : brad | oh , yeah , i forgot ask , what ' s your plan for coming up here this weekend ?
- - - - - original message - - - - -
from : williams iii , bill [ mailto : bill . williams . iii @ enron . com ]
sent : friday , august 24 , 2001 3 : 54 pm
to : craig stoller
subject : re : brad
sweet .
thanks for the call last night . . . brad should be awesome .
where is it at ?
let me know how your " evening " with rachel goes .
bill
- - - - - original message - - - - -
from : craig stoller [ mailto : craig @ stollerinc . com ]
sent : friday , august 24 , 2001 3 : 14 pm
to : williams iii , bill
subject : brad
ok , i got you a ticket for sep . 1 that is a sat . show starts and 9 : 00 .
craig
this e - mail is the property of enron corp . and / or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient ( s ) . any review , use , distribution or disclosure by
others is strictly prohibited . if you are not the intended recipient ( or
authorized to receive for the recipient ) , please contact the sender or reply
to enron corp . at enron . messaging . administration @ enron . com and delete all
copies of the message . this e - mail ( and any attachments hereto ) are not
intended to be an offer ( or an acceptance ) and do not create or evidence a
binding and enforceable contract between enron corp . ( or any of its
affiliates ) and the intended recipient or any other party , and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise .
thank you .
| 2001-08-28T00:00:00 |
19,541 | copeland individuate paliourg , )
we are going to be closing soon !
we have the highest quality , and now , lowest priced prescription drugs online .
buy something while you still can !
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http : / / www . 971 . hard 8589 meds . us / bl 2
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| 2004-08-12T00:00:00 |
17,048 | revision : epe lending for 8 / 13 please note : price has been changed to $ 57 for all deals per stsw desk . ( they like to round . )
- - - - - original message - - - - -
from : symes , kate
sent : friday , august 10 , 2001 12 : 40 pm
to : dl - portland real time shift
cc : gang , lisa
subject : epe lending for 8 / 13
we ' ll be short 25 mw at palo verde under the stwbom book for monday ( also 25 short under stsw ) . buy to cover this real time . sell back to epe @ $ 0 . enter buys and sales under the same desk , either stwbom or stsw . here are the deals :
727298 - stwbom buys epe
on peak / pv
25 mw / $ 57 . 17
727299 - stwbom sells stsw
on peak / pv
25 mw / $ 57 . 17
727302 - stsw buys epe
on peak / pv
25 mw / $ 57 . 17
please let me know if you have questions .
thanks ,
kate | 0 | ham | revision : epe lending for 8 / 13 | please note : price has been changed to $ 57 for all deals per stsw desk . ( they like to round . )
- - - - - original message - - - - -
from : symes , kate
sent : friday , august 10 , 2001 12 : 40 pm
to : dl - portland real time shift
cc : gang , lisa
subject : epe lending for 8 / 13
we ' ll be short 25 mw at palo verde under the stwbom book for monday ( also 25 short under stsw ) . buy to cover this real time . sell back to epe @ $ 0 . enter buys and sales under the same desk , either stwbom or stsw . here are the deals :
727298 - stwbom buys epe
on peak / pv
25 mw / $ 57 . 17
727299 - stwbom sells stsw
on peak / pv
25 mw / $ 57 . 17
727302 - stsw buys epe
on peak / pv
25 mw / $ 57 . 17
please let me know if you have questions .
thanks ,
kate | 2001-08-10T00:00:00 |
23,849 | re : please go to clickathome . enron . com , sign in , then go to internet options .
when you get to the internet options page then you can check qualification .
the following page is what you will see . click on qualify me ofr msn . let us
know if you need further assistance .
from : sally beck @ ect 02 / 20 / 2001 06 : 13 pm
to : clickathome @ enron . com
cc :
subject :
e : mail messages says to check website to determine whether or not dsl is
available at my home . however , i don ' t see a spot on the website to check
that information . can you provide more details ? | 0 | ham | re : | please go to clickathome . enron . com , sign in , then go to internet options .
when you get to the internet options page then you can check qualification .
the following page is what you will see . click on qualify me ofr msn . let us
know if you need further assistance .
from : sally beck @ ect 02 / 20 / 2001 06 : 13 pm
to : clickathome @ enron . com
cc :
subject :
e : mail messages says to check website to determine whether or not dsl is
available at my home . however , i don ' t see a spot on the website to check
that information . can you provide more details ? | 2001-02-21T00:00:00 |
14,939 | headcount for energy op ' s and finance / accounting in order for wes ' s team to handle the curve validation and reporting responsibilities under the ubsw preferred delineation of responsibilities between op ' s and accounting / finance , he estimates a need for 3 people . as i understand it , while in enron terms these activities were previously handled in sally ' s area , a transfer of 3 people from her team is not possible , primarily as a consequence of them not having bought anyone across in gossetts team to handle physical business . apparently these people were cut in the last round of headcount reductions pre - offers .
bottom - line , wes needs to go ahead and get 3 people on board quickly so would you confirm how you want to proceed :
1 . are you ok with incremental headcount or does the energy op ' s or another headcount budget reduce by 3 to balance the books and keep overall at 650 .
2 . can i go ahead and put a contract offer in front of kevin sweeney ?
3 . can we produce a standard offer for 2 other people including a sign - on representative of what they might have received in bonus ( these are 2 snr spec level so this would be in the teens ) .
david | 0 | ham | headcount for energy op ' s and finance / accounting | in order for wes ' s team to handle the curve validation and reporting responsibilities under the ubsw preferred delineation of responsibilities between op ' s and accounting / finance , he estimates a need for 3 people . as i understand it , while in enron terms these activities were previously handled in sally ' s area , a transfer of 3 people from her team is not possible , primarily as a consequence of them not having bought anyone across in gossetts team to handle physical business . apparently these people were cut in the last round of headcount reductions pre - offers .
bottom - line , wes needs to go ahead and get 3 people on board quickly so would you confirm how you want to proceed :
1 . are you ok with incremental headcount or does the energy op ' s or another headcount budget reduce by 3 to balance the books and keep overall at 650 .
2 . can i go ahead and put a contract offer in front of kevin sweeney ?
3 . can we produce a standard offer for 2 other people including a sign - on representative of what they might have received in bonus ( these are 2 snr spec level so this would be in the teens ) .
david | 2002-01-31T00:00:00 |
9,529 | california update 5 / 22 / 01 please treat as confidential
a source had a meeting today with california state treasurer phil angelides . here are the main points from their conversation
1 . anglelides certain that socal will go bankrupt
corroborating our line over the past four months , anglelides stated with confidence that socal would go bankrupt and that " he was surprised they hadn ' t already . " he noted that the only reason they haven ' t yet is that " they were too stupid to ring - fence the parent " and that " their two biggest equity holders were screaming not to do it . "
he added that the davis / socal mou is dead and that all the " plan b ' s " are " speculative " at best . he also thought that socal was being " naive if they thought they would get a better deal from the legislature than from the bankruptcy court . "
2 . bond issuance - $ 12 b not enough
angelides conceded that a $ 12 b bond issue would not be enough to buy power for the summer and that the true costs would probably be $ 18 - 24 b . the only reason they didn ' t issue more is that angelides felt that " $ 12 b was all the market could handle . " the current game plan for bonds assumes an average peak price for power of $ 400 / mwh , which angelides said explains the difference between his estimates and the higher estimates from state comptroller ' s kathleen connell ' s office .
3 . new generator construction
anglelides was explicit that the california public power authority ( authorized by the legislature last week ) will " build plants and not stop until we [ california ] has a 10 - 15 % capacity cushion above expected demand . angelides expects the state to be " 5 - 10 % short on power all summer . " | 0 | ham | california update 5 / 22 / 01 | please treat as confidential
a source had a meeting today with california state treasurer phil angelides . here are the main points from their conversation
1 . anglelides certain that socal will go bankrupt
corroborating our line over the past four months , anglelides stated with confidence that socal would go bankrupt and that " he was surprised they hadn ' t already . " he noted that the only reason they haven ' t yet is that " they were too stupid to ring - fence the parent " and that " their two biggest equity holders were screaming not to do it . "
he added that the davis / socal mou is dead and that all the " plan b ' s " are " speculative " at best . he also thought that socal was being " naive if they thought they would get a better deal from the legislature than from the bankruptcy court . "
2 . bond issuance - $ 12 b not enough
angelides conceded that a $ 12 b bond issue would not be enough to buy power for the summer and that the true costs would probably be $ 18 - 24 b . the only reason they didn ' t issue more is that angelides felt that " $ 12 b was all the market could handle . " the current game plan for bonds assumes an average peak price for power of $ 400 / mwh , which angelides said explains the difference between his estimates and the higher estimates from state comptroller ' s kathleen connell ' s office .
3 . new generator construction
anglelides was explicit that the california public power authority ( authorized by the legislature last week ) will " build plants and not stop until we [ california ] has a 10 - 15 % capacity cushion above expected demand . angelides expects the state to be " 5 - 10 % short on power all summer . " | 2001-05-22T00:00:00 |
9,771 | 300 million business charset = windows - 1252 " > sick and tired of
email directories that don ' t deliver what they promise ?
these days it ' s almost getting to the point were you
need to buy every single e - mail directory on the market and weed through
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email directories that don ' t deliver what they promise ?
these days it ' s almost getting to the point were you
need to buy every single e - mail directory on the market and weed through
them to get some decent e - mail addresses to bulk out to .
well the buck stops here ! we ' ve bought almost every
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records on 3 cds for you !
plenty of targeted lists are also available in areas
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gambling
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health
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home business
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. . . and many more !
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| 2002-07-27T00:00:00 |
30,585 | bite notification alert :
thank you for your inquiry , we have been notified that two lenders are interested in offering you a deal . remember , for this special offer past credit history is not a factor .
in accordance with our terms please verify your information on our secure and private site to ensure our records are accurate .
have a great day
- - therese odell
senior consultant - low - rate advisors inc .
if this email has reached you in error please let us know . . . thx
http : / / stove . fornowandthen . net | 1 | spam | bite | notification alert :
thank you for your inquiry , we have been notified that two lenders are interested in offering you a deal . remember , for this special offer past credit history is not a factor .
in accordance with our terms please verify your information on our secure and private site to ensure our records are accurate .
have a great day
- - therese odell
senior consultant - low - rate advisors inc .
if this email has reached you in error please let us know . . . thx
http : / / stove . fornowandthen . net | 2004-11-26T00:00:00 |
26,995 | here is the place to find the one you ' ve been looking for . here ' s a service for singles over 30 .
many lucky singles , like yourself , have found the love of their life here .
vchhzpop | 1 | spam | here is the place to find the one you ' ve been looking for . | here ' s a service for singles over 30 .
many lucky singles , like yourself , have found the love of their life here .
vchhzpop | 2005-07-16T00:00:00 |
33,015 | re : viagra scores ! hello ,
my boyfriendso far . began having problems with erections ( he ' s older ) and i suggested he look into vlagrra .
boy , am i glad he did !
the first time he tried it , one 50 mg piil did nothing so he took another and that was a mistake . three hours later he was still rock hard and had come multiple times ( so had i ) recovering the cynicism in which he had approached his task , the ! ! since then a single 50 mg dose does it very well - - he ' s now good for almost 2 hours of good hard sex that leaves both of us worn out .
but - nom de dieu ! - it is your concern , i suppose , that we cannot - bobbie , 21 female usa
try it with phthen how did ye expect me to know what orders ye ' d given ? mr . armacybymail shop . | 1 | spam | re : viagra scores ! | hello ,
my boyfriendso far . began having problems with erections ( he ' s older ) and i suggested he look into vlagrra .
boy , am i glad he did !
the first time he tried it , one 50 mg piil did nothing so he took another and that was a mistake . three hours later he was still rock hard and had come multiple times ( so had i ) recovering the cynicism in which he had approached his task , the ! ! since then a single 50 mg dose does it very well - - he ' s now good for almost 2 hours of good hard sex that leaves both of us worn out .
but - nom de dieu ! - it is your concern , i suppose , that we cannot - bobbie , 21 female usa
try it with phthen how did ye expect me to know what orders ye ' d given ? mr . armacybymail shop . | 2005-05-30T00:00:00 |
5,472 | re : credit trading brought to you by bryan seyfried i am happy that the legal issues have been addressed and discussed with bryan
and john and i will sign off on the approval .
michael
from : ted murphy 08 / 02 / 2000 22 : 16
to : steve w young / lon / ect @ ect , fernley dyson / lon / ect @ ect , michael r
brown / lon / ect @ ect , william s bradford / hou / ect @ ect , john sherriff / lon / ect @ ect ,
vince j kaminski / hou / ect @ ect
cc : rick buy
subject : credit trading brought to you by bryan seyfried
my understanding is that bryan will be in houston to present his strategy
regarding credit trading for approval under an interim trading policy -
signed off by jeff and rick . before making any recommendation to jeff , rick
wants to be sure that the people on the list above are comfortable with the
activity and will be willing to signoff on the approval . given that bryan
will be physically here , i am requesting that you e - mail your concurrence to
me no later than tommorrow . otherwise rac will not present to jeff for
approval .
thank you for your help in puttting this together and making it a success !
ted | 0 | ham | re : credit trading brought to you by bryan seyfried | i am happy that the legal issues have been addressed and discussed with bryan
and john and i will sign off on the approval .
michael
from : ted murphy 08 / 02 / 2000 22 : 16
to : steve w young / lon / ect @ ect , fernley dyson / lon / ect @ ect , michael r
brown / lon / ect @ ect , william s bradford / hou / ect @ ect , john sherriff / lon / ect @ ect ,
vince j kaminski / hou / ect @ ect
cc : rick buy
subject : credit trading brought to you by bryan seyfried
my understanding is that bryan will be in houston to present his strategy
regarding credit trading for approval under an interim trading policy -
signed off by jeff and rick . before making any recommendation to jeff , rick
wants to be sure that the people on the list above are comfortable with the
activity and will be willing to signoff on the approval . given that bryan
will be physically here , i am requesting that you e - mail your concurrence to
me no later than tommorrow . otherwise rac will not present to jeff for
approval .
thank you for your help in puttting this together and making it a success !
ted | 2000-02-09T00:00:00 |
10,030 | you can get a quote from 4 major lenders without giving personal info ! tijqsemw you can get a quote at 4 lenders with no personal info ! greenspan is going to raise the numbers out of reach , try us out before he does !
this advertisement was
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box 78361 , san francisco , ca 94107 - 8361 . if you wish to remove yourself
from future smartmortgageusa 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 .
xipwtobnf | 1 | spam | you can get a quote from 4 major lenders without giving personal info ! tijqsemw | you can get a quote at 4 lenders with no personal info ! greenspan is going to raise the numbers out of reach , try us out before he does !
this advertisement was
sent to you by an affiliate of smartmortgageusa . if you have any
questions , you may contact us at : offer up , attn : smartmortgageusa , p . o .
box 78361 , san francisco , ca 94107 - 8361 . if you wish to remove yourself
from future smartmortgageusa 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 .
xipwtobnf | 2005-06-22T00:00:00 |
19,289 | incres yor pns size n 1 hr women r : - ( bout thr luvrz pns size . u cn surely change dat nw
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discernible dixie czechoslovakia nibs dispelled courteous mexico myriad apatite carleton fountain crucifixion bigot axial precious earthmover pollution .
compatriot sock gunfight freshman cereal defector detent yaqui upshot abysmal dervish coulomb appropriable furnace celery filter thymine wrath composite plaque exhaustible polaron .
component inhabitant chivalrous decryption knowledge pluton haircut bernoulli dish casket drunkard titus raillery twigging upholstery whichever repairman shard saloonkeeper cretin cure shadowy liaison nirvana dynamite .
caper backhand transmission variac royal wispy applaud cultivable hundredfold prosthesis embower cantabrigian courtney arbutus previous revelry ned thematic rat airplane abscissae climax .
derriere motive skim unruly district antonio upstair berate jude ablaze biotic chalk warmish definitive loan crate canary recovery bacteria bate cowslip labradorite decollimate l ' s .
compassion fivefold bohemia broadloom earl marshal stockpile worshipful checksum orwell rena brickbat cuba leninist rattle s desire pelt barbecue burl lamb aboveground freon habituate dearth senior bordello quickie cacti nascent harass .
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| 2004-07-07T00:00:00 |
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| 2004-12-26T00:00:00 |
3,365 | enw meeting / teambuilding event - jillian ' s - 7 / 19 / 01 - rsvp required for attendance
please mark your calendars for the first annual all - employee meeting and teambuilding event at jillian ' s on thursday , 7 / 19 / 01 . this gathering is for all enw houston - based , full - time and part - time employees .
click the link below for further information and rsvp information . please note the deadline to rsvp has been extended to 7 / 11 / 01 , due to the july 4 th holiday .
please call peggy mccurley at x 31832 if you have any questions .
hope to see you there !
http : / / 207 . 21 . 193 . 94 / jillians / index . asp | 0 | ham | enw meeting / teambuilding event - jillian ' s - 7 / 19 / 01 - rsvp | required for attendance
please mark your calendars for the first annual all - employee meeting and teambuilding event at jillian ' s on thursday , 7 / 19 / 01 . this gathering is for all enw houston - based , full - time and part - time employees .
click the link below for further information and rsvp information . please note the deadline to rsvp has been extended to 7 / 11 / 01 , due to the july 4 th holiday .
please call peggy mccurley at x 31832 if you have any questions .
hope to see you there !
http : / / 207 . 21 . 193 . 94 / jillians / index . asp | 2001-07-02T00:00:00 |
4,224 | = ? iso - 8859 - 7 ? q ? l _ ' _ 0 _ ' _ l _ ' _ 1 _ ' _ t _ ' _ a _ ' _ z _ a = aoa = aoa = aoa = ao _ p _ ` _ 1 _ ` _ x _ a ? = = ? iso - 8859 - 7 ? q ? = ao _ hendrix _ isabella ? =
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loaders swish produce kowloon dying
| 2004-08-23T00:00:00 |
10,226 | we know our sto - cks pop 3 media corp ( popt )
a company which has positioned itseif in the gap between the major
media congiomerates and the universe of independent music , fiim , publishing
and technoiogy companies .
current price : 0 . 025
will it continue higher ? watch this one monday as we know many of you
like momentum .
breaking news ! !
pop 3 media corp . ( popt ) and roxxy corporation announced that the
companies have entered into a | etter of intent whereby roxxy corporation wil |
acquire a 66 % interest in pop 3 ' s wholly owned subsidiary , viastar
distribution group , inc . " vdg , " forming a revolutionary new music company ,
controversia | entertainment corporation . the transaction , consisting of
stock and cash , when compieted , wi | | provide pop 3 ' s shareholders with a
33 % stake in the new company .
roxxy ' s management wil | operate the company from headquarters in los
angeles and will change its corporate name to controversial entertainment
corporation in the coming weeks . the companies intend to compiete and
execute the definitive agreement by july 8 th , 2 oo 5 , and seek shareholder
approva | immediately thereafter .
pop 3 ' s ceo , john d . aquiiino , stated , " this ailiance wi | | allow pop 3 to
achieve its strategic vision of creating a new paradigm in the music
industry . one that is focused on supporting the artist and the music they
create while embracing emerging technologies and giving consumers
access to a variety of artists through a variety of media . "
roxxy ' s management team combines highly experienced industry executives
drawn from the major | abeis and also inciudes a staff of in - house
producers who are among the most infiuentia | taients in the music industry
today .
" it is roxxy ' s vision to seize the opportunities afforded by the major
labels ' | ack of commitment to their artists and customers ; labeis that
cast aside established artists who can no longer generate multi - miilion
selling recordings , but who consistentiy reiease albums which sell
hundreds of thousands of records to a | arge and loya | fan base ; artists
that can easiiy generate revenues between $ 1 and $ 5 million per titie , "
stated john shebanow , roxxy ' s ceo .
" additionaliy , the acquisition of vdg wi | | provide us with the ability
to distribute our own product directly to retail to over 22 , 0 oo retai |
location in north america , effectiveiy doubling the company ' s net
profit margins and ailowing the increased revenue to pass on to our
artists . "
mr . shebanow conciuded , " while there are smaller | abels that do provide
a home for these acts , they lack either the wi | | or financial resources
to commit to the kind of budgets which producers of the caiiber we have
on staff require . and no company has the unique combination of great
producers , in - house distribution and dedication to the artist and the
customer that controversial entertainment wiil possess . "
about pop 3 media corp :
pop 3 media corp . is engaged in development , production and distribution
of entertainment - reiated media for fiim , teievision , music and
publishing interests . the company ' s portfoiio currentiy inciudes ownership of
viastar distribution group , a . v . o . studios , moving pictures
international , viastar records , quadra records , light of the spirit records , and
viastar ciassica | , viastar artist management group and masterdisk
corporation .
conciusion :
the examples above show the awesome , earning potentia | of little known
companies that explode onto investor ' s radar screens ; many of you are
already familiar with this . is popt poised and positioned to do that for
you ? then you may fee | the time has come to act . . . and please watch
this one trade monday ! go popt .
penny stocks are considered highly speculative and may be unsuitable
for al | but very aggressive investors . this profile is not in any way
affiiiated with the featured company . we were compensated 3 oo 0 doilars
to distribute this report . this report is for entertainment and
advertising purposes oniy and shouid not be used as investment advice .
if you wish to stop future mai | - ings , or if you fee | you have been
wrongfu | | y piaced in our membership , send a biank e mail with no thanks in
the sub ject to daily _ 7 tip @ yahoo . com | 1 | spam | we know our sto - cks | pop 3 media corp ( popt )
a company which has positioned itseif in the gap between the major
media congiomerates and the universe of independent music , fiim , publishing
and technoiogy companies .
current price : 0 . 025
will it continue higher ? watch this one monday as we know many of you
like momentum .
breaking news ! !
pop 3 media corp . ( popt ) and roxxy corporation announced that the
companies have entered into a | etter of intent whereby roxxy corporation wil |
acquire a 66 % interest in pop 3 ' s wholly owned subsidiary , viastar
distribution group , inc . " vdg , " forming a revolutionary new music company ,
controversia | entertainment corporation . the transaction , consisting of
stock and cash , when compieted , wi | | provide pop 3 ' s shareholders with a
33 % stake in the new company .
roxxy ' s management wil | operate the company from headquarters in los
angeles and will change its corporate name to controversial entertainment
corporation in the coming weeks . the companies intend to compiete and
execute the definitive agreement by july 8 th , 2 oo 5 , and seek shareholder
approva | immediately thereafter .
pop 3 ' s ceo , john d . aquiiino , stated , " this ailiance wi | | allow pop 3 to
achieve its strategic vision of creating a new paradigm in the music
industry . one that is focused on supporting the artist and the music they
create while embracing emerging technologies and giving consumers
access to a variety of artists through a variety of media . "
roxxy ' s management team combines highly experienced industry executives
drawn from the major | abeis and also inciudes a staff of in - house
producers who are among the most infiuentia | taients in the music industry
today .
" it is roxxy ' s vision to seize the opportunities afforded by the major
labels ' | ack of commitment to their artists and customers ; labeis that
cast aside established artists who can no longer generate multi - miilion
selling recordings , but who consistentiy reiease albums which sell
hundreds of thousands of records to a | arge and loya | fan base ; artists
that can easiiy generate revenues between $ 1 and $ 5 million per titie , "
stated john shebanow , roxxy ' s ceo .
" additionaliy , the acquisition of vdg wi | | provide us with the ability
to distribute our own product directly to retail to over 22 , 0 oo retai |
location in north america , effectiveiy doubling the company ' s net
profit margins and ailowing the increased revenue to pass on to our
artists . "
mr . shebanow conciuded , " while there are smaller | abels that do provide
a home for these acts , they lack either the wi | | or financial resources
to commit to the kind of budgets which producers of the caiiber we have
on staff require . and no company has the unique combination of great
producers , in - house distribution and dedication to the artist and the
customer that controversial entertainment wiil possess . "
about pop 3 media corp :
pop 3 media corp . is engaged in development , production and distribution
of entertainment - reiated media for fiim , teievision , music and
publishing interests . the company ' s portfoiio currentiy inciudes ownership of
viastar distribution group , a . v . o . studios , moving pictures
international , viastar records , quadra records , light of the spirit records , and
viastar ciassica | , viastar artist management group and masterdisk
corporation .
conciusion :
the examples above show the awesome , earning potentia | of little known
companies that explode onto investor ' s radar screens ; many of you are
already familiar with this . is popt poised and positioned to do that for
you ? then you may fee | the time has come to act . . . and please watch
this one trade monday ! go popt .
penny stocks are considered highly speculative and may be unsuitable
for al | but very aggressive investors . this profile is not in any way
affiiiated with the featured company . we were compensated 3 oo 0 doilars
to distribute this report . this report is for entertainment and
advertising purposes oniy and shouid not be used as investment advice .
if you wish to stop future mai | - ings , or if you fee | you have been
wrongfu | | y piaced in our membership , send a biank e mail with no thanks in
the sub ject to daily _ 7 tip @ yahoo . com | 2005-06-27T00:00:00 |
11,283 | ee agrmts - urgent attached is a spreadsheet which indicates the employees who have current agrmts and are being considered for a new agrmt . the spreadsheet indicates the contractual committments .
i ' ll leave the password on your voice mail . | 0 | ham | ee agrmts - urgent | attached is a spreadsheet which indicates the employees who have current agrmts and are being considered for a new agrmt . the spreadsheet indicates the contractual committments .
i ' ll leave the password on your voice mail . | 2001-03-26T00:00:00 |
22,725 | please read sally ,
i tried to get on your calendar but you are busy this week so i decide to
send you a very important e - mail . you told me to contact you if i was ever
considering leaving my current job so i am doing so at this time . i want to
say that i have thoroughly enjoyed working with you and you are the most
impressive employee at enron at any level . i feel comfortable speaking with
you and appreciate all of your advice . i am not totally unhappy with the
recruiting part of my job , i just feel that i do not " buy into " everything
that is happening in my group . there are many necessary changes that are
needed and i feel that the program is heading in an excellent direction . i
just want to get into more of a sales oriented part of enron because i feel
that my strength is selling . i would like to at least get an interview with
enron broadband because i know that they are filling up there retail sales
groups . although i do not have all the technical experience , i know people
who have gone over there with no technical or no sales experience . as you
know , it is who you know and i do not have a relationship with david cox or
any of the
retail folks in broadband . i was hoping that you would give david a call and
see if he could at least give me an interview in one of the retail groups .
brent has called over to david and i feel if you were to call also , it would
help .
sally , let me know if this will be ok and i would like to get on your
calendar to discuss further . nobody in my group knows that i am looking for
another job so please keep this confidential . i can not tell how much i
value your opinion and advice in matters especially like these . thank you so
much and i look forward
to hearing from you soon .
george hope | 0 | ham | please read | sally ,
i tried to get on your calendar but you are busy this week so i decide to
send you a very important e - mail . you told me to contact you if i was ever
considering leaving my current job so i am doing so at this time . i want to
say that i have thoroughly enjoyed working with you and you are the most
impressive employee at enron at any level . i feel comfortable speaking with
you and appreciate all of your advice . i am not totally unhappy with the
recruiting part of my job , i just feel that i do not " buy into " everything
that is happening in my group . there are many necessary changes that are
needed and i feel that the program is heading in an excellent direction . i
just want to get into more of a sales oriented part of enron because i feel
that my strength is selling . i would like to at least get an interview with
enron broadband because i know that they are filling up there retail sales
groups . although i do not have all the technical experience , i know people
who have gone over there with no technical or no sales experience . as you
know , it is who you know and i do not have a relationship with david cox or
any of the
retail folks in broadband . i was hoping that you would give david a call and
see if he could at least give me an interview in one of the retail groups .
brent has called over to david and i feel if you were to call also , it would
help .
sally , let me know if this will be ok and i would like to get on your
calendar to discuss further . nobody in my group knows that i am looking for
another job so please keep this confidential . i can not tell how much i
value your opinion and advice in matters especially like these . thank you so
much and i look forward
to hearing from you soon .
george hope | 2000-04-03T00:00:00 |
7,414 | re : fw : opportunities vince
i went through my secretary ' s things and found the following number :
713 . 853 . 3848
is this the number to use ?
thanks
gerry
- - - - - original message - - - - -
from : vince . j . kaminski @ enron . com [ mailto : vince . j . kaminski @ enron . com ]
sent : thursday , october 26 , 2000 5 : 48 pm
to : gsheble @ iastate . edu
cc : vince . j . kaminski @ enron . com
subject : re : fw : opportunities
gerry ,
the best time is morning , 7 : 30 to 8 : 30 central .
vince
" sheble , g . b . " on 10 / 26 / 2000 05 : 43 : 28 pm
to : " ' vince . j . kaminski @ enron . com ' "
cc :
subject : fw : opportunities
dear sir :
i have attached my resume for your review . i have meetings from 8 - 9 , and
10 - 2 tomorrow . when would it be best for me to call you ?
cordially ,
gerry
- - - - - original message - - - - -
from : lloyd . will @ enron . com [ mailto : lloyd . will @ enron . com ]
sent : wednesday , october 25 , 2000 12 : 12 pm
to : vince . j . kaminski @ enron . com
cc : gsheble @ iastate . edu
subject : re : opportunities
thanks vince .
i have contacted him and have given him your phone number .
he will attempt to contact you thursady or friday .
good luck .
vince j kaminski
10 / 24 / 2000 03 : 59 pm
to : lloyd will / hou / ect @ ect
cc : vince j kaminski / hou / ect @ ect
subject : re : opportunities ( document link : lloyd will )
lloyd ,
yes , i would be very interested .
vince
lloyd will
10 / 24 / 2000 02 : 45 pm
to : vince j kaminski / hou / ect @ ect
cc :
subject : re : opportunities
vince would you be interested in this professional .
i would be glad to facilitate a conference call .
thanks .
- - - - - - - - - - - - - - - - - - - - - - forwarded by lloyd will / hou / ect on 10 / 24 / 2000 02 : 43
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" sheble , g . b . " on 10 / 17 / 2000 04 : 52 : 57 pm
to : " ' lloyd . will @ enron . com ' "
cc :
subject : re : opportunities
loyd
i tried to call yesterday , but you were out of the office . my schedule
follows , would you want to pick a time for me to call you or send me a list
of times to pick ?
gerry
fall 2000 teaching schedule
ee 553 mtwr 10 - 11 am curtis hall 308
engr 161 mw 2 - 4 howe hall 2228
other commitments
m 11 - 12 ep & es
m 1 - 2 office hours
t 12 - 2 ep & es seminar
t 2 - 3 office hours
t 3 - 4 pserc
t 5 - 6 epri - dod
w 11 - 12 office hours
w 4 - 9 dsm
r 11 - 12 office hours
f 11 - 12 p & t
f 1 - 3 cas
f 3 - 4 departmental meeting
- - - - - original message - - - - -
from : lloyd . will @ enron . com [ mailto : lloyd . will @ enron . com ]
sent : monday , october 16 , 2000 8 : 00 am
to : sheble , g . b .
subject : re : opportunities
give me a call any time to discuss things .
713 - 853 - 3383 .
thanks .
" sheble , g . b . " on 10 / 15 / 2000 02 : 17 : 02 pm
to : lloyd will / hou / ect @ ect
cc :
subject : re : opportunities
lloyd
i am attaching another resume for your review , please pass it along if
there
is any interest .
i would also like to discuss opportunities with you as i expect to graduate
with my mba summer 2001 .
cordially ,
gerry
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
gerald b . shebl ,
professor , electrical and computer engineering
director of complex adaptive systems program
1115 coover hall
ames , iowa 50011
voice : 515 . 294 . 3046
fax : 515 . 294 . 4263
email : gsheble @ iastate . edu
web : http : / / www . ee . iastate . edu / ~ sheble /
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
( see attached file : short _ resume . doc ) | 0 | ham | re : fw : opportunities | vince
i went through my secretary ' s things and found the following number :
713 . 853 . 3848
is this the number to use ?
thanks
gerry
- - - - - original message - - - - -
from : vince . j . kaminski @ enron . com [ mailto : vince . j . kaminski @ enron . com ]
sent : thursday , october 26 , 2000 5 : 48 pm
to : gsheble @ iastate . edu
cc : vince . j . kaminski @ enron . com
subject : re : fw : opportunities
gerry ,
the best time is morning , 7 : 30 to 8 : 30 central .
vince
" sheble , g . b . " on 10 / 26 / 2000 05 : 43 : 28 pm
to : " ' vince . j . kaminski @ enron . com ' "
cc :
subject : fw : opportunities
dear sir :
i have attached my resume for your review . i have meetings from 8 - 9 , and
10 - 2 tomorrow . when would it be best for me to call you ?
cordially ,
gerry
- - - - - original message - - - - -
from : lloyd . will @ enron . com [ mailto : lloyd . will @ enron . com ]
sent : wednesday , october 25 , 2000 12 : 12 pm
to : vince . j . kaminski @ enron . com
cc : gsheble @ iastate . edu
subject : re : opportunities
thanks vince .
i have contacted him and have given him your phone number .
he will attempt to contact you thursady or friday .
good luck .
vince j kaminski
10 / 24 / 2000 03 : 59 pm
to : lloyd will / hou / ect @ ect
cc : vince j kaminski / hou / ect @ ect
subject : re : opportunities ( document link : lloyd will )
lloyd ,
yes , i would be very interested .
vince
lloyd will
10 / 24 / 2000 02 : 45 pm
to : vince j kaminski / hou / ect @ ect
cc :
subject : re : opportunities
vince would you be interested in this professional .
i would be glad to facilitate a conference call .
thanks .
- - - - - - - - - - - - - - - - - - - - - - forwarded by lloyd will / hou / ect on 10 / 24 / 2000 02 : 43
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" sheble , g . b . " on 10 / 17 / 2000 04 : 52 : 57 pm
to : " ' lloyd . will @ enron . com ' "
cc :
subject : re : opportunities
loyd
i tried to call yesterday , but you were out of the office . my schedule
follows , would you want to pick a time for me to call you or send me a list
of times to pick ?
gerry
fall 2000 teaching schedule
ee 553 mtwr 10 - 11 am curtis hall 308
engr 161 mw 2 - 4 howe hall 2228
other commitments
m 11 - 12 ep & es
m 1 - 2 office hours
t 12 - 2 ep & es seminar
t 2 - 3 office hours
t 3 - 4 pserc
t 5 - 6 epri - dod
w 11 - 12 office hours
w 4 - 9 dsm
r 11 - 12 office hours
f 11 - 12 p & t
f 1 - 3 cas
f 3 - 4 departmental meeting
- - - - - original message - - - - -
from : lloyd . will @ enron . com [ mailto : lloyd . will @ enron . com ]
sent : monday , october 16 , 2000 8 : 00 am
to : sheble , g . b .
subject : re : opportunities
give me a call any time to discuss things .
713 - 853 - 3383 .
thanks .
" sheble , g . b . " on 10 / 15 / 2000 02 : 17 : 02 pm
to : lloyd will / hou / ect @ ect
cc :
subject : re : opportunities
lloyd
i am attaching another resume for your review , please pass it along if
there
is any interest .
i would also like to discuss opportunities with you as i expect to graduate
with my mba summer 2001 .
cordially ,
gerry
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
gerald b . shebl ,
professor , electrical and computer engineering
director of complex adaptive systems program
1115 coover hall
ames , iowa 50011
voice : 515 . 294 . 3046
fax : 515 . 294 . 4263
email : gsheble @ iastate . edu
web : http : / / www . ee . iastate . edu / ~ sheble /
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
( see attached file : short _ resume . doc ) | 2000-10-26T00:00:00 |
8,153 | re : denise ,
no problem .
we shall prepare a short presentation to address these issues .
vince kaminski
denise furey @ ees
01 / 09 / 2001 11 : 12 am
to : vince j kaminski / hou / ect @ ect
cc :
subject :
i hope you have seen the email below . do you have any problem with what
jeremy has asked you or your group to address . is there anything that you
want us to supply to you to assist you ?
- - - - - - - - - - - - - - - - - - - - - - forwarded by denise furey / hou / ees on 01 / 09 / 2001 11 : 11
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
denise furey
01 / 08 / 2001 11 : 46 am
to : gayle w muench / hou / ees @ ees , michael tribolet / corp / enron @ enron , william s
bradford / hou / ect @ ect , vince j kaminski / hou / ect @ ect , vasant
shanbhogue / hou / ect @ ect
cc : don black / hou / ees @ ees , tony spruiell / hou / ees @ ees
subject :
i believe all of you received a request from jeremy blachman to hold the
afternoon of january 10 th open for an off - site to discuss the manner in which
rac and research assess / test the credit quality of ees transactions . i
realize that rac and ees have had many discussions as to the methodology , but
it might be helpful for all of us to understand the actual derivation of some
of analysis . please call me with any questions or comments at ext # 30349 .
the agenda will be as follows :
12 : 00 - 1 : 00 lunch
1 : 00 - 3 : 30 presentations
3 : 30 - to close discussion
rac / research presentations
the following topics would be of interest to ees :
1 - the derivation of default probabilities including ( research )
- - a discussion of the actual mathematical process ,
- - the analytics behind why these computations are deemed the best for
enron ,
- - a comparison to historic default rates and why they differ ( in respect
to actual default rates , shape of the cumulative default curves etc .
2 - the volatilities which are used to determine possible loss scenarios for
the commodity portion of ees deals including ( research )
- - the selection of curves
- - the application of those curves to the actual credit reserve model and
- - why these particular tests are applicable to our products .
3 - the recovery rates used in the credit reserve model . how are these
figures derived ? ( rac )
4 - how rac and research have adjusted the credit reserve model to
accommodate unusual aspects of the deal including ( rac )
- - promotion payments ,
- - accounts receivable
- - committed capital
- - and other factors
ees also understands that some of you may be familiar with our processes ,
however , there are perhaps areas that you would like to understand more
fully . please tell us what you would like to hear from us .
also , rac has sent us the credit reserve model and i have seen completed
models . perhaps prior to our meeting on wednesday , someone from rac and / or
research could sit with me and someone from phil layton ' s group and go
through the process of how the various pieces are put together . | 0 | ham | re : | denise ,
no problem .
we shall prepare a short presentation to address these issues .
vince kaminski
denise furey @ ees
01 / 09 / 2001 11 : 12 am
to : vince j kaminski / hou / ect @ ect
cc :
subject :
i hope you have seen the email below . do you have any problem with what
jeremy has asked you or your group to address . is there anything that you
want us to supply to you to assist you ?
- - - - - - - - - - - - - - - - - - - - - - forwarded by denise furey / hou / ees on 01 / 09 / 2001 11 : 11
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
denise furey
01 / 08 / 2001 11 : 46 am
to : gayle w muench / hou / ees @ ees , michael tribolet / corp / enron @ enron , william s
bradford / hou / ect @ ect , vince j kaminski / hou / ect @ ect , vasant
shanbhogue / hou / ect @ ect
cc : don black / hou / ees @ ees , tony spruiell / hou / ees @ ees
subject :
i believe all of you received a request from jeremy blachman to hold the
afternoon of january 10 th open for an off - site to discuss the manner in which
rac and research assess / test the credit quality of ees transactions . i
realize that rac and ees have had many discussions as to the methodology , but
it might be helpful for all of us to understand the actual derivation of some
of analysis . please call me with any questions or comments at ext # 30349 .
the agenda will be as follows :
12 : 00 - 1 : 00 lunch
1 : 00 - 3 : 30 presentations
3 : 30 - to close discussion
rac / research presentations
the following topics would be of interest to ees :
1 - the derivation of default probabilities including ( research )
- - a discussion of the actual mathematical process ,
- - the analytics behind why these computations are deemed the best for
enron ,
- - a comparison to historic default rates and why they differ ( in respect
to actual default rates , shape of the cumulative default curves etc .
2 - the volatilities which are used to determine possible loss scenarios for
the commodity portion of ees deals including ( research )
- - the selection of curves
- - the application of those curves to the actual credit reserve model and
- - why these particular tests are applicable to our products .
3 - the recovery rates used in the credit reserve model . how are these
figures derived ? ( rac )
4 - how rac and research have adjusted the credit reserve model to
accommodate unusual aspects of the deal including ( rac )
- - promotion payments ,
- - accounts receivable
- - committed capital
- - and other factors
ees also understands that some of you may be familiar with our processes ,
however , there are perhaps areas that you would like to understand more
fully . please tell us what you would like to hear from us .
also , rac has sent us the credit reserve model and i have seen completed
models . perhaps prior to our meeting on wednesday , someone from rac and / or
research could sit with me and someone from phil layton ' s group and go
through the process of how the various pieces are put together . | 2001-01-09T00:00:00 |
24,038 | since it is prc time after all of the chaos and discontent over the aep / hpl situation , i thought i would convey some first hand comment in regard to bob hall . every person that has spoken to me about the aep / hpl situation , has had nothing but praise for the fair and compassionate way that bob has dealt with some very difficult situations . through my personal observations , i know that he has also done a great job of keeping the ultimate goal of a june closing on track , in the face of huge obstacles .
since this is prc time , i thought i would share this with you .
if you have any questions or would like some more particulars , please feel to give me a call at x 36674 or shoot me an email . | 0 | ham | since it is prc time | after all of the chaos and discontent over the aep / hpl situation , i thought i would convey some first hand comment in regard to bob hall . every person that has spoken to me about the aep / hpl situation , has had nothing but praise for the fair and compassionate way that bob has dealt with some very difficult situations . through my personal observations , i know that he has also done a great job of keeping the ultimate goal of a june closing on track , in the face of huge obstacles .
since this is prc time , i thought i would share this with you .
if you have any questions or would like some more particulars , please feel to give me a call at x 36674 or shoot me an email . | 2001-05-24T00:00:00 |
20,535 | earn a full income on e b a y learn all the tips , tricks and secret the pros use with out ecourse . . .
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| 2004-11-30T00:00:00 |
135 | hl & p for 12 / 99 hl & p was short on the following days :
december
4 th ( 2256 )
9 th ( 7214 )
11 th ( 2527 )
12 th ( 3537 )
15 th ( 7058 )
16 th ( 4776 )
17 th ( 4465 )
28 th ( 264 )
how do you want to handle this ? ?
- - - - - - - - - - - - - - - - - - - - - - forwarded by kimberly vaughn / hou / ect on 01 / 12 / 2000
01 : 07 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
anita luong
01 / 12 / 2000 10 : 46 am
to : kimberly vaughn / hou / ect @ ect
cc : howard b camp / hou / ect @ ect
subject : hl & p for 12 / 99
for days 4 , 9 , 11 , 12 , 15 , 16 , 17 and 28 , we are short at the aggregate
meter . should the reliant transport and sales or do we charge reliant a
penalty ?
also , i notice that at meter 1554 we have 3 rd party transport this month .
this look strange because i ' ve not seen them here before .
please advice .
thanks | 0 | ham | hl & p for 12 / 99 | hl & p was short on the following days :
december
4 th ( 2256 )
9 th ( 7214 )
11 th ( 2527 )
12 th ( 3537 )
15 th ( 7058 )
16 th ( 4776 )
17 th ( 4465 )
28 th ( 264 )
how do you want to handle this ? ?
- - - - - - - - - - - - - - - - - - - - - - forwarded by kimberly vaughn / hou / ect on 01 / 12 / 2000
01 : 07 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
anita luong
01 / 12 / 2000 10 : 46 am
to : kimberly vaughn / hou / ect @ ect
cc : howard b camp / hou / ect @ ect
subject : hl & p for 12 / 99
for days 4 , 9 , 11 , 12 , 15 , 16 , 17 and 28 , we are short at the aggregate
meter . should the reliant transport and sales or do we charge reliant a
penalty ?
also , i notice that at meter 1554 we have 3 rd party transport this month .
this look strange because i ' ve not seen them here before .
please advice .
thanks | 2000-01-12T00:00:00 |
22,175 | need software ? click here . dear paliourg @ iit . demokritos . gr
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| 2005-06-26T00:00:00 |
587 | new employee i am pleased to announce that sabrae zajac will be joining the texas desk
logistics group next week , april 10 th .
she joins us from the ena offsystem settlements group and previously from
koch industries . she can be reached
at ext . 36381 . thanks , pat | 0 | ham | new employee | i am pleased to announce that sabrae zajac will be joining the texas desk
logistics group next week , april 10 th .
she joins us from the ena offsystem settlements group and previously from
koch industries . she can be reached
at ext . 36381 . thanks , pat | 2000-04-03T00:00:00 |
6,244 | re : moving roy ibasco hi vanessa :
you will need to fill out a " churn request " and forward it to the " move team "
they will take care of everything that you put on the form . i am attaching a
copy
of the form for your information . the receiving department is responsible
for
doing this . he will need boxes to pack his belongings ( ask him how many
he needs - he will have to do the packing ) . the only item that moves other
than his personal items , is his telephone . the computer , chair , etc .
belongs to
the research group .
if you have any questions , or need help , please let me know .
thanks !
vanessa carranza @ enron
06 / 08 / 2000 04 : 47 pm
to : shirley crenshaw / hou / ect @ ect
cc :
subject : moving roy ibasco
shirley -
i need to have roy ibasco ' s things moved to eb 2930 c from ebl 948 and have it
charged to co / rc 413 - 1708 . please give me a call if you have any questions !
thanks -
vanessa c
3 - 5030 | 0 | ham | re : moving roy ibasco | hi vanessa :
you will need to fill out a " churn request " and forward it to the " move team "
they will take care of everything that you put on the form . i am attaching a
copy
of the form for your information . the receiving department is responsible
for
doing this . he will need boxes to pack his belongings ( ask him how many
he needs - he will have to do the packing ) . the only item that moves other
than his personal items , is his telephone . the computer , chair , etc .
belongs to
the research group .
if you have any questions , or need help , please let me know .
thanks !
vanessa carranza @ enron
06 / 08 / 2000 04 : 47 pm
to : shirley crenshaw / hou / ect @ ect
cc :
subject : moving roy ibasco
shirley -
i need to have roy ibasco ' s things moved to eb 2930 c from ebl 948 and have it
charged to co / rc 413 - 1708 . please give me a call if you have any questions !
thanks -
vanessa c
3 - 5030 | 2000-06-09T00:00:00 |
17,400 | start date : 12 / 22 / 01 ; hourahead hour : 18 ; start date : 12 / 22 / 01 ; hourahead hour : 18 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2001122218 . txt | 0 | ham | start date : 12 / 22 / 01 ; hourahead hour : 18 ; | start date : 12 / 22 / 01 ; hourahead hour : 18 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2001122218 . txt | 2001-12-22T00:00:00 |
27,303 | considered unsolicited bulk email from you your message to :
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24,800 | plans for cable legal tv descarmbler
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e - z to read original drawings .
electronic parts lists .
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something you can ' t do without .
the up - to - date report : using a descrambler legally
warning : you should not build a tv descrambler without
reading this report first .
frequently asked questions - - cable tv descrambler
q : will the descrambler work on fiber , tci , jarrod
a : the answer is yes .
q : do i need a converter box ?
a : this plan works with or without a converter box .
specific instructions are included in the plans for each !
q : can the cable company detect that i have the descrambler ?
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q : do i have to alter my existing cable system ,
television or vcr ?
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q : does this work with my remote control ?
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manually controlled - - but very easy to use !
q : can you email me the plans ?
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q : is this deal guaranteed ?
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radar jammers are legal in 48 states . it is simple to build .
the free bonuses alone are worth acting now !
the cable descrambler kit comes with a thirty day
money back guarantee ! if your not completely satisfied ,
send the cable descrambler kit back and you keep
the bonuses for free . you have nothing to lose ! !
act now and save ! !
simply send $ 14 . 95 , that ' s only $ 14 . 95 but you must
order within 7 days for this special price ! ! !
send $ 14 . 95 add $ 3 . 05 shipping / handling total $ 18 . 00
check or , money order , usd only foreign orders
must send payment in usd , drawn on a usa bank only . . .
* * * * * * * * * * * * * * * * * * * no exceptions * * * * * * * * * * * * * * * * * * * * *
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po box 4731
omaha , ne 68104
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ultram - $ 62
arava - $ 140
avandia - $ 190
amoxil - $ 32
propecia - $ 72
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12,225 | re : enron stock options of hpl employees yes .
- - - - - original message - - - - -
from : kitchen , louise
sent : thursday , july 19 , 2001 12 : 45 pm
to : oxley , david
cc : redmond , brian
subject : fw : enron stock options of hpl employees
i don ' t know how i got this but i presume this is being dealt with by your team .
- - - - - original message - - - - -
from : lbechterhoff @ aep . com @ enron [ mailto : imceanotes - lbechterhoff + 40 aep + 2 ecom + 40 enron @ enron . com ]
sent : thursday , july 19 , 2001 10 : 44 am
to : brown , aaron ( executive comp ) ; jones , robert w . - hr exec ; kitchen , louise
subject : enron stock options of hpl employees
gentlemen :
attached below are copies of some correspondence between fran mays and me regarding the time period allowed to exercise stock options after my involuntary termination from enron due to the sale of houston pipe line to aep .
apparently various stock option plans allow different time periods for exercise in such cases - - the norm seems to be three years . however , employees who were able to participate in the original " all - employee " stock option plan at its inception were allowed a period of only one year . it seems that employees who joined enron in years following the inception of this plan were able to participate to a limited degree , but were allowed a three - year period in the case of involuntary termination .
following are the facts material to this issue :
1 . fran mays was represented to hpl employees as the authoritative source of information regarding enron benefits available to employees who would be terminated due to the sale of hpl .
2 . even though documentation of the various benefit plans exist , the documentation may not be clear in some cases and subject to interpretation by an authoritative enron source . it is always prudent for an employee to have an official company interpretation of any plan document rather than to rely on their own interpretation .
3 . in an instance of a divestiture , merger , or other change of control of a company , in my personal experience , there can be , and often are , modifications and exceptions to benefit plans . usually this is done in the interest of fairness to employees affected . in my own case in the sale of hpl , there was an exception made since i did not retire from enron , but for vesting of stock options was considered to have retired . this allowed me to be vested in some stock options that i would have lost . the monetary benefit of this exception was not significant since i only had about 25 unvested share options , but it is a precedent .
4 . i submitted to fran mays , through my supervisor , a question that specifically addressed the stock option exercise period .
5 . the only response to the specific written question that i submitted was contained in a general q & a format response from fran mays which contains an unequivocal , direct statement that the period to exercise vested options after involuntary termination due to the sale of hpl is three years .
6 . there was a disclaimer in the q & a document that referenced plan documents . a disclaimer of this sort may be useful to address details of some specific issue or to allow clarification due to some ambiguity , but a disclaimer cannot negate and reverse a direct , clear , unequivocal statement of fact . there is logic that allows the application of the disclaimer to a statement of fact .
i , among a number of hpl employees who are former enron employees , made significant personal decisions based on reliance on the statement in the q & a that we had three years to exercise all options . the one year period currently being allowed can impact both exercise price and income tax consequences . although i recognize that the actual impact depends on personal decisions of when to exercise options , in my case the combined impact could be very significant .
from aep ' s perspective , enron employees who agreed to stay with hpl and move to aep with the sale added a great deal of value to the hpl acquisition . it seems only reasonable to treat these former employees with a sense of fairness and not to penalize them for a career decision that benefited enron .
i am requesting that the time to exercise the original all - employee options be extended to three years . this would make this stock option plan consistent with other enron stock option plans and would settle the ongoing issue of the representation to hpl employees that the period would be three years . this change would allow hpl employees who acted as loyal enron employees and made a significant career choice that benefitted enron to feel that they were treated fairly by enron .
l . b . echterhoff
lbechterhoff @ aep . com
832 - 668 - 1204
from : fran l mayes / enron @ enronxgate on 05 / 31 / 2001 01 : 18 pm
to : lal echterhoff / hou / ect @ ect
cc : brian redmond / hou / ect @ enron
subject : re : stock option questions
lal , thanks for your comments . i have verified with the corporate
compensation group and legal and unfortunately enron is not able to remedy
this situation . the plan document provisions supercede the q & a .
fran
- - - - - original message - - - - -
from : echterhoff , lal
sent : thursday , may 31 , 2001 10 : 53 am
to : mayes , fran l .
cc : brian redmond / hou / ect @ enron
subject : re : stock option questions
your position that the general disclaimer on the q & a of march 8
negated the specific response to the question regarding the period to
exercise stock options is unacceptable . if the answer to this
specific question , shown below , was that various plans had various
periods for exercise , then that should have been the answer to the
question , not an unequivocal statement that the period to exercise is
three years . i , and i am sure many others , made certain critical
decisions based on your statement which you now claim to be of no
validity . i would suggest that the remedy to this situation is to
allow all stock options to have a period to exercise of three years
unless earlier due to the actual expiration date stated on the grant .
i use the term " expiration date " to be the normal expiration date that
would occur is options are unexercised and that would apply to anyone
continuing employment with enron .
with regard to the position that the period to exercise is set by the
particular stock option plan and cannot be changed , anything can be
changed or special provisions made particularly in the course of a
transition due to a merger , spin off or sale of a company . special
provisions were made to exclude hpl employees from the new all
employee stock option plan , special provisions were made to provide a
5 % payment to hpl employees in lieu of the new stock option plan ,
special provisions were made to consider hpl employees over the age of
55 and with more that 5 years of service as retirees to allow vesting
of stock options and i feel sure that there have been other special
considerations to certain employees .
lal echterhoff
from march 8 , 2001 , q & a :
" 1 . with the transfer to aep , will my termination be listed as
involuntary so that i can exercise my vested options ?
yes , your transfer to aep will be treated as an involuntary
termination by reason of divestiture from enron .
2 . what is the time frame to exercise my vested stock options ?
the period to exercise vested options upon involuntary termination ,
retirement , death or disability is three ( 3 ) years . "
.
from : fran l mayes / enron @ enronxgate on 05 / 30 / 2001 02 : 14 pm
subject : stock option questions
we have received questions from many employees concerning the
expiration date for stock options . the q & a dated march 8 , 2001 stated
three years as the exercise date for options . however , on page 1 of
the document , a statement was included regarding the intent of the
document and that the stock
option plan document will govern all provisions of the stock
option program .
if you have options listed on the stock option termination report
which list a one year expiration , not three years as stated in
question # 16 of the document , this is correct and follows the
provision of the plan document . some employees have options granted
under a different stock option plan and that plan carries
a three year term of expiration . please review your report
carefully to determine which plan your options were issued under .
additionally , the document was intended to provide general
information only . page 1 included the statement regarding the plan
document specifically in case
there were any errors made in the document . additionally , we
stated that employees could obtain copies of the plan document for
their review . enron provides
the plan documents so that employees can familiarize themselves
with the plan and make decisions based on plan document .
i apologize for any confusion this may have caused , however , the
plan under which the options were granted is the official document by
which enron determines
the termination date . please call me if you need to discuss your
options , however , understand that i cannot speak with you regarding
other employees ' compensation / options . | 0 | ham | re : enron stock options of hpl employees | yes .
- - - - - original message - - - - -
from : kitchen , louise
sent : thursday , july 19 , 2001 12 : 45 pm
to : oxley , david
cc : redmond , brian
subject : fw : enron stock options of hpl employees
i don ' t know how i got this but i presume this is being dealt with by your team .
- - - - - original message - - - - -
from : lbechterhoff @ aep . com @ enron [ mailto : imceanotes - lbechterhoff + 40 aep + 2 ecom + 40 enron @ enron . com ]
sent : thursday , july 19 , 2001 10 : 44 am
to : brown , aaron ( executive comp ) ; jones , robert w . - hr exec ; kitchen , louise
subject : enron stock options of hpl employees
gentlemen :
attached below are copies of some correspondence between fran mays and me regarding the time period allowed to exercise stock options after my involuntary termination from enron due to the sale of houston pipe line to aep .
apparently various stock option plans allow different time periods for exercise in such cases - - the norm seems to be three years . however , employees who were able to participate in the original " all - employee " stock option plan at its inception were allowed a period of only one year . it seems that employees who joined enron in years following the inception of this plan were able to participate to a limited degree , but were allowed a three - year period in the case of involuntary termination .
following are the facts material to this issue :
1 . fran mays was represented to hpl employees as the authoritative source of information regarding enron benefits available to employees who would be terminated due to the sale of hpl .
2 . even though documentation of the various benefit plans exist , the documentation may not be clear in some cases and subject to interpretation by an authoritative enron source . it is always prudent for an employee to have an official company interpretation of any plan document rather than to rely on their own interpretation .
3 . in an instance of a divestiture , merger , or other change of control of a company , in my personal experience , there can be , and often are , modifications and exceptions to benefit plans . usually this is done in the interest of fairness to employees affected . in my own case in the sale of hpl , there was an exception made since i did not retire from enron , but for vesting of stock options was considered to have retired . this allowed me to be vested in some stock options that i would have lost . the monetary benefit of this exception was not significant since i only had about 25 unvested share options , but it is a precedent .
4 . i submitted to fran mays , through my supervisor , a question that specifically addressed the stock option exercise period .
5 . the only response to the specific written question that i submitted was contained in a general q & a format response from fran mays which contains an unequivocal , direct statement that the period to exercise vested options after involuntary termination due to the sale of hpl is three years .
6 . there was a disclaimer in the q & a document that referenced plan documents . a disclaimer of this sort may be useful to address details of some specific issue or to allow clarification due to some ambiguity , but a disclaimer cannot negate and reverse a direct , clear , unequivocal statement of fact . there is logic that allows the application of the disclaimer to a statement of fact .
i , among a number of hpl employees who are former enron employees , made significant personal decisions based on reliance on the statement in the q & a that we had three years to exercise all options . the one year period currently being allowed can impact both exercise price and income tax consequences . although i recognize that the actual impact depends on personal decisions of when to exercise options , in my case the combined impact could be very significant .
from aep ' s perspective , enron employees who agreed to stay with hpl and move to aep with the sale added a great deal of value to the hpl acquisition . it seems only reasonable to treat these former employees with a sense of fairness and not to penalize them for a career decision that benefited enron .
i am requesting that the time to exercise the original all - employee options be extended to three years . this would make this stock option plan consistent with other enron stock option plans and would settle the ongoing issue of the representation to hpl employees that the period would be three years . this change would allow hpl employees who acted as loyal enron employees and made a significant career choice that benefitted enron to feel that they were treated fairly by enron .
l . b . echterhoff
lbechterhoff @ aep . com
832 - 668 - 1204
from : fran l mayes / enron @ enronxgate on 05 / 31 / 2001 01 : 18 pm
to : lal echterhoff / hou / ect @ ect
cc : brian redmond / hou / ect @ enron
subject : re : stock option questions
lal , thanks for your comments . i have verified with the corporate
compensation group and legal and unfortunately enron is not able to remedy
this situation . the plan document provisions supercede the q & a .
fran
- - - - - original message - - - - -
from : echterhoff , lal
sent : thursday , may 31 , 2001 10 : 53 am
to : mayes , fran l .
cc : brian redmond / hou / ect @ enron
subject : re : stock option questions
your position that the general disclaimer on the q & a of march 8
negated the specific response to the question regarding the period to
exercise stock options is unacceptable . if the answer to this
specific question , shown below , was that various plans had various
periods for exercise , then that should have been the answer to the
question , not an unequivocal statement that the period to exercise is
three years . i , and i am sure many others , made certain critical
decisions based on your statement which you now claim to be of no
validity . i would suggest that the remedy to this situation is to
allow all stock options to have a period to exercise of three years
unless earlier due to the actual expiration date stated on the grant .
i use the term " expiration date " to be the normal expiration date that
would occur is options are unexercised and that would apply to anyone
continuing employment with enron .
with regard to the position that the period to exercise is set by the
particular stock option plan and cannot be changed , anything can be
changed or special provisions made particularly in the course of a
transition due to a merger , spin off or sale of a company . special
provisions were made to exclude hpl employees from the new all
employee stock option plan , special provisions were made to provide a
5 % payment to hpl employees in lieu of the new stock option plan ,
special provisions were made to consider hpl employees over the age of
55 and with more that 5 years of service as retirees to allow vesting
of stock options and i feel sure that there have been other special
considerations to certain employees .
lal echterhoff
from march 8 , 2001 , q & a :
" 1 . with the transfer to aep , will my termination be listed as
involuntary so that i can exercise my vested options ?
yes , your transfer to aep will be treated as an involuntary
termination by reason of divestiture from enron .
2 . what is the time frame to exercise my vested stock options ?
the period to exercise vested options upon involuntary termination ,
retirement , death or disability is three ( 3 ) years . "
.
from : fran l mayes / enron @ enronxgate on 05 / 30 / 2001 02 : 14 pm
subject : stock option questions
we have received questions from many employees concerning the
expiration date for stock options . the q & a dated march 8 , 2001 stated
three years as the exercise date for options . however , on page 1 of
the document , a statement was included regarding the intent of the
document and that the stock
option plan document will govern all provisions of the stock
option program .
if you have options listed on the stock option termination report
which list a one year expiration , not three years as stated in
question # 16 of the document , this is correct and follows the
provision of the plan document . some employees have options granted
under a different stock option plan and that plan carries
a three year term of expiration . please review your report
carefully to determine which plan your options were issued under .
additionally , the document was intended to provide general
information only . page 1 included the statement regarding the plan
document specifically in case
there were any errors made in the document . additionally , we
stated that employees could obtain copies of the plan document for
their review . enron provides
the plan documents so that employees can familiarize themselves
with the plan and make decisions based on plan document .
i apologize for any confusion this may have caused , however , the
plan under which the options were granted is the official document by
which enron determines
the termination date . please call me if you need to discuss your
options , however , understand that i cannot speak with you regarding
other employees ' compensation / options . | 2001-07-19T00:00:00 |
23,942 | enn - new issue i guess we aren ' t really part of this group . see web page .
thanks
bob
- - - - - - - - - - - - - - - - - - - - - - forwarded by bob m hall / na / enron on 03 / 30 / 2001 09 : 37
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : enron net works news 03 / 29 / 2001 08 : 09 pm
sent by : enron announcements
to : enw - employees
cc :
subject : enn - new issue
have you seen the latest edition of enron net works news ? read about the
e - commerce control center and join us in welcoming our global technology
track class two employees . all this and more at http : / / enn . enron . com
note : in the event that you are unable to execute the above link , please
copy the link to the address line of your installed browser . | 0 | ham | enn - new issue | i guess we aren ' t really part of this group . see web page .
thanks
bob
- - - - - - - - - - - - - - - - - - - - - - forwarded by bob m hall / na / enron on 03 / 30 / 2001 09 : 37
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : enron net works news 03 / 29 / 2001 08 : 09 pm
sent by : enron announcements
to : enw - employees
cc :
subject : enn - new issue
have you seen the latest edition of enron net works news ? read about the
e - commerce control center and join us in welcoming our global technology
track class two employees . all this and more at http : / / enn . enron . com
note : in the event that you are unable to execute the above link , please
copy the link to the address line of your installed browser . | 2001-03-30T00:00:00 |
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watch it all here
http : / / www . sexwithmatures . net /
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17,490 | start date : 12 / 28 / 01 ; hourahead hour : 17 ; start date : 12 / 28 / 01 ; hourahead hour : 17 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2001122817 . txt | 0 | ham | start date : 12 / 28 / 01 ; hourahead hour : 17 ; | start date : 12 / 28 / 01 ; hourahead hour : 17 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2001122817 . txt | 2001-12-28T00:00:00 |
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breguet
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bvlgari
cartier
chanel
chopard
chronoswiss
corum
franck muller
girard perregaux
glashutte original
gucci
iwc
jaeger lecoultre
longines
louis vuitton
maurice lacroix
montblanc
movado
omega
panerai
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152 | re : meter 989614 heads up on this . they will be putting in a firm ticket starting in january .
i have explained what a problem this causes your group , and we are working on
a solution . unfortanuately , this whole thing was missed , until susan started
asking for a ticket .
julie
- - - - - - - - - - - - - - - - - - - - - - forwarded by julie meyers / hou / ect on 01 / 18 / 2000 03 : 39
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
vance l taylor
01 / 18 / 2000 03 : 29 pm
to : julie meyers / hou / ect @ ect , donald p reinhardt / hou / ect @ ect
cc :
subject : re : meter 989614
yes ,
vlt
julie meyers
01 / 18 / 2000 03 : 11 pm
to : vance l taylor / hou / ect @ ect
cc :
subject : re : meter 989614
will this be for january forward ?
vance l taylor
01 / 18 / 2000 03 : 08 pm
to : julie meyers / hou / ect @ ect
cc : susan d trevino / hou / ect @ ect , pat clynes / corp / enron @ enron , melissa
graves / hou / ect @ ect , donald p reinhardt / hou / ect @ ect , susan smith / hou / ect @ ect
subject : re : meter 989614
julie ,
i have received the partially executed committed reserves contract from
etoco . the contract not only has meter # 9614 attached to it but also meters
9651 & 9672 . we will generate a ticket to be entered into sitara asap .
vlt
x 3 - 6353
julie meyers
01 / 18 / 2000 02 : 39 pm
to : vance l taylor / hou / ect @ ect
cc : susan d trevino / hou / ect @ ect , pat clynes / corp / enron @ enron , melissa
graves / hou / ect @ ect
subject : meter 989614
what is the status of this meter . this was the deal that was under etoco .
have we gotten a ticket setup yet ?
julie
- - - - - - - - - - - - - - - - - - - - - - forwarded by julie meyers / hou / ect on 01 / 18 / 2000 02 : 38
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
susan d trevino
01 / 18 / 2000 11 : 17 am
to : julie meyers / hou / ect @ ect
cc : pat clynes / corp / enron @ enron
subject : meter 989614
julie , will there be a new deal / contract set up for this meter ? there are
valid actuals for 1 / 1 and 1 / 2 and i need to allocate these volumes to a
contract otherwise i will keep getting an allocation exception error .
thanks , susan .
- - - - - - - - - - - - - - - - - - - - - - forwarded by susan d trevino / hou / ect on 01 / 18 / 2000
11 : 11 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
susan d trevino
01 / 12 / 2000 11 : 20 am
to : julie meyers / hou / ect @ ect
cc :
subject : meter 989614
julie ,
per our conversation yesterday , the deals / contracts associated with this
meter have been terminated as of 12 / 31 / 99 . please let me know what the
status is on this matter because the meter is still active and flowing and
there is no contract to allocate to .
thanks ,
susan
x 35796 | 0 | ham | re : meter 989614 | heads up on this . they will be putting in a firm ticket starting in january .
i have explained what a problem this causes your group , and we are working on
a solution . unfortanuately , this whole thing was missed , until susan started
asking for a ticket .
julie
- - - - - - - - - - - - - - - - - - - - - - forwarded by julie meyers / hou / ect on 01 / 18 / 2000 03 : 39
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
vance l taylor
01 / 18 / 2000 03 : 29 pm
to : julie meyers / hou / ect @ ect , donald p reinhardt / hou / ect @ ect
cc :
subject : re : meter 989614
yes ,
vlt
julie meyers
01 / 18 / 2000 03 : 11 pm
to : vance l taylor / hou / ect @ ect
cc :
subject : re : meter 989614
will this be for january forward ?
vance l taylor
01 / 18 / 2000 03 : 08 pm
to : julie meyers / hou / ect @ ect
cc : susan d trevino / hou / ect @ ect , pat clynes / corp / enron @ enron , melissa
graves / hou / ect @ ect , donald p reinhardt / hou / ect @ ect , susan smith / hou / ect @ ect
subject : re : meter 989614
julie ,
i have received the partially executed committed reserves contract from
etoco . the contract not only has meter # 9614 attached to it but also meters
9651 & 9672 . we will generate a ticket to be entered into sitara asap .
vlt
x 3 - 6353
julie meyers
01 / 18 / 2000 02 : 39 pm
to : vance l taylor / hou / ect @ ect
cc : susan d trevino / hou / ect @ ect , pat clynes / corp / enron @ enron , melissa
graves / hou / ect @ ect
subject : meter 989614
what is the status of this meter . this was the deal that was under etoco .
have we gotten a ticket setup yet ?
julie
- - - - - - - - - - - - - - - - - - - - - - forwarded by julie meyers / hou / ect on 01 / 18 / 2000 02 : 38
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
susan d trevino
01 / 18 / 2000 11 : 17 am
to : julie meyers / hou / ect @ ect
cc : pat clynes / corp / enron @ enron
subject : meter 989614
julie , will there be a new deal / contract set up for this meter ? there are
valid actuals for 1 / 1 and 1 / 2 and i need to allocate these volumes to a
contract otherwise i will keep getting an allocation exception error .
thanks , susan .
- - - - - - - - - - - - - - - - - - - - - - forwarded by susan d trevino / hou / ect on 01 / 18 / 2000
11 : 11 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
susan d trevino
01 / 12 / 2000 11 : 20 am
to : julie meyers / hou / ect @ ect
cc :
subject : meter 989614
julie ,
per our conversation yesterday , the deals / contracts associated with this
meter have been terminated as of 12 / 31 / 99 . please let me know what the
status is on this matter because the meter is still active and flowing and
there is no contract to allocate to .
thanks ,
susan
x 35796 | 2000-01-18T00:00:00 |
12,560 | california update 08 . 22 . 01 though announced yesterday that davis and the assembly democratic leadership had cut a deal on an mou for edison , considerable uncertainty remains :
the legislative language describing " the deal " still has not been released . ( we ' ll get the details out just as soon as they are available . )
of the provisions rumored to be in the deal , burton ( democratic leader in the senate ) has said publicly that spreading the utility undercollection over customers 20 kw and higher is a " nonstarter in the senate " . ( the senate bill forces 500 kw - and - above customers to pay for edison ' s undercollection ( which amounts to about 3600 customers behind edison . wall street has said that 3600 customers is insufficient to securitize the undercollection . ) .
unless the costs are spread across 20 kw - and - above customers , business is likely to oppose the bill strongly .
business may also oppose the bill if it doesn ' t provide for " meaningful " direct access and self - gen , but at this point business seems to care more about spreading the undercollection than direct access .
there is no indication yet that davis and the democratic leadership in the assembly have convinced a majority of assembly democracts to vote for the deal ; but davis is pushing very hard and the assumption is that he ' ll get the votes in the assembly if he continues to push .
however , given burton ' s comments , it ' s unclear whether the senate goes along , even if davis manages to push something through the assembly . but if davis and the assembly want it badly enough , the likelihood is that they will pass a bill that meets burton ' s requirements and that burton will move through the senate .
bryson , ceo of edison , has said publicly that he doesn ' t know whether the deal will make edison solvent .
consumer groups are strongly opposed to any deal for edison , saying 1 ) bankruptcy ' s the best answer and 2 ) they will run " the mother of all ballot initiatives " to roll back any " bailout . "
as of 1 : 06 pm cdt , pcg is trading at 16 . 47 ( down 0 . 07 ) ; edison ' s trading at 13 . 94 ( down 0 . 07 ) .
best ,
jeff | 0 | ham | california update 08 . 22 . 01 | though announced yesterday that davis and the assembly democratic leadership had cut a deal on an mou for edison , considerable uncertainty remains :
the legislative language describing " the deal " still has not been released . ( we ' ll get the details out just as soon as they are available . )
of the provisions rumored to be in the deal , burton ( democratic leader in the senate ) has said publicly that spreading the utility undercollection over customers 20 kw and higher is a " nonstarter in the senate " . ( the senate bill forces 500 kw - and - above customers to pay for edison ' s undercollection ( which amounts to about 3600 customers behind edison . wall street has said that 3600 customers is insufficient to securitize the undercollection . ) .
unless the costs are spread across 20 kw - and - above customers , business is likely to oppose the bill strongly .
business may also oppose the bill if it doesn ' t provide for " meaningful " direct access and self - gen , but at this point business seems to care more about spreading the undercollection than direct access .
there is no indication yet that davis and the democratic leadership in the assembly have convinced a majority of assembly democracts to vote for the deal ; but davis is pushing very hard and the assumption is that he ' ll get the votes in the assembly if he continues to push .
however , given burton ' s comments , it ' s unclear whether the senate goes along , even if davis manages to push something through the assembly . but if davis and the assembly want it badly enough , the likelihood is that they will pass a bill that meets burton ' s requirements and that burton will move through the senate .
bryson , ceo of edison , has said publicly that he doesn ' t know whether the deal will make edison solvent .
consumer groups are strongly opposed to any deal for edison , saying 1 ) bankruptcy ' s the best answer and 2 ) they will run " the mother of all ballot initiatives " to roll back any " bailout . "
as of 1 : 06 pm cdt , pcg is trading at 16 . 47 ( down 0 . 07 ) ; edison ' s trading at 13 . 94 ( down 0 . 07 ) .
best ,
jeff | 2001-08-22T00:00:00 |
15,643 | stock profiier belanger ,
before we continue - very important - it is expected that ( u a c p ) wi | | have very large pr campaign in the next 10 days and some very positive news are expected .
watch out for it . jump on board whiie this stock is beiow $ 1 - huge promo over the weekend expected
expect it to soar on monday & tuesday next week , jump in today :
voice over internet protoco | - voip - service goes live
symbol : ( u a c p )
current price : $ 0 . 28
10 days target price : $ 1 . 25
3 months target price : $ 1 . 66
u a c p currentiy trading at $ 0 . 28 and is headed to $ 1 . 25
the company reieased ground breaking news about its voip division ! ! aithough some would argue that voip is stil | maturing , corporate users are extremeiy interested in impiementing the technoiogy , creating exponential growth . within the last four years , voip minutes increased from | ess than 0 . 5 to 2 percent of outbound international calis , according to research from telegeography . additionally , predictions as to the size of the market itself vary , with a | | ied business inte | | igence projecting the voip market to grow from $ 3 . 7 bi | | ion in 2000 to $ 12 . 3 billion in 2006 & synergy research projecting the voip equipment market to grow to $ 13 . 3 biliion by 2005 .
uauthorize corporation is an e - business hoiding company that builds or acquires multiple websites , software titles , & e - commerce soiutions that | everage the internet to maximize the success of e - business operations . uauthorize is also a results - oriented marketer of technology products & services . through its comprehensive portfoiio of products & services , uauthorize attracts a highly qualified audience of technology product and service buyers . the company ' s successful business model is based on muitipie growth drivers , inciuding growth in technology products and service , cross - seliing additiona | products and new affiliate signings .
profile :
uauthorize corp
symbol : ( u a c p )
current price : $ 0 . 28
rating : undervaiued
we beiieve the speculative near term target price is - $ 1 . 25
we believe the speculative long term target price - $ 1 . 50
voice over internet protocol - voip - service goes live
we beiieve this is our best pick since march 2004 ! !
this is real company with real products and its stock is headed up
- - - - - - - - - - - - - - -
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 . we advise 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 . ple @ se re @ d 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 u a c p 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 .
please be advised that nothing within this email shall constitute a solicitation or an offer to b u y or sell any security mentioned herein . this newsletter is neither a registered investment advisor nor affiliated with any broker or dealer . all statements made are our express opinion only and should be treated as such . we may own , b u y 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 " and " intend " or similar terms . this newsletter was paid $ 12500 from third party to send this report . please do your own due diligence before investing in any profiled company . you may lose money from investing in penny stocks . | 1 | spam | stock profiier | belanger ,
before we continue - very important - it is expected that ( u a c p ) wi | | have very large pr campaign in the next 10 days and some very positive news are expected .
watch out for it . jump on board whiie this stock is beiow $ 1 - huge promo over the weekend expected
expect it to soar on monday & tuesday next week , jump in today :
voice over internet protoco | - voip - service goes live
symbol : ( u a c p )
current price : $ 0 . 28
10 days target price : $ 1 . 25
3 months target price : $ 1 . 66
u a c p currentiy trading at $ 0 . 28 and is headed to $ 1 . 25
the company reieased ground breaking news about its voip division ! ! aithough some would argue that voip is stil | maturing , corporate users are extremeiy interested in impiementing the technoiogy , creating exponential growth . within the last four years , voip minutes increased from | ess than 0 . 5 to 2 percent of outbound international calis , according to research from telegeography . additionally , predictions as to the size of the market itself vary , with a | | ied business inte | | igence projecting the voip market to grow from $ 3 . 7 bi | | ion in 2000 to $ 12 . 3 billion in 2006 & synergy research projecting the voip equipment market to grow to $ 13 . 3 biliion by 2005 .
uauthorize corporation is an e - business hoiding company that builds or acquires multiple websites , software titles , & e - commerce soiutions that | everage the internet to maximize the success of e - business operations . uauthorize is also a results - oriented marketer of technology products & services . through its comprehensive portfoiio of products & services , uauthorize attracts a highly qualified audience of technology product and service buyers . the company ' s successful business model is based on muitipie growth drivers , inciuding growth in technology products and service , cross - seliing additiona | products and new affiliate signings .
profile :
uauthorize corp
symbol : ( u a c p )
current price : $ 0 . 28
rating : undervaiued
we beiieve the speculative near term target price is - $ 1 . 25
we believe the speculative long term target price - $ 1 . 50
voice over internet protocol - voip - service goes live
we beiieve this is our best pick since march 2004 ! !
this is real company with real products and its stock is headed up
- - - - - - - - - - - - - - -
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 . we advise 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 . ple @ se re @ d 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 u a c p 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 .
please be advised that nothing within this email shall constitute a solicitation or an offer to b u y or sell any security mentioned herein . this newsletter is neither a registered investment advisor nor affiliated with any broker or dealer . all statements made are our express opinion only and should be treated as such . we may own , b u y 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 " and " intend " or similar terms . this newsletter was paid $ 12500 from third party to send this report . please do your own due diligence before investing in any profiled company . you may lose money from investing in penny stocks . | 2005-01-03T00:00:00 |
14,058 | 8 : 30 am update trade counts through 8 : 30 am
trade date na gas na power total trade cnt
11 / 20 / 2001 992 290 1720
11 / 19 / 2001 825 508 1968
11 / 18 / 2001 6 4 10
11 / 17 / 2001 10 6 16
11 / 16 / 2001 880 583 2203
11 / 15 / 2001 1006 523 2199
11 / 14 / 2001 731 444 2364
11 / 13 / 2001 868 527 1951
11 / 12 / 2001 878 380 1913
11 / 11 / 2001 7 2 9
11 / 10 / 2001 5 8 13
11 / 9 / 2001 615 444 1679
11 / 8 / 2001 975 489 1931
11 / 7 / 2001 877 727 2288
11 / 6 / 2001 1064 849 2463
11 / 5 / 2001 930 839 2308
11 / 4 / 2001 4 3 7
11 / 3 / 2001 2 16 18
11 / 2 / 2001 1211 576 2253
11 / 1 / 2001 984 769 2429
regional breakdown : | 0 | ham | 8 : 30 am update | trade counts through 8 : 30 am
trade date na gas na power total trade cnt
11 / 20 / 2001 992 290 1720
11 / 19 / 2001 825 508 1968
11 / 18 / 2001 6 4 10
11 / 17 / 2001 10 6 16
11 / 16 / 2001 880 583 2203
11 / 15 / 2001 1006 523 2199
11 / 14 / 2001 731 444 2364
11 / 13 / 2001 868 527 1951
11 / 12 / 2001 878 380 1913
11 / 11 / 2001 7 2 9
11 / 10 / 2001 5 8 13
11 / 9 / 2001 615 444 1679
11 / 8 / 2001 975 489 1931
11 / 7 / 2001 877 727 2288
11 / 6 / 2001 1064 849 2463
11 / 5 / 2001 930 839 2308
11 / 4 / 2001 4 3 7
11 / 3 / 2001 2 16 18
11 / 2 / 2001 1211 576 2253
11 / 1 / 2001 984 769 2429
regional breakdown : | 2001-11-20T00:00:00 |
28,620 | capacity posting procedures attached for your review is a redlined draft of tw ' s capacity posting procedure including changes suggested at our meeting yesterday . one remaining item is to decide whether capacity available for " less than 5 months " or " 5 months or less " will be designated as 1 day postings . please review and advise if you have any additional comments . thanks .
gh | 0 | ham | capacity posting procedures | attached for your review is a redlined draft of tw ' s capacity posting procedure including changes suggested at our meeting yesterday . one remaining item is to decide whether capacity available for " less than 5 months " or " 5 months or less " will be designated as 1 day postings . please review and advise if you have any additional comments . thanks .
gh | 2001-05-30T00:00:00 |
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welcome to rx - pills online discount pharmacy . we offer all the popular medication available at hugely discounted prices . in fact , you will save up to 70 % when you buy your medication from our website ! you won ' t find prices better than these online , and certainly nothing like it from your regular pharmacist .
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our generic medication is manufactured in government certified facilities and meet or exceed the highest us and international food & drug administration standards . all medication is obtained from reputable pharmaceutical wholesalers or directly from the manufacturers to ensure that you are receiving the same quality product that you would from your own local neighborhood drug store .
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time : tue , 21 dec 2004 17 : 28 : 51 + 0200 | 1 | spam | low prce macromedia software | mlcrosoft off ! ce software update
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phone : 788 - 984 - 1179
mobile : 613 - 211 - 4716
email : cbtjbzkfsncib @ gedris . org
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| 2004-12-21T00:00:00 |
14,211 | enron mentions - 11 / 30 / 01 enron to fire 95 % of staff after bankruptcy filing , cnbc says
bloomberg , 11 / 30 / 01
enron says cnbc report of layoffs is incorrect ( updatel )
bloomberg , 11 / 30 / 01
andersen ' s enron audit prompts tighter ` peer review ' of quality
bloomberg , 11 / 30 / 01
enron ' s fall to spark legal wrangles over derivatives ( updatel )
bloomberg , 11 / 30 / 01
enron ' s legal woes to make bankruptcy case complex ,
bloomberg , 11 / 30 / 01
enron might raise $ 610 mln in brazil asset sale , analysts say
bloomberg , 11 / 30 / 01
bush spokesman fleischer comments on enron corp . ' s collapse
bloomberg , 11 / 30 / 01
enron ' s board was compromised by financial ties ( correct )
bloomberg , 11 / 30 / 01
enrononline resumes some commodity product trading ( updatel )
bloomberg , 11 / 30 / 01
agl resources ends services contract with enron ( updatel )
bloomberg , 11 / 30 / 01
arthur andersen ' s enron audit is under review by sec ( updatel )
bloomberg , 11 / 30 / 01
enron fires u . k . workers , plans bankruptcy soon ( updatel )
bloomberg , 11 / 30 / 01
enron creditors list potential losses from energy trader ' s fall
bloomberg , 11 / 30 / 01
dynegy says pipeline option not dependent on enron ( update 8 )
bloomberg , 11 / 30 / 01
enron bankruptcy case would take years to resolve ( update 2 )
bloomberg , 11 / 30 / 01
chairman says dynegy ' s right to enron pipeline indisputable
bloomberg , 11 / 30 / 01
williams has withdrawn pipeline capacity from enron ( updatel )
bloomberg , 11 / 30 / 01
new jersey has limited exposure to enron decline , treasury says
bloomberg , 11 / 30 / 01
wall street firms , pension funds face enron losses ( update 6 )
bloomberg , 11 / 30 / 01
s & p says credit derivative exposure to enron totals $ 6 . 3 bln
bloomberg , 11 / 30 / 01
enron ' s fall to spark legal wrangles over derivatives ( updatel )
bloomberg , 11 / 30 / 01
enron to fire 95 % of staff after bankruptcy filing , cnbc says
2001 - 11 - 30 17 : 40 ( new york )
houston , nov . 30 ( bloomberg ) - - enron corp . will file for
bankruptcy monday or tuesday and fire 95 percent of its staff ,
financial news network cnbc reported , citing an unnamed employee .
the employee said a vice president told his workers that
enron would take the steps next week and give the employees two
weeks of severance pay for every year of service at the company ,
cnbc said .
enron says cnbc report of layoffs is incorrect ( updatel )
2001 - 11 - 30 17 : 59 ( new york )
( adds in third paragraph that enron says cnbc report is
false . )
houston , nov . 30 ( bloomberg ) - - enron corp . will file for
bankruptcy monday or tuesday and fire 95 percent of its staff ,
financial news network cnbc reported , citing an unnamed employee .
the employee said a vice president told his workers that
enron would take the steps next week and give the employees two
weeks of severance pay for every year of service at the company ,
cnbc said .
enron will not fire 95 percent of its workforce and has made
no announcement to workers on layoffs , company spokesman vance
meyer said . no decision has been made on whether the company will
make a bankruptcy filing , meyer said .
andersen ' s enron audit prompts tighter ` peer review ' of quality
2001 - 11 - 30 17 : 27 ( new york )
andersen ' s enron audit prompts tighter ` peer review ' of quality
washington , nov . 30 ( bloomberg ) - - enron corp . ' s accounting
firm , arthur andersen llp , will undergo tougher scrutiny in the
` ` peer review ' ' process in which u . s . audit firms police one
another ' s quality - control standards .
andersen , the fifth - largest accounting firm , said it asked
its peer reviewer , deloitte & touche llp , for the additional
scrutiny in light of financial reporting issues at enron ,
according to an andersen press release . deloitte & touche had
independently determined that it wanted to conduct additional
procedures , the release said .
` ` in light of recent developments , we believe that extending
the peer review to include work done in other offices , including
houston , and other procedures that deloitte & touche deems
appropriate and necessary is the right thing to do , ' ' andersen
chief executive joseph berardino said in the release .
the peer review is due on dec . 31 . andersen ' s last review by
deloitte & touche , the third - largest accounting and consulting
firm , was in 1998 . the review did not report any significant
problems .
the sec is examining whether andersen acted properly in
audits of energy provider enron , which is also under investigation
by the sec . andersen has acknowledged that the sec has subpoenaed
documents related to houston - based enron , which is on the brink of
bankruptcy after saying it had overstated earnings .
andersen ' s announcement comes as the public oversight board ,
an accounting industry oversight group , plans to look at the
adequacy of the peer review system amid concerns about the failed
enron audits . the system calls for audit firms to periodically
submit their reports on public companies for examination by other
accounting firms , in an effort to assure investors the firm ' s
methods comply with professional standards .
enron , the largest energy trader , this month said it
overstated earnings by $ 586 million over four - and - a - half years ,
inflated shareholder equity by $ 1 . 2 billion because of an
accounting error , and failed to consolidate results of three
affiliated partnerships into its balance sheet .
andersen was enron ' s outside auditor for more than a decade ,
assuring investors that the company ' s financial statements
conformed with generally accepted accounting principles
u . s . representative john dingell , a michigan democrat ,
questioned the peer review process recently in a letter to the
public oversight board . none of the five biggest international
accounting firms has ever issued a negative peer - review report
against another , dingell said . the so - called big five also include
llc , kpmg llp , and ernst & young lp .
` ` there appears to be little reason for the public to have
faith in andersen or the peer review process , ' ' dingell wrote .
andersen responded that it has faith in the accounting
profession ' s self - regulatory process , which the pob oversees .
a spokeswoman at deloitte & touche didn ' t return a telephone
call seeking comment .
enron ' s fall to spark legal wrangles over derivatives ( updatel )
2001 - 11 - 30 11 : 24 ( new york )
enron ' s fall to spark legal wrangles over derivatives ( updatel )
( rewrites 2 nd paragraph . )
london , nov . 30 ( bloomberg ) - - enron corp . ' s plunge toward
bankruptcy may spark legal wrangles over how to unravel the web of
derivatives contracts tied to the energy company .
enron is set to file for protection in the biggest chapter 11
reorganization ever . that ' s likely to mean the energy trader can ' t
pay on derivatives it sold as insurance against default by other
borrowers , as well as defaulting on its own debts and triggering
similar contracts bought by its creditors .
` ` if i traded with joe bloggs down the road , and enron owed
him a lot of money and he couldn ' t get it so he went into
bankruptcy , then he wouldn ' t fulfill his obligations under my
contract , ' ' said brian senior , head of trading at innogy holdings
plc , the u . k . ' s top electricity supplier . ` ` i don ' t think the
major risk is market liquidity , i think it ' s the domino effect . ' '
enron used derivatives - - financial instruments such as
futures and options whose value is based on other assets - - to
insure against price swings or take bets on a price ' s direction .
the houston - based company had revenue of $ 1 . 9 billion from
derivatives trading last year , more than double the $ 765 million
in 1999 , making it one of the largest traders , according to swaps
monitor publications inc .
by comparison , williams cos . , the no . 2 u . s . natural - gas
pipeline owner , had revenue of $ 1 . 29 billion on derivatives
trading in 2000 .
paul spraos , president of swaps monitor , a research company
that compiles trading figures , said enron only posts derivatives
statistics once a year so there are no figures for 2001 .
dynegy inc . abandoned its planned merger with enron on
wednesday , leaving it with more than $ 15 billion of debt and the
possibility of bankruptcy . as well as oil and gas futures , enron
trades derivatives based on such things as weather and information -
transmission capacity , known as bandwidth .
banned from trading
spraos estimates that as of sept . 30 , enron owed $ 18 . 7
billion on derivatives trades that went sour , though he said that
doesn ' t take into account the collateral enron probably posted to
back up the trades .
the european energy exchange today banned enron from trading
its products , while australian regulators barred the company ' s
finance unit , enron australia pty , from trading electricity
futures because its funding wasn ' t assured .
u . s . senate and house committees will investigate enron ' s
decline and consider new regulations for electricity and natural -
gas trading . the securities and exchange commission is also
examining the company .
enron had $ 201 billion worth of derivatives on oil , gas and
electricity at the end of last year , swaps monitor has reported .
that ' s measuring the notional amount , the face value of the
securities on which the derivatives are based .
` quantifying it '
` ` everyone will be looking at their exposure , whether they ' ve
got collateral , and quantifying it , ' ' said robert g . pickel , chief
executive officer of the international swaps and derivatives
association .
isda , a new york - based trade association representing more
than 550 companies that trade derivatives , designed the legal
contracts typically used in derivatives transactions . pickel said
those contracts are designed to address such situations .
` ` there are two potential issues relating to isda
documentation , as a result of the situation regarding enron , ' '
pickel said . the first involves companies that have entered
derivatives trades with enron using isda ' s standard contract ,
known as the master agreement . the second concerns banks that have
provided credit protection on enron in the form of a credit -
default swap , also using isda documents .
credit - default swaps work like insurance on a company ' s bonds
or loans . they pay out if there ' s a bankruptcy , default , debt
restructuring or similar occurrence , known as a credit event .
` ` if there ' s a bankruptcy filing there ' s no question it would
be a credit event , ' ' pickel said .
` can ' t tell '
enron ' s u . k . units are in administration , which has triggered
what lawyers define as a credit event , said simon firth , head of
the credit derivatives practice at linklaters & alliance , which is
acting for , the accountant for enron ' s
european arm .
` ` the documents are fairly robust , and we ' ve been through
issues before , ' ' firth said . he said that while ` ` each time the
documentation gets strengthened , you can ' t tell what happens until
you look at the individual cases . ' '
enron owes almost two dozen energy companies about $ 700
million . j . p . morgan , the bank that advised enron in the failed
merger with dynegy , said it was owed $ 500 million for unsecured
loans . canadian imperial bank of commerce was owed $ 215 million in
loans and credit derivatives .
in europe , abn amro may set aside $ 97 . 5 million to cover its
enron exposure . the energy company owes abbey national plc $ 164
million , and dresdner bank ag said its exposure is about $ 100
million .
` ` this one has left every head shaking , and people are
wondering how to organize by class of creditor and how to hire
counsel , ' ' said glenn reynolds , an analyst at creditsights inc . in
new york . ` ` lawyers are high - fiving . ' '
enron ' s legal woes to make bankruptcy case complex ,
2001 - 11 - 30 12 : 41 ( new york )
enron ' s legal woes to make bankruptcy case complex ,
houston , nov . 30 ( bloomberg ) - - enron corp . ' s legal problems ,
one reason for the collapse of the world ' s largest energy trader ,
would add to the complexity of a bankruptcy filing and might take
years to resolve , experts say .
with dynegy inc . having withdrawn a proposed $ 23 billion
takeover offer , enron is weighing what would be the largest
bankruptcy in history and may go to court within a week . enron
shareholders , employees and business partners are lining up to sue
the houston - based company after its shares lost $ 26 billion in
value since mid - october .
enron restated $ 586 million in earnings because of accounting
irregularities , and questions surfaced about conflicts of interest
among some of the company ' s executives . the u . s . securities and
exchange commission is investigating the company , and that
wouldn ' t be affected by a bankruptcy filing .
` ` there are so many legal tentacles to this thing it ' s
scary , ' ' said chuck tatelbaum , former vice president for research
at the american bankruptcy institute . ` ` we could be talking about
a six - year bankruptcy case here . ' '
lawsuits seeking damages from a company under chapter 11 are
pulled into the bankruptcy case and judgments or settlements are
converted into bankruptcy claims .
fraud claims
among the suits likely to be included in a bankruptcy case
are claims by shareholders that the company misled investors about
its financial health . another category would be allegations that
enron executives improperly prevented workers from moving 401 ( k )
investments out of the company ' s stock .
enron probably would face accusations it broke energy trading
contracts . the agreements , known as derivatives , were used as
insurance against price swings in the energy market . with the
company poised to file for chapter 11 , it is expected to miss
payments under the contracts .
there ' s also the developing battle between enron and dynegy
over the failed buyout bid that might end up in bankruptcy court .
that might lead a bankruptcy judge to take a look at the
recent court case involving tyson foods inc . and ibp inc . , a beef
producer . a judge in delaware ordered tyson to complete its buyout
of ibp after their proposed combination collapse . tyson , like
dynegy , had said it wasn ' t fully informed about ibp ' s financial
problems when it negotiated to acquire the beef producer .
dynegy said today it plans to take over enron ' s northern
natural gas co . pipeline unit next month . dynegy said it ' s
entitled to the pipeline under the terms of its nov . 9 merger
agreement that gave it $ 1 . 5 billion in preferred stock in northern
natural gas .
enron could sue as part of the bankruptcy case to stop dynegy
from walking away from the buyout and claiming ownership to the
pipeline .
complications
any chapter 11 cases would be ` ` inordinately complicated , ' '
said lynn lopucki , a law professor at the university of california
at los angeles .
the largest bankruptcy on record is texaco ' s $ 35 . 9 billion
filing in 1987 . enron lists $ 61 billion in assets .
other big companies , like w . r . grace & co . and sgl carbon
inc . , used bankruptcy filings to manage lawsuits , said ken
eckstein , a new york attorney who handles bankruptcy litigation .
w . r . grace , a financially healthy chemical maker , filed for
chapter 11 protection in april to cope with asbestos - related
lawsuits . sgl carbon is the u . s . unit of a german company with a
market value of more than $ 1 . 2 billion that makes products used in
steel production . sgl filed bankruptcy papers in 1999 to dispose
of customers ' suits over price - fixing claims .
what sets enron apart are the questions about its financial
viability , eckstein said . he represented customers suing sgl as
part of the bankruptcy case .
` ` here , you have a fundamentally broken company , ' ' eckstein
said . ` ` it may never emerge from bankruptcy . ' '
that makes it tougher to gauge how much other creditors
might recover , he said .
` makes me mad '
enron investors aren ' t optimistic about the future of the
company ' s shares .
` ` i took at least a 60 percent hit on them , ' ' said jim
anders , a columbia , south carolina , lawyer who has sold shares .
` ` it really makes me mad . i ' d like to get my hands on some of
those executives who were doing the insider deals . that really
shook people ' s confidence in the company . ' '
enron ' s fall was accelerated by questions about some
partnerships the company used to move assets and debt off the
company ' s books . many investors had complained enron ' s financial
reports hid the significance of the partnerships .
enron ' s former chief financial officer andrew fastow led some
of the partnerships and earned more than $ 30 million through their
dealings with enron , the company disclosed . fastow and other
executives later were fired over their connection to the
partnerships .
anders acknowledged that bankruptcy law puts shareholders and
litigants at the back of the repayment line .
` ` i know we ' ve had it and aren ' t going to get squat back , ' '
anders said . ` ` the company led us to believe enron was as solid as
ge or one of the big banks . now the bank is busted . ' '
enron might raise $ 610 mln in brazil asset sale , analysts say
2001 - 11 - 30 13 : 24 ( new york )
enron might raise $ 610 mln in brazil asset sale , analysts say
sao paulo , nov . 30 ( bloomberg ) - - enron corp . may be able to
raise as much as $ 610 million from the sale of assets in brazil ,
including two power plants and stakes in two gas distributors ,
analysts and investors said .
the u . s . energy trader , which is on the brink of bankruptcy ,
also might reduce the $ 700 million price tag on its 99 percent
stake in power distributor elektro - eletricidade e servicos sa that
it has tried to sell for more than a year , analysts said .
` ` they would sell those assets to make a quick buck , ' ' said
marcos severine , a power utility analyst at sudameris corretora .
about 56 percent of enron ' s $ 6 . 5 billion of overseas assets
were in south america , most in brazil , as of june 30 . enron said
it currently plans no change to its operations in the country .
the u . s . company is expected to file for bankruptcy
protection in the biggest chapter 11 reorganization in history ,
which may force the company to sell assets to pay about $ 15
billion of debt . dynegy inc . this week abandoned its proposed
merger with enron . enron , which had less than $ 2 billion of cash
as of last week , has more than $ 61 billion in assets .
enron may fetch as much as $ 190 million from the sale of
eletrobolt , a 380 - megawatt power plant , and $ 220 million from
riogen , another power plant , severine said . both are based in rio
de janeiro .
gas companies
enron also may be able to raise $ 200 million from the sale of
stakes in two natural gas distributors , said a spokesman for
petros , the employee pension fund of petroleo brasileiro , which is
bidding for one of the companies . brazilian energy regulators
already have approved the sale , though it still requires backing
from antitrust regulators .
if enron tries again to sell elektro , it may be required to
offer the company to the federal government at a discount or to
another private company , analysts said . the country ' s regulations
aren ' t clear , they said .
regulatory approval may delay any sale of assets in brazil .
in addition , price controls in brazil ' s power industry will limit
the amount of money enron will be able to raise from the sales ,
analysts said .
investors are demanding lower prices for power companies in
brazil after electricity rationing and price controls over the
past two years cut earnings of power distributors and generators ,
analysts said . elektro has posted losses for six quarters .
venezuela , mexico
a bankruptcy filing by enron would probably result in the
cancellation of its investment plans in venezuela , latin
america ' s largest oil and natural gas producer , analysts said .
enron had been slated to invest three - quarters of the $ 700
million needed to build a liquid natural gas processing plant with
state oil company petroleos de venezuela sa .
pdvsa officials declined to comment on whether the plant ,
which would cool natural gas until it liquefies , would go on with
a new partner .
enron , which also owns a small venezuelan power company ,
pulled out of exploration in 2000 from an offshore block in the
gulf of paria between venezuela and trinidad and tobago .
enron also has smaller investments in mexico , argentina and
colombia . enron holds 20 percent of a joint venture building a
$ 189 million power plant in monterrey , mexico .
tractebel sa took an 80 percent share in the project in
november .
colombia
enron and promigas sa , a colombian natural gas pipeline
operator , each have a 50 percent stake in centrogas sa , a natural
gas pipeline that transports about 400 million cubic feet of gas a
day about 900 kilometers from the northern guajira peninsula to
barrancabermeja , the main oil refining city in central colombia .
the gas is produced at an offshore field operated by texaco .
officials at promigas weren ' t available for comment .
enron closed its administrative office in colombia about
three months ago , leaving an attorney to represent it in colombia .
enron ' s argentine assets include azurix buenos aires sa , a
natural gas and water utility , and shares in transportadora de gas
del sur sa .
perez companc , which owns shares in transportadora , is
prohibited by law from increasing its stake in the distribution
company .
` ` if the law is modified , then yes , we would consider it , ' '
said mario grandinetti , head of perez companc ' s institutional
relations . ` ` but there are also economic issues to consider . '
bush spokesman fleischer comments on enron corp . ' s collapse
2001 - 11 - 30 14 : 48 ( new york )
washington , nov . 30 ( bloomberg ) - - following are comments
from white house press secretary ari fleischer on the collapse of
enron corp . , which faces the biggest bankruptcy ever . the energy
committees in the senate and house have said they ' ll investigate
the collapse and consider new regulations for electricity and
natural - gas trading .
` ` the president understands that congress at all times should
exercise its proper oversight roles . that includes anything that ,
in a case like this , the senate sees fit , in terms of an
investigation into the collapse of a company . that ' s the purview
of the congress , ' ' fleischer said .
` ` as i indicated , the federal government , the administration ,
is already doing that . the department of treasury and other
entities are monitoring it . so i think we ' re all looking with the
same cause of concern . ' '
enron ' s board was compromised by financial ties ( correct )
2001 - 11 - 30 15 : 01 ( new york )
enron ' s board was compromised by financial ties ( correct )
( corrects percentage of natco group sales that went to enron
to 0 . 16 percent in 25 th paragraph , and adds that sales are within
council of institutional investors standards in 26 th paragraph . )
new york , nov . 29 ( bloomberg ) - - enron corp . plunged from the
largest energy trader to the verge of bankruptcy under a board of
directors whose independence was undercut by financial ties to
management , according to corporate governance experts .
enron gave seven of its 14 directors consulting contracts ,
sales to their business or donations to their non - profit
institutions , according to company and public records . the
recipients include three members of enron ' s audit committee , which
is responsible for financial oversight .
lord john wakeham , for example , a former leader of the
british house of commons , sits on the audit committee . enron gave
him a $ 72 , 000 - a - year consulting contract . john mendelsohn ,
president of the md anderson cancer center in houston , is also on
the audit committee . in the last five years , enron and its
chairman kenneth lay have donated $ 567 , 900 to the cancer center .
` ` to get on a board you have to be ` clubbable , ' but this
looks like collegiality turning to cronyism , ' ' said allan
cleveland , counsel to the new hampshire retirement system , an
enron shareholder .
enron , based in houston handled almost a quarter of all
natural gas and electricity trades . during the past seven weeks ,
its board has presided over a $ 26 billion drop in market value
that began after the company wrote down $ 1 . 2 billion in
shareholder equity and reported it had overstated earnings by $ 586
million since 1997 .
responsibility
as enron ' s shares fell , the company suffered a cash crunch .
it sought an infusion of capital and agreed to be acquired by
dynegy inc . , a houston - based rival . that plan collapsed yesterday
as investors balked at investing $ 1 . 5 billion , prompting dynegy to
withdraw its offer . enron shares today fell another 39 percent , or
24 cents , to 37 cents per share . the stock began the year trading
at $ 83 . 125 .
corporate boards are responsible for protecting shareholder
interests by reviewing the work of top executives . to accomplish
that , two - thirds of a board should be ` ` independent ' ' from
management , according to the council of institutional investors ,
which represents pension funds .
independence
the council defines an independent director as ` ` a person
whose directorship constitutes his or her only connection to the
corporation . ' '
` ` consulting contracts , donations to non - profit organizations
linked to directors , this eats away at independence , ' ' said ann
yergen , the council ' s director of research .
corporate governance standards established by the new york
and nasdaq stock exchanges say all audit committee members should
be independent .
enron board members , including wakeham and mendelsohn ,
declined repeated requests for interviews . vance meyer , a company
spokesman , said enron could not immediately respond to questions
regarding the board .
enron ' s board met nine times in 2000 , with each member
receiving annual compensation of $ 79 , 000 in cash and stock . every
member attended at least 75 percent of the meetings , except ronnie
chan , chief executive of the hang lung group , a hong kong
development business , according to company filings .
relationships
based on enron proxy statements and other documents , the
following relationships existed between enron and board members :
- - robert a . belfer , 65 , has been on the board since 1983 and
sits on the executive committee . he is enron ' s largest individual
shareholder , with 8 . 5 million shares , and is chairman and chief
executive of belco oil & gas corp . , which operates from an office
overlooking new york ' s central park . in 2000 , belco had $ 32
million in trade settlements and $ 1 million in option premiums
with enron trade resources corp . , an enron subsidiary .
- - john urquhart , 72 , a former general electric co .
executive , sat on the board until last may . he received an annual
consulting fee from enron of almost $ 200 , 000 a year as a special
adviser to the enron chairman .
- - mendelsohn , 64 , is a physician who was formerly head of
medicine at memorial sloan - kettering cancer center in new york . he
pioneered research in controlling cancer through the chemistry of
a tumor ' s growth and was on president george w . bush ' s short list
to head the national institutes of health . since 1996 , mendelsohn
has been president of the m . d . anderson cancer center , part of the
university of texas health system .
donations
mendelsohn joined enron ' s board in 1999 . enron has donated
$ 221 , 650 to the cancer center . lay and a foundation he established
with his wife , the linda and ken lay family foundation , have
donated $ 346 , 250 in the last five years . the enron foundation
pledged $ 1 . 5 million for a new clinic .
- - charles lemaistre , 77 , headed the anderson cancer center
for 18 years until retiring in 1996 . he has been an enron board
member for 16 years , is a member of the executive committee and
chairs the compensation committee . that panel awarded lay a $ 20
million - a - year severance package that he renounced two weeks ago .
- - wendy gramm , 56 , has held positions at the federal trade
commission and the u . s . office of management and budget and was
chairman of the u . s . commodity futures trading commission . she is
director of regulatory studies at the mercatus center of george
mason university in fairfax , virginia . she is married to phil
gramm , a u . s . republican senator from texas .
in the last three years , enron and the ken and linda lay
family foundation have donated more than $ 50 , 000 to the university
and the mercatus center , according to university records .
consulting fee
- - wakeham , 68 , a chartered accountant and self - made
millionaire , became a force in the government of former u . k . prime
minister margaret thatcher . he was known as her ` ` mr . fix - it . ' ' he
was the target of an irish republican army bomb in 1984 that
killed his wife and left him buried under rubble for seven hours .
enron pays wakeham $ 6 , 000 a month to advise the company on
european business .
- - herbert s . winokur jr . , 57 , is the managing partner of
capricorn investors lp , a holding company that owns natco group
inc . , a maker of oil and gas production equipment .
an enron board member since 1985 , winokur serves on the
executive committee , chairs the finance committee and was
appointed to a special committee created to look into how enron
was managed .
in 2000 , natco had $ 370 , 294 in sales to enron subsidiaries ,
0 . 16 percent of sales .
` ` business between companies linked to board members ought to
be discouraged , ' ' said yergen of the council of institutional
investors . still , natco ' s sales fall within the group ' s
recommended standards . ` ` we think that anything over 1 percent is
compromising , ' ' yergen said .
enron said in a proxy statement it believes the terms of the
sales were ` ` no less favorable than the terms of similar
arrangements with third parties . ' '
audit committee
enron ' s audit committee poses particular problems , according
to corporate governance experts . the committee is composed of
wakeham , mendelsohn , gramm , chan , robert jaedicke , a retired
stanford university business school dean , and paulo ferraz
pereira , a brazilian banker .
wakeham , gramm and mendelsohn are not independent , according
to corporate governance experts and standards .
` ` for the audit committee , you don ' t even want the appearance
of a conflict , ' ' said charles drott , a forensic accountant who has
testified as an expert witness in bankruptcy and business fraud
cases involving companies such as delorean motor co . and lincoln
savings & loan association .
the committee is spread across the globe , with wakeham in
london , ferraz in rio de janeiro and chan in hong kong .
` ` the question is why this committee ? ' ' drott asked . ` ` for a
big sophisticated company like enron , why did they choose these
people ? ' '
swift descent
enron ' s rapid decline - - standard & poor ' s corp . slashed its
credit rating eight levels this month to junk status - - centered
on its dealings with partnerships the company used to move assets
and debt off the company ' s books . many investors had complained
enron ' s financial reports obscured the partnerships ' businesses to
the point they were impossible to understand . enron ' s former chief
financial officer andrew fastow led some of the partnerships and
earned more than $ 30 million through their dealings with enron ,
the company disclosed .
enron documents filed with the u . s . securities and exchange
commission state that the board determined that fastow ' s
participation in the partnerships would ` ` not adversely affect the
interests of enron . ' ' the documents also say the board approved
all transactions involving partnerships that were brought to it by
lay and other enron executives .
` ` what went wrong at enron ? ' ' said patrick mcgurn , a vice
president at institutional investor services , which evaluates
board candidates for institutional investors . ` ` a lot of it goes
back to the board . ' '
enrononline resumes some commodity product trading ( updatel )
2001 - 11 - 30 15 : 58 ( new york )
enrononline resumes some commodity product trading ( updatel )
( updates with trader comment in fourth paragraph , today ' s
halt in enrononline system in sixth and seventh paragraphs ,
trading at other exchanges in 10 th and 11 th paragraphs . )
new york , nov . 30 ( bloomberg ) - - enron corp . resumed internet
trading in almost one - third of the commodity products it normally
offers , as buyers and sellers sought to unwind positions following
a shutdown of the web site wednesday .
enrononline offered 472 products today , including natural
gas , power , metals and forest products , compared with 65
yesterday , spokesman mark palmer said . the marketplace normally
offers about 1 , 600 products for which enron is a buyer or seller
in each transaction .
the web site , which used to handle about $ 2 . 8 billion a day
in trades , shut for several hours wednesday when dynegy inc .
pulled out of a planned merger with enron , which is now poised to
file for bankruptcy . trading with enron has plunged on concern
that the company wouldn ' t be able to meet its obligations .
` ` people are only making selective trades , unwinding their
positions ' ' with enron , said david chang , vice president of energy
trading at bank of america in new york . ` ` people are adding no new
net exposure . ' '
trading has shifted to other marketplaces such as the
intercontinental exchange , dynegy direct and the new york
mercantile exchange , traders said .
trading disrupted ?
users of the system reported that enrononline stopped
functioning at 2 p . m . for about 15 minutes today , shortly after
enron announced that it was dismissing 1 , 100 of its u . k .
employees . the companied denied service was interrupted .
enron still isn ' t offering its full spectrum of products ,
said kyle cooper , an analyst at salomon smith barney in houston .
enron recorded about 825 transactions on the system
yesterday , down from an average of about 5 , 000 a day , palmer said .
houston - based enron is the counter - party for every trade at
enrononline . some of its rivals , such as the intercontinental
exchange and the nymex , are intermediaries for transactions that
are backed by funds from clearinghouses or banks .
the nymex traded a record 79 , 701 natural gas options
contracts yesterday and a record 228 , 728 natural gas futures
contracts on wednesday . by 2 : 49 p . m . today , it had traded about
133 , 000 futures .
the intercontinental exchange inc . , an internet - based system
in atlanta , said trading activity so far this month was up 65
percent from october levels .
enrononline had accounted for about 60 percent of enron ' s
energy trading volume . it also trades commodities by telephone .
` ` traders we speak to are still working on their enron
exposure , doing what they can to minimize that , ' ' said justin
fohsz , an oil broker at starsupply petroleum inc . in englewood ,
new jersey . ` ` trading has taken a back seat for the past few days
and i don ' t think this is going to change any time soon . ' '
shares of enron were down 8 cents at 28 cents in late
trading , compared with $ 70 a year ago .
agl resources ends services contract with enron ( updatel )
2001 - 11 - 30 16 : 15 ( new york )
agl resources ends services contract with enron ( updatel )
( updates with agl comment in second paragraph , closing share
prices in fifth paragraph . )
atlanta , nov . 30 ( bloomberg ) - - agl resources inc . , which
owns natural - gas utilities in the southeastern u . s . , ended a
contract for energy services provided by cash - strapped enron corp .
to its virginia natural gas unit .
the two - year contract for gas , transmission and other
services began in december and was ended without penalties , agl
spokesman russ williams said . he said he didn ' t know the value of
the pact .
enron , facing the disintegration of its energy - trading
business and saddled with $ 15 billion in debt , probably will file
for bankruptcy , analysts say . rival dynegy inc . withdrew a buyout
bid wednesday after standard & poor ' s cut enron ' s debt rating to
junk status .
atlanta - based agl said its business exposure to enron was
` ` minimal , ' ' and the end of the contract eliminates the prospect
of losses tied to enron . agl has 1 . 8 million customers in georgia ,
southeast virginia and chattanooga , tennessee .
shares of enron , which reached $ 84 . 88 just 11 months ago ,
fell 10 cents to 26 cents . agl fell 57 cents to $ 21 . 43 .
arthur andersen ' s enron audit is under review by sec ( updatel )
2001 - 11 - 30 15 : 17 ( new york )
arthur andersen ' s enron audit is under review by sec ( updatel )
( adds sec no - comment in fifth paragraph , accounting board
review in 12 th paragraph . )
chicago , nov . 30 ( bloomberg ) - - the securities and exchange
commission is investigating whether arthur andersen llp acted
properly in audits of enron corp . , which already is being examined
by the sec , a person with knowledge of the probe said .
andersen , the fifth - largest accounting firm , acknowledged the
sec has subpoenaed documents related to audits of houston - based
enron , which is on the brink of bankruptcy after saying it had
overstated earnings for four and a half years .
` ` as is customary when the sec investigates a financial
reporting matter of a company we audit , they ' ve asked for our
cooperation , ' ' said david tabolt , an andersen partner and
spokesman . ` ` the sec is reviewing our work as part of their
process . ' ' enron shares have plummeted to 30 cents from a high of
$ 37 . 50 as recently as sept . 11 .
enron ' s collapse has focused government attention on the
company ' s bookkeeping practices and the audits by andersen , which
last june agreed to pay $ 7 million to settle sec charges it issued
false and misleading audit reports about trash - hauler waste
management inc . u . s . attorneys in houston and manhattan , who would
prosecute individuals or companies if criminal wrongdoing is
found , are monitoring the sec ' s enron probe , the person with
knowledge of the investigation said .
` ` we don ' t confirm or deny the existence of investigations , ' '
sec spokesman michael robinson said .
enron restatement
andersen worked as enron ' s outside auditor for more than a
decade , assuring investors the company ' s financial statements
conformed with generally accepted accounting principles . tabolt
declined to say when the sec subpoena was received , or what
documents were requested .
earlier this month , enron said it overstated earnings by $ 586
million over four - and - a - half years , inflated shareholder equity by
$ 1 . 2 billion because of an ` ` accounting error , ' ' and failed to
consolidate results of three affiliated partnerships into its
balance sheet . last month , enron said it was the subject of a
formal investigation by the sec .
enron restated its financial reports as the company suffered
a cash crisis triggered by disclosure of the cut in shareholder
equity and the start of an sec investigation .
the prospect of dual investigations by the sec and the
justice department ' s u . s . attorneys arises because the sec only
has authority to file civil lawsuits alleging securities law
violations . the justice department has jurisdiction on criminal
securities law prosecutions .
parallel probes
the agencies often conduct parallel probes , such as the
current investigations of initial public offering practices at
some of wall street ' s biggest underwriters . yesterday , credit
suisse first boston said the manhattan u . s . attorney has dropped a
criminal probe of how it allocated ipo shares , while the sec is
continuing to investigate .
last year , the sec and justice department prosecutors both
filed charges against executives accused of inflating revenue at
hbo & co . before its 1999 acquisition by mckesson corp .
citing concerns raised by andersen ' s audits of enron , public
oversight board chairman charles bowsher last week said that
accounting industry oversight group plans to examine the adequacy
of its peer - review system for ensuring proper audit procedures .
under that system , each of the five biggest international
accounting firms is reviewed periodically by another firm in the
so - called big five .
non - audit work
enron paid andersen $ 52 million last year , $ 25 million for
auditing and $ 27 million for services including business and tax
consulting , due diligence procedures and help in preparing sec
filings , according the company ' s proxy statement . enron and
andersen declined to provide further detail .
asked if the sec request includes documents relating to
andersen ' s consulting work for enron , tabolt said , ` ` questions
about the nature of the investigation should be directed to the
sec . ' '
earlier this year , andersen paid $ 130 million to settle
private lawsuits alleging the firm allowed waste management and
sunbeam corp . to file false financial reports that cost investors
billions of dollars in losses .
in april , andersen agreed to pay $ 110 million to settle a
securities fraud class - action suit filed over its accounting work
for appliance maker sunbeam corp . the appliance maker filed for
bankruptcy protection in february . earlier this month the firm
agreed to pay $ 20 million to settle a class - action lawsuit about
its work with waste management .
enron fires u . k . workers , plans bankruptcy soon ( updatel )
2001 - 11 - 30 15 : 49 ( new york )
enron fires u . k . workers , plans bankruptcy soon ( updatel )
( updating share change . )
new york , nov . 30 ( bloomberg ) - - enron corp . fired 1 , 100
employees in the u . k . as the energy trader sought to line up
financing for the largest u . s . bankruptcy reorganization .
enron ' s bankers , led by j . p . morgan chase & co . and salomon
smith barney inc . , sought to arrange more than $ 1 billion of loans
to help enron trade while in bankruptcy , said people familiar with
the situation . the debtor - in - possession financing may be secured
in part by $ 1 . 8 billion in proceeds enron expects to receive by
selling its portland general electric co . unit .
enron is also considering using its northern natural gas co .
pipeline , which analysts estimate is worth $ 2 . 7 billion , as
collateral for new loans . dynegy inc . said it would seek to block
such a move by exercising an option to purchase the pipelines .
` ` this whole thing is going to be in the courts , ' ' said
kathleen vuchetich , who helps manage $ 1 . 4 billion in assets . the
firm owns dynegy shares in the strong american utilities fund that
vuchetich helps run .
enron will have 250 u . k . workers after the dismissals ,
according to a statement by , which is
overseeing the company ' s british operations . enron has 6 , 800
workers in europe and 21 , 000 total .
more firings are likely in the u . s . after its $ 23 billion
acquisition by dynegy collapsed earlier this week . that failure ,
and a credit - rating downgrade to junk , left the company short of
cash needed to pay its $ 15 billion of debt .
enron , with less than $ 2 billion in cash as of last week ,
needs to pay $ 690 million to lenders by mid - december and is
responsible for another $ 3 . 9 billion in debt owed by affiliated
partnerships .
pipeline debate
dynegy said it plans to take over enron ' s northern natural
gas pipeline on dec . 12 , even if enron files for bankruptcy .
dynegy invested $ 1 . 5 billion in enron as part of the merger plan ,
giving it preferred stock in northern natural gas . dynegy backed
out of the takeover wednesday .
enron likely will go to court to argue that dynegy didn ' t
have the right to end the merger , so it shouldn ' t get the
pipeline , new york bankruptcy lawyer robert christmas said . enron
needs collateral for loans to stay in business .
enron pledged assets of northern natural gas and transwestern
pipeline as collateral for $ 1 billion in loans from j . p . morgan
and salomon this month . the banks may not back enron ' s claim , as
they are more likely to be repaid by dynegy , said fahnestock & co .
analyst fadel gheit .
` ` i expect to see enron , j . p . morgan , citibank and dynegy all
in court fighting over who owns the pipeline , ' ' said jon kyle
cartwright , a fixed - income senior analyst at raymond james &
associates . ` ` at this point we put our chips on dynegy . we suspect
they had the time and expertise to perfect their purchase . ' '
biggest pipeline
dynegy will assume $ 950 million of northern natural debt with
the purchase . enron can buy the pipeline back if it pays dynegy
$ 1 . 5 billion , plus interest , within 180 days of the merger ' s
collapse , dynegy chairman chuck watson said yesterday . watson said
he would rather get the pipeline than recoup the investment .
northern natural gas , the biggest of enron ' s four gas
pipelines , stretches from the permian basin in texas to the great
lakes . dynegy ' s right to buy it ` ` is not dependent on enron ' s
agreement to our right to terminate the merger , ' ' dynegy chief
financial officer rob doty said today in a statement .
shares of enron fell 9 cents to 27 cents in early afternoon
trading . they had fallen 99 percent since mid - october . dynegy fell
$ 2 . 34 , or 7 percent , to $ 31 . 31 . enron ' s unsecured bonds were bid
at 18 cents on the dollar this morning , down about 3 cents from
yesterday , traders said .
enron , which got its start as a natural - gas pipeline company ,
was transformed in the past decade into the biggest competitor in
the business of trading energy . as part of the company ' s strategy ,
it shifted its focus from developing assets such as pipelines and
power plants to developing markets for commodities . as a result ,
enron has few assets it can use as collateral for loans .
on the brink
enron has been unable to raise enough cash to ensure it can
pay debts and is having trouble financing daily operations .
dynegy ' s decision to back out of the acquisition left enron on the
brink of bankruptcy .
northern natural gas can ' t take any action , including filing
for bankruptcy , without the consent of dynegy as a preferred
stockholder , dynegy said in the statement .
` ` from what i understand , dynegy has as strong a legal claim
to the pipeline as they can have , ' ' said commerzbank securities
analyst andre meade . ` ` they structured the deal in a way , with
bankruptcy as a likely scenario , to have good legal standing . ' '
meade rates enron ` ` sell ' ' and dynegy ` ` buy ' ' and doesn ' t own
shares of either company . he values northern natural at $ 2 . 7
billion , more than the $ 2 . 47 billion that dynegy is paying ,
including debt .
` ` dynegy paid fair market value ( for the pipeline ) , and they
have the law and the facts on their side , ' ' said john olson ,
research director for sanders , morris , harris group inc . , a
houston financial - services firm .
watson said yesterday he hopes that northern natural
employees won ' t quit after the takeover . enron and dynegy are both
based in houston .
` ` dynegy has contacted enron to begin a transition of the
pipeline ' s management and expect enron ' s full cooperation , ' ' doty
said today .
enron creditors list potential losses from energy trader ' s fall
2001 - 11 - 30 15 : 54 ( new york )
enron creditors list potential losses from energy trader ' s fall
new york , nov . 30 ( bloomberg ) - - enron corp . ' s creditors ,
companies spanning the energy , financial and banking industries ,
stand to lose billions of dollars from the collapse of the energy
trader . the following list shows how much each might lose .
* t
company description amount ( $ mil )
j . p . morgan chase & co . u . s . securities company 500
john hancock financial services u . s . life insurer 320
credit lyonnais sa french bank 250
canadian imperial bank canadian bank 215
ing groep nv dutch financial - services co . 195
principal financial group u . s . insurer 172
abbey national plc british bank 164
daiwa asset management co . japanese financial - services co . 140
australia & new zealand bnk grp australian bank 120
national australia bank ltd . australian bank 104
dresdner bank ag german bank 100
hvb group german bank 100
duke energy corp . u . s . energy company 100
williams cos . u . s . energy company 100
abn amro holding nv dutch bank 97 . 5
lincoln national corp . u . s . insurer 95
deutsche bank ag german bank < 90
reliant resources inc . u . s . energy company 80
dynegy inc . u . s . energy company 75
bear stearns & co . u . s . securities company 69
metlife inc . u . s . insurer 62 . 6
mirant corp . u . s . energy company 60
aquila inc . unit of u . s . - based utilicorp < 50
american electric power co . u . s . energy company 50
el paso corp . u . s . energy company 50
commerzbank german bank < 45
centrica plc u . k . energy company 43
exelon corp . u . s . energy company < 20
energen corp . u . s . energy company 18 . 3
sempra energy u . s . energy company < 15
dominion resources inc . u . s . energy company 11
nrg energy inc . u . s . energy company 10
rwe ag german energy company < 8 . 9
peoples energy corp . u . s . energy company 8 . 0
st . mary land & exploration u . s . energy company 4 . 17
keyspan corp . u . s . energy company < 4 . 0
houston exploration co . u . s . energy company 3 . 9
western gas resources inc . u . s . energy company 2 . 6
fpl group inc . u . s . energy company < 2 . 0
xl capital ltd . bermudan insurer ` ` limited ' '
< is ` ` less than ' '
* t
dynegy says pipeline option not dependent on enron ( update 8 )
2001 - 11 - 30 16 : 06 ( new york )
dynegy says pipeline option not dependent on enron ( update 8 )
( updates with closing share prices in 12 th paragraph . )
houston , nov . 30 ( bloomberg ) - - dynegy inc . said it plans to
take over enron corp . ' s northern natural gas co . pipeline unit on
dec . 12 , even if enron seeks chapter 11 bankruptcy protection or
challenges dynegy ' s decision to call off their merger .
dynegy invested $ 1 . 5 billion in enron as part of the merger
agreement , giving it preferred stock in northern natural and the
right to buy the business for about $ 23 million . dynegy backed out
of the $ 23 billion buyout of enron on wednesday and said it would
exercise the right to acquire the 16 , 500 - mile pipeline .
enron said it ' s reviewing options for northern natural , which
analysts estimate is worth $ 2 . 7 billion . enron likely will go to
court to argue that dynegy didn ' t have the right to end the
merger , so it shouldn ' t get the pipeline , new york bankruptcy
lawyer robert christmas said . enron needs collateral for loans to
stay in business .
` ` this whole thing is going to be in the courts , regardless
of whether dynegy wants this asset , ' ' said kathleen vuchetich , who
helps manage $ 1 . 4 billion in assets , 4 . 2 percent of them dynegy
shares , in the strong american utilities fund . ` ` dynegy may as
well be fighting for something worthwhile . ' '
j . p . morgan chase & co . and citigroup inc . ' s salomon smith
barney inc . may join the dispute . enron pledged assets of northern
natural and the transwestern pipeline as collateral for $ 1 billion
in loans from the banks this month . the banks may not back enron ' s
claim , as they are more likely to be repaid by dynegy , said
fahnestock & co . analyst fadel gheit .
` ` i expect to see enron , j . p . morgan , citibank and dynegy all
in court fighting over who owns the pipeline , ' ' said jon kyle
cartwright , a fixed - income senior analyst at raymond james &
associates . ` ` at this point we put our chips on dynegy . we suspect
they had the time and expertise to perfect their purchase . ' '
biggest pipeline
dynegy will assume $ 950 million of northern natural debt with
the purchase . enron can buy the pipeline back if it pays dynegy
$ 1 . 5 billion , plus interest , within six months of the nov . 9
merger agreement date , dynegy chairman chuck watson said today in
an interview .
` ` i ' d rather have the pipe than the $ 1 . 5 billion , but they
absolutely have the right to do that , ' ' watson said . ` ` that was
the deal from day one . ' '
northern natural , the biggest of enron ' s four gas pipelines ,
stretches from the permian basin in texas to the great lakes .
dynegy ' s right to buy it ` ` is not dependent on enron ' s agreement
to our right to terminate the merger , ' ' dynegy chief financial
officer rob doty said today in a statement .
after dynegy canceled the buyout , enron said in a statement
it was reviewing dynegy ' s claim to the pipeline . enron has
suffered from a crisis of credibility , integrity and leadership
for months , watson said . questioning the pipeline agreement ` ` is
not helping , ' ' he said .
` ` i find it out of balance that ( enron is ) questioning
this , ' ' watson said . ` ` to throw this out in the press that this
might be challenged is irresponsible and disingenuous . ' '
shares of enron fell 11 cents to 25 cents . they have fallen
99 percent since mid - october . dynegy fell $ 3 . 30 , or 9 . 8 percent ,
to $ 30 . 35 . both companies are based in houston .
enron ' s 6 . 4 percent notes maturing in 2006 fell as much as 4
cents to 17 cents on the dollar today , traders said .
few assets
enron , which got its start as a natural - gas pipeline company ,
was transformed in the past decade into the biggest competitor in
the business of trading energy . as part of the company ' s strategy ,
it shifted its focus from adding assets such as pipelines and
power plants to developing markets for commodities . as a result ,
enron has few assets it can use as collateral for loans .
enron has been unable to raise enough cash to ensure it can
pay debts and is having trouble financing daily operations .
dynegy ' s decision to back out of the acquisition left enron on the
brink of bankruptcy .
northern natural can ' t take any action , including filing for
bankruptcy , without the consent of dynegy as a preferred
stockholder , dynegy said in the statement .
` ` from what i understand , dynegy has as strong a legal claim
to the pipeline as they can have , ' ' said commerzbank securities
analyst andre meade . ` ` they structured the deal in a way , with
bankruptcy as a likely scenario , to have good legal standing . ' '
meade rates enron ` ` sell ' ' and dynegy ` ` buy ' ' and doesn ' t own
shares of either company . he values northern natural gas at
$ 2 . 7 billion , more than the $ 2 . 47 billion that dynegy is paying ,
including debt .
` ` dynegy paid fair market value ( for the pipeline ) , and they
have the law and the facts on their side , ' ' said john olson ,
research director for sanders , morris , harris group inc . , a
houston financial - services firm .
watson said yesterday he hopes that northern natural
employees won ' t quit after the takeover . the unit has 1 , 100
employees .
` ` dynegy has contacted enron to begin a transition of the
pipeline ' s management and expect enron ' s full cooperation , ' ' doty
said .
enron bankruptcy case would take years to resolve ( update 2 )
2001 - 11 - 30 16 : 20 ( new york )
enron bankruptcy case would take years to resolve ( update 2 )
( updates enron shares in 12 th paragraph . )
houston , nov . 30 ( bloomberg ) - - enron corp . is likely to face
a maze of lawsuits that would complicate a bankruptcy filing and
take years to resolve , experts say .
with dynegy inc . having withdrawn a proposed $ 23 billion
takeover offer , enron is weighing what would be the largest
bankruptcy in history and may go to court within a week . enron
shareholders , employees and business partners are lining up to sue
the houston - based company after its shares lost $ 26 billion in
value since mid - october .
enron restated $ 586 million in earnings because of accounting
irregularities , and there are potential conflicts of interest
among some of the company ' s executives . the u . s . securities and
exchange commission is investigating the company , and that
wouldn ' t be affected by a bankruptcy filing .
` ` there are so many legal tentacles to this thing it ' s
scary , ' ' said chuck tatelbaum , former vice president for research
at the american bankruptcy institute . ` ` we could be talking about
a six - year bankruptcy case here . ' '
lawsuits seeking damages from a company under chapter 11 are
pulled into the bankruptcy case and judgments or settlements are
converted into bankruptcy claims .
fraud claims
among the suits likely to be included in a bankruptcy case
are claims by shareholders that the company misled investors about
its financial health . another category would be allegations that
enron executives improperly prevented workers from moving 401 ( k )
investments out of the company ' s stock .
enron probably would face accusations it broke energy trading
contracts . the agreements , known as derivatives , were used as
insurance against price swings in the energy market . with the
company poised to file for chapter 11 , it is expected to miss
payments under the contracts .
there ' s also the developing battle between enron and dynegy
over the failed buyout bid that might end up in bankruptcy court .
that might lead a bankruptcy judge to take a look at the
recent court case involving tyson foods inc . and ibp inc . , a beef
producer . a judge in delaware ordered tyson to complete its buyout
of ibp after their proposed combination collapse . tyson , like
dynegy , had said it wasn ' t fully informed about ibp ' s financial
problems when it negotiated to acquire the beef producer .
dynegy said today it plans to take over enron ' s northern
natural gas co . pipeline unit next month . dynegy said it ' s
entitled to the pipeline under the terms of its nov . 9 merger
agreement that gave it $ 1 . 5 billion in preferred stock in northern
natural gas .
enron could sue as part of the bankruptcy case to stop dynegy
from walking away from the buyout and claiming ownership to the
pipeline .
enron shares fell 10 cents to 26 cents . they have lost 99
percent of their value in the last seven weeks .
complications
any chapter 11 cases would be ` ` inordinately complicated , ' '
said lynn lopucki , a law professor at the university of california
at los angeles .
the largest bankruptcy on record is texaco ' s $ 35 . 9 billion
filing in 1987 . enron lists $ 61 billion in assets .
other big companies , like w . r . grace & co . and sgl carbon
inc . , used bankruptcy filings to manage lawsuits , said ken
eckstein , a new york attorney who handles bankruptcy litigation .
w . r . grace , a financially healthy chemical maker , filed for
chapter 11 protection in april to cope with asbestos - related
lawsuits . sgl carbon is the u . s . unit of a german company with a
market value of more than $ 1 . 2 billion that makes products used in
steel production . sgl filed bankruptcy papers in 1999 to dispose
of customers ' suits over price - fixing claims .
what sets enron apart are the questions about its financial
viability , eckstein said . he represented customers suing sgl as
part of the bankruptcy case .
` ` here , you have a fundamentally broken company , ' ' eckstein
said . ` ` it may never emerge from bankruptcy . ' '
that makes it tougher to gauge how much other creditors
might recover , he said .
` makes me mad '
enron investors aren ' t optimistic about the future of the
company ' s shares .
` ` i took at least a 60 percent hit on them , ' ' said jim
anders , a columbia , south carolina , lawyer who has sold shares .
` ` it really makes me mad . i ' d like to get my hands on some of
those executives who were doing the insider deals . that really
shook people ' s confidence in the company . ' '
enron ' s fall was accelerated by questions about some
partnerships the company used to move assets and debt off the
company ' s books . many investors had complained enron ' s financial
reports hid the significance of the partnerships .
enron ' s former chief financial officer andrew fastow led some
of the partnerships and earned more than $ 30 million through their
dealings with enron , the company disclosed . fastow and other
executives later were fired over their connection to the
partnerships .
anders acknowledged that bankruptcy law puts shareholders and
litigants at the back of the repayment line .
` ` i know we ' ve had it and aren ' t going to get squat back , ' '
anders said . ` ` the company led us to believe enron was as solid as
ge or one of the big banks . now the bank is busted . ' '
chairman says dynegy ' s right to enron pipeline indisputable
2001 - 11 - 30 16 : 21 ( new york )
chairman says dynegy ' s right to enron pipeline indisputable
houston , nov . 30 , ( bloomberg ) - - enron corp . negotiated an
agreement that gives dynegy inc . the right to take over the
northern natural gas co . pipeline , and arguments to the contrary
are ` ` irresponsible ' ' and ` ` disingenuous , ' ' dynegy inc . chairman
chuck watson said .
on nov . 9 , dynegy announced it would buy enron in a
transaction valued at about $ 23 billion in stock and assumed debt .
that buyout collapsed wednesday after enron failed to get
financing to run daily operations , its stock price plunged and
credit rating companies lowered its debt below junk , triggering
$ 3 . 9 billion in debt payments .
as part of the buyout , chevrontexaco corp . , owner of 26
percent of dynegy , gave enron $ 1 . 5 billion in return for the right
to take over the 16 , 500 - mile line even if the merger collapsed ,
watson said . watson said someone is telling reporters that enron
might challenge the takeover of the pipeline . enron doesn ' t have a
case , watson said .
` ` chevrontexaco is not going to give dynegy ( $ 1 . 5 billion )
which they know dynegy is going to give to enron - - a company that
has lost $ 90 billion in net worth - - without a pretty damn good
assurance that dynegy can get the pipeline or the money back , ' '
watson said .
enron said it ' s reviewing options for northern natural gas ,
which analysts estimate is worth $ 2 . 7 billion . enron likely will
go to court to argue that dynegy didn ' t have the right to end the
merger , so it shouldn ' t get the pipeline , new york bankruptcy
lawyer robert christmas said . enron needs collateral for loans to
stay in business .
` ` this whole thing is going to be in the courts , regardless
of whether dynegy wants this asset , ' ' said kathleen vuchetich , who
helps manage $ 1 . 4 billion in assets , 4 . 2 percent of them dynegy
shares , in the strong american utilities fund .
dynegy has notified enron by letter that it plans to go
forward , and he plans to take possession by dec . 19 , watson said .
enron has the right to buy back the pipelines if it gives dynegy
$ 1 . 5 billion plus interest in the next six months , he said .
` ` if the banks want to keep the pipe because they need
collateral to loan enron money , then do it , ' ' watson said . ` ` but
don ' t go out in the press and make it look like a big fight . tell
me what you want to do . ' '
watson said he would prefer to keep the pipeline system
rather than get the $ 1 . 5 billion back .
enron has suffered from a crisis of credibility , integrity
and leadership for months . ` ` this is not helping , ' ' he said .
dynegy shares fell $ 3 . 30 to $ 30 . 35 . enron shares fell 10
cents to 26 cents .
williams has withdrawn pipeline capacity from enron ( updatel )
2001 - 11 - 30 16 : 54 ( new york )
williams has withdrawn pipeline capacity from enron ( updatel )
( updates with closing share prices in fifth paragraph . )
tulsa , oklahoma , nov . 30 ( bloomberg ) - - williams cos . , the
second - biggest u . s . natural - gas pipeline owner , won ' t let cash -
strapped enron corp . use its lines because of credit concerns ,
williams spokesman jim gipson said .
other gas shippers have taken enron ' s share of capacity on
williams ' s 27 , 000 - mile network , gipson said . he said he hadn ' t
heard of interruptions of supplies to customers .
williams competes with houston - based enron in energy trading .
the tulsa , oklahoma - based company continues limited business with
enron to reduce the amount of money owed by enron to williams , he
said .
enron ' s potential debt to williams is less than $ 100 million ,
williams said yesterday . williams negotiated with enron , the
biggest energy trader , for several weeks on reducing that amount ,
gipson said .
shares of williams fell 28 cents to $ 26 . 72 . enron shares fell
10 cents to 26 cents . they fell 85 percent wednesday after dynegy
inc . abandoned a takeover offer for enron after standard & poor ' s
corp . cut enron ' s debt rating to junk status .
williams ' s third - quarter net income rose 83 percent to
$ 221 . 3 million as trading profit more than doubled .
el paso corp . is the biggest u . s . pipeline company .
new jersey has limited exposure to enron decline , treasury says
2001 - 11 - 30 17 : 06 ( new york )
new jersey has limited exposure to enron decline , treasury says
trenton , new jersey , nov . 30 ( bloomberg ) - - the new jersey
pension fund , which covers 665 , 750 state and local government
workers and retirees , holds 2 . 65 million shares of collapsed
energy - trader enron corp . , a fraction of the state ' s total
investment portfolio , the treasury department said .
` ` the state has $ 70 billion in investments , ' ' said francis
rapa , spokesman for new jersey ' s treasury . the state paid an
average of $ 23 a share for its enron stake between june 1994 and
august 2001 , which translates into an investment of about $ 61
million in total . enron shares fell 10 cents to 26 cents today .
` ` that investment represents less than 1 / 10 of 1 percent of
our investment portfolio , ' ' rapa said . the state holds no enron
bonds , he said .
rapa said it ' s too early to tell if the state or localities
within the state would have to increase their pension
contributions because of the decline in enron shares but said
it ' s ` ` highly unlikely ' ' because of the size of the investment .
wall street firms , pension funds face enron losses ( update 6 )
2001 - 11 - 30 17 : 07 ( new york )
wall street firms , pension funds face enron losses ( update 6 )
( adds aegon exposure in ninth paragraph . )
new york , nov . 30 ( bloomberg ) - - wall street financial firms ,
banks in europe and asia , and pension funds from california to new
york stand to lose billions of dollars from the collapse of energy
trader enron corp .
` ` this is having a ripple effect across the world , ' ' said
robert penaloza , a fund manager at aberdeen asset management asia
in singapore .
analysts estimate companies that lent money to enron - - from
abn amro holding nv , the largest dutch bank , to national australia
bank ltd . - - may lose more than $ 5 billion . lenders , trying to
reassure clients and investors by disclosing how much they have at
stake have already revealed $ 3 billion in losses . investment
bankers such as citigroup inc . and j . p . morgan chase & co . are
working to line up financing for enron to operate under bankruptcy
protection .
the houston company ' s demise is also a blow to the mutual and
pension funds that invested in it , tripling the stock price in
1999 and 2000 . the shares , which started this year at more than
$ 83 . 13 , fell 6 cents to 30 cents today . enron had $ 15 billion of
debt and less than $ 2 billion of cash as of last week .
bear stearns cos . , the sixth - biggest u . s . securities firm by
capital , said its exposure to enron is $ 69 million . energy
companies , including duke energy corp . and williams cos . , and
banks such as j . p . morgan chase and abbey national plc said they
are on the hook for a total of $ 1 . 4 billion .
abn amro said it may set aside 110 million euros ( $ 97 . 5
million ) to cover its loans to enron . britain ' s abbey national
said it ' s owed almost $ 135 million . national australia and other
australian lenders said exposure totals about $ 350 million .
france ' s credit lyonnais sa said it has $ 250 million in loans
outstanding .
ing to j . p . morgan
ing groep nv , the biggest dutch financial - services company ,
said it holds about $ 195 million of enron unsecured loans and
bonds . canadian imperial bank of commerce , the country ' s third -
biggest bank , said enron owes it $ 215 million , more than half in
unsecured loans , letters of credit and derivatives .
almost two dozen electricity and natural gas companies said
enron owed them about $ 700 million as of wednesday , when dynegy
inc . abandoned a plan to buy enron , depriving it of the cash
needed to avoid insolvency .
john hancock financial services inc . , xl capital ltd . and
other insurers may absorb total losses of more than $ 3 billion
from the collapse , analysts said . chubb corp . , the sixth - biggest
u . s . business insurer , said its pretax exposure is about $ 220
million . aegon nv , the no . 2 dutch insurer , said it is owed about
$ 300 million in loans .
abn amro is one of the lenders behind enron ' s $ 3 billion
indian power plant . enron owns 65 percent of the dabhol power co .
project outside of mumbai , the city formerly known as bombay . the
plant has been hampered by cost over - runs , penalty claims for
undelivered power , and conflicts with its only client , the
maharashtra state electricity board .
` ` should there be a need to provide ( for a loss ) , we will do
so in the fourth quarter of this year , ' ' said abn amro spokesman
martin winn .
australia to germany
national australia said it has a $ 200 million ( $ 104 million )
in secured and unsecured exposure . ` ` we had already factored in
provisions for this kind of event , and it is consistent with our
bad debt outlook for this year , ' ' said majella allen , a
spokeswoman .
australia & new zealand banking group ltd . , the fourth -
largest australian bank , said its direct exposure is $ 69 million
and it has a further $ 51 million of indirect exposure . the bank
said it will more aside for bad loans this fiscal year .
` ` their exposures are a little surprising , but then again
enron is such a huge organization and spans the globe so it deals
with syndicates of banks for its facilities , ' ' said bill
chatterton , head of equities at abn amro morgans ltd . , the 50
percent - owned private client arm of abn amro australia ltd .
in germany , dresdner bank ag , which is owned by allianz ag ,
said its exposure is less than $ 100 million , while hvb group ,
germany ' s no . 2 bank , has about $ 100 million . deutsche bank ag
said its losses may be in the ` ` double - digit ' ' millions of
dollars . commerzbank ag said their exposure amounts to ` ` double -
digit ' ' millions of euros .
u . s . banks have as much as $ 2 . 6 billion of exposure , said
judah kraushaar , bank analyst at merrill lynch & co . for citigroup
the biggest u . s . financial services company , it may have as much
as $ 1 billion .
j . p . morgan chase said it has $ 500 million of unsecured
exposure to the energy trader , and $ 400 million of loans with
pipelines as collateral .
` we lost money , ' ' said john waterman , chief investment
officer at rittenhouse financial services inc . , which sold all its
enron shares at the end of october . ` ` we ' re glad we got out when
we did . when we started selling it wasn ' t clear at all that things
would unravel in the way they did . ' '
the california public employees ' retirement system , or
calpers , the biggest u . s . public pension fund , held 3 million
shares as of wednesday of this week . the california state teachers
retirement fund owned about 2 million shares . the new york state
common retirement system said it lost as much as $ 60 million .
among energy companies that do business with enron , duke
energy and williams cos . said they may lose $ 100 million each if
enron is unable to pay them back .
energen corp . , an oil and natural - gas explorer and gas
distributor , said it has an $ 18 . 3 million exposure with the
company , and cut its 2002 earnings by 20 cents to 25 cents a
share .
* t
below is a list of some banks and their estimated exposure to
enron :
u . s . electricity firms $ 700 million
j . p . morgan chase $ 500 million
credit lyonnais $ 250 million
canadian imperial bank $ 215 million
ing groep $ 195 million
abbey national $ 164 million
australia & new zealand banking $ 120 million
national australia bank $ 104 million
dresdner bank less than $ 100 million
abn amro $ 97 . 5 million
deutsche bank less than $ 90 million
bear stearns $ 69 million commerzbank
less than $ 45 million
hvb group $ 100 million
new york state common retirement fund $ 50 - $ 60 million
chubb $ 220 million
energen 20 - 25 cents / shr
new york state common retirement fund $ 50 - $ 60 million
chubb $ 220 million
aegon $ 300 million
energen 20 - 25 cents / shr
* t
s & p says credit derivative exposure to enron totals $ 6 . 3 bln
2001 - 11 - 30 17 : 18 ( new york )
new york , nov . 30 ( bloomberg ) - - standard & poor ' s said
credit derivative transactions in which enron corp . may total
$ 6 . 3 billion .
the credit rating agency said it has reviewed credit
derivative transactions in which enron appears and found that
there are $ 3 . 3 billion in credit default swaps directly on enron
debt . another $ 3 billion of credit swaps exist in which a
subsidiary of enron is a counterparty , but the credit default
swaps is not on enron debt , according to nik kahkee , director of
s & p ' s structured finance derivatives group .
enron has more than $ 15 billion in debt and preferred stock
and about $ 4 billion in bank loans , of which $ 3 billion is
unsecured . swaps , options , and derivative risk aren ' t included in
those figures . banks and wall street dealers hold unsecured enron
loans and some sold credit default swaps , which provide insurance
to debt holders in case enron defaults .
enron ' s fall to spark legal wrangles over derivatives ( updatel )
2001 - 11 - 30 11 : 24 ( new york )
enron ' s fall to spark legal wrangles over derivatives ( updatel )
( rewrites 2 nd paragraph . )
london , nov . 30 ( bloomberg ) - - enron corp . ' s plunge toward
bankruptcy may spark legal wrangles over how to unravel the web of
derivatives contracts tied to the energy company .
enron is set to file for protection in the biggest chapter 11
reorganization ever . that ' s likely to mean the energy trader can ' t
pay on derivatives it sold as insurance against default by other
borrowers , as well as defaulting on its own debts and triggering
similar contracts bought by its creditors .
` ` if i traded with joe bloggs down the road , and enron owed
him a lot of money and he couldn ' t get it so he went into
bankruptcy , then he wouldn ' t fulfill his obligations under my
contract , ' ' said brian senior , head of trading at innogy holdings
plc , the u . k . ' s top electricity supplier . ` ` i don ' t think the
major risk is market liquidity , i think it ' s the domino effect . ' '
enron used derivatives - - financial instruments such as
futures and options whose value is based on other assets - - to
insure against price swings or take bets on a price ' s direction .
the houston - based company had revenue of $ 1 . 9 billion from
derivatives trading last year , more than double the $ 765 million
in 1999 , making it one of the largest traders , according to swaps
monitor publications inc .
by comparison , williams cos . , the no . 2 u . s . natural - gas
pipeline owner , had revenue of $ 1 . 29 billion on derivatives
trading in 2000 .
paul spraos , president of swaps monitor , a research company
that compiles trading figures , said enron only posts derivatives
statistics once a year so there are no figures for 2001 .
dynegy inc . abandoned its planned merger with enron on
wednesday , leaving it with more than $ 15 billion of debt and the
possibility of bankruptcy . as well as oil and gas futures , enron
trades derivatives based on such things as weather and information -
transmission capacity , known as bandwidth .
banned from trading
spraos estimates that as of sept . 30 , enron owed $ 18 . 7
billion on derivatives trades that went sour , though he said that
doesn ' t take into account the collateral enron probably posted to
back up the trades .
the european energy exchange today banned enron from trading
its products , while australian regulators barred the company ' s
finance unit , enron australia pty , from trading electricity
futures because its funding wasn ' t assured .
u . s . senate and house committees will investigate enron ' s
decline and consider new regulations for electricity and natural -
gas trading . the securities and exchange commission is also
examining the company .
enron had $ 201 billion worth of derivatives on oil , gas and
electricity at the end of last year , swaps monitor has reported .
that ' s measuring the notional amount , the face value of the
securities on which the derivatives are based .
` quantifying it '
` ` everyone will be looking at their exposure , whether they ' ve
got collateral , and quantifying it , ' ' said robert g . pickel , chief
executive officer of the international swaps and derivatives
association .
isda , a new york - based trade association representing more
than 550 companies that trade derivatives , designed the legal
contracts typically used in derivatives transactions . pickel said
those contracts are designed to address such situations .
` ` there are two potential issues relating to isda
documentation , as a result of the situation regarding enron , ' '
pickel said . the first involves companies that have entered
derivatives trades with enron using isda ' s standard contract ,
known as the master agreement . the second concerns banks that have
provided credit protection on enron in the form of a credit -
default swap , also using isda documents .
credit - default swaps work like insurance on a company ' s bonds
or loans . they pay out if there ' s a bankruptcy , default , debt
restructuring or similar occurrence , known as a credit event .
` ` if there ' s a bankruptcy filing there ' s no question it would
be a credit event , ' ' pickel said .
` can ' t tell '
enron ' s u . k . units are in administration , which has triggered
what lawyers define as a credit event , said simon firth , head of
the credit derivatives practice at linklaters & alliance , which is
acting for , the accountant for enron ' s
european arm .
` ` the documents are fairly robust , and we ' ve been through
issues before , ' ' firth said . he said that while ` ` each time the
documentation gets strengthened , you can ' t tell what happens until
you look at the individual cases . ' '
enron owes almost two dozen energy companies about $ 700
million . j . p . morgan , the bank that advised enron in the failed
merger with dynegy , said it was owed $ 500 million for unsecured
loans . canadian imperial bank of commerce was owed $ 215 million in
loans and credit derivatives .
in europe , abn amro may set aside $ 97 . 5 million to cover its
enron exposure . the energy company owes abbey national plc $ 164
million , and dresdner bank ag said its exposure is about $ 100
million .
` ` this one has left every head shaking , and people are
wondering how to organize by class of creditor and how to hire
counsel , ' ' said glenn reynolds , an analyst at creditsights inc . in
new york . ` ` lawyers are high - fiving . ' ' | 0 | ham | enron mentions - 11 / 30 / 01 | enron to fire 95 % of staff after bankruptcy filing , cnbc says
bloomberg , 11 / 30 / 01
enron says cnbc report of layoffs is incorrect ( updatel )
bloomberg , 11 / 30 / 01
andersen ' s enron audit prompts tighter ` peer review ' of quality
bloomberg , 11 / 30 / 01
enron ' s fall to spark legal wrangles over derivatives ( updatel )
bloomberg , 11 / 30 / 01
enron ' s legal woes to make bankruptcy case complex ,
bloomberg , 11 / 30 / 01
enron might raise $ 610 mln in brazil asset sale , analysts say
bloomberg , 11 / 30 / 01
bush spokesman fleischer comments on enron corp . ' s collapse
bloomberg , 11 / 30 / 01
enron ' s board was compromised by financial ties ( correct )
bloomberg , 11 / 30 / 01
enrononline resumes some commodity product trading ( updatel )
bloomberg , 11 / 30 / 01
agl resources ends services contract with enron ( updatel )
bloomberg , 11 / 30 / 01
arthur andersen ' s enron audit is under review by sec ( updatel )
bloomberg , 11 / 30 / 01
enron fires u . k . workers , plans bankruptcy soon ( updatel )
bloomberg , 11 / 30 / 01
enron creditors list potential losses from energy trader ' s fall
bloomberg , 11 / 30 / 01
dynegy says pipeline option not dependent on enron ( update 8 )
bloomberg , 11 / 30 / 01
enron bankruptcy case would take years to resolve ( update 2 )
bloomberg , 11 / 30 / 01
chairman says dynegy ' s right to enron pipeline indisputable
bloomberg , 11 / 30 / 01
williams has withdrawn pipeline capacity from enron ( updatel )
bloomberg , 11 / 30 / 01
new jersey has limited exposure to enron decline , treasury says
bloomberg , 11 / 30 / 01
wall street firms , pension funds face enron losses ( update 6 )
bloomberg , 11 / 30 / 01
s & p says credit derivative exposure to enron totals $ 6 . 3 bln
bloomberg , 11 / 30 / 01
enron ' s fall to spark legal wrangles over derivatives ( updatel )
bloomberg , 11 / 30 / 01
enron to fire 95 % of staff after bankruptcy filing , cnbc says
2001 - 11 - 30 17 : 40 ( new york )
houston , nov . 30 ( bloomberg ) - - enron corp . will file for
bankruptcy monday or tuesday and fire 95 percent of its staff ,
financial news network cnbc reported , citing an unnamed employee .
the employee said a vice president told his workers that
enron would take the steps next week and give the employees two
weeks of severance pay for every year of service at the company ,
cnbc said .
enron says cnbc report of layoffs is incorrect ( updatel )
2001 - 11 - 30 17 : 59 ( new york )
( adds in third paragraph that enron says cnbc report is
false . )
houston , nov . 30 ( bloomberg ) - - enron corp . will file for
bankruptcy monday or tuesday and fire 95 percent of its staff ,
financial news network cnbc reported , citing an unnamed employee .
the employee said a vice president told his workers that
enron would take the steps next week and give the employees two
weeks of severance pay for every year of service at the company ,
cnbc said .
enron will not fire 95 percent of its workforce and has made
no announcement to workers on layoffs , company spokesman vance
meyer said . no decision has been made on whether the company will
make a bankruptcy filing , meyer said .
andersen ' s enron audit prompts tighter ` peer review ' of quality
2001 - 11 - 30 17 : 27 ( new york )
andersen ' s enron audit prompts tighter ` peer review ' of quality
washington , nov . 30 ( bloomberg ) - - enron corp . ' s accounting
firm , arthur andersen llp , will undergo tougher scrutiny in the
` ` peer review ' ' process in which u . s . audit firms police one
another ' s quality - control standards .
andersen , the fifth - largest accounting firm , said it asked
its peer reviewer , deloitte & touche llp , for the additional
scrutiny in light of financial reporting issues at enron ,
according to an andersen press release . deloitte & touche had
independently determined that it wanted to conduct additional
procedures , the release said .
` ` in light of recent developments , we believe that extending
the peer review to include work done in other offices , including
houston , and other procedures that deloitte & touche deems
appropriate and necessary is the right thing to do , ' ' andersen
chief executive joseph berardino said in the release .
the peer review is due on dec . 31 . andersen ' s last review by
deloitte & touche , the third - largest accounting and consulting
firm , was in 1998 . the review did not report any significant
problems .
the sec is examining whether andersen acted properly in
audits of energy provider enron , which is also under investigation
by the sec . andersen has acknowledged that the sec has subpoenaed
documents related to houston - based enron , which is on the brink of
bankruptcy after saying it had overstated earnings .
andersen ' s announcement comes as the public oversight board ,
an accounting industry oversight group , plans to look at the
adequacy of the peer review system amid concerns about the failed
enron audits . the system calls for audit firms to periodically
submit their reports on public companies for examination by other
accounting firms , in an effort to assure investors the firm ' s
methods comply with professional standards .
enron , the largest energy trader , this month said it
overstated earnings by $ 586 million over four - and - a - half years ,
inflated shareholder equity by $ 1 . 2 billion because of an
accounting error , and failed to consolidate results of three
affiliated partnerships into its balance sheet .
andersen was enron ' s outside auditor for more than a decade ,
assuring investors that the company ' s financial statements
conformed with generally accepted accounting principles
u . s . representative john dingell , a michigan democrat ,
questioned the peer review process recently in a letter to the
public oversight board . none of the five biggest international
accounting firms has ever issued a negative peer - review report
against another , dingell said . the so - called big five also include
llc , kpmg llp , and ernst & young lp .
` ` there appears to be little reason for the public to have
faith in andersen or the peer review process , ' ' dingell wrote .
andersen responded that it has faith in the accounting
profession ' s self - regulatory process , which the pob oversees .
a spokeswoman at deloitte & touche didn ' t return a telephone
call seeking comment .
enron ' s fall to spark legal wrangles over derivatives ( updatel )
2001 - 11 - 30 11 : 24 ( new york )
enron ' s fall to spark legal wrangles over derivatives ( updatel )
( rewrites 2 nd paragraph . )
london , nov . 30 ( bloomberg ) - - enron corp . ' s plunge toward
bankruptcy may spark legal wrangles over how to unravel the web of
derivatives contracts tied to the energy company .
enron is set to file for protection in the biggest chapter 11
reorganization ever . that ' s likely to mean the energy trader can ' t
pay on derivatives it sold as insurance against default by other
borrowers , as well as defaulting on its own debts and triggering
similar contracts bought by its creditors .
` ` if i traded with joe bloggs down the road , and enron owed
him a lot of money and he couldn ' t get it so he went into
bankruptcy , then he wouldn ' t fulfill his obligations under my
contract , ' ' said brian senior , head of trading at innogy holdings
plc , the u . k . ' s top electricity supplier . ` ` i don ' t think the
major risk is market liquidity , i think it ' s the domino effect . ' '
enron used derivatives - - financial instruments such as
futures and options whose value is based on other assets - - to
insure against price swings or take bets on a price ' s direction .
the houston - based company had revenue of $ 1 . 9 billion from
derivatives trading last year , more than double the $ 765 million
in 1999 , making it one of the largest traders , according to swaps
monitor publications inc .
by comparison , williams cos . , the no . 2 u . s . natural - gas
pipeline owner , had revenue of $ 1 . 29 billion on derivatives
trading in 2000 .
paul spraos , president of swaps monitor , a research company
that compiles trading figures , said enron only posts derivatives
statistics once a year so there are no figures for 2001 .
dynegy inc . abandoned its planned merger with enron on
wednesday , leaving it with more than $ 15 billion of debt and the
possibility of bankruptcy . as well as oil and gas futures , enron
trades derivatives based on such things as weather and information -
transmission capacity , known as bandwidth .
banned from trading
spraos estimates that as of sept . 30 , enron owed $ 18 . 7
billion on derivatives trades that went sour , though he said that
doesn ' t take into account the collateral enron probably posted to
back up the trades .
the european energy exchange today banned enron from trading
its products , while australian regulators barred the company ' s
finance unit , enron australia pty , from trading electricity
futures because its funding wasn ' t assured .
u . s . senate and house committees will investigate enron ' s
decline and consider new regulations for electricity and natural -
gas trading . the securities and exchange commission is also
examining the company .
enron had $ 201 billion worth of derivatives on oil , gas and
electricity at the end of last year , swaps monitor has reported .
that ' s measuring the notional amount , the face value of the
securities on which the derivatives are based .
` quantifying it '
` ` everyone will be looking at their exposure , whether they ' ve
got collateral , and quantifying it , ' ' said robert g . pickel , chief
executive officer of the international swaps and derivatives
association .
isda , a new york - based trade association representing more
than 550 companies that trade derivatives , designed the legal
contracts typically used in derivatives transactions . pickel said
those contracts are designed to address such situations .
` ` there are two potential issues relating to isda
documentation , as a result of the situation regarding enron , ' '
pickel said . the first involves companies that have entered
derivatives trades with enron using isda ' s standard contract ,
known as the master agreement . the second concerns banks that have
provided credit protection on enron in the form of a credit -
default swap , also using isda documents .
credit - default swaps work like insurance on a company ' s bonds
or loans . they pay out if there ' s a bankruptcy , default , debt
restructuring or similar occurrence , known as a credit event .
` ` if there ' s a bankruptcy filing there ' s no question it would
be a credit event , ' ' pickel said .
` can ' t tell '
enron ' s u . k . units are in administration , which has triggered
what lawyers define as a credit event , said simon firth , head of
the credit derivatives practice at linklaters & alliance , which is
acting for , the accountant for enron ' s
european arm .
` ` the documents are fairly robust , and we ' ve been through
issues before , ' ' firth said . he said that while ` ` each time the
documentation gets strengthened , you can ' t tell what happens until
you look at the individual cases . ' '
enron owes almost two dozen energy companies about $ 700
million . j . p . morgan , the bank that advised enron in the failed
merger with dynegy , said it was owed $ 500 million for unsecured
loans . canadian imperial bank of commerce was owed $ 215 million in
loans and credit derivatives .
in europe , abn amro may set aside $ 97 . 5 million to cover its
enron exposure . the energy company owes abbey national plc $ 164
million , and dresdner bank ag said its exposure is about $ 100
million .
` ` this one has left every head shaking , and people are
wondering how to organize by class of creditor and how to hire
counsel , ' ' said glenn reynolds , an analyst at creditsights inc . in
new york . ` ` lawyers are high - fiving . ' '
enron ' s legal woes to make bankruptcy case complex ,
2001 - 11 - 30 12 : 41 ( new york )
enron ' s legal woes to make bankruptcy case complex ,
houston , nov . 30 ( bloomberg ) - - enron corp . ' s legal problems ,
one reason for the collapse of the world ' s largest energy trader ,
would add to the complexity of a bankruptcy filing and might take
years to resolve , experts say .
with dynegy inc . having withdrawn a proposed $ 23 billion
takeover offer , enron is weighing what would be the largest
bankruptcy in history and may go to court within a week . enron
shareholders , employees and business partners are lining up to sue
the houston - based company after its shares lost $ 26 billion in
value since mid - october .
enron restated $ 586 million in earnings because of accounting
irregularities , and questions surfaced about conflicts of interest
among some of the company ' s executives . the u . s . securities and
exchange commission is investigating the company , and that
wouldn ' t be affected by a bankruptcy filing .
` ` there are so many legal tentacles to this thing it ' s
scary , ' ' said chuck tatelbaum , former vice president for research
at the american bankruptcy institute . ` ` we could be talking about
a six - year bankruptcy case here . ' '
lawsuits seeking damages from a company under chapter 11 are
pulled into the bankruptcy case and judgments or settlements are
converted into bankruptcy claims .
fraud claims
among the suits likely to be included in a bankruptcy case
are claims by shareholders that the company misled investors about
its financial health . another category would be allegations that
enron executives improperly prevented workers from moving 401 ( k )
investments out of the company ' s stock .
enron probably would face accusations it broke energy trading
contracts . the agreements , known as derivatives , were used as
insurance against price swings in the energy market . with the
company poised to file for chapter 11 , it is expected to miss
payments under the contracts .
there ' s also the developing battle between enron and dynegy
over the failed buyout bid that might end up in bankruptcy court .
that might lead a bankruptcy judge to take a look at the
recent court case involving tyson foods inc . and ibp inc . , a beef
producer . a judge in delaware ordered tyson to complete its buyout
of ibp after their proposed combination collapse . tyson , like
dynegy , had said it wasn ' t fully informed about ibp ' s financial
problems when it negotiated to acquire the beef producer .
dynegy said today it plans to take over enron ' s northern
natural gas co . pipeline unit next month . dynegy said it ' s
entitled to the pipeline under the terms of its nov . 9 merger
agreement that gave it $ 1 . 5 billion in preferred stock in northern
natural gas .
enron could sue as part of the bankruptcy case to stop dynegy
from walking away from the buyout and claiming ownership to the
pipeline .
complications
any chapter 11 cases would be ` ` inordinately complicated , ' '
said lynn lopucki , a law professor at the university of california
at los angeles .
the largest bankruptcy on record is texaco ' s $ 35 . 9 billion
filing in 1987 . enron lists $ 61 billion in assets .
other big companies , like w . r . grace & co . and sgl carbon
inc . , used bankruptcy filings to manage lawsuits , said ken
eckstein , a new york attorney who handles bankruptcy litigation .
w . r . grace , a financially healthy chemical maker , filed for
chapter 11 protection in april to cope with asbestos - related
lawsuits . sgl carbon is the u . s . unit of a german company with a
market value of more than $ 1 . 2 billion that makes products used in
steel production . sgl filed bankruptcy papers in 1999 to dispose
of customers ' suits over price - fixing claims .
what sets enron apart are the questions about its financial
viability , eckstein said . he represented customers suing sgl as
part of the bankruptcy case .
` ` here , you have a fundamentally broken company , ' ' eckstein
said . ` ` it may never emerge from bankruptcy . ' '
that makes it tougher to gauge how much other creditors
might recover , he said .
` makes me mad '
enron investors aren ' t optimistic about the future of the
company ' s shares .
` ` i took at least a 60 percent hit on them , ' ' said jim
anders , a columbia , south carolina , lawyer who has sold shares .
` ` it really makes me mad . i ' d like to get my hands on some of
those executives who were doing the insider deals . that really
shook people ' s confidence in the company . ' '
enron ' s fall was accelerated by questions about some
partnerships the company used to move assets and debt off the
company ' s books . many investors had complained enron ' s financial
reports hid the significance of the partnerships .
enron ' s former chief financial officer andrew fastow led some
of the partnerships and earned more than $ 30 million through their
dealings with enron , the company disclosed . fastow and other
executives later were fired over their connection to the
partnerships .
anders acknowledged that bankruptcy law puts shareholders and
litigants at the back of the repayment line .
` ` i know we ' ve had it and aren ' t going to get squat back , ' '
anders said . ` ` the company led us to believe enron was as solid as
ge or one of the big banks . now the bank is busted . ' '
enron might raise $ 610 mln in brazil asset sale , analysts say
2001 - 11 - 30 13 : 24 ( new york )
enron might raise $ 610 mln in brazil asset sale , analysts say
sao paulo , nov . 30 ( bloomberg ) - - enron corp . may be able to
raise as much as $ 610 million from the sale of assets in brazil ,
including two power plants and stakes in two gas distributors ,
analysts and investors said .
the u . s . energy trader , which is on the brink of bankruptcy ,
also might reduce the $ 700 million price tag on its 99 percent
stake in power distributor elektro - eletricidade e servicos sa that
it has tried to sell for more than a year , analysts said .
` ` they would sell those assets to make a quick buck , ' ' said
marcos severine , a power utility analyst at sudameris corretora .
about 56 percent of enron ' s $ 6 . 5 billion of overseas assets
were in south america , most in brazil , as of june 30 . enron said
it currently plans no change to its operations in the country .
the u . s . company is expected to file for bankruptcy
protection in the biggest chapter 11 reorganization in history ,
which may force the company to sell assets to pay about $ 15
billion of debt . dynegy inc . this week abandoned its proposed
merger with enron . enron , which had less than $ 2 billion of cash
as of last week , has more than $ 61 billion in assets .
enron may fetch as much as $ 190 million from the sale of
eletrobolt , a 380 - megawatt power plant , and $ 220 million from
riogen , another power plant , severine said . both are based in rio
de janeiro .
gas companies
enron also may be able to raise $ 200 million from the sale of
stakes in two natural gas distributors , said a spokesman for
petros , the employee pension fund of petroleo brasileiro , which is
bidding for one of the companies . brazilian energy regulators
already have approved the sale , though it still requires backing
from antitrust regulators .
if enron tries again to sell elektro , it may be required to
offer the company to the federal government at a discount or to
another private company , analysts said . the country ' s regulations
aren ' t clear , they said .
regulatory approval may delay any sale of assets in brazil .
in addition , price controls in brazil ' s power industry will limit
the amount of money enron will be able to raise from the sales ,
analysts said .
investors are demanding lower prices for power companies in
brazil after electricity rationing and price controls over the
past two years cut earnings of power distributors and generators ,
analysts said . elektro has posted losses for six quarters .
venezuela , mexico
a bankruptcy filing by enron would probably result in the
cancellation of its investment plans in venezuela , latin
america ' s largest oil and natural gas producer , analysts said .
enron had been slated to invest three - quarters of the $ 700
million needed to build a liquid natural gas processing plant with
state oil company petroleos de venezuela sa .
pdvsa officials declined to comment on whether the plant ,
which would cool natural gas until it liquefies , would go on with
a new partner .
enron , which also owns a small venezuelan power company ,
pulled out of exploration in 2000 from an offshore block in the
gulf of paria between venezuela and trinidad and tobago .
enron also has smaller investments in mexico , argentina and
colombia . enron holds 20 percent of a joint venture building a
$ 189 million power plant in monterrey , mexico .
tractebel sa took an 80 percent share in the project in
november .
colombia
enron and promigas sa , a colombian natural gas pipeline
operator , each have a 50 percent stake in centrogas sa , a natural
gas pipeline that transports about 400 million cubic feet of gas a
day about 900 kilometers from the northern guajira peninsula to
barrancabermeja , the main oil refining city in central colombia .
the gas is produced at an offshore field operated by texaco .
officials at promigas weren ' t available for comment .
enron closed its administrative office in colombia about
three months ago , leaving an attorney to represent it in colombia .
enron ' s argentine assets include azurix buenos aires sa , a
natural gas and water utility , and shares in transportadora de gas
del sur sa .
perez companc , which owns shares in transportadora , is
prohibited by law from increasing its stake in the distribution
company .
` ` if the law is modified , then yes , we would consider it , ' '
said mario grandinetti , head of perez companc ' s institutional
relations . ` ` but there are also economic issues to consider . '
bush spokesman fleischer comments on enron corp . ' s collapse
2001 - 11 - 30 14 : 48 ( new york )
washington , nov . 30 ( bloomberg ) - - following are comments
from white house press secretary ari fleischer on the collapse of
enron corp . , which faces the biggest bankruptcy ever . the energy
committees in the senate and house have said they ' ll investigate
the collapse and consider new regulations for electricity and
natural - gas trading .
` ` the president understands that congress at all times should
exercise its proper oversight roles . that includes anything that ,
in a case like this , the senate sees fit , in terms of an
investigation into the collapse of a company . that ' s the purview
of the congress , ' ' fleischer said .
` ` as i indicated , the federal government , the administration ,
is already doing that . the department of treasury and other
entities are monitoring it . so i think we ' re all looking with the
same cause of concern . ' '
enron ' s board was compromised by financial ties ( correct )
2001 - 11 - 30 15 : 01 ( new york )
enron ' s board was compromised by financial ties ( correct )
( corrects percentage of natco group sales that went to enron
to 0 . 16 percent in 25 th paragraph , and adds that sales are within
council of institutional investors standards in 26 th paragraph . )
new york , nov . 29 ( bloomberg ) - - enron corp . plunged from the
largest energy trader to the verge of bankruptcy under a board of
directors whose independence was undercut by financial ties to
management , according to corporate governance experts .
enron gave seven of its 14 directors consulting contracts ,
sales to their business or donations to their non - profit
institutions , according to company and public records . the
recipients include three members of enron ' s audit committee , which
is responsible for financial oversight .
lord john wakeham , for example , a former leader of the
british house of commons , sits on the audit committee . enron gave
him a $ 72 , 000 - a - year consulting contract . john mendelsohn ,
president of the md anderson cancer center in houston , is also on
the audit committee . in the last five years , enron and its
chairman kenneth lay have donated $ 567 , 900 to the cancer center .
` ` to get on a board you have to be ` clubbable , ' but this
looks like collegiality turning to cronyism , ' ' said allan
cleveland , counsel to the new hampshire retirement system , an
enron shareholder .
enron , based in houston handled almost a quarter of all
natural gas and electricity trades . during the past seven weeks ,
its board has presided over a $ 26 billion drop in market value
that began after the company wrote down $ 1 . 2 billion in
shareholder equity and reported it had overstated earnings by $ 586
million since 1997 .
responsibility
as enron ' s shares fell , the company suffered a cash crunch .
it sought an infusion of capital and agreed to be acquired by
dynegy inc . , a houston - based rival . that plan collapsed yesterday
as investors balked at investing $ 1 . 5 billion , prompting dynegy to
withdraw its offer . enron shares today fell another 39 percent , or
24 cents , to 37 cents per share . the stock began the year trading
at $ 83 . 125 .
corporate boards are responsible for protecting shareholder
interests by reviewing the work of top executives . to accomplish
that , two - thirds of a board should be ` ` independent ' ' from
management , according to the council of institutional investors ,
which represents pension funds .
independence
the council defines an independent director as ` ` a person
whose directorship constitutes his or her only connection to the
corporation . ' '
` ` consulting contracts , donations to non - profit organizations
linked to directors , this eats away at independence , ' ' said ann
yergen , the council ' s director of research .
corporate governance standards established by the new york
and nasdaq stock exchanges say all audit committee members should
be independent .
enron board members , including wakeham and mendelsohn ,
declined repeated requests for interviews . vance meyer , a company
spokesman , said enron could not immediately respond to questions
regarding the board .
enron ' s board met nine times in 2000 , with each member
receiving annual compensation of $ 79 , 000 in cash and stock . every
member attended at least 75 percent of the meetings , except ronnie
chan , chief executive of the hang lung group , a hong kong
development business , according to company filings .
relationships
based on enron proxy statements and other documents , the
following relationships existed between enron and board members :
- - robert a . belfer , 65 , has been on the board since 1983 and
sits on the executive committee . he is enron ' s largest individual
shareholder , with 8 . 5 million shares , and is chairman and chief
executive of belco oil & gas corp . , which operates from an office
overlooking new york ' s central park . in 2000 , belco had $ 32
million in trade settlements and $ 1 million in option premiums
with enron trade resources corp . , an enron subsidiary .
- - john urquhart , 72 , a former general electric co .
executive , sat on the board until last may . he received an annual
consulting fee from enron of almost $ 200 , 000 a year as a special
adviser to the enron chairman .
- - mendelsohn , 64 , is a physician who was formerly head of
medicine at memorial sloan - kettering cancer center in new york . he
pioneered research in controlling cancer through the chemistry of
a tumor ' s growth and was on president george w . bush ' s short list
to head the national institutes of health . since 1996 , mendelsohn
has been president of the m . d . anderson cancer center , part of the
university of texas health system .
donations
mendelsohn joined enron ' s board in 1999 . enron has donated
$ 221 , 650 to the cancer center . lay and a foundation he established
with his wife , the linda and ken lay family foundation , have
donated $ 346 , 250 in the last five years . the enron foundation
pledged $ 1 . 5 million for a new clinic .
- - charles lemaistre , 77 , headed the anderson cancer center
for 18 years until retiring in 1996 . he has been an enron board
member for 16 years , is a member of the executive committee and
chairs the compensation committee . that panel awarded lay a $ 20
million - a - year severance package that he renounced two weeks ago .
- - wendy gramm , 56 , has held positions at the federal trade
commission and the u . s . office of management and budget and was
chairman of the u . s . commodity futures trading commission . she is
director of regulatory studies at the mercatus center of george
mason university in fairfax , virginia . she is married to phil
gramm , a u . s . republican senator from texas .
in the last three years , enron and the ken and linda lay
family foundation have donated more than $ 50 , 000 to the university
and the mercatus center , according to university records .
consulting fee
- - wakeham , 68 , a chartered accountant and self - made
millionaire , became a force in the government of former u . k . prime
minister margaret thatcher . he was known as her ` ` mr . fix - it . ' ' he
was the target of an irish republican army bomb in 1984 that
killed his wife and left him buried under rubble for seven hours .
enron pays wakeham $ 6 , 000 a month to advise the company on
european business .
- - herbert s . winokur jr . , 57 , is the managing partner of
capricorn investors lp , a holding company that owns natco group
inc . , a maker of oil and gas production equipment .
an enron board member since 1985 , winokur serves on the
executive committee , chairs the finance committee and was
appointed to a special committee created to look into how enron
was managed .
in 2000 , natco had $ 370 , 294 in sales to enron subsidiaries ,
0 . 16 percent of sales .
` ` business between companies linked to board members ought to
be discouraged , ' ' said yergen of the council of institutional
investors . still , natco ' s sales fall within the group ' s
recommended standards . ` ` we think that anything over 1 percent is
compromising , ' ' yergen said .
enron said in a proxy statement it believes the terms of the
sales were ` ` no less favorable than the terms of similar
arrangements with third parties . ' '
audit committee
enron ' s audit committee poses particular problems , according
to corporate governance experts . the committee is composed of
wakeham , mendelsohn , gramm , chan , robert jaedicke , a retired
stanford university business school dean , and paulo ferraz
pereira , a brazilian banker .
wakeham , gramm and mendelsohn are not independent , according
to corporate governance experts and standards .
` ` for the audit committee , you don ' t even want the appearance
of a conflict , ' ' said charles drott , a forensic accountant who has
testified as an expert witness in bankruptcy and business fraud
cases involving companies such as delorean motor co . and lincoln
savings & loan association .
the committee is spread across the globe , with wakeham in
london , ferraz in rio de janeiro and chan in hong kong .
` ` the question is why this committee ? ' ' drott asked . ` ` for a
big sophisticated company like enron , why did they choose these
people ? ' '
swift descent
enron ' s rapid decline - - standard & poor ' s corp . slashed its
credit rating eight levels this month to junk status - - centered
on its dealings with partnerships the company used to move assets
and debt off the company ' s books . many investors had complained
enron ' s financial reports obscured the partnerships ' businesses to
the point they were impossible to understand . enron ' s former chief
financial officer andrew fastow led some of the partnerships and
earned more than $ 30 million through their dealings with enron ,
the company disclosed .
enron documents filed with the u . s . securities and exchange
commission state that the board determined that fastow ' s
participation in the partnerships would ` ` not adversely affect the
interests of enron . ' ' the documents also say the board approved
all transactions involving partnerships that were brought to it by
lay and other enron executives .
` ` what went wrong at enron ? ' ' said patrick mcgurn , a vice
president at institutional investor services , which evaluates
board candidates for institutional investors . ` ` a lot of it goes
back to the board . ' '
enrononline resumes some commodity product trading ( updatel )
2001 - 11 - 30 15 : 58 ( new york )
enrononline resumes some commodity product trading ( updatel )
( updates with trader comment in fourth paragraph , today ' s
halt in enrononline system in sixth and seventh paragraphs ,
trading at other exchanges in 10 th and 11 th paragraphs . )
new york , nov . 30 ( bloomberg ) - - enron corp . resumed internet
trading in almost one - third of the commodity products it normally
offers , as buyers and sellers sought to unwind positions following
a shutdown of the web site wednesday .
enrononline offered 472 products today , including natural
gas , power , metals and forest products , compared with 65
yesterday , spokesman mark palmer said . the marketplace normally
offers about 1 , 600 products for which enron is a buyer or seller
in each transaction .
the web site , which used to handle about $ 2 . 8 billion a day
in trades , shut for several hours wednesday when dynegy inc .
pulled out of a planned merger with enron , which is now poised to
file for bankruptcy . trading with enron has plunged on concern
that the company wouldn ' t be able to meet its obligations .
` ` people are only making selective trades , unwinding their
positions ' ' with enron , said david chang , vice president of energy
trading at bank of america in new york . ` ` people are adding no new
net exposure . ' '
trading has shifted to other marketplaces such as the
intercontinental exchange , dynegy direct and the new york
mercantile exchange , traders said .
trading disrupted ?
users of the system reported that enrononline stopped
functioning at 2 p . m . for about 15 minutes today , shortly after
enron announced that it was dismissing 1 , 100 of its u . k .
employees . the companied denied service was interrupted .
enron still isn ' t offering its full spectrum of products ,
said kyle cooper , an analyst at salomon smith barney in houston .
enron recorded about 825 transactions on the system
yesterday , down from an average of about 5 , 000 a day , palmer said .
houston - based enron is the counter - party for every trade at
enrononline . some of its rivals , such as the intercontinental
exchange and the nymex , are intermediaries for transactions that
are backed by funds from clearinghouses or banks .
the nymex traded a record 79 , 701 natural gas options
contracts yesterday and a record 228 , 728 natural gas futures
contracts on wednesday . by 2 : 49 p . m . today , it had traded about
133 , 000 futures .
the intercontinental exchange inc . , an internet - based system
in atlanta , said trading activity so far this month was up 65
percent from october levels .
enrononline had accounted for about 60 percent of enron ' s
energy trading volume . it also trades commodities by telephone .
` ` traders we speak to are still working on their enron
exposure , doing what they can to minimize that , ' ' said justin
fohsz , an oil broker at starsupply petroleum inc . in englewood ,
new jersey . ` ` trading has taken a back seat for the past few days
and i don ' t think this is going to change any time soon . ' '
shares of enron were down 8 cents at 28 cents in late
trading , compared with $ 70 a year ago .
agl resources ends services contract with enron ( updatel )
2001 - 11 - 30 16 : 15 ( new york )
agl resources ends services contract with enron ( updatel )
( updates with agl comment in second paragraph , closing share
prices in fifth paragraph . )
atlanta , nov . 30 ( bloomberg ) - - agl resources inc . , which
owns natural - gas utilities in the southeastern u . s . , ended a
contract for energy services provided by cash - strapped enron corp .
to its virginia natural gas unit .
the two - year contract for gas , transmission and other
services began in december and was ended without penalties , agl
spokesman russ williams said . he said he didn ' t know the value of
the pact .
enron , facing the disintegration of its energy - trading
business and saddled with $ 15 billion in debt , probably will file
for bankruptcy , analysts say . rival dynegy inc . withdrew a buyout
bid wednesday after standard & poor ' s cut enron ' s debt rating to
junk status .
atlanta - based agl said its business exposure to enron was
` ` minimal , ' ' and the end of the contract eliminates the prospect
of losses tied to enron . agl has 1 . 8 million customers in georgia ,
southeast virginia and chattanooga , tennessee .
shares of enron , which reached $ 84 . 88 just 11 months ago ,
fell 10 cents to 26 cents . agl fell 57 cents to $ 21 . 43 .
arthur andersen ' s enron audit is under review by sec ( updatel )
2001 - 11 - 30 15 : 17 ( new york )
arthur andersen ' s enron audit is under review by sec ( updatel )
( adds sec no - comment in fifth paragraph , accounting board
review in 12 th paragraph . )
chicago , nov . 30 ( bloomberg ) - - the securities and exchange
commission is investigating whether arthur andersen llp acted
properly in audits of enron corp . , which already is being examined
by the sec , a person with knowledge of the probe said .
andersen , the fifth - largest accounting firm , acknowledged the
sec has subpoenaed documents related to audits of houston - based
enron , which is on the brink of bankruptcy after saying it had
overstated earnings for four and a half years .
` ` as is customary when the sec investigates a financial
reporting matter of a company we audit , they ' ve asked for our
cooperation , ' ' said david tabolt , an andersen partner and
spokesman . ` ` the sec is reviewing our work as part of their
process . ' ' enron shares have plummeted to 30 cents from a high of
$ 37 . 50 as recently as sept . 11 .
enron ' s collapse has focused government attention on the
company ' s bookkeeping practices and the audits by andersen , which
last june agreed to pay $ 7 million to settle sec charges it issued
false and misleading audit reports about trash - hauler waste
management inc . u . s . attorneys in houston and manhattan , who would
prosecute individuals or companies if criminal wrongdoing is
found , are monitoring the sec ' s enron probe , the person with
knowledge of the investigation said .
` ` we don ' t confirm or deny the existence of investigations , ' '
sec spokesman michael robinson said .
enron restatement
andersen worked as enron ' s outside auditor for more than a
decade , assuring investors the company ' s financial statements
conformed with generally accepted accounting principles . tabolt
declined to say when the sec subpoena was received , or what
documents were requested .
earlier this month , enron said it overstated earnings by $ 586
million over four - and - a - half years , inflated shareholder equity by
$ 1 . 2 billion because of an ` ` accounting error , ' ' and failed to
consolidate results of three affiliated partnerships into its
balance sheet . last month , enron said it was the subject of a
formal investigation by the sec .
enron restated its financial reports as the company suffered
a cash crisis triggered by disclosure of the cut in shareholder
equity and the start of an sec investigation .
the prospect of dual investigations by the sec and the
justice department ' s u . s . attorneys arises because the sec only
has authority to file civil lawsuits alleging securities law
violations . the justice department has jurisdiction on criminal
securities law prosecutions .
parallel probes
the agencies often conduct parallel probes , such as the
current investigations of initial public offering practices at
some of wall street ' s biggest underwriters . yesterday , credit
suisse first boston said the manhattan u . s . attorney has dropped a
criminal probe of how it allocated ipo shares , while the sec is
continuing to investigate .
last year , the sec and justice department prosecutors both
filed charges against executives accused of inflating revenue at
hbo & co . before its 1999 acquisition by mckesson corp .
citing concerns raised by andersen ' s audits of enron , public
oversight board chairman charles bowsher last week said that
accounting industry oversight group plans to examine the adequacy
of its peer - review system for ensuring proper audit procedures .
under that system , each of the five biggest international
accounting firms is reviewed periodically by another firm in the
so - called big five .
non - audit work
enron paid andersen $ 52 million last year , $ 25 million for
auditing and $ 27 million for services including business and tax
consulting , due diligence procedures and help in preparing sec
filings , according the company ' s proxy statement . enron and
andersen declined to provide further detail .
asked if the sec request includes documents relating to
andersen ' s consulting work for enron , tabolt said , ` ` questions
about the nature of the investigation should be directed to the
sec . ' '
earlier this year , andersen paid $ 130 million to settle
private lawsuits alleging the firm allowed waste management and
sunbeam corp . to file false financial reports that cost investors
billions of dollars in losses .
in april , andersen agreed to pay $ 110 million to settle a
securities fraud class - action suit filed over its accounting work
for appliance maker sunbeam corp . the appliance maker filed for
bankruptcy protection in february . earlier this month the firm
agreed to pay $ 20 million to settle a class - action lawsuit about
its work with waste management .
enron fires u . k . workers , plans bankruptcy soon ( updatel )
2001 - 11 - 30 15 : 49 ( new york )
enron fires u . k . workers , plans bankruptcy soon ( updatel )
( updating share change . )
new york , nov . 30 ( bloomberg ) - - enron corp . fired 1 , 100
employees in the u . k . as the energy trader sought to line up
financing for the largest u . s . bankruptcy reorganization .
enron ' s bankers , led by j . p . morgan chase & co . and salomon
smith barney inc . , sought to arrange more than $ 1 billion of loans
to help enron trade while in bankruptcy , said people familiar with
the situation . the debtor - in - possession financing may be secured
in part by $ 1 . 8 billion in proceeds enron expects to receive by
selling its portland general electric co . unit .
enron is also considering using its northern natural gas co .
pipeline , which analysts estimate is worth $ 2 . 7 billion , as
collateral for new loans . dynegy inc . said it would seek to block
such a move by exercising an option to purchase the pipelines .
` ` this whole thing is going to be in the courts , ' ' said
kathleen vuchetich , who helps manage $ 1 . 4 billion in assets . the
firm owns dynegy shares in the strong american utilities fund that
vuchetich helps run .
enron will have 250 u . k . workers after the dismissals ,
according to a statement by , which is
overseeing the company ' s british operations . enron has 6 , 800
workers in europe and 21 , 000 total .
more firings are likely in the u . s . after its $ 23 billion
acquisition by dynegy collapsed earlier this week . that failure ,
and a credit - rating downgrade to junk , left the company short of
cash needed to pay its $ 15 billion of debt .
enron , with less than $ 2 billion in cash as of last week ,
needs to pay $ 690 million to lenders by mid - december and is
responsible for another $ 3 . 9 billion in debt owed by affiliated
partnerships .
pipeline debate
dynegy said it plans to take over enron ' s northern natural
gas pipeline on dec . 12 , even if enron files for bankruptcy .
dynegy invested $ 1 . 5 billion in enron as part of the merger plan ,
giving it preferred stock in northern natural gas . dynegy backed
out of the takeover wednesday .
enron likely will go to court to argue that dynegy didn ' t
have the right to end the merger , so it shouldn ' t get the
pipeline , new york bankruptcy lawyer robert christmas said . enron
needs collateral for loans to stay in business .
enron pledged assets of northern natural gas and transwestern
pipeline as collateral for $ 1 billion in loans from j . p . morgan
and salomon this month . the banks may not back enron ' s claim , as
they are more likely to be repaid by dynegy , said fahnestock & co .
analyst fadel gheit .
` ` i expect to see enron , j . p . morgan , citibank and dynegy all
in court fighting over who owns the pipeline , ' ' said jon kyle
cartwright , a fixed - income senior analyst at raymond james &
associates . ` ` at this point we put our chips on dynegy . we suspect
they had the time and expertise to perfect their purchase . ' '
biggest pipeline
dynegy will assume $ 950 million of northern natural debt with
the purchase . enron can buy the pipeline back if it pays dynegy
$ 1 . 5 billion , plus interest , within 180 days of the merger ' s
collapse , dynegy chairman chuck watson said yesterday . watson said
he would rather get the pipeline than recoup the investment .
northern natural gas , the biggest of enron ' s four gas
pipelines , stretches from the permian basin in texas to the great
lakes . dynegy ' s right to buy it ` ` is not dependent on enron ' s
agreement to our right to terminate the merger , ' ' dynegy chief
financial officer rob doty said today in a statement .
shares of enron fell 9 cents to 27 cents in early afternoon
trading . they had fallen 99 percent since mid - october . dynegy fell
$ 2 . 34 , or 7 percent , to $ 31 . 31 . enron ' s unsecured bonds were bid
at 18 cents on the dollar this morning , down about 3 cents from
yesterday , traders said .
enron , which got its start as a natural - gas pipeline company ,
was transformed in the past decade into the biggest competitor in
the business of trading energy . as part of the company ' s strategy ,
it shifted its focus from developing assets such as pipelines and
power plants to developing markets for commodities . as a result ,
enron has few assets it can use as collateral for loans .
on the brink
enron has been unable to raise enough cash to ensure it can
pay debts and is having trouble financing daily operations .
dynegy ' s decision to back out of the acquisition left enron on the
brink of bankruptcy .
northern natural gas can ' t take any action , including filing
for bankruptcy , without the consent of dynegy as a preferred
stockholder , dynegy said in the statement .
` ` from what i understand , dynegy has as strong a legal claim
to the pipeline as they can have , ' ' said commerzbank securities
analyst andre meade . ` ` they structured the deal in a way , with
bankruptcy as a likely scenario , to have good legal standing . ' '
meade rates enron ` ` sell ' ' and dynegy ` ` buy ' ' and doesn ' t own
shares of either company . he values northern natural at $ 2 . 7
billion , more than the $ 2 . 47 billion that dynegy is paying ,
including debt .
` ` dynegy paid fair market value ( for the pipeline ) , and they
have the law and the facts on their side , ' ' said john olson ,
research director for sanders , morris , harris group inc . , a
houston financial - services firm .
watson said yesterday he hopes that northern natural
employees won ' t quit after the takeover . enron and dynegy are both
based in houston .
` ` dynegy has contacted enron to begin a transition of the
pipeline ' s management and expect enron ' s full cooperation , ' ' doty
said today .
enron creditors list potential losses from energy trader ' s fall
2001 - 11 - 30 15 : 54 ( new york )
enron creditors list potential losses from energy trader ' s fall
new york , nov . 30 ( bloomberg ) - - enron corp . ' s creditors ,
companies spanning the energy , financial and banking industries ,
stand to lose billions of dollars from the collapse of the energy
trader . the following list shows how much each might lose .
* t
company description amount ( $ mil )
j . p . morgan chase & co . u . s . securities company 500
john hancock financial services u . s . life insurer 320
credit lyonnais sa french bank 250
canadian imperial bank canadian bank 215
ing groep nv dutch financial - services co . 195
principal financial group u . s . insurer 172
abbey national plc british bank 164
daiwa asset management co . japanese financial - services co . 140
australia & new zealand bnk grp australian bank 120
national australia bank ltd . australian bank 104
dresdner bank ag german bank 100
hvb group german bank 100
duke energy corp . u . s . energy company 100
williams cos . u . s . energy company 100
abn amro holding nv dutch bank 97 . 5
lincoln national corp . u . s . insurer 95
deutsche bank ag german bank < 90
reliant resources inc . u . s . energy company 80
dynegy inc . u . s . energy company 75
bear stearns & co . u . s . securities company 69
metlife inc . u . s . insurer 62 . 6
mirant corp . u . s . energy company 60
aquila inc . unit of u . s . - based utilicorp < 50
american electric power co . u . s . energy company 50
el paso corp . u . s . energy company 50
commerzbank german bank < 45
centrica plc u . k . energy company 43
exelon corp . u . s . energy company < 20
energen corp . u . s . energy company 18 . 3
sempra energy u . s . energy company < 15
dominion resources inc . u . s . energy company 11
nrg energy inc . u . s . energy company 10
rwe ag german energy company < 8 . 9
peoples energy corp . u . s . energy company 8 . 0
st . mary land & exploration u . s . energy company 4 . 17
keyspan corp . u . s . energy company < 4 . 0
houston exploration co . u . s . energy company 3 . 9
western gas resources inc . u . s . energy company 2 . 6
fpl group inc . u . s . energy company < 2 . 0
xl capital ltd . bermudan insurer ` ` limited ' '
< is ` ` less than ' '
* t
dynegy says pipeline option not dependent on enron ( update 8 )
2001 - 11 - 30 16 : 06 ( new york )
dynegy says pipeline option not dependent on enron ( update 8 )
( updates with closing share prices in 12 th paragraph . )
houston , nov . 30 ( bloomberg ) - - dynegy inc . said it plans to
take over enron corp . ' s northern natural gas co . pipeline unit on
dec . 12 , even if enron seeks chapter 11 bankruptcy protection or
challenges dynegy ' s decision to call off their merger .
dynegy invested $ 1 . 5 billion in enron as part of the merger
agreement , giving it preferred stock in northern natural and the
right to buy the business for about $ 23 million . dynegy backed out
of the $ 23 billion buyout of enron on wednesday and said it would
exercise the right to acquire the 16 , 500 - mile pipeline .
enron said it ' s reviewing options for northern natural , which
analysts estimate is worth $ 2 . 7 billion . enron likely will go to
court to argue that dynegy didn ' t have the right to end the
merger , so it shouldn ' t get the pipeline , new york bankruptcy
lawyer robert christmas said . enron needs collateral for loans to
stay in business .
` ` this whole thing is going to be in the courts , regardless
of whether dynegy wants this asset , ' ' said kathleen vuchetich , who
helps manage $ 1 . 4 billion in assets , 4 . 2 percent of them dynegy
shares , in the strong american utilities fund . ` ` dynegy may as
well be fighting for something worthwhile . ' '
j . p . morgan chase & co . and citigroup inc . ' s salomon smith
barney inc . may join the dispute . enron pledged assets of northern
natural and the transwestern pipeline as collateral for $ 1 billion
in loans from the banks this month . the banks may not back enron ' s
claim , as they are more likely to be repaid by dynegy , said
fahnestock & co . analyst fadel gheit .
` ` i expect to see enron , j . p . morgan , citibank and dynegy all
in court fighting over who owns the pipeline , ' ' said jon kyle
cartwright , a fixed - income senior analyst at raymond james &
associates . ` ` at this point we put our chips on dynegy . we suspect
they had the time and expertise to perfect their purchase . ' '
biggest pipeline
dynegy will assume $ 950 million of northern natural debt with
the purchase . enron can buy the pipeline back if it pays dynegy
$ 1 . 5 billion , plus interest , within six months of the nov . 9
merger agreement date , dynegy chairman chuck watson said today in
an interview .
` ` i ' d rather have the pipe than the $ 1 . 5 billion , but they
absolutely have the right to do that , ' ' watson said . ` ` that was
the deal from day one . ' '
northern natural , the biggest of enron ' s four gas pipelines ,
stretches from the permian basin in texas to the great lakes .
dynegy ' s right to buy it ` ` is not dependent on enron ' s agreement
to our right to terminate the merger , ' ' dynegy chief financial
officer rob doty said today in a statement .
after dynegy canceled the buyout , enron said in a statement
it was reviewing dynegy ' s claim to the pipeline . enron has
suffered from a crisis of credibility , integrity and leadership
for months , watson said . questioning the pipeline agreement ` ` is
not helping , ' ' he said .
` ` i find it out of balance that ( enron is ) questioning
this , ' ' watson said . ` ` to throw this out in the press that this
might be challenged is irresponsible and disingenuous . ' '
shares of enron fell 11 cents to 25 cents . they have fallen
99 percent since mid - october . dynegy fell $ 3 . 30 , or 9 . 8 percent ,
to $ 30 . 35 . both companies are based in houston .
enron ' s 6 . 4 percent notes maturing in 2006 fell as much as 4
cents to 17 cents on the dollar today , traders said .
few assets
enron , which got its start as a natural - gas pipeline company ,
was transformed in the past decade into the biggest competitor in
the business of trading energy . as part of the company ' s strategy ,
it shifted its focus from adding assets such as pipelines and
power plants to developing markets for commodities . as a result ,
enron has few assets it can use as collateral for loans .
enron has been unable to raise enough cash to ensure it can
pay debts and is having trouble financing daily operations .
dynegy ' s decision to back out of the acquisition left enron on the
brink of bankruptcy .
northern natural can ' t take any action , including filing for
bankruptcy , without the consent of dynegy as a preferred
stockholder , dynegy said in the statement .
` ` from what i understand , dynegy has as strong a legal claim
to the pipeline as they can have , ' ' said commerzbank securities
analyst andre meade . ` ` they structured the deal in a way , with
bankruptcy as a likely scenario , to have good legal standing . ' '
meade rates enron ` ` sell ' ' and dynegy ` ` buy ' ' and doesn ' t own
shares of either company . he values northern natural gas at
$ 2 . 7 billion , more than the $ 2 . 47 billion that dynegy is paying ,
including debt .
` ` dynegy paid fair market value ( for the pipeline ) , and they
have the law and the facts on their side , ' ' said john olson ,
research director for sanders , morris , harris group inc . , a
houston financial - services firm .
watson said yesterday he hopes that northern natural
employees won ' t quit after the takeover . the unit has 1 , 100
employees .
` ` dynegy has contacted enron to begin a transition of the
pipeline ' s management and expect enron ' s full cooperation , ' ' doty
said .
enron bankruptcy case would take years to resolve ( update 2 )
2001 - 11 - 30 16 : 20 ( new york )
enron bankruptcy case would take years to resolve ( update 2 )
( updates enron shares in 12 th paragraph . )
houston , nov . 30 ( bloomberg ) - - enron corp . is likely to face
a maze of lawsuits that would complicate a bankruptcy filing and
take years to resolve , experts say .
with dynegy inc . having withdrawn a proposed $ 23 billion
takeover offer , enron is weighing what would be the largest
bankruptcy in history and may go to court within a week . enron
shareholders , employees and business partners are lining up to sue
the houston - based company after its shares lost $ 26 billion in
value since mid - october .
enron restated $ 586 million in earnings because of accounting
irregularities , and there are potential conflicts of interest
among some of the company ' s executives . the u . s . securities and
exchange commission is investigating the company , and that
wouldn ' t be affected by a bankruptcy filing .
` ` there are so many legal tentacles to this thing it ' s
scary , ' ' said chuck tatelbaum , former vice president for research
at the american bankruptcy institute . ` ` we could be talking about
a six - year bankruptcy case here . ' '
lawsuits seeking damages from a company under chapter 11 are
pulled into the bankruptcy case and judgments or settlements are
converted into bankruptcy claims .
fraud claims
among the suits likely to be included in a bankruptcy case
are claims by shareholders that the company misled investors about
its financial health . another category would be allegations that
enron executives improperly prevented workers from moving 401 ( k )
investments out of the company ' s stock .
enron probably would face accusations it broke energy trading
contracts . the agreements , known as derivatives , were used as
insurance against price swings in the energy market . with the
company poised to file for chapter 11 , it is expected to miss
payments under the contracts .
there ' s also the developing battle between enron and dynegy
over the failed buyout bid that might end up in bankruptcy court .
that might lead a bankruptcy judge to take a look at the
recent court case involving tyson foods inc . and ibp inc . , a beef
producer . a judge in delaware ordered tyson to complete its buyout
of ibp after their proposed combination collapse . tyson , like
dynegy , had said it wasn ' t fully informed about ibp ' s financial
problems when it negotiated to acquire the beef producer .
dynegy said today it plans to take over enron ' s northern
natural gas co . pipeline unit next month . dynegy said it ' s
entitled to the pipeline under the terms of its nov . 9 merger
agreement that gave it $ 1 . 5 billion in preferred stock in northern
natural gas .
enron could sue as part of the bankruptcy case to stop dynegy
from walking away from the buyout and claiming ownership to the
pipeline .
enron shares fell 10 cents to 26 cents . they have lost 99
percent of their value in the last seven weeks .
complications
any chapter 11 cases would be ` ` inordinately complicated , ' '
said lynn lopucki , a law professor at the university of california
at los angeles .
the largest bankruptcy on record is texaco ' s $ 35 . 9 billion
filing in 1987 . enron lists $ 61 billion in assets .
other big companies , like w . r . grace & co . and sgl carbon
inc . , used bankruptcy filings to manage lawsuits , said ken
eckstein , a new york attorney who handles bankruptcy litigation .
w . r . grace , a financially healthy chemical maker , filed for
chapter 11 protection in april to cope with asbestos - related
lawsuits . sgl carbon is the u . s . unit of a german company with a
market value of more than $ 1 . 2 billion that makes products used in
steel production . sgl filed bankruptcy papers in 1999 to dispose
of customers ' suits over price - fixing claims .
what sets enron apart are the questions about its financial
viability , eckstein said . he represented customers suing sgl as
part of the bankruptcy case .
` ` here , you have a fundamentally broken company , ' ' eckstein
said . ` ` it may never emerge from bankruptcy . ' '
that makes it tougher to gauge how much other creditors
might recover , he said .
` makes me mad '
enron investors aren ' t optimistic about the future of the
company ' s shares .
` ` i took at least a 60 percent hit on them , ' ' said jim
anders , a columbia , south carolina , lawyer who has sold shares .
` ` it really makes me mad . i ' d like to get my hands on some of
those executives who were doing the insider deals . that really
shook people ' s confidence in the company . ' '
enron ' s fall was accelerated by questions about some
partnerships the company used to move assets and debt off the
company ' s books . many investors had complained enron ' s financial
reports hid the significance of the partnerships .
enron ' s former chief financial officer andrew fastow led some
of the partnerships and earned more than $ 30 million through their
dealings with enron , the company disclosed . fastow and other
executives later were fired over their connection to the
partnerships .
anders acknowledged that bankruptcy law puts shareholders and
litigants at the back of the repayment line .
` ` i know we ' ve had it and aren ' t going to get squat back , ' '
anders said . ` ` the company led us to believe enron was as solid as
ge or one of the big banks . now the bank is busted . ' '
chairman says dynegy ' s right to enron pipeline indisputable
2001 - 11 - 30 16 : 21 ( new york )
chairman says dynegy ' s right to enron pipeline indisputable
houston , nov . 30 , ( bloomberg ) - - enron corp . negotiated an
agreement that gives dynegy inc . the right to take over the
northern natural gas co . pipeline , and arguments to the contrary
are ` ` irresponsible ' ' and ` ` disingenuous , ' ' dynegy inc . chairman
chuck watson said .
on nov . 9 , dynegy announced it would buy enron in a
transaction valued at about $ 23 billion in stock and assumed debt .
that buyout collapsed wednesday after enron failed to get
financing to run daily operations , its stock price plunged and
credit rating companies lowered its debt below junk , triggering
$ 3 . 9 billion in debt payments .
as part of the buyout , chevrontexaco corp . , owner of 26
percent of dynegy , gave enron $ 1 . 5 billion in return for the right
to take over the 16 , 500 - mile line even if the merger collapsed ,
watson said . watson said someone is telling reporters that enron
might challenge the takeover of the pipeline . enron doesn ' t have a
case , watson said .
` ` chevrontexaco is not going to give dynegy ( $ 1 . 5 billion )
which they know dynegy is going to give to enron - - a company that
has lost $ 90 billion in net worth - - without a pretty damn good
assurance that dynegy can get the pipeline or the money back , ' '
watson said .
enron said it ' s reviewing options for northern natural gas ,
which analysts estimate is worth $ 2 . 7 billion . enron likely will
go to court to argue that dynegy didn ' t have the right to end the
merger , so it shouldn ' t get the pipeline , new york bankruptcy
lawyer robert christmas said . enron needs collateral for loans to
stay in business .
` ` this whole thing is going to be in the courts , regardless
of whether dynegy wants this asset , ' ' said kathleen vuchetich , who
helps manage $ 1 . 4 billion in assets , 4 . 2 percent of them dynegy
shares , in the strong american utilities fund .
dynegy has notified enron by letter that it plans to go
forward , and he plans to take possession by dec . 19 , watson said .
enron has the right to buy back the pipelines if it gives dynegy
$ 1 . 5 billion plus interest in the next six months , he said .
` ` if the banks want to keep the pipe because they need
collateral to loan enron money , then do it , ' ' watson said . ` ` but
don ' t go out in the press and make it look like a big fight . tell
me what you want to do . ' '
watson said he would prefer to keep the pipeline system
rather than get the $ 1 . 5 billion back .
enron has suffered from a crisis of credibility , integrity
and leadership for months . ` ` this is not helping , ' ' he said .
dynegy shares fell $ 3 . 30 to $ 30 . 35 . enron shares fell 10
cents to 26 cents .
williams has withdrawn pipeline capacity from enron ( updatel )
2001 - 11 - 30 16 : 54 ( new york )
williams has withdrawn pipeline capacity from enron ( updatel )
( updates with closing share prices in fifth paragraph . )
tulsa , oklahoma , nov . 30 ( bloomberg ) - - williams cos . , the
second - biggest u . s . natural - gas pipeline owner , won ' t let cash -
strapped enron corp . use its lines because of credit concerns ,
williams spokesman jim gipson said .
other gas shippers have taken enron ' s share of capacity on
williams ' s 27 , 000 - mile network , gipson said . he said he hadn ' t
heard of interruptions of supplies to customers .
williams competes with houston - based enron in energy trading .
the tulsa , oklahoma - based company continues limited business with
enron to reduce the amount of money owed by enron to williams , he
said .
enron ' s potential debt to williams is less than $ 100 million ,
williams said yesterday . williams negotiated with enron , the
biggest energy trader , for several weeks on reducing that amount ,
gipson said .
shares of williams fell 28 cents to $ 26 . 72 . enron shares fell
10 cents to 26 cents . they fell 85 percent wednesday after dynegy
inc . abandoned a takeover offer for enron after standard & poor ' s
corp . cut enron ' s debt rating to junk status .
williams ' s third - quarter net income rose 83 percent to
$ 221 . 3 million as trading profit more than doubled .
el paso corp . is the biggest u . s . pipeline company .
new jersey has limited exposure to enron decline , treasury says
2001 - 11 - 30 17 : 06 ( new york )
new jersey has limited exposure to enron decline , treasury says
trenton , new jersey , nov . 30 ( bloomberg ) - - the new jersey
pension fund , which covers 665 , 750 state and local government
workers and retirees , holds 2 . 65 million shares of collapsed
energy - trader enron corp . , a fraction of the state ' s total
investment portfolio , the treasury department said .
` ` the state has $ 70 billion in investments , ' ' said francis
rapa , spokesman for new jersey ' s treasury . the state paid an
average of $ 23 a share for its enron stake between june 1994 and
august 2001 , which translates into an investment of about $ 61
million in total . enron shares fell 10 cents to 26 cents today .
` ` that investment represents less than 1 / 10 of 1 percent of
our investment portfolio , ' ' rapa said . the state holds no enron
bonds , he said .
rapa said it ' s too early to tell if the state or localities
within the state would have to increase their pension
contributions because of the decline in enron shares but said
it ' s ` ` highly unlikely ' ' because of the size of the investment .
wall street firms , pension funds face enron losses ( update 6 )
2001 - 11 - 30 17 : 07 ( new york )
wall street firms , pension funds face enron losses ( update 6 )
( adds aegon exposure in ninth paragraph . )
new york , nov . 30 ( bloomberg ) - - wall street financial firms ,
banks in europe and asia , and pension funds from california to new
york stand to lose billions of dollars from the collapse of energy
trader enron corp .
` ` this is having a ripple effect across the world , ' ' said
robert penaloza , a fund manager at aberdeen asset management asia
in singapore .
analysts estimate companies that lent money to enron - - from
abn amro holding nv , the largest dutch bank , to national australia
bank ltd . - - may lose more than $ 5 billion . lenders , trying to
reassure clients and investors by disclosing how much they have at
stake have already revealed $ 3 billion in losses . investment
bankers such as citigroup inc . and j . p . morgan chase & co . are
working to line up financing for enron to operate under bankruptcy
protection .
the houston company ' s demise is also a blow to the mutual and
pension funds that invested in it , tripling the stock price in
1999 and 2000 . the shares , which started this year at more than
$ 83 . 13 , fell 6 cents to 30 cents today . enron had $ 15 billion of
debt and less than $ 2 billion of cash as of last week .
bear stearns cos . , the sixth - biggest u . s . securities firm by
capital , said its exposure to enron is $ 69 million . energy
companies , including duke energy corp . and williams cos . , and
banks such as j . p . morgan chase and abbey national plc said they
are on the hook for a total of $ 1 . 4 billion .
abn amro said it may set aside 110 million euros ( $ 97 . 5
million ) to cover its loans to enron . britain ' s abbey national
said it ' s owed almost $ 135 million . national australia and other
australian lenders said exposure totals about $ 350 million .
france ' s credit lyonnais sa said it has $ 250 million in loans
outstanding .
ing to j . p . morgan
ing groep nv , the biggest dutch financial - services company ,
said it holds about $ 195 million of enron unsecured loans and
bonds . canadian imperial bank of commerce , the country ' s third -
biggest bank , said enron owes it $ 215 million , more than half in
unsecured loans , letters of credit and derivatives .
almost two dozen electricity and natural gas companies said
enron owed them about $ 700 million as of wednesday , when dynegy
inc . abandoned a plan to buy enron , depriving it of the cash
needed to avoid insolvency .
john hancock financial services inc . , xl capital ltd . and
other insurers may absorb total losses of more than $ 3 billion
from the collapse , analysts said . chubb corp . , the sixth - biggest
u . s . business insurer , said its pretax exposure is about $ 220
million . aegon nv , the no . 2 dutch insurer , said it is owed about
$ 300 million in loans .
abn amro is one of the lenders behind enron ' s $ 3 billion
indian power plant . enron owns 65 percent of the dabhol power co .
project outside of mumbai , the city formerly known as bombay . the
plant has been hampered by cost over - runs , penalty claims for
undelivered power , and conflicts with its only client , the
maharashtra state electricity board .
` ` should there be a need to provide ( for a loss ) , we will do
so in the fourth quarter of this year , ' ' said abn amro spokesman
martin winn .
australia to germany
national australia said it has a $ 200 million ( $ 104 million )
in secured and unsecured exposure . ` ` we had already factored in
provisions for this kind of event , and it is consistent with our
bad debt outlook for this year , ' ' said majella allen , a
spokeswoman .
australia & new zealand banking group ltd . , the fourth -
largest australian bank , said its direct exposure is $ 69 million
and it has a further $ 51 million of indirect exposure . the bank
said it will more aside for bad loans this fiscal year .
` ` their exposures are a little surprising , but then again
enron is such a huge organization and spans the globe so it deals
with syndicates of banks for its facilities , ' ' said bill
chatterton , head of equities at abn amro morgans ltd . , the 50
percent - owned private client arm of abn amro australia ltd .
in germany , dresdner bank ag , which is owned by allianz ag ,
said its exposure is less than $ 100 million , while hvb group ,
germany ' s no . 2 bank , has about $ 100 million . deutsche bank ag
said its losses may be in the ` ` double - digit ' ' millions of
dollars . commerzbank ag said their exposure amounts to ` ` double -
digit ' ' millions of euros .
u . s . banks have as much as $ 2 . 6 billion of exposure , said
judah kraushaar , bank analyst at merrill lynch & co . for citigroup
the biggest u . s . financial services company , it may have as much
as $ 1 billion .
j . p . morgan chase said it has $ 500 million of unsecured
exposure to the energy trader , and $ 400 million of loans with
pipelines as collateral .
` we lost money , ' ' said john waterman , chief investment
officer at rittenhouse financial services inc . , which sold all its
enron shares at the end of october . ` ` we ' re glad we got out when
we did . when we started selling it wasn ' t clear at all that things
would unravel in the way they did . ' '
the california public employees ' retirement system , or
calpers , the biggest u . s . public pension fund , held 3 million
shares as of wednesday of this week . the california state teachers
retirement fund owned about 2 million shares . the new york state
common retirement system said it lost as much as $ 60 million .
among energy companies that do business with enron , duke
energy and williams cos . said they may lose $ 100 million each if
enron is unable to pay them back .
energen corp . , an oil and natural - gas explorer and gas
distributor , said it has an $ 18 . 3 million exposure with the
company , and cut its 2002 earnings by 20 cents to 25 cents a
share .
* t
below is a list of some banks and their estimated exposure to
enron :
u . s . electricity firms $ 700 million
j . p . morgan chase $ 500 million
credit lyonnais $ 250 million
canadian imperial bank $ 215 million
ing groep $ 195 million
abbey national $ 164 million
australia & new zealand banking $ 120 million
national australia bank $ 104 million
dresdner bank less than $ 100 million
abn amro $ 97 . 5 million
deutsche bank less than $ 90 million
bear stearns $ 69 million commerzbank
less than $ 45 million
hvb group $ 100 million
new york state common retirement fund $ 50 - $ 60 million
chubb $ 220 million
energen 20 - 25 cents / shr
new york state common retirement fund $ 50 - $ 60 million
chubb $ 220 million
aegon $ 300 million
energen 20 - 25 cents / shr
* t
s & p says credit derivative exposure to enron totals $ 6 . 3 bln
2001 - 11 - 30 17 : 18 ( new york )
new york , nov . 30 ( bloomberg ) - - standard & poor ' s said
credit derivative transactions in which enron corp . may total
$ 6 . 3 billion .
the credit rating agency said it has reviewed credit
derivative transactions in which enron appears and found that
there are $ 3 . 3 billion in credit default swaps directly on enron
debt . another $ 3 billion of credit swaps exist in which a
subsidiary of enron is a counterparty , but the credit default
swaps is not on enron debt , according to nik kahkee , director of
s & p ' s structured finance derivatives group .
enron has more than $ 15 billion in debt and preferred stock
and about $ 4 billion in bank loans , of which $ 3 billion is
unsecured . swaps , options , and derivative risk aren ' t included in
those figures . banks and wall street dealers hold unsecured enron
loans and some sold credit default swaps , which provide insurance
to debt holders in case enron defaults .
enron ' s fall to spark legal wrangles over derivatives ( updatel )
2001 - 11 - 30 11 : 24 ( new york )
enron ' s fall to spark legal wrangles over derivatives ( updatel )
( rewrites 2 nd paragraph . )
london , nov . 30 ( bloomberg ) - - enron corp . ' s plunge toward
bankruptcy may spark legal wrangles over how to unravel the web of
derivatives contracts tied to the energy company .
enron is set to file for protection in the biggest chapter 11
reorganization ever . that ' s likely to mean the energy trader can ' t
pay on derivatives it sold as insurance against default by other
borrowers , as well as defaulting on its own debts and triggering
similar contracts bought by its creditors .
` ` if i traded with joe bloggs down the road , and enron owed
him a lot of money and he couldn ' t get it so he went into
bankruptcy , then he wouldn ' t fulfill his obligations under my
contract , ' ' said brian senior , head of trading at innogy holdings
plc , the u . k . ' s top electricity supplier . ` ` i don ' t think the
major risk is market liquidity , i think it ' s the domino effect . ' '
enron used derivatives - - financial instruments such as
futures and options whose value is based on other assets - - to
insure against price swings or take bets on a price ' s direction .
the houston - based company had revenue of $ 1 . 9 billion from
derivatives trading last year , more than double the $ 765 million
in 1999 , making it one of the largest traders , according to swaps
monitor publications inc .
by comparison , williams cos . , the no . 2 u . s . natural - gas
pipeline owner , had revenue of $ 1 . 29 billion on derivatives
trading in 2000 .
paul spraos , president of swaps monitor , a research company
that compiles trading figures , said enron only posts derivatives
statistics once a year so there are no figures for 2001 .
dynegy inc . abandoned its planned merger with enron on
wednesday , leaving it with more than $ 15 billion of debt and the
possibility of bankruptcy . as well as oil and gas futures , enron
trades derivatives based on such things as weather and information -
transmission capacity , known as bandwidth .
banned from trading
spraos estimates that as of sept . 30 , enron owed $ 18 . 7
billion on derivatives trades that went sour , though he said that
doesn ' t take into account the collateral enron probably posted to
back up the trades .
the european energy exchange today banned enron from trading
its products , while australian regulators barred the company ' s
finance unit , enron australia pty , from trading electricity
futures because its funding wasn ' t assured .
u . s . senate and house committees will investigate enron ' s
decline and consider new regulations for electricity and natural -
gas trading . the securities and exchange commission is also
examining the company .
enron had $ 201 billion worth of derivatives on oil , gas and
electricity at the end of last year , swaps monitor has reported .
that ' s measuring the notional amount , the face value of the
securities on which the derivatives are based .
` quantifying it '
` ` everyone will be looking at their exposure , whether they ' ve
got collateral , and quantifying it , ' ' said robert g . pickel , chief
executive officer of the international swaps and derivatives
association .
isda , a new york - based trade association representing more
than 550 companies that trade derivatives , designed the legal
contracts typically used in derivatives transactions . pickel said
those contracts are designed to address such situations .
` ` there are two potential issues relating to isda
documentation , as a result of the situation regarding enron , ' '
pickel said . the first involves companies that have entered
derivatives trades with enron using isda ' s standard contract ,
known as the master agreement . the second concerns banks that have
provided credit protection on enron in the form of a credit -
default swap , also using isda documents .
credit - default swaps work like insurance on a company ' s bonds
or loans . they pay out if there ' s a bankruptcy , default , debt
restructuring or similar occurrence , known as a credit event .
` ` if there ' s a bankruptcy filing there ' s no question it would
be a credit event , ' ' pickel said .
` can ' t tell '
enron ' s u . k . units are in administration , which has triggered
what lawyers define as a credit event , said simon firth , head of
the credit derivatives practice at linklaters & alliance , which is
acting for , the accountant for enron ' s
european arm .
` ` the documents are fairly robust , and we ' ve been through
issues before , ' ' firth said . he said that while ` ` each time the
documentation gets strengthened , you can ' t tell what happens until
you look at the individual cases . ' '
enron owes almost two dozen energy companies about $ 700
million . j . p . morgan , the bank that advised enron in the failed
merger with dynegy , said it was owed $ 500 million for unsecured
loans . canadian imperial bank of commerce was owed $ 215 million in
loans and credit derivatives .
in europe , abn amro may set aside $ 97 . 5 million to cover its
enron exposure . the energy company owes abbey national plc $ 164
million , and dresdner bank ag said its exposure is about $ 100
million .
` ` this one has left every head shaking , and people are
wondering how to organize by class of creditor and how to hire
counsel , ' ' said glenn reynolds , an analyst at creditsights inc . in
new york . ` ` lawyers are high - fiving . ' ' | 2001-11-30T00:00:00 |
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your enquiries to : dealers @ emirates . net . aeor contact via www . computron - me . com
compaq
hewlett packard
3 com
dell
intel
iomega
epson
aopen
creative
toshiba
apc
cisco
us
robotics
microsoft
canon
intellinet
targus
viewsonic
ibm
sony
- - - - - - - and lots more
! ! !
if you have any
complaints / suggestions contact : customerservice @ computron - me . com
tel + 971 4
8834464
all prices in u . s . dollars , ex - works ,
fax + 971 4
8834454
jebel ali duty free zone
www . computron - me . com
prices and availability subject to change
usa -
canada u . a . e .
without
notice .
to receive our special offers
in plain
text format reply to this
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for any other reason would like to be removed , please reply with " remove
" in the subject line of your message . this message is being sent to you
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products may not be exactly as shown
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- -
to unsubscribe from : computron 6 , just follow this link :
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your enquiries to : dealers @ emirates . net . aeor contact via www . computron - me . com
compaq
hewlett packard
3 com
dell
intel
iomega
epson
aopen
creative
toshiba
apc
cisco
us
robotics
microsoft
canon
intellinet
targus
viewsonic
ibm
sony
- - - - - - - and lots more
! ! !
if you have any
complaints / suggestions contact : customerservice @ computron - me . com
tel + 971 4
8834464
all prices in u . s . dollars , ex - works ,
fax + 971 4
8834454
jebel ali duty free zone
www . computron - me . com
prices and availability subject to change
usa -
canada u . a . e .
without
notice .
to receive our special offers
in plain
text format reply to this
mail with the request * for
export only *
this
email can not be considered spam as long as we include : contact
information remove instructions . this message is intended for dealer
and resellers only . if you have somehow gotten on this list in error , or
for any other reason would like to be removed , please reply with " remove
" in the subject line of your message . this message is being sent to you
in compliance with the federal legislation for commercial e - mail
( h . r . 4176 - section 101 paragraph ( e ) ( 1 ) ( a ) and bill s . 1618 title iii
passed by the 105 th u . s . congress .
all logos and
trademarks are the property of their respective
owners
products may not be exactly as shown
above
- -
to unsubscribe from : computron 6 , just follow this link :
click the link , or copy and paste the address into your browser . | 2004-08-29T00:00:00 |
2,884 | windows 2000 and outlook we will soon be migrating to windows 2000 and outlook . the texas desk is scheduled for tuesday , april 10 th . i was told to pass along the following information to my group :
1 . you will be receiving emails from the migration team ( " gem " ) - please be sure to only open this from your own desktop , and not remotely . this is very important . these messages will be explaining the migration process and what you need to do to insure a successful migration .
2 . due to new space limitations on your mailbox , you are advised to clean your notes mailbox of old , unneeded messages before migration . with outlook , you will be restricted to a mailbox size of 100 mb . outlook will issue a warning once you reach 75 mb to let you know that you are near your mailbox limit . once you reach 100 mb , you will be prevented from sending email , but you will still be able to receive internal and external messages you will then need to reduce the size of your mailbox by deleting old mail , saving attachments to a local drive , etc . before you will be able to send an email again .
3 . from the day of migration , only 30 days of old mail will be migrated from your mailbox . this includes mail in your inbox and other folders . calendar items dating back one year from the day of migration will be migrated .
4 . everyone will have a read only view of notes until the transition is completed . you will be able to copy / paste .
thanks ,
laura | 0 | ham | windows 2000 and outlook | we will soon be migrating to windows 2000 and outlook . the texas desk is scheduled for tuesday , april 10 th . i was told to pass along the following information to my group :
1 . you will be receiving emails from the migration team ( " gem " ) - please be sure to only open this from your own desktop , and not remotely . this is very important . these messages will be explaining the migration process and what you need to do to insure a successful migration .
2 . due to new space limitations on your mailbox , you are advised to clean your notes mailbox of old , unneeded messages before migration . with outlook , you will be restricted to a mailbox size of 100 mb . outlook will issue a warning once you reach 75 mb to let you know that you are near your mailbox limit . once you reach 100 mb , you will be prevented from sending email , but you will still be able to receive internal and external messages you will then need to reduce the size of your mailbox by deleting old mail , saving attachments to a local drive , etc . before you will be able to send an email again .
3 . from the day of migration , only 30 days of old mail will be migrated from your mailbox . this includes mail in your inbox and other folders . calendar items dating back one year from the day of migration will be migrated .
4 . everyone will have a read only view of notes until the transition is completed . you will be able to copy / paste .
thanks ,
laura | 2001-03-27T00:00:00 |
25,550 | are you ready to get it ? hello !
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| 2005-06-25T00:00:00 |
25,020 | investment opportunity . dear friend ,
you will be surprise to see this message but i got your information
through spartanburg , area chamber of commerce usa .
my name is howard jones , a chief auditor , during my last auditing in
the
in london , uk we realized the sum $ 35 . 5 million owned by one patric zuma
from egypt who died
in a fatal motor accident in nov . 15 , 2004 while he was away on vacation
in egypt .
all efforts , made to reach the relatives of mr . patric zuma for the past
two years , have not yielded any positive result . it was later gathered
that mr . zuma ? s divorced wife died some two years ago in gaza .
in our last board meeting , the directors jointly decided that mr . zuma ? s
money should be included in the annual profit for the year 2005 . since
i was the one who introduced mr . zuma to the bank , i objected to the
decision and demanded that the fund remains floating in the treasury
for another one year to see if we could actually get the relatives of
mr . zuma to claim the money .
i am seeking your partnership to transfer this funds to your account
for your co - operation and assistance i willcompensate you with 25 %
70 % percent for me and 5 % set aside for any saundry expenses .
with your consent , we will put up a claim on your behalf as next of kin
to mr . zuma , iwill send you all the documents to you . once this is
done ,
the claims & verification dept will have the funds processed and wired to
your account , then we can meet to share the money together .
please i want you to keep this information very confidential as the
exposure of this information might even lead to my life imprisonment or
death . if you are not willing to assist me , then i will beg you to
still keep the informations secret .
let me have your telephone number so that i can reach you if you need
me to call you . i look forward to hearing from you soon . i am presently
in london on special duties .
thank you and regards
howard jones
alternative e - , mail addres : howard _ jones @ katamail . com | 1 | spam | investment opportunity . | dear friend ,
you will be surprise to see this message but i got your information
through spartanburg , area chamber of commerce usa .
my name is howard jones , a chief auditor , during my last auditing in
the
in london , uk we realized the sum $ 35 . 5 million owned by one patric zuma
from egypt who died
in a fatal motor accident in nov . 15 , 2004 while he was away on vacation
in egypt .
all efforts , made to reach the relatives of mr . patric zuma for the past
two years , have not yielded any positive result . it was later gathered
that mr . zuma ? s divorced wife died some two years ago in gaza .
in our last board meeting , the directors jointly decided that mr . zuma ? s
money should be included in the annual profit for the year 2005 . since
i was the one who introduced mr . zuma to the bank , i objected to the
decision and demanded that the fund remains floating in the treasury
for another one year to see if we could actually get the relatives of
mr . zuma to claim the money .
i am seeking your partnership to transfer this funds to your account
for your co - operation and assistance i willcompensate you with 25 %
70 % percent for me and 5 % set aside for any saundry expenses .
with your consent , we will put up a claim on your behalf as next of kin
to mr . zuma , iwill send you all the documents to you . once this is
done ,
the claims & verification dept will have the funds processed and wired to
your account , then we can meet to share the money together .
please i want you to keep this information very confidential as the
exposure of this information might even lead to my life imprisonment or
death . if you are not willing to assist me , then i will beg you to
still keep the informations secret .
let me have your telephone number so that i can reach you if you need
me to call you . i look forward to hearing from you soon . i am presently
in london on special duties .
thank you and regards
howard jones
alternative e - , mail addres : howard _ jones @ katamail . com | 2004-04-09T00:00:00 |
25,729 | canadian business database available projecthoneypot @ projecthoneypot . org * c a n a d a b o o k s *
* 2 6 b e l l e v u e *
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press release
the canadian business database 2005 is now available .
this database contains more than 900 , 000 canadian based businesses .
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it is fully exportable to suit all your direct marketing needs .
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each business includes :
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the database is sold for : $ 149 . 95
to order please call : 450 - 224 - yask ( 9275 )
if you do not wish to receive any communication from us in the future
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rmvcbd @ techie . com | 1 | spam | canadian business database available projecthoneypot @ projecthoneypot . org | * c a n a d a b o o k s *
* 2 6 b e l l e v u e *
* s t a n n e d e s l a c s *
* q c , c a n a d a *
* j 0 r 1 b 0 *
press release
the canadian business database 2005 is now available .
this database contains more than 900 , 000 canadian based businesses .
it is deemed to be the perfect tool for entrepreneurs and marketing
professionals to quickly gain access to a wealth of information to
start a direct marketing campaign .
it is fully exportable to suit all your direct marketing needs .
you can use it with your favorite software such as avery labelpro ,
winfax , excel , filemaker , act , goldmine , ms office application
or any other software or spreadsheet .
each business includes :
- company name
- full mailing address
- telephone
- fax number ( when available )
search by over 500 categories such as :
- advertising agencies & counselors
- aerospace industries
- agricultural engineers
- air conditioning & heating
- building materials
- buildings - metal
- burglar alarm systems & equipment
- nutritionists
- office furniture & equipment
- office supplies
- oil & gas exploration & development
- oil & lubrication
and the list goes on . . . . . . . . . . .
the database is sold for : $ 149 . 95
to order please call : 450 - 224 - yask ( 9275 )
if you do not wish to receive any communication from us in the future
please send a blank email from projecthoneypot @ projecthoneypot . org to :
rmvcbd @ techie . com | 2005-06-27T00:00:00 |
16,042 | re : medicattions xhc / 93 hello , vlsit our pharmacy - bymailshop and save 80 %
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5,191 | re : invitation to speak at power 2000 emma ,
it ' s your choice . i can chair the session of day 2 or speak on one of these
topics .
please , let me know what works for you .
possible presentations :
evaluating the effectiveness of insurance as a risk management tool
or
applying real option theory to value power plants
or
overcoming the difficulties of accurately estimating volatility
vince
" emma wolfin " on 12 / 14 / 99 04 : 08 : 03 pm
to : vince j kaminski / hou / ect @ ect
cc :
subject : invitation to speak at power 2000
hi vince
it is my great pleasure to invite you to speak at power 2000 which will be
in houston on 9 & 10 may 2000 .
would you be interested in chairing one of the streams on day 2 of the
conference ? or making a full presentation on one of the days ? please let me
know which talks interest you . obviously , some of the talks are no longer
available but i would like to give you a choice as much as possible . please
could you get back to me asap on 212 925 1864 ext 151 or by return email .
i very much hope you can make the dates as i ' m very keen to have you
participate at power . not to flatter you unnecessarily , but i know that a
lot of people come to our conferences to hear what you have to say .
best regards
emma
- invite . doc | 0 | ham | re : invitation to speak at power 2000 | emma ,
it ' s your choice . i can chair the session of day 2 or speak on one of these
topics .
please , let me know what works for you .
possible presentations :
evaluating the effectiveness of insurance as a risk management tool
or
applying real option theory to value power plants
or
overcoming the difficulties of accurately estimating volatility
vince
" emma wolfin " on 12 / 14 / 99 04 : 08 : 03 pm
to : vince j kaminski / hou / ect @ ect
cc :
subject : invitation to speak at power 2000
hi vince
it is my great pleasure to invite you to speak at power 2000 which will be
in houston on 9 & 10 may 2000 .
would you be interested in chairing one of the streams on day 2 of the
conference ? or making a full presentation on one of the days ? please let me
know which talks interest you . obviously , some of the talks are no longer
available but i would like to give you a choice as much as possible . please
could you get back to me asap on 212 925 1864 ext 151 or by return email .
i very much hope you can make the dates as i ' m very keen to have you
participate at power . not to flatter you unnecessarily , but i know that a
lot of people come to our conferences to hear what you have to say .
best regards
emma
- invite . doc | 1999-12-15T00:00:00 |
25,050 | here ' s a hot play in motion homeland security investments
the terror attacks on the united states on september 11 , 20 ol have
changed
the security landscape for the foreseeable future . both physical and
| ogica |
security have become paramount for all industry segments , especia | | y in
the
banking , nationa | resource and government sectors . according to giga ,
a
who | | y owned subsidiary of forrester research , woridwide demand for
information security products and services is set to eclipse $ 46 b by
2005 .
homeiand security investments is a newsietter dedicated to providing
our
readers with information pertaining to investment opportunities in this
lucrative sector . as we know , events related to homeland security
happen
with lightning speed . what we as investors can do is position
ourselves in
such a way as to take advantage of the current trends and be ready to
capitalize on events which have yet to happen . homeland security
investments is here to heip our readers do just that .
with this in mind , it is with great excitement that we present vinoble ,
inc .
this stock is expected to do big things in both the near and | ong
terms .
symbol : vnbl . ob
current price : o . 08
short term target price : o . 35
12 month target price : 1 . 20
* * * why we believe vnbl . ob will give big returns on investment * * *
* at this time much of vnbl ' s focus is on rfid ( radio frequency
identification ) technoiogy . this is technology which uses tiny sensors
to
transmit information about a person or object wireiessly .
* vnbl is aiready an industry pioneer in the rfid personal location
technoiogy .
* vnbl is developing a form of rfid technology which allows companies
and
governments to wirelessly track their assets and resources . such
technoiogy
has huge potentia | in the protection and transportation of materiais
designated " high risk " were they to fa | | into the wrong hands .
* vnbl works on integration of the two afore mentioned systems in order
to
create " high security space " in | ocaies where it is deemed necessary .
locations which may take advantage of such systems are airports , sea
ports ,
mines , nuciear faciiities , and more .
* as with a | | stocks , news drives the short term price . fresh news has
made vnbl a hot buy .
news on vnbl
malibu , calif . - - ( business wire ) - - june 16 , 2 oo 5 - - vinoble , inc .
( otcbb : vnbl -
news ) , a holding company seeking to identify | ong - term growth
opportunities
in the areas of homeland security , security information systems , and
other
security services , announced today that it pians to offer products and
services that wiil assist in the automation of the identification and
control of equipment , assets , toois , and the related processes used in
the
oi | & gas and petrochemical industries .
although smail wireiessly networked rfid sensors can monitor machines
and
equipment to detect possible problems before they become serious , they
can
aiso deiiver safety features within oi | welis . oi | maybe trapped in
different | ayers of rock , aiong with gas and water . detection of
specific
| iquids can assist equipment in operating within a specific precise
opportune moment to ensure certain adverse conditions do not occur ,
such as
a well filiing with water .
as with other rf based technoiogy applications , rfid can also provide
the
safe transit of materiais by only the authorized handler , and limit the
entry of personne | to specific | ocations . ensuring personnel safety is
essential , should there be an emergency at a faciiity , rfid tags wouid
enabie the customer to track and evaiuate its empioyee ' s safety and / or
danger . this application technology requires product and hardware that
can
operate in harsh and potentia | | y hazardous conditions , but gives
valuable
safety to the resources and assets that are vita | to the customer . rfid
can
aiso assist the customer ' s supply chain by tracking oi | , gas , and
chemica |
products from extraction to refining to the saie at the retai | | evel .
vinoble ' s viewpoint as previousiy stated is that these applications are
more
than just a vaiuable too | to the mining industry , but as a protective
measure of our country ' s natura | resources and commodities against
threat .
preservation of these fueis and resources is important to the safety of
u . s .
industry and economy .
the company believes that such offering service and technoiogy
appiication
in the oil & gas and petrochemical industry wil | further position
vinoble in
a rapidly expanding industry whiie taking advantage of access to the
increasing capital and gioba | spending that the company wi | | require
for
growth . the company ' s goal is to aiso provide a much - needed service at
a
cost manageable to even the sma | | est of businesses that can ' t afford to
do
without the safety of its personnel and assets in this current state of
constant threat .
this is outstanding news . the growth potential for this company is
exceptional . in an already hot industry , vnbl . ob stands out as a truiy
innovative pioneer . we see big things happening to this stock .
information within this emai | 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 , pians , 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 couid cause
actua | results or events to differ materia | | y from those presently
anticipated . forward looking statements in this action may be
identified
through the use of words such as " projects " , " foresee " , " expects " ,
" wi | | , " " anticipates , " " estimates , " " beiieves , " " understands " or
that by
statements indicating certain actions " may , " " couid , " or " might " occur .
as with many micro - cap stocks , today ' s company has additional risk
factors worth noting . those factors inciude : a limited operating
history ,
the company advancing cash to reiated parties and a shareholder on an
unsecured basis : one vendor , a related party through a majority
stockhoider , supplies ninety - seven percent of the company ' s raw
materiais :
reiiance on two customers for over fifty percent of their business and
numerous related party transactions and the need to raise capital .
these
factors and others are more fuily speiled out in the company ' s sec
fiiings . we urge you to read the filings before you invest . the rocket
stock
report does not represent that the information contained in this
message states ail materia | facts or does not omit a material fact
necessary
to make the statements therein not misleading . ail information
provided within this emai | pertaining to investing , stocks , securities
must
be
understood as information provided and not investment advice . the
rocket stock report advises all 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 material within
this report shal | be construed as any kind of investment advice or
solicitation . many of these companies are on the verge of bankruptcy .
you
can lose ail your money by investing in this stock . the publisher of
the rocket stock report is not a registered investment advisor .
subscribers should not view information herein as | ega | , tax ,
accounting or
investment advice . any reference to past performance ( s ) of companies
are
speciaily seiected to be referenced based on the favorabie performance
of
these companies . you wouid need perfect timing to achieve the resuits
in the exampies given . there can be no assurance of that happening .
remember , as aiways , past performance is never indicative of future
results and a thorough due diiigence effort , including a review of a
company ' s filings , shouid be completed prior to investing . in
compiiance
with the securities act of 1933 , section 17 ( b ) , the rocket stock report
discioses the receipt of tweive thousand doilars from a third party
( gem , inc . ) , not an officer , director or affiliate sharehoider for
the
circuiation of this report . gem , inc . has a position in the stock
they
wil | se | | at any time without notice . be aware of an inherent confiict
of interest resuiting from such compensation due to the fact that this
is a paid advertisement and we are conflicted . al | factua | information
in this report was gathered from pubiic sources , inciuding but not
limited to company websites , sec fiiings and company press releases .
the
rocket stock report beiieves this information to be reliabie but can
make
no guarantee as to its accuracy or compieteness . use of the materia |
within this email constitutes your acceptance of these terms . | 1 | spam | here ' s a hot play in motion | homeland security investments
the terror attacks on the united states on september 11 , 20 ol have
changed
the security landscape for the foreseeable future . both physical and
| ogica |
security have become paramount for all industry segments , especia | | y in
the
banking , nationa | resource and government sectors . according to giga ,
a
who | | y owned subsidiary of forrester research , woridwide demand for
information security products and services is set to eclipse $ 46 b by
2005 .
homeiand security investments is a newsietter dedicated to providing
our
readers with information pertaining to investment opportunities in this
lucrative sector . as we know , events related to homeland security
happen
with lightning speed . what we as investors can do is position
ourselves in
such a way as to take advantage of the current trends and be ready to
capitalize on events which have yet to happen . homeland security
investments is here to heip our readers do just that .
with this in mind , it is with great excitement that we present vinoble ,
inc .
this stock is expected to do big things in both the near and | ong
terms .
symbol : vnbl . ob
current price : o . 08
short term target price : o . 35
12 month target price : 1 . 20
* * * why we believe vnbl . ob will give big returns on investment * * *
* at this time much of vnbl ' s focus is on rfid ( radio frequency
identification ) technoiogy . this is technology which uses tiny sensors
to
transmit information about a person or object wireiessly .
* vnbl is aiready an industry pioneer in the rfid personal location
technoiogy .
* vnbl is developing a form of rfid technology which allows companies
and
governments to wirelessly track their assets and resources . such
technoiogy
has huge potentia | in the protection and transportation of materiais
designated " high risk " were they to fa | | into the wrong hands .
* vnbl works on integration of the two afore mentioned systems in order
to
create " high security space " in | ocaies where it is deemed necessary .
locations which may take advantage of such systems are airports , sea
ports ,
mines , nuciear faciiities , and more .
* as with a | | stocks , news drives the short term price . fresh news has
made vnbl a hot buy .
news on vnbl
malibu , calif . - - ( business wire ) - - june 16 , 2 oo 5 - - vinoble , inc .
( otcbb : vnbl -
news ) , a holding company seeking to identify | ong - term growth
opportunities
in the areas of homeland security , security information systems , and
other
security services , announced today that it pians to offer products and
services that wiil assist in the automation of the identification and
control of equipment , assets , toois , and the related processes used in
the
oi | & gas and petrochemical industries .
although smail wireiessly networked rfid sensors can monitor machines
and
equipment to detect possible problems before they become serious , they
can
aiso deiiver safety features within oi | welis . oi | maybe trapped in
different | ayers of rock , aiong with gas and water . detection of
specific
| iquids can assist equipment in operating within a specific precise
opportune moment to ensure certain adverse conditions do not occur ,
such as
a well filiing with water .
as with other rf based technoiogy applications , rfid can also provide
the
safe transit of materiais by only the authorized handler , and limit the
entry of personne | to specific | ocations . ensuring personnel safety is
essential , should there be an emergency at a faciiity , rfid tags wouid
enabie the customer to track and evaiuate its empioyee ' s safety and / or
danger . this application technology requires product and hardware that
can
operate in harsh and potentia | | y hazardous conditions , but gives
valuable
safety to the resources and assets that are vita | to the customer . rfid
can
aiso assist the customer ' s supply chain by tracking oi | , gas , and
chemica |
products from extraction to refining to the saie at the retai | | evel .
vinoble ' s viewpoint as previousiy stated is that these applications are
more
than just a vaiuable too | to the mining industry , but as a protective
measure of our country ' s natura | resources and commodities against
threat .
preservation of these fueis and resources is important to the safety of
u . s .
industry and economy .
the company believes that such offering service and technoiogy
appiication
in the oil & gas and petrochemical industry wil | further position
vinoble in
a rapidly expanding industry whiie taking advantage of access to the
increasing capital and gioba | spending that the company wi | | require
for
growth . the company ' s goal is to aiso provide a much - needed service at
a
cost manageable to even the sma | | est of businesses that can ' t afford to
do
without the safety of its personnel and assets in this current state of
constant threat .
this is outstanding news . the growth potential for this company is
exceptional . in an already hot industry , vnbl . ob stands out as a truiy
innovative pioneer . we see big things happening to this stock .
information within this emai | 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 , pians , 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 couid cause
actua | results or events to differ materia | | y from those presently
anticipated . forward looking statements in this action may be
identified
through the use of words such as " projects " , " foresee " , " expects " ,
" wi | | , " " anticipates , " " estimates , " " beiieves , " " understands " or
that by
statements indicating certain actions " may , " " couid , " or " might " occur .
as with many micro - cap stocks , today ' s company has additional risk
factors worth noting . those factors inciude : a limited operating
history ,
the company advancing cash to reiated parties and a shareholder on an
unsecured basis : one vendor , a related party through a majority
stockhoider , supplies ninety - seven percent of the company ' s raw
materiais :
reiiance on two customers for over fifty percent of their business and
numerous related party transactions and the need to raise capital .
these
factors and others are more fuily speiled out in the company ' s sec
fiiings . we urge you to read the filings before you invest . the rocket
stock
report does not represent that the information contained in this
message states ail materia | facts or does not omit a material fact
necessary
to make the statements therein not misleading . ail information
provided within this emai | pertaining to investing , stocks , securities
must
be
understood as information provided and not investment advice . the
rocket stock report advises all 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 material within
this report shal | be construed as any kind of investment advice or
solicitation . many of these companies are on the verge of bankruptcy .
you
can lose ail your money by investing in this stock . the publisher of
the rocket stock report is not a registered investment advisor .
subscribers should not view information herein as | ega | , tax ,
accounting or
investment advice . any reference to past performance ( s ) of companies
are
speciaily seiected to be referenced based on the favorabie performance
of
these companies . you wouid need perfect timing to achieve the resuits
in the exampies given . there can be no assurance of that happening .
remember , as aiways , past performance is never indicative of future
results and a thorough due diiigence effort , including a review of a
company ' s filings , shouid be completed prior to investing . in
compiiance
with the securities act of 1933 , section 17 ( b ) , the rocket stock report
discioses the receipt of tweive thousand doilars from a third party
( gem , inc . ) , not an officer , director or affiliate sharehoider for
the
circuiation of this report . gem , inc . has a position in the stock
they
wil | se | | at any time without notice . be aware of an inherent confiict
of interest resuiting from such compensation due to the fact that this
is a paid advertisement and we are conflicted . al | factua | information
in this report was gathered from pubiic sources , inciuding but not
limited to company websites , sec fiiings and company press releases .
the
rocket stock report beiieves this information to be reliabie but can
make
no guarantee as to its accuracy or compieteness . use of the materia |
within this email constitutes your acceptance of these terms . | 2005-04-12T00:00:00 |
18,883 | hi paliourg all pills here . complete stocks . barony kxm pigeonfoot hi paliourg ,
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women ' s health : diflucan , ortho evra patch , ortho tri cyclen , triphasil , vaniqa
sexual health : acyclovir , famvir , levitra , valtrex , viagra
anti - depressants : bupropion hcl , wellbutrin sr , valium , xanax , prozac , paxil
anxiety : buspar
quit smoking : zyban
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best regards ,
phillip sellers | 1 | spam | hi paliourg all pills here . complete stocks . barony kxm pigeonfoot | hi paliourg ,
our online store is the place to find many prescription drugs without a prior prescription .
valium 10 mg - [ 60 pills $ 279 . 99 ] [ 90 pills $ 329 . 99 ] [ 120 pills $ 369 . 99 ]
xanax 1 mg - [ 30 pills $ 169 . 00 ] [ 60 pills $ 229 . 00 ] [ 90 pills $ 269 . 00 ] [ 120 pills $ 309 . 99 ]
vicodin ( hydrocodone / apapl 0 mg / 500 mg ) - [ 30 pills $ 159 . 99 ] [ 60 pills $ 249 . 99 ] [ 90 pills $ 319 . 99 ] [ 90 pills $ 289 . 99 ] [ 60 pills $ 289 . 99 ]
viagra 50 mg [ 20 pills $ 99 . 99 ] [ 40 pills $ 149 . 99 ] [ 120 pills $ 269 . 99 ] [ 200 pills $ 349 . 99 ]
viagra 100 mg [ 20 pills $ 119 . 99 ] [ 40 pills $ 179 . 99 ] [ 120 pills $ 349 . 99 ] [ 200 pills $ 449 . 99 ]
carisoprodol ( soma ) [ 60 pills $ 79 . 99 ] [ 90 pills $ 99 . 99 ]
phentermine 15 mg [ 60 pills $ 139 . 00 ] [ 180 pills $ 249 . 00 ]
adipex 37 . 5 mg [ 30 pills $ 149 . 00 ] [ 90 pills $ 299 . 00 ] [ 60 pills $ 229 . 00 ]
tramadol 50 mg [ 30 pills $ 89 . 00 ] [ 90 pills $ 149 . 00 ] [ 60 pills $ 129 . 00 ]
ambien 5 mg [ 30 pills $ 149 . 00 ] [ 60 pills $ 249 . 00 ]
butalbital apap w / caffeine ( fioricet ) [ 30 pills - $ 99 . 00 ] [ 60 pills - $ 159 . 00 ] [ 90 pills - $ 189 . 00 ]
also available :
men ' s health : super viagra ( cialis ) , viagra
weight loss : adipex , ionamin , meridia , phentermine , tenuate , xenical
muscle relaxants : cyclobenzaprine , flexeril , soma , skelaxin , zanaflex
pain relief : celebrex , esgic plus , flextra , tramadol , fioricet , ultram , ativan , vicodin , vioxx , zebutal
men ' s health : cialis , levitra , propecia , viagra
women ' s health : diflucan , ortho evra patch , ortho tri cyclen , triphasil , vaniqa
sexual health : acyclovir , famvir , levitra , valtrex , viagra
anti - depressants : bupropion hcl , wellbutrin sr , valium , xanax , prozac , paxil
anxiety : buspar
quit smoking : zyban
all medications are fda approved .
no waiting rooms . here . we ship worldwide
please copy and paste this link into your browser agelessliving . biz
best regards ,
phillip sellers
| 2004-05-07T00:00:00 |
5,524 | vmi agreements hi richard , here is a marked up version from our lawyer . please have your
people look at it and if it seems fine make the changes and send a signed
copy back to me .
ravi .
- - - - - forwarded by ravi thuraisingham / enron communications on 02 / 17 / 00 06 : 21
pm - - - - -
mark holsworth @ enron
02 / 17 / 00 04 : 10 pm
to : ravi thuraisingham / enron communications @ enron communications , gene
diers / corp / enron @ enron
cc :
subject : vmi agreements
please find attached my redlining of the vmi agreelment . please review it
and send it to the vendor for their review . | 0 | ham | vmi agreements | hi richard , here is a marked up version from our lawyer . please have your
people look at it and if it seems fine make the changes and send a signed
copy back to me .
ravi .
- - - - - forwarded by ravi thuraisingham / enron communications on 02 / 17 / 00 06 : 21
pm - - - - -
mark holsworth @ enron
02 / 17 / 00 04 : 10 pm
to : ravi thuraisingham / enron communications @ enron communications , gene
diers / corp / enron @ enron
cc :
subject : vmi agreements
please find attached my redlining of the vmi agreelment . please review it
and send it to the vendor for their review . | 2000-02-17T00:00:00 |
30,355 | new product ! cialis soft tabs . hi !
we have a new product that we offer to you , c _ i _ a _ l _ i _ s soft tabs ,
cialis soft tabs is the new impotence treatment drug that everyone is talking
about . soft tabs acts up to 36 hours , compare this to only two or three hours
of viagra action ! the active ingredient is tadalafil , same as in brand cialis .
simply disolve half a pill under your tongue , 10 min before sex , for the best
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soft tabs also have less sidebacks ( you can drive or mix alcohol drinks with them ) .
you can get it at : http : / / web 4 deals . com / soft /
no thanks : http : / / web 4 deals . com / rr . php | 1 | spam | new product ! cialis soft tabs . | hi !
we have a new product that we offer to you , c _ i _ a _ l _ i _ s soft tabs ,
cialis soft tabs is the new impotence treatment drug that everyone is talking
about . soft tabs acts up to 36 hours , compare this to only two or three hours
of viagra action ! the active ingredient is tadalafil , same as in brand cialis .
simply disolve half a pill under your tongue , 10 min before sex , for the best
erections you ' ve ever had !
soft tabs also have less sidebacks ( you can drive or mix alcohol drinks with them ) .
you can get it at : http : / / web 4 deals . com / soft /
no thanks : http : / / web 4 deals . com / rr . php | 2004-11-10T00:00:00 |
24,942 | re : ink prices got you down ? 11956 would you like to
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verify the price , we will beat it by 5 % ! ( must be same manufacturer )
you
are receiving this special offer because you have provided permission to
receive email communications regarding special online promotions or
offers . if you feel you have received this message in error , or wish to
be removed from our subscriber list , click
here . thank you and we apologize for any inconvenience . | 1 | spam | re : ink prices got you down ? 11956 | would you like to
save up to 80 %
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* free shipping only on
orders of $ 40 or more . * * we beat any online retailer ' s price by 5 % .
call us with the url ( website ) advertising the lower price and once we
verify the price , we will beat it by 5 % ! ( must be same manufacturer )
you
are receiving this special offer because you have provided permission to
receive email communications regarding special online promotions or
offers . if you feel you have received this message in error , or wish to
be removed from our subscriber list , click
here . thank you and we apologize for any inconvenience .
| 2002-09-20T00:00:00 |
6,861 | avg . monthly electricity prices for the past 13 months margaret ,
please find attached file with average monthly prices for regions your
requested . this file gives more information than the previous ( yesterday )
one . as the one before , source for this file is megawatt daily , it includes
on - peak and off - peak prices and you can also see daily data that was
converted to monthly average data . there are two types of averages prices :
average and weighted average . weighted average takes into account number of
transactions of certain price .
for example : pjm had average price of $ 53 . 61 and weighted average price of
$ 53 . 15 in august , it means that there were more transactions of lower price
than higher . also , megawatt daily has its own methodology and i am attaching
it with this message .
if you have any questions regarding prices or methodology , please contact
sevil yaman ( 5 - 8083 ) or me ( 3 - 4305 ) .
sincerely , elena
enron research group
3 - 4305 | 0 | ham | avg . monthly electricity prices for the past 13 months | margaret ,
please find attached file with average monthly prices for regions your
requested . this file gives more information than the previous ( yesterday )
one . as the one before , source for this file is megawatt daily , it includes
on - peak and off - peak prices and you can also see daily data that was
converted to monthly average data . there are two types of averages prices :
average and weighted average . weighted average takes into account number of
transactions of certain price .
for example : pjm had average price of $ 53 . 61 and weighted average price of
$ 53 . 15 in august , it means that there were more transactions of lower price
than higher . also , megawatt daily has its own methodology and i am attaching
it with this message .
if you have any questions regarding prices or methodology , please contact
sevil yaman ( 5 - 8083 ) or me ( 3 - 4305 ) .
sincerely , elena
enron research group
3 - 4305 | 2000-08-22T00:00:00 |
8,962 | rice cfos conference christie ,
this is one of the communications regarding rice cfos conference .
andy requires some gentle persuasion .
vince
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 04 / 10 / 2001
08 : 20 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
david ikenberry on 04 / 09 / 2001 01 : 27 : 24 pm
to : vince . j . kaminski @ enron . com
cc :
subject :
hi vince ,
i may have missed something , however don ' t believe i have received any
communication recently from andy festow about this upcoming may 4 - 5 corp .
fin . conference . i hope he is still planning to come , yet i don ' t know as
of now .
i have andy penciled in as a participant on a " panel " that is discussing
equity dilution from stock option compensation ( the role of panelist should
require little , if any , preparation time ) . of course , i want andy to
come , however he is concerned about his ability to attend , i probably
should identify another person or two to serve on the panel .
dave .
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
prof . david ikenberry
jones graduate school of management
rice university
713 - 348 - 5385 | 0 | ham | rice cfos conference | christie ,
this is one of the communications regarding rice cfos conference .
andy requires some gentle persuasion .
vince
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 04 / 10 / 2001
08 : 20 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
david ikenberry on 04 / 09 / 2001 01 : 27 : 24 pm
to : vince . j . kaminski @ enron . com
cc :
subject :
hi vince ,
i may have missed something , however don ' t believe i have received any
communication recently from andy festow about this upcoming may 4 - 5 corp .
fin . conference . i hope he is still planning to come , yet i don ' t know as
of now .
i have andy penciled in as a participant on a " panel " that is discussing
equity dilution from stock option compensation ( the role of panelist should
require little , if any , preparation time ) . of course , i want andy to
come , however he is concerned about his ability to attend , i probably
should identify another person or two to serve on the panel .
dave .
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
prof . david ikenberry
jones graduate school of management
rice university
713 - 348 - 5385 | 2001-04-10T00:00:00 |
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| 2005-02-02T00:00:00 |
154 | 19 th noms on copanos - - - - - - - - - - - - - - - - - - - - - - forwarded by ami chokshi / corp / enron on 01 / 18 / 2000
11 : 11 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
troy _ a _ benoit @ reliantenergy . com on 01 / 18 / 2000 10 : 48 : 53 am
to : ami chokshi / corp / enron @ enron
cc :
subject : 19 th noms on copanos
( see attached file : hpl - jan . xls )
- hpl - jan . xls | 0 | ham | 19 th noms on copanos | - - - - - - - - - - - - - - - - - - - - - - forwarded by ami chokshi / corp / enron on 01 / 18 / 2000
11 : 11 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
troy _ a _ benoit @ reliantenergy . com on 01 / 18 / 2000 10 : 48 : 53 am
to : ami chokshi / corp / enron @ enron
cc :
subject : 19 th noms on copanos
( see attached file : hpl - jan . xls )
- hpl - jan . xls | 2000-01-18T00:00:00 |
1,900 | re : meter 0980438 - acock production ? ? ? ? ? ? mary ,
hplc executed a gas purchase agreement with ccgm , lp effective 7 / 1 / 2000 .
hplc secured the purchase of production from the briscoe # 1 well in webb
county for 12 months ; the producer of this well is hoover oil however ,
did not do so for the month of november .
hopefully this is useful information !
vlt
x 3 - 6353
mary poorman @ enron
10 / 24 / 2000 09 : 03 am
to : fred boas / hou / ect @ ect
cc : nick moshou / corp / enron @ enron , cynthia hakemack / hou / ect @ ect , kristen j
hanson / hou / ect @ ect , vance l taylor / hou / ect @ ect , daren j farmer / hou / ect @ ect ,
pat clynes / corp / enron @ enron , robert cotten / hou / ect @ ect , tom
acton / corp / enron @ enron
subject : re : meter 0980438 - acock production ? ? ? ? ? ?
fred :
i have run this issue by clem cernosek for further research , and expect to
have his answer this afternoon . in the meantime , it is my understanding that
this well is behind the big cowboy system . at this time , we have deal ticket
380710 , purchase from ccgm , l . p . on hplc / hplc . this deal should probably be
on gulf energy / bigcowboy . the producer , as i understand it , is acock
production , however , i may be mis - informed . any insight which any of you can
shed on this deal would be very welcome , i would like to capture this
accurately and definitively as early on as possible , so as to prevent any
future issues .
thank you all for your patience and assistance ,
mary | 0 | ham | re : meter 0980438 - acock production ? ? ? ? ? ? | mary ,
hplc executed a gas purchase agreement with ccgm , lp effective 7 / 1 / 2000 .
hplc secured the purchase of production from the briscoe # 1 well in webb
county for 12 months ; the producer of this well is hoover oil however ,
did not do so for the month of november .
hopefully this is useful information !
vlt
x 3 - 6353
mary poorman @ enron
10 / 24 / 2000 09 : 03 am
to : fred boas / hou / ect @ ect
cc : nick moshou / corp / enron @ enron , cynthia hakemack / hou / ect @ ect , kristen j
hanson / hou / ect @ ect , vance l taylor / hou / ect @ ect , daren j farmer / hou / ect @ ect ,
pat clynes / corp / enron @ enron , robert cotten / hou / ect @ ect , tom
acton / corp / enron @ enron
subject : re : meter 0980438 - acock production ? ? ? ? ? ?
fred :
i have run this issue by clem cernosek for further research , and expect to
have his answer this afternoon . in the meantime , it is my understanding that
this well is behind the big cowboy system . at this time , we have deal ticket
380710 , purchase from ccgm , l . p . on hplc / hplc . this deal should probably be
on gulf energy / bigcowboy . the producer , as i understand it , is acock
production , however , i may be mis - informed . any insight which any of you can
shed on this deal would be very welcome , i would like to capture this
accurately and definitively as early on as possible , so as to prevent any
future issues .
thank you all for your patience and assistance ,
mary | 2000-10-24T00:00:00 |
20,791 | missing details found 22 th december her percocet hurt
v , 1 , c . o ' d , 1 . n 75 o m - gg
3 o piils 169 . 0 o
6 o pills 245 . 95
9 o pl | | s 319 . 0 o
contact : http : / / yourstopishere . com
same day shlpp 1 ng
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thank you
phil manning
clothier
china taixing gingko trading co . , taixing , 225300 , china
phone : 491 - 965 - 4149
mobile : 511 - 111 - 9544
email : zvpofryh @ calweb . com
your reply to this confirmation message is not needed
this package is a 70 month trial file
notes :
the contents of this information is for usage and should not be breakwater elusive
syndicate puccini selectmen
time : fri , 24 dec 2004 04 : 11 : 11 + 0200 | 1 | spam | missing details found 22 th december | her percocet hurt
v , 1 , c . o ' d , 1 . n 75 o m - gg
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phil manning
clothier
china taixing gingko trading co . , taixing , 225300 , china
phone : 491 - 965 - 4149
mobile : 511 - 111 - 9544
email : zvpofryh @ calweb . com
your reply to this confirmation message is not needed
this package is a 70 month trial file
notes :
the contents of this information is for usage and should not be breakwater elusive
syndicate puccini selectmen
time : fri , 24 dec 2004 04 : 11 : 11 + 0200
| 2004-12-24T00:00:00 |
29,999 | receive the lowest rate on your mortgage allowed by law do
you know a homeowner who needs to reduce their monthly payments ?
lend a hand and forward this email .
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a free mortgage quote - click here
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e - mail us , or write us at :
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| 2004-10-15T00:00:00 |
5,794 | offsite meeting - - great divide lodge - - invited guest list gentlemen :
attached please find the " proposed " final invitees list for the technical ,
research , and operations offsite meeting to be held april 27 - 29 , 2000 at the
great divide lodge in breckenridge , colorado . i am working with shirley
crenshaw to secure cost - efficient travel and meeting arrangements for the
entire group . in order to secure a group rate , we must make sure we have a
" final headcount " in place . please let me know by tuesday , march 28 th at
12 : 00 noon if you have any additions or corrections to the attached list .
many thanks in advance for your prompt attention ! | 0 | ham | offsite meeting - - great divide lodge - - invited guest list | gentlemen :
attached please find the " proposed " final invitees list for the technical ,
research , and operations offsite meeting to be held april 27 - 29 , 2000 at the
great divide lodge in breckenridge , colorado . i am working with shirley
crenshaw to secure cost - efficient travel and meeting arrangements for the
entire group . in order to secure a group rate , we must make sure we have a
" final headcount " in place . please let me know by tuesday , march 28 th at
12 : 00 noon if you have any additions or corrections to the attached list .
many thanks in advance for your prompt attention ! | 2000-03-27T00:00:00 |
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| 2004-12-12T00:00:00 |
33,506 | request for your unreserved asistance request for your unreserved asistance
from : branch manager
( union bank of nigeria plc )
marina lagos
dear sir ,
request for your unreserved asistance
firstly , i must solicit your confidence in this transaction , this is by virtue
of its nature as being utterly confidential and top secret . though i know
that a transaction of this magnitude will make any one apprehensive and worried ,
but i am assuring you that all will be well at the end of the day . we have
decided to contact you due to the urgency of this transaction , as we have
been reliably informed of it ' s
swiftness and confidentiality .
let me start by first introducing myself properly to you . i am yakasia mohammed
a manager at the union bank nigeria plc , lagos . i came to know of you in
my private search for a reliable and reputable person to handle a very confidential
transaction , which involves the transfer of a huge sum of money to a foreign
account requiring maximum confidence . a foreigner , an oil merchant / contractor
with the federal government of nigeria , until his death three years ago in
a ghastly air crash , banked with us here at the union bank plc , lagos , and
had a closing balance of usd $ 7 . 2 m ( seven million , two hundred thousand united
states dollars ) which the bank now unquestionably expects to be claimed by
any of his available foreign next of kin or alternatively be donated to a
discredited trust fund for arms and ammunition at a military war collage
here in nigeria .
fervent valuable efforts are being made by the union bank to get in touch
with any of his next of kin ( he had no known wife and children ) that the
management under the influence of our chairman , board of directors , retired
major general ( egbuna o egbu ) , that an arrangement for the fund to be declared
" uncliamable " and then be subsequently donated to the trust fund for arms
and ammunition , which will further enhance the course of misunderstanding
among us here .
in order to avert this negative development , myself and some of my trusted
colleagues in the bank now seek for your permission to have you stand as
the next of kin so that the fund , usd $ 7 . 2 m , would be subsequently transferred
and paid into your bank account as the beneficiary next of kin .
all documents and proves to enable you get this fund have been carefully
worked out and we are assuring you a 100 % risk free
involvement . your share would be 30 % of the total amount , while the rest
would be for myself and my colleagues for purposes in your country .
if this proposal is ok by you and you do not wish to take advantage of the
trust we hope to bestow on you and your company , then kindly get to me immediately
via my private e - mail address ( yakasiahaji 2 @ hotmail . com ) furnishing me with
your most confidential telephone , fax and e - mail , so that i can forward to
you the relevant details of this transaction .
thank you in advance for your anticipated co - operation
regards .
yakasia mohammed
book yourself something to look forward to in 2005 .
cheap flights - http : / / www . tiscali . co . uk / travel / flights /
bargain holidays - http : / / www . tiscali . co . uk / travel / holidays / | 1 | spam | request for your unreserved asistance | request for your unreserved asistance
from : branch manager
( union bank of nigeria plc )
marina lagos
dear sir ,
request for your unreserved asistance
firstly , i must solicit your confidence in this transaction , this is by virtue
of its nature as being utterly confidential and top secret . though i know
that a transaction of this magnitude will make any one apprehensive and worried ,
but i am assuring you that all will be well at the end of the day . we have
decided to contact you due to the urgency of this transaction , as we have
been reliably informed of it ' s
swiftness and confidentiality .
let me start by first introducing myself properly to you . i am yakasia mohammed
a manager at the union bank nigeria plc , lagos . i came to know of you in
my private search for a reliable and reputable person to handle a very confidential
transaction , which involves the transfer of a huge sum of money to a foreign
account requiring maximum confidence . a foreigner , an oil merchant / contractor
with the federal government of nigeria , until his death three years ago in
a ghastly air crash , banked with us here at the union bank plc , lagos , and
had a closing balance of usd $ 7 . 2 m ( seven million , two hundred thousand united
states dollars ) which the bank now unquestionably expects to be claimed by
any of his available foreign next of kin or alternatively be donated to a
discredited trust fund for arms and ammunition at a military war collage
here in nigeria .
fervent valuable efforts are being made by the union bank to get in touch
with any of his next of kin ( he had no known wife and children ) that the
management under the influence of our chairman , board of directors , retired
major general ( egbuna o egbu ) , that an arrangement for the fund to be declared
" uncliamable " and then be subsequently donated to the trust fund for arms
and ammunition , which will further enhance the course of misunderstanding
among us here .
in order to avert this negative development , myself and some of my trusted
colleagues in the bank now seek for your permission to have you stand as
the next of kin so that the fund , usd $ 7 . 2 m , would be subsequently transferred
and paid into your bank account as the beneficiary next of kin .
all documents and proves to enable you get this fund have been carefully
worked out and we are assuring you a 100 % risk free
involvement . your share would be 30 % of the total amount , while the rest
would be for myself and my colleagues for purposes in your country .
if this proposal is ok by you and you do not wish to take advantage of the
trust we hope to bestow on you and your company , then kindly get to me immediately
via my private e - mail address ( yakasiahaji 2 @ hotmail . com ) furnishing me with
your most confidential telephone , fax and e - mail , so that i can forward to
you the relevant details of this transaction .
thank you in advance for your anticipated co - operation
regards .
yakasia mohammed
book yourself something to look forward to in 2005 .
cheap flights - http : / / www . tiscali . co . uk / travel / flights /
bargain holidays - http : / / www . tiscali . co . uk / travel / holidays / | 2005-07-13T00:00:00 |
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| 2005-03-09T00:00:00 |
2,648 | flow change for fuels cotton valley redeliveries into hpl saturday , march 3 , the redeliveries into hpl from fuels cotton valley for
the eastrans deal will increase to approximately 19500 mmbtu / dy . this
change should continue through march 5 th or 6 th . the reason for the change
is an operational emergency . defs typically delivers approximately 12200
mmbtu / dy into txu lone star . this delivery will not be able to occur
because the alford b compressor needs to get into the shop for maintenance .
this compressor will be out of commission for the month of march . the
busby compressor will compress the usual 7300 mmbtu / dy of fuels cotton
valley redelivery gas as well as the 12200 mmbtu / dy of txu lone star
redelivery gas . a different redelivery point with txu lone star is being
established and should be available by march 5 th or 6 th . at this point in
time , we will take the hpl fuels cotton valley redelivery gas to zero and
balance the redeliveries between the two points . therefore , defs will not
change the delivery or redelivery nominations in place for eastrans . after
the new txu lone star redelivery point is put into place and the points are
volume balanced , it is our intent to have redeliveries of 7300 mmbtu / dy
from fuels cotton valley and 22700 mmbtu / dy into pg & e ( which is what is in
place effective 3 / 1 / 01 ) for eastrans . | 0 | ham | flow change for fuels cotton valley redeliveries into hpl | saturday , march 3 , the redeliveries into hpl from fuels cotton valley for
the eastrans deal will increase to approximately 19500 mmbtu / dy . this
change should continue through march 5 th or 6 th . the reason for the change
is an operational emergency . defs typically delivers approximately 12200
mmbtu / dy into txu lone star . this delivery will not be able to occur
because the alford b compressor needs to get into the shop for maintenance .
this compressor will be out of commission for the month of march . the
busby compressor will compress the usual 7300 mmbtu / dy of fuels cotton
valley redelivery gas as well as the 12200 mmbtu / dy of txu lone star
redelivery gas . a different redelivery point with txu lone star is being
established and should be available by march 5 th or 6 th . at this point in
time , we will take the hpl fuels cotton valley redelivery gas to zero and
balance the redeliveries between the two points . therefore , defs will not
change the delivery or redelivery nominations in place for eastrans . after
the new txu lone star redelivery point is put into place and the points are
volume balanced , it is our intent to have redeliveries of 7300 mmbtu / dy
from fuels cotton valley and 22700 mmbtu / dy into pg & e ( which is what is in
place effective 3 / 1 / 01 ) for eastrans . | 2001-03-01T00:00:00 |
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| 2005-06-29T00:00:00 |
5,909 | re : hi zeigham ,
we discussed two options ( not necessarily mutually exclusive ) :
1 . summer internship
2 . full employment .
are you interested exclusively in full employment ?
i need the answer asap , as we are going to discuss the additional summer
intern positions this afternoon .
vince
zkhokher @ mail . utexas . edu on 04 / 11 / 2000 01 : 06 : 14 pm
to :
cc :
subject : hi
vince :
it was very nice talking to you at the texas finance festival and i think
the telecom market that enron is entering is very interesting and very
lucrative . ? i would be very interested in working in that segment for enron .
?
however , i talked to sheridan about this oppurtunity and he said that it is
probably going to be another six months before i finish my dissertation . ? so
while i am definitely interested , the start date will probably have to be
around that time . ?
?
at any rate , it was a pleasure meeting you again and hopefully once i have
defended my dissertation ? we can discuss employment oppurtunities in greater
detail .
?
?
regards
zeigham
zkhokher @ mail . utexas . edu
512 - 471 - 1676 | 0 | ham | re : hi | zeigham ,
we discussed two options ( not necessarily mutually exclusive ) :
1 . summer internship
2 . full employment .
are you interested exclusively in full employment ?
i need the answer asap , as we are going to discuss the additional summer
intern positions this afternoon .
vince
zkhokher @ mail . utexas . edu on 04 / 11 / 2000 01 : 06 : 14 pm
to :
cc :
subject : hi
vince :
it was very nice talking to you at the texas finance festival and i think
the telecom market that enron is entering is very interesting and very
lucrative . ? i would be very interested in working in that segment for enron .
?
however , i talked to sheridan about this oppurtunity and he said that it is
probably going to be another six months before i finish my dissertation . ? so
while i am definitely interested , the start date will probably have to be
around that time . ?
?
at any rate , it was a pleasure meeting you again and hopefully once i have
defended my dissertation ? we can discuss employment oppurtunities in greater
detail .
?
?
regards
zeigham
zkhokher @ mail . utexas . edu
512 - 471 - 1676 | 2000-04-11T00:00:00 |
23,451 | sec var the good news is that september vars are little changed from the june numbers .
the bad news is that the new power company went public in october . the stock
is very volatile ( about 180 % per year ) . the warrants we inserted into the
hawaii 125 - 0 mcgarret swaps are hugely in the money and will therefore have
substantial var . var for the total return swaps will probably be over $ 30
million in october .
additionally , you will notice a huge trading commodities var for august ( $ 79
million ) . this will require some explanation when we report high monthly var
at year - end .
regards ,
eugenio | 0 | ham | sec var | the good news is that september vars are little changed from the june numbers .
the bad news is that the new power company went public in october . the stock
is very volatile ( about 180 % per year ) . the warrants we inserted into the
hawaii 125 - 0 mcgarret swaps are hugely in the money and will therefore have
substantial var . var for the total return swaps will probably be over $ 30
million in october .
additionally , you will notice a huge trading commodities var for august ( $ 79
million ) . this will require some explanation when we report high monthly var
at year - end .
regards ,
eugenio | 2000-10-27T00:00:00 |
28,258 | operator choice forms attached below is the tw letter and request form that was posted friday and
autofaxed to operators this weekend .
if you have additional questions , please let me know .
thanks ramona
- - - - - - - - - - - - - - - - - - - - - - forwarded by ramona betancourt / et & s / enron on
12 / 04 / 2000 12 : 04 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
maggie matheson
12 / 01 / 2000 11 : 30 am
to : toby kuehl / et & s / enron @ enron , susan brower / et & s / enron @ enron , john
buchanan / et & s / enron @ enron
cc : julia white / et & s / enron @ enron , sheila nacey / et & s / enron @ enron , lynn
blair / et & s / enron @ enron , gerry medeles / et & s / enron @ enron , tammy
jaquet / et & s / enron @ enron , legale black / et & s / enron @ enron , mary
draemer / et & s / enron @ enron , james studebaker / fgt / enron @ enron , shahnaz
lakho / fgt / enron @ enron , ramona betancourt / et & s / enron @ enron , mike
bryant / ots / enron @ enron
subject : operator choice forms
toby , susan & john :
toby , please post on each company ' s web site for operators only .
susan , please fax overnight the tw and nng letter and form for each of the
company ' s operators .
john , please forward the customer notices to all of the msr and let them
know that we will be training this afternoon between 1 : 30 and 2 : 00 pm | 0 | ham | operator choice forms | attached below is the tw letter and request form that was posted friday and
autofaxed to operators this weekend .
if you have additional questions , please let me know .
thanks ramona
- - - - - - - - - - - - - - - - - - - - - - forwarded by ramona betancourt / et & s / enron on
12 / 04 / 2000 12 : 04 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
maggie matheson
12 / 01 / 2000 11 : 30 am
to : toby kuehl / et & s / enron @ enron , susan brower / et & s / enron @ enron , john
buchanan / et & s / enron @ enron
cc : julia white / et & s / enron @ enron , sheila nacey / et & s / enron @ enron , lynn
blair / et & s / enron @ enron , gerry medeles / et & s / enron @ enron , tammy
jaquet / et & s / enron @ enron , legale black / et & s / enron @ enron , mary
draemer / et & s / enron @ enron , james studebaker / fgt / enron @ enron , shahnaz
lakho / fgt / enron @ enron , ramona betancourt / et & s / enron @ enron , mike
bryant / ots / enron @ enron
subject : operator choice forms
toby , susan & john :
toby , please post on each company ' s web site for operators only .
susan , please fax overnight the tw and nng letter and form for each of the
company ' s operators .
john , please forward the customer notices to all of the msr and let them
know that we will be training this afternoon between 1 : 30 and 2 : 00 pm | 2000-12-04T00:00:00 |
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ciaiis has a iot of advantaqes over viaqra
- the effect lasts 36 hours !
- you are ready to start within just 10 minutes !
- you can mix it with alcohol ! we ship to any country !
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| 2005-06-30T00:00:00 |
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| 2005-01-28T00:00:00 |
30,007 | hello col . a johnson
plot 61 kings drive ,
monrovia , liberia
email ; colajo 54 @ walla . com
dear friend ,
i wish you the best in life for you and your family , and i
hope you will receive this mail in good spirit and respond
quickly with utmost secrecy and confidentiality , i got your
address through my personal search for reliable person that
can help me in securing the safe keeping of the fund till
my arrival in your country . my name is col . anthony johnson
and i was the chief of security and operations for former
president charles taylor of liberia .
please protect this mail for the safety of my life and that
of my family to avoid us being toured or killed by his left
behind secret agents . please humbly beg you from the bottom
of my heart to listen very carefully , the situation in my
country is very critical and chaos , uproar and hostilities
had brought the country to its knees and from intelligent
report the center cannot hold anymore for former president
charles taylor and his government .
the intense pressure from united states , united nations ,
international community and west african peace keeping to
[ ecomog ] had made him former president charles taylor to
step aside and gone on exile and also pressure to face war
crime charges against humanity . which is going on now in my
country .
listen very carefully , you know my country liberia is very
rich with diamonds , and with my position as former chief of
security and operations i have accumulated so much diamonds
which i had sold to generate close to $ 25 . 5 million over
the years and it is this fund that i want to move to you
for safe keeping .
the funds are in two boxes in dollar denomination and it
would be sent to you through diplomatic courier service
with your name as the beneficiary within few days . please
would you do me a favor to receive this funds for me ? else
the government in power will seize the funds and plunder
it . if you are capable and i know that you will truly and
honestly help me , write me now , time is no more on my side .
i will give you 20 % of the fund and i will come to your
country to take my part . extend a friendly hand and help
me . please bear in mind that this fund is not loaned or
stolen money but rather a hard earned money generated .
please for us to conclude this transaction i will want you
to send me the following information .
( 1 ) your phone and fax numbers .
( 2 ) your postal address .
( 3 ) your age and your profession .
( 4 ) your full name
which i will use in preparing the document that will enable
you to lay claim and receive the consignment on my behalf .
please i will advise you to reach me with this private
email address : colajo 54 @ walla . com
i urgently awaits your reply .
yours sincerely .
col . anthony johnson
mail sent from geckobeachforums . com | 1 | spam | hello | col . a johnson
plot 61 kings drive ,
monrovia , liberia
email ; colajo 54 @ walla . com
dear friend ,
i wish you the best in life for you and your family , and i
hope you will receive this mail in good spirit and respond
quickly with utmost secrecy and confidentiality , i got your
address through my personal search for reliable person that
can help me in securing the safe keeping of the fund till
my arrival in your country . my name is col . anthony johnson
and i was the chief of security and operations for former
president charles taylor of liberia .
please protect this mail for the safety of my life and that
of my family to avoid us being toured or killed by his left
behind secret agents . please humbly beg you from the bottom
of my heart to listen very carefully , the situation in my
country is very critical and chaos , uproar and hostilities
had brought the country to its knees and from intelligent
report the center cannot hold anymore for former president
charles taylor and his government .
the intense pressure from united states , united nations ,
international community and west african peace keeping to
[ ecomog ] had made him former president charles taylor to
step aside and gone on exile and also pressure to face war
crime charges against humanity . which is going on now in my
country .
listen very carefully , you know my country liberia is very
rich with diamonds , and with my position as former chief of
security and operations i have accumulated so much diamonds
which i had sold to generate close to $ 25 . 5 million over
the years and it is this fund that i want to move to you
for safe keeping .
the funds are in two boxes in dollar denomination and it
would be sent to you through diplomatic courier service
with your name as the beneficiary within few days . please
would you do me a favor to receive this funds for me ? else
the government in power will seize the funds and plunder
it . if you are capable and i know that you will truly and
honestly help me , write me now , time is no more on my side .
i will give you 20 % of the fund and i will come to your
country to take my part . extend a friendly hand and help
me . please bear in mind that this fund is not loaned or
stolen money but rather a hard earned money generated .
please for us to conclude this transaction i will want you
to send me the following information .
( 1 ) your phone and fax numbers .
( 2 ) your postal address .
( 3 ) your age and your profession .
( 4 ) your full name
which i will use in preparing the document that will enable
you to lay claim and receive the consignment on my behalf .
please i will advise you to reach me with this private
email address : colajo 54 @ walla . com
i urgently awaits your reply .
yours sincerely .
col . anthony johnson
mail sent from geckobeachforums . com | 2004-10-15T00:00:00 |
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| 2004-04-10T00:00:00 |
13,408 | ees examples louise ,
i have reformatted the list to show breakdown by customer type and added some more details for the power customers .
i have not been able to obtain more detail from the gas guys .
please let me know if this is closer to what you are looking for or if you need further info . before the meeting . | 0 | ham | ees examples | louise ,
i have reformatted the list to show breakdown by customer type and added some more details for the power customers .
i have not been able to obtain more detail from the gas guys .
please let me know if this is closer to what you are looking for or if you need further info . before the meeting . | 2001-10-22T00:00:00 |
11,228 | houston trip i may be heading to houston next week to talk with the east desk about scheduling and settlement systems . murray o ' neil from volume management and jeff richter from short term california will be with me . i ' d arrive wednesday night and fly back friday afternoon . do you and / or john want to meet with me when i ' m there . if so , do either of those days work for you ?
louise kitchen
03 / 20 / 2001 06 : 56 am
to : tim belden / hou / ect @ ect
cc :
subject : re : so what happened to your 100 ?
well - there you go ! i did think you meant p & l - not to worry it was obviously a long day yesterday .
" england and america - two countries separated by a common language . "
have a good day .
louise
to : louise kitchen / hou / ect @ ect
cc :
subject : re : so what happened to your 100 ?
100 what ? i mentioned a $ 100 price move in the fronts . did you understand a $ 100 of p & l ? i thought that you sounded a bit happy about the price move . the p & l was what i expected .
louise kitchen
03 / 20 / 2001 06 : 22 am
to : tim belden / hou / ect @ ect
cc :
subject : so what happened to your 100 ? | 0 | ham | houston trip | i may be heading to houston next week to talk with the east desk about scheduling and settlement systems . murray o ' neil from volume management and jeff richter from short term california will be with me . i ' d arrive wednesday night and fly back friday afternoon . do you and / or john want to meet with me when i ' m there . if so , do either of those days work for you ?
louise kitchen
03 / 20 / 2001 06 : 56 am
to : tim belden / hou / ect @ ect
cc :
subject : re : so what happened to your 100 ?
well - there you go ! i did think you meant p & l - not to worry it was obviously a long day yesterday .
" england and america - two countries separated by a common language . "
have a good day .
louise
to : louise kitchen / hou / ect @ ect
cc :
subject : re : so what happened to your 100 ?
100 what ? i mentioned a $ 100 price move in the fronts . did you understand a $ 100 of p & l ? i thought that you sounded a bit happy about the price move . the p & l was what i expected .
louise kitchen
03 / 20 / 2001 06 : 22 am
to : tim belden / hou / ect @ ect
cc :
subject : so what happened to your 100 ?
| 2001-03-20T00:00:00 |
6,563 | quantitative position vince
we happened upon this fellow through strickland . what are your thoughts on
the background ? we are still working to formulate our requirements in the
office but consider this person worth talking to .
paul
- - - - - - - - - - - - - - - - - - - - - - forwarded by paul quilkey / enron _ development on
07 / 26 / 2000 09 : 39 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" simon hurst " on 07 / 25 / 2000 10 : 10 : 23 pm
please respond to " simon hurst "
to :
cc :
subject : quantitative position
dear paul ,
?
my friend chris strickland has informed me that enron is looking for a
quantitative analyst . i am ? interested in talking to you about this position .
i have attached my resume for your perusal . i am currently on holidays and
can be ? contacted from ? monday 31 st july . my contact details are contained
within my attached resume . i look forward to talking to you .
?
yours sincerely ,
simon hurst .
?
?
- srh resume . doc | 0 | ham | quantitative position | vince
we happened upon this fellow through strickland . what are your thoughts on
the background ? we are still working to formulate our requirements in the
office but consider this person worth talking to .
paul
- - - - - - - - - - - - - - - - - - - - - - forwarded by paul quilkey / enron _ development on
07 / 26 / 2000 09 : 39 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" simon hurst " on 07 / 25 / 2000 10 : 10 : 23 pm
please respond to " simon hurst "
to :
cc :
subject : quantitative position
dear paul ,
?
my friend chris strickland has informed me that enron is looking for a
quantitative analyst . i am ? interested in talking to you about this position .
i have attached my resume for your perusal . i am currently on holidays and
can be ? contacted from ? monday 31 st july . my contact details are contained
within my attached resume . i look forward to talking to you .
?
yours sincerely ,
simon hurst .
?
?
- srh resume . doc | 2000-07-25T00:00:00 |
4,501 | jordyn , there is nothing like a dream to create the future . for the sake of one good action a hundred evil ones should be forgotten
to accomplish more , redirect your mental energy by continuously reminding yourself of all the things you do right | 1 | spam | jordyn , there is nothing like a dream to create the future . | for the sake of one good action a hundred evil ones should be forgotten
to accomplish more , redirect your mental energy by continuously reminding yourself of all the things you do right
| 2004-11-24T00:00:00 |
33,513 | it is you who prove the value of our ro , lex and cart . iers . our collections are made of solid stainlesssteel for higher durability .
gget better watches madeof solid stainlesssteel .
http : / / q . u . chicshoe . com / n 7 /
- - - - - original message - - - - -
from : wiley @ cl . com [ mailto : damion @ j . com ]
sent : thursday , march 7 , 2005 6 : 13 pm
to : desmond ; cortez @ r . com ; moses ; vernon ; weston
subject : let ¡ ¯ s be chic with chicly bvlgary collections at the very
¡ ® chic ¡ ¯ pri . ce .
you can ' t flnd any reason to reject these beauties . they have thesame
highperformance fea - tures , logos , leading materials and sophisticated
gudgets .
she cared not for mrs clay , and had nothing to blush for in
but i did not know any better . "
did not disincline him to seek her again ; and they walked together | 1 | spam | it is you who prove the value of our ro , lex and cart . iers . | our collections are made of solid stainlesssteel for higher durability .
gget better watches madeof solid stainlesssteel .
http : / / q . u . chicshoe . com / n 7 /
- - - - - original message - - - - -
from : wiley @ cl . com [ mailto : damion @ j . com ]
sent : thursday , march 7 , 2005 6 : 13 pm
to : desmond ; cortez @ r . com ; moses ; vernon ; weston
subject : let ¡ ¯ s be chic with chicly bvlgary collections at the very
¡ ® chic ¡ ¯ pri . ce .
you can ' t flnd any reason to reject these beauties . they have thesame
highperformance fea - tures , logos , leading materials and sophisticated
gudgets .
she cared not for mrs clay , and had nothing to blush for in
but i did not know any better . "
did not disincline him to seek her again ; and they walked together | 2005-07-13T00:00:00 |
27,991 | el paso and coastal announce their merged structure and office locations
el paso , coastal consolidate pipeline staff
el paso energy and coastal corp . announced plans yesterday to relocate more
than 1 , 200 employees and retain only satellite offices at the el paso natural
gas headquarters in el paso , tx , and the anr pipeline headquarters in
detroit , mi , once their merger is approved by the ftc , which is expected
sometime in the fourth quarter . no final decision on staff reductions has
been made , an el paso spokeswoman said .
the companies intend consolidate the operations of their five pipeline
systems into three organizations , collectively led by john w . somerhalder ii .
under the consolidation plan , the combined company ' s nationwide pipeline
system will be consolidated into three regional operations . the western
region will consist of el paso natural gas company and colorado interstate
gas company and will be headquartered in colorado springs , co . the eastern
region will consist of anr pipeline and tennessee gas pipeline and will be
headquartered in houston . southern natural will make up the southeastern
region headquartered in birmingham , al .
john somerhalder will continue as the executive vice president of the el paso
pipeline group . patricia a . shelton , currently president of el paso natural
gas , will lead the consolidated western region pipelines . jay holm , currently
responsible for el paso ' s australian pipeline assets , will return to the
united states to become ceo of the eastern region . reporting to holm as
presidents of tennessee and anr will be stephen c . beasley and james j .
cleary , respectively . the southeastern region will be led by james c .
yardley , who will continue as president of southern . shelton , holm , and james
yardley will report to somerhalder .
" this consolidation will create the most effective organization for el paso ' s
pipeline system , " said el paso ceo william a . wise . " our upcoming merger with
coastal will create an interstate transmission system that spans the nation ,
border to border and coast to coast . this consolidation represents a highly
disciplined approach to managing this system , allowing us to strike a proper
balance between customer focus and operational efficiency . it also
facilitates a company - to - company exchange of expertise across our system and
speeds the merging of separate company cultures . "
while the companies will be organizationally merged , the five pipeline
systems will remain separate with separate tariffs and separate names . though
many back office functions such as accounting and gas control will be
consolidated and relocated to the new headquarters , field functions and
related activities will remain in their current locations . in addition , some
employees will remain in the el paso and detroit locations . the company will
ask affected employees whether they want to be considered for relocation .
those employees who elect not to relocate will be given severance packages .
most moves will occur during the first half of next year , and the majority of
the plan is expected to be implemented by mid - 2001 .
the companies announced their $ 16 billion polling - of - interests transaction in
january ( see daily gpi , jan . 19 ) . the merger is expected to be accretive to
el paso ' s earnings per share ( eps ) immediately and add more than 5 % to eps in
both 2001 and 2002 , wise said at the time of the merger announcement .
overall , the two companies expect $ 200 million in cost savings . by
comparison , the el paso - sonat merger created more than $ 100 million in
savings and more than 600 people lost their jobs .
the combined interstate transmission system of the new company will consist
of over 58 , 000 miles of pipeline , by far the most of any pipeline company in
north america . the system will transport more than 20 bcf / d of gas through
existing pipeline infrastructure , but will have sole or part ownership in
three other new or proposed major pipelines , including alliance , gulfstream
and independence . the company also will be the second largest gatherer of
natural gas in the united states and the third largest u . s . producer of gas .
- - | 0 | ham | el paso and coastal announce their merged structure and office | locations
el paso , coastal consolidate pipeline staff
el paso energy and coastal corp . announced plans yesterday to relocate more
than 1 , 200 employees and retain only satellite offices at the el paso natural
gas headquarters in el paso , tx , and the anr pipeline headquarters in
detroit , mi , once their merger is approved by the ftc , which is expected
sometime in the fourth quarter . no final decision on staff reductions has
been made , an el paso spokeswoman said .
the companies intend consolidate the operations of their five pipeline
systems into three organizations , collectively led by john w . somerhalder ii .
under the consolidation plan , the combined company ' s nationwide pipeline
system will be consolidated into three regional operations . the western
region will consist of el paso natural gas company and colorado interstate
gas company and will be headquartered in colorado springs , co . the eastern
region will consist of anr pipeline and tennessee gas pipeline and will be
headquartered in houston . southern natural will make up the southeastern
region headquartered in birmingham , al .
john somerhalder will continue as the executive vice president of the el paso
pipeline group . patricia a . shelton , currently president of el paso natural
gas , will lead the consolidated western region pipelines . jay holm , currently
responsible for el paso ' s australian pipeline assets , will return to the
united states to become ceo of the eastern region . reporting to holm as
presidents of tennessee and anr will be stephen c . beasley and james j .
cleary , respectively . the southeastern region will be led by james c .
yardley , who will continue as president of southern . shelton , holm , and james
yardley will report to somerhalder .
" this consolidation will create the most effective organization for el paso ' s
pipeline system , " said el paso ceo william a . wise . " our upcoming merger with
coastal will create an interstate transmission system that spans the nation ,
border to border and coast to coast . this consolidation represents a highly
disciplined approach to managing this system , allowing us to strike a proper
balance between customer focus and operational efficiency . it also
facilitates a company - to - company exchange of expertise across our system and
speeds the merging of separate company cultures . "
while the companies will be organizationally merged , the five pipeline
systems will remain separate with separate tariffs and separate names . though
many back office functions such as accounting and gas control will be
consolidated and relocated to the new headquarters , field functions and
related activities will remain in their current locations . in addition , some
employees will remain in the el paso and detroit locations . the company will
ask affected employees whether they want to be considered for relocation .
those employees who elect not to relocate will be given severance packages .
most moves will occur during the first half of next year , and the majority of
the plan is expected to be implemented by mid - 2001 .
the companies announced their $ 16 billion polling - of - interests transaction in
january ( see daily gpi , jan . 19 ) . the merger is expected to be accretive to
el paso ' s earnings per share ( eps ) immediately and add more than 5 % to eps in
both 2001 and 2002 , wise said at the time of the merger announcement .
overall , the two companies expect $ 200 million in cost savings . by
comparison , the el paso - sonat merger created more than $ 100 million in
savings and more than 600 people lost their jobs .
the combined interstate transmission system of the new company will consist
of over 58 , 000 miles of pipeline , by far the most of any pipeline company in
north america . the system will transport more than 20 bcf / d of gas through
existing pipeline infrastructure , but will have sole or part ownership in
three other new or proposed major pipelines , including alliance , gulfstream
and independence . the company also will be the second largest gatherer of
natural gas in the united states and the third largest u . s . producer of gas .
- - | 2000-09-15T00:00:00 |
1,771 | tenaska iv outage update fyi .
- - - - - - - - - - - - - - - - - - - - - - forwarded by mike mazowita / corp / enron on 10 / 05 / 2000
10 : 32 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
" mike gough " on 10 / 05 / 2000 10 : 28 : 10 am
please respond to
to : " mazowita , mike "
cc : " scarborough , dan " , " ward , chuck "
subject : tenaska iv outage update
we are finally beginning to put closure on our outage . it has been
frustrating to say the least . we are currently projecting a late friday or
early saturday morning startup barring any unseen problems .
mg | 0 | ham | tenaska iv outage update | fyi .
- - - - - - - - - - - - - - - - - - - - - - forwarded by mike mazowita / corp / enron on 10 / 05 / 2000
10 : 32 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
" mike gough " on 10 / 05 / 2000 10 : 28 : 10 am
please respond to
to : " mazowita , mike "
cc : " scarborough , dan " , " ward , chuck "
subject : tenaska iv outage update
we are finally beginning to put closure on our outage . it has been
frustrating to say the least . we are currently projecting a late friday or
early saturday morning startup barring any unseen problems .
mg | 2000-10-05T00:00:00 |
13,536 | enron mentions fitch places marlin water trust ii & osprey trust i on rtg watch
bloomberg , 10 / 26 / 012001 - 10 - 26 15 : 00 ( new york )
enron ' s debt falls as company draws down on bank loans
capital markets report , 10 / 26 / 01
enron sues microsoft over failed broadband services deal
dow jones energy service , 10 / 26 / 01
enron unit takes heat power group says energy firm failed bond requirements
the boston globe , 10 / 26 / 01
front page - companies oct 26 , 2001
enron bonds fall as company taps $ 3 bln credit line ( update 3 )
bloomberg , 10 / 26 / 01
weiss & yourman law office announces class action lawsuit against enron corp .
business wire , 10 / 26 / 01
fitch places marlin water trust ii & osprey trust i on rtg watch
2001 - 10 - 26 15 : 00 ( new york )
fitch places marlin water trust ii & osprey trust i on rtg watch neg
fitch - ny - october 26 , 2001 : fitch has placed the ratings of
marlin water trust ii ' s ( marlin ii ' s ) approximately $ 915 million
senior secured notes due 2003 , and osprey trust ' s ( osprey ' s )
approximately $ 2 . 4 billion senior secured notes due 2003 on
rating watch negative . the marlin ii notes and the osprey notes
are currently rated ` bbb ' . this rating action follows the
placing of enron corp . ' s ratings on rating watch negative by
fitch .
the rating of the marlin ii notes is supported by an overfund
account ( pre - funded interest ) and equity commitment from enron
in the form of mandatorily convertible preferred stock . the
overfund account is invested in enron debt securities ( rated
' bbb + ' , rating watch negative ) , with payments used to service
interest to noteholders . payment of principal ultimately relies
on enron ' s obligation to remarket mandatorily convertible
preferred securities . fitch currently rates enron ' s preferred
securities ' bbb - ' , rating watch negative . in addition , the
transaction also benefits from rights under a $ 125 million loan
to azurix europe limited , rated ` bbb + ' by fitch .
similarly , the rating of the osprey i notes is based on the
support from the assets in the share trust used to support
interest payments and an equity commitment from enron to
remarket mandatorily convertible preferred stock to fund
principal payments . the mandatorily convertible preferred stock
has been issued and is being held in the share trust . the assets
in the share trust supporting interest payments include enron
unsecured obligations ( the overfund account ) as well as
quarterly dividend payments on the mandatorily convertible
preferred stock .
while various sources of repayment exist , such as sale or
liquidation of the underlying assets or an equity offering , in
each case primary credit support is derived from the enron
obligation to remarket mandatorily convertible preferred stock
if an amount sufficient to repay the notes has not been
deposited with the trustee the 120 - day prior to the maturity
date , which is one of the note trigger events . in the event that
the issuance of the preferred stock yields less than the amount
required to redeem the senior notes , enron is required to
deliver additional shares . if enron cannot or does not deliver
on this obligation , subject to certain standstill periods , then
the amount of the deficiency becomes a payment obligation of
enron , representing a general unsecured claim . additional note
trigger events include a downgrade of enron ' s senior unsecured
debt below investment grade by any of the major rating agencies
in conjunction with specified declines in enron ' s closing stock
price over three consecutive trading days , as well as customary
events of default under the notes . it is important to note that
enron has not verified that the underlying assets have adequate
market value to fully pay down the associated debt .
fitch will continue to monitor these transactions in conjunction
with the ratings of enron , corp . and will update investors as
appropriate .
enron ' s debt falls as company draws down on bank loans
10 / 26 / 2001
capital markets report
( copyright ( c ) 2001 , dow jones & company , inc . )
new york - ( dow jones ) - enron corp . ' s ( ene ) bond and bank debt was quoted lower early friday following the houston energy giant ' s decision thursday to draw down about $ 3 billion on its bank loan facilities .
late thursday , enron said it had taken action to dispel uncertainty in the financial community . specifically , the company said it drew on its committed lines of credit to provide cash liquidity in excess of $ 1 billion .
enron ' s 6 . 4 % bonds which come due in july 2006 were hovering just below 80 cents on the dollar , down from around 82 cents on thursday .
trading activity in investment - grade bank debt like that of enron ' s isn ' t as active as the market for leveraged loans made to companies with less than investment - grade ratings . but fixed - income sources noted some offers friday for enron ' s bank debt at around 94 cents on the dollar , still well - above distressed levels . they add that banks may want to try to sell enron ' s bank debt , which is now funded following the drawdown , but at a coupon that was negotiated several months ago .
that was well before enron ran into its current market turmoil . last week , the company reported a $ 618 million third quarter loss and $ 1 . 2 billion reduction in shareholder equity . the company has said that the securities and exchange commission is conducting an inquiry into transactions it did with andrew s . fastow , its former chief financial officer who was replaced on wednesday .
moody ' s investors service rates enron ' s senior unsecured debt at baal , though it ' s on review for a possible downgrade . fitch inc . and standard & poor ' s both rate the debt triple - b - plus . fitch also has enron ' s debt on review for a possible downgrade , while s joe . niedzielski @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron sues microsoft over failed broadband services deal
by michael rieke
of dow jones newswires
10 / 26 / 2001
dow jones energy service
( copyright ( c ) 2001 , dow jones 713 - 547 - 9207 ; michael . rieke @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
enron unit takes heat power group says energy firm failed bond requirements
jeffrey krasner , globe staff
10 / 26 / 2001
the boston globe
third
c . 1
( copyright 2001 )
the retail sales subsidiary of houston energy giant enron corp . faced expulsion last week from the new england group representing power generators , marketers and distributors . the sales unit had failed to meet bonding requirements intended to protect market participants and the group itself from unpaid bills .
iso new england , which operates the power grid throughout the six new england states , urged nepool , the power industry group , to " initiate termination proceedings " for enron energy services inc . , according to a letter obtained by the globe .
an enron spokeswoman yesterday said the company had satisfied nepool ' s requirements , and blamed the threatening letter on a series of administrative oversights , including the failure of iso new england to warn enron of previous instances when the bond fell below required levels .
" it was an administrative snafu , " said peggy mahoney , a spokeswoman for enron . " it ' s fixed . it ' s no big deal . we didn ' t get the paperwork in [ on time ] because it got sent to the wrong desk . it was taken care of on friday . "
according to the letter , a nepool participant faces termination if it has failed to meet its bonding requirements three times over the previous 12 months . " having three defaults to trigger that letter does not happen frequently , " said ellen foley , an iso new england spokeswoman . in the letter , iso ' s chief financial officer , edward mckenna , said his organization " has been in contact with enron energy services through multiple telephone communications , and to date the financial assurance has not been cured . "
but mahoney said enron never received written notification of its previous " financial assurance " defaults , which were corrected almost immediately . therefore , she said , the company was unaware that the current default was the third , which begins the expulsion proceeding . in addition , she said , the current default notice was sent to the wrong person , creating the delay that resulted in the letter . " we ' re working with iso new england to figure that out , " she said .
the recommended termination is an embarrassment to enron because the firm ' s director of state government affairs , daniel w . allegretti , is the chairman of nepool ' s participant committee , which organizes and oversees the major membership meetings in the organization .
" this is not that unusual within the pool , " said allegretti . " i frequently receive notices of technical defaults . " as far as posting the new bond to correct the situation , he said , " we were two and a half days late in submitting paperwork . "
the incident also comes at a particularly sensitive time for enron . the parent in houston has been the subject of a financial scandal in which the firm ' s chief financial officer , andrew s . fastow , is accused of profiting from partnerships he oversaw that engaged in billions of dollars of transactions with enron . the securities and exchange commission is probing those transactions , the company said monday . enron placed fastow on leave tuesday and installed a new cfo .
enron ' s stock has plunged amid ongoing revelations about the partnerships and their impact on the company ' s financial strength . the company reduced shareholder equity by $ 1 . 2 billion after terminating transactions by one of the partnerships that had been headed by fastow , according to the wall street journal . enron lost $ 618 million in the third quarter .
yesterday , enron ' s shares closed at $ 16 . 35 , down 6 cents , on volume of 39 . 1 million shares .
jeffrey krasner can be reached by e - mail at krasner @ globe . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
front page - companies oct 26 , 2001
by julie earle and sheila mcnulty
enron has put up a page on its website of " frequently asked questions " in response to a barrage of analysts ' enquiries following last week ' s controversial results announcement .
unfortunately , the us energy group ' s critics have not been satisfied with the answers . nor has wednesday ' s decision to replace andrew fastow , its chief financial officer , quelled all investors ' concerns about its highly complex financial affairs .
however , analysts are pleased that kenneth lay , chief executive officer , is distancing the group from mr fastow and his ties to controversial financing vehicle " partnerships " . " it is a step in the right direction and we are happy to see them move , " says ronald barone of ubs warburg . " it ' s not the end of it . "
the shares , which have tumbled since last week ' s results , ended a shade lower yesterday , off 0 . 37 per cent at dollars 16 . 35 . but analysts warn that the shares will continue to languish well below the 52 - week high of dollars 84 . 87 until the group improves its transparency .
one of the frequently asked questions following enron ' s results announcement on october 16 concerned " a dollars 1 . 2 bn ( pounds 840 m ) reduction in shareholders ' equity " . the dollars 1 . 2 bn was not explained in the news release on the results , but mentioned in passing by mr lay in a follow - up conference call . many analysts confused it with a dollars 1 . 01 bn charge in the earnings report .
it has since been called a " loss " and a " write - off " and enron ' s staff have struggled to explain it in plain language .
enron ' s official position now is that the reduction in shareholders ' equity related to a structured finance vehicle in which ljm , a private equity fund formed by mr fastow , was an investor . when the decision was made to terminate these vehicles , enron " recorded a dollars 1 . 2 bn reduction in shareholders ' equity and a corresponding reduction in receivables . these adjustments were the result of enron ' s termination of obligations to deliver enron shares in future periods " .
the confusion over the dollars 1 . 2 bn has further undermined the credibility of enron , which is now the subject of an unofficial inquiry by the securities and exchange commission .
analysts were upset they did not know the adjustment was in the offing and note that it could be seen as increasing the group ' s debt ratio , which might hurt its debt rating .
mr lay held an analysts ' meeting to counter charges that enron was not transparent . but this ended with demands for daily calls with outside auditors to explain its accounts . " i find the disclosure is not complete enough for me to understand and explain all the intricacies of these transactions , " said goldman sachs ' david fleischer .
other analysts are also concerned about potential further write - offs . salomon smith barney ' s raymond niles points to enron ' s investments in its dabhol indian power plant , its south american investments , and its remaining telecoms assets . most importantly , he says , they may include several of enron ' s other off - balance - sheet vehicles .
" frankly , we have not been able to get enough information on them to evaluate whether there is a problem with them , " mr niles says . other us energy traders have been distancing themselves from their rival . el paso said it was facing " a lot of questions on its accounting practices " .
additional reporting by julie earle enron in turmoil : www . ft . com / enron
copyright : the financial times limited
enron bonds fall as company taps $ 3 bln credit line ( update 3 )
2001 - 10 - 26 14 : 26 ( new york )
enron bonds fall as company taps $ 3 bln credit line ( update 3 )
( adds egan - jones lowering credit rating in 12 th paragraph . )
houston , oct . 26 ( bloomberg ) - - enron corp . bonds and shares
fell after the company failed to reassure investors its bond
rating wouldn ' t be lowered and tapped a $ 3 billion credit line
because it can no longer borrow in the commercial paper markets .
enron ' s stock has fallen 52 percent in the past 10 days after
investors questioned the company ' s transactions with affiliated
companies run by its former chief financial officer . the stock
fell 45 cents to $ 15 . 90 in early afternoon trading today .
` ` people are questioning the credibility of management , ' '
said john cassady , who helps manage $ 3 billion of fixed income
assets at fifth third bancorp . ` ` it looks like the guy who was
supposed to do everything for the benefit of shareholders was
running partnerships for the benefit of himself . ' '
enron is shut out of commercial paper markets , where short -
term loans carry lower rates than banks offer . the company will
use its credit line to pay off $ 2 . 2 billion in commercial paper it
has outstanding , enron spokesman mark palmer said .
the company ' s 6 3 / 4 percent bonds which mature in 2009
declined 1 1 / 2 points to a bid of 84 cents on the dollar and an
offer of 86 cents . at that price , the bonds , which carry a rating
of ` ` bbb + , ' ' yield 9 . 53 percent .
enron ' s shares have dropped as investors grew concerned that
the company ' s credit rating will be cut after $ 1 . 01 billion in
third - quarter losses from failed investments . enron needs good
credit to raise cash daily to keep trading partners from demanding
collateral and to settle transactions .
dilution concerns
though enron ' s bonds have investment - grade ratings , their
yield at current prices is higher than those of industrial bonds
that carry junk ratings . according to bloomberg data , companies
with ` ` bb ' ' ratings pay on average 9 . 16 percent to borrow for
seven years .
a lower credit rating may also force enron to buy back
holdings in other partnerships with its stock , diluting the value
of enron investors ' stock .
partnerships called whitewing , marlin and yosemite own enron
assets they bought with borrowed money . enron sold the assets to
the partnerships to keep debt related to them off its books . the
partnerships plan to repay the borrowed money by selling the
assets .
if enron loses investment - grade rating , the borrowed money
comes due earlier , leaving less time for the partnerships to find
the best price for the power plants and other assets . enron would
have to make up any shortfall between what the assets would sell
for and the amount of the debt .
one way would be issuing common shares in exchange for enron
preferred convertible shares held by the partnerships . that would
thin out the holding of every other investor .
of the two main bond rating companies , moody ' s investors
service has the company on watch for possible downgrade , and
standard & poor ' s lowered enron ' s long - term credit outlook to
negative . egan - jones rating co . today lowered its rating on
enron ' s debt to bb + , one notch below investment grade , from bbb - .
other liabilities
enron ' s liabilities associated with the partnerships amounts
to at least $ 3 . 3 billion , the company has said .
enron ousted chief financial officer andrew fastow on
wednesday amid a securities and exchange commission inquiry into a
partnership he ran that cost the company $ 35 million in direct
losses . enron also bought back 62 million shares from the
partnership , reducing shareholder equity by $ 1 . 2 billion .
jeff mcmahon , head of enron ' s industrial markets group , was
named cfo in a bid to restore investor confidence , chairman and
chief executive officer kenneth lay said in a statement .
- - mark johnson in the princeton newsroom ( 609 ) 750 - 4662 , or at
50 - 4662 , or at
weiss & yourman law office announces class action lawsuit against enron corp .
10 / 26 / 2001
business wire
( copyright ( c ) 2001 , business wire )
new york - - ( business wire ) - - oct . 26 , 2001 - - a class action lawsuit against enron corp . ( " enron " or the " company " ) ( nyse : ene ) and certain of its officers and directors was commenced in the united states district court for the southern district of texas , houston division , on behalf of purchasers of enron securities . if you purchased enron securities between january 18 , 2000 and october 17 , 2001 , please read this notice .
the complaint charges the defendants with violations of the securities exchange act of 1934 . the complaint alleges that defendants failed to disclose material adverse information and misrepresented the truth about the company and caused plaintiff and other members of the class to purchase enron common stock at artificially inflated prices .
this action seeks to recover damages on behalf of defrauded investors who purchased enron securities . plaintiff is represented by weiss & yourman , a law firm possessing significant experience and expertise in prosecuting class actions on behalf of defrauded shareholders in federal and state courts throughout the united states . weiss & yourman has been appointed by numerous courts to serve as lead counsel in class action lawsuits and in that capacity has recovered hundreds of millions of dollars on behalf of investors .
if you purchased enron securities between january 18 , 2000 and october 17 , 2001 , you may move the court no later than december 21 , 2001 , to serve as a lead plaintiff of the class . in order to serve as a lead plaintiff , you must meet certain legal requirements . a lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation . in order to be appointed lead plaintiff , the court must determine that the class member ' s claim is typical of the claims of other class members , and that the class member will adequately represent the class . under certain circumstances , one or more class members may together serve as " lead plaintiff . " your ability to share in any recovery is not , however , affected by the decision whether or not to serve as a lead plaintiff . you may retain weiss & yourman or other counsel of your choice to serve as your counsel in this action .
if you wish to receive an investor package or if you wish to discuss this action , have any questions concerning this notice or your rights or interests with respect to this matter , or if you have any information you wish to provide to us , pleas
contact :
mark d . smilow , david c . katz , and / or james e . tullman , ( 888 ) 593 - 4771 or ( 212 ) 682 - 3025 , via internet electronic mail at info @ wynyc . com or by writing weiss & yourman , the french building , 551 fifth avenue , suite 1600 , new york , new york 10176 .
contact : weiss & yourman mark d . smilow , david c . katz , and / or james e . tullman , 888 / 593 - 4771 or 212 / 682 - 3025 info @ wynyc . com
13 : 06 edt october 26 , 2001
copyright ? 2000 dow jones & company , inc . all rights reserved . | 0 | ham | enron mentions | fitch places marlin water trust ii & osprey trust i on rtg watch
bloomberg , 10 / 26 / 012001 - 10 - 26 15 : 00 ( new york )
enron ' s debt falls as company draws down on bank loans
capital markets report , 10 / 26 / 01
enron sues microsoft over failed broadband services deal
dow jones energy service , 10 / 26 / 01
enron unit takes heat power group says energy firm failed bond requirements
the boston globe , 10 / 26 / 01
front page - companies oct 26 , 2001
enron bonds fall as company taps $ 3 bln credit line ( update 3 )
bloomberg , 10 / 26 / 01
weiss & yourman law office announces class action lawsuit against enron corp .
business wire , 10 / 26 / 01
fitch places marlin water trust ii & osprey trust i on rtg watch
2001 - 10 - 26 15 : 00 ( new york )
fitch places marlin water trust ii & osprey trust i on rtg watch neg
fitch - ny - october 26 , 2001 : fitch has placed the ratings of
marlin water trust ii ' s ( marlin ii ' s ) approximately $ 915 million
senior secured notes due 2003 , and osprey trust ' s ( osprey ' s )
approximately $ 2 . 4 billion senior secured notes due 2003 on
rating watch negative . the marlin ii notes and the osprey notes
are currently rated ` bbb ' . this rating action follows the
placing of enron corp . ' s ratings on rating watch negative by
fitch .
the rating of the marlin ii notes is supported by an overfund
account ( pre - funded interest ) and equity commitment from enron
in the form of mandatorily convertible preferred stock . the
overfund account is invested in enron debt securities ( rated
' bbb + ' , rating watch negative ) , with payments used to service
interest to noteholders . payment of principal ultimately relies
on enron ' s obligation to remarket mandatorily convertible
preferred securities . fitch currently rates enron ' s preferred
securities ' bbb - ' , rating watch negative . in addition , the
transaction also benefits from rights under a $ 125 million loan
to azurix europe limited , rated ` bbb + ' by fitch .
similarly , the rating of the osprey i notes is based on the
support from the assets in the share trust used to support
interest payments and an equity commitment from enron to
remarket mandatorily convertible preferred stock to fund
principal payments . the mandatorily convertible preferred stock
has been issued and is being held in the share trust . the assets
in the share trust supporting interest payments include enron
unsecured obligations ( the overfund account ) as well as
quarterly dividend payments on the mandatorily convertible
preferred stock .
while various sources of repayment exist , such as sale or
liquidation of the underlying assets or an equity offering , in
each case primary credit support is derived from the enron
obligation to remarket mandatorily convertible preferred stock
if an amount sufficient to repay the notes has not been
deposited with the trustee the 120 - day prior to the maturity
date , which is one of the note trigger events . in the event that
the issuance of the preferred stock yields less than the amount
required to redeem the senior notes , enron is required to
deliver additional shares . if enron cannot or does not deliver
on this obligation , subject to certain standstill periods , then
the amount of the deficiency becomes a payment obligation of
enron , representing a general unsecured claim . additional note
trigger events include a downgrade of enron ' s senior unsecured
debt below investment grade by any of the major rating agencies
in conjunction with specified declines in enron ' s closing stock
price over three consecutive trading days , as well as customary
events of default under the notes . it is important to note that
enron has not verified that the underlying assets have adequate
market value to fully pay down the associated debt .
fitch will continue to monitor these transactions in conjunction
with the ratings of enron , corp . and will update investors as
appropriate .
enron ' s debt falls as company draws down on bank loans
10 / 26 / 2001
capital markets report
( copyright ( c ) 2001 , dow jones & company , inc . )
new york - ( dow jones ) - enron corp . ' s ( ene ) bond and bank debt was quoted lower early friday following the houston energy giant ' s decision thursday to draw down about $ 3 billion on its bank loan facilities .
late thursday , enron said it had taken action to dispel uncertainty in the financial community . specifically , the company said it drew on its committed lines of credit to provide cash liquidity in excess of $ 1 billion .
enron ' s 6 . 4 % bonds which come due in july 2006 were hovering just below 80 cents on the dollar , down from around 82 cents on thursday .
trading activity in investment - grade bank debt like that of enron ' s isn ' t as active as the market for leveraged loans made to companies with less than investment - grade ratings . but fixed - income sources noted some offers friday for enron ' s bank debt at around 94 cents on the dollar , still well - above distressed levels . they add that banks may want to try to sell enron ' s bank debt , which is now funded following the drawdown , but at a coupon that was negotiated several months ago .
that was well before enron ran into its current market turmoil . last week , the company reported a $ 618 million third quarter loss and $ 1 . 2 billion reduction in shareholder equity . the company has said that the securities and exchange commission is conducting an inquiry into transactions it did with andrew s . fastow , its former chief financial officer who was replaced on wednesday .
moody ' s investors service rates enron ' s senior unsecured debt at baal , though it ' s on review for a possible downgrade . fitch inc . and standard & poor ' s both rate the debt triple - b - plus . fitch also has enron ' s debt on review for a possible downgrade , while s joe . niedzielski @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron sues microsoft over failed broadband services deal
by michael rieke
of dow jones newswires
10 / 26 / 2001
dow jones energy service
( copyright ( c ) 2001 , dow jones 713 - 547 - 9207 ; michael . rieke @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
enron unit takes heat power group says energy firm failed bond requirements
jeffrey krasner , globe staff
10 / 26 / 2001
the boston globe
third
c . 1
( copyright 2001 )
the retail sales subsidiary of houston energy giant enron corp . faced expulsion last week from the new england group representing power generators , marketers and distributors . the sales unit had failed to meet bonding requirements intended to protect market participants and the group itself from unpaid bills .
iso new england , which operates the power grid throughout the six new england states , urged nepool , the power industry group , to " initiate termination proceedings " for enron energy services inc . , according to a letter obtained by the globe .
an enron spokeswoman yesterday said the company had satisfied nepool ' s requirements , and blamed the threatening letter on a series of administrative oversights , including the failure of iso new england to warn enron of previous instances when the bond fell below required levels .
" it was an administrative snafu , " said peggy mahoney , a spokeswoman for enron . " it ' s fixed . it ' s no big deal . we didn ' t get the paperwork in [ on time ] because it got sent to the wrong desk . it was taken care of on friday . "
according to the letter , a nepool participant faces termination if it has failed to meet its bonding requirements three times over the previous 12 months . " having three defaults to trigger that letter does not happen frequently , " said ellen foley , an iso new england spokeswoman . in the letter , iso ' s chief financial officer , edward mckenna , said his organization " has been in contact with enron energy services through multiple telephone communications , and to date the financial assurance has not been cured . "
but mahoney said enron never received written notification of its previous " financial assurance " defaults , which were corrected almost immediately . therefore , she said , the company was unaware that the current default was the third , which begins the expulsion proceeding . in addition , she said , the current default notice was sent to the wrong person , creating the delay that resulted in the letter . " we ' re working with iso new england to figure that out , " she said .
the recommended termination is an embarrassment to enron because the firm ' s director of state government affairs , daniel w . allegretti , is the chairman of nepool ' s participant committee , which organizes and oversees the major membership meetings in the organization .
" this is not that unusual within the pool , " said allegretti . " i frequently receive notices of technical defaults . " as far as posting the new bond to correct the situation , he said , " we were two and a half days late in submitting paperwork . "
the incident also comes at a particularly sensitive time for enron . the parent in houston has been the subject of a financial scandal in which the firm ' s chief financial officer , andrew s . fastow , is accused of profiting from partnerships he oversaw that engaged in billions of dollars of transactions with enron . the securities and exchange commission is probing those transactions , the company said monday . enron placed fastow on leave tuesday and installed a new cfo .
enron ' s stock has plunged amid ongoing revelations about the partnerships and their impact on the company ' s financial strength . the company reduced shareholder equity by $ 1 . 2 billion after terminating transactions by one of the partnerships that had been headed by fastow , according to the wall street journal . enron lost $ 618 million in the third quarter .
yesterday , enron ' s shares closed at $ 16 . 35 , down 6 cents , on volume of 39 . 1 million shares .
jeffrey krasner can be reached by e - mail at krasner @ globe . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
front page - companies oct 26 , 2001
by julie earle and sheila mcnulty
enron has put up a page on its website of " frequently asked questions " in response to a barrage of analysts ' enquiries following last week ' s controversial results announcement .
unfortunately , the us energy group ' s critics have not been satisfied with the answers . nor has wednesday ' s decision to replace andrew fastow , its chief financial officer , quelled all investors ' concerns about its highly complex financial affairs .
however , analysts are pleased that kenneth lay , chief executive officer , is distancing the group from mr fastow and his ties to controversial financing vehicle " partnerships " . " it is a step in the right direction and we are happy to see them move , " says ronald barone of ubs warburg . " it ' s not the end of it . "
the shares , which have tumbled since last week ' s results , ended a shade lower yesterday , off 0 . 37 per cent at dollars 16 . 35 . but analysts warn that the shares will continue to languish well below the 52 - week high of dollars 84 . 87 until the group improves its transparency .
one of the frequently asked questions following enron ' s results announcement on october 16 concerned " a dollars 1 . 2 bn ( pounds 840 m ) reduction in shareholders ' equity " . the dollars 1 . 2 bn was not explained in the news release on the results , but mentioned in passing by mr lay in a follow - up conference call . many analysts confused it with a dollars 1 . 01 bn charge in the earnings report .
it has since been called a " loss " and a " write - off " and enron ' s staff have struggled to explain it in plain language .
enron ' s official position now is that the reduction in shareholders ' equity related to a structured finance vehicle in which ljm , a private equity fund formed by mr fastow , was an investor . when the decision was made to terminate these vehicles , enron " recorded a dollars 1 . 2 bn reduction in shareholders ' equity and a corresponding reduction in receivables . these adjustments were the result of enron ' s termination of obligations to deliver enron shares in future periods " .
the confusion over the dollars 1 . 2 bn has further undermined the credibility of enron , which is now the subject of an unofficial inquiry by the securities and exchange commission .
analysts were upset they did not know the adjustment was in the offing and note that it could be seen as increasing the group ' s debt ratio , which might hurt its debt rating .
mr lay held an analysts ' meeting to counter charges that enron was not transparent . but this ended with demands for daily calls with outside auditors to explain its accounts . " i find the disclosure is not complete enough for me to understand and explain all the intricacies of these transactions , " said goldman sachs ' david fleischer .
other analysts are also concerned about potential further write - offs . salomon smith barney ' s raymond niles points to enron ' s investments in its dabhol indian power plant , its south american investments , and its remaining telecoms assets . most importantly , he says , they may include several of enron ' s other off - balance - sheet vehicles .
" frankly , we have not been able to get enough information on them to evaluate whether there is a problem with them , " mr niles says . other us energy traders have been distancing themselves from their rival . el paso said it was facing " a lot of questions on its accounting practices " .
additional reporting by julie earle enron in turmoil : www . ft . com / enron
copyright : the financial times limited
enron bonds fall as company taps $ 3 bln credit line ( update 3 )
2001 - 10 - 26 14 : 26 ( new york )
enron bonds fall as company taps $ 3 bln credit line ( update 3 )
( adds egan - jones lowering credit rating in 12 th paragraph . )
houston , oct . 26 ( bloomberg ) - - enron corp . bonds and shares
fell after the company failed to reassure investors its bond
rating wouldn ' t be lowered and tapped a $ 3 billion credit line
because it can no longer borrow in the commercial paper markets .
enron ' s stock has fallen 52 percent in the past 10 days after
investors questioned the company ' s transactions with affiliated
companies run by its former chief financial officer . the stock
fell 45 cents to $ 15 . 90 in early afternoon trading today .
` ` people are questioning the credibility of management , ' '
said john cassady , who helps manage $ 3 billion of fixed income
assets at fifth third bancorp . ` ` it looks like the guy who was
supposed to do everything for the benefit of shareholders was
running partnerships for the benefit of himself . ' '
enron is shut out of commercial paper markets , where short -
term loans carry lower rates than banks offer . the company will
use its credit line to pay off $ 2 . 2 billion in commercial paper it
has outstanding , enron spokesman mark palmer said .
the company ' s 6 3 / 4 percent bonds which mature in 2009
declined 1 1 / 2 points to a bid of 84 cents on the dollar and an
offer of 86 cents . at that price , the bonds , which carry a rating
of ` ` bbb + , ' ' yield 9 . 53 percent .
enron ' s shares have dropped as investors grew concerned that
the company ' s credit rating will be cut after $ 1 . 01 billion in
third - quarter losses from failed investments . enron needs good
credit to raise cash daily to keep trading partners from demanding
collateral and to settle transactions .
dilution concerns
though enron ' s bonds have investment - grade ratings , their
yield at current prices is higher than those of industrial bonds
that carry junk ratings . according to bloomberg data , companies
with ` ` bb ' ' ratings pay on average 9 . 16 percent to borrow for
seven years .
a lower credit rating may also force enron to buy back
holdings in other partnerships with its stock , diluting the value
of enron investors ' stock .
partnerships called whitewing , marlin and yosemite own enron
assets they bought with borrowed money . enron sold the assets to
the partnerships to keep debt related to them off its books . the
partnerships plan to repay the borrowed money by selling the
assets .
if enron loses investment - grade rating , the borrowed money
comes due earlier , leaving less time for the partnerships to find
the best price for the power plants and other assets . enron would
have to make up any shortfall between what the assets would sell
for and the amount of the debt .
one way would be issuing common shares in exchange for enron
preferred convertible shares held by the partnerships . that would
thin out the holding of every other investor .
of the two main bond rating companies , moody ' s investors
service has the company on watch for possible downgrade , and
standard & poor ' s lowered enron ' s long - term credit outlook to
negative . egan - jones rating co . today lowered its rating on
enron ' s debt to bb + , one notch below investment grade , from bbb - .
other liabilities
enron ' s liabilities associated with the partnerships amounts
to at least $ 3 . 3 billion , the company has said .
enron ousted chief financial officer andrew fastow on
wednesday amid a securities and exchange commission inquiry into a
partnership he ran that cost the company $ 35 million in direct
losses . enron also bought back 62 million shares from the
partnership , reducing shareholder equity by $ 1 . 2 billion .
jeff mcmahon , head of enron ' s industrial markets group , was
named cfo in a bid to restore investor confidence , chairman and
chief executive officer kenneth lay said in a statement .
- - mark johnson in the princeton newsroom ( 609 ) 750 - 4662 , or at
50 - 4662 , or at
weiss & yourman law office announces class action lawsuit against enron corp .
10 / 26 / 2001
business wire
( copyright ( c ) 2001 , business wire )
new york - - ( business wire ) - - oct . 26 , 2001 - - a class action lawsuit against enron corp . ( " enron " or the " company " ) ( nyse : ene ) and certain of its officers and directors was commenced in the united states district court for the southern district of texas , houston division , on behalf of purchasers of enron securities . if you purchased enron securities between january 18 , 2000 and october 17 , 2001 , please read this notice .
the complaint charges the defendants with violations of the securities exchange act of 1934 . the complaint alleges that defendants failed to disclose material adverse information and misrepresented the truth about the company and caused plaintiff and other members of the class to purchase enron common stock at artificially inflated prices .
this action seeks to recover damages on behalf of defrauded investors who purchased enron securities . plaintiff is represented by weiss & yourman , a law firm possessing significant experience and expertise in prosecuting class actions on behalf of defrauded shareholders in federal and state courts throughout the united states . weiss & yourman has been appointed by numerous courts to serve as lead counsel in class action lawsuits and in that capacity has recovered hundreds of millions of dollars on behalf of investors .
if you purchased enron securities between january 18 , 2000 and october 17 , 2001 , you may move the court no later than december 21 , 2001 , to serve as a lead plaintiff of the class . in order to serve as a lead plaintiff , you must meet certain legal requirements . a lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation . in order to be appointed lead plaintiff , the court must determine that the class member ' s claim is typical of the claims of other class members , and that the class member will adequately represent the class . under certain circumstances , one or more class members may together serve as " lead plaintiff . " your ability to share in any recovery is not , however , affected by the decision whether or not to serve as a lead plaintiff . you may retain weiss & yourman or other counsel of your choice to serve as your counsel in this action .
if you wish to receive an investor package or if you wish to discuss this action , have any questions concerning this notice or your rights or interests with respect to this matter , or if you have any information you wish to provide to us , pleas
contact :
mark d . smilow , david c . katz , and / or james e . tullman , ( 888 ) 593 - 4771 or ( 212 ) 682 - 3025 , via internet electronic mail at info @ wynyc . com or by writing weiss & yourman , the french building , 551 fifth avenue , suite 1600 , new york , new york 10176 .
contact : weiss & yourman mark d . smilow , david c . katz , and / or james e . tullman , 888 / 593 - 4771 or 212 / 682 - 3025 info @ wynyc . com
13 : 06 edt october 26 , 2001
copyright ? 2000 dow jones & company , inc . all rights reserved . | 2001-10-26T00:00:00 |
30,797 | parcelas en pucon si
no puede ver el aviso haga clic aqu
parcelas
en pucn
los robles de trancura
naturaleza
para toda la vida
un estilo de vida soado al alcance de su mano . . .
ahora usted puede ser dueo de una parcela
o un rancho en plena naturaleza
a 10 minutos de pucn , uno de los atractivos
tursticos ms reconocidos de chile .
desde
$ 4 . 900 . 000 . - 5 . 000 m 2 .
- completamente urbanizado ( agua potable , electricidad ,
caminos , etc . )
-
vista al volcn .
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- camino de acceso segn trazado del plano .
- cuidador permanente .
ms
informacin
http : / / www . alvial . cl /
consultas
faguirre @ alvial . cl
: : 2236041 : :
09 - 6894523
. . . . . . .
- - - - - - -
para desactivar
este servicio informativo haga clic aqui
acatando la nueva
ley del consumidor n 19 . 496 y su modificacin n 19 . 955
del 2004 ,
en su artculo 28 b , donde regula el envo de correos electrnicos
( toda comunicacin promocional o publicitaria enviada por correo
electrnico deber indicar la materia o asunto sobre el que
versa ,
la identidad del remitente y contener una direccin vlida a
la que el destinatario solicite la suspensin de los envos ) | 1 | spam | parcelas en pucon | si
no puede ver el aviso haga clic aqu
parcelas
en pucn
los robles de trancura
naturaleza
para toda la vida
un estilo de vida soado al alcance de su mano . . .
ahora usted puede ser dueo de una parcela
o un rancho en plena naturaleza
a 10 minutos de pucn , uno de los atractivos
tursticos ms reconocidos de chile .
desde
$ 4 . 900 . 000 . - 5 . 000 m 2 .
- completamente urbanizado ( agua potable , electricidad ,
caminos , etc . )
-
vista al volcn .
- acceso al ro trancura .
- cada lote subdividido .
- camino de acceso segn trazado del plano .
- cuidador permanente .
ms
informacin
http : / / www . alvial . cl /
consultas
faguirre @ alvial . cl
: : 2236041 : :
09 - 6894523
. . . . . . .
- - - - - - -
para desactivar
este servicio informativo haga clic aqui
acatando la nueva
ley del consumidor n 19 . 496 y su modificacin n 19 . 955
del 2004 ,
en su artculo 28 b , donde regula el envo de correos electrnicos
( toda comunicacin promocional o publicitaria enviada por correo
electrnico deber indicar la materia o asunto sobre el que
versa ,
la identidad del remitente y contener una direccin vlida a
la que el destinatario solicite la suspensin de los envos )
| 2004-12-15T00:00:00 |
17,361 | schedule crawler : hourahead failure start date : 12 / 19 / 01 ; hourahead hour : 17 ; hourahead schedule download failed . manual intervention required . | 0 | ham | schedule crawler : hourahead failure | start date : 12 / 19 / 01 ; hourahead hour : 17 ; hourahead schedule download failed . manual intervention required . | 2001-12-19T00:00:00 |
12,506 | monterrey i was at the all employee meeting yesterday where you mentioned you had open positions in monterrey , mexico .
i applied for the plant manager position on april 26 . since then , i have traded countless messages with daniel batista from human resources . his latest position ( june 27 ) was that a hiring decision could not be made as the plant was likely to be sold .
based on your comments , i assume the plant was never sold . i am very interested in the position and would like to schedule a confidential meeting to discuss the position in further detail . i believe to be the right person for the job . i am including my resume for your review . if that position is not available i would like to explore others .
i will enumerate some of the skills and experience that make me the person you need to hire for this job posting :
native spanish speaker ( born in mexico city )
chemical engineer / mba
international operating experience under " difficult conditions "
proven builder of relationships in latin american business and political arenas
ample process experience
environmental and health and safety experience in industrial settings
proven multidisciplinary and multicultural team builder and leader
lives by enron ' s principles and code of ethics
prepared to relocate internationally
i spent the last two years in argentina working for azurix reporting directly to the coo . my official title was planning manager , however , as necessities surfaced , i took over a number of other roles including day to day operations , engineering , and public relations .
please expect a call from me on monday to set up an appointment .
thanks
mariano gomez | 0 | ham | monterrey | i was at the all employee meeting yesterday where you mentioned you had open positions in monterrey , mexico .
i applied for the plant manager position on april 26 . since then , i have traded countless messages with daniel batista from human resources . his latest position ( june 27 ) was that a hiring decision could not be made as the plant was likely to be sold .
based on your comments , i assume the plant was never sold . i am very interested in the position and would like to schedule a confidential meeting to discuss the position in further detail . i believe to be the right person for the job . i am including my resume for your review . if that position is not available i would like to explore others .
i will enumerate some of the skills and experience that make me the person you need to hire for this job posting :
native spanish speaker ( born in mexico city )
chemical engineer / mba
international operating experience under " difficult conditions "
proven builder of relationships in latin american business and political arenas
ample process experience
environmental and health and safety experience in industrial settings
proven multidisciplinary and multicultural team builder and leader
lives by enron ' s principles and code of ethics
prepared to relocate internationally
i spent the last two years in argentina working for azurix reporting directly to the coo . my official title was planning manager , however , as necessities surfaced , i took over a number of other roles including day to day operations , engineering , and public relations .
please expect a call from me on monday to set up an appointment .
thanks
mariano gomez | 2001-08-17T00:00:00 |
22,305 | re : words , we were able to share with each other , within the society the stern lawmakers . i have not resolved the difficulty even now | 1 | spam | re : | words , we were able to share with each other , within the society the stern lawmakers . i have not resolved the difficulty even now | 2005-07-22T00:00:00 |
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pain relief : celebrex , esgic plus , flextra , tramadol , fioricet , ultram , ativan , vicodin , vioxx , zebutal
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thanks for your time last week - i ' ve been travelling a bit but i ' m now back
in london at mg to commence obtaining information for you .
i ' m not really sure where to start on this , so initially i propose to get :
a complete data set ( i . e . all live trades from all entities ) which includes
prices and volatilities
a separate file of options
any written valuation methodologies used by the core systems
there is a project to obtain a data feed from an mg system called mercur .
this is their risk management system but we are proposing to use it along the
lines of a data warehouse , not a risk system . i ' d be happy to talk you
through any other current issues .
let me know if there ' s anything else you need at present .
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earth ' s biggest selection | 0 | ham | your amazon . com order ( # 104 - 9670681 - 0325567 ) | hello from amazon . com .
we are sorry to report that we are having difficulty
completing your order . this typically means we ' re experiencing a
delay in obtaining this item from our supplier , or in rare instances ,
the item may have been too damaged for us to send .
" dewalt dw 972 k - 2 12 volt 3 / 8 " adjustable clutch drill / driver kit "
item delayed 1 - 2 weeks .
we will proceed with your order for this item .
since our policy is to charge for items at the time of shipment , you
have not been charged for this item at this time . any other items
you may have ordered that are already on hand will be shipping
separately , and your total shipping charges will not be affected .
for the latest information about your order , or if you would prefer to
cancel the delayed items , please visit the your account section of
our website ( http : / / www . amazon . com / your - account ) . you can also reach
your account by clicking on the link in the top right corner of any
page on our website . through your account , you can view your order
status , cancel unshipped items , and change the payment method ,
addresses and shipping options for any unshipped items .
we apologize for any inconvenience caused by this delay .
thanks for shopping at amazon . com , and we hope to see you again !
sincerely ,
customer service department
amazon . com
http : / / www . amazon . com
earth ' s biggest selection | 2001-01-04T00:00:00 |
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