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| 2005-07-04T00:00:00 |
14,522 | fw : netco conference calls - - - - - original message - - - - -
from : taylor , mitch
sent : wednesday , january 02 , 2002 2 : 30 pm
to : lavorato , john ; kitchen , louise
cc : muller , mark s .
subject : fw : netco conference calls
john ,
below is the request from top gun . muller and / or myself will join you on the 6 th floor for the conference call .
- - - - - original message - - - - -
from : brennan , james + [ mailto : james . brennan @ ubsw . com ]
sent : wednesday , january 02 , 2002 2 : 10 pm
to : taylor , mitch
cc : schleimer , andrew +
subject : fw : netco conference calls
mitch :
i neglected to spell out that at 5 : 30 we hope john or louise will walk through the details of physical delivery , so that
everyone on our due diligence team will have the opportunity to ask questions that may arise .
rgds
james
- - - - - original message - - - - -
from : schleimer , andrew +
sent : wednesday , january 02 , 2002 3 : 08 pm
to : pittarelli , ernest [ ubs ] ; odonnell , pat [ ubs ] ; meinel , matt [ ubs ] ;
dyrvik , per [ ubs ] ; eber , louis [ ubs ] ; ' jweinberg @ cov . com ' ;
' awells @ cov . com ' ; ' ssmith @ cov . com ' ; ' mhopkins @ cov . com ' ;
' frumkinj @ sullcrom . com ' ; ' wisemanm @ sullcrom . com ' ; ' davye @ sullcrom . com ' ;
' william . glass @ ubsw . com ' ; stockman , michael [ ubs ]
cc : brennan , james + ; meisner , joseph + ; hunt , jim + ; ming , tom + ; sherrill ,
russell + ; schleimer , andrew +
subject : netco conference calls
team :
we have set up two conference calls for this afternoon , the first at 5 pm ( ny time ) and the second at 5 : 30 pm . we are
currently confirming participation from enron - either louise kitchen or john lavoratto from the wholesale trading
business . you are each invited to join , either at 5 or 5 : 30 ( the same call in number will work for both ) depending on
your needs .
at 5 , ernie pittarelli ( operations ) plans to review with louise or john the scope of the business going forward . this
may be of in interest to pat o ' donnell ( it ) and per dyrvik ( finance ) as well .
at 5 : 30 , the topic will turn to physical delivery . i would anticipate that lou eber ( legal ) will want to participate , as
well as outside counsel from covington & burling and sullivan & cromwell . bill glass ( credit ) and mike stockman ( risk )
may also want to participate on this call .
the dial - in number , for both 5 and 5 : 30 , is ( 888 ) 446 - 5348 ( domestic ) and ( 913 ) 338 - 9600 ( international ) .
conference moderator : james brennan
conference passcode / reservation # : 138925
rgds
james
visit our website at http : / / www . ubswarburg . com
this message contains confidential information and is intended only
for the individual named . if you are not the named addressee you
should not disseminate , distribute or copy this e - mail . please
notify the sender immediately by e - mail if you have received this
e - mail by mistake and delete this e - mail from your system .
e - mail transmission cannot be guaranteed to be secure or error - free
as information could be intercepted , corrupted , lost , destroyed ,
arrive late or incomplete , or contain viruses . the sender therefore
does not accept liability for any errors or omissions in the contents
of this message which arise as a result of e - mail transmission . if
verification is required please request a hard - copy version . this
message is provided for informational purposes and should not be
construed as a solicitation or offer to buy or sell any securities or
related financial instruments . | 0 | ham | fw : netco conference calls | - - - - - original message - - - - -
from : taylor , mitch
sent : wednesday , january 02 , 2002 2 : 30 pm
to : lavorato , john ; kitchen , louise
cc : muller , mark s .
subject : fw : netco conference calls
john ,
below is the request from top gun . muller and / or myself will join you on the 6 th floor for the conference call .
- - - - - original message - - - - -
from : brennan , james + [ mailto : james . brennan @ ubsw . com ]
sent : wednesday , january 02 , 2002 2 : 10 pm
to : taylor , mitch
cc : schleimer , andrew +
subject : fw : netco conference calls
mitch :
i neglected to spell out that at 5 : 30 we hope john or louise will walk through the details of physical delivery , so that
everyone on our due diligence team will have the opportunity to ask questions that may arise .
rgds
james
- - - - - original message - - - - -
from : schleimer , andrew +
sent : wednesday , january 02 , 2002 3 : 08 pm
to : pittarelli , ernest [ ubs ] ; odonnell , pat [ ubs ] ; meinel , matt [ ubs ] ;
dyrvik , per [ ubs ] ; eber , louis [ ubs ] ; ' jweinberg @ cov . com ' ;
' awells @ cov . com ' ; ' ssmith @ cov . com ' ; ' mhopkins @ cov . com ' ;
' frumkinj @ sullcrom . com ' ; ' wisemanm @ sullcrom . com ' ; ' davye @ sullcrom . com ' ;
' william . glass @ ubsw . com ' ; stockman , michael [ ubs ]
cc : brennan , james + ; meisner , joseph + ; hunt , jim + ; ming , tom + ; sherrill ,
russell + ; schleimer , andrew +
subject : netco conference calls
team :
we have set up two conference calls for this afternoon , the first at 5 pm ( ny time ) and the second at 5 : 30 pm . we are
currently confirming participation from enron - either louise kitchen or john lavoratto from the wholesale trading
business . you are each invited to join , either at 5 or 5 : 30 ( the same call in number will work for both ) depending on
your needs .
at 5 , ernie pittarelli ( operations ) plans to review with louise or john the scope of the business going forward . this
may be of in interest to pat o ' donnell ( it ) and per dyrvik ( finance ) as well .
at 5 : 30 , the topic will turn to physical delivery . i would anticipate that lou eber ( legal ) will want to participate , as
well as outside counsel from covington & burling and sullivan & cromwell . bill glass ( credit ) and mike stockman ( risk )
may also want to participate on this call .
the dial - in number , for both 5 and 5 : 30 , is ( 888 ) 446 - 5348 ( domestic ) and ( 913 ) 338 - 9600 ( international ) .
conference moderator : james brennan
conference passcode / reservation # : 138925
rgds
james
visit our website at http : / / www . ubswarburg . com
this message contains confidential information and is intended only
for the individual named . if you are not the named addressee you
should not disseminate , distribute or copy this e - mail . please
notify the sender immediately by e - mail if you have received this
e - mail by mistake and delete this e - mail from your system .
e - mail transmission cannot be guaranteed to be secure or error - free
as information could be intercepted , corrupted , lost , destroyed ,
arrive late or incomplete , or contain viruses . the sender therefore
does not accept liability for any errors or omissions in the contents
of this message which arise as a result of e - mail transmission . if
verification is required please request a hard - copy version . this
message is provided for informational purposes and should not be
construed as a solicitation or offer to buy or sell any securities or
related financial instruments . | 2002-01-02T00:00:00 |
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|
6,098 | re : lng may 19 decision john ,
this is the update on what i have done for the lng transactions .
1 . i was not involved in the lng ship project . i shall read the dash
and give you my comments . without looking at the details , i think that the
decision
to charter a tanker removes one significant risk we have at the elba island
project ( please , see point 2 ) .
2 . elba island . i am working with doug rotenberbg , brad hitch , scott earnest
( sally beck ' s organization ) and rac to set up the book for the elba island
transaction . the next step
will be to expand the book to capture all the enron ' s lng - related positions
in one place and
to look for natural risk offsets and possible hedges . a working group is
meeting to close a few
remaining gaps tomorrow ( tuesday ) at 8 : 30 .
a few comments on the book design and my view of the project :
a . the current thinking is that lng will be sourced for the elba island
facility
by buying marginal cargos on the fob basis . marginal cargos will represent
supply from excess capacity that has not been committed under long - term
contracts or became available due to some short - term frictions .
the fob cargos are typically selling at a significant discount to the
long - term
contract prices . the economics of the deal , as represented by the book we are
setting up , will reflect the assumption that not only we can locate marginal
cargos
but that we shall be able to do it on a regular basis , arranging shipping and
coordinating
the facility schedule and natural gas transactions in the us . in other words ,
we have a significant logistical and operational risk in this transaction .
b . the transaction will cover the period of 17 years ( with an extension
option of
5 years ) . even if we can lock - in the lng volumes over this time period , we
have no ability to lock - in the other side of the spread ( us gas prices ) for
such a long tenor . this is
essentially a tolling transaction with exposure to the lng - nat gas spread
and
i would not recommend locking - in only one leg of the spread .
one solution would be to cover , let ' s say , 50 % of he lng volumes for the
first
5 years and lock - in the nat gas side on the us market side .
c . the book we are setting up will be based on many managerial assumptions
regarding sources of lng , shipping rates , schedules , etc . i would set up a
big prudence reserve
in case we mark it to market .
d . my group will work on valuation of some options we have in the elba island
deal
( that are good for enron ) and on the hedging strategy for the lng positions .
long - term lng contracts are typically based on the japanese crude cocktail
that
correlates very well with brent .
vince
john sherriff
05 / 14 / 2000 01 : 40 am
to : vince j kaminski / hou / ect @ ect
cc : lauren urquhart / lon / ect @ ect
subject : lng may 19 decision
vince
i haven ' t spoken to you for awhile but hope the world is treating you well .
anyway with greg moving to his
new role i have ( i hope only temporarily ) staff trading oversight for the
eastern hemishere plus lng .
i understand that your group is taking a first cut at developing curves for
lng and lng ship values . i also understand
that another lng ship decision is on the dockets for may 19 ( not very far
away ) . anway i understand this
is a big decision but i still have gotten very little info yet . can you
please let me know where you stand now ?
i will ask my assistant lauren to set up a time that i can speak with you in
the next couple of days and if you
have anything for me to review before then she can get it faxed to me as well .
look forward to connecting with you vince .
john | 0 | ham | re : lng may 19 decision | john ,
this is the update on what i have done for the lng transactions .
1 . i was not involved in the lng ship project . i shall read the dash
and give you my comments . without looking at the details , i think that the
decision
to charter a tanker removes one significant risk we have at the elba island
project ( please , see point 2 ) .
2 . elba island . i am working with doug rotenberbg , brad hitch , scott earnest
( sally beck ' s organization ) and rac to set up the book for the elba island
transaction . the next step
will be to expand the book to capture all the enron ' s lng - related positions
in one place and
to look for natural risk offsets and possible hedges . a working group is
meeting to close a few
remaining gaps tomorrow ( tuesday ) at 8 : 30 .
a few comments on the book design and my view of the project :
a . the current thinking is that lng will be sourced for the elba island
facility
by buying marginal cargos on the fob basis . marginal cargos will represent
supply from excess capacity that has not been committed under long - term
contracts or became available due to some short - term frictions .
the fob cargos are typically selling at a significant discount to the
long - term
contract prices . the economics of the deal , as represented by the book we are
setting up , will reflect the assumption that not only we can locate marginal
cargos
but that we shall be able to do it on a regular basis , arranging shipping and
coordinating
the facility schedule and natural gas transactions in the us . in other words ,
we have a significant logistical and operational risk in this transaction .
b . the transaction will cover the period of 17 years ( with an extension
option of
5 years ) . even if we can lock - in the lng volumes over this time period , we
have no ability to lock - in the other side of the spread ( us gas prices ) for
such a long tenor . this is
essentially a tolling transaction with exposure to the lng - nat gas spread
and
i would not recommend locking - in only one leg of the spread .
one solution would be to cover , let ' s say , 50 % of he lng volumes for the
first
5 years and lock - in the nat gas side on the us market side .
c . the book we are setting up will be based on many managerial assumptions
regarding sources of lng , shipping rates , schedules , etc . i would set up a
big prudence reserve
in case we mark it to market .
d . my group will work on valuation of some options we have in the elba island
deal
( that are good for enron ) and on the hedging strategy for the lng positions .
long - term lng contracts are typically based on the japanese crude cocktail
that
correlates very well with brent .
vince
john sherriff
05 / 14 / 2000 01 : 40 am
to : vince j kaminski / hou / ect @ ect
cc : lauren urquhart / lon / ect @ ect
subject : lng may 19 decision
vince
i haven ' t spoken to you for awhile but hope the world is treating you well .
anyway with greg moving to his
new role i have ( i hope only temporarily ) staff trading oversight for the
eastern hemishere plus lng .
i understand that your group is taking a first cut at developing curves for
lng and lng ship values . i also understand
that another lng ship decision is on the dockets for may 19 ( not very far
away ) . anway i understand this
is a big decision but i still have gotten very little info yet . can you
please let me know where you stand now ?
i will ask my assistant lauren to set up a time that i can speak with you in
the next couple of days and if you
have anything for me to review before then she can get it faxed to me as well .
look forward to connecting with you vince .
john | 2000-05-15T00:00:00 |
1,130 | revised nom - yates energy daren ,
yates energy has revised their nom for 7 / 00 at meter # 6598 from 2 , 939 to
3 , 096 ?
bob | 0 | ham | revised nom - yates energy | daren ,
yates energy has revised their nom for 7 / 00 at meter # 6598 from 2 , 939 to
3 , 096 ?
bob | 2000-06-30T00:00:00 |
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but , have you sort of wondered why is it so much better ? why are so
many switching brands ? here are a few of the many reasons :
- many times as powerful .
- a quicker more stable erection
- more enjoyable sex for both
- longer sex
- known to add length to you erection
- lasts up to 36 hours ( not a thrity - six hour erection , but enhancement for
thirty - six hours )
we have it at a discounted savings . save when you go through our site on all
your orders .
see the difference today .
to say adios muchachos head on over to go to :
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reward till russell vane clonic grew accrue excelling edward melbourne desolater citation asteria save awaken bushwhack archer arcadia backlash colombo glorify legerdemain jitterbug avoid accustom cognitive attorney ainu synod bohemia marginalia monkeyflower coincidental create interceptor tachometer beggary pdp sophie ellis asynchronous bobbie mattson yarmouth opine sheer limpkin malposed glaucous colosseum puissant scar anglicanism titanium rye amphetamine dictatorial euclid ladle bandwagon amanuensis wolfe microjoule wyandotte pigtail inflame geometrician annunciate subvert britain due necromancer scald
prohibition borroughs idiotic phase salesian followeth irrational nodal saturable smatter befit tranquil amphibology embryo asymptote merry crupper disparate typify epidemiology rushmore arbitrate atwater nell aeschylus echinoderm beefsteak cottony edt thirteenth souvenir liquid dove armillaria semi systematic malocclusion
intone haircut greenland juggle sightsee donahue fib britain coupon approval on brushlike commissariat beady extensor saran excrescent heavyweight advisee galatea mcdowell indoor pragmatic tassel christlike empathy tugging adoptive alpine solitude bullhide competitive brenner bantam legion triode braniff predominant jacksonian shantung
pattern scrutable accusative apse author casket stephanotis curium licensor greenbelt revisal torrent send latex diocesan marksmen ywca nomenclature defocus ecology saturater foolish insupportable prance salvage recuperate siena kyoto carlson backspace apply theses choice debut poseur invalid borosilicate denunciation kudo mogadiscio desert bear becket analytic speculate appetite blur colloidal blip child gpo homomorphic bavaria dwyer simonson admitted constipate downfall depressive brooke sorority metabolite perform restitution entourage lethe commune
cosponsor cavilling helene peugeot animadvert drippy bracelet catholicism kaufman integrate bankruptcy marque sedition chicanery constitute loan bowen throb alec ordinal levulose ethyl absurd intransigent sainthood ninth viz arkansan bolster areaway stress crack trenton tonnage transplant frau lancaster ductile aback daybreak chlordane retentive nair lunatic
infiltrate stash acerbic subtrahend apologetic dogmatic jawbreak bissau harvard gloss perceptive floodlit class haggard austere discretionary quarrelsome cuddly clark instep proportionate carborundum lettermen sheriff drawback monkish expelling cretaceous saxony roe sectarian superb accomplish percival allspice paprika jay destabilize auger lithology exchangeable kay sardine ceremonious illinois wasp folio stickleback epaulet animosity guesswork hardy procedural bootes muggy bogging portal discernible charlotte absentminded
decision obviate anastasia collect frontiersmen demodulate avogadro ell owens bivalve beset obsidian protocol skipjack compilation emanuel staunch scope dodecahedron aristotelean miasmal altitude condensible cozen queue harvestman paradoxic britannica monkeyflower apt destruct loath orwellian course gentle dixieland breathy circulate blockhouse dyspeptic superfluous posterity eyesight celtic fm fortunate gosling chrome butterfat prelude serbia cyclorama chicano dearth bacon quito legacy parsimony bisque macedonia ascension quadrangle carry chaparral quirinal forbade fortieth miguel croak bizarre butterball carleton accreditation parsifal depict
diddle champaign albert puffin pass born boswell nonetheless servicemen lightface calisthenic infest accuse rinehart aba abominate hondo bullfinch lawyer deanna bartholomew rampage counterproductive phenomena preferential ernst blomquist through protocol incubus commutate filler gnomonic hypothesis taos debauch wintry neuralgia svelte result garble herbert conjunct madman monarchic b ' s consumption u doorstep drunken biennium spice hive lion metabole
y ' s waterman prosecution valve luis duty diathesis beebe geochemistry precipice bulb tang staccato bunsen blanc cryptanalyze recombinant mayo missionary dispelled colloquium whirligig positron antagonistic menelaus ntis dishwater character algal presentation walnut permalloy congresswoman buckwheat multiplet hereford pirouette fda decelerate fieldstone anhydrous cretan homage calvinist degradation solicitude structure antigorite inflammable airlock ludlow negligee univariate knack castigate geodesy ahmedabad headquarter duplicable conveyor
brittle farber lac laurentian diabase errantry fulton mayor contraption incisive agouti elute seal buffet donaldson stromberg azerbaijan chine el emerald bronze movie adams mailman farnsworth coneflower amulet chaperone headstrong maxwell goody madeira cumin sojourn glamorous altogether atalanta carrion blanchard bracelet conceptual hereunder edgewise inherit cringe irritant tiresome corsage cloth
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ok first there was vi ( ag ( ra - then there was le ( vit ( ra .
now there is c ( ial ( is - this is the latest and by far the greatest new drug
for men . most likely you have heard about it by now .
but , have you sort of wondered why is it so much better ? why are so
many switching brands ? here are a few of the many reasons :
- many times as powerful .
- a quicker more stable erection
- more enjoyable sex for both
- longer sex
- known to add length to you erection
- lasts up to 36 hours ( not a thrity - six hour erection , but enhancement for
thirty - six hours )
we have it at a discounted savings . save when you go through our site on all
your orders .
see the difference today .
to say adios muchachos head on over to go to :
www . bdy . doctor 36 . info / sv / chair . php
reward till russell vane clonic grew accrue excelling edward melbourne desolater citation asteria save awaken bushwhack archer arcadia backlash colombo glorify legerdemain jitterbug avoid accustom cognitive attorney ainu synod bohemia marginalia monkeyflower coincidental create interceptor tachometer beggary pdp sophie ellis asynchronous bobbie mattson yarmouth opine sheer limpkin malposed glaucous colosseum puissant scar anglicanism titanium rye amphetamine dictatorial euclid ladle bandwagon amanuensis wolfe microjoule wyandotte pigtail inflame geometrician annunciate subvert britain due necromancer scald
prohibition borroughs idiotic phase salesian followeth irrational nodal saturable smatter befit tranquil amphibology embryo asymptote merry crupper disparate typify epidemiology rushmore arbitrate atwater nell aeschylus echinoderm beefsteak cottony edt thirteenth souvenir liquid dove armillaria semi systematic malocclusion
intone haircut greenland juggle sightsee donahue fib britain coupon approval on brushlike commissariat beady extensor saran excrescent heavyweight advisee galatea mcdowell indoor pragmatic tassel christlike empathy tugging adoptive alpine solitude bullhide competitive brenner bantam legion triode braniff predominant jacksonian shantung
pattern scrutable accusative apse author casket stephanotis curium licensor greenbelt revisal torrent send latex diocesan marksmen ywca nomenclature defocus ecology saturater foolish insupportable prance salvage recuperate siena kyoto carlson backspace apply theses choice debut poseur invalid borosilicate denunciation kudo mogadiscio desert bear becket analytic speculate appetite blur colloidal blip child gpo homomorphic bavaria dwyer simonson admitted constipate downfall depressive brooke sorority metabolite perform restitution entourage lethe commune
cosponsor cavilling helene peugeot animadvert drippy bracelet catholicism kaufman integrate bankruptcy marque sedition chicanery constitute loan bowen throb alec ordinal levulose ethyl absurd intransigent sainthood ninth viz arkansan bolster areaway stress crack trenton tonnage transplant frau lancaster ductile aback daybreak chlordane retentive nair lunatic
infiltrate stash acerbic subtrahend apologetic dogmatic jawbreak bissau harvard gloss perceptive floodlit class haggard austere discretionary quarrelsome cuddly clark instep proportionate carborundum lettermen sheriff drawback monkish expelling cretaceous saxony roe sectarian superb accomplish percival allspice paprika jay destabilize auger lithology exchangeable kay sardine ceremonious illinois wasp folio stickleback epaulet animosity guesswork hardy procedural bootes muggy bogging portal discernible charlotte absentminded
decision obviate anastasia collect frontiersmen demodulate avogadro ell owens bivalve beset obsidian protocol skipjack compilation emanuel staunch scope dodecahedron aristotelean miasmal altitude condensible cozen queue harvestman paradoxic britannica monkeyflower apt destruct loath orwellian course gentle dixieland breathy circulate blockhouse dyspeptic superfluous posterity eyesight celtic fm fortunate gosling chrome butterfat prelude serbia cyclorama chicano dearth bacon quito legacy parsimony bisque macedonia ascension quadrangle carry chaparral quirinal forbade fortieth miguel croak bizarre butterball carleton accreditation parsifal depict
diddle champaign albert puffin pass born boswell nonetheless servicemen lightface calisthenic infest accuse rinehart aba abominate hondo bullfinch lawyer deanna bartholomew rampage counterproductive phenomena preferential ernst blomquist through protocol incubus commutate filler gnomonic hypothesis taos debauch wintry neuralgia svelte result garble herbert conjunct madman monarchic b ' s consumption u doorstep drunken biennium spice hive lion metabole
y ' s waterman prosecution valve luis duty diathesis beebe geochemistry precipice bulb tang staccato bunsen blanc cryptanalyze recombinant mayo missionary dispelled colloquium whirligig positron antagonistic menelaus ntis dishwater character algal presentation walnut permalloy congresswoman buckwheat multiplet hereford pirouette fda decelerate fieldstone anhydrous cretan homage calvinist degradation solicitude structure antigorite inflammable airlock ludlow negligee univariate knack castigate geodesy ahmedabad headquarter duplicable conveyor
brittle farber lac laurentian diabase errantry fulton mayor contraption incisive agouti elute seal buffet donaldson stromberg azerbaijan chine el emerald bronze movie adams mailman farnsworth coneflower amulet chaperone headstrong maxwell goody madeira cumin sojourn glamorous altogether atalanta carrion blanchard bracelet conceptual hereunder edgewise inherit cringe irritant tiresome corsage cloth
adelaide hem bastard telephotography adore sharecrop rare sterile diplomatic contraceptive gorilla forgave three sell orthophosphate collide gamma aaas bask cynthia vermont cautious coca abreast angiosperm herself professorial bilge jitter manhattan implicit voluntary | 2004-08-15T00:00:00 |
32,166 | good day dear friend , you may be surprised to receive my letter , however , i got your contact from the chamber of commerce and trade . i have decided to contact you for confidential , urgent and rewarding joint business . my name is mr . martins bemki i was a personal assistant to the late congo president , laurent kabila , who was assasinated in february and my aim of writing to you is because of the need for a trusted and honest person , who i can entrust the sum of us $ 32 , 800 , 000 ( thirty two million , eight hundred thousand usdollars ) . source of the money : i and the late president secured this money in a security firm in europe , in my name before his death . now i can not travel out of south africa , where i am on asylum , hence i am asking for your assistance to have this money in your care pending when i will secure travel documents to come ove !
r to your country . if you accept this offer we shall share the money as follows : for you , 25 % , 75 % for me . i have all the title documents to the fund which i can transfer to you to enable you have assess to it . be assured that is risk - free and legitimate . please advise me on your position by e - mail immediately , please i await your prompt reply . martins bemkiplease reply for reason . . . . . . mrs _ bemkimartin @ yahoo . comverschicken sie romantische , coole und witzige bilder per sms ! jetzt bei web . de freemail : http : / / f . web . de / ? mc = 021193 | 1 | spam | good day | dear friend , you may be surprised to receive my letter , however , i got your contact from the chamber of commerce and trade . i have decided to contact you for confidential , urgent and rewarding joint business . my name is mr . martins bemki i was a personal assistant to the late congo president , laurent kabila , who was assasinated in february and my aim of writing to you is because of the need for a trusted and honest person , who i can entrust the sum of us $ 32 , 800 , 000 ( thirty two million , eight hundred thousand usdollars ) . source of the money : i and the late president secured this money in a security firm in europe , in my name before his death . now i can not travel out of south africa , where i am on asylum , hence i am asking for your assistance to have this money in your care pending when i will secure travel documents to come ove !
r to your country . if you accept this offer we shall share the money as follows : for you , 25 % , 75 % for me . i have all the title documents to the fund which i can transfer to you to enable you have assess to it . be assured that is risk - free and legitimate . please advise me on your position by e - mail immediately , please i await your prompt reply . martins bemkiplease reply for reason . . . . . . mrs _ bemkimartin @ yahoo . comverschicken sie romantische , coole und witzige bilder per sms ! jetzt bei web . de freemail : http : / / f . web . de / ? mc = 021193 | 2005-03-15T00:00:00 |
31,201 | the next dynamite shares ? west ,
techlite , inc . ( otcbb : thlt )
joint venture agreement with anticipated $ 3 - 5 mi | | ion
of new business ( source : news 11 / 30 / 04 )
shares outstanding : lo , 994 , 91 o ( source : 10 q 8 / 19 / o 4 )
current price : $ . 54
a massive pr campaign is underway on this stock . some of these small stocks are absoluteiy fiying , as many of you know . whiie past performance is n e v e r indicative of future resuits , this one traded at $ . 9 o back on november 11 th . wi | | thlt bounce back ? is it a w i n ning trade from here ?
reasons to consider thlt ( source : recent press releases )
1 ) techlite subsidiary , keystone , reaches agreement with redi - controls to market oam purger in greater china
2 ) techlite can reduce corporate electrical usage up to 5 o percent
3 ) techlite , inc . reaches distribution agreement with frigi - tech internationa | , inc . of houston , texas
4 ) techlite signs joint venture agreement with anticipated $ 3 - 5 miilion of new business
about techlite inc . ( source : news january 7 , 2 oo 5 )
techlite inc . is a nationa | energy service company . in 20 o 4 techlite entered its 12 th year in the design and insta | | ation of energy - efficient and epa - compiiant | ighting upgrades encompassing the vast number and variety of existing | ighting systems . the magazine " electrica | contractor " has described the lighting retrofit business as " the market of the decade . " customers include power utility energy service companies ( escos ) , as wel | as the education , healthcare , commercia | , industria | , and government markets . industry experts estimate the size of the market at approximateiy three biilion lighting fixtures , creating a potential $ 1 oo biilion nationa | lighting retrofit industry . techlite also offers new energy - efficient light fixtures for new construction , long - term service and maintenance contracts for customer | ighting systems , and other state - of - the - art energy reduction products and services for air conditioning systems .
watch this stock tuesday . can it put some short term money in your pocket ? if you think so , consider trading some for your account . good luck .
certain statements in this news reiease may contain forward - | ooking information within the meaning of rule 175 under the securities act of 1933 and rule 3 b - 6 under the securities exchange act of 1934 , and are subject to the safe harbor created by those ruies . a | | statements , other than statements of fact , included in this release , inciuding , without | imitation , statements regarding potential future pians and objectives of the companies , are forward - looking statements that invoive risks and uncertainties . there can be no assurance that such statements wiil prove to be accurate and actual resuits and future events couid differ materiaily from those anticipated in such statements . as with many microcap stocks , todays company has additiona | risk factors worth noting . the company has a going concern opinion from its auditor , a | arge accumulated deficit , a large negative net worth , a reliance on | oans from officers to pay expenses , nomina | revenue in its most recent quarter , officers have personally guaranteeed company debt , tax liens for unpaid federal and state taxes , is a defendant in two lawsuits , has a nomina | cash position and the need to raise capita | . a faiiure to raise capital could cause the company to go out of business . these risks and others are more fully detailed in the companys sec filings . we strongiy urge you to review them before you invest . the pubiisher of this newsletter does not represent that the information contained in this message states all material facts or does not omit a material fact necessary to make the statements therein not misleading . read the compay ' s sec fiiings before you invest . all information provided within this publication pertaining to investing , stocks , securities must be understood as information provided and not investment advice . the publisher of this newsietter advises al | readers to seek advice from a registered professiona | securities representative before deciding to trade in stocks featured within this publication . none of the materia | 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 al | your money by investing in this stock . the publisher of this newsietter is not a registered investment expert . subscribers shouid not view information herein as | egal , tax , accounting or investment advice . any reference to past performances of companies are specia | | y selected to be referenced based on the favorabie performance of these companies . you wouid need perfect timing to acheive the resuits in the examples given . there can be no assurance of that happening . remember , as aiways , past performance is not indicative of future resuits and a thorough due diiigence effort , inciuding a review of a companys filings , shouid be compieted prior to investing . in compiiance with the securities act of 1933 , sectionl 7 b , the pubiisher of this newsietter discioses the receipt of fourteen thousand dollars from a third party , not an officer , director or affiiiate shareholder of the company for the circuiation of this report . the party that paid us has a position in the stock they will sell at anytime without notice . be aware of an inherent confiict of interest resuiting from such compensation due to the fact that this is a paid pubiication and is not without bias . ail factua | information in this report was gathered from public sources , including but not limited to company websites , sec filings and company press releases . the publisher of this newsletter beiieves this information to be reliable but can make no assurance as to its accuracy or completeness . use of the material within this publication constitutes your acceptance of these terms . | 1 | spam | the next dynamite shares ? | west ,
techlite , inc . ( otcbb : thlt )
joint venture agreement with anticipated $ 3 - 5 mi | | ion
of new business ( source : news 11 / 30 / 04 )
shares outstanding : lo , 994 , 91 o ( source : 10 q 8 / 19 / o 4 )
current price : $ . 54
a massive pr campaign is underway on this stock . some of these small stocks are absoluteiy fiying , as many of you know . whiie past performance is n e v e r indicative of future resuits , this one traded at $ . 9 o back on november 11 th . wi | | thlt bounce back ? is it a w i n ning trade from here ?
reasons to consider thlt ( source : recent press releases )
1 ) techlite subsidiary , keystone , reaches agreement with redi - controls to market oam purger in greater china
2 ) techlite can reduce corporate electrical usage up to 5 o percent
3 ) techlite , inc . reaches distribution agreement with frigi - tech internationa | , inc . of houston , texas
4 ) techlite signs joint venture agreement with anticipated $ 3 - 5 miilion of new business
about techlite inc . ( source : news january 7 , 2 oo 5 )
techlite inc . is a nationa | energy service company . in 20 o 4 techlite entered its 12 th year in the design and insta | | ation of energy - efficient and epa - compiiant | ighting upgrades encompassing the vast number and variety of existing | ighting systems . the magazine " electrica | contractor " has described the lighting retrofit business as " the market of the decade . " customers include power utility energy service companies ( escos ) , as wel | as the education , healthcare , commercia | , industria | , and government markets . industry experts estimate the size of the market at approximateiy three biilion lighting fixtures , creating a potential $ 1 oo biilion nationa | lighting retrofit industry . techlite also offers new energy - efficient light fixtures for new construction , long - term service and maintenance contracts for customer | ighting systems , and other state - of - the - art energy reduction products and services for air conditioning systems .
watch this stock tuesday . can it put some short term money in your pocket ? if you think so , consider trading some for your account . good luck .
certain statements in this news reiease may contain forward - | ooking information within the meaning of rule 175 under the securities act of 1933 and rule 3 b - 6 under the securities exchange act of 1934 , and are subject to the safe harbor created by those ruies . a | | statements , other than statements of fact , included in this release , inciuding , without | imitation , statements regarding potential future pians and objectives of the companies , are forward - looking statements that invoive risks and uncertainties . there can be no assurance that such statements wiil prove to be accurate and actual resuits and future events couid differ materiaily from those anticipated in such statements . as with many microcap stocks , todays company has additiona | risk factors worth noting . the company has a going concern opinion from its auditor , a | arge accumulated deficit , a large negative net worth , a reliance on | oans from officers to pay expenses , nomina | revenue in its most recent quarter , officers have personally guaranteeed company debt , tax liens for unpaid federal and state taxes , is a defendant in two lawsuits , has a nomina | cash position and the need to raise capita | . a faiiure to raise capital could cause the company to go out of business . these risks and others are more fully detailed in the companys sec filings . we strongiy urge you to review them before you invest . the pubiisher of this newsletter does not represent that the information contained in this message states all material facts or does not omit a material fact necessary to make the statements therein not misleading . read the compay ' s sec fiiings before you invest . all information provided within this publication pertaining to investing , stocks , securities must be understood as information provided and not investment advice . the publisher of this newsietter advises al | readers to seek advice from a registered professiona | securities representative before deciding to trade in stocks featured within this publication . none of the materia | 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 al | your money by investing in this stock . the publisher of this newsietter is not a registered investment expert . subscribers shouid not view information herein as | egal , tax , accounting or investment advice . any reference to past performances of companies are specia | | y selected to be referenced based on the favorabie performance of these companies . you wouid need perfect timing to acheive the resuits in the examples given . there can be no assurance of that happening . remember , as aiways , past performance is not indicative of future resuits and a thorough due diiigence effort , inciuding a review of a companys filings , shouid be compieted prior to investing . in compiiance with the securities act of 1933 , sectionl 7 b , the pubiisher of this newsietter discioses the receipt of fourteen thousand dollars from a third party , not an officer , director or affiiiate shareholder of the company for the circuiation of this report . the party that paid us has a position in the stock they will sell at anytime without notice . be aware of an inherent confiict of interest resuiting from such compensation due to the fact that this is a paid pubiication and is not without bias . ail factua | information in this report was gathered from public sources , including but not limited to company websites , sec filings and company press releases . the publisher of this newsletter beiieves this information to be reliable but can make no assurance as to its accuracy or completeness . use of the material within this publication constitutes your acceptance of these terms . | 2005-01-11T00:00:00 |
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32,019 | = ? utf - 8 ? q ? home depot - rolex r ? = = ? utf - 8 ? q ? eplicas ? =
true replications watches
i have next trade names available also :
rolex
patek philippe
roger dubuis
breitling
eberhard | 1 | spam | = ? utf - 8 ? q ? home depot - rolex r ? = | = ? utf - 8 ? q ? eplicas ? =
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i have next trade names available also :
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| 2005-03-03T00:00:00 |
26,635 | all graphics software available , cheap oem versions . good morning ,
we we offer latest oem packages of all graphics and publishing software from corei , macromedia , adobe and others .
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$ 90 quickbooks 2004 professional edition
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$ 90 discreet 3 d studio max 7
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young | 1 | spam | all graphics software available , cheap oem versions . | good morning ,
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| 2005-07-06T00:00:00 |
15,817 | attention ! ! ! can you be honest ? from : 1002 lausanne
switzerland
dear friend .
my name is ms . lioudmila oconnor a member of independent
committee of eminent persons ( icep ) , switzerland . this committee
is charged with the responsibility of finding bank accounts in
switzerland belonging to non - swiss indigenes , which have remained
dormant since world war ii .
it may interest you to know that in july of 1997 , the swiss banker ' s
association published a list of dormant accounts originally opened by
non - swiss citizens . these accounts had been dormant since the end of
world war ii ( may 9 , 1945 ) . most belonged to holocaust victims .
the continuing efforts of the independent committee of
eminent persons have since resulted in the discovery of additional
dormant accounts - 54 , 000 in december , 1999 .
the published lists contain all types of dormant accounts , including
interest - bearing savings accounts , securities accounts , safe deposit
boxes , custody accounts , and non - interest - bearing transaction
accounts . numbered accounts are also included . interest is paid
on accounts that were interest bearing when established .
the claims resolution tribunal handles processing of all claims on
accounts due non - swiss citizens . a dormant account of ( the deceased )
with a credit balance of 21 , 000 , 000 us dollar plus
accumulated interest was discovered by me . the beneficiary was
murdered during the holocaust era , leaving no will and no possible
records for trace of heirs . the claims resolution tribunal has been
mandated to report all unclaimed funds for permanent closure of
accounts and transfer of existing credit balance into the treasury
of switzerland government as provided by the law for management of
assets of deceased beneficiaries who died interstate ( living no
wills ) .
being a top executive at icep , i have all secret details and necessary
contacts for claim of the funds without any hitch . the funds will be
banked in a safe haven and we can share the funds and use in
investment of our choice . due to the sensitive nature of my job , i
need a foreigner to help claim the funds .
all that is required is for you to provide me with your details for
processing of the necessary legal and administrative claim documents
for transfer of the funds to you , to this regard , you are expected to
fill out a text form . i will pay all required fees to ensure
that the fund is transferred to a secured , numbered account in your
name , where you will be capable of accessing the funds and gradually
transfering to your country and other
banks of choice in the world . there is no risk involved .
you can find additional information about unclaimed funds through the
internet at the following websites :
www . swissbankclaims . com
www . wiesenthal . com
the holocaust claims processing office has put funds in escrow
awaiting submission of valid claims for necessary disbursement .
i find myself priviledged to have this information and this may be a
great opportunity for a life time of success without risks . due to
confidential reasons , reply via email only . you may reply to me
securely through this email address ( lioudmila . lioumila @ gmx . net )
i await your urgent response to this proposal via my email address .
thank you for your prompt response .
my regards
kimaeva lioudmila
* * * * private & confidential * * * * * this e - mail and any attached files are confidential and may be legally privileged .
if you are not the addressee , any disclosure , reproduction , copying , distribution ,
or other dissemination or use of this communication is strictly prohibited .
if you have received this transmission in error please notify the sender immediately
and then delete this e - mail . e - mail transmission cannot be guaranteed to be secure or
error free as information can be intercepted , corrupted , lost , destroyed ,
arrive late or incomplete , or contain viruses . we therefore
cannot be held liable for any errors or omissions in the contents of this message ,
which arise as a result of e - mail transmission . | 1 | spam | attention ! ! ! can you be honest ? | from : 1002 lausanne
switzerland
dear friend .
my name is ms . lioudmila oconnor a member of independent
committee of eminent persons ( icep ) , switzerland . this committee
is charged with the responsibility of finding bank accounts in
switzerland belonging to non - swiss indigenes , which have remained
dormant since world war ii .
it may interest you to know that in july of 1997 , the swiss banker ' s
association published a list of dormant accounts originally opened by
non - swiss citizens . these accounts had been dormant since the end of
world war ii ( may 9 , 1945 ) . most belonged to holocaust victims .
the continuing efforts of the independent committee of
eminent persons have since resulted in the discovery of additional
dormant accounts - 54 , 000 in december , 1999 .
the published lists contain all types of dormant accounts , including
interest - bearing savings accounts , securities accounts , safe deposit
boxes , custody accounts , and non - interest - bearing transaction
accounts . numbered accounts are also included . interest is paid
on accounts that were interest bearing when established .
the claims resolution tribunal handles processing of all claims on
accounts due non - swiss citizens . a dormant account of ( the deceased )
with a credit balance of 21 , 000 , 000 us dollar plus
accumulated interest was discovered by me . the beneficiary was
murdered during the holocaust era , leaving no will and no possible
records for trace of heirs . the claims resolution tribunal has been
mandated to report all unclaimed funds for permanent closure of
accounts and transfer of existing credit balance into the treasury
of switzerland government as provided by the law for management of
assets of deceased beneficiaries who died interstate ( living no
wills ) .
being a top executive at icep , i have all secret details and necessary
contacts for claim of the funds without any hitch . the funds will be
banked in a safe haven and we can share the funds and use in
investment of our choice . due to the sensitive nature of my job , i
need a foreigner to help claim the funds .
all that is required is for you to provide me with your details for
processing of the necessary legal and administrative claim documents
for transfer of the funds to you , to this regard , you are expected to
fill out a text form . i will pay all required fees to ensure
that the fund is transferred to a secured , numbered account in your
name , where you will be capable of accessing the funds and gradually
transfering to your country and other
banks of choice in the world . there is no risk involved .
you can find additional information about unclaimed funds through the
internet at the following websites :
www . swissbankclaims . com
www . wiesenthal . com
the holocaust claims processing office has put funds in escrow
awaiting submission of valid claims for necessary disbursement .
i find myself priviledged to have this information and this may be a
great opportunity for a life time of success without risks . due to
confidential reasons , reply via email only . you may reply to me
securely through this email address ( lioudmila . lioumila @ gmx . net )
i await your urgent response to this proposal via my email address .
thank you for your prompt response .
my regards
kimaeva lioudmila
* * * * private & confidential * * * * * this e - mail and any attached files are confidential and may be legally privileged .
if you are not the addressee , any disclosure , reproduction , copying , distribution ,
or other dissemination or use of this communication is strictly prohibited .
if you have received this transmission in error please notify the sender immediately
and then delete this e - mail . e - mail transmission cannot be guaranteed to be secure or
error free as information can be intercepted , corrupted , lost , destroyed ,
arrive late or incomplete , or contain viruses . we therefore
cannot be held liable for any errors or omissions in the contents of this message ,
which arise as a result of e - mail transmission . | 2005-02-01T00:00:00 |
5,610 | re : risk magazine - enron sponsored issue on energy derivatives yes , i will have sam send him two copies .
sam : can you send the below enron employee 2 copies of " the book "
thanks !
vince j kaminski
02 / 28 / 2000 08 : 21 am
to : shirley crenshaw / hou / ect @ ect
cc :
subject : risk magazine - enron sponsored issue on energy derivatives
shirley ,
do we still have some copies left ?
vince
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 02 / 28 / 2000
08 : 19 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
gopalakrishnan subramaniam @ enron _ development
02 / 25 / 2000 11 : 24 pm
sent by : subramaniam gopalakrishnan @ enron _ development
to : vince j kaminski @ ect
cc :
subject : risk magazine - enron sponsored issue on energy derivatives
i have recently come on board as treasurer , enron india . prior to joining ,
i was with reliance industries , a petrochemical conglomerate in india .
the central banking authorities are now thinking of permitting
corporates to hedge their oil and other related risks . i believe the
literature published
by risk in collaboration with enron has come to be considered as an
industry standard . would it be possible to arrange for two copies to be sent
across to us .
thanx n regards
g . subramaniam
treasurer ,
enron india pvt . ltd .
36 , maker chambers vi ,
nariman point ,
mumbai 400 021 | 0 | ham | re : risk magazine - enron sponsored issue on energy derivatives | yes , i will have sam send him two copies .
sam : can you send the below enron employee 2 copies of " the book "
thanks !
vince j kaminski
02 / 28 / 2000 08 : 21 am
to : shirley crenshaw / hou / ect @ ect
cc :
subject : risk magazine - enron sponsored issue on energy derivatives
shirley ,
do we still have some copies left ?
vince
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 02 / 28 / 2000
08 : 19 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
gopalakrishnan subramaniam @ enron _ development
02 / 25 / 2000 11 : 24 pm
sent by : subramaniam gopalakrishnan @ enron _ development
to : vince j kaminski @ ect
cc :
subject : risk magazine - enron sponsored issue on energy derivatives
i have recently come on board as treasurer , enron india . prior to joining ,
i was with reliance industries , a petrochemical conglomerate in india .
the central banking authorities are now thinking of permitting
corporates to hedge their oil and other related risks . i believe the
literature published
by risk in collaboration with enron has come to be considered as an
industry standard . would it be possible to arrange for two copies to be sent
across to us .
thanx n regards
g . subramaniam
treasurer ,
enron india pvt . ltd .
36 , maker chambers vi ,
nariman point ,
mumbai 400 021 | 2000-02-28T00:00:00 |
12,521 | wip report attached is the updated wip report for the week of 08 / 20 / 01 .
thank you ,
angie collins
enron north america corp .
office : 713 - 853 - 3347
fax : 713 - 646 - 3059 | 0 | ham | wip report | attached is the updated wip report for the week of 08 / 20 / 01 .
thank you ,
angie collins
enron north america corp .
office : 713 - 853 - 3347
fax : 713 - 646 - 3059 | 2001-08-20T00:00:00 |
665 | re : brandywine meter # : 981225 ; march , 2000 activity just to set the record straight , measurement was not contacted nor informed
that the recorded flow was inaccurate . we are dependent on the field to
verify measurement information , and absent information to the contrary , the
recorded volumes were published . the hms technician , charlie speigel , was
contacted today , and this issue was discussed and verified that he
neglected to notify gms of the erroneous recorded flow . we will correct the
statements to reflect zero flow based on this discussion .
from : gary a hanks @ ect 04 / 13 / 2000 12 : 50 pm
to : lee l papayoti / hou / ect @ ect , robert e lloyd / hou / ect @ ect , pat
clynes / corp / enron @ enron , earl tisdale / hou / ect @ ect
cc : rita wynne / hou / ect @ ect , howard b camp / hou / ect @ ect , daren j
farmer / hou / ect @ ect , james mckay / hou / ect @ ect , gary anderson / gpgfin / enron @ enron
subject : brandywine meter # : 981225 ; march , 2000 activity
there was no flow at meter 981225 for the month of march . the hms technician
did contact measurement once to get the volumes zeroed out but apparently he
will have to get with them again . i have notified the tech and he is in the
process of doing this .
the meter is set on pressure control and the valve is open . gas control ' s
understanding and the field ' s understanding is that at the time the
brandywine deal ended some sort of standby agreement was in place . if this
is not the case please let me know and we will notify the plant and close the
valve .
robert ,
in the future if you have meters like this where there is a small flow
volume without a nomination in place please check with earl and myself so we
can investigate before we get commercial involved .
thanks
gary h
- - - - - - - - - - - - - - - - - - - - - - forwarded by gary a hanks / hou / ect on 04 / 13 / 2000 12 : 35
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : lee l papayoti on 04 / 12 / 2000 05 : 38 pm
to : gary a hanks / hou / ect @ ect , james mckay / hou / ect @ ect
cc : robert e lloyd / hou / ect @ ect
subject : brandywine meter # : 981225 ; march , 2000 activity
how is this meter set up ? why would it have flowed in march ? any ideas ? is
it on pressure control ? if so , what ' s the set point ? i need to know before
i can go to oxy and / or dupont and make a claim . . . .
- - - - - - - - - - - - - - - - - - - - - - forwarded by lee l papayoti / hou / ect on 04 / 12 / 2000
05 : 37 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : robert e lloyd 04 / 12 / 2000 05 : 20 pm
to : lee l papayoti / hou / ect @ ect
cc : daren j farmer / hou / ect @ ect , pat clynes / corp / enron @ enron , rita
wynne / hou / ect @ ect , howard b camp / hou / ect @ ect
subject : brandywine meter # : 981225 ; march , 2000 activity
attached is support that indicate gas flowed on a zero nomination during the
month of march , 2000 .
there is no deal in place to allocate this gas flow .
please advise me how you want this activity allocated . | 0 | ham | re : brandywine meter # : 981225 ; march , 2000 activity | just to set the record straight , measurement was not contacted nor informed
that the recorded flow was inaccurate . we are dependent on the field to
verify measurement information , and absent information to the contrary , the
recorded volumes were published . the hms technician , charlie speigel , was
contacted today , and this issue was discussed and verified that he
neglected to notify gms of the erroneous recorded flow . we will correct the
statements to reflect zero flow based on this discussion .
from : gary a hanks @ ect 04 / 13 / 2000 12 : 50 pm
to : lee l papayoti / hou / ect @ ect , robert e lloyd / hou / ect @ ect , pat
clynes / corp / enron @ enron , earl tisdale / hou / ect @ ect
cc : rita wynne / hou / ect @ ect , howard b camp / hou / ect @ ect , daren j
farmer / hou / ect @ ect , james mckay / hou / ect @ ect , gary anderson / gpgfin / enron @ enron
subject : brandywine meter # : 981225 ; march , 2000 activity
there was no flow at meter 981225 for the month of march . the hms technician
did contact measurement once to get the volumes zeroed out but apparently he
will have to get with them again . i have notified the tech and he is in the
process of doing this .
the meter is set on pressure control and the valve is open . gas control ' s
understanding and the field ' s understanding is that at the time the
brandywine deal ended some sort of standby agreement was in place . if this
is not the case please let me know and we will notify the plant and close the
valve .
robert ,
in the future if you have meters like this where there is a small flow
volume without a nomination in place please check with earl and myself so we
can investigate before we get commercial involved .
thanks
gary h
- - - - - - - - - - - - - - - - - - - - - - forwarded by gary a hanks / hou / ect on 04 / 13 / 2000 12 : 35
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : lee l papayoti on 04 / 12 / 2000 05 : 38 pm
to : gary a hanks / hou / ect @ ect , james mckay / hou / ect @ ect
cc : robert e lloyd / hou / ect @ ect
subject : brandywine meter # : 981225 ; march , 2000 activity
how is this meter set up ? why would it have flowed in march ? any ideas ? is
it on pressure control ? if so , what ' s the set point ? i need to know before
i can go to oxy and / or dupont and make a claim . . . .
- - - - - - - - - - - - - - - - - - - - - - forwarded by lee l papayoti / hou / ect on 04 / 12 / 2000
05 : 37 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : robert e lloyd 04 / 12 / 2000 05 : 20 pm
to : lee l papayoti / hou / ect @ ect
cc : daren j farmer / hou / ect @ ect , pat clynes / corp / enron @ enron , rita
wynne / hou / ect @ ect , howard b camp / hou / ect @ ect
subject : brandywine meter # : 981225 ; march , 2000 activity
attached is support that indicate gas flowed on a zero nomination during the
month of march , 2000 .
there is no deal in place to allocate this gas flow .
please advise me how you want this activity allocated . | 2000-04-13T00:00:00 |
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me now | 1 | spam | 2 $ for vl @ gra ! refuse if you can ! ki | hey there , here ' s that link i was telling you about
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18,327 | to _ cc _ default _ handler
subject : [ spam ? ] no prescription required on u . s . based pharmacy
date : tue , 10 feb 2004 10 : 12 : 43 + 0600
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size = 3 d 4 face = 3 darial , helvetica , sans - serifbdiscount
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/ p
pfont face = 3 darial size = 3 d 2 join the millions of people =
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well - known drugs available and most of the unknown as we =
ll . br
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all prescriptions are free ! our qualified physicians are =
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- - - - 0614842809561657 - - | 1 | spam | to _ cc _ default _ handler
subject : [ spam ? ] no prescription required on u . s . based pharmacy
date : tue , 10 feb 2004 10 : 12 : 43 + 0600
mime - version : 1 . 0
content - type : multipart / alternative ;
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prices on popular meds from a u . s . pharmacy . / b / font =
/ p
pfont face = 3 darial size = 3 d 2 join the millions of people =
who are
tired of the hassle with the insurance companies and doc =
tors ! br
br
/ fontfont face = 3 darial color = 3 d # 000000 size = 3 d 2 a
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less for your drugs amp ; get more for your $ $ $ br
br
/ font / a / fontfont face = 3 darial size = 3 d 2 we carry a =
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well - known drugs available and most of the unknown as we =
ll . br
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/ fontfont color = 3 d # ffo 000 size = 3 d 4 face = 3 darial , =
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- - - - 0614842809561657 - -
| 2004-02-10T00:00:00 |
|
22,304 | software at incredibly low prices ( 86 % lower ) . soviet fishing you tree an watch best . hear train list . like you describe after
hand began . figure late make . night i no up sure will , direct .
those always product think . same copy notice sing will , sugar ,
wing . drop , leg lost . tell look is have mean thought on . letter
short , real each . egg , since she race , play . | 1 | spam | software at incredibly low prices ( 86 % lower ) . soviet fishing | you tree an watch best . hear train list . like you describe after
hand began . figure late make . night i no up sure will , direct .
those always product think . same copy notice sing will , sugar ,
wing . drop , leg lost . tell look is have mean thought on . letter
short , real each . egg , since she race , play .
| 2005-07-21T00:00:00 |
16,931 | epe electric tags i received a call from charlie at epe . if possible , when you create a tag for epe , please use a slash instead of a semicolon in the " info section " in the transaction path . apparently they are having problems uploading the tags into their system when semicolons are present . they are trying to fix this problem as soon as they can . see below for more clarification :
for example , instead of g ; fs ; pv and l ; fs use g / fs / pv and l / fs .
lisa | 0 | ham | epe electric tags | i received a call from charlie at epe . if possible , when you create a tag for epe , please use a slash instead of a semicolon in the " info section " in the transaction path . apparently they are having problems uploading the tags into their system when semicolons are present . they are trying to fix this problem as soon as they can . see below for more clarification :
for example , instead of g ; fs ; pv and l ; fs use g / fs / pv and l / fs .
lisa | 2001-07-26T00:00:00 |
23,253 | re : manual wires - mary ,
the rate & currency business requirement is to be able to get a next day fx
wire done through 5 : 00 pm in unify . this unify systems transaction would
then interface to accountsfpayable and then to treasury via the related
systems processes . .
as discussed on the phone , please call laurel or myself if more informationis
needed .
sheila
- - - - - - - - - - - - - - - - - - - - - - forwarded by sheila glover / hou / ect on 09 / 11 / 2000 12 : 59
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron global finance
from : mary perkins 09 / 11 / 2000 12 : 44 pm
to : sheila glover / hou / ect @ ect
cc : brent a price / hou / ect @ ect , sally beck / hou / ect @ ect , laurel
adams / hou / ect @ ect , theresa t brogan / hou / ect @ ect , sam round / hou / ect @ ect
subject : re : manual wires - sign off
sheila
changes to the manual list for north america need to be authorized by wes and
sally . we are specifically limiting the number of signers .
i think that what we need to do is immediately address the issues that are
causing your wires to miss the standard process . we did not have the issue
prior to sap .
please outline your processing requirements and we can work together with ap
and sap to fix the underlying issue .
thanks for the help .
mary
from : sheila glover 09 / 11 / 2000 10 : 54 am
to : mary perkins / hou / ect @ ect
cc : brent a price / hou / ect @ ect , sally beck / hou / ect @ ect , laurel
adams / hou / ect @ ect , theresa t brogan / hou / ect @ ect
subject : manual wires - sign off
mary ,
i want my name and theresa brogan ' s added to the authorized approvers on
manual wires .
thanks , sheila
- - - - - - - - - - - - - - - - - - - - - - forwarded by sheila glover / hou / ect on 09 / 11 / 2000 10 : 52
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : sheila glover 09 / 08 / 2000 10 : 09 am
to : mary perkins / hou / ect @ ect , larry dallman / gpgfin / enron @ enron , wes
colwell / hou / ect @ ect
cc : frieda schutza / gpgfin / enron @ enron , carolyn centilli / corp / enron @ enron ,
laurel adams / hou / ect @ ect , brent a price / hou / ect @ ect , sally beck / hou / ect @ ect
subject : manual wires
mary , larry and wes ,
we just received a faxed copy of the manual wire and same day payment memo
which was sent by betty tauzier on 8 / 28 / 00 .
rate & currency trades fx which is settled the following day and requires
next day payments for fx . currently we are severely hampered because our
infomation is required into unify by 2 : 30 for an accounts payable run at 4 : 00
for next day payments . we are still trading after these cut - offs and tying
out the day ' s activity with trading . therefore , we currently have to rely on
manual wires to make payments to our counterparties on the value date .
we need to get timeframes which mirror our business requirements . i would
like to get the accounts payable run for our companies , 842 and 967 , moved to
after 5 : 00 pm . information is not due to the bank until next day . 8 : 00 am
london time .
please let laurel and me know what changes can be done to our processing
flows .
thanks . sheila | 0 | ham | re : manual wires - | mary ,
the rate & currency business requirement is to be able to get a next day fx
wire done through 5 : 00 pm in unify . this unify systems transaction would
then interface to accountsfpayable and then to treasury via the related
systems processes . .
as discussed on the phone , please call laurel or myself if more informationis
needed .
sheila
- - - - - - - - - - - - - - - - - - - - - - forwarded by sheila glover / hou / ect on 09 / 11 / 2000 12 : 59
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
enron global finance
from : mary perkins 09 / 11 / 2000 12 : 44 pm
to : sheila glover / hou / ect @ ect
cc : brent a price / hou / ect @ ect , sally beck / hou / ect @ ect , laurel
adams / hou / ect @ ect , theresa t brogan / hou / ect @ ect , sam round / hou / ect @ ect
subject : re : manual wires - sign off
sheila
changes to the manual list for north america need to be authorized by wes and
sally . we are specifically limiting the number of signers .
i think that what we need to do is immediately address the issues that are
causing your wires to miss the standard process . we did not have the issue
prior to sap .
please outline your processing requirements and we can work together with ap
and sap to fix the underlying issue .
thanks for the help .
mary
from : sheila glover 09 / 11 / 2000 10 : 54 am
to : mary perkins / hou / ect @ ect
cc : brent a price / hou / ect @ ect , sally beck / hou / ect @ ect , laurel
adams / hou / ect @ ect , theresa t brogan / hou / ect @ ect
subject : manual wires - sign off
mary ,
i want my name and theresa brogan ' s added to the authorized approvers on
manual wires .
thanks , sheila
- - - - - - - - - - - - - - - - - - - - - - forwarded by sheila glover / hou / ect on 09 / 11 / 2000 10 : 52
am - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : sheila glover 09 / 08 / 2000 10 : 09 am
to : mary perkins / hou / ect @ ect , larry dallman / gpgfin / enron @ enron , wes
colwell / hou / ect @ ect
cc : frieda schutza / gpgfin / enron @ enron , carolyn centilli / corp / enron @ enron ,
laurel adams / hou / ect @ ect , brent a price / hou / ect @ ect , sally beck / hou / ect @ ect
subject : manual wires
mary , larry and wes ,
we just received a faxed copy of the manual wire and same day payment memo
which was sent by betty tauzier on 8 / 28 / 00 .
rate & currency trades fx which is settled the following day and requires
next day payments for fx . currently we are severely hampered because our
infomation is required into unify by 2 : 30 for an accounts payable run at 4 : 00
for next day payments . we are still trading after these cut - offs and tying
out the day ' s activity with trading . therefore , we currently have to rely on
manual wires to make payments to our counterparties on the value date .
we need to get timeframes which mirror our business requirements . i would
like to get the accounts payable run for our companies , 842 and 967 , moved to
after 5 : 00 pm . information is not due to the bank until next day . 8 : 00 am
london time .
please let laurel and me know what changes can be done to our processing
flows .
thanks . sheila | 2000-09-11T00:00:00 |
13,901 | enron mentions - 11 / 09 / 01 - 11 / 10 / 01 rival to buy enron , top energy trader , after financial fall
the new york times , 11 / 10 / 01
regulators struggle with a marketplace created by enron
the new york times , 11 / 10 / 01
companies & finance international - dynegy agrees to $ 7 . 8 bn rescue bid for enron .
financial times , 11 / 10 / 01
companies & finance - international - accountancy put back under the spotlight .
financial times , 11 / 10 / 01
lex column - layed to rest .
financial times , 11 / 10 / 01
companies energy giant was forced to negotiating table after disclosing that it had overstated earnings
the washington post , 11 / 10 / 01
the nation news analysis a visionary fallen from grace
los angeles times , 11 / 10 / 01
dynegy timeline
houston chronicle , 11 / 10 / 01
power play / enron timeline
houston chronicle , 11 / 10 / 01
power play / enron had been a political heavyweight / critics decried influence of ken lay in white house
houston chronicle , 11 / 10 / 01
power play / sale suddenly switches office outlook downtown
houston chronicle , 11 / 10 / 01
power play / enron field name may fall as quickly as energy empire
houston chronicle , 11 / 10 / 01
market forces : worries over royal bank ' s enron exposure
the guardian , 11 / 10 / 01
dynegy snaps up enron for $ 9 . 5 bn
the times of london , 11 / 10 / 01
uk jobs on the line
daily mail , 11 / 10 / 01
dynegy to get prime downtown real estate in enron deal
associated press newswires , 11 / 10 / 01
enron india pwr unit sale faces review after dynegy deal
dow jones energy service , 11 / 10 / 01
talks to salvage multibillion dollar enron india project goes into third day
associated press newswires , 11 / 10 / 01
all eyes in electric industry on texas as deregulation nears
associated press newswires , 11 / 10 / 01
enron says it ' s too soon to quantify u . k . job cuts ( updatel )
bloomberg , 11 / 10 / 01
dynegy to buy enron for $ 23 billion in stock , debt ( update 9 )
bloomberg , 11 / 09 / 01
dynegy announces $ 8 billion deal to buy larger rival enron
associated press newswires , 11 / 09 / 01
usa : update 3 - dynegy to acquire enron for $ 9 bln .
reuters english news service , 11 / 09 / 01
enron not california ' s largest power supplier , but merger could affect prices
associated press newswires , 11 / 09 / 01
dynegy - enron merger could mean name change for enron field
associated press newswires , 11 / 09 / 01
dynegy buy of enron valued at $ 23 b - $ 24 b with debt
dow jones news service , 11 / 09 / 01
chronology of enron corp . ' s history
associated press newswires , 11 / 09 / 01
fitch takes rating action on enron section a
rival to buy enron , top energy trader , after financial fall
by alex berenson and andrew ross sorkin
11 / 10 / 2001
the new york times
page 1 , column 2
c . 2 new york times company
with its stock plunging and its finances in doubt , the world ' s largest energy trader , the enron corporation , agreed to be acquired yesterday by the rival dynegy inc . for about $ 9 billion in stock and the assumption of $ 13 billion in debt .
the deal is an extraordinary turnabout for enron , a houston - based company that had been a driving force behind electricity deregulation nationwide .
its chairman , kenneth l . lay , a big contributor to the republican party , provided political influence , while its former chief executive , jeffrey k . skilling , helped create markets for the trading of electricity and natural gas . but last winter , when california ' s effort to deregulate the electricity market led to soaring power prices and rolling blackouts , enron was the subject of much criticism and political anger .
recent disclosures of discrepancies in enron ' s financial statements and an investigation by the securities and exchange commission caused the shares to plunge this week to their lowest level in a decade . as other companies became wary of doing business with it , enron - - also facing a potential cash squeeze - - apparently had little choice but to find a buyer , and a deal was hastily cobbled together this week .
for critics who had complained about enron ' s market power and its dominance , the combination poses additional concerns . dynegy ' s acquisition of enron will be reviewed by state and federal agencies , led by the justice department and the federal energy regulatory commission . analysts said today that they expected scrutiny of the combined companies ' holdings in california , where dynegy owns power - generating plants and enron accounts for much of the trading of natural gas - - fuel for the state ' s electric power plants .
buying enron at a deep discount - - it has lost $ 60 billion in market value this year - - could make dynegy the dominant trader of electricity and natural gas . but the agreement carries big risks as well . along with enron ' s gas pipelines and high - technology trading floor , dynegy will take on enron ' s substantial debt and a web of complex transactions that enron has spun over the last decade .
in addition to the $ 13 billion in debt that enron carries on its books , it has guaranteed at least $ 4 billion in off - balance sheet loans , and the hidden debt could total as much as $ 10 billion , said carol coale , a stock analyst with prudential securities .
charles l . watson , dynegy ' s chairman and chief executive , said yesterday that dynegy could sort through enron ' s tangled finances . ' ' we know the company well , ' ' mr . watson said . ' ' it ' s not like we just started fresh . i ' m confident that it ' s as solid as we thought it was . ' '
the new company will combine enron ' s 25 , 000 - mile natural gas pipeline system with the large number of power plants that dynegy owns worldwide , as well as illinois power , a dynegy subsidiary that serves 650 , 000 customers in illinois . but its most important asset will be its trading desk . it will be the largest energy trader in the nation , trading more than twice as much power and natural gas as its closest competitors .
mr . watson said the company did not expect to sell significant properties and that the deal should pass regulatory scrutiny . ' ' there ' s really not a lot of overlap in assets , ' ' he said .
mr . watson and steve bergstrom , dynegy ' s president , will hold those positions in the new company , which will be called dynegy and remain in houston . mr . lay , who created enron in the mid - 1980 ' s , will not have any role in the combined company ' s daily operations . he has been asked to join its board but has not provided an answer . ' ' the last three weeks haven ' t been a lot of fun , ' ' he said .
in a statement announcing the agreement yesterday afternoon , mr . watson said he was confident that the merger would produce a strong new company . ' ' enron is the ideal strategic partner for dynegy , ' ' mr . watson said . ' ' we will keep a strong balance sheet and straightforward financial structure as key priorities . ' '
to shore up enron ' s finances , dynegy will immediately put $ 1 . 5 billion into enron through chevrontexaco , the giant oil company , which already owns 27 percent of dynegy . another billion dollars will be injected once the deal is completed .
investors appeared comfortable yesterday that dynegy could make the deal work . after falling $ 3 , to $ 33 , on wednesday , when the companies first said they were in discussions , dynegy rose $ 5 . 76 on thursday and yesterday to close the week at $ 38 . 76 .
' ' on paper , it works , ' ' ms . coale of prudential said . ' ' the combined company would be the leading trader , the market leader in most of their businesses . ' ' ms . coale , who has a sell rating on enron and a buy rating on dynegy , said she planned to keep her buy rating on dynegy .
as it works to have the deal approved , dynegy will have to persuade enron ' s traders to stay with the combined company . the pain of the stock ' s 90 percent plunge this year will not be equally shared . some enron employees have held onto their shares and seen their retirement accounts eviscerated . meanwhile , mr . lay , mr . skilling and other former and current executives sold hundreds of millions of dollars in enron stock in 2000 and this year .
the companies also have very different corporate cultures . dynegy emphasizes teamwork , while enron is more competitive , said ehud ronn , director of the center for energy finance education and research at the university of texas . even before the merger was announced , enron had lost some of its employees to other energy trading companies , mr . ronn said .
some investors and analysts say that the problems with enron ' s finances may extend beyond the partnerships that have been the subject of wall street ' s scrutiny the last month . james chanos , a short - seller who has been one of enron ' s most vocal critics , said there was increasing evidence that enron ' s energy trading operations were not as profitable as the company had said . ' ' there appears to be a culture at enron of aggressively booking profits and deferring or obscuring losses , ' ' mr . chanos said .
on thursday , enron said in a filing with the s . e . c that it had overstated its earnings by almost $ 600 million over the last five years . mr . chanos said more restatements were possible , noting that the filing disclosed partnerships had been used to hedge almost $ 1 billion in losses in 2000 and this year . so far , the losses from those partnerships remain off enron ' s financial statements , mr . chanos said .
enron ' s stock had been under pressure for most of this year , as the company ran up large losses with failed efforts to expand outside its core trading operation . in august , mr . skilling resigned as chief executive , and mr . lay resumed control of daily operations .
still , the company appeared financially sound until last month , when it disclosed that its shareholders ' equity , a measure of the company ' s value , dropped by $ 1 . 2 billion because of deals disclosed only hazily in its financial statements . the announcement unnerved investors , who wondered whether enron had found ways to inflate its profits and move debt off its balance sheet , and led the s . e . c . to begin an investigation .
mr . lay tried to reassure investors that enron ' s finances were in order and that its businesses remained strong . but the last three weeks have brought a series of damaging revelations about partnerships that enron formed with some of its top executives , including its former chief financial officer , andrew s . fastow .
with questions mounting , the major credit - rating agencies began to downgrade enron ' s debt , putting additional pressure on the company . if enron ' s debt rating falls below investment grade , it would be forced to repay $ 3 . 3 billion in loans that it had guaranteed .
to strengthen its balance sheet and bolster its stock , enron turned to big investors like warren e . buffett in search of billions of dollars of financing . when the financing did not quickly appear , its stock fell further .
by this week , some major energy traders were refusing to extend credit to enron , worrying that the company would be unable to make good on its contracts . the mirant corporation , an atlanta - based power plant owner and electricity trader , sharply curtailed its trading with enron this week . ' ' we ' re trading with them on a very limited basis , ' ' said james peters , a mirant spokesman . ' ' it ' s not business as usual . ' '
on wednesday , enron ' s stock fell as low as $ 7 a share , its lowest level in more than a decade . that day , news of the enron and dynegy talks leaked out .
by late wednesday , the boards of the two companies had tentatively agreed to a deal . but dynegy refused to go ahead until it learned whether enron ' s credit rating would remain investment grade and was comfortable with the effect of the deal on its own rating . the deal moved forward yesterday after dynegy was assured enron ' s debt was not in danger of being lowered to junk status soon after the deal was announced , according to company officials .
dynegy and enron had provided standard & poor ' s and moody ' s investors service , the main credit agencies , with statements showing them what a combined company might look like and asked the ratings agencies for an expedited review of the transaction , mr . watson said .
under the deal , enron shareholders will receive 0 . 2685 share of dynegy stock for each enron share , or $ 9 . 80 based on dynegy ' s closing price on thursday . enron ' s stock gained 22 cents yesterday , to $ 8 . 63 .
' ' i never thought our stock price would be at this level , ' ' mr . lay said yesterday .
enron ' s shareholders will own only 36 percent of the combined company , and dynegy will name at least 11 members of the company ' s 14 - member board .
if the deal falls apart , enron or dynegy will have to pay a breakup fee of $ 350 million .
to protect dynegy ' s and chevrontexaco ' s cash infusion , the money will go to an enron unit that owns the northern natural gas pipeline . if the merger is not completed , dynegy will have the right to buy the unit .
an army of bankers and lawyers advised the companies . lehman brothers inc . acted as financial adviser and baker botts and akin , gump , strauss , hauer & feld acted as counsel for dynegy . j . p . morgan & company and salomon smith barney acted as financial advisers for enron , and vinson & elkins and weil gotshal & manges acted as the company ' s counsel . pillsbury winthrop served as counsel to chevrontexaco .
chart : ' ' a marriage of strength and weakness ' ' a merger of enron and dynegy would bring together two of the country ' s biggest energy companies - - and save enron from potential collapse . graph tracks the weekly closes of enron shares from 1999 through 2001 . top north american gas marketers sales , of billion cubic feet per day * enron : 24 . 6 reliant : 13 . 2 duke energy : 12 . 8 bp : 12 . 3 mirant : 11 . 8 dynegy : 10 . 9 top north american power marketers sales , of million megawatt hours * enron : 212 . 5 american electric power : 134 . 5 duke energy : 118 . 1 reliant resources : 86 . 1 pg simmons natural gas week ) ( pg . c 2 )
copyright ? 2000 dow jones section c
regulators struggle with a marketplace created by enron
by jeff gerth with richard a . oppel jr .
11 / 10 / 2001
the new york times
page 1 , column 2
c . 2001 new york times company
washington , nov . 9 - - for years , the enron corporation used its political muscle to build the markets in which it thrived , pushing relentlessly on capitol hill and in bureaucratic backwaters to deregulate the nation ' s natural gas and electricity businesses .
its achievement , as one enron executive said today , in creating a ' ' regulatory black hole ' ' fit nicely with what he called the company ' s ' ' core management philosophy , which was to be the first mover into a market and to make money in the initial chaos and lack of transparency . ' '
now , wall street ' s dissatisfaction with enron ' s secretive ways has delivered the company into the arms of its much smaller houston rival , dynegy inc . , in a deal worth about $ 9 billion in stock and the assumption of $ 13 billion in debt . the combination of the two companies , energy experts and lawmakers said today , poses a novel set of challenges for regulators still struggling to grasp the complexities of the marketplace that enron invented .
' ' we ' re in a supersonic - speed era of electronic trading with a horse - and - buggy - era regulatory system to protect consumers , ' ' said representative edward j . markey , a massachusetts democrat who has devised legislation to close the regulatory gap .
dynegy ' s acquisition of enron is expected to be reviewed by numerous state and federal agencies , led by the justice department , the federal trade commission and the federal energy regulatory commission .
analysts said today that sharp scrutiny would be given to the combined companies ' holdings in california , where dynegy owns generating plants and enron controls a large part of the market for trading natural gas - - the fuel for a big share of the state ' s electric power plants .
' ' dynegy would now have a greater ability to take the dominant position in gas and raise the price of electricity , ' ' said frank wolak , a professor of economics at stanford university .
mr . wolak , a consultant to the justice department on a 1999 antitrust case that led to limits on another merger of electricity and natural gas companies in southern california , said he was skeptical that regulators were up to the task of reviewing today ' s deal .
the transaction ' ' is something the department of justice needs to look at , and they are going to have a hard time looking at , ' ' mr . wolak said . ' ' and it ' s beyond the ability of the f . e . r . c . to look at . ' '
pat wood - - named chairman of the federal energy commission earlier this year with the backing of kenneth l . lay , the chairman of enron - - acknowledged in an interview today that the agency had ' ' a long way to go ' ' in matching the sophistication of the companies it regulates .
but he said that the commission had made great strides in grappling with the new risk management techniques pioneered by enron , dynegy and other energy companies . it is hiring more experts , he said , adopting more restrictive rules on how much ' ' market power ' ' one party can control and requiring more disclosure of certain energy transactions .
in an interview this evening , charles l . watson , the chairman of dynegy , said he did not believe that regulators reviewing the deal with enron would require the sale of any assets . ' ' we haven ' t really identified any pitfalls that require any sort of asset divestiture , ' ' he said . ' ' there ' s not really any overlap . ' '
a senior executive at one of enron ' s largest energy - trading rivals disagreed . ' ' i don ' t think this deal gets through unscathed , ' ' he said today . ' ' i ' m sure the justice department and the f . t . c . will look closely at the pretty substantial concentration of market power these companies will have in the energy - trading area . ' '
enron is mainly a trader of natural gas and electricity - - indeed , the biggest player in both those markets - - and it also owns a network of gas pipelines . dynegy processes and sells natural gas and generates and sells electricity . each company owns a local electric utility , too : dynegy owns illinois power in decatur , ill . , while enron owns portland general electric in portland , ore . , but last month announced plans to sell it to another oregon utility .
for a decade , as it transformed itself from a gas pipeline operator into the nation ' s biggest energy trader , enron enjoyed unalloyed lobbying success in washington and the enthusiastic backing of wall street .
in the early months of the bush administration , mr . lay - - whose company was one of the biggest financial backers of george w . bush ' s presidential campaign - - played a prominent , and some said unusual , role in helping the white house pick nominees to the federal energy commission . enron executives met with vice president dick cheney , whose energy task force backed many of the deregulatory initiatives pushed by mr . lay .
now , ' ' the company has become a pariah , ' ' an enron executive said today . ' ' the bush administration doesn ' t want to have anything to do with us . ' '
the problems began with the energy crisis in california , where enron ' s outspoken defense of deregulation , even more than its electricity trading activities , made the company a favorite whipping boy of politicians and consumer advocates . in the financial markets , meanwhile , enron ' s confusing disclosures , tolerated when its stock was soaring , drew disdain as the calming of the energy storms in california and other parts of the country beat the shares down , starting last spring .
' ' enron fell victim to their own inconsistencies on transparency , ' ' mr . wolak said . as california officials sought to understand why energy prices had soared out of control , he said , enron ' s ' ' view was that we want everybody ' s data , but if you want ours , get a subpoena . ' '
energy executives and regulators said that sort of arrogance had long marked enron ' s attitude about government oversight .
electricity sales had for decades been the job of local utility companies , operating as monopolies and selling power at regulated rates within their service areas . a few entrepreneurs , led by mr . lay , conceived a different model in which power could be sold by generators or middlemen to big corporate users or utilities in faraway regions , at whatever price the market would bear .
in the early 1990 ' s , congress - - under heavy lobbying by enron - - passed legislation that began to open up electricity sales to marketers . before long , enron became one of the first companies to receive government approval to sell electricity at market rates . the market for interstate sales of natural gas had been freed up a few years earlier , and critics complained that traders like enron were gleaning their profits by stoking volatility in gas prices .
in the mid - 1990 ' s , independent gas producers backed legislation in congress to allow the creation of a co - operative marketing organization , which , they hoped , would have helped stabilize prices .
raymond plank , the chairman of the apache corporation , a gas producer based in houston , said that the big gas marketing and trading companies , including enron , successfully lobbied to kill the plan , leaving prices as volatile as ever .
' ' it was a great concept , ' ' mr . plank said . ' ' we could have headed off the problems we have today . ' '
enron ' s final lobbying success came last year . with a strong push from the company ' s lobbyists , congress passed futures trading legislation that exempted internet energy trading platforms like enrononline , the industry leader , from oversight by the commodity futures trading commission . enron takes the other side of trades on its exchange . in traditional markets like the new york mercantile exchange , which remain subject to oversight , the exchange acts as a middleman between buyers and sellers .
under mr . watson , dynegy has been less of a pathbreaker than enron , and though california politicians denounced it , too , as a profiteer during the energy crisis , most analysts say it has been less aggressive than enron in both its business practices and its lobbying .
indeed , the rival energy - trading executive today predicted ' ' a huge culture clash ' ' as the houston neighbors merge . ' ' blood will flow in houston over the integration of the trading operation , ' ' he said .
but regulators may find dynegy easier to deal with .
earlier this year , the federal energy commission asked for comments on whether it should tighten scrutiny of dealings between natural gas pipelines and energy - trading shops owned by the same company .
enron wondered what all the bother was . ' ' would stricter rules prevent real affiliate abuse that current rules do not , ' ' it wrote in a regulatory filing , ' ' or would they instead merely restrict the activities of some of the more successful participants in the marketplace ? ' '
dynegy , by contrast , painted a grim picture and invited regulators to crack down . ' ' abuses abound , ' ' it said , ' ' because of financial windfalls , difficulty of detection , lengthy investigations and increased complexity of the market . ' '
copyright ? 2000 dow jones & company , inc . all rights reserved .
companies in return chevrontexaco will be granted rights over $ 1 . 5 bn of dynegy stock .
jp morgan chase and citigroup demanded similar security for a $ 1 bn loan extended this month .
moody ' s investors service cut its rating on enron ' s senior unsecured debt yesterday morning from baa 2 to baa 3 - just one notch above junk status . any deeper downgrade would have forced enron to sell stock to cover about $ 3 . 3 bn of obligations , and could have deterred dynegy . moody ' s kept the ratings under review for further downgrades , given " the potential for increased margin requirements from counterparties " .
however , the agency said it would treat a substantial capital injection as " a stabilising event " . the deal is likely to face intense regulatory scrutiny , given the large share the combined companies would have in the energy markets .
the bid represents a reversal of fortune for enron , which will effectively be humbled by its smaller houston rival . however , some analysts expressed reservations , as enron faces a securities and exchange commission inquiry into off - balance sheet transactions , and a restatement of its accounts has yet to clear up questions about the true state of its financial dealings .
carol coale , of prudential securities , said : " we believe that either dynegy had material exposure to enron ' s trading contracts or that it is trying to rescue its competitor by saving the liquidity in the commodities markets . "
reporting by andrew edgecliffe - johnson and robert clow in new york , sheila mcnulty in houston and peter thal larsen in london . . see lex .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
companies & finance - international - accountancy put back under the spotlight .
by adrian michaels and richard waters .
11 / 10 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
arthur andersen , enron ' s auditor , is understood to have approved the controversial off - balance sheet arrangements that lie at the heart of the energy company ' s decision to overhaul its accounts earlier this week .
however , in at least one case the auditor may not have been given full information , while the involvement in the disputed transactions of four people employed by enron has only recently come to light . andersen has already been hit by lawsuits from enron shareholders filed in oregon and harris county , texas - a popular venue among plaintiffs ' lawyers given its history of big jury awards .
the legal actions are the latest blow to an auditing profession still reeling in the aftermath of a series of accounting scandals that have blown up in recent years . on wednesday , waste management said andersen would pay $ 20 m to settle a suit brought by shareholders in the trash hauler alleging professional malpractice . the securities and exchange commission has already agreed a $ 7 m settlement with andersen over the alleged audit fraud .
the enron actions could also turn out to be one of the first tests of new auditor independence rules set by the sec . the energy company paid andersen $ 25 m for its audit last year and $ 27 m for other services .
an andersen spokesman refused to comment on whether the auditor had vetted the complex off - balance sheet arrangements used by enron to manage its trading risks and offload debt . however , he added : " we do help companies understand accounting rules and how to apply them . "
in a regulatory filing on thursday , enron indicated that its decision to restate its accounts to include two off - balance companies was based on " current information " , suggesting that full details had not been available before .
however , a third accounting change was based on a new " assessment " , enron said , raising questions about the auditor ' s earlier judgement .
under the previous commissioner arthur levitt , the sec attacked companies that indulged in " earnings management " and accountants who suffered from conflicts of interest between audit and consulting work . the accounting firms say audit and consulting work can co - exist .
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lex column - layed to rest .
11 / 10 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
being in the business , dynegy should have a better idea than other possible buyers of what it is taking on . presumably it has been given a fuller and franker explanation of enron ' s off - balance - sheet mess than its investors , but it can scarcely have been able to carry out what normally counts as due diligence .
moody ' s decision and s & p ' s indecision meant enron kept its investment grade and seems to have got the deal done . do ratings agencies really provide independent analysis at these times ? if dynegy injects $ 1 . 5 bn of cash up front , courtesy of chevron texaco and secured on the pipeline assets , that averts the immediate crisis . an exchange ratio of 0 . 27 would value enron ' s stock at $ 8 bn . at about $ 10 . 67 a share that is a 27 per cent premium , but more pertinently compares with $ 34 on the eve of the october earnings call and $ 83 on new year ' s day . there are no rivals for this year ' s prize for shareholder value destruction . others have gone , but did ken lay , enron chief executive , know what was going on ? whatever the answer , it reflects poorly on him .
the merger raises antitrust questions . dynegy might be a fifth of enron ' s size , but it is the second biggest energy trader . but while enron has few friends in the public markets it still has some in high places . dynegy ' s offer puts a floor beneath enron ' s share price . paying bottom dollar provides some insurance for its shareholders . as more emerges on the financial structure and the state of the core trading business , the question is whether those who declined the opportunity start to take an interest or pat themselves on the back .
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copyright ? 2000 dow jones & company , inc . all rights reserved .
companies & finance international - company troubles leave houston with a problem .
by sheila mcnulty .
11 / 10 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
companies continental has had to lay off 12 , 000 employees ; and energy trader enron has gone from being the leader of houston ' s business community to its biggest liability .
the fourth most populous city in the us is reeling from the latest demise among its corporate citizens .
" it ' s a body blow , " says charlie savino , executive vice - president of the greater houston partnership , a business organisation .
enron is not only one of the city ' s biggest employers ; it has led the redevelopment of downtown houston , making it somewhere pleasant to live for the first time in decades .
at the centre of its efforts is the enron field , which the company financed to bring professional baseball - and its fans - back into the city centre .
on the periphery are enron ' s contributions to houston ' s social development .
the company matches all employee donations made to non - profit organisations , for up to $ 15 , 000 per employee , per year .
it also makes donations to non - profit organisations for which its employees offer their time .
kenneth lay , enron chief executive , has long been the " go - to guy " to get something done in houston .
enron ' s status brought houston status ; as the biggest energy trader in the us , it made the city the centre of energy trading . enrononline , its internet trading platform , has drawn some of the brightest minds to the city to work on what has become the world ' s biggest web - based transaction system .
enron was so secure in its standing that it was building a new 40 - storey office building adjoining its 50 - storey tower .
beside that , bulldozers and cranes have been putting the finishing touches to a massive new parking garage .
employees had just started to move into the new towers when a series of disclosures about enron ' s financial position began to undermine the company and send investors fleeing for cover .
enron staff , once known for being both brilliant and arrogant enough to prove it , are coping with their dramatic reversal in status in a wide variety of ways .
as they left work yesterday , many brushed by in their smart - casual polo shirts and khakis , refusing to say a word about what was unfolding .
one man , looking exhausted , braved a grin and said : " just keep smiling . the world goes on . companies go through problems all the time , just like we do in personal life . "
one woman felt she had to laugh at the irony : she moved to enron last year to protect herself from job losses in the more traditional energy businesses . at that time , enron was considered the safest place to be in the industry .
that dynegy , another houston - based energy trader , has emerged as enron ' s saviour is being received positively by staff , who praised its technology and processes .
the houston business community may be hoping that a merged group might be better for the city than a stand - alone enron , as a combined business would be bigger and stronger .
but john olson , of sanders morris harris , a local investment banking and securities firm in houston , notes that a merger is likely to lead to job losses , as assets are sold and businesses are streamlined .
already , he says , many houston citizens , big holders of enron ' s stock , had lost out on its share slide . " the ripple effects on the city will be immeasurable , " he says .
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copyright ? 2000 dow jones enron has more than 7 , 000 here .
for watson , the deal is all about growth .
" it accelerates our strategy some three or four years , " he said shortly after the deal was announced . " this is just a financial bonanza really for both companies . "
this isn ' t the way ken lay , enron ' s chairman and chief executive , ever thought his years of work would turn out .
" this would not have been my dream case , " lay said in an interview with the chronicle shortly after the deal was announced . " i would not even have contemplated it three or four weeks ago . "
lay has been offered a seat on the combined company ' s board , but hasn ' t decided yet whether to take it . he won ' t have any management role once the deal closes .
he helped take enron from a staid pipeline company created from a 1985 merger to a trading machine that wheels and deals in gas , electricity , financial contracts used to help companies manage risk and other commodities .
but lay said he believed selling enron was the best option for its shareholders , employees and the city considering the company ' s current battered state .
" this is the best way to provide certainty to protect this wholesale marketing and trading franchise which is so valuable , " he said , adding that enron looked at two or three other alternatives as it tried to strengthen its balance sheet and add cash into its operations .
lay said it ' s not his preference to sell enron and see its name disappear .
" it happens to be the best alternative , " said lay . " i ' m a realist . i knew what needed to be done . "
among enron ' s troubles : the securities and exchange commission is investigating business deals enron did with two investment partnerships run by its former chief financial officer , its credibility on wall street is close to zero , a pile of shareholder lawsuits and its credit rating , which it relies on to successfully run its core trading business , has been lowered .
while other questions had hung over enron earlier this year , the path to its end really began oct . 16 , when the company released third - quarter earnings and reported significant financial losses related to the two investment partnerships .
that set in motion a spiral of events leading to friday ' s announcement .
watson called lay on oct . 24 to see if he could do anything to help dispel rumors that dynegy had stopped trading with enron .
that conversation led to a meeting at lay ' s house three days later , at which the two started talking about a deal .
as these things go , the deal came together quickly , especially with so many question marks hanging over enron .
" i think it ' s important to understand that ken and i have known each other for some 20 years , " watson said . " we have a good understanding of what they do and how they do it . we knew that their franchise was solid . "
under the terms of the deal , which is expected to close in six to nine months :
enron shareholder ' s get 0 . 2685 share of dynegy per enron share . based on friday ' s closing stock prices of $ 8 . 63 for enron and $ 38 . 76 for dynegy , dynegy is paying $ 10 . 41 an enron share - or a 21 percent premium . that ' s a far cry from late january when enron ' s closing price hit $ 82 a share .
dynegy will immediately inject $ 1 . 5 billion in enron to help shore it up . dynegy will get that money from chevrontexaco , which owns about 26 percent of dynegy .
in return for that money , dynegy will get preferred stock and other rights in enron ' s northern natural gas pipeline system . should the deal not close , dynegy has the right to buy all of northern natural gas .
at the deal ' s closing , chevrontexaco will provide another $ 1 billion to the combined company .
enron will have the right to designate at least three board members for the combined company , which will have 14 board seats .
steve bergstrom , dynegy ' s president , and rob doty , dynegy ' s chief financial officer , will keep those roles in the new company . greg whalley , currently president and chief operating officer of enron , will become an executive vice president at the combined company .
the deal contains a $ 350 million breakup fee that dynegy would get if another suitor came in and enron decided to take a better offer .
watson also said the deal contains escape clauses to protect dynegy should it be necessary , but he doesn ' t expect any surprises .
" we looked under the hood and guess what , it ' s just as strong as we thought it was , " he said .
the deal must be reviewed by a variety of government regulators , though watson isn ' t expecting any antitrust problems .
dynegy will talk to analysts and investors on a conference call monday , attempting to convince them of the deal ' s value . dynegy expects the merger to result in $ 400 million to $ 500 million in annual savings .
" on paper , it looks good , " said coale , the analyst . " we still remain concerned about the uncertainties that shroud enron . . . the risks continue to be what we don ' t know about enron . we just hope chuck and his team do all the necessary due diligence , which is going to take more than a couple weeks . "
there are also concerns about merging two different cultures .
" looking at cultures , the two companies are very different , " she said . " dynegy is a little bit of a fraternity . chuck started this company and i ' m sure he has a heartfelt emotion toward making things work at dynegy . enron is a mercenary , aggressive , cutthroat culture . "
while both are energy traders , enron has pursued a strategy of shedding assets , while dynegy has continued to make asset purchases .
at the start of the year , enron was still heralded as an innovator for others to emulate . since , a series of problems began chipping away at enron ' s image .
but such concerns were mostly pushed aside for as long as the company ' s stock price performed well and its core energy trading business turned out higher and still - higher profits .
the company ' s woes became more serious and quickly multiplied after it made troubling financial disclosures in its third - quarter earnings report oct . 16 .
it disclosed that day it had taken a $ 35 million loss and reduced shareholders equity by $ 1 . 2 billion related to ending business dealings with two investment partnerships formerly run by andrew fastow , its chief financial officer .
the disclosures heightened wall street ' s ongoing concerns that enron ' s financial reporting was too difficult to understand and skimped on details . it also led to fears that enron would be on the hook for billions of dollars related to other financial vehicles .
days later , enron revealed that the sec was investigating transactions between enron and the partnerships , called ljm cayman and ljm 2 co - investment . it also replaced fastow and has been hit with a growing number of shareholder lawsuits .
then , the company ' s credit rating was downgraded , which raised questions about its ability to manage its core energy trading business .
as wall street ' s questions grew , enron retreated into silence , leaving analysts and investors to speculate on worst - case scenarios , which fed fears that company was facing a cash - crunch and caused investors to keep dumping the stock .
that in turn , led some of enron ' s trading partners to shift business elsewhere and raise their credit requirements to do business with enron , which in turn , raised even more fears .
thursday , enron said it is restating its finances as far back as 1997 to include losses related to a number of complex partnerships it created .
. . .
deal at - a - glance
company name : dynegy .
key players : chuck watson , dynegy ' s current chairman and ceo , will remain chairman and ceo . enron corp . ' s ceo and chairman ken lay has been offered a seat on dynegy ' s board .
the trade : 0 . 2685 share of dynegy for each share of enron corp .
value of the deal : $ 8 . 85 billion in stock and $ 12 . 8 billion in enron debt .
dynegy ' s close friday : $ 38 . 76
enron ' s close friday : $ 8 . 63 a share .
status of enron field name : unknown . however , dynegy registered the name www . dynegyfield . com on thursday .
. . .
more stories
enron corp . paid $ 100 million to put its name on the houston astros ' new downtown home . now that the energy giant is being bought , the name may soon be history .
the sale of enron corp . will likely punish houston ' s downtown office market , emptying more office space at a time when several new buildings are going up .
" never make predictions , especially about the future , " ken lay once wrote in an essay concerning the world ' s energy needs . enron ' s chief executive might be taking those words to heart today .
dynegy ' s chuck watson has always maintained a low profile , prompting some people to label him as the most influential houstonian you ' ve never heard of .
see these stories and more in business .
. . .
the companies
profiles of two houston energy giants that announced their merger friday :
dynegy
headquarters : houston
chairman and ceo : chuck watson
revenues in 2000 : $ 29 . 4 billion
employees : 6 , 000 worldwide
electricity sales ( 2000 ) : 137 . 7 million megawatt hours
gas sales ( 2000 ) : 10 . 9 billion cubic feet per day
business segments : dynegy marketing and trade ; dynegy midstream services , illinois power ; subsidiary , dynegy global communications
history : the company traces its roots to 1984 when the investment banking firm morgan stanley , the law firm akin , gump strauss , hauer enron energy services ; enron transportation services
history : the company was formed in 1985 as a result of the merger of houston natural gas and internorth , a natural gas company based in omaha , neb . the deal integrated several pipeline systems to create the first nationwide natural gas pipeline system . in 1986 , ken lay , ceo of houston natural gas , was named chairman and ceo , and the name " enron " was chosen . in 1989 , enron began trading natural gas commodities through its gasbank , a precursor to today ' s wholesale trading business . enron made its first electricity trade in 1994 and eventually became the world ' s biggest marketer of electricity and gas .
photo : 1 . ken lay , chairman and ceo of enron corp . , listens at a friday news conference as chuck watson , chairman and ceo of dynegy , discusses his company ' s acquisition of enron ( color ) ; graphs : 2 . deal at - a - glance ( b / w , text ) ; 3 . more stores ( b / w , text ) ; 4 . the companies ( b / w , p . 16 , text )
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
power play / lay opened energy firms to work in new markets
michael davis
staff
11 / 10 / 2001
houston chronicle
3 star
3
( copyright 2001 )
the famous baseball manager casey stengel was smart to advise , " never make predictions , especially about the future , " ken lay once wrote in an essay on world energy needs .
lay might be taking those words to heart today .
as the chairman of enron corp . predicted not long ago , " we can see some very significant growth with several years to come . "
once considered one of the shining stars of the energy business , lay has watched the company he helped create melt down around him in a matter of weeks .
and as of friday , he was left to ponder an offer to serve as a member of the board for the new company formed from enron and its chief rival - no longer a chairman or a chief executive .
perhaps that ' s the way he wants it .
when he turned over the chief executive ' s post at enron to jeffrey skilling earlier this year , it seemed like the first move of his orderly exit from the company he had helped create in the mid - 1980 s .
eleven months later , skilling is gone and lay has had to preside over the death of enron .
what had begun as a stodgy natural gas pipeline company had been molded and expanded by the two men into a diversified financial giant with its hands in countless markets from oil and natural gas to water and broadband .
it seemed lay , 58 , who is an economist by profession , had also cemented his reputation as an elder statesman in the energy industry , the man who had opened the business world ' s eyes to the array of possibilities that energy companies could explore for growth away from their traditional roles .
with the implosion of enron in the past month , lay ' s legacy now seems tarnished . the man who was once referred to as an " energetic messiah " has been forced to sell off his creation in a fire sale to rival dynegy in a hastily arranged deal . lay ' s approach is reflected in the design of the building enron is constructing across from its existing tower on smith street . looking down on the massive trading floor are two offices built for lay and skilling .
the offices were considered symbolic of the company ' s openness and its philosophy of melding executives with the rank and file . lay reportedly spurned the express elevator to ride to his 50 th - floor office to spend more time with employees .
that sort of hands - on approach lay brought to the company may be another casualty , analysts said .
" i would be surprised if he had much of a role in running things from a day - to - day perspective , " said brian youngberg , energy analyst with edward jones in st . louis . " i think dynegy will be running the ship and plug in some enron executives . "
as the dust settles on enron , the question is being raised as to whether the company became too big for one or two men to run in a hands - on fashion .
" ken lay helped build enron from being just a pipeline company , but over time the company got so big and complex that it was too hard for one or two senior executives to completely oversee things and to know fully what was going on in the operating companies , " youngberg said .
raised on a farm in missouri , lay is well - known not just as chairman of enron but as a former undersecretary of the interior department and one of the people who has helped shape houston ' s destiny in the past 20 years . he is considered instrumental in keeping major league baseball in houston by supporting the construction of enron field .
but his lasting legacy will likely be as one of the key people who helped create the huge natural gas futures market in the united states , which was nonexistent as recently as the late 1980 s . he also will be remembered as the man who led others to view the energy business as one integrated market and not individual fiefdoms .
" ken lay really did educate his peers to understand the broadness of his business , " said amy jaffe , a senior energy analyst with rice university ' s james a . baker iii institute for public policy . " whether his retirement is under positive or negative circumstances , he has left a huge legacy on the industry . "
jaffe sees lay as the person who got oil and gas executives to break out of the old mentality and explore new technologies such as fuel cells and wind power . he also was a leading proponent of natural gas and power deregulation .
he will leave enron a wealthy man , although much less so since the company ' s stock nose - dived . his current contract pays him a base salary of $ 1 . 4 million a year and a bonus of $ 7 million . it was due to expire in december 2003 .
this is not the first time lay has had to rescue enron . in 1987 , enron was rocked by the disclosure that rogue traders at its enron oil co . had left the company holding the bag for about $ 1 billion in trading liabilities . before disclosing it to the market , the company worked the trading loss down to about $ 142 million .
" we learned a lot , certainly in a bad way , " lay said of the incident in an interview earlier this year . " we put in place probably the best risk management and control system , not just in our business , but in any industry . "
some see irony in the fact that dynegy ceo chuck watson will likely prevail over lay despite lay ' s almost cult status among business leaders and business school professors .
" chuck watson was underrated in his role in forming the natural gas market in the united states . he was the man who realized the enormous potential of the natural gas market , " jaffe said . " it ' s true that enron came in with a lot of advertising and built up a big position , but maybe there is some poetic justice that the man who really started the natural gas clearinghouse could wind back up as the dominant player in the industry . "
. . .
the players
1985 - present : enron corp . , various top management posts , currently chairman and ceo 1984 - 1985 : houston natural gas corp . , chairman and ceo 1981 - 1984 transco energy co . , president and chief operating officer board memberships : compaq computer corp . , eli lilly national petroleum council member
photo : ken lay
copyright ? 2000 dow jones he drives a top - of - the - line mercedes . but he ' s not a showboat and isn ' t comfortable attracting attention to himself .
" he doesn ' t act like a big shot , " said tilman fertitta , the chairman of landry ' s restaurants , who likes driving a bentley and zipping around in a helicopter . " chuck ' s not all caught up in the houston hustle - and - bustle thing . "
like it or not , watson is about to step out in a big way . if dynegy completes the acquisition of enron for $ 8 . 85 billion in stock , watson will become captain of houston ' s largest company . he will step right into the center of the city ' s business stage , taking from enron chairman ken lay the mantle of most powerful businessman in a city where commerce and the deal have always come first .
those who know watson say he should have little trouble adapting to his higher profile and is ready for the many demands that will inexorably follow .
" chuck is a guy who knows what he wants and goes and gets it , " fertitta said . " he is not intimidated . "
in fact , when longtime friend steve patterson read about enron ' s nose - dive and the collapse of its stock , he instinctively knew watson would close in on a deal .
" i thought : ` you know what , chuck will try to buy enron . it just fits . it ' s the big bold move that chuck would try to make , ' " said patterson , senior vice president of the houston texans football team . watson owns 15 percent of the texans , the largest chunk outside of the piece owned by club founder bob mcnair . watson also owns the houston aeros hockey team .
like enron chairman ken lay , watson was a pioneer in the deregulation of the energy business . he was one of the early innovative forces that shaped the world of trading electricity and swapping natural gas .
watson was born 51 years ago on the great lakes naval base north of chicago . his father worked for the navy , which moved the young watson clan around early and often . chuck watson had attended more than 20 schools in nine states when he graduated from oklahoma state university in 1972 with a degree in economics .
after a 13 - year career at conoco , watson joined a fledgling company called u . s . natural gas clearinghouse in 1985 . ngc was a consortium of gas pipelines that had the backing of a financial - services company and a local law firm , but conflicts among the partners hamstrung the little company .
watson would not join the company until it was overhauled and most of the quarreling partners were bought out . watson ' s vision was to buy the gas and take title to it , aggregate big volumes and leverage that to make bigger deals and negotiate better rates from the pipelines that moved the gas around .
in short , the company moved beyond being a broker and became a wholesale store for natural gas .
" he is a visionary in the energy business , " said bob mcnair , a longtime friend who founded cogen technologies and later sold the company to enron for $ 1 . 1 billion . " chuck will come across as this relaxed , country person . not some sophisticate . but that is disarming . he is very creative , and he is very smart . "
while ngc initially concentrated on gathering , moving and trading natural gas , the business has broadened along with the quickening pace of energy deregulation . now called dynegy , short for dynamic energy , the company has evolved into an outfit that sells power directly to commercial and industrial users of electricity and natural gas . it also has built a communications division to capitalize on increasing demand for high - speed communication services .
last year the company recorded an astounding 230 percent rise in net income , as well as a 91 percent jump in operating revenues . dynegy ' s stock climbed 218 percent last year .
" the success of dynegy is a tremendous story , " patterson said . " it is amazing the growth and the value he has been able to achieve . "
according to some of those who ' ve have done business with him , watson is not just bright , he is extraordinarily tough .
" he is a very aggressive person , a tough negotiator . he bores in , " said george mitchell , founder of mitchell energy and the man who carved the woodlands out of the piney forest . " he is a very confident person . unlike ken lay , who is a smoother type personality who works with people , watson is going to do it his way . they are both very good business people , but they are very different . "
while willing to give power to his subordinates , watson is a hands - on ceo who is unmistakably dynegy ' s commanding force .
" chuck is very , very intense . . . he burns , " said former houston mayor bob lanier . " in negotiations , he gets down and learns all the details himself . "
how tough watson is willing to be came to light in his contentious dealings with houston rockets owner les alexander . watson owned the master lease to the summit , later renamed the compaq center , which committed the rockets to playing there through 2003 . eager to break the deal , alexander tried negotiating and litigating his way out of the lease , all to no avail .
the battle deepened as the two men competed unsuccessfully to get a nhl hockey team in houston and feuded over how a hockey team would share in the revenues of a new stadium proposed for downtown .
angered at the deal alexander was able to get for the rockets , at the expense of a hockey franchise , watson spent about $ 100 , 000 out of his own pocket to help defeat the stadium referendum . it was his one overtly political act here , and some say it was the decisive blow to alexander ' s aspirations .
" there are a lot of people i ' d much rather have a contest with , " lanier said of watson .
alexander and watson were later able to settle their differences , and watson supported the second arena referendum , which passed . a basketball arena is now under construction downtown .
" i ' m not surprised to see chuck watson make an aggressive move like this , " alexander said friday evening . " he understands the industry as well as anyone ; and therefore , he ' s in the best position to assess the risk and take advantage of the opportunity . "
like most opportunities , the deal also represents a sizable risk . taking over enron is a huge reach for dynegy , which will try to swallow a company that was five times bigger when measured by revenues .
watson will need all of his shrewdness and ferocity to untangle the mess that is enron and merge two operations that were each , in their own way , trying to reinvent the energy business .
" i have some concerns for my friend , " mcnair confessed . " it is a tremendous challenge . i know he ' ll handle it well , but this will be a very demanding business . "
. . .
the players
1989 - present : dynegy , chairman and ceo
1985 : ngc , dynegy ' s predecessor , president
1972 - 1985 : conoco , various positions
other : board member , baker hughes ; vice chairman , houston texans
education : oklahoma state university , business and economics
membership : national petroleum council , interstate natural gas association of america board member , edison electric institute board member , natural gas council founding member
photo : chuck watson
copyright ? 2000 dow jones dynegy midstream services , illinois power ; subsidiary , dynegy global communications
history : the company traces its roots to 1984 when the investment banking firm morgan stanley , the law firm akin , gump strauss , hauer enron energy services ; enron transportation services
history : the company was formed in 1985 as a result of the merger of houston natural gas and internorth , a natural gas company based in omaha , neb . the deal integrated several pipeline systems to create the first nationwide natural gas pipeline system . in 1986 , ken lay , ceo of houston natural gas , was named chairman and ceo , and the name " enron " was chosen . in 1989 , enron began trading natural gas commodities through its gasbank , a precursor to today ' s wholesale trading business . enron made its first electricity trade in 1994 and eventually became the world ' s biggest marketer of electricity and gas .
photo : photo : 1 . ken lay , chairman and ceo of enron corp . , listens at a friday news conference as chuck watson , chairman and ceo of dynegy , discusses his company ' s acquisition of enron ( color ) ; graphs : 2 . deal at - a - glance ( b / w , text ) ; 3 . more stores ( b / w , text ) ; 4 . the companies ( b / w , p . 16 , text )
copyright ? 2000 dow jones thomas s . mulligan ; nancy vogel
times staff writers
11 / 10 / 2001
los angeles times
home edition
a - 1
copyright 2001 / the times mirror company
enron corp . , the once - highflying energy giant whose aggressive efforts to profit from california ' s energy deregulation made it a target of consumer and political backlash , on friday agreed to be saved from possible financial collapse through a proposed acquisition by rival dynegy inc .
the roughly $ 7 . 7 - billion deal is a stunning plot twist for houston - based enron , which was vilified in california as it was being glorified on wall street . in only the last month , a series of disturbing financial revelations pushed to the edge of ruin this once - powerful company , whose top executives had lectured california on its energy foibles and who influenced the direction of national energy policy .
enron muscled its way to the top of the energy heap using aggressive and , in the end , financially suspect strategies that proved its undoing .
now , the company that late last year had a market value of $ 63 billion is worth one - tenth that and has agreed to be swallowed by a cross - town competitor one - quarter its size . enron ' s proud and influential chairman and chief executive , kenneth l . lay , who became a focus of bitter attacks by california politicians and regulators , would lose his job , as would many others at enron .
even the name would disappear . the combined company would be called dynegy inc . if the deal receives all the necessary regulatory and shareholder approvals .
california officials took no joy in enron ' s fate friday , though there was perhaps some sense of retribution from its many critics in the state .
" this is basically a rogue corporation , " said sen . steve peace ( d - el cajon ) , an outspoken critic of enron for years who dealt with the company as he chaired the committee that hammered out the legislative portion of california ' s landmark electricity deregulation plan in 1996 . " it has from the beginning been a rogue corporation which answered in its mind to a higher law - - a fundamental belief that there are laws of economics that supersede the law of the land . "
a failed experiment
steve maviglio , spokesman for gov . gray davis , said that although enron was never a major force in california ' s doomed electricity market , it was outspoken in support of deregulation .
" in a sense , their experiment was much like california ' s experiment - - a failure , " he said .
said harvey rosenfield , president of the foundation for taxpayer and consumer rights in santa monica : " nothing could better illustrate the disaster of deregulation than the fact that one of its biggest proponents , which reaped the reward of deregulation , is suffering the consequences . "
enron is the world ' s largest energy trader , handling one of four energy deals in the united states through its online trading operation , enrononline . since it reported a surprising third - quarter loss on oct . 16 , partly tied to shadowy investment vehicles , enron has endured a huge loss of investor confidence , which brought on a massive cash crunch and some shrinkage of its trading business .
under the deal announced friday , dynegy , invited in two weeks ago after enron fell short in its efforts to line up new financing , would immediately help enron by pouring $ 1 . 5 billion in cash into the company . the money would be provided by chevrontexaco corp . , the san francisco oil company that owns nearly 27 % of dynegy .
enron shareholders would get 0 . 2685 dynegy share for each enron share , which values the company at about $ 7 . 7 billion based on friday ' s stock close . dynegy shares surged $ 2 . 26 to close at $ 38 . 76 per share on the new york stock exchange ; enron added 22 cents to close at $ 8 . 63 per share , still off 89 % year to date .
if the deal closes in six to nine months , as the parties expect , dynegy and chevrontexaco would invest $ 1 billion additionally in the combined company .
" this is just a financial bonanza really for both companies , " said charles l . watson , dynegy chairman and chief executive , who will head the combined company . watson said the merger would immediately add to dynegy ' s earnings .
even so , the repercussions of enron ' s fall from grace could be far - reaching . coming on the heels of california ' s energy crisis , enron ' s troubles may slow the country ' s march toward energy deregulation , which lay and enron championed for years as a potential boon to consumers and the economy in general .
but the deal announced friday will prevent an even worse outcome , energy experts said : the threatened collapse of enron , which would clog up for a time the business of buying and selling electricity , natural gas and oil . that could interfere with delivery of energy around the country , they said .
" this is an encouraging development for the energy industry , " said stephen baum , chairman of sempra energy , the san diego - based parent of southern california gas and san diego gas ; photographer : associated press ; photo : " this is just a financial bonanza really for both companies , " says charles l . watson , dynegy chairman and chief executive . ; ; photographer : associated press
copyright ? 2000 dow jones enron has more than 7 , 000 here .
for watson , the deal is all about growth .
" it accelerates our strategy some three or four years , " he said shortly after the deal was announced . " this is just a financial bonanza really for both companies . "
this isn ' t the way ken lay , enron ' s chairman and chief executive , ever thought his years of work would turn out .
" this would not have been my dream case , " lay said in an interview with the chronicle shortly after the deal was announced . " i would not even have contemplated it three or four weeks ago . "
lay has been offered a seat on the combined company ' s board , but hasn ' t decided yet whether to take it . he won ' t have any management role once the deal closes .
he helped take enron from a staid pipeline company created from a 1985 merger to a trading machine that wheels and deals in electricity gas , electricity , financial contracts used to help companies manage risk and other commodities .
but lay said he believed selling enron was the best option for its shareholders , employees and the city considering the company ' s current battered state .
" this is the best way to provide certainty to protect this wholesale marketing and trading franchise which is so valuable , " he said , adding that enron looked at two or three other alternatives as it tried to strengthen its balance sheet and add cash to into its operations .
lay said it ' s not his preference to sell enron and see its name disappear .
" it happens to be the best alternative , " said lay . " i ' m a realist . i knew what needed to be done . "
among enron ' s troubles : the securities and exchange commission is investigating business deals enron did with two investment partnerships run by its former chief financial officer , its credibility on wall street is close to zero , a pile of shareholder lawsuits and its credit rating , which it relies on to successfully run its core trading business , has been lowered .
while other questions had hung over enron earlier this year , the path to its end really began oct . 16 , when the company released third - quarter earnings and reported significant financial losses related to the two investment partnerships .
that set in a motion a spiral of events leading to friday ' s announcement .
watson called lay on oct . 24 to see if he could do anything to help dispel rumors that dynegy had stopped trading with enron .
that conversation led to a meeting at lay ' s house days later , at which the two started talking about a deal .
as these things go , the deal came together quickly , especially with so many question marks hanging over enron .
" i think it ' s important to understand that ken and i have known each other for some 20 years , " watson said . " we have a good understanding of what they do and how they do it . we knew that their franchise was solid . "
the recent talks , watson said , focused on really understanding enron ' s core business and how it could merge with dynegy .
added lay : " good deals come together fast . bad deals take a little longer . "
under the terms of the deal , which is expected to close in six to nine months :
enron shareholder ' s get 0 . 2685 share of dynegy per enron share .
dynegy will immediately inject $ 1 . 5 billion in enron to help shore it up . dynegy will get that money from chevrontexaco , which owns about 26 percent of dynegy .
in return for that money , dynegy will get preferred stock and other rights in enron ' s northern natural gas pipeline system . should the deal not close , dynegy has the right to buy all of northern natural gas .
at the deal ' s closing , chevrontexaco will provide another $ 1 billion to the combined company .
also at the closing , dynegy ' s current shareholders will own about 64 percent of the combined company , with enron ' s current shareholder ' s owning about 36 percent .
enron will have the right to designate at least three board members for the combined company , which will have 14 board seats .
steve bergstrom , dynegy ' s president , and rob doty , dynegy ' s chief financial officer , will keep those roles in the new company . greg whalley , currently president and chief operating officer of enron , will became an executive vice president at the combined company .
the deal contains $ 350 million breakup free that dynegy would get it another suitor came in and enron decided to take a better offer .
watson also said the deal contains escape clauses to protect dynegy should it be necessary , but he doesn ' t expect any surprises .
" we looked under the hood and guess what , it ' s just as strong as we thought it was , " he said .
dynegy will talk to analysts and investors on a conference call monday , attempting to convince them of the deal ' s value .
" on paper , it looks good , " said coale , the analyst . " we still remain concerned about the uncertainties that shroud enron . . . the risks continue to be what we don ' t know about enron . we just hope chuck and his team do all the necessary due diligence , which is going to take more than a couple weeks . "
there are also concerns about merging two different cultures .
" looking at cultures , the two companies are very different , " she said . " dynegy is a little bit of a fraternity . chuck started this company and i ' m sure he has a heartfelt emotion toward making things work at dynegy . enron is a mercenary , aggressive , cutthroat culture . "
at the start of the year , enron was still heralded as an innovator for others to emulate . since , a series of problems began chipping away at enron ' s image .
but such concerns were mostly pushed aside for as long as the company ' s stock price performed well and its core energy trading business turned out higher and still - higher profits .
the company ' s woes became more serious and quickly multiplied after it made troubling financial disclosures in its third - quarter earnings report oct . 16 .
it disclosed that day it had taken a $ 35 million loss and reduced shareholders equity by $ 1 . 2 billion related to ending business dealings with two investment partnerships formerly run by andrew fastow , its chief financial officer .
the disclosures heightened wall street ' s ongoing concerns that enron ' s financial reporting was too difficult to understand and skimped on details . it also led to fears that enron would be on the hook for billions of dollars related to other financial vehicles .
days later , enron revealed that the sec was investigating transactions between enron and the partnerships , called ljm cayman and ljm 2 co - investment . it also replaced fastow and has been hit with a growing number of shareholder lawsuits .
then , the company ' s credit rating was downgraded , which raised questions about its ability to manage its core energy trading business .
as wall street ' s questions grew , enron retreated into silence , leaving analysts and investors to speculate on worst - case scenarios , which fed fears that company was facing a cash - crunch and caused investors to keep dumping the stock .
that in turn , led some of enron ' s trading partners to shift business elsewhere and raise their credit requirements to do business with enron , which in turn , raised even more fears about a cash - crunch and the company ' s short - term stability .
thursday , enron said it is restating its finances as far back as 1997 to include losses related to a number of complex partnerships it created .
. . .
deal at - a - glance
company name : dynegy .
key players : chuck watson , dynegy ' s current chairman and ceo , will remain chairman and ceo . enron corp . ' s ceo and chairman ken lay has been offered a seat on dynegy ' s board .
the trade : 0 . 2685 share of dynegy for each share of enron corp .
value of the deal : $ 8 . 85 billion in stock and $ 12 . 8 billion in enron debt .
dynegy ' s close friday : $ 38 . 76
enron ' s close friday : $ 8 . 63 a share .
status of enron field name : unknown . however , dynegy registered the name www . dynegyfield . com on thursday .
. . .
more stories
enron corp . paid $ 100 million to put its name on the houston astros ' new downtown home . now that the energy giant is being bought , the name may soon be history .
the sale of enron corp . will likely punish houston ' s downtown office market , emptying more office space at a time when several new buildings are going up .
" never make predictions , especially about the future , " ken lay once wrote in an essay concerning the world ' s energy needs . enron ' s chief executive might be taking those words to heart today .
dynegy ' s chuck watson has always maintained a low profile , prompting some people to label him as the most influential houstonian you ' ve never heard of .
see these stories and more in business .
. . .
the companies
profiles of two houston energy giants that announced their merger friday :
dynegy headquarters : houston
chairman and ceo : chuck watson
revenues in 2000 : $ 29 . 4 billion
employees : 6 , 000 worldwide
electricity sales ( 2000 ) : 137 . 7 million megawatt hours
gas sales ( 2000 ) : 10 . 9 billion cubic feet per day
business segments : dynegy marketing and trade ; dynegy midstream services , illinois power ; subsidiary , dynegy global communications
history : the company traces its roots to 1984 when the investment banking firm morgan stanley , the law firm akin , gump strauss , hauer enron energy services ; enron transportation services
history : the company was formed in 1985 as a result of the merger of houston natural gas and internorth , a natural gas company based in omaha , neb . the deal integrated several pipeline systems to create the first nationwide natural gas pipeline system . in 1986 , ken lay , ceo of houston natural gas , was named chairman and ceo , and the name " enron " was chosen . in 1989 , enron began trading natural gas commodities through its gasbank , a precursor to today ' s wholesale trading business . enron made its first electricity trade in 1994 and eventually became the world ' s biggest marketer of electricity and gas .
photo : 1 . ken lay , chairman and ceo of enron corp . , listens glumly at a friday news conference as chuck watson , chairman and ceo of dynegy , discusses his company ' s acquisition of enron ( color ) ; 2 . deal at - a - glance ( text ) ; 3 . more stories ( text ) ; 4 . the companies ( b / w , p . 16 , text )
copyright ? 2000 dow jones energy giant was forced to negotiating table after disclosing that it had overstated earnings
peter behr
washington post staff writer
11 / 10 / 2001
the washington post
final
eol
copyright 2001 , the washington post co . all rights reserved
embattled enron corp . yesterday accepted a buyout offer valued at about $ 8 billion from crosstown rival dynegy inc . if the deal is completed , it would end houston - based enron ' s reign as the leader in the huge energy trading markets that set the prices of power and natural gas in the nation .
its cash dwindling and its credit rating hammered , enron was forced to the negotiating table after its recent disclosures that its obligations to a complex web of partnerships involving company officials had caused the trading powerhouse to overstate its earnings and obscure its total debt obligations . four top enron officials have resigned or been replaced since july and , once dynegy takes control , enron ' s chairman and chief executive , kenneth lay , will also leave the company . lay said yesterday that he had not decided whether to accept dynegy ' s offer to serve on the combined company ' s board .
" it ' s been a good ride for a long time , " lay said in a conference call last night . " the last three weeks haven ' t been a whole lot of fun . "
the final deal was announced after the close of stock trading . enron ' s shares - - which had fallen from $ 33 to $ 8 after the disclosures - - ended the day slightly higher , at $ 8 . 63 . dynegy ' s stock closed at $ 38 . 76 , up $ 2 . 26 .
dynegy offered all stock for the enron shares , so the total value of the deal will fluctuate with dynegy ' s stock price . dynegy also said it would assume about $ 13 billion in enron debt , bringing the total value of the transaction to around $ 21 billion .
dynegy ' s rescue of enron will begin with an immediate cash infusion of $ 1 . 5 billion , which will be supplied by chevrontexaco corp . , a major dynegy stockholder . chevrontexaco will invest another $ 1 billion in dynegy after the acquisition has passed regulatory review and is completed , which executives said they expect will take six to nine months as enron tries to unscramble the complex partnerships that are now under investigation by the securities and exchange commission .
the takeover agreement gives dynegy an escape clause permitting it to cancel the purchase if enron winds up with heavy regulatory fines or legal judgments from shareholder suits tied to its handling of the partnerships .
chuck watson , dynegy ' s chairman and chief executive , said in the conference call that a close scrutiny over the past two weeks of enron ' s financial condition convinced him that the company ' s trading and pipeline businesses were solid . " we looked under the hood , and guess what ? it looked just as strong as we thought it was . " watson said he did not think more damaging disclosures were forthcoming from enron .
until the partnership mess , enron was the nation ' s dominant energy trader , and it had front - door political connections to the white house . lay , its longtime chairman , raised more then $ 100 , 000 for the presidential election campaign of his friend george w . bush . enron rode the growth of energy trading markets beginning in the mid - 1990 s , as first natural gas , and then electric power sales were deregulated at the wholesale level . its revenues leaped from $ 9 . 2 billion in 1995 to $ 100 . 8 billion last year .
during those heady times , the houston company could choose which questions to answer about its dealings with related partnerships and its byzantine bookkeeping .
" it was always very difficult to get information , " said louis b . gagliardi , an analyst with john s . herold inc . " they would always rebuff you . "
until this fall , the muscular company seemed too big to stumble , said investment manager david coxe , with harris insight equity fund in chicago .
coxe bought 78 , 000 shares of enron at $ 40 a share in august , after wrestling with the decision for months , he said . then jeffrey skilling , enron ' s chief executive and strategic mastermind , unexpectedly resigned . the stock , which had been as high as $ 90 in august 2000 , pitched downward .
" enron seemed so indispensable to the nation ' s energy markets that i thought it inconceivable it could implode , " coxe said . " that ' s how i got sucked in . "
enron ' s fall is " classic hubris , " coxe said : a greek tragedy striking someone who chose to defy the gods - - " in this case , the rules of the system . "
among the rules that enron now acknowledges it didn ' t follow were the accounting standards that applied to the complex partnerships it created . the purpose of the partnerships , enron said , was to reduce the risks of investments in internet transmission systems and to sell power plants and other assets it no longer wanted .
the accounting errors were described in a 20 - page sec filing enron made thursday . the errors resulted in a $ 1 . 2 billion reduction in the value of shareholders ' equity . the company also said it had overstated its earnings by $ 586 million since 1997 .
enron created partnerships that would buy major assets - - such as a power plant - - that enron wanted to sell , or in other cases , assets such as fiber - optic cable networks that enron intended to run but did not want to have on its balance sheet .
the partnerships had outside investors , but the general partner of two of them was enron ' s own chief financial officer , andrew fastow . he earned $ 30 million in fees from managing two of the largest partnerships , according to the sec document .
enron added to the capital of these partnerships by pledging its stock , or securities convertible into stock . some of those stock transactions should have been counted as loans , resulting in the $ 1 . 2 billion drop in shareholder equity , enron now says .
investors are asking why enron ' s auditor , arthur andersen llp , did not insist that these transactions be handled that way in the first place . enron ' s sec filing mentions but does not explain some " proposed audit adjustments " over the past four years that were overruled .
even though , as enron now acknowledges , it created an information barrier , masking critical information and violating standard accounting rules , many financial analysts who were recommending the stock to investors were not pushing hard enough to punch through that barrier , some analysts acknowledge .
" it was so complicated that everybody was afraid to raise their hands and say , ' i don ' t understand it , ' " gagliardi said .
the questions are now coming , from a new committee reporting to enron ' s board that will investigate how the company ' s financial reporting was handled ; from the sec ; and , eventually , from teams of lawyers representing aggrieved shareholders .
lay indicated yesterday he had not been aware until recently that enron employees other than fastow had profited from the partnership activity . enron directors had approved fastow ' s management of the partnerships , but fastow quit the partnerships in july and was then replaced as chief financial officer .
enron this week fired treasurer ben glisan and kristina mourdant , an enron division lawyer , who it said had invested in partnerships that were tied to one of the major partnerships headed by fastow . the enron report to the sec describes a central role in these transactions played by michael j . kopper , an associate of fastow who left enron in july to take over fastow ' s financial interests in the partnership , the company said .
enron will hold a conference call next week to discuss what it has uncovered about outside partnership investments .
http : / / www . washingtonpost . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
financial desk
the nation news analysis a visionary fallen from grace
james flanigan
times staff writer
11 / 10 / 2001
los angeles times
home edition
a - 22
copyright 2001 / the times mirror company
a year ago , enron corp . chairman kenneth l . lay was on top of the energy world . as a leading fund - raiser , contributor and energy advisor to the bush administration , he played a key role in shaping the new president ' s energy policy . as head of the world ' s largest energy trading company , he had an enormous influence on the price of energy in california and across the nation . enron ' s highflying stock helped him cash out $ 123 million in stock options last year alone .
on friday , with enron being saved from financial collapse by agreeing to be acquired by rival dynegy inc . , lay ' s career and reputation are in shambles . under the merger , he will be stripped of a management job . his integrity is tattered , with enron ' s controversial financial dealings under federal investigation . enron investors and employees are chagrined and outraged because the company ' s stock lost 80 % of its value in recent weeks .
the rapid rise and fall of lay , 58 , is a story of how a brilliant man with innovative ideas and a grand scheme to transform the world ' s energy markets was overcome with arrogance , associates and critics say . under lay , enron stretched the limits of the law and took risks that nearly caused its financial collapse , they say . that in turn could have resulted in a widespread disruption in energy supplies .
" enron ' s behavior casts doubt on the integrity of our financial markets . it is a very serious matter , " said edward r . muller , an energy investor and former president of edison international ' s mission energy subsidiary .
" nobody denies he ' s smart , but it ' s a question of integrity , " said raymond plank , chief executive of apache corp . and an associate of lay ' s in houston ' s vibrant oil and gas industry .
lay and longtime partner jeffrey k . skilling , who served briefly as enron ' s chief executive before resigning abruptly in august , rose to prominence in the last decade through the use of innovative financial techniques designed to exploit a reduction in government regulation of energy .
lay transformed world energy industries through his vision of new , market - driven ways to finance natural gas and electricity production and transmission .
the financial markets that lay and his enron associates created had an enormous effect on california ' s disastrous experiment in electricity deregulation . critics say his influence was excessive and misguided .
" ken lay was a mystic , " said state sen . steve peace ( d - el cajon ) , an outspoken critic of enron . " whatever he said had to make sense because he was ken lay . it was hero worship . many of the people working as economists at the federal energy regulatory commission worshiped ken lay . as a consequence , the things enron promoted and pushed for were never challenged , intellectually and otherwise . "
lay , who has a doctorate in economics , had modest beginnings as the son of a poor country preacher who did farm labor on the side to raise money for his children ' s education . in the navy in the late 1960 s , lay was assigned to the defense department because of his economic acumen . " he allocated pentagon dollars more efficiently in purchasing for the military , " said mark palmer , chief spokesman for enron .
lay worked for exxon and other energy firms in the 1970 s , amid soaring oil prices , gasoline shortages and still - regulated natural gas . he headed houston natural gas , a predecessor firm of enron , in the 1980 s as falling prices for oil and natural gas presented grave problems for houston ' s energy industries .
when the federal government allowed pipelines to carry the gas of any producer , lay turned enron into a foremost firm in the new , deregulated industry . still , enron almost went bankrupt in the late 1980 s , with natural gas in oversupply and prices falling .
it was then that skilling , a mckinsey ; photographer : reuters
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
dynegy timeline
11 / 10 / 2001
houston chronicle
3 star
3
( copyright 2001 )
natural gas clearinghouse is formed by the investment banking firm morgan stanley and the law firm akin , gump , strauss , hauer & feld . six natural gas pipelines got together to create the gas marketing firm .
the u . s . federal energy regulatory commission begins the long process of deregulating the natural gas business , which ultimately created huge markets for the company and competitors such as enron .
ngc introduces its " energy store " concept , looking to create a one - stop shopping outlet for all energy products and services .
ngc makes initial public offering .
ngc acquires trident ngls .
ngc merges with the natural gas business unit of chevron corp . and chevron ' s warren petroleum co . subsidiary .
in february , ngc announces a deal to expand its " energy store " with the purchase of destec energy ' s interest in 20 u . s . power plants for $ 1 . 27 billion . the destec deal is the company ' s first purchase of power - generation assets .
" with deregulation right around the corner , we have been aggressively looking to acquire major power - generation assets to complement the expertise that we already have in our power marketing , " watson said .
ngc ' s stock trades around $ 22 per share in late february when the company discloses that excessive high - cost inventories of natural gas liquids , or ngls , would cut operating income by $ 40 million . the price plunged to the midteens before partially recovering to about $ 18 . watson says ngc has put communications and information - reporting systems in place to alert management to developing problems much earlier than they learned of the ngl - related problems .
in may , ngc is honored as the chronicle 100 company of the year for its stellar 1996 results .
ngc buys southern california edison assets .
in march , chuck watson and bob mcnair team up to put in the winning bid of $ 530 , 000 for the grand champion steer , named rowdy . the pair pay the record price days after joining city officials on a trip to help lobby for an nfl team .
in june , ngc adopts a new name - dynegy - a word created by merging dynamic and energy . " the name ngc no longer captures who we are and who we have become , " says watson , the company ' s chief executive . the company will have three logos , all derived from the chinese tangram , a collection of seven red , yellow and blue geometic shapes that can be arranged in any number of combinations .
in december , a dynegy joint venture announces the purchase of a power plant and other assets from san diego gas & electric .
in june , dynegy agrees to a $ 2 billion takeover with illinova , an illinois electric and gas company that would give the energy marketing company electric plants and lines located in major midwest markets . this deal , the largest in the company ' s history to date , brought one company trying to move beyond the traditional utility business together with a trading company moving into that business .
in october , watson , who owns the houston aeros hockey team , announces he would help fund the campaign against the downtown arena . the arena measure is later defeated , but was approved in a new vote the next year after watson agrees to support it .
in february , dynegy sells natural gas pipelines and processing plants for $ 308 million in cash . it is part of a planned $ 600 million asset sale to reduce its debts as dynegy closed its $ 2 billion merger with illinois utility illinova .
in august , dynegy agrees to buy two power plants in the hudson river valley region of new york from ch energy and two other utilities for $ 903 million . the deal marks dynegy ' s expansion into the northeast power market .
dynegy branches into the broadband , internet and telecommunications businesses by buying privately held extant for $ 151 . 3 million in cash and stock .
in july , dynegy says it will spend about $ 590 million to buy natural gas storage facilities in the united kingdom in a deal that will serve as the cornerstone of its european energy network . it will buy bg storage , a wholly owned subsidiary of bg group . the deal is part of dynegy ' s strategy to replicate in europe the energy delivery network it has built in the united states .
in september , after 17 years in business , dynegy launches its first ad campaign . the spots , released in conjunction with the pga tour championship , emphasize the firm is passionate about what it does .
on nov . 9 , dynegy announces plans to purchase enron corp .
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
power play / enron timeline
11 / 10 / 2001
houston chronicle
3 star
4
( copyright 2001 )
houston natural gas merges with omaha , neb . - based internorth to create the company that would eventually be named enron corp . the deal integrated several pipeline systems to create the first nationwide natural gas pipeline system .
ken lay , who had been chief executive officer of houston natural gas , is named chairman and chief executive officer . the company chooses the name enron after rejecting interon .
enron discovers that oil traders in new york have overextended the company ' s accounts by almost $ 1 billion . the company ultimately works this loss down to $ 142 million . this leads to enron developing a myriad of services to help reduce the risk of price swings for everything from gas to advertising space .
enron opens its first overseas offices in england to take advantage of the country ' s privatization of its power industry . the company ' s major strategy shift - to pursue unregulated markets in addition to its regulated pipeline business - is revealed to executives in a gathering that became known as the " come to jesus " meeting .
jeffrey skilling joins the company and enron launches its gas bank , a program under which buyers of natural gas can lock in long - term supplies at fixed prices . the company also begins to offer financing for oil and gas producers .
enron acquires transportadora de gas del sur , enron ' s first pipeline presence in south america and the start of a push to expand on the continent .
enron ' s teesside power plant in england begins operation , one of the first big successes for the company ' s international strategy .
enron makes its first electricity trade , beginning what will turn out to be one of the company ' s biggest profit centers in the next few years .
enron europe establishes a trading center in london , marking the company ' s entry into european wholesale markets . europe is now considered one of the company ' s prime growth markets .
construction begins on the first phase of the dabhol power plant in india . the $ 2 billion project would be plagued with political problems throughout its construction . enron puts its stake in the project up for sale in 2001 .
in december , skilling is elected president and chief operating officer and will continue in his role as chairman and ceo of enron capital & trade resources .
to expand its electricity business , enron buys portland general electric corp . , the utility serving the portland , ore . , area . in 2001 , enron agrees to sell portland general electric to northwest natural gas co . for about $ 1 . 9 billion .
enron energy services is formed to provide energy management services to commercial and industrial customers .
enron acquires wessex water in the united kingdom , which forms the basis for its water subsidiary azurix .
enron forms its broadband services unit . the first phase of the dabhol project begins operations . one - third of azurix is sold to the public in an initial public offering . after an early rise , shares fall sharply as the year goes on and the problems facing the company become apparent . enron online , the company ' s commodity trading internet site , is formed . it quickly becomes the largest e - business site in the world . enron energy services turns its first profit in the fourth quarter .
rebecca mark resigns from her position as azurix chairwoman and the company announces a plan to take the troubled water subsidiary private .
annual revenues reach $ 100 billion , more than double the year before , reflecting the growing importance of trading .
enron field is opened in downtown houston . in addition to buying the naming rights , enron chairman ken lay helped raise financial support for the construction project .
the energy financial group ranks enron the sixth - largest energy company in the world , based on market capitalization .
enron and strategic investors , ibm and america online , launch the new power co . to provide electric service in a deregulated market .
in february , jeff skilling takes over as chief executive officer . ken lay remains as chairman .
in march , enron and blockbuster call off deal to bring movies into homes over the internet .
in april , enron discloses it is owed $ 570 million by bankrupt california utility pacific gas & electric co .
in august , skilling unexpectedly resigns for personal reasons . lay takes back the ceo job . wall street starts cranking up its requests for enron to provide more detailed financial information about its performance .
in october , enron releases third - quarter earnings , with $ 1 . 01 billion in charges , including $ 35 million related to investment partnerships formerly headed by andrew fastow , enron ' s chief financial officer . fastow is replaced as cfo . the securities and exchange commission launches a formal investigation into the partnerships .
in november , enron restates earnings for 1997 through 2000 and the first three quarters of this year .
on friday , dynegy announces it wants to merge with enron . enron ' s stock closes at $ 8 . 63 per share , an 89 percent drop since the beginning of the year .
mug : jeffrey skilling
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
power play / enron had been a political heavyweight / critics decried influence of ken lay in white house
david ivanovich , houston chronicle washington bureau
staff
11 / 10 / 2001
houston chronicle
3 star
4
( copyright 2001 )
washington - until a few weeks ago , enron corp . was the star of the washington lobbyist corps .
enron chairman ken lay was known to have the ear of his longtime friend and political ally president bush .
vice president dick cheney had unveiled a national energy strategy very much to enron ' s liking , while one of the company ' s favorite electricity regulators , texas ' pat wood iii , had been installed as the new head of the federal energy regulatory commission .
critics feared the houston - based energy and trading giant exerted far too much influence , both in congress and in the bush white house .
now , after the company ' s implosion , enron ' s legendary political might is evaporating as well , political observers say .
" just a matter of weeks or months ago , enron was still the 800 - pound gorilla , " said steven weiss , a spokesman for the washington - based center for responsive politics , a political watchdog group . " it was getting into any meeting it wanted to .
" relationships are still existent , and bush is unlikely to completely ignore ken lay . but one would have to think the amount of influence that ken lay could exert now pales in comparison to the influence he could have exerted just a month or more ago . "
now that dynegy has agreed to take over enron , the companies ' role in government will be determined by chuck watson , dynegy ' s chief executive officer .
while enron has been such a player in washington , dynegy is less known inside the capital beltway . but that ' s not to say dynegy has no political pull on capitol hill .
" ken lay certainly can get meetings with senators , but so can chuck watson , " a senate staffer said .
while dynegy may be attracted to enron ' s energy trading whiz , the company may be desirous of enron ' s political expertise as well . while watson has had a presence on the national stage , his role in houston ' s stadium votes shows he is hardly allergic to politics .
enron ' s recent troubles , however , may leave a stain . with the securities and exchange commission conducting an investigation into some of the company ' s business dealings , many politicians are likely to be wary .
" politicians , perhaps better than anyone else , can smell a rotten egg , " weiss said . " who would want it reported in the newspaper that they are associated with a company that is under investigation ? "
enron ' s lobbyist in washington , linda robertson , could not be reached for comment .
a setback among washington ' s elite would be a novel experience for lay and other enron officials . in a city where access is everything , lay has proved - time and again - his political savvy .
a one - time energy policy - maker for richard nixon , lay successfully championed deregulation of the natural gas pipeline industry and has led the effort to open up the electricity markets as well .
a republican , lay served as co - chair of the host committee for the gop ' s national convention in houston in 1992 , when his friend george bush the elder was nominated for a second term . and yet there was lay a few years later , playing golf with the elder bush ' s political nemesis , bill clinton , and advising the democratic administration on energy .
the company has excelled at snatching up political heavyweights as they leave public office . enron has attracted the likes of former secretary of state james baker iii and one - time clinton white house chief of staff thomas " mack " mclarty .
enron ' s stable of political lobbyists became a who ' s who of washington insiders , from former christian coalition head ralph reed to one - time energy regulatory commission chairwoman elizabeth " betsy " moler .
and by all accounts , enron - and lay especially - rank among the most munificent contributors to george w . bush ' s political career . lay ' s name was mentioned repeatedly as bush drew up his cabinet , and while he did not join the government , he played a role in helping craft bush ' s energy strategy .
lay and other enron officials spent $ 2 . 1 million lobbying congress and the white house last year , the center for responsive politics reported .
in fact , 71 senators and 188 house members have received contributions from lay and other enron officials , the watchdog group found .
questions about lay ' s influence over the federal energy regulatory commission sparked an investigation last summer by congress ' general accounting office .
curt hebert , then the commission chairman , accused lay of trying to prod him into changing his position on an issue of key concern to enron , open access by independent electricity generators to the power lines owned by utilities , in exchange for lay ' s political support .
the gao found no evidence of wrongdoing by either party . three months after the dispute became public , hebert resigned from the commission . he was succeeded by wood , whom enron officials had championed as " smart , hard - working , fair . "
just one month ago , enron ' s political muscle appeared undiminished . enron held a conference in washington on energy policy during the first week of october , attracting the likes of wood , senate energy committee chairman jeff bingaman , d - n . m . , and former energy department secretary james schlesinger .
since the start of the company ' s free - fall , enron officials have been less on capitol hill , although that may have merely reflected the city ' s preoccupation with the war on terrorism and the anthrax scare .
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
power play / sale suddenly switches office outlook downtown
ralph bivins
staff
11 / 10 / 2001
houston chronicle
3 star
1
( copyright 2001 )
the sale of enron corp . is going to punish houston ' s downtown office market - emptying more office space at a time when several buildings are going up .
enron and its purchaser , dynegy , are both hefty users of downtown office space , and with staff cutbacks likely , they will need a lot less of it .
enron ' s 40 - story office tower , which is under construction on smith street , is expected to be completed next year .
" if they do go through with the deal , that building is not going to be the enron building . it ' s going to become the dynegy building , " said office broker sanford criner of the trione & gordon realty firm .
dynegy , which leases 700 , 000 square feet in the wells fargo plaza at 1000 louisiana , would jump at the chance to operate in the new trading floors at the new enron center south , according to a number of downtown office brokers .
" there ' s no question dynegy has been looking to get a major league trading floor for a long time , " criner said . " they definitely covet the enron trading floor . "
the new 1 . 2 million - square - foot enron tower is a palace of energy trading technology with miles of telecommunications cable running throughout .
the building ' s matching pair of sweeping staircases were intended to lead to the corporate dens of enron chairman ken lay and former ceo jeff skilling but probably will be used by dynegy chairman chuck watson .
john sousa , a spokesman for dynegy , said thursday that the firm ' s current wells fargo space is good and it was too soon to speculate about things like office space .
" we ' re satisfied with our current location , " sousa said .
a number of office brokers , however , suggest dynegy would move over to the enron building and attempt to sublease at least some of the space in wells fargo plaza .
enron ' s importance to the houston office market extends beyond the new building . the company occupies about 3 million of the 42 million square feet of office space available downtown , if every small building is counted .
enron occupies its existing 1 . 25 million - square - foot headquarters building at 1400 smith , 500 , 000 square feet of space in three allen center , 60 , 000 square feet in the 500 jefferson building , and 40 , 000 square feet in the 600 jefferson building .
enron has already moved a few employees into its new building , which had been slated to be fully occupied by next summer .
" this has some real implications , " said george carpenter of carpenter realty . " who knows , when the dust settles , where this thing is heading ? "
trizechahn , which owns the cullen center and allen center properties , had been expecting enron to move out of at least a portion of those buildings when the new enron center south building was complete .
" we ' re bullish on houston , " said trizechahn spokesman rick matthews . " it ' s likely to remain a core market for us . "
enron ' s shrinkage will come on top of several other moves that will empty downtown office space .
" it ' s going to be a blood bath next year , " said one houston office broker who asked that his name not be used .
about 500 , 000 square feet of space will become vacant next year in the chevron tower , according to trione & gordon . a number of chevron employees will be moving into the texaco heritage plaza building as a result of the chevron and texaco merger .
halliburton , another huge downtown office tenant , will be moving out of downtown to new buildings in the westchase area in the next few years , leaving behind a large hole of vacant space at 601 jefferson .
while the demand for office space is beginning to fall , the supply is about to increase .
the 5 houston center , a 27 - story structure that will be complete next year , will open with a significant number of signed tenants . but as major corporate tenants such as ernst & young , jenkens & gilchrist and jackson walker move into the building , they will leave behind vacant space in others .
century development ' s 1000 main building is scheduled to be finished in 2003 . the 783 , 000 - square - foot project , which will have reliant resources as its main tenant , still has more than 200 , 000 square feet of space to lease , according to trione photos : 2 . enron employees kept their cell phones in use outside the company ' s downtown offices friday afternoon . dynegy ' s purchase of enron deals a blow to the city ' s office space market . enron ' s shrinkage will come on top of several other moves that will empty downtown office space ( p . 4 )
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
power play / enron field name may fall as quickly as energy empire
ralph bivins
staff
11 / 10 / 2001
houston chronicle
3 star
1
( copyright 2001 )
baseball history is written fast these days .
as enron corp . , the massive houston energy - trading company , is to be bought out by dynegy , the name enron field may go with it .
enron paid big money - $ 100 million - to put its name on the retractable - roof stadium downtown . it cost a lot to get the name , but it gave enron a lot of marketing firepower and put the company ' s name on the lips of millions of astros fans .
if dynegy completes the acquisition of enron corp . as expected , dynegy also may get the naming rights to the astros ' stadium .
with the name " enron " fading in the merger , it appears possible the 42 , 000 - seat baseball stadium would take the dynegy name .
" if they do something with the company , that name goes with it , " said pam gardner , president of business operations for the houston astros .
dynegy chairman chuck watson said friday that no decision has been made about renaming the baseball stadium .
however , dynegy did register the domain name dynegyfield . com with verisign , an internet domain name registrar , on thursday .
enron field would not be the first sports facility to undergo a name change .
the compaq center , home of the houston rockets , took the compaq name in 1997 after being called the summit for many years . and the name may be up in the air again as compaq computer corp . contemplates a merger with hewlett - packard .
the stadium for the st . louis rams football team was renamed dome at americas center , after american airlines bought former namesake twa airlines .
" it ' s not catastrophic if you have to change the name of the arena , " said dean bonham of bonham group , a sports marketing consulting firm .
sometimes trying to change the name of a stadium can be hard , said kurt hunzeker , editor of team marketing report , a sports business newsletter . the original name for a stadium can be adopted into fan ' s vocabulary , and the secondary names for stadiums don ' t always stick .
many baseball fans in cincinnati have had a hard time adjusting to calling riverfront stadium by its new name of cinergy field , hunzeker said .
sometimes the media refuse to cooperate with the name changes because of tradition or a simple refusal to give into commercialism . the denver post , for example , has refused to adopt the new name of invesco field at mile high stadium .
the deal for a new football stadium for the houston texans is similar to the arrangement with enron field , said steve patterson , senior vice president of the texans .
the texans ' field will be called reliant stadium . if reliant energy is bought out by another company , however , the acquiring company will have the right to change the name of the stadium , patterson said .
photo : enron field , seen on opening night in march 2000 , could have a new name next season ( color )
copyright ? 2000 dow jones source : world reporter ( tm )
executives at royal bank of scotland are among those keeping their fingers crossed that the urgent talks to save the debt - stricken energy trading group enron are successful .
in recent days it has emerged that britain ' s second biggest bank by market capitalisation is a lender to the us group .
at the moment it is not clear how much money the edinburgh bank has lent to enron and whether any of it is secured , but speculation in the market place suggests that the figure could run into millions . it seems rbos was involved in one of the credit facilities arranged for enron , which needs billions of dollars of new money to keep it afloat .
royal bank was yesterday keeping very quiet about the size of the exposure , but worries about the enron situation were enough to push the shares down 44 p to pounds 16 . 70 on a bad day for the banking sector . elsewhere , barclays fell 88 p to pounds 21 . 12 , hsbc lost 9 . 5 p to 792 . 5 p , and lloyds tsb dipped 17 . 5 p to 713 p as investors decided it was time to take some profits .
on the other side of atlantic , enron was locked in talks with rival dynegy over a $ 7 bn ( pounds 4 . 81 bn ) rescue takeover .
with wall street giving up strong gains overnight , as investors decided to book profits after the recent strong run , london ' s top stocks started the day on the back foot . leading shares then trimmed a 50 - point deficit as buyers emerged for heavyweight oil stocks shell , 6 p higher at 514 . 5 p , and bp , 9 p stronger at 565 p after saudi arabia suggested the mood was shifting towards a production cut of 1 . 5 m barrels at next week ' s opec meeting . news that russian oil companies are considering a cut also helped .
that was as good as it got . with wall street failing to provide a lead , the ftse 100 drifted back , eventually closing 33 . 9 points lower at 5 , 244 . 2 . however , dealers were not too downhearted by the performance , pointing to the index ' s 115 - point advance over the week .
cash rich cable & wireless took the ftse 100 ' s wooden spoon , sliding 18 . 25 p to 330 p with dealers attributing its weakness to the re - emergence of talk that it is poised to make a big acquisition . opinion was divided over the potential target . most dealers plumped for colt telecom , which has been linked with c & w in recent weeks . sure enough the shares responded , ending the day 10 . 5 p better at 158 p .
others reckoned c & w had its eye on energis and had approached 30 % shareholder national grid with a view to buying its stake . whatever the truth of that rumour , analysts think energis would be a better bolt - on acquisition for c & w than colt . energis shares eased a penny to 89 p .
invensys , the industrial controls group , firmed 4 . 25 p to 78 . 75 p on hopes that a positive outlook statement will accompany thursday ' s interim results . the figures will also provide analysts with their first chance to quiz new chief executive rick haythornthwaite on his plans to turn around the heavily indebted company .
among the mid caps , carphone warehouse underperformed , falling 2 . 5 p to 109 p , as worries resurfaced about the demand for mobile phones in the christmas trading period .
joint broker csfb caused the trouble . with the outlook uncertain csfb said it had taken the precaution of lowering its pretax profits forecast to a " worst case scenario " pounds 55 m . its previous estimate was pounds 67 . 3 m . csfb tried play down the significance of the downgrade , arguing that carphone was likely to outperform its rivals in the next month , but many traders interpreted it as an attempt to lower the city ' s expectations .
furniture group mfi was heading in the other direction , improving 10 . 5 p to 130 p after house broker deutsche bank raised hopes that wednesday ' s trading update could impress . the german investment bank believes business has been good at mfi in recent months and the company is on course to meet its pretax profit forecast of pounds 63 . 5 m .
in an otherwise dull tech sector , autonomy , the intelligent software group advanced 14 . 75 p to 313 p . traders heard talk that the company had secured a couple of big contracts that were put on hold after september ' s terrorist attacks .
there was also a flurry of interest in debenhams , the department store group , on speculation that the company will be tipped in a weekend newspaper . the shares finished 23 p higher at 395 p .
in the smaller companies world , retail investors were chasing redbus interhouse , the web - hosting company run by john porter , the multi - millionaire tesco heir and son of dame shirley porter .
dealers said the investors were betting that monday ' s third quarter figures would top expectations . given the over capacity in the web - hosting market and the fact redbus admitted with interim results in september that demand had fallen , most traders took the view that this was a bold and potentially foolhardy gamble .
elsewhere , those retail investors suckered into character group , the toy and games maker , when its shares hit 30 p late on thursday were nursing losses .
before the market opened , the company said that while one of its division produced a range of harry potter gift products it was not an official potter licensee . character , which had almost doubled in the previous session , shed 6 . 75 p to 24 . 25 p .
there was also some pain for shareholders of brammer , the industrial services group , which fell 61 . 5 p to 256 p after warning full - year pretax profits would be 25 % lower than last year .
engineering group senior gained 0 . 25 p to 29 . 5 p after a stock overhang was cleared . traders believe the shares could enjoy a good run next week , especially as bid rumours are floating around .
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
dynegy snaps up enron for $ 9 . 5 bn
chris ayres in new york
11 / 10 / 2001
the times of london
news international
final 5
60
( copyright times newspapers ltd , 2001 )
enron , the troubled us energy company with close ties to president bush , was yesterday bought for $ 9 . 5 billion ( pounds 6 . 5 billion ) by its smaller rival dynegy .
the move brings to a close one of the most spectacular wall street downfalls of recent years . shareholders in enron , who have seen more than $ 60 billion wiped off the value of the company this year , will get about 0 . 27 of a dynegy share for every share they own in enron , valuing the deal at $ 10 . 41 per enron share .
the deal comes amid a securities & exchange commission investigation into enron ' s controversial business practices . the struggling company also admitted on thursday that it had overstated its profits by nearly $ 586 million and understated its debt by $ 2 . 6 billion over the past four years .
as part of the deal , chevrontexaco , which owns 27 per cent of dynegy , will invest $ 2 . 5 billion in the merged company . shares of dynegy gained $ 2 . 26 to close at $ 38 . 76 . enron shares rose 22 cents to $ 8 . 63 . the announcement on the merger of the two houston - based companies came after the us markets closed .
before the deal was announced , enron saw its credit rating cut by moody ' s to a notch above " junk " status . meanwhile , enron ' s exit from a $ 2 . 9 billion power plant project in india was blocked by the bombay high court .
fears also heightened yesterday that us energy traders were beginning to bypass enron ' s internet - based energy trading systems because of concern over the company ' s ability to settle transactions and pay back collateral . so far , enron ' s trading operations have remained immune from the disasters to hit the company on wall street .
the past few weeks have seen the departure of enron ' s finance director , andrew fastow , and its treasurer , ben glisan . the company ' s chief executive , jeffrey skilling , resigned in august .
however , some analysts expressed scepticism at the merger . carole coale , an analyst with prudential securities , said she was puzzled as to " why dynegy ' s management would want to take on the uncertainties and potential liabilities associated with a merger with enron " .
enron is america ' s biggest buyer and seller of natural gas and one of the country ' s ten largest companies with revenues last year of more than $ 100 billion .
copyright ? 2000 dow jones & company , inc . all rights reserved .
uk jobs on the line
11 / 10 / 2001
daily mail
associated newspapers ltd . lst
81
( copyright 2001 )
up to 4 , 000 uk jobs are at risk as us energy group enron seeks a 5 . 5 bn rescue from rival dynegy . enron owns wessex water , two power plants on teeside and runs the world ' s biggest energy - trading operation . those are the jobs believed to be most at risk .
us regulators are investigating off - balance sheet deals allegedly struck by former finance director andrew fastow , who has since left the company .
enron ' s managing director and chief counsel were sacked earlier this week for their roles in the affair . enron took a 685 m charge , prompting a 90 pc fall in its share price . this week , it restated four - year profits down by 22 pc to 405 m .
rating agency moody ' s downgraded enron ' s debt to its lowest investment grade , warning another cut could follow .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy to get prime downtown real estate in enron deal
by pam easton
associated press writer
11 / 10 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - enron corp . chairman kenneth lay envisioned the four trading floors within his company ' s newly constructed silver glass tower - that was to be its new world headquarters - as an energy trading center much like the chicago mercantile exchange .
" they are pretty spectacular , " enron spokeswoman karen denne said of the trading floors following the announcement of dynegy inc . ' s plans to buy enron for about $ 8 billion in stock late friday . " it is a huge state - of - the - art trading floor . they are really neat . "
but the trading platforms likely won ' t be enron ' s for long .
if the proposed deal between the two houston - based energy trading companies is approved , the $ 200 million , 40 - story building will be among dynegy ' s new assets in the purchase of its much larger rival . the ornate building , complete with metal sunshades and fins that deflect the sun and lower energy costs , is scheduled for completion sometime next summer .
" the last three weeks haven ' t been a whole lot of fun , " lay said during a press conference about the merger friday at dynegy ' s headquarters just a few blocks away from where an oval shaped skybridge encircles smith street .
the enclosed , air conditioned bridge connects what was to be enron ' s new headquarters with its current building on the opposite side of the street .
enron had long - term plans to complete its urban campus with a third tower after building a second tower in 1999 , the first major office building project in downtown houston in more than a decade .
lay and his former chief executive officer , jeff skilling , were to have seventh - floor offices overlooking the trading floors . two curved grand stairways connect the offices to the floors below .
but enron ' s future started changing shortly after skilling ' s surprise resignation in august .
last month enron reported major losses in third quarter earnings . the company ' s stock then tumbled 80 percent in the past three weeks as investors grew increasingly concerned that serious financial problems were being hidden from shareholders through business partnerships now under investigation by the securities and exchange commission .
a day after lay expressed his confidence in his chief financial officer andrew fastow , who managed those partnerships , fastow was ousted in an attempt to regain investor confidence .
it didn ' t work , and skilling has since been called to testify before the sec about the partnerships .
then dynegy stepped in , and one houston company came to the rescue of another , prudential securities inc . analyst carol coale said .
" enron needed dynegy . they needed a rescuer , " coale said . " the run on enron stock was similar to a run on a bank . once things start to capitulate it can run right down into liquidity . "
while dynegy says its too early to discuss layoffs , what happens to the name of the houston astros ' enron field or the future uses for enron ' s buildings , university of houston economist barton smith doubted the company will let the prime real estate go unused .
" at one time ken lay and his family had a vision of houston having an energy exchange and i think that vision is going to continue , " smith said . " this brings dynegy , which was a relatively small player , in as a pretty strong force . "
smith said reductions in philanthropic giving are likely . enron has contributed to many texas schools , including the university of houston , rice university , the university of texas and southern methodist university .
while the company ' s philanthropy has gained fans in texas , many in california , plagued by power shortages earlier this year , still resent enron for its outspoken support of deregulation .
" the principles of karma seem to be working here , " said harvey rosenfield , founder of a california consumer advocacy group . " here enron was one of the chief proponents of deregulation and took advantage of it and benefitted enormously and now is reaping the consequences . "
texas economists say ripple effects of the dynegy - enron merger on houston ' s economy will be minimal , even if the combination forces layoffs .
" there are some recessionary pressures going on in the united states , but houston is probably in a better position than any city i know of to dampen those pressures , " said mark baxter , director of the maguire energy institute at southern methodist university . " the houston market is unique in that aspect . "
but michelle michot foss , director of the energy institute at the university of houston , said the nation ' s fourth - largest city isn ' t immune to a weakening national economy .
" we do have a three - pronged problem in town , which is continental , compaq and enron , " she said . " but there is no way this is as bad as ( the oil bust years of ) 1986 and 1987 . "
houston - based continental airlines has cut 12 , 000 jobs and reduced its flight schedule in the wake of sept . 11 ' s attacks in new york , washington d . c . and pennsylvania . meanwhile , hewlett - packard is attempting to buy compaq , also based in houston , which could result in additional layoffs from the computer maker .
" the whole debacle with enron has been very unfortunate , " smith said . " enron , in some ways , was the icon of houston with the merger of compaq . now it looks as if it ' s going to be dynegy . "
- - -
on the net : enron corp . : http : / / www . enron . com .
dynegy inc . : http : / / dynegy . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron india pwr unit sale faces review after dynegy deal
11 / 10 / 2001
dow jones energy service
( copyright ( c ) 2001 , dow jones tata power co . ltd . ( p . tpw ) and bses ltd . ( p . bsx ) - heavyweights in the indian power sector .
enron wants to sell its controlling equity stake in the $ 2 . 9 billion project due to payment defaults by the plant ' s sole customer - the maharashtra state electricity board - and the indian federal government ' s failure to honor payment guarantees .
a bombay - based analyst with a leading indian brokerage agreed that the issues surrounding the sale of enron ' s stake in the dpc would have to reevaluated " from scratch . "
" some post - takeover ' cleaning - up ' in the merged entity will be expected . dynegy really need to see what their energy interests are and whether india will figure in them , " the analyst said .
the analyst doubted dynegy would take over enron ' s stake in the dpc itself in an attempt to revive it . " prima facie , it appears unlikely . it ( dynegy ) has not really got into independent power projects outside the u . s . , " the analyst said .
indian media reports over the past two months have said enron wants $ 1 billion for its stake in dabhol .
however , commentators say enron may have to sell at a discount given the company ' s deepening financial woes . a discounted sale would remain the case for dynegy " without a doubt " post - takeover , the analyst said .
dpc officials were unavailable for comment at the time of writing .
indian banking executives remained tight - lipped on the outcome of the singapore talks , but described negotiations as " very fruitful " and " successful . "
" there was full cooperation from all sides . certainly , we have moved forward , but there ' s no decision ( on a buyer for enron ' s stake ) as yet , " said idbi executive director a . k . doda . " i ' m hopeful if we go through these routes it ' ll lead somewhere . "
the idbi ' s vora said all concerned parties had " no immediate " plans to hold any further talks .
asked whether tata power was the frontrunner , as many analysts believe , doda said : " that ' s their guess . "
analysts said tata power and bses wouldn ' t necessarily be out of the running after the dynegy - enron merger . " i think dynegy will be relatively more willing to diversify dpc and that wouldn ' t change the equation vis - a - vis tata and bses , " he said . " overall , it ' s positive . "
dabhol is india ' s largest single foreign investment . mseb holds a 15 % stake , while general electric co . ( ge ) and bechtel ( x . btl ) own 10 % each .
dpc ' s domestic lenders include icici ltd . ( p . icc ) , industrial development bank of india ( p . idb ) , ifci ltd . ( p . ici ) and state bank of india ( p . sbi ) .
loans by foreign lenders , including abn amro , bank of america corp . and citigroup inc . , however , are backed by government guarantees , while domestic lenders ' loans are not .
- by sri jegarajah , dow jones newswires ; 65 - 415 - 4066 ; sri . jegarajah @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
talks to salvage multibillion dollar enron india project goes into third day
11 / 10 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
singapore ( ap ) - talks in singapore to assess possible buyers for u . s . - based enron corp . ' s controlling stake in the troubled indian dabhol power company have been extended into an unscheduled third day , an indian banking executive involved in the negotiations said saturday .
the two - day closed - door meeting - originally scheduled to wrap up friday - is focusing on two potential buyers of houston - based enron ' s 65 percent stake in the power company .
tata power co . and bses ltd . - two of india ' s largest private power companies - are the only contenders vying to buy enron ' s stake in dabhol .
" talks will carry on today ( saturday ) , " said a . k . doda , executive director of the industrial development bank of india . " it ' s going to take a little more time . "
senior indian banking sources told dow jones newswire that the talks are " intense , " but " positive , " with negotiations continuing past midnight local time .
dabhol managing director k . wade cline , officials from both prospective buyers and a consortium of indian lenders to the dabhol project are involved in the talks .
the dabhol power company owns a 2 , 184 megawatt power plant in the western indian state of maharashtra . the company is embroiled in a bitter power supply dispute with the state government over allegedly " unaffordable " power tariffs .
enron wants to sell its controlling equity stake in the dlrs 2 . 9 billion project due to payment defaults by the plant ' s sole customer - the maharashtra state electricity board - and the indian federal government ' s failure to honor payment guarantees .
dabhol is india ' s biggest - ever single foreign investment . the maharashtra state electricity board holds a 15 percent stake , while general electric co . and bechtel group inc . own 10 percent each .
domestic lenders have provided dlrs 1 . 4 billion of the project ' s total projected cost of dlrs 2 . 9 billion .
loans by foreign lenders , including abn amro , bank of america corp . and citigroup inc . are backed by government guarantees .
( dj / hp - ss )
copyright ? 2000 dow jones & company , inc . all rights reserved .
all eyes in electric industry on texas as deregulation nears
by david koenig
ap business writer
11 / 10 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
dallas ( ap ) - electric deregulation was a fabulous failure in california , resulting in skyrocketing rates , accusations of price - gouging and fears of widespread power blackouts .
the flop has made consumers elsewhere suspicious about giving up their regulated monopoly utilities for competition among power companies .
regulators and industry officials are turning their attention to texas , where deregulation is scheduled to begin jan . 1 after a rocky test program .
" people are looking to texas as the next iteration of retail competition . a lot of states have pulled back after the california experience , " says brett perlman , a member of the public utility commission . " if texas is successful , texas will become the model for the nation . "
ken malloy , president of a pro - deregulation think tank called the center for the advancement of energy markets , called texas the state to watch .
" california obviously created a domino effect , " leading other states to delay deregulation , malloy said . " a lot of people are placing a lot of hope on texas . "
texas officials say that unlike california , which must import much of its power , texas imports little and has built more than 50 new power plants since 1995 , providing an important cushion .
texas also made it easier for power generators and resellers to negotiate long - term contracts , which officials say will help lock in lower prices . and texas provides more - digestible price information , making it easier for consumers to comparison - shop , they say .
california officials warn that texans may be a little too smug .
they spot trouble already in texas , including california - style price spikes in some spot markets for electricity - a clear sign , they say , that power companies are learning how to maximize profits by forcing prices up .
" there are things that can be done by people who own the power to create a shortage , and if they see an opportunity to make money doing that they will , " said john rozsa , an aide to state sen . steve peace , who was heavily involved in california ' s deregulation debate .
california officials accuse the power companies - many of them texas - based - of withholding supplies or clogging transmission lines to drive prices higher . they say the same techniques could be used in texas .
supporters and opponents of deregulation do agree that the stakes will be high in texas for power companies and consumers .
" if the wheels fall off , it would be hard to put it back together , " says bob manning , an executive with san antonio - based h - e - b grocery co . , which hopes to cut its $ 40 million annual electricity bill through deregulation by at least 6 percent .
the idea behind electric deregulation is simple and powerful . instead of forcing residents and businesses to buy their power from a monopoly such as txu electric or reliant , let them choose among several competing companies .
in theory , competition should cause prices to fall , as it did for air travel and long - distance phone service . that ' s what the texas legislature thought when it voted in 1999 to let utility customers pick a new power company beginning jan . 1 , 2002 .
power traders led by enron corp . lobbied heavily for deregulation , figuring they could profit by gaining a chunk of the utilities ' business even though enron produces little power itself .
to prepare for deregulation , the legislature approved a seven - month pilot program in which a few commercial and residential customers would be able to switch . soon , glaring problems emerged .
the trial program was delayed three times . when it finally began this summer , the state ' s main power grid struggled to switch customers to their new power company . prices for backup power used on hot summer days temporarily jumped 100 - fold .
through it all , the public utility commission and the power companies and their allies have insisted the pilot program was serving its purpose of highlighting potential problems .
" anytime you buy a new home there are a whole bunch of things you need to get fixed before you move in , " perlman said this week . " we ' re going down that punch list , and i think we ' ll be ready on jan . 1 . "
the unresolved issues , he said , include how utilities such as txu and reliant will pass on the cost of fuel to their customers , who were guaranteed a 6 percent rate cut on jan . 1 .
in addition to the technical setbacks , deregulation suffered a blow when shell energy , a unit of the anglo - dutch energy giant , pulled out of texas after signing up 40 , 000 customers . suddenly one of the biggest players and a potent competitor to txu and reliant had vanished .
shell has said that doing business in texas became uneconomical after other states delayed deregulation .
" that was a bit bizarre , because they had spent a lot of money to attract customers , " said brian lloyd , a top puc official on pricing issues . " but if they don ' t want to be here , we don ' t want them . "
lloyd and other puc officials are confident that as deregulation catches on , other power companies will move in to texas , ensuring strong competition .
already , however , deregulation will be delayed beyond jan . 1 because of a lack of competition and questions about power - transmission in a section of southeast texas served by entergy corp . and in a stretch of northeast texas served by southwestern electric power co .
last month , consumers union , aarp and other groups asked the puc to delay competition everywhere in texas because of computer glitches and billing problems during the pilot program .
deregulation advocates worry that residential customers will simply stay with their old electric utility , causing new competitors to fail .
the puc is likely to push ahead after receiving a final round of comments next week from electric companies and officials of the main power grid , called the electric reliability council of texas , or ercot .
along with the power traders , large commercial customers - like the h - e - b grocery chain - figure to be winners .
" a grocery store is an energy hog , " manning said . " we have a lot of refrigerators that run 24 hours a day , 365 days a year . we help ( the power companies ' ) bottom line . "
perlman , the puc member , predicted deregulation will start on time but said that making it trouble - free was the most important goal to build consumer confidence .
" a year from now , no one will remember whether the market opened on jan . 1 or jan . 15 or march 15 , " he said .
end advance
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron says it ' s too soon to quantify u . k . job cuts ( updatel )
2001 - 11 - 10 07 : 24 ( new york )
enron says it ' s too soon to quantify u . k . job cuts ( updatel )
( adds detail on u . k . operations , dynegy transaction , lenders ,
from fifth paragraph . )
london , nov . 10 ( bloomberg ) - - dynegy inc . ' s $ 23 billion
acquisition of enron corp . is at too early a stage for either
company to know how many u . k . jobs will be eliminated , an enron
spokesman said , after a newspaper reported 4 , 000 are at risk .
dynegy ' s acquisition of the biggest energy trader , announced
yesterday , ` ` is still a long way off from closing , ' ' said enron
spokesman alex parsons . ` ` it ' s too early to know what the impact
will be on u . k . jobs , ' ' he said .
the daily mail newspaper , which didn ' t cite sources , said
today that 4 , 000 jobs are at risk , mainly at enron ' s wessex water
unit , in southwest england , two power plants on teeside , in
northeast england , and at its energy trading operation . it employs
5 , 400 people in europe , mostly in the u . k . , said parsons .
dynegy said yesterday it would save as much as $ 500 million a
year by ` ` winding down ' ' enron ' s business outside of trading and
pipelines and cutting costs .
enron decided to sell after its shares plunged 90 percent
this year amid investors ' concerns about the accuracy of its
financial statements . the company had said in october it planned
to eliminate as many as 500 jobs in europe , or almost as much as
10 percent of the workforce there , to reduce costs .
offset risk
the company , which owns generation in the u . k . to offset risk
in its power trading operations , said in august two workers died
and two others were seriously injured in an explosion and fire at
teeside power station , which it operates and partly owns .
enron owns wessex water as part of its azurix water unit . it
spent $ 2 . 8 billion in 1998 for wessex , from which azurix emerged .
enron sold azurix shares to the public in 1999 , and then bought
back the company this year after the unit failed in its strategy
of buying up water companies and winning large projects .
in august , enron agreed to sell azurix ' s north american
business to american water works inc . for $ 150 million .
the dynegy transaction is expected to close in 2002 ' s third
quarter . the new company will have $ 90 billion in assets , dynegy
said . dynegy ' s stockholders , including chevrontexaco , will have 64
percent of the new company . enron ' s holders will own the rest .
the merger will face opposition from consumer groups ,
especially in california , where energy traders such as dynegy and
enron were blamed for soaring electricity prices that left the
state ' s biggest utility bankrupt and the second - largest fighting
for a government bailout .
other companies may yet be caught in the fallout from enron ' s
situation . royal bank of scotland group plc is a lender to enron ,
the guardian newspaper reported today , without citing sources .
it ' s unclear how much the u . k . ' s no . 3 bank by assets lent
enron , though it may be as high as several million pounds , the
paper said . it ' s not clear if the loans are secured , it said .
royal bank was involved in setting up a credit facility for enron ,
the newspaper said , adding this helped push down the company ' s
share price by 2 . 6 percent yesterday .
- - mathieu robbins in the london newsroom ( + 44 20 ) 7673 2097
dynegy to buy enron for $ 23 billion in stock , debt ( update 9 )
2001 - 11 - 09 23 : 23 ( new york )
dynegy to buy enron for $ 23 billion in stock , debt ( update 9 )
( adds advisers in last paragraph . )
houston , nov . 9 ( bloomberg ) - - dynegy inc . agreed to buy
enron corp . for at least $ 23 billion in stock and assumed debt ,
ending a financial crisis that threatened to bankrupt enron and
disrupt u . s . power and natural - gas markets .
investors will get 0 . 2685 of a dynegy share for each enron
share , or $ 10 . 41 based on dynegy ' s closing price today . the stock
portion of the transaction is valued at $ 8 billion to $ 9 billion ,
dynegy chief financial officer robert doty said . dynegy said it
will assume about $ 15 billion in enron debt .
enron , the largest energy trader , decided to sell after its
shares plunged 90 percent this year and a federal investigation of
accounting irregularities limited its ability to finance
operations . enron ' s collapse would have caused upheaval in energy
markets , where the company does one - quarter of all gas and power
trades , traders say .
` ` without someone stepping in to play the role enron plays ,
people ( would ) have a difficult time executing transactions , ' '
said daniel gordon , president of allegheny energy inc . ' s trading
unit .
chevrontexaco corp . , the second - biggest u . s . oil company and
owner of 26 percent of dynegy , will provide enron with
$ 1 . 5 billion immediately . chevrontexaco will give dynegy
$ 1 billion after the merger closes .
dynegy chief executive officer charles watson , who led a
company that has put as much emphasis on building power plants as
on energy trading , will take over a larger rival that chairman and
ceo kenneth lay had focused on trading .
earnings reduced
lay ' s strategy boosted enron ' s reported revenue to
$ 100 . 7 billion in 2000 , almost four times dynegy ' s and more than
20 times what enron generated in 1995 . at its peak in december
2000 , enron stock was valued at more than $ 69 billion .
in recent months , enron shares plummeted as investors began
to question the accuracy of enron ' s financial statements , saying
it was unclear whether the company was using affiliated
partnerships to move debt off its books and hide losses .
yesterday the company restated its earnings for the past
four years , lowering them by more than $ 500 million to include
losses from partnerships it once kept off its books . after the
merger announcement , standard & poor ' s investors service said it
may lower dynegy ' s debt rating . it cut enron ' s to ` ` bbb - , ' ' one
notch above junk .
watson , dynegy president stephen bergstrom and cfo doty will
keep their positions at the combined company . greg whalley , the
president and chief operating officer of enron , will be an
executive vice president . lay said he won ' t be an active manager
in the new company . lay has not discussed a severance package with
him , watson said .
$ 200 billion in revenue
dynegy said it will have annual revenue of more than
$ 200 billion , more than 22 , 000 megawatts of electric generating
capacity and 25 , 000 miles of pipeline after the merger . the
company will save as much as $ 500 million a year by ` ` winding
down ' ' enron ' s business outside of trading and pipelines and
cutting costs , dynegy said .
the announcement of the merger came after the close of stock
market trading , though the two companies had acknowledged they
were in talks . shares of dynegy rose $ 2 . 26 , or 6 percent , to
$ 38 . 76 . enron rose 22 cents to $ 8 . 63 . chevrontexaco rose $ 1 . 90 to
$ 89 . 49 . enron ' s 6 . 4 percent bonds , which mature in 2006 , jumped
to about 76 cents on the dollar , up from 69 cents , traders said .
the combination is expected to be ` ` strongly accretive ' ' to
earnings , dynegy said . it projected earnings of $ 3 . 40 to $ 3 . 50 a
share next year . it had been expected to earn $ 2 . 57 , the average
estimate of analysts surveyed by thomson financial / first call .
third quarter closing
the transaction is expected to close in 2002 ' s third quarter .
the new company will have $ 90 billion in assets , dynegy said .
dynegy ' s stockholders , including chevrontexaco , will have 64
percent of the new company . enron ' s holders will own the rest .
` ` dynegy is taking out a competitor , acquiring some attractive
assets and they ' re doing it at an incredible price , ' ' said joseph
correnti , an analyst at wayne hummer investments who doesn ' t own
shares of either company . enron will pay a
$ 350 million breakup fee if the transaction collapses .
the two houston - based companies began negotiations a week ago
as it became apparent that enron needed cash to stay in business .
watson said he approached lay .
` ` i simply called ken to see if there was anything we could
do to straighten ' ' out rumors of a cash crunch at enron , watson
said . ` ` that next saturday , ken was gracious enough to invite me
over to his home . ' '
dynegy agreed to the terms after moody ' s investors service
maintained an investment grade rating on enron today , eliminating
a stumbling block in negotiations .
cash crunch
moody ' s announcement removed the threat that a junk rating
would force enron to repay early $ 3 . 3 billion in bonds . enron has
been battling a cash crunch and a loss of investor confidence
because of questions about partnerships started by its senior
executives .
enron fired chief financial officer andrew fastow in october
as a securities and exchange commission investigation focused in
on partnerships he headed and helped create . enron estimated
fastow made $ 30 million through partnerships affiliated with the
company .
the sec began the investigation after enron reduced third -
quarter earnings by more than $ 1 billion and said dealings with
two partnerships had lowered shareholder equity by $ 1 . 2 billion .
` ` clearly , ( the partnerships ) created quite a perception
problem for the company , and maybe more serious problems than
that , ' ' lay said on a conference call after the buyout
announcement . ` ` we ' ll see over time . ' '
california opposition
the merger will face opposition from consumer groups ,
especially in california , where energy traders such as dynegy and
enron were blamed for soaring electricity prices that left the
state ' s biggest utility bankrupt and the second - largest fighting
for a government bailout .
` ` we will petition the state attorney general and federal
authorities to block this merger , ' ' said doug heller of the
california - based foundation for taxpayer and consumer rights .
` ` this would further tighten the grip that the unregulated power
industry has over california , and it ' s the grip of the energy
cartel that has choked california for the last year and a half . ' '
energy trading markets ` ` are relatively fragmented ' ' so there
should be no antitrust problems , even though enron and dynegy are
big companies , said robert burka , a washington - based antitrust
attorney with foley & lardner . ` ` enron may well not be a healthy
company going forward ' ' if the merger isn ' t approved , burka said .
enrononline
the combination of the two companies will leave watson with
control of enrononline , an internet energy and commodities trading
site that has done more than $ 880 billion in trades since it was
created in november 1999 .
` ` it ' s not perfectly capturing the value of enron , but if
you ' re on the board at enron at this point , you take it and move
on , ' ' said correnti of wayne hummer investments .
the total value of the stock portion of the transaction
could rise , depending how many enron shares need to be converted
in the stock swap . an enron spokesman said the company had 913
million shares on a fully diluted basis , though a person familiar
with the talks said enron ' s stock price is so low that many common
share equivalents won ' t be converted , leaving the number at 743
million shares .
lehman brothers inc . is dynegy ' s financial adviser on the
transaction . salomon smith barney inc . and j . p . morgan & co . are
advising enron .
- - margot habiby in houston ( 713 ) 353 - 4872
dynegy announces $ 8 billion deal to buy larger rival enron
by juan a . lozano
associated press writer
11 / 09 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - energy marketer dynegy inc . announced friday that it will buy its much larger rival , the once mighty but now troubled enron corp . , for $ 8 billion in stock . dynegy also will assume a hefty $ 15 billion in enron debt .
the announcement came after enron ' s stock price plummeted about 80 percent over the past three weeks because of concerns that the company wasn ' t revealing serious financial problems to shareholders .
under the deal , chevrontexaco corp . , which owns more than a quarter of dynegy , would quickly provide about $ 1 . 5 billion . chevrontexaco also would contribute an additional $ 1 billion upon completion of the deal , the companies said .
" with its market - making capabilities , earnings power and proven strategic approach to wholesale markets , enron is the ideal strategic partner for dynegy , " dynegy chairman and chief executive officer chuck watson said in announcing the purchase .
watson made it clear that he would not tolerate the sort of financial practices that prompted explosive disclosures by enron this week - including an admission that more than half a billion dollars in debt had been kept off the company ' s books .
" as a combined company , we will focus on leveraging our core skill sets and , as always , we will keep a strong balance sheet and straightforward financial structure as key priorities , " watson said .
enron is the country ' s top buyer and seller of natural gas , and the no . 1 wholesale power marketer . the company operates a 25 , 000 - mile gas pipeline system , and also markets and trades metals , paper , coal , chemicals , and fiber - optic bandwidth .
dynegy controls nearly 15 , 000 megawatts of power generating capacity through investments in power projects , and sells the energy in wholesale markets and through utilities .
at a news conference , watson said company officials who negotiated the deal came away convinced that enron was worth buying despite its recent troubles .
" we looked under the hood and , guess what , it ' s just as strong as we thought it was , " watson said .
under the terms of the deal , enron shareholders will receive . 2685 dynegy share for each share of enron common stock , valuing each enron share at $ 10 . 41 . enron has about 775 million common shares , said spokeswoman karen denne .
that represents a 21 percent premium above enron ' s closing price of $ 8 . 63 friday on the new york stock exchange - but still just a fraction of their 52 - week high of $ 84 . 87 . dynegy ' s shares climbed $ 2 . 26 , or 6 percent , to close at $ 38 . 76 on the nyse .
in after hours trading on the nyse , enron shares shot up 15 . 6 percent , or $ 1 . 35 , to $ 9 . 98 . dynegy shares were unchanged .
dynegy ' s stockholders will own approximately 64 percent of the new company , with enron ' s stockholders holding the remainder .
the boards of both companies have unanimously approved the transaction , which is expected to close next summer . the deal is expected to save the combined company between $ 400 and $ 500 million annually because of continued elimination of " non - core " enron holdings and lower operating costs . watson said it was too soon to say if the deal would result in job cuts . enron has about 20 , 000 employees , while dynegy ' s work force is about 6 , 000 .
watson will remain as chairman and chief executive of the combined company , which will retain the dynegy inc . name . dynegy ' s steve bergstrom will continue as president .
enron chairman and chief executive kenneth l . lay will no longer have a role in day - to - day management of the company , but has been offered a seat on the combined company ' s board and will help shepherd the merger through .
dynegy said that greg whalley , the current president and chief operating officer of enron , will become an executive vice president of the new dynegy . he said the merger sets the best course for enron .
" few of the options we considered for our core business going forward provided us with the earning potential and immediate synergies that a merger with dynegy could deliver , " whalley said . " together with enron ' s recently announced bank commitments , this cash infusion gives enron immediate liquidity , which we believe will enable the company to maintain its investment grade credit rating . "
the merger was announced a day after enron acknowledged it overstated earnings by about 20 percent over the past four years and kept large amounts of debt off its balance sheets through business partnerships now under investigation by the securities and exchange commission .
analysts said the merger rescues enron , but leaves dynegy in uncharted territory - with the outcome of the sec investigation completely unknown . " there is still a shroud hanging over enron that now moves over to dynegy , " said carol coale , an analyst with prudential securities .
early friday , moody ' s investors service downgraded enron ' s debt ratings to one level above junk bond status and said the company ' s long - term debt ratings remain under review for further downgrade .
in an sec filing , enron said financial statements from 1997 through the first half of 2001 " should not be relied upon " and that outside businesses run by enron officials during that period should have been included in the company ' s earnings reports .
the revised statements reduced enron ' s profits for those years by $ 586 million , from $ 2 . 89 billion to $ 2 . 31 billion . the revisions also increased the company ' s debt each of the four years , reaching $ 10 . 86 billion - $ 628 million more than previously reported - by the end of 2000 .
keeping the debt off its balance sheets likely ensured enron could maintain a strong credit rating to support expansion of its core businesses - wholesale trading of natural gas and electricity .
but the company ' s stock price started dropping 10 months ago when its high - speed internet unit foundered and enron had trouble collecting money from power customers in india .
the stock price began to free fall after enron announced a $ 618 million third quarter loss , and news of the sec investigation surfaced .
enron responded by firing its chief financial officer and scrambled to get cash and increase credit lines in an attempt to regain investor confidence , but investors dumped enron shares and sent its stock plummeting .
the ousted chief financial officer , andrew fastow , ran some of the partnerships under investigation by the sec .
jeff skilling , enron ' s former chief executive who left in august , has been called to testify before the sec , although it ' s unclear when .
- - -
on the net :
http : / / www . enron . com
http : / / www . dynegy . com
ap graphic dynegy enron
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : update 3 - dynegy to acquire enron for $ 9 bln .
11 / 09 / 2001
reuters english news service
( c ) reuters limited 2001 .
( adds new material from news conference , new analyst comments )
by andrew kelly
houston , nov . 9 ( reuters ) - dynegy inc . agreed on friday to acquire rival enron corp . for some $ 9 billion in stock , underlining the dramatic reversal of fortunes for the houston - based energy trading giant that was valued last year at nearly $ 80 billion .
enron ' s stock fell sharply in the past month due to investors ' concerns about murky transactions that sparked an investigation by u . s . regulators and damaging downgrades by credit rating agencies .
" it ' s an unbelievable ending to an unbelievable story , " said fulcrum global partners analyst michael barbis . " the company that created the industry is gone - it ' s all dynegy now . "
the merged company will retain the dynegy name . it will have annual revenues of more than $ 200 billion and assets worth $ 90 billion , including more than 22 , 000 megawatts of electricity generating capacity and 25 , 000 miles of natural gas pipelines .
it will be north america ' s biggest marketer and trader of natural gas and electricity , positions previously held by enron .
dynegy will control the new 14 - member board , holding 11 of its seats , and the top executive positions .
chevrontexaco corp . , a 26 . 5 percent stakeholder in dynegy , will provide an immediate infusion of $ 1 . 5 billion to keep enron ' s core trading operations afloat and a further $ 1 billion when the deal closes . it will get three board seats .
dynegy ' s watson firmly in control
the deal puts chuck watson , dynegy ' s pioneering chairman and chief executive who has long labored under enron ' s shadow , firmly in charge of the new company .
" it is a great deal for dynegy and , under the circumstances , as a good of a deal as enron could get , " said ubs warburg analyst ron barone .
watson will remain chairman and chief executive of the merged company , while dynegy ' s president , steve bergstrom , and chief financial officer , rob doty , will retain those positions .
greg whalley , president and chief operating officer of enron , will become an executive vice president and will join watson , bergstrom and doty in the office of the chairman .
barbis said that after enron saw its stock fall 75 percent over the last month , cutting its market capitalization by $ 19 billion , the company was left in a weak negotiating position . " at the end of the day they had no choice , " he said .
dynegy will swap 0 . 2685 shares of its own stock for each enron share , valuing houston - based enron at $ 10 . 41 per share , a premium of 21 percent over friday ' s closing price of $ 8 . 63 .
the price is far below a lofty high of $ 90 . 56 set on aug . 23 , 2000 , when enron was riding a wave of investor enthusiasm .
dynegy stockholders will own about 64 percent and enron stockholders will own about 36 percent of the merged company .
regulators probe enron deals
enron had been struggling to overcome a plummeting stock price and credit ratings in the past month following disclosures of off - balance sheet deals now under investigation by the u . s . securities and exchange commission .
enron chairman and chief executive ken lay told a news conference in houston that he would have preferred enron to retain its independence but that this had become impossible in the face of a " consistent barrage of really negative articles " .
" the last three weeks haven ' t been a whole lot of fun , " said lay , adding that he had not yet decided whether to take up watson ' s offer of a seat on the merged company ' s board .
watson said the agreement with enron includes " escape clauses " that would allow dynegy to back out of the deal if any further undisclosed problems were to emerge , but he said he was confident that this would not happen .
" you know , we looked under the hood and guess what ? it ' s just as strong as we though it was , " he said .
watson said he did not expect the merger to run into serious regulatory obstacles .
" regulatory agencies realize that a speedy resolution is important to keep stability in the u . s . energy market . this has got to be resolved , " said ubs warburg analyst barone .
dynegy said it expects the new company to earn $ 3 . 40 to $ 3 . 50 per share in 2002 , an increase of 35 percent , or 90 cents to 95 cents per share , for current dynegy shareholders , before taking into account expected synergies and cost savings .
dynegy estimates annual pretax savings of $ 400 million to $ 500 million as a result of the sale or winding down of non - core businesses in the enron portfolio and other measures .
watson said he did not yet know how many jobs might be cut as a result of combining the two companies .
the merger still requires approval by regulators and both sets of shareholders but is expected to close by the end of the third quarter of 2002 .
lehman brothers was financial advisor to dynegy . j . p . morgan chase and salomon smith barney , a unit of citigroup , were financial advisors to enron .
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron not california ' s largest power supplier , but merger could affect prices
by karen gaudette
associated press writer
11 / 09 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
san francisco ( ap ) - when houston - based dynegy inc . announced friday that it had bought enron , its larger rival for $ 7 . 8 billion shares of stock , some energy traders predicted fluctuating power prices in the coming months throughout the west as the market settles into a new hierarchy with one fewer provider .
" the fragility of the system is such that a small perturbation can turn everything upside down very easily , " said gary ackerman , executive director of the western power trading forum , of which enron is a member . " a week ago i don ' t think many people would have even contemplated this . "
the loss of houston - based enron will " make prices more jumpy and more uncertain and it ' s going to take the market some time to calm down , " ackerman said . should the northwest have a chilly winter , prices could spike with fewer sellers in the market , he said .
and that in turn could affect california ' s pocketbook , though the state buys a negligible amount of electricity from enron , said oscar hidalgo , spokesman for the state department of water resources , which buys electricity for the customers of two financially ailing utilities . hidalgo said the state had a long - term contract with enron earlier this year though the marketer opted out of it after a month .
" they have indicated to us that we were somewhat of a credit risk for them , like many generators at the time , " hidalgo said .
earlier this year , enron attempted to cancel its contract as electricity and natural gas provider to california ' s two public university systems , which spent more than $ 170 million combined last year on the fuels . it was unclear friday what would happen to those contracts .
enron ' s reach in california goes beyond keeping the lights on .
the state ' s retirement pension fund owns 3 million shares of enron stock - about 1 percent of its total investments - said calpers spokeswoman pat macht . the calpers board will meet next week to discuss the situation , she said .
" i can only say at this point that we were as surprised and shocked as the rest of the world was about what has been going on there and we ' re assessing our options , " macht said .
enron corp . ' s outspoken support for deregulation of the country ' s electricity markets sparked resentment in california as rolling blackouts swept through earlier this year , although the energy marketer is not one of california ' s largest power providers .
some felt the financial downfall of the nation ' s top buyer and seller of natural gas and major electricity seller was justified .
" the principles of karma seem to be working here , " said harvey rosenfield , founder of the santa monica , calif . - based consumer advocacy group the foundation for taxpayer and consumer rights . " here enron was one of the chief proponents of deregulation and took advantage of it and benefitted enormously and now is reaping the consequences . "
earlier this year , california attorney general bill lockyer subpoenaed enron ' s electricity trading records as he sought to prove the state was the victim of price gouging which led officials to spend more than $ 9 billion buying electricity for the customers of two financially troubled utilities . enron repeatedly denied all accusations of market manipulation .
enron , the nation ' s top buyer and seller of natural gas and the top wholesale marketer in the united states , had become one of the nation ' s 10 largest companies , recording revenue of $ 100 . 8 billion in 2000 .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy - enron merger could mean name change for enron field
by kristen hays
associated press writer
11 / 09 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - the houston astros ' stadium won ' t be nicknamed " home run field " much longer .
houston - based energy marketer dynegy inc . announced friday that it will buy enron corp . , the $ 100 million namesake of the astros ' ballpark . the companies will operate independently until the deal closes , possibly next summer .
the new company will keep dynegy ' s name and lose enron ' s - and houston ' s $ 251 million ballpark could see the same change , astros owner drayton mclane jr . said .
mclane said the team ' s 30 - year naming rights agreement with enron allows another company to give the ballpark a new name in case of a merger . the astros have the right to approve or reject a change .
" we want to work with ( dynegy chairman and chief executive ) chuck watson and we look forward to working with dynegy , " mclane said .
watson said the ballpark name wasn ' t an issue as the companies hammered out the merger agreement this week .
" quite honestly , it has not come up , " watson said friday . " this is about two strong companies going forward . it is something we will have to deal with in the months coming up . "
since opening before the 2000 season , enron field has become known as one of the best parks for hitters in the majors . there have been 496 homers hit in enron the past two years , 19 percent more than in astros road games .
coincidentally , houston ' s other company - named sports facility also is in question . the corporate namesake of the compaq center basketball / hockey arena , compaq computer corp . , is being bought by hewlett - packard co .
enron field wouldn ' t be the first venue to change names because of a merger or other corporate decision by the naming - rights owner .
corestates arena , home to the philadelphia 76 ers and the philadelphia flyers , became first union arena when first union corp . acquired corestates financial corp . in 1998 .
marine midland arena in buffalo , n . y . , became hsbc arena last year because marine midland in 1999 changed its name to hsbc bank usa as part of a global branding strategy .
such changes are inevitable when 61 major league sports facilities bear corporate names in an age of many mergers and acquisitions , said dean bonham of the bonham group in denver , a sports and entertainment marketing firm .
" mergers and acquisitions had no effect on the sports industry just 10 years ago , " he said . " today they can have a significant affect on the community beyond the direct impact on the company itself . "
enron chairman and chief executive ken lay , who said friday he had been invited to serve on the new company ' s board of directors , helped create enron field before buying its name .
by 1996 mclane had determined it was time to move from the once - futuristic though aging astrodome , and threatened to sell part of the team and move to virginia unless a new ballpark was built in houston .
that year lay put together a consortium that provided a $ 34 . 7 million no - interest loan to buy the land in downtown houston and subsidize the 42 , 000 - seat ballpark ' s construction costs .
enron also manages the ballpark ' s mechanical and electrical equipment and energy services which officials said would earn up to $ 200 million over 30 years . mclane said dynegy likely would continue that deal .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy buy of enron valued at $ 23 b - $ 24 b with debt
by michael rieke and erwin seba
of dow jones newswires
11 / 09 / 2001
dow jones news service
( copyright ( c ) 2001 , dow jones michael . rieke @ wsj . com ; and erwin seba , 713 - 547 - 9214 , erwin . seba @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
chronology of enron corp . ' s history
11 / 09 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - a look at the history of enron corp . :
july 1985 - houston natural gas merges with internorth , a natural gas company based in omaha , neb . , to form the modern - day enron , an interstate and intrastate natural gas pipeline company with approximately 37 , 000 miles of pipe .
1989 - enron begins trading natural gas commodities . over the years , the company becomes the largest natural gas merchant in north america and the united kingdom .
june 1994 - enron north america trades its first electron . enron goes on to become the largest marketer of electricity in the u . s .
january 1997 - enron unveils a new logo and its first global advertising campaign . the company also acquires zond corp . , a leading developer of wind energy power . the acquisition results in the formation of enron renewable energy corp .
august 1997 - enron announces its first commodity transaction using weather derivative products . enron goes on to market coal , pulp , paper , plastics , metals and bandwidth .
april 1999 - enron agrees to pay $ 100 million over 30 years for the naming rights to houston ' s new ballpark , enron field . the astros also sign a 30 - year facilities management contract enron energy services .
june 1999 - enron energy services transacts its first billion - dollar deal with suiza foods .
november 1999 - enron launches enrononline , the first global web - based commodity trading site .
january 2000 - in a fortune survey , enron was named " the most innovative company in america " for the fifth consecutive year and is ranked no . 24 among the " 100 best companies to work for in america . "
march 2000 - the energy financial group ranks enron the 6 th largest energy company in the world .
may 2000 - enron and strategic investors , ibm and america online , launch the new power company , the first national energy service provider for residential and small businesses in deregulated u . s . energy markets .
august 2001 - enron chief executive officer jeff skilling resigns after running the company for just six months . chairman and former ceo ken lay resumes his position atop enron .
october 16 , 2001 - enron reports a $ 638 million third - quarter loss and discloses a $ 1 . 2 billion reduction in shareholder equity , partly related to partnerships run by chief financial officer andrew fastow .
oct . 22 , 2001 - enron acknowledges securities and exchange commission inquiry into a possible conflict of interest related to the company ' s dealings with those partnerships .
oct . 24 , 2001 - enron ousts fastow .
oct . 27 , 2001 - enron taps into more than $ 3 billion in credit in an effort to boost confidence of investors and customers .
oct . 31 , 2001 - enron announces the sec inquiry has been upgraded to a formal investigation . enron creates special committee headed by university of texas law school dean william powers to respond to the investigation .
nov . 1 , 2001 - enron secures $ 1 billion in new financing , using its natural gas and pipeline assets as collateral .
nov . 6 , 2001 - enron ' s stock price drops below $ 10 a share - down from a 52 - week high of $ 84 . 87 on dec . 28 , 2000 - after reports the financially troubled energy trader was seeking additional financing to shore up confidence .
nov . 8 , 2001 - enron files documents with sec revising its financial statements for past five years to account for $ 586 million in losses .
nov . 9 , 2001 - dynegy inc . announces an agreement to buy its much larger rival enron for $ 7 . 8 billion in stock .
copyright ? 2000 dow jones & company , inc . all rights reserved .
fitch takes rating action on enron the reduction of leverage at the new company from chevrontexaco ' s equity commitment ; the aggressive downsizing and exiting of non - core operations ; potential cost savings through the merger , conservatively estimated at $ 500 million annually ; and the market strength of the merged company , particularly as it relates to enron ' s and dynegy holdings ' north american wholesale marketing and trading franchises .
the following ratings are impacted by today ' s rating action :
enron
- - ` bbb - ' senior unsecured debt ;
- - ` bb ' subordinated debt ;
- - ` b + ' preferred stock ;
- - ` f 3 ' commercial paper .
northern natural gas co .
transwestern pipeline co .
- - ` bbb - ' senior unsecured debt .
dynegy inc .
- - ` bbb ' implied senior unsecured debt rating .
dynegy holdings inc .
- - outstanding ` bbb + ' senior notes .
dynegy capital trust i
- - outstanding ` bbb ' trust preferred securities .
contact : fitch , new york ralph pellecchia , 212 / 908 - 0586 robert grossman , 212 / 908 - 0535 hugh welton , 212 / 908 - 0746
18 : 40 est november 9 , 2001
copyright ? 2000 dow jones
chevrontexaco holds warrants to increase investment
san francisco , nov . 9 / prnewswire / - - chevrontexaco corp . ( nyse : cvx ) today announced that it has committed $ 2 . 5 billion of new equity in dynegy inc . ( nyse : dyn ) in support of dynegy ' s planned merger with enron ( nyse : ene ) .
chevrontexaco , which currently owns approximately 26 percent of dynegy ' s outstanding common stock , immediately will invest $ 1 . 5 billion in convertible preferred shares in dynegy in order to fund dynegy ' s equity infusion into enron . the $ 1 billion balance of chevrontexaco ' s equity purchase of dynegy common stock would be made upon the closing of the dynegy - enron merger . these investments will be made at a significant discount to dynegy ' s closing price today .
following the closing of the merger , which is subject to regulatory reviews and enron and dynegy shareholder approval , chevrontexaco would hold approximately 26 percent of dynegy ' s outstanding common stock , and would maintain its three seats on the dynegy board of directors .
under terms of its agreement with dynegy , chevrontexaco will be granted warrants to purchase an additional $ 1 . 5 billion of dynegy common stock over a period of up to three years from the completion of the merger . " our equity interest in dynegy is highly complementary to our larger portfolio of assets and activities , and reflects our strategy to participate in the growing energy convergence marketplace , including wholesale and retail marketing , and trading of energy products and services , " said david j . o ' reilly , chairman and chief executive officer of chevrontexaco . " our relationship with dynegy has proven to be highly beneficial for both companies , and we are optimistic we will continue to see comparable or better performance in the future .
" this additional investment in dynegy , which is expected to be immediately accretive to chevrontexaco , underscores our belief in the long - term value potential of this sector . we have additional upside through our warrants . we have confidence in the dynegy leadership team , headed by chuck watson , to bring a disciplined management approach to this complex business and to build a larger and more profitable company through this merger . we are also hopeful that the combination of dynegy and enron will restore market and credit confidence in this important energy sector , " o ' reilly continued .
in the event that the merger between dynegy and enron is not completed , chevrontexaco can redeem its convertible preferred shares for $ 1 . 5 billion in cash or convert to common shares . in the latter event , chevrontexaco would own an approximate 36 percent equity interest in dynegy .
" we believe this expanded investment offers us an opportunity to create greater value and provide significant upside potential for chevrontexaco shareholders as dynegy strengthens its leadership position in this sector , " o ' reilly said . " through our membership on the dynegy board , we will continue our active role in the strategic direction of the company . "
private securities litigation reform act safe harbor statement
except for the historical and present factual information contained herein , the matters set forth in this press release , including statements as to the creation of greater value for stockholders , expected benefits of the merger of dynegy and enron , and other statements identified by words such as " anticipates , " " expects , " " projects , " " plans , " and similar expressions are forward - looking statements within the meaning of the " safe harbor " provisions of the private securities litigation reform act of 1995 . these forward - looking statements are not guarantees and are subject to risks and uncertainties that may cause actual results to differ materially , including the possibility that the anticipated benefits from the merger and chevrontexaco ' s investment in dynegy cannot be fully realized , the possibility that costs or difficulties related to the merger will be greater than expected , and the impact of competition and other risk factors relating to our industry as detailed from time to time in chevrontexaco ' s periodic reports filed with the sec .
make your opinion count - click here
/ contact : media , fred gorell , + 1 - 415 - 894 - 4443 , or investors , pierre breber , + 1 - 415 - 894 - 9376 , both of chevrontexaco corp . / 18 : 39 est
copyright ? 2000 dow jones & company , inc . all rights reserved . | 0 | ham | enron mentions - 11 / 09 / 01 - 11 / 10 / 01 | rival to buy enron , top energy trader , after financial fall
the new york times , 11 / 10 / 01
regulators struggle with a marketplace created by enron
the new york times , 11 / 10 / 01
companies & finance international - dynegy agrees to $ 7 . 8 bn rescue bid for enron .
financial times , 11 / 10 / 01
companies & finance - international - accountancy put back under the spotlight .
financial times , 11 / 10 / 01
lex column - layed to rest .
financial times , 11 / 10 / 01
companies energy giant was forced to negotiating table after disclosing that it had overstated earnings
the washington post , 11 / 10 / 01
the nation news analysis a visionary fallen from grace
los angeles times , 11 / 10 / 01
dynegy timeline
houston chronicle , 11 / 10 / 01
power play / enron timeline
houston chronicle , 11 / 10 / 01
power play / enron had been a political heavyweight / critics decried influence of ken lay in white house
houston chronicle , 11 / 10 / 01
power play / sale suddenly switches office outlook downtown
houston chronicle , 11 / 10 / 01
power play / enron field name may fall as quickly as energy empire
houston chronicle , 11 / 10 / 01
market forces : worries over royal bank ' s enron exposure
the guardian , 11 / 10 / 01
dynegy snaps up enron for $ 9 . 5 bn
the times of london , 11 / 10 / 01
uk jobs on the line
daily mail , 11 / 10 / 01
dynegy to get prime downtown real estate in enron deal
associated press newswires , 11 / 10 / 01
enron india pwr unit sale faces review after dynegy deal
dow jones energy service , 11 / 10 / 01
talks to salvage multibillion dollar enron india project goes into third day
associated press newswires , 11 / 10 / 01
all eyes in electric industry on texas as deregulation nears
associated press newswires , 11 / 10 / 01
enron says it ' s too soon to quantify u . k . job cuts ( updatel )
bloomberg , 11 / 10 / 01
dynegy to buy enron for $ 23 billion in stock , debt ( update 9 )
bloomberg , 11 / 09 / 01
dynegy announces $ 8 billion deal to buy larger rival enron
associated press newswires , 11 / 09 / 01
usa : update 3 - dynegy to acquire enron for $ 9 bln .
reuters english news service , 11 / 09 / 01
enron not california ' s largest power supplier , but merger could affect prices
associated press newswires , 11 / 09 / 01
dynegy - enron merger could mean name change for enron field
associated press newswires , 11 / 09 / 01
dynegy buy of enron valued at $ 23 b - $ 24 b with debt
dow jones news service , 11 / 09 / 01
chronology of enron corp . ' s history
associated press newswires , 11 / 09 / 01
fitch takes rating action on enron section a
rival to buy enron , top energy trader , after financial fall
by alex berenson and andrew ross sorkin
11 / 10 / 2001
the new york times
page 1 , column 2
c . 2 new york times company
with its stock plunging and its finances in doubt , the world ' s largest energy trader , the enron corporation , agreed to be acquired yesterday by the rival dynegy inc . for about $ 9 billion in stock and the assumption of $ 13 billion in debt .
the deal is an extraordinary turnabout for enron , a houston - based company that had been a driving force behind electricity deregulation nationwide .
its chairman , kenneth l . lay , a big contributor to the republican party , provided political influence , while its former chief executive , jeffrey k . skilling , helped create markets for the trading of electricity and natural gas . but last winter , when california ' s effort to deregulate the electricity market led to soaring power prices and rolling blackouts , enron was the subject of much criticism and political anger .
recent disclosures of discrepancies in enron ' s financial statements and an investigation by the securities and exchange commission caused the shares to plunge this week to their lowest level in a decade . as other companies became wary of doing business with it , enron - - also facing a potential cash squeeze - - apparently had little choice but to find a buyer , and a deal was hastily cobbled together this week .
for critics who had complained about enron ' s market power and its dominance , the combination poses additional concerns . dynegy ' s acquisition of enron will be reviewed by state and federal agencies , led by the justice department and the federal energy regulatory commission . analysts said today that they expected scrutiny of the combined companies ' holdings in california , where dynegy owns power - generating plants and enron accounts for much of the trading of natural gas - - fuel for the state ' s electric power plants .
buying enron at a deep discount - - it has lost $ 60 billion in market value this year - - could make dynegy the dominant trader of electricity and natural gas . but the agreement carries big risks as well . along with enron ' s gas pipelines and high - technology trading floor , dynegy will take on enron ' s substantial debt and a web of complex transactions that enron has spun over the last decade .
in addition to the $ 13 billion in debt that enron carries on its books , it has guaranteed at least $ 4 billion in off - balance sheet loans , and the hidden debt could total as much as $ 10 billion , said carol coale , a stock analyst with prudential securities .
charles l . watson , dynegy ' s chairman and chief executive , said yesterday that dynegy could sort through enron ' s tangled finances . ' ' we know the company well , ' ' mr . watson said . ' ' it ' s not like we just started fresh . i ' m confident that it ' s as solid as we thought it was . ' '
the new company will combine enron ' s 25 , 000 - mile natural gas pipeline system with the large number of power plants that dynegy owns worldwide , as well as illinois power , a dynegy subsidiary that serves 650 , 000 customers in illinois . but its most important asset will be its trading desk . it will be the largest energy trader in the nation , trading more than twice as much power and natural gas as its closest competitors .
mr . watson said the company did not expect to sell significant properties and that the deal should pass regulatory scrutiny . ' ' there ' s really not a lot of overlap in assets , ' ' he said .
mr . watson and steve bergstrom , dynegy ' s president , will hold those positions in the new company , which will be called dynegy and remain in houston . mr . lay , who created enron in the mid - 1980 ' s , will not have any role in the combined company ' s daily operations . he has been asked to join its board but has not provided an answer . ' ' the last three weeks haven ' t been a lot of fun , ' ' he said .
in a statement announcing the agreement yesterday afternoon , mr . watson said he was confident that the merger would produce a strong new company . ' ' enron is the ideal strategic partner for dynegy , ' ' mr . watson said . ' ' we will keep a strong balance sheet and straightforward financial structure as key priorities . ' '
to shore up enron ' s finances , dynegy will immediately put $ 1 . 5 billion into enron through chevrontexaco , the giant oil company , which already owns 27 percent of dynegy . another billion dollars will be injected once the deal is completed .
investors appeared comfortable yesterday that dynegy could make the deal work . after falling $ 3 , to $ 33 , on wednesday , when the companies first said they were in discussions , dynegy rose $ 5 . 76 on thursday and yesterday to close the week at $ 38 . 76 .
' ' on paper , it works , ' ' ms . coale of prudential said . ' ' the combined company would be the leading trader , the market leader in most of their businesses . ' ' ms . coale , who has a sell rating on enron and a buy rating on dynegy , said she planned to keep her buy rating on dynegy .
as it works to have the deal approved , dynegy will have to persuade enron ' s traders to stay with the combined company . the pain of the stock ' s 90 percent plunge this year will not be equally shared . some enron employees have held onto their shares and seen their retirement accounts eviscerated . meanwhile , mr . lay , mr . skilling and other former and current executives sold hundreds of millions of dollars in enron stock in 2000 and this year .
the companies also have very different corporate cultures . dynegy emphasizes teamwork , while enron is more competitive , said ehud ronn , director of the center for energy finance education and research at the university of texas . even before the merger was announced , enron had lost some of its employees to other energy trading companies , mr . ronn said .
some investors and analysts say that the problems with enron ' s finances may extend beyond the partnerships that have been the subject of wall street ' s scrutiny the last month . james chanos , a short - seller who has been one of enron ' s most vocal critics , said there was increasing evidence that enron ' s energy trading operations were not as profitable as the company had said . ' ' there appears to be a culture at enron of aggressively booking profits and deferring or obscuring losses , ' ' mr . chanos said .
on thursday , enron said in a filing with the s . e . c that it had overstated its earnings by almost $ 600 million over the last five years . mr . chanos said more restatements were possible , noting that the filing disclosed partnerships had been used to hedge almost $ 1 billion in losses in 2000 and this year . so far , the losses from those partnerships remain off enron ' s financial statements , mr . chanos said .
enron ' s stock had been under pressure for most of this year , as the company ran up large losses with failed efforts to expand outside its core trading operation . in august , mr . skilling resigned as chief executive , and mr . lay resumed control of daily operations .
still , the company appeared financially sound until last month , when it disclosed that its shareholders ' equity , a measure of the company ' s value , dropped by $ 1 . 2 billion because of deals disclosed only hazily in its financial statements . the announcement unnerved investors , who wondered whether enron had found ways to inflate its profits and move debt off its balance sheet , and led the s . e . c . to begin an investigation .
mr . lay tried to reassure investors that enron ' s finances were in order and that its businesses remained strong . but the last three weeks have brought a series of damaging revelations about partnerships that enron formed with some of its top executives , including its former chief financial officer , andrew s . fastow .
with questions mounting , the major credit - rating agencies began to downgrade enron ' s debt , putting additional pressure on the company . if enron ' s debt rating falls below investment grade , it would be forced to repay $ 3 . 3 billion in loans that it had guaranteed .
to strengthen its balance sheet and bolster its stock , enron turned to big investors like warren e . buffett in search of billions of dollars of financing . when the financing did not quickly appear , its stock fell further .
by this week , some major energy traders were refusing to extend credit to enron , worrying that the company would be unable to make good on its contracts . the mirant corporation , an atlanta - based power plant owner and electricity trader , sharply curtailed its trading with enron this week . ' ' we ' re trading with them on a very limited basis , ' ' said james peters , a mirant spokesman . ' ' it ' s not business as usual . ' '
on wednesday , enron ' s stock fell as low as $ 7 a share , its lowest level in more than a decade . that day , news of the enron and dynegy talks leaked out .
by late wednesday , the boards of the two companies had tentatively agreed to a deal . but dynegy refused to go ahead until it learned whether enron ' s credit rating would remain investment grade and was comfortable with the effect of the deal on its own rating . the deal moved forward yesterday after dynegy was assured enron ' s debt was not in danger of being lowered to junk status soon after the deal was announced , according to company officials .
dynegy and enron had provided standard & poor ' s and moody ' s investors service , the main credit agencies , with statements showing them what a combined company might look like and asked the ratings agencies for an expedited review of the transaction , mr . watson said .
under the deal , enron shareholders will receive 0 . 2685 share of dynegy stock for each enron share , or $ 9 . 80 based on dynegy ' s closing price on thursday . enron ' s stock gained 22 cents yesterday , to $ 8 . 63 .
' ' i never thought our stock price would be at this level , ' ' mr . lay said yesterday .
enron ' s shareholders will own only 36 percent of the combined company , and dynegy will name at least 11 members of the company ' s 14 - member board .
if the deal falls apart , enron or dynegy will have to pay a breakup fee of $ 350 million .
to protect dynegy ' s and chevrontexaco ' s cash infusion , the money will go to an enron unit that owns the northern natural gas pipeline . if the merger is not completed , dynegy will have the right to buy the unit .
an army of bankers and lawyers advised the companies . lehman brothers inc . acted as financial adviser and baker botts and akin , gump , strauss , hauer & feld acted as counsel for dynegy . j . p . morgan & company and salomon smith barney acted as financial advisers for enron , and vinson & elkins and weil gotshal & manges acted as the company ' s counsel . pillsbury winthrop served as counsel to chevrontexaco .
chart : ' ' a marriage of strength and weakness ' ' a merger of enron and dynegy would bring together two of the country ' s biggest energy companies - - and save enron from potential collapse . graph tracks the weekly closes of enron shares from 1999 through 2001 . top north american gas marketers sales , of billion cubic feet per day * enron : 24 . 6 reliant : 13 . 2 duke energy : 12 . 8 bp : 12 . 3 mirant : 11 . 8 dynegy : 10 . 9 top north american power marketers sales , of million megawatt hours * enron : 212 . 5 american electric power : 134 . 5 duke energy : 118 . 1 reliant resources : 86 . 1 pg simmons natural gas week ) ( pg . c 2 )
copyright ? 2000 dow jones section c
regulators struggle with a marketplace created by enron
by jeff gerth with richard a . oppel jr .
11 / 10 / 2001
the new york times
page 1 , column 2
c . 2001 new york times company
washington , nov . 9 - - for years , the enron corporation used its political muscle to build the markets in which it thrived , pushing relentlessly on capitol hill and in bureaucratic backwaters to deregulate the nation ' s natural gas and electricity businesses .
its achievement , as one enron executive said today , in creating a ' ' regulatory black hole ' ' fit nicely with what he called the company ' s ' ' core management philosophy , which was to be the first mover into a market and to make money in the initial chaos and lack of transparency . ' '
now , wall street ' s dissatisfaction with enron ' s secretive ways has delivered the company into the arms of its much smaller houston rival , dynegy inc . , in a deal worth about $ 9 billion in stock and the assumption of $ 13 billion in debt . the combination of the two companies , energy experts and lawmakers said today , poses a novel set of challenges for regulators still struggling to grasp the complexities of the marketplace that enron invented .
' ' we ' re in a supersonic - speed era of electronic trading with a horse - and - buggy - era regulatory system to protect consumers , ' ' said representative edward j . markey , a massachusetts democrat who has devised legislation to close the regulatory gap .
dynegy ' s acquisition of enron is expected to be reviewed by numerous state and federal agencies , led by the justice department , the federal trade commission and the federal energy regulatory commission .
analysts said today that sharp scrutiny would be given to the combined companies ' holdings in california , where dynegy owns generating plants and enron controls a large part of the market for trading natural gas - - the fuel for a big share of the state ' s electric power plants .
' ' dynegy would now have a greater ability to take the dominant position in gas and raise the price of electricity , ' ' said frank wolak , a professor of economics at stanford university .
mr . wolak , a consultant to the justice department on a 1999 antitrust case that led to limits on another merger of electricity and natural gas companies in southern california , said he was skeptical that regulators were up to the task of reviewing today ' s deal .
the transaction ' ' is something the department of justice needs to look at , and they are going to have a hard time looking at , ' ' mr . wolak said . ' ' and it ' s beyond the ability of the f . e . r . c . to look at . ' '
pat wood - - named chairman of the federal energy commission earlier this year with the backing of kenneth l . lay , the chairman of enron - - acknowledged in an interview today that the agency had ' ' a long way to go ' ' in matching the sophistication of the companies it regulates .
but he said that the commission had made great strides in grappling with the new risk management techniques pioneered by enron , dynegy and other energy companies . it is hiring more experts , he said , adopting more restrictive rules on how much ' ' market power ' ' one party can control and requiring more disclosure of certain energy transactions .
in an interview this evening , charles l . watson , the chairman of dynegy , said he did not believe that regulators reviewing the deal with enron would require the sale of any assets . ' ' we haven ' t really identified any pitfalls that require any sort of asset divestiture , ' ' he said . ' ' there ' s not really any overlap . ' '
a senior executive at one of enron ' s largest energy - trading rivals disagreed . ' ' i don ' t think this deal gets through unscathed , ' ' he said today . ' ' i ' m sure the justice department and the f . t . c . will look closely at the pretty substantial concentration of market power these companies will have in the energy - trading area . ' '
enron is mainly a trader of natural gas and electricity - - indeed , the biggest player in both those markets - - and it also owns a network of gas pipelines . dynegy processes and sells natural gas and generates and sells electricity . each company owns a local electric utility , too : dynegy owns illinois power in decatur , ill . , while enron owns portland general electric in portland , ore . , but last month announced plans to sell it to another oregon utility .
for a decade , as it transformed itself from a gas pipeline operator into the nation ' s biggest energy trader , enron enjoyed unalloyed lobbying success in washington and the enthusiastic backing of wall street .
in the early months of the bush administration , mr . lay - - whose company was one of the biggest financial backers of george w . bush ' s presidential campaign - - played a prominent , and some said unusual , role in helping the white house pick nominees to the federal energy commission . enron executives met with vice president dick cheney , whose energy task force backed many of the deregulatory initiatives pushed by mr . lay .
now , ' ' the company has become a pariah , ' ' an enron executive said today . ' ' the bush administration doesn ' t want to have anything to do with us . ' '
the problems began with the energy crisis in california , where enron ' s outspoken defense of deregulation , even more than its electricity trading activities , made the company a favorite whipping boy of politicians and consumer advocates . in the financial markets , meanwhile , enron ' s confusing disclosures , tolerated when its stock was soaring , drew disdain as the calming of the energy storms in california and other parts of the country beat the shares down , starting last spring .
' ' enron fell victim to their own inconsistencies on transparency , ' ' mr . wolak said . as california officials sought to understand why energy prices had soared out of control , he said , enron ' s ' ' view was that we want everybody ' s data , but if you want ours , get a subpoena . ' '
energy executives and regulators said that sort of arrogance had long marked enron ' s attitude about government oversight .
electricity sales had for decades been the job of local utility companies , operating as monopolies and selling power at regulated rates within their service areas . a few entrepreneurs , led by mr . lay , conceived a different model in which power could be sold by generators or middlemen to big corporate users or utilities in faraway regions , at whatever price the market would bear .
in the early 1990 ' s , congress - - under heavy lobbying by enron - - passed legislation that began to open up electricity sales to marketers . before long , enron became one of the first companies to receive government approval to sell electricity at market rates . the market for interstate sales of natural gas had been freed up a few years earlier , and critics complained that traders like enron were gleaning their profits by stoking volatility in gas prices .
in the mid - 1990 ' s , independent gas producers backed legislation in congress to allow the creation of a co - operative marketing organization , which , they hoped , would have helped stabilize prices .
raymond plank , the chairman of the apache corporation , a gas producer based in houston , said that the big gas marketing and trading companies , including enron , successfully lobbied to kill the plan , leaving prices as volatile as ever .
' ' it was a great concept , ' ' mr . plank said . ' ' we could have headed off the problems we have today . ' '
enron ' s final lobbying success came last year . with a strong push from the company ' s lobbyists , congress passed futures trading legislation that exempted internet energy trading platforms like enrononline , the industry leader , from oversight by the commodity futures trading commission . enron takes the other side of trades on its exchange . in traditional markets like the new york mercantile exchange , which remain subject to oversight , the exchange acts as a middleman between buyers and sellers .
under mr . watson , dynegy has been less of a pathbreaker than enron , and though california politicians denounced it , too , as a profiteer during the energy crisis , most analysts say it has been less aggressive than enron in both its business practices and its lobbying .
indeed , the rival energy - trading executive today predicted ' ' a huge culture clash ' ' as the houston neighbors merge . ' ' blood will flow in houston over the integration of the trading operation , ' ' he said .
but regulators may find dynegy easier to deal with .
earlier this year , the federal energy commission asked for comments on whether it should tighten scrutiny of dealings between natural gas pipelines and energy - trading shops owned by the same company .
enron wondered what all the bother was . ' ' would stricter rules prevent real affiliate abuse that current rules do not , ' ' it wrote in a regulatory filing , ' ' or would they instead merely restrict the activities of some of the more successful participants in the marketplace ? ' '
dynegy , by contrast , painted a grim picture and invited regulators to crack down . ' ' abuses abound , ' ' it said , ' ' because of financial windfalls , difficulty of detection , lengthy investigations and increased complexity of the market . ' '
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companies in return chevrontexaco will be granted rights over $ 1 . 5 bn of dynegy stock .
jp morgan chase and citigroup demanded similar security for a $ 1 bn loan extended this month .
moody ' s investors service cut its rating on enron ' s senior unsecured debt yesterday morning from baa 2 to baa 3 - just one notch above junk status . any deeper downgrade would have forced enron to sell stock to cover about $ 3 . 3 bn of obligations , and could have deterred dynegy . moody ' s kept the ratings under review for further downgrades , given " the potential for increased margin requirements from counterparties " .
however , the agency said it would treat a substantial capital injection as " a stabilising event " . the deal is likely to face intense regulatory scrutiny , given the large share the combined companies would have in the energy markets .
the bid represents a reversal of fortune for enron , which will effectively be humbled by its smaller houston rival . however , some analysts expressed reservations , as enron faces a securities and exchange commission inquiry into off - balance sheet transactions , and a restatement of its accounts has yet to clear up questions about the true state of its financial dealings .
carol coale , of prudential securities , said : " we believe that either dynegy had material exposure to enron ' s trading contracts or that it is trying to rescue its competitor by saving the liquidity in the commodities markets . "
reporting by andrew edgecliffe - johnson and robert clow in new york , sheila mcnulty in houston and peter thal larsen in london . . see lex .
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companies & finance - international - accountancy put back under the spotlight .
by adrian michaels and richard waters .
11 / 10 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
arthur andersen , enron ' s auditor , is understood to have approved the controversial off - balance sheet arrangements that lie at the heart of the energy company ' s decision to overhaul its accounts earlier this week .
however , in at least one case the auditor may not have been given full information , while the involvement in the disputed transactions of four people employed by enron has only recently come to light . andersen has already been hit by lawsuits from enron shareholders filed in oregon and harris county , texas - a popular venue among plaintiffs ' lawyers given its history of big jury awards .
the legal actions are the latest blow to an auditing profession still reeling in the aftermath of a series of accounting scandals that have blown up in recent years . on wednesday , waste management said andersen would pay $ 20 m to settle a suit brought by shareholders in the trash hauler alleging professional malpractice . the securities and exchange commission has already agreed a $ 7 m settlement with andersen over the alleged audit fraud .
the enron actions could also turn out to be one of the first tests of new auditor independence rules set by the sec . the energy company paid andersen $ 25 m for its audit last year and $ 27 m for other services .
an andersen spokesman refused to comment on whether the auditor had vetted the complex off - balance sheet arrangements used by enron to manage its trading risks and offload debt . however , he added : " we do help companies understand accounting rules and how to apply them . "
in a regulatory filing on thursday , enron indicated that its decision to restate its accounts to include two off - balance companies was based on " current information " , suggesting that full details had not been available before .
however , a third accounting change was based on a new " assessment " , enron said , raising questions about the auditor ' s earlier judgement .
under the previous commissioner arthur levitt , the sec attacked companies that indulged in " earnings management " and accountants who suffered from conflicts of interest between audit and consulting work . the accounting firms say audit and consulting work can co - exist .
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lex column - layed to rest .
11 / 10 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
being in the business , dynegy should have a better idea than other possible buyers of what it is taking on . presumably it has been given a fuller and franker explanation of enron ' s off - balance - sheet mess than its investors , but it can scarcely have been able to carry out what normally counts as due diligence .
moody ' s decision and s & p ' s indecision meant enron kept its investment grade and seems to have got the deal done . do ratings agencies really provide independent analysis at these times ? if dynegy injects $ 1 . 5 bn of cash up front , courtesy of chevron texaco and secured on the pipeline assets , that averts the immediate crisis . an exchange ratio of 0 . 27 would value enron ' s stock at $ 8 bn . at about $ 10 . 67 a share that is a 27 per cent premium , but more pertinently compares with $ 34 on the eve of the october earnings call and $ 83 on new year ' s day . there are no rivals for this year ' s prize for shareholder value destruction . others have gone , but did ken lay , enron chief executive , know what was going on ? whatever the answer , it reflects poorly on him .
the merger raises antitrust questions . dynegy might be a fifth of enron ' s size , but it is the second biggest energy trader . but while enron has few friends in the public markets it still has some in high places . dynegy ' s offer puts a floor beneath enron ' s share price . paying bottom dollar provides some insurance for its shareholders . as more emerges on the financial structure and the state of the core trading business , the question is whether those who declined the opportunity start to take an interest or pat themselves on the back .
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companies & finance international - company troubles leave houston with a problem .
by sheila mcnulty .
11 / 10 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
companies continental has had to lay off 12 , 000 employees ; and energy trader enron has gone from being the leader of houston ' s business community to its biggest liability .
the fourth most populous city in the us is reeling from the latest demise among its corporate citizens .
" it ' s a body blow , " says charlie savino , executive vice - president of the greater houston partnership , a business organisation .
enron is not only one of the city ' s biggest employers ; it has led the redevelopment of downtown houston , making it somewhere pleasant to live for the first time in decades .
at the centre of its efforts is the enron field , which the company financed to bring professional baseball - and its fans - back into the city centre .
on the periphery are enron ' s contributions to houston ' s social development .
the company matches all employee donations made to non - profit organisations , for up to $ 15 , 000 per employee , per year .
it also makes donations to non - profit organisations for which its employees offer their time .
kenneth lay , enron chief executive , has long been the " go - to guy " to get something done in houston .
enron ' s status brought houston status ; as the biggest energy trader in the us , it made the city the centre of energy trading . enrononline , its internet trading platform , has drawn some of the brightest minds to the city to work on what has become the world ' s biggest web - based transaction system .
enron was so secure in its standing that it was building a new 40 - storey office building adjoining its 50 - storey tower .
beside that , bulldozers and cranes have been putting the finishing touches to a massive new parking garage .
employees had just started to move into the new towers when a series of disclosures about enron ' s financial position began to undermine the company and send investors fleeing for cover .
enron staff , once known for being both brilliant and arrogant enough to prove it , are coping with their dramatic reversal in status in a wide variety of ways .
as they left work yesterday , many brushed by in their smart - casual polo shirts and khakis , refusing to say a word about what was unfolding .
one man , looking exhausted , braved a grin and said : " just keep smiling . the world goes on . companies go through problems all the time , just like we do in personal life . "
one woman felt she had to laugh at the irony : she moved to enron last year to protect herself from job losses in the more traditional energy businesses . at that time , enron was considered the safest place to be in the industry .
that dynegy , another houston - based energy trader , has emerged as enron ' s saviour is being received positively by staff , who praised its technology and processes .
the houston business community may be hoping that a merged group might be better for the city than a stand - alone enron , as a combined business would be bigger and stronger .
but john olson , of sanders morris harris , a local investment banking and securities firm in houston , notes that a merger is likely to lead to job losses , as assets are sold and businesses are streamlined .
already , he says , many houston citizens , big holders of enron ' s stock , had lost out on its share slide . " the ripple effects on the city will be immeasurable , " he says .
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copyright ? 2000 dow jones enron has more than 7 , 000 here .
for watson , the deal is all about growth .
" it accelerates our strategy some three or four years , " he said shortly after the deal was announced . " this is just a financial bonanza really for both companies . "
this isn ' t the way ken lay , enron ' s chairman and chief executive , ever thought his years of work would turn out .
" this would not have been my dream case , " lay said in an interview with the chronicle shortly after the deal was announced . " i would not even have contemplated it three or four weeks ago . "
lay has been offered a seat on the combined company ' s board , but hasn ' t decided yet whether to take it . he won ' t have any management role once the deal closes .
he helped take enron from a staid pipeline company created from a 1985 merger to a trading machine that wheels and deals in gas , electricity , financial contracts used to help companies manage risk and other commodities .
but lay said he believed selling enron was the best option for its shareholders , employees and the city considering the company ' s current battered state .
" this is the best way to provide certainty to protect this wholesale marketing and trading franchise which is so valuable , " he said , adding that enron looked at two or three other alternatives as it tried to strengthen its balance sheet and add cash into its operations .
lay said it ' s not his preference to sell enron and see its name disappear .
" it happens to be the best alternative , " said lay . " i ' m a realist . i knew what needed to be done . "
among enron ' s troubles : the securities and exchange commission is investigating business deals enron did with two investment partnerships run by its former chief financial officer , its credibility on wall street is close to zero , a pile of shareholder lawsuits and its credit rating , which it relies on to successfully run its core trading business , has been lowered .
while other questions had hung over enron earlier this year , the path to its end really began oct . 16 , when the company released third - quarter earnings and reported significant financial losses related to the two investment partnerships .
that set in motion a spiral of events leading to friday ' s announcement .
watson called lay on oct . 24 to see if he could do anything to help dispel rumors that dynegy had stopped trading with enron .
that conversation led to a meeting at lay ' s house three days later , at which the two started talking about a deal .
as these things go , the deal came together quickly , especially with so many question marks hanging over enron .
" i think it ' s important to understand that ken and i have known each other for some 20 years , " watson said . " we have a good understanding of what they do and how they do it . we knew that their franchise was solid . "
under the terms of the deal , which is expected to close in six to nine months :
enron shareholder ' s get 0 . 2685 share of dynegy per enron share . based on friday ' s closing stock prices of $ 8 . 63 for enron and $ 38 . 76 for dynegy , dynegy is paying $ 10 . 41 an enron share - or a 21 percent premium . that ' s a far cry from late january when enron ' s closing price hit $ 82 a share .
dynegy will immediately inject $ 1 . 5 billion in enron to help shore it up . dynegy will get that money from chevrontexaco , which owns about 26 percent of dynegy .
in return for that money , dynegy will get preferred stock and other rights in enron ' s northern natural gas pipeline system . should the deal not close , dynegy has the right to buy all of northern natural gas .
at the deal ' s closing , chevrontexaco will provide another $ 1 billion to the combined company .
enron will have the right to designate at least three board members for the combined company , which will have 14 board seats .
steve bergstrom , dynegy ' s president , and rob doty , dynegy ' s chief financial officer , will keep those roles in the new company . greg whalley , currently president and chief operating officer of enron , will become an executive vice president at the combined company .
the deal contains a $ 350 million breakup fee that dynegy would get if another suitor came in and enron decided to take a better offer .
watson also said the deal contains escape clauses to protect dynegy should it be necessary , but he doesn ' t expect any surprises .
" we looked under the hood and guess what , it ' s just as strong as we thought it was , " he said .
the deal must be reviewed by a variety of government regulators , though watson isn ' t expecting any antitrust problems .
dynegy will talk to analysts and investors on a conference call monday , attempting to convince them of the deal ' s value . dynegy expects the merger to result in $ 400 million to $ 500 million in annual savings .
" on paper , it looks good , " said coale , the analyst . " we still remain concerned about the uncertainties that shroud enron . . . the risks continue to be what we don ' t know about enron . we just hope chuck and his team do all the necessary due diligence , which is going to take more than a couple weeks . "
there are also concerns about merging two different cultures .
" looking at cultures , the two companies are very different , " she said . " dynegy is a little bit of a fraternity . chuck started this company and i ' m sure he has a heartfelt emotion toward making things work at dynegy . enron is a mercenary , aggressive , cutthroat culture . "
while both are energy traders , enron has pursued a strategy of shedding assets , while dynegy has continued to make asset purchases .
at the start of the year , enron was still heralded as an innovator for others to emulate . since , a series of problems began chipping away at enron ' s image .
but such concerns were mostly pushed aside for as long as the company ' s stock price performed well and its core energy trading business turned out higher and still - higher profits .
the company ' s woes became more serious and quickly multiplied after it made troubling financial disclosures in its third - quarter earnings report oct . 16 .
it disclosed that day it had taken a $ 35 million loss and reduced shareholders equity by $ 1 . 2 billion related to ending business dealings with two investment partnerships formerly run by andrew fastow , its chief financial officer .
the disclosures heightened wall street ' s ongoing concerns that enron ' s financial reporting was too difficult to understand and skimped on details . it also led to fears that enron would be on the hook for billions of dollars related to other financial vehicles .
days later , enron revealed that the sec was investigating transactions between enron and the partnerships , called ljm cayman and ljm 2 co - investment . it also replaced fastow and has been hit with a growing number of shareholder lawsuits .
then , the company ' s credit rating was downgraded , which raised questions about its ability to manage its core energy trading business .
as wall street ' s questions grew , enron retreated into silence , leaving analysts and investors to speculate on worst - case scenarios , which fed fears that company was facing a cash - crunch and caused investors to keep dumping the stock .
that in turn , led some of enron ' s trading partners to shift business elsewhere and raise their credit requirements to do business with enron , which in turn , raised even more fears .
thursday , enron said it is restating its finances as far back as 1997 to include losses related to a number of complex partnerships it created .
. . .
deal at - a - glance
company name : dynegy .
key players : chuck watson , dynegy ' s current chairman and ceo , will remain chairman and ceo . enron corp . ' s ceo and chairman ken lay has been offered a seat on dynegy ' s board .
the trade : 0 . 2685 share of dynegy for each share of enron corp .
value of the deal : $ 8 . 85 billion in stock and $ 12 . 8 billion in enron debt .
dynegy ' s close friday : $ 38 . 76
enron ' s close friday : $ 8 . 63 a share .
status of enron field name : unknown . however , dynegy registered the name www . dynegyfield . com on thursday .
. . .
more stories
enron corp . paid $ 100 million to put its name on the houston astros ' new downtown home . now that the energy giant is being bought , the name may soon be history .
the sale of enron corp . will likely punish houston ' s downtown office market , emptying more office space at a time when several new buildings are going up .
" never make predictions , especially about the future , " ken lay once wrote in an essay concerning the world ' s energy needs . enron ' s chief executive might be taking those words to heart today .
dynegy ' s chuck watson has always maintained a low profile , prompting some people to label him as the most influential houstonian you ' ve never heard of .
see these stories and more in business .
. . .
the companies
profiles of two houston energy giants that announced their merger friday :
dynegy
headquarters : houston
chairman and ceo : chuck watson
revenues in 2000 : $ 29 . 4 billion
employees : 6 , 000 worldwide
electricity sales ( 2000 ) : 137 . 7 million megawatt hours
gas sales ( 2000 ) : 10 . 9 billion cubic feet per day
business segments : dynegy marketing and trade ; dynegy midstream services , illinois power ; subsidiary , dynegy global communications
history : the company traces its roots to 1984 when the investment banking firm morgan stanley , the law firm akin , gump strauss , hauer enron energy services ; enron transportation services
history : the company was formed in 1985 as a result of the merger of houston natural gas and internorth , a natural gas company based in omaha , neb . the deal integrated several pipeline systems to create the first nationwide natural gas pipeline system . in 1986 , ken lay , ceo of houston natural gas , was named chairman and ceo , and the name " enron " was chosen . in 1989 , enron began trading natural gas commodities through its gasbank , a precursor to today ' s wholesale trading business . enron made its first electricity trade in 1994 and eventually became the world ' s biggest marketer of electricity and gas .
photo : 1 . ken lay , chairman and ceo of enron corp . , listens at a friday news conference as chuck watson , chairman and ceo of dynegy , discusses his company ' s acquisition of enron ( color ) ; graphs : 2 . deal at - a - glance ( b / w , text ) ; 3 . more stores ( b / w , text ) ; 4 . the companies ( b / w , p . 16 , text )
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
power play / lay opened energy firms to work in new markets
michael davis
staff
11 / 10 / 2001
houston chronicle
3 star
3
( copyright 2001 )
the famous baseball manager casey stengel was smart to advise , " never make predictions , especially about the future , " ken lay once wrote in an essay on world energy needs .
lay might be taking those words to heart today .
as the chairman of enron corp . predicted not long ago , " we can see some very significant growth with several years to come . "
once considered one of the shining stars of the energy business , lay has watched the company he helped create melt down around him in a matter of weeks .
and as of friday , he was left to ponder an offer to serve as a member of the board for the new company formed from enron and its chief rival - no longer a chairman or a chief executive .
perhaps that ' s the way he wants it .
when he turned over the chief executive ' s post at enron to jeffrey skilling earlier this year , it seemed like the first move of his orderly exit from the company he had helped create in the mid - 1980 s .
eleven months later , skilling is gone and lay has had to preside over the death of enron .
what had begun as a stodgy natural gas pipeline company had been molded and expanded by the two men into a diversified financial giant with its hands in countless markets from oil and natural gas to water and broadband .
it seemed lay , 58 , who is an economist by profession , had also cemented his reputation as an elder statesman in the energy industry , the man who had opened the business world ' s eyes to the array of possibilities that energy companies could explore for growth away from their traditional roles .
with the implosion of enron in the past month , lay ' s legacy now seems tarnished . the man who was once referred to as an " energetic messiah " has been forced to sell off his creation in a fire sale to rival dynegy in a hastily arranged deal . lay ' s approach is reflected in the design of the building enron is constructing across from its existing tower on smith street . looking down on the massive trading floor are two offices built for lay and skilling .
the offices were considered symbolic of the company ' s openness and its philosophy of melding executives with the rank and file . lay reportedly spurned the express elevator to ride to his 50 th - floor office to spend more time with employees .
that sort of hands - on approach lay brought to the company may be another casualty , analysts said .
" i would be surprised if he had much of a role in running things from a day - to - day perspective , " said brian youngberg , energy analyst with edward jones in st . louis . " i think dynegy will be running the ship and plug in some enron executives . "
as the dust settles on enron , the question is being raised as to whether the company became too big for one or two men to run in a hands - on fashion .
" ken lay helped build enron from being just a pipeline company , but over time the company got so big and complex that it was too hard for one or two senior executives to completely oversee things and to know fully what was going on in the operating companies , " youngberg said .
raised on a farm in missouri , lay is well - known not just as chairman of enron but as a former undersecretary of the interior department and one of the people who has helped shape houston ' s destiny in the past 20 years . he is considered instrumental in keeping major league baseball in houston by supporting the construction of enron field .
but his lasting legacy will likely be as one of the key people who helped create the huge natural gas futures market in the united states , which was nonexistent as recently as the late 1980 s . he also will be remembered as the man who led others to view the energy business as one integrated market and not individual fiefdoms .
" ken lay really did educate his peers to understand the broadness of his business , " said amy jaffe , a senior energy analyst with rice university ' s james a . baker iii institute for public policy . " whether his retirement is under positive or negative circumstances , he has left a huge legacy on the industry . "
jaffe sees lay as the person who got oil and gas executives to break out of the old mentality and explore new technologies such as fuel cells and wind power . he also was a leading proponent of natural gas and power deregulation .
he will leave enron a wealthy man , although much less so since the company ' s stock nose - dived . his current contract pays him a base salary of $ 1 . 4 million a year and a bonus of $ 7 million . it was due to expire in december 2003 .
this is not the first time lay has had to rescue enron . in 1987 , enron was rocked by the disclosure that rogue traders at its enron oil co . had left the company holding the bag for about $ 1 billion in trading liabilities . before disclosing it to the market , the company worked the trading loss down to about $ 142 million .
" we learned a lot , certainly in a bad way , " lay said of the incident in an interview earlier this year . " we put in place probably the best risk management and control system , not just in our business , but in any industry . "
some see irony in the fact that dynegy ceo chuck watson will likely prevail over lay despite lay ' s almost cult status among business leaders and business school professors .
" chuck watson was underrated in his role in forming the natural gas market in the united states . he was the man who realized the enormous potential of the natural gas market , " jaffe said . " it ' s true that enron came in with a lot of advertising and built up a big position , but maybe there is some poetic justice that the man who really started the natural gas clearinghouse could wind back up as the dominant player in the industry . "
. . .
the players
1985 - present : enron corp . , various top management posts , currently chairman and ceo 1984 - 1985 : houston natural gas corp . , chairman and ceo 1981 - 1984 transco energy co . , president and chief operating officer board memberships : compaq computer corp . , eli lilly national petroleum council member
photo : ken lay
copyright ? 2000 dow jones he drives a top - of - the - line mercedes . but he ' s not a showboat and isn ' t comfortable attracting attention to himself .
" he doesn ' t act like a big shot , " said tilman fertitta , the chairman of landry ' s restaurants , who likes driving a bentley and zipping around in a helicopter . " chuck ' s not all caught up in the houston hustle - and - bustle thing . "
like it or not , watson is about to step out in a big way . if dynegy completes the acquisition of enron for $ 8 . 85 billion in stock , watson will become captain of houston ' s largest company . he will step right into the center of the city ' s business stage , taking from enron chairman ken lay the mantle of most powerful businessman in a city where commerce and the deal have always come first .
those who know watson say he should have little trouble adapting to his higher profile and is ready for the many demands that will inexorably follow .
" chuck is a guy who knows what he wants and goes and gets it , " fertitta said . " he is not intimidated . "
in fact , when longtime friend steve patterson read about enron ' s nose - dive and the collapse of its stock , he instinctively knew watson would close in on a deal .
" i thought : ` you know what , chuck will try to buy enron . it just fits . it ' s the big bold move that chuck would try to make , ' " said patterson , senior vice president of the houston texans football team . watson owns 15 percent of the texans , the largest chunk outside of the piece owned by club founder bob mcnair . watson also owns the houston aeros hockey team .
like enron chairman ken lay , watson was a pioneer in the deregulation of the energy business . he was one of the early innovative forces that shaped the world of trading electricity and swapping natural gas .
watson was born 51 years ago on the great lakes naval base north of chicago . his father worked for the navy , which moved the young watson clan around early and often . chuck watson had attended more than 20 schools in nine states when he graduated from oklahoma state university in 1972 with a degree in economics .
after a 13 - year career at conoco , watson joined a fledgling company called u . s . natural gas clearinghouse in 1985 . ngc was a consortium of gas pipelines that had the backing of a financial - services company and a local law firm , but conflicts among the partners hamstrung the little company .
watson would not join the company until it was overhauled and most of the quarreling partners were bought out . watson ' s vision was to buy the gas and take title to it , aggregate big volumes and leverage that to make bigger deals and negotiate better rates from the pipelines that moved the gas around .
in short , the company moved beyond being a broker and became a wholesale store for natural gas .
" he is a visionary in the energy business , " said bob mcnair , a longtime friend who founded cogen technologies and later sold the company to enron for $ 1 . 1 billion . " chuck will come across as this relaxed , country person . not some sophisticate . but that is disarming . he is very creative , and he is very smart . "
while ngc initially concentrated on gathering , moving and trading natural gas , the business has broadened along with the quickening pace of energy deregulation . now called dynegy , short for dynamic energy , the company has evolved into an outfit that sells power directly to commercial and industrial users of electricity and natural gas . it also has built a communications division to capitalize on increasing demand for high - speed communication services .
last year the company recorded an astounding 230 percent rise in net income , as well as a 91 percent jump in operating revenues . dynegy ' s stock climbed 218 percent last year .
" the success of dynegy is a tremendous story , " patterson said . " it is amazing the growth and the value he has been able to achieve . "
according to some of those who ' ve have done business with him , watson is not just bright , he is extraordinarily tough .
" he is a very aggressive person , a tough negotiator . he bores in , " said george mitchell , founder of mitchell energy and the man who carved the woodlands out of the piney forest . " he is a very confident person . unlike ken lay , who is a smoother type personality who works with people , watson is going to do it his way . they are both very good business people , but they are very different . "
while willing to give power to his subordinates , watson is a hands - on ceo who is unmistakably dynegy ' s commanding force .
" chuck is very , very intense . . . he burns , " said former houston mayor bob lanier . " in negotiations , he gets down and learns all the details himself . "
how tough watson is willing to be came to light in his contentious dealings with houston rockets owner les alexander . watson owned the master lease to the summit , later renamed the compaq center , which committed the rockets to playing there through 2003 . eager to break the deal , alexander tried negotiating and litigating his way out of the lease , all to no avail .
the battle deepened as the two men competed unsuccessfully to get a nhl hockey team in houston and feuded over how a hockey team would share in the revenues of a new stadium proposed for downtown .
angered at the deal alexander was able to get for the rockets , at the expense of a hockey franchise , watson spent about $ 100 , 000 out of his own pocket to help defeat the stadium referendum . it was his one overtly political act here , and some say it was the decisive blow to alexander ' s aspirations .
" there are a lot of people i ' d much rather have a contest with , " lanier said of watson .
alexander and watson were later able to settle their differences , and watson supported the second arena referendum , which passed . a basketball arena is now under construction downtown .
" i ' m not surprised to see chuck watson make an aggressive move like this , " alexander said friday evening . " he understands the industry as well as anyone ; and therefore , he ' s in the best position to assess the risk and take advantage of the opportunity . "
like most opportunities , the deal also represents a sizable risk . taking over enron is a huge reach for dynegy , which will try to swallow a company that was five times bigger when measured by revenues .
watson will need all of his shrewdness and ferocity to untangle the mess that is enron and merge two operations that were each , in their own way , trying to reinvent the energy business .
" i have some concerns for my friend , " mcnair confessed . " it is a tremendous challenge . i know he ' ll handle it well , but this will be a very demanding business . "
. . .
the players
1989 - present : dynegy , chairman and ceo
1985 : ngc , dynegy ' s predecessor , president
1972 - 1985 : conoco , various positions
other : board member , baker hughes ; vice chairman , houston texans
education : oklahoma state university , business and economics
membership : national petroleum council , interstate natural gas association of america board member , edison electric institute board member , natural gas council founding member
photo : chuck watson
copyright ? 2000 dow jones dynegy midstream services , illinois power ; subsidiary , dynegy global communications
history : the company traces its roots to 1984 when the investment banking firm morgan stanley , the law firm akin , gump strauss , hauer enron energy services ; enron transportation services
history : the company was formed in 1985 as a result of the merger of houston natural gas and internorth , a natural gas company based in omaha , neb . the deal integrated several pipeline systems to create the first nationwide natural gas pipeline system . in 1986 , ken lay , ceo of houston natural gas , was named chairman and ceo , and the name " enron " was chosen . in 1989 , enron began trading natural gas commodities through its gasbank , a precursor to today ' s wholesale trading business . enron made its first electricity trade in 1994 and eventually became the world ' s biggest marketer of electricity and gas .
photo : photo : 1 . ken lay , chairman and ceo of enron corp . , listens at a friday news conference as chuck watson , chairman and ceo of dynegy , discusses his company ' s acquisition of enron ( color ) ; graphs : 2 . deal at - a - glance ( b / w , text ) ; 3 . more stores ( b / w , text ) ; 4 . the companies ( b / w , p . 16 , text )
copyright ? 2000 dow jones thomas s . mulligan ; nancy vogel
times staff writers
11 / 10 / 2001
los angeles times
home edition
a - 1
copyright 2001 / the times mirror company
enron corp . , the once - highflying energy giant whose aggressive efforts to profit from california ' s energy deregulation made it a target of consumer and political backlash , on friday agreed to be saved from possible financial collapse through a proposed acquisition by rival dynegy inc .
the roughly $ 7 . 7 - billion deal is a stunning plot twist for houston - based enron , which was vilified in california as it was being glorified on wall street . in only the last month , a series of disturbing financial revelations pushed to the edge of ruin this once - powerful company , whose top executives had lectured california on its energy foibles and who influenced the direction of national energy policy .
enron muscled its way to the top of the energy heap using aggressive and , in the end , financially suspect strategies that proved its undoing .
now , the company that late last year had a market value of $ 63 billion is worth one - tenth that and has agreed to be swallowed by a cross - town competitor one - quarter its size . enron ' s proud and influential chairman and chief executive , kenneth l . lay , who became a focus of bitter attacks by california politicians and regulators , would lose his job , as would many others at enron .
even the name would disappear . the combined company would be called dynegy inc . if the deal receives all the necessary regulatory and shareholder approvals .
california officials took no joy in enron ' s fate friday , though there was perhaps some sense of retribution from its many critics in the state .
" this is basically a rogue corporation , " said sen . steve peace ( d - el cajon ) , an outspoken critic of enron for years who dealt with the company as he chaired the committee that hammered out the legislative portion of california ' s landmark electricity deregulation plan in 1996 . " it has from the beginning been a rogue corporation which answered in its mind to a higher law - - a fundamental belief that there are laws of economics that supersede the law of the land . "
a failed experiment
steve maviglio , spokesman for gov . gray davis , said that although enron was never a major force in california ' s doomed electricity market , it was outspoken in support of deregulation .
" in a sense , their experiment was much like california ' s experiment - - a failure , " he said .
said harvey rosenfield , president of the foundation for taxpayer and consumer rights in santa monica : " nothing could better illustrate the disaster of deregulation than the fact that one of its biggest proponents , which reaped the reward of deregulation , is suffering the consequences . "
enron is the world ' s largest energy trader , handling one of four energy deals in the united states through its online trading operation , enrononline . since it reported a surprising third - quarter loss on oct . 16 , partly tied to shadowy investment vehicles , enron has endured a huge loss of investor confidence , which brought on a massive cash crunch and some shrinkage of its trading business .
under the deal announced friday , dynegy , invited in two weeks ago after enron fell short in its efforts to line up new financing , would immediately help enron by pouring $ 1 . 5 billion in cash into the company . the money would be provided by chevrontexaco corp . , the san francisco oil company that owns nearly 27 % of dynegy .
enron shareholders would get 0 . 2685 dynegy share for each enron share , which values the company at about $ 7 . 7 billion based on friday ' s stock close . dynegy shares surged $ 2 . 26 to close at $ 38 . 76 per share on the new york stock exchange ; enron added 22 cents to close at $ 8 . 63 per share , still off 89 % year to date .
if the deal closes in six to nine months , as the parties expect , dynegy and chevrontexaco would invest $ 1 billion additionally in the combined company .
" this is just a financial bonanza really for both companies , " said charles l . watson , dynegy chairman and chief executive , who will head the combined company . watson said the merger would immediately add to dynegy ' s earnings .
even so , the repercussions of enron ' s fall from grace could be far - reaching . coming on the heels of california ' s energy crisis , enron ' s troubles may slow the country ' s march toward energy deregulation , which lay and enron championed for years as a potential boon to consumers and the economy in general .
but the deal announced friday will prevent an even worse outcome , energy experts said : the threatened collapse of enron , which would clog up for a time the business of buying and selling electricity , natural gas and oil . that could interfere with delivery of energy around the country , they said .
" this is an encouraging development for the energy industry , " said stephen baum , chairman of sempra energy , the san diego - based parent of southern california gas and san diego gas ; photographer : associated press ; photo : " this is just a financial bonanza really for both companies , " says charles l . watson , dynegy chairman and chief executive . ; ; photographer : associated press
copyright ? 2000 dow jones enron has more than 7 , 000 here .
for watson , the deal is all about growth .
" it accelerates our strategy some three or four years , " he said shortly after the deal was announced . " this is just a financial bonanza really for both companies . "
this isn ' t the way ken lay , enron ' s chairman and chief executive , ever thought his years of work would turn out .
" this would not have been my dream case , " lay said in an interview with the chronicle shortly after the deal was announced . " i would not even have contemplated it three or four weeks ago . "
lay has been offered a seat on the combined company ' s board , but hasn ' t decided yet whether to take it . he won ' t have any management role once the deal closes .
he helped take enron from a staid pipeline company created from a 1985 merger to a trading machine that wheels and deals in electricity gas , electricity , financial contracts used to help companies manage risk and other commodities .
but lay said he believed selling enron was the best option for its shareholders , employees and the city considering the company ' s current battered state .
" this is the best way to provide certainty to protect this wholesale marketing and trading franchise which is so valuable , " he said , adding that enron looked at two or three other alternatives as it tried to strengthen its balance sheet and add cash to into its operations .
lay said it ' s not his preference to sell enron and see its name disappear .
" it happens to be the best alternative , " said lay . " i ' m a realist . i knew what needed to be done . "
among enron ' s troubles : the securities and exchange commission is investigating business deals enron did with two investment partnerships run by its former chief financial officer , its credibility on wall street is close to zero , a pile of shareholder lawsuits and its credit rating , which it relies on to successfully run its core trading business , has been lowered .
while other questions had hung over enron earlier this year , the path to its end really began oct . 16 , when the company released third - quarter earnings and reported significant financial losses related to the two investment partnerships .
that set in a motion a spiral of events leading to friday ' s announcement .
watson called lay on oct . 24 to see if he could do anything to help dispel rumors that dynegy had stopped trading with enron .
that conversation led to a meeting at lay ' s house days later , at which the two started talking about a deal .
as these things go , the deal came together quickly , especially with so many question marks hanging over enron .
" i think it ' s important to understand that ken and i have known each other for some 20 years , " watson said . " we have a good understanding of what they do and how they do it . we knew that their franchise was solid . "
the recent talks , watson said , focused on really understanding enron ' s core business and how it could merge with dynegy .
added lay : " good deals come together fast . bad deals take a little longer . "
under the terms of the deal , which is expected to close in six to nine months :
enron shareholder ' s get 0 . 2685 share of dynegy per enron share .
dynegy will immediately inject $ 1 . 5 billion in enron to help shore it up . dynegy will get that money from chevrontexaco , which owns about 26 percent of dynegy .
in return for that money , dynegy will get preferred stock and other rights in enron ' s northern natural gas pipeline system . should the deal not close , dynegy has the right to buy all of northern natural gas .
at the deal ' s closing , chevrontexaco will provide another $ 1 billion to the combined company .
also at the closing , dynegy ' s current shareholders will own about 64 percent of the combined company , with enron ' s current shareholder ' s owning about 36 percent .
enron will have the right to designate at least three board members for the combined company , which will have 14 board seats .
steve bergstrom , dynegy ' s president , and rob doty , dynegy ' s chief financial officer , will keep those roles in the new company . greg whalley , currently president and chief operating officer of enron , will became an executive vice president at the combined company .
the deal contains $ 350 million breakup free that dynegy would get it another suitor came in and enron decided to take a better offer .
watson also said the deal contains escape clauses to protect dynegy should it be necessary , but he doesn ' t expect any surprises .
" we looked under the hood and guess what , it ' s just as strong as we thought it was , " he said .
dynegy will talk to analysts and investors on a conference call monday , attempting to convince them of the deal ' s value .
" on paper , it looks good , " said coale , the analyst . " we still remain concerned about the uncertainties that shroud enron . . . the risks continue to be what we don ' t know about enron . we just hope chuck and his team do all the necessary due diligence , which is going to take more than a couple weeks . "
there are also concerns about merging two different cultures .
" looking at cultures , the two companies are very different , " she said . " dynegy is a little bit of a fraternity . chuck started this company and i ' m sure he has a heartfelt emotion toward making things work at dynegy . enron is a mercenary , aggressive , cutthroat culture . "
at the start of the year , enron was still heralded as an innovator for others to emulate . since , a series of problems began chipping away at enron ' s image .
but such concerns were mostly pushed aside for as long as the company ' s stock price performed well and its core energy trading business turned out higher and still - higher profits .
the company ' s woes became more serious and quickly multiplied after it made troubling financial disclosures in its third - quarter earnings report oct . 16 .
it disclosed that day it had taken a $ 35 million loss and reduced shareholders equity by $ 1 . 2 billion related to ending business dealings with two investment partnerships formerly run by andrew fastow , its chief financial officer .
the disclosures heightened wall street ' s ongoing concerns that enron ' s financial reporting was too difficult to understand and skimped on details . it also led to fears that enron would be on the hook for billions of dollars related to other financial vehicles .
days later , enron revealed that the sec was investigating transactions between enron and the partnerships , called ljm cayman and ljm 2 co - investment . it also replaced fastow and has been hit with a growing number of shareholder lawsuits .
then , the company ' s credit rating was downgraded , which raised questions about its ability to manage its core energy trading business .
as wall street ' s questions grew , enron retreated into silence , leaving analysts and investors to speculate on worst - case scenarios , which fed fears that company was facing a cash - crunch and caused investors to keep dumping the stock .
that in turn , led some of enron ' s trading partners to shift business elsewhere and raise their credit requirements to do business with enron , which in turn , raised even more fears about a cash - crunch and the company ' s short - term stability .
thursday , enron said it is restating its finances as far back as 1997 to include losses related to a number of complex partnerships it created .
. . .
deal at - a - glance
company name : dynegy .
key players : chuck watson , dynegy ' s current chairman and ceo , will remain chairman and ceo . enron corp . ' s ceo and chairman ken lay has been offered a seat on dynegy ' s board .
the trade : 0 . 2685 share of dynegy for each share of enron corp .
value of the deal : $ 8 . 85 billion in stock and $ 12 . 8 billion in enron debt .
dynegy ' s close friday : $ 38 . 76
enron ' s close friday : $ 8 . 63 a share .
status of enron field name : unknown . however , dynegy registered the name www . dynegyfield . com on thursday .
. . .
more stories
enron corp . paid $ 100 million to put its name on the houston astros ' new downtown home . now that the energy giant is being bought , the name may soon be history .
the sale of enron corp . will likely punish houston ' s downtown office market , emptying more office space at a time when several new buildings are going up .
" never make predictions , especially about the future , " ken lay once wrote in an essay concerning the world ' s energy needs . enron ' s chief executive might be taking those words to heart today .
dynegy ' s chuck watson has always maintained a low profile , prompting some people to label him as the most influential houstonian you ' ve never heard of .
see these stories and more in business .
. . .
the companies
profiles of two houston energy giants that announced their merger friday :
dynegy headquarters : houston
chairman and ceo : chuck watson
revenues in 2000 : $ 29 . 4 billion
employees : 6 , 000 worldwide
electricity sales ( 2000 ) : 137 . 7 million megawatt hours
gas sales ( 2000 ) : 10 . 9 billion cubic feet per day
business segments : dynegy marketing and trade ; dynegy midstream services , illinois power ; subsidiary , dynegy global communications
history : the company traces its roots to 1984 when the investment banking firm morgan stanley , the law firm akin , gump strauss , hauer enron energy services ; enron transportation services
history : the company was formed in 1985 as a result of the merger of houston natural gas and internorth , a natural gas company based in omaha , neb . the deal integrated several pipeline systems to create the first nationwide natural gas pipeline system . in 1986 , ken lay , ceo of houston natural gas , was named chairman and ceo , and the name " enron " was chosen . in 1989 , enron began trading natural gas commodities through its gasbank , a precursor to today ' s wholesale trading business . enron made its first electricity trade in 1994 and eventually became the world ' s biggest marketer of electricity and gas .
photo : 1 . ken lay , chairman and ceo of enron corp . , listens glumly at a friday news conference as chuck watson , chairman and ceo of dynegy , discusses his company ' s acquisition of enron ( color ) ; 2 . deal at - a - glance ( text ) ; 3 . more stories ( text ) ; 4 . the companies ( b / w , p . 16 , text )
copyright ? 2000 dow jones energy giant was forced to negotiating table after disclosing that it had overstated earnings
peter behr
washington post staff writer
11 / 10 / 2001
the washington post
final
eol
copyright 2001 , the washington post co . all rights reserved
embattled enron corp . yesterday accepted a buyout offer valued at about $ 8 billion from crosstown rival dynegy inc . if the deal is completed , it would end houston - based enron ' s reign as the leader in the huge energy trading markets that set the prices of power and natural gas in the nation .
its cash dwindling and its credit rating hammered , enron was forced to the negotiating table after its recent disclosures that its obligations to a complex web of partnerships involving company officials had caused the trading powerhouse to overstate its earnings and obscure its total debt obligations . four top enron officials have resigned or been replaced since july and , once dynegy takes control , enron ' s chairman and chief executive , kenneth lay , will also leave the company . lay said yesterday that he had not decided whether to accept dynegy ' s offer to serve on the combined company ' s board .
" it ' s been a good ride for a long time , " lay said in a conference call last night . " the last three weeks haven ' t been a whole lot of fun . "
the final deal was announced after the close of stock trading . enron ' s shares - - which had fallen from $ 33 to $ 8 after the disclosures - - ended the day slightly higher , at $ 8 . 63 . dynegy ' s stock closed at $ 38 . 76 , up $ 2 . 26 .
dynegy offered all stock for the enron shares , so the total value of the deal will fluctuate with dynegy ' s stock price . dynegy also said it would assume about $ 13 billion in enron debt , bringing the total value of the transaction to around $ 21 billion .
dynegy ' s rescue of enron will begin with an immediate cash infusion of $ 1 . 5 billion , which will be supplied by chevrontexaco corp . , a major dynegy stockholder . chevrontexaco will invest another $ 1 billion in dynegy after the acquisition has passed regulatory review and is completed , which executives said they expect will take six to nine months as enron tries to unscramble the complex partnerships that are now under investigation by the securities and exchange commission .
the takeover agreement gives dynegy an escape clause permitting it to cancel the purchase if enron winds up with heavy regulatory fines or legal judgments from shareholder suits tied to its handling of the partnerships .
chuck watson , dynegy ' s chairman and chief executive , said in the conference call that a close scrutiny over the past two weeks of enron ' s financial condition convinced him that the company ' s trading and pipeline businesses were solid . " we looked under the hood , and guess what ? it looked just as strong as we thought it was . " watson said he did not think more damaging disclosures were forthcoming from enron .
until the partnership mess , enron was the nation ' s dominant energy trader , and it had front - door political connections to the white house . lay , its longtime chairman , raised more then $ 100 , 000 for the presidential election campaign of his friend george w . bush . enron rode the growth of energy trading markets beginning in the mid - 1990 s , as first natural gas , and then electric power sales were deregulated at the wholesale level . its revenues leaped from $ 9 . 2 billion in 1995 to $ 100 . 8 billion last year .
during those heady times , the houston company could choose which questions to answer about its dealings with related partnerships and its byzantine bookkeeping .
" it was always very difficult to get information , " said louis b . gagliardi , an analyst with john s . herold inc . " they would always rebuff you . "
until this fall , the muscular company seemed too big to stumble , said investment manager david coxe , with harris insight equity fund in chicago .
coxe bought 78 , 000 shares of enron at $ 40 a share in august , after wrestling with the decision for months , he said . then jeffrey skilling , enron ' s chief executive and strategic mastermind , unexpectedly resigned . the stock , which had been as high as $ 90 in august 2000 , pitched downward .
" enron seemed so indispensable to the nation ' s energy markets that i thought it inconceivable it could implode , " coxe said . " that ' s how i got sucked in . "
enron ' s fall is " classic hubris , " coxe said : a greek tragedy striking someone who chose to defy the gods - - " in this case , the rules of the system . "
among the rules that enron now acknowledges it didn ' t follow were the accounting standards that applied to the complex partnerships it created . the purpose of the partnerships , enron said , was to reduce the risks of investments in internet transmission systems and to sell power plants and other assets it no longer wanted .
the accounting errors were described in a 20 - page sec filing enron made thursday . the errors resulted in a $ 1 . 2 billion reduction in the value of shareholders ' equity . the company also said it had overstated its earnings by $ 586 million since 1997 .
enron created partnerships that would buy major assets - - such as a power plant - - that enron wanted to sell , or in other cases , assets such as fiber - optic cable networks that enron intended to run but did not want to have on its balance sheet .
the partnerships had outside investors , but the general partner of two of them was enron ' s own chief financial officer , andrew fastow . he earned $ 30 million in fees from managing two of the largest partnerships , according to the sec document .
enron added to the capital of these partnerships by pledging its stock , or securities convertible into stock . some of those stock transactions should have been counted as loans , resulting in the $ 1 . 2 billion drop in shareholder equity , enron now says .
investors are asking why enron ' s auditor , arthur andersen llp , did not insist that these transactions be handled that way in the first place . enron ' s sec filing mentions but does not explain some " proposed audit adjustments " over the past four years that were overruled .
even though , as enron now acknowledges , it created an information barrier , masking critical information and violating standard accounting rules , many financial analysts who were recommending the stock to investors were not pushing hard enough to punch through that barrier , some analysts acknowledge .
" it was so complicated that everybody was afraid to raise their hands and say , ' i don ' t understand it , ' " gagliardi said .
the questions are now coming , from a new committee reporting to enron ' s board that will investigate how the company ' s financial reporting was handled ; from the sec ; and , eventually , from teams of lawyers representing aggrieved shareholders .
lay indicated yesterday he had not been aware until recently that enron employees other than fastow had profited from the partnership activity . enron directors had approved fastow ' s management of the partnerships , but fastow quit the partnerships in july and was then replaced as chief financial officer .
enron this week fired treasurer ben glisan and kristina mourdant , an enron division lawyer , who it said had invested in partnerships that were tied to one of the major partnerships headed by fastow . the enron report to the sec describes a central role in these transactions played by michael j . kopper , an associate of fastow who left enron in july to take over fastow ' s financial interests in the partnership , the company said .
enron will hold a conference call next week to discuss what it has uncovered about outside partnership investments .
http : / / www . washingtonpost . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
financial desk
the nation news analysis a visionary fallen from grace
james flanigan
times staff writer
11 / 10 / 2001
los angeles times
home edition
a - 22
copyright 2001 / the times mirror company
a year ago , enron corp . chairman kenneth l . lay was on top of the energy world . as a leading fund - raiser , contributor and energy advisor to the bush administration , he played a key role in shaping the new president ' s energy policy . as head of the world ' s largest energy trading company , he had an enormous influence on the price of energy in california and across the nation . enron ' s highflying stock helped him cash out $ 123 million in stock options last year alone .
on friday , with enron being saved from financial collapse by agreeing to be acquired by rival dynegy inc . , lay ' s career and reputation are in shambles . under the merger , he will be stripped of a management job . his integrity is tattered , with enron ' s controversial financial dealings under federal investigation . enron investors and employees are chagrined and outraged because the company ' s stock lost 80 % of its value in recent weeks .
the rapid rise and fall of lay , 58 , is a story of how a brilliant man with innovative ideas and a grand scheme to transform the world ' s energy markets was overcome with arrogance , associates and critics say . under lay , enron stretched the limits of the law and took risks that nearly caused its financial collapse , they say . that in turn could have resulted in a widespread disruption in energy supplies .
" enron ' s behavior casts doubt on the integrity of our financial markets . it is a very serious matter , " said edward r . muller , an energy investor and former president of edison international ' s mission energy subsidiary .
" nobody denies he ' s smart , but it ' s a question of integrity , " said raymond plank , chief executive of apache corp . and an associate of lay ' s in houston ' s vibrant oil and gas industry .
lay and longtime partner jeffrey k . skilling , who served briefly as enron ' s chief executive before resigning abruptly in august , rose to prominence in the last decade through the use of innovative financial techniques designed to exploit a reduction in government regulation of energy .
lay transformed world energy industries through his vision of new , market - driven ways to finance natural gas and electricity production and transmission .
the financial markets that lay and his enron associates created had an enormous effect on california ' s disastrous experiment in electricity deregulation . critics say his influence was excessive and misguided .
" ken lay was a mystic , " said state sen . steve peace ( d - el cajon ) , an outspoken critic of enron . " whatever he said had to make sense because he was ken lay . it was hero worship . many of the people working as economists at the federal energy regulatory commission worshiped ken lay . as a consequence , the things enron promoted and pushed for were never challenged , intellectually and otherwise . "
lay , who has a doctorate in economics , had modest beginnings as the son of a poor country preacher who did farm labor on the side to raise money for his children ' s education . in the navy in the late 1960 s , lay was assigned to the defense department because of his economic acumen . " he allocated pentagon dollars more efficiently in purchasing for the military , " said mark palmer , chief spokesman for enron .
lay worked for exxon and other energy firms in the 1970 s , amid soaring oil prices , gasoline shortages and still - regulated natural gas . he headed houston natural gas , a predecessor firm of enron , in the 1980 s as falling prices for oil and natural gas presented grave problems for houston ' s energy industries .
when the federal government allowed pipelines to carry the gas of any producer , lay turned enron into a foremost firm in the new , deregulated industry . still , enron almost went bankrupt in the late 1980 s , with natural gas in oversupply and prices falling .
it was then that skilling , a mckinsey ; photographer : reuters
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
dynegy timeline
11 / 10 / 2001
houston chronicle
3 star
3
( copyright 2001 )
natural gas clearinghouse is formed by the investment banking firm morgan stanley and the law firm akin , gump , strauss , hauer & feld . six natural gas pipelines got together to create the gas marketing firm .
the u . s . federal energy regulatory commission begins the long process of deregulating the natural gas business , which ultimately created huge markets for the company and competitors such as enron .
ngc introduces its " energy store " concept , looking to create a one - stop shopping outlet for all energy products and services .
ngc makes initial public offering .
ngc acquires trident ngls .
ngc merges with the natural gas business unit of chevron corp . and chevron ' s warren petroleum co . subsidiary .
in february , ngc announces a deal to expand its " energy store " with the purchase of destec energy ' s interest in 20 u . s . power plants for $ 1 . 27 billion . the destec deal is the company ' s first purchase of power - generation assets .
" with deregulation right around the corner , we have been aggressively looking to acquire major power - generation assets to complement the expertise that we already have in our power marketing , " watson said .
ngc ' s stock trades around $ 22 per share in late february when the company discloses that excessive high - cost inventories of natural gas liquids , or ngls , would cut operating income by $ 40 million . the price plunged to the midteens before partially recovering to about $ 18 . watson says ngc has put communications and information - reporting systems in place to alert management to developing problems much earlier than they learned of the ngl - related problems .
in may , ngc is honored as the chronicle 100 company of the year for its stellar 1996 results .
ngc buys southern california edison assets .
in march , chuck watson and bob mcnair team up to put in the winning bid of $ 530 , 000 for the grand champion steer , named rowdy . the pair pay the record price days after joining city officials on a trip to help lobby for an nfl team .
in june , ngc adopts a new name - dynegy - a word created by merging dynamic and energy . " the name ngc no longer captures who we are and who we have become , " says watson , the company ' s chief executive . the company will have three logos , all derived from the chinese tangram , a collection of seven red , yellow and blue geometic shapes that can be arranged in any number of combinations .
in december , a dynegy joint venture announces the purchase of a power plant and other assets from san diego gas & electric .
in june , dynegy agrees to a $ 2 billion takeover with illinova , an illinois electric and gas company that would give the energy marketing company electric plants and lines located in major midwest markets . this deal , the largest in the company ' s history to date , brought one company trying to move beyond the traditional utility business together with a trading company moving into that business .
in october , watson , who owns the houston aeros hockey team , announces he would help fund the campaign against the downtown arena . the arena measure is later defeated , but was approved in a new vote the next year after watson agrees to support it .
in february , dynegy sells natural gas pipelines and processing plants for $ 308 million in cash . it is part of a planned $ 600 million asset sale to reduce its debts as dynegy closed its $ 2 billion merger with illinois utility illinova .
in august , dynegy agrees to buy two power plants in the hudson river valley region of new york from ch energy and two other utilities for $ 903 million . the deal marks dynegy ' s expansion into the northeast power market .
dynegy branches into the broadband , internet and telecommunications businesses by buying privately held extant for $ 151 . 3 million in cash and stock .
in july , dynegy says it will spend about $ 590 million to buy natural gas storage facilities in the united kingdom in a deal that will serve as the cornerstone of its european energy network . it will buy bg storage , a wholly owned subsidiary of bg group . the deal is part of dynegy ' s strategy to replicate in europe the energy delivery network it has built in the united states .
in september , after 17 years in business , dynegy launches its first ad campaign . the spots , released in conjunction with the pga tour championship , emphasize the firm is passionate about what it does .
on nov . 9 , dynegy announces plans to purchase enron corp .
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
power play / enron timeline
11 / 10 / 2001
houston chronicle
3 star
4
( copyright 2001 )
houston natural gas merges with omaha , neb . - based internorth to create the company that would eventually be named enron corp . the deal integrated several pipeline systems to create the first nationwide natural gas pipeline system .
ken lay , who had been chief executive officer of houston natural gas , is named chairman and chief executive officer . the company chooses the name enron after rejecting interon .
enron discovers that oil traders in new york have overextended the company ' s accounts by almost $ 1 billion . the company ultimately works this loss down to $ 142 million . this leads to enron developing a myriad of services to help reduce the risk of price swings for everything from gas to advertising space .
enron opens its first overseas offices in england to take advantage of the country ' s privatization of its power industry . the company ' s major strategy shift - to pursue unregulated markets in addition to its regulated pipeline business - is revealed to executives in a gathering that became known as the " come to jesus " meeting .
jeffrey skilling joins the company and enron launches its gas bank , a program under which buyers of natural gas can lock in long - term supplies at fixed prices . the company also begins to offer financing for oil and gas producers .
enron acquires transportadora de gas del sur , enron ' s first pipeline presence in south america and the start of a push to expand on the continent .
enron ' s teesside power plant in england begins operation , one of the first big successes for the company ' s international strategy .
enron makes its first electricity trade , beginning what will turn out to be one of the company ' s biggest profit centers in the next few years .
enron europe establishes a trading center in london , marking the company ' s entry into european wholesale markets . europe is now considered one of the company ' s prime growth markets .
construction begins on the first phase of the dabhol power plant in india . the $ 2 billion project would be plagued with political problems throughout its construction . enron puts its stake in the project up for sale in 2001 .
in december , skilling is elected president and chief operating officer and will continue in his role as chairman and ceo of enron capital & trade resources .
to expand its electricity business , enron buys portland general electric corp . , the utility serving the portland , ore . , area . in 2001 , enron agrees to sell portland general electric to northwest natural gas co . for about $ 1 . 9 billion .
enron energy services is formed to provide energy management services to commercial and industrial customers .
enron acquires wessex water in the united kingdom , which forms the basis for its water subsidiary azurix .
enron forms its broadband services unit . the first phase of the dabhol project begins operations . one - third of azurix is sold to the public in an initial public offering . after an early rise , shares fall sharply as the year goes on and the problems facing the company become apparent . enron online , the company ' s commodity trading internet site , is formed . it quickly becomes the largest e - business site in the world . enron energy services turns its first profit in the fourth quarter .
rebecca mark resigns from her position as azurix chairwoman and the company announces a plan to take the troubled water subsidiary private .
annual revenues reach $ 100 billion , more than double the year before , reflecting the growing importance of trading .
enron field is opened in downtown houston . in addition to buying the naming rights , enron chairman ken lay helped raise financial support for the construction project .
the energy financial group ranks enron the sixth - largest energy company in the world , based on market capitalization .
enron and strategic investors , ibm and america online , launch the new power co . to provide electric service in a deregulated market .
in february , jeff skilling takes over as chief executive officer . ken lay remains as chairman .
in march , enron and blockbuster call off deal to bring movies into homes over the internet .
in april , enron discloses it is owed $ 570 million by bankrupt california utility pacific gas & electric co .
in august , skilling unexpectedly resigns for personal reasons . lay takes back the ceo job . wall street starts cranking up its requests for enron to provide more detailed financial information about its performance .
in october , enron releases third - quarter earnings , with $ 1 . 01 billion in charges , including $ 35 million related to investment partnerships formerly headed by andrew fastow , enron ' s chief financial officer . fastow is replaced as cfo . the securities and exchange commission launches a formal investigation into the partnerships .
in november , enron restates earnings for 1997 through 2000 and the first three quarters of this year .
on friday , dynegy announces it wants to merge with enron . enron ' s stock closes at $ 8 . 63 per share , an 89 percent drop since the beginning of the year .
mug : jeffrey skilling
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
power play / enron had been a political heavyweight / critics decried influence of ken lay in white house
david ivanovich , houston chronicle washington bureau
staff
11 / 10 / 2001
houston chronicle
3 star
4
( copyright 2001 )
washington - until a few weeks ago , enron corp . was the star of the washington lobbyist corps .
enron chairman ken lay was known to have the ear of his longtime friend and political ally president bush .
vice president dick cheney had unveiled a national energy strategy very much to enron ' s liking , while one of the company ' s favorite electricity regulators , texas ' pat wood iii , had been installed as the new head of the federal energy regulatory commission .
critics feared the houston - based energy and trading giant exerted far too much influence , both in congress and in the bush white house .
now , after the company ' s implosion , enron ' s legendary political might is evaporating as well , political observers say .
" just a matter of weeks or months ago , enron was still the 800 - pound gorilla , " said steven weiss , a spokesman for the washington - based center for responsive politics , a political watchdog group . " it was getting into any meeting it wanted to .
" relationships are still existent , and bush is unlikely to completely ignore ken lay . but one would have to think the amount of influence that ken lay could exert now pales in comparison to the influence he could have exerted just a month or more ago . "
now that dynegy has agreed to take over enron , the companies ' role in government will be determined by chuck watson , dynegy ' s chief executive officer .
while enron has been such a player in washington , dynegy is less known inside the capital beltway . but that ' s not to say dynegy has no political pull on capitol hill .
" ken lay certainly can get meetings with senators , but so can chuck watson , " a senate staffer said .
while dynegy may be attracted to enron ' s energy trading whiz , the company may be desirous of enron ' s political expertise as well . while watson has had a presence on the national stage , his role in houston ' s stadium votes shows he is hardly allergic to politics .
enron ' s recent troubles , however , may leave a stain . with the securities and exchange commission conducting an investigation into some of the company ' s business dealings , many politicians are likely to be wary .
" politicians , perhaps better than anyone else , can smell a rotten egg , " weiss said . " who would want it reported in the newspaper that they are associated with a company that is under investigation ? "
enron ' s lobbyist in washington , linda robertson , could not be reached for comment .
a setback among washington ' s elite would be a novel experience for lay and other enron officials . in a city where access is everything , lay has proved - time and again - his political savvy .
a one - time energy policy - maker for richard nixon , lay successfully championed deregulation of the natural gas pipeline industry and has led the effort to open up the electricity markets as well .
a republican , lay served as co - chair of the host committee for the gop ' s national convention in houston in 1992 , when his friend george bush the elder was nominated for a second term . and yet there was lay a few years later , playing golf with the elder bush ' s political nemesis , bill clinton , and advising the democratic administration on energy .
the company has excelled at snatching up political heavyweights as they leave public office . enron has attracted the likes of former secretary of state james baker iii and one - time clinton white house chief of staff thomas " mack " mclarty .
enron ' s stable of political lobbyists became a who ' s who of washington insiders , from former christian coalition head ralph reed to one - time energy regulatory commission chairwoman elizabeth " betsy " moler .
and by all accounts , enron - and lay especially - rank among the most munificent contributors to george w . bush ' s political career . lay ' s name was mentioned repeatedly as bush drew up his cabinet , and while he did not join the government , he played a role in helping craft bush ' s energy strategy .
lay and other enron officials spent $ 2 . 1 million lobbying congress and the white house last year , the center for responsive politics reported .
in fact , 71 senators and 188 house members have received contributions from lay and other enron officials , the watchdog group found .
questions about lay ' s influence over the federal energy regulatory commission sparked an investigation last summer by congress ' general accounting office .
curt hebert , then the commission chairman , accused lay of trying to prod him into changing his position on an issue of key concern to enron , open access by independent electricity generators to the power lines owned by utilities , in exchange for lay ' s political support .
the gao found no evidence of wrongdoing by either party . three months after the dispute became public , hebert resigned from the commission . he was succeeded by wood , whom enron officials had championed as " smart , hard - working , fair . "
just one month ago , enron ' s political muscle appeared undiminished . enron held a conference in washington on energy policy during the first week of october , attracting the likes of wood , senate energy committee chairman jeff bingaman , d - n . m . , and former energy department secretary james schlesinger .
since the start of the company ' s free - fall , enron officials have been less on capitol hill , although that may have merely reflected the city ' s preoccupation with the war on terrorism and the anthrax scare .
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
power play / sale suddenly switches office outlook downtown
ralph bivins
staff
11 / 10 / 2001
houston chronicle
3 star
1
( copyright 2001 )
the sale of enron corp . is going to punish houston ' s downtown office market - emptying more office space at a time when several buildings are going up .
enron and its purchaser , dynegy , are both hefty users of downtown office space , and with staff cutbacks likely , they will need a lot less of it .
enron ' s 40 - story office tower , which is under construction on smith street , is expected to be completed next year .
" if they do go through with the deal , that building is not going to be the enron building . it ' s going to become the dynegy building , " said office broker sanford criner of the trione & gordon realty firm .
dynegy , which leases 700 , 000 square feet in the wells fargo plaza at 1000 louisiana , would jump at the chance to operate in the new trading floors at the new enron center south , according to a number of downtown office brokers .
" there ' s no question dynegy has been looking to get a major league trading floor for a long time , " criner said . " they definitely covet the enron trading floor . "
the new 1 . 2 million - square - foot enron tower is a palace of energy trading technology with miles of telecommunications cable running throughout .
the building ' s matching pair of sweeping staircases were intended to lead to the corporate dens of enron chairman ken lay and former ceo jeff skilling but probably will be used by dynegy chairman chuck watson .
john sousa , a spokesman for dynegy , said thursday that the firm ' s current wells fargo space is good and it was too soon to speculate about things like office space .
" we ' re satisfied with our current location , " sousa said .
a number of office brokers , however , suggest dynegy would move over to the enron building and attempt to sublease at least some of the space in wells fargo plaza .
enron ' s importance to the houston office market extends beyond the new building . the company occupies about 3 million of the 42 million square feet of office space available downtown , if every small building is counted .
enron occupies its existing 1 . 25 million - square - foot headquarters building at 1400 smith , 500 , 000 square feet of space in three allen center , 60 , 000 square feet in the 500 jefferson building , and 40 , 000 square feet in the 600 jefferson building .
enron has already moved a few employees into its new building , which had been slated to be fully occupied by next summer .
" this has some real implications , " said george carpenter of carpenter realty . " who knows , when the dust settles , where this thing is heading ? "
trizechahn , which owns the cullen center and allen center properties , had been expecting enron to move out of at least a portion of those buildings when the new enron center south building was complete .
" we ' re bullish on houston , " said trizechahn spokesman rick matthews . " it ' s likely to remain a core market for us . "
enron ' s shrinkage will come on top of several other moves that will empty downtown office space .
" it ' s going to be a blood bath next year , " said one houston office broker who asked that his name not be used .
about 500 , 000 square feet of space will become vacant next year in the chevron tower , according to trione & gordon . a number of chevron employees will be moving into the texaco heritage plaza building as a result of the chevron and texaco merger .
halliburton , another huge downtown office tenant , will be moving out of downtown to new buildings in the westchase area in the next few years , leaving behind a large hole of vacant space at 601 jefferson .
while the demand for office space is beginning to fall , the supply is about to increase .
the 5 houston center , a 27 - story structure that will be complete next year , will open with a significant number of signed tenants . but as major corporate tenants such as ernst & young , jenkens & gilchrist and jackson walker move into the building , they will leave behind vacant space in others .
century development ' s 1000 main building is scheduled to be finished in 2003 . the 783 , 000 - square - foot project , which will have reliant resources as its main tenant , still has more than 200 , 000 square feet of space to lease , according to trione photos : 2 . enron employees kept their cell phones in use outside the company ' s downtown offices friday afternoon . dynegy ' s purchase of enron deals a blow to the city ' s office space market . enron ' s shrinkage will come on top of several other moves that will empty downtown office space ( p . 4 )
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
power play / enron field name may fall as quickly as energy empire
ralph bivins
staff
11 / 10 / 2001
houston chronicle
3 star
1
( copyright 2001 )
baseball history is written fast these days .
as enron corp . , the massive houston energy - trading company , is to be bought out by dynegy , the name enron field may go with it .
enron paid big money - $ 100 million - to put its name on the retractable - roof stadium downtown . it cost a lot to get the name , but it gave enron a lot of marketing firepower and put the company ' s name on the lips of millions of astros fans .
if dynegy completes the acquisition of enron corp . as expected , dynegy also may get the naming rights to the astros ' stadium .
with the name " enron " fading in the merger , it appears possible the 42 , 000 - seat baseball stadium would take the dynegy name .
" if they do something with the company , that name goes with it , " said pam gardner , president of business operations for the houston astros .
dynegy chairman chuck watson said friday that no decision has been made about renaming the baseball stadium .
however , dynegy did register the domain name dynegyfield . com with verisign , an internet domain name registrar , on thursday .
enron field would not be the first sports facility to undergo a name change .
the compaq center , home of the houston rockets , took the compaq name in 1997 after being called the summit for many years . and the name may be up in the air again as compaq computer corp . contemplates a merger with hewlett - packard .
the stadium for the st . louis rams football team was renamed dome at americas center , after american airlines bought former namesake twa airlines .
" it ' s not catastrophic if you have to change the name of the arena , " said dean bonham of bonham group , a sports marketing consulting firm .
sometimes trying to change the name of a stadium can be hard , said kurt hunzeker , editor of team marketing report , a sports business newsletter . the original name for a stadium can be adopted into fan ' s vocabulary , and the secondary names for stadiums don ' t always stick .
many baseball fans in cincinnati have had a hard time adjusting to calling riverfront stadium by its new name of cinergy field , hunzeker said .
sometimes the media refuse to cooperate with the name changes because of tradition or a simple refusal to give into commercialism . the denver post , for example , has refused to adopt the new name of invesco field at mile high stadium .
the deal for a new football stadium for the houston texans is similar to the arrangement with enron field , said steve patterson , senior vice president of the texans .
the texans ' field will be called reliant stadium . if reliant energy is bought out by another company , however , the acquiring company will have the right to change the name of the stadium , patterson said .
photo : enron field , seen on opening night in march 2000 , could have a new name next season ( color )
copyright ? 2000 dow jones source : world reporter ( tm )
executives at royal bank of scotland are among those keeping their fingers crossed that the urgent talks to save the debt - stricken energy trading group enron are successful .
in recent days it has emerged that britain ' s second biggest bank by market capitalisation is a lender to the us group .
at the moment it is not clear how much money the edinburgh bank has lent to enron and whether any of it is secured , but speculation in the market place suggests that the figure could run into millions . it seems rbos was involved in one of the credit facilities arranged for enron , which needs billions of dollars of new money to keep it afloat .
royal bank was yesterday keeping very quiet about the size of the exposure , but worries about the enron situation were enough to push the shares down 44 p to pounds 16 . 70 on a bad day for the banking sector . elsewhere , barclays fell 88 p to pounds 21 . 12 , hsbc lost 9 . 5 p to 792 . 5 p , and lloyds tsb dipped 17 . 5 p to 713 p as investors decided it was time to take some profits .
on the other side of atlantic , enron was locked in talks with rival dynegy over a $ 7 bn ( pounds 4 . 81 bn ) rescue takeover .
with wall street giving up strong gains overnight , as investors decided to book profits after the recent strong run , london ' s top stocks started the day on the back foot . leading shares then trimmed a 50 - point deficit as buyers emerged for heavyweight oil stocks shell , 6 p higher at 514 . 5 p , and bp , 9 p stronger at 565 p after saudi arabia suggested the mood was shifting towards a production cut of 1 . 5 m barrels at next week ' s opec meeting . news that russian oil companies are considering a cut also helped .
that was as good as it got . with wall street failing to provide a lead , the ftse 100 drifted back , eventually closing 33 . 9 points lower at 5 , 244 . 2 . however , dealers were not too downhearted by the performance , pointing to the index ' s 115 - point advance over the week .
cash rich cable & wireless took the ftse 100 ' s wooden spoon , sliding 18 . 25 p to 330 p with dealers attributing its weakness to the re - emergence of talk that it is poised to make a big acquisition . opinion was divided over the potential target . most dealers plumped for colt telecom , which has been linked with c & w in recent weeks . sure enough the shares responded , ending the day 10 . 5 p better at 158 p .
others reckoned c & w had its eye on energis and had approached 30 % shareholder national grid with a view to buying its stake . whatever the truth of that rumour , analysts think energis would be a better bolt - on acquisition for c & w than colt . energis shares eased a penny to 89 p .
invensys , the industrial controls group , firmed 4 . 25 p to 78 . 75 p on hopes that a positive outlook statement will accompany thursday ' s interim results . the figures will also provide analysts with their first chance to quiz new chief executive rick haythornthwaite on his plans to turn around the heavily indebted company .
among the mid caps , carphone warehouse underperformed , falling 2 . 5 p to 109 p , as worries resurfaced about the demand for mobile phones in the christmas trading period .
joint broker csfb caused the trouble . with the outlook uncertain csfb said it had taken the precaution of lowering its pretax profits forecast to a " worst case scenario " pounds 55 m . its previous estimate was pounds 67 . 3 m . csfb tried play down the significance of the downgrade , arguing that carphone was likely to outperform its rivals in the next month , but many traders interpreted it as an attempt to lower the city ' s expectations .
furniture group mfi was heading in the other direction , improving 10 . 5 p to 130 p after house broker deutsche bank raised hopes that wednesday ' s trading update could impress . the german investment bank believes business has been good at mfi in recent months and the company is on course to meet its pretax profit forecast of pounds 63 . 5 m .
in an otherwise dull tech sector , autonomy , the intelligent software group advanced 14 . 75 p to 313 p . traders heard talk that the company had secured a couple of big contracts that were put on hold after september ' s terrorist attacks .
there was also a flurry of interest in debenhams , the department store group , on speculation that the company will be tipped in a weekend newspaper . the shares finished 23 p higher at 395 p .
in the smaller companies world , retail investors were chasing redbus interhouse , the web - hosting company run by john porter , the multi - millionaire tesco heir and son of dame shirley porter .
dealers said the investors were betting that monday ' s third quarter figures would top expectations . given the over capacity in the web - hosting market and the fact redbus admitted with interim results in september that demand had fallen , most traders took the view that this was a bold and potentially foolhardy gamble .
elsewhere , those retail investors suckered into character group , the toy and games maker , when its shares hit 30 p late on thursday were nursing losses .
before the market opened , the company said that while one of its division produced a range of harry potter gift products it was not an official potter licensee . character , which had almost doubled in the previous session , shed 6 . 75 p to 24 . 25 p .
there was also some pain for shareholders of brammer , the industrial services group , which fell 61 . 5 p to 256 p after warning full - year pretax profits would be 25 % lower than last year .
engineering group senior gained 0 . 25 p to 29 . 5 p after a stock overhang was cleared . traders believe the shares could enjoy a good run next week , especially as bid rumours are floating around .
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
dynegy snaps up enron for $ 9 . 5 bn
chris ayres in new york
11 / 10 / 2001
the times of london
news international
final 5
60
( copyright times newspapers ltd , 2001 )
enron , the troubled us energy company with close ties to president bush , was yesterday bought for $ 9 . 5 billion ( pounds 6 . 5 billion ) by its smaller rival dynegy .
the move brings to a close one of the most spectacular wall street downfalls of recent years . shareholders in enron , who have seen more than $ 60 billion wiped off the value of the company this year , will get about 0 . 27 of a dynegy share for every share they own in enron , valuing the deal at $ 10 . 41 per enron share .
the deal comes amid a securities & exchange commission investigation into enron ' s controversial business practices . the struggling company also admitted on thursday that it had overstated its profits by nearly $ 586 million and understated its debt by $ 2 . 6 billion over the past four years .
as part of the deal , chevrontexaco , which owns 27 per cent of dynegy , will invest $ 2 . 5 billion in the merged company . shares of dynegy gained $ 2 . 26 to close at $ 38 . 76 . enron shares rose 22 cents to $ 8 . 63 . the announcement on the merger of the two houston - based companies came after the us markets closed .
before the deal was announced , enron saw its credit rating cut by moody ' s to a notch above " junk " status . meanwhile , enron ' s exit from a $ 2 . 9 billion power plant project in india was blocked by the bombay high court .
fears also heightened yesterday that us energy traders were beginning to bypass enron ' s internet - based energy trading systems because of concern over the company ' s ability to settle transactions and pay back collateral . so far , enron ' s trading operations have remained immune from the disasters to hit the company on wall street .
the past few weeks have seen the departure of enron ' s finance director , andrew fastow , and its treasurer , ben glisan . the company ' s chief executive , jeffrey skilling , resigned in august .
however , some analysts expressed scepticism at the merger . carole coale , an analyst with prudential securities , said she was puzzled as to " why dynegy ' s management would want to take on the uncertainties and potential liabilities associated with a merger with enron " .
enron is america ' s biggest buyer and seller of natural gas and one of the country ' s ten largest companies with revenues last year of more than $ 100 billion .
copyright ? 2000 dow jones & company , inc . all rights reserved .
uk jobs on the line
11 / 10 / 2001
daily mail
associated newspapers ltd . lst
81
( copyright 2001 )
up to 4 , 000 uk jobs are at risk as us energy group enron seeks a 5 . 5 bn rescue from rival dynegy . enron owns wessex water , two power plants on teeside and runs the world ' s biggest energy - trading operation . those are the jobs believed to be most at risk .
us regulators are investigating off - balance sheet deals allegedly struck by former finance director andrew fastow , who has since left the company .
enron ' s managing director and chief counsel were sacked earlier this week for their roles in the affair . enron took a 685 m charge , prompting a 90 pc fall in its share price . this week , it restated four - year profits down by 22 pc to 405 m .
rating agency moody ' s downgraded enron ' s debt to its lowest investment grade , warning another cut could follow .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy to get prime downtown real estate in enron deal
by pam easton
associated press writer
11 / 10 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - enron corp . chairman kenneth lay envisioned the four trading floors within his company ' s newly constructed silver glass tower - that was to be its new world headquarters - as an energy trading center much like the chicago mercantile exchange .
" they are pretty spectacular , " enron spokeswoman karen denne said of the trading floors following the announcement of dynegy inc . ' s plans to buy enron for about $ 8 billion in stock late friday . " it is a huge state - of - the - art trading floor . they are really neat . "
but the trading platforms likely won ' t be enron ' s for long .
if the proposed deal between the two houston - based energy trading companies is approved , the $ 200 million , 40 - story building will be among dynegy ' s new assets in the purchase of its much larger rival . the ornate building , complete with metal sunshades and fins that deflect the sun and lower energy costs , is scheduled for completion sometime next summer .
" the last three weeks haven ' t been a whole lot of fun , " lay said during a press conference about the merger friday at dynegy ' s headquarters just a few blocks away from where an oval shaped skybridge encircles smith street .
the enclosed , air conditioned bridge connects what was to be enron ' s new headquarters with its current building on the opposite side of the street .
enron had long - term plans to complete its urban campus with a third tower after building a second tower in 1999 , the first major office building project in downtown houston in more than a decade .
lay and his former chief executive officer , jeff skilling , were to have seventh - floor offices overlooking the trading floors . two curved grand stairways connect the offices to the floors below .
but enron ' s future started changing shortly after skilling ' s surprise resignation in august .
last month enron reported major losses in third quarter earnings . the company ' s stock then tumbled 80 percent in the past three weeks as investors grew increasingly concerned that serious financial problems were being hidden from shareholders through business partnerships now under investigation by the securities and exchange commission .
a day after lay expressed his confidence in his chief financial officer andrew fastow , who managed those partnerships , fastow was ousted in an attempt to regain investor confidence .
it didn ' t work , and skilling has since been called to testify before the sec about the partnerships .
then dynegy stepped in , and one houston company came to the rescue of another , prudential securities inc . analyst carol coale said .
" enron needed dynegy . they needed a rescuer , " coale said . " the run on enron stock was similar to a run on a bank . once things start to capitulate it can run right down into liquidity . "
while dynegy says its too early to discuss layoffs , what happens to the name of the houston astros ' enron field or the future uses for enron ' s buildings , university of houston economist barton smith doubted the company will let the prime real estate go unused .
" at one time ken lay and his family had a vision of houston having an energy exchange and i think that vision is going to continue , " smith said . " this brings dynegy , which was a relatively small player , in as a pretty strong force . "
smith said reductions in philanthropic giving are likely . enron has contributed to many texas schools , including the university of houston , rice university , the university of texas and southern methodist university .
while the company ' s philanthropy has gained fans in texas , many in california , plagued by power shortages earlier this year , still resent enron for its outspoken support of deregulation .
" the principles of karma seem to be working here , " said harvey rosenfield , founder of a california consumer advocacy group . " here enron was one of the chief proponents of deregulation and took advantage of it and benefitted enormously and now is reaping the consequences . "
texas economists say ripple effects of the dynegy - enron merger on houston ' s economy will be minimal , even if the combination forces layoffs .
" there are some recessionary pressures going on in the united states , but houston is probably in a better position than any city i know of to dampen those pressures , " said mark baxter , director of the maguire energy institute at southern methodist university . " the houston market is unique in that aspect . "
but michelle michot foss , director of the energy institute at the university of houston , said the nation ' s fourth - largest city isn ' t immune to a weakening national economy .
" we do have a three - pronged problem in town , which is continental , compaq and enron , " she said . " but there is no way this is as bad as ( the oil bust years of ) 1986 and 1987 . "
houston - based continental airlines has cut 12 , 000 jobs and reduced its flight schedule in the wake of sept . 11 ' s attacks in new york , washington d . c . and pennsylvania . meanwhile , hewlett - packard is attempting to buy compaq , also based in houston , which could result in additional layoffs from the computer maker .
" the whole debacle with enron has been very unfortunate , " smith said . " enron , in some ways , was the icon of houston with the merger of compaq . now it looks as if it ' s going to be dynegy . "
- - -
on the net : enron corp . : http : / / www . enron . com .
dynegy inc . : http : / / dynegy . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron india pwr unit sale faces review after dynegy deal
11 / 10 / 2001
dow jones energy service
( copyright ( c ) 2001 , dow jones tata power co . ltd . ( p . tpw ) and bses ltd . ( p . bsx ) - heavyweights in the indian power sector .
enron wants to sell its controlling equity stake in the $ 2 . 9 billion project due to payment defaults by the plant ' s sole customer - the maharashtra state electricity board - and the indian federal government ' s failure to honor payment guarantees .
a bombay - based analyst with a leading indian brokerage agreed that the issues surrounding the sale of enron ' s stake in the dpc would have to reevaluated " from scratch . "
" some post - takeover ' cleaning - up ' in the merged entity will be expected . dynegy really need to see what their energy interests are and whether india will figure in them , " the analyst said .
the analyst doubted dynegy would take over enron ' s stake in the dpc itself in an attempt to revive it . " prima facie , it appears unlikely . it ( dynegy ) has not really got into independent power projects outside the u . s . , " the analyst said .
indian media reports over the past two months have said enron wants $ 1 billion for its stake in dabhol .
however , commentators say enron may have to sell at a discount given the company ' s deepening financial woes . a discounted sale would remain the case for dynegy " without a doubt " post - takeover , the analyst said .
dpc officials were unavailable for comment at the time of writing .
indian banking executives remained tight - lipped on the outcome of the singapore talks , but described negotiations as " very fruitful " and " successful . "
" there was full cooperation from all sides . certainly , we have moved forward , but there ' s no decision ( on a buyer for enron ' s stake ) as yet , " said idbi executive director a . k . doda . " i ' m hopeful if we go through these routes it ' ll lead somewhere . "
the idbi ' s vora said all concerned parties had " no immediate " plans to hold any further talks .
asked whether tata power was the frontrunner , as many analysts believe , doda said : " that ' s their guess . "
analysts said tata power and bses wouldn ' t necessarily be out of the running after the dynegy - enron merger . " i think dynegy will be relatively more willing to diversify dpc and that wouldn ' t change the equation vis - a - vis tata and bses , " he said . " overall , it ' s positive . "
dabhol is india ' s largest single foreign investment . mseb holds a 15 % stake , while general electric co . ( ge ) and bechtel ( x . btl ) own 10 % each .
dpc ' s domestic lenders include icici ltd . ( p . icc ) , industrial development bank of india ( p . idb ) , ifci ltd . ( p . ici ) and state bank of india ( p . sbi ) .
loans by foreign lenders , including abn amro , bank of america corp . and citigroup inc . , however , are backed by government guarantees , while domestic lenders ' loans are not .
- by sri jegarajah , dow jones newswires ; 65 - 415 - 4066 ; sri . jegarajah @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
talks to salvage multibillion dollar enron india project goes into third day
11 / 10 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
singapore ( ap ) - talks in singapore to assess possible buyers for u . s . - based enron corp . ' s controlling stake in the troubled indian dabhol power company have been extended into an unscheduled third day , an indian banking executive involved in the negotiations said saturday .
the two - day closed - door meeting - originally scheduled to wrap up friday - is focusing on two potential buyers of houston - based enron ' s 65 percent stake in the power company .
tata power co . and bses ltd . - two of india ' s largest private power companies - are the only contenders vying to buy enron ' s stake in dabhol .
" talks will carry on today ( saturday ) , " said a . k . doda , executive director of the industrial development bank of india . " it ' s going to take a little more time . "
senior indian banking sources told dow jones newswire that the talks are " intense , " but " positive , " with negotiations continuing past midnight local time .
dabhol managing director k . wade cline , officials from both prospective buyers and a consortium of indian lenders to the dabhol project are involved in the talks .
the dabhol power company owns a 2 , 184 megawatt power plant in the western indian state of maharashtra . the company is embroiled in a bitter power supply dispute with the state government over allegedly " unaffordable " power tariffs .
enron wants to sell its controlling equity stake in the dlrs 2 . 9 billion project due to payment defaults by the plant ' s sole customer - the maharashtra state electricity board - and the indian federal government ' s failure to honor payment guarantees .
dabhol is india ' s biggest - ever single foreign investment . the maharashtra state electricity board holds a 15 percent stake , while general electric co . and bechtel group inc . own 10 percent each .
domestic lenders have provided dlrs 1 . 4 billion of the project ' s total projected cost of dlrs 2 . 9 billion .
loans by foreign lenders , including abn amro , bank of america corp . and citigroup inc . are backed by government guarantees .
( dj / hp - ss )
copyright ? 2000 dow jones & company , inc . all rights reserved .
all eyes in electric industry on texas as deregulation nears
by david koenig
ap business writer
11 / 10 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
dallas ( ap ) - electric deregulation was a fabulous failure in california , resulting in skyrocketing rates , accusations of price - gouging and fears of widespread power blackouts .
the flop has made consumers elsewhere suspicious about giving up their regulated monopoly utilities for competition among power companies .
regulators and industry officials are turning their attention to texas , where deregulation is scheduled to begin jan . 1 after a rocky test program .
" people are looking to texas as the next iteration of retail competition . a lot of states have pulled back after the california experience , " says brett perlman , a member of the public utility commission . " if texas is successful , texas will become the model for the nation . "
ken malloy , president of a pro - deregulation think tank called the center for the advancement of energy markets , called texas the state to watch .
" california obviously created a domino effect , " leading other states to delay deregulation , malloy said . " a lot of people are placing a lot of hope on texas . "
texas officials say that unlike california , which must import much of its power , texas imports little and has built more than 50 new power plants since 1995 , providing an important cushion .
texas also made it easier for power generators and resellers to negotiate long - term contracts , which officials say will help lock in lower prices . and texas provides more - digestible price information , making it easier for consumers to comparison - shop , they say .
california officials warn that texans may be a little too smug .
they spot trouble already in texas , including california - style price spikes in some spot markets for electricity - a clear sign , they say , that power companies are learning how to maximize profits by forcing prices up .
" there are things that can be done by people who own the power to create a shortage , and if they see an opportunity to make money doing that they will , " said john rozsa , an aide to state sen . steve peace , who was heavily involved in california ' s deregulation debate .
california officials accuse the power companies - many of them texas - based - of withholding supplies or clogging transmission lines to drive prices higher . they say the same techniques could be used in texas .
supporters and opponents of deregulation do agree that the stakes will be high in texas for power companies and consumers .
" if the wheels fall off , it would be hard to put it back together , " says bob manning , an executive with san antonio - based h - e - b grocery co . , which hopes to cut its $ 40 million annual electricity bill through deregulation by at least 6 percent .
the idea behind electric deregulation is simple and powerful . instead of forcing residents and businesses to buy their power from a monopoly such as txu electric or reliant , let them choose among several competing companies .
in theory , competition should cause prices to fall , as it did for air travel and long - distance phone service . that ' s what the texas legislature thought when it voted in 1999 to let utility customers pick a new power company beginning jan . 1 , 2002 .
power traders led by enron corp . lobbied heavily for deregulation , figuring they could profit by gaining a chunk of the utilities ' business even though enron produces little power itself .
to prepare for deregulation , the legislature approved a seven - month pilot program in which a few commercial and residential customers would be able to switch . soon , glaring problems emerged .
the trial program was delayed three times . when it finally began this summer , the state ' s main power grid struggled to switch customers to their new power company . prices for backup power used on hot summer days temporarily jumped 100 - fold .
through it all , the public utility commission and the power companies and their allies have insisted the pilot program was serving its purpose of highlighting potential problems .
" anytime you buy a new home there are a whole bunch of things you need to get fixed before you move in , " perlman said this week . " we ' re going down that punch list , and i think we ' ll be ready on jan . 1 . "
the unresolved issues , he said , include how utilities such as txu and reliant will pass on the cost of fuel to their customers , who were guaranteed a 6 percent rate cut on jan . 1 .
in addition to the technical setbacks , deregulation suffered a blow when shell energy , a unit of the anglo - dutch energy giant , pulled out of texas after signing up 40 , 000 customers . suddenly one of the biggest players and a potent competitor to txu and reliant had vanished .
shell has said that doing business in texas became uneconomical after other states delayed deregulation .
" that was a bit bizarre , because they had spent a lot of money to attract customers , " said brian lloyd , a top puc official on pricing issues . " but if they don ' t want to be here , we don ' t want them . "
lloyd and other puc officials are confident that as deregulation catches on , other power companies will move in to texas , ensuring strong competition .
already , however , deregulation will be delayed beyond jan . 1 because of a lack of competition and questions about power - transmission in a section of southeast texas served by entergy corp . and in a stretch of northeast texas served by southwestern electric power co .
last month , consumers union , aarp and other groups asked the puc to delay competition everywhere in texas because of computer glitches and billing problems during the pilot program .
deregulation advocates worry that residential customers will simply stay with their old electric utility , causing new competitors to fail .
the puc is likely to push ahead after receiving a final round of comments next week from electric companies and officials of the main power grid , called the electric reliability council of texas , or ercot .
along with the power traders , large commercial customers - like the h - e - b grocery chain - figure to be winners .
" a grocery store is an energy hog , " manning said . " we have a lot of refrigerators that run 24 hours a day , 365 days a year . we help ( the power companies ' ) bottom line . "
perlman , the puc member , predicted deregulation will start on time but said that making it trouble - free was the most important goal to build consumer confidence .
" a year from now , no one will remember whether the market opened on jan . 1 or jan . 15 or march 15 , " he said .
end advance
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron says it ' s too soon to quantify u . k . job cuts ( updatel )
2001 - 11 - 10 07 : 24 ( new york )
enron says it ' s too soon to quantify u . k . job cuts ( updatel )
( adds detail on u . k . operations , dynegy transaction , lenders ,
from fifth paragraph . )
london , nov . 10 ( bloomberg ) - - dynegy inc . ' s $ 23 billion
acquisition of enron corp . is at too early a stage for either
company to know how many u . k . jobs will be eliminated , an enron
spokesman said , after a newspaper reported 4 , 000 are at risk .
dynegy ' s acquisition of the biggest energy trader , announced
yesterday , ` ` is still a long way off from closing , ' ' said enron
spokesman alex parsons . ` ` it ' s too early to know what the impact
will be on u . k . jobs , ' ' he said .
the daily mail newspaper , which didn ' t cite sources , said
today that 4 , 000 jobs are at risk , mainly at enron ' s wessex water
unit , in southwest england , two power plants on teeside , in
northeast england , and at its energy trading operation . it employs
5 , 400 people in europe , mostly in the u . k . , said parsons .
dynegy said yesterday it would save as much as $ 500 million a
year by ` ` winding down ' ' enron ' s business outside of trading and
pipelines and cutting costs .
enron decided to sell after its shares plunged 90 percent
this year amid investors ' concerns about the accuracy of its
financial statements . the company had said in october it planned
to eliminate as many as 500 jobs in europe , or almost as much as
10 percent of the workforce there , to reduce costs .
offset risk
the company , which owns generation in the u . k . to offset risk
in its power trading operations , said in august two workers died
and two others were seriously injured in an explosion and fire at
teeside power station , which it operates and partly owns .
enron owns wessex water as part of its azurix water unit . it
spent $ 2 . 8 billion in 1998 for wessex , from which azurix emerged .
enron sold azurix shares to the public in 1999 , and then bought
back the company this year after the unit failed in its strategy
of buying up water companies and winning large projects .
in august , enron agreed to sell azurix ' s north american
business to american water works inc . for $ 150 million .
the dynegy transaction is expected to close in 2002 ' s third
quarter . the new company will have $ 90 billion in assets , dynegy
said . dynegy ' s stockholders , including chevrontexaco , will have 64
percent of the new company . enron ' s holders will own the rest .
the merger will face opposition from consumer groups ,
especially in california , where energy traders such as dynegy and
enron were blamed for soaring electricity prices that left the
state ' s biggest utility bankrupt and the second - largest fighting
for a government bailout .
other companies may yet be caught in the fallout from enron ' s
situation . royal bank of scotland group plc is a lender to enron ,
the guardian newspaper reported today , without citing sources .
it ' s unclear how much the u . k . ' s no . 3 bank by assets lent
enron , though it may be as high as several million pounds , the
paper said . it ' s not clear if the loans are secured , it said .
royal bank was involved in setting up a credit facility for enron ,
the newspaper said , adding this helped push down the company ' s
share price by 2 . 6 percent yesterday .
- - mathieu robbins in the london newsroom ( + 44 20 ) 7673 2097
dynegy to buy enron for $ 23 billion in stock , debt ( update 9 )
2001 - 11 - 09 23 : 23 ( new york )
dynegy to buy enron for $ 23 billion in stock , debt ( update 9 )
( adds advisers in last paragraph . )
houston , nov . 9 ( bloomberg ) - - dynegy inc . agreed to buy
enron corp . for at least $ 23 billion in stock and assumed debt ,
ending a financial crisis that threatened to bankrupt enron and
disrupt u . s . power and natural - gas markets .
investors will get 0 . 2685 of a dynegy share for each enron
share , or $ 10 . 41 based on dynegy ' s closing price today . the stock
portion of the transaction is valued at $ 8 billion to $ 9 billion ,
dynegy chief financial officer robert doty said . dynegy said it
will assume about $ 15 billion in enron debt .
enron , the largest energy trader , decided to sell after its
shares plunged 90 percent this year and a federal investigation of
accounting irregularities limited its ability to finance
operations . enron ' s collapse would have caused upheaval in energy
markets , where the company does one - quarter of all gas and power
trades , traders say .
` ` without someone stepping in to play the role enron plays ,
people ( would ) have a difficult time executing transactions , ' '
said daniel gordon , president of allegheny energy inc . ' s trading
unit .
chevrontexaco corp . , the second - biggest u . s . oil company and
owner of 26 percent of dynegy , will provide enron with
$ 1 . 5 billion immediately . chevrontexaco will give dynegy
$ 1 billion after the merger closes .
dynegy chief executive officer charles watson , who led a
company that has put as much emphasis on building power plants as
on energy trading , will take over a larger rival that chairman and
ceo kenneth lay had focused on trading .
earnings reduced
lay ' s strategy boosted enron ' s reported revenue to
$ 100 . 7 billion in 2000 , almost four times dynegy ' s and more than
20 times what enron generated in 1995 . at its peak in december
2000 , enron stock was valued at more than $ 69 billion .
in recent months , enron shares plummeted as investors began
to question the accuracy of enron ' s financial statements , saying
it was unclear whether the company was using affiliated
partnerships to move debt off its books and hide losses .
yesterday the company restated its earnings for the past
four years , lowering them by more than $ 500 million to include
losses from partnerships it once kept off its books . after the
merger announcement , standard & poor ' s investors service said it
may lower dynegy ' s debt rating . it cut enron ' s to ` ` bbb - , ' ' one
notch above junk .
watson , dynegy president stephen bergstrom and cfo doty will
keep their positions at the combined company . greg whalley , the
president and chief operating officer of enron , will be an
executive vice president . lay said he won ' t be an active manager
in the new company . lay has not discussed a severance package with
him , watson said .
$ 200 billion in revenue
dynegy said it will have annual revenue of more than
$ 200 billion , more than 22 , 000 megawatts of electric generating
capacity and 25 , 000 miles of pipeline after the merger . the
company will save as much as $ 500 million a year by ` ` winding
down ' ' enron ' s business outside of trading and pipelines and
cutting costs , dynegy said .
the announcement of the merger came after the close of stock
market trading , though the two companies had acknowledged they
were in talks . shares of dynegy rose $ 2 . 26 , or 6 percent , to
$ 38 . 76 . enron rose 22 cents to $ 8 . 63 . chevrontexaco rose $ 1 . 90 to
$ 89 . 49 . enron ' s 6 . 4 percent bonds , which mature in 2006 , jumped
to about 76 cents on the dollar , up from 69 cents , traders said .
the combination is expected to be ` ` strongly accretive ' ' to
earnings , dynegy said . it projected earnings of $ 3 . 40 to $ 3 . 50 a
share next year . it had been expected to earn $ 2 . 57 , the average
estimate of analysts surveyed by thomson financial / first call .
third quarter closing
the transaction is expected to close in 2002 ' s third quarter .
the new company will have $ 90 billion in assets , dynegy said .
dynegy ' s stockholders , including chevrontexaco , will have 64
percent of the new company . enron ' s holders will own the rest .
` ` dynegy is taking out a competitor , acquiring some attractive
assets and they ' re doing it at an incredible price , ' ' said joseph
correnti , an analyst at wayne hummer investments who doesn ' t own
shares of either company . enron will pay a
$ 350 million breakup fee if the transaction collapses .
the two houston - based companies began negotiations a week ago
as it became apparent that enron needed cash to stay in business .
watson said he approached lay .
` ` i simply called ken to see if there was anything we could
do to straighten ' ' out rumors of a cash crunch at enron , watson
said . ` ` that next saturday , ken was gracious enough to invite me
over to his home . ' '
dynegy agreed to the terms after moody ' s investors service
maintained an investment grade rating on enron today , eliminating
a stumbling block in negotiations .
cash crunch
moody ' s announcement removed the threat that a junk rating
would force enron to repay early $ 3 . 3 billion in bonds . enron has
been battling a cash crunch and a loss of investor confidence
because of questions about partnerships started by its senior
executives .
enron fired chief financial officer andrew fastow in october
as a securities and exchange commission investigation focused in
on partnerships he headed and helped create . enron estimated
fastow made $ 30 million through partnerships affiliated with the
company .
the sec began the investigation after enron reduced third -
quarter earnings by more than $ 1 billion and said dealings with
two partnerships had lowered shareholder equity by $ 1 . 2 billion .
` ` clearly , ( the partnerships ) created quite a perception
problem for the company , and maybe more serious problems than
that , ' ' lay said on a conference call after the buyout
announcement . ` ` we ' ll see over time . ' '
california opposition
the merger will face opposition from consumer groups ,
especially in california , where energy traders such as dynegy and
enron were blamed for soaring electricity prices that left the
state ' s biggest utility bankrupt and the second - largest fighting
for a government bailout .
` ` we will petition the state attorney general and federal
authorities to block this merger , ' ' said doug heller of the
california - based foundation for taxpayer and consumer rights .
` ` this would further tighten the grip that the unregulated power
industry has over california , and it ' s the grip of the energy
cartel that has choked california for the last year and a half . ' '
energy trading markets ` ` are relatively fragmented ' ' so there
should be no antitrust problems , even though enron and dynegy are
big companies , said robert burka , a washington - based antitrust
attorney with foley & lardner . ` ` enron may well not be a healthy
company going forward ' ' if the merger isn ' t approved , burka said .
enrononline
the combination of the two companies will leave watson with
control of enrononline , an internet energy and commodities trading
site that has done more than $ 880 billion in trades since it was
created in november 1999 .
` ` it ' s not perfectly capturing the value of enron , but if
you ' re on the board at enron at this point , you take it and move
on , ' ' said correnti of wayne hummer investments .
the total value of the stock portion of the transaction
could rise , depending how many enron shares need to be converted
in the stock swap . an enron spokesman said the company had 913
million shares on a fully diluted basis , though a person familiar
with the talks said enron ' s stock price is so low that many common
share equivalents won ' t be converted , leaving the number at 743
million shares .
lehman brothers inc . is dynegy ' s financial adviser on the
transaction . salomon smith barney inc . and j . p . morgan & co . are
advising enron .
- - margot habiby in houston ( 713 ) 353 - 4872
dynegy announces $ 8 billion deal to buy larger rival enron
by juan a . lozano
associated press writer
11 / 09 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - energy marketer dynegy inc . announced friday that it will buy its much larger rival , the once mighty but now troubled enron corp . , for $ 8 billion in stock . dynegy also will assume a hefty $ 15 billion in enron debt .
the announcement came after enron ' s stock price plummeted about 80 percent over the past three weeks because of concerns that the company wasn ' t revealing serious financial problems to shareholders .
under the deal , chevrontexaco corp . , which owns more than a quarter of dynegy , would quickly provide about $ 1 . 5 billion . chevrontexaco also would contribute an additional $ 1 billion upon completion of the deal , the companies said .
" with its market - making capabilities , earnings power and proven strategic approach to wholesale markets , enron is the ideal strategic partner for dynegy , " dynegy chairman and chief executive officer chuck watson said in announcing the purchase .
watson made it clear that he would not tolerate the sort of financial practices that prompted explosive disclosures by enron this week - including an admission that more than half a billion dollars in debt had been kept off the company ' s books .
" as a combined company , we will focus on leveraging our core skill sets and , as always , we will keep a strong balance sheet and straightforward financial structure as key priorities , " watson said .
enron is the country ' s top buyer and seller of natural gas , and the no . 1 wholesale power marketer . the company operates a 25 , 000 - mile gas pipeline system , and also markets and trades metals , paper , coal , chemicals , and fiber - optic bandwidth .
dynegy controls nearly 15 , 000 megawatts of power generating capacity through investments in power projects , and sells the energy in wholesale markets and through utilities .
at a news conference , watson said company officials who negotiated the deal came away convinced that enron was worth buying despite its recent troubles .
" we looked under the hood and , guess what , it ' s just as strong as we thought it was , " watson said .
under the terms of the deal , enron shareholders will receive . 2685 dynegy share for each share of enron common stock , valuing each enron share at $ 10 . 41 . enron has about 775 million common shares , said spokeswoman karen denne .
that represents a 21 percent premium above enron ' s closing price of $ 8 . 63 friday on the new york stock exchange - but still just a fraction of their 52 - week high of $ 84 . 87 . dynegy ' s shares climbed $ 2 . 26 , or 6 percent , to close at $ 38 . 76 on the nyse .
in after hours trading on the nyse , enron shares shot up 15 . 6 percent , or $ 1 . 35 , to $ 9 . 98 . dynegy shares were unchanged .
dynegy ' s stockholders will own approximately 64 percent of the new company , with enron ' s stockholders holding the remainder .
the boards of both companies have unanimously approved the transaction , which is expected to close next summer . the deal is expected to save the combined company between $ 400 and $ 500 million annually because of continued elimination of " non - core " enron holdings and lower operating costs . watson said it was too soon to say if the deal would result in job cuts . enron has about 20 , 000 employees , while dynegy ' s work force is about 6 , 000 .
watson will remain as chairman and chief executive of the combined company , which will retain the dynegy inc . name . dynegy ' s steve bergstrom will continue as president .
enron chairman and chief executive kenneth l . lay will no longer have a role in day - to - day management of the company , but has been offered a seat on the combined company ' s board and will help shepherd the merger through .
dynegy said that greg whalley , the current president and chief operating officer of enron , will become an executive vice president of the new dynegy . he said the merger sets the best course for enron .
" few of the options we considered for our core business going forward provided us with the earning potential and immediate synergies that a merger with dynegy could deliver , " whalley said . " together with enron ' s recently announced bank commitments , this cash infusion gives enron immediate liquidity , which we believe will enable the company to maintain its investment grade credit rating . "
the merger was announced a day after enron acknowledged it overstated earnings by about 20 percent over the past four years and kept large amounts of debt off its balance sheets through business partnerships now under investigation by the securities and exchange commission .
analysts said the merger rescues enron , but leaves dynegy in uncharted territory - with the outcome of the sec investigation completely unknown . " there is still a shroud hanging over enron that now moves over to dynegy , " said carol coale , an analyst with prudential securities .
early friday , moody ' s investors service downgraded enron ' s debt ratings to one level above junk bond status and said the company ' s long - term debt ratings remain under review for further downgrade .
in an sec filing , enron said financial statements from 1997 through the first half of 2001 " should not be relied upon " and that outside businesses run by enron officials during that period should have been included in the company ' s earnings reports .
the revised statements reduced enron ' s profits for those years by $ 586 million , from $ 2 . 89 billion to $ 2 . 31 billion . the revisions also increased the company ' s debt each of the four years , reaching $ 10 . 86 billion - $ 628 million more than previously reported - by the end of 2000 .
keeping the debt off its balance sheets likely ensured enron could maintain a strong credit rating to support expansion of its core businesses - wholesale trading of natural gas and electricity .
but the company ' s stock price started dropping 10 months ago when its high - speed internet unit foundered and enron had trouble collecting money from power customers in india .
the stock price began to free fall after enron announced a $ 618 million third quarter loss , and news of the sec investigation surfaced .
enron responded by firing its chief financial officer and scrambled to get cash and increase credit lines in an attempt to regain investor confidence , but investors dumped enron shares and sent its stock plummeting .
the ousted chief financial officer , andrew fastow , ran some of the partnerships under investigation by the sec .
jeff skilling , enron ' s former chief executive who left in august , has been called to testify before the sec , although it ' s unclear when .
- - -
on the net :
http : / / www . enron . com
http : / / www . dynegy . com
ap graphic dynegy enron
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : update 3 - dynegy to acquire enron for $ 9 bln .
11 / 09 / 2001
reuters english news service
( c ) reuters limited 2001 .
( adds new material from news conference , new analyst comments )
by andrew kelly
houston , nov . 9 ( reuters ) - dynegy inc . agreed on friday to acquire rival enron corp . for some $ 9 billion in stock , underlining the dramatic reversal of fortunes for the houston - based energy trading giant that was valued last year at nearly $ 80 billion .
enron ' s stock fell sharply in the past month due to investors ' concerns about murky transactions that sparked an investigation by u . s . regulators and damaging downgrades by credit rating agencies .
" it ' s an unbelievable ending to an unbelievable story , " said fulcrum global partners analyst michael barbis . " the company that created the industry is gone - it ' s all dynegy now . "
the merged company will retain the dynegy name . it will have annual revenues of more than $ 200 billion and assets worth $ 90 billion , including more than 22 , 000 megawatts of electricity generating capacity and 25 , 000 miles of natural gas pipelines .
it will be north america ' s biggest marketer and trader of natural gas and electricity , positions previously held by enron .
dynegy will control the new 14 - member board , holding 11 of its seats , and the top executive positions .
chevrontexaco corp . , a 26 . 5 percent stakeholder in dynegy , will provide an immediate infusion of $ 1 . 5 billion to keep enron ' s core trading operations afloat and a further $ 1 billion when the deal closes . it will get three board seats .
dynegy ' s watson firmly in control
the deal puts chuck watson , dynegy ' s pioneering chairman and chief executive who has long labored under enron ' s shadow , firmly in charge of the new company .
" it is a great deal for dynegy and , under the circumstances , as a good of a deal as enron could get , " said ubs warburg analyst ron barone .
watson will remain chairman and chief executive of the merged company , while dynegy ' s president , steve bergstrom , and chief financial officer , rob doty , will retain those positions .
greg whalley , president and chief operating officer of enron , will become an executive vice president and will join watson , bergstrom and doty in the office of the chairman .
barbis said that after enron saw its stock fall 75 percent over the last month , cutting its market capitalization by $ 19 billion , the company was left in a weak negotiating position . " at the end of the day they had no choice , " he said .
dynegy will swap 0 . 2685 shares of its own stock for each enron share , valuing houston - based enron at $ 10 . 41 per share , a premium of 21 percent over friday ' s closing price of $ 8 . 63 .
the price is far below a lofty high of $ 90 . 56 set on aug . 23 , 2000 , when enron was riding a wave of investor enthusiasm .
dynegy stockholders will own about 64 percent and enron stockholders will own about 36 percent of the merged company .
regulators probe enron deals
enron had been struggling to overcome a plummeting stock price and credit ratings in the past month following disclosures of off - balance sheet deals now under investigation by the u . s . securities and exchange commission .
enron chairman and chief executive ken lay told a news conference in houston that he would have preferred enron to retain its independence but that this had become impossible in the face of a " consistent barrage of really negative articles " .
" the last three weeks haven ' t been a whole lot of fun , " said lay , adding that he had not yet decided whether to take up watson ' s offer of a seat on the merged company ' s board .
watson said the agreement with enron includes " escape clauses " that would allow dynegy to back out of the deal if any further undisclosed problems were to emerge , but he said he was confident that this would not happen .
" you know , we looked under the hood and guess what ? it ' s just as strong as we though it was , " he said .
watson said he did not expect the merger to run into serious regulatory obstacles .
" regulatory agencies realize that a speedy resolution is important to keep stability in the u . s . energy market . this has got to be resolved , " said ubs warburg analyst barone .
dynegy said it expects the new company to earn $ 3 . 40 to $ 3 . 50 per share in 2002 , an increase of 35 percent , or 90 cents to 95 cents per share , for current dynegy shareholders , before taking into account expected synergies and cost savings .
dynegy estimates annual pretax savings of $ 400 million to $ 500 million as a result of the sale or winding down of non - core businesses in the enron portfolio and other measures .
watson said he did not yet know how many jobs might be cut as a result of combining the two companies .
the merger still requires approval by regulators and both sets of shareholders but is expected to close by the end of the third quarter of 2002 .
lehman brothers was financial advisor to dynegy . j . p . morgan chase and salomon smith barney , a unit of citigroup , were financial advisors to enron .
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron not california ' s largest power supplier , but merger could affect prices
by karen gaudette
associated press writer
11 / 09 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
san francisco ( ap ) - when houston - based dynegy inc . announced friday that it had bought enron , its larger rival for $ 7 . 8 billion shares of stock , some energy traders predicted fluctuating power prices in the coming months throughout the west as the market settles into a new hierarchy with one fewer provider .
" the fragility of the system is such that a small perturbation can turn everything upside down very easily , " said gary ackerman , executive director of the western power trading forum , of which enron is a member . " a week ago i don ' t think many people would have even contemplated this . "
the loss of houston - based enron will " make prices more jumpy and more uncertain and it ' s going to take the market some time to calm down , " ackerman said . should the northwest have a chilly winter , prices could spike with fewer sellers in the market , he said .
and that in turn could affect california ' s pocketbook , though the state buys a negligible amount of electricity from enron , said oscar hidalgo , spokesman for the state department of water resources , which buys electricity for the customers of two financially ailing utilities . hidalgo said the state had a long - term contract with enron earlier this year though the marketer opted out of it after a month .
" they have indicated to us that we were somewhat of a credit risk for them , like many generators at the time , " hidalgo said .
earlier this year , enron attempted to cancel its contract as electricity and natural gas provider to california ' s two public university systems , which spent more than $ 170 million combined last year on the fuels . it was unclear friday what would happen to those contracts .
enron ' s reach in california goes beyond keeping the lights on .
the state ' s retirement pension fund owns 3 million shares of enron stock - about 1 percent of its total investments - said calpers spokeswoman pat macht . the calpers board will meet next week to discuss the situation , she said .
" i can only say at this point that we were as surprised and shocked as the rest of the world was about what has been going on there and we ' re assessing our options , " macht said .
enron corp . ' s outspoken support for deregulation of the country ' s electricity markets sparked resentment in california as rolling blackouts swept through earlier this year , although the energy marketer is not one of california ' s largest power providers .
some felt the financial downfall of the nation ' s top buyer and seller of natural gas and major electricity seller was justified .
" the principles of karma seem to be working here , " said harvey rosenfield , founder of the santa monica , calif . - based consumer advocacy group the foundation for taxpayer and consumer rights . " here enron was one of the chief proponents of deregulation and took advantage of it and benefitted enormously and now is reaping the consequences . "
earlier this year , california attorney general bill lockyer subpoenaed enron ' s electricity trading records as he sought to prove the state was the victim of price gouging which led officials to spend more than $ 9 billion buying electricity for the customers of two financially troubled utilities . enron repeatedly denied all accusations of market manipulation .
enron , the nation ' s top buyer and seller of natural gas and the top wholesale marketer in the united states , had become one of the nation ' s 10 largest companies , recording revenue of $ 100 . 8 billion in 2000 .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy - enron merger could mean name change for enron field
by kristen hays
associated press writer
11 / 09 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - the houston astros ' stadium won ' t be nicknamed " home run field " much longer .
houston - based energy marketer dynegy inc . announced friday that it will buy enron corp . , the $ 100 million namesake of the astros ' ballpark . the companies will operate independently until the deal closes , possibly next summer .
the new company will keep dynegy ' s name and lose enron ' s - and houston ' s $ 251 million ballpark could see the same change , astros owner drayton mclane jr . said .
mclane said the team ' s 30 - year naming rights agreement with enron allows another company to give the ballpark a new name in case of a merger . the astros have the right to approve or reject a change .
" we want to work with ( dynegy chairman and chief executive ) chuck watson and we look forward to working with dynegy , " mclane said .
watson said the ballpark name wasn ' t an issue as the companies hammered out the merger agreement this week .
" quite honestly , it has not come up , " watson said friday . " this is about two strong companies going forward . it is something we will have to deal with in the months coming up . "
since opening before the 2000 season , enron field has become known as one of the best parks for hitters in the majors . there have been 496 homers hit in enron the past two years , 19 percent more than in astros road games .
coincidentally , houston ' s other company - named sports facility also is in question . the corporate namesake of the compaq center basketball / hockey arena , compaq computer corp . , is being bought by hewlett - packard co .
enron field wouldn ' t be the first venue to change names because of a merger or other corporate decision by the naming - rights owner .
corestates arena , home to the philadelphia 76 ers and the philadelphia flyers , became first union arena when first union corp . acquired corestates financial corp . in 1998 .
marine midland arena in buffalo , n . y . , became hsbc arena last year because marine midland in 1999 changed its name to hsbc bank usa as part of a global branding strategy .
such changes are inevitable when 61 major league sports facilities bear corporate names in an age of many mergers and acquisitions , said dean bonham of the bonham group in denver , a sports and entertainment marketing firm .
" mergers and acquisitions had no effect on the sports industry just 10 years ago , " he said . " today they can have a significant affect on the community beyond the direct impact on the company itself . "
enron chairman and chief executive ken lay , who said friday he had been invited to serve on the new company ' s board of directors , helped create enron field before buying its name .
by 1996 mclane had determined it was time to move from the once - futuristic though aging astrodome , and threatened to sell part of the team and move to virginia unless a new ballpark was built in houston .
that year lay put together a consortium that provided a $ 34 . 7 million no - interest loan to buy the land in downtown houston and subsidize the 42 , 000 - seat ballpark ' s construction costs .
enron also manages the ballpark ' s mechanical and electrical equipment and energy services which officials said would earn up to $ 200 million over 30 years . mclane said dynegy likely would continue that deal .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy buy of enron valued at $ 23 b - $ 24 b with debt
by michael rieke and erwin seba
of dow jones newswires
11 / 09 / 2001
dow jones news service
( copyright ( c ) 2001 , dow jones michael . rieke @ wsj . com ; and erwin seba , 713 - 547 - 9214 , erwin . seba @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
chronology of enron corp . ' s history
11 / 09 / 2001
associated press newswires
copyright 2001 . the associated press . all rights reserved .
houston ( ap ) - a look at the history of enron corp . :
july 1985 - houston natural gas merges with internorth , a natural gas company based in omaha , neb . , to form the modern - day enron , an interstate and intrastate natural gas pipeline company with approximately 37 , 000 miles of pipe .
1989 - enron begins trading natural gas commodities . over the years , the company becomes the largest natural gas merchant in north america and the united kingdom .
june 1994 - enron north america trades its first electron . enron goes on to become the largest marketer of electricity in the u . s .
january 1997 - enron unveils a new logo and its first global advertising campaign . the company also acquires zond corp . , a leading developer of wind energy power . the acquisition results in the formation of enron renewable energy corp .
august 1997 - enron announces its first commodity transaction using weather derivative products . enron goes on to market coal , pulp , paper , plastics , metals and bandwidth .
april 1999 - enron agrees to pay $ 100 million over 30 years for the naming rights to houston ' s new ballpark , enron field . the astros also sign a 30 - year facilities management contract enron energy services .
june 1999 - enron energy services transacts its first billion - dollar deal with suiza foods .
november 1999 - enron launches enrononline , the first global web - based commodity trading site .
january 2000 - in a fortune survey , enron was named " the most innovative company in america " for the fifth consecutive year and is ranked no . 24 among the " 100 best companies to work for in america . "
march 2000 - the energy financial group ranks enron the 6 th largest energy company in the world .
may 2000 - enron and strategic investors , ibm and america online , launch the new power company , the first national energy service provider for residential and small businesses in deregulated u . s . energy markets .
august 2001 - enron chief executive officer jeff skilling resigns after running the company for just six months . chairman and former ceo ken lay resumes his position atop enron .
october 16 , 2001 - enron reports a $ 638 million third - quarter loss and discloses a $ 1 . 2 billion reduction in shareholder equity , partly related to partnerships run by chief financial officer andrew fastow .
oct . 22 , 2001 - enron acknowledges securities and exchange commission inquiry into a possible conflict of interest related to the company ' s dealings with those partnerships .
oct . 24 , 2001 - enron ousts fastow .
oct . 27 , 2001 - enron taps into more than $ 3 billion in credit in an effort to boost confidence of investors and customers .
oct . 31 , 2001 - enron announces the sec inquiry has been upgraded to a formal investigation . enron creates special committee headed by university of texas law school dean william powers to respond to the investigation .
nov . 1 , 2001 - enron secures $ 1 billion in new financing , using its natural gas and pipeline assets as collateral .
nov . 6 , 2001 - enron ' s stock price drops below $ 10 a share - down from a 52 - week high of $ 84 . 87 on dec . 28 , 2000 - after reports the financially troubled energy trader was seeking additional financing to shore up confidence .
nov . 8 , 2001 - enron files documents with sec revising its financial statements for past five years to account for $ 586 million in losses .
nov . 9 , 2001 - dynegy inc . announces an agreement to buy its much larger rival enron for $ 7 . 8 billion in stock .
copyright ? 2000 dow jones & company , inc . all rights reserved .
fitch takes rating action on enron the reduction of leverage at the new company from chevrontexaco ' s equity commitment ; the aggressive downsizing and exiting of non - core operations ; potential cost savings through the merger , conservatively estimated at $ 500 million annually ; and the market strength of the merged company , particularly as it relates to enron ' s and dynegy holdings ' north american wholesale marketing and trading franchises .
the following ratings are impacted by today ' s rating action :
enron
- - ` bbb - ' senior unsecured debt ;
- - ` bb ' subordinated debt ;
- - ` b + ' preferred stock ;
- - ` f 3 ' commercial paper .
northern natural gas co .
transwestern pipeline co .
- - ` bbb - ' senior unsecured debt .
dynegy inc .
- - ` bbb ' implied senior unsecured debt rating .
dynegy holdings inc .
- - outstanding ` bbb + ' senior notes .
dynegy capital trust i
- - outstanding ` bbb ' trust preferred securities .
contact : fitch , new york ralph pellecchia , 212 / 908 - 0586 robert grossman , 212 / 908 - 0535 hugh welton , 212 / 908 - 0746
18 : 40 est november 9 , 2001
copyright ? 2000 dow jones
chevrontexaco holds warrants to increase investment
san francisco , nov . 9 / prnewswire / - - chevrontexaco corp . ( nyse : cvx ) today announced that it has committed $ 2 . 5 billion of new equity in dynegy inc . ( nyse : dyn ) in support of dynegy ' s planned merger with enron ( nyse : ene ) .
chevrontexaco , which currently owns approximately 26 percent of dynegy ' s outstanding common stock , immediately will invest $ 1 . 5 billion in convertible preferred shares in dynegy in order to fund dynegy ' s equity infusion into enron . the $ 1 billion balance of chevrontexaco ' s equity purchase of dynegy common stock would be made upon the closing of the dynegy - enron merger . these investments will be made at a significant discount to dynegy ' s closing price today .
following the closing of the merger , which is subject to regulatory reviews and enron and dynegy shareholder approval , chevrontexaco would hold approximately 26 percent of dynegy ' s outstanding common stock , and would maintain its three seats on the dynegy board of directors .
under terms of its agreement with dynegy , chevrontexaco will be granted warrants to purchase an additional $ 1 . 5 billion of dynegy common stock over a period of up to three years from the completion of the merger . " our equity interest in dynegy is highly complementary to our larger portfolio of assets and activities , and reflects our strategy to participate in the growing energy convergence marketplace , including wholesale and retail marketing , and trading of energy products and services , " said david j . o ' reilly , chairman and chief executive officer of chevrontexaco . " our relationship with dynegy has proven to be highly beneficial for both companies , and we are optimistic we will continue to see comparable or better performance in the future .
" this additional investment in dynegy , which is expected to be immediately accretive to chevrontexaco , underscores our belief in the long - term value potential of this sector . we have additional upside through our warrants . we have confidence in the dynegy leadership team , headed by chuck watson , to bring a disciplined management approach to this complex business and to build a larger and more profitable company through this merger . we are also hopeful that the combination of dynegy and enron will restore market and credit confidence in this important energy sector , " o ' reilly continued .
in the event that the merger between dynegy and enron is not completed , chevrontexaco can redeem its convertible preferred shares for $ 1 . 5 billion in cash or convert to common shares . in the latter event , chevrontexaco would own an approximate 36 percent equity interest in dynegy .
" we believe this expanded investment offers us an opportunity to create greater value and provide significant upside potential for chevrontexaco shareholders as dynegy strengthens its leadership position in this sector , " o ' reilly said . " through our membership on the dynegy board , we will continue our active role in the strategic direction of the company . "
private securities litigation reform act safe harbor statement
except for the historical and present factual information contained herein , the matters set forth in this press release , including statements as to the creation of greater value for stockholders , expected benefits of the merger of dynegy and enron , and other statements identified by words such as " anticipates , " " expects , " " projects , " " plans , " and similar expressions are forward - looking statements within the meaning of the " safe harbor " provisions of the private securities litigation reform act of 1995 . these forward - looking statements are not guarantees and are subject to risks and uncertainties that may cause actual results to differ materially , including the possibility that the anticipated benefits from the merger and chevrontexaco ' s investment in dynegy cannot be fully realized , the possibility that costs or difficulties related to the merger will be greater than expected , and the impact of competition and other risk factors relating to our industry as detailed from time to time in chevrontexaco ' s periodic reports filed with the sec .
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copyright ? 2000 dow jones & company , inc . all rights reserved . | 2001-11-12T00:00:00 |
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>
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5,679 | packet analysis software hi stinson , as per our discussion , here is the e - mail from jim on the
subject . i convinced jim that this type of modeling effort is our gig and he
completely agrees . as per jim ' s suggestion , he and i will talk more on the
product while we are in denver . i suspect that we will arrange for the vendor
to come to houston and do a presentation on the product and install the
product on our machines . as for additional development we should get john
bloomer and jim together in a meeting and hash out the requirements from john
bloomer ' s perspective .
using vince ' s analogy , this tool allows us to deternime the size of the cargo
space needed for fedex - like delivery ( our streaming media products ) . whereas ,
the optical light path switching ( ds - 3 , oc - 3 , oc - 12 and oc - 48 ) based trading
will reserve the underlying airline routes , etc . so the packet based stuff
is looking at the required capacity from ip layer ( network and transport :
level 3 and 4 ) requirements . the optical light path is level 1 & 2 based
requirements . that is this tool will allow john bloomer to size ( actually we
will do the analysis for him ) the capacity requirement that he would need for
the products that he is developing .
that is my take on the difference , we ' ll find out otherwise .
once i finish off this discussion with jim in denver , i suggest putting
martin lin on the job to find out more about the product and do the leg work
to arrange for vendor demo and software installation . martin will keep samer
and chonawee updated on the information that he gathers . martin please start
checking on the web about this company and other similiar produts . i will get
you contact number for ebs and the vendor as soon as jim provides them to
me .
avici uses this product . avici is a next generation router vendor that is
selling terabit routers . ebs is an investor in that company .
ravi .
- - - - - forwarded by ravi thuraisingham / enron communications on 03 / 08 / 00 03 : 47
pm - - - - -
jim irvine
03 / 08 / 00 12 : 33 pm
to : ravi thuraisingham / enron communications @ enron communications
cc :
subject :
ravi
attached is an overview of what opnet technologies itdg and modeler ( v ) 7 . 0
offers out of the box . as previously mentioned , we have purchased this s / w
and are discussing potential co - development of module ( s ) currently not
supported . my belief is we can spin up a couple of your studs and develop
our own stuff faster @ a fraction of the cost . avici , used opnet to develop
a circuit emulation model for their tsr and cisco used opnet for mpls and dpt
modeling . these guys are willing brides at this point . we just need to
clearly identify their role in the network performance management and
modeling space . we will have to talk more in denver .
my flight arrives @ 10 : 00 ish and i am told that rental cars are scarce .
jim
- - - - - forwarded by jim irvine / enron communications on 03 / 08 / 00 10 : 18 am - - - - -
mvaghedi @ mil 3 . com
01 / 12 / 00 02 : 10 pm
to : jim irvine / enron communications @ enron communications
cc :
subject :
- version 7 . 0 capability list - final - vl . 3 . 00 . doc
mani vaghedi
mil 3 , inc .
itdg sales engineer
tel . ( 408 ) 562 - 5757 ext . 3200
fax : ( 408 ) 562 - 5758
mvaghedi @ mil 3 . com
http : / / www . mil 3 . com
* * * * * * * * * * * * * * * * * * * * * *
please attend the industry ' s most informative decision support seminar
register today for free seminar at www . mil 3 . com / seminars . html
* * * * * * * * * * * * * * * * * * * * * *
- att 2 . htm | 0 | ham | packet analysis software | hi stinson , as per our discussion , here is the e - mail from jim on the
subject . i convinced jim that this type of modeling effort is our gig and he
completely agrees . as per jim ' s suggestion , he and i will talk more on the
product while we are in denver . i suspect that we will arrange for the vendor
to come to houston and do a presentation on the product and install the
product on our machines . as for additional development we should get john
bloomer and jim together in a meeting and hash out the requirements from john
bloomer ' s perspective .
using vince ' s analogy , this tool allows us to deternime the size of the cargo
space needed for fedex - like delivery ( our streaming media products ) . whereas ,
the optical light path switching ( ds - 3 , oc - 3 , oc - 12 and oc - 48 ) based trading
will reserve the underlying airline routes , etc . so the packet based stuff
is looking at the required capacity from ip layer ( network and transport :
level 3 and 4 ) requirements . the optical light path is level 1 & 2 based
requirements . that is this tool will allow john bloomer to size ( actually we
will do the analysis for him ) the capacity requirement that he would need for
the products that he is developing .
that is my take on the difference , we ' ll find out otherwise .
once i finish off this discussion with jim in denver , i suggest putting
martin lin on the job to find out more about the product and do the leg work
to arrange for vendor demo and software installation . martin will keep samer
and chonawee updated on the information that he gathers . martin please start
checking on the web about this company and other similiar produts . i will get
you contact number for ebs and the vendor as soon as jim provides them to
me .
avici uses this product . avici is a next generation router vendor that is
selling terabit routers . ebs is an investor in that company .
ravi .
- - - - - forwarded by ravi thuraisingham / enron communications on 03 / 08 / 00 03 : 47
pm - - - - -
jim irvine
03 / 08 / 00 12 : 33 pm
to : ravi thuraisingham / enron communications @ enron communications
cc :
subject :
ravi
attached is an overview of what opnet technologies itdg and modeler ( v ) 7 . 0
offers out of the box . as previously mentioned , we have purchased this s / w
and are discussing potential co - development of module ( s ) currently not
supported . my belief is we can spin up a couple of your studs and develop
our own stuff faster @ a fraction of the cost . avici , used opnet to develop
a circuit emulation model for their tsr and cisco used opnet for mpls and dpt
modeling . these guys are willing brides at this point . we just need to
clearly identify their role in the network performance management and
modeling space . we will have to talk more in denver .
my flight arrives @ 10 : 00 ish and i am told that rental cars are scarce .
jim
- - - - - forwarded by jim irvine / enron communications on 03 / 08 / 00 10 : 18 am - - - - -
mvaghedi @ mil 3 . com
01 / 12 / 00 02 : 10 pm
to : jim irvine / enron communications @ enron communications
cc :
subject :
- version 7 . 0 capability list - final - vl . 3 . 00 . doc
mani vaghedi
mil 3 , inc .
itdg sales engineer
tel . ( 408 ) 562 - 5757 ext . 3200
fax : ( 408 ) 562 - 5758
mvaghedi @ mil 3 . com
http : / / www . mil 3 . com
* * * * * * * * * * * * * * * * * * * * * *
please attend the industry ' s most informative decision support seminar
register today for free seminar at www . mil 3 . com / seminars . html
* * * * * * * * * * * * * * * * * * * * * *
- att 2 . htm | 2000-03-08T00:00:00 |
16,088 | hot stock tip your broker won ' t share wysak petroieum ( wysk )
current price : o . 16
apr 25 , 2 oo 5 - - wysak petroieum is pieased to report that due diligence is neariy compiete in regards to the company ' s further pianned | eases in the wyoming oil region . management anticipates further news wiil be forthcoming shortly and wi | | report on deveiopments as they occur .
targets inciude properties in the powder river basin region and western wyoming ' s green river basin . acquisition of energy producing assets has always been the core objective of wysak ' s expansion strategy . wysak wi | | strategicaliy purchase leases in know and proven oi | they inciude exxonmobiie , williams gas and western gas , among others .
about wyoming oi | & gas and coaibed methane ( cbm )
wyoming state has billions of dollars in proven oil and gas reserves . in 20 o 2 , wyoming ranked second in the u . s . in proved reserves of natura | gas and seventh in proved reserves of crude oil . coilectiveiy over 26 , oo 0 weils produced 54 . 7 mi | | ion barrels of oi | and 1 . 75 trillion cubic feet of natural gas . proved reserves of natural gas were at an al | - time high of 18 . 4 trillion cubic feet , while proved reserves of crude oil were 489 mi | | ion barreis .
reserves of cbm in the powder river basin are estimated at 31 . 8 triilion cubic feet . neariy 100 we | | s are being dri | | ed each week , and the gas companies say the entire 8 miliion - acre basin could have 5 o , ooo to loo , 000 producing welis before they are finished . this is the | argest onshore natura | gas piay in north america within the last ten years .
about wysak petroieum
wysak is a diversified energy company whose goal is to identify and develop
traditional fossil fue | sites , as weil as clean air aiternative energy producing
technoiogies . wysak controls one wyoming federa | oi | they inciude exxonmobile ( xom ) , wiliiams gas ( wmb ) ,
and western gas ( wgr ) among others . co | | ectively , over 26 , ooo weils produced
54 . 7 million barreis of oil and 1 . 75 triilion cubic feet of natura | gas in
wyoming
conclusion :
the exampies above show the awesome , earning potentia | of littie known companies that expiode onto investor ' s radar screens ; many of you are already famiiiar with this . is wysk poised and positioned to do that for you ? then you may fee | the time has come to act . . . and piease watch this one trade monday ! go wysk .
penny stocks are considered highly speculative and may be unsuitabie for ail but very aggressive investors . this profiie is not in any way affiliated with the featured company . we were compensated 3 ooo doliars to distribute this report . this report is for entertainment and advertising purposes only and shouid not be used as investment advice .
if you wish to stop future maiiings , or if you feel you have been
wrongfuliy piaced in our membership , piease go here or send a biank
e mail with no thanks in the subject to
noneedl 020 @ yahoo . com | 1 | spam | hot stock tip your broker won ' t share | wysak petroieum ( wysk )
current price : o . 16
apr 25 , 2 oo 5 - - wysak petroieum is pieased to report that due diligence is neariy compiete in regards to the company ' s further pianned | eases in the wyoming oil region . management anticipates further news wiil be forthcoming shortly and wi | | report on deveiopments as they occur .
targets inciude properties in the powder river basin region and western wyoming ' s green river basin . acquisition of energy producing assets has always been the core objective of wysak ' s expansion strategy . wysak wi | | strategicaliy purchase leases in know and proven oi | they inciude exxonmobiie , williams gas and western gas , among others .
about wyoming oi | & gas and coaibed methane ( cbm )
wyoming state has billions of dollars in proven oil and gas reserves . in 20 o 2 , wyoming ranked second in the u . s . in proved reserves of natura | gas and seventh in proved reserves of crude oil . coilectiveiy over 26 , oo 0 weils produced 54 . 7 mi | | ion barrels of oi | and 1 . 75 trillion cubic feet of natural gas . proved reserves of natural gas were at an al | - time high of 18 . 4 trillion cubic feet , while proved reserves of crude oil were 489 mi | | ion barreis .
reserves of cbm in the powder river basin are estimated at 31 . 8 triilion cubic feet . neariy 100 we | | s are being dri | | ed each week , and the gas companies say the entire 8 miliion - acre basin could have 5 o , ooo to loo , 000 producing welis before they are finished . this is the | argest onshore natura | gas piay in north america within the last ten years .
about wysak petroieum
wysak is a diversified energy company whose goal is to identify and develop
traditional fossil fue | sites , as weil as clean air aiternative energy producing
technoiogies . wysak controls one wyoming federa | oi | they inciude exxonmobile ( xom ) , wiliiams gas ( wmb ) ,
and western gas ( wgr ) among others . co | | ectively , over 26 , ooo weils produced
54 . 7 million barreis of oil and 1 . 75 triilion cubic feet of natura | gas in
wyoming
conclusion :
the exampies above show the awesome , earning potentia | of littie known companies that expiode onto investor ' s radar screens ; many of you are already famiiiar with this . is wysk poised and positioned to do that for you ? then you may fee | the time has come to act . . . and piease watch this one trade monday ! go wysk .
penny stocks are considered highly speculative and may be unsuitabie for ail but very aggressive investors . this profiie is not in any way affiliated with the featured company . we were compensated 3 ooo doliars to distribute this report . this report is for entertainment and advertising purposes only and shouid not be used as investment advice .
if you wish to stop future maiiings , or if you feel you have been
wrongfuliy piaced in our membership , piease go here or send a biank
e mail with no thanks in the subject to
noneedl 020 @ yahoo . com | 2005-04-06T00:00:00 |
21,122 | free trial panda truprevent corporate ! ? » ?
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? ? ? ? ? .
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? ? ? ? ? . ? ? ? ? ? ? ? ? ? » ? ? ? ½ ? " ? ± ? ? ?f? " ? · ? ½ ? " ? ± ? ? ? ? " ? ± ? " ? · ? ? ? ? ? ¬ ? ? ? » ? ? ?f? · ? " ? ? ? ½ ? ½ ? ? ? ? ½ ? ? ? ? ½ ? ? ? ? ??? " ? ? ? ? . ??? ± ? ? worms .
? ' ? ? ? » ?r ? ? ? ? ? ± ? ? ? ? ? ? ? ? ? ?f? · ? ? " ? ± ? ? ? » ? ? , ? ± ? ½ ? ± ? ? ? ? ? ? ? , ? ?f? " ? ?
? ½ ? ± ? ? ? ? ? ? ? ² ? ± ? ? ? ½ ? ? ? ? ? ?f? ? ? " ? ? ? ? ? . ? ½ ? ± ? " ? ? ½ ? » ? ? ? ³ ? ? " ? ? ? ? ? ? " ? ? ? . ? , ? ? ? ? ? ? ? ? " ? ? ? , ? ? ? ? ??? " ? ? ? ? ½ .
? ' ? . ? ? ? · ? ? ? ? ½ ? · ? ? ? ± ? ? ± ? ³ ? ? ? ³ ? ? ??? ? " ? · ? " ? ± ? ? ? ¬ ? ? · ?f? " ? · ? ½
? ± ? ? ? ? ? » ? · ? " ? ? ± ? ? ? ? ? ? ? ? ? ? ± ?f?r ? " ? ? ? . ?f? " ? · ? ½ ? ± ? ? ? ? ? ? ? ?f? · ? " ? ? ? . ?f? . ?f? " ?r? ? ? ± ? " ? ? ? , .
? " ? ? ? ± ? ??? ? , ? ? ? ½ ? · ? ? ? ? ? ? ? ? ? ? ? ½ ? · ? ? ? ? ? ?f? " ? ± ?f? ? ? ± , ? ? ? ?f? ?
? ? ? ½ ? · ? ? ? ? ? ? ?f? ? ? ? ? ½ ? ? ? ? ? . ? ? ??? " ? ? ? » ? ? ? ? ½ ? " ? ± ? ? ? ± ? . ? " ? ? ? ? ± ? " ? ± ??? ± ? ? ? ? ? ? ? ± ? ? ? ? ?f? " ? ¬ ?f? ? ? ? ? , ,
? ? " ?f? ? ? ?f? " ? ? ? ½ ? ± ? ? ? ? ? ? " ? ? ? ± ? ? ? ? » ? . ? " ? · ? ? ? ? ? ?f? " ? ± ?f? ? ? ± , ? ± ??? ? ? ? · ??? ± ? ? ? ± ? ? ? ? " ? ? ? , ? ½ ? ? ? ? " ? ? ? ? ? ? , ? ± ? ? ? ? ? ? ? » ? ? , .
? . ? ¬ ? ½ ? ? ? ? » ? ? ? " ? ? ? ? ? ? ? ? ? ?f?f? ? " ? ? ? ? ? ? , ? ? ? » ? · ? ? ? ? ? ? ? ? ? ? ? ? ? , ?r ? ? ? ? ? ? " ? ? ? ¬ ? » ? » ? ? ? , ? ? ? ? ? ? " ?r?f? ? ? ? ? , . . . ? ? ? ± ? ? ± ??? ± ? » ? ? ? ? ? ? ?
? ? ? ? ? ? ??? ? ? ? ? ½ ? ? ? ½ ?r?f? " ? ? ? ? ? ? panda software hellas .
? $ ? · ? » . : 210 - 45 . 88 . 085
? - panda software ?f? ? ² ? ? ? " ? ± ? ? ? " ? · ? ½ ? ? ? ? ? ? ? ? ? " ? ? ??? ? " ? · ? " ? ¬ ?f? ± ? , . ? . ? ¬ ? ½ ? ? ? ? ? ½ ? ? ? ? » ? ? ? " ? ? ? ½ ? ±
? » ? ± ? ? ? ² ? ¬ ? ½ ? ? ? " ? ?
? ? ? ½ ? · ? ? ? ? ? ? ?f? ? ? ? ? , ? ± ? ? ? ? " ? · ? ½ panda software ?f? " ? ? ? ? ? ? » ? » ? ? ? ½ , ? ? ? ± ? ? ± ??? ± ? » ? ? ? ? ? ? ? ??? ¬ ? ½ ? " ? ? ??? » ? ? ??
? ? ? ? ? .
? © panda software 2005
| 2005-01-31T00:00:00 |
17,589 | start date : 1 / 4 / 02 ; hourahead hour : 4 ; start date : 1 / 4 / 02 ; hourahead hour : 4 ; no ancillary schedules awarded . variances detected .
variances detected in load schedule .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2002010404 . txt
- - - - load schedule - - - -
$ $ $ variance found in table tblloads .
details : ( hour : 4 / preferred : 13 . 87 / final : 13 . 84 )
trans _ type : final
load _ id : pge 4
mkt _ type : 2
trans _ date : 1 / 4 / 02
sc _ id : enrj | 0 | ham | start date : 1 / 4 / 02 ; hourahead hour : 4 ; | start date : 1 / 4 / 02 ; hourahead hour : 4 ; no ancillary schedules awarded . variances detected .
variances detected in load schedule .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2002010404 . txt
- - - - load schedule - - - -
$ $ $ variance found in table tblloads .
details : ( hour : 4 / preferred : 13 . 87 / final : 13 . 84 )
trans _ type : final
load _ id : pge 4
mkt _ type : 2
trans _ date : 1 / 4 / 02
sc _ id : enrj | 2002-01-04T00:00:00 |
28,545 | dilbert strip from jim is waiting for you ! hi mell ,
jim stopped by dilbert . com ,
and thought you ' d like to read today ' s dilbert comic strip !
to pick up your comic , simply point your browser to the page listed below .
your comic will remain on the server for about two weeks , so
please print it out or save it as soon as you can . | 0 | ham | dilbert strip from jim is waiting for you ! | hi mell ,
jim stopped by dilbert . com ,
and thought you ' d like to read today ' s dilbert comic strip !
to pick up your comic , simply point your browser to the page listed below .
your comic will remain on the server for about two weeks , so
please print it out or save it as soon as you can . | 2001-03-27T00:00:00 |
30,465 | top quality drugs here sensate apollo decennial bergstrom exhaust sienna hospice cotty petersburg benight
we ship quality medications overnight to your door !
absolutely no doctor ' s appointments needed !
lowest prices on brand name and generic drvgs !
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we ship quality medications overnight to your door !
absolutely no doctor ' s appointments needed !
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| 2004-11-18T00:00:00 |
31,686 | press here to enter
a license . supporters of the amended version might argue that the references to crew and . in how the law is enforced . for his part , case acknowledged that the changes might seem reasonable
" but if you understand the issues and youlook at what they really mean , i think a reasonable person would agree that ' fly at your risk '
insinuatory 9 | 1 | spam | press here to enter
a license . supporters of the amended version might argue that the references to crew and . in how the law is enforced . for his part , case acknowledged that the changes might seem reasonable
" but if you understand the issues and youlook at what they really mean , i think a reasonable person would agree that ' fly at your risk '
insinuatory 9
| 2005-02-07T00:00:00 |
|
17,700 | schedule crawler : hourahead failure start date : 1 / 13 / 02 ; hourahead hour : 21 ; hourahead schedule download failed . manual intervention required . | 0 | ham | schedule crawler : hourahead failure | start date : 1 / 13 / 02 ; hourahead hour : 21 ; hourahead schedule download failed . manual intervention required . | 2002-01-13T00:00:00 |
11,543 | fw : ena clo i - - - - - original message - - - - -
from : despain , tim
sent : thursday , april 19 , 2001 6 : 08 pm
to : pjehle @ bear . com
cc : mintz , jordan ; mccullough , travis ; deffner , joseph ; colwell , wes
subject : ena clo i
pat :
pursuant to our telephone conversations , this e - mail is to confirm enron ' s desire to begin the process of purchasing the outstanding securities associated with ena clo i trust . i have confirmed that the april 30 , 2001 liability due under the remaining active isda is $ 3 . 71 million . as your firm conducts discussions with investors , our counsel has recommended language to be used as follows :
" as has been disclosed in recent monthly reports , the underlying assets of
ena clo i have continued to perform under expectations . given current
economic conditions , it is possible that the assets will continue to
underperform for the foreseeable future . in addition , while enron
continues to seek to maximize the recovery on all of
the portfolio assets , it is difficult to predict the
ultimate recovery that can be expected on the portfolio assets , or the
ultimate recovery that noteholders can expect .
as you know , enron has responded to noteholder concerns by providing
substantial additional structural support to ena clo i . in lieu of providing
further support , enron is offering to purchase all of the
outstanding notes on april 30 , 2001 for the principal balance plus accrued
interest .
enron believes that this proposal is the most expeditious and effective
means of addressing the concerns of the noteholders . noteholders are
encouraged to contact bear , stearns with any comments or questions that they
may have regarding this proposal . "
please let me know if you need any additional information .
sincerely ,
tim despain
deputy treasurer | 0 | ham | fw : ena clo i | - - - - - original message - - - - -
from : despain , tim
sent : thursday , april 19 , 2001 6 : 08 pm
to : pjehle @ bear . com
cc : mintz , jordan ; mccullough , travis ; deffner , joseph ; colwell , wes
subject : ena clo i
pat :
pursuant to our telephone conversations , this e - mail is to confirm enron ' s desire to begin the process of purchasing the outstanding securities associated with ena clo i trust . i have confirmed that the april 30 , 2001 liability due under the remaining active isda is $ 3 . 71 million . as your firm conducts discussions with investors , our counsel has recommended language to be used as follows :
" as has been disclosed in recent monthly reports , the underlying assets of
ena clo i have continued to perform under expectations . given current
economic conditions , it is possible that the assets will continue to
underperform for the foreseeable future . in addition , while enron
continues to seek to maximize the recovery on all of
the portfolio assets , it is difficult to predict the
ultimate recovery that can be expected on the portfolio assets , or the
ultimate recovery that noteholders can expect .
as you know , enron has responded to noteholder concerns by providing
substantial additional structural support to ena clo i . in lieu of providing
further support , enron is offering to purchase all of the
outstanding notes on april 30 , 2001 for the principal balance plus accrued
interest .
enron believes that this proposal is the most expeditious and effective
means of addressing the concerns of the noteholders . noteholders are
encouraged to contact bear , stearns with any comments or questions that they
may have regarding this proposal . "
please let me know if you need any additional information .
sincerely ,
tim despain
deputy treasurer | 2001-04-20T00:00:00 |
28,540 | negotiated rate deals fyi - maria just called to let us know that tw is on the ferc agenda for wed . , 3 / 28 for an order on the negotiated rate deals . | 0 | ham | negotiated rate deals | fyi - maria just called to let us know that tw is on the ferc agenda for wed . , 3 / 28 for an order on the negotiated rate deals . | 2001-03-22T00:00:00 |
10,026 | great nnews hello , welcome to medzonline sh groundsel op
we are pleased to introduce ourselves as one of the ieading online phar felicitation maceuticai shops .
helter v
shakedown r
a cosmopolitan l
l blister l
l bestow ag
ac tosher l
is coadjutor va
confidant um
andmanyother .
- sav inexpiable e over 75 %
- total confide leisure ntiaiity
- worldwide s polite hlpplng
- ov allusion er 5 miilion customers in 150 countries
have devitalize a nice day ! | 1 | spam | great nnews | hello , welcome to medzonline sh groundsel op
we are pleased to introduce ourselves as one of the ieading online phar felicitation maceuticai shops .
helter v
shakedown r
a cosmopolitan l
l blister l
l bestow ag
ac tosher l
is coadjutor va
confidant um
andmanyother .
- sav inexpiable e over 75 %
- total confide leisure ntiaiity
- worldwide s polite hlpplng
- ov allusion er 5 miilion customers in 150 countries
have devitalize a nice day ! | 2005-06-22T00:00:00 |
30,129 | follow - up crm software good morning ,
i ' m following up on an email sent to you a few weeks back to see if your interest in a help desk outsourcing solution software or development might be a consideration for now or in 2005 . we specialize in workflow collaboration software and the only firm that is assessed at communication management incorporated in our crm applications . please find below a brief profile of are help desk solutions .
the active request engine is an information work management system that betters the collaboration amongst staff and teams . improve customer satisfaction with better customer value through benchmarked roi . with web based . net technologies , you establish overall solutions for ongoing requests long - term while maximizing performance today !
i would love to spend a few minutes speaking with you to discuss how partnering with active request engine help desk software , qa and development can add great value to your organization .
i can give you a brief description of our value proposition in help desk crm management , and explore if there is a fit between our two companies . , please let me know when you have a few minutes to chat .
i can be reached at 209 . 518 . 1378 . look forward to hearing from you . thank you for your time . have a great day !
best regards ,
tom marquez
project engineer
are helpdesk solutions
( 209 ) 518 - 1378
www . . com | 1 | spam | follow - up crm software | good morning ,
i ' m following up on an email sent to you a few weeks back to see if your interest in a help desk outsourcing solution software or development might be a consideration for now or in 2005 . we specialize in workflow collaboration software and the only firm that is assessed at communication management incorporated in our crm applications . please find below a brief profile of are help desk solutions .
the active request engine is an information work management system that betters the collaboration amongst staff and teams . improve customer satisfaction with better customer value through benchmarked roi . with web based . net technologies , you establish overall solutions for ongoing requests long - term while maximizing performance today !
i would love to spend a few minutes speaking with you to discuss how partnering with active request engine help desk software , qa and development can add great value to your organization .
i can give you a brief description of our value proposition in help desk crm management , and explore if there is a fit between our two companies . , please let me know when you have a few minutes to chat .
i can be reached at 209 . 518 . 1378 . look forward to hearing from you . thank you for your time . have a great day !
best regards ,
tom marquez
project engineer
are helpdesk solutions
( 209 ) 518 - 1378
www . . com | 2004-10-25T00:00:00 |
23,736 | re : trading track information tom wilbeck @ enron
01 / 19 / 2001 03 : 23 pm
to : jeffrey c gossett / hou / ect @ ect
cc :
subject : trading track information
as you know , we are working on an on - boarding process to get the trading
track participants up to speed as quickly as possible in each of their
respective rotations . one of the methods of doing this is to have each
rotational supervisor ( you ' re one of them ) put a few points together to
present to each participant on the first day of their rotation with you ( or
someone in your group ) .
for example :
what does you group do as a whole ? the risk management group is responsible
for providing information to the trading floor . that information consists of
positions , p & l , and other general information which may be needed by the
floor throughout the day . the information must be 100 % accurate 100 % of the
time as the gas floor is taking positions based on the information they are
given . in addition , all reports go to sr . management such as john lavorato
and dave delaney .
the participants need to know several logistics type things such as :
where to sit
user tips on the use of related business hardware ( i . e . phone system ,
intercom , etc . )
how long / when or if to take lunch : use your discretion .
expected working hours : expect to be in the office no later than 8 : 00 and
preferably by 7 : 30
it is also important to cover the expected learning criteria with the
participants on their first day :
able to work under pressure - you will be asked to provide reports and
answers to questions on the floor quickly . you will be expected to know and
understand the information that you are giving .
ability to handle multiple priorities - there will be times when you are
faced with several tasks at once . you will be expected to make quick
decisions and understand which is the most important .
meets deadlines - everyday in risk you have to meet a deadline . the traders
must have positions and p & l on their desks when they walk in in the morning .
excellent written communication - your written communication will be in the
numbers that you provide to the floor .
excellent oral communication - again , the traders will expect answers and
expect them quickly . you will need to articulate those in a fashion that is
understandable .
effective interpersonal skills - see above .
attention to detail - this is one of the most important considerations of
the job . again , all information must be 100 % accurate , errors are not
acceptable .
team player - you will be expected to work across all groups upstream and
downstream to provide accurate information and solve related problems .
excellent organisational skills - speed and accuracy are a hallmark of the
job , therefore you will need to be organized at all times .
is a motivated worker - self explainatory
excellent analytical skills - same
maintains relationships with traders - the trader will be relying on the
information that you provide him . therefore it is important that he trusts
what you are giving to him and that you are always asking if they need more
or better information .
effective time management - self explainatory
competent in excel - alot of the work we do is in excel . it is important
that you be able to navigate excel , as well as create efficiencies to make
the job less prone to errors and to run more smoothly .
competent with erms - erms is the system that is used to maintain positions
and p & l . all deals flow through this system and all values related to deals
come from this system .
competent with risktrac - risktrac is the system that tracks counterparty
risk and value at risk . i expect you to understand what each means , what
the limits are , and how you can reduce and add to value at risk .
demonstrates knowledge of trading concepts - work with the traders to
understand why they are putting on the positions that they have . try to
understand proper hedging strategies etc .
each participant who comes to your area needs to know your interpretation of
each of these competencies so they can make sure to meet your expectations
while in your area .
also , the participants need to fully understand exactly what they ' ll be doing
in your area . let ' em know with as much detail as possible .
finally , do you consider any information a pre - requisite for participation in
your area ? ( i . e . advanced excel skills . . . etc )
i ' d like to know so we can push the participants to get the needed training
before coming to your group . advanced excel skills , preferably a level of
understanding of positions and value at risk .
please compile this information and forward it to me so i can put it into
some on - boarding material for all of the candidates by their first day of
rotations .
the first candidates will begin on february 1 , 2001 .
thank you very much for you time and consideration .
tom wilbeck
x 57536 | 0 | ham | re : trading track information | tom wilbeck @ enron
01 / 19 / 2001 03 : 23 pm
to : jeffrey c gossett / hou / ect @ ect
cc :
subject : trading track information
as you know , we are working on an on - boarding process to get the trading
track participants up to speed as quickly as possible in each of their
respective rotations . one of the methods of doing this is to have each
rotational supervisor ( you ' re one of them ) put a few points together to
present to each participant on the first day of their rotation with you ( or
someone in your group ) .
for example :
what does you group do as a whole ? the risk management group is responsible
for providing information to the trading floor . that information consists of
positions , p & l , and other general information which may be needed by the
floor throughout the day . the information must be 100 % accurate 100 % of the
time as the gas floor is taking positions based on the information they are
given . in addition , all reports go to sr . management such as john lavorato
and dave delaney .
the participants need to know several logistics type things such as :
where to sit
user tips on the use of related business hardware ( i . e . phone system ,
intercom , etc . )
how long / when or if to take lunch : use your discretion .
expected working hours : expect to be in the office no later than 8 : 00 and
preferably by 7 : 30
it is also important to cover the expected learning criteria with the
participants on their first day :
able to work under pressure - you will be asked to provide reports and
answers to questions on the floor quickly . you will be expected to know and
understand the information that you are giving .
ability to handle multiple priorities - there will be times when you are
faced with several tasks at once . you will be expected to make quick
decisions and understand which is the most important .
meets deadlines - everyday in risk you have to meet a deadline . the traders
must have positions and p & l on their desks when they walk in in the morning .
excellent written communication - your written communication will be in the
numbers that you provide to the floor .
excellent oral communication - again , the traders will expect answers and
expect them quickly . you will need to articulate those in a fashion that is
understandable .
effective interpersonal skills - see above .
attention to detail - this is one of the most important considerations of
the job . again , all information must be 100 % accurate , errors are not
acceptable .
team player - you will be expected to work across all groups upstream and
downstream to provide accurate information and solve related problems .
excellent organisational skills - speed and accuracy are a hallmark of the
job , therefore you will need to be organized at all times .
is a motivated worker - self explainatory
excellent analytical skills - same
maintains relationships with traders - the trader will be relying on the
information that you provide him . therefore it is important that he trusts
what you are giving to him and that you are always asking if they need more
or better information .
effective time management - self explainatory
competent in excel - alot of the work we do is in excel . it is important
that you be able to navigate excel , as well as create efficiencies to make
the job less prone to errors and to run more smoothly .
competent with erms - erms is the system that is used to maintain positions
and p & l . all deals flow through this system and all values related to deals
come from this system .
competent with risktrac - risktrac is the system that tracks counterparty
risk and value at risk . i expect you to understand what each means , what
the limits are , and how you can reduce and add to value at risk .
demonstrates knowledge of trading concepts - work with the traders to
understand why they are putting on the positions that they have . try to
understand proper hedging strategies etc .
each participant who comes to your area needs to know your interpretation of
each of these competencies so they can make sure to meet your expectations
while in your area .
also , the participants need to fully understand exactly what they ' ll be doing
in your area . let ' em know with as much detail as possible .
finally , do you consider any information a pre - requisite for participation in
your area ? ( i . e . advanced excel skills . . . etc )
i ' d like to know so we can push the participants to get the needed training
before coming to your group . advanced excel skills , preferably a level of
understanding of positions and value at risk .
please compile this information and forward it to me so i can put it into
some on - boarding material for all of the candidates by their first day of
rotations .
the first candidates will begin on february 1 , 2001 .
thank you very much for you time and consideration .
tom wilbeck
x 57536 | 2001-01-19T00:00:00 |
28,411 | kick - off meeting for the tw dashboard please attend a meeting on tuesday , 1 / 30 from 1 : 00 - 2 : 30 in the eb 4102 / oma 696
to discuss the development / implementation of the tw dashboard . we will give
a presentation of the marketing dashboard and then have a brainstorming
session on the possible types of information each of you need to manage your
day - to - day business .
we would like to make sure everyone is using the new dashboard so please
click here to access - http : / / nahou - wwrmso 2 p . ets . enron . com / . your id and
password are the same as your current logonid ( ex . llindber for lorraine ) .
please click on the nng tab and think about which of those categories as well
as what additional type of information you would like on the tw tab .
we are expecting to kick off the requirements phase of your pipeline profile
next month so we will also give you a quick presentation of the nng pipeline
profile that has been developed .
please contact myself at x 3 - 7275 or bobby mason at x 3 - 5196 is you have any
questions or if you are unable to attend .
thanks ! martha | 0 | ham | kick - off meeting for the tw dashboard | please attend a meeting on tuesday , 1 / 30 from 1 : 00 - 2 : 30 in the eb 4102 / oma 696
to discuss the development / implementation of the tw dashboard . we will give
a presentation of the marketing dashboard and then have a brainstorming
session on the possible types of information each of you need to manage your
day - to - day business .
we would like to make sure everyone is using the new dashboard so please
click here to access - http : / / nahou - wwrmso 2 p . ets . enron . com / . your id and
password are the same as your current logonid ( ex . llindber for lorraine ) .
please click on the nng tab and think about which of those categories as well
as what additional type of information you would like on the tw tab .
we are expecting to kick off the requirements phase of your pipeline profile
next month so we will also give you a quick presentation of the nng pipeline
profile that has been developed .
please contact myself at x 3 - 7275 or bobby mason at x 3 - 5196 is you have any
questions or if you are unable to attend .
thanks ! martha | 2001-01-26T00:00:00 |
6,916 | re : enron open positions maruti ,
what about september 8 , friday ?
vince
" more " on 08 / 25 / 2000 03 : 27 : 26 pm
to : vince j kaminski / hou / ect @ ect
cc :
subject : enron open positions
hello mr . kaminski ,
can we meet for a quick lunch again at your
convenience ? just to bring you up to date about my search for the right
opportunity . also i noticed in the risk magazine that enron investment
partners and aig have joined treasuryconnect as strategic partners to
capitalize on internet - based transaction execution of financial derivatives .
i would like to explore if i can be any help to hank finkenstaedt , the
director of enron investment partners .
please let me know what day and time might be
convenient for you .
thank you .
sincerely ,
maruti more
832 - 251 - 7267
mmore @ houston . rr . com
- - - - - original message - - - - -
from : more
to : vince j kaminski
date : monday , july 10 , 2000 11 : 28 am
subject : enron open positions
dear mr . kaminski :
i would like to explore the opportunity to join
enron investment partners . i understand that enron has $ 20 million fund set
up to finance start - ups , and gene humphreys and his assistant john godbold
are trying to attract minority - owned start - up firms . i also learned that
enron has plans to increase the size of this fund to $ 200 million . i can find
these opportunities for enron around the globe . given my background as a
chartered financial analyst , with hands - on experience in investment
management covering financial derivatives , fixed income , and equity , i can be
a valuable resource to do the due diligence , origination , valuation , and
monitoring of these start - ups . would you please help me arrange a meeting
with either gene humphreys , ted murphy , or may be ken lay ?
i am pasting below the job opportunities open at enron . i am also interested
in these positions and would like to meet with the hiring manager .
i will give you a call to follow up .
thank you .
sincerely ,
maruti more
832 - 251 - 7267
job 0000104282 details
manager / director
essential functions : candidates will be responsible for helping
facilitate the transaction approval process for domestic and international
investments . these investments include , but are not limited to , private
equity , project development , venture capital , and structured credits .
candidates will work with business developers and underwriters in
identifying , understanding , and documenting transaction risks . they will also
assist in preparing transaction approval documentation . in addition , they
will oversee the valuation , modeling , and simulation process for investments .
the primary focus is to identify and measure key risk factors from both a
quantitative and a qualitative perspective with an emphasis on fundamental
analysis . the candidate must be able to assist in management and training of
departmental staff and in formulation of investment valuation policies and
procedures .
essential requirements : ? strong interpersonal skills ?
understanding of transaction structuring and credit risk issues ?
understanding of finance and valuation methodologies . ? proficiency with
excel cash flow models ? experience with financial statement analysis ?
understanding of statistics and simulation techniques ( monte carlo ) .
preferred skills : na .
special characteristics : the ideal candidate will possess an
undergraduate degree in finance , accounting , or economics , and an mba .
relevant experience could include credit analysis or valuation / finance
experience . manager / director in the risk assessment department of a $ 20
billion energy company .
contact : please email resumes to corpjobsl @ enron . com , please
refer to job no . 104282 when responding .
job id 0000104282
department capital pricing / risk an
company corporate staff
risk assessment and control
location houston , tx
type
posting date 05 - jun - 00
to submit your resume for this position :
online enter your resume id : no resume id ? you can create a
resume on - line , deposit it in our database , and receive a resume id using our
resume builder .
your resume id will allow you to submit your resume
once , but route it to up to 20 open positions . enron does not process resumes
that are not sent in response to specific positions .
if you have an existing resume in electronic format ,
the resume builder allows you to cut and paste your whole resume .
fax our fax number is 1 - 888 - 588 - 7152 .
you must tell us which jobs you ' re interested in , or
we will not be able to process your resume . write on your resume ( or on a
separate page ) all of the jobs ids of the jobs you ' re interested in pursuing .
an equal opportunity and affirmative action employer
top of page copyright 1997 - 1999 enron corp . all rights
reserved . contact us .
job 0000104281 details
staff / spec / sr spec
essential functions : " snapshot " preparation - responsible for
preparation of quarterly asset " snapshots " which provides enron ' s senior
management with summarized operational and financial information on selected
merchant portfolio investments . responsibilities associated with preparation
of snapshots include : researching publicly traded companies , calculating key
financial data , updating and analyzing graphical summaries of performance ,
reviewing press releases for recent events data , updating stock prices from
bloomberg ? weekly underwriters report - full responsibility for updating and
distributing weekly underwriters ' report . involves regular interaction with
executive vice president , london office personnel , as well as several vice
presidents within underwriting group within rac . ? various projects - will be
utilized on special projects on an as needed basis
essential requirements : accounting / finance / economics degree with
0 - 4 years business experience . excellent computer skills - excel ,
powerpoint , bloomberg , word research skills and the ability to interact with
a variety of personnel and departments . excellent organization skills . self
starter , quick learner . must be team player . good writing skills with the
ability to concisely summarize operational and financial results .
preferred skills : na .
special characteristics : . entry level position with the
opportunity to gain familiarity with all of enron ' s portfolio assets . future
advancement in asset and portfolio management possible for candidate who
exhibits competence and creativity .
contact : please email resumes to enajobsl @ enron . com , please refer
to job no . 104281 when responding .
job id 0000104281
department due diligence / asset mgmt
company corporate staff
risk assessment and control
location houston , tx
type
posting date 05 - jun - 00
job 0000102789 details
sr specialist
essential functions : in this position candidates will model , run
monte - carlo simulations , evaluate capital investments . these investments will
cover a wide range . candidates will be responsible for the validation of
models as well as insuring the accuracy and integrity of the model and
underlying assumptions . the primary focus will be to provide an objective
valuation for an investment by identifying and measuring key risk factors
from both a quantitative as well as qualitative perspective . ? understanding
of valuation techniques applied to equity or structured financial products . ?
understanding of cash flow models and option pricing models . ? proficiency in
excel . ? understanding of project finance and risk mitigation techniques . ?
experience with financial statement analysis and pro forma statements . ?
understanding of statistics and application to financial analysis .
essential requirements : na .
preferred skills : ? understanding of simulation methodologies
such as montecarlo . ? exposure to statistical analysis software such as
crystal ball or @ risk . the ideal candidate will possess an undergraduate
degree in finance , accounting , or economics and have 2 to 3 years of
financial modeling experience and an mba / cpa .
special characteristics : na .
contact : please do not contact the hiring manager . please no
faxes . send resumes via e - mail to corpjobsl @ enron . com or mail to enron , attn :
tvasut - eb 3628 , 1400 smith st . , houston , tx 77002 . please refer to job #
102789
job id 0000102789
department capital pricing / risk an
company corporate staff
risk assessment and control
location houston , tx
type
posting date 17 - mar - 00
- attl . htm | 0 | ham | re : enron open positions | maruti ,
what about september 8 , friday ?
vince
" more " on 08 / 25 / 2000 03 : 27 : 26 pm
to : vince j kaminski / hou / ect @ ect
cc :
subject : enron open positions
hello mr . kaminski ,
can we meet for a quick lunch again at your
convenience ? just to bring you up to date about my search for the right
opportunity . also i noticed in the risk magazine that enron investment
partners and aig have joined treasuryconnect as strategic partners to
capitalize on internet - based transaction execution of financial derivatives .
i would like to explore if i can be any help to hank finkenstaedt , the
director of enron investment partners .
please let me know what day and time might be
convenient for you .
thank you .
sincerely ,
maruti more
832 - 251 - 7267
mmore @ houston . rr . com
- - - - - original message - - - - -
from : more
to : vince j kaminski
date : monday , july 10 , 2000 11 : 28 am
subject : enron open positions
dear mr . kaminski :
i would like to explore the opportunity to join
enron investment partners . i understand that enron has $ 20 million fund set
up to finance start - ups , and gene humphreys and his assistant john godbold
are trying to attract minority - owned start - up firms . i also learned that
enron has plans to increase the size of this fund to $ 200 million . i can find
these opportunities for enron around the globe . given my background as a
chartered financial analyst , with hands - on experience in investment
management covering financial derivatives , fixed income , and equity , i can be
a valuable resource to do the due diligence , origination , valuation , and
monitoring of these start - ups . would you please help me arrange a meeting
with either gene humphreys , ted murphy , or may be ken lay ?
i am pasting below the job opportunities open at enron . i am also interested
in these positions and would like to meet with the hiring manager .
i will give you a call to follow up .
thank you .
sincerely ,
maruti more
832 - 251 - 7267
job 0000104282 details
manager / director
essential functions : candidates will be responsible for helping
facilitate the transaction approval process for domestic and international
investments . these investments include , but are not limited to , private
equity , project development , venture capital , and structured credits .
candidates will work with business developers and underwriters in
identifying , understanding , and documenting transaction risks . they will also
assist in preparing transaction approval documentation . in addition , they
will oversee the valuation , modeling , and simulation process for investments .
the primary focus is to identify and measure key risk factors from both a
quantitative and a qualitative perspective with an emphasis on fundamental
analysis . the candidate must be able to assist in management and training of
departmental staff and in formulation of investment valuation policies and
procedures .
essential requirements : ? strong interpersonal skills ?
understanding of transaction structuring and credit risk issues ?
understanding of finance and valuation methodologies . ? proficiency with
excel cash flow models ? experience with financial statement analysis ?
understanding of statistics and simulation techniques ( monte carlo ) .
preferred skills : na .
special characteristics : the ideal candidate will possess an
undergraduate degree in finance , accounting , or economics , and an mba .
relevant experience could include credit analysis or valuation / finance
experience . manager / director in the risk assessment department of a $ 20
billion energy company .
contact : please email resumes to corpjobsl @ enron . com , please
refer to job no . 104282 when responding .
job id 0000104282
department capital pricing / risk an
company corporate staff
risk assessment and control
location houston , tx
type
posting date 05 - jun - 00
to submit your resume for this position :
online enter your resume id : no resume id ? you can create a
resume on - line , deposit it in our database , and receive a resume id using our
resume builder .
your resume id will allow you to submit your resume
once , but route it to up to 20 open positions . enron does not process resumes
that are not sent in response to specific positions .
if you have an existing resume in electronic format ,
the resume builder allows you to cut and paste your whole resume .
fax our fax number is 1 - 888 - 588 - 7152 .
you must tell us which jobs you ' re interested in , or
we will not be able to process your resume . write on your resume ( or on a
separate page ) all of the jobs ids of the jobs you ' re interested in pursuing .
an equal opportunity and affirmative action employer
top of page copyright 1997 - 1999 enron corp . all rights
reserved . contact us .
job 0000104281 details
staff / spec / sr spec
essential functions : " snapshot " preparation - responsible for
preparation of quarterly asset " snapshots " which provides enron ' s senior
management with summarized operational and financial information on selected
merchant portfolio investments . responsibilities associated with preparation
of snapshots include : researching publicly traded companies , calculating key
financial data , updating and analyzing graphical summaries of performance ,
reviewing press releases for recent events data , updating stock prices from
bloomberg ? weekly underwriters report - full responsibility for updating and
distributing weekly underwriters ' report . involves regular interaction with
executive vice president , london office personnel , as well as several vice
presidents within underwriting group within rac . ? various projects - will be
utilized on special projects on an as needed basis
essential requirements : accounting / finance / economics degree with
0 - 4 years business experience . excellent computer skills - excel ,
powerpoint , bloomberg , word research skills and the ability to interact with
a variety of personnel and departments . excellent organization skills . self
starter , quick learner . must be team player . good writing skills with the
ability to concisely summarize operational and financial results .
preferred skills : na .
special characteristics : . entry level position with the
opportunity to gain familiarity with all of enron ' s portfolio assets . future
advancement in asset and portfolio management possible for candidate who
exhibits competence and creativity .
contact : please email resumes to enajobsl @ enron . com , please refer
to job no . 104281 when responding .
job id 0000104281
department due diligence / asset mgmt
company corporate staff
risk assessment and control
location houston , tx
type
posting date 05 - jun - 00
job 0000102789 details
sr specialist
essential functions : in this position candidates will model , run
monte - carlo simulations , evaluate capital investments . these investments will
cover a wide range . candidates will be responsible for the validation of
models as well as insuring the accuracy and integrity of the model and
underlying assumptions . the primary focus will be to provide an objective
valuation for an investment by identifying and measuring key risk factors
from both a quantitative as well as qualitative perspective . ? understanding
of valuation techniques applied to equity or structured financial products . ?
understanding of cash flow models and option pricing models . ? proficiency in
excel . ? understanding of project finance and risk mitigation techniques . ?
experience with financial statement analysis and pro forma statements . ?
understanding of statistics and application to financial analysis .
essential requirements : na .
preferred skills : ? understanding of simulation methodologies
such as montecarlo . ? exposure to statistical analysis software such as
crystal ball or @ risk . the ideal candidate will possess an undergraduate
degree in finance , accounting , or economics and have 2 to 3 years of
financial modeling experience and an mba / cpa .
special characteristics : na .
contact : please do not contact the hiring manager . please no
faxes . send resumes via e - mail to corpjobsl @ enron . com or mail to enron , attn :
tvasut - eb 3628 , 1400 smith st . , houston , tx 77002 . please refer to job #
102789
job id 0000102789
department capital pricing / risk an
company corporate staff
risk assessment and control
location houston , tx
type
posting date 17 - mar - 00
- attl . htm | 2000-08-28T00:00:00 |
32,125 | = ? utf - 8 ? q ? our company desire t ? = = ? utf - 8 ? q ? o supply you utterl ? =
= ? utf - 8 ? q ? y fresh model of gl ? =
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travel my web - site , i offer fantabulous discounts and many of trade marks for sale ,
even chronoswiss , alain silberstein or blancpain .
| 2005-03-11T00:00:00 |
27,528 | een avontuurtje is oke , als je dit bericht niet kan lezen , klik hier .
je hebt dit bericht ontvangen omdat je in de db smsmag / kdotv bent . om uit te schrijven , klik hier . | 1 | spam | een avontuurtje is oke , | als je dit bericht niet kan lezen , klik hier .
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| 2005-07-20T00:00:00 |
829 | nomination 6 / 1 / 2000 - eastrans revisions for 6 / 1 / 2000 on behalf of bruce mcmills :
this is to nominate 33 , 450 mmbtu / d into eastrans effective 6 / 1 / 2000
redeliveries will be made as follows :
25 , 000 into pg & e at carthage
8 , 450 from fuels cotton valley
duke residue sales
6 / 1 4 , 520 mmbtu
6 / 2 5 , 690 mmbtu
6 / 3 5 , 105 mmbtu
- - - - - - - - - - - - - - - - - - - - - - forwarded by william e . speckels / gcs / cec / pec on
05 / 26 / 2000 01 : 38 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
bruce mcmills
05 / 24 / 2000 02 : 06 pm
to : briley @ enron . com , dfarmer @ enron . com , stacey . neuweiler @ enron . com
cc : michael r . cherry / easttexas / pefs / pec @ pec , chad w . cass / gcs / cec / pec @ pec ,
william e . speckels / gcs / cec / pec @ pec , julia a . urbanek / gcs / cec / pec @ pec ,
donna c . spencer / gcs / cec / pec @ pec , jim i . fields / gcs / cec / pec @ pec , stephen
g . martin / transm / tetco / pec @ pec
subject : nomination 6 / 1 / 2000 - eastrans
this is to nominate 32 , 800 mmbtu / d into eastrans effective 6 / 1 / 2000 .
redeliveries will be made as follows :
25 , 000 into pg & e at carthage
7 , 800 from fuels cotton valley
duke - residue sales = 4 , 520 mmbtu . | 0 | ham | nomination 6 / 1 / 2000 - eastrans | revisions for 6 / 1 / 2000 on behalf of bruce mcmills :
this is to nominate 33 , 450 mmbtu / d into eastrans effective 6 / 1 / 2000
redeliveries will be made as follows :
25 , 000 into pg & e at carthage
8 , 450 from fuels cotton valley
duke residue sales
6 / 1 4 , 520 mmbtu
6 / 2 5 , 690 mmbtu
6 / 3 5 , 105 mmbtu
- - - - - - - - - - - - - - - - - - - - - - forwarded by william e . speckels / gcs / cec / pec on
05 / 26 / 2000 01 : 38 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
bruce mcmills
05 / 24 / 2000 02 : 06 pm
to : briley @ enron . com , dfarmer @ enron . com , stacey . neuweiler @ enron . com
cc : michael r . cherry / easttexas / pefs / pec @ pec , chad w . cass / gcs / cec / pec @ pec ,
william e . speckels / gcs / cec / pec @ pec , julia a . urbanek / gcs / cec / pec @ pec ,
donna c . spencer / gcs / cec / pec @ pec , jim i . fields / gcs / cec / pec @ pec , stephen
g . martin / transm / tetco / pec @ pec
subject : nomination 6 / 1 / 2000 - eastrans
this is to nominate 32 , 800 mmbtu / d into eastrans effective 6 / 1 / 2000 .
redeliveries will be made as follows :
25 , 000 into pg & e at carthage
7 , 800 from fuels cotton valley
duke - residue sales = 4 , 520 mmbtu . | 2000-05-26T00:00:00 |
22,362 | affordable website development services if you do not wish to receive
further mails from us , click here to opt
out . we respect all remove requests . | 1 | spam | affordable website development services | if you do not wish to receive
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4,519 | express delivery - online rx refill meds hotline - - low price rx meds
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consultation at $ 0 cost
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relaxer , pain relief , sexual health , men ' s health and women ' s health .
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need to wait anymore . gorgeous meds at gorgeous prices . - - feel gorgeous
deianeirao naugle 8 mad
hard at work in his cubicle . bob works independently , withoutwasting
company time talkingvery loud . down the street , a woman opens her window to
yell , what ' swith all the racket ? it ' s one in the morning ! ! ! | 1 | spam | express delivery - online rx refill | meds hotline - - low price rx meds
get the needed rx meds online from a wide variety of selection
consultation at $ 0 cost
convenient site for rx meds on hypertension , anti - depressant , muscle
relaxer , pain relief , sexual health , men ' s health and women ' s health .
internet pharamcy for me is more convenient for rx refill cause i don ' t
need to wait anymore . gorgeous meds at gorgeous prices . - - feel gorgeous
deianeirao naugle 8 mad
hard at work in his cubicle . bob works independently , withoutwasting
company time talkingvery loud . down the street , a woman opens her window to
yell , what ' swith all the racket ? it ' s one in the morning ! ! !
| 2004-12-01T00:00:00 |
24,285 | bad nicknames for her vagina . . # 9 . black hole of calcutta see this lovely celbrity many more hot stars
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| 2002-05-30T00:00:00 |
28,074 | we want to check your pulse once again , it ' s time to find out what you think about your work experience
at enron and enron transportation services company , and what we can do to
help make it better . that ' s why we want to check your pulse . in fact , we ' ve
changed the name of last year ' s " excellence through communication " employee
survey to the pulse . we believe the pulse more accurately captures the
purpose of the survey . your diagnosis will help us correct problem areas so
we can continue to make enron a great place to work .
is available : monday , oct . 16 - friday , oct . 27
is located at : survey . enron . com
there are a few things we want you to remember about the pulse :
1 . your survey responses will be confidential . you can complete your survey
from special computer kiosks that will be set up in some of our larger
offices . several group computer terminals also will be available in smaller
field offices . we want to provide you with the most comfortable environment
possible , as your participation is of vital importance to us . alternatively ,
you can key in your responses from your desktop computer . the responses keyed
from your desktop will be confidential as well .
2 . we will respond actively to your comments . we are going to do our best to
cure some of the current problems that exist and put into action preventative
processes that will help identify smaller problems before they become major
ones . we may ask for your help in resolving some of the issues that are
collected in the survey - your active role will help us identify the best
solutions .
in last year ' s survey , you identified several problem areas regarding
internal communications , workload and performance management . we ' ve already
acted on many of your recommendations . these are a few of the things we ' ve
accomplished in direct response to your input :
ets strengthened management focus on intellectual capital and employee
through the initiation of :
table talk sessions with ets office of the chairman , which give employees
the opportunity to have frontline discussions ,
the " innovation series , " which invites employees to share their ideas
openly and ensures management commitment to evaluating ideas ,
e - speak sessions with ets leaders to exchange ideas , and
our name change to enron transportation services to recognize our most
strategic asset - you .
we made workload planning and management training / development available to
ets employees to address workload issues , the greatest ets concern in the
survey .
we improved the consistency of performance management , the survey topic
that received the most employee comments , by extending the use of the
performance evaluation process ( pep ) system and the performance review
committee ( prc ) process to all levels in ets at mid - year in 2000 .
please take a few minutes to check your pulse and tell us what you think and
how you feel about your job and about enron .
we look forward to hearing from you | 0 | ham | we want to check your pulse | once again , it ' s time to find out what you think about your work experience
at enron and enron transportation services company , and what we can do to
help make it better . that ' s why we want to check your pulse . in fact , we ' ve
changed the name of last year ' s " excellence through communication " employee
survey to the pulse . we believe the pulse more accurately captures the
purpose of the survey . your diagnosis will help us correct problem areas so
we can continue to make enron a great place to work .
is available : monday , oct . 16 - friday , oct . 27
is located at : survey . enron . com
there are a few things we want you to remember about the pulse :
1 . your survey responses will be confidential . you can complete your survey
from special computer kiosks that will be set up in some of our larger
offices . several group computer terminals also will be available in smaller
field offices . we want to provide you with the most comfortable environment
possible , as your participation is of vital importance to us . alternatively ,
you can key in your responses from your desktop computer . the responses keyed
from your desktop will be confidential as well .
2 . we will respond actively to your comments . we are going to do our best to
cure some of the current problems that exist and put into action preventative
processes that will help identify smaller problems before they become major
ones . we may ask for your help in resolving some of the issues that are
collected in the survey - your active role will help us identify the best
solutions .
in last year ' s survey , you identified several problem areas regarding
internal communications , workload and performance management . we ' ve already
acted on many of your recommendations . these are a few of the things we ' ve
accomplished in direct response to your input :
ets strengthened management focus on intellectual capital and employee
through the initiation of :
table talk sessions with ets office of the chairman , which give employees
the opportunity to have frontline discussions ,
the " innovation series , " which invites employees to share their ideas
openly and ensures management commitment to evaluating ideas ,
e - speak sessions with ets leaders to exchange ideas , and
our name change to enron transportation services to recognize our most
strategic asset - you .
we made workload planning and management training / development available to
ets employees to address workload issues , the greatest ets concern in the
survey .
we improved the consistency of performance management , the survey topic
that received the most employee comments , by extending the use of the
performance evaluation process ( pep ) system and the performance review
committee ( prc ) process to all levels in ets at mid - year in 2000 .
please take a few minutes to check your pulse and tell us what you think and
how you feel about your job and about enron .
we look forward to hearing from you | 2000-10-12T00:00:00 |
22,754 | mariner - door step attached is a preliminary assessment of mariner based upon our april 6 review | 0 | ham | mariner - door step | attached is a preliminary assessment of mariner based upon our april 6 review | 2000-04-14T00:00:00 |
2,691 | latest frontera doc - - - - - - - - - - - - - - - - - - - - - - forwarded by bob m hall / na / enron on 03 / 09 / 2001 12 : 05 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : leslie reeves @ ect on 03 / 07 / 2001 03 : 35 pm
to : bob m hall / na / enron @ enron
cc :
subject : latest frontera doc
fyi - latest and greatest . i ' ll keep you posted . gas responsibilites are discussed beginning on pg 13 .
- - - - - forwarded by leslie reeves / hou / ect on 03 / 07 / 2001 03 : 33 pm - - - - -
edith cross 03 / 07 / 2001 11 : 04 am to : leslie reeves / hou / ect @ ect , stacey w white / hou / ect @ ect , thresa a allen / hou / ect @ ect cc : subject : latest frontera doc
i haven ' t had a chance to look at this yet . sorry !
e
- - - - - - - - - - - - - - - - - - - - - - forwarded by edith cross / hou / ect on 03 / 07 / 2001 11 : 03 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
bruce sukaly @ enron
03 / 07 / 2001 08 : 15 am
to : jason r wiesepape / hou / ect @ ect , edith cross / hou / ect @ ect
cc :
subject :
- - - - - - - - - - - - - - - - - - - - - - forwarded by bruce sukaly / corp / enron on 03 / 07 / 2001 08 : 14 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
" stuart zisman " on 03 / 07 / 2001 06 : 32 : 25 am
to : bruce . sukaly @ enron . com , mike . curry @ enron . com , jason . wiesepape @ enron . com
cc :
subject :
attached is my cut at a mark up . please review so that we can discuss at
9 : 00 this morning .
stuart
get your free download of msn explorer at http : / / explorer . msn . com
- frontera agreement . doc | 0 | ham | latest frontera doc | - - - - - - - - - - - - - - - - - - - - - - forwarded by bob m hall / na / enron on 03 / 09 / 2001 12 : 05 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : leslie reeves @ ect on 03 / 07 / 2001 03 : 35 pm
to : bob m hall / na / enron @ enron
cc :
subject : latest frontera doc
fyi - latest and greatest . i ' ll keep you posted . gas responsibilites are discussed beginning on pg 13 .
- - - - - forwarded by leslie reeves / hou / ect on 03 / 07 / 2001 03 : 33 pm - - - - -
edith cross 03 / 07 / 2001 11 : 04 am to : leslie reeves / hou / ect @ ect , stacey w white / hou / ect @ ect , thresa a allen / hou / ect @ ect cc : subject : latest frontera doc
i haven ' t had a chance to look at this yet . sorry !
e
- - - - - - - - - - - - - - - - - - - - - - forwarded by edith cross / hou / ect on 03 / 07 / 2001 11 : 03 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
bruce sukaly @ enron
03 / 07 / 2001 08 : 15 am
to : jason r wiesepape / hou / ect @ ect , edith cross / hou / ect @ ect
cc :
subject :
- - - - - - - - - - - - - - - - - - - - - - forwarded by bruce sukaly / corp / enron on 03 / 07 / 2001 08 : 14 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
" stuart zisman " on 03 / 07 / 2001 06 : 32 : 25 am
to : bruce . sukaly @ enron . com , mike . curry @ enron . com , jason . wiesepape @ enron . com
cc :
subject :
attached is my cut at a mark up . please review so that we can discuss at
9 : 00 this morning .
stuart
get your free download of msn explorer at http : / / explorer . msn . com
- frontera agreement . doc | 2001-03-09T00:00:00 |
7,933 | alliance info alert : richardson and ferc orders dear generation / power marketing executive :
the following are summaries of two significant activities that occurred
friday , december 15
1 . energy secretary richardson issuance of an emergency order .
( richardson ' s statement and fpa section 202 ( c ) order is posted on doe ' s
web site at :
http : / / www . energy . gov / hqpress / releaseso 0 / decpr / pro 0309 . html )
2 . ferc ' s 12 / 15 / 00 final order to fix california wholesale markets
( ferc ' s order can be viewed at
california supplies ordered by richardson
o richardson orders listed entities to supply excess power to california iso
o order is effective as soon as iso certifies shortage , but ends 12 / 21 / 00 ,
unless extended
o prices to be agreed to by supplier and iso , or ferc will set rate later
o fpa emergency power authority transferred to doe in 1977
as he said he would on december 13 , u . s . department of energy secretary bill
richardson found " an emergency exists in california by reason of the shortage
of electric energy " and issued an emergency order under section 202 ( c ) of
the federal power act ( fpa ) requiring listed generators and marketers to
provide any power in excess of the needs of their firm customers to the
california iso . in a statement , richardson said the threat to the
reliability of the california grid requires a long - term solution , but that in
the short - term power must keep flowing to the state to avert blackouts .
the 76 listed suppliers have 12 hours after the iso certifies to doe that it
has been unable to acquire adequate supplies in the market to begin providing
requested service to the iso . the iso must inform each supplier subject to
the order of the amount and type of energy or services required by 9 : 00 pm ,
eastern standard time , the day before the services are needed . the order
directs the iso to allocate , to the extent feasible , requested services among
subject entities in proportion to each supplier ' s available excess power .
the order is effective immediately and will terminate at 3 : 00 am , eastern
time , december 21 , 2000 , unless extended . to continue to obtain supplies
under this emergency authority , the iso must re - certify the shortage to doe
headquarters every 24 hours .
the terms of the provision of electric energy and other services by suppliers
to the iso " are to be agreed to by the parties . " if no agreement is reached ,
then under the fpa ' s emergency authority secretary richardson " will
immediately prescribe the conditions of service and refer the rate issue to
the federal energy regulatory commission for a determination at a later date
by that agency in accordance with its standards and procedures , and will
prescribe by supplemental order such rates as it finds to be just and
reasonable . " the authority of ferc to set rates for power supplied under
emergency order at just and reasonable levels where the parties themselves do
not agree to a rate is explicitly included in fpa section 202 ( c ) . the doe
organization act of 1997 transferred the emergency powers of this section
from ferc to doe .
the 76 entities identified in the order ' s attachment are all the entities
that have provided power to the iso over the last 30 days . those entities
are ordered " to make arrangements to generate , deliver , interchange , and
transmit electric energy when , as , and in such amounts as may be requested by
the " iso , " acting as agent for and on behalf of scheduling coordinators . "
[ source : doe secretary richardson ' s december 14 , 2000 statement and order ;
electric power daily , december 15 , 2000 ]
ferc de - federalizes california markets , adopts other structural
reforms
a summary of the december 15 order and commission discussion
at its special meeting today , ferc unanimously approved its eagerly awaited
final order reforming the california wholesale markets , adopting the major
outlines of its november 1 proposed order and sending back to california the
responsibility for addressing state - related matters , as discussed below . at
the same time , ferc deferred consideration of retroactive refund issues as
well as the imposition of region - wide price caps .
ferc reiterated the november 1 conclusions that under certain circumstances ,
california ratepayers were subjected to unjust and unreasonable power rates
due to california ' s " seriously flawed " market structure and rules in
conjunction with tight demand and supply conditions throughout the west .
while all four commissioners supported the order as a consensus - based outcome
that appropriately balanced all competing interests , each commissioner
expressed reservations with particular aspects of the order . chairman
hoecker and comm . breathitt expressed the strongest endorsement , while comms .
hebert and massey laid out their positions where they believed the commission
had either " over - reached " or not gone far enough , just as they did on
november 1 , as discussed below .
highlights of key actions :
( 1 ) ferc adopted the november 1 proposal to eliminate , effective immediately ,
the state ' s mandatory requirement that the state ' s investor - owned utilities
buy and sell electricity through the px , and allow these utilities to
purchase electricity through forward contracts and other alternative
mechanisms to manage supply risks . ferc terminated the px ' s rate schedules
effective at the close of business on april 30 , 2001 . in effect , as chairman
hoecker stated , the order de - federalizes 60 percent of the california
wholesale market established under the state ' s restructuring law , returning
ratemaking authority over company - owned generation to the california public
utilities commission ( cpuc ) .
( 2 ) ferc modified the effective period of the november 1 $ 150 / mwh " soft cap "
proposal , limiting its application through april 2001 , whereupon a
" comprehensive and systematic monitoring and mitigation program which
incorporates appropriate thresholds , screen and mitigation measures " must be
in place . in a related move , ferc ordered a technical conference early next
year to develop such a program by march 1 , 2001 , so that these measures can
be place by the may 1 , deadline .
in a major modification , ferc revised the refund conditions to clarify that
while certain refund conditions will continue to apply , unless ferc issues
written notification to the seller that its transaction is still under
review , refund potential on a transaction will close after 60 days .
as proposed , however , supply bids in excess of $ 150 will be prohibited from
setting the market - clearing price for all bidders and sellers bidding above
$ 150 / mwh will be required to report their bids to ferc on a confidential ,
weekly basis and provide certain cost support .
( 3 ) ferc adopted the november 1 proposal to require the establishment of
independent , non - stakeholder governing board for the iso . the iso governing
board must relinquish their decision - making power and operating control to
the iso management on january 29 , 2001 . a future order will set procedures
for discussion with state representatives on the board selection process .
( 4 ) in a major modification , ferc adopted a $ 74 / mwh " price benchmark " for
assessing prices of five - year energy supply contracts . this benchmark will
be used in assessing any complaints regarding justness and reasonableness of
pricing long - term contracts .
to facilitate prompt negotiation of longer term power contracts at reasonable
rates , ferc announced that it will hold a settlement conference with market
participants .
( 5 ) ferc adopted the november 1 proposal to require market participants to
schedule 95 percent of their transactions in the day - ahead market and
instituting a penalty charge for under - scheduling ( in excess of five percent
of hourly load requirements ) , in order to discourage over - reliance on the
real - time spot market .
( 6 ) ferc directed the iso and the three investor - owned utilities to file
generation interconnection standards .
( 7 ) ferc affirmed the longer - term measures proposed in the november 1 order ,
including submission of a congestion management design proposal by april 2 ,
2001 .
( 8 ) ferc deferred resolving key issues , including establishing new iso board
selection procedures , developing appropriate market monitoring measures and
negotiating protective orders associated with data collection .
( 9 ) ferc reiterated its november 1 call to california policy makers there to
resolve state issues , such as : ( 1 ) immediately implementing the availability
of day ahead markets for power purchases ; ( 2 ) development of demand
responses ; ( 3 ) siting of generation and transmission ; and ( 4 ) assurance of
sufficient reserve requirements .
commissioner responses
comm . hebert reluctantly concurred , calling the final order a " missed
opportunity " to , among other things , send appropriate signals for new
generation siting and conservation . reiterating his november 1 concerns ,
hebert recounted the remedial remedies that he maintained the commission
should and should not have adopted . while expressing pleasure at the tone of
the order ( " balanced and considerate " ) , the bid certainly reversal , and the
role reserved for the state in the selection of the new iso board , hebert
nonetheless objected to the benchmark prices established in the order , which
he maintained appeared to be unreasonably low . hebert faulted the commission
for not attempting to reconcile the instant order with the november 8 order
approving the ca iso ' s emergency $ 250 / mwh " soft cap " proposal . hebert ended
by challenging the cpuc to do what it can to encourage utilities there to
forward contract , including easing the existing prudence review requirements .
comm . breathitt endorsed the order , reiterating her support for progress
towards open and competitive markets . she noted that the order properly
" walked the line " by taking all of the competing interests into account ,
calling it less than ideal , but a step in the right direction . she also
concentrated her remarks on the importance of creating stability which will
be accomplished by encouraging long term contracts and the implementation of
the $ 150 / mwh breakpoint . additionally she mentioned that any price below the
$ 74 / mwh benchmark will be presumed just and reasonable .
comm . massey concurred , but prefaced his remarks by expressing sympathy for
california ratepayers , stating that he felt that market power had been
exercised , that prices were not just and reasonable and that the marketers
had profited too much at the expense of others in the market . he warned
that , as he understood the legal precedents , the federal courts were poised
to grant cost recovery relief to the retailers which would then be passed on
to consumers . on the positive side , he approved of the de - federalization of
60 % of the market and the creation of long term contracts . however , he
emphasized that california regulators must now take the responsibility of
creating more generation and transmission . in the long term , comm . massey
hoped that solutions could be reached starting with a technical conference
and that the market would have rules more like pjm .
finally , comm . massey articulated what he would have liked to have done
differently . he stated that he disagreed with the fact that there is not
enough evidence to show that market power existed and he pointed to the
on - going investigation . he also disagreed with the $ 150 / mwh breakpoint ,
preferring instead a hard price per generator . the commissioner said he
would have set the long term benchmark for only two years instead of five and
that he would have opened a section 206 investigation in the west . finally ,
he stated that he would have liked to address the issue of refunds .
chairman hoecker began his comments by saying that the commission was forced
to act and act quickly because the stakes are so high . he feels that it is
now time for the state regulators and markets to act . he noted that by
shrinking the cal px , the responsibility is now with the cpuc to fashion the
long term contracts and that hopefully we will exit this situation with the
least amount of damage to the utilities . in regards to suggestions for a
regional price cap , the chairman stated that this would not work due to the
fact that the commission has no jurisdiction over bonneville , wapa and the
public power producers and that there is no spot market in the northwest .
however , he did urge secretary richardson to convene a conference in order to
address regional issues . finally , in conceptually addressing the california
situation , the chairman stated that competition or " deregulation " did not
fail in california , but that there never was competition in california . | 0 | ham | alliance info alert : richardson and ferc orders | dear generation / power marketing executive :
the following are summaries of two significant activities that occurred
friday , december 15
1 . energy secretary richardson issuance of an emergency order .
( richardson ' s statement and fpa section 202 ( c ) order is posted on doe ' s
web site at :
http : / / www . energy . gov / hqpress / releaseso 0 / decpr / pro 0309 . html )
2 . ferc ' s 12 / 15 / 00 final order to fix california wholesale markets
( ferc ' s order can be viewed at
california supplies ordered by richardson
o richardson orders listed entities to supply excess power to california iso
o order is effective as soon as iso certifies shortage , but ends 12 / 21 / 00 ,
unless extended
o prices to be agreed to by supplier and iso , or ferc will set rate later
o fpa emergency power authority transferred to doe in 1977
as he said he would on december 13 , u . s . department of energy secretary bill
richardson found " an emergency exists in california by reason of the shortage
of electric energy " and issued an emergency order under section 202 ( c ) of
the federal power act ( fpa ) requiring listed generators and marketers to
provide any power in excess of the needs of their firm customers to the
california iso . in a statement , richardson said the threat to the
reliability of the california grid requires a long - term solution , but that in
the short - term power must keep flowing to the state to avert blackouts .
the 76 listed suppliers have 12 hours after the iso certifies to doe that it
has been unable to acquire adequate supplies in the market to begin providing
requested service to the iso . the iso must inform each supplier subject to
the order of the amount and type of energy or services required by 9 : 00 pm ,
eastern standard time , the day before the services are needed . the order
directs the iso to allocate , to the extent feasible , requested services among
subject entities in proportion to each supplier ' s available excess power .
the order is effective immediately and will terminate at 3 : 00 am , eastern
time , december 21 , 2000 , unless extended . to continue to obtain supplies
under this emergency authority , the iso must re - certify the shortage to doe
headquarters every 24 hours .
the terms of the provision of electric energy and other services by suppliers
to the iso " are to be agreed to by the parties . " if no agreement is reached ,
then under the fpa ' s emergency authority secretary richardson " will
immediately prescribe the conditions of service and refer the rate issue to
the federal energy regulatory commission for a determination at a later date
by that agency in accordance with its standards and procedures , and will
prescribe by supplemental order such rates as it finds to be just and
reasonable . " the authority of ferc to set rates for power supplied under
emergency order at just and reasonable levels where the parties themselves do
not agree to a rate is explicitly included in fpa section 202 ( c ) . the doe
organization act of 1997 transferred the emergency powers of this section
from ferc to doe .
the 76 entities identified in the order ' s attachment are all the entities
that have provided power to the iso over the last 30 days . those entities
are ordered " to make arrangements to generate , deliver , interchange , and
transmit electric energy when , as , and in such amounts as may be requested by
the " iso , " acting as agent for and on behalf of scheduling coordinators . "
[ source : doe secretary richardson ' s december 14 , 2000 statement and order ;
electric power daily , december 15 , 2000 ]
ferc de - federalizes california markets , adopts other structural
reforms
a summary of the december 15 order and commission discussion
at its special meeting today , ferc unanimously approved its eagerly awaited
final order reforming the california wholesale markets , adopting the major
outlines of its november 1 proposed order and sending back to california the
responsibility for addressing state - related matters , as discussed below . at
the same time , ferc deferred consideration of retroactive refund issues as
well as the imposition of region - wide price caps .
ferc reiterated the november 1 conclusions that under certain circumstances ,
california ratepayers were subjected to unjust and unreasonable power rates
due to california ' s " seriously flawed " market structure and rules in
conjunction with tight demand and supply conditions throughout the west .
while all four commissioners supported the order as a consensus - based outcome
that appropriately balanced all competing interests , each commissioner
expressed reservations with particular aspects of the order . chairman
hoecker and comm . breathitt expressed the strongest endorsement , while comms .
hebert and massey laid out their positions where they believed the commission
had either " over - reached " or not gone far enough , just as they did on
november 1 , as discussed below .
highlights of key actions :
( 1 ) ferc adopted the november 1 proposal to eliminate , effective immediately ,
the state ' s mandatory requirement that the state ' s investor - owned utilities
buy and sell electricity through the px , and allow these utilities to
purchase electricity through forward contracts and other alternative
mechanisms to manage supply risks . ferc terminated the px ' s rate schedules
effective at the close of business on april 30 , 2001 . in effect , as chairman
hoecker stated , the order de - federalizes 60 percent of the california
wholesale market established under the state ' s restructuring law , returning
ratemaking authority over company - owned generation to the california public
utilities commission ( cpuc ) .
( 2 ) ferc modified the effective period of the november 1 $ 150 / mwh " soft cap "
proposal , limiting its application through april 2001 , whereupon a
" comprehensive and systematic monitoring and mitigation program which
incorporates appropriate thresholds , screen and mitigation measures " must be
in place . in a related move , ferc ordered a technical conference early next
year to develop such a program by march 1 , 2001 , so that these measures can
be place by the may 1 , deadline .
in a major modification , ferc revised the refund conditions to clarify that
while certain refund conditions will continue to apply , unless ferc issues
written notification to the seller that its transaction is still under
review , refund potential on a transaction will close after 60 days .
as proposed , however , supply bids in excess of $ 150 will be prohibited from
setting the market - clearing price for all bidders and sellers bidding above
$ 150 / mwh will be required to report their bids to ferc on a confidential ,
weekly basis and provide certain cost support .
( 3 ) ferc adopted the november 1 proposal to require the establishment of
independent , non - stakeholder governing board for the iso . the iso governing
board must relinquish their decision - making power and operating control to
the iso management on january 29 , 2001 . a future order will set procedures
for discussion with state representatives on the board selection process .
( 4 ) in a major modification , ferc adopted a $ 74 / mwh " price benchmark " for
assessing prices of five - year energy supply contracts . this benchmark will
be used in assessing any complaints regarding justness and reasonableness of
pricing long - term contracts .
to facilitate prompt negotiation of longer term power contracts at reasonable
rates , ferc announced that it will hold a settlement conference with market
participants .
( 5 ) ferc adopted the november 1 proposal to require market participants to
schedule 95 percent of their transactions in the day - ahead market and
instituting a penalty charge for under - scheduling ( in excess of five percent
of hourly load requirements ) , in order to discourage over - reliance on the
real - time spot market .
( 6 ) ferc directed the iso and the three investor - owned utilities to file
generation interconnection standards .
( 7 ) ferc affirmed the longer - term measures proposed in the november 1 order ,
including submission of a congestion management design proposal by april 2 ,
2001 .
( 8 ) ferc deferred resolving key issues , including establishing new iso board
selection procedures , developing appropriate market monitoring measures and
negotiating protective orders associated with data collection .
( 9 ) ferc reiterated its november 1 call to california policy makers there to
resolve state issues , such as : ( 1 ) immediately implementing the availability
of day ahead markets for power purchases ; ( 2 ) development of demand
responses ; ( 3 ) siting of generation and transmission ; and ( 4 ) assurance of
sufficient reserve requirements .
commissioner responses
comm . hebert reluctantly concurred , calling the final order a " missed
opportunity " to , among other things , send appropriate signals for new
generation siting and conservation . reiterating his november 1 concerns ,
hebert recounted the remedial remedies that he maintained the commission
should and should not have adopted . while expressing pleasure at the tone of
the order ( " balanced and considerate " ) , the bid certainly reversal , and the
role reserved for the state in the selection of the new iso board , hebert
nonetheless objected to the benchmark prices established in the order , which
he maintained appeared to be unreasonably low . hebert faulted the commission
for not attempting to reconcile the instant order with the november 8 order
approving the ca iso ' s emergency $ 250 / mwh " soft cap " proposal . hebert ended
by challenging the cpuc to do what it can to encourage utilities there to
forward contract , including easing the existing prudence review requirements .
comm . breathitt endorsed the order , reiterating her support for progress
towards open and competitive markets . she noted that the order properly
" walked the line " by taking all of the competing interests into account ,
calling it less than ideal , but a step in the right direction . she also
concentrated her remarks on the importance of creating stability which will
be accomplished by encouraging long term contracts and the implementation of
the $ 150 / mwh breakpoint . additionally she mentioned that any price below the
$ 74 / mwh benchmark will be presumed just and reasonable .
comm . massey concurred , but prefaced his remarks by expressing sympathy for
california ratepayers , stating that he felt that market power had been
exercised , that prices were not just and reasonable and that the marketers
had profited too much at the expense of others in the market . he warned
that , as he understood the legal precedents , the federal courts were poised
to grant cost recovery relief to the retailers which would then be passed on
to consumers . on the positive side , he approved of the de - federalization of
60 % of the market and the creation of long term contracts . however , he
emphasized that california regulators must now take the responsibility of
creating more generation and transmission . in the long term , comm . massey
hoped that solutions could be reached starting with a technical conference
and that the market would have rules more like pjm .
finally , comm . massey articulated what he would have liked to have done
differently . he stated that he disagreed with the fact that there is not
enough evidence to show that market power existed and he pointed to the
on - going investigation . he also disagreed with the $ 150 / mwh breakpoint ,
preferring instead a hard price per generator . the commissioner said he
would have set the long term benchmark for only two years instead of five and
that he would have opened a section 206 investigation in the west . finally ,
he stated that he would have liked to address the issue of refunds .
chairman hoecker began his comments by saying that the commission was forced
to act and act quickly because the stakes are so high . he feels that it is
now time for the state regulators and markets to act . he noted that by
shrinking the cal px , the responsibility is now with the cpuc to fashion the
long term contracts and that hopefully we will exit this situation with the
least amount of damage to the utilities . in regards to suggestions for a
regional price cap , the chairman stated that this would not work due to the
fact that the commission has no jurisdiction over bonneville , wapa and the
public power producers and that there is no spot market in the northwest .
however , he did urge secretary richardson to convene a conference in order to
address regional issues . finally , in conceptually addressing the california
situation , the chairman stated that competition or " deregulation " did not
fail in california , but that there never was competition in california . | 2000-12-18T00:00:00 |
19,764 | - virginal ! real ! and 100 % uncensored ! . wholesome bludgeon counterexample colonel rockabye beowulf diophantine jock hattiesburg coo inadequacy insurmountable counterpoint apathetic bartlett wisenheimer guild masochism promote iota burlesque archibald ancestry thurman home porn 0 only exclusive images
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- watch them uncensored inside ! ! !
- wanna look how this young vlrgln glrls lost their virginity ? !
- sweet . . . young . . . innocent . . . virginal girls !
- amateur homeparty photos of young virginal orgies !
- tons of ha * rdco * re virginal party photos !
- look how they change from shy and innocent virgins to natural born fukkers .
- virginal ! real ! and 100 % uncensored !
- we got young girls doing blow - job to the older men .
here you could be a witness of their first sex experiences . . .
how virgins became real women !
like real yo . u . n . g t - e * e _ n g - i - r - l - $ h - a - r - d = c _ 0 * r - e ?
http : / / sex - 333 . com / home / ? xesq 4
believe me it is really a rush ! ! !
so all young girls can be yours in a second ! ! !
destiny cramer hyades leningrad bipartite provoke reciprocal cataclysmic annotate pedestrian subterfuge atrium channel sorption chafe adsorb proficient stead exploitation birmingham practice margin inviable tenant pearce casino camelot coralberry havilland burette claim contradictory eerie bufflehead increase hardbake birdseed frog .
cashier northeastern bootstrap wolve chartreuse dole indignant polecat ratepayer emcee snark condensible duckling catalpa lettermen conspiracy elastomer emancipate caravan brittany cloak blackout addition hostess harelip dapper southey .
ricochet disruptive clint bimodal smut brief hamburg cumin blomquist activism vying mellow emitted lusty bandgap burro crisis bonnie confiscate captive ellipsoid advice bragging egan digitalis amide arrowroot frenchman wound criminal .
myopic imagine cornwall bugaboo blair contemptuous burglar chateaux dopant carthage didactic boy bourgeoisie terse . | 1 | spam | - virginal ! real ! and 100 % uncensored ! . wholesome bludgeon counterexample colonel rockabye beowulf diophantine jock hattiesburg coo inadequacy insurmountable counterpoint apathetic bartlett wisenheimer guild masochism promote iota burlesque archibald ancestry thurman | home porn 0 only exclusive images
http : / / sex - 333 . com / home / ? j 8 r 4 r
- watch them uncensored inside ! ! !
- wanna look how this young vlrgln glrls lost their virginity ? !
- sweet . . . young . . . innocent . . . virginal girls !
- amateur homeparty photos of young virginal orgies !
- tons of ha * rdco * re virginal party photos !
- look how they change from shy and innocent virgins to natural born fukkers .
- virginal ! real ! and 100 % uncensored !
- we got young girls doing blow - job to the older men .
here you could be a witness of their first sex experiences . . .
how virgins became real women !
like real yo . u . n . g t - e * e _ n g - i - r - l - $ h - a - r - d = c _ 0 * r - e ?
http : / / sex - 333 . com / home / ? xesq 4
believe me it is really a rush ! ! !
so all young girls can be yours in a second ! ! !
destiny cramer hyades leningrad bipartite provoke reciprocal cataclysmic annotate pedestrian subterfuge atrium channel sorption chafe adsorb proficient stead exploitation birmingham practice margin inviable tenant pearce casino camelot coralberry havilland burette claim contradictory eerie bufflehead increase hardbake birdseed frog .
cashier northeastern bootstrap wolve chartreuse dole indignant polecat ratepayer emcee snark condensible duckling catalpa lettermen conspiracy elastomer emancipate caravan brittany cloak blackout addition hostess harelip dapper southey .
ricochet disruptive clint bimodal smut brief hamburg cumin blomquist activism vying mellow emitted lusty bandgap burro crisis bonnie confiscate captive ellipsoid advice bragging egan digitalis amide arrowroot frenchman wound criminal .
myopic imagine cornwall bugaboo blair contemptuous burglar chateaux dopant carthage didactic boy bourgeoisie terse .
| 2004-09-09T00:00:00 |
6,678 | cera monthly summary - - july 2000 - cera monthly summary cera monthly summary : sent wed , august 02 , 2000
title : cera monthly summary - - july 2000
author : cera
e - mail category : monthly summary
product line : monthly summary ,
url : http : / / www . cera . com / cfm / track / eprofile . cfm ? u = 5166 & m = 1298 ,
table of contents
asia pacific energy
after the panic : east asia three years later
url : http : / / www . cera . com / client / ap / pr / 070700 _ 10 / ap _ pr _ 070700 _ 10 _ ab . html
state government finances in india : a looming crisis or a driver for
accelerated energy sector reform ?
url : http : / / www . cera . com / client / ap / db / 070700 _ 15 / ap _ db _ 070700 _ 15 _ ab . html
cera insight * china ' s power sector : uneven recovery , uneven reform
url : http : / / www . cera . com / client / ap / alt / 070700 _ 13 / ap _ alt _ 070700 _ 13 _ ab . html
cera insight : the second phase of deregulation in japan ' s power industry . . .
url : http : / / www . cera . com / client / ap / db / 072500 _ 16 / ap _ db _ 072500 _ 16 _ ab . htm
climate change and environment
cera watch : moving toward more diversified strategies
url : http : / / www . cera . com / client / cce / wch / 072500 _ 18 / cce _ wch _ 072500 _ 18 _ ab . html
energy & e - business
retail energy : pioneering a nonenergy brand in europe
url : http : / / www . cera . com / client / e 2 / alt / 071300 _ 15 / e 2 _ alt _ 071300 _ 15 _ ab . html
disruptive technology , industry structure , and competitive advantage
url : http : / / www . cera . com / client / e 2 / pr / 072000 _ 10 / e 2 _ pr _ 072000 _ 10 _ ab . html
energy and e - business : reflections on the cera summit
url : http : / / www . cera . com / client / e 2 / db / 072800 _ 15 / e 2 _ db _ 072800 _ 15 _ ab . html
eurasia energy
russia ' s governors could make or break energy industry reform
url : http : / / www . cera . com / client / fsu / db / 071000 _ 15 / fsu _ db _ 071000 _ 15 _ ab . html
turkish ipps near approval
url : http : / / www . cera . com / client / fsu / alt / 072100 _ 16 / fsu _ alt _ 072100 _ 16 _ ab . html
european gas
running fast to stay still : gas prices in central europe
url : http : / / www . cera . com / client / eg / alt / 070300 _ 15 / eg _ alt _ 070300 _ 15 _ ab . html
signposts to a high demand path for natural gas : . . .
url : http : / / www . cera . com / client / eg / alt / 070700 _ 11 / eg _ alt _ 070700 _ 11 _ ab . html
retail energy : pioneering a nonenergy brand in europe
url : european gas clients :
european power
first cracks in " fortress france " : how long before the french market opens ?
url : http : / / www . cera . com / client / ep / db / 071100 _ 10 / ep _ db _ 071100 _ 10 _ ab . html
retail energy : pioneering a nonenergy brand in europe
url : http : / / www . cera . com / client / ep / alt / 071300 _ 15 / ep _ alt _ 071300 _ 15 _ ab . html
turkish ipps near approval
url : http : / / www . cera . com / client / ep / alt / 072100 _ 16 / ep _ alt _ 072100 _ 16 _ ab . html
forum for it strategy
white paper :
url : http : / / www . cera . com / client / fits / pr / 073100 _ 12 / fits _ pr _ 073100 _ 12 _ ab . html
summary of discussions :
url : http : / / www . cera . com / client / fits / pr / 072800 _ 15 / fits _ pr _ 072800 _ 15 _ ab . html
global energy
middle east peacemaking : what comes next ?
url : http : / / www . cera . com / client / ge / alt / 072600 _ 18 / ge _ alt _ 072600 _ 18 _ ab . html
latin america energy
mexico elections : the pan triumvirate
url : http : / / www . cera . com / client / la / alt / 070300 _ 16 / la _ alt _ 070300 _ 16 _ ab . html
brazil downstream oil logistics : opportunities with open access ?
url : http : / / www . cera . com / client / la / db / 072500 _ 19 / la _ db _ 072500 _ 19 _ ab . html
argentine power markets : june prices rise with increased demand . . .
url : http : / / www . cera . com / client / la / alt / 072700 _ 12 / la _ alt _ 072700 _ 12 _ ab . html
coal bed methane in western canada - - a sleeping giant ?
url : http : / / www . cera . com / client / nag / db / 070600 _ 12 / nag _ db _ 070600 _ 12 _ ab . html
north american gas
monthly briefing : the pressure remains
url : http : / / www . cera . com / client / nag / alt / 071400 _ 15 / nag _ alt _ 071400 _ 15 _ ab . html
a quiet energy crisis ( this op - ed article ran in the washington post on july
21 , 2000 )
url : http : / / www . cera . com / client / nag / alt / 072600 _ 16 / nag _ alt _ 072600 _ 16 _ ab . html
north american electric power
a quiet energy crisis ( this op - ed article ran in the washington post on july
21 , 2000 )
url : http : / / www . cera . com / client / nap / alt / 072600 _ 16 / nap _ alt _ 072600 _ 16 _ ab . html
refined products
monthly briefing : refined products line * north american markets
url : http : / / www . cera . com / client / rp / alt / 071400 _ 18 / rp _ alt _ 071400 _ 18 _ ab . html
refined products line * european markets
url : http : / / www . cera . com / client / rp / alt / 072000 _ 14 / rp _ alt _ 072000 _ 14 _ ab . html
market update
url : http : / / www . cera . com / client / rp / alt / 072700 _ 17 / rp _ alt _ 072700 _ 17 _ ab . html
retail energy forum
cera insight : the second phase of deregulation in japan ' s power industry . . .
url : http : / / www . cera . com / client / ref / db / 072500 _ 16 / ref _ db _ 072500 _ 16 _ ab . html
weathering the summer price volatility and highs - - how will retail marketers
fare ?
url : http : / / www . cera . com / client / ref / alt / 072700 _ 16 / ref _ alt _ 072700 _ 16 _ ab . html
western energy
power market caps : lower prices at higher risk ?
url : http : / / www . cera . com / client / ce / alt / 070700 _ 16 / ce _ alt _ 070700 _ 16 _ ab . html
the west : keeping its fingers crossed
url : http : / / www . cera . com / client / ce / alt / 072600 _ 16 / ce _ alt _ 072600 _ 16 _ ab . html
world oil
oil market politics : the saudi dilemma
url : http : / / www . cera . com / client / wo / alt / 070600 _ 18 / wo _ alt _ 070600 _ 18 _ ab . html
after the panic : east asia three years later
url : http : / / www . cera . com / client / wo / pr / 070700 _ 10 / wo _ pr _ 070700 _ 10 _ ab . html
opec : arguing over output
url : http : / / www . cera . com / client / wo / alt / 071800 _ 18 / wo _ alt _ 071800 _ 18 _ ab . html
* * end * *
please follow url at top of page for a listing of the above reports with
associated summaries and links to full reports . note : should the above url
not work , please use the following url :
account changes
to edit your personal account information , including your e - mail
address , etc . go to : http : / / eprofile . cera . com / cfm / edit / account . cfm
this electronic message and attachments , if any , contain information
from cambridge energy research associates , inc . ( cera ) which is
confidential and may be privileged . unauthorized disclosure , copying ,
distribution or use of the contents of this message or any attachments ,
in whole or in part , is strictly prohibited .
terms of use : http : / / www . cera . com / tos . html
questions / comments : webmaster @ cera . com
copyright 2000 . cambridge energy research associates | 0 | ham | cera monthly summary - - july 2000 - cera monthly summary | cera monthly summary : sent wed , august 02 , 2000
title : cera monthly summary - - july 2000
author : cera
e - mail category : monthly summary
product line : monthly summary ,
url : http : / / www . cera . com / cfm / track / eprofile . cfm ? u = 5166 & m = 1298 ,
table of contents
asia pacific energy
after the panic : east asia three years later
url : http : / / www . cera . com / client / ap / pr / 070700 _ 10 / ap _ pr _ 070700 _ 10 _ ab . html
state government finances in india : a looming crisis or a driver for
accelerated energy sector reform ?
url : http : / / www . cera . com / client / ap / db / 070700 _ 15 / ap _ db _ 070700 _ 15 _ ab . html
cera insight * china ' s power sector : uneven recovery , uneven reform
url : http : / / www . cera . com / client / ap / alt / 070700 _ 13 / ap _ alt _ 070700 _ 13 _ ab . html
cera insight : the second phase of deregulation in japan ' s power industry . . .
url : http : / / www . cera . com / client / ap / db / 072500 _ 16 / ap _ db _ 072500 _ 16 _ ab . htm
climate change and environment
cera watch : moving toward more diversified strategies
url : http : / / www . cera . com / client / cce / wch / 072500 _ 18 / cce _ wch _ 072500 _ 18 _ ab . html
energy & e - business
retail energy : pioneering a nonenergy brand in europe
url : http : / / www . cera . com / client / e 2 / alt / 071300 _ 15 / e 2 _ alt _ 071300 _ 15 _ ab . html
disruptive technology , industry structure , and competitive advantage
url : http : / / www . cera . com / client / e 2 / pr / 072000 _ 10 / e 2 _ pr _ 072000 _ 10 _ ab . html
energy and e - business : reflections on the cera summit
url : http : / / www . cera . com / client / e 2 / db / 072800 _ 15 / e 2 _ db _ 072800 _ 15 _ ab . html
eurasia energy
russia ' s governors could make or break energy industry reform
url : http : / / www . cera . com / client / fsu / db / 071000 _ 15 / fsu _ db _ 071000 _ 15 _ ab . html
turkish ipps near approval
url : http : / / www . cera . com / client / fsu / alt / 072100 _ 16 / fsu _ alt _ 072100 _ 16 _ ab . html
european gas
running fast to stay still : gas prices in central europe
url : http : / / www . cera . com / client / eg / alt / 070300 _ 15 / eg _ alt _ 070300 _ 15 _ ab . html
signposts to a high demand path for natural gas : . . .
url : http : / / www . cera . com / client / eg / alt / 070700 _ 11 / eg _ alt _ 070700 _ 11 _ ab . html
retail energy : pioneering a nonenergy brand in europe
url : european gas clients :
european power
first cracks in " fortress france " : how long before the french market opens ?
url : http : / / www . cera . com / client / ep / db / 071100 _ 10 / ep _ db _ 071100 _ 10 _ ab . html
retail energy : pioneering a nonenergy brand in europe
url : http : / / www . cera . com / client / ep / alt / 071300 _ 15 / ep _ alt _ 071300 _ 15 _ ab . html
turkish ipps near approval
url : http : / / www . cera . com / client / ep / alt / 072100 _ 16 / ep _ alt _ 072100 _ 16 _ ab . html
forum for it strategy
white paper :
url : http : / / www . cera . com / client / fits / pr / 073100 _ 12 / fits _ pr _ 073100 _ 12 _ ab . html
summary of discussions :
url : http : / / www . cera . com / client / fits / pr / 072800 _ 15 / fits _ pr _ 072800 _ 15 _ ab . html
global energy
middle east peacemaking : what comes next ?
url : http : / / www . cera . com / client / ge / alt / 072600 _ 18 / ge _ alt _ 072600 _ 18 _ ab . html
latin america energy
mexico elections : the pan triumvirate
url : http : / / www . cera . com / client / la / alt / 070300 _ 16 / la _ alt _ 070300 _ 16 _ ab . html
brazil downstream oil logistics : opportunities with open access ?
url : http : / / www . cera . com / client / la / db / 072500 _ 19 / la _ db _ 072500 _ 19 _ ab . html
argentine power markets : june prices rise with increased demand . . .
url : http : / / www . cera . com / client / la / alt / 072700 _ 12 / la _ alt _ 072700 _ 12 _ ab . html
coal bed methane in western canada - - a sleeping giant ?
url : http : / / www . cera . com / client / nag / db / 070600 _ 12 / nag _ db _ 070600 _ 12 _ ab . html
north american gas
monthly briefing : the pressure remains
url : http : / / www . cera . com / client / nag / alt / 071400 _ 15 / nag _ alt _ 071400 _ 15 _ ab . html
a quiet energy crisis ( this op - ed article ran in the washington post on july
21 , 2000 )
url : http : / / www . cera . com / client / nag / alt / 072600 _ 16 / nag _ alt _ 072600 _ 16 _ ab . html
north american electric power
a quiet energy crisis ( this op - ed article ran in the washington post on july
21 , 2000 )
url : http : / / www . cera . com / client / nap / alt / 072600 _ 16 / nap _ alt _ 072600 _ 16 _ ab . html
refined products
monthly briefing : refined products line * north american markets
url : http : / / www . cera . com / client / rp / alt / 071400 _ 18 / rp _ alt _ 071400 _ 18 _ ab . html
refined products line * european markets
url : http : / / www . cera . com / client / rp / alt / 072000 _ 14 / rp _ alt _ 072000 _ 14 _ ab . html
market update
url : http : / / www . cera . com / client / rp / alt / 072700 _ 17 / rp _ alt _ 072700 _ 17 _ ab . html
retail energy forum
cera insight : the second phase of deregulation in japan ' s power industry . . .
url : http : / / www . cera . com / client / ref / db / 072500 _ 16 / ref _ db _ 072500 _ 16 _ ab . html
weathering the summer price volatility and highs - - how will retail marketers
fare ?
url : http : / / www . cera . com / client / ref / alt / 072700 _ 16 / ref _ alt _ 072700 _ 16 _ ab . html
western energy
power market caps : lower prices at higher risk ?
url : http : / / www . cera . com / client / ce / alt / 070700 _ 16 / ce _ alt _ 070700 _ 16 _ ab . html
the west : keeping its fingers crossed
url : http : / / www . cera . com / client / ce / alt / 072600 _ 16 / ce _ alt _ 072600 _ 16 _ ab . html
world oil
oil market politics : the saudi dilemma
url : http : / / www . cera . com / client / wo / alt / 070600 _ 18 / wo _ alt _ 070600 _ 18 _ ab . html
after the panic : east asia three years later
url : http : / / www . cera . com / client / wo / pr / 070700 _ 10 / wo _ pr _ 070700 _ 10 _ ab . html
opec : arguing over output
url : http : / / www . cera . com / client / wo / alt / 071800 _ 18 / wo _ alt _ 071800 _ 18 _ ab . html
* * end * *
please follow url at top of page for a listing of the above reports with
associated summaries and links to full reports . note : should the above url
not work , please use the following url :
account changes
to edit your personal account information , including your e - mail
address , etc . go to : http : / / eprofile . cera . com / cfm / edit / account . cfm
this electronic message and attachments , if any , contain information
from cambridge energy research associates , inc . ( cera ) which is
confidential and may be privileged . unauthorized disclosure , copying ,
distribution or use of the contents of this message or any attachments ,
in whole or in part , is strictly prohibited .
terms of use : http : / / www . cera . com / tos . html
questions / comments : webmaster @ cera . com
copyright 2000 . cambridge energy research associates | 2000-08-02T00:00:00 |
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4,980 | penny stocks are about timing nomad international inc . ( ndin )
a multi - national internet communications company developing cost
effective telecommunications through voice over internet protocol ( voip )
technologies .
shares outstanding : 34 , 0 oo , 000
float : 4 , 000 , 0 oo
current price : o . 09
wiil it continue higher ? watch this one friday as we know many of you
like momentum .
breaking news ! !
may 18 - - nomad international inc . ( ndin ) commented today on the recent
announcement by the canadian radio - teievision and teiecommunications
commission ( crtc ) that they would reguiate voice over internet protoco |
( voip ) service only when it is provided and used as local telephone
service .
in its decision , the crtc determined that in an effort to buiid
sustainable competition in | ocal teiephone markets , the incumbent carriers
wiil not be permitted to price their local voip services below cost to
stifie competition .
the ruling is a very positive one for nomad in our efforts to enter
the canadian market with our products via internet service providers ,
cabie companies and virtual operators . the ruling permits us to enter the
market with a competitive framework , stated jan oiiver , ceo of nomad
internationa | inc .
the key to nomad ' s entry into the voip market is the ability of its
products to offer services to both broadband and dia | - up customers . though
broadband is gaining more and more acceptance and utiiization
worldwide , dial - up remains the primary source of internet connectivity . in the
u . s . alone , there are over 200 , oo 0 , 000 users of the internet . of the
tota | users in the u . s . , the total number of users of broadband is only
approximately 4 o , 0 oo , 00 o ; ( stats by the yankee group ) dia | - up therefore
represents approximately 8 o % of the entire internet connectivity market .
the percentage of dia | - up versus broadband users woridwide is even
higher .
nomad ' s ability to offer voip products to dial - up customers and service
providers not only offers significant potentia | for market penetration ,
but also sets the company apart from its competition in the marketplace
by offering a unique , proprietary and easiiy adaptabie product .
about nomad international inc .
nomad international inc . is a muiti - national internet communications
company deveioping cost effective telecommunications through voice over
internet protocol ( voip ) technoiogies . the company ' s revolutionary voip
product line ca | | ed nomad systems that has dia | - up , broadband , dsl ,
cable , sate | | ite and wireless capabilities . the company pians on
targeting : 1 ) national fixed | ine ii iii tier carriers which are interested in
effectively competing with the dominant carrier in their marketpiace ,
2 ) large muitinationa | corporations which need to have us or european
presence by having , ( for exampie ) , a united states number ringing in
their offices in guatemala or london - - offering business partners a more
economical way to communicate , and 3 ) immigrants in north america , a
means of significantiy | owering their communication expense with their
reiatives in their country of origin .
conclusion :
the exampies above show the awesome , earning potential of little known
companies that explode onto investor ' s radar screens ; many of you are
aiready famiiiar with this . is ndin poised and positioned to do that for
you ? then you may feel the time has come to act . . . and piease watch
this one trade friday ! go ndin .
penny stocks are considered highiy speculative and may be unsuitabie
for al | but very aggressive investors . this profiie is not in any way
affiliated with the featured company . we were compensated 3 ooo do | | ars
to distribute this report . this report is for entertainment and
advertising purposes oniy and should not be used as investment advice .
if you wish to stop future maiiings , or if you fee | you have been
wrongfuily piaced in our membership , please go here or send a biank
e mail with no thanks in the subject to
noneedl 020 @ yahoo . com | 1 | spam | penny stocks are about timing | nomad international inc . ( ndin )
a multi - national internet communications company developing cost
effective telecommunications through voice over internet protocol ( voip )
technologies .
shares outstanding : 34 , 0 oo , 000
float : 4 , 000 , 0 oo
current price : o . 09
wiil it continue higher ? watch this one friday as we know many of you
like momentum .
breaking news ! !
may 18 - - nomad international inc . ( ndin ) commented today on the recent
announcement by the canadian radio - teievision and teiecommunications
commission ( crtc ) that they would reguiate voice over internet protoco |
( voip ) service only when it is provided and used as local telephone
service .
in its decision , the crtc determined that in an effort to buiid
sustainable competition in | ocal teiephone markets , the incumbent carriers
wiil not be permitted to price their local voip services below cost to
stifie competition .
the ruling is a very positive one for nomad in our efforts to enter
the canadian market with our products via internet service providers ,
cabie companies and virtual operators . the ruling permits us to enter the
market with a competitive framework , stated jan oiiver , ceo of nomad
internationa | inc .
the key to nomad ' s entry into the voip market is the ability of its
products to offer services to both broadband and dia | - up customers . though
broadband is gaining more and more acceptance and utiiization
worldwide , dial - up remains the primary source of internet connectivity . in the
u . s . alone , there are over 200 , oo 0 , 000 users of the internet . of the
tota | users in the u . s . , the total number of users of broadband is only
approximately 4 o , 0 oo , 00 o ; ( stats by the yankee group ) dia | - up therefore
represents approximately 8 o % of the entire internet connectivity market .
the percentage of dia | - up versus broadband users woridwide is even
higher .
nomad ' s ability to offer voip products to dial - up customers and service
providers not only offers significant potentia | for market penetration ,
but also sets the company apart from its competition in the marketplace
by offering a unique , proprietary and easiiy adaptabie product .
about nomad international inc .
nomad international inc . is a muiti - national internet communications
company deveioping cost effective telecommunications through voice over
internet protocol ( voip ) technoiogies . the company ' s revolutionary voip
product line ca | | ed nomad systems that has dia | - up , broadband , dsl ,
cable , sate | | ite and wireless capabilities . the company pians on
targeting : 1 ) national fixed | ine ii iii tier carriers which are interested in
effectively competing with the dominant carrier in their marketpiace ,
2 ) large muitinationa | corporations which need to have us or european
presence by having , ( for exampie ) , a united states number ringing in
their offices in guatemala or london - - offering business partners a more
economical way to communicate , and 3 ) immigrants in north america , a
means of significantiy | owering their communication expense with their
reiatives in their country of origin .
conclusion :
the exampies above show the awesome , earning potential of little known
companies that explode onto investor ' s radar screens ; many of you are
aiready famiiiar with this . is ndin poised and positioned to do that for
you ? then you may feel the time has come to act . . . and piease watch
this one trade friday ! go ndin .
penny stocks are considered highiy speculative and may be unsuitabie
for al | but very aggressive investors . this profiie is not in any way
affiliated with the featured company . we were compensated 3 ooo do | | ars
to distribute this report . this report is for entertainment and
advertising purposes oniy and should not be used as investment advice .
if you wish to stop future maiiings , or if you fee | you have been
wrongfuily piaced in our membership , please go here or send a biank
e mail with no thanks in the subject to
noneedl 020 @ yahoo . com
| 2005-05-20T00:00:00 |
12,997 | re : new york these are the events that took place concerning the new york customer holiday event :
in order to reserve rooms for the first weekend in ny at the four seasons , i have to book no later than 9 months out .
to hold these rooms , a contract had to be signed and a $ 15 , 000 deposit sent . the contract allowed us to cancel the entire event by the end of july with no penalty and the deposit was fully refundable .
in speaking with dave duran and frank vickers in may , they wanted to proceed with this event . ( attached is a memo that i sent to frank vickers outlining the cancellation policy . )
the cost estimate went through several revisions and the final was sent to you for your approval in july .
after the approval form was rejected , i spoke with dave duran and he was planning to revise his guest list and re - submit the approval form .
i talked to both frank and dave numerous times and reminded them of the hotel penalty issues and had not heard back from either one until i received an e - mail on september 20 th from frank canceling his portion of the trip .
i called my four seasons national sales rep and she is working with ny in canceling the contract and minimizing the hotel liquidated damages . i should have an answer from her no later than tomorrow .
please let me know if you would like to discuss this in more detail .
thanks .
- - - - - original message - - - - -
from : kitchen , louise
sent : tuesday , september 25 , 2001 1 : 37 pm
to : hitchcock , dorie
subject : new york
as i never approved this , i just wondered if the rumours were true that we did spend money on this trip .
let me know
thanks
louise | 0 | ham | re : new york | these are the events that took place concerning the new york customer holiday event :
in order to reserve rooms for the first weekend in ny at the four seasons , i have to book no later than 9 months out .
to hold these rooms , a contract had to be signed and a $ 15 , 000 deposit sent . the contract allowed us to cancel the entire event by the end of july with no penalty and the deposit was fully refundable .
in speaking with dave duran and frank vickers in may , they wanted to proceed with this event . ( attached is a memo that i sent to frank vickers outlining the cancellation policy . )
the cost estimate went through several revisions and the final was sent to you for your approval in july .
after the approval form was rejected , i spoke with dave duran and he was planning to revise his guest list and re - submit the approval form .
i talked to both frank and dave numerous times and reminded them of the hotel penalty issues and had not heard back from either one until i received an e - mail on september 20 th from frank canceling his portion of the trip .
i called my four seasons national sales rep and she is working with ny in canceling the contract and minimizing the hotel liquidated damages . i should have an answer from her no later than tomorrow .
please let me know if you would like to discuss this in more detail .
thanks .
- - - - - original message - - - - -
from : kitchen , louise
sent : tuesday , september 25 , 2001 1 : 37 pm
to : hitchcock , dorie
subject : new york
as i never approved this , i just wondered if the rumours were true that we did spend money on this trip .
let me know
thanks
louise | 2001-09-25T00:00:00 |
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results to a specific site domain , country , language , or even
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7,506 | spring 2001 energy finance conference participation louise ,
would you consider being a keynote speaker at this conference ( feb 22
evening ) ?
the conference will be held in austin .
we have a very good relationship with ut and we are helping them to organize
this conference .
i shall be glad to provide you more information about the event .
vince
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 11 / 02 / 2000
02 : 52 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" ehud i . ronn " on 11 / 02 / 2000 10 : 57 : 00 am
to : vince . j . kaminski @ enron . com
cc :
subject : spring 2001 energy finance conference participation
vince ,
as promised , enclosed please find a brief description of the proposed feb .
22 - 23 energy finance conference , suitable for dissemination to your
colleagues :
" as director of the center for energy finance education and research
( cefer ) , my colleagues and i are planning a practitioner - industry
conference in spring 2001 , feb . 22 - 23 , to discuss four topics : risk
management , deregulation , real options , and international / globalization .
other than the univ . of texas participants and selected academics from
other institutions , we expect most participants at the conference to be
energy practitioners from houston . the conference will begin with a dinner
and address thur . evening , then continue all day fri . "
given the energy - finance focus of the conference , do you believe the
networks topics is sufficiently energy - related ?
best ,
ehud
ehud i . ronn
jack s . josey professor in energy studies
department of finance
mccombs school of business
university of texas at austin
austin , tx . 78712 - 1179
voice : ( 512 ) 471 - 5853
fax : ( 512 ) 471 - 5073
internet : eronn @ mail . utexas . edu | 0 | ham | spring 2001 energy finance conference participation | louise ,
would you consider being a keynote speaker at this conference ( feb 22
evening ) ?
the conference will be held in austin .
we have a very good relationship with ut and we are helping them to organize
this conference .
i shall be glad to provide you more information about the event .
vince
- - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 11 / 02 / 2000
02 : 52 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" ehud i . ronn " on 11 / 02 / 2000 10 : 57 : 00 am
to : vince . j . kaminski @ enron . com
cc :
subject : spring 2001 energy finance conference participation
vince ,
as promised , enclosed please find a brief description of the proposed feb .
22 - 23 energy finance conference , suitable for dissemination to your
colleagues :
" as director of the center for energy finance education and research
( cefer ) , my colleagues and i are planning a practitioner - industry
conference in spring 2001 , feb . 22 - 23 , to discuss four topics : risk
management , deregulation , real options , and international / globalization .
other than the univ . of texas participants and selected academics from
other institutions , we expect most participants at the conference to be
energy practitioners from houston . the conference will begin with a dinner
and address thur . evening , then continue all day fri . "
given the energy - finance focus of the conference , do you believe the
networks topics is sufficiently energy - related ?
best ,
ehud
ehud i . ronn
jack s . josey professor in energy studies
department of finance
mccombs school of business
university of texas at austin
austin , tx . 78712 - 1179
voice : ( 512 ) 471 - 5853
fax : ( 512 ) 471 - 5073
internet : eronn @ mail . utexas . edu
| 2000-11-02T00:00:00 |
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16,793 | fw : can you check a deal for me bill ,
this email and the next email i am forwarding to you are in regards to follow - up on the pma deal # 549162 . 1 that was zero ' d out at he 3 because neither side of the deal shows it . it definitely looks like a service deal because of the price . so i have asked sandy at mpc to check once more . i have also emailed all houston settlements coordinators to check for counterparty disputes on that day so we can see if this purchase and sale belong to anyone else .
virginia
- - - - - original message - - - - -
from : thompson , virginia
sent : thursday , july 05 , 2001 2 : 58 pm
to : sandy lienemann montana ( e - mail )
subject : can you check a deal for me
dear sandy ,
i hate to ask this , but could you please check mpc ' s numbers for march 14 , 2001 for an epmi purchase from mpc of 40 mw ' s at he 3 for $ 134 . we still seem to have this in dispute .
thank you ,
virginia | 0 | ham | fw : can you check a deal for me | bill ,
this email and the next email i am forwarding to you are in regards to follow - up on the pma deal # 549162 . 1 that was zero ' d out at he 3 because neither side of the deal shows it . it definitely looks like a service deal because of the price . so i have asked sandy at mpc to check once more . i have also emailed all houston settlements coordinators to check for counterparty disputes on that day so we can see if this purchase and sale belong to anyone else .
virginia
- - - - - original message - - - - -
from : thompson , virginia
sent : thursday , july 05 , 2001 2 : 58 pm
to : sandy lienemann montana ( e - mail )
subject : can you check a deal for me
dear sandy ,
i hate to ask this , but could you please check mpc ' s numbers for march 14 , 2001 for an epmi purchase from mpc of 40 mw ' s at he 3 for $ 134 . we still seem to have this in dispute .
thank you ,
virginia | 2001-07-05T00:00:00 |
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14,284 | proposed employee letter on retention payments louise ,
attached is the draft letter that mark palmer discussed with you . your review and comments , particularly related to the second paragraph on the dynegy bonuses , would be appreciated .
thanks ,
john | 0 | ham | proposed employee letter on retention payments | louise ,
attached is the draft letter that mark palmer discussed with you . your review and comments , particularly related to the second paragraph on the dynegy bonuses , would be appreciated .
thanks ,
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8,272 | re : invitation to 2001 energy finance conference - the university of texas at austin
steve ,
no problem . it was a very short meeting ( most people were out ) .
yes , i will be in houston during the week of the conference .
see you in austin and in houston .
vince
steven leppard
01 / 19 / 2001 06 : 03 am
to : vince j kaminski / hou / ect @ ect
cc :
subject : re : invitation to 2001 energy finance conference - the university of
texas at austin
hi vince
i see you ' re speaking at the austin conference . will you be in the houston
office during the earlier part of the week ? if so , i may look into arranging
a trip out to meet you guys , and take in the conference too .
sorry i didn ' t dial in to the updat emeeting on tuesday - i was delivering
prc feedback to my team .
steve
- - - - - - - - - - - - - - - - - - - - - - forwarded by steven leppard / lon / ect on 19 / 01 / 2001
12 : 04 - - - - - - - - - - - - - - - - - - - - - - - - - - -
" angela dorsey " on 10 / 01 / 2001 21 : 06 : 18
to : " angela dorsey "
cc : " ehud ronn " , " sheridan titman ( e - mail ) "
subject : invitation to 2001 energy finance conference - the university of
texas at austin
colleagues and friends of the center for energy finance education and
research ( cefer ) :
happy new year ! hope you all had a wonderful holiday season .
on behalf of the university of texas finance department and cefer , we
would
like to cordially invite you to attend our :
2001 energy finance conference
austin , texas
february 22 - 23 , 2001
hosted by the university of texas finance department
center for energy finance education and research
dr . ehud i . ronn and dr . sheridan titman are currently in the process of
finalizing the details of the conference agenda . we have listed the
agenda
outline below to assist you in your travel planning . each conference
session will be composed of a panel discussion between 3 - 4 guest
speakers
on the designated topic .
as supporters of the center for energy finance education and research ,
representatives of our trustee corporations ( enron , el paso , reliant ,
conoco , and southern ) will have the $ 500 conference fee waived .
the conference package includes thursday evening ' s cocktails &
dinner and hotel / ut shuttle service , as well as friday ' s conference
meals ,
session materials and shuttle service . travel to austin and hotel
reservations are each participant ' s responsibility .
a limited number of hotel rooms are being tentatively held at the
radisson
hotel on town lake under the group name " university of texas finance
department " for the nights of thursday , 2 / 22 / 01 and friday , 2 / 23 / 01 ( the
latter evening for those who choose to stay in austin after the
conference ' s conclusion ) . to guarantee room reservations , you will need
to
contact the radisson hotel at ( 512 ) 478 - 9611 no later than monday ,
january
22 nd , and make your reservations with a credit card . please let me know
when you have made those arrangements so that i can make sure the
radisson
gives you the special room rate of $ 129 / night .
please rsvp your interest in attending this conference no later than
january 22 nd to angela . dorsey @ bus . utexas . edu , or ( 512 ) 232 - 7386 , as
seating
availability is limited . please feel free to extend this invitation to
your colleagues who might be interested in attending this conference .
center for energy finance education and research
program of the 2001 energy finance conference
february 22 - 23 , 2001
thursday , feb 22 :
3 : 00 p . m . reserved rooms at the radisson hotel available for
check - in
5 : 30 p . m . bus will pick up guests at the radisson for transport to
ut club *
6 : 00 p . m . cocktails , ut club 9 th floor
7 : 00 p . m . dinner , ut club
8 : 00 p . m . keynote speaker
9 : 00 p . m . bus will transport guests back to hotel
friday , feb 23 :
7 : 45 a . m . bus will pick up at the radisson for transport to ut
8 : 30 a . m . session 1 - real options
panelists : jim dyer , ut ( chair )
sheridan titman , ut
john mccormack , stern stewart & co .
10 : 00 a . m . coffee break
10 : 15 a . m . session 2 - deregulation
panelists : david eaton , ut ( chair )
david spence , ut
jeff sandefer , sandefer capital
partners / ut
peter nance , teknecon energy risk
advisors
11 : 45 a . m . catered lunch & keynote speaker
1 : 30 p . m . guest tour - eds financial trading & technology center
2 : 00 p . m . session 3 - risk management
panelists : keith brown , ut ( chair )
vince kaminski , enron
alexander eydeland , southern co .
ehud i . ronn , ut
3 : 30 p . m . snack break
3 : 45 p . m . session 4 - globalization of the energy business
panelists : laura starks , ut ( chair )
bob goldman , conoco
ray hill , southern co .
5 : 15 p . m . wrap - up
5 : 30 p . m . bus picks up for transport to airport / dinner
6 : 30 p . m . working dinner for senior officers of energy finance
center
trustees
* we have made arrangements to provide shuttle service between the
radisson
hotel and ut during the conference . however , if you choose to stay at an
alternative hotel , then transportation to conference events
will become your responsibility .
* * * * * * * * * * * * * *
angela dorsey
assistant director
center for energy finance education & research
the university of texas at austin
department of finance , cba 6 . 222
austin , tx 78712
angela . dorsey @ bus . utexas . edu
* * * * * * * * * * * * * * | 0 | ham | re : invitation to 2001 energy finance conference - the university | of texas at austin
steve ,
no problem . it was a very short meeting ( most people were out ) .
yes , i will be in houston during the week of the conference .
see you in austin and in houston .
vince
steven leppard
01 / 19 / 2001 06 : 03 am
to : vince j kaminski / hou / ect @ ect
cc :
subject : re : invitation to 2001 energy finance conference - the university of
texas at austin
hi vince
i see you ' re speaking at the austin conference . will you be in the houston
office during the earlier part of the week ? if so , i may look into arranging
a trip out to meet you guys , and take in the conference too .
sorry i didn ' t dial in to the updat emeeting on tuesday - i was delivering
prc feedback to my team .
steve
- - - - - - - - - - - - - - - - - - - - - - forwarded by steven leppard / lon / ect on 19 / 01 / 2001
12 : 04 - - - - - - - - - - - - - - - - - - - - - - - - - - -
" angela dorsey " on 10 / 01 / 2001 21 : 06 : 18
to : " angela dorsey "
cc : " ehud ronn " , " sheridan titman ( e - mail ) "
subject : invitation to 2001 energy finance conference - the university of
texas at austin
colleagues and friends of the center for energy finance education and
research ( cefer ) :
happy new year ! hope you all had a wonderful holiday season .
on behalf of the university of texas finance department and cefer , we
would
like to cordially invite you to attend our :
2001 energy finance conference
austin , texas
february 22 - 23 , 2001
hosted by the university of texas finance department
center for energy finance education and research
dr . ehud i . ronn and dr . sheridan titman are currently in the process of
finalizing the details of the conference agenda . we have listed the
agenda
outline below to assist you in your travel planning . each conference
session will be composed of a panel discussion between 3 - 4 guest
speakers
on the designated topic .
as supporters of the center for energy finance education and research ,
representatives of our trustee corporations ( enron , el paso , reliant ,
conoco , and southern ) will have the $ 500 conference fee waived .
the conference package includes thursday evening ' s cocktails &
dinner and hotel / ut shuttle service , as well as friday ' s conference
meals ,
session materials and shuttle service . travel to austin and hotel
reservations are each participant ' s responsibility .
a limited number of hotel rooms are being tentatively held at the
radisson
hotel on town lake under the group name " university of texas finance
department " for the nights of thursday , 2 / 22 / 01 and friday , 2 / 23 / 01 ( the
latter evening for those who choose to stay in austin after the
conference ' s conclusion ) . to guarantee room reservations , you will need
to
contact the radisson hotel at ( 512 ) 478 - 9611 no later than monday ,
january
22 nd , and make your reservations with a credit card . please let me know
when you have made those arrangements so that i can make sure the
radisson
gives you the special room rate of $ 129 / night .
please rsvp your interest in attending this conference no later than
january 22 nd to angela . dorsey @ bus . utexas . edu , or ( 512 ) 232 - 7386 , as
seating
availability is limited . please feel free to extend this invitation to
your colleagues who might be interested in attending this conference .
center for energy finance education and research
program of the 2001 energy finance conference
february 22 - 23 , 2001
thursday , feb 22 :
3 : 00 p . m . reserved rooms at the radisson hotel available for
check - in
5 : 30 p . m . bus will pick up guests at the radisson for transport to
ut club *
6 : 00 p . m . cocktails , ut club 9 th floor
7 : 00 p . m . dinner , ut club
8 : 00 p . m . keynote speaker
9 : 00 p . m . bus will transport guests back to hotel
friday , feb 23 :
7 : 45 a . m . bus will pick up at the radisson for transport to ut
8 : 30 a . m . session 1 - real options
panelists : jim dyer , ut ( chair )
sheridan titman , ut
john mccormack , stern stewart & co .
10 : 00 a . m . coffee break
10 : 15 a . m . session 2 - deregulation
panelists : david eaton , ut ( chair )
david spence , ut
jeff sandefer , sandefer capital
partners / ut
peter nance , teknecon energy risk
advisors
11 : 45 a . m . catered lunch & keynote speaker
1 : 30 p . m . guest tour - eds financial trading & technology center
2 : 00 p . m . session 3 - risk management
panelists : keith brown , ut ( chair )
vince kaminski , enron
alexander eydeland , southern co .
ehud i . ronn , ut
3 : 30 p . m . snack break
3 : 45 p . m . session 4 - globalization of the energy business
panelists : laura starks , ut ( chair )
bob goldman , conoco
ray hill , southern co .
5 : 15 p . m . wrap - up
5 : 30 p . m . bus picks up for transport to airport / dinner
6 : 30 p . m . working dinner for senior officers of energy finance
center
trustees
* we have made arrangements to provide shuttle service between the
radisson
hotel and ut during the conference . however , if you choose to stay at an
alternative hotel , then transportation to conference events
will become your responsibility .
* * * * * * * * * * * * * *
angela dorsey
assistant director
center for energy finance education & research
the university of texas at austin
department of finance , cba 6 . 222
austin , tx 78712
angela . dorsey @ bus . utexas . edu
* * * * * * * * * * * * * * | 2001-01-19T00:00:00 |
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1,335 | hpl nom for august 4 , 2000 ( see attached file : hplo 804 . xls )
- hplo 804 . xls | 0 | ham | hpl nom for august 4 , 2000 | ( see attached file : hplo 804 . xls )
- hplo 804 . xls | 2000-08-03T00:00:00 |
13,065 | fw : transmission line project - abb agreement louise ,
i want to sign a confidentiality and exclusivity agreement with abb with respect to our san francisco t - line project . there are no payment or service terms other than the concept that we are granting exclusivity to each other for two years .
reasons :
- i want to get some inexpensive resources from them to help us design and develop the project ;
- i want to lock them up early since they are the clear industry leader and the puclic entities in ca may ultimately rfp .
my understanding is that approval is needed from you , john or detmering .
is this ok with you ?
regards ,
chris calger
503 - 464 - 3735
- - - - - original message - - - - -
from : rasmussen , dale
sent : friday , september 28 , 2001 10 : 42 am
to : mays , wayne ; parquet , david ; etringer , michael
cc : tweed , sheila ; calger , christopher f . ; schuler , lance ( legal )
subject : transmission line project - abb agreement
re - sending with minor changes to the prior documents . a clean copy is now provided .
lance schuler advised me that it is now jeff donahue , rather than mark metz , that needs to sign off on corp ' s behalf , and that either tim detmering , louise kitchen or john lavorato can approve on behalf of ena .
a redraft of the abb confidentiality / exclusive dealings agreement is attached for review and comment .
this document is based on the form abb provided and for which abb has expressed a strong preference .
this draft calls for bilateral exclusivity for the term ( 2 years ) . as several of us have discussed , this will prevent ena from choosing an alternative technology or supplier during that time should it choose to construct a dc transmission line within a 15 - mile radius of san francisco . as i understand it , we are prepared to link arms with abb to do this project because abb is the premier supplier of this type of equipment .
based on recent discussions between wayne and abb , the language necessary for creating the exclusivity arrangement has been added to the form of confidentiality agreement that we had been working on with abb earlier . the added language is somewhat lengthy , but was necessary to establish the relationship and at the same time protect ena against arguments that we are obligated to proceed with the potential transaction .
because this transaction does commit ena to exclusivity obligations i understand that we will need to talk with tim detmering and mark metz about the transaction .
please let me know of comments .
dale rasmussen
tel : ( 503 ) 464 - 8863
fax : ( 503 ) 464 - 8058 | 0 | ham | fw : transmission line project - abb agreement | louise ,
i want to sign a confidentiality and exclusivity agreement with abb with respect to our san francisco t - line project . there are no payment or service terms other than the concept that we are granting exclusivity to each other for two years .
reasons :
- i want to get some inexpensive resources from them to help us design and develop the project ;
- i want to lock them up early since they are the clear industry leader and the puclic entities in ca may ultimately rfp .
my understanding is that approval is needed from you , john or detmering .
is this ok with you ?
regards ,
chris calger
503 - 464 - 3735
- - - - - original message - - - - -
from : rasmussen , dale
sent : friday , september 28 , 2001 10 : 42 am
to : mays , wayne ; parquet , david ; etringer , michael
cc : tweed , sheila ; calger , christopher f . ; schuler , lance ( legal )
subject : transmission line project - abb agreement
re - sending with minor changes to the prior documents . a clean copy is now provided .
lance schuler advised me that it is now jeff donahue , rather than mark metz , that needs to sign off on corp ' s behalf , and that either tim detmering , louise kitchen or john lavorato can approve on behalf of ena .
a redraft of the abb confidentiality / exclusive dealings agreement is attached for review and comment .
this document is based on the form abb provided and for which abb has expressed a strong preference .
this draft calls for bilateral exclusivity for the term ( 2 years ) . as several of us have discussed , this will prevent ena from choosing an alternative technology or supplier during that time should it choose to construct a dc transmission line within a 15 - mile radius of san francisco . as i understand it , we are prepared to link arms with abb to do this project because abb is the premier supplier of this type of equipment .
based on recent discussions between wayne and abb , the language necessary for creating the exclusivity arrangement has been added to the form of confidentiality agreement that we had been working on with abb earlier . the added language is somewhat lengthy , but was necessary to establish the relationship and at the same time protect ena against arguments that we are obligated to proceed with the potential transaction .
because this transaction does commit ena to exclusivity obligations i understand that we will need to talk with tim detmering and mark metz about the transaction .
please let me know of comments .
dale rasmussen
tel : ( 503 ) 464 - 8863
fax : ( 503 ) 464 - 8058 | 2001-09-28T00:00:00 |
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2,033 | fwd : fw : fwd : picture worth a thousand words the hits just keep on coming .
- - - - - - - - - - - - - - - - - - - - - - forwarded by steve venturatos / hou / ect on 11 / 14 / 2000
11 : 23 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
" bradley rome " on 11 / 14 / 2000 11 : 14 : 31 am
please respond to
to : , ,
, ,
, , ,
cc :
subject : fwd : fw : fwd : picture worth a thousand words
bradley j . rome , cpl / esa
senior staff landman
burlington resources oil dave hackney ( e - mail ) ; doug bowling ( e - mail ) ;
george grau ( e - mail ) ; jay martin ( e - mail ) ; jim bailey ( e - mail ) ; jim
vance ( e - mail ) ; kevin ashley ( e - mail ) ; leanne cantrell ( e - mail ) ; lew
scott ( e - mail ) ; mike bowman ( e - mail ) ; steve bohnet ( e - mail ) ; tim walker
( e - mail ) ; todd burkes ( e - mail )
subject : fw : fwd : picture worth a thousand words
> - - - - - original message - - - - -
> from : lisa lahoste
> sent : tuesday , november 14 , 2000 6 : 00 am
> to : barbara meyer ; bob murphy ; bob byars
> subject : fwd : picture worth a thousand words
>
> >
>
> lisa lahoste
> energy partners , ltd .
> engineering technician
> east bay field
> ( 504 ) 799 - 1919
> ( 504 ) 799 - 1910 fax
> llahoste @ eplweb . com
>
- algore . jpg | 0 | ham | fwd : fw : fwd : picture worth a thousand words | the hits just keep on coming .
- - - - - - - - - - - - - - - - - - - - - - forwarded by steve venturatos / hou / ect on 11 / 14 / 2000
11 : 23 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
" bradley rome " on 11 / 14 / 2000 11 : 14 : 31 am
please respond to
to : , ,
, ,
, , ,
cc :
subject : fwd : fw : fwd : picture worth a thousand words
bradley j . rome , cpl / esa
senior staff landman
burlington resources oil dave hackney ( e - mail ) ; doug bowling ( e - mail ) ;
george grau ( e - mail ) ; jay martin ( e - mail ) ; jim bailey ( e - mail ) ; jim
vance ( e - mail ) ; kevin ashley ( e - mail ) ; leanne cantrell ( e - mail ) ; lew
scott ( e - mail ) ; mike bowman ( e - mail ) ; steve bohnet ( e - mail ) ; tim walker
( e - mail ) ; todd burkes ( e - mail )
subject : fw : fwd : picture worth a thousand words
> - - - - - original message - - - - -
> from : lisa lahoste
> sent : tuesday , november 14 , 2000 6 : 00 am
> to : barbara meyer ; bob murphy ; bob byars
> subject : fwd : picture worth a thousand words
>
> >
>
> lisa lahoste
> energy partners , ltd .
> engineering technician
> east bay field
> ( 504 ) 799 - 1919
> ( 504 ) 799 - 1910 fax
> llahoste @ eplweb . com
>
- algore . jpg | 2000-11-14T00:00:00 |
2,638 | re : meter 5892 karen ,
the charts for station 985892 - katy gu 2 are mail outs and are not in the
office at this time for us to review .
i have asked jackie birch to retrieve december 2000 & january 2001 and let us
know when they arrive and
we will follow up at that time on what if anything needs to be done .
- - - - - - - - - - - - - - - - - - - - - - forwarded by esther garcia / gpgfin / enron on 02 / 27 / 2001
12 : 23 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
fred boas @ ees
02 / 25 / 2001 09 : 27 am
to : daren j farmer / hou / ect @ ect
cc : mark mccoy / corp / enron @ enron , karen lindley / corp / enron @ enron , charlene
richmond / hou / ect @ ect , esther garcia / gpgfin / enron @ enron , gary
anderson / gpgfin / enron @ enron , howard b camp / hou / ect @ ect
subject : re : meter 5892
daren :
sorry it has taken so long to get back to this issue , i am with ees now .
karen lindley allocates this point but i feel the need to help her because
this issue came to light while i was in transition .
exxon allocates this point and we receive a allocation statement from them on
a monthly basis .
december 2000
the total flow at the meter was 646 mmbtu . i copied esther garcia on this
e - mail so that she can look into the possibility that there is a measurement
error . esther will need to respond to karen on the matter of the possible
measurement error . furthermore it seems odd to me that scheduling had 8 , 928
mmbtu confirmed at this point and only 646 mmbtu flowed . i would ask mark
where he got his confirmed volumes from . as a temporary fix i reallocated
the meter and gave the total flow to alpine resources . they will be short
paid in their minds until ester and karen can get the possible measurement
error issue resolved . i would also suggest that mark and karen get together
to review the scheduling of this point so that karen can call exxon to
reconcile their allocation with what we have ( the additional alpine deal ) at
this point . charlene can redraft her invoice on monday 2 / 26 / 01 that will
show the 646 mmbtu going to alpine .
january 2001
again scheduling has 9 , 193 confirmed at this meter when on 3 , 241 mmbtu
flowed . i temporarily reallocated the meter so that the entire volume that
flowed went to alpine . they remain 10 mmbtu short paid but charlene can
redraft her invoice and pay them something until mark ( validity of other
deals at this point ) and karen ( exxon ' s allocation of this point ) can get
this issue resolved .
there is also the issue with the exxon transport at this point that was
scheduled at 1 , 500 mmbtu per month for the months in question . this
transport affects the allocation at the king ranch tailgate on the exxon 024
contract . i copied howard camp who will be training the contractor that will
take my place in volume management so that he can stay on top of the
resolution of this issue .
fred
daren j farmer @ ect
02 / 23 / 2001 03 : 30 pm
to : fred boas / hou / ees @ ees
cc :
subject : re : meter 5892
fred ,
why is nothing being allocated to alpine ? this is a good deal we have in
place with them and i really need the problem resolved .
d
- - - - - - - - - - - - - - - - - - - - - - forwarded by daren j farmer / hou / ect on 02 / 23 / 2001
03 : 27 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
charlene richmond
02 / 23 / 2001 02 : 36 pm
to : daren j farmer / hou / ect @ ect
cc : vance l taylor / hou / ect @ ect , donald p reinhardt / hou / ect @ ect , melissa k
ratnala / hou / ect @ ect , melissa graves / hou / ect @ ect , fred boas / hou / ees @ ees
subject : re : meter 5892
i need help ! john childres with alpine is getting made and wants to be
paid . i have nothing to pay him . he is looking for payment of dec . 2000 ,
and jan . 2001 . john needs to pay his royalty owners .
would someone please help me get this matter resolved .
charlene richmond
02 / 21 / 2001 05 : 38 pm
to : daren j farmer / hou / ect @ ect
cc :
subject : re : meter 5892
i spoke with karen lindley about volume not being allocated . she said that
she passed it on to fred boas .
daren j farmer
02 / 21 / 2001 04 : 46 pm
to : charlene richmond / hou / ect @ ect
cc : fred boas / hou / ees @ ees , melissa graves / hou / ect @ ect , karen
lindley / corp / enron @ enron
subject : re : meter 5892
i have done deals with john at this point . why are we not being allocated
any volume ?
d
charlene richmond
02 / 21 / 2001 02 : 59 pm
to : fred boas / hou / ees @ ees , daren j farmer / hou / ect @ ect , melissa
graves / hou / ect @ ect
cc : karen lindley / corp / enron @ enron
subject : meter 5892
i am getting several phone calls from alpine resources demanding to be paid
for meter 5892 and there is nothing there to be paid .
the person name doing the requesting is john childers and he said that he
spoke to daren farmer . he is looking for 859 mmbtu ' s for december , 2000 and
3 , 251 mmbtu ' s for january 2001 . this is on the katy gas unit . if anyone
would like to talk to john his phone number is 281 - 646 - 0232
charlene
x 31539 | 0 | ham | re : meter 5892 | karen ,
the charts for station 985892 - katy gu 2 are mail outs and are not in the
office at this time for us to review .
i have asked jackie birch to retrieve december 2000 & january 2001 and let us
know when they arrive and
we will follow up at that time on what if anything needs to be done .
- - - - - - - - - - - - - - - - - - - - - - forwarded by esther garcia / gpgfin / enron on 02 / 27 / 2001
12 : 23 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
fred boas @ ees
02 / 25 / 2001 09 : 27 am
to : daren j farmer / hou / ect @ ect
cc : mark mccoy / corp / enron @ enron , karen lindley / corp / enron @ enron , charlene
richmond / hou / ect @ ect , esther garcia / gpgfin / enron @ enron , gary
anderson / gpgfin / enron @ enron , howard b camp / hou / ect @ ect
subject : re : meter 5892
daren :
sorry it has taken so long to get back to this issue , i am with ees now .
karen lindley allocates this point but i feel the need to help her because
this issue came to light while i was in transition .
exxon allocates this point and we receive a allocation statement from them on
a monthly basis .
december 2000
the total flow at the meter was 646 mmbtu . i copied esther garcia on this
e - mail so that she can look into the possibility that there is a measurement
error . esther will need to respond to karen on the matter of the possible
measurement error . furthermore it seems odd to me that scheduling had 8 , 928
mmbtu confirmed at this point and only 646 mmbtu flowed . i would ask mark
where he got his confirmed volumes from . as a temporary fix i reallocated
the meter and gave the total flow to alpine resources . they will be short
paid in their minds until ester and karen can get the possible measurement
error issue resolved . i would also suggest that mark and karen get together
to review the scheduling of this point so that karen can call exxon to
reconcile their allocation with what we have ( the additional alpine deal ) at
this point . charlene can redraft her invoice on monday 2 / 26 / 01 that will
show the 646 mmbtu going to alpine .
january 2001
again scheduling has 9 , 193 confirmed at this meter when on 3 , 241 mmbtu
flowed . i temporarily reallocated the meter so that the entire volume that
flowed went to alpine . they remain 10 mmbtu short paid but charlene can
redraft her invoice and pay them something until mark ( validity of other
deals at this point ) and karen ( exxon ' s allocation of this point ) can get
this issue resolved .
there is also the issue with the exxon transport at this point that was
scheduled at 1 , 500 mmbtu per month for the months in question . this
transport affects the allocation at the king ranch tailgate on the exxon 024
contract . i copied howard camp who will be training the contractor that will
take my place in volume management so that he can stay on top of the
resolution of this issue .
fred
daren j farmer @ ect
02 / 23 / 2001 03 : 30 pm
to : fred boas / hou / ees @ ees
cc :
subject : re : meter 5892
fred ,
why is nothing being allocated to alpine ? this is a good deal we have in
place with them and i really need the problem resolved .
d
- - - - - - - - - - - - - - - - - - - - - - forwarded by daren j farmer / hou / ect on 02 / 23 / 2001
03 : 27 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
charlene richmond
02 / 23 / 2001 02 : 36 pm
to : daren j farmer / hou / ect @ ect
cc : vance l taylor / hou / ect @ ect , donald p reinhardt / hou / ect @ ect , melissa k
ratnala / hou / ect @ ect , melissa graves / hou / ect @ ect , fred boas / hou / ees @ ees
subject : re : meter 5892
i need help ! john childres with alpine is getting made and wants to be
paid . i have nothing to pay him . he is looking for payment of dec . 2000 ,
and jan . 2001 . john needs to pay his royalty owners .
would someone please help me get this matter resolved .
charlene richmond
02 / 21 / 2001 05 : 38 pm
to : daren j farmer / hou / ect @ ect
cc :
subject : re : meter 5892
i spoke with karen lindley about volume not being allocated . she said that
she passed it on to fred boas .
daren j farmer
02 / 21 / 2001 04 : 46 pm
to : charlene richmond / hou / ect @ ect
cc : fred boas / hou / ees @ ees , melissa graves / hou / ect @ ect , karen
lindley / corp / enron @ enron
subject : re : meter 5892
i have done deals with john at this point . why are we not being allocated
any volume ?
d
charlene richmond
02 / 21 / 2001 02 : 59 pm
to : fred boas / hou / ees @ ees , daren j farmer / hou / ect @ ect , melissa
graves / hou / ect @ ect
cc : karen lindley / corp / enron @ enron
subject : meter 5892
i am getting several phone calls from alpine resources demanding to be paid
for meter 5892 and there is nothing there to be paid .
the person name doing the requesting is john childers and he said that he
spoke to daren farmer . he is looking for 859 mmbtu ' s for december , 2000 and
3 , 251 mmbtu ' s for january 2001 . this is on the katy gas unit . if anyone
would like to talk to john his phone number is 281 - 646 - 0232
charlene
x 31539 | 2001-02-27T00:00:00 |
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our ebay marketing ecourse is a straight forward low learning curve
ecourse . it is a self executing windows program ( . exe ) written and compiled
by online auction pros .
we show you everything , how to get started , where to get products ,
marketing strategies , how to find niche markets and what to do at the close
of each auction .
you can be running your own ebay business , and be earning money fast !
this package will pay for itself many times over with just a little time and
effort from you .
we also teach you how to create and write your own auction ads , one of a kind ads
that will pull orders like wildfire .
here is a link where you can see all the
facts . http : / / anykeep . biz / ebay
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market re - search
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win 2 k v
| 2004-11-23T00:00:00 |
14,694 | contracts what do you think happens if they require 2 yrs ? | 0 | ham | contracts | what do you think happens if they require 2 yrs ? | 2002-01-10T00:00:00 |
22,935 | t . j . mcreynolds sally ,
this resume was sent to me by one of the recruiters we use . i thought you
might be interested in him because of his current position at dynegy .
susan
- - - - - - - - - - - - - - - - - - - - - - forwarded by susan harrison / hou / ect on 06 / 14 / 2000
03 : 26 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" steve tinsley " on 06 / 05 / 2000 04 : 24 : 40 pm
to :
cc :
subject : t . j . mcreynolds
susan ,
?
i have known t . j . for several years and his is interested in working for
enron . ? do you know if there is a position available at his level ? should i
snd his resume to anyone else at enron ? ? please advise .
?
thanks ,
steve
- t . j . mcreynolds @ . doc | 0 | ham | t . j . mcreynolds | sally ,
this resume was sent to me by one of the recruiters we use . i thought you
might be interested in him because of his current position at dynegy .
susan
- - - - - - - - - - - - - - - - - - - - - - forwarded by susan harrison / hou / ect on 06 / 14 / 2000
03 : 26 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
" steve tinsley " on 06 / 05 / 2000 04 : 24 : 40 pm
to :
cc :
subject : t . j . mcreynolds
susan ,
?
i have known t . j . for several years and his is interested in working for
enron . ? do you know if there is a position available at his level ? should i
snd his resume to anyone else at enron ? ? please advise .
?
thanks ,
steve
- t . j . mcreynolds @ . doc | 2000-06-14T00:00:00 |
3,413 | united salt quote daren / dave -
sorry i didn ' t get this out yesterday . give me a call if you have any
questions .
- unitedsalt 8022 . xls | 0 | ham | united salt quote | daren / dave -
sorry i didn ' t get this out yesterday . give me a call if you have any
questions .
- unitedsalt 8022 . xls | 2001-08-03T00:00:00 |
1,270 | hpl nom for july 28 , 2000 - - one day only ! effective july 28 @ 9 : 00 am
7 , 800 inlet @ hpl / eastrans interconnect ( flow rate of 20 , 000 for 9 . 4 hours )
7 , 800 redelivered at fcv
we will be testing the compressor station tomorrow morning . please be advised
if the
compressor cannot flow at a sustained volume it will be shut down and the
remainder
of the gas delivered at busby will be considered an " incremental sale . " if
you
have
any questions please call me at ( 713 ) 627 - 6202 .
thanks ,
chad cass | 0 | ham | hpl nom for july 28 , 2000 - - one day only ! | effective july 28 @ 9 : 00 am
7 , 800 inlet @ hpl / eastrans interconnect ( flow rate of 20 , 000 for 9 . 4 hours )
7 , 800 redelivered at fcv
we will be testing the compressor station tomorrow morning . please be advised
if the
compressor cannot flow at a sustained volume it will be shut down and the
remainder
of the gas delivered at busby will be considered an " incremental sale . " if
you
have
any questions please call me at ( 713 ) 627 - 6202 .
thanks ,
chad cass | 2000-07-27T00:00:00 |
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remove please click here : emailadl 234 @ sina . comwe will remove at once . thank you | 1 | spam | promote business | remove please click here : emailadl 234 @ sina . com we will remove at once . thank you
business opportunity !
we offer you e - mail addresses databases
for advertisement mailing ; we sell databases
also carry out mailing and hosting for the
advertising projects .
these are all 100 % opt - in email addresses ,
meaning that the subscribers have requested
to receive info on subjects they are interested
in .
this is not junk mail . our opt - in email lists
are 100 % permission - based and 100 % legal
to use . all emails are verified and fresh .
products
world email lists . their validity
and originality are verified . details please go to our website
country or area total emails and price
america 175 million email
address
europe 156 million email
address
asia 168 million
email address
china ( prc ) 80 million email address
hongkong 3 . 25 million email
address
taiwan 2 . 25 million
email address
japan 27 million
email address
australia 6 million email address
canada 10 million email
address
russia 38 million email
address
england 22 million email
address
german 40 million
email address
france 38 million email
address
india 12 million
email address
other country or area
category name total emails
apparel , fashion , textiles and leather 4 , 654 , 565
automobile transportation
6 , 547 , 845
business services
6 , 366 , 344
chemicals
3 , 445 , 565
computer telecommunications
654 , 655
construction real estate
3 , 443 , 544
consumer electronics
1 , 333 , 443
energy , minerals metals
6 , 765 , 683
environment
656 , 533
food agriculture
1 , 235 , 354
gems jewellery
565 , 438
health beauty
804 , 654
home supplies
323 , 232
industrial supplies
415 , 668
office supplies
1 , 559 , 892
packaging paper
5 , 675 , 648
printing publishing
6 , 563 , 445
security protection
5 , 653 , 494
sports entertainment
3 , 488 , 455
toys , gifts and handicrafts
2 , 135 , 654
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express + add url express + etrae express + ebook
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* 100 % spam free , rest assured you will not
be accused of spamming
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copyright ¡ ¤ 2004 - 2005 all reserved
remove please click here : emailadl 234 @ sina . comwe will remove at once . thank you
| 2004-12-17T00:00:00 |
5,367 | congratulations on your promotion . lou | 0 | ham | congratulations on your promotion . lou | 2000-01-19T00:00:00 |
|
16,532 | re [ 6 ] : letter about his warez mult
gua
msof
re !
ilan
geoe
twa
nonee
it 2 -
ksforc
very !
dtowa
3 wee
ddeli
avai
dia
nloa
bleforimme
tedow
d
cli
etoge
sho . e
lea
ckher
tfre
. mrel
ses
fro
ldkno
nds : mic
oft , sym
ec , ado
eland
ofothe
mwor
wnbra
ros
ant
be , cor
lot
rs !
dia nloa ble for imme
te dow d cli e
to ge sh o . e lea
ck her t fre . m rel
ses fro ld kno nds :
mic oft , sym ec , ado
el and of othe m
wor wn bra ros ant
cor lot rs ! mult gua
m sof re ! ilan ge
oe twa no nee it
2 - ks for c very !
d to wa 3 wee
d deli avai dia nloa
ble for imme te dow
d cli e to ge
sh o . e lea ck her
t fre . m rel ses fro
ld kno nds : mic oft ,
sym ec , ado el and
of othe m wor wn
bra ros ant cor lot
rs ! mult gua m sof
re ! ilan ge oe twa
no nee it 2 - ks
for c very ! d to
wa 3 wee d deli
avai dia nloa ble for
imme te dow d cli
e to ge sh o . e
lea ck her t fre
m rel ses fro ld kno
nds : mic oft , sym ec ,
ado el and of othe
m wor wn bra ros
ant cor lot rs ! mult
gua m sof re ! ilan
ge oe twa no nee
it 2 - ks for c
very ! d to wa 3
wee d deli avai dia
nloa ble for imme te
dow d cli e to
ge sh o . e lea ck
her t fre . m rel ses
fro ld kno nds : mic
oft , sym ec , ado el
and of othe m wor
wn bra ros ant cor
lot rs ! mult gua m
sof re ! ilan ge oe
twa no nee it 2 -
ks for c very ! d
to wa 3 wee d
deli avai dia nloa ble
for imme te dow d
cli e to ge sh
o . e lea ck her t
fre . m rel ses fro ld
kno nds : mic oft , sym
ec , ado el and of
othe m wor wn bra
ros ant cor lot rs !
mult gua m sof re !
ilan ge oe twa no
nee it 2 - ks for
c very ! d to wa
3 wee d deli avai
dia nloa ble for imme
te dow d cli e
to ge sh o . e lea
ck her t fre . m rel
ses fro ld kno nds :
mic oft , sym ec , ado
el and of othe m
wor wn bra ros ant
cor lot rs ! mult gua
m sof re ! ilan ge
oe twa no nee it
2 - ks for c very !
jqgtgrgmfqrftjtupstmtj | 1 | spam | re [ 6 ] : letter about his warez | mult
gua
msof
re !
ilan
geoe
twa
nonee
it 2 -
ksforc
very !
dtowa
3 wee
ddeli
avai
dia
nloa
bleforimme
tedow
d
cli
etoge
sho . e
lea
ckher
tfre
. mrel
ses
fro
ldkno
nds : mic
oft , sym
ec , ado
eland
ofothe
mwor
wnbra
ros
ant
be , cor
lot
rs !
dia nloa ble for imme
te dow d cli e
to ge sh o . e lea
ck her t fre . m rel
ses fro ld kno nds :
mic oft , sym ec , ado
el and of othe m
wor wn bra ros ant
cor lot rs ! mult gua
m sof re ! ilan ge
oe twa no nee it
2 - ks for c very !
d to wa 3 wee
d deli avai dia nloa
ble for imme te dow
d cli e to ge
sh o . e lea ck her
t fre . m rel ses fro
ld kno nds : mic oft ,
sym ec , ado el and
of othe m wor wn
bra ros ant cor lot
rs ! mult gua m sof
re ! ilan ge oe twa
no nee it 2 - ks
for c very ! d to
wa 3 wee d deli
avai dia nloa ble for
imme te dow d cli
e to ge sh o . e
lea ck her t fre
m rel ses fro ld kno
nds : mic oft , sym ec ,
ado el and of othe
m wor wn bra ros
ant cor lot rs ! mult
gua m sof re ! ilan
ge oe twa no nee
it 2 - ks for c
very ! d to wa 3
wee d deli avai dia
nloa ble for imme te
dow d cli e to
ge sh o . e lea ck
her t fre . m rel ses
fro ld kno nds : mic
oft , sym ec , ado el
and of othe m wor
wn bra ros ant cor
lot rs ! mult gua m
sof re ! ilan ge oe
twa no nee it 2 -
ks for c very ! d
to wa 3 wee d
deli avai dia nloa ble
for imme te dow d
cli e to ge sh
o . e lea ck her t
fre . m rel ses fro ld
kno nds : mic oft , sym
ec , ado el and of
othe m wor wn bra
ros ant cor lot rs !
mult gua m sof re !
ilan ge oe twa no
nee it 2 - ks for
c very ! d to wa
3 wee d deli avai
dia nloa ble for imme
te dow d cli e
to ge sh o . e lea
ck her t fre . m rel
ses fro ld kno nds :
mic oft , sym ec , ado
el and of othe m
wor wn bra ros ant
cor lot rs ! mult gua
m sof re ! ilan ge
oe twa no nee it
2 - ks for c very !
jqgtgrgmfqrftjtupstmtj
| 2005-07-29T00:00:00 |
27,627 | sup good day projecthoneypot @ projecthoneypot . org ,
tell me how does below sound to you :
watch p . p . v . but do not pay a cent !
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ones who wana off this , just add suffix / r ( w / o space ) to the above address .
the librarians don ' t remember skiing for more than an hour . .
i missed shouting carefully . .
thanks ,
judy peterson | 1 | spam | sup | good day projecthoneypot @ projecthoneypot . org ,
tell me how does below sound to you :
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ones who wana off this , just add suffix / r ( w / o space ) to the above address .
the librarians don ' t remember skiing for more than an hour . .
i missed shouting carefully . .
thanks ,
judy peterson | 2005-07-21T00:00:00 |
18,235 | drudgery expeditious hi ,
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debit desorption abyssinia katherine illusion arch macroprocessor couldn ' t rim insufficient hypocritical cavitate alkali monash fermium martyrdom buffet fondle numerous bartender keystone bologna bronchiole hash arizona fatal grape mouthful door dibble footpath courtier dexter him cytology hilbert hogan crusoe carlin
booby instantiate blunder canon barrier gilligan fatty poem ernie absence f ' s airman doctrinal pollute horny dharma amphioxis merrymake cryptogram evoke mn flood palate aforethought presidential despite dearborn arrival caldwell artemisia brink dna detest dress
governor bond pool armload federate plasmon booze cheesecloth blacken corpora grapefruit biochemic christopher mormon jowly holiday ashen eventful ate shockley cameramen shiloh brook appleby abc leasehold inlet injunct conserve resistor dianne alexis cent dare mulatto culpa junk cavalry
oilseed contrite lubell delirious helpmate mink girl airspeed caper different discriminate determinate
nag broken lumber convect gaussian confect scuba henri hydronium grapefruit objectify flagler fervent paratroop doltish aptitude antithetic bevy shipbuilding perfect
incendiary diploidy fletcher crosby portrait inactivate grayson em jury cautious aboriginal fargo fibonacci dartmouth applique drill awkward beggary hilltop antietam excursus dunkirk groggy ajar expository emmett coachwork external mcpherson medial
drew poop moron mantrap buddhism firm angola coagulable forbes adsorption bauble dance deign daddy reconnaissance jowl easel hertzog antic obnoxious evensong craw elisha footstool catalpa artifice
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| 2005-06-15T00:00:00 |
21,420 | re [ 4 ] : question with his tablets sp
- m
ur
the
we
and
saf
wa
ph
acy
is
ne
st
the
est
yof
arm
inc
eyo
xualdes
spe
umeby
%
reas
urse
ireand
rmvol
500
100
uraland
deeff
- incon
ttowel
wnbra
% nat
nosi
ects
tras
l - kno
nds .
expe
cethr
eslon
gas
rien
eetim
geror
ms
wor
deshi
gwit
hou
ldwi
ppin
hin 24
rs
ph acy is ne st
the est y of arm inc
e yo xual des spe ume by %
reas ur se ire and rm vol 500
100 ural and de eff - in con t to wel
wn bra % nat no si ects tras
l - kno nds . expe ce thr es lon
gas rien ee tim ger or ms
wor de shi g wit hou ld wi
ppin hin 24 rs sp - m
ur the we and saf
wa ph acy is ne
st the est y of arm
inc e yo xual des spe ume by
% reas ur se ire and rm vol
500 100 ural and de eff - in con
t to wel wn bra % nat no si ects
tras l - kno nds . expe ce thr
es lon gas rien ee tim ger or
ms wor de shi g wit hou
ld wi ppin hin 24 rs sp
- m ur the we and
saf wa ph acy is
ne st the est y of
arm inc e yo xual des spe
ume by % reas ur se ire and
rm vol 500 100 ural and de eff
- in con t to wel wn bra % nat no si
ects tras l - kno nds . expe
ce thr es lon gas rien ee tim
ger or ms wor de shi g wit
hou ld wi ppin hin 24 rs
sp - m ur the we
and saf wa ph acy
is ne st the est
y of arm inc e yo xual des
spe ume by % reas ur se
ire and rm vol 500 100 ural and
de eff - in con t to wel wn bra % nat
no si ects tras l - kno nds .
expe ce thr es lon gas rien
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| 2005-03-01T00:00:00 |
29,799 | hi again , here is don duran . i wite you because we are accepting your mortgage application .
our office confirms you can get a $ 220 . 000 lo?n for a $ 352 . 00 per month payment .
approval process will take 1 minute , so please fill out the form on our website :
thank you .
best regards don duran
first account manager | 1 | spam | hi again , | here is don duran . i wite you because we are accepting your mortgage application .
our office confirms you can get a $ 220 . 000 lo?n for a $ 352 . 00 per month payment .
approval process will take 1 minute , so please fill out the form on our website :
thank you .
best regards don duran
first account manager | 2004-09-26T00:00:00 |
Subsets and Splits